Document:

Exhibit 10.1

 

Execution Copy

 

CREDIT AGREEMENT

 

Dated as of January 15, 2016

 

among

 

SUMMIT HOTEL OP, LP,

 

as Borrower,

 

SUMMIT HOTEL PROPERTIES, INC.,

 

as Parent Guarantor,

 

THE OTHER GUARANTORS NAMED HEREIN,

 

as Subsidiary Guarantors,

 

THE INITIAL LENDERS, INITIAL ISSUING BANKS
AND SWING LINE BANKS NAMED HEREIN,

 

as Initial Lenders,
Initial Issuing Banks and Swing Line Banks,

 

DEUTSCHE BANK AG NEW YORK BRANCH,

 

as Administrative Agent,

 

BANK OF AMERICA, N.A.,

 

and

 

REGIONS BANK,

 

as Co-Syndication Agents,

 

with

 

DEUTSCHE BANK SECURITIES INC.,

 

MERRILL LYNCH,
PIERCE, FENNER & SMITH INCORPORATED,

 

and

 

REGIONS CAPITAL MARKETS,

 

as Joint Lead Arrangers
and as Joint Bookrunners

 

     

    	 

    

 

TABLE OF CONTENTS

 

	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	35
	SECTION 1.03. Accounting Terms	36
	 	 
	Article II
	AMOUNTS AND TERMS OF THE ADVANCES AND THE LETTERS OF CREDIT
	 
	SECTION 2.01. The Advances and the Letters of Credit	36
	SECTION 2.02. Making the Advances	37
	SECTION 2.03. Issuance of and Drawings and Reimbursement Under Letters of Credit	39
	SECTION 2.04. Repayment of Advances	41
	SECTION 2.05. Termination or Reduction of the Commitments	42
	SECTION 2.06. Prepayments	43
	SECTION 2.07. Interest	44
	SECTION 2.08. Fees	45
	SECTION 2.09. Conversion of Advances	46
	SECTION 2.10. Increased Costs, Etc	47
	SECTION 2.11. Payments and Computations	48
	SECTION 2.12. Taxes	50
	SECTION 2.13. Sharing of Payments, Etc	54
	SECTION 2.14. Use of Proceeds	56
	SECTION 2.15. Evidence of Debt	56
	SECTION 2.16. Extension of Revolving Credit Facility Termination Date	57
	SECTION 2.17. Increase in the Aggregate Commitments	57
	SECTION 2.18. Cash Collateral Account	59
	 
	Article III
	CONDITIONS OF LENDING AND ISSUANCES OF LETTERS OF CREDIT
	 
	SECTION 3.01. Conditions Precedent to Initial Extension of Credit	60
	SECTION 3.02. Conditions Precedent to Each Borrowing, Issuance, Renewal, Extension and Increase	64
	SECTION 3.03. Determinations Under Section 3.01 and 3.02	65
	 
	Article IV
	REPRESENTATIONS AND WARRANTIES
	 
	SECTION 4.01. Representations and Warranties of the Loan Parties	66
	 
	Article V
	COVENANTS OF THE LOAN PARTIES
	 
	SECTION 5.01. Affirmative Covenants	71
	SECTION 5.02. Negative Covenants	76
	SECTION 5.03. Reporting Requirements	85
	SECTION 5.04. Financial Covenants	88

 

    i 

    	 

    

 

	Article VI
	EVENTS OF DEFAULT
	 
	SECTION 6.01. Events of Default	89
	SECTION 6.02. Actions in Respect of the Letters of Credit upon Default	92
	 
	Article VII
	GUARANTY
	 
	SECTION 7.01. Guaranty; Limitation of Liability	92
	SECTION 7.02. Guaranty Absolute	93
	SECTION 7.03. Waivers and Acknowledgments	94
	SECTION 7.04. Subrogation	95
	SECTION 7.05. Guaranty Supplements	95
	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 AGENTS
	 	 
	SECTION 8.01. Authorization and Action	97
	SECTION 8.02. Agents’ Reliance, Etc.	98
	SECTION 8.03. DBNY and Affiliates	98
	SECTION 8.04. Lender Party Credit Decision	98
	SECTION 8.05. Indemnification by Lender Parties	99
	SECTION 8.06. Successor Agents	99
	SECTION 8.07. Relationship of Agent and Lenders	100
	 
	Article IX
	MISCELLANEOUS
	 
	SECTION 9.01. Amendments, Etc	101
	SECTION 9.02. Notices, Etc	102
	SECTION 9.03. No Waiver; Remedies	104
	SECTION 9.04. Costs and Expenses	104
	SECTION 9.05. Right of Set-off	105
	SECTION 9.06. Binding Effect	106
	SECTION 9.07. Assignments and Participations; Replacement Notes	106
	SECTION 9.08. Execution in Counterparts	110
	SECTION 9.09. No Liability of the Issuing Banks	110
	SECTION 9.10. Defaulting Lenders	110
	SECTION 9.11. Confidentiality	114
	SECTION 9.12. Intentionally Omitted	116
	SECTION 9.13. Patriot Act Notification	116
	SECTION 9.14. Jurisdiction, Etc	116
	SECTION 9.15. Governing Law	116
	SECTION 9.16. WAIVER OF JURY TRIAL	116
	SECTION 9.17. Acknowledgment and Consent to Bail-In of EEA Financial Institutions	117

 

    ii 

    	 

    

 

	SCHEDULES	 	 
	 	 	 
	Schedule I	-	Commitments and Applicable Lending Offices
	Schedule II	-	Unencumbered Assets
	Schedule III	-	Approved Managers
	Schedule IV	-	Existing Letters of Credit
	Schedule 4.01(b)	-	Subsidiaries
	Schedule 4.01(f)	-	Material Litigation
	Schedule 4.01(n)	-	Existing Debt
	Schedule 4.01(o)	-	Existing Liens
	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
	 	 	 
	EXHIBITS	 	 
	 	 	 
	Exhibit A-1	-	Form of Revolving Note
	Exhibit A-2	-	Form of Term Note
	Exhibit B	-	Form of Notice of Borrowing
	Exhibit C	-	Form of Notice of Issuance of Letter of Credit
	Exhibit D	-	Form of Guaranty Supplement
	Exhibit E	-	Form of Assignment and Acceptance
	Exhibit F-1	-	Form of Opinion of Kleinberg, Kaplan, Wolff & Cohen, P.C.
	Exhibit F-2	-	Form of Opinion of Hunton & Williams LLP
	Exhibit F-3	-	Form of Opinion of Venable LLP
	Exhibit F-4	-	Form of Opinion of Hagen, Wilka & Archer, LLP 
	Exhibit G	-	Form of Section 2.12(e) U.S. Tax Compliance Certificate

 

    iii 

    	 

    

 

CREDIT AGREEMENT

 

CREDIT AGREEMENT dated as of January 15, 2016
(this “Agreement”) among SUMMIT HOTEL OP, LP, a Delaware limited partnership (the “Borrower”),
SUMMIT HOTEL PROPERTIES, INC., a Maryland corporation (the “Parent” or the “Parent Guarantor”),
the entities listed on the signature pages hereof as the subsidiary guarantors (together with any Additional Guarantors (as hereinafter
defined) acceding hereto pursuant to Section 5.01(j) or 7.05, the “Subsidiary Guarantors” and, together
with the Parent Guarantor, the “Guarantors”), the banks, financial institutions and other institutional
lenders listed on the signature pages hereof as the initial lenders (the “Initial Lenders”), the Swing
Line Banks (as hereinafter defined), DEUTSCHE BANK AG NEW YORK BRANCH (“DBNY”), BANK OF AMERICA, N.A.
and REGIONS BANK, as the initial issuers of Letters of Credit (as hereinafter defined) (the “Initial Issuing Banks”),
DBNY, as administrative agent (together with any successor administrative agent appointed pursuant to Article VIII, the “Administrative
Agent”) for the Lender Parties (as hereinafter defined), BANK OF AMERICA, N.A. and REGIONS BANK, as co-syndication
agents, with DEUTSCHE BANK SECURITIES INC., MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED and REGIONS CAPITAL MARKETS,
as joint lead arrangers (the “Arrangers”) and as joint bookrunners.

 

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)(i).

 

“Additional Margin
Amounts” has the meaning specified in the definition of Applicable Margin.

 

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

 

“Adjusted Consolidated
EBITDA” means Consolidated EBITDA for the consecutive four fiscal quarters of the Parent Guarantor most recently
ended for which financial statements are required to be delivered to the Lender Parties pursuant to Section 5.03(b) or (c), as
the case may be, minus an amount equal to the aggregate Deemed FF&E Reserves for all Consolidated Assets owned by the Parent
Guarantor and its Consolidated Subsidiaries.

 

“Adjusted Net Operating
Income” or “Adjusted NOI” means, with respect to any Unencumbered Asset, (a) the Net
Operating Income attributable to such Unencumbered Asset less (b) the Deemed FF&E Reserve for such Unencumbered
Asset, less (c) the Deemed Management Fee for such Unencumbered Asset, in each case for the consecutive four fiscal
quarters most recently ended for which financial statements are required to be delivered to the Lender Parties pursuant to Section
5.03(b) or (c), as the case may be.

 

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

 

“Administrative Agent’s
Account” means the account of the Administrative Agent maintained by the Administrative Agent at its office at 60
Wall Street, New York, New York 10005, ABA No. 021-001-033, for further credit to Commercial Loan Division, Account No. 60200119,
Reference: Summit Hotel OP, LP, or such other account as the Administrative Agent shall specify in writing to the Lender
Parties.

 

     1

    	 

    

 

“Advance”
means a Revolving Credit Advance, a Term Loan Advance, a Swing Line Advance or a Letter of Credit Advance.

 

“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 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.

 

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

 

“Agreement Value”
means, for each Hedge Agreement, on any date of determination, an amount determined by the Administrative Agent equal to: (a) in
the case of a Hedge Agreement documented pursuant to the Master Agreement (Multicurrency-Cross Border) published by the International
Swap and Derivatives Association, Inc. (the “Master Agreement”), the amount, if any, that would be payable
by any Loan Party or any of its Subsidiaries to its counterparty to such Hedge Agreement, as if (i) such Hedge Agreement was
being terminated early on such date of determination, (ii) such Loan Party or Subsidiary was the sole “Affected Party”,
and (iii) the Administrative Agent was the sole party determining such payment amount (with the Administrative Agent making
such determination pursuant to the provisions of the form of Master Agreement); or (b) in the case of a Hedge Agreement traded
on an exchange, the mark-to-market value of such Hedge Agreement, which will be the unrealized loss on such Hedge Agreement to
the Loan Party or Subsidiary of a Loan Party party to such Hedge Agreement determined by the Administrative Agent based on the
settlement price of such Hedge Agreement on such date of determination; or (c) in all other cases, the mark-to-market value
of such Hedge Agreement, which will be the unrealized loss on such Hedge Agreement to the Loan Party or Subsidiary of a Loan Party
party to such Hedge Agreement determined by the Administrative Agent as the amount, if any, by which (i) the present value
of the future cash flows to be paid by such Loan Party or Subsidiary exceeds (ii) the present value of the future cash flows
to be received by such Loan Party or Subsidiary pursuant to such Hedge Agreement; capitalized terms used and not otherwise defined
in this definition shall have the respective meanings set forth in the above described Master Agreement.

 

“Anti-Corruption Laws”
shall mean all laws, rules, and regulations of any jurisdiction applicable to the Borrower, the Parent Guarantor or their 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 Lending
Office” means, with respect to each Lender Party, such Lender Party’s Domestic Lending Office in the case of
a Base Rate Advance and such Lender Party’s Eurodollar Lending Office in the case of a Eurodollar Rate Advance.

 

“Applicable Margin”
for Revolving Credit Advances means, at any date of determination, a percentage per annum determined by reference to the Leverage
Ratio as set forth below:

 

     2

    	 

    

 

	Pricing

    Level	 	Leverage Ratio	 	Applicable Margin
 for Base Rate
 Advances	 	 	Applicable Margin
 for Eurodollar Rate
 Advances	 
	I	 	< 4.0:1.0	 	 	0.50	%	 	 	1.50	%
	II	 	3 4.0:1.0,
    but < 5.0:1.0	 	 	0.65	%	 	 	1.65	%
	III	 	3 5.0:1.0,
    but < 5.5:1.0	 	 	0.80	%	 	 	1.80	%
	IV	 	3 5.5:1.0,
    but < 6.0:1.0	 	 	1.00	%	 	 	2.00	%
	V	 	3 6.0:1.0	 	 	1.25	%	 	 	2.25	%

 

The Applicable Margin for a Term Loan Advance shall
be five basis points less than the Applicable Margin for a Revolving Credit Advance as of the applicable date of determination.

 

The Applicable Margin for each Base Rate Advance shall
be determined by reference to the Leverage Ratio in effect from time to time and the Applicable Margin for any Interest Period
for all Eurodollar Rate Advances comprising part of the same Borrowing shall be determined by reference to the Leverage Ratio in
effect on the first day of such Interest Period; provided, however, that (a) the Applicable Margin shall initially
be at Pricing Level II on the Closing Date, (b) no change in the Applicable Margin resulting from the Leverage Ratio shall be effective
until three Business Days after the date on which the Administrative Agent receives (i) the financial statements required to be
delivered pursuant to Section 5.03(b) or (c), as the case may be, and (ii) a certificate of the Chief Financial Officer (or
other Responsible Officer performing similar functions) of the Borrower demonstrating the Leverage Ratio, (c) the Applicable Margin
shall be at Pricing Level V during any period that an increase in the maximum ratio of Consolidated Unsecured Indebtedness
of the Parent Guarantor to Unencumbered Asset Value in accordance with the proviso in Section 5.04(b)(i) is in effect, and (d) the
Applicable Margin shall be at Pricing Level V for so long as the Borrower has not submitted to the Administrative Agent as
and when required under Section 5.03(b) or (c), as applicable, the information described in clause (b) of this proviso. If
(i) the Leverage Ratio used to determine the Applicable Margin for any period is incorrect as a result of any error, misstatement
or misrepresentation contained in any financial statement or certificate delivered pursuant to Section 5.03(b) or (c), and (ii)
as a result thereof, the Applicable Margin paid to the Lenders and/or the Issuing Bank, as the case may be, at any time pursuant
to this Agreement is lower than the Applicable Margin that would have been payable to the Lenders and/or the Issuing Bank, as the
case may be, had the Applicable Margin been calculated on the basis of the correct Leverage Ratio, the Applicable Margin in respect
of such period will be adjusted upwards automatically and retroactively, and the Borrower shall pay to each Lender and/or the Issuing
Bank, as the case may be, such additional amounts (“Additional Margin Amounts”) as are necessary so that
after receipt of such amounts such Lender and/or the Issuing Bank, as the case may be, receives an amount equal to the amount it
would have received had the Applicable Margin been calculated during such period on the basis of the correct Leverage Ratio. Additional
Margin Amounts shall be payable within (10) days after delivery by the Administrative Agent to the Borrower of a notice (which
shall be conclusive and binding absent manifest error) setting forth in reasonable detail the Administrative Agent’s calculation
of the amount of any Additional Margin Amounts owed to the Lenders and/or the Issuing Bank. The payment of Additional Margin Amounts
pursuant to this Agreement shall be in addition to, and not in limitation of, any other amounts payable by the Borrower pursuant
to the Loan Documents.

 

     3

    	 

    

 

“Approved Electronic
Communications” means each Communication that any Loan Party is obligated to, or otherwise chooses to, provide to
the Administrative Agent pursuant to any Loan Document or the transactions contemplated therein, including any financial statement,
financial and other report, notice, request, certificate and other information materials required to be delivered pursuant to Sections
5.03(b), (c), (e), (g), and (k); provided, however, that solely with respect to delivery of any such Communication
by any Loan Party to the Administrative Agent and without limiting or otherwise affecting either the Administrative Agent’s
right to effect delivery of such Communication by posting such Communication to the Approved Electronic Platform or the protections
afforded hereby to the Administrative Agent in connection with any such posting, “Approved Electronic Communication”
shall exclude (i) any notice of borrowing, letter of credit request, swing loan request, notice of conversion or continuation,
and any other notice, demand, communication, information, document and other material relating to a request for a new, or a conversion
of an existing, Borrowing, (ii) any notice pursuant to Section 2.06(a) and any other notice relating to the payment of any principal
or other amount due under any Loan Document prior to the scheduled date therefor, (iii) all notices of any Default or Event of
Default and (iv) any notice, demand, communication, information, document and other material required to be delivered to satisfy
any of the conditions set forth in Article III or any other condition to any Borrowing or other extension of credit hereunder or
any condition precedent to the effectiveness of this Agreement.

 

“Approved Electronic
Platform” has the meaning specified in Section 9.02(c).

 

“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 existing franchisors of the Hotel
Assets shown on Schedule Part IV of Schedule 4.01(p) hereto are satisfactory to the Administrative Agent and shall be considered
an Approved Franchisor.

 

“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 (i) in form and substance reasonably satisfactory to the Administrative Agent or (ii) substantially similar, in form
and substance, to the management agreements entered into by the Loan Parties in effect as of the Closing Date. The Administrative
Agent confirms that as of the Closing Date the existing managers of the Hotel Assets shown on Schedule III hereto are satisfactory
to the Administrative Agent and are deemed Approved Managers. 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”
has the meaning specified in the recital of parties to this Agreement.

 

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

 

“Assignment and Acceptance”
means an assignment and acceptance entered into by a Lender Party and an Eligible Assignee, and accepted by the Administrative
Agent, in accordance with Section 9.07 and in substantially the form of Exhibit D hereto.

 

“Assumed Unsecured
Interest Expense” means the greater of (a) the actual Interest Expense on Unsecured Indebtedness of the Parent Guarantor
and its Consolidated Subsidiaries, or (b) the outstanding principal balance of all Unsecured Indebtedness of the Parent Guarantor
and its Consolidated Subsidiaries, multiplied by the greater of (i) the sum of the one month LIBOR as of the last day of the most
recent fiscal quarter plus the Applicable Margin, or (ii) 6.00%, in each case for the consecutive four fiscal quarters most recently
ended for which financial statements are required to be delivered to the Lender Parties pursuant to Section 5.03(b) or (c).

 

     4

    	 

    

 

“Available Amount”
of any Letter of Credit means, at any time, the maximum amount available to be drawn under such Letter of Credit at such time (assuming
compliance at such time with all conditions to drawing).

 

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

 

“Bail-In Legislation”
means, 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 for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule.

 

“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 a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times be equal to the
highest of (a) the rate of interest announced publicly by DBNY in New York, New York, from time to time, as DBNY’s
“prime rate”, (b) 1⁄2 of 1% per annum above the Federal Funds Rate and (c) the one-month Eurodollar Rate plus
1% per annum.

 

“Base Rate Advance”
means an Advance that bears interest as provided in Section 2.07(a)(i).

 

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

 

“Borrower’s
Account” means the account of the Borrower maintained by the Borrower with U.S. Bank, N.A., 777 East Wisconsin Avenue,
Milwaukee, WI 53202, ABA No. 075000022, Account No. 182380523155 or such other account as the Borrower shall specify in writing
to the Administrative Agent.

 

“Borrowing”
means a borrowing consisting of simultaneous Revolving Credit Advances of the same Type or Term Loan Advances of the same Type
made by the Lenders or a Swing Line Borrowing.

 

“Business Day”
means a day of the year on which banks are not required or authorized by law to close in New York City and, if the applicable
Business Day relates to any Eurodollar Rate Advances, on which dealings are carried on in the London interbank market.

 

“Capitalization Rate”
means (i) 7.50% for any Assets located in the central business districts of New York, Washington D.C., San Francisco, Boston, Chicago
or Los Angeles, and (ii) 7.75% for all other Assets.

 

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

 

     5

    	 

    

 

“Cash Collateral Account”
means an interest-bearing account of the Borrower maintained with the Administrative Agent, in each case in the name of the Administrative
Agent and under the sole control and dominion of the Administrative Agent and subject to the terms of this Agreement.

 

“Cash Collateralize”
means, in respect of an Obligation, provide and pledge (as a first priority perfected security interest) U.S. Dollars, (a) in the
Cash Collateral Account (or with respect to a Defaulting Lender, a Defaulting Lender Cash Collateral Account) or, (b) in such other
account as may be otherwise required by the Administrative Agent, at a location and pursuant to documentation in form and substance
satisfactory to the Administrative Agent and the Issuing Bank (and “Cash Collateralization” has a corresponding
meaning).

 

“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 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 Party 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 of Control”
means the occurrence of any of the following: (a) any Person or two 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 Guarantor
(or other securities convertible into such Voting Interests) representing 35% or more of the combined voting power of all Voting
Interests of the Parent Guarantor; or (b) there is a change in the composition of the Parent Guarantor’s Board of Directors
over a period of 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 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 Guarantor; or (d) the Parent Guarantor ceases to be the sole member of and the direct
legal and beneficial owner 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 of all of the general partnership interests
in, the Borrower or (e) the Parent Guarantor ceases to be the direct or indirect beneficial owner of more than 60% of the limited
partnership interests in the Borrower; or (f) the Parent Guarantor shall create, incur, assume or suffer to exist any Lien on the
Equity Interests in the Borrower owned by it; or (g) the Borrower ceases to be the direct or indirect legal and beneficial owner
of all of the Equity Interests in each direct and indirect Subsidiary that owns or leases an Unencumbered Asset; or (h) the Borrower
ceases to be the direct legal and beneficial owner of all of the Equity Interests in TRS Holdco; or (i) TRS Holdco ceases to be
the direct legal and beneficial owner of all of the Equity Interests in each TRS Lessee.

 

     6

    	 

    

 

“Closing Date”
means the date hereof.

 

“Closing Authorizing
Resolution” has the meaning specified in Section 3.01(a)(v).

 

“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 Revolving Credit Commitment, a Term Loan Commitment, a Swing Line Commitment or a Letter of Credit Commitment.

 

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

 

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

 

“Communications”
means each notice, demand, communication, information, document and other material provided for hereunder or under any other Loan
Document or otherwise transmitted between the parties hereto relating this Agreement, the other Loan Documents, any Loan Party
or its Affiliates, or the transactions contemplated by this Agreement or the other Loan Documents including, without limitation,
all Approved Electronic Communications.

 

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

 

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

 

     7

    	 

    

 

“Consolidated EBITDA”
means, for the most recently completed four fiscal quarters, without duplication, for the Parent Guarantor 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
Guarantor and any of its Subsidiaries), (ii) the amount of all amortization of intangibles and depreciation that were deducted
determining Consolidated net income or loss for such period, (iii) any non-recurring non-cash charges (including one-time non-cash
impairment charges) in such period to the extent that such non-cash charges (A) do not give rise to a liability that would be required
to be reflected on the Consolidated balance sheet of the Parent Guarantor (and so long as no cash payments or cash expenses will
be associated therewith (whether in the current period or for any future period)) and (B) were deducted in determining Consolidated
net income or loss for such period, and (iv) any other non-recurring charges in such period, minus (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 determining Consolidated net
income or loss for such period, (iii) any non-recurring non-cash charges (including one-time non-cash impairment charges) in such
period to the extent that such non-cash charges (A) do not give rise to a liability that would be required to be reflected on the
Consolidated balance sheet of the Parent Guarantor (and so long as no cash payments or cash expenses will be associated therewith
(whether in the current period or for any future period)) and (B) were deducted in determining Consolidated net income or loss
for such period, and (iv) any other non-recurring charges in such period, minus (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 four fiscal quarter 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 Guarantor or any of its Subsidiaries during
such four fiscal quarter 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 Hotel 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 Guarantor or one of its Subsidiaries for the entire four fiscal quarter
period) generated during the portion of such four fiscal quarter period that such Asset was not owned by the Parent Guarantor or
such 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 four fiscal quarter period; provided further that in the case of Hotel
Asset that shall be repositioned by means of a change of hotel brand franchisor 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 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, at any date of determination, the ratio of (a) Adjusted Consolidated EBITDA to
(b) Consolidated Fixed Charges, in each case, of the Parent Guarantor and its Subsidiaries for the consecutive four fiscal
quarters of the Parent Guarantor most recently ended for which financial statements are required to be delivered to the Lender
Parties pursuant to Section 5.03(b) or (c), as the case may be.

 

“Consolidated Fixed
Charges” means, for the most recently completed four fiscal quarters, for the Parent Guarantor and its Consolidated
Subsidiaries, 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) distributions on Preferred Interests payable by the Borrower for such period and distributions made by the Borrower
in such period for the purpose of paying dividends on Preferred Interests issued by the Parent Guarantor.

 

     8

    	 

    

 

“Consolidated Indebtedness”
means, at any time, the Indebtedness of the Parent Guarantor 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, for the most recently completed four fiscal quarters, the aggregate cash interest expense of the
Parent Guarantor and its 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.

 

“Consolidated Tangible
Net Worth” means, as of a given date, the stockholders’ equity of the Parent Guarantor and its Subsidiaries
determined on a Consolidated basis plus accumulated depreciation and amortization, minus (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.

