Document:

Exhibit 10.4

 

Published Deal CUSIP Number: 86613YAA1

Published Closing Date Term Facility
CUSIP Number: 86613YAB9

Published Delayed Draw Term Facility
CUSIP Number: 86613YAC7

 

CREDIT AGREEMENT

 

Dated as of January 13, 2022

 

among

 

SUMMIT JV MR 2, LLC,

 

SUMMIT JV MR 3, LLC

 

and

 

SUMMIT NCI NOLA BR 184, LLC

 

as Borrowers,

 

SUMMIT HOSPITALITY JV, LP

 

as Parent,

 

CERTAIN SUBSIDIARIES OF THE BORROWERS

FROM TIME TO TIME PARTY HERETO,

 

as Guarantors,

 

THE INITIAL LENDERS NAMED HEREIN,

 

as Initial Lenders,

 

BANK OF AMERICA, N.A.,

 

as Administrative Agent,

 

and

 

BofA SECURITIES, INC.

 

and

WELLS FARGO SECURITIES, LLC,

 

as Joint Lead Arrangers and
as Joint Bookrunners

 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as

 

Syndication Agent

 

    

     

    

 

T A B L E O F C O N T E N
T S

 

	Section	Page

	Article I 

DEFINITIONS AND ACCOUNTING TERMS
	Section 1.01.   	Certain Defined Terms	1
	Section 1.02.  	Computation of Time Periods; Other Definitional Provisions	42
	Section 1.03.   	Accounting Terms	42
	Section 1.04.   	Rounding	43
	Section 1.05.   	Times of Day	43
	Section 1.06.   	Interest Rates	43
	Section 1.07.   	Other Interpretative Provisions	43
	Section 1.08.   	Pro Forma Basis	43
	Article II 

AMOUNTS AND TERMS OF THE ADVANCES
	Section 2.01.   	The Advances	44
	Section 2.02.   	Borrowings, Conversions and Continuations	45
	Section 2.03.   	[Intentionally Omitted]	46
	Section 2.04.   	Repayment of Advances	46
	Section 2.05.   	Termination or Reduction of the Commitments	47
	Section 2.06.   	Prepayments	47
	Section 2.07.   	Interest	48
	Section 2.08.   	Fees	49
	Section 2.09.   	Inability to Determine Rates; Replacement of Term SOFR and/or a Successor Rate	49
	Section 2.10.   	Increased Costs; Illegality; Mitigation Obligations	51
	Section 2.11.   	Payments and Computations	53
	Section 2.12.   	Taxes	54
	Section 2.13.   	Sharing of Payments, Etc	57
	Section 2.14.   	Use of Proceeds	57
	Section 2.15.   	Evidence of Debt	58
	Section 2.16.   	Extension of Termination Date	58
	Section 2.17.   	Increase in Facilities	59
	Section 2.18.   	Borrowing Base Asset Provisions	62
	Section 2.19.   	Reappraisal Rights	63
	Article III 

CONDITIONS OF LENDING
	Section 3.01.   	Conditions Precedent to Initial Extensions of Credit	63
	Section 3.02.   	Conditions Precedent to Each Borrowing (other than the Initial Extensions of Credit)	67
	Section 3.03.   	Determinations Under Section 3.01	68
	Article IV 

REPRESENTATIONS AND WARRANTIES
	Section 4.01.   	Representations and Warranties of the Loan Parties	68

 

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	Article V 

COVENANTS OF THE LOAN PARTIES
	Section 5.01.   	Affirmative Covenants	74
	Section 5.02.   	Negative Covenants	79
	Section 5.03.   	Reporting Requirements	86
	Section 5.04.   	Financial Covenants	89
	Section 5.05.   	Borrowing Base Covenants	89
	Article VI 

EVENTS OF DEFAULT
	Section 6.01.   	Events of Default	90
	Section 6.02.   	Remedies Upon Event of Default	92
	Section 6.03.   	Application of Funds	92
	Article VII 

GUARANTY
	Section 7.01.   	Guaranty; Limitation of Liability	93
	Section 7.02.   	Guaranty Absolute	93
	Section 7.03.   	Waivers and Acknowledgments	94
	Section 7.04.   	Subrogation	95
	Section 7.05.   	Guaranty Supplements	96
	Section 7.06.   	Indemnification by Guarantors	96
	Section 7.07.   	Subordination	96
	Section 7.08.   	Continuing Guaranty	97
	Section 7.09.   	Keepwell	97
	Article VIII

 THE ADMINISTRATIVE AGENT
	Section 8.01.   	Appointment and Authority	97
	Section 8.02.   	Rights as a Lender	97
	Section 8.03.   	Exculpatory Provisions	98
	Section 8.04.   	Reliance by Administrative Agent	98
	Section 8.05.   	Indemnification by Lenders	99
	Section 8.06.   	Delegation of Duties	99
	Section 8.07.   	Resignation of Administrative Agent	99
	Section 8.08.   	Non-Reliance on the Administrative Agent, the Arrangers, the Syndication Agent and the Other Lenders	100
	Section 8.09.   	No Other Duties, Etc	101
	Section 8.10.   	Administrative Agent May File Proofs of Claim	101
	Section 8.11.   	Guaranty and Collateral Matters	101
	Section 8.12.   	Guaranteed Hedge Agreements	102
	Section 8.13.   	Recovery of Erroneous Payments	102
	Article IX 

MISCELLANEOUS
	Section 9.01.   	Amendments, Etc	103
	Section 9.02.   	Notices, Etc	106
	Section 9.03.   	No Waiver; Remedies	108

 

    ii

     

    

 

	Section 9.04.   	Costs and Expenses; Indemnification	108
	Section 9.05.   	Right of Set-off	110
	Section 9.06.   	Successors and Assigns	110
	Section 9.07.   	Electronic Execution of Assignments and Certain Other Documents	113
	Section 9.08.   	Execution in Counterparts; Effectiveness	114
	Section 9.09.  	Integration	114
	Section 9.10.   	Defaulting Lenders	114
	Section 9.11.   	Confidentiality	115
	Section 9.12.   	Certain ERISA Matters	116
	Section 9.13.   	Patriot Act Notification	117
	Section 9.14.   	Jurisdiction, Etc	117
	Section 9.15.   	Governing Law	118
	Section 9.16.   	WAIVER OF JURY TRIAL	118
	Section 9.17.   	Acknowledgment and Consent to Bail-In of Affected Financial Institutions	118
	Section 9.18.   	Acknowledgment Regarding Any Supported QFCs	118
	Section 9.19.   	Joint and Several Liability; Recourse Nature of Obligations	119

 

SCHEDULES

 

	Schedule I	-	Allocated Loan Amounts
	Schedule II	-	Commitments
	Schedule III	-	Approved Managers
	Schedule 4.01(b)	-	Subsidiaries
	Schedule 4.01(p)	-	Real Property
	Part I	-	Owned Assets
	Part II	-	Leased Assets
	Part III	-	Management Agreements
	Part IV	-	Franchise Agreements
	Schedule 4.01(q)	-	Environmental Concerns
	Schedule 4.01(w)	-	Plans and Welfare Plans
	Schedule 4.01(ee)	-	Initial Borrowing Base Assets
	Schedule 9.02	 	Administrative Agent’s Office; Certain Addresses for Notices

 

EXHIBITS

 

	Exhibit A-1	-	Form of [Term] / [Delayed Draw Term] Note
	Exhibit A-2	 	Form of Incremental Term Note
	Exhibit B	-	Form of Notice of Borrowing
	Exhibit C	-	Form of Compliance Certificate
	Exhibit D	-	Form of Guaranty Supplement
	Exhibit E-1	-	Form of Assignment and Acceptance
	Exhibit E-2	 	Form of Administrative Questionnaire
	Exhibit F	-	Form of U.S. Tax Compliance Certificate
	Exhibit G	 	Form of Notice of Loan Prepayment
	Exhibit H	-	Form of Solvency Certificate

 

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CREDIT AGREEMENT

 

CREDIT AGREEMENT dated as
of January 13, 2022 (this “Agreement”) among SUMMIT JV MR 2, LLC, a Delaware limited liability company
(“Summit JV MR 2”), Summit JV MR 3, LLC, a Delaware limited liability company (“Summit JV MR 3”)
and Summit NCI NOLA BR 184, LLC, a Delaware limited liability company (“Summit NOLA”) and, together with Summit
JV MR 2 and Summit JV MR 3, the “Borrowers”), Summit Hospitality JV, LP, a Delaware limited partnership
(the “Parent”), certain Subsidiaries of the Borrowers from time to time party hereto, as Guarantors, the banks,
financial institutions and other institutional lenders listed on the signature pages hereof as the initial lenders (the “Initial
Lenders”), BANK OF AMERICA, N.A., as administrative agent (together with any successor administrative agent appointed pursuant
to Article VIII, the “Administrative Agent”) for the Lenders (as hereinafter defined).

 

Article
I

DEFINITIONS AND ACCOUNTING TERMS

 

Section
1.01.              
Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings (such meanings
to be equally applicable to both the singular and plural forms of the terms defined):

 

 

“Acceding
Lender” has the meaning specified in Section 2.17(d).

 

“Accession
Agreement” has the meaning specified in Section 2.17(d)(ii)(A).

 

“Acquired
Properties” has the meaning specified in Section 2.14.

 

“Acquisition”
has the meaning specified in Section 2.14.

 

“Acquisition
Agreement” means the Contribution and Purchase Agreement, dated as of November 2, 2021, among the Parent, Summit Hotel OP,
LP and the Seller

 

“Acquisition
Agreement Representations” means the representations made by or with respect to the Seller, its subsidiaries and the Acquired
Properties in the Acquisition Agreement as are material to the interests of the Lenders, but only to the extent that a Borrower or an
Affiliate thereof has the right to terminate its obligations under the Acquisition Agreement, or to decline to consummate the Acquisition
pursuant to the Acquisition Agreement, as a result of a breach of such representations in the Acquisition Agreement.

 

“Additional
Guarantor” has the meaning specified in Section 7.05.

 

“Adjusted
Consolidated EBITDA” means (a) Consolidated EBITDA less (b) an amount equal to the aggregate Deemed FF&E
Reserves for all Consolidated Assets owned by the Parent and its Consolidated Subsidiaries, in each case, for any calculation made during
the period set forth below for the appropriate period as set forth below annualized to the extent required below:

 

	Date of Determination	Appropriate Period for Calculation	Annualization
	
    During the fiscal quarter during which the
    Closing Date occurs
	the fiscal quarter during which the Closing Date occurs, determined on a pro forma basis based on the number of days that occur between the Closing Date and the date of determination	multiplied by 4
	During the first full fiscal quarter following the fiscal quarter during which the Closing Date occurs	the first full fiscal quarter of the Parent following the fiscal quarter during which the Closing Date occurs	multiplied by 4

 

    1

     

    

 

	Date of Determination	Appropriate Period for Calculation	Annualization

	During the second full fiscal quarter following the fiscal quarter during which the Closing Date occurs	the first two (2) consecutive first quarters of the Parent following the fiscal quarter during which the Closing Date occurs	multiplied by 2
	During the third full fiscal quarter following the fiscal quarter during which the Closing Date occurs	the first three (3) consecutive fiscal quarters of the Parent following the fiscal quarter during which the Closing Date occurs	multiplied by 4/3
	Any date of determination thereafter	the period of four (4) consecutive fiscal quarters of the Parent then most recently ended for which financial statements are required to be delivered to the Administrative Agent and the Lenders pursuant to Section 5.03(b) or (c), as the case may be	N/A

 

“Adjusted
Net Operating Income” or “Adjusted NOI” means, with respect to any Borrowing Base Asset, (a) the
Net Operating Income attributable to such Borrowing Base Asset less (b) the Deemed FF&E Reserve for such Borrowing Base
Asset, less (c) without duplication, the Deemed Management Fee for such Borrowing Base Asset, in each case, for any calculation
made during the period set forth below for the appropriate period as set forth below annualized to the extent required below:

 

	Date of Determination	Appropriate Period for Calculation	Annualization
	
    During the fiscal quarter
during which the Closing Date occurs
	the fiscal quarter during which the Closing Date occurs, determined on a pro forma basis based on the number of days that occur between the Closing Date and the date of determination	multiplied by 4
	During the first full fiscal quarter following the fiscal quarter during which the Closing Date occurs	the first full fiscal quarter of the Parent following the fiscal quarter during which the Closing Date occurs	multiplied by 4
	During the second full fiscal quarter following the fiscal quarter during which the Closing Date occurs	the first two (2) consecutive fiscal quarters of the Parent following the fiscal quarter during which the Closing Date occurs	multiplied by 2
	During the third full fiscal quarter following the fiscal quarter during which the Closing Date occurs	the first three (3) consecutive first quarters of the Parent following the fiscal quarter during which the Closing Date occurs	multiplied by 4/3
	Any date of determination thereafter	the period of four (4) consecutive fiscal quarters of the Parent then most recently ended for which financial statements are required to be delivered to the Administrative Agent and the Lenders pursuant to Section 5.03(b) or (c), as the case may be	N/A

 

    2

     

    

 

“Administrative
Agent” has the meaning specified in the recital of parties to this Agreement.

 

“Administrative
Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule
9.02, or such other address or account as the Administrative Agent may from time to time notify to the Borrowers and the Lenders.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit E-2 or any other form approved
by the Administrative Agent.

 

“Advance”
means a Term Loan Advance, a Delayed Draw Term Advance or an Incremental Term Advance.

 

“Affected
Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affiliate”
means, as to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with such
Person or is a director or officer of such Person. For purposes of this definition, the term “control” (including the terms
 “controlling”, “controlled by” and “under common control with”) of a Person means the possession,
direct or indirect, of the power to vote thirty-five (35%) or more of the Voting Interests of such Person or to direct or cause the
direction of the management and policies of such Person, whether through the ownership of Voting Interests, by contract or otherwise.

 

“Aggregate
Borrowing Base Asset Value” means, as of any date of determination, the aggregate Borrowing Base Asset Values of all Borrowing
Base Assets at such time; provided that (i) not more than thirty-five percent (35%) of Aggregate Borrowing Base Asset
Value may be in respect of a single Borrowing Base Asset, with any excess over such limit being excluded from Aggregate Borrowing Base
Asset Value for such period, (ii) not more than thirty percent (30%) of Aggregate Borrowing Base Asset Value may be in
respect of Borrowing Base Assets located in any one metropolitan statistical area (other than the Dallas metropolitan statistical area),
with any excess over such limit being excluded from Aggregate Borrowing Base Asset Value for such period, (iii) not more than thirty percent (30%)
of Aggregate Borrowing Base Asset Value for any period may be in respect of Borrowing Base Assets that are subject to Qualifying Ground
Leases, with any excess over such limit being excluded from Aggregate Borrowing Base Asset Value for such period, (iv) not more than
twenty percent (20%) of Aggregate Borrowing Base Asset Value for any period may be in respect of Borrowing Base Assets that
are not operated under a nationally recognized brand subject to a Franchise Agreement with an Approved Franchisor, with any excess over
such limit being excluded from Aggregate Borrowing Base Asset Value for such period and (v) no less than ten (10) Hotel
Assets must, at all times, qualify as Borrowing Base Assets or the Aggregate Borrowing Base Asset Value shall be deemed to be zero.

 

“Aggregate
Facility Amount” means, at any date of determination, the sum of (i) the Term Loan Facility at such time, (ii) the
Delayed Draw Term Facility at such time and (iii) all Incremental Term Loan Facilities at such time.

 

“Agreement”
has the meaning specified in the recital of parties to this Agreement.

 

“Allocated
Loan Amount” means, on any date of determination, with respect to (a) any Initial Borrowing Base Asset, the amount set forth
opposite such Initial Borrowing Base Asset on Schedule I hereto and (b) any Borrowing Base Asset added to the Borrowing Base Pool after
the Closing Date (including, for the avoidance of doubt, the Delayed Draw Acquired Property), the allocated loan amount for such Asset
agreed to mutually by the Borrowers and the Required Lenders at the time such Asset is included the Borrowing Base Pool.

 

    3

     

    

 

“Anti-Corruption
Laws” shall mean all laws, rules, and regulations of any jurisdiction applicable to the Parent or any of its Subsidiaries
from time to time concerning or relating to bribery, corruption or money laundering including, without limitation, the United Kingdom
Bribery Act of 2010 and the United States Foreign Corrupt Practices Act of 1977, as amended.

 

“Applicable
Law” means, as to any Person, all applicable Laws binding upon such Person or to which such a Person is subject.

 

“Applicable
Margin” means, at any date of determination, (a) with respect to Term Loan Advances and Delayed Draw Term Loan Advances,
2.75% for Daily SOFR Advances and Term SOFR Advances and one and three quarter percent 1.75% for Base Rate Advances and (b) for
Incremental Term Advances of any Type, the rate or rates per annum specified in the applicable Incremental Term Loan Facility Amendment.

 

“Appraisal”
means an MAI appraisal that is in form and substance reasonably satisfactory to the Administrative Agent and prepared by an independent
appraisal firm that is reasonably acceptable to the Administrative Agent, setting forth the estimated “as-is” going concern
value of an Asset.

 

“Appropriate
Lender” means, at any time, with respect to the Term Loan Facility, the Delayed Draw Term Facility or an Incremental
Term Loan Facility, a Lender that has a Commitment with respect to such Facility or holds a Term Loan Advance or a Delayed Draw Term Advance
or Incremental Term Advance, respectively, at such time.

 

“Approved
Franchisor” means, with respect to any Hotel Asset, a nationally recognized hotel brand franchisor that has entered into
a written franchise agreement (i) substantially in the form customarily used by such franchisor at such time or (ii) in form
and substance reasonably satisfactory to the Administrative Agent. The Administrative Agent confirms that each of the franchisors shown
on Part IV of Schedule 4.01(p) hereto is satisfactory to the Administrative Agent and shall be considered an Approved Franchisor.

 

“Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an
entity or an Affiliate of an entity that administers or manages a Lender.

 

“Approved
Manager” means a nationally recognized hotel manager (a) with (or controlled by a Person or Persons with) at least
ten years of experience in the management of limited service, select service and full service hotels that have been rated “upscale”
 “upper midscale” or “midscale” or better by Smith Travel Research and (b) that is engaged pursuant to a written
management agreement in form and substance reasonably satisfactory to the Administrative Agent. The Administrative Agent confirms that
each of the managers shown on Schedule III hereto is satisfactory to the Administrative Agent and shall be considered an Approved Manager.
For purposes of this definition, the term “control” (including the term “controlled by”) of a Person means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through
the ownership of Voting Interests, by contract or otherwise.

 

“Arrangers”
means BofA Securities, Inc. and Wells Fargo Securities, LLC, each in its capacity as a joint lead arranger and joint bookrunner.

 

“Assets”
means, collectively, Hotel Assets, Development Assets, Joint Venture Assets and Parking Assets.

 

“Assignment
and Acceptance” means an assignment and acceptance entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 9.06), and accepted by the Administrative Agent, in accordance with
Section 9.06 and in substantially the form of Exhibit E-1 hereto or any other form (including electronic documentation
generated by use of an electronic platform) approved by the Administrative Agent.

 

    4

     

    

 

“Assumed
Unsecured Interest Expense” means, on any date, the greater of (a) the actual Interest Expense on Unsecured Indebtedness
of the Parent and its Consolidated Subsidiaries and (b) the outstanding principal balance of all Unsecured Indebtedness of the Parent
and its Consolidated Subsidiaries, multiplied by the greater of (i) the sum of the Daily Simple SOFR as of the last day of the
most recent fiscal quarter plus the SOFR Adjustment plus 2.75%, or (ii) (w) at any time prior to April 1, 2022, 3.00%, (x)
at any time on or after April 1, 2022 and prior to January 1, 2023, 4.00%, (y) at any time on or after January 1, 2023 and prior to January
1, 2024, 5.00% and (z) at any time thereafter, 6.00%, in each case for the period of four (4) consecutive fiscal quarters of the
Parent then most recently ended for which financial statements are required to be delivered to the Administrative Agent and the Lenders
pursuant to Section 5.03(b) or (c), as the case may be.

 

“Attributable
Indebtedness” means, on any date, (a) in respect of any Capitalized Lease of any Person, the capitalized amount thereof
that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic
Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet
of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a Capitalized Lease.

 

“Availability”
means, at any date of determination, (a) the lowest of (i) the Aggregate Facility Amount, (ii) the Aggregate Borrowing
Base Asset Value at such time multiplied by fifty-five (55%) and (iii) the principal amount that when outstanding under
the Facilities would result in a Borrowing Base Interest Coverage Ratio (determined on a pro forma basis as at such date) equal
to 2.00:1.00, less (b) an amount equal to the Total Outstandings on such date.

 

“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable Affected Resolution Authority in respect
of any liability of an Affected Financial Institution.

 

“Bail-In
Legislation” means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU
of the European Parliament and of the Council of the European Union, the implementing law, rule, regulation or requirement for such EEA
Member Country from time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,
Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in
the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates
(other than through liquidation, administration or other insolvency proceedings).

 

“Bank
of America” means Bank of America, N.A. and its successors.

 

“Bankruptcy
Law” means any applicable law governing a proceeding of the type referred to in Section 6.01(f) or Title 11, U.S.
Code, or any similar foreign, federal or state law for the relief of debtors.

 

“Base
Rate” means for any day a fluctuating rate of interest per annum equal to the highest of (a) the Federal Funds Rate
plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its
 “prime rate,” (c) the rate equal to the Term SOFR Screen Rate with a term of one month plus 1.00% and
(d) 1.00%. If the Base Rate is being used as an alternate rate of interest pursuant to Section 2.09, then the Base
Rate shall be the greatest of clauses (a), (b) and (d) above and shall be determined without reference to clause (c) above. The
 “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and
desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be
priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of America shall take effect at the
opening of business on the day specified in the public announcement of such change.

 

    5

     

    

 

“Base
Rate Advance” means an Advance that bears interest based on the Base Rate.

 

“Beneficial
Ownership Certification” means, if the Borrower qualifies as a “legal entity customer” within the meaning of
the Beneficial Ownership Regulation, a certification of beneficial ownership as required by the Beneficial Ownership Regulation.

 

“Beneficial
Ownership Regulation” means 31 C.F.R. § 1010.230, as amended.

 

“Benefit
Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I
of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes
of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such
 “employee benefit plan” or “plan”.

 

“Borrower”
and “Borrowers” have the meanings specified in the recital of parties to this Agreement.

 

“Borrower
Materials” has the meaning specified in Section 9.11.

 

“Borrowing”
means a borrowing consisting of simultaneous Term Loan Advances of the same Type, Delayed Draw Term Advances of the same Type or Incremental
Term Advances of the same Type, in each case made by the Appropriate Lenders, and, in the case of Term SOFR Advances, having the same
Interest Period.

 

“Borrowing
Base Adjusted NOI” means aggregate Adjusted NOI for all Borrowing Base Assets.

 

“Borrowing
Base Asset” means an Eligible Asset that the Borrowers have proposed to designate as a Borrowing Base Asset, which designation
has been approved by the Required Lenders in their reasonable discretion. For the avoidance of doubt, any Asset that is not, or at any
time ceases to be, an Eligible Asset is not a Borrowing Base Asset.

 

“Borrowing
Base Asset Designation Package” means, with respect to the proposed designation of any Eligible Asset as a Borrowing Base
Asset, the following items, each in form and substance satisfactory to the Administrative Agent and in sufficient copies for each Lender:
(a) a description of such Asset in detail satisfactory to the Administrative Agent, (b) a projected cash flow analysis
of such Asset, (c) a statement of operating expenses and operating revenues for such Asset for the immediately preceding thirty-six (36) consecutive
calendar months, or such shorter period that the Asset has been open for business, (d) a budget of operating expenses, operating
revenues and capital expenditures for such Asset for the next succeeding twelve (12) consecutive months, (e) if such Asset
is then the subject of an acquisition transaction, a copy of the purchase agreement with respect thereto and a schedule of the proposed
sources and uses of funds for such transaction and (f) such other information as reasonably requested by the Administrative Agent
or the Required Lenders.

 

“Borrowing
Base Asset Value” means, as of any date of determination and with respect to any Borrowing Base Asset, the following:
(a) with respect to each Borrowing Base Asset that is a New Property, an amount equal to the lesser of (i) the acquisition
price for such Borrowing Base Asset paid by the Parent or any of its Consolidated Subsidiaries to a non-affiliate and (ii) the
appraised “as is” value of such Borrowing Base Asset as reflected in a Current Appraisal; and (b) with respect to
each Borrowing Base Asset that is a Seasoned Property, the appraised “as is” value of such Borrowing Base Asset as
reflected in a Current Appraisal. Notwithstanding the foregoing or anything to the contrary contained elsewhere, the Borrowing Base
Asset Value with respect to each Initial Borrowing Base Asset for the period from the Closing Date through and including its
Borrowing Base Value Date shall be an amount equal to the undepreciated book value for such Initial Borrowing Base Asset (after any
impairments). For the avoidance of doubt, the Borrowing Base Asset Value of any Asset that is not, or at any time ceases to be, an
Eligible Asset, is zero.

 

    6

     

    

 

“Borrowing
Base Interest Coverage Ratio” means, at any date of determination, the ratio of Borrowing Base Adjusted NOI to Assumed Unsecured
Interest Expense.

 

“Borrowing
Base Leverage Ratio” means, at any date of determination, the ratio of Total Outstandings to Aggregate Borrowing Base Value.

 

“Borrowing
Base Pool” means, at any time, a collective reference to the Borrowing Base Assets that are included in a calculation of
Aggregate Borrowing Base Asset Value made at such time.

 

“Borrowing
Base Value Date” means, with respect to any Initial Borrowing Base Asset, the earlier of (a) the Business Day on which
a Current Appraisal is delivered to the Administrative Agent with respect to such Asset and (b) February 15, 2023.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the
laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located.

 

“Capitalized
Leases” means all leases that have been or should be, in accordance with GAAP, recorded as capitalized leases.

 

“Cash
Equivalents” means any of the following, to the extent owned by the applicable Loan Party or any of its Subsidiaries free
and clear of all Liens and having a maturity of not greater than ninety (90) days from the date of issuance thereof: (a) readily
marketable direct obligations of the Government of the United States or any agency or instrumentality thereof or obligations unconditionally
guaranteed by the full faith and credit of the Government of the United States, (b) certificates of deposit of or time deposits with
any commercial bank that is a Lender or a member of the Federal Reserve System, which issues (or the parent of which issues) commercial
paper rated as described in clause (c) below, is organized under the laws of the United States or any State thereof and has combined
capital and surplus of at least $1,000,000,000 or (c) commercial paper in an aggregate amount of not more than $50,000,000 per issuer
outstanding at any time, issued by any corporation organized under the laws of any State of the United States and rated at least “Prime-1”
(or the then equivalent grade) by Moody’s or “A-1” (or the then equivalent grade) by S&P.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time.

 

“CERCLIS”
means the Comprehensive Environmental Response, Compensation and Liability Information System maintained by the U.S. Environmental Protection
Agency.

 

“Change
in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or
taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the
administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or
issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided
that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all
requests, rules, guidelines or directives thereunder or issued in connection therewith or in the implementation thereof and
(y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on
Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case
pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted,
adopted, issued or implemented.

 

    7

     

    

 

“Change
of Control” means the occurrence of any of the following: (a) any Person or two (2) or more Persons acting in
concert shall have acquired and shall continue to have following the date hereof beneficial ownership (within the meaning of Rule 13d-3
of the Securities and Exchange Commission under the Securities Exchange Act of 1934), directly or indirectly, of Voting Interests of the
Parent REIT (or other securities convertible into such Voting Interests) representing thirty-five (35%) or more of the combined voting
power of all Voting Interests of the Parent REIT; or (b) there is a change in the composition of the Parent REIT’s board of
directors over a period of twenty-four (24) consecutive months (or less) such that a majority of board members (rounded up to
the nearest whole number) ceases, by reason of one or more proxy contests for the election of board members, to be comprised of individuals
who either (i) have been board members continuously since the beginning of such period or (ii) have been elected or nominated
for election as board members during such period by at least a majority of the board members described in clause (i) who were still
in office at the time such election or nomination was approved by the board; or (c) any Person or two (2) or more Persons
acting in concert shall have acquired and shall continue to have following the date hereof, by contract or otherwise, or shall have entered
into a contract or arrangement that, upon consummation will result in its or their acquisition of the power to direct, directly or indirectly,
the management or policies of the Parent REIT; or (d) the Parent REIT ceases to be the sole member of and the direct legal and beneficial
owner (free and clear of all Liens) of all of the limited liability company interests in, Summit Hotel GP, LLC and/or Summit Hotel GP,
LLC ceases to be the sole general partner of and the direct legal and beneficial owner (free and clear of all Liens) of all of the general
partnership interests in, Summit Hotel OP, LP; or (e) Summit Hotel OP, LP ceases to be the direct or indirect beneficial owner (free
and clear of all Liens) of at least fifty-one (51%) of the limited partnership interests in the Parent; or (f) the Parent REIT
ceases to be the sole member of and the direct legal and beneficial owner (free and clear of all Liens) of all of the limited liability
company interests in, Summit Hotel GP 2, LLC and/or Summit Hotel GP 2, LLC ceases to be the sole general partner of and the direct legal
and beneficial owner (free and clear of all Liens) of all of the general partnership interests in, the Parent; or (g) the Parent
ceases to be the sole member of and the direct legal and beneficial owner (free and clear of all Liens) of all of the limited liability
company interests in, a Borrower; or (h) any Person or two (2) or more Persons (other than the Parent) acting in concert
shall have acquired and shall continue to have following the date hereof, by contract or otherwise, or shall have entered into a contract
or arrangement that, upon consummation will result in its or their acquisition of the power to direct, directly or indirectly, the management
or policies of a Borrower; or (i) a Borrower ceases to be the direct or indirect legal and beneficial owner (free and clear of all
Liens other than pursuant to the Loan Documents) of all of the Equity Interests in each direct and indirect Subsidiary that owns or leases
a Borrowing Base Asset.

 

“Closing
Date” means the date hereof.

 

“Closing
Date Acquired Properties” has the meaning specified in Section 2.14.

 

“Closing
Date Acquisition” has the meaning specified in Section 2.14.

 

“CME”
means CME Group Benchmark Administration Limited.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended.

 

    8

     

    

 

“Collateral”
means all of the “Collateral” or other similar term referred to in the Pledge Agreement that is required under the terms of
the Loan Documents to be subject to Liens in favor of the Administrative Agent for the benefit of the Secured Parties.

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor
statute.

 

“Commitment”
means a Term Loan Commitment, a Delayed Draw Term Commitment or an Incremental Term Loan Commitment, as the context may require.

 

“Commitment
Date” has the meaning specified in Section 2.17(b).

 

“Commitment
Increase” has the meaning specified in Section 2.17(a).

 

“Communication”
means this Agreement, any Loan Document and any document, any amendment, approval, consent, information, notice, certificate, request,
statement, disclosure or authorization related to any Loan Document.

 

“Compliance
Certificate” means a certificate substantially in the form of Exhibit C signed by a Responsible Officer of the Parent
or a Borrower.

 

“Conforming
Changes” means, with respect to the use, administration of or any conventions associated with SOFR or any proposed Successor
Rate or Term SOFR or Daily Simple SOFR, as applicable, any conforming changes to the definitions of “Base Rate”, “Daily
Simple SOFR”, “SOFR”, “Term SOFR” and “Interest Period”, timing and frequency of determining
rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt,
the definitions of “Business Day” and “U.S. Government Securities Business Day”, timing of borrowing requests
or prepayment, Conversion or continuation notices and length of lookback periods) as may be appropriate, in the discretion of the Administrative
Agent, to reflect the adoption and implementation of such applicable rate(s) and to permit the administration thereof by the Administrative
Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion
of such market practice is not administratively feasible or that no market practice for the administration of such rate exists, in such
other manner of administration as the Administrative Agent determines is reasonably necessary in connection with the administration of
this Agreement and any other Loan Document).

 

“Consent
Request Date” has the meaning specified in Section 9.01(b).

 

“Consolidated”
refers to the consolidation of accounts in accordance with GAAP.

 

    9

     

    

 

“Consolidated
EBITDA” means, as of any date of determination, in each case for any applicable measurement period, without
duplication, for the Parent and its Consolidated Subsidiaries, Consolidated net income or loss for such period, plus
(w) the sum of (i) to the extent actually deducted in determining said Consolidated net income or loss, Consolidated
Interest Expense, minority interest and provision for taxes for such period (excluding, however, Consolidated Interest Expense and
taxes attributable to unconsolidated subsidiaries of the Parent and any of its Subsidiaries), (ii) the amount of all
amortization of intangibles and depreciation that were deducted in determining Consolidated net income or loss for such period,
(iii) any non-cash charges (including one-time non-cash impairment charges) in such period to the extent that such non-cash
charges were deducted in determining Consolidated net income or loss for such period, and (iv) any other non-recurring charges
in such period, less (x) to the extent included in determining Consolidated net income or loss for such period, the
amount of non-recurring non-cash gains during such period, plus (y) with respect to each Joint Venture, the JV Pro Rata
Share of the sum of (i) to the extent actually deducted in determining said Consolidated net income or loss, Consolidated
Interest Expense, minority interest and provision for taxes for such period, (ii) the amount of all amortization of intangibles
and depreciation that were deducted in determining Consolidated net income or loss for such period, (iii) any non-cash charges
(including one-time non-cash impairment charges) in such period to the extent that such non-cash were deducted in determining
Consolidated net income or loss for such period, and (iv) any other non-recurring charges in such period, less
(z) to the extent included in determining Consolidated net income or loss for such period, the amount of non-recurring non-cash
gains during such period, in each case of such Joint Venture determined on a Consolidated basis and in accordance with GAAP for such
period; provided that Consolidated EBITDA shall be determined without giving effect to any extraordinary gains or losses
(including any taxes attributable to any such extraordinary gains or losses) or gains or losses (including any taxes attributable to
such gains or losses) from sales of assets other than from sales of inventory (excluding Real Property) in the ordinary course of
business; provided further that for purposes of this definition, in the case of any acquisition or disposition of any direct
or indirect interest in any Asset (including through the acquisition or disposition of Equity Interests) by the Parent or any of its
Subsidiaries during such period, Consolidated EBITDA will be adjusted (1) in the case of an acquisition, by adding thereto an
amount equal to (A) in the case of an acquired Asset that is a newly constructed Asset with no operating history, the Pro Forma
EBITDA, if any, of such Asset, or (B) in the case of any other acquired Asset, such acquired Asset’s actual Consolidated
EBITDA (computed as if such Asset was owned by the Parent or one (1) of its Consolidated Subsidiaries for the entire period)
generated during the portion of such period that such Asset was not owned by the Parent or such Consolidated Subsidiary and
(2) in the case of a disposition, by subtracting therefrom an amount equal to the actual Consolidated EBITDA generated by the
Asset so disposed of during such period; provided further that in the case of an Asset that shall be repositioned and where
such Asset is fully closed for renovations, upon the re-opening of such Asset, all Consolidated EBITDA allocable to such Asset prior
to the re-opening shall be excluded from the calculation of Consolidated EBITDA and instead Consolidated EBITDA will be increased by
the amount of Pro Forma EBITDA of such Asset, if any, (it being understood, for the avoidance of doubt, that such Asset’s
actual Consolidated EBITDA from (including) and after the re-opening date shall not be excluded); provided further still that
no more than ten percent (10%) of Consolidated EBITDA shall be Pro Forma EBITDA (provided, that to the extent such
limitation is exceeded, the amount of such of Pro Forma EBITDA shall be removed from the calculation of Consolidated EBITDA to the
extent of such excess).

 

“Consolidated
Fixed Charge Coverage Ratio” means, as of any date of determination, the ratio of (a) Adjusted Consolidated EBITDA
to (b) Consolidated Fixed Charges.

 

“Consolidated
Fixed Charges” means, as of any date of determination, for any applicable measurement period the sum (without duplication)
of (i) Consolidated Interest Expense for such period, plus (ii) the scheduled principal amount of all amortization payments
(but not final balloon payments at maturity) for such period on all Consolidated Indebtedness, plus (iii) cash distributions
on Preferred Interests payable by the Parent or a Consolidated Subsidiary for such period and distributions made by the Parent a Consolidated
Subsidiary in such period for the purpose of paying dividends on Preferred Interests issued by such Person(s), in each case, for any calculation
made on any date of determination set forth below, for the appropriate period as set forth below and annualized to the extent required
below:

 

	Date of Determination	Appropriate Period for Calculation	Annualization
	
    During the fiscal quarter
during which the Closing Date occurs
	the fiscal quarter during which the Closing Date occurs, determined on a pro forma basis based on the number of days that occur between the Closing Date and the date of determination	multiplied by 4
	During the first full fiscal quarter following the fiscal quarter during which the Closing Date occurs	the first full fiscal quarter of the Parent following the fiscal quarter during which the Closing Date occurs	multiplied by 4

 

    10

     

    

 

	Date of Determination	Appropriate Period for Calculation	Annualization

	During the second full fiscal quarter following the fiscal quarter during which the Closing Date occurs	the first two (2) consecutive first quarters of the Parent following the fiscal quarter during which the Closing Date occurs	multiplied by 2
	During the third full fiscal quarter following the fiscal quarter during which the Closing Date occurs	the first three (3) consecutive fiscal quarters of the Parent following the fiscal quarter during which the Closing Date occurs	Multiplied by 4/3
	Any date of determination thereafter	the period of four (4) consecutive fiscal quarters of the Parent then most recently ended for which financial statements are required to be delivered to the Administrative Agent and the Lenders pursuant to Section 5.03(b) or (c), as the case may be	N/A

 

“Consolidated
Indebtedness” means, at any time, the Indebtedness of the Parent and its Consolidated Subsidiaries; provided, however,
that Consolidated Indebtedness shall also include, without duplication, the JV Pro Rata Share of Indebtedness for each Joint Venture.

 

“Consolidated
Interest Expense” means, as of any date of determination for any applicable measurement period, the sum of (a) the
aggregate cash interest expense of the Parent and its Consolidated Subsidiaries for such period, as determined in accordance with GAAP,
including capitalized interest and the portion of any payments made in respect of capitalized lease liabilities allocable to interest
expense, but excluding (i) deferred financing costs, (ii) other non-cash interest expense and (iii) any capitalized interest
relating to construction financing for an Asset to the extent an interest reserve or a loan “holdback” is maintained in respect
of such capitalized interest pursuant to the terms of such financing as reasonably approved by the Administrative Agent, plus (b) such
Persons’ JV Pro Rata Share of the items described in clause (a) above of its Joint Ventures for such period.

 

“Consolidated
Tangible Net Worth” means, as of a given date, the stockholders’ equity of the Parent and its Subsidiaries determined
on a Consolidated basis plus accumulated depreciation and amortization, less (to the extent included when determining such
stockholders’ equity): (a) the amount of any write-up in the book value of any assets reflected in any balance sheet resulting
from revaluation thereof or any write-up in excess of the cost of such assets acquired, and (b) the aggregate of all amounts appearing
on the assets side of any such balance sheet for franchises, licenses, permits, patents, patent applications, copyrights, trademarks,
service marks, trade names, goodwill, treasury stock, experimental or organizational expenses and other like assets which would be classified
as intangible assets under GAAP, all determined on a Consolidated basis.

 

“Contractual
Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument
or other undertaking to which such Person is a party or by which it or any of its property is bound.

 

“Conversion”,
 “Convert” and “Converted” each refer to a conversion of Advances of one Type
into Advances of another Type.

 

    11

     

    

 

“Current
Appraisal” means, as to any Asset on any date, an Appraisal with respect to such Asset that is dated no more than twelve (12) months
prior to such date; provided that with respect to any Initial Borrowing Base Asset, an Appraisal with a value date on or prior to December
30, 2022 shall not be considered a Current Appraisal under this Agreement.

 

“Customary
Carve-Out Agreement” has the meaning specified in the definition of Non-Recourse Debt.

 

“Daily
Simple SOFR” means the rate per annum equal to SOFR determined for any day pursuant to the definition thereof. Any change
in Daily Simple SOFR shall be effective from and including the date of such change without further notice.

 

“Daily
SOFR Advance” means an Advance that bears interest at a rate based on Daily Simple SOFR.

 

“Debt
for Borrowed Money” of any Person means all items that, in accordance with GAAP, would be classified as indebtedness on
a Consolidated balance sheet of such Person; provided, however, that in the case of the Parent and its Subsidiaries “Debt
for Borrowed Money” shall also include, without duplication, the JV Pro Rata Share of Debt for Borrowed Money for each Joint Venture;
provided further that as used in the definition of “Consolidated Fixed Charge Coverage Ratio”, in the case of any acquisition
or disposition of any direct or indirect interest in any Asset (including through the acquisition or disposition of Equity Interests)
by the Parent or any of its Subsidiaries during the period of four (4) consecutive fiscal quarters of the Parent then most recently
ended for which financial statements are required to be delivered to the Administrative Agent and the Lenders pursuant to Section 5.03(b)
or (c), as the case may be the term “Debt for Borrowed Money” (a) shall include, in the case of an acquisition, any Debt
for Borrowed Money directly relating to such Asset existing immediately following such acquisition computed as if such indebtedness also
existed for the portion of such period that such Asset was not owned by the Parent or such Subsidiary, and (b) shall exclude, in
the case of a disposition, for such period any Debt for Borrowed Money to which such Asset was subject to the extent such Debt for Borrowed
Money was repaid or otherwise terminated upon the disposition of such Asset.

 

“Debtor
Relief Laws” means any Bankruptcy Law, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit
of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States
or other applicable jurisdictions from time to time in effect.

 

“Debtor
Subsidiary” has the meaning specified in Section 6.01(f).

 

“Deemed
FF&E Reserve” means, on any date of determinations, with respect to any Asset for any applicable measurement period,
an amount equal to four percent (4%) of the Gross Revenues for such fiscal period.

 

“Deemed
Management Fee” means, on any date of determination and with respect to any Asset for any applicable measurement period,
the greater of (i) an amount equal to three percent (3.0%) of the Gross Revenues of such Asset for such fiscal period and (ii) all
actual management fees payable in respect of such Asset during such fiscal period.

 

“Default”
means any Event of Default or any event that would constitute an Event of Default but for the requirement that notice be given or time
elapse or both.

 

“Default
Rate” means (i) with respect to Advances under the Term Loan Facility and any interest, fee or other amount
payable under the Loan Documents, a rate equal to two percent (2.00%) per annum above the rate per annum required to be
paid on Base Rate Advances made under the Term Loan Facility and (ii) with respect to Advances under any Incremental Term
Facility, the rate per annum set forth in the applicable Incremental Term Loan Facility Amendment.

 

    12

     

    

 

“Defaulting
Lender” means, subject to Section 9.10(b), any Lender that (a) has failed to (i) fund all or any portion
of its Commitments within two (2) Business Days of the date any such Commitment was required to be funded by such Lender hereunder
unless such Lender notifies the Administrative Agent and the Borrowers in writing that such failure is the result of such Lender’s
good faith determination that one or more conditions precedent to funding the Advance has not been satisfied (which conditions precedent,
together with the applicable default, if any, shall be specifically identified in such notice) or (ii) pay to the Administrative
Agent or any Lender any other amount required to be paid by it hereunder within two (2) Business Days of the date when due,
(b) has notified the Borrowers or the Administrative Agent in writing that it does not intend to comply with its funding obligations
hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lenders’ obligation
to fund a Commitment hereunder and states that such position is based on such Lender’s determination that a condition precedent
to funding (which condition precedent, together with the applicable default, if any, shall be specifically identified in such writing
or public statement) cannot be satisfied), (c) has failed, within two (2) Business Days after written request by the Administrative
Agent or the Borrowers, to confirm in writing to the Administrative Agent and the Borrowers that it will comply with its prospective funding
obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of
such written confirmation by the Administrative Agent and the Borrowers), or (d) has, or has a direct or indirect parent company
that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian,
conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation
of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting
in such a capacity or (iii) become the subject of a Bail-in Action; provided that a Lender shall not be a Defaulting Lender
solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof
by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction
of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or
such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such
Person. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under clauses (a) through (d) above shall
be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 9.10(a))
upon delivery of written notice of such determination to the Borrowers and each Lender.

 

“Delayed
Draw Acquired Property” has the meaning specified in Section 2.14.

 

“Delayed
Draw Acquisition” has the meaning specified in Section 2.14.

 

“Delayed
Draw Commitment Termination Date” means the earliest of (i) July 13, 2022, (ii) the date on which the first Borrowing of
Delayed Draw Term Advances (if any) is made (after giving effect thereto), and (iii) the date of termination of the commitment of each
Delayed Draw Term Lender to make Delayed Draw Term Loans pursuant to Section 2.05 or Section 6.02.

 

“Delayed
Draw Funding Date” has the meaning specified in Section 2.01(b).

 

“Delayed
Draw Term Advance” means a Borrowing consisting of simultaneous Delayed Draw Term Loans of the same Type having the same
Interest Period made by each of the Delayed Draw Term Lenders pursuant to Section 2.01(b).

 

    13

     

    

 

“Delayed
Draw Term Commitment” means, as to each Delayed Draw Term Lender, its obligation to make Delayed Draw Term Loans pursuant
to Section 2.01(b) and/or Section 2.17 in an aggregate principal amount at any one time outstanding not to exceed the amount set forth
opposite such Delayed Draw Term Lender's name on Schedule 2.01 under the caption “Delayed Draw Term Commitment” or opposite
such caption in the Assignment and Assumption pursuant to which such Delayed Draw Term Lender becomes a party hereto, as applicable, as
such amount may be increased by such Delayed Draw Term Lender pursuant to Section 2.17.

 

“Delayed
Draw Term Facility” means, at any time, (a) on or prior to the Delayed Draw Commitment Termination Date, the aggregate
amount of the Delayed Draw Term Commitments at such time and (b) thereafter, the aggregate principal amount of the Delayed Draw Term
Advances of all Delayed Draw Term Loan Lenders outstanding at such time. The aggregate Delayed Draw Term Commitments on the Closing Date
shall be $28,000,000.

 

“Delayed
Draw Term Lender” means (a) at any time on or prior to the Delayed Draw Commitment Termination Date, any Lender that has
a Delayed Draw Term Commitment or holds a Delayed Draw Term Loan at such time and (b) thereafter, any Lender that holds a Delayed Draw
Term Loan at such time.

 

“Delayed
Draw Term Loan” has the meaning specified in Section 2.01(b).

 

“Delayed
Draw Term Facility Unused Fee” has the meaning specified in Section 2.08(d).

 

“Delayed
Draw Term Note” means a promissory note made by the Borrowers in favor of a Delayed Draw Term Lender evidencing Delayed
Draw Term Loans made by such Delayed Draw Term Lender, substantially in the form of Exhibit A-1.

 

“Designated
Person” has the meaning specified in Section 4.01(x).

 

“Development
Assets” means all Real Property acquired for development into Hotel Assets that, in accordance with GAAP, would be classified
as development property on a Consolidated balance sheet of the Parent and its Subsidiaries.

 

“Direct
Owner” means, as to any Eligible Asset that is owned by or ground leased to a Subsidiary of a Borrower, any Subsidiary of
a Borrower that directly owns or ground leases a portion of such Eligible Asset.

 

“Dividing
Person” has the meaning assigned to it in the definition of “Division.”

 

“Division”
means the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two
or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing
Person and pursuant to which the Dividing Person may or may not survive.

 

“Division
Successor” means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of
the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division.
A Dividing Person which retains any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor
upon the occurrence of such Division.

 

“Dollar”
and “$” mean lawful money of the United States.

 

    14

     

    

 

“Domestic
Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the United States.

 

“ECP”
means an eligible contract participant as defined in the Commodity Exchange Act.

 

“EEA
Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which
is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent
of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member
Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated
supervision with its parent.

 

“EEA
Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA
Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Electronic
Record” has the meaning specified in Section 9.07.

 

“Electronic
Signature” has the meaning specified in Section 9.07.

 

“Eligible
Asset” has the meaning specified in the definition of “Eligible Asset Criteria.”

 

“Eligible
Asset Criteria” in order for any Asset to qualify as an Eligible Asset the Asset must meet and continue at all times to
satisfy each of the following criteria (each such Asset that meets such criteria being referred to as an “Eligible Asset”):

 

(a)               
The Asset is either (a) a Hotel Asset located in a state within the United States of America or in the District of
Columbia, and is a limited service, select service or full service hotel that is rated “upscale”, “upper midscale”,
 “midscale” or better by Smith Travel Research or (b) a Parking Asset located in a state within the United States or in
the District of Columbia.

 

(b)               
The Asset is (i) wholly owned in fee simple directly by, or is ground leased pursuant to a Qualifying Ground Lease directly
to, (x) one or more Borrowers and/or (y) one or more wholly owned Subsidiaries of one or more Borrowers each of which is a Guarantor,
and (ii) is leased to the applicable TRS Lessee pursuant to an Operating Lease (or, in the case of the Parking Asset commonly referred
to as (i) the “Dallas Downtown Parking Garage,” is wholly owned in fee simple directly by, or is ground leased pursuant to
a Qualifying Ground Lease directly to, one or more Borrowers and/or one or more wholly owned Subsidiaries of one or more Borrowers each
of which is a Guarantor, and, upon termination of the historical tax credits related to the Dallas Downtown Parking Garage, will be leased
to the applicable TRS Lessee pursuant to an Operating Lease or a conventional real estate lease and (ii) the “Frisco Parking Garage,”
is wholly owned in fee simple directly by one or more Borrowers and/or one or more wholly owned Subsidiaries of one or more Borrowers
each of which is a Guarantor).

 

(c)               
The Asset is fully operating, open to the public, and not the subject of a Material Renovation.

 

(d)               
Each Direct Owner of such Asset and each Indirect Owner of each such Direct Owner must be organized in a state within the
United States of America or in the District of Columbia.

 

    15

     

    

 

(e)               
 No Direct Owner of such Asset and no Indirect Owner of such Direct Owner owns any Real Property other than Borrowing Base
Assets.

 

(f)                
The Asset is not, and no interest therein of any Borrower or any of its Subsidiaries is, subject to any (a) ground
lease (other than an Qualifying Ground Lease) or (b) Lien or Negative Pledge (in each case, other than pursuant to the Credit Documents
and Permitted Asset Encumbrances).

 

(g)               
One or more Borrowers and/or one or more wholly owned Subsidiaries of one or more Borrowers each of which is a Guarantor,
directly or indirectly through one or more of their respective Subsidiaries, has the right to take the following actions without the need
to obtain the consent of any other Person: (i) create Liens on such Asset as security for Indebtedness of such Borrower(s) and/or
such Subsidiary(ies), as applicable and (ii) sell, transfer or otherwise dispose of such Asset (provided that any restrictions
of the type described in the proviso in the definition of “Negative Pledge” shall not be deemed to cause a failure to satisfy
the conditions set forth in clauses (i) and (ii) above)).

 

(h)               
The Asset is free of all material structural defects or architectural deficiencies, title defects, environmental or other
material matters (including a casualty event or condemnation) that could reasonably be expected to have a material adverse effect on the
value, use or ability to sell or refinance such Asset.

 

(i)                 
The Asset is operated by an Approved Manager or any other property manager approved by the Administrative Agent pursuant
to a Management Agreement approved by the Required Lenders in their reasonable discretion.

 

(j)                 
The Equity Interests of each Direct Owner of such Asset and each Indirect Owner of each such Direct Owner constitute Collateral
and are not subject to any Liens (in each case, other than pursuant to the Credit Documents and Permitted Equity Encumbrances).

 

(k)               
No Direct Owner of such Asset and no Indirect Owner of any such Direct Owner has incurred or otherwise is liable for any
outstanding Indebtedness (other than (w) Indebtedness under the Facilities, (x) trade payables incurred in the ordinary course of business,
(y) intercompany Indebtedness owed to a Loan Party and (z) in the case of an Indirect Owner, unsecured guaranties of Non-Recourse Debt
of a Subsidiary thereof for which recourse to such Indirect Owner is contractually limited to liability under a Customary Carve-Out Agreement).

 

(l)                 
No Direct Owner of such Asset and no Indirect Owner of any such Direct Owner is subject to any proceedings under any Debtor
Relief Law.

 

(m)             
The Asset is assessed for real estate tax purposes as one or more wholly independent tax lot or lots, separate from
any adjoining land or improvements not constituting a part of such lot or lots, and no other land or improvements is assessed and taxed
together with such Asset or any portion thereof; provided, however, that if two or more Assets are located on a single tax
lot, the Borrowers may elect to treat such Assets for all purposes of the Credit Documents as one Asset, in which case, such Asset
shall be deemed to comply with this clause and such two or more components of such Asset shall be included in and removed from the
Borrowing Base Pool simultaneously and both must satisfy each of the Eligibility Asset Criteria for either component to qualify as a Borrowing
Base Asset.

 

(n)               
The Administrative Agent has a Current Appraisal with respect to such Asset; provided that a Current Appraisal shall
not be required with respect to any Asset that is an Initial Borrowing Base Asset prior to the Borrowing Base Value Date with respect
to such Asset.

 

    16

     

    

 

 

“Eligible
Assignee” means (i) a Lender; (ii) an Affiliate or an Approved Fund of a Lender; (iii) a commercial
bank organized under the laws of the United States, or any State thereof, respectively, and having total assets in excess of
$500,000,000; (iv) a savings and loan association or savings bank organized under the laws of the United States or any State
thereof, and having total assets in excess of $500,000,000; (v) a commercial bank organized under the laws of any other country
that is a member of the OECD or has concluded special lending arrangements with the International Monetary Fund associated with its
General Arrangements to Borrow, or a political subdivision of any such country, and having total assets in excess of $500,000,000,
so long as such bank is acting through a branch or agency located in the United States; (vi) the central bank of any country
that is a member of the OECD; (vii) a finance company, insurance company or other financial institution or fund (whether a
corporation, partnership, trust or other entity) that is engaged in making, purchasing or otherwise investing in commercial loans in
the ordinary course of its business and having total assets in excess of $500,000,000; and (viii) any other Person approved by
the Administrative Agent, and, unless a Default has occurred and is continuing at the time any assignment is effected pursuant to
Section 9.06, approved by the Borrowers, each such approval not to be unreasonably withheld or delayed; provided, however,
that neither any Loan Party nor any Affiliate of a Loan Party shall qualify as an Eligible Assignee under this definition; and provided
further that neither a Defaulting Lender nor any Affiliate of a Defaulting Lender nor any natural person shall qualify as an
Eligible Assignee under this definition.

 

“Environmental
Action” means any enforcement action, suit, demand, demand letter, claim of liability, notice of non-compliance or violation,
notice of liability or potential liability, investigation, enforcement proceeding, consent order or consent agreement relating in any
way to any Environmental Law, any Environmental Permit or Hazardous Material or arising from alleged injury or threat to health, safety
or the environment, including, without limitation, (a) by any governmental or regulatory authority for enforcement, cleanup, removal,
response, remedial or other actions or damages and (b) by any governmental or regulatory authority or third party for damages, contribution,
indemnification, cost recovery, compensation or injunctive relief.

 

“Environmental
Law” means any Federal, state, local or foreign statute, law, ordinance, rule, regulation, code, order, writ, judgment,
injunction, decree or judicial or agency interpretation, policy or guidance relating to pollution or protection of the environment, health,
safety or natural resources, including, without limitation, those relating to the use, handling, transportation, treatment, storage, disposal,
release or discharge of Hazardous Materials.

 

“Environmental
Permit” means any permit, approval, identification number, license or other authorization required under any Environmental
Law.

 

“Equity
Contribution” is a collective reference to all of the equity contributions (whether in the form of cash, Acquired Properties
or Equity Interests) contemplated by the Acquisition Agreement.