 

“Contingent Obligation”
means, with respect to any Person, any Obligation or arrangement of such Person to guarantee or intended to guarantee any Indebtedness,
leases, dividends or other payment Obligations (“primary obligations”) of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, including, without limitation, (a) the direct or indirect
guarantee, endorsement (other than for collection or deposit in the ordinary course of business), co-making, discounting with recourse
or sale with recourse by such Person of the Obligation of a primary obligor, (b) the Obligation to make take-or-pay or similar
payments, if required, regardless of nonperformance by any other party or parties to an agreement or (c) any Obligation of such
Person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect
security therefor, (ii) to advance or supply funds (A) for the purchase or payment of any such primary obligation or
(B) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency
of the primary obligor, (iii) to purchase property, assets, securities or services primarily for the purpose of assuring the
owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise
to assure or hold harmless the holder of such primary obligation against loss in respect thereof. The amount of any Contingent
Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which
such Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for which such Person may be liable
pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof (assuming such Person is required to perform thereunder), as determined by such Person
in good faith.

 

     9

    	 

    

 

“Conversion”,
“Convert” and “Converted” each refer to a conversion of Advances of one Type
into Advances of the other Type pursuant to Section 2.07(d), 2.09 or 2.10.

 

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

 

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

 

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

 

“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 Guarantor 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 Guarantor or any of its Subsidiaries during the consecutive four fiscal quarters of the Parent
Guarantor most recently ended for which financial statements are required to be delivered to the Lender Parties 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 Guarantor 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, with respect to any Asset or Assets for the consecutive four fiscal quarters most recently ended, an amount equal to 4%
of the Gross Hotel Revenues for such fiscal period.

 

“Deemed Management
Fee” means, with respect to any Asset for the consecutive four fiscal quarters most recently ended, the greater of
(i) an amount equal to 3.0% of the Gross Hotel 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 a rate equal to 2% per annum above the rate per annum required to be paid on Base Rate Advances pursuant to Section 2.07(a)(i).

 

     10

    	 

    

 

“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 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 Borrower 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, any Issuing
Bank, any Swing Line Bank or any other Lender any other amount required to be paid by it hereunder (including in respect of its
participation in Letters of Credit or Swing Line Advances) within two Business Days of the date when due, (b) has notified the
Borrower, the Administrative Agent, any Issuing Bank or any Swing Line Bank 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 Business Days after written
request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower 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 Borrower), 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; 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 Borrower, each Issuing Bank, each Swing Line Bank and each Lender.

 

“Defaulting Lender
Cash Collateral Account” means the interest-bearing account of a Defaulting Lender maintained with the Administrative
Agent, in each case in the name of the Administrative Agent and under the sole control and dominion of the Administrative Agent
and subject to the terms of this Agreement.

 

“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 Guarantor and its Subsidiaries.

 

“Dividend Payout Ratio”
means, at any date of determination, the ratio, expressed as a percentage, of (a) the sum of, without duplication, of all dividends
paid by the Parent Guarantor on account of any common stock or preferred stock of the Parent Guarantor, except dividends payable
solely in additional Equity Interests of the same class, to (b) Funds From Operations, in each case for the four consecutive fiscal
quarters of the Parent Guarantor most recently ended.

 

     11

    	 

    

 

“Domestic Lending
Office” means, with respect to any Lender Party, the office of such Lender Party specified as its “Domestic
Lending Office” opposite its name on Schedule I hereto or in the Assignment and Acceptance pursuant to which it became
a Lender Party, as the case may be, or such other office of such Lender Party as such Lender Party may from time to time specify
to the Borrower and the Administrative Agent.

 

“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.

 

“Eligible Assignee”
means (a) with respect to the Revolving Credit Facility or the Term Loan Facility, (i) a Lender; (ii) an Affiliate or Fund Affiliate
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 9.07, approved by the Borrower, each such approval not to be unreasonably withheld or delayed, and
(b) with respect to the Letter of Credit Facility, a Person that is an Eligible Assignee under subclause (iii) or (v) of this
definition and is approved by the Administrative Agent and, unless a Default has occurred and is continuing at the time any assignment
is effected pursuant to Section 9.07, approved by the Borrower, 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 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.

 

     12

    	 

    

 

“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 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.

 

“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 Internal Revenue 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 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 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) the conditions for imposition of a lien under
Section 302(f) of ERISA shall have been met with respect to any Plan; (g) the adoption of an amendment to a Plan requiring
the provision of security to such Plan pursuant to Section 307 of ERISA; or (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.

 

     13

    	 

    

 

“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.

 

“Eurocurrency Liabilities”
has the meaning specified in Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time
to time.

 

“Eurodollar Lending
Office” means, with respect to any Lender Party, the office of such Lender Party specified as its “Eurodollar
Lending Office” opposite its name on Schedule I hereto or in the Assignment and Acceptance pursuant to which it became
a Lender Party (or, if no such office is specified, its Domestic Lending Office), or such other office of such Lender Party as
such Lender Party may from time to time specify to the Borrower and the Administrative Agent.

 

“Eurodollar Rate”
means, for any Interest Period for all Eurodollar Rate Advances comprising part of the same Borrowing, an interest rate per annum
equal to the rate per annum obtained by dividing (a) the greater of (i) zero percent (0%) per annum and (ii) the rate per
annum (rounded upward, if necessary, to the nearest 1/100 of 1%) determined by the Administrative Agent to be the offered rate
that appears on the Reuters Screen LIBOR01 Page (or any successor thereto) as the London interbank offered rate for deposits in
U.S. Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined
as of approximately 11:00 A.M. (London time) two Business Days prior to the first day of such Interest Period, or , if for any
reason such rate is not available, the average (rounded upward, if necessary, to the nearest 1/100 of 1%, if such average is not
such a multiple) of the rate per annum at which deposits in U.S. dollars are offered by the principal office of each of the Reference
Banks in London, England to prime banks in the London interbank market at 11:00 A.M. (London time) two Business Days before the
first day of such Interest Period in an amount substantially equal to such Reference Bank’s Eurodollar Rate Advance comprising
part of such Borrowing to be outstanding during such Interest Period (or, if such Reference Bank shall not have such a Eurodollar
Rate Advance, $1,000,000) and for a period equal to such Interest Period by (b) a percentage equal to 100% minus the Eurodollar
Rate Reserve Percentage for such Interest Period.

 

“Eurodollar Rate Advance”
means an Advance that bears interest as provided in Section 2.07(a)(ii).

 

“Eurodollar Rate Reserve
Percentage” means, for any Interest Period for all Eurodollar Rate Advances comprising part of the same Borrowing,
the reserve percentage applicable two Business Days before the first day of such Interest Period under regulations issued from
time to time by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement
(including, without limitation, any emergency, supplemental or other marginal reserve requirement) for a member bank of the Federal
Reserve System in New York City with respect to liabilities or assets consisting of or including Eurocurrency Liabilities
(or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on Eurodollar
Rate Advances is determined) having a term equal to such Interest Period.

 

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

 

     14

    	 

    

 

“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”
has the meaning specified in Section 2.12(a).

 

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

 

“Existing Letters
of Credit” means the letters of credit and bank guarantees listed on Schedule IV hereto issued under the Existing
Credit Agreement.

 

“Existing Credit Agreement”
means that certain Credit Agreement, dated as of October 10, 2013, among Borrower, Parent Guarantor, the Subsidiary Guarantors
party thereto, DBNY, as administrative agent, and the other Lender Parties party thereto, as amended, supplemented or otherwise
modified to date.

 

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

 

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

 

“Facility”
means the Revolving Credit Facility, the Term Loan Facility, the Swing Line Facility or the Letter of Credit Facility.

 

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

 

“FATCA”
means sections 1471 through 1474 of the Internal Revenue 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 Internal Revenue Code).

 

“Federal Funds Rate”
means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the
rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as
published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank
of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such
day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected
by it.

 

“Fee Letter”
means the fee letter dated as of even date with this Agreement among the Borrower, the Arrangers, DBNY, Bank of America, N.A.,
and Regions Bank, as the same may be amended from time to time.

 

     15

    	 

    

 

“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 Hotel
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 Hotel 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 Guarantor and its Consolidated Subsidiaries ending on December 31 in any calendar year.

 

“Franchise Agreements”
means (a) the Franchise Agreements set forth on Part IV of Schedule 4.01(p) hereto, and (b) any Franchise Agreement in respect
of a Hotel Asset entered into after the Closing Date in compliance with Section 5.01(q).

 

“Fronting Exposure”
means, at any time there is a Defaulting Lender, (a) with respect to any Issuing Bank, such Defaulting Lender’s Pro Rata
Share of the outstanding Letter of Credit Exposure with respect to Letters of Credit issued by such Issuing Bank other than Letter
of Credit Exposure as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or
Cash Collateralized in accordance with Section 9.10 and (b) with respect to any Swing Line Bank, such Defaulting Lender’s
Pro Rata Share of outstanding Swing Line Advances made by such Swing Line Bank other than Swing Line Advances as to which such
Defaulting Lender’s participation obligation has been reallocated to other Lenders.

 

“Fund Affiliate”
means, with respect to any Lender that is a fund that invests in bank loans, any other fund that invests in bank loans and is advised
or managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor.

 

“Funds From Operations”
means, with respect to the Parent Guarantor, net income (computed in accordance with GAAP), excluding gains (or losses) from sales
of property and extraordinary and unusual items, plus depreciation and amortization, and after adjustments for unconsolidated
Joint Ventures. Adjustments for unconsolidated Joint Ventures will be calculated to reflect funds from operations on the same basis.

 

     16

    	 

    

 

“GAAP”
has the meaning specified in Section 1.03.

 

“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).

 

“Gross Hotel Revenues"
means all revenues and receipts of every kind derived from operating such Asset or Assets, as the case may be, and parts thereof,
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
or Assets); service charges, to the extent not distributed to the employees at such Asset or Assets as, or in lieu of, gratuities;
and proceeds, if any, from business interruption or other loss of income insurance; provided, however, that Gross Hotel
Revenues shall not include gratuities to employees of such Asset or Assets; 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 or Assets.

 

“Guaranteed Hedge
Agreement” means any Hedge Agreement required or permitted under Article V that is entered into by and between any
Loan Party and any Hedge Bank.

 

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

 

“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.

 

     17

    	 

    

 

“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 Lender Party or an Affiliate of a Lender Party in its capacity as a party to a Guaranteed Hedge Agreement.

 

“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.

 

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

 

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

 

“Indebtedness”
of any Person means the sum of (without duplication) (i) all Debt for Borrowed Money and for the deferred purchase price of property
or services (excluding ordinary payable and accrued expenses and deferred purchase price which is not yet a liquidated sum), (ii)
the aggregate amount of all Capitalized Leases Obligations, (iii) all indebtedness of the types described in clause (i) or (ii)
of this definition of Persons other than the Parent Guarantor and its Consolidated Subsidiaries secured by any Lien on any property
owned by the Parent Guarantor or any of its Consolidated Subsidiaries, whether or not such indebtedness has been assumed by such
Person (provided that, if the Person has not assumed or otherwise become liable in respect of such indebtedness, such indebtedness
shall be deemed to be the outstanding principal amount (or maximum principal amount, if larger) of such indebtedness or, if not
stated or if indeterminable, in an amount equal to the fair market value of the property to which such Lien relates, as determined
in good faith by such Person), (iv) all Contingent Obligations, and (v) the net termination value (if negative) of all indebtedness
in respect of Hedge Agreements;

 

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

 

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

 

“Indemnified Taxes”
has the meaning specified in Section 2.12(a).

 

“Information”
has the meaning specified in Section 9.11.

 

“Initial Extension
of Credit” means the earlier to occur of the initial Borrowing and the initial issuance of a Letter of Credit hereunder.

 

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

 

“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.

 

     18

    	 

    

 

“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 (a) for each Eurodollar Rate Advance comprising part of the same Borrowing consisting of Term Loan Advances, (i) the period
commencing on the date of such Eurodollar Rate Advance or the date of the Conversion of any Base Rate Advance into such Eurodollar
Rate Advance, and ending on the first day of the month corresponding to the duration of the Interest Period selected by the Borrower
pursuant to the following sentence, and (ii) thereafter, each subsequent period commencing on the last day of the immediately preceding
Interest Period and ending on the first day of the month corresponding to the duration of the Interest Period selected by the Borrower
pursuant to the following sentence. The duration of each such Interest Period shall be one, two, three or six months, as the Borrower
may, upon notice received by the Administrative Agent not later than 12:00 Noon (New York City time) on the third Business
Day prior to the first day of such Interest Period, select; provided, however, that:

 

(i)          the
Borrower may not select any Interest Period with respect to any such Term Loan Advance that ends after the Termination Date;

 

(ii)         Interest
Periods commencing on the same date for Eurodollar Rate Advances comprising part of the same Borrowing shall be of the same duration;
and

 

(iii)        whenever
the last day of any such Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest
Period shall be extended to occur on the next succeeding Business Day; and

 

(b) for each Eurodollar Rate Advance
comprising part of the same Borrowing consisting of Revolving Credit Advances, the period commencing on the date of such Eurodollar
Rate Advance or the date of the Conversion of any Base Rate Advance into such Eurodollar Rate Advance, and ending on the last day
of the period selected by the Borrower pursuant to the provisions below and, thereafter, each subsequent period commencing on the
last day of the immediately preceding Interest Period and ending on the last day of the period selected by the Borrower pursuant
to the provisions below. The duration of each such Interest Period shall be one, two, three or six months, as the Borrower may,
upon notice received by the Administrative Agent not later than 12:00 Noon (New York City time) on the third Business Day
prior to the first day of such Interest Period, select; provided, however, that:

 

(i)          the
Borrower may not select any Interest Period with respect to any such Revolving Credit Advance that ends after the Termination Date;

 

(ii)         Interest
Periods commencing on the same date for Eurodollar Rate Advances comprising part of the same Borrowing shall be of the same duration;

 

(iii)        whenever
the last day of any such Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest
Period shall be extended to occur on the next succeeding Business Day; provided, however, that if such extension
would cause the last day of such Interest Period to occur in the next following calendar month, the last day of such Interest Period
shall occur on the next preceding Business Day; and

 

     19

    	 

    

 

(iv)        whenever
the first day of any such Interest Period occurs on a day of an initial calendar month for which there is no numerically corresponding
day in the calendar month that succeeds such initial calendar month by the number of months equal to the number of months in such
Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month.

 

“Internal Revenue
Code” means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and
rulings issued thereunder.

 

“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 (iii)
or (iv) of the definition of “Indebtedness” in respect of any Person, and (b) the purchase or other acquisition of
any real property.

 

“Issuing Bank”
means the Initial Issuing Banks and any other Lender approved as an Issuing Bank by the Administrative Agent and the Borrower and
any Eligible Assignee to which a Letter of Credit Commitment hereunder has been assigned pursuant to Section 9.07 so long
as each such Lender or each such Eligible Assignee expressly agrees to perform in accordance with their terms all of the obligations
that by the terms of this Agreement are required to be performed by it as an Issuing Bank and notifies the Administrative Agent
of its Applicable Lending Office and the amount of its Letter of Credit Commitment (which information shall be recorded by the
Administrative Agent in the Register) for so long as such Initial Issuing Bank, Lender or Eligible Assignee, as the case may be,
shall have a Letter of Credit Commitment.

 

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

 

“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 declaration of
trust, articles or certificate of incorporation, articles of organization, partnership agreement, joint venture agreement or other
applicable organizational document of such Subsidiary or Joint Venture.

 

“L/C Related Documents”
has the meaning specified in Section 2.04(b)(ii)(A).

 

“L/C Account Collateral”
has the meaning specified in Section 2.18(a).

 

     20

    	 

    

 

“Lender Party”
means any Lender, any Swing Line Bank or any Issuing Bank.

 

“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 9.07 for so long as such Initial Lender or Person, as the case may be,
shall be a party to this Agreement.

 

“Letter of Credit
Advance” means an advance made by any Issuing Bank or any Lender pursuant to Section 2.03(c).

 

“Letter of Credit
Agreement” has the meaning specified in Section 2.03(a).

 

“Letter of Credit
Commitment” means, with respect to any Issuing Bank at any time, the amount set forth opposite such Issuing Bank’s
name on Schedule I hereto under the caption “Letter of Credit Commitment” or, if such Issuing Bank has entered
into one or more Assignment and Acceptances, set forth for such Issuing Bank in the Register maintained by the Administrative Agent
pursuant to Section 9.07(d) as such Issuing Bank’s “Letter of Credit Commitment”, as such amount may be
reduced at or prior to such time pursuant to Section 2.05.

 

“Letter of Credit
Exposure” means, at any time, the sum of (a) the aggregate Available Amount of all outstanding Letters of Credit
at such time plus (b) the aggregate amount of all payments or disbursements made by an Issuing Bank pursuant to a Letter of Credit
Advance that have not yet been reimbursed at such time.

 

“Letter of Credit
Facility” means, at any time, an amount equal to the lesser of (a) the aggregate amount of the Issuing Banks’
Letter of Credit Commitments at such time, and (b) $25,000,000, as such amount may be reduced at or prior to such time pursuant
to Section 2.05.

 

“Letters of Credit”
has the meaning specified in Section 2.01(b).

 

“Leverage Ratio”
means, at any date of determination, the ratio of Total Indebtedness to Consolidated EBITDA as at the end of the most recently
ended fiscal quarter of the Parent Guarantor for which financial statements are required to be delivered to the Lender Parties
pursuant to Section 5.03(b) or (c), as the case may be.

 

“Leverage Ratio Increase
Election” means an election by notice from the Borrower to the Administrative Agent to increase the maximum Leverage
Ratio in accordance with the proviso in Section 5.04(a)(i), which election may only be made contemporaneously with the closing
of a Specified Acquisition and shall otherwise be subject to the limitations set forth in such proviso.

 

“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 Letter of Credit Agreement, (e) each
Guaranty Supplement (f) each Guaranteed Hedge Agreement, and (g) 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.

 

     21

    	 

    

 

“Loan Parties”
means the Borrower and the Guarantors.

 

“Management Agreements”
means (a) 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 an Unencumbered 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 Borrower, the Guarantors and their respective 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 Borrower, the Guarantors and their respective Subsidiaries,
taken as a whole, (b) the rights and remedies of the Administrative Agent or any Lender Party 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 Unencumbered Asset.

 

“Material Contract”
means each contract to which the Borrower or any of its Subsidiaries is a party involving aggregate consideration payable to or
by the Borrower or such Subsidiary in an amount of $5,000,000 or more per annum or otherwise material to the business, condition
(financial or otherwise), operations, performance, properties or prospects of the Borrower 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.

 

“Material Debt”
means (a) Recourse Debt of the Borrower that is outstanding in a principal amount (or, in the case of any Hedge Agreement, an Agreement
Value) of $15,000,000 or more, either individually or in the aggregate or (b) any other Indebtedness of any Loan Party or any Subsidiary
of a Loan Party that is outstanding in a principal amount (or, in the case of any Hedge Agreement, an Agreement Value) of $75,000,000
or more, either individually or in the aggregate; in each case (i) whether or not the primary obligation of the applicable obligor,
(ii) whether the subject of one or more separate debt instruments or agreements, and (iii) exclusive of Indebtedness outstanding
under this Agreement. For the avoidance of doubt, Material Debt may include Refinancing Debt to the extent comprising Material
Debt as defined herein.

 

“Material Litigation”
has the meaning specified in Section 3.01(e).

 

“Material Renovation”
means any renovation of an Unencumbered Asset the completion of which causes 25% or more of the rooms located in such Asset to
be unavailable for use for a period of forty-five (45) consecutive days or longer.

 

“Minimum Collateral
Amount” means, at any time, (i) with respect to collateral consisting of cash or deposit account balances posted
or to be posted under Section 9.10, an amount equal to 105% of the Fronting Exposure of all Issuing Banks with respect to
Letters of Credit issued and outstanding at such time and (ii) otherwise, an amount determined by the Administrative Agent and
the Issuing Banks in their sole discretion.

 

     22

    	 

    

 

“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.

 

“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 (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 (a) 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, and (b) a provision in any agreement governing unsecured Indebtedness generally prohibiting the encumbrance of assets shall
not constitute a Negative Pledge so long as such provision is generally consistent with a comparable provision of the Loan Documents.

 

“Net Operating Income”
means the amount obtained by subtracting Operating Expenses from Operating Income, in each case for consecutive four fiscal quarters
most recently ended.

 

“New Property”
means each Hotel Asset acquired by the Parent Guarantor or any Subsidiary or any Joint Venture (as the case may be) from the date
of acquisition for a period of four 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 Borrower), 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.

 

     23

    	 

    

 

“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 Property-Level 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 Property-Level Subsidiary, provided that such parent entity’s
assets consist solely of Equity Interests in such Property-Level 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 Guarantor or any Subsidiary of the Parent
Guarantor 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.

 

“Note”
means a Revolving Note or a Term Note.

 

“Notice of Borrowing”
has the meaning specified in Section 2.02(a).

 

“Notice of Issuance”
has the meaning specified in Section 2.03(a).

 

“Notice of Renewal”
has the meaning specified in Section 2.01(c).

 

“Notice of Swing Line
Borrowing” has the meaning specified in Section 2.02(b).

 

“Notice of Termination”
has the meaning specified in Section 2.01(c).

 

“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, Letter of Credit commissions, 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 Party, 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.

 

“Operating Expenses”
means, with respect to any Unencumbered Asset for any applicable measurement period, the actual costs and expenses of owning, operating,
managing, and maintaining such Unencumbered 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 Unencumbered 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.

 

     24

    	 

    

 

“Operating Income”
means, with respect to any Unencumbered Asset for any applicable measurement period, all income received from any Person during
such period in connection with the ownership or operation of the Property, including, without limitation, (i) the Gross Hotel 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 Unencumbered 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 an Unencumbered Asset between the applicable Loan Party that owns such Unencumbered Asset (whether
in fee simple or subject to a Qualifying Ground Lease) and the applicable TRS Lessee that leases such Unencumbered Asset, as each
may be amended, restated, supplemented or otherwise modified from time to time.

 

“Other Taxes”
has the meaning specified in Section 2.12(b).

 

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

 

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

 

“Participant”
has the meaning specified in Section 2.03(c)(i).

 

“Participant Register”
has the meaning specified in Section 9.07(g).

 

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

 

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

 

“Permitted Liens”
means such of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding shall have been commenced:
(a) Liens for taxes, assessments and governmental charges or levies not yet due and payable; (b) Liens imposed by law,
such as materialmen’s, mechanics’, carriers’, workmen’s and repairmen’s Liens and other similar Liens
arising in the ordinary course of business securing obligations that (i) are not overdue for a period of more than 30 days or are
otherwise subject to a Good Faith Contest and (ii) individually or together with all other Permitted Liens outstanding on any date
of determination do not materially adversely affect the use of the property to which they relate; (c) pledges or deposits
to secure obligations under workers’ compensation or unemployment laws or similar legislation or to secure public or statutory
obligations; (d) easements, zoning restrictions, rights of way and other encumbrances on title to real property that do not
render title to the property encumbered thereby unmarketable or materially adversely affect the use or value of such property for
its present purposes; and (e) Tenancy Leases.

 

     25

    	 

    

 

“Permitted Recourse
Debt” means Recourse Debt that is either (a) Unsecured Indebtedness that does not result in a Default or an Event
of Default under the financial covenants set forth in Section 5.04(b), provided that the aggregate
principal amount of any such Unsecured Indebtedness that has a scheduled maturity date or commitment termination date prior to
the one year anniversary of the latest Termination Date under the Credit Agreement (taking into account any extensions thereof)
shall in no event exceed $125,000,000, or (b) Indebtedness (i) secured by (x) a Lien on the Equity Interests of a Property-Level
Subsidiary that directly or indirectly does not hold any fee or leasehold interest in any Unencumbered Asset, or (y) a mortgage
Lien granted by such Property-Level Subsidiary, as mortgagor, pursuant to the terms of the loan documents evidencing such Recourse
Debt, (ii) in an aggregate principal amount not to exceed 10% of Total Asset Value at any time outstanding, and (iii) that
does not result in Default or Event of Default under the financial covenants set forth in Sections 5.04(a)(v) and 5.04(a)(vi).

 

“Person”
means an individual, partnership, corporation (including a business trust), limited liability company, joint stock company, trust,
unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof.

 

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

 

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

 

“Potential Unencumbered
Asset” means a Hotel Asset that is (i) owned by a Subsidiary Guarantor on the date hereof and (ii) that meets all
of the Unencumbered Asset Pool Conditions other than clauses (f) and (g) of the definition of Unencumbered Asset Pool Conditions.

 

“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 90% of such Asset’s forecasted EBITDA for the first four 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 Guarantor 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 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 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.

 

     26

    	 

    

 

“Property-Level Subsidiary”
means any Subsidiary of the Borrower or any Joint Venture that holds a direct fee or leasehold interest in any single building
(or group of related buildings, including, without limitation, buildings pooled for purposes of a Non-Recourse Debt financing)
or parcel (or group of related parcels, including, without limitation, parcels pooled for purposes of a Non-Recourse Debt financing)
of real property and related assets and not in any other building or parcel of real property.

 

“Proposed Unencumbered
Asset” has the meaning specified in Section 5.01(k).

 

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

 

“Pro Rata Share”
of any amount means, with respect to any Lender at any time, (a) in the case of the Revolving Credit Facility, the product of such
amount times a fraction the numerator of which is the amount of such Lender’s Revolving Credit Commitment at such
time (or, if the Commitments shall have been terminated pursuant to Section 2.05 or 6.01, such Lender’s Revolving Credit
Commitment as in effect immediately prior to such termination) and the denominator of which is the Revolving Credit Facility at
such time (or, if the Commitments shall have been terminated pursuant to Section 2.05 or 6.01, the Revolving Credit Facility
as in effect immediately prior to such termination), and (b) in the case of the Term Loan Facility, the product of such amount
times a fraction the numerator of which is the amount of such Lender’s Term Loan Commitment at such time (or, if the Term
Loan Commitments shall have expired, been fully funded or been terminated, such Lender’s Facility Exposure at such time with
respect to the Term Loan Facility) and the denominator of which is the aggregate amount of the Lenders’ Term Loan Commitments
at such time (or, if the Term Loan Commitments shall have expired, been fully funded or been terminated, the aggregate Facility
Exposure at such time with respect to the Term Loan Facility).

 

“Purchasing Lender”
has the meaning specified in Section 2.17(e).

 

“Qualifying
Ground Lease” means a ground lease of Real Property that 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) 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 an
Unencumbered Asset; (b) 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;
(c) 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; (d) reasonable 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 Borrower 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.

 

     27

    	 

    

 

“Recourse Debt”
means Indebtedness for which the Parent Guarantor or any of its Subsidiaries has personal or recourse liability in whole or in
part, exclusive of Non-Recourse Debt and any Indebtedness for which such personal or recourse liability is limited to obligations
under Customary Carve-Out Agreements, and provided that no claim shall have been made under such Customary Carve-Out Agreements.

 

“Reference Banks”
means DBNY and Regions Bank.

 

“Refinancing Debt”
means, with respect to any Indebtedness, any Indebtedness extending the maturity of, or refunding or refinancing, in whole or in
part, such Indebtedness, provided that (a) the terms of any Refinancing Debt, and of any agreement entered into and of any
instrument issued in connection therewith, (i) do not provide for any Lien on any Unencumbered Assets, and (ii) are not otherwise
prohibited by the Loan Documents, (b) the principal amount of such Indebtedness shall not exceed the principal amount of the Indebtedness
being extended, refunded or refinanced plus the amount of any applicable premium and expenses, and (c) the other material terms,
taken as a whole, of any such Indebtedness are no less favorable in any material respect to the Loan Parties or the Lender Parties
than the terms governing the Indebtedness being extended, refunded or refinanced.

 

“Register”
has the meaning specified in Section 9.07(d).

 

“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 to be treated for U.S. federal income tax purposes as a real estate investment trust under
Sections 856-860 of the Internal Revenue Code.

 

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

 

“Required Lenders”
means, at any time, Lenders owed or holding greater than 50% of the sum of (a) the aggregate principal amount of the Advances
outstanding at such time, (b) the aggregate Available Amount of all Letters of Credit outstanding at such time and (c) the
aggregate Unused Revolving Credit Commitments at such time. For purposes of this definition, (x) the aggregate principal amount
of Swing Line Advances owing to any Swing Line Bank and of Letter of Credit Advances owing to any Issuing Bank and the Available
Amount of each Letter of Credit shall be considered to be owed to the Revolving Lenders ratably in accordance with their respective
Revolving Credit Commitments and (y) any of the foregoing amounts owed to or held by any Defaulting Lender shall be disregarded
in determining Required Lenders at any time.

 

“Responsible Officer”
means, with respect to any Loan Party, any officer of, or any officer of any general partner or managing member of, such Loan Party,
which Officer has (a) responsibility for performing the underlying function that is the subject of the action required of
such officer hereunder, or (b) supervisory responsibility for such an officer.

 

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

 

“Revolving Credit
Advance” has the meaning specified in Section 2.01(a).

 

     28

    	 

    

 

“Revolving Credit
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 “Revolving Credit Commitment” or (b) if such Lender has entered into
one or more Assignment and Acceptances, set forth for such Lender in the Register maintained by the Administrative Agent pursuant
to Section 9.07(d) as such Lender’s “Revolving Credit Commitment”, as such amount may be reduced at or prior
to such time pursuant to Section 2.05. The aggregate Revolving Credit Commitments of the Lenders on the Closing Date shall
be $300,000,000.

 

“Revolving Credit
Facility” means, at any time, the aggregate amount of the Lenders’ Revolving Credit Commitments at such time,
and, where the context requires, shall include reference to the subfacilities thereof.

 

“Revolving Lender”
means a Lender having a Revolving Credit Commitment, whether funded or unfunded.

 

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

 

“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 Guarantor 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 Guarantor
or such Subsidiary, as the case may be, to such Person.

 

“Sarbanes-Oxley”
means the Sarbanes-Oxley Act of 2002, as amended.

 

“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.

 

“Seasoned Date”
means, with respect to each Hotel Asset acquired by the Parent Guarantor or any Subsidiary 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 Hotel Asset acquired by the Parent Guarantor or any Subsidiary 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 a Person as of a given date, the portion of Total Indebtedness that is secured in any manner by any Lien
on any property or any Equity Interests in direct or indirect Subsidiaries of the Parent Guarantor.

 

“Secured Parties”
means the Administrative Agent and the Lender Parties.

 

“Secured Recourse
Indebtedness” means the portion of Secured Indebtedness that is not Non-Recourse Debt.

 

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

 

     29

    	 

    

 

“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.

 

“Selling Lender”
has the meaning specified in Section 2.17(e).

 

“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 (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.

 

“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 Acquisition”
means an acquisition of a portfolio of Hotel Assets (whether by purchasing such properties directly or by acquiring an entity or
entities that owns such properties) with a minimum gross purchase price of $150,000,000.

 

“Specified Operating
Lessees” means those certain Subsidiaries of TRS Holdco which, without a capital contribution, would not be Solvent;
provided, however, the Borrower shall provide notice to the Administrative Agent identifying the name of such Specified
Operating Lessee.

 

“Standby Letter of
Credit” means any Letter of Credit issued under the Letter of Credit Facility, other than a Trade Letter of Credit.

 

“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.

 

     30

    	 

    

 

“Subsidiary Guarantor”
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.

 

“Swing Line Advance”
means an advance made by (a) the Swing Line Banks pursuant to Section 2.01(d) or (b) any Lender pursuant to Section 2.02(b).

 

“Swing Line Bank”
means each of DBNY, Bank of America, N.A. and Regions Bank, in its capacity as the Lender of Swing Line Advances, and its successors
and permitted assigns in such capacity.

 

“Swing Line Borrowing”
means a borrowing consisting of a Swing Line Advance made by the Swing Line Banks pursuant to Section 2.01(d) or the Lenders pursuant
to Section 2.02(b).

 

“Swing Line Commitment”
means, with respect to (i) DBNY, $6,666,668, (ii) Bank of America, N.A., $6,666,666, and (iii) Regions Bank, $6,666,666, as each
such amount may be reduced at or prior to such time pursuant to Section 2.05. The aggregate Swing Line Commitments shall not exceed
$20,000,000.

 

“Swing Line Facility”
has the meaning specified in Section 2.01(d).

 

“Taxes”
has the meaning specified in Section 2.12(a).

 

“Tenancy Leases”
means operating leases, subleases, licenses, occupancy agreements and rights-of-use entered into by the 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”
shall mean the term loan to the Borrower from the Term Loan Lenders in an aggregate principal amount equal to $150,000,000 on the
Closing Date.

 

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

 

“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 one or more Assignment and Acceptances,
set forth for such Lender in the Register maintained by the Administrative Agent pursuant to Section 9.07(d) 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 of the Lenders on the Closing Date shall be $150,000,000.

 

     31

    	 

    

 

“Term Loan Facility”
shall mean, at any time, the aggregate amount of the Term Loan Commitments at such time.

 

“Term Loan Lender”
means a Lender having a Term Loan Commitment, whether funded or unfunded.

 

“Term Note”
shall mean a promissory note of the Borrower payable to the order of any Term Loan Lender, in substantially the form of Exhibit
A-2 hereto, evidencing the indebtedness of the Borrower to such Lender under the Term Loan Facility.

 

“Termination Date”
means (a) with respect to the Revolving Credit Facility, the earlier of (i) March 31, 2020, subject to the extension thereof pursuant
to Section 2.16 and (ii) the date of termination in whole of the Revolving Credit Commitments, the Swing Line Commitment and the
Letter of Credit Commitments pursuant to Section 2.05 or 6.01, and (b) with respect to the Term Loan Facility, the earlier of (i)
March 31, 2021, and (ii) the date of termination in whole of the Term Loan Commitments pursuant to Section 6.01.

 

“Test Date”
means (a) the last day of each fiscal quarter of the Parent Guarantor for which financial statements are required to be delivered
pursuant to Sections 5.03(b) or (c), as the case may be, (b) the date of each Advance or the issuance or renewal of any Letter
of Credit, (c) the date of the addition of any Proposed Unencumbered Asset to the Unencumbered Asset Pool pursuant to Section 5.01(k),
(d) the effective date of any merger permitted under Section 5.02(d), (e) the effective date of any Transfer permitted under
Section 5.02(e)(ii)(C), and (f) with respect to an extension of the Termination Date pursuant to Section 2.16, the Extension
Date.

 

“Total Asset Value”
means, without duplication, the sum of (a) the following amounts with respect to the following assets owned by the Parent
Guarantor or any of its Subsidiaries: (i) for each Seasoned Property, (x) (1) the Adjusted NOI for such Seasoned Property
for the four quarters most recently ended prior to such date of determination divided by (2) the applicable Capitalization
Rate, and (y) for each New Property, the acquisition cost of such New Property (until the Seasoned Date, or earlier at the Borrower’s
election); (ii) the amount of all Unrestricted Cash and Cash Equivalents held by the Borrower and all Guarantors; and (iii) the
undepreciated book value of all Development Assets and Unimproved Land; plus (b) (i) the applicable JV Pro Rata
Share of any Joint Venture of the Parent Guarantor 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 to any Person permitted under Section
5.02(f)(iv)(C); 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 15% of Total Asset Value; (B) the
maximum value allocable to Development Assets shall not exceed 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 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 Section
5.02(f)(iv)(C) shall not exceed 15% of Total Asset Value; (E) the maximum value allocable to improved Real Property that does not
constitute Hotel Assets shall not exceed 5% of Total Asset Value; and (F) the maximum value allocable to items (A) to (E) above
shall not exceed 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 Unencumbered
Asset Value” means, at any date of determination, the sum of the Unencumbered Asset Values of all Unencumbered Assets;
provided, however, that no less than twenty (20) Hotel Assets must, at all times, qualify as Unencumbered Assets
or the Total Unencumbered Asset Value shall be deemed to be zero ($0.00).

 

     32

    	 

    

 

“Total Indebtedness”
means, at any date of determination, all Consolidated Indebtedness of the Parent Guarantor and its Subsidiaries as at the end of
the most recently ended fiscal quarter of the Parent Guarantor for which financial statements are required to be delivered to the
Lender Parties 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.

 

“Trade Letter of Credit”
means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the
Borrower or any of its Subsidiaries to effect payment for such Inventory.

 

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

 

“TRS Holdco”
means Summit Hotel TRS, Inc.

 

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

 

“Type”
refers to the distinction between Advances bearing interest at the Base Rate and Advances bearing interest at the Eurodollar Rate.

 

“Unencumbered Adjusted
NOI” means aggregate Adjusted NOI for all Unencumbered Assets.

 

“Unencumbered Assets”
means (a) the Hotel Assets listed on Schedule II hereto on the Closing Date, (b) together with those Hotel Assets which are designated
by the Borrower and for which the applicable conditions (as may be determined by the Administrative Agent in its sole discretion)
in Section 3.01 and, if applicable, Section 5.01(k) have been satisfied and as the Administrative Agent, in its sole discretion,
shall have elected to treat as Unencumbered Assets for purposes of this Agreement, (c) but excluding, in each case, any such Unencumbered
Assets removed pursuant to Section 5.02(e)(ii)(C).

 

“Unencumbered Asset
Pool” means all of the Unencumbered Assets.

 

“Unencumbered Asset
Pool Amount” means, at any date of determination, the maximum total amount available under the Facility, which shall
at all times be the lowest of (i) the aggregate Commitments of the Lenders, (ii) the Total Unencumbered Asset Value times
60%, less all Consolidated Unsecured Indebtedness (exclusive of the Facility Exposure) and (iii) the principal amount that
when drawn under the Facility would result in Assumed Unsecured Interest Expense, calculated on a pro forma basis for the
next consecutive four fiscal quarters of the Parent Guarantor after taking such draws into account, equal to 50% of Unencumbered
Adjusted NOI.

 

     33

    	 

    

 

“Unencumbered Asset
Pool Conditions” means, with respect to any Unencumbered Asset or Proposed Unencumbered Asset, that such Asset (a)
is a Hotel Asset located in the United States of America; (b) is a limited service, select service or full service hotel that is
rated “upscale”, “upper midscale”, “midscale” or better by Smith Travel Research; (c) is wholly
owned, directly or indirectly, by the Borrower either in fee simple absolute or subject to a Qualifying Ground Lease and is leased
to the applicable TRS Lessee (which is wholly-owned by TRS Holdco) pursuant to an Operating Lease; (d) is fully operating, open
to the public, and not under significant development, redevelopment or Material Renovation; (e) 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;
(f) 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; (g) is operated under a nationally recognized brand subject to a Franchise Agreement
with an Approved Franchisor or any other franchisor approved by the Required Lenders; (h) is not subject to mezzanine Indebtedness
financing; (i) is not, and no interest of the Borrower or any of its Subsidiaries therein is, subject to any Lien (other than Permitted
Liens) or any Negative Pledge; and (j) is 100% owned by the Borrower or a Subsidiary Guarantor that satisfies the requirements
of Section 5.02(p) and (1) none of the Borrower’s or the Parent Guarantor’s direct or indirect Equity Interests in
such Subsidiary is subject to any Lien (other than Permitted Liens) or any Negative Pledge and (2)(x) on or prior to the date such
Asset is added to the Unencumbered Asset Pool, such Subsidiary shall have become a Guarantor hereunder, and (y) the Borrower directly,
or indirectly through a Subsidiary, has the right to take the following actions without the need to obtain the consent of any Person:
(i) to create Liens on such Asset and on the Equity Interests in such Subsidiary as security for Indebtedness of the Borrower or
such Subsidiary, as applicable, and (ii) to 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 (y)(i) and (ii) above); and (k) 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 Hotel Asset or any portion thereof; provided, however,
that if two Hotel Assets are located on a single tax lot, the Borrower may elect to treat such Hotel Assets for all purposes of
this Agreement as one Hotel Asset, in which case, such Hotel Asset shall be deemed to comply with this clause (k) and such two
components of such Hotel Asset shall be included in and removed from the Unencumbered Assets simultaneously and both must meet
all Unencumbered Asset Pool Conditions for either component to qualify as an Unencumbered Asset.

 

“Unencumbered Asset
Designation Package” means, with respect to any Proposed Unencumbered 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 for such Asset for the immediately preceding 36 consecutive calendar months, or such shorter period that the Asset has
been open for business, (d) an operating expense and capital expenditures budget for such Asset for the next succeeding 12 consecutive
months, and (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.

 

“Unencumbered Asset
Value” means, with respect to any Unencumbered Asset, at any date of determination,

 

(a)          for
each Seasoned Property, (i) the Adjusted NOI for such Seasoned Property for the four quarters most recently ended prior to
such date of determination divided by (ii) the applicable Capitalization Rate, and

 

(b)          for
each New Property, the acquisition cost of such New Property (until the Seasoned Date, or earlier at the Borrower’s election).

 

     34

    	 

    

 

“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.

 

“Unsecured Leverage
Ratio Increase Election” means an election by notice from the Borrower to the Administrative Agent to increase the
maximum ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor to Unencumbered Asset Value in accordance with the
proviso in Section 5.04(b)(i), which election may only be made contemporaneously with the closing of a Specified Acquisition and
shall otherwise be subject to the limitations set forth in such proviso.

 

“Unused Fee”
has the meaning specified in Section 2.08(a).

 

“Unused Revolving
Credit Commitment” means, with respect to any Lender at any date of determination, (a) such Lender’s Revolving
Credit Commitment at such time minus (b) the sum of (i) the aggregate principal amount of all Revolving Credit Advances,
Swing Line Advances and Letter of Credit Advances made by such Lender (in its capacity as a Lender) and outstanding at such time
plus (ii) such Lender’s Pro Rata Share of (A) the aggregate Available Amount of all Letters of Credit outstanding
at such time, (B) the aggregate principal amount of all Letter of Credit Advances made by the Issuing Banks pursuant to Section
2.03(c) and outstanding at such time and (C) the aggregate principal amount of all Swing Line Advances made by the Swing Line Banks
pursuant to Section 2.01(c) and outstanding at such time.

 

“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, 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.

 

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.

 

     35

    	 

    

 

SECTION 1.03. Accounting
Terms. All accounting terms not specifically defined herein shall be construed in accordance with generally accepted
accounting principles consistent with those applied in the preparation of the financial statements referred to in Section 4.01(g)
(“GAAP”).

 

Article
II

AMOUNTS AND TERMS OF THE ADVANCES AND THE LETTERS OF CREDIT

 

SECTION 2.01. The
Advances and the Letters of Credit. (a) The Revolving Credit Advances. Each Revolving Lender severally
agrees, on the terms and conditions hereinafter set forth, to make advances (each, a “Revolving Credit Advance”)
to the Borrower from time to time on any Business Day during the period from the date hereof until the Termination Date in an
amount for each such Revolving Credit Advance not to exceed such Lender’s Unused Revolving Credit Commitment at such time.
Each Borrowing shall be in an aggregate amount of $1,000,000 or an integral multiple of $250,000 in excess thereof and shall consist
of Revolving Credit Advances made simultaneously by the Revolving Lenders ratably according to their Revolving Credit Commitments.
Within the limits of each such Lender’s Unused Revolving Credit Commitment in effect from time to time and prior to the
Termination Date, the Borrower may borrow under this Section 2.01(a), prepay pursuant to Section 2.06(a) and reborrow
under this Section 2.01(a).

 

(b)          The
Term Loan Advances. Each Term Loan Lender severally agrees, on the terms and conditions hereinafter set forth, to make advances
(each, a “Term Loan Advance”) to the Borrower in an amount equal to such Lender’s Term Loan Commitment.
Each Borrowing shall consist of Term Loan Advances made simultaneously by the Term Loan Lenders ratably according to their Term
Loan Commitments. The Borrower may prepay Term Loan Advances pursuant to Section 2.06(a). Subject to the terms and conditions
of this Agreement, including Section 2.17, the Term Loan shall be funded to the Borrower on the Closing Date. The Borrower shall
not have the right to reborrow any portion of the Term Loan that is repaid or prepaid.

 

(c)          Letters
of Credit. Each Issuing Bank severally agrees, on the terms and conditions hereinafter set forth, to issue (or cause its Affiliate
that is a commercial bank to issue on its behalf) letters of credit and to continue any Existing Letters of Credit (set forth on
Schedule IV hereto) (collectively, the “Letters of Credit”), for the account of the Borrower from time
to time on any Business Day during the period from the date hereof until 60 days before the Termination Date in an aggregate Available
Amount (i) for all Letters of Credit not to exceed at any time the Letter of Credit Facility at such time, (ii) for all Letters
of Credit issued by such Issuing Bank not to exceed such Issuing Bank’s Letter of Credit Commitment at such time, and (iii) for
each such Letter of Credit not to exceed the Unused Revolving Credit Commitments of the Lenders at such time. No Letter of Credit
shall have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than the earlier
of 60 days before the Termination Date and (A) in the case of a Standby Letter of Credit one year after the date of issuance
thereof, but may by its terms be renewable annually upon notice (a “Notice of Renewal”) given to the
Issuing Bank that issued such Standby Letter of Credit and the Administrative Agent on or prior to any date for notice of renewal
set forth in such Letter of Credit but in any event at least three Business Days prior to the date of the proposed renewal of such
Standby Letter of Credit and upon fulfillment of the applicable conditions set forth in Article III unless such Issuing Bank
has notified the Borrower (with a copy to the Administrative Agent) on or prior to the date for notice of termination set forth
in such Letter of Credit but in any event at least 30 Business Days prior to the date of automatic renewal of its election not
to renew such Standby Letter of Credit (a “Notice of Termination”) and (B) in the case of a Trade
Letter of Credit, 60 days after the date of issuance thereof; provided, however, that the terms of each Standby Letter
of Credit that is automatically renewable annually shall (x) require the Issuing Bank that issued such Standby Letter of Credit
to give the beneficiary named in such Standby Letter of Credit notice of any Notice of Termination, (y) permit such beneficiary,
upon receipt of such notice, to draw under such Standby Letter of Credit prior to the date such Standby Letter of Credit otherwise
would have been automatically renewed and (z) not permit the expiration date (after giving effect to any renewal) of such
Standby Letter of Credit in any event to be extended to a date later than 60 days before the Termination Date. If either a Notice
of Renewal is not given by the Borrower or a Notice of Termination is given by the relevant Issuing Bank pursuant to the immediately
preceding sentence, such Standby Letter of Credit shall expire on the date on which it otherwise would have been automatically
renewed; provided, however, that even in the absence of receipt of a Notice of Renewal the relevant Issuing Bank
may in its discretion, unless instructed to the contrary by the Administrative Agent or the Borrower, deem that a Notice of Renewal
had been timely delivered and in such case, a Notice of Renewal shall be deemed to have been so delivered for all purposes under
this Agreement. Within the limits of the Letter of Credit Facility, and subject to the limits referred to above, the Borrower may
request the issuance of Letters of Credit under this Section 2.01(c), repay any Letter of Credit Advances resulting from drawings
thereunder pursuant to Section 2.04(d) and request the issuance of additional Letters of Credit under this Section 2.01(c).

 

     36

    	 

    

 

(d)          Swing
Line Advances. The Borrower may request the Swing Line Banks to make, and each Swing Line Bank severally agrees to make, on
the terms and conditions hereinafter set forth, its ratable share of a Swing Line Advance to the Borrower from time to time on
any Business Day during the period from the date hereof until the Termination Date (i) in an aggregate amount not to exceed at
any time outstanding $20,000,000 (the “Swing Line Facility”) and (ii) in an amount for each such Swing
Line Borrowing not to exceed the aggregate of the Unused Revolving Credit Commitments of the Lenders at such time. No Swing Line
Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Borrowing
shall be in an amount of $1,000,000 or an integral multiple of $250,000 in excess thereof and shall be made as a Base Rate Advance.
Within the limits of the Swing Line Facility and within the limits referred to in clause (ii) above, the Borrower may borrow under
this Section 2.01(d), repay pursuant to Section 2.04(c) or prepay pursuant to Section 2.06(a) and reborrow under this Section 2.01(d).

 

SECTION 2.02. Making
the Advances. (a) Except as otherwise provided in Section 2.03, each Borrowing (other than a Swing Line
Borrowing) shall be made on notice, given not later than 12:00 Noon (New York City time) on the third Business Day prior to
the date of the proposed Borrowing in the case of a Borrowing consisting of Eurodollar Rate Advances, or not later than 1:00 P.M.
(New York City time) on the date one Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting
of Base Rate Advances, by the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof by telex
or telecopier. Each such notice of a Borrowing (a “Notice of Borrowing”) shall be by telephone, confirmed
immediately in writing, or telex or telecopier or e-mail, in each case in substantially the form of Exhibit B hereto, specifying
therein the requested (i) date of such Borrowing, (ii) Facility to which such Borrowing relates, (iii) Type of Advances
comprising such Borrowing, (iv) aggregate amount of such Borrowing and (v) in the case of a Borrowing consisting of Eurodollar
Rate Advances, initial Interest Period for each such Advance. Each Lender shall, before 12:00 Noon (New York City time) on the
date of such Borrowing in the case of a Borrowing consisting of Eurodollar Rate Advances and 1:00 P.M. (New York City time) on
the date of such Borrowing in the case of a Borrowing consisting of Base Rate Advances, make available for the account of its Applicable
Lending Office to the Administrative Agent at the Administrative Agent’s Account, in same day funds, such Lender’s
ratable portion of such Borrowing in accordance with the respective Commitments in respect of such applicable Facility of such
Lender and the other Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable
conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower by crediting
the Borrower’s Account; provided, however, that in the case of advances under the Revolving Credit Facility,
the Administrative Agent shall first make a portion of such funds equal to the aggregate principal amount of any Swing Line Advances
and Letter of Credit Advances made by the Swing Line Bank or any Issuing Bank, as the case may be, and by any other Lender and
outstanding on the date of such Borrowing, plus interest accrued and unpaid thereon to and as of such date, available to the Swing
Line Bank or such Issuing Bank, as the case may be, and such other Lenders for repayment of such Swing Line Advances and Letter
of Credit Advances.