 

“Equity
Interests” means, with respect to any Person, shares of capital stock of (or other ownership or profit interests in) such
Person, warrants, options or other rights for the purchase or other acquisition from such Person of shares of capital stock of (or other
ownership or profit interests in) such Person, securities convertible into or exchangeable for shares of capital stock of (or other ownership
or profit interests in) such Person or warrants, rights or options for the purchase or other acquisition from such Person of such shares
(or such other interests), and other ownership or profit interests in such Person (including, without limitation, partnership, member
or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests
are authorized or otherwise existing on any date of determination.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued
thereunder.

 

    17

    

    

 

“ERISA
Affiliate” means any Person that for purposes of Title IV of ERISA is a member of the controlled group of any Loan
Party, or under common control with any Loan Party, within the meaning of Section 414 of the Code.

 

“ERISA
Event” means (a)(i) the occurrence of a reportable event, within the meaning of Section 4043 of ERISA, with respect
to any Plan unless the thirty (30)-day notice requirement with respect to such event has been waived by the PBGC or (ii) the
requirements of Section 4043(b) of ERISA apply with respect to a contributing sponsor, as defined in Section 4001(a)(13) of
ERISA, of a Plan, and an event described in paragraph (9), (10), (11), (12) or (13) of Section 4043(c) of ERISA is reasonably
expected to occur with respect to such Plan within the following thirty (30) days; (b) the application for a minimum funding
waiver with respect to a Plan; (c) the provision by the administrator of any Plan of a notice of intent to terminate such Plan pursuant
to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of
ERISA); (d) the cessation of operations at a facility of any Loan Party or any ERISA Affiliate in the circumstances described in
Section 4062(e) of ERISA; (e) the withdrawal by any Loan Party or any ERISA Affiliate from a Multiple Employer Plan during a
plan year for which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (f) a complete or partial withdrawal
by a Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (g) the
conditions for imposition of a lien under Section 303(k) of ERISA shall have been met with respect to any Plan; (h) the institution
by the PBGC of proceedings to terminate a Plan pursuant to Section 4042 of ERISA, or the occurrence of any event or condition described
in Section 4042 of ERISA that constitutes grounds for the termination of, or the appointment of a trustee to administer, such Plan;
or (i) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007
of ERISA, upon the Borrower or any ERISA Affiliate.

 

“EU
Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any
successor person), as in effect from time to time.

 

“Events
of Default” has the meaning specified in Section 6.01.

 

“Excluded
Pledge Subsidiary” means any Subsidiary that (i) does not own, directly or indirectly, all or any portion of a Borrowing
Base Asset and (ii) has a payment obligation under Secured Indebtedness owed to non-affiliates that by its terms does not permit
the Equity Interests in such Subsidiary to be pledged.

 

“Excluded
Subsidiary” means any Subsidiary of a Borrower that is either:

 

(a)               
an Immaterial Subsidiary;

 

(b)               
prohibited from becoming a Guarantor by the terms of any agreement governing Non-Recourse Debt owed to a non-affiliate (or
by the terms of the relevant partnership agreement, limited liability company operating agreement or other governing document of the entity
that is the borrower (or the direct parent of the borrower) under any Non-Recourse Debt);

 

(c)                a
Foreign Subsidiary for which providing a Guaranty of the Obligations would (i) violate applicable laws (including corporate benefit,
financial assistance, fraudulent preference, thin capitalization rules and similar laws or regulations which limit the ability to provide
credit support on local assets or properties) or (ii) reasonably be expected to violate or conflict with any fiduciary duties of
officers or directors of such Foreign Subsidiary; or

 

    18

    

    

 

(d)               
a Foreign Subsidiary that is not otherwise an “Excluded Subsidiary” with respect to which the Administrative
Agent reasonably determines that the cost of obtaining a Guaranty from such

 

Foreign Subsidiary exceeds the practical
benefit to the Lenders afforded thereby (including in the nature of stamp duties, notarization, registration or other costs that are disproportionate
to the benefit afforded thereby, or that cause such benefit to be otherwise unavailable in a practicable manner).

 

For the avoidance
of doubt and notwithstanding anything to the contrary contained herein, any Subsidiary of a Borrower that is a borrower, guarantor or
otherwise has provided security for, or has a payment obligation under, any Unsecured Indebtedness will not be an Excluded Subsidiary
and will be a Guarantor.

 

“Excluded
Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion
of the Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guaranty
thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission
(or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason not to constitute
an “eligible contract participant” as defined in the Commodity Exchange Act at the time the Guaranty of such Guarantor becomes
effective with respect to such related Swap Obligation.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) Taxes imposed as a result of current or former connections (other than such connections arising from such Lender’s
having executed, delivered, became a party to, performed its obligations under, received or perfected a security interest under, engaged
in any other transactions pursuant to, or enforced any Loan Documents, or sold or assigned any interest in any Obligations or Loan Document)
or any political subdivision thereof), (b) in the case of a Lender, U.S. federal withholding tax imposed on amounts payable to or
for the account of any Lender with respect to an applicable interest in an Advance or Commitment pursuant to a law in effect on the date,
including the Closing Date, on which such Lender acquires such interest in the Advance or Commitment (other than pursuant to an assignment
request by the Borrower under Sections 2.10(h) or 9.01(b)) or designates a new Lending Office (other than pursuant to a request by
the Borrower under Section 2.10(g), except in each case to the extent that, pursuant to this Section 2.12(a) or Section 2.12(c),
amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Person became a party hereto
or to such Lender immediately before it changed its Lending Office, (c) any U.S. federal withholding tax imposed pursuant to FATCA
and (d) Taxes attributable to such Recipient’s failure to comply with Section 2.12(f) and (g).

 

“Existing
Debt” means Indebtedness of each Loan Party and its Subsidiaries outstanding on the Closing Date.

 

“Extension
Date” has the meaning specified in Section 2.16.

 

“Extension
Fee” has the meaning specified in Section 2.08(c).

 

“Facility”
means the Term Loan Facility, the Delayed Draw Term Facility or any Incremental Term Loan Facility, as the context may require.

 

“Facility
Exposure” means, at any date of determination, the sum of (a) the aggregate principal amount of all outstanding Advances,
plus (b) all Obligations of the Loan Parties in respect of Guaranteed Hedge Agreements, valued at the Swap Termination Value
thereof.

 

    19

    

    

 

“FASB
ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board.

 

“FATCA”
means sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with, any current or future regulations or official interpretations thereof, and
any agreement entered into pursuant to section 1471(b) of the Code).

 

“Federal
Funds Rate” means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day’s
federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set
forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York
as the federal funds effective rate; provided that if the Federal Funds Rate as so determined would be less than zero, such rate
shall be deemed to be zero for purposes of this Agreement.

 

“Fee
Letter” means any separate letter agreement executed and delivered by a Borrower or an Affiliate of a Borrower and to which
the Administrative Agent or an Arranger is a party, as the same may be amended, restated or replaced from time to time.

 

“FF&E”
means all “furniture, furnishings and equipment” (as such phrase is commonly understood in the hotel industry) and all appurtenances
and additions thereto and substitutions or replacements thereof owned by the applicable Loan Party and now or hereafter attached to, contained
in or used in connection with the use, occupancy, operation or maintenance of the applicable Asset, including, without limitation, any
and all fixtures, furnishings, equipment, furniture, and other items of tangible personal property, appliances, machinery, equipment,
signs, artwork (including paintings, prints, sculpture and other fine art), office furnishings and equipment, guest room furnishings,
and specialized equipment for kitchens, laundries, drying, bars, restaurants, spas, public rooms, health and recreational facilities,
linens, dishware, two-way radios, all partitions, screens, awnings, shades, blinds, rugs, carpets, hall and lobby equipment, heating,
lighting, plumbing, ventilating, refrigerating, incinerating, elevators, escalators, air conditioning and communication plants or systems
with appurtenant fixtures, vacuum cleaning systems, call or beeper systems, security systems, sprinkler systems and other fire prevention
and extinguishing apparatus and materials; generators, boilers, compressors and engines; gas and electric machinery and equipment; facilities
used to provide utility services; garbage disposal machinery or equipment; communication apparatus, including television, radio, music,
and cable antennae and systems; attached floor coverings, window coverings, curtains, drapes and rods; storm doors and windows; stoves,
refrigerators, dishwashers and other installed appliances; attached cabinets; trees, plants and other items of landscaping; visual and
electronic surveillance systems; and swimming pool heaters and equipment, fuel, water and other pumps and tanks; irrigation equipment;
reservation system computer and related equipment; all equipment, manual, mechanical or motorized, for the construction, maintenance,
repair and cleaning of, parking areas, walks, underground ways, truck ways, driveways, common areas, roadways, highways and streets and
all equipment, fixtures, furnishings, and articles of personal property now or hereafter attached to or used in or about any such Asset
which is or may be used in or related to the planning, development, financing or operation thereof and all renewals of or replacements
or substitutions for any of the foregoing.

 

“Fiscal
Year” means a fiscal year of the Parent and its Consolidated Subsidiaries ending on December 31 in any calendar year.

 

“Foreign
Subsidiary” means a Subsidiary that is not a Domestic Subsidiary.

 

    20

    

    

 

“Franchise
Agreements” means (a) on the Closing Date, the Franchise Agreements set forth on Part IV of Schedule 4.01(p) hereto,
and (b) any written franchise agreement in respect of a Hotel Asset after the Closing Date.

 

“GAAP”
means generally accepted accounting principles in the United States of America set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States
of America, that are applicable to the circumstances as of the date of determination, consistently applied.

 

“Good
Faith Contest” means the contest of an item as to which: (a) such item is contested in good faith, by appropriate proceedings,
(b) reserves that are adequate are established with respect to such contested item in accordance with GAAP and (c) the failure
to pay or comply with such contested item during the period of such contest could not reasonably be expected to result in a Material Adverse
Effect.

 

“Governmental
Authority” means the government of the United States of America or any other nation, or of any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank).

 

“Grantor”
means the applicable Loan Party that is a party to the Pledge Agreement.

 

“Gross
Hotel Revenues” means, with respect to any Hotel Asset, all revenues and receipts of every kind derived from operating such
Asset and parts thereof (without duplication of any such revenues or receipts that are included as Gross Parking Revenues), including,
without limitation, income (from both cash and credit transactions), before commissions and discounts for prompt or cash payments, from
rentals or sales of rooms, stores, offices, meeting space, exhibit space, or sales space of every kind (including rentals from timeshare
marketing and sales desks); license, lease, and concession fees and rentals (not including gross receipts of licensees, lessees, and concessionaires);
net income from vending machines; health club membership fees; food and beverage sales; parking; sales of merchandise (other than proceeds
from the sale of FF&E no longer necessary to the operation of such Asset); service charges, to the extent not distributed to the employees
at such Asset as, or in lieu of, gratuities; and proceeds, if any, from business interruption or other loss of income insurance, all as
determined in accordance with GAAP; provided, however, that Gross Hotel Revenues shall not include gratuities to employees of such
Asset; federal, state, or municipal excise, sales, use, or similar taxes collected directly from tenants, patrons, or guests or included
as part of the sales price of any goods or services; insurance proceeds (other than proceeds from business interruption or other loss
of income insurance); condemnation proceeds; or any proceeds from any sale of such Asset.

 

“Gross
Parking Revenues” means, for any period, with respect to any Parking Asset, all revenues and receipts of any kind derived
from operating such Asset and parts thereof (without duplication of any such revenues or receipts that are included as Gross Hotel Revenues),
including, without limitation, income (from both cash and credit transactions) derived from shuttle and valet services, and proceeds,
if any, from business interruption or other loss of income insurance, all as determined in accordance with GAAP; provided, however,
that Gross Parking Revenues shall not include gratuities to employees of such Asset’s federal, state or municipal excise, sales,
use, or similar taxes collected directly from customers; insurance proceeds (other than proceeds from business interruption or other loss
of income insurance); condemnation proceeds; or any proceeds from any sale of such Asset.

 

    21

    

    

 

“Gross
Revenues” means, for any period, the sum of (i) Gross Hotel Revenues and (ii) Gross Parking Revenues.

 

“Guarantee”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of
guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any
manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property,
securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance
of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition
or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other
obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other
obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or
(b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such
Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness
to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the
related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee”
as a verb has a corresponding meaning.

 

“Guaranteed
Hedge Agreement” means any Hedge Agreement that constitutes an interest rate swap, cap or collar agreement or an interest
rate future or option contract, in each case that is permitted under Article V and that is entered into by and between any Loan Party
and any Hedge Bank.

 

“Guaranteed
Obligations” has the meaning specified in Section 7.01.

 

“Guarantors”
means, collectively, the Parent and each Subsidiary of a Borrower other than Excluded Subsidiaries.

 

“Guarantor
Deliverables” means each of the items set forth in Section 5.01(j).

 

“Guaranty”
means the Guaranty by the Guarantors pursuant to Article VII, together with any and all Guaranty Supplements required to be delivered
pursuant to Section 5.01(j) or Section 7.05.

 

“Guaranty
Supplement” means a supplement entered into by an Additional Guarantor in substantially the form of Exhibit D hereto.

 

“Hazardous
Materials” means (a) petroleum or petroleum products, by-products or breakdown products, radioactive materials, asbestos-containing
materials, polychlorinated biphenyls, radon gas and mold and (b) any other chemicals, materials or substances designated, classified
or regulated as hazardous or toxic or as a pollutant or contaminant under any Environmental Law.

 

“Hedge
Agreements” means interest rate swap, cap or collar agreements, interest rate future or option contracts, currency swap
agreements, currency future or option contracts and other hedging agreements.

 

“Hedge
Bank” means any entity that is a Lender or an Affiliate of a Lender at the time it enters into a Guaranteed Hedge Agreement
in its capacity as a party to such Guaranteed Hedge Agreement.

 

    22

    

    

 

“Hotel
Asset” means Real Property (other than any Joint Venture Asset) that operates or is intended to be operated as a hotel,
resort or other lodging for transient use of rooms or is a structure from which a hotel, resort or other lodging for transient use of
rooms is operated or intended to be operated.

 

“Immaterial
Subsidiary” means, on any date of determination, a Subsidiary of a Borrower that on such date holds no assets other than
a de minimis amount of cash, cash equivalents and other assets.

 

“Increase
Date” has the meaning specified in Section 2.17(a).

 

“Increasing
Lender” has the meaning specified in Section 2.17(b).

 

“Incremental
Term Advance” has the meaning specified in Section 2.01(c).

 

“Incremental
Term Loan Commitment” means, as to each Incremental Term Loan Lender with respect to any Incremental Term Loan Facility,
its obligation to make Incremental Term Advances to the Borrowers pursuant to Section 2.17 in an aggregate principal amount not to
exceed the amount set forth opposite such Incremental Term Loan Lender’s name on the applicable schedule to the Incremental Term
Loan Facility Amendment establishing such Incremental Term Loan Facility or opposite such caption in the Assignment and Acceptance or
Accession Agreement pursuant to which such Incremental Term Loan Lender becomes a party hereto, as applicable, as such amount may be adjusted
from time to time in accordance with this Agreement.

 

“Incremental
Term Loan Increase” has the meaning specified in Section 2.17(a).

 

“Incremental
Term Loan Facility” has the meaning specified in Section 2.17(a).

 

“Incremental
Term Loan Facility Amendment” has the meaning specified in Section 2.17(g).

 

“Incremental
Term Loan Lender” means (a) at any time prior to the applicable Increase Date, any Lender that has an Incremental Term
Loan Commitment at such time and (b) at any time after the such Increase Date, any Lender that holds Incremental Term Advances at
such time.

 

“Incremental
Term Note” means a promissory note made by the Borrowers in favor of an Incremental Term Loan Lender evidencing Incremental
Term Advances made by such Lender, substantially in the form of Exhibit A-2.

 

“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities
in accordance with GAAP:

 

(a)               
all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes,
loan agreements or other similar instruments;

 

(b)               
all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial),
bankers’ acceptances and similar instruments (including bank guaranties, surety bonds, comfort letters, keep-well agreements and
capital maintenance agreements);

 

(c)               
net obligations of such Person under any Hedge Agreement;

 

(d)               
all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable
in the ordinary course of business and, in each case, not past due for more than sixty (60) days after the date on which such
trade account payable was created);

 

    23

    

    

 

(e)               
 Capitalized Leases, Synthetic Lease Obligations, Synthetic Debt and Off-Balance Sheet Arrangements;

 

(f)                
all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity
Interest in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or
involuntary liquidation preference plus accrued and unpaid dividends (other than any such obligation of such Person if such Person,
in its sole discretion, may satisfy such obligation by delivering (or causing to be delivered) common equity interests in the Parent or
a Subsidiary thereof that is not a Loan Party);

 

(g)               
indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person
(including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have
been assumed by such Person or is limited in recourse; and

 

(h)               
all Guarantees of such Person in respect of any of the foregoing, excluding guarantees of Non-Recourse Debt for which recourse
is limited to liability under a Customary Carve-Out Agreement.

 

For all purposes
hereof: (a) the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint
venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless
such Indebtedness is expressly made non-recourse to such Person, (b) the Indebtedness of the Parent and its Consolidated Subsidiaries
shall include, with respect to the foregoing items and components thereof attributable to Indebtedness of non-wholly owned Subsidiaries,
only the Parent’s Ownership Percentage thereof, (c) the amount of any net obligation under any Hedge Agreement on any date
shall be deemed to be the Swap Termination Value thereof as of such date and (d) the amount of any Capitalized Lease or Synthetic
Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date.

 

“Indemnified
Costs” has the meaning specified in Section 8.05(a).

 

“Indemnified
Party” has the meaning specified in Section 7.06(a).

 

“Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account
of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.

 

“Indirect
Owner” means, as to any Eligible Asset owned by or ground leased to one or more Subsidiaries of a Borrower, each other
Subsidiary of a Borrower that owns a direct or indirect interest in the Direct Owners of such Eligible Asset.

 

“Information”
has the meaning specified in Section 9.11.

 

“Initial
Borrowing Base Assets” has the meaning specified in Section 4.01(ee).

 

“Initial
Extensions of Credit” means the initial Borrowing hereunder.

 

“Initial
Lenders” has the meaning specified in the recital of parties to this Agreement.

 

“Insufficiency”
means, with respect to any Plan, the amount, if any, of its unfunded benefit liabilities, as defined in Section 4001(a)(18) of ERISA.

 

    24

    

    

 

“Interest
Expense” means, with respect to a Person for a given period, without duplication, (a) total interest expense of such
Person, including capitalized interest not funded under a construction loan interest reserve account, determined on a consolidated basis
in accordance with GAAP for such period, plus (b) such Person’s JV Pro Rata Share of Interest Expense of its Joint Venture
for such period. Interest Expense shall include the interest component of Obligations in respect of Capitalized Leases and shall exclude
the amortization of any deferred financing fees.

 

“Interest
Period” means as to each Term SOFR Advance, the period commencing on the date such Term SOFR Advance is disbursed or Converted
to or continued as a Term SOFR Advance and ending on the date one (1) month thereafter; provided that:

 

(i)            any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless,
in the case of a Term SOFR Advance, such Business Day falls in another calendar month, in which case such Interest Period shall end on
the next preceding Business Day;

 

(ii)           any
Interest Period pertaining to a Term SOFR Advance that begins on the last Business Day of a calendar month (or on a day for which there
is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the
calendar month at the end of such Interest Period; and

 

(iii)          no
Interest Period shall extend beyond the Termination Date.

 

“Investment”
means (a) any loan or advance to any Person, any purchase or other acquisition of any Equity Interests or Indebtedness or the assets
comprising a division or business unit or a substantial part or all of the business of any Person, any capital contribution to any Person
or any other direct or indirect investment in any Person, including, without limitation, any acquisition by way of a merger or consolidation
and any arrangement pursuant to which the investor incurs Indebtedness of the types referred to in clause (g) or (h) of the definition
of “Indebtedness” in respect of any Person, and (b) the purchase or other acquisition of any real property.

 

“IRS”
means the United States Internal Revenue Service.

 

“Joint
Venture” means any joint venture (a) in which a Borrower or any of its Subsidiaries holds any Equity Interest, (b) that
is not a Subsidiary of a Borrower or any of its Subsidiaries and (c) the accounts of which would not appear on the Consolidated financial
statements of a Borrower or the Parent.

 

“Joint
Venture Assets” means, with respect to any Joint Venture at any time, the assets owned by such Joint Venture at such time.

 

“JV
Pro Rata Share” means, with respect to any Subsidiary of a Person (other than a wholly-owned Subsidiary) or any Joint Venture
of a Person, the greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed as a percentage)
in such Subsidiary or Joint Venture or (b) such Person’s relative direct and indirect economic interest (calculated as a percentage)
in such Subsidiary or Joint Venture, in each case determined in accordance with the applicable provisions of the Organization Documents
of such Subsidiary or Joint Venture.

 

“Laws”
means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations,
ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof
by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable
administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental
Authority, in each case whether or not having the force of law.

 

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“Lenders”
means the Initial Lenders, each Acceding Lender that shall become a party hereto pursuant to Section 2.17 and each Person that shall
become a Lender hereunder pursuant to Section 9.06 for so long as such Initial Lender or Person, as the case may be, shall be a party
to this Agreement.

 

“Lending
Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative
Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrowers and the Administrative Agent, which
office may include any Affiliate of such Lender or any domestic or foreign branch of such Lender or such Affiliate. Unless the context
otherwise requires each reference to a Lender shall include its applicable Lending Office.

 

“Leverage
Ratio” means, at any date of determination, the ratio of Total Indebtedness to Total Asset Value.

 

“Lien”
means any lien, security interest or other charge or encumbrance of any kind, or any other type of preferential arrangement, including,
without limitation, the lien or retained security title of a conditional vendor and any easement, right of way or other encumbrance on
title to real property.

 

“Loan
Documents” means (a) this Agreement, (b) the Notes, (c) the Fee Letter, (d) each Guaranty Supplement
(e) each Guaranteed Hedge Agreement, (f) the Pledge Agreement, (g) each Incremental Term Loan Facility Amendment and (h) each
other document or instrument now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this
Agreement; in each case as the same may be amended, supplemented or otherwise modified from time to time.

 

“Loan
Parties” means the Parent, the Borrowers and the Guarantors.

 

“London
Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank
eurodollar market.

 

“Management
Agreements” means (a) on the Closing Date, the Management Agreements set forth on Part III of Schedule 4.01(p)
hereto (as supplemented from time to time in accordance with the provisions hereof), and (b) any Management Agreement in respect
of a Borrowing Base Asset entered into after the Closing Date in compliance with Section 5.01(p).

 

“Margin
Stock” has the meaning specified in Regulation U.

 

“Material
Adverse Change” means a material adverse change in the business, assets, properties, liabilities (actual or contingent),
operations, condition (financial or otherwise) or prospects of the Parent and its Subsidiaries, taken as a whole.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, assets, properties, liabilities (actual or contingent),
operations, condition (financial or otherwise) or prospects of the Parent and its Subsidiaries, taken as a whole, (b) the rights
and remedies of the Administrative Agent or any Lender under any Loan Document, (c) the ability of any Loan Party to perform its
Obligations under any Loan Document to which it is or is to be a party, or (d) the value, use or ability to sell or refinance any
Borrowing Base Asset.

 

“Material
Contract” means each contract to which the Parent or any of its Subsidiaries is a party involving aggregate
consideration payable to or by the Parent or such Subsidiary in an amount of $10,000,000 or more per annum or otherwise material to
the business, condition (financial or otherwise), operations, performance, properties or prospects of the Parent and its
Subsidiaries, taken as a whole. Without limitation of the foregoing, the Operating Leases, the Management Agreements and the
Franchise Agreements shall be deemed to comprise Material Contracts hereunder.

 

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“Material
Debt” means Indebtedness or Guarantees (other than Indebtedness hereunder) of the Parent or any of its Subsidiaries having
an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any
combined or syndicated credit arrangement) of (a) in the case of Recourse Debt, more than $10,000,000 and (b) in the case
of Non-Recourse Debt, $50,000,000.

 

“Material
Renovation” means any renovation of a Borrowing Base Asset the completion of which causes twenty-five percent (25%)
or more of (a) in the case of a Hotel Asset, the rooms located in such Asset and (b) in the case of a Parking Asset, parking
spaces located in such Asset, to be unavailable for use for a period of forty-five (45) consecutive days or longer.

 

“Minimum
Value Condition” means, at any time, the Aggregate Borrowing Base Asset Value is at least $300,000,000.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.

 

“Multiemployer
Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which any Loan Party or any ERISA Affiliate
is making or accruing an obligation to make contributions, or has within any of the preceding five  plan years made or accrued an
obligation to make contributions or as to which any Loan Party or any ERISA Affiliate has any obligation or liability (whether by contract,
indemnification or otherwise).

 

“Multiple
Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained
for employees of any Loan Party or any ERISA Affiliate and at least one Person other than the Loan Parties and the ERISA Affiliates
or as to which any Loan Party or any ERISA Affiliate has any obligation or liability (whether by contract, indemnification or otherwise)
or (b) was so maintained and in respect of which any Loan Party or any ERISA Affiliate could have liability under Section 4064
or 4069 of ERISA in the event such plan has been or were to be terminated.

 

“Negative
Pledge” means, with respect to any asset, any provision of a document, instrument or agreement (other than a Loan Document)
which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person
owning such asset or any other Person; provided, however, that an agreement that conditions a Person’s ability to encumber
its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but
that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge.

 

“Net
Cash Proceeds” means, as applicable:

 

(a)                with
respect to any Transfer, all cash and Cash Equivalents received by any Loan Party or any of its Subsidiaries therefrom (including
any cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise,
as and when received) in connection with such transaction less the sum of (i) any Tax Distributions and all income taxes and
other taxes assessed by, or reasonably estimated to be payable to, a Governmental Authority as a result of such transaction
(provided that if such Tax Distributions or estimated taxes exceed the amount of actual Tax Distributions or taxes required
to be paid in cash in respect of such Transfer, the amount of such excess shall constitute Net Cash Proceeds), (ii) all
reasonable and customary out-of-pocket fees and expenses incurred in connection with such Transfer (including, to the extent
reasonable and customary underwriting discounts and commissions, but excluding any payments to Affiliates of a Loan Party),
(iii) the principal amount of, premium, if any, and interest on any Indebtedness (other than Indebtedness under the Loan
Documents) secured by a Lien on the asset (or a portion thereof) disposed of, which Indebtedness is required to be repaid in
connection with such transaction or event and (iv) all amounts that are set aside as a reserve (A) for adjustments in
respect of the purchase price of such assets, (B) for any liabilities associated with such sale, to the extent such reserve is
required by GAAP or as otherwise required pursuant to the documentation with respect to such Transfer, (C) for the payment of
unassumed liabilities relating to the assets sold or otherwise disposed of at the time of, or within thirty (30) days
after, the date of such Transfer and (D) contractually required to be reserved for the payment of indemnification obligations; provided that,
to the extent and at the time any such amounts are released from such reserve and received by such Loan Party or any of its
Subsidiaries, such amounts shall constitute Net Cash Proceeds; and

 

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(b)               
with respect to any issuance of Secured Non-Recourse Debt, the gross cash proceeds received by the Parent or any of its
Consolidated Subsidiaries therefrom less the sum of (i) all reasonable and customary fees, commissions, investment banking fees,
attorneys’ fees, accountants’ fees, underwriting fees, costs, underwriting discounts and other reasonable and customary expenses
incurred in connection therewith except to the extent paid to an Affiliate of a Loan Party and (ii) amounts required to be deposited
or maintained in segregated accounts as reserves in connection with any such issuance of Secured Non-Recourse Debt.

 

“Net
Operating Income” means, as of any date of determination, the amount obtained by subtracting Operating Expenses from Operating
Income, in each case for any applicable measurement period.

 

“New
Property” means each Asset acquired by a Borrower or any Subsidiary thereof or any Joint Venture (as the case may be) from
the date of acquisition for a period of four (4) full fiscal quarters after the acquisition thereof; provided, however,
that, upon the Seasoned Date for any New Property (or any earlier date selected by the Borrowers), such New Property shall be converted
to a Seasoned Property and shall cease to be a New Property.

 

“Non-Consenting
Lender” has the meaning specified in Section 9.01(b).

 

“Non-Defaulting
Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

 

“Non-Recourse
Debt” means Debt for Borrowed Money with respect to which recourse for payment is limited to (a) any building(s) or
parcel(s) of real property and any related assets encumbered by a Lien securing such Debt for Borrowed Money and/or (b) (i) the
general credit of the Subsidiary that has incurred such Debt for Borrowed Money, and/or the direct Equity Interests therein and/or (ii) the
general credit of the immediate parent entity of such Subsidiary, provided that such parent entity’s assets consist solely
of Equity Interests in such Subsidiary, it being understood that the instruments governing such Debt for Borrowed Money may include customary
carve-outs to such limited recourse (any such customary carve-outs or agreements limited to such customary carve-outs, being a “Customary
Carve-Out Agreement”) such as, for example, personal recourse to the Parent or any Subsidiary for fraud, misrepresentation,
misapplication or misappropriation of cash, waste, environmental claims, damage to properties, non-payment of taxes or other liens despite
the existence of sufficient cash flow, interference with the enforcement of loan documents upon maturity or acceleration, voluntary or
involuntary bankruptcy filings, violation of loan document prohibitions against transfer of properties or ownership interests therein
and liabilities and other circumstances customarily excluded by lenders from exculpation provisions and/or included in separate indemnification
and/or guaranty agreements in non-recourse financings of real estate. For the avoidance of doubt, Debt for Borrowed Money that refinances
Existing Debt shall be permitted as Non-Recourse Debt, so long as such Debt for Borrowed Money meets all the requirements of Non-Recourse
Debt.

 

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“Non-Recourse
Guarantee” shall mean a Customary Carve-Out Agreement consisting of a guaranty or indemnity of Non-Recourse Debt.

 

“Note”
means a Term Note, a Delayed Draw Term Note or an Incremental Term Note, as the context may require.

 

“Notice
of Borrowing” means a notice of (a) a Borrowing, (b) a Conversion of Advances from one (1) Type to the other,
or (c) a continuation of a Term SOFR Advance, pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit B
or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission
system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of a Borrower.

 

“Notice
of Loan Prepayment” means a notice of prepayment with respect to a Loan, which shall be substantially in the form of Exhibit G
or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission
system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of a Borrower.

 

“NPL”
means the National Priorities List under CERCLA.

 

“Obligation”
means, with respect to any Person, any payment, performance or other obligation of such Person of any kind, including, without limitation,
any liability of such Person on any claim, whether or not the right of any creditor to payment in respect of such claim is reduced to
judgment, liquidated, unliquidated, fixed, contingent, matured, disputed, undisputed, legal, equitable, secured or unsecured, and whether
or not such claim is discharged, stayed or otherwise affected by any proceeding referred to in Section 6.01(f). Without limiting
the generality of the foregoing, the Obligations of any Loan Party under the Loan Documents include (a) the obligation to pay principal,
interest, charges, expenses, fees, attorneys’ fees and disbursements, indemnities and other amounts payable by such Loan Party under
any Loan Document and (b) the obligation of such Loan Party to reimburse any amount in respect of any of the foregoing that any Lender,
in its sole discretion, may elect to pay or advance on behalf of such Loan Party, provided that in no event shall the Obligations
of the Loan Parties under the Loan Documents include the Excluded Swap Obligations.

 

“OECD”
means the Organization for Economic Cooperation and Development.

 

“OFAC”
has the meaning specified in the definition of Sanctions.

 

“Off-Balance
Sheet Arrangement” means any transaction, agreement or other contractual arrangement to which an entity unconsolidated with
the Parent is a party, under which a Loan Party has:

 

(a)               
any obligation under a guarantee contract that has any of the characteristics identified in FASB ASC 460-10-15-4;

 

(b)               
a retained or contingent interest in assets transferred to an unconsolidated entity or similar arrangement that serves as
credit, liquidity or market risk support to such entity for such assets;

 

(c)               
any obligation, including a contingent obligation, under a contract that would be accounted for as a derivative instrument,
except that it is both indexed to the Parent’s own stock and classified in stockholders’ equity in the Parent’s statement
of financial position, as described in FASB ASC 815-10-15-74; or

 

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(d)               
 any obligation, including a contingent obligation, arising out of a variable interest (as defined in the FASB ASC Master
Glossary) in an unconsolidated entity that is held by, and material to, the Parent, where such entity provides financing, liquidity, market
risk or credit risk support to, or engages in leasing, hedging or research and development services with, the Parent or its Subsidiaries

 

“Operating
Expenses” means, with respect to any Borrowing Base Asset for any applicable measurement period, the actual costs and expenses
of owning, operating, managing, and maintaining such Borrowing Base Asset during such period, including, without limitation, repairs,
real estate and chattel taxes and bad debt expenses, but excluding (i) depreciation or amortization or other noncash items, (ii) the
principal of and interest on Debt for Borrowed Money, (iii) income taxes or other taxes in the nature of income taxes, (iv) distributions
to the shareholders, members or partners of the Borrowing Base Asset owner, and (v) capital expenditures, payments (without duplication)
for FF&E or into FF&E reserves or management fees actually paid or payable during such period, all as determined in accordance
with GAAP.

 

“Operating
Income” means, with respect to any Borrowing Base Asset for any applicable measurement period, all income received from
any Person during such period in connection with the ownership or operation of the Asset, including, without limitation, (i) the
Gross Hotel Revenues and Gross Parking Revenues, (ii) all amounts payable pursuant to any reciprocal easement and/or operating agreements,
covenants, conditions and restrictions, condominium documents and similar agreements affecting such Borrowing Base Asset (but excluding
any management agreements), and (iii) condemnation awards to the extent that such awards are compensation for lost rent allocable
to such period, all as determined in accordance with GAAP.

 

“Operating
Lease” means any operating lease of a Borrowing Base Asset between the applicable Loan Party that owns such Borrowing Base
Asset (whether in fee simple or subject to a Qualifying Ground Lease) and the applicable TRS Lessee that leases such Borrowing Base Asset,
as each may be amended, restated, supplemented or otherwise modified from time to time.

 

“Organization
Documents” means, (a) with respect to any corporation, the charter or certificate or articles of incorporation and
the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any
limited liability company, the certificate or articles of formation or organization and operating or limited liability agreement; and
(c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other
applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection
with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and,
if applicable, any certificate or articles of formation or organization of such entity.

 

“Other
Taxes” means all present or future stamp, court or documentary, excise, property, intangible, recording, filing or similar
Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Loan Document.

 

“Ownership
Percentage” means, as to any Subsidiary of the Parent, the Parent’s relative direct and indirect economic interest
(calculated as a percentage) in such Subsidiary, in each case determined in accordance with the applicable provisions of the applicable
Organization Document of such Subsidiary.

 

“PACE
Loan” means that certain “PACE” loan with an outstanding balance, as of the Closing Date, of approximately $6,588,000
that is secured by the Hilton Garden Inn Grapevine that, in connection with the Acquisition, is being assumed by Summit
NCI JV 161, LLC, a Subsidiary of one or more Borrowers.

 

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“Parent”
has the meaning specified in the recital of parties to this Agreement.

 

“Parent
REIT” means Summit Hotels Properties, Inc., a Maryland corporation.

 

“Parking
Asset” means a commercial multi-level parking facility or surface lot that is located adjacent to a Hotel Asset.

 

“Participant”
has the meaning specified in Section 9.06(d).

 

“Participant
Register” has the meaning specified in Section 9.06(d).

 

“Patriot
Act” has the meaning specified in Section 9.13.

 

“PBGC”
means the Pension Benefit Guaranty Corporation (or any successor).

 

“Pension
Funding Rules” means the rules of the Code and ERISA regarding minimum funding standards with respect to Single Employer
Plans or Multiple Employer Plans and set forth in Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304
and 305 of ERISA.

 

“Permitted
Asset Encumbrances” means: (a) Liens for taxes, assessments or governmental charges not yet due or which are being
contested in good faith and by appropriate proceedings diligently conducted (which actions or proceedings have the effect of preventing
the forfeiture or sale of the property or assets subject to any such Lien), if adequate reserves with respect thereto are maintained on
the books of the applicable Loan Party in accordance with GAAP; (b) easements, zoning restrictions, rights of way and similar encumbrances
on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially
detract from the value of the affected property or materially interfere with the ordinary conduct of business of a Borrower or any Subsidiary
thereof; (c) carriers’, warehouseman’s, mechanics’, materialmen’s, repairmen’s or other like Liens
arising in the ordinary course of business that are not overdue for a period of more than thirty (30) days or are being contested
in good faith and by appropriate actions or proceedings diligently conducted (which actions or proceedings have the effect of preventing
the forfeiture or sale of the property of assets subject to any such Lien), if adequate reserves with respect thereto are maintained on
the books of the applicable Person in accordance with GAAP; (d) the rights of tenants under Tenancy Leases; provided that
(i) such Tenancy Leases contain market terms and conditions, (ii) such rights of tenants constituting Liens do not secure any
Indebtedness, and (iii) such leases and subleases do not in any case materially detract from the value of the property subject thereto;
and (e) rights of lessors under Qualifying Ground Leases; and (e) the Lien securing the PACE Loan.

 

“Permitted
Equity Encumbrances” means Liens for taxes, assessments or governmental charges which are (i) immaterial to the Borrowers
and their respective Subsidiaries, taken as a whole, (ii) not overdue for a period of more than thirty (30) days or (iii) being
contested in good faith and by appropriate actions or proceedings diligently conducted (which actions or proceedings have the effect of
preventing the forfeiture or sale of the property of assets subject to any such Lien), if adequate reserves with respect thereto are maintained
on the books of the applicable Loan Party in accordance with GAAP.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental
authority or other entity.

 

“Plan”
means a Single Employer Plan or a Multiple Employer Plan.

 

“Platform”
has the meaning specified in Section 9.11.

 

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“Pledge
Agreement” has the meaning specified in Section 3.01(a)(iii).

 

“Post
Petition Interest” has the meaning specified in Section 7.07(b).

 

“Preferred
Interests” means, with respect to any Person, Equity Interests issued by such Person that are entitled to a preference or
priority over any other Equity Interests issued by such Person upon any distribution of such Person’s property and assets, whether
by dividend or upon liquidation.

 

“Pro
Forma EBITDA” means, for any Asset, an amount equal to ninety percent (90%) of such Asset’s forecasted EBITDA
for the first four (4) full fiscal quarters of such Asset’s operation (following the fiscal quarter during which such
Asset opens, in the case of a newly built Asset, or re-opens, in the case of a repositioned Asset), as determined by the Parent and calculated
in a manner consistent with the definition of Consolidated EBITDA and as reasonably approved by the Administrative Agent; provided,
however, that (a) Pro Forma EBITDA for the fourth full fiscal quarter of such Asset’s operation shall be adjusted
to be (x) the amount of Pro Forma EBITDA for such fourth full fiscal quarter multiplied by (y) a fraction the numerator
of which is the number of days in the fiscal quarter during which such Asset opens or re-opens, as applicable, from and including the
first day of such fiscal quarter to but excluding the opening or re-opening date of such Asset, as applicable, and the denominator
of which is the total number of days in such fiscal quarter during which such Asset opens or re-opens, and (b) Pro Forma EBITDA shall
be adjusted on the last day of each fiscal quarter, beginning with the last day of the first full fiscal quarter of such Asset’s
operation to remove the forecasted EBITDA attributable to such fiscal quarter; and on the last day of the fourth full fiscal
quarter of such Asset’s operation, Pro Forma EBITDA for such Asset shall be equal to zero. For the avoidance of doubt, until such
Asset has four (4) full fiscal quarters of actual Consolidated EBITDA, it is intended that Consolidated EBITDA include (1) the
actual Consolidated EBITDA attributable to such Asset for the period commencing on the opening date or re-opening date, as applicable,
for such Asset and ending on the last date of the fiscal quarter during which such Asset opened or re-opened and (2) a correspondingly
adjusted amount of Pro Forma EBITDA for the fourth full fiscal quarter of such Asset’s operation.

 

“Proposed
Increased Commitment” has the meaning specified in Section 2.17(b).

 

“Proposed
Borrowing Base Asset” has the meaning specified in Section 2.18(a).

 

“Pro
Rata Share” of any amount means, with respect to any Lender at any time, (a)  in the case of the Term Loan
Facility, the product of such amount times a fraction (expressed as a percentage carried out to the ninth decimal place) the
numerator of which is, on or prior to the Closing Date, the amount of such Lender’s Term Loan Commitment at such time and,
thereafter, such Lender’s Facility Exposure at such time with respect to the Term Loan Facility and the denominator of which
is, on or prior to the Closing Date, the aggregate amount of the Lenders’ Term Loan Commitments at such time and, thereafter,
the aggregate Facility Exposure at such time with respect to the Term Loan Facility, (b) in the case of the Delayed Draw Term
Facility, the product of such amount times a fraction (expressed as a percentage carried out to the ninth decimal place) the
numerator of which is, on or prior to the Delayed Draw Commitment Termination Date, the amount of such Lender’s Delayed Draw
Term Commitment at such time and, thereafter, such Lender’s Facility Exposure at such time with respect to the Delayed Draw
Term Facility and the denominator of which is, on or prior to the Delayed Draw Commitment Termination Date, the aggregate amount of
the Lenders’ Delayed Draw Term Commitments at such time and, thereafter, the aggregate Facility Exposure at such time with
respect to the Delayed Draw Term Facility and (c) in the case of any Incremental Term Loan Facility, the product of such amount
times a fraction (expressed as a percentage carried out to the ninth decimal place) the numerator of which is, on or prior to the
applicable Increase Date, the amount of such Lender’s Incremental Term Loan Commitment at such time and, thereafter, such
Lender’s Facility Exposure at such time with respect to the applicable Incremental Term Loan Facility and the denominator of
which is, on or prior to the applicable Increase Date, the aggregate amount of the Lenders’ Incremental Term Loan Commitments
at such time and, thereafter, the aggregate Facility Exposure at such time with respect to the applicable Incremental Term Loan
Facility.

 

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“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time
to time.

 

“Public
Lender” has the meaning specified in Section 9.11.

 

“Qualified
ECP Guarantor” means, in respect of any Swap Obligation, each Guarantor that has total assets exceeding $10,000,000 at the
time such Swap Obligation is incurred or such other Person as constitutes an ECP under the Commodity Exchange Act or any regulations promulgated
thereunder.

 

“Qualifying
Ground Lease” means a ground lease of Real Property under which a wholly owned Subsidiary of a Borrower is the lessee, which
ground lease is in full force and effect and not subject to any default and that the Administrative Agent determines, in its reasonable
discretion, to be a financeable ground lease and that contains the following terms and conditions: (a) the right of the lessee to
mortgage and encumber its interest in the leased property without the consent of the lessor, provided, however, if the lessor’s
consent is received, then this condition shall be deemed satisfied; (b) the obligation of the lessor to give the holder of any mortgage
Lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will
not be terminated until such holder has had a reasonable opportunity to cure or complete foreclosures, and fails to do so; (c) a
remaining term (exclusive of any unexercised extension options that are subject to terms or conditions not yet agreed upon and specified
in such ground lease or an amendment thereto, other than a condition that the lessee not be in default under such ground lease) of 30 years
or more from the date the related Hotel Asset becomes a Borrowing Base Asset (or, solely in the case of the ground lease relating to the
Hotel Asset commonly referred to as Canopy by Hilton New Orleans, 23 years or more from the date the related Hotel Asset becomes a Borrowing
Base Asset); (d) reasonable provisions concerning transferability of the lessee’s interest under such lease, including the
ability to sublease; and (e) such other rights customarily required by mortgagees making a loan secured by the interest of the holder
of a leasehold estate demised pursuant to a ground lease.

 

“Real
Property” means all right, title and interest of the Parent and each of its Subsidiaries in and to any land and any improvements
located thereon, together with all equipment, furniture, materials, supplies, personal property and all other rights and property in which
such Person has an interest now or hereafter located on or used in connection with such land and improvements, and all appurtenances,
additions, improvements, renewals, substitutions and replacements thereof now or hereafter acquired by such Person.

 

“Recipient”
means the Administrative Agent or any Lender, as applicable.

 

“Recourse
Indebtedness” means Indebtedness that does not constitute Non-Recourse Debt.

 

“Refinancing”
means the assumption by a Borrower or an Affiliate thereof of all outstanding Indebtedness securing the Acquired Properties.

 

“Register”
has the meaning specified in Section 9.06(c).

 

“Regulation
U” means Regulation U of the Board of Governors of the Federal Reserve System, as in effect from time to time.

 

“REIT”
means a Person that is qualified and has elected to be treated for U.S. federal income tax purposes as a real estate investment trust
under Sections 856-860 of the Code.

 

    33

    

    

 

“Related
Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees,
agents, trustees, administrators, managers, advisors, consultants, service providers and representatives of such Person and of such Person’s
Affiliates.

 

“Release
Conditions” means, with respect to (i) the release of any Guarantor from its obligations under the Guaranty, (ii) the
release of any Collateral consisting of the Equity Interests in a Guarantor from the Liens created under the Pledge Agreement or (iii) the
removal of any Borrowing Base Asset from the Borrowing Base Pool (each a “Release Transaction”), each of the
following:

 

(a)           the
Borrowers shall have delivered to the Administrative Agent, at least three (3) Business Days prior to the date of the proposed
Release Transaction, a written notice requesting such Release Transaction (a “Release Notice”), which Release
Notice shall identify the Equity Interests of any Guarantor to be released from the Liens created under the Pledge Agreement, the Guarantor
to be released from the Guaranty, or the Borrowing Base Asset to be removed from the Borrowing Base Pool, as applicable, as part of the
proposed Release Transaction, and the date proposed for consummation of the Release Transaction;

 

(b)           immediately
before and after giving effect to such Release Transaction, no Default or Event of Default has occurred and is continuing on such date
(or would exist immediately after giving effect to the proposed Release Transaction);

 

(c)           at
least two (2) Business Days prior to the proposed release date, the Administrative Agent shall have received (for distribution
to the Lenders):

 

(i)       a
duly completed Compliance Certificate as of the last day of the fiscal quarter or fiscal year, as applicable, of the Parent most
recently ended prior to such date for which financial statements are required to be delivered to the Administrative Agent and the Lenders
pursuant to Section 5.03(b) or (c), as the case may be, in form and substance reasonably satisfactory to the Administrative Agent
and including reasonably detailed calculations (in each case on a pro forma basis after giving effect to the proposed Release Transaction
(and any related and contemplated transactions)) (i) of the Aggregate Borrowing Base Asset Value, (ii) demonstrating that the Minimum
Value Condition is satisfied and (iii) demonstrating that the Borrowers are in compliance with the provisions of Sections 5.04
and 5.05 and that Availability is not less than zero;

 

(ii)       an
updated list of Borrowing Base Assets;

 

(iii)       a
certificate executed by a Responsible Officer of a Borrower certifying to the Administrative Agent that the conditions in clauses (a)
and (b) above have been satisfied; and

 

(d)       the
prepayment of Advances in an amount at least equal to (i) if the Borrowing Base Asset Value of such Borrowing Base Asset, together with
the aggregate Borrowing Base Asset Values of all Borrowing Base Assets that were previously removed from the Borrowing Base Pool, is not
greater than $200,000,000, the Allocated Loan Amount for such Borrowing Base Asset and (ii) if the Borrowing Base Asset Value of such
Borrowing Base Asset, together with the aggregate Borrowing Base Asset Values of all Borrowing Base Assets that were previously removed
from the Borrowing Base Pool, is greater than $200,000,000, 110% of the Allocated Loan Amount for such Borrowing Base Asset. Each prepayment
pursuant to this clause shall be applied to the each Facility on a pro rata basis (and shall be applied ratably to Advances held by each
Term Loan Lender, each Delayed Draw Term Lender and each Incremental Term Loan Lender in accordance with each such Lender’s Pro
Rata Share).

 

“Release
Notice” has the meaning specified in the definition of “Release Conditions.”

 

    34

    

    

 

“Release
Transaction” has the meaning specified in the definition of “Release Conditions.”

 

“Relevant
Governmental Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or
a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New
York, or any successor thereto.

 

“Removal
Effective Date” has the meaning specified in Section 8.07(b).

 

“Replacement
Lender” has the meaning specified in Section 9.01(b).

 

“Required
Incremental Term Loan Lenders” means, as of any time with respect to any Incremental Term Loan Facility, Incremental Term
Loan Lenders owed or holding greater than fifty percent (50%) of the Incremental Term Loans of the applicable Incremental Term Loan
Facility; provided that at all times when there are two or more Lenders, the term “Required Incremental Term Loan Lenders”
shall in no event mean less than two Lenders. For purposes of this definition, any of the foregoing amounts owed to or held by any
Defaulting Lender shall be disregarded in determining Required Incremental Term Loan Lenders at any time.

 

“Required
Delayed Draw Term Lenders” means, as of any date of determination, Delayed Draw Term Lenders holding more than 50% of the
Delayed Draw Term Facility on such date; provided that at all times when there are two or more Delayed Draw Term Lenders,
the term “Required Delayed Draw Term Lenders” shall in no event mean less than two Delayed Draw Term Lenders. For purposes
of this definition, any of the foregoing amounts owed to or held by any Defaulting Lender shall be disregarded in determining Required
Delayed Draw Term Lenders at any time.

 

“Required
Lenders” means, as of any time, Lenders holding more than 50% of the sum of the (a) Total Outstandings and (b) aggregate
unfunded Delayed Draw Term Commitments and Incremental Term Loan Commitments (in each case, if any); provided that at all times
when there are two or more Lenders, the term “Required Lenders” shall in no event mean less than two Lenders. For
purposes of this definition, any of the foregoing amounts owed to or held by any Defaulting Lender shall be disregarded in determining
Required Lenders at any time.

 

“Required
Term Loan Lenders” means, as of any time, Term Loan Lenders owed or holding greater than fifty percent (50%) of
the aggregate principal amount of the Advances outstanding at such time under the Term Loan Facility; provided that at all times
when there are two or more Term Loan Lenders, the term “Required Term Loan Lenders” shall in no event mean less than
two Lenders. For purposes of this definition, any of the foregoing amounts owed to or held by any Defaulting Lender shall be disregarded
in determining Required Term Loan Lenders at any time.

 

“Rescindable
Amount” has the meaning as defined in Section 2.11(d).

 

“Resignation
Effective Date” has the meaning specified in Section 8.07(b).

 

“Resolution
Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

    35

    

    

 

“Responsible
Officer” means the chief executive officer, president, chief financial officer, chief investment officer, chief accounting
officer, vice president, treasurer, assistant treasurer, controller, secretary, or general counsel of a Loan Party or any entity authorized
to act on behalf of such Loan Party, solely for purposes of the delivery of incumbency certificates pursuant to Section 3.01, any
assistant secretary of a Loan Party or entity authorized to act on behalf of such Loan Party and, solely for purposes of notices given
pursuant to Article II, any other officer or employee of the applicable Loan Party, or entity authorized to act on behalf of such
Loan Party, so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of
the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent. Any
document delivered hereunder that is signed by a Responsible Officer of a Loan Party, or entity authorized to act on behalf of such Loan
Party, shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part
of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

 

“Restricted
Payments” has the meaning specified in Section 5.02(g).

 

“S&P”
means Standard & Poor’s Financial Services LLC, a division of McGraw-Hill Financial, Inc., and any successor thereto.

 

“Sale
and Leaseback Transaction” shall mean any arrangement with any Person providing for the leasing by the Parent or any of
its Subsidiaries of any Real Property that has been sold or transferred or is to be sold or transferred by the Parent or such Subsidiary,
as the case may be, to such Person.

 

“Sanctions
Laws” has the meaning specified in Section 4.01(x).

 

“Sanctions”
means any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”),
the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant
sanctions authority.

 

“Scheduled Unavailability
Date” has the meaning specified in Section 2.09.

 

“Seasoned
Date” means, with respect to each Asset acquired by a Borrower, any Subsidiary thereof or any Joint Venture (as the case
may be), the date which is four full fiscal quarters after the acquisition date thereof.

 

“Seasoned
Property” means each Asset acquired by a Borrower, any Subsidiary thereof or any Joint Venture (as the case may be) which
has been owned for a period of more than four full fiscal quarters after the acquisition thereof.

 

“Secured
Indebtedness” means, with respect to the Parent and its Subsidiaries as of a given date, the portion of Total Indebtedness
(other than the PACE Loan) that is secured in any manner by any Lien on any property or any Equity Interests in any direct or indirect
Subsidiary of the Parent or any Joint Venture.

 

“Secured
Non-Recourse Debt” means the portion of Secured Indebtedness that is Non-Recourse Debt.

 

“Secured
Parties” means, collectively, the Administrative Agent, the Lenders, the Hedge Banks, each co-agent or sub-agent appointed
by the Administrative Agent from time to time pursuant to Section 8.06, and the other Persons the Obligations owing to which are
or are purported to be secured by the Collateral under the terms of the Pledge Agreement.

 

“Securities
Act” means the Securities Act of 1933, as amended to the date hereof and from time to time hereafter, and any successor
statute.

 

“Securities
Exchange Act” means the Securities Exchange Act of 1934, as amended to the date hereof and from time to time hereafter,
and any successor statute.

 

    36

    

    

 

 

“Seller”
has the meaning specified in Section 2.14.

 

“Single
Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained
for employees of any Loan Party or any ERISA Affiliate and no Person other than the Loan Parties and the ERISA Affiliates or as to which
any Loan Party or any ERISA Affiliate has any obligation or liability (whether by contract, indemnification or otherwise) or (b) was
so maintained and in respect of which any Loan Party or any ERISA Affiliate could have liability under Section 4069 of ERISA in the
event such plan has been or were to be terminated.

 

“Smith
Travel Research” means Smith Travel Research or a substitute lodging industry research company proposed by the Borrower
and approved by the Administrative Agent.

 

“SOFR”
means, with respect to any applicable determination date, the Secured Overnight Financing Rate published on the fifth U.S. Government
Securities Business Day preceding such date by the SOFR Administrator on the Federal Reserve Bank of New York’s website (or any
successor source); provided however that if such determination date is not a U.S. Government Securities Business Day, then SOFR means
such rate that applied on the first U.S. Government Securities Business Day immediately prior thereto.

 

“SOFR
Adjustment” means 0.11448%.

 

“Solvency
Certificate” means a certificate of the chief financial officer of the Parent in substantially the form of Exhibit H
hereto.

 

“Solvent”
means, with respect to any Person on a particular date, that on such date (a) the fair value of the property of such Person, on a
going-concern basis, is greater than the total amount of liabilities, including, without limitation, contingent liabilities, of such Person,
(b) the present fair salable value of the assets of such Person, on a going-concern basis, is not less than the amount that will
be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not
intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities
as they mature and (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction,
for which such Person’s property would constitute an unreasonably small capital. The amount of contingent liabilities at any time
shall be computed as the amount that, in the light of all the facts and circumstances existing at such time (including, without limitation,
after taking into account appropriate discount factors for the present value of future contingent liabilities), represents the amount
that can reasonably be expected to become an actual or matured liability.

 

“Specified
Representations” means the representations and warranties set forth in clauses (a), (c), (e), (f), (g), (j), (k), (n), (u),
(x), (y) and (cc) of Section 4.01.

 

“Subordinated
Obligations” has the meaning specified in Section 7.07.

 

“Subsidiary”
of any Person means any corporation, partnership, joint venture, limited liability company, trust or estate of which (or in which) 50%
or more of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the board of directors
of such corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation shall or might
have voting power upon the occurrence of any contingency), (b) the interest in the capital or profits of such partnership, joint
venture or limited liability company or (c) the beneficial interest in such trust or estate, in each case, is at the time directly
or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person’s
other Subsidiaries. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall
refer to a Subsidiary or Subsidiaries of the Parent.

 

    37 

     

    

 

“Successor
Rate” has the meaning specified in Section 2.09(b).

 

“Summit
JV MR 1” means Summit JV MR1, LLC, a Delaware limited liability company.