 

     37

    	 

    

 

(b)          Each
Swing Line Borrowing shall be made on notice, given not later than 12:00 Noon (New York City time) on the date of the proposed
Swing Line Borrowing, by the Borrower to each Swing Line Bank and the Administrative Agent. Each such notice of a Swing Line Borrowing
(a “Notice of Swing Line Borrowing”) shall be by telephone, confirmed immediately in writing or by telecopier
or e-mail, in each case specifying therein the requested (i) date of such Borrowing, (ii) amount of such Borrowing and (iii) maturity
of such Borrowing (which maturity shall be no later than the earlier of (A) the fifth Business Day after the requested date of
such Borrowing and (B) the Termination Date). Each Swing Line Bank shall, before 1:00 P.M. (New York City time) on the date of
such Swing Line Borrowing, make its ratable share thereof available to the Administrative Agent at the Administrative Agent’s
Account, in same day funds. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable
conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower by crediting the Borrower’s
Account. Upon written demand by the Swing Line Banks, with a copy of such demand to the Administrative Agent, each other Revolving
Lender shall purchase from the Swing Line Banks on a ratable basis, and the Swing Line Banks shall sell and assign to each such
other Revolving Lender, on a ratable basis, such other Revolving Lender’s Pro Rata Share of such outstanding Swing Line Advance
as of the date of such demand, by making available for the account of its Applicable Lending Office to the Administrative Agent
for the account of the Swing Line Banks, by deposit to the Administrative Agent’s Account, in same day funds, an amount equal
to the portion of the outstanding principal amount of such Swing Line Advance to be purchased by such Revolving Lender. The Borrower
hereby agrees to each such sale and assignment. Each Revolving Lender agrees to purchase its Pro Rata Share of an outstanding Swing
Line Advance on (i) the Business Day on which demand therefor is made by the Swing Line Bank, provided that notice of such
demand is given not later than 12:00 Noon (New York City time) on such Business Day or (ii) the first Business Day next succeeding
such demand if notice of such demand is given after such time. Upon any such assignment by the Swing Line Banks to any other Revolving
Lender of a portion of a Swing Line Advance, each Swing Line Bank severally represents and warrants to such other Revolving Lender
that such Swing Line Bank is the legal and beneficial owner of such interest being assigned by it, but makes no other representation
or warranty and assumes no responsibility with respect to such Swing Line Advance, the Loan Documents or any Loan Party. If and
to the extent that any Revolving Lender shall not have so made the amount of such Swing Line Advance available to the Administrative
Agent, such Revolving Lender agrees to pay to the Administrative Agent forthwith on demand such amount together with interest thereon,
for each day from the date of demand by the Swing Line Banks until the date such amount is paid to the Administrative Agent, at
the Federal Funds Rate. If such Revolving Lender shall pay to the Administrative Agent such amount for the account of the Swing
Line Banks on any Business Day, such amount so paid in respect of principal shall constitute a Swing Line Advance made by such
Revolving Lender on such Business Day for purposes of this Agreement, and the outstanding principal amount of the Swing Line Advance
made by the Swing Line Banks shall be reduced by such amount on such Business Day.

 

(c)          Anything
in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for
any Borrowing if the aggregate amount of such Borrowing is less than $5,000,000 or if the obligation of the Lenders to make Eurodollar
Rate Advances shall then be suspended pursuant to Section 2.07(d)(ii), 2.09 or 2.10 and (ii) there may not be more than
seven separate Interest Periods in effect hereunder at any time.

 

     38

    	 

    

 

(d)          Each
Notice of Borrowing and Notice of Swing Line Borrowing shall be irrevocable and binding on the Borrower. In the case of any Borrowing
that the related Notice of Borrowing specifies is to be comprised of Eurodollar Rate Advances, the Borrower shall indemnify each
Lender against any loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the date specified
in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation,
any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender
to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not
made on such date.

 

(e)          Unless
the Administrative Agent shall have received notice from a Lender prior to (x) the date of any Borrowing consisting of Eurodollar
Rate Advances or (y) 12:00 Noon (New York City time) on the date of any Borrowing consisting of Base Rate 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 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 Borrower 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 Borrower severally agree to repay or pay to the Administrative
Agent forthwith on demand such corresponding amount and to pay interest thereon, for each day from the date such amount is made
available to the Borrower until the date such amount is repaid or paid to the Administrative Agent, at (i) in the case of
the Borrower, 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 Federal Funds Rate. 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.

 

(f)          The
failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation,
if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any
other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

 

SECTION 2.03. Issuance
of and Drawings and Reimbursement Under Letters of Credit. (a) Request for Issuance. Each Letter of Credit
shall be issued upon notice, given not later than 12:00 Noon (New York City time) on the fifth Business Day prior to the
date of the proposed issuance of such Letter of Credit, by the Borrower to any Issuing Bank, which shall give to the Administrative
Agent and each Lender prompt notice thereof by telex, telecopier or e-mail or by means of the Approved Electronic Platform. Each
such notice of issuance of a Letter of Credit (a “Notice of Issuance”) shall be by telephone, confirmed
immediately in writing, telex, telecopier or e-mail, in each case in substantially in the form of Exhibit C hereto, specifying
therein the requested (i) date of such issuance (which shall be a Business Day), (ii) Available Amount of such Letter
of Credit, (iii) expiration date of such Letter of Credit, (iv) name and address of the beneficiary of such Letter of
Credit and (v) form of such Letter of Credit, and shall be accompanied by such application and agreement for letter of credit
as such Issuing Bank may specify to the Borrower for use in connection with such requested Letter of Credit (a “Letter
of Credit Agreement”). If (y) the requested form of such Letter of Credit is acceptable to such Issuing Bank
in its sole discretion and (z) it has not received notice of objection to such issuance from the Required Lenders, such Issuing
Bank will, upon fulfillment of the applicable conditions set forth in Article III, make such Letter of Credit available to
the Borrower at its office referred to in Section 9.02 or as otherwise agreed with the Borrower in connection with such issuance.
In the event and to the extent that the provisions of any Letter of Credit Agreement shall conflict with this Agreement, the provisions
of this Agreement shall govern. All Existing Letters of Credit shall be deemed to have been issued pursuant to this Section 2.03(a).

 

     39

    	 

    

 

(b)          Letter
of Credit Reports. Each Issuing Bank shall furnish to the Administrative Agent (i) on the first Business Day of each month
a written report summarizing issuance and expiration dates of Letters of Credit issued by such Issuing Bank during the preceding
month and drawings during such month under all Letters of Credit issued by such Issuing Bank and (ii) on the first Business
Day of each calendar quarter a written report setting forth the average daily aggregate Available Amount during the preceding calendar
quarter of all Letters of Credit issued by such Issuing Bank. The Administrative Agent shall collect and furnish such reports to
each Lender.

 

(c)          Letter
of Credit Participations; Drawing and Reimbursement. (i)  Immediately upon the issuance by the Issuing Bank of any
Letter of Credit, the Issuing Bank shall be deemed to have sold and transferred to each Revolving Lender, and each Revolving Lender
(in its capacity under this Section 2.03(c), a “Participant”) shall be deemed irrevocably and unconditionally
to have purchased and received from the Issuing Bank, without recourse or warranty, an undivided interest and participation in
such Letter of Credit, to the extent of such Participant’s Pro Rata Share of the Available Amount of such Letter of Credit,
each drawing or payment made thereunder and the obligations of the Borrower under this Agreement with respect thereto, and any
security therefor or guaranty pertaining thereto. Upon any change in the Revolving Credit Commitments or the Revolving Lenders’
respective Pro Rata Shares pursuant to Section 9.07, it is hereby agreed that, with respect to all outstanding Letters of Credit
and unpaid drawings relating thereto, there shall be an automatic adjustment to the participations pursuant to this Section 2.03(c)
to reflect the new Pro Rata Shares of the assignor and assignee Revolving Lenders, as the case may be.

 

(ii)         In
determining whether to pay under any Letter of Credit, the Issuing Bank shall not have any obligation with respect to the other
Revolving Lenders other than to confirm that any documents required to be delivered under such Letter of Credit appear to have
been delivered and that they appear to substantially comply on their face with the requirements of such Letter of Credit. Any action
taken or omitted to be taken by the Issuing Bank under or in connection with any Letter of Credit issued by it shall not create
for the Issuing Bank any resulting liability to the Borrower, any other Loan Party, any Revolving Lender or any other Person unless
such action is taken or omitted to be taken with gross negligence or willful misconduct on the part of the Issuing Bank (as determined
by a court of competent jurisdiction in a final non-appealable judgment).

 

(iii)        The
payment by any Issuing Bank of a draft drawn under any Letter of Credit shall constitute for all purposes of this Agreement the
making by such Issuing Bank of a Letter of Credit Advance, which shall be a Base Rate Advance, in the amount of such draft. In
the event that the Issuing Bank makes any payment under any Letter of Credit issued by it and the Borrower shall not have reimbursed
such amount in full to the Issuing Bank pursuant to Section 2.04(c), the Issuing Bank shall promptly notify the Administrative
Agent, which shall promptly notify each Participant of such failure, and each Participant shall promptly and unconditionally pay
to the Administrative Agent for the account of the Issuing Bank the amount of such Participant’s Pro Rata Share of such unreimbursed
payment in U.S. dollars and in same day funds. Upon such notification by the Administrative Agent to any Participant required to
fund a payment under a Letter of Credit, such Participant shall make available to the Administrative Agent for the account of the
Issuing Bank its Pro Rata Share of an outstanding Letter of Credit Advance on (i) the Business Day on which demand therefor
is made by the Issuing Bank which made such Advance, provided that notice of such demand is given not later than 11:00 A.M.
(New York City time) on such Business Day, or (ii) the first Business Day next succeeding such demand if notice of such demand
is given after such time. If such Revolving Lender shall pay to the Administrative Agent such amount for the account of such Issuing
Bank on any Business Day, such amount so paid in respect of principal shall constitute a Letter of Credit Advance made by such
Revolving Lender on such Business Day for purposes of this Agreement, and the outstanding principal amount of the Letter of Credit
Advance made by such Issuing Bank shall be reduced by such amount on such Business Day. If and to the extent that any Revolving
Lender shall not have so made the amount of such Letter of Credit Advance available to the Administrative Agent, such Revolving
Lender agrees to pay to the Administrative Agent forthwith on demand such amount together with interest thereon, for each day from
the date of demand by such Issuing Bank until the date such amount is paid to the Administrative Agent, at the Federal Funds Rate
for its account or the account of such Issuing Bank, as applicable.

 

     40

    	 

    

 

(iv)        Whenever
the Issuing Bank receives a payment of a reimbursement obligation as to which it has received any payments from the Participants
pursuant to clause (iii) above, the Issuing Bank shall pay to the Administrative Agent for the account of each such Participant
that has paid its Pro Rata Share thereof, in same day funds, an amount equal to such Participant’s share (based upon the
proportionate aggregate amount originally funded by such Participant to the aggregate amount funded by all Participants) of the
principal amount of such reimbursement obligation and interest thereon accruing after the purchase of the respective participations.

 

(d)          Failure
to Make Letter of Credit Advances. The failure of any Revolving Lender to make the Letter of Credit Advance to be made by it
on the date specified in Section 2.03(c) shall not relieve any other Revolving Lender of its obligation hereunder to make its Letter
of Credit Advance on such date, but no Revolving Lender shall be responsible for the failure of any other Revolving Lender to make
the Letter of Credit Advance to be made by such other Revolving Lender on such date.

 

SECTION 2.04. Repayment
of Advances. (a) Revolving Credit Advances. The Borrower shall repay to the Administrative Agent for the
ratable account of the Revolving Lenders on the Termination Date in respect of the Revolving Credit Facility the aggregate outstanding
principal amount of the Revolving Credit Advances then outstanding.

 

(b)          Term
Loan Advances. The Borrower 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.

 

(c)          Swing
Line Advances. The Borrower shall repay to the Administrative Agent for the account of (i) the Swing Line Bank and (ii) each
other Revolving Lender that has made a Swing Line Advance by purchase from the Swing Line Bank pursuant to Section 2.02(b), the
outstanding principal amount of each Swing Line Advance made by each of them on the earlier of the maturity date specified in the
applicable Notice of Swing Line Borrowing (which maturity shall be no later than the fifth Business Day after the requested date
of such Swing Line Borrowing) and the Termination Date in respect of the Revolving Credit Facility.

 

(d)          Letter
of Credit Advances. (i) The Borrower shall repay to the Administrative Agent for the account of each Issuing Bank and each
other Revolving Lender that has made a Letter of Credit Advance on the same day on which such Advance was made the outstanding
principal amount of each Letter of Credit Advance made by each of them.

 

(ii)         The
Obligations of the Borrower under this Agreement, any Letter of Credit Agreement and any other agreement or instrument relating
to any Letter of Credit (and the obligations of each Revolving Lender to reimburse the Issuing Bank with respect thereto) shall
be unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement, such Letter of Credit
Agreement and such other agreement or instrument under all circumstances, including, without limitation, the following circumstances:

 

     41

    	 

    

 

(A)         any
lack of validity or enforceability of any Loan Document, any Letter of Credit Agreement, any Letter of Credit or any other agreement
or instrument relating thereto (all of the foregoing being, collectively, the “L/C Related Documents”);

 

(B)         any
change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations of the Borrower in respect
of any L/C Related Document or any other amendment or waiver of or any consent to departure from all or any of the L/C Related
Documents;

 

(C)         the
existence of any claim, set-off, defense or other right that the Borrower may have at any time against any beneficiary or any transferee
of a Letter of Credit (or any Persons for which any such beneficiary or any such transferee may be acting), any Issuing Bank or
any other Person, whether in connection with the transactions contemplated by the L/C Related Documents or any unrelated transaction;

 

(D)         any
statement or any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in
any respect or any statement therein being untrue or inaccurate in any respect;

 

(E)         payment
by any Issuing Bank under a Letter of Credit against presentation of a draft or certificate that does not strictly comply with
the terms of such Letter of Credit;

 

(F)         any
exchange, release or non-perfection of any collateral in any material respect, or any release or amendment or waiver of or consent
to departure from the Guaranties or any other guarantee, for all or any of the Obligations of the Borrower in respect of the L/C
Related Documents; or

 

(G)         any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including, without limitation, any
other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or any other Loan Party.

 

SECTION 2.05. Termination
or Reduction of the Commitments. (a)  Optional. The Borrower may, upon at least three Business
Days’ notice to the Administrative Agent, terminate in whole or reduce in part the unused portions of the Swing Line Facility,
the Letter of Credit Facility and the Unused Revolving Credit Commitments; provided, however, that each partial reduction
of any such Facility (i) shall be in an aggregate amount of $5,000,000 (or, in the case of the Swing Line Facility, $250,000)
or an integral multiple of $250,000 in excess thereof and (ii) shall be made ratably among the Lenders in accordance with
their Commitments with respect to such Facility.

 

(b)          Mandatory.
(i) The Letter of Credit Facility shall be permanently reduced from time to time on the date of each reduction in the Revolving
Credit Facility by the amount, if any, by which the amount of the Letter of Credit Facility exceeds the Revolving Credit Facility
after giving effect to such reduction of the Revolving Credit Facility.

 

(ii)         The
Swing Line Facility shall be permanently reduced from time to time on the date of each reduction in the Revolving Credit Facility
by the amount, if any, by which the amount of the Swing Line Facility exceeds the Revolving Credit Facility after giving effect
to such reduction of the Revolving Credit Facility.

 

     42

    	 

    

 

(iii)        The
Term Loan Facility shall be permanently reduced from time to time by the amount of each payment or prepayment of principal made
in respect of such Facility.

 

SECTION 2.06. Prepayments.
(a) Optional. The Borrower may, upon same day notice in the case of Base Rate Advances and two Business Days’ notice
in the case of Eurodollar Rate Advances, in each case to the Administrative Agent stating the proposed date and aggregate principal
amount of the prepayment, and if such notice is given the Borrower 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, however, that (i) each partial prepayment shall
be in an aggregate principal amount of $5,000,000 or an integral multiple of $250,000 in excess thereof or, if less, the amount
of the Advances outstanding and (ii) if any prepayment of a Eurodollar Rate Advance is made on a date other than the last
day of an Interest Period for such Advance, the Borrower shall also pay any amounts owing pursuant to Section 9.04(c).

 

(b)          Mandatory.
(i) The Borrower shall, if applicable, on each Business Day, prepay an aggregate principal amount of the Revolving Credit Advances,
to the extent applicable, and the Term Loan Advances comprising part of the same Borrowings, the Swing Line Advances and the Letter
of Credit Advances, in each case in an amount sufficient, and only to the extent necessary to cause (A) the sum of the Revolving
Credit Advances, the Swing Line Advances and the Letter of Credit Exposure not to exceed the Revolving Credit Facility on such
Business Day, (B) the Leverage Ratio not to exceed the applicable maximum Leverage Ratio set forth in Section 5.04(a)(i) on such
Business Day, (C) Consolidated Unsecured Indebtedness of the Parent Guarantor not to exceed the Unencumbered Asset Pool Amount
on such Business Day, and (D) the Facility Exposure not to exceed the aggregate Commitments of the Lenders on such Business Day.
If all Advances have been prepaid and are not sufficient to cause the Borrower to comply with each of (A), (B), (C) and (D), the
Borrower shall make a deposit in the Cash Collateral Account in an amount sufficient to do the same.

 

(ii)         The
Borrower shall, on each Business Day, pay to the Administrative Agent for deposit in the Cash Collateral Account an amount sufficient
to cause the aggregate amount on deposit in the Cash Collateral Account to equal the amount by which the aggregate Available Amount
of all Letters of Credit then outstanding exceeds the Letter of Credit Facility on such Business Day. To the extent the funds on
deposit in the Cash Collateral Account shall at any time exceed the total amount required to be deposited therein pursuant to the
terms of this Agreement, the Administrative Agent shall, promptly upon request by the Borrower and provided that no Default
or Event of Default shall then have occurred or be continuing or would result therefrom, return such excess amount to the Borrower.

 

(iii)        Any
prepayments of the Facilities made pursuant to clauses (i) and (ii) above shall be first applied to prepay Letter of Credit
Advances then outstanding until such Advances are paid in full, second applied to prepay Swing Line Advances then outstanding
until such Advances are paid in full, third applied to prepay Revolving Credit Advances then outstanding comprising part
of the same Borrowings until such Advances are paid in full, fourth deposited in the Cash Collateral Account to Cash Collateralize
100% of the Available Amount of the Letters of Credit then outstanding and fifth applied to prepay the Term Loan then outstanding
until the Term Loan is paid in full. Upon the drawing of any Letter of Credit for which funds are on deposit in the Cash Collateral
Account, such funds shall be applied to reimburse the relevant Issuing Bank or Revolving Lenders, as applicable.

 

(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.

 

     43

    	 

    

 

SECTION 2.07. Interest.
(a) Scheduled Interest. The Borrower shall pay interest on the unpaid principal amount of each Advance 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
in effect from time to time, payable in arrears quarterly on the last day of each March, June, September and December during such
periods and on the date such Base Rate Advance shall be Converted or paid in full.

 

(ii)         Eurodollar
Rate Advances. During such periods as such Advance is a Eurodollar Rate Advance, a rate per annum equal at all times during
each Interest Period for such Advance to the sum of (A) the Eurodollar Rate for such Interest Period for such Advance plus
(B) the Applicable Margin in respect of Eurodollar Rate Advances in effect on the first day of such Interest Period, payable
in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each
day that occurs during such Interest Period every three months from the first day of such Interest Period and on the date such
Eurodollar Rate Advance shall be Converted or paid in full.

 

(b)          Default
Interest. Upon the occurrence and during the continuance of any Event of Default, the Borrower 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)          Notice
of Interest Period and Interest Rate. Promptly after receipt of a Notice of Borrowing pursuant to Section 2.02(a), a notice
of Conversion pursuant to Section 2.09 or a notice of selection of an Interest Period pursuant to the definition of “Interest
Period”, the Administrative Agent shall give notice to the Borrower and each Lender in respect of the applicable Facility
of the applicable Interest Period and the applicable interest rate determined by the Administrative Agent for purposes of clause
(a)(i) or (a)(ii) above, and the applicable rate, if any, furnished by each Reference Bank for the purpose of determining the applicable
interest rate under clause (a)(ii) above.

 

(d)          Interest
Rate Determination. (i) Each Reference Bank agrees to furnish to the Administrative Agent timely information for the purpose
of determining each Eurodollar Rate. If any one or more of the Reference Banks shall not furnish such timely information to the
Administrative Agent for the purpose of determining any such interest rate, the Administrative Agent shall determine such interest
rate on the basis of timely information furnished by the remaining Reference Banks.

 

(ii)         If
the Reuters Screen LIBOR01 Page (or a successor page) is unavailable and fewer than two Reference Banks are able to furnish timely
information to the Administrative Agent for determining the Eurodollar Rate for any Eurodollar Rate Advances,

 

(A)         the
Administrative Agent shall forthwith notify the Borrower and the Lenders that the interest rate cannot be determined for such Eurodollar
Rate Advances,

 

     44

    	 

    

 

(B)         each
such Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance
(or if such Advance is then a Base Rate Advance, will continue as a Base Rate Advance), and

 

(C)         the
obligation of the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended until the Administrative
Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist.

 

SECTION 2.08. Fees.
(a) Unused Fee. The Borrower shall pay to the Administrative Agent for the account of the Revolving Lenders an unused commitment
fee (the “Unused Fee”), from the date hereof in the case of each Initial Lender that is a Revolving Lender
and from the effective date specified in the Assignment and Acceptance or the Accession Agreement, as the case may be, pursuant
to which it became a Revolving Lender in the case of each other Revolving Lender until the Termination Date in respect of the Revolving
Credit Facility, payable in arrears quarterly on the last day of each March, June, September and December, commencing on the date
hereof, and on the Termination Date in respect of the Revolving Credit Facility. The Unused Fee payable for the account of each
Revolving Lender shall be calculated for each period for which the Unused Fee is payable on the average daily Unused Revolving
Credit Commitment of such Revolving Lender during such period at the per annum equal to:

 

(i) 0.25% if the amount of the
average daily aggregate Unused Revolving Credit Commitments is greater than 50% of the aggregate Revolving Credit Commitments;
or

 

(ii) 0.20% if the amount of the
average daily aggregate Unused Revolving Credit Commitments is equal to or less than 50% of the aggregate Revolving Credit Commitments.

 

The aggregate principal amount of Swing Line
Advances then owing to the Swing Line Bank shall be considered excluded from the definition of aggregate Unused Revolving Credit
Commitments for purposes of the calculation of the Unused Fee.

 

(b)          Letter
of Credit Fees, Etc. (i) The Borrower shall pay to the Administrative Agent for the account of each Revolving Lender a commission,
payable in arrears, without duplication, (a) quarterly on the last day of each March, June, September and December commencing
March 31, 2016, (b) on the earliest to occur of the full drawing, expiration, termination or cancellation of any Letter of Credit,
and (c) on the Termination Date in respect of the Revolving Credit Facility, on such Lender’s Pro Rata Share of the
average daily aggregate Available Amount during such quarter of all Letters of Credit outstanding from time to time for the applicable
period at the rate per annum equal to the Applicable Margin for Eurodollar Rate Advances in effect from time to time.

 

(ii)         The
Borrower shall pay to each Issuing Bank, for its own account, (A) a fronting fee for each Letter of Credit issued by such
Issuing Bank in an amount equal to the greater of (x) $1,500 and (y) 0.125% of the Available Amount of such Letter of Credit on
the date of issuance of such Letter of Credit, payable on such date and (B) such other commissions, issuance fees, transfer fees
and other fees and charges in connection with the issuance or administration of each Letter of Credit as the Borrower and such
Issuing Bank shall agree.

 

(c)          Other
Fees. The Borrower shall pay to the Administrative Agent and the Arrangers for their own account 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 between the Borrower and the Administrative
Agent or any Arranger.

 

     45

    	 

    

 

(d)          Extension
Fee. If the term of the Revolving Credit Facility is extended pursuant to Section 2.16, the Borrower shall pay to the Administrative
Agent on the Extension Date, for the account of each Revolving Lender, a Facility extension fee (the “Extension Fee”),
in an amount equal to 0.20% of each Revolving Lender’s Revolving Credit Commitment then outstanding.

 

SECTION 2.09. Conversion
of Advances. (a) Optional. The Borrower may on any Business Day, upon notice given to the Administrative
Agent not later than 12:00 Noon (New York City time) on the third Business Day prior to the date of the proposed Conversion
and subject to the provisions of Sections 2.07 and 2.10, Convert all or any portion of the Advances of one Type comprising
the same Borrowing into Advances of the other Type; provided, however, that any Conversion of Eurodollar Rate Advances
into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any Conversion
of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than the minimum amount specified in Section 2.02(c),
no Conversion of any Advances shall result in more separate Borrowings than permitted under Section 2.02(c), each Conversion
of Advances comprising part of the same Borrowing under any Facility shall be made ratably among the Lenders in accordance with
their Commitments under such Facility, and with respect to any proposed Term Loan Borrowing consisting a Conversion of Base Rate
Advances to Eurodollar Rate Advances, such Conversion must occur only on the first day of an Interest Period. Each such notice
of Conversion shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Advances
to be Converted and the Facility to which such Advances relate and (iii) if such Conversion is into Eurodollar Rate Advances,
the duration of the initial Interest Period for such Advances. Each notice of Conversion shall be irrevocable and binding on the
Borrower.

 

(b)          Mandatory.
(i) On the date on which the aggregate unpaid principal amount of Eurodollar Rate Advances comprising any Borrowing shall be reduced,
by payment or prepayment or otherwise, to less than $5,000,000, such Advances shall automatically Convert into Base Rate Advances.

 

(ii)         If
the Borrower shall fail to select the duration of any Interest Period for any Eurodollar Rate Advances in accordance with the provisions
contained in the definition of “Interest Period” in Section 1.01, the Administrative Agent will forthwith so notify
the Borrower and the Lenders, whereupon each such Eurodollar Rate Advance will automatically, on the last day of the then existing
Interest Period therefor, Convert into a Base Rate Advance.

 

(iii)        Upon
the occurrence and during the continuance of any Event of Default, (y) each Eurodollar Rate Advance will automatically, on
the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance and (z) the obligation of the
Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended.

 

     46

    	 

    

 

SECTION 2.10. Increased
Costs, Etc. (a) If, due to either (i) the introduction of or any change in or in the interpretation of any
law or regulation or (ii) the compliance with any guideline or request from any central bank or other Governmental Authority
(whether or not having the force of law), there shall be any increase in the cost to any Lender Party of agreeing to make or of
making, funding or maintaining Eurodollar Rate Advances or of agreeing to issue or of issuing or maintaining or participating in
Letters of Credit or of agreeing to make or of making or maintaining Letter of Credit Advances (excluding, for purposes of this
Section 2.10, any such increased costs resulting from (y), Taxes described in clauses (ii) and (iii) of the definition of
Excluded Taxes, Indemnified Taxes or Other Taxes (as to which Section 2.12 shall govern) and (z) 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 Party is organized, has its Applicable Lending Office or otherwise has current or former connections
(other than such connections arising from such Lender Party’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),
then the Borrower shall from time to time, upon demand by such Lender Party (with a copy of such demand to the Administrative Agent),
pay to the Administrative Agent for the account of such Lender Party additional amounts sufficient to compensate such Lender Party
for such increased cost; provided, however, that a Lender Party claiming additional amounts under this Section 2.10(a)
agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different
Applicable Lending Office if the making of such a designation would avoid the need for, or reduce the amount of, such increased
cost that may thereafter accrue and would not, in the reasonable judgment of such Lender Party, be otherwise disadvantageous to
such Lender Party. A certificate as to the amount of such increased cost, submitted to the Borrower by such Lender Party, shall
be conclusive and binding for all purposes, absent manifest error. Notwithstanding anything to the contrary contained in this Agreement,
the Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended, and all requests, rules, guidelines or directives
thereunder or issued in connection therewith, regardless of the date enacted, adopted or issued shall be deemed an introduction
or change of the type referred to in subclause (i) of this Section 2.10(a).

 

(b)          If
any Lender Party determines that compliance with any law or regulation or any guideline or request from any central bank or other
Governmental Authority (whether or not having the force of law) affects or would affect the amount of capital or liquidity required
or expected to be maintained by such Lender Party or any corporation controlling such Lender Party and that the amount of such
capital or such liquidity requirement is increased by or based upon the existence of such Lender Party’s commitment to lend
or to issue or participate in Letters of Credit hereunder and other commitments of such type or the issuance or maintenance of
or participation in the Letters of Credit (or similar contingent obligations), then, upon demand by such Lender Party or such corporation
(with a copy of such demand to the Administrative Agent), the Borrower shall pay to the Administrative Agent for the account of
such Lender Party, from time to time as specified by such Lender Party, additional amounts sufficient to compensate such Lender
Party in the light of such circumstances, to the extent that such Lender Party reasonably determines such increase in capital or
increase in liquidity to be allocable to the existence of such Lender Party’s commitment to lend or to issue or participate
in Letters of Credit hereunder or to the issuance or maintenance of or participation in any Letters of Credit. A certificate as
to such amounts submitted to the Borrower by such Lender Party shall be conclusive and binding for all purposes, absent manifest
error.

 

Notwithstanding anything to the contrary contained
in this Agreement, the Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended, and all requests, rules, guidelines
or directives thereunder or issued in connection therewith, regardless of the date enacted, adopted or issued, and all requests,
rules, guidelines or directives promulgated by the Bank for International Settlements or the Basel Committee on Banking Supervision
(or any successor or similar authority) shall be deemed an introduction or change of the type referred to in Section 2.10(a)
and this Section 2.10(b).

 

(c)          If,
with respect to any Eurodollar Rate Advances, the Required Lenders notify the Administrative Agent that the Eurodollar Rate for
any Interest Period for such Advances will not adequately reflect the cost to such Lenders of making, funding or maintaining their
Eurodollar Rate Advances for such Interest Period, the Administrative Agent shall forthwith so notify the Borrower and the Lenders,
whereupon (i) each such Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period therefor,
Convert into a Base Rate Advance and (ii) the obligation of the Lenders to make, or to Convert Advances into, Eurodollar Rate
Advances shall be suspended until the Administrative Agent shall notify the Borrower that such Lenders have determined that the
circumstances causing such suspension no longer exist.

 

     47

    	 

    

 

(d)          Notwithstanding
any other provision of this Agreement, if the introduction of or any change in or in the interpretation of any law or regulation
shall make it unlawful, or any central bank or other Governmental Authority shall assert that it is unlawful, for any Lender or
its Eurodollar Lending Office to perform its obligations hereunder to make Eurodollar Rate Advances or to continue to fund or maintain
Eurodollar Rate Advances hereunder, then, on notice thereof and demand therefor by such Lender to the Borrower through the Administrative
Agent, (i) each Eurodollar Rate Advance will automatically, upon such demand, Convert into a Base Rate Advance and (ii) the
obligation of the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended until the Administrative
Agent shall notify the Borrower that such Lender has determined that the circumstances causing such suspension no longer exist;
provided, however, that, before making any such demand, such Lender agrees to use reasonable efforts (consistent
with its internal policy and legal and regulatory restrictions) to designate a different Eurodollar Lending Office if the making
of such a designation would allow such Lender or its Eurodollar Lending Office to continue to perform its obligations to make Eurodollar
Rate Advances or to continue to fund or maintain Eurodollar Rate Advances and would not, in the judgment of such Lender, be otherwise
disadvantageous to such Lender.

 

SECTION 2.11. Payments
and Computations. (a) The Borrower shall make each payment hereunder and under the Notes, irrespective of any
right of counterclaim or set-off (except as otherwise provided in Section 2.13), not later than 12:00 Noon (New York
City time) on the day when due in U.S. dollars to the Administrative Agent at the Administrative Agent’s Account in same
day funds, with payments being received by the Administrative Agent after such time being deemed to have been received on the next
succeeding Business Day. The Administrative Agent shall promptly thereafter cause like funds to be distributed (i) if such
payment by the Borrower is in respect of principal, interest, commitment fees or any other Obligation then payable hereunder and
under the Notes to more than one Lender Party, to such Lender Parties for the account of their respective Applicable Lending Offices
ratably in accordance with the amounts of such respective Obligations then payable to such Lender Parties and (ii) if such
payment by the Borrower is in respect of any Obligation then payable hereunder to one Lender Party, to such Lender Party for the
account of its Applicable Lending Office, in each case to be applied in accordance with the terms of this Agreement. Upon any Acceding
Lender becoming a Lender hereunder as a result of a Commitment Increase pursuant to Section 2.17 and upon the Administrative Agent’s
receipt of such Lender’s Accession Agreement and recording of information contained therein in the Register, from and after
the applicable Increase Date, the Administrative Agent shall make all payments hereunder and under any Notes issued in connection
therewith in respect of the interest assumed thereby to such Acceding Lender. Upon its acceptance of an Assignment and Acceptance
and recording of the information contained therein in the Register pursuant to Section 9.07(d), from and after the effective
date of such Assignment and Acceptance, the Administrative Agent shall make all payments hereunder and under the Notes in respect
of the interest assigned thereby to the Lender Party assignee thereunder, and the parties to such Assignment and Acceptance shall
make all appropriate adjustments in such payments for periods prior to such effective date directly between themselves.

 

(b)          The
Borrower hereby authorizes each Lender Party and each of its Affiliates, if and to the extent payment owed to such Lender Party
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 Borrower’s accounts with such Lender Party any amount
so due.

 

(c)          All
computations of interest based on the Base Rate shall be made by the Administrative Agent on the basis of a year of 365 or 366
days, as the case may be, and all computations of interest based on the Eurodollar Rate or the Federal Funds Rate and of fees and
Letter of Credit commissions shall be made by the Administrative Agent on the basis of a year of 360 days, in each case for the
actual number of days (including the first day but excluding the last day) occurring in the period for which such interest, fees
or commissions are payable. 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.

 

     48

    	 

    

 

(d)          Whenever
any payment hereunder or under the Notes shall be stated to be due on a day other than a Business Day, such payment shall be made
on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of
interest or commitment fee, as the case may be; provided, however, that if such extension would cause payment of
interest on or principal of Eurodollar Rate Advances to be made in the next following calendar month, such payment shall be made
on the next preceding Business Day.

 

(e)          Unless
the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to any Lender
Party hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has
made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption,
cause to be distributed to each such Lender Party on such due date an amount equal to the amount then due such Lender Party. If
and to the extent the Borrower shall not have so made such payment in full to the Administrative Agent, each such Lender Party
shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender Party together with interest
thereon, for each day from the date such amount is distributed to such Lender Party until the date such Lender Party repays such
amount to the Administrative Agent, at the Federal Funds Rate.

 

(f)          Whenever
any payment received by the Administrative Agent under this Agreement or any of the other Loan Documents is insufficient to pay
in full all amounts due and payable to the Administrative Agent and the Lender Parties under or in respect of this Agreement and
the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent and applied by the Administrative
Agent and the Lender Parties in the following order of priority:

 

(i)          first,
to the payment of all of the fees, indemnification payments, costs and expenses that are due and payable to the Administrative
Agent (solely in its capacity as Administrative Agent) under or in respect of this Agreement and the other Loan Documents on such
date, ratably based upon the respective aggregate amounts of all such fees, indemnification payments, costs and expenses owing
to the Administrative Agent on such date;

 

(ii)         second,
to the payment of all of the fees, indemnification payments, costs and expenses that are due and payable to the Issuing Banks (solely
in their respective capacities as such) under or in respect of this Agreement and the other Loan Documents on such date, ratably
based upon the respective aggregate amounts of all such fees, indemnification payments, costs and expenses owing to the Issuing
Banks on such date;

 

(iii)        third,
to the payment of all of the indemnification payments, costs and expenses that are due and payable to the Lenders under Section
9.04, and any similar section of any of the other Loan Documents on such date, ratably based upon the respective aggregate amounts
of all such indemnification payments, costs and expenses owing to the Lenders on such date;

 

(iv)        fourth,
to the payment of all of the amounts that are due and payable to the Administrative Agent and the Lender Parties under Sections
2.10 and 2.12 on such date, ratably based upon the respective aggregate amounts thereof owing to the Administrative Agent and the
Lender Parties on such date;

 

     49

    	 

    

 

(v)         fifth,
to the payment of all of the fees that are due and payable to the Lenders under Section 2.08(a), (b)(i) and (d) on such date, ratably
based upon the respective aggregate Commitments of the Lenders under the Facilities on such date;

 

(vi)        sixth,
to the payment of all of the accrued and unpaid interest on the Obligations of the Borrower under or in respect of the Loan Documents
that is due and payable to the Administrative Agent and the Lender Parties under Section 2.07(b) on such date, ratably based upon
the respective aggregate amounts of all such interest owing to the Administrative Agent and the Lender Parties on such date;

 

(vii)       seventh,
to the payment of all of the accrued and unpaid interest on the Advances that is due and payable to the Administrative Agent and
the Lender Parties under Section 2.07(a) on such date, ratably based upon the respective aggregate amounts of all such interest
owing to the Administrative Agent and the Lender Parties on such date;

 

(viii)      eighth,
to the payment of any other accrued and unpaid interest comprising Obligations that is due and payable to the Administrative Agent
and the Lender Parties on such date, ratably based upon the respective aggregate amounts of all such interest owing to the Administrative
Agent and the Lender Parties on such date;

 

(ix)         ninth,
to the payment of the principal amount of all of the outstanding Advances that are due and payable to the Administrative Agent
and the Lender Parties on such date, ratably based upon the respective aggregate amounts of all such principal and reimbursement
obligations owing to the Administrative Agent and the Lender Parties on such date, and to deposit into the Cash Collateral Account
any contingent reimbursement obligations in respect of outstanding Letters of Credit to the extent required by Section 6.02; and

 

(x)          tenth,
to the payment of all other Obligations of the Loan Parties owing under or in respect of the Loan Documents that are due and payable
to the Administrative Agent and the other Lender Parties on such date, ratably based upon the respective aggregate amounts of all
such Obligations owing to the Administrative Agent and the other Lender Parties on such date.

 

SECTION 2.12. Taxes.
(a) Any and all payments by any Loan Party to or for the account of any Lender Party 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 for any and 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 (collectively, “Taxes”), except as required by applicable
law, excluding (i) in the case of each Lender Party and the Administrative Agent, taxes that are imposed on its overall
net income by the United States and taxes that are imposed on its overall net income (and franchise taxes imposed in lieu thereof)
by the state or foreign jurisdiction under the laws of which such Lender Party or the Administrative Agent, as the case may be,
is organized, has its Applicable Lending Office or otherwise has current or former connections (other than such connections arising
from such Lender Party’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) or any political subdivision thereof, in the
case of each Lender Party, taxes that are imposed on its overall net income (and franchise taxes imposed in lieu thereof) by the
state or foreign jurisdiction of such Lender Party’s Applicable Lending Office or any political subdivision thereof, (ii)
any U.S. federal withholding tax imposed on amounts payable to or for the account of any Lender Party 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
Party acquires such interest in the Advance or Commitment (other than pursuant to an assignment request by the Borrower under Section
9.01(b)) or designates a new Applicable Lending Office, 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 Party’s assignor immediately before
such Person became a party hereto or to such Lender Party immediately before it changed its Applicable Lending Office, and (iii) in
the case of each Lender Party, any U.S. federal withholding tax imposed pursuant to FATCA (all such excluded Taxes in respect of
payments hereunder or under the Notes being referred to as “Excluded Taxes”, and all Taxes
other than Other Taxes and Excluded Taxes being referred to as “Indemnified Taxes”). If any Loan Party
shall be required by law (as determined in the good faith discretion of the applicable Loan Party) to deduct any Indemnified Taxes
from or in respect of any sum payable hereunder or under any other Loan Document to any Lender Party or the Administrative Agent,
and unless such requirement arises from the failure of a Lender to furnish the documentation described and required to be provided
in Section 2.12(f) or (g), (i) the sum payable by the such Loan Party shall be increased as may be necessary so that
after such Loan Party and the Administrative Agent have made all required deductions (including deductions applicable to additional
sums payable under this Section 2.12) such Lender Party or the Administrative Agent, as the case may be, receives an amount
equal to the sum it would have received had no such deductions been made, (ii) such Loan Party shall make all such deductions
and (iii) such Loan Party shall pay the full amount deducted to the relevant taxation authority or other authority in accordance
with applicable law.

 

     50

    	 

    

 

(b)          In
addition, each Loan Party shall pay any present or future stamp, court or documentary, excise, property, intangible, recording,
filing or similar taxes, charges or levies that arise from any payment made by such Loan Party hereunder or under any other Loan
Documents or from the execution, delivery or registration of, performance under, or otherwise with respect to, this Agreement,
or the other Loan Documents (hereinafter referred to as “Other Taxes”).

 

(c)          Without
duplication of Sections 2.12(a) or 2.12(b), the Loan Parties shall indemnify each Lender Party 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 Party 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 Party (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on
behalf of a Lender Party, shall be conclusive absent manifest error. This indemnification shall be made within 10 days from the
date such Lender Party or the Administrative Agent (as the case may be) makes written demand therefor.

 

(d)          Each
Lender Party shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified
Taxes attributable to such Lender Party (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 Party’s failure to comply with the provisions of Section 9.07 relating to the maintenance of a Register and
(iii) any Excluded Taxes attributable to such Lender Party, 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 Party by the Administrative Agent shall be conclusive absent manifest error. Each Lender Party
hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender Party under
any Loan Document or otherwise payable by the Administrative Agent to the Lender Party from any other source against any amount
due to the Agent under this paragraph (d).

 

     51

    	 

    

 

(e)          Within
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 Internal Revenue
Code.

 

(f)          Any
Lender Party 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 Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower
or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower 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
Party, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by
applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative
Agent to determine whether or not such Lender Party 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 Party’s reasonable
judgment such completion, execution or submission would subject such Lender Party to any material unreimbursed cost or expense
or would materially prejudice the legal or commercial position of such Lender Party.

 

     52

    	 

    

 

(g)          Each
Lender Party 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 Party, and on the date of the Assignment and Acceptance pursuant
to which it becomes a Lender Party in the case of each other Lender Party, and from time to time thereafter as reasonably requested
in writing by the Borrower (but only so long thereafter as such Lender Party remains lawfully able to do so), provide each of the
Administrative Agent and the Borrower with two original Internal Revenue Service Forms W-8BEN or W-8ECI, as appropriate, or
any successor or other form prescribed by the Internal Revenue Service, certifying that such Lender Party 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 Party claiming the benefit of the exemption for portfolio interest under section 881(c) of the Internal
Revenue Code (x) a certificate in the form of Exhibit L hereto to the effect that such Lender Party is not a (A) a
“bank” within the meaning of section 881(c)(3)(A) of the Internal Revenue Code, (B) or a “10 percent
shareholder” of any Loan Party within the meaning of section 881(c)(3)(B) of the Internal Revenue Code, or (C) a
“controlled foreign corporation” described in section 881(c)(3)(C) of the Internal Revenue Code and (y) two
duly completed copies of an IRS W-8BEN. If the forms provided by a Lender Party at the time such Lender Party first becomes a party
to this Agreement indicate a United States interest withholding tax rate in excess of zero, withholding tax at such rate shall
be considered an Excluded Tax unless and until such Lender Party provides the appropriate forms certifying that a lesser rate applies,
whereupon withholding tax at such lesser rate only shall be considered an Excluded Tax for periods governed by such forms; provided,
however, that if, at the effective date of the Assignment and Acceptance pursuant to which a Lender Party becomes a party to
this Agreement, the Lender Party assignor was entitled to payments under subsection (a) of this Section 2.12 in respect
of United States federal withholding tax with respect to interest paid at such date, then, to such extent, the term Indemnified
Taxes shall include (in addition to withholding taxes that may be imposed in the future or other amounts otherwise includable in
Taxes) United States federal withholding tax, if any, applicable with respect to the Lender Party assignee on such date. Upon the
request of the Borrower, any Lender that is a United States person and is not an exempt recipient for U.S. backup withholding purposes
shall deliver to the Borrower two copies of Internal Revenue Service form W-9 (or any successor form). If a payment made to a Lender
Party under any Loan Document would be subject to U.S. federal withholding tax imposed by FATCA if such Lender Party were to fail
to comply with the applicable reporting requirements of FATCA (including those contained in section 1471(b) or 1472(b) of
the Internal Revenue Code, as applicable), such Lender Party shall deliver to the Borrower and the Administrative Agent at the
time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such
documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Internal Revenue Code)
and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the
Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender Party has
complied with such Lender Party’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 Party shall promptly notify the Borrower 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 Indemnified Taxes or Other 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.

 

(i)          For
any period with respect to which a Lender Party has failed to provide the Borrower 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 Party 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 Party 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 Party shall reasonably request to assist such Lender Party to recover such Taxes.

 

     53

    	 

    

 

(j)          Any
Lender Party claiming any additional amounts payable pursuant to this Section 2.12 agrees to use reasonable efforts (consistent
with its internal policy and legal and regulatory restrictions) to change the jurisdiction of its Eurodollar Lending Office if
the making of such a change would avoid the need for, or reduce the amount of, any such additional amounts that may thereafter
accrue and would not, in the reasonable judgment of such Lender Party, be otherwise disadvantageous to such Lender Party.

 

(k)          In
the event that an additional payment is made under Section 2.12(a) or (c) for the account of any Lender Party and such Lender
Party, in its sole discretion, determines that it has finally and irrevocably received or been granted a credit against or release
or remission for, or repayment of, any tax paid or payable by it in respect of or calculated with reference to the deduction or
withholding giving rise to such payment, such Lender Party shall, to the extent that it determines that it can do so without prejudice
to the retention of the amount of such credit, relief, remission or repayment, pay to the applicable Loan Party such amount as
such Lender Party shall, in its sole discretion, have determined to be attributable to such deduction or withholding and which
will leave such Lender Party (after such payment) in no worse position than it would have been in if the applicable Loan Party
had not been required to make such deduction or withholding. Nothing herein contained shall interfere with the right of a Lender
Party to arrange its tax affairs in whatever manner it thinks fit nor oblige any Lender Party to claim any tax credit or to disclose
any information relating to its affairs or any computations in respect thereof, and no Loan Party shall be entitled to review the
tax records of any Lender Party or the Administrative Agent, or require any Lender Party to do anything that would prejudice its
ability to benefit from any other credits, reliefs, remissions or repayments to which it may be entitled.

 

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. (a) Sharing Within Each Facility. Subject to the provisions of Section 2.11(f), if,
in connection with any particular Facility, any Lender Party shall obtain at any time any payment (whether voluntary, involuntary,
through the exercise of any right of set-off, or otherwise, other than as a result of an assignment pursuant to Section 9.07) (a)
on account of Obligations due and payable to such Lender Party with respect to such Facility under the Loan Documents at such time
in excess of its ratable share (according to the proportion of (i) the amount of such Obligations due and payable to such Lender
Party at such time to (ii) the aggregate amount of the Obligations due and payable to all applicable Lender Parties with respect
to such Facility under the Loan Documents at such time) of payments on account of the Obligations due and payable to all such applicable
Lender Parties under the Loan Documents at such time obtained by all such applicable Lender Parties at such time or (b) on account
of Obligations owing (but not due and payable) to such Lender Party under the Loan Documents at such time in excess of its ratable
share (according to the proportion of (i) the amount of such Obligations owing to such Lender Party at such time to (ii) the aggregate
amount of the Obligations owing (but not due and payable) to all such applicable Lender Parties hereunder at such time) of payments
on account of the Obligations owing (but not due and payable) to all such applicable Lender Parties under the Loan Documents at
such time obtained by all of such applicable Lender Parties at such time, such Lender Party shall forthwith purchase from such
other applicable Lender Parties such interests or participating interests in the Obligations due and payable or owing to them,
as the case may be, as shall be necessary to cause such purchasing Lender Party to share the excess payment ratably with each of
them; provided, however, that if all or any portion of such excess payment is thereafter recovered from such purchasing
Lender Party, such purchase from each other Lender Party shall be rescinded and such other Lender Party shall repay to the purchasing
Lender Party the purchase price to the extent of such Lender Party’s ratable share (according to the proportion of (i) the
purchase price paid to such Lender Party to (ii) the aggregate purchase price paid to all applicable Lender Parties) of such recovery
together with an amount equal to such Lender Party’s ratable share (according to the proportion of (i) the amount of such
other Lender Party’s required repayment to (ii) the total amount so recovered from the purchasing Lender Party) of any interest
or other amount paid or payable by the purchasing Lender Party in respect of the total amount so recovered. The Borrower agrees
that any Lender Party so purchasing an interest or participating interest from another Lender Party pursuant to this Section 2.13(a)
may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off) with respect to
such interest or participating interest, as the case may be, as fully as if such Lender Party were the direct creditor of the Borrower
in the amount of such interest or participating interest, as the case may be.