 

“Summit
JV MR 1 Financing” means the credit facilities provided to Summit JV MR 1 pursuant to that certain Credit Agreement, dated
as of October 8, 2019, as amended or otherwise modified from time to time, by and among Summit JV MR 1, the Parent, the
guarantors from time to time party thereto, the lenders from time to time party thereto and Bank of America, as Administrative Agent.

 

“Summit
JV MR 2” has the meaning specified in the recital of parties to this Agreement.

 

“Summit
JV MR 3” has the meaning specified in the recital of parties to this Agreement.

 

“Summit
NOLA” has the meaning specified in the recital of parties to this Agreement.

 

“Supplemental
Agent” has the meaning specified in Section 8.01(b).

 

“Swap
Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction
that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

 

“Swap
Termination Value” means, in respect of any one or more Hedge Agreements, after taking into account the effect of any
legally enforceable netting agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements
have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date
prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Hedge Agreements, as
determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedge
Agreements (which may include a Lender or any Affiliate of a Lender).

 

“Syndication
Agent” means Wells Fargo Bank, National Association, in its capacity as syndication agent.

 

“Synthetic
Debt” means, with respect to any Person as of any date of determination thereof, all obligations of such Person in respect
of transactions entered into by such Person that are intended to function primarily as a borrowing of funds (including any minority interest
transactions that function primarily as a borrowing) but are not otherwise included in the definition of “Indebtedness” or
as a liability on the consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP.

 

“Synthetic
Lease Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax
retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance
sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person
(without regard to accounting treatment).

 

“Tax
Distribution” means, with respect to any Transfer, an amount reasonably estimated to be equal to the taxable gain or net
income from such Transfer to be distributed by the Parent, and without duplication, any direct or indirect Subsidiary of the Parent that
has elected to be treated as a REIT in order to avoid income or excise taxes under the Code.

 

    38 

     

    

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including all backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Tenancy
Leases” means operating leases, subleases, licenses, occupancy agreements and rights-of-use entered into by a Borrower
or any of its Subsidiaries in its capacity as a lessor or a similar capacity in the ordinary course of business that do not materially
and adversely affect the use of the Real Property encumbered thereby for its intended purpose (excluding any lease entered into in connection
with a Sale and Leaseback Transaction).

 

“Term
Loan Advance” has the meaning specified in Section 2.01(a).

 

“Term
Loan Commitment” means, (a) with respect to any Lender at any time, the amount set forth opposite such Lender’s
name on Schedule I hereto under the caption “Term Loan Commitment” or (b) if such Lender has entered into an Accession
Agreement or one or more Assignment and Acceptances, set forth for such Lender in the Register maintained by the Administrative Agent
pursuant to Section 9.06(c) as such Lender’s “Term Loan Credit Commitment”, as such amount may be reduced at or
prior to such time pursuant to Section 2.05. The aggregate Term Loan Commitments on the Closing Date shall be $382,000,000.

 

“Term
Loan Facility” means, at any time, (a) on or prior to the Closing Date, the aggregate amount of the Term Loan Commitments
at such time and (b) thereafter, the aggregate principal amount of the Term Loan Advances of all Term Loan Lenders outstanding at
such time.

 

“Term
Loan Lender” means (a) on or prior to the Closing Date, any Lender that has a Term Loan Commitment at such time and
(b) at any time after the Closing Date, any Lender that holds Term Loan Advances at such time.

 

“Term
Note” shall mean a promissory note of the Borrowers payable to the order of any Term Loan Lender, in substantially the form
of Exhibit A-1 hereto, evidencing the indebtedness of the Borrower to such Lender under the Term Loan Facility.

 

“Term
SOFR” means

 

(a)       with
respect to any Interest Period, the rate per annum equal to the Term SOFR Screen Rate two (2) U.S. Government Securities Business Days
prior to the commencement of such Interest Period with a term equivalent to such Interest Period; provided that if the rate is
not published prior to 11:00 a.m. on such determination date then Term SOFR means the Term SOFR Screen Rate on the first U.S. Government
Securities Business Day immediately prior thereto; and

 

(b)       for
any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the Term SOFR Screen Rate with a term
of one (1) month commencing that day.

 

“Term
SOFR Advance” means an Advance that bears interest at a rate based on clause (a) of the definition of Term SOFR.

 

“Term
SOFR Screen Rate” means the forward-looking SOFR term rate administered by CME Group Benchmark Administration Limited (or
any successor administrator satisfactory to the Administrative Agent) and published on the applicable Reuters screen page (or such other
commercially available source providing such quotations as may be designated by the Administrative Agent from time to time).

 

    39 

     

    

 

“Termination
Date” means (a) with respect to the Term Loan Facility, the earlier of (i) January 13, 2026, subject to extension
thereof pursuant to Section 2.16 and (ii) the date that any Advances become due and payable pursuant to Section 6.02, (b)
with respect to the Delayed Draw Term Facility, the earlier of January 13, 2026, subject to extension thereof pursuant to Section 2.16
and (c) with respect to any Incremental Term Loan Facility, the maturity date set forth in the Incremental Term Loan Facility Amendment
establishing such Facility; provided, however, that, in each case, if such date is not a Business Day, the Termination Date
shall be the next preceding Business Day.

 

“Test
Date” means the last day of each fiscal quarter of the Parent for which financial statements are required to be delivered
pursuant to Sections 5.03(b) or (c), as the case may be; provided that (a) in connection with each Advance, Test Date
shall mean the date of such Advance, (b) in connection with each addition of a Proposed Borrowing Base Asset to the Borrowing Base
Pool pursuant to Section 2.18(a), the date of such addition, (c) in connection with each merger permitted under Section 5.02(d),
the effective date of such merger, (d) in connection with each Transfer permitted under Section 5.02(e)(ii)(C), the effective
date of such Transfer, and (e) with respect to an extension of the Termination Date pursuant to Section 2.16, the Extension
Date.

 

“Total
Asset Value” means, as of any date of determination and without duplication, the sum of: (a) the following amounts
with respect to assets owned by the Parent or any of its Subsidiaries: (i) with respect to each Asset that is a New Property, an
amount equal to the lesser of (A) the acquisition price for such Asset paid by the Parent or any of its Consolidated Subsidiaries
to a non-affiliate and (B) the appraised “as is” value of such Asset as reflected in a Current Appraisal; (ii) with
respect to each Asset that is a Seasoned Property, the appraised “as is” value of such Asset as reflected in a Current Appraisal;
(iii) the amount of all Unrestricted Cash and Cash Equivalents held by the Borrowers and all Guarantors; and (iv) the undepreciated
book value of all Development Assets and Unimproved Land (after any impairments); provided that, notwithstanding the foregoing
or anything to the contrary contained elsewhere, with respect to each Initial Borrowing Base Asset, for the period from the Closing Date
through and including its Borrowing Base Value Date, the amount shall be equal to the acquisition price paid for such Initial Borrowing
Base Asset paid by the Parent or any of its Consolidated Subsidiaries to a non-affiliate; plus (b) (i) the applicable
JV Pro Rata Share of any Joint Venture of the Parent of any asset described in clause (a) above and (ii) the gross book value
of any investments consisting of loans, advances and extensions of credit (including, without limitation, mezzanine loans) to any Person
permitted under the Credit Documents; provided, however, that the following asset concentration restrictions shall apply
to the calculation of Total Asset Value: (A) the maximum value allocable to Joint Venture Assets shall not exceed fifteen percent (15%)
of Total Asset Value; (B) the maximum value allocable to Development Assets shall not exceed fifteen percent (15%) of Total
Asset Value based on the total budgeted costs attributable to such Development Assets; (C) the maximum value allocable to Unimproved
Land shall not exceed five percent (5%) of Total Asset Value; (D) the maximum value allocable to Investments consisting of loans,
advances and extensions of credit to any Person permitted under the Credit Agreement shall not exceed fifteen percent (15%)
of Total Asset Value; (E) the maximum value allocable to improved Real Property that does not constitute Hotel Assets or Parking
Assets shall not exceed five percent (5%) of Total Asset Value; and (F) the maximum value allocable to items (A)
to (E) above shall not exceed thirty percent (30%) of Total Asset Value (provided further that in each case, to the extent
such limitation is exceeded, the value of such assets shall be removed from the calculation of the Total Asset Value to the extent of
such excess).

 

“Total
Indebtedness” means, at any date of determination, all Consolidated Indebtedness of the Parent and its Consolidated Subsidiaries
as at the end of the most recently ended fiscal quarter of the Parent for which financial statements are required to be delivered to the
Administrative Agent and the Lenders pursuant to Section 5.03(b) or (c), as the case may be, plus the JV Pro Rata Share of
Indebtedness of any Joint Venture.

 

    40 

     

    

 

“Total
Outstandings” means, on any date, the aggregate outstanding principal amount of all Advances after giving effect to any
Borrowings and prepayments or repayments of Advances occurring on such date.

 

“Trading
with the Enemy Act” means the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations
of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended), and any other enabling legislation
or executive order relating thereto.

 

“Transfer”
has the meaning specified in Section 5.02(e).

 

“TRS Lessee”
means a lessee of a Borrowing Base Asset pursuant to an Operating Lease.

 

“Type”
refers to the distinction between Advances bearing interest at the Base Rate, Advances bearing interest at a rate based on Term SOFR and
Advances bearing interest at a rate based on Daily Simple SOFR.

 

“UCC”
means the Uniform Commercial Code as in effect in the State of New York; provided that, if perfection or the effect of perfection or non-perfection
or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other
than the State of New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other
jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority.

 

“UK
Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time
to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as
amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and
investment firms, and certain affiliates of such credit institutions or investment firms.

 

“UK
Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the
resolution of any UK Financial Institution.

 

“Unimproved
Land” means land on which no development (other than improvements that are not material and are temporary in nature) has
occurred.

 

“Unrestricted
Cash and Cash Equivalents” means, with respect to any Person, cash and Cash Equivalents of such Person that are free and
clear of all Liens and not subject to any restrictions on the use thereof to pay Indebtedness and other obligations of such Person.

 

“Unsecured
Indebtedness” means, with respect to a Person, Indebtedness of such Person that is not Secured Indebtedness.

 

“Updated
Appraisal” has the meaning specified in Section 2.19(a).

 

“U.S.
Government Securities Business Day” means any Business Day, except any Business Day on which any of the Securities Industry
and Financial Markets Association, the New York Stock Exchange or the Federal Reserve Bank of New York is not open for business because
such day is a legal holiday under the federal laws of the United States or the laws of the State of New York, as applicable.

 

“U.S.
Tax Compliance Certificate” has the meaning specified in Section 2.12(g).

 

    41 

     

    

 

“Voting
Interests” means shares of capital stock issued by a corporation, or equivalent Equity Interests in any other Person, the
holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or the election or appointment
of persons performing similar functions) of such Person, even if the right so to vote has been suspended by the happening of such a contingency.

 

“Welfare
Plan” means a welfare plan, as defined in Section 3(1) of ERISA, that is maintained for employees of any Loan Party
or in respect of which any Loan Party could have liability under applicable law.

 

“Withdrawal
Liability” has the meaning specified in Part I of Subtitle E of Title IV of ERISA.

 

“Write-Down
and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers
of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any
UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into
shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect
as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In
Legislation that are related to or ancillary to any of those powers.

 

Section
1.02.              
Computation of Time Periods; Other Definitional Provisions. In this Agreement and the other Loan Documents in the
computation of periods of time from a specified date to a later specified date, the word “from” means “from and including”
and the words “to” and “until” each mean “to but excluding”. References in the Loan Documents to any
agreement or contract “as amended” shall mean and be a reference to such agreement or contract as amended, amended and restated,
supplemented or otherwise modified from time to time in accordance with its terms. Any reference herein to a merger, transfer, consolidation,
amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a Division as if
it were a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, as
applicable, to, of or with a separate Person. Any Division Successor shall constitute a separate Person hereunder (and each Division of
any Person that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

  

Section
1.03.              
Accounting Terms. (a) Generally. All accounting terms not specifically or completely defined herein shall be
construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted
pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied
in a manner consistent with that used in preparing the financial statements referred to in Section 4.01(g), except as otherwise specifically
prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation
of any financial covenant) contained herein, Indebtedness of the Parent and its Subsidiaries shall be deemed to be carried at 100% of
the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.

  

(b)       Changes
in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any
Loan Document, and either the Borrowers or the Required Lenders shall so request, the Administrative Agent, the Lenders and the
Borrowers shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such
change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (A) such ratio or
requirement shall continue to be computed in accordance with GAAP prior to such change therein and (B) the Borrowers shall
provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as
reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and
after giving effect to such change in GAAP. Without limiting the foregoing, leases shall continue to be classified and accounted for
on a basis consistent with that reflected in the Audited Financial Statements for all purposes of this Agreement, notwithstanding
any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such
changes, as provided for above.

 

    42 

     

    

 

Section
1.04.              
Rounding. Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated
by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by
which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest
number).

 

Section
1.05.              
Times of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time
(daylight or standard, as applicable).

  

Section
1.06.              
Interest Rates. The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative
Agent have any liability with respect to the administration, submission or any other matter related to any reference rate referred to
herein or with respect to any rate (including, for the avoidance of doubt, the selection of such rate and any related spread or other
adjustment) that is an alternative or replacement for or successor to any such rate (including any Successor Rate) (or any component of
any of the foregoing) or the effect of any of the foregoing, or of any Conforming Changes. The Administrative Agent and its affiliates
or other related entities may engage in transactions or other activities that affect any reference rate referred to herein, or any alternative,
successor or replacement rate (including, without limitation, any Successor Rate) (or any component of any of the foregoing) or any related
spread or other adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information
sources or services in its reasonable discretion to ascertain any reference rate referred to herein or any alternative, successor or replacement
rate (including, without limitation, any Successor Rate) (or any component of any of the foregoing), in each case pursuant to the terms
of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including
direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise
and whether at law or in equity), for any error or other action or omission related to or affecting the selection, determination, or calculation
of any rate (or component thereof) provided by any such information source or service.

  

Section
1.07.              
Other Interpretative Provisions. The definitions of terms herein shall apply equally to the singular and plural forms
of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.
The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.”
Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including
any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in
any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and
assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words
of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular
provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer
to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any
law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference
to any law, rule or regulation shall, unless otherwise specified, refer to such law, rule or regulation as amended, modified or supplemented
from time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning
and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract
rights.

 

    43 

     

    

 

Section
1.08.              
Pro Forma Basis.

 

Determinations of compliance
with Sections 5.04 and 5.05 shall be made on a pro forma basis (as defined below).

  

As used herein, for purposes
of (i) complying with the provisions set forth in Section 2.18 and (ii) determining compliance with the covenants set forth in
Sections 5.02(d), 5.02(e), 5.04 and 5.05 (in each case relating to any of the foregoing clauses (i) and (ii),
including any applicable component definitions) upon giving effect to a transaction, “pro forma basis” (or any similar
phrase) means, such transaction shall be deemed to have occurred as of the first day of the period of four (4) consecutive fiscal quarters
ending as of the end of the most recent fiscal quarter for which annual or quarterly financial statements shall have been delivered in
accordance with the provisions of this Agreement.  As used in this paragraph, “transaction” means (a) an incurrence or
assumption of Indebtedness, (b) a removal from the Borrowing Base Pool of a Borrowing Base Property or a disposition of Assets, or (c)
an acquisition of Assets (whether by merger or otherwise).  For purposes of making any such determination:

 

(i)       for
purposes of any such calculation in respect of any incurrence or assumption of Indebtedness, any Indebtedness which is retired in connection
with such incurrence or assumption shall be excluded and deemed to have been retired as of the first day of the applicable period;

 

(ii)       any
such calculation in respect of any removal from the Borrowing Base Pool of a Borrowing Base Property or any disposition of Asset, (A)
income statement items (whether positive or negative) attributable to such Person or property disposed of or removed shall be excluded,
(B) any Indebtedness which is retired in connection with such transaction shall be excluded and deemed to have been retired as of the
first day of the applicable period, and (C) pro forma adjustments shall be included to the extent that such adjustments would give effect
to events that are directly attributable to such transaction and are reasonably expected to have a continuing impact on the Parent and
its Consolidated Subsidiaries; and

 

(iii)       any
such calculation in respect of any acquisition of Assets (whether by merger or otherwise), (A) income statement items (whether positive
or negative) and capital expenditures attributable to the Person or Property acquired shall be deemed to be included as of the first day
of the applicable period, and (B) pro forma adjustments (with the calculated amounts annualized to the extent the period from the date
of such acquisition through the most-recently ended fiscal quarter is not at least twelve (12) months or four (4) fiscal quarters, in
the case of any applicable period that is based on twelve months or four (4) fiscal quarters) shall be included to the extent that such
adjustments would give effect to events that are directly attributable to such transaction and are reasonably expected to have a continuing
impact on the Parent and its Consolidated Subsidiaries.

 

Article
II

AMOUNTS AND TERMS OF THE ADVANCES

 

Section
2.01.              
The Advances. (a) The
Term Loan Advances. Each Term Loan Lender severally agrees, on the terms and conditions hereinafter set forth, to make a single advance
(each, a “Term Loan Advance”) to the Borrowers on the Closing Date in an amount not to exceed such Lender’s
Term Loan Commitment. Such Borrowing shall consist of Term Loan Advances made simultaneously by the Term Loan Lenders in accordance with
their respective Pro Rata Share of the Term Loan Commitments. The Borrowers may prepay Term Loan Advances pursuant to Section 2.06(a).
The Borrowers shall not have the right to reborrow any portion of the Term Loan Facility that is repaid or prepaid. Term Loan Advances
may be Base Rate Advances, Term SOFR Advances or Daily SOFR Advances, as further provided herein.

 

(b)                Subject
to the terms and conditions set forth herein, each Delayed Draw Term Lender severally agrees to make a single advance (each a
 “Delayed Draw Term Advance”) to the Borrowers on any single Business Day on or prior to the Delayed Draw
Commitment Termination Date, (the “Delayed Draw Funding Date”) in an aggregate amount not to exceed such
Delayed Draw Term Lender’s Delayed Draw Term Commitment. Such Borrowing shall consist of Delayed Draw Term Advances made
simultaneously by the Delayed Draw Term Lenders in accordance with their respective Pro Rata Share of the Delayed Draw Term
Facility. The Borrowers may prepay Delayed Draw Term Advances pursuant to Section 2.06(a). The Borrowers shall not have the
right to reborrow any portion of the Delayed Draw Term Facility that is repaid or prepaid. Delayed Draw Term Advances may be Base
Rate Advances, Term SOFR Advances or Daily SOFR Advances, as further provided herein.

 

    44

     

    

 

(c)               
Incremental Term Advances. Subject to the terms and conditions set forth herein and in an Incremental Term Loan Facility
Amendment, each Incremental Term Loan Lender severally agrees to make a single advance (each, an “Incremental Term Advance”)
to the Borrowers on the applicable Increase Date in an amount not to exceed such Lender’s Incremental Term Loan Commitment. Each
Borrowing of an Incremental Term Advance shall consist of Incremental Term Advances made simultaneously by the Incremental Term Loan Lenders
in accordance with their respective Pro Rata Shares of the Incremental Term Loan Commitments. The Borrowers may prepay Incremental Term
Advances pursuant to Section 2.06(a). The Borrowers shall not have the right to reborrow any portion of any Incremental Term Loan
Facility that is repaid or prepaid. Incremental Term Advances may be of such types as set forth in the related Incremental Term Loan Facility
Amendment.

 

Section
2.02.              
Borrowings, Conversions and Continuations. (a) Each Borrowing,
each Conversion, and each continuation of Term SOFR Advances shall be made upon the Borrowers’ irrevocable notice to the Administrative
Agent, which may be given by (A) telephone or (B) a Notice of Borrowing; provided that any telephonic notice must be
confirmed immediately by delivery to the Administrative Agent of a Notice of Borrowing. Each such Notice of Borrowing must be received
by the Administrative Agent not later than 12:00 noon (i) three (3) Business Days prior to the requested date of any Borrowing
of, Conversion to or continuation of Term SOFR Advances or of any Conversion of Term SOFR Advances to Base Rate Advances or Daily SOFR
Advances, and (ii) on the requested date of any Borrowing of Base Rate Advances or Daily SOFR Advances. Each Borrowing of, Conversion
to or continuation of Term SOFR Advances shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof.
Each Borrowing of or Conversion to Base Rate Advances or Daily SOFR Rate Advances shall be in a principal amount of $500,000 or a whole
multiple of $100,000 in excess thereof. Each Notice of Borrowing shall specify (i) whether the Borrowers are requesting a Borrowing,
a Conversion of Advances from one Type to the other, or a continuation of Term SOFR Advances, (ii) the requested date of the Borrowing,
Conversion or continuation, as the case may be (which shall be a Business Day), (iii) the Facility to which such Borrowing relates,
(iv) the principal amount of Advances to be borrowed, Converted or continued and (v) the Type of Advances to be borrowed or
to which existing Advances are to be Converted. If the Borrowers fail to specify a Type of Advance in a Notice of Borrowing or if the
Borrowers fail to give a timely notice requesting a Conversion or continuation, then the applicable Advances shall be made as, or Converted
to, Base Rate Advances. Any such automatic Conversion to Base Rate Advances shall be effective as of the last day of the Interest
Period then in effect with respect to the applicable Term SOFR Advances.

  

(b)               
Following receipt of a Notice of Borrowing, the Administrative Agent shall promptly notify each Appropriate Lender of the
amount of its Pro Rata Share of the applicable Advances, and if no timely notice of a Conversion or continuation is provided by the Borrowers,
the Administrative Agent shall notify each Appropriate Lender of the details of any automatic Conversion to Base Rate Advances described
in the preceding subsection. In the case of a Borrowing, each Appropriate Lender shall make the amount of its Advance available to the
Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 2:00 P.M. on the Business
Day specified in the applicable Notice of Borrowing. Upon satisfaction of the applicable conditions set forth in Section 3.01, in
the case of the Initial Extensions of Credit and, in the case of any other Borrowing, Section 3.02, the Administrative Agent shall make
all funds so received available to the Borrowers in like funds as received by the Administrative Agent either by (i) crediting the
account of the Borrowers on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each
case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrowers.

 

    45

     

    

 

(c)               
 Anything in subsection (a) above to the contrary notwithstanding, after giving effect to all Borrowings, all Conversions,
and all continuations of Advances as the same Type, there may not be more than eight (8) separate Interest Periods in effect hereunder
at any time.

 

(d)               
Except as otherwise provided herein, a Term SOFR Advance may be continued or Converted only on the last day of an Interest
Period for such Term SOFR Advance. During the existence of a Default, no Advances may be requested as, Converted to or continued as Term
SOFR Advances without the consent of the Required Lenders.

 

(e)               
Unless the Administrative Agent shall have received notice from an Appropriate Lender prior to (x) the date of any
Borrowing consisting of Term SOFR Advances or (y) 1:00 P.M. on the date of any Borrowing consisting of Base Rate Advances or Daily
SOFR Advances that such Lender will not make available to the Administrative Agent such Lender’s ratable portion of such Borrowing,
the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of, and at
the time of, such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance
upon such assumption, make available to the Borrowers on such date a corresponding amount. If and to the extent that such Lender shall
not have so made such ratable portion available to the Administrative Agent, such Lender and the Borrowers severally agree to repay or
pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds and to pay interest thereon,
for each day from the date such amount is made available to the Borrowers until the date such amount is repaid or paid to the Administrative
Agent, at (i) in the case of the Borrowers, the interest rate applicable at such time under Section 2.07 to Advances comprising
such Borrowing and (ii) in the case of such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees
customarily charged by the Administrative Agent in connection with the foregoing. If the Borrowers and such Lender shall pay such interest
to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrowers the
amount of such interest paid by the Borrowers for such period. If such Lender shall pay to the Administrative Agent such corresponding
amount, such amount so paid shall constitute such Lender’s Advance as part of such Borrowing for all purposes. Any payment by the
Borrowers shall be without prejudice to any claim the Borrowers may have against an Appropriate Lender that shall have failed to make
such payment to the Administrative Agent.

 

(f)                
The obligations of the Lenders hereunder to make Advances and to make payments pursuant to Section 8.05 are several
and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing or to make any payment under Section 8.05
on any date required hereunder shall not relieve any other Appropriate Lender of its corresponding obligation to do so on such date, and
no Lender shall be responsible for the failure of any other Lender to make its Advance or to make its payment under Section 8.05.

 

(g)               
If any Lender makes available to the Administrative Agent funds for any Advance to be made by such Lender as provided in
the provisions of this Article II, and such funds are not made available to the Borrowers by the Administrative Agent because the
conditions to the applicable Advance set forth in Article III are not satisfied or waived in accordance with the terms hereof, the
Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

 

(h)               
Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Advance in any particular place or manner
or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Advance in any particular place
or manner.

 

Section
2.03.              
[Intentionally Omitted].

  

Section
2.04.              
Repayment of Advances. (a) Term Loan Advances. The Borrowers
shall repay to the Administrative Agent for the ratable account of the Term Loan Lenders on the Termination Date in respect of the Term
Loan Facility the aggregate outstanding principal amount of the Term Loan Advances then outstanding.

 

    46

     

    

 

(b)               
Delayed Draw Term Advances. The Borrowers shall repay to the Administrative Agent for the ratable account of the
Delayed Draw Term Lenders on the Termination Date in respect of the Delayed Draw Term Facility the aggregate outstanding principal amount
of the Delayed Draw Term Advances then outstanding.

 

(c)               
Incremental Term Advances. The Borrowers shall repay to the Incremental Term Loan Lenders with respect to any Incremental
Term Loan Facility on such date or dates as shall be specified therefor in the applicable Incremental Term Loan Facility Amendment.

 

Section
2.05.              
Termination or Reduction of the Commitments. (a) The Term Loan
Commitments shall be automatically and permanently reduced to zero on the Closing Date after giving effect to the making of the Borrowing
of Term Loan Advances.

 

 

(b)               
The Incremental Term Loan Commitments with respect to an Incremental Term Loan Facility shall be automatically and permanently
reduced to zero on the date of the related Borrowing of Incremental Term Advances and after giving effect thereto.

 

(c)               
(i) Prior to the Delayed Draw Commitment Termination Date, the Borrowers may, upon written notice to the Administrative
Agent, terminate or permanently reduce the Delayed Draw Term Facility; provided that (x) any such notice shall be received by the
Administrative Agent not later than 11:00 a.m. five Business Days prior to the date of termination or reduction, (y) any such partial
reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof. The Administrative Agent
will promptly notify the Lenders of any termination or reduction of the Delayed Draw Term Facility under this Section 2.05(c). Upon any
reduction of the Delayed Draw Term Facility, the Delayed Draw Term Commitment of each Delayed Draw Term Lender shall be reduced by such
Lender’s Pro Rata Share of such reduction amount. All fees in respect of the Delayed Draw Term Facility accrued until the effective
date of any termination of the Delayed Draw Term Facility shall be paid on the effective date of such termination.

 

(d)               
(ii) The Delayed Draw Term Commitments shall be automatically and permanently reduced to zero on the Delayed Draw Commitment
Termination Date after giving effect to the making of the Borrowing of Delayed Draw Term Advances.

 

Section
2.06.               Prepayments.
(a) Optional. The Borrowers may, upon same day notice in the case of Base Rate Advances or Daily SOFR Advances and
three (3) Business Days’ notice in the case of Term SOFR Advances, in each case in the form of a Notice of Loan
Prepayment received by the Administrative Agent no later than 11:00 AM on such date, stating the proposed date, aggregate
principal amount of the prepayment, the Facility and the Type(s) of Advances to be prepaid and, if Term SOFR Advances are to be
prepaid, the Interest Period(s) of such Advances, and if such notice is given the Borrowers shall, prepay the outstanding aggregate
principal amount of the Advances comprising part of the same Borrowing in whole or ratably in part, together with accrued interest
to the date of such prepayment on the aggregate principal amount prepaid; provided that any notice of prepayment in full may
be conditioned upon the consummation of any financing or acquisition or similar transaction and, to the extent such condition is not
satisfied by the effective date specified therein, such notice of prepayment may be revoked or the effective date specified therein
may be delayed; provided, however, that (i) each partial prepayment of (x) Term SOFR Advances shall be in an
aggregate principal amount of $1,000,000 or an integral multiple of $500,000 in excess thereof and (y) Base Rate Advances and
Daily SOFR Advances shall be in an aggregate principal amount of $500,000 or an integral multiple of $100,000 in excess thereof or,
in each case, if less, the amount of the Advances outstanding and (ii) if any prepayment of a Term SOFR Advance is made on a
date other than the last day of an Interest Period for such Advance, the Borrowers shall also pay any amounts owing pursuant to
Section 9.04(c). The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the
amount of such Lender’s Pro Rata Share of such prepayment. Subject to Section 9.10, each such prepayment shall be applied
to the Advances of the Lenders in accordance with their respective Pro Rata Shares in respect of the relevant Facility.

 

    47

     

    

 

(b)           Mandatory.

 

(i)                 
If for any reason Availability is less than $0, the Borrowers shall prepay Advances within fifteen (15) Business
Days in an aggregate amount necessary to cause Availability to be greater than or equal to $0.

 

(ii)               
In the event that a Borrower or any affiliate thereof receives payment in cash of any amount due to such Borrower or affiliate
by reason of an adjustment or proration pursuant to Section 3.1 of the Acquisition Agreement or by reason of an adjustment to the “Purchase
Price” (as defined in the Acquisition Agreement) of any Acquired Property, the Borrowers shall, within three (3) Business Days’
of such receipt, prepay the Term Loans in an amount at least equal to 50% of the amount of such payment.

 

(iii)             
Each prepayment pursuant to this Section 2.06(b) shall be applied to the Term Loan Facility, the Delayed Draw Term Facility
and each Incremental Term Loan Facility, on a pro rata basis (and shall be applied ratably to each Term Loan Lender, Delayed Draw Term
Lender and each Incremental Term Loan Lender in accordance with each such Lender’s Pro Rata Share of the applicable Facility).

 

(iv)             
All prepayments under this subsection (b) shall be made together with accrued interest to the date of such prepayment
on the principal amount prepaid, and if any prepayment of a Term SOFR Advance is made on a date other than the last day of an Interest
Period for such Advance, the Borrowers shall also pay any amounts owing pursuant to Section 9.04(c).

 

Section
2.07.              
Interest. (a) The Borrowers shall pay interest on the unpaid principal amount of each Advance under a Facility owing
to each Lender from the date of such Advance until such principal amount shall be paid in full, at the following rates per annum: 

 

(i)                 
Base Rate Advances. During such periods as such Advance is a Base Rate Advance, a rate per annum equal at all times
to the sum of (A) the Base Rate in effect from time to time plus (B) the Applicable Margin in respect of Base Rate Advances
under such Facility in effect from time to time, payable in arrears monthly on the last day of each month during such periods, on the
date such Base Rate Advance shall be Converted or paid in full, on the applicable Termination Date and at such other times as may be specified
herein.

 

(ii)               
Term SOFR Advances. During such periods as such Advance is a Term SOFR Advance, a rate per annum equal at all times
during each Interest Period for such Advance to the sum of (A) the Term SOFR for such Interest Period for such Advance plus
(B) the SOFR Adjustment plus (C) the Applicable Margin in respect of Term SOFR Advances under such Facility in effect
on the first day of such Interest Period, payable in arrears on the last day of such Interest Period, on the date such Term
SOFR Advance shall be Converted or paid in full, on the applicable Termination Date and at such other times as may be specified herein.

 

(iii)             
Daily SOFR Advances. During such periods as such Advance is a Daily SOFR Advance, a rate per annum equal at all times
to the sum of (A) the Daily Simple SOFR in effect from time to time plus (B) the SOFR Adjustment plus (C) the
Applicable Margin in respect of Daily SOFR Advances under such Facility in effect from time to time, payable in arrears monthly on the
last day of each month during such periods and on the date such Daily SOFR Advance shall be Converted or paid in full and at such
other times as may be specified herein.

 

    48

     

    

 

Notwithstanding anything herein to the contrary,
if the sum of Daily Simple SOFR or Term SOFR, as the case may be, plus the applicable SOFR Adjustment would otherwise be less than zero,
such sum shall be deemed zero for purposes of the Loan Documents.

 

(b)          
Upon the occurrence and during the continuance of any Event of Default, the Borrowers shall pay interest on (i) the
unpaid principal amount of each Advance owing to each Lender, payable in arrears on the dates referred to in clause (a)(i) or (a)(ii)
above and on demand, at a rate per annum equal at all times to the lesser of the maximum rate permitted by applicable law and the Default
Rate and (ii) to the fullest extent permitted by law, the amount of any interest, fee or other amount payable under the Loan Documents
that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable in arrears on the date
such amount shall be paid in full and on demand, at a rate per annum equal at all times to the Default Rate.

 

(c)          
The Administrative Agent shall promptly notify the Borrowers and the Lenders of the interest rate applicable to any Interest
Period for Term SOFR Advances upon determination of such interest rate.

 

(d)          
Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and
after the commencement of any proceeding under any Debtor Relief Law.

 

Section
2.08.              
Fees. (a)  The Borrowers shall pay to the Administrative
Agent and each Arranger for their own respective accounts the fees, in the amounts and on the dates, set forth in the Fee Letter and
such other fees as may from time to time be agreed among the Borrowers and the Administrative Agent or such Arranger. Such fees shall
be fully earned when paid and shall not be refundable for any reason whatsoever.

 

 

(b)          
The Borrowers shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and
at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

(c)          
As a condition to the extension of the term of the Term Loan Facility and the Delayed Draw Term Facility pursuant to Section 2.16,
the Borrowers shall pay to the Administrative Agent on or prior to the applicable Extension Date, for the ratable account of each Lender,
an extension fee (the “Extension Fee”), in an amount equal to 0.25% multiplied by the aggregate amount
of Advances under the Term Loan Facility and the Delayed Draw Term Facility outstanding on the applicable Extension Date immediately upon
giving effect to such extension.

 

(d)          
At all times during the period from the forty-fifth (45th) day following the Closing Date through the Delayed
Draw Termination Date, including at any time during which one or more of the conditions in Article IV is not met, the Borrowers shall
pay to the Administrative Agent, for the account of each Delayed Draw Term Lender in accordance with its Pro Rata Share of the Delayed
Draw Term Facility, a per annum unused line fee (the “Delayed Draw Term Facility Unused Fee”) equal to 0.25%
times the actual daily amount of the Delayed Draw Term Facility, subject to adjustment as provided in Section 9.10. Accrued Delayed Draw
Term Facility Unused Fees shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December,
commencing with the first such date to occur after the Closing Date, and on the Delayed Draw Termination Date.

 

Section
2.09.              
Inability to Determine Rates; Replacement of Term SOFR and/or a Successor Rate.

 

 

(a)           Inability
to Determine Rates. If in connection with any request for a Daily SOFR Advance or a Term SOFR Advance, any Conversion of a Base
Rate Advance or a Daily SOFR Advance to a Term SOFR Advance, any Conversion of a Base Rate Advance or a Term SOFR Advance to a Daily
SOFR Advance, or any continuation of a Term SOFR Advance, (i) the Administrative Agent determines (which determination shall be
conclusive absent manifest error) that (A) no Successor Rate has been determined in accordance with Section 2.09(b), and the
circumstances under clause (i) of Section 2.09(b) or the Scheduled Unavailability Date has occurred, or (B) adequate and reasonable
means do not exist for determining Term SOFR for any requested Interest Period with respect to a proposed Term SOFR Advance or in
connection with an existing or proposed Base Rate Advance or for determining the Daily Simple Advance for any determination date
with respect to an existing or proposed Daily SOFR Advance, or (ii) the Administrative Agent or the Required Lenders determine that
for any reason the Term SOFR for any requested Interest Period with respect to a proposed Term SOFR Advance or the Daily Simple SOFR
with respect to an existing or proposed Daily SOFR Advance, as the case may be, does not adequately and fairly reflect the cost to
such Lenders of funding such Advance, the Administrative Agent will promptly so notify the Borrowers and each Lender.

 

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Thereafter, (x) the obligation
of the Lenders to make or maintain Term SOFR Advances and/or to make Daily SOFR Advances, as applicable, or to Convert Base Rate Advances
or Daily SOFR Advances to Term SOFR Advances or Base Rate Advances or Term SOFR Advances to Daily SOFR Advances, shall be suspended, (to
the extent of the affected Term SOFR Advances, Daily SOFR Advances or Interest Periods), and (y) in the event of a determination described
in the preceding sentence with respect to the Term SOFR component of the Base Rate, the utilization of the Term SOFR component in determining
the Base Rate shall be suspended, in each case until the Administrative Agent (or, in the case of a determination by the Required Lenders
described in clause (i)(b) of the preceding paragraph, until the Administrative Agent upon instruction of the Required Lenders) revokes
such notice.

 

Upon receipt of such notice,
(i) the Borrowers may revoke any pending request for a Borrowing of, Conversion to or continuation of Term SOFR Advances or a Borrowing
of or Conversion to Daily SOFR Advances (to the extent of the affected Term SOFR Loans, Daily SOFR Loans or Interest Periods) or, failing
that, will be deemed to have Converted such request into a request for a Borrowing of Base Rate Advances in the amount specified therein
and (ii) any outstanding Term SOFR Advances and Daily SOFR Advances shall be deemed to have been Converted to Base Rate Advances immediately,
in the case of Daily SOFR Advances, and at the end of their respective applicable Interest Period, in the case of Term SOFR Advances.

 

(b)          
Replacement of Term SOFR and SOFR or a Successor Rate. Notwithstanding anything to the contrary in this Agreement
or any other Loan Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or
the Borrowers or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to the Borrowers)
that the Borrowers or Required Lenders (as applicable) have determined, that:

 

(i)               
adequate and reasonable means do not exist for ascertaining both SOFR and all tenors of Term SOFR, including, without limitation,
because SOFR is not available or published on a current basis or the Term SOFR Screen Rate is not available or published on a current
basis, as applicable, and such circumstances are unlikely to be temporary; or

 

(ii)               
CME or any successor administrator of the Term SOFR Screen Rate, and the Federal Reserve Bank of New York or any successor
administrator of SOFR, or a Governmental Authority having jurisdiction over the Administrative Agent or any such administrator with respect
to its publication of SOFR and/or Term SOFR, as applicable, in each case acting in such capacity, has made a public statement identifying
a specific date after which SOFR and all tenors of Term SOFR or the Term SOFR Screen Rate, as applicable, shall or will no longer be made
available, or permitted to be used for determining the interest rate of Dollar denominated syndicated loans, or shall or will otherwise
cease; provided that, at the time of such statement, there are no successor administrators that are satisfactory to the Administrative
Agent, that will continue to provide SOFR or such interest periods of Term SOFR, as applicable, after such specific date (the latest date
on which SOFR or all tenors of Term SOFR or the Term SOFR Screen Rate are no longer available permanently or indefinitely, the “Scheduled
Unavailability Date”);

 

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or if the events or circumstances
of the type described in Section 2.09(b)(i) or (ii) have occurred with respect to the Successor Rate then in effect, then, on a date and
time determined by the Administrative Agent, which date shall be at the end of an Interest Period or on the relevant interest payment
date, as applicable, for interest calculated and, solely with respect to clause (ii) above, no later than the Scheduled Unavailability
Date, the Administrative Agent and the Borrowers may amend this Agreement solely for the purpose of replacing SOFR and Term SOFR or any
then current Successor Rate in accordance with this Section 2.09, with an alternative benchmark rate giving due consideration to any evolving
or then existing convention for similar Dollar denominated credit facilities syndicated and agented in the United States for such alternative
benchmark, and, in each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving
or then existing convention for similar Dollar denominated credit facilities syndicated and agented in the United States for such benchmark,
which adjustment or method for calculating such adjustment shall be published on an information service as selected by the Administrative
Agent from time to time in its reasonable discretion and may be periodically updated in its reasonable discretion (and any such proposed
rate, including for the avoidance of doubt, any adjustment thereto, a “Successor Rate”), and any such amendment
shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment
to all Lenders and the Borrowers unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative
Agent written notice that such Required Lenders object to such amendment.

 

The Administrative Agent will
promptly (in one or more notices) notify the Borrowers and each Lender of the implementation of any Successor Rate.

 

Any Successor Rate shall be
applied in a manner consistent with market practice; provided that to the extent such market practice is not administratively feasible
for the Administrative Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative
Agent.

 

Notwithstanding anything else
herein, if at any time any Successor Rate as so determined would otherwise be less than zero, the Successor Rate will be deemed to be
zero for the purposes of this Agreement and the other Loan Documents.

 

In connection with the implementation
of a Successor Rate, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything
to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without
any further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected, the Administrative
Agent shall post each such amendment implementing such Conforming Changes to the Borrowers and the Lenders reasonably promptly after such
amendment becomes effective.

 

Section
2.10.              
Increased Costs; Illegality; Mitigation Obligations.

 

 

(a)           
Increased Costs Generally. If any Change in Law shall:

 

(i)                 
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender;

 

(ii)                subject
any Lender to any Taxes (excluding, for purposes of this Section 2.10, any increased costs resulting from (x) Taxes described
in clauses (b) and (c) of the definition of Excluded Taxes, Indemnified Taxes or Other Taxes (as to which Section 2.12
shall govern) and (y) changes in the basis of taxation of overall net income or overall gross income by the United States or by the
foreign jurisdiction or state under the laws of which such Lender is organized, has its Lending Office or otherwise has current or
former connections (other than such connections arising from such Lender’s having executed, delivered, became a party to,
performed its obligations under, received or perfected a security interest under, engaged in any other transactions pursuant to, or
enforced any Loan Documents, or sold or assigned any interest in any Obligations or Loan Document) or any political subdivision
thereof) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other
liabilities or capital attributable thereto; or

 

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(iii)             
impose on any Lender or the London interbank market any other condition, cost or expense affecting this Agreement or Term
SOFR Advance made by such Lender;

 

and the result of any of the foregoing shall be
to increase the cost to such Lender of making, Converting to, continuing or maintaining any Advance (or of maintaining its obligation
to make any such Advance), or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest
or any other amount) then, upon request of such Lender, the Borrowers will pay to such Lender such additional amount or amounts as will
compensate such Lender for such additional costs incurred or reduction suffered.

 

(b)          
Capital Requirements. If any Lender determines in its reasonable discretion that any Change in Law affecting such
Lender or any Lending Office of such Lender or such Lender’s holding company, if any, regarding capital or liquidity requirements
has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding
company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Advances made by such Lender, to a level below
that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration
such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy and liquidity),
then from time to time the Borrowers will pay to such Lender such additional amount or amounts as will compensate such Lender or such
Lender’s holding company for any such reduction suffered.

 

(c)            Certificates
for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company
as specified in clauses (a) or (b) of this Section 2.10 and delivered to the Borrowers shall be conclusive absent manifest
error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt
thereof.

 

(d)           Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions
of this Section 2.10 shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrowers
shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section 2.10 for any increased costs incurred
or reductions suffered more than six (6) months prior to the date that such Lender notifies the Borrowers of the Change in Law
giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor (except that, if
the Change in Law giving rise to such increased costs or reductions is retroactive, then the six (6)-month period referred to above
shall be extended to include the period of retroactive effect thereof).

 

(e)           
[Intentionally Omitted].

 

(f)            Illegality.
If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for
any Lender or its Lending Office to make, maintain or fund any Advance or charge interest with respect to any Advance, or to
determine or charge interest rates based upon SOFR, Daily Simple SOFR and/or Term SOFR, then, upon notice thereof by such Lender to
the Borrowers (through the Administrative Agent), (a) any obligation of such Lender to make or continue Daily SOFR Advances or
Term SOFR Advances or to Convert Base Rate Advances to Daily SOFR Advances or Term SOFR Advances shall be suspended, and (b) if
such notice asserts the illegality of such Lender making or maintaining Base Rate Advances the interest rate on which is determined
by reference to the Term SOFR component of the Base Rate, the interest rate on which Base Rate Advances of such Lender shall, if
necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Term SOFR component of the
Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrowers that the circumstances giving rise to
such determination no longer exist. Upon receipt of such notice, (i) the Borrowers shall, upon demand from such Lender (with a
copy to the Administrative Agent), prepay or, if applicable, Convert all Daily SOFR Advances and Term SOFR Advances of such Lender
to Base Rate Advances (the interest rate on which Base Rate Advances of such Lender shall, if necessary to avoid such illegality, be
determined by the Administrative Agent without reference to the Term SOFR component of the Base Rate), in the case of Term SOFR
Advances, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Term
SOFR Advances to such day, or immediately, if such Lender may not lawfully continue to maintain such Term SOFR Advances and
(ii) if such notice asserts the illegality of such Lender determining or charging interest rates based upon SOFR or Term SOFR,
the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without
reference to the Term SOFR component thereof until the Administrative Agent is advised in writing by such Lender that it is no
longer illegal for such Lender to determine or charge interest rates based upon SOFR or Term SOFR. Upon any such prepayment or
Conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or Converted, together with any additional
amounts required pursuant to Section 9.04(c).

 

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(g)               
Designation of a Different Lending Office. Each Lender may make any Advance to the Borrowers through any Lending
Office, provided that the exercise of this option shall not affect the obligation of the Borrowers to repay the Advance in accordance
with the terms of this Agreement. If any Lender requests compensation under Section 2.10(a) or 2.10(b), or requires the Borrowers
to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 2.12, or if any Lender gives a notice pursuant to Section 2.10(f), then at the request of the Borrowers such Lender
shall use reasonable efforts to designate a different Lending Office for funding or booking its Advances hereunder or to assign its rights
and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 2.12, 2.10(a) or 2.10(b), as the case may be, in the future,
or eliminate the need for the notice pursuant to Section 2.10(f), as applicable, and (ii) in each case, would not subject such
Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrowers hereby agree to pay
all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

(h)               
Replacement of Lenders. If any Lender requests compensation under Section 2.10(a) or 2.10(b), or if the Borrowers
are required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 2.12 and, in each case, such Lender has declined or is unable to designate a different Lending Office in accordance
with Section 2.10(g), the Borrowers may replace such Lender in accordance with Section 9.01(b).

 

Section
2.11.              
Payments and Computations. (a) General. All payments to
be made by the Borrowers shall be made free and clear of and without condition or deduction for any counterclaim, defense, recoupment
or setoff. Except as otherwise expressly provided herein, all payments by the Borrowers hereunder shall be made to the Administrative
Agent, for the account of the Appropriate Lenders, at the Administrative Agent’s Office in Dollars and in immediately available
funds not later than 2:00 P.M. on the date specified herein. The Administrative Agent will promptly distribute to each Appropriate
Lender its Pro Rata Share (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to
such Lender’s Lending Office. All payments received by the Administrative Agent after 2:00 P.M. shall be deemed received on
the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrowers
shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time
shall be reflected in computing interest or fees, as the case may be.

 

(b)               
The Borrowers hereby authorize each Lender and each of its Affiliates, if and to the extent payment owed to such Lender
is not made when due hereunder or, in the case of a Lender, under the Note held by such Lender, to charge from time to time, to
the fullest extent permitted by law, against any or all of the Borrowers’ accounts with such Lender any amount so due.

 

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(c)                Computations
of Interest and Fees. All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to
Term SOFR) shall be made on the basis of a year of three hundred sixty-five (365) or three hundred
sixty-six (366) days, as the case may be, and actual days elapsed. All other computations of fees and interest, including
those with respect to Daily SOFR Advances and Term SOFR Advances, shall be made on the basis of a three hundred sixty (360)-day
year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a
three hundred sixty-five (365)-day year). Interest shall accrue on each Advance for the day on which the Advance is made, and
shall not accrue on an Advance, or any portion thereof, for the day on which the Advance or such portion is paid, provided that any
Advance that is repaid on the same day on which it is made shall, subject to clause (a) above, bear interest for
one (1) day. Each determination by the Administrative Agent of an interest rate, fee or commission hereunder shall be
conclusive and binding for all purposes, absent manifest error.

 

(d)               
Payments by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received
notice from the Borrowers prior to the date on which any payment is due to the Administrative Agent for the account of any Lender hereunder
that the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made such payment on such date
in accordance herewith and the Administrative Agent may, in reliance upon such assumption, distribute to the Appropriate Lenders the amount
due.

 

With respect to any payment
that the Administrative Agent makes for the account of one or more Lenders hereunder as to which the Administrative Agent determines (which
determination shall be conclusive absent manifest error) that any of the following applies (such payment referred to as the “Rescindable
Amount”): (1) the Borrowers have not in fact made such payment; (2) the Administrative Agent has made a payment
in excess of the amount so paid by the Borrowers (whether or not then owed); or (3) the Administrative Agent has for any reason otherwise
erroneously made such payment; then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the
Rescindable Amount so distributed to such Lender in immediately available funds with interest thereon, for each day from and including
the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal
Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

 

A notice of the Administrative Agent to any Lender
with respect to any amount owing under this clause (d) shall be conclusive, absent manifest error.

 

Section
2.12.              
Taxes. (a) Any and all payments by any Loan Party to or for the
account of any Lender or the Administrative Agent hereunder or under any other Loan Document shall be made, in accordance with Section 2.11
or the applicable provisions of such other Loan Document, if any, free and clear of and without deduction or withholding for any and all
Taxes, except as required by Applicable Law. If any Loan Party or the Administrative Agent shall be required by Applicable Law (as determined
in the good faith discretion of the applicable withholding agent) to deduct or withhold any Tax from or in respect of any sum payable
hereunder or under any other Loan Document to any Lender or the Administrative Agent, (i) such withholding agent shall make all such
deductions and withholding (ii) such withholding shall pay the full amount deducted or withheld to the relevant Governmental Authority
in accordance with Applicable Law and (iii) if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party
shall be increased as may be necessary so that after such deductions and withholdings have been made (including deductions and withholdings
applicable to additional sums payable under this Section 2.12) such Lender or the Administrative Agent, as the case may be, receives
an amount equal to the sum it would have received had no such deductions or withholdings been made.

 

(b)               
In addition, each Loan Party shall timely pay to the relevant Governmental Authority in accordance with Applicable Law,
or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

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(c)                Without
duplication of Sections 2.12(a) or 2.12(b), the Loan Parties shall indemnify each Lender and the Administrative Agent for and
hold them harmless against the full amount of Indemnified Taxes and Other Taxes, and for the full amount of Indemnified Taxes and
Other Taxes of any kind imposed or asserted by any jurisdiction on amounts payable under this Section 2.12, imposed on or paid
by such Lender or the Administrative Agent (as the case may be), or required to be withheld or deducted from a payment to such Loan
Party or the Administrative Agent and any liability (including penalties, additions to tax, interest and expenses) arising therefrom
or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Loan Parties by a
Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall
be conclusive absent manifest error. This indemnification shall be made within ten (10) days from the date such Lender or the
Administrative Agent (as the case may be) makes written demand therefor.

 

(d)               
Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any
Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to
such Lender’s failure to comply with the provisions of Section 9.06 relating to the maintenance of a Participant Register and
(iii) any Excluded Taxes attributable to such Lender, in each case that are payable or paid by the Administrative Agent in connection
with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered
to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative
Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative
Agent to the Lender from any other source against any amount due to the Agent under this paragraph (d).

 

(e)               
Within thirty (30) days after the date of any payment of Taxes, the appropriate Loan Party shall furnish to the Administrative
Agent, at its address referred to in Section 9.02, the original or a certified copy of a receipt evidencing such payment, to the
extent such receipt is issued therefor, or other evidence of payment thereof reasonably satisfactory to the Administrative Agent. In the
case of any payment hereunder or under the other Loan Documents by or on behalf of a Loan Party through an account or branch outside the
United States or by or on behalf of a Loan Party by a payor that is not a United States person, if such Loan Party determines that no
Taxes are payable in respect thereof, such Loan Party shall furnish, or shall cause such payor to furnish, to the Administrative Agent,
at such address, an opinion of counsel acceptable to the Administrative Agent stating that such payment is exempt from Taxes. For purposes
of subsections (e) and (g) of this Section 2.12, the terms “United States” and “United
States person” shall have the meanings specified in section 7701 of the Code.

 

(f)                
Any Lender that is entitled to an exemption from or reduction of withholding tax with respect to payments made under any
Loan Document shall deliver to the Borrowers and the Administrative Agent, at the time or times reasonably requested by the Borrowers
or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrowers or the Administrative
Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably
requested by the Borrowers or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably
requested by the Borrowers or the Administrative Agent as will enable the Borrowers or the Administrative Agent to determine whether or
not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the
preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.12(g)
below) shall not be required if in the applicable Lender’s reasonable judgment such completion, execution or submission would subject
such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

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(g)                Each
Lender organized under the laws of a jurisdiction outside the United States shall, on or prior to the date of its execution and
delivery of this Agreement in the case of each Initial Lender, and on the date of the Assignment and Acceptance or Accession
Agreement pursuant to which it becomes a Lender in the case of each other Lender, and from time to time thereafter as reasonably
requested in writing by the Borrowers or the Administrative Agent (but only so long thereafter as such Lender remains lawfully able
to do so), provide each of the Administrative Agent and the Borrowers with (i) executed copies of IRS Forms W-8BEN, W-8BEN-E or
W-8ECI, as appropriate, or any successor or other form prescribed by the IRS, certifying that such Lender is exempt from or entitled
to a reduced rate of United States federal withholding tax on payments pursuant to this Agreement or any other Loan Document or, in
the case of a Lender claiming the benefit of the exemption for portfolio interest under section 881(c) of the Code (x) a
certificate reasonably acceptable to the Borrowers and the Administrative Agent to the effect that such Lender is not (A) a
 “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder”
of any Loan Party within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign
corporation” described in section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”
and (y) executed copies of an IRS Form W-8BEN or W-8BEN-E, (ii) to the extent such Lender is not the beneficial owner,
executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W 8BEN-E, a U.S. Tax Compliance
Certificate, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if such
Lender is a partnership and one (1) or more direct or indirect partners of such Lender are claiming the portfolio interest
exemption, such Lender may provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner and
(iii) executed copies of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in
U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law
to permit the Borrowers or the Administrative Agent to determine the withholding or deduction required to be made. Upon the request
of the Borrowers or the Administrative Agent, any Lender that is a United States person shall deliver to the Borrowers and the
Administrative Agent executed copies of IRS Form W-9 (or any successor form) certifying that such Lender is exempt from U.S. federal
backup withholding tax. If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding tax
imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those
contained in section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrowers and the
Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrowers or the
Administrative Agent such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of
the Code) and such additional documentation reasonably requested by the Borrowers or the Administrative Agent as may be necessary
for the Borrowers and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has
complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.
Solely for the purposes of this subsection (g), “FATCA” shall include any amendments made to FATCA after the date
of this Agreement. Each Lender shall promptly notify the Borrowers and the Administrative Agent of any change in circumstances that
would modify or render invalid any claimed exemption from or reduction of Taxes.

 

(h)                If
any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Indemnified Taxes or
Other Taxes as to which it has received an indemnification payment pursuant to this Section 2.12 (including by the payment of
additional amounts pursuant to this Section 2.12), it shall pay to the indemnifying party an amount equal to such refund (but
only to the extent of indemnity payments made under this Section with respect to the Indemnified Taxes or Other Taxes giving rise to
such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any
interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such
indemnified party, shall repay to such indemnified party the amount paid over pursuant to this subsection (h) (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is
required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection (h),
in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this subsection (h)
the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would
have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise
imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall
not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes
that it deems confidential) to the indemnifying party or any other Person. No party shall have any obligation to pursue, or any
right to assert, any refund of Taxes or Other Taxes that may be paid by another party.

 

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(i)            For
any period with respect to which a Lender has failed to provide the Borrowers with the appropriate form or other document described,
and required to be provided, in subsection (f) or (g) above (other than if such failure is due to a change in law, or in
the interpretation or application thereof, occurring after the date on which a form or other document originally was required to be provided
or if such form or other document otherwise is not required under subsection (f) or (g) above), such Lender shall not be entitled
to indemnification under subsection (a) or (c) of this Section 2.12 with respect to Taxes imposed by the United States by reason
of such failure; provided, however, that should a Lender become subject to Taxes because of its failure to deliver a form
or other document required hereunder, the Loan Parties shall take such steps as such Lender shall reasonably request to assist such Lender
to recover such Taxes.

 

(j)            Without
prejudice to the survival of any other agreement of any party hereunder or under any other Loan Document, the agreements and obligations
under this Section 2.12 shall survive the resignation or replacement of the Administrative Agent, the assignment of rights by, or
the replacement of, a Lender, the termination of the Commitments and the payment in full of principal, interest and all other amounts
payable hereunder and under any of the other Loan Documents.

 

Section
2.13.              
Sharing of Payments, Etc. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of the Advances made by it resulting in such Lender’s receiving payment
of a proportion of the aggregate amount of such Advance and accrued interest thereon greater than its Pro Rata Share thereof, then the
Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash
at face value) participations in the Advances of the other Lenders, or make such other adjustments as shall be equitable, so that the
benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued
interest on their respective Advances and other amounts owing them, provided that:

 

(i)                 
if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto
is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery,
without interest; and

 

(ii)               
the provisions of this Section 2.13 shall not be construed to apply to (x) any payment made by or on behalf of the
Borrowers pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the
existence of a Defaulting Lender) or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation
in any of its Advances to any assignee or participant, other than an assignment to a Borrower or any Affiliate thereof (as to which the
provisions of this Section 2.13 shall apply).

 

Each Loan Party consents to the foregoing and
agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if
such Lender were a direct creditor of such Loan Party in the amount of such participation.

 

(b)          The
provisions of this Section 2.13 shall be subject to the provisions of Section 9.10(a)(ii).

 

Section
2.14.               Use
of Proceeds. The proceeds of the Term Loan Advances shall be available on the Closing Date (and the Borrowers agree that they
shall use such proceeds) solely to (i) fund, together with the Equity Contribution, the acquisition (the “Closing Date
Acquisition”) by the Borrowers from NewcrestImage Holdings, LLC and NewcrestImage Holdings II, LLC (collectively, the
 “Seller”) a portfolio of twenty-six (26) premium-branded hotels and two (2) 
standalone parking garages which service two (2) “tri- branded” complexes (the “Closing Date
Acquired Properties”), (ii) fund the Refinancing and (iii) fund the payment of fees, costs and expenses incurred by
the Borrowers in connection with the Acquisition and the transactions contemplated by this Agreement. The proceeds of the Delayed
Draw Term Advances shall be available on the Delayed Draw Funding Date to fund (and the Borrowers agree that they shall use such
proceeds) solely to fund the acquisition (the “Delayed Draw Acquisition” and together with the Closing
Date Acquisition, collectively, the “Acquisition”) by the Borrowers from the Seller of the premium-brand
hotel commonly referred to as the Canopy by Hilton New Orleans Hotel (the “Delayed Draw Acquired Property”
and together with the Closing Date Acquired Properties, collectively, the “Acquired Properties”)

 

Without limitation
of the foregoing, the Borrowers agree that they will not directly or indirectly use the proceeds of the Advances, or lend, contribute
or otherwise make available to any Subsidiary, joint venture partner or other Person such extensions of credit or proceeds, (A) to
fund any activities or businesses of or with any Person, or in any country or territory, that, at the time of such funding, is, or whose
government is, the subject of Sanctions, or (B) in any other manner that would result in a violation of Sanctions by any Person (including
any Person participating in the Facility, whether as underwriter, advisor, investor, or otherwise) or any Anti-Corruption Laws.

 

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Section
2.15.               Evidence
of Debt. (a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness
of the Borrowers to such Lender resulting from each Advance owing to such Lender from time to time, including the amounts of
principal and interest payable and paid to such Lender from time to time hereunder. The Borrowers agree that upon notice by any
Lender to the Borrowers (with a copy of such notice to the Administrative Agent) to the effect that one or more promissory
notes or other evidence of indebtedness is required or appropriate in order for such Lender to evidence (whether for purposes of
pledge, enforcement or otherwise) the Advances owing to, or to be made by, such Lender, the Borrowers shall promptly execute and
deliver to such Lender, with a copy to the Administrative Agent, a Note or Notes, in substantially the form of Exhibit A-1 or
Exhibit A-2 (as applicable) hereto, payable to the order of such Lender in a principal amount equal to the Term Loan Commitment
or Incremental Term Loan Commitment, respectively, of such Lender. All references to Notes in the Loan Documents shall mean Notes,
if any, to the extent issued hereunder. To the extent no Note has been issued to a Lender, this Agreement shall be deemed to
comprise conclusive evidence for all purposes of the indebtedness resulting from the Advances and extensions of credit
hereunder.

 

(b)          The
Administrative Agent shall maintain the Register in accordance with Section 9.06(c). In the event of any conflict between the accounts
and records maintained by any Lender and the Register, the Register shall control in the absence of manifest error.

 

(c)           Entries
made in good faith by the Administrative Agent in the Register, and by each Lender in its account or accounts pursuant to subsection (a)
above, shall be prima facie evidence of the amount of principal and interest due and payable or to become due and payable from
the Borrowers to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement,
absent manifest error; provided, however, that the failure of the Administrative Agent or such Lender to make an entry,
or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations
of the Borrowers under this Agreement.

 

Section
2.16.               Extension
of Termination Date. At least ninety (90) days but not more than one hundred twenty (120) days prior to the
Termination Date of the Term Loan Facility, the Borrowers, by written notice to the Administrative Agent, may request a single
consecutive twelve (12)-month extension of the Termination Date with respect to both the Term Loan Facility and the Delayed
Draw Term Facility. The Administrative Agent shall promptly notify each Appropriate Lender of such request and the Termination Date
for each such Facility in effect at such time shall, effective as at each such Termination Date (the “Extension
Date”), be extended for an additional twelve (12)-month period, provided that the Borrowers shall have
paid the Extension Fees as described in Section 2.08(c), and on the applicable Extension Date the following statements shall be
true and the Administrative Agent shall have received for the account of each Lender a certificate signed by a Responsible Officer
of the Borrowers, dated the Extension Date, stating that: (i) the representations and warranties of each Loan Party contained
in Article IV or any other Loan Document, or which are contained in any document furnished at any time under or in connection
herewith or therewith, shall be true and correct in all material respects on and as of the Extension Date, both before and after
giving effect to such extension (except to the extent that any representation or warranty that is qualified by materiality shall be
true and correct in all respects) on and as of such Extension Date, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or, if qualified by
materiality, in all respects) as of such earlier date, and except that for purposes of this Section 2.16, the representations
and warranties contained in Section 4.01(g) shall be deemed to refer to the most recent statements furnished pursuant to
Sections 5.03(b) and (c), respectively, and (ii)  no Default or Event of Default has occurred and is continuing, or would
result from such extension; and (c) the Loan Parties are in compliance with the covenants contained in Sections 5.04 and
5.05, and that the Minimum Value Condition continues to be satisfied, immediately before and, on a pro forma basis,
immediately after such extension, in each case together with supporting information demonstrating such compliance in reasonable
detail. In the event that an extension of the Term Loan Facility and the Delayed Draw Term Facility is effected pursuant to this
Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.02), the aggregate principal amount of all Term
Loan Advances and all Delayed Draw Term Advances shall be repaid in full ratably to the Lenders on the Termination Date with respect
to such Facilities as so extended. As of the Extension Date, any and all references in this Agreement, the Term Notes, if any, the
Delayed Draw Term Notes, if any, or any of the other Loan Documents to the “Termination Date” with respect to the Term
Loan Facility or the Delayed Draw Term Facility shall refer to the Termination Date in respect of the Term Loan Facility or the
Delayed Draw Term Facility (as applicable), as so extended.

 

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Section
2.17.               Increase
in Facilities. (a) The Borrowers may, at any time, by written notice to the Administrative Agent, request an increase in the
aggregate principal amount of the Facilities to an amount not exceeding $600,000,000 in the aggregate after giving effect to such
increase through the addition of one or more new pari passu term loan facilities (which may be in the form of a delayed draw term
loan facility) (each an “Incremental Term Loan Facility”) and/or an increase in the outstanding principal
amount of the Term Loan Facility, the Delayed Draw Term Facility or any then existing Incremental Term Loan Facility (each such
increase, an “Incremental Term Loan Increase”; each Incremental Term Loan Increase and Incremental Term
Loan Facility are collectively referred to as a “Commitment Increase”), in the principal amount in the
Term Loan Facility or any then existing Incremental Term Loan Facility, in each case by not less than $25,000,000 (or such other
amount as may be agreed between the Administrative Agent and the Borrowers) to be effective as of a date that is at least
ninety (90) days prior to the scheduled Termination Date then in effect (the “Increase Date”) as
specified in the related notice to the Administrative Agent; provided, however, that (i) in no event shall the
aggregate principal amount of the Facilities at any time exceed $600,000,000 in the aggregate, and (ii) on the date of any
request by the Borrowers for a Commitment Increase and on the related Increase Date, the applicable conditions set forth in
Article III shall be satisfied.

 

(b)          The
Administrative Agent shall promptly notify the Lenders of each request by the Borrowers for a Commitment Increase, which notice shall
include (i) the proposed amount of such requested Commitment Increase, (ii) whether such Commitment Increase will be effectuated
pursuant to a new Incremental Term Loan Facility or an Incremental Term Loan Increase, (iii) if the Borrowers request an Incremental
Term Loan Increase, the Facility to which such Commitment Increase relates, (iv) the proposed Increase Date and (v) the date
by which Lenders wishing to participate in the Commitment Increase must commit to participate therein (the “Commitment Date”).
Each Lender that is willing to participate in such requested Commitment Increase (each, an “Increasing Lender”)
shall, in its sole discretion, give written notice to the Administrative Agent on or prior to the Commitment Date of the amount by which
it is willing to participate in the Commitment Increase (the “Proposed Increased Commitment”). If the Lenders
notify the Administrative Agent that they are willing to participate in the Commitment Increase in an aggregate amount that exceeds the
amount of the requested Commitment Increase, the requested Commitment Increase shall be allocated to each Lender willing to participate
therein in an amount equal to the Commitment Increase multiplied by the ratio of each Lender’s Proposed Increased Commitment to
the aggregate amount of Proposed Increased Commitments.

 

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(c)           Promptly
following each Commitment Date, the Administrative Agent shall notify the Borrowers as to the amount, if any, by which the Lenders are
willing to participate in the requested Commitment Increase. If the aggregate amount by which the Lenders are willing to participate
in any requested Commitment Increase on any such Commitment Date is less than the requested Commitment Increase, then the Borrowers may
extend offers to one or more Eligible Assignees to participate in any portion of the requested Commitment Increase that has not been
committed to by the Lenders as of the applicable Commitment Date; provided, however, that the Commitment of each such Eligible
Assignee shall be in an amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof.

 

(d)           On
each Increase Date, each Eligible Assignee that accepts an offer to participate in a requested Commitment Increase in accordance with
Section 2.17(c) (an “Acceding Lender”) shall become a Lender party in respect of the applicable increasing
Facility to this Agreement as of such Increase Date and (x) in the case of an Incremental Term Loan Increase, the Commitment of each
Increasing Lender for such requested Commitment Increase shall be so increased by such amount (or by the amount allocated to such Lender
pursuant to the last sentence of Section 2.17(b)) as of such Increase Date or (y) in the case of a new Incremental Term Loan Facility,
the Incremental Term Loan Commitment of such Acceding Lender shall be equal to such amount (or the amount allocated to such Lender pursuant
to the last sentence of Section 2.17(b)) as of such Increase Date; provided, however, that the following conditions precedent
shall have been satisfied on or prior to such Increase Date:

 

(i)                 
the following statements shall be true, and the Administrative Agent shall have received, for the account of each Lender,
a certificate signed by a Responsible Officer of the Borrowers, dated the Increase Date, stating that:

 

(A)              
the representations and warranties of each Loan Party contained in Article IV or any other Loan Document, or which
are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material
respects (except to the extent that any representation or warranty that is qualified by materiality shall be true and correct in all respects)
on and as of the Increase Date, before and after giving effect to such Commitment Increase and the application of the proceeds, if any,
therefrom, as though made on and as of such date, except to the extent that such representations and warranties specifically refer to
an earlier date, in which case they shall be true and correct in all material respects (or, if qualified by materiality, in all respects)
as of such earlier date, and except that for purposes of this Section 2.17(d), the representations and warranties contained in Section 4.01(g)
shall be deemed to refer to the most recent statements furnished pursuant to Sections 5.03(b) and (c), respectively; and

 

(B)              
no Default or Event of Default has occurred and is continuing, or would result from the applicable Commitment Increase;

 

(ii)               
the Administrative Agent shall have received, each in form and substance reasonably satisfactory to the Administrative Agent:

 

(A)              
an accession agreement from each Acceding Lender, if any, in form and substance reasonably satisfactory to the Borrowers
and the Administrative Agent (each, an “Accession Agreement”), duly executed by such Acceding Lender, the Administrative
Agent and the Borrower;

 

(B)              
confirmation from each Increasing Lender of the increase in the amount of its applicable Commitment in a writing reasonably
satisfactory to the Borrowers and the Administrative Agent, together with an amended Schedule I hereto as may be necessary for such Schedule
I to be accurate and complete, certified as correct and complete by a Responsible Officer of the Borrowers;

 

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(C)              
 a certificate as to each Loan Party signed by a Responsible Officer of the Borrowers (x) certifying and attaching the resolutions
adopted by such Loan Party approving or consenting to such increase, and (y) in the case of the Borrowers, certifying that, as of the
Increase Date the conditions specified in clause (d)(i) above have been satisfied;

 

(D)              
if not previously delivered to the Administrative Agent, copies certified by the secretary or assistant secretary (or other
individual performing similar functions) of (x) all corporate, partnership, member or other necessary action taken by the Borrowers
to authorize such Commitment Increase and (y) all corporate, partnership, member or other necessary action taken by each Guarantor
authorizing the guaranty of such Commitment Increase;

 

(E)              
a supplement to this Agreement executed by the Borrowers and any Lender providing such Commitment Increase which supplement
may include such amendments to this Agreement as the Administrative Agent deems reasonably necessary or appropriate to implement the transactions
contemplated by this Section 2.17, together with the consent of the Guarantors thereto;

 

(F)               
if requested by the Administrative Agent or any new Lender or Lender providing such Commitment Increase, officer’s
certificates of the type delivered on the Closing Date and opinions of counsel to the Loan Parties, addressed to the Administrative Agent
and the Lenders, covering such matters as reasonably requested by the Administrative Agent;

 

(G)              
if requested by any Incremental Term Loan Lender or any Acceding Lender, a Note executed by the Borrowers, payable to such
Lender in the amount of its applicable Commitment;

 

(iii)             
upon the reasonable request of any Lender, the Borrowers shall have provided to such Lender, and such Lender shall be reasonably
satisfied with, all necessary information in connection with the Patriot Act, the Beneficial Ownership Regulation (including a Beneficial
Ownership Certification), “know your customer” requirements, and other customary requirements, not later than five (5) Business
Days prior to the Increase Date to the extent such information is requested not later than ten (10) Business Days prior to such
date;

 

(iv)             
the Borrowers shall pay any applicable fees as are payable in connection with such Commitment Increase;

 

On each Increase Date, upon fulfillment of the
conditions set forth in the immediately preceding sentence of this Section 2.17(d), the Administrative Agent shall notify the Lenders
(including, without limitation, each Acceding Lender) and the Borrowers of the occurrence of the Commitment Increase to be effected on
such Increase Date and shall record in the Register the relevant information with respect to each Increasing Lender and each Acceding
Lender on such date.

 

(e)           [Intentionally Omitted].

 

(f)           On
each Increase Date, each Lender participating in the applicable Commitment Increase shall make the amount of its Incremental Term Advances
available in accordance with the conditions and procedures set forth in Section 2.02. Incremental Term Loan Facilities and Incremental
Term Advances may be made hereunder pursuant to a supplement, an amendment or an amendment and restatement (an “Incremental
Term Loan Facility Amendment”) of this Agreement and, as appropriate, the other Loan Documents, executed by the Borrowers,
each Incremental Term Loan Lender (including any Acceding Lender becoming a party to this Agreement as an Incremental Term Loan Lender)
with respect to such Incremental Term Loan Facility and the Administrative Agent. Notwithstanding anything to the contrary in Section 9.01,
the Incremental Facility Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other
Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of
this Section 2.17. Each Incremental Term Loan Facility and the related Incremental Term Advances will be on such terms (including
as to amortization and maturity) as are agreed to by the Borrowers and each Incremental Term Loan Lender with respect to such Incremental
Term Loan Facility and, if the terms of such Incremental Term Loan Facility and the related Incremental Term Advances (other than final
maturity) are not the same as any then existing Facility, such terms shall be reasonably acceptable to the Administrative Agent and each
Incremental Term Loan Lender, but such Incremental Term Advances will not in any event have a maturity date earlier than the latest Termination
Date (including any extension option) of any then existing Facility.

 

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(g)          This
Section shall supersede any provisions in Section 2.13 or 9.01 to the contrary.

 

Section
2.18.              
Borrowing Base Asset Provisions.

 

 

(a)           Designation
of Borrowing Base Assets. The Borrowers may from time to time propose an Eligible Asset (a “Proposed Borrowing Base Asset”)
to be designated as a new Borrowing Base Asset. The designation of any Eligible Asset as a Borrowing Base Asset shall be subject to the
following conditions:

 

(i)                 
The receipt by the Administrative Agent (for distribution to the Lenders) of a written request to designate the Proposed
Borrowing Base Asset as a new Borrowing Base Asset accompanied by each of the following:

 

(A)              
a Borrowing Base Asset Designation Package with respect to the Proposed Borrowing Base Asset;

 

(B)              
(x) a summary report of the Gross Revenues and Borrowing Base Adjusted NOI attributable to such Proposed Borrowing Base
Asset for the period of four (4) consecutive fiscal quarters of the Parent then most recently ended for which financial statements
are required to be delivered to the Administrative Agent and the Lenders pursuant to Section 5.03(b) or (c), as the case may be,
(y) a year-to-date profit and loss statement for such Proposed Borrowing Base Asset, and (z) a Current Appraisal in form and substance
reasonably satisfactory to the Administrative Agent with respect to such Proposed Borrowing Base Asset;

 

(C)              
an updated list of Borrowing Base Assets;

 

(D)              
a certificate of a Responsible Officer of the Borrowers certifying that no Default or Event of Default has occurred and
is continuing or would result from the inclusion of such Proposed Borrowing Base Asset as a Borrowing Base Asset.

 

(ii)               
The Required Lenders, in their sole discretion, shall have approved the designation of the Proposed Borrowing Base Asset
as a Borrowing Base Asset.

 

Notwithstanding
the foregoing, prior to any Proposed Borrowing Base Asset being included in the Borrowing Base Pool, the Proposed Borrowing Base Asset
must meet, and must continue at all times thereafter that such Asset is included in the Borrowing Base Pool to satisfy, the Eligible Asset
Criteria, and no Default or Event of Default shall have occurred and be continuing or would result therefrom.

 

(b)          Exclusion
of Borrowing Base Assets. A Borrowing Base Asset shall no longer constitute an Eligible Asset and shall be automatically removed
immediately from the Borrowing Base Pool upon the occurrence of either of the following:

 

(i)                 
 if such Borrowing Base Asset fails to satisfy any of the Eligible Asset Criteria; or

 

(ii)               
upon the removal of such Borrowing Base Asset pursuant to Section 2.18(c).

 

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(c)           Removal
of Borrowing Base Assets and Releases of Collateral and Guarantors.

 

(i)                 
Upon satisfaction of each of the Release Conditions with respect to any proposed Release Transaction, the release contemplated
by such Release Transaction shall be effective automatically and without further action of any Person and:

 

(A)              
if the proposed Release Transaction involves release of a Guarantor from its obligations under the Guaranty, the Administrative
Agent shall, at the sole expense of the Borrowers, execute and deliver such documents as the Loan Parties may reasonably request as necessary
or desirable to evidence the release of the applicable Guarantor from its obligations under the Guaranty; and

 

(B)              
if the proposed Release Transaction involves release of the Lien of the Administrative Agent on any Equity Interest in a
Guarantor or owned, directly or indirectly by a Guarantor, the Administrative Agent shall, at the sole expense of the Borrowers, execute
and deliver such documents as the Loan Parties may reasonably request as necessary or desirable to evidence the release of the Lien of
the Administrative Agent on such Equity Interest and/or the release of the applicable Guarantor from its obligations under the Pledge
Agreement (including, in the case of this clause (B) and clause (A) above, executing documents reasonably in advance to the
extent practicable in order to facilitate releases, including placing documents into escrow on terms acceptable to the Administrative
Agent).

 

(ii)               
For the avoidance of doubt, upon a release pursuant to a Release Transaction of the type contemplated in either clause (i)(A)
or (i)(B) above, all Borrowing Base Assets owned or ground leased, directly or indirectly, by the applicable Guarantor shall be automatically
removed from the Borrowing Base Pool.

 

(iii)             
The Administrative Agent shall promptly notify the Lenders following the consummation of any proposed Release Transaction.

 

(iv)             
It is understood and agreed that no release pursuant to this Section 2.18(c) shall impair or otherwise adversely affect
the Liens, security interests, guarantees and other rights of the Administrative Agent or the Secured Parties under the Loan Documents
not being released (or as to the parties to the Loan Documents and the Collateral subject to the Loan Documents not being released).

 

Section
2.19.              
Reappraisal Rights. The Borrowers shall have the right to furnish to the Administrative Agent an updated appraisal
(meeting the requirements set forth in the definition of “Appraisal”, an “Updated Appraisal”) of
any Asset; provided that not more than one (1) Updated Appraisal for any Asset may be so furnished in any twelve (12)
month period.

 

Article
III

CONDITIONS OF LENDING

 

Section
3.01.              
Conditions Precedent to Initial Extensions of Credit. The effectiveness of this Agreement and the obligation of each
Lender to make an Advance on the occasion of the Initial Extensions of Credit hereunder is subject to the satisfaction of the following
conditions precedent before or concurrently with the Initial Extensions of Credit:

 

(a)           The
Administrative Agent shall have received on or before the day of the Initial Extensions of Credit the following, each of which shall
be originals or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer
of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before
the Closing Date) (unless otherwise specified), in form and substance satisfactory to the Administrative Agent and each of the Lenders
(unless otherwise specified) and (except for the Notes, as to which one original of each shall be sufficient) in sufficient copies for
each Lender:

 

(i)                 
counterparts of this Agreement, executed and delivered by the Administrative Agent, the Borrowers, the Guarantors and each
Lender listed on Schedule II;

 

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(ii)               
a Term Note executed by the Borrowers in favor of each Term Loan Lender requesting such Note, and a Delayed Draw Term Note
in favor of each Delayed Draw Term Lender requesting such Note;

 

(iii)             
in each case, solely with respect to Collateral required to be granted on the Closing Date, a pledge agreement (together
with each joinder or supplement delivered pursuant to Section 5.01, the “Pledge Agreement”), duly executed
by the applicable Grantors, together with:

 

(A)              
certificates or instruments, if any, representing the Collateral pledged thereunder accompanied by all endorsements and/or
powers required by the Pledge Agreement,

 

(B)              
evidence that (x) all proper financing statements have been or contemporaneously therewith will be duly filed under the
Uniform Commercial Code of all applicable jurisdictions and (y) all applicable perfection requirements that the Administrative Agent reasonably
may deem necessary or desirable in order to perfect the Liens created under the Pledge Agreement, covering the Collateral described in
the Pledge Agreement, and

 

(C)              
completed requests for information listing all effective financing statements filed in the jurisdictions referred to in
clause (B) above that name any Grantor as debtor, together with (x) copies of such other financing statements and (y) if any
such financing statement covers Collateral, termination statements (or similar documents) for filing in all applicable jurisdictions as
may be necessary to terminate any such effective financing statements (or equivalent filings), and

 

(D)              
evidence that all other actions, recordings and filings that the Administrative Agent may deem reasonably necessary or desirable
in order to perfect the Liens created under the Pledge Agreement have been taken;

 

(iv)             
certified copies of the resolutions of the board of directors of the Parent, each Borrower and/or of the board of directors
or other equivalent governing body of each other Loan Party for which it is the ultimate signatory, in each case, unanimously approving
the transactions contemplated by the Loan Documents and each Loan Document to which it or such Loan Party is or is to be a party, and
of all documents evidencing other necessary corporate action and governmental and other third party approvals and consents, if any, with
respect to the transactions under the Loan Documents and each Loan Document to which it or such Loan Party is or is to be a party;

 

(v)                a
copy of a certificate of the Secretary of State (or equivalent authority) of the jurisdiction of incorporation, organization or
formation of each Loan Party and of each general partner or managing member (if any) of each Loan Party, certifying, if and to the
extent such certification is generally available for entities of the type of such Loan Party, (A) as to a true and correct copy
of the charter, certificate of limited partnership, limited liability company agreement or other organizational document of such
Loan Party, general partner or managing member, as the case may be, and each amendment thereto on file in such Secretary’s
office, (B) that (1) such amendments are the only amendments to the charter, certificate of limited partnership, limited
liability company agreement or other organizational document, as applicable, of such Loan Party, general partner or managing member,
as the case may be, on file in such Secretary’s office, (2) such Loan Party, general partner or managing member, as the
case may be, has paid all franchise taxes to the date of such certificate and (C) such Loan Party, general partner or managing
member, as the case may be, is duly incorporated, organized or formed and in good standing or presently subsisting under the laws of
the jurisdiction of its incorporation, organization or formation;

 

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(vi)             
[intentionally omitted];

 

(vii)           
a certificate of each Loan Party and of each general partner or managing member (if any) of each Loan Party, signed on behalf
of such Loan Party, general partner or managing member, as applicable, by any two of its Responsible Officers, dated the Closing
Date (the statements made in which certificate shall be true on and as of the date of the Initial Extensions of Credit), certifying as
to (A) the absence of any amendments to the constitutive documents of such Loan Party, general partner or managing member, as applicable,
since the date of the certificate referred to in Section 3.01(a)(v), (B) a true and correct copy of the bylaws, operating agreement,
partnership agreement or other governing document of such Loan Party, general partner or managing member, as applicable, as in effect
on the date on which the resolutions referred to in Section 3.01(a)(iv) were adopted and on the date of the Initial Extensions of
Credit, and (C) the due incorporation, organization or formation and good standing or valid existence of such Loan Party, general
partner or managing member, as applicable, as a corporation, limited liability company or partnership organized under the laws of the
jurisdiction of its incorporation, organization or formation and the absence of any proceeding for the dissolution or liquidation of such
Loan Party, general partner or managing member, as applicable; 

 

(viii)         
a certificate of a Responsible Officer of each Loan Party (or of the general partner or managing member of any Loan Party)
and of each general partner or managing member (if any) of each Loan Party certifying the names and true signatures of the officers of
such Loan Party, or of the general partner or managing member of such Loan Party, authorized to sign each Loan Document to which it is
or is to be a party and the other documents to be delivered hereunder and thereunder;

 

(ix)             
a Solvency Certificate;

 

(x)               
the favorable opinion of (i) Hunton Andrews Kurth LLP and (ii) Center for Economic Development Law, LLC, each addressed
to the Administrative Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as the Administrative
Agent may reasonably request; and

 

(xi)             
a notice of Borrowing relating to the Initial Extensions of Credit and, if a Borrowing of Term SOFR Advances is being requested
to be made on the Closing Date, a breakage indemnity letter agreement executed by the Borrowers in form and substance satisfactory to
the Administrative Agent, in each case, dated and delivered to the Administrative Agent at least three (3) Business Days prior
to the Closing Date.

 

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(b)          The
Closing Date Acquisition shall have been or, substantially concurrently with the borrowing of the Term Loan Advances on the Closing Date
shall be, consummated in all material respects in accordance with the terms of the Acquisition Agreement, without giving effect to any
amendments, modifications or waivers by a Borrower or any of its Affiliates of, or consents by a Borrower or any of its Affiliates under,
the Acquisition Agreement as in effect on November 2, 2021, that are materially adverse to the Lenders or the Arrangers, in their respective
capacities, without the prior written consent of the Arrangers, such consent not to be unreasonably withheld, delayed or conditioned
(it being understood and agreed that (a) any decrease in the purchase price payable under the Acquisition Agreement with respect to the
Closing Date Acquired Properties shall not be materially adverse to the Lenders or the Arrangers so long as at least fifty percent (50%)
of such decrease is allocated to reduce the Term Loan Advances to be funded on the Closing Date, (b) any increase in the purchase price
payable under the Acquisition Agreement with respect to the Closing Date Acquired Properties shall not be materially adverse to the Lenders
so long as such increase is funded by an increase in the aggregate value of the Equity Contribution) and (c) any amendment or modification
to the definition of Material Adverse Effect (as such term is defined in the Acquisition Agreement), and any consent or waiver given
by a Borrower or any Affiliate thereof as to any matter that would but for such consent constitute a Material Adverse Effect, shall be
deemed to be materially adverse to the Lenders). The Acquisition Agreement (other than schedules and exhibits thereto) shall be in form
and substance reasonably satisfactory to the Arrangers (it being acknowledged that the Arrangers are satisfied with the draft Acquisition
Agreement (but not schedules and exhibits thereto) provided to counsel to the Arrangers at 11:06 p.m. Eastern time on November 2, 2021).

 

(c)           Since November 2, 2021, no Material Adverse Effect (as such term in defined in the Acquisition Agreement), without giving
effect to any amendment or modification to such definition or consent or waiver given by a Borrower or any Affiliate thereof as to any
matter that would, but for such consent, constitute a Material Adverse Effect (as such term in defined in the Acquisition Agreement).

 

(d)          The Equity Contribution shall have been, or substantially concurrently with the borrowing of the Term Loan Advances on the
Closing Date shall be, consummated.

 

(e)           The
Refinancing shall have been or, substantially concurrently with the borrowing of the Term Loan Advances on the Closing Date shall be,
consummated (provided that the Refinancing shall be deemed consummated upon the deposit, with proceeds of the Term Loan Advances,
of an amount equal to such Refinancing with Fidelity National Title Insurance Company).

 

(f)           The
Specified Representations shall be true and correct in all material respects as of the Closing Date.

 

(g)          The
Acquisition Agreement Representations shall be true and correct in all respects as of the Closing Date except to the extent that neither
any Borrower nor any Affiliate thereof would not have the right to terminate its obligations as a result of a breach of such representations
and warranties.

 

(h)          The
Arrangers shall have received GAAP audited consolidated balance sheets and related statements of income, changes in equity and cash flows
of the Parent for the fiscal years ended December 31, 2019 and December 31, 2020 (each of which the Arrangers acknowledge have been received).

 

(i)            To
the extent invoiced at least one business day prior to the Closing Date, all accrued costs, fees and expenses (including legal fees and
expenses and the fees and expenses of any other advisors) and other compensation due and payable to the Administrative Agent, the Arrangers
and the Lenders on the Closing Date shall have been paid.

 

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(j)            The
Borrowers and each Guarantor shall have provided to the Administrative Agent and the Lenders the documentation and other information
requested by the Administrative Agent or any Lender to comply with its “know your customer” requirements and to confirm compliance
with all applicable Sanctions, Anti-Corruption Laws, the Trading with the Enemy Act and the Patriot Act, and (ii) if a Borrower
qualifies as a “legal entity customer” within the meaning of the Beneficial Ownership Regulation, such Borrower shall have
provided to the Administrative Agent (for further delivery by the Administrative Agent to the Lenders in accordance with its customary
practice) a Beneficial Ownership Certification for such Borrower; in each case received by each requesting Person at least five (5) Business
Days prior to the Closing Date to the extent such information is requested at least ten (10) Business Days prior to the Closing
Date.

 

Section
3.02.              
Conditions Precedent to Each Borrowing (other than the Initial Extensions of Credit). The obligation of each Lender
to make an Advance on the occasion of each Borrowing (other than the Initial Extensions of Credit), shall be subject to the satisfaction
of the conditions set forth in Section 3.01 (to the extent not previously satisfied pursuant to that Section) and such further conditions
precedent that on the date of such Borrowing:

 

(a)           The
Administrative Agent shall have received a Notice of Borrowing in accordance with the terms hereof.

 

(b)           The
following statements shall be true:

 

(i)                 
the representations and warranties of each Loan Party contained in Article IV or any other Loan Document, or which
are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material
respects (except to the extent that any representation or warranty that is qualified by materiality shall be true and correct in all respects)
on and as of the date of such Borrowing, before and after giving effect to such Borrowing and the application of the proceeds therefrom,
as though made on and as of such date, except to the extent that such representations and warranties specifically refer to an earlier
date, in which case they shall be true and correct in all material respects (or, if qualified by materiality, in all respects) as of such
earlier date, and except that for purposes of this Section 3.02, the representations and warranties contained in Section 4.01(g)
shall be deemed to refer to the most recent statements furnished pursuant to Sections 5.03(b) and (c), respectively;

 

(ii)               
no Default or Event of Default has occurred and is continuing, or would result from (A) such Borrowing, extension or
increase or (B) in the case of any Borrowing, from the application of the proceeds therefrom;

 

(iii)             
after giving effect to the proposed Borrowing, Availability equals or exceeds zero; and

 

(c)               
if such proposed Borrowing is a Borrowing of Delayed Draw Term Advances,

 

(i)                  the
Delayed Draw Acquisition shall have been or, substantially concurrently with the borrowing of the Delayed Draw Term Advances on the
Delayed Draw Funding Date shall be, consummated in all material respects in accordance with the terms of the Acquisition Agreement,
without giving effect to any amendments, modifications or waivers by a Borrower or any of its Affiliates of, or consents by a
Borrower or any of its Affiliates under, the Acquisition Agreement as in effect on November 2, 2021, that are materially adverse to
the Lenders or the Arrangers, in their respective capacities, without the prior written consent of the Arrangers, such consent not
to be unreasonably withheld, delayed or conditioned (it being understood and agreed that (a) any decrease in the purchase price
payable under the Acquisition Agreement with respect to the Delayed Draw Acquired Property shall not be materially adverse to the
Lenders or the Arrangers so long as at least fifty percent (50%) of such decrease is allocated to reduce the Delayed Draw Term
Advances to be funded on the Delayed Draw Funding Date, (b) any increase in the purchase price payable under the Acquisition
Agreement with respect to the Delayed Draw Acquired Property shall not be materially adverse to the Lenders so long as such increase
is funded by an increase in the aggregate value of the Equity Contribution) and (c) any amendment or modification to the definition
of Material Adverse Effect (as such term is defined in the Acquisition Agreement), and any consent or waiver given by a Borrower or
any Affiliate thereof as to any matter that would but for such consent constitute a Material Adverse Effect, shall be deemed to be
materially adverse to the Lenders); and

 

(ii)               
the Loan Parties are in compliance with the covenants contained in Sections 5.04 and 5.05, and that the Minimum Value
Condition continues to be satisfied, immediately before and, on a pro forma basis, immediately after funding of such Proposed Borrowing,
in each case together with supporting information demonstrating such compliance in reasonable detail.

 

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Each Notice of Borrowing (other than a Notice
of Borrowing requesting only a Conversion of Advances to another Type or a continuation of Term SOFR Advances) submitted by the Borrowers
shall be deemed to be a representation and warranty that the conditions specified in Sections 3.02(b) have been satisfied on and
as of the date of the applicable Borrowing.

 

Section
3.03.              
Determinations Under Section 3.01. Without limiting the generality of the provisions of the last paragraph of
Section 8.03, for purposes of determining compliance with the conditions specified in Section 3.01 in connection with the Initial
Extensions of Credit, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied
with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders
unless an officer of the Administrative Agent responsible for the transactions contemplated by the Loan Documents shall have received
notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

 

Article
IV

REPRESENTATIONS AND WARRANTIES

 

Section
4.01.              
Representations and Warranties of the Loan Parties. Each Loan Party represents and warrants to the Administrative
Agent and the Lenders as follows:

 

(a)           Organization
and Powers; Qualifications and Good Standing. Each Loan Party and each of its Subsidiaries and each general partner or managing member,
if any, of each Loan Party (i) is a corporation, limited liability company or partnership duly incorporated, organized or formed,
validly existing and in good standing under the laws of the jurisdiction of its incorporation, organization or formation, (ii) is
duly qualified and is licensed and, as applicable, in good standing as a foreign corporation, limited liability company or partnership
in each other jurisdiction in which it owns or leases property or in which the conduct of its business requires it to so qualify or be
licensed except where the failure to so qualify or be licensed could not reasonably be expected to result in a Material Adverse Effect
and (iii) has all requisite corporate, limited liability company or partnership power and authority (including, without limitation,
all governmental licenses, permits and other approvals) to (x) own or lease and operate its properties and to carry on its business
as now conducted and as proposed to be conducted and (y) execute, deliver and perform its obligations under the Loan Documents to
which it is a party.

 

(b)          Subsidiaries.
Set forth on Schedule 4.01(b) hereto is a complete and accurate list of all Subsidiaries of each Loan Party, showing as of the date
hereof (as to each such Subsidiary) the jurisdiction of its incorporation, organization or formation, the number of shares (or the equivalent
thereof) of each class of its Equity Interests authorized, and the number outstanding, on the date hereof and the percentage of each
such class of its Equity Interests owned (directly or indirectly) by such Loan Party and the number of shares (or the equivalent thereof)
covered by all outstanding options, warrants, rights of conversion or purchase and similar rights at the date hereof. All of the outstanding
Equity Interests in each Loan Party’s Subsidiaries has been validly issued, are fully paid and non-assessable and to the extent
owned by such Loan Party or one or more of its Subsidiaries, and with respect to the Guarantors are owned by such Loan Party or
Subsidiaries free and clear of all Liens, except for Liens created under the Loan Documents.

 

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(c)           Due Authorization; No Conflict. The execution and delivery by each Loan Party and of each general partner or managing
member (if any) of each Loan Party of each Loan Document to which it is or is to be a party, and the performance of its obligations thereunder
and the other transactions contemplated by the Loan Documents, are within the corporate, limited liability company or partnership powers
of such Loan Party, general partner or managing member, have been duly authorized by all necessary corporate, limited liability company
or partnership action, and do not (i) contravene the charter or bylaws, operating agreement, partnership agreement or other governing
document of such Loan Party, general partner or managing member, (ii) violate any law, rule, regulation (including, without limitation,
Regulation X of the Board of Governors of the Federal Reserve System), order, writ, judgment, injunction, decree, determination or
award, (iii) conflict with or result in the breach of, or constitute a default or require any payment to be made under, any Material
Contract, loan agreement, indenture, mortgage, deed of trust, lease or other instrument binding on or affecting any Loan Party, any of
its Subsidiaries or any of their properties, or any general partner or managing member of any Loan Party or (iv) except for the Liens
created under the Loan Documents, result in or require the creation or imposition of any Lien upon or with respect to any of the properties
of any Loan Party or any of its Subsidiaries. No Loan Party or any of its Subsidiaries is in violation of any such law, rule, regulation,
order, writ, judgment, injunction, decree, determination or award or in breach of any such contract, loan agreement, indenture, mortgage,
deed of trust, lease or other instrument, the violation or breach of which could reasonably be expected to result in a Material Adverse
Effect.

 

(d)           Authorizations
and Consents. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory
body or any other third party is required for (i) the due execution, delivery, recordation, filing or performance by any Loan Party
or any general partner or managing member of any Loan Party of any Loan Document to which it is or is to be a party or for the consummation
the transactions contemplated by the Loan Documents, (ii) the grant by any Loan Party of the Liens granted by it pursuant to the
Pledge Agreement, (iii) the perfection or maintenance of the Liens created under the Pledge Agreement (including the first priority
nature thereof) or (iv) the exercise by the Administrative Agent or any Lender of its rights under the Loan Documents or the remedies
in respect of the Collateral pursuant to the Pledge Agreement; except for (i) the filing of UCC financing statements and (ii) such
authorizations, approvals, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and
effect.

 

(e)           Binding
Obligation. This Agreement has been, and each other Loan Document when delivered hereunder will have been, duly executed and delivered
by each Loan Party and general partner or managing member (if any) of each Loan Party thereto. This Agreement is, and each other Loan
Document when delivered hereunder will be, the legal, valid and binding obligation of each Loan Party and general partner or managing
member (if any) of each Loan Party thereto, enforceable against such Loan Party, general partner or managing member, as the case may
be, in accordance with its terms.

 

(f)            Litigation. There is no action, suit, investigation, litigation or proceeding affecting any Loan Party or any of
its Subsidiaries or any general partner or managing member (if any) of any Loan Party, including any Environmental Action, pending or
threatened before any court, governmental agency or arbitrator that (i) either individually or in the aggregate, could reasonably
be expected to result in a Material Adverse Effect or (ii) purports to affect the legality, validity or enforceability of any Loan
Document or the transactions contemplated by the Loan Documents.

 

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(g)          Financial Condition. The pro forma financial statements of the Parent and its Subsidiaries as of the Closing Date
(giving effect to the Initial Extensions of Credit, the use of proceeds thereof, the Acquisition and the other transactions contemplated
by the Acquisition Agreement) fairly present the Consolidated financial condition of the Parent and its Subsidiaries as at such
dates and the Consolidated results of operations of the Parent and its Subsidiaries for the periods ended on such dates, all in accordance
with generally accepted accounting principles applied on a consistent basis.  Since the date of such financial statements there
has been no Material Adverse Change.

 

(h)          Forecasts. The Consolidated forecasted balance sheets, statements of income and statements of cash flows of the Parent
and its Subsidiaries delivered to the Lenders pursuant to Section 5.03 were prepared in good faith on the basis of the assumptions stated
therein, which assumptions were fair in light of the conditions existing at the time of delivery of such forecasts, and represented, at
the time of delivery, the Borrowers’ best estimate of its future financial performance.

 

(i)            Full Disclosure. No information, exhibit or report furnished by or on behalf of any Loan Party to the Administrative
Agent or any Lender in connection with the negotiation and syndication of the Loan Documents or pursuant to the terms of the Loan Documents
contained any untrue statement of a material fact or omitted to state a material fact necessary to make the statements made therein not
misleading. The Loan Parties have disclosed to the Administrative Agent, in writing, any and all existing facts that have or may have
(to the extent any of the Loan Parties can now reasonably foresee) a Material Adverse Effect, provided however, that the Loan Parties
are not obligated to report on the potential Material Adverse Effect of any general economic condition.

 

(j)            Margin
Regulations. No Loan Party is engaged in the business of extending credit for the purpose of purchasing or carrying Margin Stock,
and no proceeds of any Advance will be used to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing
or carrying any Margin Stock.

 

(k)           Certain
Governmental Regulations. Neither any Loan Party nor any of its Subsidiaries nor any general partner or managing member of any Loan
Party, as applicable, is an “investment company”, or an “affiliated person” of, or “promoter” or
 “principal underwriter” for, an “investment company”, as such terms are defined in the Investment Company Act
of 1940, as amended. Without limiting the generality of the foregoing, each Loan Party and each of its Subsidiaries and each general
partner or managing member of any Loan Party, as applicable: (i) is primarily engaged, directly or through a wholly-owned subsidiary
or subsidiaries, in a business or businesses other than that of (A) investing, reinvesting, owning, holding or trading in securities
or (B) issuing face-amount certificates of the installment type; (ii) is not engaged in, does not propose to engage in and
does not hold itself out as being engaged in the business of (A) investing, reinvesting, owning, holding or trading in securities
or (B) issuing face-amount certificates of the installment type; (iii) does not own or propose to acquire investment securities
(as defined in the Investment Company Act of 1940, as amended) having a value exceeding forty percent (40%) of the value of such
company’s total assets (exclusive of government securities and cash items) on an unconsolidated basis; (iv) has not in the
past been engaged in the business of issuing face-amount certificates of the installment type; and (v) does not have any outstanding
face-amount certificates of the installment type. Neither the making of any Advances, nor the application of the proceeds or repayment
thereof by the Borrowers, nor the consummation of the other transactions contemplated by the Loan Documents, will violate any provision
of any such Act or any rule, regulation or order of the Securities and Exchange Commission thereunder.

 

(l)            Materially Adverse Agreements. Neither any Loan Party nor any of its Subsidiaries is a party to any indenture, loan
or credit agreement or any lease or other agreement or instrument or subject to any charter, corporate, partnership, membership or other
governing restriction that could reasonably be expected to result in a Material Adverse Effect (absent a material default under a Material
Contract).

 

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(m)          No Default. No Default has occurred and is continuing or would result from the consummation of the transactions
contemplated by this Agreement or any other Loan Document.

 

(n)           Beneficial
Ownership. As of the Closing Date, the information included in the Beneficial Ownership Certification, if applicable, is true and
correct in all respects.

 

(o)           [Intentionally
Omitted].

 

(p)           Real
Property. (i) Set forth on Part I of Schedule 4.01(p) hereto is a complete and accurate list of all Real Property owned
in fee by any Loan Party or any of its Subsidiaries, showing as of the Closing Date, and as of each other date such Schedule 4.01(p)
is required to be supplemented hereunder, the street address, state, record owner and book value thereof. Each such Loan Party or Subsidiary
has good, marketable and insurable fee simple title to such Real Property, free and clear of all Liens, other than existing Liens and
Liens permitted under Section 5.02(a).

 

(ii)               
Set forth on Part II of Schedule 4.01(p) hereto is a complete and accurate list of all leases of Real Property under
which any Loan Party or any of its Subsidiaries is the lessee, including, without limitation, Operating Leases, showing as of the Closing
Date, and as of each other date such Schedule 4.01(p) is required to be supplemented hereunder, the street address, state, lessor,
lessee, expiration date and annual rental cost thereof. Each such lease is the legal, valid and binding obligation of the lessor thereof,
enforceable in accordance with its terms.

 

(q)           Environmental Matters. (i) Except as otherwise set forth on Part I of Schedule 4.01(q) hereto, the operations
and properties of each Loan Party and each of its Subsidiaries comply in all material respects with all applicable Environmental Laws
and Environmental Permits, all past material non-compliance with such Environmental Laws and Environmental Permits has been resolved without
ongoing material obligations or costs, and, to the knowledge of each Loan Party and its Subsidiaries, no circumstances exist that could
be reasonably likely to (A) form the basis of an Environmental Action against any Loan Party or any of its Subsidiaries or any of
their properties that could have a Material Adverse Effect or (B) cause any such property to be subject to any restrictions on ownership,
occupancy, use or transferability under any Environmental Law.

 

(i)                 
Except as otherwise set forth on Part II of Schedule 4.01(q) hereto, none of the properties currently or formerly owned
or operated by any Loan Party or any of its Subsidiaries is listed or, to the knowledge of each Loan Party and its Subsidiaries, proposed
for listing on the NPL or on the CERCLIS or any analogous foreign, state or local list or is adjacent to any such listed property; there
are no underground or above ground storage tanks or any surface impoundments, septic tanks, pits, sumps or lagoons in which Hazardous
Materials are being or have been treated, stored or disposed on any property currently owned or operated by any Loan Party or any of its
Subsidiaries; there is no asbestos or asbestos-containing material on any property currently owned or operated by any Loan Party or any
of its Subsidiaries except for any non-friable asbestos-containing material that is being managed pursuant to, and in compliance with,
an operations and maintenance plan and that does not currently require removal, remediation, abatement or encapsulation under Environmental
Law; and, to the knowledge of each Loan Party and its Subsidiaries, Hazardous Materials have not been released, discharged or disposed
of in any material amount or in violation of any Environmental Law or Environmental Permit on any property currently owned or operated
by any Loan Party or any of its Subsidiaries or, to the knowledge of each Loan Party and its Subsidiaries, during the period of their
ownership or operation thereof, on any property formerly owned or operated by any Loan Party or any of its Subsidiaries.

 

(ii)                Except
as otherwise set forth on Part III of Schedule 4.01(q) hereto, neither any Loan Party nor any of its Subsidiaries is undertaking,
and has not completed, either individually or together with other potentially responsible parties, any investigation or assessment
or remedial or response action relating to any actual or threatened release, discharge or disposal of Hazardous Materials at any
site, location or operation, either voluntarily or pursuant to the order of any governmental or regulatory authority or the
requirements of any Environmental Law; all Hazardous Materials generated, used, treated, handled or stored at, or transported to or
from, any property currently or formerly owned or operated by any Loan Party or any of its Subsidiaries have been disposed of in a
manner not reasonably expected to result in a Material Adverse Effect; and, with respect to any property formerly owned or operated
by any Loan Party or any of its Subsidiaries, all Hazardous Materials generated, used, treated, handled, stored or transported by
or, to the knowledge of each Loan Party and its Subsidiaries, on behalf of any Loan Party or any of its Subsidiaries have been
disposed of in a manner that could not reasonably be expected to result in a Material Adverse Effect.

 

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(r)           Compliance
with Laws. Each Loan Party and each Subsidiary is in compliance with the requirements of all laws, rules and regulations (including,
without limitation, the Securities Act and the Securities Exchange Act, and the applicable rules and regulations thereunder, state securities
law and “Blue Sky” laws) applicable to it and its business, where the failure to so comply could reasonably be expected to
result in a Material Adverse Effect.

 

(s)           Force
Majeure. Neither the business nor the Assets of any Loan Party or any of its Subsidiaries are affected by any fire, explosion, accident,
strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty
(whether or not covered by insurance) that could reasonably be expected to result in a Material Adverse Effect.

 

(t)            Loan
Parties’ Credit Decisions. Each Loan Party has, independently and without reliance upon the Administrative Agent or any other
Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement (and in the case of the Guarantors, to give the guaranty under this Agreement) and each other Loan Document to which it
is or is to be a party, and each Loan Party has established adequate means of obtaining from each other Loan Party on a continuing basis
information pertaining to, and is now and on a continuing basis will be completely familiar with, the business, condition (financial
or otherwise), operations, performance, properties and prospects of such other Loan Party.

 

(u)          Solvency. Each Loan Party is, individually and together with its Subsidiaries, Solvent.

 

(v)          [Intentionally Omitted].

 

(w)          ERISA
Matters. (i) Set forth on Schedule 4.01(w) hereto is a complete and accurate list of all Plans and Welfare Plans.

 

(i)                 
No ERISA Event has occurred within the preceding five plan years or is reasonably expected to occur with respect to any
Plan that has resulted in or is reasonably expected to result in a material liability of any Loan Party or any ERISA Affiliate.

 

(ii)               
Schedule B (Actuarial Information) to the most recent annual report (Form 5500 Series) for each Plan, copies of which have
been filed with the IRS and furnished to the Lenders, is complete and accurate and fairly presents the funding status of such Plan as
of the date of such Schedule B, and since the date of such Schedule B there has been no material adverse change in such funding status.

 

(iii)             
Neither any Loan Party nor any ERISA Affiliate has incurred or is reasonably expected to incur any Withdrawal Liability
to any Multiemployer Plan.

 

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(iv)             
 Neither any Loan Party nor any ERISA Affiliate has been notified by the sponsor of a Multiemployer Plan that such Multiemployer
Plan is in reorganization or has been terminated, within the meaning of Title IV of ERISA, and no such Multiemployer Plan is reasonably
expected to be in reorganization or to be terminated, within the meaning of Title IV of ERISA.

 

(v)               
Each plan subject to ERISA is in compliance in all material respects with the applicable provisions of ERISA, the Code and
other Federal or state laws. Each Single Employer Plan that is intended to be a qualified plan under Section 401(a) of the Code has
received a favorable determination letter from the IRS to the effect that the form of such Plan is qualified under Section 401(a)
of the Code and the trust related thereto has been determined by the IRS to be exempt from federal income tax under Section 501(a)
of the Code, or an application for such a letter is currently being processed by the IRS. To the best knowledge of each Loan Party, nothing
has occurred that would prevent or cause the loss of such tax-qualified status.

 

(vi)             
(A) Each Loan Party and each ERISA Affiliate has met all applicable requirements under the Pension Funding Rules in
respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained;
(B) as of the most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2)
of the Code) is sixty percent (60%) or higher and none of any Loan Party nor any ERISA Affiliate knows of any facts or circumstances
that could reasonably be expected to cause the funding target attainment percentage for any such plan to drop below sixty percent (60%)
as of the most recent valuation date; (C) none of any Loan Party nor any ERISA Affiliate has incurred any liability to the PBGC other
than for the payment of premiums, and there are no premium payments which have become due that are unpaid; (D) neither any Borrower
nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and
(E) no Single Employer Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has
occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate
any Pension Plan that has resulted or could reasonably be expected to result in material liability to any Loan Party.

 

(vii)           
Each Loan Party represents and warrants as of the Closing Date that it is not a Benefit Plan.

 

(x)           Sanctioned
Persons. None of the Loan Parties or any of their respective Subsidiaries nor, to the knowledge any Responsible Officer of the Borrowers,
any director, officer, agent, employee or Affiliate of any Loan Party or any of its respective Subsidiaries is currently subject to any
U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”)
or any successor to OFAC carrying out similar function or any sanctions under similar laws or requirements administered by the United
States Department of State, the United States Treasury, the United Nations Security Council, the European Union or Her Majesty’s
Treasury (collectively, “Sanctions Laws”); and the Borrowers will not directly or indirectly use the proceeds
of the Advances or otherwise make available such proceeds to any person, for the purpose of financing the activities of any person currently
subject to any U.S. sanctions administered by OFAC or other Sanctions Laws (each such person a “Designated Person”).
Neither any Borrower, any Guarantor, nor any Subsidiary, director or officer of a Borrower or a Guarantor or, to the knowledge of a Borrower,
any Affiliate, agent or employee of any Borrower or any Guarantor, has engaged in any activity or conduct which would violate any applicable
anti-bribery, anti-corruption or anti-money laundering laws or regulations in any applicable jurisdiction, including without limitation,
any Sanctions Laws.

 

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(y)           Anti-Corruption Laws. The Loan Parties and their respective Subsidiaries and, to the knowledge of any Responsible
Officer of the Borrowers, all directors, officers, employees, agents or Affiliates of any Loan Party or any of its respective Subsidiaries,
are in compliance in all material respects with applicable Anti-Corruption Laws, the Trading with the Enemy Act and the Patriot Act.

 

(z)           Affected
Financial Institution. Neither any Loan Party nor any of its Subsidiaries nor any general partner or managing member of any Loan
Party, as applicable, is an Affected Financial Institution.

 

(aa)         Covered
Entity. No Loan Party is a Covered Entity.

 

(bb)        REIT Status. Each Borrower is a REIT.

 

(cc)         Pledge Agreement. The provisions of the Pledge Agreement are effective to create in favor of the Administrative Agent
for the benefit of the Secured Parties a legal, valid and enforceable first priority Lien (subject to Permitted Equity Encumbrances) on
all right, title and interest of the respective Grantors in the Collateral described therein. Except as contemplated by the Pledge Agreement,
no filing or other action will be necessary to perfect or protect such Liens.

 

(dd)        Guarantors.
Each Subsidiary of the Borrowers, other than Excluded Subsidiaries and other Subsidiaries that are not yet required to become Guarantors
pursuant to the terms hereof, is a Guarantor.

 

(ee)         Borrowing
Base Asset. Each Borrowing Base Asset included in any calculation of the Aggregate Borrowing Base Asset Value is, at the time of
such calculation, an Eligible Asset. Schedule 4.01(ee) attached hereto sets forth a list (the “Borrowing Base Asset List”)
of the Borrowing Base Assets in the Borrowing Base Pool as of the Closing Date (the “Initial Borrowing Base Assets”).

 

Article
V

COVENANTS OF THE LOAN PARTIES

 

Section
5.01.              
Affirmative Covenants. So long as any Advance or any other Obligation of any Loan Party under any Loan Document shall
remain unpaid or any Lender shall have any Commitment hereunder, each Loan Party will:

 

(a)           Compliance with Laws, Etc. Comply, and cause each of its Subsidiaries to comply, in all material respects, with all
applicable laws, rules, regulations and orders, such compliance to include, without limitation, compliance with ERISA and the Racketeer
Influenced and Corrupt Organizations Chapter of the Organized Crime Control Act of 1970.