 

     54

    	 

    

 

(b)          Pro
Rata Sharing Following Event of Default. Notwithstanding Section 2.13(a), following the occurrence and during the continuance
of any Event of Default and the notional conversion of all Advances denominated in Eurodollars into Dollars pursuant to Section
2.11(f), subject to the provisions of Section 2.11(f), if any Lender Party shall obtain at any time any payment (whether voluntary,
involuntary, through the exercise of any right of set off, or otherwise, other than as a result of an assignment pursuant to Section
9.07) (a) on account of Obligations due and payable to such Lender Party under the Loan Documents at such time in excess of its
ratable share (according to the proportion of (i) the amount of such Obligations due and payable to such Lender Party at such time
to (ii) the aggregate amount of the Obligations due and payable to all Lender Parties under the Loan Documents at such time) of
payments on account of the Obligations due and payable to all Lender Parties under the Loan Documents at such time obtained by
all the Lender Parties at such time or (b) on account of Obligations owing (but not due and payable) to such Lender Party under
the Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations
owing to such Lender Party at such time to (ii) the aggregate amount of the Obligations owing (but not due and payable) to all
Lender Parties under the Loan Documents at such time) of payments on account of the Obligations owing (but not due and payable)
to all Lender Parties under the Loan Documents at such time obtained by all of the Lender Parties at such time, such Lender Party
shall forthwith purchase from the other Lender Parties such interests or participating interests in the Obligations due and payable
or owing to them, as the case may be, as shall be necessary to cause such purchasing Lender Party to share the excess payment ratably
with each of them; provided, however, that if all or any portion of such excess payment is thereafter recovered from
such purchasing Lender Party, such purchase from each other Lender Party shall be rescinded and such other Lender Party shall repay
to the purchasing Lender Party the purchase price to the extent of such Lender Party’s ratable share (according to the proportion
of (i) the purchase price paid to such Lender Party to (ii) the aggregate purchase price paid to all Lender Parties) of such recovery
together with an amount equal to such Lender Party’s ratable share (according to the proportion of (i) the amount of such
other Lender Party’s required repayment to (ii) the total amount so recovered from the purchasing Lender Party) of any interest
or other amount paid or payable by the purchasing Lender Party in respect of the total amount so recovered. The Borrower agrees
that any Lender Party so purchasing an interest or participating interest from another Lender Party pursuant to this Section 2.13(b)
may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off) with respect to
such interest or participating interest, as the case may be, as fully as if such Lender Party were the direct creditor of the Borrower
in the amount of such interest or participating interest, as the case may be.

 

     55

    	 

    

 

(c)          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 Advances and issuances of Letters of Credit shall be available (and the Borrower
agrees that it shall use such proceeds and Letters of Credit) for general corporate purposes of the Borrower and its Subsidiaries,
including, without limitation, (i) working capital purposes, (ii) the payment of capital expenditures, (iii) the acquisition of
Assets as permitted by this Agreement, (iv) the repayment in full (or refinancing) of existing loans, including but not limited
to those loans affecting Unencumbered Assets that are added to the Unencumbered Asset Pool after the Closing Date, and (v) the
payment of fees and expenses related to the Facilities and the other transactions contemplated by the Loan Documents. The Borrower
will not directly or indirectly use the Letters of Credit or 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.

 

SECTION 2.15. Evidence
of Debt. (a) Each Lender Party shall maintain in accordance with its usual practice an account or accounts evidencing
the indebtedness of the Borrower to such Lender Party resulting from each Advance owing to such Lender Party from time to time,
including the amounts of principal and interest payable and paid to such Lender Party from time to time hereunder. The Borrower
agrees that upon notice by any Lender Party to the Borrower (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 Party to
evidence (whether for purposes of pledge, enforcement or otherwise) the Advances owing to, or to be made by, such Lender Party,
the Borrower shall promptly execute and deliver to such Lender Party, 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 Party
in a principal amount equal to the Revolving Credit Commitment or Term Loan Commitment, respectively, of such Lender Party. 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 Party, 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
Register maintained by the Administrative Agent pursuant to Section 9.07(d) shall include a control account, and a subsidiary
account for each Lender Party, in which accounts (taken together) shall be recorded (i) the date and amount of each Borrowing
made hereunder, the Facility to which such Borrowing relates, the Type of Advances comprising such Borrowing and, if appropriate,
the Interest Period applicable thereto, (ii) the terms of each Assignment and Acceptance delivered to and accepted by it,
(iii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender
Party hereunder, and (iv) the amount of any sum received by the Administrative Agent from the Borrower hereunder and each
Lender Party’s share thereof.

 

(c)          Entries
made in good faith by the Administrative Agent in the Register pursuant to subsection (b) above, and by each Lender Party
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 Borrower to, in the case of the Register, each Lender Party
and, in the case of such account or accounts, such Lender Party, under this Agreement, absent manifest error; provided,
however, that the failure of the Administrative Agent or such Lender Party 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 Borrower under
this Agreement.

 

     56

    	 

    

 

SECTION 2.16. Extension
of Revolving Credit Facility Termination Date. At least 90 days but not more than 120 days prior to the Termination
Date in respect of the Revolving Credit Facility, the Borrower, by written notice to the Administrative Agent, may request, with
respect to the Revolving Credit Commitments then outstanding, a single one-year extension of the Termination Date. The Administrative
Agent shall promptly notify each Lender of such request and the Termination Date in respect of the Revolving Credit Facility in
effect at such time shall, effective as at such Termination Date (the “Extension Date”), be extended
for an additional one year period, provided that the Borrower shall have paid the Extension Fees as described in Section
2.08(d), and on the Extension Date the following statements shall be true and the Administrative Agent shall have received for
the account of each Lender Party a certificate signed by a Responsible Officer of the Borrower, dated the Extension Date, stating
that: (a) the representations and warranties contained in Section 4.01 are true and correct on and as of the Extension Date,
(b) 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 Section 5.04 immediately before and, on a pro forma basis, immediately
after the extension, together with supporting information demonstrating such compliance. In the event that an extension of the
Revolving Credit Facility is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01),
the aggregate principal amount of all Revolving Credit Advances shall be repaid in full ratably to the Lenders on the Termination
Date as so extended. As of the Extension Date, any and all references in this Agreement, the Revolving Notes, if any, or any of
the other Loan Documents to the “Termination Date” with respect to the Revolving Credit Commitments or the Revolving
Credit Facility, shall refer to the Termination Date in respect of the Revolving Credit Facility as so extended.

 

SECTION 2.17. Increase
in the Aggregate Commitments. (a) The Borrower may, at any time (but no more than once in any consecutive 12-month
period), by written notice to the Administrative Agent, request either (i) an increase in the aggregate amount of the Revolving
Credit Commitments, (ii) an increase in the aggregate amount of the Term Loan Commitments, in the form of an additional tranche
within the Term Loan Facility, or (iii) an increase in the aggregate amount of the Revolving Credit Commitments and an increase
in the aggregate amount of the Term Loan Commitments, in each case by not less than $5,000,000 (each such proposed increase, a
“Commitment Increase”) to be effective as of a date that is at least 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 amount of the Commitments in respect of all Facilities
at any time exceed $600,000,000 in the aggregate, (ii) on the date of any request by the Borrower for a Commitment Increase and
on the related Increase Date, the applicable conditions set forth in Article III shall be satisfied, and (iii) with respect to
any Term Loan Borrowing in connection with any Commitment Increase consisting of Eurodollar Rate Advances, such Borrowing must
occur only on the first day of an Interest Period.

 

(b)          The
Administrative Agent shall promptly notify the Lenders of each request by the Borrower for a Commitment Increase, which notice
shall include (i) the proposed amount of such requested Commitment Increase, (ii) the Facility to which such Commitment Increase
relates, (iii) the proposed Increase Date and (iv) the date by which Lenders wishing to participate in the Commitment Increase
must commit to an increase in the amount of their respective Commitments (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 increase its Commitment in respect of the applicable Facility (the “Proposed Increased Commitment”).
If the Lenders notify the Administrative Agent that they are willing to increase the amount of their respective Commitments by
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.

 

     57

    	 

    

 

(c)          Promptly
following each Commitment Date, the Administrative Agent shall notify the Borrower 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 Borrower
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 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; provided, however, that the Administrative Agent shall have received
at or before 12:00 Noon (New York City time) on such Increase Date the following, each dated such date:

 

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

 

(ii)         confirmation
from each Increasing Lender of the increase in the amount of its applicable Commitment in a writing reasonably satisfactory to
the Borrower 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 Borrower; and

 

(iii)        such
certificates or other information as may be required pursuant to Section 3.02.

 

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 Borrower, at or before 1:00 P.M. (New York City time), by telecopier or telex,
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.

 

     58

    	 

    

 

(e)          On
the Increase Date, to the extent the Advances in respect of the Increasing Facility then outstanding and owed to any Lender immediately
prior to the effectiveness of the Commitment Increase shall be less than such Lender’s pro rata share (calculated immediately
following the effectiveness of the Commitment Increase) of all Advances in respect of such Facility then outstanding and owed to
all Lenders in respect of such Facility (each such Lender, including any Acceding Lender, a “Purchasing Lender”),
then such Purchasing Lender, without executing an Assignment and Acceptance, shall be deemed to have purchased an assignment of
a pro rata portion of the Advances in respect of such Facility then outstanding and owed to each Lender in respect of such
Facility that is not a Purchasing Lender (a “Selling Lender”) in an amount sufficient such that following
the effectiveness of all such assignments the Advances outstanding and owed to each Lender in respect of such Facility shall equal
such Lender’s pro rata share (calculated immediately following the effectiveness of the Commitment Increase on the Increase
Date) of all Advances in respect of such Facility then outstanding and owed to all Lenders in respect of such Facility. The Administrative
Agent shall calculate the net amount to be paid by each Purchasing Lender and received by each Selling Lender in connection with
the assignments effected hereunder on the Increase Date. Each Purchasing Lender shall make the amount of its required payment available
to the Administrative Agent, in same day funds, at the office of the Administrative Agent not later than 12:00 P.M. (New York time)
on the Increase Date. The Administrative Agent shall distribute on the Increase Date the proceeds of such amount to each of the
Selling Lenders entitled to receive such payments at its Applicable Lending Office. If in connection with the transactions described
in this Section 2.17 any Lender shall incur any losses, costs or expenses of the type described in Section 9.04(c), then the Borrower
shall, upon demand by such Lender (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for
the account of such Lender any amounts required to compensate such Lender for such losses, costs or expenses reasonably incurred.

 

SECTION 2.18. Cash
Collateral Account. (a) Grant of Security. The Borrower
hereby pledges to the Administrative Agent, as collateral agent for the ratable benefit of the Lenders, and hereby grants to the
Administrative Agent, for the ratable benefit of the Lender Parties, a security interest in, the Borrower’s right, title
and interest in and to the Cash Collateral Account and all (i) funds and financial assets from time to time credited thereto (including,
without limitation, all Cash Equivalents), all interest, dividends, distributions, cash, instruments and other property from time
to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such funds and financial
assets, and all certificates and instruments, if any, from time to time representing or evidencing the Cash Collateral Account,
(ii) and all promissory notes, certificates of deposit, deposit accounts, checks and other instruments from time to time delivered
to or otherwise possessed by the Administrative Agent in substitution for or in addition to any or all of the then existing L/C
Account Collateral and (iii) all interest, dividends, distributions, cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all of the then existing L/C Account Collateral, in
each of the cases set forth in clauses (i), (ii) and (iii) above, whether now owned or hereafter acquired by the Borrower, wherever
located, and whether now or hereafter existing or arising (all of the foregoing, collectively, the “L/C Account Collateral”).

 

(b)          Maintaining
the L/C Account Collateral. So long as any Advance or any other Obligation of any Loan Party under any Loan Document shall
remain unpaid, any Letter of Credit shall be outstanding or any Lender Party shall have any Commitment:

 

(a)          the
Borrower will maintain all L/C Account Collateral only with the Administrative Agent;

 

(b)          the
Administrative Agent shall have the sole right to direct the disposition of funds with respect to the Cash Collateral Account subject
to the provisions of this Agreement, and it shall be a term and condition of such Cash Collateral Account that, except as otherwise
provided herein, notwithstanding any term or condition to the contrary in any other agreement relating to the Cash Collateral Account,
as the case may be, that no amount (including, without limitation, interest on Cash Equivalents credited thereto) will be paid
or released to or for the account of, or withdrawn by or for the account of, the Borrower or any other Person from the Cash Collateral
Account; and

 

(c)          the
Administrative Agent may (with the consent of the Required Lenders and shall at the request of the Required Lenders), at any time
and without notice to, or consent from, the Borrower, transfer, or direct the transfer of, funds from the L/C Account Collateral
to satisfy the Borrower’s Obligations under the Loan Documents if an Event of Default shall have occurred and be continuing.

 

     59

    	 

    

 

(c)          Investing
of Amounts in the Cash Collateral Account. The Administrative Agent will, from time to time (i) invest (A) amounts received
with respect to the Cash Collateral Account in such Cash Equivalents credited to the Cash Collateral Account as the Borrower may
select and the Administrative Agent may approve in its reasonable discretion, and (B) interest paid on the Cash Equivalents referred
to in clause (i)(A) above, and (ii) reinvest other proceeds of any such Cash Equivalents that may mature or be sold, in each case
in such Cash Equivalents credited in the same manner. Interest and proceeds that are not invested or reinvested in Cash Equivalents
as provided above shall be deposited and held in the Cash Collateral Account. In addition, the Administrative Agent shall have
the right at any time to exchange such Cash Equivalents for similar Cash Equivalents of smaller or larger determinations, or for
other Cash Equivalents, credited to the Cash Collateral Account.

 

(d)          Release
of Amounts. So long as no Event of Default shall have occurred and be continuing or would result therefrom, the Administrative
Agent will pay and release to the Borrower or at its order or, at the request of the Borrower, to the Administrative Agent to be
applied to the Obligations of the Borrower under the Loan Documents such amount, if any, as is then on deposit in the Cash Collateral
Account.

 

(e)          Remedies.
Upon the occurrence and during the continuance of any Event of Default, in addition to the rights and remedies available pursuant
to Article VI hereof and under the other Loan Documents, (i) the Administrative Agent may exercise in respect of the L/C Account
Collateral all the rights and remedies of a secured party upon default under the UCC (whether or not the UCC applies to the affected
L/C Account Collateral), and (ii) the Administrative Agent may, without notice to the Borrower (except as required by law) and
at any time or from time to time, charge, set-off and otherwise apply all or any part of the Obligations of the Borrower under
the Loan Documents against any funds held with respect to the L/C Account Collateral or in any other deposit account.

 

Article
III

CONDITIONS OF LENDING AND ISSUANCES OF LETTERS OF CREDIT

 

SECTION 3.01. Conditions
Precedent to Initial Extension of Credit. The obligation of each Lender to make an Advance or of any Issuing
Bank to issue a Letter of Credit on the occasion of the Initial Extension of Credit hereunder is subject to the satisfaction of
the following conditions precedent before or concurrently with the Initial Extension of Credit:

 

(a)          The
Administrative Agent shall have received on or before the day of the Initial Extension of Credit the following, each dated such
day (unless otherwise specified), in form and substance satisfactory to the Administrative Agent (unless otherwise specified) and
(except for the Notes, as to which one original of each shall be sufficient) in sufficient copies for each Lender Party:

 

(i)          A
Note duly executed by the Borrower and payable to the order of each Lender that has requested the same.

 

(ii)         [Intentionally
Omitted].

 

(iii)        As
to each Unencumbered Asset:

 

(A)         [Intentionally
Omitted],

 

     60

    	 

    

 

 

(B)         evidence
satisfactory to the Administrative Agent that the applicable owner or lessee, as applicable, of such Unencumbered Asset shall be
in compliance with the requirements of Section 5.02(p),

 

(C)         (1)
the most recently prepared land survey for such Unencumbered Asset, prepared by a land surveyor duly registered and licensed in
the State in which the property described in such survey is located, showing all buildings and other improvements, any off-site
improvements, the location of any easements, parking spaces, rights of way, building set-back lines and other dimensional regulations
and the absence of encroachments, either by such improvements or on to such property, and other defects, other than encroachments
and other defects reasonably acceptable to the Administrative Agent and (2) a certificate of a Responsible Officer of the Borrower
confirming that there have been no material changes to the dimensions or locations of the land or improvements shown in such survey
since the date of such survey,

 

(D)         most
recently prepared engineering, soils, seismic (for those Unencumbered Assets located in seismic zones 3 or 4), environmental and
other similar reports as to the Unencumbered Assets, in form and substance and from professional firms reasonably acceptable to
the Administrative Agent,

 

(E)         copies
of all material licenses, permits and approvals, including, without limitation, any liquor license, innkeeper’s license and
certificate of occupancy for each Unencumbered Asset,

 

(F)         certified
copies of each Management Agreement, Franchise Agreement, and, to the extent applicable, Qualifying Ground Lease, in each case
together with all amendments thereto, entered into with respect to each of the Unencumbered Assets,

 

(G)         copies
of all leases (including, without limitation, all leases with Affiliates and Operating Leases) and Material Contracts relating
to each of the Unencumbered Assets, and

 

(iv)         This Agreement duly executed
by the Loan Parties and the other parties hereto.

 

(v)          Certified copies of the resolutions
of the Board of Directors of the Parent Guarantor on its behalf and on behalf of each Loan Party for which it is the ultimate signatory
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 (the “Closing Authorizing Resolution”), 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.

 

    	 	61	 

     

    

 

(vi)         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, dated reasonably near the Closing Date, 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.

 

(vii)         A copy of a certificate of
the Secretary of State (or equivalent authority) of 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, dated reasonably near (but prior to) the Closing Date, stating, with respect to each such Loan Party, general partner
or managing member, that 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.

 

(viii)        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 its President, a Vice President, Executive Chairman or Chief Manager and its Secretary
or any Assistant Secretary (or those of its general partner or managing member, if applicable), dated the Closing Date (the statements
made in which certificate shall be true on and as of the date of the Initial Extension 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)(vi), (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)(v) were adopted and on the date of the Initial
Extension of Credit, (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, (D) the truth of the representations
and warranties contained in the Loan Documents as though made on and as of the date of the Initial Extension of Credit and (E) the
absence of any event occurring and continuing, or resulting from the Initial Extension of Credit, that constitutes a Default.

 

(ix)          A certificate of the Secretary
or an Assistant Secretary of each Loan Party (or Responsible Officer 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.

 

    	 	62	 

     

    

 

(x)           Such financial, business and
other information regarding each Loan Party and its Subsidiaries as the Lender Parties shall have reasonably requested, including,
without limitation, information as to possible contingent liabilities, tax matters, environmental matters, obligations under Plans,
Multiemployer Plans and Welfare Plans, collective bargaining agreements and other arrangements with employees, historical operating
statements (if any), audited annual financial statements for the year ending December 31, 2014 of the Parent Guarantor, interim
financial statements dated the end of the most recent fiscal quarter for which financial statements are available and for the nine
months then ended and financial projections for the Parent Guarantor’s consolidated operations.

 

(xi)          Evidence of insurance (which
may consist of binders or certificates of insurance) with such responsible and reputable insurance companies or associations, and
in such amounts and covering such risks, as is satisfactory to the Lender Parties.

 

(xii)          An opinion of Kleinberg, Kaplan,
Wolff & Cohen, P.C., New York counsel for the Loan Parties, with respect to the matters (and in substantially the form) set
forth in Exhibit F-1 hereto and as to such other matters as any Lender Party through the Administrative Agent may reasonably
request.

 

(xiii)        An opinion of local counsel
for the Loan Parties (A) from Hunton & Williams LLP, in substantially the form of Exhibit F-2 hereto, (B) from Venable LLP
in substantially the form of Exhibit F-3 hereto, and (C) from Hagen, Wilka & Archer, LLP in substantially the form of Exhibit
F-4 hereto, in each case covering such other matters as any Lender Party through the Administrative Agent may reasonably request.

 

(xiv)        A Notice of Borrowing or Notice
of Issuance, as applicable, relating to the Initial Extension of Credit and dated and delivered not less than three (3) Business
Days prior to the date of the Initial Extension of Credit.

 

(xv)         A certificate signed by a Responsible
Officer of the Borrower, dated the Closing Date, stating that after giving effect to the Initial Extension of Credit the Parent
Guarantor shall be in compliance with the covenants contained in Section 5.04, together with supporting information in form
satisfactory to the Administrative Agent showing the computations used in determining compliance with such covenants.

 

(xvi)        A breakage indemnity letter
agreement executed by the Borrower in form and substance satisfactory to the Administrative Agent and dated and delivered to the
Administrative Agent at least three (3) Business Days prior to the Closing Date.

 

(b)         The Lender Parties shall be
satisfied with the corporate and legal structure and capitalization of each Loan Party and its Subsidiaries, including the terms
and conditions of the charter and bylaws, operating agreement, partnership agreement or other governing document of each of them.

 

    	 	63	 

     

    

 

(c)          The Lender Parties shall be
satisfied that all Existing Debt shall be on terms and conditions reasonably satisfactory to the Lender Parties.

 

(d)          Before and after giving effect
to the transactions contemplated by the Loan Documents, there shall have occurred no material adverse change in the business, assets,
properties, liabilities (actual or contingent), operations, condition (financial or otherwise) or prospects of the Loan Parties
since December 31, 2014.

 

(e)          There shall exist no action,
suit, investigation, litigation or proceeding affecting any Loan Party or any of its Subsidiaries pending or threatened before
any court, governmental agency or arbitrator that (i) could reasonably be expected to result in a Material Adverse Effect
other than the matters described on Schedule 4.01(f) hereto (the “Material Litigation”) or (ii) purports
to affect the legality, validity or enforceability of any Loan Document or the consummation of the transactions contemplated thereby,
and there shall have been no material adverse change in the status, or financial effect on any Loan Party or any of its Subsidiaries,
of the Material Litigation from that described on Schedule 4.01(f) hereto.

 

(f)          All governmental and third
party consents and approvals necessary in connection with the transactions contemplated by the Loan Documents shall have been obtained
(without the imposition of any conditions that are not acceptable to the Lender Parties) and shall remain in effect, and no law
or regulation shall be applicable in the reasonable judgment of the Lender Parties that restrains, prevents or imposes materially
adverse conditions upon the transactions contemplated by the Loan Documents.

 

(g)          Each Subsidiary Guarantor shall
have complied with the requirements of Section 5.02(p) and provided evidence of such compliance satisfactory to the Administrative
Agent.

 

(h)          The Borrower shall have paid
all accrued fees of the Administrative Agent and the Lender Parties and all reasonable, out-of-pocket expenses of the Administrative
Agent (including the reasonable fees and expenses of counsel to the Administrative Agent).

 

(i)           The Existing Credit Agreement
shall have been, or substantially simultaneously with the effectiveness hereof shall be, terminated and all Obligations thereunder
paid in full.

 

SECTION 3.02. Conditions
Precedent to Each Borrowing, Issuance, Renewal, Extension and Increase. The obligation of each Lender to make an Advance
(other than a Letter of Credit Advance made by an Issuing Bank or a Lender pursuant to Section 2.03(c) and a Swing Line Advance
made by a Lender pursuant to Section 2.02(b)) on the occasion of each Borrowing (including the initial Borrowing) and the obligation
of each Issuing Bank to issue a Letter of Credit (including the initial issuance) or renew a Letter of Credit, the extension of
Commitments pursuant to Section 2.16, and the right of the Borrower to request a Swing Line Borrowing or a Commitment Increase
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, issuance, renewal, extension or increase
(a), the following statements shall be true and the Administrative Agent shall have received for the account of such Lender, the
Swing Line Bank or such Issuing Bank (w) a Notice of Borrowing or Notice of Issuance, as applicable, dated the date of such Borrowing,
issuance, renewal, extension or increase, (x) all items described in the definition of “Unencumbered Asset Designation Package”
herein (to the extent not previously delivered with respect to each Unencumbered Asset pursuant to Section 5.01(k) or this
Section 3.02), (y) in the case of an addition of any Person as an Additional Guarantor, all Guarantor Deliverables (to the
extent not previously delivered pursuant to Section 5.01(k) or this Section 3.02), and (z) a certificate signed by a
Responsible Officer of the Borrower, dated the date of such Borrowing, issuance, renewal, extension or increase, stating that:

 

    	 	64	 

     

    

 

(i)           the representations and warranties
contained in each Loan Document are true and correct on and as of such date, before and after giving effect to (A) such Borrowing,
issuance, renewal, extension or increase, and (B) in the case of any Borrowing or issuance or renewal, the application of the proceeds
therefrom, as though made on and as of such date;

 

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

 

(iii)         for each Revolving Credit
Advance, or Swing Line Advance made by the Swing Line Bank or issuance or renewal of any Letter of Credit, (A) the Total Unencumbered
Asset Value equals or exceeds Consolidated Unsecured Indebtedness of the Parent Guarantor that will be outstanding after giving
effect to such Advance, issuance or renewal, respectively, and (B) before and after giving effect to such Advance, issuance or
renewal, the Parent Guarantor shall be in compliance with the covenants contained in Section 5.04(b), together with supporting
information in form satisfactory to the Administrative Agent showing the computations used in determining compliance with such
covenants;

 

and (b) the Administrative Agent shall have received such other
approvals or documents as any Lender Party through the Administrative Agent may reasonably request in order to confirm (i) the
accuracy of the Loan Parties’ representations and warranties contained in the Loan Documents, (ii) the Loan Parties’
timely compliance with the terms, covenants and agreements set forth in the Loan Documents, (iii) the absence of any Default and
(iv) the rights and remedies of the Lender Parties or the ability of the Loan Parties to perform their Obligations.

 

In the event that there shall exist a Defaulting
Lender, the obligations of each Issuing Bank to issue a Letter of Credit and each Swing Line Bank to make a Swing Line Advance
shall also be subject to the provisions of Section 9.10.