 

(b)           Payment
of Taxes, Etc. Pay and discharge, and cause each of its Subsidiaries to pay and discharge, before the same shall become delinquent,
(i) all taxes, assessments and governmental charges or levies imposed upon it or upon its property; provided, however,
that neither the Loan Parties nor any of their Subsidiaries shall be required to pay or discharge any such tax, assessment, charge or
claim that is the subject of a Good Faith Contest, unless and until any Lien resulting therefrom attaches to its property and becomes
enforceable against its other creditors and (ii) all lawful claims that, if unpaid, might by law become a Lien upon any Borrowing
Base Asset or any Collateral (in each case, other than Permitted Equity Encumbrances and Permitted Property Encumbrances, as applicable).

 

(c)           Compliance
with Environmental Laws. Comply, and cause each of its Subsidiaries and all lessees and other Persons operating or occupying its
properties to comply, in all material respects, with all applicable Environmental Laws and Environmental Permits; obtain and renew and
cause each of its Subsidiaries to obtain and renew all Environmental Permits necessary for its operations and properties; and conduct,
and cause each of its Subsidiaries to conduct, any investigation, study, sampling and testing, and undertake any cleanup, removal, remedial
or other action necessary to remove and clean up all Hazardous Materials from any of its properties in material compliance with the requirements
of all Environmental Laws; provided, however, that neither the Loan Parties nor any of their Subsidiaries shall be required
to undertake any such cleanup, removal, remedial or other action to the extent that its obligation to do so is the subject of a Good
Faith Contest.

 

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(d)            Maintenance
of Insurance. Maintain, and cause each of its Subsidiaries to maintain, insurance with responsible and reputable insurance companies
or associations in such amounts and covering such risks as is usually carried by companies engaged in similar businesses and owning similar
properties in the same general areas in which such Loan Party or such Subsidiaries operate.

 

(e)           Preservation
of Partnership or Corporate Existence, Etc. Preserve and maintain, and cause each of its Subsidiaries to preserve and maintain, its
existence (corporate or otherwise), legal structure, legal name, rights (charter and statutory), permits, licenses, approvals, privileges
and franchises, except, in the case of Subsidiaries of the Borrowers that are not Loan Parties only, if in the reasonable business judgment
of such Subsidiary it is in its best economic interest not to preserve and maintain such existence, legal structure, legal name, rights,
permits, licenses, approvals, privileges and franchises and such failure is not reasonably likely to result in a Material Adverse Effect
(it being understood that the foregoing shall not prohibit, or be violated as a result of any transaction by or involving any Loan Party
or Subsidiary thereof otherwise permitted under Section 5.02(d) or (e) below).

 

(f)           Visitation
Rights. At any reasonable time and from time to time, permit any of the Administrative Agent or Lenders, or any agent or representatives
thereof, to examine and make copies of and abstracts from the records and books of account of, and visit the properties of, any Loan
Party, and to discuss the affairs, finances and accounts of any Loan Party and any of its Subsidiaries with any of their general partners,
managing members, officers or directors and with their independent certified public accountants; provided that (i) so long
as no Event of Default has occurred and is continuing, (x) no more than one (1) such visit and inspection by the Administrative
Agent during any year shall be at the expense of the Borrowers and (y) any such visit and inspection by a Lender shall be at the
sole expense of such Lender and (ii) when an Event of Default has occurred and is continuing, the Administrative Agent or any Lender
(or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrowers at
any time during normal business hours and without advance notice.

 

(g)          Keeping
of Books. Keep, and cause each of its Subsidiaries to keep, proper books of record and account, in which full and correct entries
shall be made of all financial transactions and the assets and business of such Loan Party and each such Subsidiary in accordance with
GAAP.

 

(h)          Maintenance
of Properties, Etc. Maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all of its properties that
are used or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted and will from
time to time make or cause to be made all appropriate repairs, renewals and replacement thereof except where failure to do so could not
reasonably be expected to result in a Material Adverse Effect.

 

(i)            Transactions
with Affiliates. Conduct, and cause each of its Subsidiaries to conduct, all transactions otherwise permitted under the Loan Documents
with any of their Affiliates (other than transactions exclusively among or between a Borrower and/or one or more of the Guarantors)
on terms that are fair and reasonable and no less favorable to such Loan Party or such Subsidiary than it would obtain in a comparable
arm’s-length transaction with a Person not an Affiliate, provided however, that all transactions pursuant to any operating
leases that are in the standard form of operating lease used by the Borrowers’ Subsidiaries, shall be deemed fair and reasonable.

 

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(j)            Covenant to Guarantee Obligations. (A) Concurrently with the delivery of Borrowing Base Asset Designation Package
pursuant to Section 5.01(k) with respect to a Proposed Borrowing Base Asset owned or leased (including pursuant to an Operating
Lease) by a Subsidiary of a Borrower or (B) within ten (10) days after the formation or acquisition of any new direct
or indirect Subsidiary of a Borrower, cause each such Subsidiary that is not an Excluded Subsidiary to duly execute and deliver to the
Administrative Agent a Guaranty Supplement in substantially the form of Exhibit D hereto, or such other guaranty supplement in form
and substance reasonably satisfactory to the Administrative Agent, guaranteeing the other Loan Parties’ Obligations under the Loan
Documents (collectively, the “Guarantor Deliverables”).

 

(k)           Information
Regarding Collateral. The Borrowers shall, and shall cause each Grantor to, provide the Administrative Agent not less than ten (10) Business
Days’ prior written notice (in the form of certificate signed by a Responsible Officer), or such lesser notice period agreed to
by the Administrative Agent, before effecting any change (i) in any Grantor’s legal name, (ii) in any Grantor’s
identity or organizational structure, (iii) in any Grantor’s U.S. taxpayer identification number or organizational identification
number, if any, or (iv) in any Grantor’s jurisdiction of organization or incorporation (in each case, including by a Transfer,
merger with or into any other entity, reorganizing, dissolving, liquidating, reorganizing or organizing in any other jurisdiction). Such
notice shall clearly describe such change and provide such other information in connection therewith as the Administrative Agent may
reasonably request. In addition, prior to any such change, the Borrowers shall, and shall cause each Grantor to, take all action reasonably
satisfactory to the Administrative Agent to maintain the perfection and priority of the security interest of the Administrative Agent
for the benefit of the Secured Parties in the Collateral, if applicable. The Borrowers hereby agree to promptly provide the Administrative
Agent with certified Organization Documents reflecting any of the changes described above in this section. Notwithstanding the foregoing
or anything else to the contrary contained herein or in any other Loan Document, the Borrowers agree that it will, and will cause each
other Grantor to, at all times maintain its jurisdiction of organization one  of the states within the United States of America
or the District of Columbia.

 

(l)            Further
Assurances. (i) Promptly upon request by the Administrative Agent, or any Lender through the Administrative Agent, correct, and cause
each Loan Party to promptly correct, any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment,
filing or recordation thereof.

 

(ii)               
Promptly upon request by the Administrative Agent, or any Lender through the Administrative Agent, do, execute, acknowledge,
deliver, file, and re-file such certificates, assurances and take such other actions as the Administrative Agent, or any Lender through
the Administrative Agent, may reasonably require from time to time in order (A) to carry out more effectively the purposes of the
Loan Documents, (B) to the fullest extent permitted by Applicable Law, subject any Loan Party’s or any of its Subsidiaries’
properties, assets, rights or interests to the Liens now or hereafter intended to be covered by the Pledge Agreement, (C) to perfect
and maintain the validity, effectiveness and priority of the Pledge Agreement and any of the Liens intended to be created thereunder and
(D) to assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Secured Parties the rights
granted or now or hereafter intended to be granted to the Lenders under any Loan Document or under any other instrument executed in connection
with any Loan Document to which any Loan Party or any of its Subsidiaries is or is to be a party, and cause each of its Subsidiaries to
do so.

 

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(m)              Performance
of Material Contracts. Perform and observe, and cause each of its Subsidiaries to perform and observe, all the material terms
and provisions of each Material Contract to be performed or observed by it, maintain each such Material Contract in full force and
effect, enforce each such Material Contract in material accordance with its terms, take all such action to such end as may be from
time to time reasonably requested by the Administrative Agent, and, upon reasonable request of the Administrative Agent, make to
each other party to each such Material Contract such demands and requests for information and reports or for action as any Loan
Party or any of its Subsidiaries is entitled to make under such Material Contract, and cause each of its Subsidiaries to do so.
Notwithstanding the above, nothing in this subsection (m) shall prohibit or reduce the rights of any Loan Party or any of their
Subsidiaries to enter into, terminate, modify, amend, renew or otherwise deal with any Material Contract to the extent the same does
not cause a Borrowing Base Asset to not continue to meet the Eligible Asset Criteria and, in the aggregate, could not be reasonably
be expected to result in a Material Adverse Effect.

 

(n)               
Compliance with Leases.

 

(i)                 
Make all payments and otherwise perform all material obligations in respect of all leases of real property to which the
Parent or any of its Subsidiaries is a party, keep such leases in full force and effect and not allow such leases to lapse or be terminated
or any rights to renew such leases to be forfeited or cancelled (except, in the case of the Borrowers and Subsidiaries of the Borrowers
only, if in the reasonable business judgment of such Subsidiary it is in its best economic interest not to maintain such lease or prevent
such lapse, termination, forfeiture or cancellation and such failure to maintain such lease or prevent such lapse, termination, forfeiture
or cancellation is not in respect of a Qualifying Ground Lease or an Operating Lease of a Borrowing Base Asset and could not otherwise
reasonably be expected to result in a Material Adverse Effect), notify the Administrative Agent of any default by any party with respect
to such leases and cooperate with the Administrative Agent in all respects to cure any such default, and cause each of its Subsidiaries
to do so.

 

(ii)               
With respect to any Qualifying Ground Lease related to any Borrowing Base Asset:

 

(A)                pay
when due the rent and other amounts due and payable thereunder (subject to applicable cure or grace periods);

 

(B)               
timely perform and observe all of the material terms, covenants and conditions required to be performed and observed by
it as tenant thereunder (subject to applicable cure or grace periods);

 

(C)               
do all things necessary to preserve and keep unimpaired such Qualifying Ground Lease and its rights thereunder;

 

(D)               
diligently and continuously enforce the material obligations of the lessor or other obligor thereunder;

 

(E)               
deliver to the Administrative Agent all default and other material notices received by it or sent by it under the applicable
Qualifying Ground Lease;

 

(F)               
upon the Administrative Agent’s reasonable written request and at reasonable intervals, unless an Event of Default
shall have occurred and be continuing, in which case, upon written request at any time, provide to the Administrative Agent any information
or materials relating to such Qualifying Ground Lease and evidencing the applicable Guarantor’s due observance and performance of
its material obligations thereunder;

 

(G)               in
connection with the bankruptcy or other insolvency proceedings of any ground lessor or other obligor, ratify the legality, binding
effect and enforceability of the applicable Qualifying Ground Lease within the applicable time period therefor in such proceedings,
notwithstanding any rejection by such ground lessor or obligor or trustee, custodian or receiver related thereto;

 

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(H)              
at reasonable times and at reasonable intervals, deliver to the Administrative Agent (or, subject to the requirements of
the subject Qualifying Ground Lease, cause the applicable lessor or other obligor to deliver to the Administrative Agent), an estoppel
certificate and consent agreement in relation to such Qualifying Ground Lease in form and substance reasonably acceptable to the Administrative
Agent, in its discretion, and, in the case of the estoppel certificate, setting forth (i) the name of lessee and lessor under the
Qualifying Ground Lease (if applicable); (ii) that such Qualifying Ground Lease is in full force and effect and has not been modified
except to the extent the Administrative Agent has received notice of such modification; (iii) that no rental and other payments due
thereunder are delinquent as of the date of such estoppel; and (iv) whether such Person knows of any actual or alleged defaults or
events of default under the applicable Qualifying Ground Lease;

 

provided, that each Loan Party
hereby agrees to execute and deliver to the Administrative Agent, within ten (10) days of any request therefor, such documents,
instruments, agreements, assignments or other conveyances reasonably requested by the Administrative Agent in connection with or in furtherance
of any of the provisions set forth above or the rights granted to the Administrative Agent in connection therewith.

 

(o)               
Minimum Value Condition. Cause the Minimum Value Condition to be satisfied at all times.

 

(p)               
Management Agreements. At all times cause each Borrowing Base Asset to be managed and operated by an Approved Manager
or any other property manager approved by the Administrative Agent pursuant to a Management Agreement approved by the Required Lenders.

 

(q)               
[Intentionally Omitted].

 

(r)                
Maintenance of REIT Status. In the case of a Borrower, at all times be organized in conformity with the requirements
for qualification as a REIT under the Code, and at all times continue to qualify as a REIT and elect to be treated as a REIT under all
applicable laws, rules and regulations.

 

(s)                
[Intentionally Omitted].

 

(t)                 
[Intentionally Omitted].

 

(u)               
Sanctions and Anti-Corruption Laws. Maintain in effect policies and procedures designed to promote compliance by
the Loan Parties and their respective Subsidiaries and their respective directors, officers, employees and agents with applicable Sanctions
and Anti-Corruption Laws, the Trading with the Enemy Act and the Patriot Act, and promptly upon the written request of the Administrative
Agent, furnish to the Administrative Agent and the Lenders any information that the Administrative Agent or any Lender deems reasonably
necessary from time to time in order to ensure compliance with all applicable Sanctions and Anti-Corruption Laws, the Trading with the
Enemy Act and the Patriot Act.

 

(v)                Beneficial
Ownership. Promptly following (i) any request therefor, provide information and documentation reasonably requested by the
Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and Anti-Corruption
Laws, including, without limitation, the PATRIOT Act and the Beneficial Ownership Regulation and (ii) any change in beneficial
ownership of the Parent or a Borrower that would render any statement in the existing Beneficial Ownership Certification untrue or
inaccurate, furnish to the Administrative Agent (for further delivery by the Administrative Agent to the Lenders in accordance with
its customary practice) an updated Beneficial Ownership Certification for the Parent or a Borrower, as the case may be.

 

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(w)              
Operating Leases. Promptly (i) perform and observe all of the covenants and agreements required to be performed
and observed under the Operating Leases and do all things necessary to preserve and to keep unimpaired the Loan Parties’ rights
thereunder; (ii) notify the Administrative Agent of any default under the Operating Leases of which any Loan Party is aware; (iii) deliver
to the Administrative Agent a copy of any notice of default or other notice received by the Loan Parties under the Operating Leases; and
(iv) enforce in all respects the performance and observance of all of the covenants and agreements required to be performed or observed
by the applicable lessor under each Operating Lease.

 

(x)               
Post-Closing Matters. The Borrowers shall, and shall cause their respective Subsidiaries, within thirty (30) days
following the Closing Date (or such later date as the Administrative Agent may in its discretion agree to in writing), deliver to the
Administrative Agent such documents and certifications as the Administrative Agent may reasonably require to evidence that in each jurisdiction
in which any Loan Party or any general partner or managing member of a Loan Party owns or leases property or in which the conduct of its
business requires it to qualify or be licensed as a foreign corporation except where the failure to so qualify or be licensed could not
reasonably be expected to result in a Material Adverse Effect, such Loan Party, general partner or managing member, as the case may be,
is duly qualified and in good standing as a foreign corporation, limited partnership or limited liability company in such State and has
filed all annual reports required to be filed to the date of such certificate.

 

Section
5.02.              
Negative Covenants. So long as any Advance or any other Obligation of any Loan Party under any Loan Document shall
remain unpaid or any Lender shall have any Commitment hereunder, no Loan Party will, at any time:

 

(a)               
Liens, Etc. Create, incur, assume or suffer to exist, or permit any of its Subsidiaries to create, incur, assume
or suffer to exist, any Lien on or with respect to (i) any Borrowing Base Asset other than Permitted Asset Encumbrances, (ii) any
Collateral other than Permitted Equity Encumbrances or (iii) any income from or proceeds of any of the foregoing; or to sign, file
or authorize under the Uniform Commercial Code of any jurisdiction a financing statement that includes in its collateral description any
portion of any Borrowing Base Asset (unless such description relates to a Permitted Property Encumbrance), any Collateral (unless such
description relates to a Permitted Equity Encumbrance) or any income from or proceeds of any of the foregoing.

 

(b)               
Indebtedness. Create, incur, assume or suffer to exist, or permit any of its Subsidiaries to create, incur, assume
or suffer to exist, any Indebtedness (including, without limitation, Recourse Indebtedness), except:

 

(i)                 
Indebtedness under the Loan Documents;

 

(ii)               
unsecured trade payables incurred in the ordinary course of business;

 

(iii)             
unsecured Indebtedness owing to a Borrower or a Guarantor by a Subsidiary of a Borrower;

 

(iv)              Non-Recourse
Debt; provided, that, (i) no Default or Event of Default has occurred and is continuing immediately before and after the
creation, incurrence, assumption or existence of such Non-Recourse Debt and (ii) immediately after giving effect to the
creation, incurrence, assumption or existence of such Non-Recourse Debt the Parent and its Subsidiaries are, on a pro forma basis,
in compliance with the provisions of Section 5.04;

 

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(v)               
the PACE Loan;

 

(vi)             
[intentionally omitted];

 

(vii)           
subject to the terms of Section 5.02(t)(iii) below, Indebtedness incurred by the Parent and its Subsidiaries (other
than the Borrowers and Subsidiaries of the Borrowers) in connection with the Summit JV MR 1 Financing; and

 

(viii)         
the assumption of all Indebtedness secured by the Acquired Properties; provided that all such Indebtedness (other
than the PACE Loan) shall be repaid in full, and all commitments, guarantees and security interests in respect of all such Indebtedness
terminated, no later than one (1) day after the Closing Date.

 

(c)               
Change in Nature of Business. Make, or permit a Borrower or any Subsidiary of a Borrower to make, any material change
in the nature of its business as carried at the Closing Date (after giving effect to the transactions contemplated by the Loan Documents);
or engage in, or permit a Borrower or any Subsidiary of a Borrower to engage in, any business other than ownership, development, licensing
and management of Hotel Assets and Parking Assets in the United States consistent with the requirements of the Loan Documents, and other
business activities incidental thereto.

 

(d)                Mergers,
Etc. Merge or consolidate with or into, or convey, transfer (except as permitted by Section 5.02(e)), lease (but not
including (i) Permitted Asset Encumbrances, (ii) entry into Operating Leases between Guarantors and TRS Lessees or (iii) entry by
Supreme Bright Dallas II, LLC into a conventional real estate lease (as landlord) of the Hotel Assets commonly referred to as the
 “Dallas AC Hotel” and the “Dallas Residence Inn” to a master tenant (as lessee) that is a joint venture
between Supreme Bright Dallas II, LLC and AHP Housing Fund 150, LLC) or otherwise dispose of (whether in one transaction or in
a series of transactions or pursuant to a Division) all or substantially all of its assets (whether now owned or hereafter acquired)
to, any Person, or Divide, or permit any of its Subsidiaries to do so; provided, however, that (i) any Subsidiary
may merge or consolidate with or into, or dispose of assets to (including pursuant to a Division) any other Subsidiary
(provided that if one or more of such Subsidiaries is a Loan Party, a Loan Party shall be the surviving entity) and
(ii) any Subsidiary that is not a Loan Party may merge with any Person that is not a Loan Party, in each case so long as no
Default shall have occurred and be continuing at the time of such proposed transaction or would result therefrom and the
requirements in Section 5.02(p) shall still be complied with. Notwithstanding any other provision of this Agreement,
(y) any Subsidiary of a Borrower (other than any such Subsidiary that is the direct owner of a Borrowing Base Asset) may
liquidate, dissolve or Divide if the Borrowers determine in good faith that such liquidation, dissolution or Division is in the best
interests of the Borrowers and the assets or proceeds from the liquidation, dissolution or Division of such Subsidiary are
transferred to a Borrower or a Guarantor, provided that no Default or Event of Default shall have occurred and be continuing
at the time of such proposed transaction or would result therefrom, and (z) a Borrower or any Subsidiary thereof shall be
permitted to effect any Transfer of Assets through the sale or transfer of direct or indirect Equity Interests in the Person (other
than any Equity Interests that constitute Collateral) that owns such Assets so long as Section 5.02(e) would otherwise permit
the Transfer of all Assets owned by such Person at the time of such sale or transfer of such Equity Interests. Upon the sale or
transfer of Equity Interests in any Person that is a Guarantor permitted under clause (z) above, so long as each of the Release
Conditions with respect to the release of such Guarantor shall have been satisfied, the Administrative Agent shall, upon the request
of, and at the expense of, the Borrowers, release such Guarantor from the Guaranty, release the pledge of Equity Interests in such
Guarantor granted pursuant to the Pledge Agreement and execute and deliver such documents and instruments as the Borrowers may
reasonably request to evidence the release of such Guarantor from the Guaranty and the release the pledge of Equity Interests in
such Guarantor granted pursuant to the Pledge Agreement, which documents and instruments shall be reasonably satisfactory to the
Administrative Agent.

 

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(e)               
Sales, Etc. of Assets. Sell, lease (other than by entering into Tenancy Leases), transfer or otherwise dispose of
(including pursuant to a Division), or grant any option or other right to purchase, lease (other than any option or other right to enter
into Tenancy Leases) or otherwise acquire, or permit a Borrower or any Subsidiary of a Borrower to sell, lease, transfer or otherwise
dispose of (including pursuant to a Division), or grant any option or other right to purchase, lease or otherwise acquire (each such action,
including, without limitation, any Sale and Leaseback Transaction, being a “Transfer”), any Asset or Assets
(or any direct or indirect Equity Interests in the owner thereof), in each case other than the following Transfers, which shall be permitted
hereunder only so long as no Default or Event of Default shall exist or would result therefrom:

 

(A)              
the Transfer of any Asset or Assets, including unimproved land, that are not Borrowing Base Assets from any Loan Party to
another Loan Party or from a Subsidiary of a Borrower to another Subsidiary of a Borrower,

 

(B)              
the Transfer of any Asset or Assets that are not Borrowing Base Assets to any Person that is not a Loan Party, provided
that the Loan Parties shall be in compliance with the covenants contained in Sections 5.04 and 5.05, and the Minimum Value Condition
shall be satisfied, both immediately prior to and on a pro forma basis immediately after giving effect to such Transfer, on or
prior to the date of such Transfer or designation, as the case may be,

 

(C)              
the Transfer of any property constituting a Borrowing Base Asset or Collateral so long as each of the Release Conditions
with respect to such Transfer have been satisfied, and

 

(D)              
the Transfer of (1) obsolete or worn out FF&E in the ordinary course of business or (2) inventory in the ordinary course
of business, which FF&E or inventory, as the case may be, is used or held in connection with a Borrowing Base Asset.

 

Following (x) a Transfer of all Borrowing
Base Assets owned or leased by a Guarantor in accordance with Section 5.02(e)(C) or (y) the designation by a Guarantor of all Borrowing
Base Assets owned or leased by it as non-Borrowing Base Assets pursuant to Section 5.02(e)(C), upon the request of, and at the expense
of, the Borrowers, so long as each of the Release Conditions with respect to the release of such Guarantor has been satisfied, the Administrative
Agent shall, release such Guarantor from the Guaranty and execute and deliver such documents and instruments as the Borrowers may reasonably
request to evidence the release of such Guarantor from the Guaranty, which documents and instruments shall be reasonably satisfactory
to the Administrative Agent.

 

(f)                
Investments. Make or hold, or permit any of its Subsidiaries to make or hold, any Investment other than:

 

(i)                 
Investments by the Loan Parties and their Subsidiaries in their Subsidiaries outstanding on the date hereof;

 

(ii)               
Investments in Cash Equivalents;

 

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(iii)             
 Investments consisting of intercompany Indebtedness permitted under Section 5.02(b)(ii);

 

(iv)             
Investments outstanding on the date hereof in Subsidiaries that are not wholly-owned by any Loan Party;

 

(v)               
Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent
reasonably necessary in order to prevent or limit loss;

 

(vi)             
[intentionally omitted];

 

(vii)           
acquisitions of Assets that, upon consummation of the acquisition thereof, will constitute Eligible Assets made solely with
proceeds of capital contributions made to a Borrower or the Parent with net cash proceeds received by a Borrower or the Parent from issuances
or sales of its Equity Interests; provided that the aggregate undepreciated book value of all Assets acquired in reliance on this
clause (vii) shall not exceed $150,000,000;

 

(viii)         
Investments contemplated by the Acquisition Agreement; and

 

(ix)             
Investments consisting of the following items:

 

(A)              
additional Investments (including pursuant to a Division) in Subsidiaries and, in the case of the Loan Parties and their
Subsidiaries (and Joint Ventures in which such Loan Parties and Subsidiaries hold any direct or indirect interest), Investments in Assets
(including by asset or Equity Interest acquisitions, investments in Joint Ventures or Divisions);

 

(B)              
Investments in unimproved land, Real Property that does not constitute a Hotel Asset (it being understood this clause (B)
shall not be interpreted to restrict Investments in Hotel Assets), and Development Assets (including such assets that such Person has
contracted to purchase for development with or without options to terminate the purchase agreement);

 

(C)              
Investments in Joint Ventures of any Loan Party;

 

(D)              
loans, advances and extensions of credit (including, without limitation, mezzanine loans) to any Person;

 

(E)              
to the extent permitted by applicable law, loans or other extensions of credit to officers, directors and employees of any
Loan Party or any Subsidiary of any Loan Party in the ordinary course of business, for travel, entertainment, relocation and analogous
ordinary business purposes, which Investments shall not exceed at any time $1,000,000 in the aggregate for all Loan Parties; and

 

(F)               
extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit extended
in the ordinary course of business in an aggregate amount for all Loan Parties not to exceed at any time $5,000,000.

 

(g)                Restricted
Payments. In the case of the Parent and the Borrowers, without the prior consent of the Required Lenders, declare or pay any
dividends, purchase, redeems, retire, defease or otherwise acquire for value any of its Equity Interests now or hereafter
outstanding, return any capital to its stockholders, partners or members (or the equivalent Persons thereof) as such, make any
distribution of assets, Equity Interests, obligations or securities to its stockholders, partners or members (or the equivalent
Persons thereof) as such, including, in each case, by way of a Division (collectively, “Restricted
Payments”); provided, however, that so long as no Default or Event of Default shall have occurred and be
continuing, without the prior consent of the Required Lenders, to holders of Equity Interests in the Parent and a Borrower, as
applicable, to the extent the same would not result in a Default under any provision of this Agreement.

 

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(h)               
Amendments of Organization Documents. Amend, or permit any of its Subsidiaries to amend, in each case in any material
respect, any of its Organization Documents, provided that (1) any amendment to any such constitutive document that would be
adverse to any of the Lenders or would materially impair the rights or interests of the Administrative Agent or any Lender in any Collateral
shall be deemed “material” for purposes of this Section; (2) any amendment to any such constitutive document that would
designate such Subsidiary that is not a Loan Party as a “special purpose entity” or otherwise confirm such Subsidiary’s
status as a “special purpose entity” shall be deemed “not material” for purposes of this Section; and (3) 
in the case of Subsidiaries of the Borrowers only, a Subsidiary may amend its Organization Documents if in the reasonable business judgment
of such Subsidiary it is in its best economic interest to do so and such amendment is not otherwise prohibited by this Agreement and could
not reasonably be expected to result in a Material Adverse Effect.

 

(i)                 
Accounting Changes. Make or permit, or permit any of its Subsidiaries to make or permit, any change in (i) accounting
policies or reporting practices, except as required or permitted by generally accepted accounting principles, or (ii) Fiscal Year.

 

(j)                 
Speculative Transactions. Engage, or permit any of its Subsidiaries to engage, in any transaction involving commodity
options or futures contracts or any similar speculative transactions.

 

(k)               
Payment Restrictions Affecting Subsidiaries. Directly or indirectly, enter into or suffer to exist, or permit any
of its Subsidiaries to enter into or suffer to exist, any agreement or arrangement limiting the ability of a Borrower or any Subsidiary
of a Borrower to declare or pay dividends or other distributions in respect of its Equity Interests or repay or prepay any Indebtedness
owed to, make loans or advances to, or otherwise transfer assets to or invest in, a Borrower or any Subsidiary of a Borrower (whether
through a covenant restricting dividends, loans, asset transfers or investments, a financial covenant or otherwise), except (i) the
Loan Documents, and (ii) any agreement or instrument evidencing Non-Recourse Debt, provided that the terms of such Indebtedness,
and of such agreement or instrument, do not restrict distributions in respect of Equity Interests in Subsidiaries other than those that
are borrowers or guarantors of such Non-Recourse Debt.

 

(l)                 
Amendment, Etc. of Material Contracts. Cancel or terminate any Material Contract or consent to or accept any cancellation
or termination thereof, amend or otherwise modify any Material Contract or give any consent, waiver or approval thereunder, waive any
default under or breach of any Material Contract, agree in any manner to any other amendment, modification or change of any term or condition
of any Material Contract or take any other action in connection with any Material Contract that would impair in any material respect the
value of the interest or rights of any Loan Party thereunder or that would impair or otherwise adversely affect in any material respect
the interest or rights, if any, of the Administrative Agent or any Lender, or permit any of its Subsidiaries to do any of the foregoing,
in each case taking into account the effect of any agreements that supplement or serve to substitute for, in whole or in part, such Material
Contract, and in the case of (i) a Material Contract not affecting any Borrowing Base Asset, in a manner that could reasonably be
expected to have a Material Adverse Effect, and (ii) a Material Contract affecting any Borrowing Base Asset, in a manner that could
reasonably be expected to result in a Borrowing Base Asset not continuing to meet all of the Eligible Asset Criteria.

 

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(m)             
 Negative Pledge. Enter into or suffer to exist, or permit a Borrower or any Subsidiary of a Borrower to enter into
or suffer to exist, any Negative Pledge upon any of its property or assets, except (i) pursuant to the Loan Documents or (ii) in
connection with (A) any Non-Recourse Debt, provided that the terms of such Non-Recourse Debt, and of any agreement entered
into and of any instrument issued in connection therewith, do not provide for or prohibit or condition the creation of any Lien on any
Asset other than the Asset financed pursuant to such Non-Recourse Debt and are otherwise permitted by the Loan Documents (provided
further that any restriction of the type described in the proviso in the definition of “Negative Pledge” shall not be
deemed to violate the foregoing restriction), or (B) any Capitalized Lease permitted by Section 5.02 solely to the extent that such
Capitalized Lease prohibits a Lien on the property subject thereto.

 

(n)               
[Intentionally Omitted].

 

(o)               
[Intentionally Omitted].

 

(p)               
Guarantor Requirements. Cause or permit any Guarantor to own any Real Property other than Borrowing Base Assets.

 

(q)               
Multiemployer Plans. Neither any Loan Party nor any ERISA Affiliate will contribute to or be required to contribute
to any Multiemployer Plan. No Loan Party will be or become a Benefit Plan.

 

(r)                
Ground Leases. With respect to any Qualifying Ground Lease related to any Borrowing Base Asset:

 

(i)                 
waive, excuse or discharge any of the material obligations of the lessor or other obligor thereunder;

 

(ii)               
do, permit or suffer (1) any act, event or omission which would be likely to result in a default or permit the applicable
lessor or other obligor to terminate or exercise any other remedy with respect to the applicable Qualifying Ground Lease or (2) any act,
event or omission which, with the giving of notice or the passage of time, or both, would constitute a default or permit the lessor or
such other obligor to exercise any other remedy under the applicable Qualifying Ground Lease;

 

(iii)             
cancel, terminate, surrender, modify or amend any of the provisions of any such Qualifying Ground Lease or agree to any
termination, amendment, modification or surrender thereof without the prior written consent of the Administrative Agent;

 

(iv)             
permit or consent to the subordination of such Qualifying Ground Lease to any mortgage or other leasehold interest of the
premises related thereto; or

 

(v)               
treat, in connection with the bankruptcy or other insolvency proceedings of any ground lessor or other obligor, any Qualifying
Ground Lease as terminated, cancelled or surrendered pursuant to Bankruptcy Law without the Administrative Agent’s prior written
consent.

 

(s)                 Transactions
with Affiliates. Enter into any transaction with its Affiliates except (i) with respect to Assets which are not Borrowing
Base Assets, transactions occurring in the ordinary course of the business of owning and operating hotels, the Lenders agree that
operating leases, loans, and guaranties of indebtedness are all in the ordinary course of business and (ii) with respect to
Borrowing Base Assets, subject to the consent of the Administrative Agent, not to be unreasonably withheld, transactions occurring
in the ordinary course of the business of owning and operating hotels, and in each case in accordance with Section 5.01(i).

 

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(t)                 
Parent Covenants. Notwithstanding anything to the contrary contained in any Loan Document, the Parent shall not:

 

(i)                 
directly or indirectly enter into or conduct any business other than in connection with the ownership, acquisition and disposition
of interests in the Borrowers and Summit JV MR 1, and the management of the business of the Borrowers and Summit JV MR 1, and such activities
as are incidental thereto, all of which shall be solely in furtherance of the business of any of the Borrowers and/or Summit JV MR 1;

 

(ii)               
own any assets other than (A) interests, rights, options, warrants or convertible or exchangeable securities of any
of the Borrowers or Summit JV MR 1, (B) assets that have been distributed to the Parent by its Subsidiaries in accordance with Section 5.02
(or the analogous provision in the credit documentation for the Summit JV MR 1 Financing, if any) that are held for ten (10) Business
Days or less pending further distribution to equity holders of the Parent, (C) assets received by the Parent from third parties (including
the proceeds from any issuance and sale by the Parent of any its Equity Interests), that are held for ten (10) Business Days
or less pending contribution of same to a Borrower or Summit JV MR 1, as the case may be, (D) such bank accounts or similar instruments
as it deems necessary to carry out its responsibilities under the Organization Documents of a Borrower and Summit JV MR 1, as the case
may be, and (E) other tangible and intangible assets that, taken as a whole, are de minimis in relation to the net assets of the
Borrowers and their Subsidiaries, taken as a whole, but which shall in no event include any Equity Interests other than those permitted
in clauses (A) and (C) of this sentence;

 

(iii)             
incur any Indebtedness other than (x) Indebtedness under the Loan Documents and (y) its Guarantee of the obligations
of Summit JV MR 1 and the other loan parties under the “Loan Documents” for the Summit JV MR 1 Financing;

 

(iv)             
make any Investments other than (x) as contemplated in clause (ii) of this Section 5.02(t) and (y) as
contemplated by the Acquisition Agreement; or

 

(v)               
permit any Liens on any of its assets other than Liens in favor of a banking or other financial institution arising as a
matter of law or under customary general terms and conditions encumbering deposits (including the right of set-off) and which are within
the general parameters customary in the banking industry.

 

Nothing in this Section 5.02(t)
shall prevent the Parent from (i) the maintenance of its legal existence (including the ability to incur fees, costs and expenses
relating to such maintenance), (ii) the performance of its obligations with respect to the Loan Documents and the “Loan Documents”
for the Summit JV MR 1 Financing, (iii) any public offering of its common stock or any other issuance or sale of its Equity Interests,
(iv) the payment of dividends, (v) making contributions to the capital of a Borrower or Summit JV MR 1, (vi) participating
in tax, accounting and other administrative matters as a member of the consolidated group of the Parent, the Borrowers and Summit JV MR
1, (vii) providing indemnification to officers, managers and directors and (viii) any activities incidental to the foregoing.

 

(u)                Sanctioned
Persons. Directly or indirectly use or permit or allow any of its Subsidiaries to directly or indirectly use the proceeds of the
Advances or otherwise make available such proceeds to any person, for the purpose of financing the activities of any Designated
Person or in any manner that would cause any of such persons to violate the United States Foreign Corrupt Practices Act. None of the
funds or assets of the Loan Parties that are used to pay any amount due pursuant to this Agreement or the other Loan Documents shall
constitute funds obtained from transactions with or relating to Designated Persons or countries which are themselves the subject of
territorial sanctions under applicable Sanctions Laws.

 

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Section
5.03.              
Reporting Requirements. So long as any Advance or any other Obligation of any Loan Party under any Loan Document
shall remain unpaid or any Lender shall have any Commitment hereunder, the Borrowers will furnish to the Administrative Agent and the
Lenders in accordance with Section 9.02(b):

 

(a)               
Default Notice. As soon as possible and in any event within five (5) Business Days after the occurrence
of each Default or any event, development or occurrence reasonably expected to result in a Material Adverse Effect continuing on the date
of such statement, a statement of the chief financial officer (or other Responsible Officer) of the Borrowers setting forth details of
such Default or such event, development or occurrence and the action that the Borrowers have taken and proposes to take with respect thereto.

 

(b)               
Annual Financials. As soon as available and in any event within ninety (90) days after the end of each
Fiscal Year (commencing with the fiscal year ending December 31, 2021), a copy of the annual audit report for such year for the Parent
and its Consolidated Subsidiaries, including therein Consolidated and consolidating balance sheets of the Parent and its Subsidiaries
as of the end of such Fiscal Year and Consolidated and consolidating statements of income and a Consolidated and consolidating statement
of cash flows of the Parent and its Subsidiaries for such Fiscal Year, in each case accompanied by an unqualified opinion acceptable to
the Required Lenders of KPMG LLP, Ernst & Young LLP or other independent public accountants of recognized standing reasonably acceptable
to the Administrative Agent, together with (i) a schedule in form reasonably satisfactory to the Administrative Agent of the computations
used by such accountants in determining, as of the end of such Fiscal Year, compliance with the covenants contained in Sections 5.04
and 5.05, provided that in the event of any change in GAAP used in the preparation of such financial statements, the Parent shall
also provide, if necessary for the determination of compliance with Sections 5.04 and 5.05, a statement of reconciliation conforming
such financial statements to GAAP and (ii) a certificate of the chief financial officer (or other Responsible Officer) of the Parent
stating that no Default has occurred and is continuing or, if a Default has occurred and is continuing, a statement as to the nature thereof
and the action that the Parent has taken and proposes to take with respect thereto.

 

(c)                Quarterly
Financials. As soon as available and in any event within forty-five (45) days after the end of each of the first
three (3) quarters of each Fiscal Year (commencing with the fiscal quarter ending March 31, 2022), Consolidated and
consolidating balance sheets of the Parent and its Subsidiaries as of the end of such quarter and Consolidated and consolidating
statements of income and a Consolidated and consolidating statement of cash flows of the Parent and its Subsidiaries for the period
commencing at the end of the previous fiscal quarter and ending with the end of such fiscal quarter and Consolidated and
consolidating statements of income and a Consolidated and consolidating statement of cash flows of the Parent and its Subsidiaries
for the period commencing at the end of the previous Fiscal Year and ending with the end of such quarter, setting forth in each case
in comparative form the corresponding figures for the corresponding date or period of the preceding Fiscal Year, all in reasonable
detail and duly certified (subject to normal year-end audit adjustments) by the Chief Executive Officer, chief financial officer or
treasurer (or other Responsible Officer performing similar functions) of the Parent as having been prepared in accordance with GAAP,
together with (i) a certificate of such officer stating that no Default has occurred and is continuing or, if a Default has
occurred and is continuing, a statement as to the nature thereof and the action that the Parent has taken and proposes to take with
respect thereto and (ii) a schedule in form reasonably satisfactory to the Administrative Agent of the computations used by the
Parent in determining compliance with the covenants contained in Sections 5.04 and 5.05, provided that in the event of
any change in GAAP used in the preparation of such financial statements, the Parent shall also provide, if necessary for the
determination of compliance with Sections 5.04 and 5.05, a statement of reconciliation conforming such financial statements to
GAAP.

 

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(d)               
Compliance Certificate. Concurrently with the delivery of the financial statements referred to in Sections 5.03(b)
and (c), a duly completed Compliance Certificate (which delivery may, unless the Administrative Agent, or a Lender requests executed originals,
be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all purposes)
certifying that the Loan Parties are in compliance with the provisions of Sections 5.04 and 5.05, and that the Minimum Value Condition
continues to be satisfied, in each case together with supporting information demonstrating such compliance in reasonable detail, and including
(i) a summary report of the Gross Hotel Revenues and Gross Parking Revenues, and Borrowing Base Adjusted NOI attributable to each
Borrowing Base Asset, and (ii) a year-to-date profit and loss statement for each Borrowing Base Asset.

 

(e)               
Borrowing Base Asset Financials. As soon as available and in any event within forty-five (45) days after
the end of each fiscal quarter, financial information in respect of each Borrowing Base Asset individually and in respect of the Borrowing
Base Pool, in form and detail reasonably satisfactory to the Administrative Agent and STR reports on Borrowing Base Assets.

 

(f)                
Annual Budgets. As soon as available and in any event within forty-five (45) days after the end of each
Fiscal Year, (i) a projected cash flow analysis of each Borrowing Base Asset prepared by management of the Borrowers, including an
operating expense and capital expenditures budget for such Borrowing Base Asset for the next succeeding twelve (12) consecutive
months and (ii) forecasts for the Parent and its Subsidiaries on a consolidated basis prepared by management of the Parent, in form
reasonably satisfactory to the Administrative Agent, of balance sheets, income statements and cash flow statements on a quarterly basis,
for the then current Fiscal Year and on an annual basis for each Fiscal Year thereafter until the Termination Date.

 

(g)               
Material Events. Prompt notice to the Administrative Agent (i) promptly upon obtaining knowledge of any matter
that has resulted or could reasonably be expected to result in a Material Adverse Effect, including (i) breach or non-performance
of, or any default under, a Contractual Obligation of the Parent or any Subsidiary; (ii) any action, suit, dispute, litigation, investigation,
proceeding or suspension involving any Loan Party or any Subsidiary or any of their respective properties and any Governmental Authority;
or (iii) the commencement of, or any material development in, any litigation or proceeding affecting the Parent or any Subsidiary,
including pursuant to any applicable Environmental Laws.

 

(h)               
Changed in Accounting or Financial Reporting. Prompt notice to the Administrative Agent of any material change in
accounting policies or financial reporting practices by the Parent or any Subsidiary.

 

(i)                 
Real Property. As soon as available and in any event within forty-five (45) days after the end of each
fiscal quarter of each Fiscal Year, a report supplementing Schedule 4.01(p) hereto, including an identification of all owned and
leased real property acquired or disposed of by any Loan Party or any of its Subsidiaries during such fiscal quarter and a description
of such other changes in the information included in Section 4.01(p) as may be necessary for such Schedule to be accurate and complete.

 

(j)                 
ERISA. Prompt Notice to the Administrative Agent of the occurrence of any ERISA Event or of any Loan Party becoming
a Benefit Plan.

 

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(k)                Environmental
Conditions. Notice to the Administrative Agent (i) promptly upon obtaining knowledge of any material violation of any
Environmental Law affecting any Asset or the operations thereof or the operations of any of its Subsidiaries, (ii) promptly
upon obtaining knowledge of any known release, discharge or disposal of any Hazardous Materials at, from, or into any Asset which it
reports in writing or is legally required to report in writing to any Governmental Authority and which is material in amount or
nature or which could reasonably be expected to materially adversely affect the value of such Asset, (iii) promptly upon its
receipt of any written notice of material violation of any Environmental Laws or of any material release, discharge or disposal of
Hazardous Materials in violation of any Environmental Laws or any matter that could reasonably be expected to result in an
Environmental Action, including a notice or claim of liability or potential responsibility from any third party (including without
limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand,
investigation or other action with regard to (A) such Loan Party’s or any other Person’s operation of any Asset in
compliance with Environmental Laws, (B) Hazardous Materials contamination on, from or into any Asset, or (C) investigation
or remediation of off-site locations at which such Loan Party or any of its predecessors are alleged to have directly or indirectly
disposed of Hazardous Materials, or (iv) upon such Loan Party’s obtaining knowledge that any expense or loss has been
incurred by such Governmental Authority in connection with the assessment, containment, removal or remediation of any Hazardous
Materials with respect to which such Loan Party or any Joint Venture could reasonably be expected to incur material liability or for
which a Lien may be imposed on any Asset, provided that notice is required only for any of the events described in
clauses (i) through (iv) above that could reasonably be expected to result in a Material Adverse Effect, could reasonably be
expected to result in a material Environmental Action with respect to any Borrowing Base Asset or could reasonably be expected to
result in a Lien against any Borrowing Base Asset.

 

(l)                 
Borrowing Base Asset Value. Promptly after discovery of any setoff, claim, withholding or defense asserted or effected
against any Loan Party, or to which any Borrowing Base Asset is subject, which could reasonably be expected to (i) have a material
adverse effect on the value of a Borrowing Base Asset, (ii) have a Material Adverse Effect or (iii) result in the imposition
or assertion of a Lien against any Borrowing Base Asset which is not a Permitted Asset Encumbrance, notice to the Administrative Agent
thereof.

 

(m)             
Eligible Asset Criteria. Promptly after obtaining actual knowledge of any condition or event which causes any Borrowing
Base Asset to fail to continue to satisfy any of the Eligible Asset Criteria (other than those Eligible Asset Criteria, if any, that have
theretofore been waived by the Administrative Agent and the Required Lenders with respect to any particular Borrowing Base Asset, to the
extent of such waiver), notice to the Administrative Agent thereof.

 

(n)               
[Intentionally Omitted].

 

(o)               
Reconciliation Statements. If, as a result of any change in accounting principles and policies from those used in
the preparation of the financial statements referred to in Section 4.01(g) and forecasts referred to in Section 4.01(h), the
Consolidated and consolidating financial statements and forecasts of the Parent and its Subsidiaries delivered pursuant to Section 5.03(b),
(c) or (f) will differ in any material respect from the Consolidated and consolidating financial statements that would have been delivered
pursuant to such Section had no such change in accounting principles and policies been made, then (i) together with the first delivery
of financial statements or forecasts pursuant to Section 5.03(b), (c) or (f) following such change, Consolidated and consolidating
financial statements and forecasts of the Parent and its Subsidiaries for the fiscal quarter immediately preceding the fiscal quarter
in which such change is made, prepared on a pro forma basis as if such change had been in effect during such fiscal quarter, and (ii) if
requested by Administrative Agent, a written statement of the chief executive officer, chief financial officer or treasurer (or other
Responsible Officer performing similar functions) of the Parent setting forth the differences (including any differences that would affect
any calculations relating to the financial covenants set forth in Sections 5.04 and 5.05) which would have resulted if such financial
statements and forecasts had been prepared without giving effect to such change.

 

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(p)               
 Material Contract. As soon as available, a copy of any Material Contract entered into with respect to any Borrowing
Base Asset after the date hereof.

 

(q)               
Other Information. Promptly, such other information respecting, and which is reasonably foreseeable to be material
to, the business, condition (financial or otherwise), operations, performance, properties, including with respect to the Borrowing Base
Assets or Collateral, or prospects of any Loan Party or any of its Subsidiaries as the Administrative Agent, or any Lender through the
Administrative Agent, may from time to time reasonably request.

 

Section
5.04.              
Financial Covenants. So long as any Advance or any other Obligation of any Loan Party under any Loan Document shall
remain unpaid or any Lender shall have, at any time after the Initial Extensions of Credit, any Commitment hereunder, the Loan Parties
will not permit:

 

(a)               
Maximum Leverage Ratio. the Leverage Ratio, as of each Test Date, to exceed 55.0%.

 

(b)              
Minimum Consolidated Tangible Net Worth: Consolidated Tangible Net Worth at any time to be less than the sum of (a) $283,141,000,
plus (b) an amount equal to 75% of the net cash proceeds received by the Parent or a Subsidiary thereof from issuances or
sales of Equity Interests of the Parent or any of its Subsidiaries consummated after the Closing Date.

 

(c)               
Minimum Consolidated Fixed Charge Coverage Ratio. the Consolidated Fixed Charge Coverage Ratio, (i) as of March 31,
2022, to be less than 1.25 to 1.00, and (ii) as of each Test Date thereafter, to be less than 1.50:1.00.

 

(d)               
Maximum Secured Leverage Ratio. the ratio of Secured Indebtedness (excluding Indebtedness arising under this Agreement
or under the Summit JV MR 1 Financing) to Total Asset Value, as of each Test Date, to exceed 40%.

 

To the extent any calculations
described in this Section 5.04 are required to be made on any date of determination other than the last day of a fiscal quarter of
the Parent, such calculations shall be made on a pro forma basis to account for any acquisitions or dispositions of Assets (including
in respect of revenues generated by such acquired or disposed of Assets), and the incurrence or repayment of any Debt for Borrowed Money
relating to such Assets, that have occurred since the last day of the fiscal quarter of the Parent most recently ended. To the extent
any calculations described in this Section 5.04 are required to be made on a Test Date relating to an Advance, a merger permitted
under Section 5.02(d), or a Transfer permitted under Section 5.02(e)(C), such calculations shall be made on a pro forma basis
after giving effect to such Advance, merger, Transfer or such other event, as applicable. All such calculations shall be reasonably acceptable
to the Administrative Agent.

 

Section
5.05.              
Borrowing Base Covenants. So long as any Advance or any other Obligation of any Loan Party under any Loan Document
shall remain unpaid or any Lender shall have, at any time after the Initial Extensions of Credit, any Commitment hereunder, the Loan Parties
will not permit:

 

(a)               
Maximum Borrowing Base Leverage Ratio. the Borrowing Base Leverage Ratio at any time to exceed fifty-five (55.0%).

 

(b)               
Minimum Borrowing Base Interest Coverage Ratio. the Borrowing Base Interest Coverage Ratio, as of each Test Date,
to be less than 2.00:1.00.

 

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To the extent any
calculations described in this Section 5.05 are required to be made on any date of determination other than the last day of a
fiscal quarter of the Parent, such calculations shall be made on a pro forma basis to account for any acquisitions or
dispositions of Assets (including in respect of revenues generated by such acquired or disposed of Assets), and the incurrence or
repayment of any Debt for Borrowed Money relating to such Assets, that have occurred since the last day of the fiscal quarter of the
Parent most recently ended. To the extent any calculations described in this Section 5.05 are required to be made on a Test
Date relating to an Advance, a merger permitted under Section 5.02(d), or a Transfer permitted under Section 5.02(e)(C),
such calculations shall be made on a pro forma basis after giving effect to such Advance, merger, Transfer or such other
event, as applicable. All such calculations shall be reasonably acceptable to the Administrative Agent.

 

Article
VI

EVENTS OF DEFAULT

 

Section
6.01.              
Events of Default. Any of the following shall constitute an event of default (“Events of Default”):

 

(a)               
Failure to Make Payments When Due. (i) The Borrowers shall fail to pay any principal of any Advance when the
same shall become due and payable, (ii) the Borrowers shall fail to pay any interest on any Advance within three (3) Business
Days after the same becomes due and payable or (iii) or any Loan Party shall fail to make any other payment under any Loan Document
within five (5) Business Days after the same becomes due and payable; or

 

(b)               
Breach of Representations and Warranties. Any representation or warranty made by any Loan Party (or any of its officers
or the officers of its general partner or managing member, as applicable) under or in connection with any Loan Document shall prove to
have been incorrect in any material respect when made or deemed made; or

 

(c)               
Breach of Certain Covenants. (i) Any Loan Party shall fail to perform or observe any term, covenant or agreement
contained in Section 2.14, 5.01(d), (e), (f), (i), (j), (n) (to the extent such failure would permit the lessor under the applicable
Qualifying Ground Lease or Operating Lease to terminate such lease), (o), (u) or (v), 5.02, 5.03(a), (g), (k), (l), (m), 5.04 or 5.05
or (ii) any Loan Party shall fail to perform or observe any term, covenant or agreement contained in Section 5.03(b), (c), (e),
(f), (i), (o), or (p) if such failure described in this clause (ii) shall remain unremedied for fifteen (15) days after
the earlier of the date on which (A) a Responsible Officer becomes aware of such failure or (B) written notice thereof shall
have been given to the Borrowers by the Administrative Agent or any Lender or (iii) any Grantor fails to perform or observe any term,
covenant or agreement contained in the Pledge Agreement to which it is a party; or

 

(d)               
Other Defaults under Loan Documents. Any Loan Party shall fail to perform or observe any other term, covenant or
agreement (not specified in subsection (a), (b) or (c) above) contained in any Loan Document on its part to be performed or observed
if such failure shall remain unremedied for thirty (30) days after the earlier of the date on which (i) a Responsible Officer
becomes aware of such failure or (ii) written notice thereof shall have been given to the Borrowers by the Administrative Agent or
any Lender; or

 

(e)               
Cross Defaults. (i) Any Loan Party or any Subsidiary thereof shall fail to pay any principal of, premium or
interest on or any other amount payable in respect of any Material Debt when the same becomes due and payable (whether by scheduled maturity,
required prepayment, acceleration, demand or otherwise); or (ii) any other event shall occur or condition shall exist under any agreement
or instrument relating to any such Material Debt, if the effect of such event or condition is to permit the acceleration of the maturity
of such Material Debt or otherwise permit the holders thereof to cause such Material Debt to mature; or (iii) the maturity of any
such Material Debt shall be accelerated or any such Material Debt shall be declared to be due and payable or required to be prepaid or
redeemed (other than by a regularly scheduled required prepayment or redemption), purchased or defeased, or an offer to prepay, redeem,
purchase or defease such Material Debt shall be required to be made, in each case prior to the stated maturity thereof; or

 

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(f)                
 Insolvency Events. Any Loan Party or any Subsidiary thereof shall generally not pay its debts as such debts become
due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors;
or any proceeding shall be instituted by or against any Loan Party or any Subsidiary thereof seeking to adjudicate it a bankrupt or insolvent
(including any Bail-In Action), or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition
of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an
order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property
and, in the case of any such proceeding instituted against it (but not instituted by it) that is being diligently contested by it in good
faith, either such proceeding shall remain undismissed or unstayed for a period of sixty (60) days or any of the actions sought
in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee,
custodian or other similar official for, it or any substantial part of its property) shall occur; or any Loan Party or any Subsidiary
thereof shall take any corporate action to authorize any of the actions set forth above in this subsection (f); provided,
however, that, if any of the events or circumstances described in this subsection (f) occur or exist with respect to a Subsidiary
of a Borrower that is not a Loan Party (a “Debtor Subsidiary”), such event(s) or circumstance(s) shall
not constitute a Default or an Event of Default so long as (i) such Debtor Subsidiary has no other Debt other than Non-Recourse Debt,
(ii) such event(s) or circumstance(s) have not resulted in, and will not result in, any material liability, either individually or
in the aggregate, to the Parent, the Borrowers or any of their respective Subsidiaries (exclusive of the Debtor Subsidiary), and (iii) the
total assets of such Debtor Subsidiary do not exceed $10,000,000 as of the date such event(s) occur or such circumstance(s) first exist;
and (iv) no court of competent jurisdiction has issued an order substantively consolidating the assets and liabilities of such Debtor
Subsidiary with those of any other Person; or

 

(g)               
Monetary Judgments. Any judgments or orders, either individually or in the aggregate, for the payment of money in
excess of $10,000,000 shall be rendered against any Loan Party or any Subsidiary thereof and either (i) enforcement proceedings shall
have been commenced by any creditor upon such judgment or order or (ii) there shall be any period of thirty (30) consecutive
days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect;
provided, however, that any such judgment or order shall not give rise to an Event of Default under this Section 6.01(g)
if and so long as (A) the amount of such judgment or order which remains unsatisfied is covered by a valid and binding policy of
insurance between the respective Loan Party or Subsidiary and the insurer covering full payment of such unsatisfied amount and (B) such
insurer, which shall be rated at least “A” by A.M. Best Company, has been notified, and has not disputed the claim made for
payment, of the amount of such judgment or order; or

 

(h)               
Non-Monetary Judgments. Any non-monetary judgment or order shall be rendered against any Loan Party or Subsidiary
thereof that could reasonably be expected to result in a Material Adverse Effect, and there shall be any period of thirty (30) consecutive
days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect;
or

 

(i)                 
Unenforceability of Loan Documents. Any material provision of any Loan Document after delivery thereof pursuant to
Section 3.01 or 5.01(j) shall for any reason (other than pursuant to the terms thereof) cease to be valid and binding on or enforceable
against any Loan Party which is party to it, or any such Loan Party shall so state in writing; or

 

(j)                 
Pledge Agreement. The Pledge Agreement shall for any reason cease to create a valid and perfected first priority
Lien (subject to Permitted Equity Encumbrances) on the Collateral purported to be covered thereby; or

 

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(k)               
Change of Control. A Change of Control shall occur; or

 

(l)                 
 ERISA Events. (i) Any ERISA Event shall have occurred with respect to a Plan and the sum (determined as of
the date of occurrence of such ERISA Event) of the Insufficiency of such Plan and the Insufficiency of any and all other Plans with respect
to which an ERISA Event shall have occurred and then exist (or the liability of the Loan Parties and the ERISA Affiliates related to such
ERISA Event) exceeds $10,000,000, (ii) an ERISA Event occurs with respect to a Plan or Multiemployer Plan which has resulted or could
reasonably be expected to result in liability of any Loan Party or any of its Subsidiaries under Title IV of ERISA to the Plan, Multiemployer
Plan or the PBGC, which liability individually or in an aggregate would reasonably be expected to result in a Material Adverse Effect,
(iii) any Loan Party or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment
payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan, which liability in the aggregate
would reasonably be expected to result in a Material Adverse Effect, or (iv) any Loan Party shall be or become a Benefit Plan; or

 

(m)             
REIT Status. Any Borrower shall for any reason, fail to maintain its status as a REIT, after taking into account
any cure provisions set forth in the Code that are complied with by the Borrower.

 

Section
6.02.              
Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall
at the request, or may with the consent, of the Required Lenders, by notice to the Borrowers, declare the Advances, all interest thereon
and all other amounts payable under this Agreement and the other Loan Documents to be forthwith due and payable, whereupon the Advances,
all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further
notice of any kind, all of which are hereby expressly waived by the Borrowers; provided, however, that in the event of an
actual or deemed entry of an order for relief with respect to any Loan Party under any Bankruptcy Law, the Advances, all such interest
and all such amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind,
all of which are hereby expressly waived by the Loan Parties.

  

Section
6.03.              
Application of Funds. After the exercise of remedies provided for in Section 6.02 (or after the Advances have
automatically become immediately due and payable as set forth in the proviso to Section 6.02), any amounts received on account of
the Obligations shall, subject to the provisions of Section 9.10, be applied by the Administrative Agent in the following order:

  

First, to payment of
that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements
of counsel to the Administrative Agent and amounts payable under Sections 2.08, 2.10, 2.12, or 9.04(c)) payable to the Administrative
Agent in its capacity as such;

 

Second, to payment
of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the
Lenders (including fees, charges and disbursements of counsel to the respective Lenders and amounts payable under Sections 2.08,
2.10, 2.12, or 9.04(c)), ratably among them in proportion to the respective amounts described in this clause Second payable to them;

 

Third, to payment of
that portion of the Obligations constituting accrued and unpaid interest on the Advances and other Obligations, ratably among the Lenders
in proportion to the respective amounts described in this clause Third payable to them;

 

Fourth, to payment
of that portion of the Obligations constituting unpaid principal of the Advances and Obligations then owing under Guaranteed Hedge Agreements,
ratably among the Lenders and the Hedge Banks in proportion to the respective amounts described in this clause Fourth held by them;
and

 

Last, the balance,
if any, after all of the Obligations have been indefeasibly paid in full, to the Borrowers or as otherwise required by law.

 

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Notwithstanding the foregoing,
Obligations arising under Guaranteed Hedge Agreements shall be excluded from the application described above if the Administrative Agent
has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the
applicable Hedge Bank. Each Hedge Bank not a party to the Credit Agreement that has given the notice contemplated by the preceding sentence
shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of
Article VIII hereof for itself and its Affiliates as if a “Lender” party hereto.

 

Article
VII

GUARANTY

 

Section
7.01.              
Guaranty; Limitation of Liability. (a) Each Guarantor, jointly
and severally, hereby absolutely, unconditionally and irrevocably guarantees the punctual payment when due, whether at scheduled maturity
or on any date of a required prepayment or by acceleration, demand or otherwise, of all Obligations of each other Loan Party now or hereafter
existing under or in respect of the Loan Documents (including, without limitation, any extensions, modifications, substitutions, amendments
or renewals of any or all of the foregoing Obligations), whether direct or indirect, absolute or contingent, and whether for principal,
interest, premiums, fees, indemnities, contract causes of action, costs, expenses or otherwise, in each case exclusive of all Excluded
Swap Obligations (such guaranteed Obligations being the “Guaranteed Obligations”), and agrees to pay any and
all expenses (including, without limitation, fees and expenses of counsel) incurred by the Administrative Agent or any other Lender in
enforcing any rights under this Agreement or any other Loan Document. Without limiting the generality of the foregoing, each Guarantor’s
liability shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed by any other Loan Party to
any Lender under or in respect of the Loan Documents but for the fact that they are unenforceable or not allowable due to the existence
of a bankruptcy, reorganization or similar proceeding involving such other Loan Party. This Guaranty is and constitutes a guaranty of
payment and not merely of collection.

 

(b)               
Each Guarantor, the Administrative Agent and each other Lender and, by its acceptance of the benefits of this Guaranty,
each other Lender, hereby confirms that it is the intention of all such Persons that this Guaranty and the Obligations of each Guarantor
hereunder not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the
Uniform Voidable Transactions Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable
to this Guaranty and the Obligations of each Guarantor hereunder. To effectuate the foregoing intention, the Guarantors, the Administrative
Agent, the other Lenders and, by their acceptance of the benefits of this Guaranty, the other Lenders hereby irrevocably agree that the
Obligations of each Guarantor under this Guaranty at any time shall be limited to the maximum amount as will result in the Obligations
of such Guarantor under this Guaranty not constituting a fraudulent transfer or conveyance.

 

(c)               
Each Guarantor hereby unconditionally and irrevocably agrees that in the event any payment shall be required to be made
to any Lender under this Guaranty or any other guaranty, such Guarantor will contribute, to the maximum extent permitted by law, such
amounts to each other Guarantor and each other guarantor so as to maximize the aggregate amount paid to the Lenders under or in respect
of the Loan Documents.

 

Section
7.02.               Guaranty
Absolute. Each Guarantor guarantees that the Guaranteed Obligations will be paid strictly in accordance with the terms of this
Agreement and the other Loan Documents, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction
affecting any of such terms or the rights of the Administrative Agent or any other Lender with respect thereto. The Obligations of
each Guarantor under or in respect of this Guaranty are independent of the Guaranteed Obligations or any other Obligations of any
other Loan Party under or in respect of this Agreement or the other Loan Documents, and a separate action or actions may be brought
and prosecuted against each Guarantor to enforce this Guaranty, irrespective of whether any action is brought against a Borrower or
any other Loan Party or whether a Borrower or any other Loan Party is joined in any such action or actions. The liability of each
Guarantor under this Guaranty shall be irrevocable, absolute and unconditional irrespective of, and each Guarantor hereby
irrevocably waives any defenses it may now have or hereafter acquire in any way relating to, any or all of the following:

 

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(a)               
any lack of validity or enforceability of any Loan Document or any agreement or instrument relating thereto;

 

(b)               
any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations
or any other Obligations of any other Loan Party under or in respect of the Loan Documents, or any other amendment or waiver of or any
consent to departure from any Loan Document, including, without limitation, any increase in the Guaranteed Obligations resulting from
the extension of additional credit to the Borrowers, any other Loan Party or any of their Subsidiaries or otherwise;

 

(c)               
any taking, exchange, release or non-perfection of any collateral, or any taking, release or amendment or waiver of, or
consent to departure from, any other guaranty, for all or any of the Guaranteed Obligations;

 

(d)               
any manner of application of collateral, or proceeds thereof, to all or any of the Guaranteed Obligations, or any manner
of sale or other disposition of any collateral for all or any of the Guaranteed Obligations or any other Obligations of any Loan Party
under the Loan Documents or any other assets of any Loan Party or any of its Subsidiaries;

 

(e)               
any change, restructuring or termination of the corporate structure or existence of any Loan Party or any of its Subsidiaries;

 

(f)                
any failure of the Administrative Agent or any other Lender to disclose to any Loan Party any information relating to the
business, condition (financial or otherwise), operations, performance, properties or prospects of any other Loan Party now or hereafter
known to the Administrative Agent or such other Lender (each Guarantor waiving any duty on the part of the Administrative Agent and each
other Lender to disclose such information);

 

(g)               
the failure of any other Person to execute or deliver this Agreement, any other Loan Document, any Guaranty Supplement or
any other guaranty or agreement or the release or reduction of liability of any Guarantor or other guarantor or surety with respect to
the Guaranteed Obligations; or

 

(h)               
any other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any
representation by the Administrative Agent or any other Lender that might otherwise constitute a defense available to, or a discharge
of, any Loan Party or any other guarantor or surety.

 

This Guaranty shall continue to be effective or
be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be returned
by any Lender or any other Person upon the insolvency, bankruptcy or reorganization of a Borrower or any other Loan Party or otherwise,
all as though such payment had not been made.

 

Section
7.03.              
Waivers and Acknowledgments. (a) Each Guarantor hereby unconditionally
and irrevocably waives promptness, diligence, notice of acceptance, presentment, demand for performance, notice of nonperformance, default,
acceleration, protest or dishonor and any other notice with respect to any of the Guaranteed Obligations and this Guaranty and any requirement
that the Administrative Agent or any other Lender protect, secure, perfect or insure any Lien or any property subject thereto or exhaust
any right or take any action against any Loan Party or any other Person or any collateral.

 

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(b)               
 Each Guarantor hereby unconditionally and irrevocably waives any right to revoke this Guaranty and acknowledges that this
Guaranty is continuing in nature and applies to all Guaranteed Obligations, whether existing now or in the future.

 

(c)               
Each Guarantor hereby unconditionally and irrevocably waives (i) any defense arising by reason of any claim or defense
based upon an election of remedies by the Administrative Agent or any other Lender that in any manner impairs, reduces, releases or otherwise
adversely affects the subrogation, reimbursement, exoneration, contribution or indemnification rights of such Guarantor or other rights
of such Guarantor to proceed against any of the other Loan Parties, any other guarantor or any other Person or any collateral and (ii) any
defense based on any right of set-off or counterclaim against or in respect of the Obligations of such Guarantor hereunder.

 

(d)               
[Intentionally Omitted].

 

(e)               
Each Guarantor hereby unconditionally and irrevocably waives any duty on the part of the Administrative Agent or any other
Lender to disclose to such Guarantor any matter, fact or thing relating to the business, condition (financial or otherwise), operations,
performance, properties or prospects of the Borrowers, any other Loan Party or any of their Subsidiaries now or hereafter known by the
Administrative Agent or such other Lender.

 

(f)                
Each Guarantor acknowledges that it will receive substantial direct and indirect benefits from the financing arrangements
contemplated by this Agreement and the other Loan Documents and that the waivers set forth in Section 7.02 and this Section 7.03
are knowingly made in contemplation of such benefits.

 

Section
7.04.              
Subrogation. Each Guarantor hereby unconditionally and irrevocably agrees not to exercise any rights that it may
now have or hereafter acquire against a Borrower, any other Loan Party that arise from the existence, payment, performance or enforcement
of such Guarantor’s Obligations under or in respect of this Guaranty, this Agreement or any other Loan Document, including, without
limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any
claim or remedy of any Lender against a Borrower, any other Loan Party or any other insider guarantor or any collateral, whether or not
such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take
or receive from a Borrower, any other Loan Party, directly or indirectly, in cash or other property or by set-off or in any other manner,
payment or security on account of such claim, remedy or right, unless and until all of the Guaranteed Obligations and all other amounts
payable under this Guaranty shall have been paid in full in cash, all Guaranteed Hedge Agreements shall have expired or been terminated
and the Commitments shall have expired or been terminated. If any amount shall be paid to any Guarantor in violation of the immediately
preceding sentence at any time prior to the latest of (a) the payment in full in cash of the Guaranteed Obligations and all other
amounts payable under this Guaranty, (b) the termination in whole of the Commitments and (c) the latest date of expiration or
termination of all Guaranteed Hedge Agreements, such amount shall be received and held in trust for the benefit of the Lenders, shall
be segregated from other property and funds of such Guarantor and shall forthwith be paid or delivered to the Administrative Agent in
the same form as so received (with any necessary endorsement or assignment) to be credited and applied to the Guaranteed Obligations and
all other amounts payable under this Guaranty, whether matured or unmatured, in accordance with the terms of the Loan Documents. If (i) any
Guarantor shall make payment to any Lender of all or any part of the Guaranteed Obligations, (ii) all of the Guaranteed Obligations
and all other amounts payable under this Guaranty shall have been paid in full in cash, (iii) the termination in whole of the Commitments
shall have occurred and (iv) all Guaranteed Hedge Agreements shall have expired or been terminated, the Administrative Agent and
the other Lenders will, at such Guarantor’s request and expense, execute and deliver to such Guarantor appropriate documents, without
recourse and without representation or warranty, necessary to evidence the transfer by subrogation to such Guarantor of an interest in
the Guaranteed Obligations resulting from such payment made by such Guarantor pursuant to this Guaranty.

 

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Section
7.05.              
Guaranty Supplements. Upon the execution and delivery by any Person of a Guaranty Supplement, (i) such Person
shall be referred to as an “Additional Guarantor” and shall become and be a Guarantor hereunder, and each reference
in this Agreement to a “Guarantor” or a “Loan Party” shall also mean and be a reference to such Additional Guarantor,
and each reference in any other Loan Document to a “Guarantor” shall also mean and be a reference to such Additional Guarantor,
and (ii) each reference herein to “this Agreement”, “this Guaranty”, “hereunder”, “hereof”
or words of like import referring to this Agreement and this Guaranty, and each reference in any other Loan Document to the “Loan
Agreement”, “Guaranty”, “thereunder”, “thereof” or words of like import referring to this Agreement
and this Guaranty, shall mean and be a reference to this Agreement and this Guaranty as supplemented by such Guaranty Supplement.

 

Section
7.06.              
Indemnification by Guarantors. (a) Without limitation on any
other Obligations of any Guarantor or remedies of the Administrative Agent or the Lenders under this Agreement, this Guaranty or the other
Loan Documents, each Guarantor shall, to the fullest extent permitted by law, indemnify, defend and save and hold harmless the Administrative
Agent, the Arranger, each Lender and each Related Party of any of the foregoing Persons (each, an “Indemnified Party”)
from and against, and shall pay on demand, any and all claims, damages, losses, liabilities and expenses (including, without limitation,
reasonable fees and expenses of counsel) that may be incurred by or asserted or awarded against any Indemnified Party in connection with
or as a result of any failure of any Guaranteed Obligations to be the legal, valid and binding obligations of any Loan Party enforceable
against such Loan Party in accordance with their terms.

 

(b)               
Each Guarantor hereby also agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract,
tort or otherwise) to any of the Guarantors or any of their respective Affiliates or any of their respective officers, directors, employees,
agents and advisors, and each Guarantor hereby agrees not to assert any claim against any Indemnified Party on any theory of liability,
for special, indirect, consequential or punitive damages arising out of or otherwise relating to the Facilities, the actual or proposed
use of the proceeds of the Advances, the Loan Documents or any of the transactions contemplated by the Loan Documents.

 

Section
7.07.              
Subordination. Each Guarantor hereby subordinates any and all debts, liabilities and other Obligations owed to such
Guarantor by each other Loan Party (the “Subordinated Obligations”) to the Guaranteed Obligations to the extent
and in the manner hereinafter set forth in this Section 7.07.

 

(a)               
Prohibited Payments, Etc. Except during the continuance of a Default (including the commencement and continuation
of any proceeding under any Bankruptcy Law relating to any other Loan Party), each Guarantor may receive regularly scheduled payments
or payments made in the ordinary course of business from any other Loan Party on account of the Subordinated Obligations. After the occurrence
and during the continuance of any Default (including the commencement and continuation of any proceeding under any Bankruptcy Law relating
to any other Loan Party), however, unless required pursuant to Section 7.07(d), no Guarantor shall demand, accept or take any action
to collect any payment on account of the Subordinated Obligations.

 

(b)               
Prior Payment of Guaranteed Obligations. In any proceeding under any Bankruptcy Law relating to any other Loan Party,
each Guarantor agrees that the Lenders shall be entitled to receive payment in full in cash of all Guaranteed Obligations (including all
interest and expenses accruing after the commencement of a proceeding under any Bankruptcy Law, whether or not constituting an allowed
claim in such proceeding (“Post Petition Interest”)) before such Guarantor receives payment of any Subordinated
Obligations.

 

(c)                Turn-Over.
After the occurrence and during the continuance of any Default (including the commencement and continuation of any proceeding under
any Bankruptcy Law relating to any other Loan Party), each Guarantor shall, if the Administrative Agent so requests, collect,
enforce and receive payments on account of the Subordinated Obligations as trustee for the Lenders and deliver such payments to the
Administrative Agent on account of the Guaranteed Obligations (including all Post Petition Interest), together with any necessary
endorsements or other instruments of transfer, but without reducing or affecting in any manner the liability of such Guarantor under
the other provisions of this Guaranty.

 

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(d)               
Administrative Agent Authorization. After the occurrence and during the continuance of any Default (including the
commencement and continuation of any proceeding under any Bankruptcy Law relating to any other Loan Party), the Administrative Agent is
authorized and empowered (but without any obligation to so do), in its discretion, (i) in the name of each Guarantor, to collect
and enforce, and to submit claims in respect of, Subordinated Obligations and to apply any amounts received thereon to the Guaranteed
Obligations (including any and all Post Petition Interest), and (ii) to require each Guarantor (A) to collect and enforce,
and to submit claims in respect of, Subordinated Obligations and (B) to pay any amounts received on such obligations to the Administrative
Agent for application to the Guaranteed Obligations (including any and all Post Petition Interest).

 

Section
7.08.              
Continuing Guaranty. This Guaranty is a continuing guaranty and shall (a) remain in full force and effect until
the latest of (i) the payment in full in cash of the Guaranteed Obligations and all other amounts payable under this Guaranty, (ii) the
termination in whole of the Commitments and (iii) the latest date of expiration or termination of all Guaranteed Hedge Agreements,
(b) be binding upon the Guarantors, their successors and assigns and (c) inure to the benefit of and be enforceable by the Administrative
Agent and the other Lenders and their successors, transferees and assigns.

 

Section
7.09.              
Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes
to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its Guaranteed Obligations
in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 7.09
for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 7.09, or
otherwise in respect of the Guaranteed Obligations, as it relates to such other Loan Party, voidable under applicable law relating to
fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this
Section shall remain in full force and effect until a discharge of the Guaranteed Obligations. Each Qualified ECP Guarantor intends that
this Section 7.09 constitute, and this Section 7.09 shall be deemed to constitute, a “keepwell, support, or other agreement”
for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

Article
VIII

THE ADMINISTRATIVE AGENT

 

Section
8.01.              
Appointment and Authority. Each of the Lenders (in its capacities as a Lender and on behalf of itself and its Affiliates
as potential Hedge Banks) hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent hereunder and under
the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are
delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental
thereto. The provisions of this Article VIII are solely for the benefit of the Administrative Agent and the Lenders, and no Borrower
or any other Loan Party shall have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the
use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative
Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable
Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship
between contracting parties.

 

Section
8.02.               Rights
as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a
Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term
 “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires,
include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may
accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and
generally engage in any kind of business with the Parent or any Subsidiary or other Affiliate thereof as if such Person were not the
Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 

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Section
8.03.              
Exculpatory Provisions. None of the Administrative Agent, any Arranger or the Syndication Agent, as applicable, shall
have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall
be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent, the Arrangers or the Syndication
Agent, as applicable:

 

(a)               
shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b)               
shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights
and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in
the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the
opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law, including
for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a
forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law;

 

(c)               
shall not have any duty or responsibility to disclose, and shall not be liable for the failure to disclose, to any Lender,
any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness
of any of the Loan Parties or any of their Affiliates, that is communicated to, obtained or in the possession of, the Administrative Agent,
any Arranger, the Syndication Agent or any of their Related Parties in any capacity, except for notices, reports and other documents expressly
required to be furnished to the Lenders by the Administrative Agent herein;

 

(d)               
shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required
Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good
faith shall be necessary, under the circumstances as provided in Sections 9.01 and 6.02) or (ii) in the absence of its own gross
negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The Administrative
Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given in writing to the
Administrative Agent by a Borrower or a Lender; and

 

(e)               
shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in Article III or elsewhere herein, other than to confirm receipt of items expressly required
to be delivered to the Administrative Agent.

 

Section
8.04.               Reliance
by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying
upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message,
Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise
authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and
believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making of a Loan, that by its terms must be fulfilled to the satisfaction of a
Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent
shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult
with legal counsel (who may be counsel for a Loan Party), independent accountants and other experts selected by it, and shall not be
liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

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Section
8.05.              
Indemnification by Lenders. (a) Each Lender severally agrees
to indemnify the Administrative Agent (to the extent not promptly reimbursed by the Borrowers) from and against such Lender’s ratable
share (determined as provided below) of any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against the Administrative
Agent in any way relating to or arising out of the Loan Documents or any action taken or omitted by the Administrative Agent under the
Loan Documents (collectively, the “Indemnified Costs”); provided, however, that no Lender shall
be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements resulting from the Administrative Agent’s gross negligence or willful misconduct as found in a final, non-appealable
judgment by a court of competent jurisdiction. Without limitation of the foregoing, each Lender agrees to reimburse the Administrative
Agent promptly upon demand for its ratable share of any costs and expenses (including, without limitation, fees and expenses of counsel)
payable by the Borrowers under Section 9.04, to the extent that the Administrative Agent is not promptly reimbursed for such costs
and expenses by the Borrowers. In the case of any investigation, litigation or proceeding giving rise to any Indemnified Costs, this Section 8.05
applies whether any such investigation, litigation or proceeding is brought by any Lender or any other Person.

 

(b)              
[Intentionally Omitted].

 

(c)               
For purposes of this Section 8.05, the Lenders’ respective ratable shares of any amount shall be determined,
at any time, according to their respective Commitments at such time. The failure of any Lender to reimburse the Administrative Agent promptly
upon demand for its ratable share of any amount required to be paid by the Lenders to the Administrative Agent as provided herein shall
not relieve any other Lender of its obligation hereunder to reimburse the Administrative Agent for its ratable share of such amount, but
no Lender shall be responsible for the failure of any other Lender to reimburse the Administrative Agent for such other Lender’s
ratable share of such amount. Without prejudice to the survival of any other agreement of any Lender hereunder, the agreement and obligations
of each Lender contained in this Section 8.05 shall survive the payment in full of principal, interest and all other amounts payable
hereunder and under the other Loan Documents.

 

Section
8.06.              
Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Loan Document by or through any one or more sub agents appointed by the Administrative Agent. The
Administrative Agent and any such sub agent may perform any and all of its duties and exercise its rights and powers by or through their
respective Related Parties. The exculpatory provisions of this Article VIII shall apply to any such sub agent and to the Related
Parties of the Administrative Agent and any such sub agent, and shall apply to their respective activities in connection with the syndication
of the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible
for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and
nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

 

Section
8.07.              
Resignation of Administrative Agent.

 

(a)                The
Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrowers. Upon receipt of any such
notice of resignation, the Required Lenders shall have the right, in consultation with the Borrowers, to appoint a successor, which
shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no
such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within
thirty (30) days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be
agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent
may (but shall not be obligated to) on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications
set forth above, provided that in no event shall any such successor Administrative Agent be a Defaulting Lender. Whether or not a
successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective
Date.

 

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(b)               
If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof,
the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrowers and such Person remove such
Person as Administrative Agent and, in consultation with the Borrowers, appoint a successor. If no such successor shall have been so appointed
by the Required Lenders and shall have accepted such appointment within thirty (30) days (or such earlier day as shall be agreed
by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective
in accordance with such notice on the Removal Effective Date.

 

(c)               
With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the retiring or removed
Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) except for
any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations
provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if
any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s
appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges
and duties of the retiring (or removed) Administrative Agent (other than as provided in Section 2.12(f) and (g) and other than any
rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date
or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties
and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section 8.07).
The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise
agreed among the Borrowers and such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder
and under the other Loan Documents, the provisions of this Article VIII and Section 9.04 shall continue in effect for the benefit
of such retiring or removed Administrative Agent, its sub agents and their respective Related Parties in respect of any actions taken
or omitted to be taken by any of them (i) while the retiring or removed Administrative Agent was acting as Administrative Agent and
(ii) after such resignation or removal for as long as any of them continues to act in any capacity hereunder or under the other Loan
Documents, including in respect of any actions taken in connection with transferring the agency to any successor Administrative Agent.

 

Section
8.08.               Non-Reliance
on the Administrative Agent, the Arrangers, the Syndication Agent and the Other Lenders.
Each Lender expressly acknowledges that none of the Administrative Agent, any Arranger or the Syndication Agent has made any
representation or warranty to it, and that no act by the Administrative Agent, any Arranger or the Syndication Agent hereafter
taken, including any consent to, and acceptance of any assignment or review of the affairs of any Loan Party of any Affiliate
thereof, shall be deemed to constitute any representation or warranty by the Administrative Agent, any Arranger or the Syndication
Agent to any Lender as to any matter, including whether the Administrative Agent, any Arranger or the Syndication Agent have
disclosed material information in their (or their Related Parties’) possession. Each Lender represents to the Administrative
Agent, the Arrangers and the Syndication Agent that it has, independently and without reliance upon the Administrative Agent, the
Arrangers, the Syndication Agent, any other Lender or any of their Related Parties and based on such documents and information as it
has deemed appropriate, made its own credit analysis of, appraisal of, and investigation into, the business, prospects, operations,
property, financial and other condition and creditworthiness of the Loan Parties and their Subsidiaries, and all applicable bank or
other regulatory laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and
to extend credit to the Borrowers hereunder. Each Lender also acknowledges that it will, independently and without reliance upon the
Administrative Agent, any Arranger, the Syndication Agent, any other Lender or any of their Related Parties and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own credit analysis, appraisals and
decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any
document furnished hereunder or thereunder, and to make such investigations as it deems necessary to inform itself as to the
business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties. Each Lender
represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility and (ii) it is
engaged in making, acquiring or holding commercial loans in the ordinary course and is entering into this Agreement as a Lender for
the purpose of making, acquiring or holding commercial loans and providing other facilities set forth herein as may be applicable to
such Lender, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument, and each Lender
agrees not to assert a claim in contravention of the foregoing. Each Lender represents and warrants that it is sophisticated with
respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be
applicable to such Lender, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold
such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or
providing such other facilities.

 

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Section
8.09.              
No Other Duties, Etc. Anything herein to the contrary notwithstanding, none
of the Arrangers or the Syndication Agent listed on the cover page hereof shall have any powers, duties or responsibilities under this
Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder.

 

Section
8.10.              
Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief
Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any
Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative
Agent shall have made any demand on the Borrowers) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

 

(a)               
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Advances
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have
the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and
the Administrative Agent under Sections 2.08 and 9.04) allowed in such judicial proceeding; and

 

(b)               
to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such
payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements
and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.08
and 9.04.

 

Nothing contained herein shall
be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent to
vote in respect of the claim of any Lender in any such proceeding.

 

Section
8.11.              
Guaranty and Collateral Matters. Without limiting the provisions of Section 8.10, each of the Lenders irrevocably
authorize the Administrative Agent, at its option and in its discretion,

 

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(a)               
 to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon
termination of the Aggregate Commitments and payment in full of all Obligations (other than (A) contingent indemnification obligations
and (B) obligations and liabilities under Guaranteed Hedge Agreements as to which arrangements satisfactory to the applicable Hedge
Bank shall have been made), (ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection
with any sale or other disposition permitted hereunder or under any other Loan Document to a Person that is not a Loan Party, or (iii) if
approved, authorized or ratified in writing in accordance with Section 9.01; and

 

(b)               
to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary or becomes an
Excluded Subsidiary, in each case, as a result of a transaction permitted under the Loan Documents.

 

Upon request by the Administrative
Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release any item of Collateral
or any Guarantor from its obligations under the Guaranty pursuant to this Section 8.11. In each case as specified in this Section 8.11,
the Administrative Agent will, at the Borrowers’ expense, execute and deliver to the applicable Loan Party such documents as such
Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted
under the Pledge Agreement or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Guaranty,
in each case in accordance with the terms of the Loan Documents and this Section 8.11.

 

The Administrative Agent shall
not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability
of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon, or any certificate prepared
by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders for any failure
to monitor or maintain any portion of the Collateral.

 

Section
8.12.              
Guaranteed Hedge Agreements. No Hedge Bank that obtains the benefits of Section 6.03, the Guaranty or any Collateral
by virtue of the provisions hereof or of the Guaranty or the Pledge Agreement shall have any right to notice of any action or to consent
to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the
release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided
in the Loan Documents. Notwithstanding any other provision of this Article VIII to the contrary, the Administrative Agent shall not
be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under
Guaranteed Hedge Agreements unless the Administrative Agent has received written notice of such Obligations, together with such supporting
documentation as the Administrative Agent may request, from the applicable Hedge Bank.

 

 

Section
8.13.              
Recovery of Erroneous Payments. Without limitation of any other provision in this Agreement, if at any time the Administrative
Agent makes a payment hereunder in error to any Lender, whether or not in respect of an Obligation due and owing by any Borrower at such
time, where such payment is a Rescindable Amount, then in any such event, each Lender receiving a Rescindable Amount severally agrees
to repay to the Administrative Agent forthwith on demand the Rescindable Amount received by such Lender in immediately available funds
in the currency so received, with interest thereon, for each day from and including the date such Rescindable Amount is received by it
to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation. Each Lender irrevocably waives any and all defenses,
including any “discharge for value” (under which a creditor might otherwise claim a right to retain funds mistakenly paid
by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable Amount. The Administrative
Agent shall inform each applicable Lender promptly upon determining that any payment made to such Lender comprised, in whole or in part,
a Rescindable Amount.

 

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Article
IX

MISCELLANEOUS

 

Section
9.01.              
Amendments, Etc. (a)  Subject to Section 2.09 and the
last paragraph of this Section 9.01(a), no amendment or waiver of any provision of this Agreement or the Notes or any other Loan
Document, nor consent to any departure by any Loan Party therefrom, shall in any event be effective unless the same shall be in writing
and signed by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in
the other Loan Documents) and the applicable Loan Parties, as the case may be, and acknowledged by the Administrative Agent, and then
such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided,
however, that

 

(i)                 
no amendment, waiver or consent shall, unless in writing and signed by all of the Lenders, do any of the following at any
time:

 

(A)              
waive any condition set forth in Section 3.01;

 

(B)              
modify the definition of Required Lenders or otherwise change the percentage vote of the Lenders required to take any action
under this Agreement or any other Loan Document or any other provision hereof specifying the number or percentage of Lenders required
to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder; provided that
such terms and provisions may be amended in connection with the establishment of any Incremental Term Loan Facility, with the consent
of the Administrative Agent and the Lenders providing commitments for such Incremental Term Loan Facility, so long as such payments continue
to be based on each Lender’s Pro Rata Share with respect to the Facilities in which it participates;

 

(C)              
(i) release or have the effect of releasing any Borrower with respect to the Obligations or (ii) except to the
extent expressly permitted under this Agreement, reduce or limit the obligations of any Guarantor under Article VII or release any
Guarantor or otherwise limit any Guarantor’s liability with respect to the Guaranteed Obligations, or release, or have the effect
of releasing, all or substantially all of the value of the Guarantees of the Obligations;

 

(D)              
permit the Loan Parties to encumber any of the Collateral or release all or substantially all of the Collateral in any transaction
or series of related transactions, except, in each case, as expressly permitted in the Loan Documents;

 

(E)              
amend this Section 9.01;

 

(F)               
increase the Commitments of the Lenders or subject the Lenders to any additional obligations (except as set forth in Section 2.17);

 

(G)              
forgive or reduce the principal of, or interest on, the Obligations of the Loan Parties under the Loan Documents or
any fees or other amounts payable thereunder;

 

(H)              
postpone or extend any date fixed for any payment of principal of, or interest on, any of the Advances or any fees or other
amounts payable hereunder;

 

(I)                
extend the Termination Date in respect of any Facility (except as provided by Section 2.16);

 

(J)                
change Section 2.13, Section 6.03 or any other provision hereof in a manner that would have the effect of altering
the ratable reduction of Commitments or the pro rata sharing of payments otherwise required hereunder; or

 

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(K)              
 subordinate, or have the effect of subordinating, the Obligations hereunder to any other Indebtedness or other obligation;

 

(ii)               
the written consent of each Delayed Draw Term Lender shall be required to waive any condition set forth in Section 3.02
with respect to a Borrowing of Delayed Draw Term Advances;

 

(iii)             
only the written consent of each Lender under the applicable Facility shall be required to the extent such amendment, waiver
or consent shall change the definition of “Appropriate Lenders” (as it applies to such Facility), “Required Term Loan
Lenders, “Required Delayed Draw Term Lenders,” or “Required Incremental Term Loan Lenders”; and

 

(iv)             
only the written consent of (i) the Required Term Loan Lenders shall be required to the extent such amendment, waiver
or consent shall impose any greater restriction on the ability of any Term Loan Lender to assign any of its rights or obligations hereunder,
(ii) the Delayed Draw Term Lenders shall be required to the extent such amendment, waiver or consent shall impose any greater restriction
on the ability of any Delayed Draw Term Lender to assign any of its rights or obligations hereunder and (iii) the Required Incremental
Term Loan Lenders shall be required to the extent such amendment, waiver or consent shall impose any greater restriction on the ability
of any Incremental Term Loan Lender to assign any of its rights or obligations hereunder;

 

provided further that
(x) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required
above to take such action, (I) affect the rights or duties of the Administrative Agent under this Agreement or the other Loan Documents
or (II) amend or waive, or consent to any departure from or have the effect of amending, waiving or consent to any departure from,
Section 2.09 or any term defined in such section or any other term or provision of this Agreement relating to SOFR, Daily Simple
SOFR, Term SOFR or any Successor Rates or the replacement of any such rates or any Successor Rates and (y) the Fee Letter may only
be amended, and the rights or privileges thereunder may only be waived, in a writing executed by each of the parties thereto.

 

Notwithstanding the fact that
the consent of all of the Lenders is required in certain circumstances as set forth above, (x) each Lender is entitled to vote as
such Lender sees fit on any reorganization plan that affects the Advances, and each Lender acknowledges that the provisions of Section 1126(c)
of the Bankruptcy Code supersede the unanimous consent provisions set forth herein and (y) the Required Lenders may consent to allow
the Borrowers to use cash collateral in the context of a bankruptcy or insolvency proceeding.

 

Notwithstanding anything to
the contrary herein,

 

(i)                 
no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment,
waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the
applicable Lenders other than Defaulting Lenders), except that (i) the Commitment of any Defaulting Lender may not be increased or
extended or the maturity of any of its Advances may not be extended, the rate of interest on any of its Advances may not be reduced and
the principal amount of any of its Advances may not be forgiven, in each case, without the consent of such Defaulting Lender and (ii) any
waiver, amendment, consent or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any
Defaulting Lender more adversely relative to other affected Lenders shall require the consent of such Defaulting Lender;

 

(ii)               
the Administrative Agent and the Borrowers may, with the consent of the other (but without the consent of any Lender or other Loan
Party), amend, modify or supplement this Agreement and any other Loan Document (and such amendment, modification or supplement shall become
effective without any further action or consent of any other party to this Agreement):

 

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(I)                
 if the Administrative Agent and the Borrowers acting together identify any ambiguity, omission, mistake, typographical
error or other defect in any provision of this Agreement or any other Loan Document (including the schedules and exhibits thereto), then
the Administrative Agent and the Borrowers shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission,
mistake, typographical error or other defect, and such amendment shall become effective without any further action or consent of any other
party to this Agreement; or

 

(II)              
to add a “Guarantor” in accordance with the applicable provisions of this Agreement and the other Loan Documents;
and

 

(III)           
(i) to add one or more Incremental Term Loan Facilities to this Agreement subject to the limitations in Section 2.17
and to permit the extensions of credit and all related obligations and liabilities arising in connection therewith from time to time outstanding
to share ratably (or on a basis subordinated to the existing Advances and Commitments hereunder) in the benefits of this Agreement and
the other Loan Documents with the obligations and liabilities from time to time outstanding in respect of the existing Advances and Commitments
hereunder, and (ii) in connection with the foregoing, to permit, as deemed appropriate by the Administrative Agent, the Lenders providing
such Incremental Term Loan Facilities to participate in any required vote or action required to be approved by the Required Lenders or
by any other number, percentage or class of Lenders hereunder;

 

(iii)             
this Agreement may be amended and restated without the consent of any Lender (but with the consent of the Borrowers and the Administrative
Agent) if, upon giving effect to such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended
and restated), the Commitments of such Lender shall have terminated, such Lender shall have no other commitment or other obligation hereunder
and shall have been paid in full all principal, interest and other amounts owing to it or accrued for its account under this Agreement;
and

 

(iv)             
with respect to SOFR, Daily Simple SOFR or Term SOFR, the Administrative Agent will have the right to make Conforming Changes from
time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming
Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document; provided
that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming
Changes to the Borrowers and the Lenders reasonably promptly after such amendment becomes effective.

 

(b)                In
the event that the Borrowers are entitled to replace a Lender pursuant to the provisions of Section 2.10(h), or if any Lender
is a Defaulting Lender or any Lender (a “Non-Consenting Lender”) shall refuse to consent to a waiver or
amendment to, or a departure from, the provisions of this Agreement which requires the consent of all Lenders and that has been
consented to by the Administrative Agent and has been approved by the Required Lenders, the Required Term Lenders or the Required
Delayed Draw Term Lenders, as applicable, then the Borrowers shall have the right, at its sole expense and effort, upon written
demand to such Lender and the Administrative Agent, in the case of a Non-Consenting Lender, given within thirty (30) days
after the first date on which such consent was solicited in writing from the Lenders by the Administrative Agent (a
 “Consent Request Date”), to cause such Lender to assign, without recourse (in accordance with and subject
to the restrictions contained in, and consents required by, Section 9.06), all of its interests, rights (other than its
existing rights to payments pursuant to Sections 2.10 and 2.12) and obligations under this Agreement and the related Loan
Documents and obligations under this Agreement (including, without limitation, its Commitment or Commitments, the Advances owing to
it and the Note or Notes, if any, held by it) to an Eligible Assignee designated by the Borrowers and approved by the Administrative
Agent (such approval not to be unreasonably withheld) (a “Replacement Lender”), provided that

 

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(i)                 
the Borrowers shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 9.06(b);

 

(ii)               
such Lender shall have received payment of an amount equal to the outstanding principal of its Advances, accrued interest thereon,
accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 9.04(c))
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other
amounts);

 

(iii)             
in the case of any such assignment resulting from a claim for compensation under Section 2.10 or payments required to be made
pursuant to Section 2.12, such assignment will result in a reduction in such compensation or payments thereafter;

 

(iv)             
such assignment does not conflict with Applicable Laws; and

 

(v)               
in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented
to the applicable amendment, waiver or consent.

 

A Lender shall not be required
to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling
the Borrowers to require such assignment and delegation cease to apply.

 

Each party hereto agrees that
(a) an assignment required pursuant to this Section 9.01(b) may be effected pursuant to an Assignment and Acceptance executed
by the Borrowers, the Administrative Agent and the assignee and (b) the Lender required to make such assignment need not be a party
thereto in order for such assignment to be effective and shall be deemed to have consented to an be bound by the terms thereof; provided
that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such documents
necessary to evidence such assignment as reasonably requested by the applicable Lender, provided, further that any such
documents shall be without recourse to or warranty by the parties thereto.

 

Notwithstanding anything in
this Section 9.01(b) to the contrary, the Lender that acts as the Administrative Agent may not be replaced hereunder except in accordance
with the terms of Section 9.06.

 

Section
9.02.              
Notices, Etc. (a)  Except in the case of notices and other
communications expressly permitted to be given by telephone (and except as provided in clause (b) below), all notices and other communications
provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered
mail or sent by facsimile or electronic mail as follows, and all notices and other communications expressly permitted hereunder to be
given by telephone shall be made to the applicable telephone number, as follows:

 

(i)                 
if to the Borrowers or any other Loan Party or the Administrative Agent, to the address, facsimile number, electronic mail
address or telephone number specified for such Person on Schedule 9.02; and

 

(ii)               
if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative
Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire
then in effect for the delivery of notices that may contain material non-public information relating to the Borrowers).

 

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Notices and other communications sent by hand
or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and
other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business
hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices
and other communications delivered through electronic communications to the extent provided in clause (b) below, shall be effective
as provided in such clause (b).

 

(b)               
Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including
e mail, FpML messaging, and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that
the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent
that it is incapable of receiving notices under such Article II by electronic communication. The Administrative Agent or a Borrower
may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.

 

Unless the Administrative Agent otherwise prescribes,
(i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written
acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the
deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such
notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii),
if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or communication
shall be deemed to have been sent at the opening of business on the next business day for the recipient.

 

(c)               
THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT
WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS
IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY
AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. Although the Platform and its primary web portal are secured with
generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time and the Platform
is secured through a single-user-per-deal authorization method whereby each user may access the Platform only on a deal-by-deal basis,
each of the Lenders and each Loan Party acknowledges and agrees that the distribution of material through an electronic medium is not
necessarily secure and that there are confidentiality and other risks associated with such distribution. In consideration for the convenience
and other benefits afforded by such distribution and for the other consideration provided hereunder, the receipt and sufficiency of which
is hereby acknowledged, each of the Lenders and each Loan Party hereby approves distribution of communications through the Platform and
understands and assumes the risks of such distribution. In no event shall the Administrative Agent or any of its Related Parties (collectively,
the “Agent Parties”) have any liability to any Borrower, any Lender or any other Person for losses, claims,
damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Borrower’s, any Loan Party’s
or the Administrative Agent’s transmission of Borrower Materials or notices through the Platform, any other electronic platform
or electronic messaging service, or through the Internet.

 

(d)                The
Administrative Agent and each Borrower may change its address, facsimile or telephone number for notices and other communications
hereunder by notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone number for notices
and other communications hereunder by notice to the Borrowers and the Administrative Agent. In addition, each Lender agrees to
notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective
address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may
be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least
one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information”
or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in
accordance with such Public Lender’s compliance procedures and applicable law, including United States Federal and state
securities laws, to make reference to Borrower Materials that are not made available through the “Public Side
Information” portion of the Platform and that may contain material non-public information with respect to the Parent or its
securities for purposes of United States Federal or state securities laws.

 

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(e)               
The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic notices,
Notices of Borrowing) purportedly given by or on behalf of the Borrowers even if (i) such notices were not made in a manner specified
herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof,
as understood by the recipient, varied from any confirmation thereof. The Loan Parties shall indemnify the Administrative Agent, each
Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person
on each notice purportedly given by or on behalf of a Borrower. All telephonic notices to and other telephonic communications with the
Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

 

Section
9.03.              
No Waiver; Remedies. No failure on the part of any Lender or the Administrative Agent to exercise, and no delay in
exercising, any right hereunder or under any Note shall operate as a waiver thereof; nor shall any single or partial exercise of any such
right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and
not exclusive of any remedies provided by law.

 

Section
9.04.              
Costs and Expenses; Indemnification. (a) Each Loan Party agrees
jointly and severally to pay on demand (i) all reasonable out-of-pocket costs and expenses of the Administrative Agent, the Arrangers
and the Syndication Agent in connection with the preparation, execution, delivery, administration, modification and amendment of the Loan
Documents (including, without limitation, (A) all due diligence, collateral review, syndication, transportation, computer, duplication,
appraisal, audit, insurance, consultant, search, filing and recording fees and expenses, (B) the reasonable fees and expenses of
counsel for the Administrative Agent, the Arrangers and the Syndication Agent with respect thereto (including, without limitation, with
respect to reviewing and advising on any matters required to be completed by the Loan Parties on a post-closing basis), with respect to
advising the Administrative Agent, the Arrangers or the Syndication Agent as to their rights and responsibilities, or the perfection,
protection or preservation of rights or interests, under the Loan Documents, with respect to negotiations with any Loan Party or with
other creditors of any Loan Party or any of its Subsidiaries arising out of any Default or any events or circumstances that may give rise
to a Default and with respect to presenting claims in or otherwise participating in or monitoring any bankruptcy, insolvency or other
similar proceeding involving creditors’ rights generally and any proceeding ancillary thereto and (C) the reasonable fees and expenses
of counsel for the Administrative Agent with respect to the preparation, execution, delivery and review of any documents and instruments
at any time delivered pursuant to any of the Loan Documents, and (ii) all reasonable out-of-pocket costs and expenses of the Administrative
Agent, the Arrangers and each Lender in connection with any work-out or the enforcement (whether through negotiations, legal proceedings
or otherwise) of the Loan Documents, whether in any action, suit or litigation, or any bankruptcy, insolvency or other similar proceeding
affecting creditors’ rights generally (including, without limitation, the reasonable fees and expenses of counsel for the Administrative
Agent and each Lender with respect thereto).

 

(b)                Each
Loan Party agrees to indemnify, defend and save and hold harmless each Indemnified Party from and against, and shall pay on demand,
any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees and expenses of
counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection
with or by reason of (including, without limitation, in connection with any investigation, litigation or proceeding or preparation
of a defense in connection therewith) (i) the Facilities, the actual or proposed use of the proceeds of the Advances, the Loan
Documents or any of the transactions contemplated thereby, including any Indemnified Party’s reliance on any Communication
executed using an Electronic Signature, or in the form of an Electronic Record, that such Indemnified Party reasonably believes is
made by a Borrower or any other Loan Party or any other party to this Agreement or any of the other Loan Documents, or (ii) the
actual or alleged presence of Hazardous Materials on any property of any Loan Party or any of its Subsidiaries or any Environmental
Action relating in any way to any Loan Party or any of its Subsidiaries, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN
WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNIFIED PARTY, except to the extent such
claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have
resulted from such Indemnified Party’s gross negligence or willful misconduct. In the case of an investigation, litigation or
other proceeding to which the indemnity in this Section 9.04(b) applies, such indemnity shall be effective whether or not such
investigation, litigation or proceeding is brought by any Loan Party, its directors, shareholders or creditors or an Indemnified
Party, whether or not any Indemnified Party is otherwise a party thereto and whether or not the transactions contemplated by the
Loan Documents are consummated. Each Loan Party also agrees not to assert any claim against the Administrative Agent, any Lender or
any of their Affiliates, or any of their respective officers, directors, employees, agents and advisors, on any theory of liability,
for special, indirect, consequential or punitive damages arising out of or otherwise relating to the Facilities, the actual or
proposed use of the proceeds of the Advances, the Loan Documents or any of the transactions contemplated by the Loan Documents.

 

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(c)               
Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrowers shall promptly compensate
such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:

 

(i)                 
any continuation, Conversion, payment or prepayment of any Advance other than a Base Rate Advance or a Daily SOFR Advance
on a day other than the last day of the Interest Period for such Advance (whether voluntary, mandatory, automatic, by reason of acceleration,
or otherwise);

 

(ii)               
any failure by the Borrowers (for a reason other than the failure of such Lender to make an Advance) to prepay, borrow,
continue or Convert any Advance other than a Base Rate Advance or a Daily SOFR Rate Advance on the date or in the amount notified by the
Borrowers; or

 

(iii)             
any assignment of a Term SOFR Advance on a day other than the last day of the Interest Period therefor as a result of a
request by the Borrowers pursuant to any provision hereof;

 

including any loss of anticipated
profits and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Advance or from
fees payable to terminate the deposits from which such funds were obtained. The Borrowers shall also pay any customary administrative
fees charged by such Lender in connection with the foregoing.

 

(d)               
If any Loan Party fails to pay when due any costs, expenses or other amounts payable by it under any Loan Document, including,
without limitation, fees and expenses of counsel and indemnities, such amount may be paid on behalf of such Loan Party by the Administrative
Agent or any Lender, in its sole discretion.

 

(e)               
Without prejudice to the survival of any other agreement of any Loan Party hereunder or under any other Loan Document, the
agreements and obligations of the Borrowers and the other Loan Parties contained in Sections 2.08,  2.10 and 2.12, Section 7.06
and this Section 9.04 shall survive the payment in full of principal, interest and all other amounts payable hereunder and under
any of the other Loan Documents.

 

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Section
9.05.              
Right of Set-off. Upon (a) the occurrence and during the continuance of any Event of Default and (b) the
Advances becoming due and payable pursuant to the provisions of Section 6.02, the Administrative Agent and each Lender and each
of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set
off and otherwise apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness
at any time owing by the Administrative Agent, such Lender or such Affiliate to or for the credit or the account of either or both of
the Borrowers or any other party to a Loan Document against any and all of the Obligations of the Borrowers or such other party now or
hereafter existing under the Loan Documents, irrespective of whether the Administrative Agent or such Lender shall have made any demand
under this Agreement or any Note or Notes and although such obligations may be unmatured; provided, however, that in the
event that any Defaulting Lender shall exercise any such right of set-off hereunder, (x) all amounts so set off shall be paid over immediately
to the Administrative Agent for further application in accordance with the provisions of Section 9.10 and, pending such payment,
shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent
and the Lenders, and (y) the Defaulting Lender shall promptly provide to the Administrative Agent a written notice describing in reasonable
detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The Administrative Agent and each
Lender agrees promptly to notify the Borrowers or such other party after any such set-off and application; provided, however,
that the failure to give such notice shall not affect the validity of such set-off and application. The rights of the Administrative
Agent and each Lender and their respective Affiliates under this Section 9.05 are in addition to other rights and remedies (including,
without limitation, other rights of set-off) that the Administrative Agent, such Lender and their respective Affiliates may have.

 

Section
9.06.              
Successors and Assigns.

 

(a)               
Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns permitted hereby, except that neither any Borrower nor any other Loan
Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative
Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an
assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with
the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to
the restrictions of subsection (e) of this Section (and any other attempted assignment or transfer by any party hereto shall be null
and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto,
their respective successors and assigns permitted hereby, Participants to the extent provided in clause (d) of this Section 9.06
and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or
equitable right, remedy or claim under or by reason of this Agreement.

 

(b)               
Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights
and obligations under this Agreement (including all or a portion of its Commitment and the Advances at the time owing to it); provided
that (in each case with respect to any Facility) any such assignment shall be subject to the following conditions:

 

(i)                 
Minimum Amounts.

 

(A)       in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment under any Facility and/or the Advances
at the time owing to it (in each case with respect to any Facility) or contemporaneous assignments to related Approved Funds (determined
after giving effect to such Assignments) that equal at least the amount specified in clause (b)(i)(B) of this Section 9.06 in
the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned;
and

 

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(B)       in
any case not described in clause (b)(i)(A) of this Section 9.06, the aggregate amount of the Commitment (which for this purpose
includes Advances outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of
the Advances of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Acceptance with respect
to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Acceptance,
as of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has
occurred and is continuing, the Borrowers otherwise consent (each such consent not to be unreasonably withheld or delayed).

 

(ii)               
Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Agreement with respect to the Advances or the Commitment assigned, except that
this clause (ii) shall not apply to prohibit any Lender from assigning all or a portion of its rights and obligations among separate
Facilities on a non-pro rata basis

 

(iii)             
Required Consents. No consent shall be required for any assignment except to the extent required by clause (b)(i)(B)
of this Section 9.06 and, in addition:

 

(A)       the
consent of the Borrowers (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default
has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or
an Approved Fund; provided that the Borrowers shall be deemed to have consented to any such assignment unless it shall object thereto
by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; and

 

(B)       the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments to a Person
that is not a Lender in respect of the applicable Facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender.

 

(iv)             
Assignment and Acceptance. The parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Acceptance, together with a processing and recordation fee in the amount of $3,500; provided, however, that
the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.
The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(v)               
No Assignment to Certain Persons. No such assignment shall be made (A) to a Borrower or any Affiliate or Subsidiary
of either Borrower, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder,
would constitute any of the foregoing Persons described in this clause (B), or (C) to a natural Person (or a holding company,
investment vehicle or trust for, or owned and operated for the primary benefit of one or more natural Persons).

 

(vi)              Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such
assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the
assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution
thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the consent of the Borrowers and the Administrative Agent, the applicable pro rata
share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor
hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the
Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full Pro
Rata Share of all Advances. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any
Defaulting Lender hereunder shall become effective under Applicable Law without compliance with the provisions of this
clause (vi), then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement
until such compliance occurs.

 

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(vii)           
Subject to acceptance and recording thereof by the Administrative Agent pursuant to clause (c) of this Section 9.06,
from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party to this Agreement
and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released
from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits
of Sections 2.10, 2.12, 8.05 and 9.04 with respect to facts and circumstances occurring prior to the effective date of such assignment;
provided that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute
a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Upon request,
the Borrowers (at their expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights
or obligations under this Agreement that does not comply with this clause (b) shall be treated for purposes of this Agreement as
a sale by such Lender of a participation in such rights and obligations in accordance with clause (d) of this Section 9.06.

 

(c)               
Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrowers (and
such agency being solely for Tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Acceptance
delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders,
and the Commitments of, and principal amounts (and stated interest) of the Advances owing to, each Lender pursuant to the terms hereof
from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and
the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the
terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrowers
and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(d)               
Participations. Any Lender may at any time, without the consent of, or notice to, the Borrowers or the Administrative
Agent, sell participations to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned
and operated for the primary benefit of one or more natural Persons, a Defaulting Lender or the Borrowers or any of the Borrowers’
Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or
obligations under this Agreement (including all or a portion of its Commitment and/or the Advances owing to it); provided that (i) such
Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent and the Lenders shall continue
to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the
avoidance of doubt, each Lender shall be responsible for the indemnity under Section 8.05 without regard to the existence of any
participation.

 

Any agreement or
instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to
enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that
such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
waiver or other modification described in the first proviso to Section 9.01 that affects such Participant. The Borrowers agree
that each Participant shall be entitled to the benefits of Sections 2.10, 2.12 and 9.04 to the same extent as if it were a
Lender and had acquired its interest by assignment pursuant to clause (b) of this Section 9.06 (it being understood that
the documentation required under Section 3.01(j) shall be delivered to the Lender who sells the participation) to the same
extent as if it were a Lender and had acquired its interest by assignment pursuant to clause (b) of this Section 9.06; provided
that such Participant (A) agrees to be subject to the provisions of Sections 2.10(g) and (h) and 9.01(b) as if it were an
assignee under clause (b) of this Section 9.06 and (B) shall not be entitled to receive any greater payment under
Sections 2.10 or 2.12, with respect to any participation, than the Lender from whom it acquired the applicable participation
would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law
that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the
Borrowers’ request and expense, to use reasonable efforts to cooperate with the Borrowers to effectuate the provisions of
Sections 2.10(g) and (h) with respect to any Participant. To the extent permitted by law, each Participant also shall be
entitled to the benefits of Section 9.05 as though it were a Lender; provided that such Participant agrees to be subject
to Section 2.13 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a
non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the
principal amounts (and stated interest) of each Participant’s interest in the Advances or other obligations under the Loan
Documents (the “Participant Register”); provided that no Lender shall have any obligation to
disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a
Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any
Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other
obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the
Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in
the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the
contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no
responsibility for maintaining a Participant Register.