 

SECTION 3.03. Determinations
Under Section 3.01 and 3.02. For purposes of determining compliance with the conditions specified in Sections 3.01
and 3.02, each Lender Party 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 Lender Parties unless an
officer of the Administrative Agent responsible for the transactions contemplated by the Loan Documents shall have received notice
from such Lender Party prior to the Initial Extension of Credit specifying its objection thereto and, if the Initial Extension
of Credit consists of a Borrowing, such Lender Party shall not have made available to the Administrative Agent such Lender Party’s
ratable portion of such Borrowing.

 

    	 	65	 

     

    

 

Article
IV

REPRESENTATIONS AND WARRANTIES

 

SECTION 4.01. Representations
and Warranties of the Loan Parties. Each Loan Party represents and warrants 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 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 own or lease and operate its properties and to carry on its business
as now conducted and as proposed to be conducted. All of the outstanding Equity Interests in the Borrower have been validly issued,
are fully paid and non-assessable. The Parent Guarantor directly or indirectly owns all of the general partnership interests and
more than 60% of the limited partnership interests in the Borrower. All Equity Interests in the Borrower that are directly or indirectly
owned by the Parent Guarantor are owned free and clear of all Liens. The Parent Guarantor is organized in conformity with
the requirements for qualification as a REIT under the Internal Revenue Code, and its method of operation enables it to meet the
requirements for qualification and taxation as a REIT under the Internal Revenue Code.

 

(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
Subsidiary Guarantors, TRS Holdco and the TRS Lessees, are owned by such Loan Party or Subsidiaries free and clear of all Liens,
except for Liens created under the Loan Documents.

 

(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.

 

    	 	66	 

     

    

 

(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, or (ii) the exercise by the Administrative Agent or any Lender
Party of its rights under the Loan Documents, except for 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 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) could reasonably be expected to result in a Material Adverse Effect (other than the Material
Litigation) or (ii) purports to affect the legality, validity or enforceability of any Loan Document or the transactions contemplated
by the Loan Documents, and there has been no material adverse change in the status, or financial effect on any Loan Party or any
of its Subsidiaries or any general partner or managing member (if any) of any Loan Party, of the Material Litigation from that
described on Schedule 4.01(f) hereto.

 

(g)          Financial Condition.
The Consolidated balance sheets of the Parent Guarantor as at December 31, 2014 and the related Consolidated statements of
income and Consolidated statements of cash flows of  the Parent Guarantor for the fiscal year then ended, accompanied
by unqualified opinions of Ernst & Young LLP, independent public accountants, and the Consolidated balance sheets of  the
Parent Guarantor as at September 30, 2015, and the related Consolidated statements of income and Consolidated statements of
cash flows of  the Parent Guarantor for the nine months then ended, copies of which have been furnished to
each Lender Party, fairly present, subject, in the case of such balance sheets as at September 30, 2015, and such statements
of income and cash flows for the nine months then ended, to year-end audit adjustments, the Consolidated financial
condition of  the Parent Guarantor as at such dates and the Consolidated results of operations of  the Parent
Guarantor for the periods ended on such dates, all in accordance with generally accepted accounting principles applied on a consistent
basis.  Since December 31, 2014 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 Guarantor and its Subsidiaries delivered
to the Lender Parties pursuant to Section 3.01(a)(x) or 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 Parent Guarantor’s best estimate of its future financial performance.

 

    	 	67	 

     

    

 

(i)           Full Disclosure. No
information, exhibit or report furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender Party 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 or drawings under any Letter of Credit 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 issuance of any Letters of Credit, nor the application
of the proceeds or repayment thereof by the Borrower, 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).

  

(m)        [Intentionally Omitted].

 

(n)          Existing Debt. Set forth
on Schedule 4.01(n) hereto is a complete and accurate list of all Existing Debt, showing as of the date hereof the obligor
and the principal amount outstanding thereunder, the maturity date thereof and the amortization schedule therefor.

 

(o)          Liens. Set forth on
Schedule 4.01(o) hereto is a complete and accurate list of (i) all Liens on the property or assets of any Loan Party
or any of its Subsidiaries that directly or indirectly own any Unencumbered Asset, and (ii) all Liens with a principal balance
in excess of $250,000 on the property or assets of any Loan Party or any of its Subsidiaries securing Debt for Borrowed Money;
in each case showing as of the date hereof the lienholder thereof, the principal amount of the obligations secured thereby and
the property or assets of such Loan Party or such Subsidiary subject thereto, provided however, that easements and other
real property restrictions, covenants and conditions of record (exclusive of Liens securing Debt) shall not be listed on Schedule
4.01(o).

 

    	 	68	 

     

    

 

(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 date hereof, 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, the Operating Leases, showing as of the date
hereof, 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.

 

(iii)         Each
Unencumbered Asset is operated and managed by an Approved Manager pursuant to a Management Agreement listed on Part III of Schedule
4.01(p).

 

(iv)         Each
Unencumbered Asset is subject to a Franchise Agreement with an Approved Franchisor as listed on Part IV of Schedule 4.01(p).

 

(v)         Each
Unencumbered Asset satisfies all Unencumbered Asset Pool Conditions.

 

(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.

 

(ii)          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.

 

    	 	69	 

     

    

 

(iii)         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.

 

(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 Party
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 Specified
Operating Lessee is, after capital contributions by parent companies, Solvent. Each other Loan Party is, individually and
together with its Subsidiaries, Solvent. As of the Closing Date, there are no Specified Operating Lessees.

 

    	 	70	 

     

    

 

(v)          Sarbanes-Oxley. No Loan
Party has made any extension of credit to any of its directors or executive officers in contravention of any applicable restrictions
set forth in Section 402(a) of Sarbanes-Oxley.

 

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

 

(ii)          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.

 

(iii)         Schedule
B (Actuarial Information) to the most recent annual report (Form 5500 Series) for each Plan, copies of which have been filed with
the Internal Revenue Service and furnished to the Lender Parties, 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.

 

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

 

(v)          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.

 

(x)         Sanctioned Persons.
None of the Loan Parties or any of their respective Subsidiaries nor, to the knowledge any Responsible Officer of the Borrower,
any director, officer, agent, employee or Affiliate of any Loan Party or any of its respective Subsidiaries is (i) currently subject
to any Sanctions or (ii) in violation of any Anti-Corruption Laws.

 

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,
any Letter of Credit shall be outstanding or any Lender Party 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 and (ii) all lawful claims that,
if unpaid, might by law become a Lien 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.

 

    	 	71	 

     

    

 

(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.

 

(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, but in no event shall such amounts be lower or
coverages be less comprehensive than the respective insurance amounts and coverages maintained by the Borrower and its Subsidiaries
on the Closing Date approved by the Administrative Agent.

 

(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 Borrower 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 Lender Parties, 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 (but, in each case not more frequently than one time per year unless an Event of Default shall have occurred and be
continuing) , 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.

 

(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.

 

    	 	72	 

     

    

 

(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 the 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 Borrower’s Subsidiaries, shall be deemed fair and reasonable.

 

(j)         Covenant to Guarantee Obligations.
(A) Concurrently with the delivery of Unencumbered Asset Designation Package pursuant to Section 5.01(k) with respect to a Proposed
Unencumbered Asset owned or leased (including pursuant to an Operating Lease) by a Subsidiary of a Loan Party or (B) within 10
days after the formation or acquisition of any new direct or indirect Subsidiary of a Loan Party which Subsidiary directly owns
or leases an Unencumbered Asset (including pursuant to an Operating Lease), cause each such 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.

 

(k)         Unencumbered Asset Pool
Additions. With the Borrower’s written notice to the Administrative Agent that any Asset (a “Proposed Unencumbered
Asset”) be added as an Unencumbered Asset, deliver (or cause to be delivered) to the Administrative Agent, at the
Borrower’s expense, an Unencumbered Asset Designation Package with respect to such Proposed Unencumbered Asset. Provided
that the Proposed Unencumbered Asset satisfies the Unencumbered Asset Pool Conditions and the Borrower, at its expense, delivers
all applicable Guarantor Deliverables, the Proposed Unencumbered Asset shall be deemed added as an Unencumbered Asset to the Unencumbered
Asset Pool.

 

(l)         Further Assurances.
(i) Promptly upon request by the Administrative Agent, or any Lender Party 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 Party 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 Party 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,
and (B) to assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Lender Parties the
rights granted or now or hereafter intended to be granted to the Lender Parties 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.

 

    	 	73	 

     

    

 

(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
an Unencumbered Asset to not meet the Unencumbered Asset Pool Conditions 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 Borrower
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 Borrower and Subsidiaries of the Borrower
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 an Unencumbered 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 Unencumbered Asset:

 

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

 

(C)         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);

 

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

 

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

 

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

 

(G)         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 Subsidiary Guarantor’s due observance
and performance of its material obligations thereunder;

 

(H)         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;

 

    	 	74	 

     

    

 

(I)         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)         [Intentionally Omitted].

 

(p)         Management Agreements.
At all times cause each Unencumbered Asset to be managed and operated by an Approved Manager.

 

(q)         Franchise Agreements.
At all times cause each Hotel Asset to be subject to a franchise agreement or similar arrangement with an Approved Franchisor.

 

(r)         Maintenance of REIT Status.
In the case of the Parent Guarantor, at all times be organized in conformity with the requirements for qualification as a REIT
under the Internal Revenue 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)         Exchange Listing. In
the case of the Parent Guarantor, at all times (i) cause its common shares to be duly listed on the New York Stock Exchange, the
American Stock Exchange or NASDAQ and (ii) timely file all reports required to be filed by it in connection therewith.

 

(t)         Sarbanes-Oxley. Comply
at all times with all applicable provisions of Section 402(a) of Sarbanes-Oxley.

 

(u)         [Intentionally Omitted].

 

(v)         [Intentionally Omitted].

 

(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.

 

    	 	75	 

     

    

 

(x)         Equal Treatment. (i) 
Cause the Facility to have equal support as any other Unsecured Indebtedness of any of the Loan Parties (whether as borrower, co-borrower,
guarantor or otherwise).  Without limiting the generality of the foregoing, the Loan Parties shall cause any other Subsidiary
or Joint Venture of any Loan Party that is a borrower or co-borrower, guarantees, or otherwise becomes obligated in respect of
any Unsecured Indebtedness of any of the Loan Parties, whether as a borrower, co-borrower, guarantor or otherwise, to simultaneously
duly execute and deliver to 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 Loan Parties’
Obligations under the Loan Documents.  Furthermore, the Borrower shall cause any such Person to satisfy all other representations,
covenants and conditions in this Agreement with respect to Guarantors.  Furthermore, no Lien may be granted, suffered or incurred
on any property, assets or revenue in favor of the lenders, trustees or holders under any Unsecured Indebtedness of any of the
Loan Parties without effectively providing that all Obligations under the Loan Documents shall be secured equally and ratably with
such Unsecured Indebtedness pursuant to agreements in form and substance reasonably satisfactory to the Administrative Agent.

 

(ii) The Borrower may request in writing that the Administrative
Agent release, and upon receipt of such request the Administrative Agent shall promptly release, a Person which has become a Guarantor
solely pursuant to this Section 5.01(x) from the Guaranty so long as:  (a) no Default or Event of Default shall then be in
existence or would occur as a result of such release, (b) the Administrative Agent shall receive such written request at least
five (5) Business Days prior to the requested date of such release (or such shorter period as may be acceptable to the Administrative
Agent in its sole discretion), and (c) such Person is no longer required to be a Guarantor pursuant to the terms of Section 5.01(x)(i)
or any other provision of this Agreement.  Delivery by the Borrower to the Administrative Agent of any such request for a
release shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both as of the
date of such request and as of the date of the effectiveness of such request) are true and correct with respect to such request. 
Notwithstanding the foregoing, the foregoing provisions shall not apply to the Parent Guarantor or any owner or lessee of an Unencumbered
Asset, which may only be released as otherwise provided in this Agreement.

 

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,
any Letter of Credit shall be outstanding or any Lender Party 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 any of its assets of any character (including, without limitation, accounts) whether now owned or hereafter acquired,
or sign or file or suffer to exist, or permit any of its Subsidiaries to sign or file or suffer to exist, under the Uniform Commercial
Code of any jurisdiction, a financing statement that names such Loan Party or any of its Subsidiaries as debtor, or sign or suffer
to exist, or permit any of its Subsidiaries to sign or suffer to exist, any security agreement authorizing any secured party thereunder
to file such financing statement, or assign, or permit any of its Subsidiaries to assign, any accounts or other right to receive
income, except, in the case of the Loan Parties (other than the Parent Guarantor) and their respective Subsidiaries:

 

    	 	76	 

     

    

 

(i)           Liens
created under the Loan Documents;

 

(ii)          Permitted
Liens;

 

(iii)         Liens
described on Schedule 4.01(o) hereto;

 

(iv)         purchase
money Liens upon or in equipment acquired or held by such Loan Party or any of its Subsidiaries in the ordinary course of business
to secure the purchase price of such equipment or to secure Indebtedness incurred solely for the purpose of financing the acquisition
of any such equipment to be subject to such Liens, or Liens existing on any such equipment at the time of acquisition (other than
any such Liens created in contemplation of such acquisition that do not secure the purchase price), or extensions, renewals or
replacements of any of the foregoing for the same or a lesser amount; provided, however, that no such Lien shall
extend to or cover any property other than the equipment being acquired, and no such extension, renewal or replacement shall extend
to or cover any property not theretofore subject to the Lien being extended, renewed or replaced; provided further
that the aggregate principal amount of the Indebtedness secured by Liens permitted by this clause (iv) shall not exceed the amount
permitted under Section 5.02(b)(iii)(A);

 

(v)          Liens
arising in connection with Capitalized Leases permitted under Section 5.02(b)(iii)(B), provided that no such Lien shall
extend to or cover any Unencumbered Assets or assets other than the assets subject to such Capitalized Leases;

 

(vi)         Liens
on property of a Person existing at the time such Person is acquired by, merged into or consolidated with any Loan Party or any
Subsidiary of any Loan Party or becomes a Subsidiary of any Loan Party, provided that such Liens were not created in contemplation
of such merger, consolidation or acquisition and do not extend to any assets other than those of the Person so merged into or consolidated
with such Loan Party or such Subsidiary or so acquired by such Loan Party or such Subsidiary;

 

(vii)         Liens
securing Non-Recourse Debt permitted under Section 5.02(b)(iii)(E);

 

(viii)        the
replacement, extension or renewal of any Lien permitted by clause (iii) above upon or in the same property theretofore subject
thereto in connection with any Refinancing Debt permitted under Section 5.02(b)(iii)(C);

 

(ix)          Liens
securing Permitted Recourse Debt permitted under Section 5.02(b)(vi), which Liens do not affect any direct or indirect ownership
interest in any Unencumbered Asset; and

 

(x)          Liens
securing Debt of the Borrower and its Subsidiaries not expressly permitted by clauses (i) through (viii) above, provided that such
Liens do not affect any Unencumbered Asset and the amount of Debt secured by such Liens shall not exceed $5,000,000 in the aggregate
outstanding at any one time.

 

(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,
except:

 

(i)         Indebtedness
under the Loan Documents;

 

    	 	77	 

     

    

 

(ii)         in
the case of any Loan Party or any Subsidiary of a Loan Party, Indebtedness owed to any Loan Party or any wholly owned Subsidiary
of any Loan Party, provided that, in each case, such Indebtedness (y) shall be on terms reasonably acceptable to the Administrative
Agent and (z) shall be evidenced by promissory notes in form and substance reasonably satisfactory to the Administrative Agent,
which promissory notes shall (unless payable to the Borrower) by their terms be subordinated to the Obligations of the Loan Parties
under the Loan Documents;

 

(iii)         in
the case of each Loan Party (other than the Parent Guarantor) and its Subsidiaries,

 

(A)         Indebtedness secured by Liens
permitted by Section 5.02(a)(iv) not to exceed in the aggregate $5,000,000 at any time outstanding,

 

(B)         (1) Capitalized Leases
not to exceed in the aggregate $5,000,000 at any time outstanding, and (2) in the case of any Capitalized Lease to which any
Subsidiary of a Loan Party is a party, any Contingent Obligation of such Loan Party guaranteeing the Obligations of such Subsidiary
under such Capitalized Lease,

 

(C)         the Existing Debt described
on Schedule 4.01(n) hereto and any Refinancing Debt extending, refunding or refinancing such Existing Debt,

 

(D)         Indebtedness in respect of
Hedge Agreements entered into by the Borrower and designed to hedge against fluctuations in interest rates or foreign exchange
rates incurred as required by this Agreement or incurred in the ordinary course of business and consistent with prudent business
practices, and

 

(E)         Non-Recourse Debt (including,
without limitation, the JV Pro Rata Share of Non-Recourse Debt of any Joint Venture) in respect of Assets, the incurrence of which
would not result in a Default under Section 5.04 or any other provision of this Agreement;

 

(iv)         in
the case of the Parent Guarantor and the Borrower, Indebtedness under Customary Carve-Out Agreements;

 

(v)         endorsements
of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business;

 

(vi)         Permitted
Recourse Debt;

 

(vii)         in
the case of the Parent Guarantor and the Borrower, any Contingent Obligations consisting of guarantees or indemnities of payment
Obligations under any Qualifying Ground Lease, any Franchise Agreements or other agreements related to franchise licenses, management
agreements or other agreements related to hotel management contracts, title insurance indemnifications or guarantees, or under
any other documents, agreements or contracts approved by the Administrative Agent; and

 

    	 	78	 

     

    

 

(viii)         any
other Indebtedness not to exceed $10,000,000 in the aggregate at any time outstanding in respect of all Loan Parties and their
Subsidiaries and which is not secured by any Lien on any Unencumbered Asset.

 

(c)         Change in Nature of Business.
Make, or permit any of its Subsidiaries 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 any of its Subsidiaries to
engage in, any business other than ownership, development, licensing and management of Hotel 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 entry into
Operating Leases between Subsidiary Guarantors and TRS Lessees) or otherwise dispose of (whether in one transaction or in a series
of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to, any Person, or permit any
of its Subsidiaries to do so; provided, however, that (i) any Subsidiary of a Loan Party may merge or consolidate
with or into, or dispose of assets to, any other Subsidiary of such Loan Party (provided that if one or more of such Subsidiaries
is also a Loan Party, a Loan Party shall be the surviving entity) or any other Loan Party other than the Parent Guarantor (provided
that such Loan Party or, in the case of any Loan Party other than the Borrower, another Loan Party shall be the surviving entity),
and (ii) any Loan Party may merge with any Person that is not a Loan Party so long as such Loan Party is the surviving entity or
(except in the case of a merger with the Borrower, which shall always be the surviving entity) such other Person is the surviving
party and shall promptly become a Loan Party, provided, in each case, that 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 Loan Party (other than the Borrower and any
Subsidiary that is the direct owner of an Unencumbered Asset) may liquidate or dissolve if the Borrower determines in good faith
that such liquidation or dissolution is in the best interests of the Borrower and the assets or proceeds from the liquidation or
dissolution of such Subsidiary are transferred to the 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) any Loan Party
or Subsidiary of a Loan Party 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 the Borrower or the Parent Guarantor) 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, provided
that no Default or Event of Default shall have occurred and be continuing or would result therefrom, the Administrative Agent shall,
upon the request of the Borrower, release such Guarantor from the Guaranty.

 

(e)         Sales, Etc. of Assets.
(i) In the case of the Parent Guarantor, sell, lease, transfer or otherwise dispose of, or grant any option or other right to purchase,
lease or otherwise acquire any assets and (ii) in the case of the Loan Parties (other than the Parent Guarantor), sell, lease (other
than by entering into Tenancy Leases), transfer or otherwise dispose of, 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 any of its Subsidiaries to
sell, lease, transfer or otherwise dispose of, or grant any option or other right to purchase, lease or otherwise acquire (each
action described in clauses (i) and (ii) of this subsection (e), 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:

 

    	 	79	 

     

    

 

(A)         the
Transfer of any Asset or Assets, including unimproved land, that are not Unencumbered Assets from any Loan Party to another Loan
Party (other than the Parent Guarantor) or from a Subsidiary of a Loan Party to another Subsidiary of such Loan Party or any other
Loan Party (other than the Parent Guarantor),

 

(B)         the
Transfer of any Asset or Assets that are not Unencumbered Assets to any Person that is not a Loan Party, provided that the
Loan Parties shall be in compliance with the covenants contained in Section 5.04 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 Unencumbered Asset or Unencumbered Assets to any Person, or the designation of an Unencumbered Asset or Unencumbered
Assets as a non-Unencumbered Asset or non-Unencumbered Assets, in each case with the intention that such Unencumbered Asset or
Unencumbered Assets, upon consummation of such Transfer or designation, shall no longer constitute an Unencumbered Asset or Unencumbered
Assets, provided that:

 

(1)         immediately
after giving effect to such Transfer or designation, as the case may be, the remaining Unencumbered Assets shall continue to satisfy
the requirements set forth in clauses (a) through (k) of the definition of Unencumbered Asset Pool Conditions,

 

(2)         the
Loan Parties shall be in compliance with the covenants contained in Section 5.04 on a pro forma basis immediately after
giving effect to such Transfer or designation, and

 

(3)         on
or prior to the date of such Transfer or designation, as the case may be, the Borrower shall have delivered to the Administrative
Agent (A) a certificate signed by a Responsible Officer of the Borrower, stating that before and after giving effect to such Transfer
or designation, as the case may be, the Parent Guarantor shall be in compliance with the covenants contained in Section 5.04(b),
together with supporting information in form satisfactory to the Administrative Agent showing the computations used in determining
compliance with such covenants, and (B) a certificate of the Chief Financial Officer (or other Responsible Officer performing similar
functions) of the Borrower demonstrating compliance with the foregoing clauses (1) through (3) and confirming that no Default or
Event of Default shall exist on the date of such Transfer or will result therefrom, together with supporting information in detail
reasonably satisfactory to the Administrative Agent, or

 

(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 an Unencumbered Asset.

 

    	 	80	 

     

    

 

Following (x) a Transfer of all Unencumbered
Assets owned or leased by a Subsidiary Guarantor in accordance with Section 5.02(e)(ii)(C) or (y) the designation by a Subsidiary
Guarantor of all Unencumbered Assets owned or leased by it as non-Unencumbered Assets pursuant to Section 5.02(e)(ii)(C), the Administrative
Agent shall, upon the request of the Borrower and at the Borrower’s expense, promptly release such Subsidiary Guarantor from
the Guaranty.

 

(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 and additional Investments in wholly-owned
Subsidiaries and, in the case of the Loan Parties (other than the Parent Guarantor) 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 or investments in Joint Ventures), in each case subject, where applicable, to the limitations set
forth in Section 5.02(f)(iv);

 

(ii)         Investments
in Cash Equivalents;

 

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

 

(iv)         Investments
consisting of the following items:

 

(A)  Investments in unimproved
land, Real Property that does not constitute 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),

 

(B)  Investments in Joint Ventures
of any Loan Party, and

 

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

 

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

 

(vi)          Investments
by the Borrower in Hedge Agreements permitted under Section 5.02(b)(iii)(D);

 

(vii)         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;

 

(viii)        Investments
consisting of 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; and

 

(ix)          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.

 

    	 	81	 

     

    

 

(g)         Restricted Payments.
In the case of the Parent Guarantor and the Borrower, without the prior consent of the Required Lenders, declare or pay any dividends,
purchase, redeem, 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
(collectively, “Restricted Payments”), subject to certain redemption rights of the holders of Equity
Interests in the Borrower as more particularly described in the constitutive documents of the Borrower and certain redemption rights
of the holders of certain preferred Equity Interests in the Parent Guarantor as described in the articles supplementary that authorize
the issuance of the respective classes of such preferred shares, in each case as in effect on the date hereof; provided,
however, that so long as no Default or Event of Default shall have occurred and be continuing, the Parent Guarantor and
the Borrower may make Restricted Payments without the prior consent of the Required Lenders to holders of Equity Interests in the
Parent Guarantor and the Borrower, as applicable, to the extent the same would not result in a Default under Section 5.04(a)(iii)
(calculated on a pro forma basis as of the most recent Test Date) or any other provision of this Agreement.

 

(h)         Amendments of Constitutive
Documents. Amend, or permit any of its Subsidiaries to amend, in each case in any material respect, its limited liability company
agreement, partnership agreement, certificate of incorporation or bylaws or other constitutive documents, provided that
(1) any amendment to any such constitutive document that would be adverse to any of the Lender Parties shall be deemed “material”
for purposes of this Section; (2) any amendment to any such constitutive document that would designate such Subsidiary 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 Borrower only, a Subsidiary
may amend its constitutive 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 any of its Subsidiaries 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, the Borrower or any Subsidiary of the Borrower (whether through a covenant restricting dividends, loans,
asset transfers or investments, a financial covenant or otherwise), except (i) the Loan Documents, (ii) any agreement or instrument
evidencing Non-Recourse Debt or Permitted 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 directly or indirectly owning Unencumbered
Assets, and (iii) any agreement in effect at the time such Subsidiary becomes a Subsidiary of the Borrower, so long as such agreement
was not entered into solely in contemplation of such Person becoming a Subsidiary of the Borrower.