 

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(e)               
Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure
obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

Section
9.07.               Electronic
Execution of Assignments and Certain Other Documents. This Agreement, any Loan Document and any other Communication, including
Communications required to be in writing, may be in the form of an Electronic Record and may be executed using Electronic
Signatures. Each of the Loan Parties and each Lender agrees that any Electronic Signature on or associated with any Communication
shall be valid and binding on such Person to the same extent as a manual, original signature, and that any Communication entered
into by Electronic Signature, will constitute the legal, valid and binding obligation of such Person enforceable against such Person
in accordance with the terms thereof to the same extent as if a manually executed original signature was delivered. Any
Communication may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts,
but all such counterparts are one and the same Communication. For the avoidance of doubt, the authorization under this paragraph may
include, without limitation, use or acceptance of a manually signed paper Communication which has been converted into electronic
form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission,
delivery and/or retention. The Administrative Agent and each Lender may, at its option, create one or more copies of any
Communication in the form of an imaged Electronic Record (“Electronic Copy”), which shall be deemed
created in the ordinary course of such Person’s business, and destroy the original paper document. All Communications in the
form of an Electronic Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the
same legal effect, validity and enforceability as a paper record. Notwithstanding anything contained herein to the contrary, the
Administrative Agent is not under any obligation to accept an Electronic Signature in any form or in any format unless expressly
agreed to by such Person pursuant to procedures approved by it; provided, further, without limiting the foregoing,
(a) to the extent the Administrative Agent has agreed to accept such Electronic Signature, the Administrative Agent and each of
the Lender Parties shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of any Loan Party
and/or any Lender without further verification and (b) upon the request of the Administrative Agent or any Lender, any
Electronic Signature shall be promptly followed by such manually executed counterpart. For purposes hereof, “Electronic
Record” and “Electronic Signature” shall have the meanings assigned to them, respectively,
by 15 USC §7006, as it may be amended from time to time.

 

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The Administrative Agent shall
not be responsible for or have any duty to ascertain or inquire into the sufficiency, validity, enforceability, effectiveness or genuineness
of any Loan Document or any other agreement, instrument or document (including, for the avoidance of doubt, in connection with the Administrative
Agent’s reliance on any Electronic Signature transmitted by telecopy, emailed .pdf or any other electronic means). The Administrative
Agent shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting
upon, any Communication (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution
or signed using an Electronic Signature) or any statement made to it orally or by telephone and believed by it to be genuine and signed
or sent or otherwise authenticated (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being
the maker thereof).

 

Each of the Loan Parties and
each Lender hereby waives (i) any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement
and/or any other Loan Document based solely on the lack of paper original copies of this Agreement and/or such other Loan Document, and
(ii) waives any claim against the Administrative Agent, each Lender and each Related Party for any liabilities arising solely from the
Administrative Agent’s and/or any Lender’s reliance on or use of Electronic Signatures, including any liabilities arising
as a result of the failure of the Loan Parties to use any available security measures in connection with the execution, delivery or transmission
of any Electronic Signature.

 

Section
9.08.              
Execution in Counterparts; Effectiveness. This Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together
shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier shall
be effective as delivery of an original executed counterpart of this Agreement. Except as provided in Section 3.01, this Agreement
shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received
counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.

 

 

Section
9.09.              
Integration. This Agreement and the other Loan Documents constitute the entire contract among the parties relating
to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject
matter hereof. Without limiting the foregoing: THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

Section
9.10.              
Defaulting Lenders. (a) Notwithstanding anything to the contrary
contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting
Lender, to the extent permitted by applicable law:

 

(i)                 
such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement
shall be restricted as set forth in the definitions of “Required Lenders,” “Required Term Loan Lenders,” “Required
Delayed Draw Term Lenders” and “Required Incremental Term Loan Lenders”; and

 

    114

     

    

 

(ii)               
 any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such
Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VI or otherwise) or received by the Administrative
Agent from a Defaulting Lender pursuant to Section 9.05 shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second,
as the Borrowers may request in the case of a Defaulting Lender that is a Delayed Draw Term Lender (but only so long as no Default exists),
to the funding of any Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement,
as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Borrowers, to be held in
a deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect
to Advances under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court
of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of
its obligations under this Agreement; fifth, so long as no Default exists, to the payment of any amounts owing to the Borrowers
as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a result
of such Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to such Defaulting Lender or as otherwise
directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Advances
in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Advances were made at a time when
the conditions set forth in Section 3.01 and 3.02, as applicable, were satisfied (or waived in writing), such payment shall be applied
solely to pay the Advances of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any of the Advances
of such Defaulting Lender until such time as all Advances are held by the Lenders pro rata in accordance with the Commitments under the
applicable Facility. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay
amounts owed by a Defaulting Lender pursuant to this Section 9.10(a)(ii) shall be deemed paid to and redirected by such Defaulting
Lender, and each Lender irrevocably consents hereto.

 

(b)               
If the Borrowers and the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender, the Administrative
Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set
forth therein, such Lender will, to the extent applicable, purchase at par that portion of outstanding Advances of the other Lenders or
take such other actions as the Administrative Agent may determine to be necessary to cause the Advances to be held pro rata by the Lenders
in accordance with their Pro Rata Share under the applicable Facility, whereupon such Lender will cease to be a Defaulting Lender; provided,
however, that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers
while such Lender was a Defaulting Lender; and provided further that except to the extent otherwise expressly agreed by the affected
parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder
arising from such Lender having been a Defaulting Lender.

 

Section
9.11.               Confidentiality.
Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below),
except that Information may be disclosed (a) to its Affiliates, its auditors and its Related Parties (it being understood that
the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep
such Information confidential), (b) to the extent required or requested by any regulatory authority purporting to have
jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of
Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal
process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other
Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights
hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this
Section 9.11, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its
rights and obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.17 or
(ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments
are to be made by reference to the Borrowers and their respective obligations, this Agreement or payments hereunder, (g) on a
confidential basis to (i) any rating agency in connection with rating the Parent or its Subsidiaries or the credit facilities
provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the application, issuance,
publishing and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder,
(h) with the consent of the Borrowers or (i) to the extent such Information (x) becomes publicly available other than
as a result of a breach of this Section 9.11, (y) becomes available to the Administrative Agent, any Lender or any of
their respective Affiliates on a nonconfidential basis from a source other than a Loan Party or (z) is independently discovered
or developed by a party hereto without utilizing any Information received from a Loan Party or violating the terms of this
Section 9.11. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and
information about this Agreement to market data collectors, similar service providers to the lending industry and service providers
to the Administrative Agent and the Lenders in connection with the administration of this Agreement, the other Loan Documents, and
the Commitments.

 

    115

     

    

 

For purposes of this Section 9.11,
 “Information” means all information received from the Parent or any Subsidiary relating to the Parent or any
Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent or any
Lender on a nonconfidential basis prior to disclosure by the Parent or any Subsidiary, provided that, in the case of information received
from the Parent or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential.
Any Person required to maintain the confidentiality of Information as provided in this Section 9.11 shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information
as such Person would accord to its own confidential information.

 

Each of the Administrative
Agent and the Lenders acknowledges that (a) the Information may include material non-public information concerning the Parent or
a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information
and (c) it will handle such material non-public information in accordance with applicable law, including United States Federal and
state securities laws.

 

Each Borrower hereby acknowledges
that (a) the Administrative Agent and/or any Arranger may, but shall not be obligated to, make available to the Lenders materials
and/or information provided by or on behalf of the Borrowers hereunder (collectively, “Borrower Materials”)
by posting the Borrower Materials on IntraLinks, Syndtrak, ClearPar, or a substantially similar electronic transmission system (the “Platform”)
and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive
material non-public information with respect to the Parent or its Affiliates, or the respective securities of any of the foregoing, and
who may be engaged in investment and other market-related activities with respect to such Persons’ securities. Each Borrower hereby
agrees that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked
 “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof;
(x) by marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the Administrative Agent,
the Arrangers and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the
Parent or its securities for purposes of United States Federal and state securities laws (provided, however, that to the
extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 9.11); (y) all Borrower
Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side
Information;” and (z) the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials that are
not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.”

 

Section
9.12.               Certain
ERISA Matters. (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender, and (y) covenants, from
the date such Person became a Lender to the date such Person ceases being a Lender, for the benefit of the Administrative Agent, and
not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that at least one (1) of the
following is and will be true:

 

    116

     

    

 

 

(i)                 
such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of
one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance
of the Advances, the Commitments or this Agreement,

 

(ii)                
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions
determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for
certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation
in, administration of and performance of the Obligations of such Lender in respect of the Advances, the Commitments and this Agreement,
or

 

(iii)               
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender
to enter into, participate in, administer and perform the Obligations of such Lender in respect of the Advances, the Commitments and
this Agreement, (C) the entrance into, participation in, administration of and performance of the Obligations of such Lender in
respect of the Advances, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I
of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied
with respect to such Lender’s entrance into, participation in, administration of and performance of the Obligations of such Lender
in respect of the Advances, the Commitments and this Agreement.

 

(b)               
In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender,
such Lender further (x) represents and warrants, as of the date such Person became a Lender, and (y) covenants, from the date
such Person became a Lender to the date such Person ceases being a Lender, for the benefit of the Administrative Agent, and not, for
the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that the Administrative Agent is not a fiduciary
with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance
of the Advances, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative
Agent under this Agreement, any Loan Document or any documents related to hereto or thereto).

 

Section
9.13.          
Patriot Act Notification. Each Lender and the Administrative Agent (for itself and not on behalf of any Lender)
hereby notifies the Loan Parties that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) (as amended, the “Patriot Act”), it is required to obtain, verify and record
information that identifies each Loan Party, which information includes the name and address of such Loan Party and other information
that will allow such Lender or the Administrative Agent, as applicable, to identify such Loan Party in accordance with the Patriot Act.
The Parent shall, and shall cause each of its Subsidiaries to, promptly following a request by the Administrative Agent or any Lender,
provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing
obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot
Act.

 

    117

     

    

 

Section
9.14.          
Jurisdiction, Etc. (a) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and
its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in City,
County and State of New York and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Agreement or any of the other Loan Documents to which it is a party, or for recognition or enforcement of any judgment, and each of the
parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard
and determined in any such New York State court or, to the extent permitted by law, in such Federal court. Each of the parties hereto
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any party may otherwise
have to bring any action or proceeding relating to this Agreement or any of the other Loan Documents in the courts of any jurisdiction.

 

(b)               
Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively
do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement or any of the other Loan Documents to which it is a party in any New York State or Federal court. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of
such action or proceeding in any such court.

 

Section
9.15.          
Governing Law. This Agreement and the Notes shall be governed by, and construed in accordance with, the law of the
State of New York.

 

Section
9.16.          
WAIVER OF JURY TRIAL. EACH BORROWER, EACH OTHER LOAN PARTY, THE ADMINISTRATIVE AGENT AND EACH LENDER IRREVOCABLY
WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT
OF OR RELATING TO ANY OF THE LOAN DOCUMENTS, THE ADVANCES OR THE ACTIONS OF THE ADMINISTRATIVE AGENT OR ANY LENDER IN THE NEGOTIATION,
ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

 

Section
9.17.          
Acknowledgment and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary
in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that
any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be
subject to the write-down and conversion powers of the Applicable Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by:

 

(a)               
the application of any Write-Down and Conversion Powers by the Applicable Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)               
the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)                 
a reduction in full or in part or cancellation of any such liability;

 

(ii)                
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares
or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii)               
the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of
the Applicable Resolution Authority.

 

    118

     

    

 

Section
9.18.          
Acknowledgment Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee
or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”,
and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”)
in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents
and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other
state of the United States):

 

(a)               
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes
subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit
Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing
such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be
effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation
and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party
or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under
the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered
Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution
Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without
limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender
shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

(b)               
As used in this Section 9.18, the following terms have the following meanings:

 

“BHC
Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party.

 

“Covered
Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
 § 382.2(b).

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81,
47.2 or 382.1, as applicable.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).

 

Section
9.19.              
Joint and Several Liability; Recourse Nature of Obligations. Each of the Borrowers shall be jointly and severally
liable with the other Borrowers for the Obligations, and each of the Obligations shall be secured by all of the Collateral. Each Borrower
acknowledges that it is a co-borrower hereunder and is jointly and severally liable under this Agreement and the other Loan Documents.
Any payment made by a Borrower in respect of Obligations owing by one or more Borrowers shall be deemed a payment of such Obligations
by and on behalf of all Borrowers. All Advances extended to any Borrower or requested by any Borrower shall be deemed to be Advances
extended for each of the Borrowers, and each Borrower hereby authorizes each other Borrower to effectuate Advances on its behalf. Notwithstanding
anything to the contrary contained in this Agreement or any of the other Loan Documents, the Administrative Agent and the Lenders shall
be entitled to rely upon any request, notice or other communication received by them from the Parent on behalf of all Borrowers, and
shall be entitled to treat their giving of any notice hereunder to the Parent in accordance with the provisions of this Agreement as
notice to each and all Borrowers.

 

    119

     

    

 

Each Borrower agrees that
the joint and several liability of the Borrowers provided for in this Section 9.19 shall not be impaired or affected by any modification,
supplement, extension or amendment of any contract or agreement to which the other Borrowers may hereafter agree (other than an agreement
signed by the Administrative Agent and the Lenders specifically releasing such liability), nor by any delay, extension of time, renewal,
compromise or other indulgence granted by the Administrative Agent or any Lender with respect to any of the Obligations, nor by any other
agreements or arrangements whatsoever with the other Borrowers or with any other Person, each Borrower hereby waiving all notice of such
delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consenting to be bound thereby as fully
and effectually as if it had expressly agreed thereto in advance. The liability of each Borrower is direct and unconditional as to all
of the Obligations, and may be enforced without requiring the Administrative Agent or any Lender first to resort to any other right,
remedy or security. Except to the extent otherwise provided herein, each Borrower hereby expressly waives promptness, diligence, notice
of acceptance and any other notice with respect to any of the Obligations, the Notes, this Agreement or any other Loan Document and any
requirement that the Administrative Agent or any Lender protect, secure, perfect or insure any Lien or any property subject thereto or
exhaust any right or take any action against any Borrower or any other person or any collateral.

 

Each Borrower hereby irrevocably
waives and releases each other Borrower from all “claims” (as defined in Section 101(5) of the Bankruptcy Code) to which
such Borrower is or would be entitled by virtue of the provisions of the first paragraph of this Section 9.19 or the performance of such
Borrower’s obligations thereunder including, without limitation, any right of subrogation (whether contractual, under Section 509
of the Bankruptcy Code or otherwise), reimbursement, contribution, exoneration or similar right, or indemnity, or any right of recourse
to security for any of the Obligations, in each case until all of the Obligations have been paid in full and this Agreement is terminated.

 

For the avoidance of doubt,
all Obligations of the Loan Parties are full recourse to the Loan Parties and their respective assets, regardless of whether those assets
constitute Collateral.

 

[Signature pages immediately follow]

 

    120

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be executed by their respective officers or representatives thereunto duly authorized, as of the date first above written.

 

[Signature Page to Credit
Agreement - Summit JV Credit Agreement]

 

     

    

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed by their respective officers or representatives thereunto duly authorized, as of the
date first above written.

 

	 	BORROWERS:

 

	 	SUMMIT JV MR 2, LLC,

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT JV MR 3, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI NOLA BR 184, LLC,

 a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	PARENT:

 

	 	SUMMIT HOSPITALITY JV, LP, 

a Delaware limited partnership

 

	 	By:	Summit Hotel GP 2, LLC, 

a Delaware limited liability company
	 	Its:	general partner

 

	 	 	By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

[Signature Page to Credit
Agreement - Summit JV Credit Agreement]

 

    

    

    

 

		GUARANTORS:

 

	 	SUMMIT HOSPITALITY SUBJV, LLC,

 a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI MASTER TRS, INC., 

a Delaware corporation

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV BR 156-159, LLC,

  a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV BR 160, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV BR 161, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

[Signature Page to Credit
Agreement - Summit JV Credit Agreement]

 

    

    

    

 

	 	SUMMIT NCI JV BR 162, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV BR 163-164, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV BR 165, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV BR 166, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV BR 167-168, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV BR 169, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

[Signature Page to Credit
Agreement - Summit JV Credit Agreement]

 

    

    

    

 

	 	SUMMIT NCI JV BR 171, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV BR 172, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV BR 173, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV BR 174, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV BR 175, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV BR 176, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

[Signature Page to Credit
Agreement - Summit JV Credit Agreement]

 

    

    

    

 

	 	SUMMIT NCI JV BR 177, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV BR 178, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV BR 179, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV BR 180, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV BR 181, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV BR 182-183, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng
	 	 	Name:     Christopher Eng
	 	 	Title:       Secretary

 

[Signature Page to Credit
Agreement - Summit JV Credit Agreement]

 

    

    

    

 

	 	SUMMIT NCI JV 158, LLC,

a Delaware limited liability company

 

	 	By:	Summit NCI JV BR 156-159, LLC,

 a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV 159, LLC, 

a Delaware limited liability company

 

	 	By:	Supreme Bright Dallas II, LLC, 

a Texas limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV 160, LLC,

 a Delaware limited liability company

 

	 	By:	Summit NCI JV BR 160, LLC,

 a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

[Signature Page to Credit
Agreement - Summit JV Credit Agreement]

 

    

    

    

 

	 	SUMMIT NCI JV 161, LLC,

 a Delaware limited liability company

 

	 	By:	Summit NCI JV BR 161, LLC,

a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV 162, LLC, 

a Delaware limited liability company

 

	 	By:	Summit NCI JV BR 162, LLC,

 a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV 165, LLC, 

a Delaware limited liability company

 

	 	By:	Summit NCI JV BR 165, LLC,

 a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

[Signature Page to Credit
Agreement - Summit JV Credit Agreement]

 

    

    

    

 

	 	SUMMIT NCI JV 166, LLC, 

a Delaware limited liability company

 

	 	By:	Summit NCI JV BR 166, LLC, 

a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV 169, LLC, 

a Delaware limited liability company

 

	 	By:	Summit NCI JV BR 169, LLC,

 a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV 171, LLC, 

a Delaware limited liability company

 

	 	By:	Summit NCI JV BR 171, LLC, 

a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

[Signature Page to Credit
Agreement - Summit JV Credit Agreement]

 

    

    

    

 

	 	SUMMIT NCI JV 172, LLC, 

a Delaware limited liability company

 

	 	By:	Summit NCI JV BR 172, LLC, 

a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV 173, LLC,

 a Delaware limited liability company

 

	 	By:	Summit NCI JV BR 173, LLC, 

a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV 175, LLC, 

a Delaware limited liability company

 

	 	By:	Summit NCI JV BR 175, LLC,

 a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

[Signature Page to Credit
Agreement - Summit JV Credit Agreement]

 

    

    

    

 

	 	SUMMIT NCI JV 176, LLC,

 a Delaware limited liability company

 

	 	By:	Summit NCI JV BR 176, LLC, 

a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV 177, LLC,

 a Delaware limited liability company

 

	 	By:	Summit NCI JV BR 177, LLC, 

a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV 178, LLC,

 a Delaware limited liability company

 

	 	By:	Summit NCI JV BR 178, LLC, 

a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

[Signature Page to Credit
Agreement - Summit JV Credit Agreement]

 

    

    

    

 

	 	SUMMIT NCI JV 181, LLC, 

a Delaware limited liability company

 

	 	By:	Summit NCI JV BR 181, LLC, 

a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

	 	SUMMIT NCI JV 182-183, LLC,

 a Delaware limited liability company

 

	 	By:	Summit NCI JV BR 183-183, LLC, 

a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

[Signature Page to Credit
Agreement - Summit JV Credit Agreement]

 

    

    

    

 

	 	SUMMIT HOTEL TRS 156, LLC,

	 	SUMMIT HOTEL TRS 157, LLC,

	 	SUMMIT HOTEL TRS 158, LLC,

	 	SUMMIT HOTEL TRS 160, LLC,

	 	SUMMIT HOTEL TRS 161, LLC,

	 	SUMMIT HOTEL TRS 162, LLC,

	 	SUMMIT HOTEL TRS 163, LLC,

	 	SUMMIT HOTEL TRS 164, LLC,

	 	SUMMIT HOTEL TRS 165, LLC,

	 	SUMMIT HOTEL TRS 166, LLC,

	 	SUMMIT HOTEL TRS 167, LLC,

	 	SUMMIT HOTEL TRS 168, LLC,

	 	SUMMIT HOTEL TRS 169, LLC,

	 	SUMMIT HOTEL TRS 171, LLC,

	 	SUMMIT HOTEL TRS 172, LLC,

	 	SUMMIT HOTEL TRS 173, LLC,

	 	SUMMIT HOTEL TRS 174, LLC,

	 	SUMMIT HOTEL TRS 175, LLC,

	 	SUMMIT HOTEL TRS 176, LLC,

	 	SUMMIT HOTEL TRS 177, LLC,

	 	SUMMIT HOTEL TRS 178, LLC,

	 	SUMMIT HOTEL TRS 179, LLC,

	 	SUMMIT HOTEL TRS 180, LLC,

	 	SUMMIT HOTEL TRS 181, LLC,

	 	SUMMIT HOTEL TRS 182, LLC,

	 	SUMMIT HOTEL TRS 183, LLC,

	 	SUMMIT NCI JV TRS 170, LLC,

	 	each a Delaware limited liability company

 

	 	By:	Summit NCI Master TRS, Inc., 

a Delaware corporation

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

	 	GRAPEVINE METRO HOTEL GP, LLC,

	 	a Texas limited liability company

 

	 	By:	Summit NCI JV BR 163-164, LLC, 

a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

[Signature Page to Credit
Agreement - Summit JV Credit Agreement]

 

    

    

    

 

	 	SUPREME BRIGHT BRYAN, LLC 

	 	a Texas limited liability company

 

	 	By:	Summit NCI JV BR 174, LLC, 

a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

	 	SUPREME BRIGHT DALLAS II, LLC 

	 	a Texas limited liability company

 

	 	By:	Summit NCI JV BR 156-159, LLC, 

a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

	 	SUPREME BRIGHT FRISCO II, LLC 

	 	a Texas limited liability company

 

	 	By:	Summit NCI JV BR 167-168, LLC, 

a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

	 	SUPREME BRIGHT BRICKTOWN II, LLC

	 	a Oklahoma limited liability company

 

	 	By:	Summit NCI JV BR 179, LLC, 

a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

[Signature Page to Credit
Agreement - Summit JV Credit Agreement]

 

    

    

    

 

	 	SUPREME BRIGHT BRICKTOWN III, LLC

	 	a Oklahoma limited liability company

 

	 	By:	Summit NCI JV BR 180, LLC, 

a Delaware limited liability company
	 	Its:	sole member

 

		 	By:	/s/ Christopher
                                            Eng
	 	 	 	Name:     Christopher Eng
	 	 	 	Title:       Secretary

 

(Signatures continued
on next page)

 

[Signature Page to Credit
Agreement - Summit JV Credit Agreement]

 

    

    

    

 

THIS TERM NOTE SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

	 	SUMMIT JV MR 2, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng

	 	 	Name:	Christopher Eng

	 	 	Title:	Secretary

 

	 	SUMMIT JV MR 3, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng

	 	 	Name:	Christopher Eng

	 	 	Title:	Secretary

 

	 	SUMMIT NCI NOLA BR 184, LLC, 

a Delaware limited liability company

 

		By:	/s/ Christopher Eng

	 	 	Name:	Christopher Eng

	 	 	Title:	Secretary

 

[Signature Page to Term
Note]

 

    

    

    

 

 

THIS DELAYED DRAW TERM NOTE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

	 	SUMMIT JV MR 2, LLC,
 a Delaware limited liability company
	 	 	 
	 	By:	/s/ Christopher Eng
	 	 	Name:	Christopher Eng
	 	 	Title:	Secretary

 

	 	SUMMIT JV MR 3, LLC,

  a Delaware limited liability company
	 	 	 
	 	By:	/s/ Christopher Eng
	 	 	Name:	Christopher Eng
	 	 	Title:	Secretary

 

	 	SUMMIT NCI NOLA BR 184, LLC,

  a Delaware limited liability company
	 	 	 
	 	By:	/s/ Christopher Eng
	 	 	Name:	Christopher Eng
		 	Title:	Secretary

 

[Signature Page to Delayed Draw Term Note]

 

     

     

    

 

IN WITNESS WHEREOF, each Pledgor
and the Administrative Agent have caused this Agreement to be executed and delivered by their duly authorized officers as of the date
first above written.

 

	 	SUMMIT JV MR
    2, LLC,
	 	a Delaware limited
    liability company
	 	 
	 	By: 	/s/
    Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT JV MR
    3, LLC,
	 	a Delaware limited
    liability company
	 	 
	 	By: 	/s/
    Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT HOSPITALITY
    SUBJV, LLC,
	 	a Delaware limited
    liability company
	 	 
	 	By: 	/s/
    Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT NCI MASTER
    TRS, INC.,
	 	a Delaware corporation
	 	 
	 	By: 	/s/
    Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary

 

[Signature Page to Project
Red River Pledge Agreement]

     

     

    

 

	 	SUMMIT NCI JV
    BR 156-159, LLC,
	 	a Delaware limited
    liability company
	 	 
	 	By: 	/s/
    Christopher Eng
	 		Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT NCI JV
    BR 160, LLC,
	 	a Delaware limited
    liability company
	 	 
	 	By: 	/s/
    Christopher Eng
	 	 	Name:	Christopher Eng
	 	 	Title:	Secretary
	 	 
	 	SUMMIT NCI JV
    BR 161, LLC,
	 	a Delaware limited
    liability company
	 	 
	 	By: 	/s/ Christopher
    Eng
	 	 	Name:	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT NCI JV
    BR 162, LLC,
	 	a Delaware limited
    liability company
	 	 
	 	By:	/s/
    Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT NCI JV
    BR 163-164, LLC,
	 	a Delaware limited
    liability company
	 	 
	 	By: 	/s/
    Christopher Eng
	 		Name: 	Christopher Eng
	 	 	Title:	Secretary 

 

[Signature Page to Project Red River Pledge Agreement]

 

     

     

    

 

	 	SUMMIT NCI JV BR 165, LLC,
	 	a Delaware limited liability
    company
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT NCI JV BR 166, LLC,
	 	a Delaware limited liability
    company
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT NCI JV BR 167-168, LLC,
	 	a Delaware limited liability
    company
	 	 
	 	By:	 /s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT NCI JV BR 169, LLC,
	 	a Delaware limited liability
    company
	 	 
	 	By:	 /s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT NCI JV BR 171, LLC,
	 	a Delaware limited liability
    company
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary

 

[Signature Page to Project Red River Pledge Agreement]

     

     

    

	 	SUMMIT NCI JV BR 172, LLC,

    a Delaware limited liability company
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT NCI JV BR 173, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	 /s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT NCI JV BR 174, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT NCI JV BR 175, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title:	 Secretary
	 	 
	 	SUMMIT NCI JV BR 176, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary

 

[Signature Page to Project Red River Pledge
Agreement]

     

     

    

 

	 	SUMMIT NCI JV BR 177, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT NCI JV BR 178, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT NCI JV BR 179, LLC,

    a Delaware limited liability company
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT NCI JV BR 180, LLC,

    a Delaware limited liability company
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT NCI JV BR 181, LLC,

    a Delaware limited liability company
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary

 

[Signature Page to Project Red River Pledge
Agreement]

     

     

    

 

	 	SUMMIT NCI JV BR 182-183, LLC,

    a Delaware limited liability company
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUPREME BRIGHT DALLAS II, LLC
	 	a Texas limited liability company
	 	 
	 	By: 	Summit NCI JV BR 156-159, LLC,
	 	 	a Delaware
    limited liability company
	 		Its:              sole member
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary

 

[Signature Page to Project Red River Pledge
Agreement]

     

     

    

 

IN WITNESS WHEREOF, each Pledgor,
the Administrative Agent and the Issuer have caused this Agreement to be executed by their duly elected officers duly authorized as of
the date first above written.

 

	 	Summit NCI JV BR 163-164, LLC,
	 	Summit NCI JV BR 156-159, LLC,
	 	Summit NCI JV BR 160, LLC,
	 	Summit NCI JV BR 161, LLC,
	 	Summit NCI JV BR 162, LLC,
	 	Summit NCI JV BR 165, LLC,
	 	Summit NCI JV BR 166, LLC,
	 	Summit NCI JV BR 169, LLC,
	 	Summit NCI JV BR 171, LLC,
	 	Summit NCI JV BR 172, LLC,
	 	Summit NCI JV BR 173, LLC,
	 	Summit NCI JV BR 175, LLC
	 	Summit NCI JV BR 176, LLC,
	 	Summit NCI JV BR 177, LLC,
	 	Summit NCI JV BR 178, LLC,
	 	Summit NCI JV BR 181, LLC,
	 	Summit NCI JV BR 182-183, LLC,
	 	Summit NCI JV BR 179, LLC,
	 	Summit NCI JV BR 180, LLC,
	 	Summit NCI JV BR 174, LLC, and
	 	Summit NCI JV BR 167-168, LLC,
	 	as Pledgors
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary

 

[Signature page to Agreement Regarding Uncertificated Securities]

     

     

    

 

 

	 	SUMMIT NCI MASTER TRS, INC.,
	 	as the Issuer
	 	 
	 	By: 	/s/
    Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary

 

[Signature page to Agreement Regarding Uncertificated Securities]

 

     

     

    

 

	 	
	 	Bank
    of america, n.a., as
	 	Administrative Agent
	 	 
	 	By:	/s/ Cindy Jordan
	 	 	Name:	Cindy Jordan
	 	 	Title:	AVP

 

[Signature Page to Credit Agreement - Summit JV Credit Agreement]

 

     

     

    

 

	 	bank
    of america, n.a., as
	 	a Lender
	 	 
	 	By:	/s/ Kyle Pearson
	 	 	Name: 	Kyle Pearson
	 	 	Title: 	Vice President

 

[Signature Page to Credit Agreement - Summit JV Credit Agreement]

     

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    as a Lender
	 	 
	 	By:	/s/ Anand J. Jobanputra
	 	 	Name:	Anand J. Jobanputra
	 	 	Title:	Managing Director

 

[Signature Page to Credit Agreement - Summit JV Credit Agreement]EX-4.1

 Exhibit 4.1 

Execution Version 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of December 7, 2017, is by and among Phoenix Parent Holdings
Inc., a Delaware corporation (the “Corporation”), KKR Phoenix Aggregator L.P., a Delaware limited partnership (“KKR”), Walgreen Co., an Illinois corporation (“Walgreens” and, together with the KKR
and any other stockholders of the Corporation who become party to this Agreement from time to time pursuant to the terms hereof, each a “Stockholder” and collectively, the “Stockholders”). 

WHEREAS, KKR and Walgreens are parties to that certain Stockholders’ Agreement, dated as of the date hereof, as the same may hereafter be
amended, modified, restated or supplemented from time to time (the “Stockholders’ Agreement”); and 
 WHEREAS, the
Stockholders desire to have, and the Corporation desires to grant, certain registration and other rights with respect to their Registrable Securities (each as defined below), on the terms and subject to the conditions set forth in this Agreement.

 NOW, THEREFORE, for and in consideration of the mutual agreements contained herein and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

Section 1.    Definitions. As used in this Agreement, the following terms shall have the following meanings,
and terms used herein but not otherwise defined herein shall have the meanings assigned to them in the Stockholders’ Agreement: 

“Adverse Disclosure” shall mean public disclosure of material non-public information that, in the Board’s good faith
judgment, after consultation with outside counsel to the Corporation, (i) would be required to be made in any report or Registration Statement filed with the SEC by the Corporation so that such report or Registration Statement would not be
materially misleading; (ii) would not be required to be made at such time but for the filing, effectiveness or continued use of such report or Registration Statement; and (iii) the Corporation has a bona fide business purpose for
not disclosing publicly. 
 “Affiliate” means, with respect to any Person, an “affiliate” as defined in Rule 405
of the regulations promulgated under the Securities Act; provided, however, that notwithstanding the foregoing, an Affiliate of any KKR Stockholder shall not include any portfolio company (as such term is commonly understood in the
private equity industry) owned by any fund managed or advised by Kohlberg Kravis Roberts & Co. L.P. or any of its Affiliates; provided, further, that for purposes of this Agreement none of the Stockholders and shall be deemed
to be an Affiliate of the Corporation or any of its Subsidiaries (or vice versa). 
 “Agreement” shall have the meaning set
forth in the preamble hereto. 
 “Automatic Shelf Registration Statement” shall have the meaning set forth in Rule 405 (or
any successor provision) of the Securities Act. 
 “Board” shall mean the board of directors or equivalent governing body
of the Corporation. 

 “Common Stock” means the outstanding shares of Common Stock of the
Corporation following the consummation of an Initial Public Offering. 
 “Corporation/Holder Indemnitees” shall have the
meaning set forth in Section 9(b). 
 “Demand Delay” shall have the meaning set forth in
Section 4(c). 
 “Demand Notice” shall have the meaning set forth in
Section 4(a). 
 “Demand Registration” shall have the meaning set forth in
Section 4(a). 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and
any successor statute thereto and the rules and regulations of the SEC promulgated thereunder, as in effect at the time. 

“FINRA” shall mean the U.S. Financial Industry Regulatory Authority, Inc. 

“Governmental Authority” means any U.S. federal, state, provincial, municipal, local or foreign or multinational government,
governmental authority, regulatory or administrative agency, legislative body, governmental commission, department, board, bureau, agency or instrumentality, court or tribunal. 

“Holder Indemnitees” shall have the meaning set forth in Section 9(a). 

“Indemnified Party” shall have the meaning set forth in Section 9(c). 

“Indemnifying Party” shall have the meaning set forth in Section 9(c). 

“Initial Public Offering” shall have the meaning set forth in the Stockholders Agreement. 

“KKR Stockholders” means KKR and its Permitted Transferees. 

“Losses” shall have the meaning set forth in Section 9(a). 

“Marketed Underwritten Shelf Take-Down” shall have the meaning set forth in Section3(d)(i). 

“Non-Marketed Underwritten Shelf Take-Down” shall mean any Underwritten Shelf Take-Down that is not a Marketed Underwritten
Shelf Take-Down. 
 “Non-Principal Stockholder” means any Stockholder or other holder (whether directly or indirectly) of
Registrable Securities that is not a KKR Stockholder or a Walgreens Stockholder. 
 “Notice” shall have the meaning set
forth in Section 4(a). 
 “Permitted Transferee” shall have the meaning set forth in the
Stockholders’ Agreement. 
 “Person” shall mean any natural person, corporation, limited partnership, general
partnership, limited liability company, joint stock company, joint venture, association, company, 

  
 2 

 
estate, trust, bank trust company, land trust, business trust, or other organization, whether or not a legal entity, custodian, trustee-executor, administrator, nominee or entity in a
representative capacity and any Governmental Authority. 
 “Piggyback Notice” shall have the meaning set forth in
Section 5(a). 
 “Piggyback Registration” shall have the meaning set forth in
Section 5(a). 
 “Piggyback Rights” shall have the meaning set forth in
Section 6(d). 
 “Principal Shelf Holder” shall have the meaning set forth in
Section 3(a). 
 “Principal Stockholder” shall mean any Stockholder that is a KKR Stockholder or
a Walgreens Stockholder and holds (whether directly or indirectly through the Partnership) Registrable Securities. 

“Proceeding” shall mean an action, claim, suit, arbitration or proceeding (including an investigation or partial proceeding,
such as a deposition), whether commenced or threatened. 
 “Prospectus” shall mean any prospectus included in, or relating
to, any Registration Statement (including any preliminary prospectus, any prospectus that discloses information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A or Rule 430B
promulgated under the Securities Act (or any similar or successor rules or regulations that may be hereafter adopted by the SEC) and any “issuer free writing prospectus” (as defined in Rule 433 under the Securities Act (or any similar or
successor rules or regulations that may be hereafter adopted by the SEC))), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration
Statement, and all other amendments and supplements to such prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such prospectus. 

“Public Offering” shall mean the sale of shares of Common Stock to the public pursuant to an effective Registration Statement
(other than Form S-4 or Form S-8 or any similar or successor form) filed under the Securities Act or any comparable law or regulatory scheme of any foreign jurisdiction. 

“Registrable Securities” shall mean any shares of Common Stock currently held or hereafter acquired by the Stockholders and
any other securities issued with respect to (or issuable upon the conversion, exchange or exercise of any warrant, right or other security which is issued with respect to) any such shares of Common Stock by way of share split, share dividend,
recapitalization, merger, exchange or similar event or otherwise. As to any particular Registrable Securities, once issued such securities shall cease to be Registrable Securities when (i) they are sold pursuant to an effective Registration
Statement under the Securities Act, (ii) a Registration Statement on Form S-8 (or any similar or successor form) covering such securities is effective, (iii) they are sold pursuant to Rule 144 (or any similar provision in force under the
Securities Act), (iv) they shall have ceased to be outstanding or (v) they have been sold in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of the securities. No Registrable
Securities may be registered under more than one Registration Statement at any one time. 

  
 3 

 “Registration Statement” shall mean any registration statement of the
Corporation under the Securities Act that permits the public offering of any of the Registrable Securities in accordance with the intended methods of distribution thereof pursuant to the provisions of this Agreement, including any related
Prospectus, amendments and supplements to such registration statement or Prospectus, including post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such registration
statement. 
 “Representatives” shall have the meaning set forth in Section 12(k). 

“Rule 144” shall mean Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar or
successor rule or regulation that may be hereafter adopted by the SEC. 
 “SEC” shall mean the Securities and Exchange
Commission or any successor agency having jurisdiction under the Securities Act. 
 “Securities Act” shall mean the
Securities Act of 1933, as amended, and any successor statute thereto and the rules and regulations of the SEC promulgated thereunder. 

“Stockholders” shall have the meaning set forth in the preamble hereto. 

“Shelf Holder” shall have the meaning set forth in Section 3(a). 

“Shelf Registration Notice” shall have the meaning set forth in Section 3(a). 

“Shelf Registration Statement” shall mean a Registration Statement of the Corporation filed with the SEC on a Form S-3 (or
any similar or successor form) for an offering to be made pursuant to Rule 415 under the Securities Act (or any similar or successor rule or regulation that may be hereafter adopted by the SEC) covering the Registrable Securities, as applicable.

 “Shelf Suspension” shall have the meaning set forth in Section 3(c). 

“Shelf Take-Down1” shall mean any offering or sale of Registrable Securities by a Shelf Holder pursuant to a Shelf
Registration Statement. 
 “Stockholders’ Agreement” shall have the meaning set forth in the recitals hereto. 

“Subsidiary” means (i) any corporation or other entity a majority of the Capital Stock of which having ordinary voting
power to elect a majority of the board of directors or other Persons performing similar functions is at the time owned, directly or indirectly, with power to vote, by the Corporation or any direct or indirect Subsidiary of the Corporation or
(ii) a partnership in which the Corporation or any direct or indirect Subsidiary of the Corporation is a general partner. 

“Take-Down Notice” shall have the meaning set forth in Section 3(d)(i). 

  
 4 

 “Transfer Restriction Waiver” shall have the meaning set forth in
Section 6(d). 
 “Underwritten Registration” or “Underwritten Offering” shall
mean a registration in which securities of the Corporation are sold to an underwriter for reoffering to the public. 
 “Underwritten
Shelf Take-Down” shall have the meaning set forth in Section 3(d)(i). 
 “Underwritten Shelf
Take-Down Participating Holder” shall have the meaning set forth in Section 3(d)(ii). 

“Underwritten Shelf Take-Down Participation Notice” shall have the meaning set forth in
Section 3(d)(ii). 
 “Underwritten Shelf Take-Down Selling Holders” shall have the meaning set
forth in Section 3(d)(ii). 
 “Walgreens Stockholders” means Walgreens and any of its Permitted
Transferees that has become a Stockholder in accordance with the Stockholders’ Agreement. 
 “Well-Known Seasoned
Issuer” shall have the meaning set forth in Rule 405 (or any similar or successor rule or regulation that may be hereafter adopted by the SEC) of the Securities Act. 

Section 2.    Holders of Registrable Securities. A Person is deemed, and shall only be deemed, to be a holder
of Registrable Securities if such Person owns (beneficially or of record) Registrable Securities or has a right to acquire such Registrable Securities and such Person is a Stockholder. 

Section 3.    Shelf Registrations. 

(a)    Filing. Upon the one-year anniversary of an Initial Public Offering (unless otherwise agreed in writing by
the KKR Stockholders and the Walgreens Stockholders), subject to the Corporation’s rights under Section 3(c) and the limitations set forth in Section 3(d), the Corporation shall
(i) promptly (but in any event no later than twenty (20) Business Days prior to the date such Shelf Registration Statement is declared effective) give written notice (a “Shelf Registration Notice”) of the proposed
registration to all holders of Registrable Securities and (ii) use its reasonable best efforts to file with the SEC, as soon as reasonably practicable after such one-year anniversary of such Initial Public Offering, and to cause to become
effective under the Securities Act as soon as practicable after the filing thereof, a Shelf Registration Statement (which Shelf Registration Statement shall be designated and filed by the Corporation as an Automatic Shelf Registration Statement if
the Corporation is a Well-Known Seasoned Issuer at the time of filing such Shelf Registration Statement with the SEC) for all Registrable Securities held by the Principal Stockholders (or, if a Principal Stockholder determines to not include all of
its Registrable Securities therein, such lesser amount as such Principal Stockholder shall request to the Corporation in writing), together with all or such portion of the Registrable Securities of any other holder or holders of Registrable
Securities, in each case, as are specified in a written request received by the Corporation within five (5) days after such Shelf Registration Notice is given (each holder of Registrable Securities with Registrable Securities registered on such
Shelf 

  
 5 

 
Registration Statement from time to time, as the case may be, a “Shelf Holder” and each Principal Stockholder which is a Shelf Holder from time to time, a “Principal
Shelf Holder”), provided, however, that if the Corporation is permitted by applicable Law to add selling stockholders to a Shelf Registration Statement without filing a post-effective amendment, a holder of Registrable
Securities may request the inclusion of additional Registrable Securities in such Shelf Registration Statement at any time or from time to time, and the Corporation shall add such Registrable Securities to the Shelf Registration Statement as
promptly as reasonably practicable, and such holder of Registrable Securities shall be deemed a Shelf Holder. Notwithstanding anything to the contrary, in no event shall the Corporation be required to file or maintain the effectiveness of a Shelf
Registration Statement pursuant to Section 3(a) at any time if Form S-3 is not available to the Corporation at such time. 

(b)    Continued Effectiveness. The Corporation shall use its reasonable best efforts to keep such Shelf
Registration Statement filed pursuant to Section 3(a) continuously effective under the Securities Act in order to permit the Prospectus forming a part thereof to be usable by the Shelf Holders until the earlier of
(i) the date as of which all Registrable Securities registered by such Shelf Registration Statement have been sold and (ii) such shorter period as agreed by each of the Principal Shelf Holders. 

(c)    Suspension of Filing or Registration. If the Corporation shall furnish to the Shelf Holders a certificate
signed by the chief executive officer, chief financial officer, general counsel or other equivalent senior executive officer of the Corporation stating that the filing, effectiveness or continued use of the Shelf Registration Statement would require
the Corporation to make an Adverse Disclosure, then the Corporation shall have a period of not more than sixty (60) days or such longer period as the KKR Stockholders and the Walgreens Stockholders shall consent to in writing, within which to
delay the filing or effectiveness (but not the preparation) of such Shelf Registration Statement or, in the case of a Shelf Registration Statement that has been declared effective, to suspend the use by Shelf Holders of such Shelf Registration
Statement (in each case, a “Shelf Suspension”); provided, however, that, unless consented to in writing by each of the Principal Shelf Holders, the Corporation shall not be permitted to exercise more than two
(2) Shelf Suspensions pursuant to this Section 3(c) and Demand Delays pursuant to Section 4(c), in the aggregate. Each Shelf Holder shall keep confidential the fact that a Shelf Suspension is
in effect, the certificate referred to above and its contents for the permitted duration of the Shelf Suspension or until otherwise notified by the Corporation in accordance with Section 12(k). In the case of a Shelf
Suspension that occurs after the effectiveness of the Shelf Registration Statement, the Shelf Holders agree to suspend use of the applicable Prospectus for the permitted duration of such Shelf Suspension in connection with any sale or purchase of,
or offer to sell or purchase, Registrable Securities, upon receipt of the certificate referred to above. The Corporation shall immediately notify the Shelf Holders upon the termination of any Shelf Suspension, and (A) in the case of a Shelf
Registration Statement that has not been declared effective, shall promptly thereafter file the Shelf Registration Statement and use its reasonable best efforts to have such Shelf Registration Statement declared effective under the Securities Act,
and (B) in the case of an effective Shelf Registration Statement, shall amend or supplement the Prospectus, if necessary, so it does not contain any material misstatement or omission prior to the expiration of the Shelf Suspension and furnish
to the Shelf Holders such number of copies of the Prospectus as so amended or supplemented as the Shelf Holders may reasonably request. The Corporation agrees, if necessary, to supplement or 

  
 6 

 
make amendments to the Shelf Registration Statement if required by the registration form used by the Corporation for such registration or by the instructions applicable to such registration form
or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by any of the Principal Shelf Holders. 

(d)    Requests for Shelf Take-Downs. 

(i)     Initiation of Shelf Take-Downs. If a Shelf Registration Statement has been filed and is
effective, then each of the Principal Shelf Holders may from time to time initiate a Shelf Take-Down by delivering a notice to the Corporation (a “Take-Down Notice”) stating that it intends to effect a Shelf Take-Down that is
reasonably expected to result in aggregate gross cash proceeds in excess of $50,000,000 and that such Shelf Take-Down shall be subject to compliance with the requirements of this Section 3(d) (if and to the extent
applicable to such Shelf Take-Down). The Take-Down Notice shall indicate whether such Shelf Take-Down will be in the form of an Underwritten Offering (an “Underwritten Shelf Take-Down”) and, with respect to any Underwritten Shelf
Take-Down, whether such Underwritten Shelf Take-Down will involve a customary “road show” (including an “electronic road show”) or other substantial marketing effort by the underwriters over a period of at least two days (a
“Marketed Underwritten Shelf Take-Down”); provided, that any Underwritten Shelf Take-Down shall be deemed to be, for purposes of Section 4, a Demand Registration and subject to the limitations contained in
Section 4. 
 (ii)    Underwritten Shelf Take-Downs. If such Shelf
Take-Down is an Underwritten Shelf Take-Down, then the initiating Principal Shelf Holder shall also deliver the Take-Down Notice to all other Shelf Holders as far in advance of the completion of such Shelf Take-Down as shall be reasonably
practicable in light of the circumstances applicable to such Shelf Take-Down and permit each such Shelf Holder to include its Registrable Securities included on such Shelf Registration Statement in the Underwritten Shelf Take-Down if such Shelf
Holder notifies the initiating Principal Shelf Holder the Corporation within five (5) days after delivery of the Take-Down Notice to such Shelf Holder (in connection with any Marketed Underwritten Shelf Take-Down) or within three (3) days
after delivery of the Take-Down Notice to such Shelf Holder (in connection with any Non-Marketed Underwritten Shelf Take-Down, including any Underwritten Shelf Take-Down that is structured as a “block” trade). Each such Take-Down Notice
shall set forth (A) the total number of Registrable Securities expected to be offered and sold in such Underwritten Shelf Take-Down, (B) the expected plan of distribution of such Underwritten Shelf Take-Down, (C) an invitation to each
other Shelf Holder to elect (such other Shelf Holders who make such an election being “Underwritten Shelf Take-Down Participating Holders” and, together with the initiating Principal Shelf Holder and all other Persons who otherwise
are transferring, or have exercised a contractual or other right to transfer, Registrable Securities in connection with such Underwritten Shelf Take-Down, the “Underwritten Shelf Take-Down Selling Holders”) to include in the
Underwritten Shelf Take-Down Registrable Securities held by such Underwritten Shelf Take-Down Participating Holder (on the terms set forth in this Section 3(d)) and (D) the action or actions required (including the
expected timing thereof) in connection with such Underwritten Shelf Take-Down with respect to each 

  
 7 

 
such other Shelf Holder that elects to exercise such right (including the delivery of one or more certificates representing Registrable Securities of such other Shelf Holder to be sold in such
Underwritten Shelf Take-Down). Upon delivery of such Take-Down Notice, each such other Shelf Holder may elect to sell Registrable Securities in such Underwritten Shelf Take-Down, at the same price per Registrable Security and pursuant to the same
terms and conditions with respect to payment for the Registrable Securities as agreed to by such initiating Principal Shelf Holder, by sending a written notice (an “Underwritten Shelf Take-Down Participation Notice”) to such
initiating Principal Shelf Holder within the time period specified in such Take-Down Notice, indicating its, his or her election to sell up to the number of Registrable Securities in the Underwritten Shelf Take-Down specified by such other Shelf
Holder in such Underwritten Shelf Take-Down Participation Notice (on the terms set forth in this Section 3(d)). With respect to such Underwritten Shelf Take-Down, the Corporation shall, if so requested by such initiating
Principal Shelf Holder, file and effect an amendment or supplement of the Shelf Registration Statement for such purpose as soon as practicable. With respect to such Underwritten Shelf Take-Down (including any Marketed Underwritten Shelf Take-Down),
in the event that a Shelf Holder otherwise would be entitled to participate in such Underwritten Shelf Take-Down pursuant to this Section 3(d), the right of such Shelf Holder to participate in such Underwritten Shelf
Take-Down shall be conditioned upon such Shelf Holder’s participation in such underwriting and the inclusion of such Shelf Holder’s Registrable Securities in the underwriting to the extent provided herein. The Corporation shall, together
with all Shelf Holders that are permitted to distribute their securities through such Underwritten Shelf Take-Down, enter into an underwriting agreement in customary form with the underwriter or underwriters selected in accordance with
Section 11. In the event that, in connection with a Marketed Underwritten Shelf Take-Down, the underwriter determines that marketing factors (including an adverse effect on the per share offering price) require a limitation
on the number of Registrable Securities which would otherwise be included in such take-down, the underwriter may limit the number of Registrable Securities which would otherwise be included in such Shelf Take-Down in the same manner as described in
Section 4(b) with respect to a limitation of the Registrable Securities to be included in a Demand Registration. In connection with an Underwritten Shelf-Takedown that is not a “block” trade and in which both one
or more KKR Stockholders and one or more Walgreens Stockholders are participating, the participating Principal Stockholders shall determine in good faith the size of proposed transaction, based on comparable precedent transactions. In connection
with an Underwritten Shelf Take-Down that is a “block” trade, if the participating Principal Stockholders determine that the maximum number of shares that should be included in such offering exceeds the number of Registrable Securities
which would otherwise be included in such take-down, the number of Registrable Securities shall be reduced in the same manner as described in Section 4(b) with respect to a limitation of the Registrable Securities to be
included in a Demand Registration. 
 For the avoidance of doubt, it is understood that in order to be entitled to exercise its, his or her
right to sell Registrable Securities in an Underwritten Shelf Take-Down pursuant to this Section 3(d), each Underwritten Shelf Take-Down Participating Holder must agree, on a several and not joint basis, to make the same
representations, warranties, covenants, indemnities and agreements, if any, as the initiating Principal Shelf Holder agrees to make in connection with the 

  
 8 

 
Underwritten Shelf Take-Down. Notwithstanding the delivery of any Take-Down Notice, all determinations as to whether to complete any Underwritten Shelf Take-Down and as to the timing, manner,
price and other terms of any Underwritten Shelf Take-Down shall be at the sole discretion of the initiating Principal Shelf Holder. 

Section 4.    Demand Registrations. 

(a)    Requests for Registration. Subject to the following paragraphs of this
Section 4(a), (i) in connection with any Initial Public Offering on or prior to the fifth anniversary of the date of this Agreement, the KKR Stockholders shall have the right, by delivering or causing to be delivered a
written notice to the Corporation, to require the Corporation to register, pursuant to the terms of this Agreement, under and in accordance with the provisions of the Securities Act, the sale of a number of Registrable Securities specified by the
KKR Stockholders (subject to clause (i) of the second paragraph of Section 5(a)), (ii) in connection with any Initial Public Offering following the fifth anniversary of the date of this Agreement, if KKR and Walgreens agree (each acting
reasonably) on the total number of Registrable Securities to be sold by the KKR Stockholders and the Walgreens Stockholders in such Initial Public Offering, then each Principal Stockholder shall have the right, by delivering or causing to be
delivered a written notice to the Corporation, to require the Corporation to register, pursuant to the terms of this Agreement, under and in accordance with the provisions of the Securities Act, the sale of pro rata portion of such total number of
Registrable Securities; provided that, for the avoidance of doubt, if KKR and Walgreens do not so agree, no Principal Stockholder shall be entitled to sell Registrable Securities in such Initial Public Offering, and (iii) following the Initial
Public Offering, each Principal Stockholder shall have the right, by delivering or causing to be delivered a written notice to the Corporation, to require the Corporation to register, pursuant to the terms of this Agreement, under and in accordance
with the provisions of the Securities Act, the sale of a number of Registrable Securities specified by such Principal Stockholder, in each case on Form S-1 or any similar or successor long-form registration (“Long-Form
Registrations”) or, if available, on Form S-3 or any similar or successor short-form registration (“Short-Form Registrations”) (any such written notice, a “Demand Notice” and any such registration, a
“Demand Registration”); provided, however, that a Demand Notice may only be made if the sale of the Registrable Securities requested to be registered by any demanding Principal Stockholder and its Affiliates is
reasonably expected to result in aggregate gross cash proceeds in excess of $50,000,000 (without regard to any underwriting discount or commission); provided, further, that the Corporation shall not be obligated to file a Registration
Statement relating to any registration request under this Section 4(a) within a period of ninety (90) days after the effective date of any other Registration Statement relating to any registration request under this
Section 4(a) (including, for this purpose, any Marketed Underwritten Shelf Take Down) (or, after the effective date of the Initial Public Offering, within a period of one hundred eighty (180) days). Following receipt
of a Demand Notice for a Demand Registration in accordance with this Section 4(a), the Corporation shall use its reasonable best efforts to file with the SEC a Registration Statement as promptly as practicable and shall use
its reasonable best efforts to cause such Registration Statement to be declared effective under the Securities Act as promptly as practicable after the filing thereof. 

Promptly (and, in any event, within five (5) days) after receipt by the Corporation of a Demand Notice in accordance with this
Section 4(a), the Corporation shall give written notice 

  
 9 

 
(the “Notice”) of such Demand Notice to all other holders of Registrable Securities and shall, subject to the provisions of Section 4(b), include in
such registration all Registrable Securities with respect to which the Corporation received written requests for inclusion therein within ten (10) days after such Notice is given by the Corporation to such holders. 

Notwithstanding anything to the contrary in this Agreement, unless otherwise consented to by the KKR Stockholders, in connection with a Demand
Notice for an Initial Public Offering, the Corporation shall only be required (and permitted) to deliver any Notice or Piggyback Notice as provided in clause (i) of the second paragraph of Section 5(a). 

All requests made pursuant to this Section 4 will specify the estimated number of Registrable Securities to be
registered and/or, in the case of an Initial Public Offering, the estimated number of shares of Common Stock to be issued, and the intended methods of disposition thereof; provided that the requesting holder shall promptly inform the
Corporation of any updates to such estimates. 
 The Corporation shall be required to maintain the effectiveness of the Registration
Statement with respect to any Demand Registration for a period of at least one hundred eighty (180) days after the effective date thereof or such shorter period during which all Registrable Securities included in such Registration Statement
have actually been sold; provided, however, that such period shall be extended for a period of time equal to the period the holder of Registrable Securities refrains from selling any securities included in such Registration Statement
at the request of the Corporation or an underwriter of the Corporation pursuant to the provisions of this Agreement. 

(b)    Priority on Demand Registration. If any of the Registrable Securities registered pursuant to a Demand
Registration are to be sold in a firm commitment Underwritten Offering, and the managing underwriter or underwriters advise the holders of such securities in writing that in their view the total number or dollar amount of Registrable Securities
proposed to be sold in such offering is such as to adversely affect the success of such offering (including securities proposed to be included by other holders of securities entitled to include securities in such Registration Statement pursuant to
incidental or piggyback registration rights), then there shall be included in such firm commitment Underwritten Offering the maximum number or dollar amount of Registrable Securities that in the opinion of such managing underwriter or underwriters
can be sold without adversely affecting such offering, and such number of Registrable Securities shall be allocated as follows, unless the managing underwriter(s) require a different allocation (provided, however, that any reallocation
methodology with respect to any Principal Stockholder be applied to all Principal Stockholder on a pro rata basis): 

(i)    first, pro rata among the holders of Registrable Securities on the basis of the such holders’
ownership of the Registrable Securities; and 
 (ii)    second, the securities for which inclusion in
such Demand Registration, as the case may be, was requested by the Corporation. 
 For purposes of the underwriter cutback set forth in this
Section 4(b), all Registrable Securities held by any Stockholder shall also include any Registrable Securities held by the 

  
 10 

 
partners, members, shareholders or Affiliates of such holder, or the estates and family members of any such holder or such partners, members and shareholders, any trusts for the benefit of any of
the foregoing Persons and, at the election of such holder or such partners, members, shareholders, trusts or Affiliates, any charitable organization, in each case to which any of the foregoing shall have been distributed, transferred or contributed
Registrable Securities prior to the execution of the underwriting agreement in connection with such Underwritten Offering; provided that such distribution, transfer or contribution occurred not more than ninety (90) days prior to such
execution, and such holder and other Persons shall be deemed to be a single selling holder, and any pro rata reduction (unless the managing underwriter(s) require a different allocation) with respect to such selling holder shall be based upon the
aggregate amount of Registrable Securities owned by all Persons included in such selling holder, as defined in this sentence. No securities excluded from the underwriting by reason of the underwriter’s marketing limitation shall be included in
such registration. 
 (c)    Postponement of Demand Registration. The Corporation shall not be obligated to file
any Registration Statement or other disclosure document pursuant to this Section 4 (but shall be obligated to continue to prepare such Registration Statement or other disclosure document) if the Corporation shall furnish to the holders
requesting registration a certificate signed by the chief executive officer, chief financial officer, general counsel or other equivalent senior executive officer of the Corporation stating that the filing, effectiveness or continued use of such
Registration Statement would require the Corporation to make an Adverse Disclosure, in which case the Corporation shall have a period (in each case, a “Demand Delay”) of not more than sixty (60) days or such longer period as
the Principal Stockholder initiating such registration request shall consent to in writing, within which to file such Registration Statement; provided, however, that, unless consented to in writing by the KKR Stockholders and the
Walgreens Stockholders, the Corporation shall not be permitted to exercise more than two (2) Demand Delays pursuant to this Section 4(c) and Shelf Suspensions pursuant to Section 3(c) in the aggregate. Each Stockholder
receiving such certificate shall keep confidential the fact that a Demand Delay is in effect, the certificate referred to above and its contents for the permitted duration of the Demand Delay until otherwise notified by the Corporation, in each case
in accordance with Section 12(k). If the Corporation shall so postpone the filing of a Registration Statement, the Principal Stockholder requesting such Demand Registration shall have the right to withdraw the request for registration by
giving written notice to the Corporation within twenty (20) days of the anticipated termination date of the postponement period, as provided in the certificate delivered to the holders; provided, however, that any other Principal
Stockholder may elect to continue such Demand Registration as if it were the requesting Principal Stockholder (which continuation shall, for the avoidance of doubt, not require the restart of any applicable minimum notice provisions, but shall count
as a Demand Registration for purposes of Section 4(e)). 
 (d)    Cancellation of a Demand Registration.
The Principal Stockholder that requested a Demand Registration shall have the right to notify the Corporation that it has determined that the proposed offering be abandoned or withdrawn, in which event the Corporation shall abandon or withdraw the
applicable Registration Statement and no Demand Registration shall be deemed to have occurred for purposes of this Section 4; provided, however, that any other Principal Stockholder may elect to continue such Demand
Registration as if it were the requesting Principal Stockholder (which continuation shall, for the avoidance of doubt, 

  
 11 

 
not require the restart of any applicable minimum notice provisions, but shall count as a Demand Registration for purposes of Section 4(e)). For the avoidance of doubt, prior to
entering into the underwriting agreement with respect to any proposed offering, any holder of Registrable Securities included in a Demand Registration may elect, in its sole discretion, to withdraw from such Demand Registration. 

(e)    Number of Demand Notices. In connection with the provisions, and subject to the limitations, of this
Section 4, (i) the KKR Stockholders shall have an unlimited number of Demand Notices that they are permitted to deliver (or cause to be delivered) to the Corporation hereunder and (ii) the Walgreens Stockholders shall
be permitted to deliver (or cause to be delivered) to the Corporation no more than five (5) Demand Notices hereunder. Notwithstanding the foregoing, no Demand Registration shall be deemed to have occurred for purposes of this
Section 4 if the Registration Statement relating thereto (i) does not become effective, (ii) is not maintained effective for the period required pursuant to this Section 4, or (iii) the offering of the
Registrable Securities pursuant to such Registration Statement is subject to a stop order, injunction, or similar order or requirement of the SEC during such period, in which case, such requesting holder of Registrable Securities shall be entitled
to an additional Demand Registration in lieu thereof. 
 Section 5.    Other Piggyback Registration. 

(a)    Right to Piggyback. Except with respect to the filing of the Shelf Registration Statement as provided in
Section 3 or a Demand Registration as provided in Section 4, if the Corporation proposes to file a Registration Statement under the Securities Act with respect to an offering of Common Stock whether or not for sale for its
own account (other than a Registration Statement (i) on Form S-4, Form S-8 or any successor forms thereto, (ii) filed solely in connection with any employee benefit or dividend reinvestment (or similar) plan, (iii) a registration
pursuant to which the Corporation is offering to exchange its own securities for other securities, or (iv) a Shelf Registration Statement pursuant to which only the initial purchasers and subsequent transferees of debt securities of the
Corporation or any Subsidiary that are convertible for Common Stock and that are initially issued pursuant to Rule 144A and/or Regulation S (or any successor provision) of the Securities Act may resell such notes and sell the Common Stock into which
such notes may be converted, then, except to the extent otherwise provided below with respect to the Initial Public Offering, the Corporation shall give prompt written notice of such proposed filing no later than ten (10) days prior to the
anticipated filing date (the “Piggyback Notice”) to all of the holders of Registrable Securities. The Piggyback Notice shall offer such holders the opportunity to include (or cause to be included) in such Registration Statement the
number of Registrable Securities as each such holder may request (a “Piggyback Registration”). Subject to Section 5(b), the Corporation shall include in each such Piggyback Registration all Registrable Securities with
respect to which the Corporation has received written requests for inclusion therein within ten (10) days after notice has been given to the applicable holder. The eligible holders of Registrable Securities shall be permitted to withdraw all or
part of the Registrable Securities from a Piggyback Registration at any time at least five (5) Business Days prior to the effective date of the Registration Statement for such Piggyback Registration. The Corporation shall not be required to
maintain the effectiveness of the Registration Statement for a Piggyback Registration beyond the earlier to occur of (i) one hundred eighty (180) days after the effective date thereof and (ii) consummation of the distribution by the
holders of the applicable Registrable Securities included in such Registration Statement. 

  
 12 

 Notwithstanding anything to the contrary in this Agreement, (i) in connection with a
Demand Notice for an Initial Public Offering in which the KKR Stockholders are selling (or causing to be sold) Registrable Securities beneficially owned by them in such Initial Public Offering on a secondary basis, the Corporation shall be required
to deliver a Piggyback Notice to all holders of Registrable Securities and in such event all holders of Registrable Securities shall have the right to participate in such offering on a pro rata basis with such KKR Stockholders, taken together (it
being understood that in connection with any Initial Public Offering in which the KKR Stockholders are not selling (or causing to be sold) Registrable Securities beneficially owned by them on a secondary basis, no such Piggyback Notice need be
sent), and (ii) no member of senior management of the Corporation or any of its Subsidiaries who has been provided with piggyback rights in this Section 5 shall be permitted to exercise such rights unless the KKR Stockholders are
selling Registrable Securities in such transaction. 
 If at any time after giving a Piggyback Notice and prior to the effective date of the
Registration Statement filed in connection with such registration the Corporation shall determine for any reason not to register the securities originally intended to be included in such registration, the Corporation may, at its election, give
written notice of such determination to the Stockholders and thereupon the Corporation shall be relieved of its obligation to register such Registrable Securities in connection with the registration of securities originally intended to be included
in such registration, without prejudice, however, to the right of a Principal Stockholder promptly thereafter to request that such registration be continued as a registration under Section 3 to the extent permitted thereunder (which
continuation shall, for the avoidance of doubt, not require the restart of any applicable minimum notice provisions, but shall count as a Demand Registration for purposes of Section 4(e)). 

(b)    Priority on Piggyback Registrations. The Corporation shall use reasonable best efforts to cause the managing
underwriter or underwriters of a proposed Underwritten Offering to permit the applicable holders of Registrable Securities who have submitted a Piggyback Notice in connection with such offering to include in such offering all Registrable Securities
included in each holder’s Piggyback Notice on the same terms and conditions as any other shares of Common Stock, if any, of the Corporation included in the offering. Notwithstanding the foregoing, if the managing underwriter or underwriters of
such Underwritten Offering have informed the Corporation in writing that it is their good faith opinion that the total amount of securities that such holders, the Corporation and any other Persons having rights to participate in such registration,
intend to include in such offering is such as to adversely affect the success of such offering, then the amount of securities to be offered (i) for the account of holders of Registrable Securities (other than the Corporation) on a pro rata
basis, based on their ownership of Registrable Securities, and (ii) for the account of all such other Persons (other than the Corporation) shall be reduced to the extent necessary to reduce the total amount of securities to be included in such
offering to the amount recommended by such managing underwriter or underwriters by first reducing, or eliminating if necessary, all securities of the Corporation requested to be included by such other Persons (other than the Corporation and holders
of Registrable Securities) and then, if necessary, reducing the securities requested to be included by the holders of Registrable Securities requesting such registration pro rata among such holders on the basis of the percentage of the Registrable
Securities requested to be included in such Registration Statement by such holders. 

  
 13 

 Section 6.    Restrictions on Public Sale by Holders of
Registrable Securities; Restrictions on the Corporation; Transfer Restriction Waiver. 
 (a)    Subject to
Section 6(d), each Stockholder agrees, in connection with the Initial Public Offering, and each holder of Registrable Securities agrees, in connection with any Underwritten Offering made pursuant to a Registration Statement filed
pursuant to Section 3, 4 or 5 (whether or not such holder elected to include Registrable Securities in such Registration Statement), if requested (pursuant to a written notice) by the managing underwriter or underwriters in an
Underwritten Offering, not to effect any public sale or distribution of any of the Corporation’s securities (except as part of such Underwritten Offering), including a sale pursuant to Rule 144 or any swap or other economic arrangement that
transfers to another Person any of the economic consequences of owning Common Stock or to give any Demand Notice during the period commencing on the date of the request (which shall be no earlier than fourteen (14) days prior to the expected
“pricing” of such offering) and continuing for not more than: (a) with respect to the Initial Public Offering, one hundred eighty (180) days, (b) with respect to any other offering (other than a Non-Marketed Underwritten Shelf
Take-Down), ninety (90) days, or (c) with respect to any Non-Marketed Underwritten Shelf Take-Down, the lesser of (i) forty-five (45) days and (ii) the date that such Non-Marketed Underwritten Shelf Take-Down is abandoned,
in the case of each of clauses (a), (b) or (c) above, after the date of the final Prospectus (or final Prospectus supplement if the offering is made pursuant to a shelf registration) pursuant to which such public offering shall be made, or such
lesser period as is required by the managing underwriter (which shall also apply equally to all Stockholders). Each Stockholder agrees that it will deliver to the managing underwriter or underwriters of any offering to which clause (a), (b) or
(c) above is applicable a customary lock-up agreement (with customary terms, conditions and exceptions) that is in all material respects the same as the lock-up agreements delivered to the managing underwriter or underwriters by the KKR
Stockholders (or in the case of any Demand Registration initiated by any Walgreens Stockholder, as the lock-up agreements delivered to the managing underwriter or underwriters by the Walgreens Stockholders) reflecting their agreement set forth in
this Section 6. 
 (b)    Notwithstanding the foregoing, any discretionary waiver or termination of this
lock-up provision or any such lock-up agreement by the Corporation (other than pursuant to Section 6(d)) or the underwriters with respect to any of the Stockholders shall apply to the other Stockholders as well, pro rata based upon the
number of shares of Common Stock subject to such obligations. 
 (c)    The Corporation agrees, in connection with any
Underwritten Offering made pursuant to a Registration Statement filed pursuant to Section 3, 4 or 5 not to effect any public sale or distribution of any Common Stock (or securities convertible into or exchangeable or
exercisable for Common Stock) (other than pursuant to a registration statement on Form S-4, Form S-8 or any successor forms thereto relating to Common Stock to be issued solely by the Corporation in connection with (i) any acquisition of
another entity or business or (ii) a stock option or any other employee benefit or dividend reinvestment plan) for its own account, in the case of each of (i) and (ii), during the period beginning seven (7) days prior to the launch of
the 

  
 14 

 
Underwritten Offering and ending no later than the earlier of: (x) with respect to the Initial Public Offering, one hundred eighty (180) days, (y) with respect to any other offering
(other than a Non-Marketed Underwritten Shelf Take-Down), ninety (90) days, or (z) with respect to any Non-Marketed Underwritten Shelf Take-Down, the lesser of (I) sixty (60) days and (II) the date that such Non-Marketed
Underwritten Shelf Take-Down is abandoned, in the case of each of clauses (x), (y) or (z) above, after the date of the final Prospectus (or final Prospectus supplement if the offering is made pursuant to a shelf registration) pursuant to which
such public offering shall be made, or such lesser period as is required by the managing underwriter (which shall also apply equally to all Stockholders). 

(d)    Transfer Restriction Waiver; Suspension of Piggyback Rights. Notwithstanding anything herein to the
contrary, in connection with any Public Offering in which a Non-Principal Stockholder’s piggyback registration rights pursuant to Section 3, 4 or 5 (the “Piggyback Rights”) would otherwise be
available, the Board, in its sole discretion, may elect to waive any restrictions on Transfer contained in any stockholders agreement between such Non-Principals Stockholder and the Corporation and under Section 6(a) with respect to the
number of shares of Common Stock held by such Non-Principal Stockholder that would have been subject to such Piggyback Rights in connection with such Public Offering (a “Transfer Restriction Waiver”). If the Board shall have
elected to effect a Transfer Restriction Waiver with respect to a Public Offering, (A) the Non-Principal Stockholders shall not be entitled to exercise any Piggyback Rights with respect to such Public Offering, and (B) the Corporation
shall (x) deliver a written notice to each Non-Principal Stockholder on or promptly following the completion of the Public Offering giving rise to the Transfer Restriction Waiver, which notice shall include the number of shares of Common Stock
sold by the Principal Stockholders in such Public Offering and the number of shares of Common Stock to which the Transfer Restriction Waiver shall apply, and (y) promptly take, and cause each of its controlled Affiliates, officers, employees,
agents and representatives to promptly take, all such actions as may be reasonably required in connection therewith to effectuate, or cause to be effectuated, the Transfer Restriction Waiver, including causing any applicable lock-ups or other
restrictions on Transfer not to apply to the shares of Common Stock that are the subject of such Transfer Restriction Waiver and taking the actions set forth in Section 10, to the extent legally possible, with respect to such shares of
Common Stock. 
 Section 7.    Registration Procedures. If and whenever the Corporation is required to
effect the registration of any Registrable Securities under the Securities Act as provided in Sections 3, 4 or 5, the Corporation shall effect such registration to permit the sale of such Registrable Securities in accordance
with the intended method or methods of disposition thereof, and pursuant thereto the Corporation shall cooperate in the sale of the securities and shall, as expeditiously as possible: 

(a)    prepare and file with the SEC a Registration Statement or Registration Statements on such form as shall be
available for the sale of the Registrable Securities by the holders thereof or by the Corporation in accordance with the intended method or methods of distribution thereof, and use its reasonable best efforts to cause such Registration Statement to
become effective and to remain effective as provided herein; provided, however, that before filing a Registration Statement or Prospectus or any amendments or supplements thereto, the Corporation shall furnish or otherwise make
available to the Principal Stockholder that hold 

  
 15 

 
Registrable Securities covered by such Registration Statement, their counsel and the managing underwriters, if any, copies of all such documents proposed to be filed, which documents will be
subject to the reasonable review and comment of such counsel, and such other documents reasonably requested by such counsel, including any comment letter from the SEC, and, if requested by such counsel, provide such counsel reasonable opportunity to
participate in the preparation of such Registration Statement and each Prospectus included therein and such other opportunities to conduct a reasonable investigation within the meaning of the Securities Act, including reasonable access to the
Corporation’s books and records, officers, accountants and other advisors. The Corporation shall not file any such Registration Statement or Prospectus or any amendments or supplements thereto (including such documents that, upon filing, would
be incorporated or deemed to be incorporated by reference therein) with respect to a Demand Registration to which the holders of a majority of the Registrable Securities held by the Principal Stockholder covered by such Registration Statement, their
counsel, or the managing underwriters, if any, shall reasonably object, in writing, on a timely basis, unless, in the opinion of the Corporation, such filing is necessary to comply with applicable Law; 

(b)    prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may
be necessary to keep such Registration Statement continuously effective during the period provided herein and comply in all material respects with the provisions of the Securities Act with respect to the disposition of all securities covered by such
Registration Statement; and cause the related Prospectus to be supplemented by any Prospectus supplement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of the securities covered by such
Registration Statement, and as so supplemented to be filed pursuant to Rule 424 (or any similar or successor rule or regulation then in force) under the Securities Act; 

(c)    notify each selling holder of Registrable Securities, its counsel and the managing underwriters, if any, promptly,
and (if requested by any such Person) confirm such notice in writing, (i) when a Registration Statement, Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any
post-effective amendment, when the same has become effective, (ii) of any request by the SEC or any other federal or state governmental authority for amendments or supplements to a Registration Statement or related Prospectus or for additional
information, (iii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (iv) if at any time the Corporation has reason to believe that
the representations and warranties of the Corporation contained in any agreement (including any underwriting agreement) contemplated by Section 7(o) below cease to be true and correct, (v) of the receipt by the Corporation of any
notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, and (vi) if
the Corporation has knowledge of the happening of any event that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material
respect or that requires the making of any changes in such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein, not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a 

  
 16 

 
material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (which notice shall
notify the selling holders only of the occurrence of such an event and shall provide no additional information regarding such event to the extent such information would constitute material non-public information); 

(d)    use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a
Registration Statement, or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction at the earliest date reasonably practicable; 

(e)    if requested by the managing underwriters, if any, or the holders of a majority of the then outstanding Registrable
Securities being sold in connection with an Underwritten Offering, promptly include in a Prospectus supplement or post-effective amendment such information as the managing underwriters, if any, and such holders may reasonably request in order to
permit the intended method of distribution of such securities and make all required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after the Corporation has received such request; provided,
however, that the Corporation shall not be required to take any actions under this Section 7(e) that are not, in the opinion of counsel for the Corporation, in compliance with applicable Law; 

(f)    furnish or make available to each selling holder of Registrable Securities, its counsel and each managing
underwriter, if any, without charge, at least one conformed copy of the Registration Statement, the Prospectus and Prospectus supplements, if applicable, and each post-effective amendment thereto, including financial statements (but excluding
schedules, all documents incorporated or deemed to be incorporated therein by reference, and all exhibits, unless requested in writing by such holder, counsel or underwriter); provided that the Corporation may furnish or make available any
such documents in electronic format; 
 (g)    deliver to each selling holder of Registrable Securities, its counsel,
and the underwriters, if any, without charge, as many copies of the Prospectus or Prospectuses (including each form of Prospectus) and each amendment or supplement thereto as such Persons may reasonably request from time to time in connection with
the distribution of the Registrable Securities; provided that the Corporation may furnish or make available any such documents in electronic format; and the Corporation, subject to the last paragraph of this Section 7, hereby consents
to the use of such Prospectus and each amendment or supplement thereto by each of the selling holders of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such
Prospectus and any such amendment or supplement thereto; 
 (h)    prior to any public offering of Registrable
Securities, use its reasonable best efforts to register or qualify or cooperate with the selling holders of Registrable Securities, the underwriters, if any, and their respective counsel in connection with the registration or qualification (or
exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities or “blue sky” laws of such jurisdictions within the United States as any seller or underwriter reasonably requests in
writing and to keep each such registration or qualification (or exemption therefrom) effective during the period such 

  
 17 

 
Registration Statement is required to be kept effective and to take any other action that may be necessary or advisable to enable such holders of Registrable Securities to consummate the
disposition of such Registrable Securities in such jurisdiction; provided, however, that the Corporation will not be required to (i) qualify generally to do business in any jurisdiction where it is not then so qualified or (ii) take any
action that would subject it to general service of process in any such jurisdiction where it is not then so subject; 

(i)    cooperate with the selling holders of Registrable Securities and the managing underwriters, if any, to facilitate
the timely preparation and delivery of certificates (not bearing any legends) or issuance of Registrable Securities in book-entry form (not being subject to any legends) representing Registrable Securities to be sold after receiving written
representations from each holder of such Registrable Securities that the Registrable Securities represented by the certificates so delivered by such holder will be transferred in accordance with the Registration Statement, and enable such
Registrable Securities to be in such denominations and registered in such names as the managing underwriters, if any, or holders may request at least two Business Days prior to any sale of Registrable Securities in a firm commitment public offering,
but in any other such sale, within ten (10) Business Days prior to having to issue the securities; 
 (j)    use
its reasonable best efforts to cause the Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental agencies or authorities within the United States, except as may be required solely as
a consequence of the nature of such selling holder’s business, in which case the Corporation will cooperate in all reasonable respects with the filing of such Registration Statement and the granting of such approvals, as may be necessary to
enable the seller or sellers thereof or the underwriters, if any, to consummate the disposition of such Registrable Securities; 

(k)    upon the occurrence of, and its knowledge of, any event contemplated by Section 7(c)(vi), promptly
prepare and file with the SEC a supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required
document so that, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

(l)    prior to the effective date of the Registration Statement relating to the Registrable Securities, provide a CUSIP
number for the Registrable Securities; 
 (m)    provide and cause to be maintained a transfer agent and registrar for
all Registrable Securities covered by such Registration Statement from and after a date not later than the effective date of such Registration Statement and, if applicable, provide for a custodian for such Registrable Securities and enter into any
agreements with respect thereto; 
 (n)    use its reasonable best efforts to cause all Registrable Securities covered
by such Registration Statement to be listed on a national securities exchange if shares of the particular class of Registrable Securities are at that time listed on such exchange, as the case may 

  
 18 

 
be, prior to the effectiveness of such Registration Statement (or, if such registration is an Initial Public Offering, use its reasonable best efforts to cause such Registrable Securities to be
so listed within one (1) Business Day following the effectiveness of such Registration Statement); 
 (o)    enter
into such agreements (including an underwriting agreement in form, scope and substance as is customary in Underwritten Offerings) and take all such other actions reasonably requested by the holders of a majority of the Registrable Securities held by
the Principal Stockholders that are being sold in connection therewith (including those reasonably requested by the managing underwriters, if any) to expedite or facilitate the disposition of such Registrable Securities, and in such connection,
whether or not an underwriting agreement is entered into and whether or not the registration is an Underwritten Registration, (i) make such representations and warranties to the holders of such Registrable Securities and the underwriters, if
any, with respect to the business of the Corporation and its Subsidiaries, and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope
as are customarily made by issuers to underwriters in Underwritten Offerings, and, if true, confirm the same if and when requested, (ii) use its reasonable best efforts to furnish to the selling holders of such Registrable Securities opinions
of counsel to the Corporation and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the managing underwriters, if any, and counsels to the selling holders of the Registrable Securities),
addressed to each selling holder of Registrable Securities and each of the underwriters, if any, covering the matters customarily covered in opinions requested in Underwritten Offerings and such other matters as may be reasonably requested by such
counsel and underwriters, (iii) use its reasonable best efforts to obtain “cold comfort” letters and updates or bring-downs thereof from the independent certified public accountants of the Corporation (and, if necessary, any other
independent certified public accountants of any Subsidiary of the Corporation or of any business acquired by the Corporation for which financial statements and financial data are, or are required to be, included in the Registration Statement) who
have certified the financial statements included in such Registration Statement, addressed to each selling holder of Registrable Securities (unless such accountants shall be prohibited from so addressing such letters by applicable standards of the
accounting profession) and each of the underwriters, if any, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with Underwritten Offerings, (iv) if an
underwriting agreement is entered into, the same shall contain indemnification provisions and procedures substantially to the effect set forth in Section 9 with respect to all parties to be indemnified pursuant to said Section except as
otherwise agreed by each Principal Stockholder and (v) deliver such documents and certificates as may be reasonably requested by the holders of a majority of the Registrable Securities being sold pursuant to such Registration Statement, their
counsel and the managing underwriters, if any, to evidence the continued validity of the representations and warranties made pursuant to Section 7(o)(i) and to evidence compliance with any customary conditions contained in the
underwriting agreement or other agreement entered into by the Corporation. The above shall be done at each closing under such underwriting or similar agreement, or as and to the extent required thereunder; 

(p)    make available for inspection by a representative of the selling holders of Registrable Securities, any underwriter
participating in any such disposition of Registrable Securities, if any, and any attorneys or accountants retained by such selling holders or underwriter, at the offices where normally kept, during reasonable business hours, all financial

  
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and other records, pertinent corporate documents and properties of the Corporation and its Subsidiaries, and cause the officers, directors and employees of the Corporation and its Subsidiaries to
supply all information in each case reasonably requested by any such representative, underwriter, attorney or accountant in connection with such Registration Statement; provided, however, that any information that is not generally
publicly available at the time of delivery of such information shall be kept confidential by such Persons in accordance with Section 12(k) and no such information shall be used by such Persons as the basis for any market transactions in
securities of the Corporation or its Subsidiaries in violation of Law; 
 (q)    cause its officers to use their
reasonable best efforts to support the marketing of the Registrable Securities covered by the Registration Statement (including participation in “road shows”) taking into account the Corporation’s reasonable business needs; 

(r)    cooperate with each seller of Registrable Securities and each underwriter or agent participating in the disposition
of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; and 

(s)    use reasonable best efforts to take all such other reasonable actions as are necessary or advisable in order to
expedite or facilitate the disposition of such Registrable Securities. 
 The Corporation may require each holder of Registrable Securities
as to which any registration is being effected to furnish to the Corporation in writing such information required in connection with such registration regarding such seller and the distribution of such Registrable Securities as the Corporation may,
from time to time, reasonably request in writing and the Corporation may exclude from such registration the Registrable Securities of any holder who unreasonably fails to furnish such information within a reasonable time after receiving such
request. 
 Each holder of Registrable Securities agrees if such holder has Registrable Securities covered by such Registration Statement or
Prospectus that, upon receipt of any written notice from the Corporation of the happening of any event of the kind described in Section 7(c)(ii), 7(c)(iii), 7(c)(iv) or 7(c)(v), such holder will forthwith discontinue
disposition of such Registrable Securities covered by such Registration Statement or Prospectus until such holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 7(k), or until it is advised
in writing by the Corporation that the use of the applicable Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus;
provided, however, that the time periods under Sections 3, 4 and 5 with respect to the length of time that the effectiveness of a Registration Statement must be maintained shall automatically be extended by
the amount of time the holder is required to discontinue disposition of such securities. 

Section 8.    Registration Expenses. All reasonable fees and expenses incident to the performance of or
compliance with this Agreement by the Corporation, including (i) all registration and filing fees (including fees and expenses with respect to (A) filings required to be made with the SEC and FINRA, including any reasonable and documented
fees and disbursements of counsel for the underwriters in connection with such FINRA filings and the 

  
 20 

 
review thereof by FINRA, and (B) qualification or compliance with securities or “blue sky” laws, including any fees and disbursements of counsel for the underwriters in connection
with “blue sky” qualifications of the Registrable Securities pursuant to Section 7(h)), (ii) typesetting, filing and printing expenses (including, if applicable, expenses of printing certificates for Registrable
Securities in a form eligible for deposit with The Depository Trust Corporation and of printing Prospectuses if the printing of Prospectuses is requested by the managing underwriters, if any, or by the holders of a majority of the Registrable
Securities included in any Registration Statement), (iii) messenger, telephone and delivery expenses of the Corporation, (iv) fees and disbursements of counsel for the Corporation, (v) expenses of the Corporation incurred in connection
with any road show, (vi) fees and disbursements of all independent certified public accountants referred to in Section 7(o)(iii) (including the expenses of any “cold comfort” letters required by this
Agreement) and any other Persons, including special experts retained by the Corporation, (vii) fees and disbursements of any transfer agent, registrar, custodian or depositary, and (viii) fees and disbursements of one (1) counsel for
the KKR Stockholders and any other holders whose Registrable Securities are included in a Registration Statement, which counsel shall be selected (x) by the KKR Stockholders in connection with the Initial Public Offering or if the KKR
Stockholder is making the Demand Registration or Shelf Take-Down request, (y) by the Walgreens Stockholder if the Walgreens Stockholder is making the Demand Registration or Shelf Take-Down request or (z) otherwise, by holders of a majority
of the Registrable Securities being sold in connection with such offering, and which shall, in each case, be borne by the Corporation whether or not any Registration Statement is filed or becomes effective. In addition, the Corporation shall pay its
internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit, the fees and expenses incurred in connection with the listing of the securities to be
registered on any securities exchange on which similar securities issued by the Corporation are then listed and rating agency fees and the fees and expenses of any Person, including special experts, retained by the Corporation. 

The Corporation shall not be required to pay (i) fees and disbursements of any counsel retained by any holder of Registrable Securities
or by any underwriter (except as set forth in Section 8(i) and Section 8(viii)), (ii) any underwriter’s fees (including discounts, commissions or fees of underwriters, selling brokers, dealer
managers or similar securities industry professionals) relating to the distribution of the Registrable Securities (other than with respect to Registrable Securities sold by the Corporation), (iii) any transfer taxes or (iv) any other expenses
of the holders of Registrable Securities not specifically required to be paid by the Corporation pursuant to the first paragraph of this Section 8. 

Section 9.    Indemnification. 

(a)    Indemnification by the Corporation. The Corporation shall, without limitation as to time, indemnify and hold
harmless, to the fullest extent permitted by Law, each holder of Registrable Securities whose Registrable Securities are covered by a Registration Statement or Prospectus, the officers, directors, partners, members, managers, shareholders,
affiliates, accountants, attorneys, agents and employees of each of them, each Person who controls each such holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors,
partners, members, managers, shareholders, accountants, attorneys, agents and employees of each such controlling Person, each underwriter, 

  
 21 

 
if any, the officers, directors, partners, members, managers, shareholders, affiliates, accountants, attorneys, agents and employees of such underwriter and each Person who controls (within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) such underwriter (collectively, “Holder Indemnitees”), from and against any and all losses, claims, damages (including punitive and exemplary
damages), liabilities, costs (including costs of preparation and reasonable attorneys’ fees and any legal or other fees or expenses incurred by such party in connection with any investigation or Proceeding), expenses (including interest,
assessments, and other charges in connection therewith and disbursements of professional advisors), judgments, fines, penalties, charges and amounts paid in settlement (collectively, “Losses”), as incurred, arising out of or based
upon any untrue statement (or alleged untrue statement) of a material fact contained in any Registration Statement, Prospectus, any amendment (including any post-effective amendment) or supplement to any Registration Statement or Prospectus, any
filing made in connection with the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered, or any other offering document (including any related
notification, or the like) incident to any such registration, qualification or compliance, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein (in
the case of any Prospectus, in light of the circumstances under which they were made) not misleading, or any violation by the Corporation of the Securities Act or of the Exchange Act, or any violation by the Corporation of this Agreement, and will
reimburse each Holder Indemnitee for any legal and any other expenses reasonably incurred in connection with investigating and defending or settling any such Loss or Proceeding, provided that the Corporation will not be liable to any Holder
Indemnitee in any such case to the extent that any such Loss or Proceeding arises out of or is based on any untrue statement or omission by such Holder Indemnitee or underwriter, but only to the extent, that such untrue statement (or alleged untrue
statement) or omission (or alleged omission) is made in such Registration Statement, Prospectus or other offering document in reliance upon and in conformity with written information furnished to the Corporation by such Holder Indemnitee or
underwriter expressly for inclusion in such Registration Statement, Prospectus or other offering document. It is agreed that the indemnity agreement contained in this Section 9(a) shall not apply to amounts paid in
settlement of any such Loss or Proceeding if such settlement is effected without the consent of the Corporation (which consent shall not be unreasonably withheld, conditioned or delayed). Such indemnity agreement shall remain in full force and
effect regardless of any investigation made by or on behalf of any Holder Indemnitee and shall survive the Transfer of Registrable Securities by any such Holder Indemnitee. 

(b)    Indemnification by Holder of Registrable Securities. In connection with any Registration Statement in which
a holder of Registrable Securities includes Registrable Securities, such holder of Registrable Securities agrees to indemnify, to the fullest extent permitted by Law, severally and not jointly, the Corporation, each other holder of Registrable
Securities which includes Registrable Securities in such Registration Statement, their respective directors, managers and officers and each Person who controls the Corporation and such holders (within the meaning of Section 15 of the Securities
Act and Section 20 of the Exchange Act) (collectively, “Corporation/Holder Indemnitees”), from and against all Losses arising out of or based on any untrue statement of a material fact contained in any such Registration
Statement, Prospectus, or other offering document, or any omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, in light of the circumstances under which
they were made) not misleading, and will reimburse each 

  
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Corporation/Holder Indemnitee for any legal or any other expenses reasonably incurred in connection with investigating or defending any such Loss or Proceeding, in each case to the extent, but
only to the extent, that such untrue statement or omission is made in such Registration Statement, Prospectus, or other offering document in reliance upon and in conformity with written information furnished to the Corporation by such
Corporation/Holder Indemnitee expressly for inclusion in such Registration Statement, Prospectus or other offering document; provided, however, that the obligations of such Corporation/Holder Indemnitee hereunder shall not apply to
amounts paid in settlement of any such Losses or Proceedings if such settlement is effected without the consent of such Corporation/Holder Indemnitee (which consent shall not be unreasonably withheld, conditioned or delayed); and provided,
further, that the liability of each selling holder of Registrable Securities hereunder shall be limited to the net proceeds received by such selling holder from the sale of Registrable Securities giving rise to such indemnification
obligation. In addition, insofar as the foregoing indemnity relates to any such untrue statement or omission made in a preliminary Prospectus but eliminated or remedied in an amended or supplemented preliminary Prospectus on file with the SEC at the
time the Registration Statement becomes effective, or in any amendment or supplement thereto at or prior to the pricing of the sale of the Registrable Securities giving rise to the indemnification obligation, and such new preliminary Prospectus or
amendment or supplement thereto is delivered to the underwriter, the indemnity agreement in this Section 9(b) shall not inure to the benefit of any Person if a copy of such amended or supplemented preliminary Prospectus was
not furnished to the Person asserting the Loss at or prior to the pricing of the sale of the Registrable Securities giving rise to the indemnification obligation. 

(c)    Conduct of Indemnification Proceedings. If any Person shall be entitled to indemnity hereunder (an
“Indemnified Party”), such Indemnified Party shall give prompt notice to the party from which such indemnity is sought (the “Indemnifying Party”) of any claim or of the commencement of any Proceeding with respect to
which such Indemnified Party seeks indemnification or contribution pursuant hereto; provided, however, that the delay or failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party from any obligation or
liability except (and only) to the extent that the Indemnifying Party has been prejudiced in defending the claim as a result of such delay or failure. The Indemnifying Party shall have the right, exercisable by giving written notice to an
Indemnified Party promptly after the receipt of written notice from such Indemnified Party of such claim or Proceeding, to, unless in the Indemnified Party’s reasonable judgment a conflict of interest between such indemnified and Indemnifying
Parties may exist in respect of such claim, assume, at the Indemnifying Party’s expense, the defense of any such claim or Proceeding, with counsel reasonably satisfactory to the Indemnified Party; provided, however, that an Indemnified Party
shall have the right to employ separate counsel in any such claim or Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless: (i) the Indemnifying
Party agrees to pay such fees and expenses; or (ii) the Indemnifying Party fails promptly to assume, or in the event of a conflict of interest cannot assume, the defense of such claim or Proceeding or fails to employ counsel reasonably
satisfactory to such Indemnified Party, in which case the Indemnified Party shall have the right to employ counsel and to assume the defense of such claim or proceeding; provided, further, however, that the Indemnifying Party shall not, in
connection with any one such claim or Proceeding or separate but substantially similar or related claims or Proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and expenses of
more than one firm of 

  
 23 

 
attorneys (in addition to appropriate local counsel) at any time for all of the Indemnified Parties, or for fees and expenses that are not reasonable. If, and so long as, the defense is assumed
by the Indemnifying Party, such Indemnifying Party will not be subject to any liability for any settlement made without its consent (but such consent will not be unreasonably withheld, conditioned or delayed). The Indemnifying Party shall not
consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release, in form and substance reasonably satisfactory to the
Indemnified Party, from all liability in respect of such claim or litigation for which such Indemnified Party would be entitled to indemnification hereunder or that includes any admission of fault or culpability of such Indemnified Party. 

(d)    Contribution. If the indemnification provided for in this Section 9 is unavailable
to an Indemnified Party in respect of any Losses (other than in accordance with its terms), then each applicable Indemnifying Party, in lieu of indemnifying such Indemnified Party shall contribute to the amount paid or payable by such Indemnified
Party as a result of such Losses, in such proportion as is appropriate to reflect (i) the relative fault of the Indemnifying Party, on the one hand, and such Indemnified Party, on the other hand, in connection with the actions, statements or
omissions that resulted in such Losses and (ii) any other relevant equitable considerations. For purposes of this Section 9(d), the relative fault of such Indemnifying Party, on the one hand, and Indemnified Party, on
the other hand, shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been taken by,
or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such action, statement or omission. 

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 9(d) were
determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this
Section 9(d), an Indemnifying Party that is a holder of Registrable Securities shall not be required to contribute any amount in excess of the amount by which the net proceeds to the Indemnifying Party from the sale of the
Registrable Securities sold in a transaction that resulted in Losses in respect of which contribution is sought in such proceeding pursuant to this Section 9(d), exceed the amount of any damages that such Indemnifying Party
has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission (including as a result of any indemnification obligation hereunder). No person finally determined to be guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

(e)    The indemnity and contribution agreements contained in this Section 9 are in addition to
any other liability that the Indemnifying Parties may otherwise have to the Indemnified Parties; provided that in no event shall any holder of Registrable Securities be liable to any Indemnified Parties with respect to any untrue statement or
alleged untrue statement or omission or alleged omission in any Registration Statement, Prospectus or other offering document for any amount in excess of the amount by which the net proceeds to the Indemnifying Party from the sale of the Registrable
Securities sold in the transaction that resulted in any 

  
 24 

 
liability, exceeds the amount of any damages that such Indemnifying Party has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission
(including as a result of any indemnification or contribution obligation hereunder). Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in
connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

Section 10.    Rule 144; Restriction Removal. 

(a)    At all times after the effective date of the first Registration Statement filed by the Corporation under the
Securities Act or the Exchange Act, the Corporation shall (i) file the reports required to be filed by it under the Securities Act and the Exchange Act in a timely manner, (ii) furnish to each holder of Registrable Securities forthwith
upon written request, (x) a written statement by the Corporation as to its compliance with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, (y) a copy of the most recent annual or quarterly report of the
Corporation, and (z) such other reports and documents so filed by the Corporation as such holder may reasonably request in availing itself of Rule 144, and (iii) take such further action as any holder of Registrable Securities may
reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144. Upon the request of any
holder of Registrable Securities, the Corporation shall deliver to such holder a written statement as to whether it has complied with such requirements. 

(b)    The Corporation shall, promptly upon the request of any holder of Registrable Securities (and, to the extent
necessary, the delivery of such Registrable Securities to the transfer agent therefor), cause any legend or stop-transfer instructions with respect to restrictions on transfer under the Securities Act of such Registrable Securities to be removed or
otherwise eliminated (including the delivery of any opinion or instructions to the transfer agent as may be required by such transfer agent for transfer of any Registrable Securities) if (i) such Registrable Securities are registered pursuant
to an effective Registration Statement, (ii) in connection with a sale transaction, such holder provides the Corporation with an opinion of counsel, in a generally acceptable form, to the effect that a public sale, assignment or transfer of the
Registrable Securities may be made without registration under the Securities Act, (iii) such holder provides the Corporation reasonable assurances that the Registrable Securities have been or are being sold pursuant to, or can then be sold by
such holder without restriction or limitation under, Rule 144, or (iv) such holder certifies in writing that such holder is not an Affiliate of the Corporation and either (A) a holding period (determined as provided in Rule 144(d)) of at
least six months has elapsed since the acquisition of such Registrable Securities from the Corporation or an Affiliate of the Corporation and such holder will only sell the Registrable Securities in accordance with Rule 144 (including, as
applicable, the public information requirement thereof) or pursuant to an effective Registration Statement, or (B) a holding period (determined as provided in Rule 144(d)) of at least one year has elapsed since the acquisition of such
Registrable Securities from the Corporation or an Affiliate of the Corporation. The Corporation shall be responsible for the fees and expenses of its transfer agent and The Depository Trust Corporation associated with the issuance of the Registrable
Securities to the Stockholder and any legend or stop-transfer instruction removal or elimination in accordance herewith. 

  
 25 

 (c)    The foregoing provisions of this
Section 10 are not intended to modify or otherwise affect any restrictions on Transfers of securities contained in the Stockholders’ Agreement or any other stockholders agreement between the holder and the Corporation.

 Section 11.    Underwritten Registrations. In connection with any Underwritten Offering, the underwriter
or underwriters shall be selected by (i) with respect to any Demand Registration, the Principal Stockholders delivering the Demand Notice with respect thereto, which selection shall be subject to approval by the Corporation, not to be
unreasonably withheld, conditioned or delayed, (ii) with respect to any Underwritten Shelf Take-Down, the initiating Principal Stockholder that delivers the Take-Down Notice, which selection shall be subject to approval by the Corporation, not
to be unreasonably withheld, conditioned or delayed, and (iii) with respect to any other offering, including any Piggyback Registration (other than an Initial Public Offering), the Corporation. 

No Person may participate in any Underwritten Registration hereunder unless such Person (i) agrees to sell the Registrable Securities it
desires to have covered by a Registration Statement on the basis provided in any underwriting arrangements in customary form and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements, custody
agreements and other documents required under the terms of such underwriting arrangements, provided that such Person shall not be required to make any representations or warranties other than those related to title and ownership of such
Person’s Registrable Securities being sold and as to the accuracy and completeness of statements made in a Registration Statement, Prospectus, offering circular, or other document in reliance upon and in conformity with written information
furnished to the Corporation or the managing underwriters, if any, by such Person specifically for use therein. 

Section 12.    Miscellaneous. 

(a)    Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not
be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the written consent of each of the Corporation and a majority of Registrable Securities held by the Principal
Stockholders; provided, however, that (i) any amendment, modification, supplement, waiver or consent to departures from the provisions of this Agreement that would adversely affect the rights (economic or otherwise) hereunder of
the Walgreens Stockholders (in their capacities as Stockholders) in a manner that is disproportionate as compared to the KKR Stockholders (in their capacities as Stockholders), shall not be effective as to such Walgreens Stockholders, without the
prior written consent of the holders of a majority of the Registrable Securities held by such Walgreens Stockholders, and (ii) any amendment, modification, supplement, waiver or consent to departures from the provisions of this Agreement that
would adversely affect the rights (economic or otherwise) hereunder of any one or more Stockholders (in their capacities as Stockholders) in a manner that is disproportionate as compared to the KKR Stockholders (in their capacities as Stockholders),
shall not be effective as to such Stockholder(s), without the prior written consent of the holders of a majority of the Registrable Securities held by such non-KKR Stockholders(s). Notwithstanding the foregoing, a waiver or consent to depart from
the provisions hereof with respect to a matter that relates exclusively to the rights of holders of Registrable Securities whose securities are being sold pursuant to a Registration Statement and 

  
 26 

 
that does not directly or indirectly affect the rights of other holders of Registrable Securities may be given by holders of at least a majority of the Registrable Securities being sold by such
holders pursuant to such Registration Statement. 
 (b)    Notices. All notices required to be given hereunder
shall be in writing and shall be deemed to be duly given if personally delivered, sent via email or facsimile and receipt thereof has been confirmed in writing (including by return e-mail other than by an automated reply), or mailed by nationally
recognized overnight delivery service with proof of receipt maintained, at the following addresses (or any other address that any such party may designate by written notice to the other parties): (i) if to the Corporation, to the address of its
principal executive offices, and (ii) if to any Stockholder, at such Stockholder’s address as set forth on the records of the Corporation. Any such notice shall, if delivered personally, be deemed received upon delivery; shall, if
delivered by email or facsimile, be deemed received on the first Business Day following written confirmation of receipt; and shall, if delivered by nationally recognized overnight delivery service, be deemed received the first Business Day after
being sent. 
 (c)    Successors and Assigns; Stockholder Status. This Agreement shall inure to the benefit of
and be binding upon the successors and permitted assigns of each of the parties, including the Corporation and subsequent holders of Registrable Securities acquired, directly or indirectly, from the Stockholders; provided, however,
that such successor or assign shall not be entitled to such rights unless the successor or assign shall have executed and delivered to the Corporation an Addendum Agreement substantially in the form of Exhibit A hereto (which shall also be
executed by the Corporation) promptly following the acquisition of such Registrable Securities, in which event such successor or assign shall be deemed a Stockholder for purposes of this Agreement. Nothing expressed or mentioned in this Agreement is
intended or shall be construed to give any Person other than the parties hereto and their respective successors and permitted assigns any legal or equitable right, remedy or claim under, in or in respect of this Agreement or any provision herein
contained, except that the Holder Indemnitees and Corporation/Holder Indemnitees shall be express third-party beneficiaries of and have the right to enforce Section 9. 

(d)    Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 
 (e)    Headings;
Construction. The Section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the context requires otherwise:
(i) pronouns in the masculine, feminine and neuter genders shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa; (ii) the term “including” shall be
construed to be expansive rather than limiting in nature and to mean “including, without limitation,”; (iii) references to Sections and paragraphs refer to Sections and paragraphs of this Agreement; and (iv) the words “this
Agreement,” “herein,” “hereof,” “hereby,” “hereunder” and words of similar import refer to this Agreement as a whole, including Exhibit A hereto, and not to any particular subdivision unless
expressly so limited. The terms “dollars” and “$” shall mean United States dollars. Except as otherwise set forth herein, securities exercisable, exchangeable or convertible into any other securities shall not be 

  
 27 

 
deemed as “outstanding” securities of the type into which they are exercisable, exchangeable or convertible for any purposes in this Agreement. The parties hereto have participated
jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise
favoring or disfavoring any party because of the authorship of any provision of this Agreement. 
 (f)    Governing
Law. The provisions of this Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware. 

(g)    Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated,
and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

(h)    Entire Agreement. This Agreement, the Stockholders’ Agreement and any stockholders agreements between
the Non-Principals Stockholders and the Corporation are intended by the parties as a final expression of their agreement, and are intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect
of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein, with respect to the registration rights granted by the Corporation with respect to
Registrable Securities. This Agreement, together with the Stockholders’ Agreement, supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

(i)    Securities Held by the Corporation or its Subsidiaries. Whenever the consent or approval of holders of a
specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Corporation or its Subsidiaries shall not be counted in determining whether such consent or approval was given by the holders of such required
percentage. 
 (j)    Specific Performance. The parties hereto recognize and agree that money damages would be
insufficient to compensate the holders of any Registrable Securities for breaches by the Corporation of the terms hereof and, consequently, that the equitable remedy of specific performance of the terms hereof will be available in the event of any
such breach, in addition to any other remedies available to the holders of any Registrable Securities at law or in equity. 

(k)    Confidentiality. In furtherance of and not in limitation of any other similar agreement such Person may have
with the Corporation or any of their respective Subsidiaries, each Shelf Holder, Stockholder and Person referred to in Section 7(p) shall keep the information referred to in Section 3(c),
Section 4(c) and Section 7(p), respectively, confidential 

  
 28 

 
and shall not disclose such information in any manner whatsoever, except such information may be disclosed (i) by such Person to its Affiliates and its and their respective directors,
managers, officers, employees and authorized representatives (including attorneys, accountants, consultants, bankers and financial advisors of such Shelf Holder or its Affiliates) and each Person that is a limited partnership or limited liability
company may disclose such Confidential Information to any former partners or members who retained an economic interest in such Person, and to any current or prospective partner, limited partner, member, general partner or management company of such
Person (or any employee, attorney, accountant, consultant, banker or financial advisor or representative of any of the foregoing) (collectively, “Representatives”) who need to know such information and are obligated to keep it
confidential; (ii) by such Person to the extent required in order to comply with reporting obligations to its current or prospective limited partners or members, or former partners or members who retained an economic interest in such Person, in
each case who have agreed to keep such information confidential; (iii) by such Person to the extent that such Person or its Representative has received advice from its counsel (which may be in-house counsel) that it is legally compelled to
disclose such information or is required to do so to comply with applicable Law or legal process or government agency or self-regulatory body request; provided that prior to making such disclosure, such Person or Representative, as the case
may be, uses commercially reasonable efforts to preserve the confidentiality of such information to the extent permitted by Law, including consulting with the Corporation regarding such disclosure and, if reasonably requested by the Corporation,
assisting the Corporation, at the Corporation’s expense, in seeking a protective order to prevent the requested disclosure; provided, however, that, in no event, shall any such Person be required to directly initiate or
participate in any legal proceeding in connection with such efforts; provided, further, that such Person or Representative, as the case may be, discloses only that portion of such information as is, based on the advice of its counsel,
legally required to be disclosed; (iv) by any Person or its Representative in connection with an audit or an ordinary course examination by a regulator, bank examiner or self-regulatory organization with regulatory oversight over such Person or
Representative, provided that such audit or examination is not specifically directed at the Corporation, any of its Subsidiaries or such information; (v) to the extent such information becomes generally available to the public other than
as a result of a non-permitted disclosure or failure to safeguard by such Person or its Representative and (vi) to a court in connection with any dispute resolution process with respect to any dispute arising among the parties to this Agreement
in connection with this Agreement, any other agreement contemplated hereby or entered into hereafter in connection herewith, or the transactions contemplated thereby; provided, however, that such Person making such disclosure in such judicial
proceeding shall exercise commercially reasonable efforts to ensure that confidential treatment will be accorded to the disclosed information. 

(l)    Term. This Agreement shall terminate with respect to a Stockholder on the date on which such Stockholder
ceases to beneficially own any Registrable Securities. Notwithstanding any termination of this Agreement with respect to a Stockholder, (i) such Stockholder’s rights and obligations pursuant to Section 9, as well
as the Corporation’s obligations to pay expenses pursuant to Section 8, shall survive with respect to any Registration Statement in which any Registrable Securities of such Stockholder were included and (ii) this
Section 12 shall survive any such termination. For the avoidance of doubt, any underwriter lock-up agreement that a Stockholder has executed prior to a Stockholder’s termination in accordance with this clause shall
remain in effect in accordance with its terms. 

  
 29 

 (m)    Consent to Jurisdiction. (e) In any judicial
proceeding involving any dispute, controversy or claim arising out of or relating to this Agreement, each of the parties unconditionally accepts the exclusive jurisdiction and venue of any United States District Court located in the State of
Delaware, or of the Court of Chancery of the State of Delaware, and the appellate courts to which orders and judgments thereof may be appealed. In any such judicial proceeding, the parties agree that in addition to any method for the service of
process permitted or required by such courts, to the fullest extent permitted by Law, service of process may be made by delivery provided pursuant to the directions in Section 12(b). EACH OF THE PARTIES HEREBY WAIVES TRIAL BY JURY IN ANY
JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

(n)    Consents, Approvals and Actions. 

(i)    If any consent, approval or action of any KKR Stockholder or Walgreens Stockholder is required at
any time pursuant to this Agreement, such consent, approval or action shall be deemed given if the holders of a majority of the outstanding Registrable Securities beneficially owned by the KKR Stockholders or Walgreens Stockholders, as applicable,
at such time provide such consent, approval or action in writing at such time. 
 (ii)    Except as
otherwise expressly provided in this Agreement, if any consent, approval or action of the Principal Stockholders (as a group taken together and not individually) is required at any time pursuant to this Agreement, such consent, approval or action
shall be deemed given if the holders of a majority of the outstanding Registrable Securities beneficially owned by the Principal Stockholders at such time provide such consent, approval or action in writing at such time. 

(iii)    Except as otherwise expressly provided in this Agreement, if any consent, approval or action of
the Stockholders (as a group taken together and not individually) is required at any time pursuant to this Agreement, such consent, approval or action shall be deemed given if the holders of a majority of the outstanding Registrable Securities
beneficially owned by the Stockholders at such time provide such consent, approval or action in writing at such time. 

(o)    No Inconsistent Agreements. The Corporation shall not hereafter enter into any agreement with respect to the
securities of the Corporation that is inconsistent in any material respects with, or would otherwise materially prejudice, the rights granted to the Principal Stockholders in this Agreement. 

  
 30 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written. 
  

					
	Phoenix Parent Holdings Inc.
		
	By:	 	 /s/ Max C. Lin

		 	Name:	 	Max C. Lin
		 	Title:	 	Vice President and Secretary

  
 [Signature Page to
Registration Rights Agreement] 

 STOCKHOLDERS: 

 

					
	KKR Phoenix Aggregator L.P.
	
	By: KKR Phoenix Aggregator GP LLC
		
	By:	 	 /s/ William J. Janetschek

		 	Name:	 	William J. Janetschek
		 	Title:	 	Vice President

  
 [Signature Page to
Registration Rights Agreement] 

 
					
	Walgreen Co.
		
	By:	 	 /s/ Mark E. Vainisi

		 	Name:	 	Mark E. Vainisi
		 	Title:	 	SVP, WBA M&A

  
 [Signature Page to
Registration Rights Agreement] 

 EXHIBIT A 

ADDENDUM AGREEMENT 
 This
Addendum Agreement is made this      day of             , 20    , by and between
                     (the “New Stockholder”) and
[                    ] (the “Corporation”), pursuant to a Registration Rights Agreement dated as of December 7, 2017 (as the
same may be amended through the date hereof, the “Agreement”), by and among the Corporation and the Stockholders. Capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to them in the
Agreement. 
 WHEREAS, the Corporation has agreed to provide registration rights with respect to the Registrable Securities as set forth in
the Agreement; and 
 WHEREAS, the New Stockholder has acquired Registrable Securities directly or indirectly from a Stockholder; and 

WHEREAS, the Corporation and the Stockholders have required in the Agreement that all persons desiring registration rights must enter into an
Addendum Agreement binding the New Stockholder to the Agreement to the same extent as if it were an original party thereto. 
 NOW,
THEREFORE, in consideration of the mutual promises of the parties, the New Stockholder acknowledges that it has received and read the Agreement and that the New Stockholder shall be bound by, and shall have the benefit of, all of the terms and
conditions set out in the Agreement to the same extent as if it were an original party to the Agreement and shall be deemed to be a Stockholder thereunder. 
  

	
	  
 New Stockholder

	
	Name:
	
	  

	
	Address:
	
	  

	
	  

  
 Exhibit A-1 

 AGREED TO on behalf of
[                    ] pursuant to Section 12(c) of the Agreement. 

 

			
	[                    ]
		
	By:	 	  

		
		 	  

		 	  Printed Name and Title

  
 Exhibit A-2

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