 

    	 	82	 

     

    

 

(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 Party, 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 Unencumbered Asset, in a manner
that could reasonably be expected to have a Material Adverse Effect, and (ii) a Material Contract affecting any Unencumbered Asset,
in a manner that could reasonably be expected to result in a breach of the Unsecured Asset Pool Conditions.

 

(m)         Negative Pledge. Enter
into or suffer to exist, or permit any of its Subsidiaries to enter into or suffer to exist, any Negative Pledge upon any of its
property or assets, except (i) in connection with any Existing Debt, (ii) pursuant to the Loan Documents or (iii) in connection
with (A) any Non-Recourse Debt or Permitted Recourse Debt, provided that the terms of such Indebtedness, 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 Unencumbered Assets 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),
(B) any purchase money Indebtedness permitted under Section 5.02(b)(iii)(A) solely to the extent that the agreement or instrument
governing such Indebtedness prohibits a Lien on the property acquired with the proceeds of such Indebtedness, (C) any Capitalized
Lease permitted by Section 5.02(b)(iii)(B) solely to the extent that such Capitalized Lease prohibits a Lien on the property subject
thereto, or (D) any Indebtedness outstanding on the date any Subsidiary of the Borrower becomes such a Subsidiary (so long as such
agreement was not entered into solely in contemplation of such Subsidiary becoming a Subsidiary of the Borrower).

 

(n)         Parent Guarantor as Holding
Company. In the case of the Parent Guarantor, enter into or conduct any business, or engage in any activity (including, without
limitation, any action or transaction that is required or restricted with respect to the Borrower and its Subsidiaries under Sections
5.01 and 5.02 without regard to any of the enumerated exceptions to such covenants), other than (i) the holding of the Equity Interests
of the Borrower; (ii) the performance of its duties as sole general partner of the Borrower; (iii) the performance of its Obligations
(subject to the limitations set forth in the Loan Documents) under each Loan Document to which it is a party; (iv) the making of
equity or subordinate debt Investments in the Borrower and its Subsidiaries, provided each such Investment shall be on terms
acceptable to the Administrative Agent; (v) sales of Equity Interests of the Parent Guarantor not otherwise prohibited by this
Agreement and (vi) activities incidental to each of the foregoing.

 

(o)         Development Assets Cap.
If the aggregate budgeted costs attributable to all Development Assets exceeds 15% of Total Asset Value, commence the development
of any Development Asset as to which development has not yet commenced.

 

    	 	83	 

     

    

 

(p)         Subsidiary Guarantor Requirements.
Cause or permit any Subsidiary Guarantor to (i) incur Indebtedness other than trade payables in the ordinary course of business
or otherwise permitted by Section 5.02(b); or (ii) own any Real Property other than Unencumbered Assets, provided, however,
that during any period in which Summit Hospitality I, LLC is a Subsidiary Guarantor or an Additional Guarantor, the total outstanding
Non-Recourse Debt of Summit Hospitality I, LLC (A) shall consist only of Indebtedness outstanding on the date hereof and (B) shall
not at any time exceed $25,000,000 in the aggregate.

 

(q)         Multiemployer Plans.
Neither any Loan Party nor any ERISA Affiliate will contribute to or be required to contribute to any Multiemployer Plan.

 

(r)         Ground Leases. With
respect to any Qualifying Ground Lease related to any Unencumbered 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 Unencumbered Assets, transactions
occurring in the ordinary course of the business of owning and operating hotels, the Lender Parties agree that operating leases,
loans, and guaranties of indebtedness are all in the ordinary course of business and (ii) with respect to Unencumbered 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).

 

(t)         TRS Holdco and TRS Lessees.
Permit TRS Holdco to enter into or conduct any business, or engage in any activity (including, without limitation, any action or
transaction that is required or restricted with respect to the Borrower and its Subsidiaries under Sections 5.01 and 5.02 without
regard to any of the enumerated exceptions to such covenants), other than (i) the holding of the Equity Interests of the TRS Lessees;
(ii) the performance of its duties as sole member of the TRS Lessees; (iii) the performance of its Obligations (subject to the
limitations set forth in the Loan Documents) under each Loan Document to which it is a party; (iv) the making of equity or subordinate
debt Investments in the TRS Lessees, provided each such Investment shall be on terms reasonably acceptable to the Administrative
Agent; and (v) activities incidental to each of the foregoing.

 

    	 	84	 

     

    

 

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, any Letter of Credit shall be outstanding or any Lender Party shall have any Commitment hereunder, the Borrower will furnish
to the Administrative Agent and the Lender Parties in accordance with Section 9.02(b):

 

(a)         Default Notice. As soon
as possible and in any event within five 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 Parent Guarantor setting forth details of such Default or such event, development
or occurrence and the action that the Parent Guarantor has taken and proposes to take with respect thereto.

 

(b)         Annual Financials. As
soon as available and in any event within 90 days after the end of each Fiscal Year, a copy of the annual audit report for such
year for the Parent Guarantor and its Consolidated Subsidiaries, including therein Consolidated and consolidating balance sheets
of the Parent Guarantor 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 Guarantor and its Subsidiaries for such Fiscal
Year (it being acknowledged that a copy of the annual audit report filed by the Parent Guarantor with the Securities and Exchange
Commission shall satisfy the foregoing requirements), in each case accompanied by (x) 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, and (y) a report of such independent public accountants as to the Borrower’s internal controls
required under Section 404 of the Sarbanes-Oxley Act of 2002, but only to the extent the Borrower is subject to Section 404, in
each case certified in a manner to which the Required Lenders have not objected, 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 Section 5.04, provided that in the event of any change in GAAP used
in the preparation of such financial statements, the Parent Guarantor shall also provide, if necessary for the determination of
compliance with Section 5.04, 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 Guarantor 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
Guarantor has taken and proposes to take with respect thereto.

 

(c)         Quarterly Financials.
As soon as available and in any event within 45 days after the end of each of the first three quarters of each Fiscal Year, Consolidated
and consolidating balance sheets of the Parent Guarantor 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 Guarantor 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
Guarantor 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 Guarantor
as having been prepared in accordance with GAAP (it being acknowledged that a copy of the quarterly financials filed by the Parent
Guarantor with the Securities and Exchange Commission shall satisfy the foregoing requirements), 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 Guarantor 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 Guarantor in determining
compliance with the covenants contained in Section 5.04, provided that in the event of any change in GAAP used in the
preparation of such financial statements, the Parent Guarantor shall also provide, if necessary for the determination of compliance
with Section 5.04, a statement of reconciliation conforming such financial statements to GAAP.

 

    	 	85	 

     

    

 

(d)         [Intentionally Omitted].

 

(e)         Unencumbered Asset Financials.
As soon as available and in any event within 45 days after the end of each quarter, financial information in respect of all Unencumbered
Assets, in form and detail reasonably satisfactory to the Administrative Agent.

 

(f)         Annual Budgets. As soon
as available and in any event within than 45 days after the end of each Fiscal Year, forecasts prepared by management of the Parent
Guarantor, 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 Litigation.
Promptly after the commencement thereof, notice of all actions, suits, investigations, litigation and proceedings before any court
or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting any Loan Party
or any of its Subsidiaries of the type described in Section 4.01(f), and promptly after the occurrence thereof, notice of
any material adverse change in the status or the financial effect on any Loan Party or any of its Subsidiaries of the Material
Litigation from that described on Schedule 4.01(f) hereto.

 

(h)         [Intentionally Omitted].

 

(i)         Real Property. As soon
as available and in any event within 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)         [Intentionally Omitted].

 

    	 	86	 

     

    

 

(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 Unencumbered Asset or could reasonably be expected to result in a Lien against any Unencumbered Asset.

 

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

 

(m)         Compliance with Unencumbered
Asset Conditions. Promptly after obtaining actual knowledge of any condition or event which causes any Unencumbered Asset to
fail to satisfy any of the Unencumbered Asset Pool Conditions (other than those Unencumbered Asset Pool Conditions, if any, that
have theretofore been waived by the Administrative Agent and the Required Lenders with respect to any particular Unencumbered 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 audited 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 Guarantor 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 Guarantor 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 Guarantor setting forth
the differences (including any differences that would affect any calculations relating to the financial covenants set forth in
Section 5.04) which would have resulted if such financial statements and forecasts had been prepared without giving effect
to such change.

 

    	 	87	 

     

    

 

(p)         Material Contract. As
soon as available, a copy of any Material Contract entered into with respect to any Unencumbered 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 or prospects of any Loan Party or any of its Subsidiaries as the Administrative
Agent, or any Lender Party 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,
any Letter of Credit shall be outstanding or any Lender Party shall have, at any time after the Initial Extension of Credit, any
Commitment hereunder, the Parent Guarantor will:

 

(a)         Parent Guarantor Financial
Covenants.

 

(i)           Maximum
Leverage Ratio. Maintain as of each Test Date a Leverage Ratio of not greater than 6.00:1.00; provided, however, that
on and after the date of any Leverage Ratio Increase Election, the Parent Guarantor shall maintain as of each Test Date occurring
during the period ending not later than the last day of the third (3rd) consecutive fiscal quarter ending after the
date of such Leverage Ratio Increase Election, a Leverage Ratio of not greater than 6.75:1.00; provided further that (A)
such Leverage Ratio Increase Elections may only occur (1) prior to the Initial Maturity Date and (2) not more than two times during
the term of the Facilities, and (B) such Leverage Ratio Increase Elections may not be consecutive.

 

(ii)          Minimum
Consolidated Tangible Net Worth: Maintain at all times a Consolidated Tangible Net Worth of not less than the sum of (a)
$588,588,750 
plus (b) an amount equal to 75% of the net cash proceeds of all issuances or sales of Equity Interests of
the Parent Guarantor or any of its Subsidiaries consummated after the Closing Date.

 

(iii)         Maximum
Dividend Payout Ratio. Maintain as of each Test Date, a Dividend Payout Ratio of equal to or less than (A) 95% or (B) such
greater amount as may be required by applicable law to maintain status as a REIT for tax purposes or to avoid the imposition of
income or excise taxes.

 

(iv)         Minimum
Consolidated Fixed Charge Coverage Ratio. Maintain as of each Test Date a Consolidated Fixed Charge Coverage Ratio of not less
than 1.50:1.00.

 

(v)          Maximum
Secured Leverage Ratio. Maintain as of each Test Date a ratio of Secured Indebtedness to Total Asset Value equal to not more
than 45%.

 

(vi)         Maximum
Secured Recourse Leverage Ratio. Maintain as of each Test Date a ratio of Secured Recourse Indebtedness to Total Asset Value
equal to not more than 10%.

 

(b)         Unencumbered Asset Pool
Financial Covenants.

 

    	 	88	 

     

    

 

(i)           Maximum
Unsecured Leverage Ratio. Maintain at all times a ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor to Unencumbered
Asset Value equal to or less than 60%; provided, however, that on and after the date of any Unsecured Leverage Ratio Increase
Election, the Parent Guarantor shall maintain as of each Test Date occurring during the period ending not later than the last day
of the third (3rd) consecutive fiscal quarter ending after the date of such Unsecured Leverage Ratio Increase Election,
a ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor to Unencumbered Asset Value of equal to or less than 65%;
provided further that (A) such Unsecured Leverage Ratio Increase Elections may only occur (1) prior to the Initial Maturity
Date and (2) not more than two times during the term of the Facilities, and (B) such Unsecured Leverage Ratio Increase Elections
may not be consecutive.

 

(ii)          Minimum
Unsecured Interest Coverage Ratio. Maintain as of each Test Date a ratio of Unencumbered Adjusted NOI to Assumed Unsecured
Interest Expense equal to or greater than 2.00x. 

 

(iii)         Minimum
Unencumbered Properties. Maintain at all times at least twenty (20) Unencumbered Assets in the Unencumbered Asset Pool.

 

To the extent any calculations described in
Sections 5.04(a) or 5.04(b) are required to be made on any date of determination other than the last day of a fiscal quarter of
the Parent Guarantor, 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
Guarantor most recently ended. To the extent any calculations described in Sections 5.04(a) or 5.04(b) 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)(ii)(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. If any of the following events (“Events of Default”) shall occur and be continuing:

 

(a)         Failure to Make Payments
When Due. (i) The Borrower shall fail to pay any principal of any Advance when the same shall become due and payable,
(ii) the Borrower shall fail to pay any interest on any Advance within three 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 Business Days after
the same becomes due and payable.

 

(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

 

(c)         Breach of Certain Covenants.
(i) The Borrower 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), (r), (s), (t), (u) or (v), 5.02, 5.03(a), (g), (k), (l), (m), (n), 5.04 or 9.10(d), or (ii) the
Borrower shall fail to perform or observe any term, covenant or agreement contained in Section 5.03(b), (c), (d), (e), (f), (h),
(i), (j), (o), or (p) if such failure described in this clause (ii) shall remain unremedied for 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 Borrower by any Agent or any Lender Party; or

 

    	 	89	 

     

    

 

(d)         Other Defaults under Loan
Documents. Any Loan Party shall fail to perform or observe any other term, covenant or agreement contained in any Loan Document
on its part to be performed or observed if such failure shall remain unremedied for 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 Borrower
by the Administrative Agent or any Lender Party; 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 (A) 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, and (B) such event or condition shall remain
unremedied or otherwise uncured for a period of 30 days; 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

 

(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 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 the 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 Borrower or any of their 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

 

    	 	90	 

     

    

 

(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 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 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)         [Intentionally Omitted].

 

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

 

(l)         ERISA Events. 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;

 

then, and in any such event, the Administrative Agent (i) shall
at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the Commitments of each Lender
Party and the obligation of each Lender Party to make Advances (other than Letter of Credit Advances by an Issuing Bank or a Lender
pursuant to Section 2.03(c) and Swing Line Advances by a Lender pursuant to Section 2.02(b)) and of each Issuing Bank to issue
Letters of Credit to be terminated, whereupon the same shall forthwith terminate, and (ii) shall at the request, or may with
the consent, of the Required Lenders, (A) by notice to the Borrower, 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 Borrower, and (B) by notice to each party required under the
terms of any agreement in support of which a Letter of Credit is issued, request that all Obligations under such agreement be declared
to be due and payable; 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, (y) the Commitments of each Lender Party and the obligation of each Lender
Party to make Advances (other than Letter of Credit Advances by an Issuing Bank or a Lender pursuant to Section 2.03(c) and
Swing Line Advances by a Lender pursuant to Section 2.02(b)) and of each Issuing Bank to issue Letters of Credit shall automatically
be terminated and (z) 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.

 

    	 	91	 

     

    

 

SECTION 6.02. Actions
in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the
Administrative Agent may, or shall at the request of the Required Lenders, irrespective of whether it is taking any of the actions
described in Section 6.01 or 2.18(e) or otherwise, make demand upon the Borrower to, and forthwith upon such demand the Borrower
will, pay to the Administrative Agent on behalf of the Lender Parties in same day funds at the Administrative Agent’s office
designated in such demand, for deposit in the Cash Collateral Account, an amount equal to the aggregate Available Amount of all
Letters of Credit then outstanding; 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, such amount shall be automatically due and payable by the Borrower
to the Cash Collateral Account, without presentment, demand, protest, or any notice of any kind. If at any time the Administrative
Agent or the Issuing Bank determines that any funds held in the Cash Collateral Account are subject to any right or claim of any
Person other than the Administrative Agent and the Lender Parties with respect to the Obligations of the Loan Parties under the
Loan Documents, or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the
Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited
and held in the Cash Collateral Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the
total amount of funds, if any, then held in the Cash Collateral Account that the Administrative Agent, as the case may be, determines
to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit in the
Cash Collateral Account, such funds shall be applied to reimburse the relevant Issuing Bank or Lenders, as applicable, to the extent
permitted by applicable law.

 

Article
VII

GUARANTY

 

SECTION 7.01. Guaranty;
Limitation of Liability. (a) Each Guarantor 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 Party 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
Party 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. Notwithstanding anything to the contrary herein, the Lender Parties shall immediately
release the guaranty of any Guarantor at such time as the Guarantor has completed Transfers and/or designations in compliance with
Section 5.02(e) such that the Guarantor does not own, directly or indirectly any one or more Unencumbered Assets.

 

    	 	92	 

     

    

 

(b)         Each Guarantor, the Administrative Agent
and each other Lender Party and, by its acceptance of the benefits of this Guaranty, each other Lender Party, 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 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 Lender Parties and, by their acceptance
of the benefits of this Guaranty, the other Lender Parties 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 Party 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 Lender Parties 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 Party 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 the
Borrower or any other Loan Party or whether the 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:

 

(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 Borrower, 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;

 

    	 	93	 

     

    

 

(f)         any failure of the Administrative
Agent or any other Lender Party 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 Party (each Guarantor waiving any duty on the part of the Administrative Agent and each other Lender
Party 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 Party 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 Party or any other Person upon the insolvency, bankruptcy or reorganization of the 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 Party 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.

 

(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 Party 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)         Each Guarantor acknowledges that the Administrative
Agent may, without notice to or demand upon such Guarantor and without affecting the liability of such Guarantor under this Guaranty,
foreclose under any mortgage by nonjudicial sale, and each Guarantor hereby waives any defense to the recovery by the Administrative
Agent and the other Lender Parties against such Guarantor of any deficiency after such nonjudicial sale provided that such sale
is conducted in accordance with applicable law.

 

(e)         Each Guarantor hereby unconditionally and
irrevocably waives any duty on the part of the Administrative Agent or any other Lender Party 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 Borrower, any other Loan Party or any of their Subsidiaries now or hereafter known by the Administrative Agent or such other
Lender Party.

 

    	 	94	 

     

    

 

(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 the 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 Party against the 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 the 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 Letters of Credit shall have expired
or been terminated, 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
Letters of Credit and all Guaranteed Hedge Agreements, such amount shall be received and held in trust for the benefit of the Lender
Parties, 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 Party 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 Letters of Credit and all Guaranteed
Hedge Agreements shall have expired or been terminated, the Administrative Agent and the other Lender Parties 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.

 

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.

 

    	 	95	 

     

    

 

SECTION 7.06. Indemnification
by Guarantors. (a) Without limitation on any other Obligations of any Guarantor or remedies of the Administrative Agent
or the Lender Parties 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 Arrangers, each other Lender Party
and each of their Affiliates and their respective officers, directors, employees, agents and advisors (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 or the Letters of Credit, 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 Lender
Parties 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 Lender Parties 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.

 

(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).

 

    	 	96	 

     

    

 

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 Letters of Credit and
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 Lender Parties 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 AGENTS

 

SECTION 8.01. Authorization
and Action. Each Lender Party (in its capacities as a Lender, the Swing Line Bank (if applicable) and as an Issuing
Bank (if applicable) and on behalf of itself and its Affiliates as potential Hedge Banks) hereby appoints and authorizes the Administrative
Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and the other
Loan Documents as are delegated to the Administrative Agent by the terms hereof and thereof, together with such powers and discretion
as are reasonably incidental thereto. As to any matters not expressly provided for by the Loan Documents (including, without limitation,
enforcement or collection of the Notes), the Administrative Agent shall not be required to exercise any discretion or take any
action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting)
upon the instructions of the Required Lenders, and such instructions shall be binding upon all Lender Parties and all holders of
Notes; provided, however, that the Administrative Agent shall not be required to take any action that exposes the
Administrative Agent to personal liability or that is contrary to this Agreement or applicable law, including without limitation,
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. The Administrative
Agent agrees to give to each Lender Party prompt notice of each notice given to it by the Borrower pursuant to the terms of this
Agreement. Notwithstanding anything to the contrary in any Loan Document, no Person identified as a co-syndication agent, documentation
agent, senior manager, joint lead arranger or joint bookrunner, in such Person’s capacity as such, shall have any obligations
or duties to any Loan Party, the Administrative Agent or any other Lender Party under any of such Loan Documents. In its capacity
as the Lender Parties’ contractual representative, the Administrative Agent is a “representative” of the Lender
Parties as used within the meaning of “Secured Party” under Section 9-102 of the Uniform Commercial Code.

 

    	 	97	 

     

    

 

SECTION 8.02. Agents’
Reliance, Etc. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable
for any action taken or omitted to be taken by it or them under or in connection with the Loan Documents, except for its or their
own gross negligence or willful misconduct. Without limitation of the generality of the foregoing, the Administrative Agent: (a) may
treat the payee of any Note as the holder thereof until the Administrative Agent receives and accepts an Accession Agreement entered
into by an Acceding Lender as provided in Section 2.17 or an Assignment and Acceptance entered into by the Lender that is the payee
of such Note, as assignor, and an Eligible Assignee, as assignee, as provided in Section 9.07; (b) may consult with legal
counsel (including counsel for any Loan Party), independent public accountants and other experts selected by it and shall not be
liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants
or experts; (c) makes no warranty or representation to any Lender Party and shall not be responsible to any Lender Party for
any statements, warranties or representations (whether written or oral) made in or in connection with the Loan Documents; (d) shall
not have any duty to ascertain or to inquire as to the performance, observance or satisfaction of any of the terms, covenants or
conditions of any Loan Document on the part of any Loan Party or the existence at any time of any Default under the Loan Documents
or to inspect the property (including the books and records) of any Loan Party; (e) shall not be responsible to any Lender
Party for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection or priority
of any lien or security interest created or purported to be created under or in connection with, any Loan Document or any other
instrument or document furnished pursuant thereto; and (f) shall incur no liability under or in respect of any Loan Document
by acting upon any notice, consent, certificate or other instrument or writing (which may be by telegram, telecopy or telex or
other electronic communication) believed by it to be genuine and signed or sent by the proper party or parties.

 

SECTION 8.03. DBNY
and Affiliates. With respect to its Commitments, the Advances made by it and the Notes issued to it, DBNY shall have
the same rights and powers under the Loan Documents as any other Lender Party and may exercise the same as though it were not an
Agent; and the term “Lender Party” or “Lender Parties” shall, unless otherwise expressly indicated, include
DBNY in its individual capacity. DBNY and its Affiliates may accept deposits from, lend money to, act as trustee under indentures
of, accept investment banking engagements from and generally engage in any kind of business with, any Loan Party, any Subsidiary
of any Loan Party and any Person that may do business with or own securities of any Loan Party or any such Subsidiary, all as if
DBNY were not the Administrative Agent or the Administrative Agent and without any duty to account therefor to the Lender Parties.

 

SECTION 8.04. Lender
Party Credit Decision. Each Lender Party acknowledges that it has, independently and without reliance upon the Administrative
Agent or any other Lender Party and based on the financial statements referred to in Section 4.01 and such other documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender
Party also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender Party
and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions
in taking or not taking action under this Agreement. Nothing in this Agreement or any other Loan Document shall require the Administrative
Agent or any of its respective directors, officers, agents or employees to carry out any “know your customer” or other
checks in relation to any Person on behalf of any Lender Party and each Lender Party confirms to the Administrative Agent that
it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation
to such checks made by the Administrative Agent or any of its respective directors, officers, agents or employees.

 

    	 	98	 

     

    

 

SECTION 8.05. Indemnification
by Lender Parties. (a) Each Lender Party severally agrees to indemnify the Administrative Agent (to the extent not promptly
reimbursed by the Borrower) from and against such Lender Party’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 Party 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 Party 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 Borrower under Section 9.04, to the extent that the Administrative Agent is not promptly reimbursed
for such costs and expenses by the Borrower. 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 Party or any
other Person.

 

(b)         Each Lender Party severally agrees to indemnify
each Issuing Bank (to the extent not promptly reimbursed by the Borrower) from and against such Lender Party’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 such
Issuing Bank in any way relating to or arising out of the Loan Documents or any action taken or omitted by such Issuing Bank under
the Loan Documents; provided, however, that no Lender Party shall be liable for any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Issuing
Bank’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 Party agrees to reimburse such Issuing Bank promptly upon demand for its ratable
share of any costs and expenses (including, without limitation, fees and expenses of counsel) payable by the Borrower under Section 9.04,
to the extent that such Issuing Bank is not promptly reimbursed for such costs and expenses by the Borrower.

 

(c)         For purposes of this Section 8.05,
the Lender Parties’ 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 Party to reimburse the Administrative Agent or any Issuing Bank, as the case
may be, promptly upon demand for its ratable share of any amount required to be paid by the Lender Parties to the Administrative
Agent or such Issuing Bank, as the case may be, as provided herein shall not relieve any other Lender Party of its obligation hereunder
to reimburse the Administrative Agent or such Issuing Bank, as the case may be, for its ratable share of such amount, but no Lender
Party shall be responsible for the failure of any other Lender Party to reimburse the Administrative Agent or such Issuing Bank,
as the case may be, for such other Lender Party’s ratable share of such amount. Without prejudice to the survival of any
other agreement of any Lender Party hereunder, the agreement and obligations of each Lender Party 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.

 

    	 	99	 

     

    

 

SECTION 8.06. Successor
Agents. The Administrative Agent may resign at any time by giving 30 days’ prior written notice thereof to the
Lender Parties and the Borrower and may be removed at any time with or without cause by the Required Lenders; provided,
however, that any removal of the Administrative Agent will not be effective until it has been replaced as Administrative
Agent and it (or its Affiliate) has been replaced as an Issuing Bank and released from all obligations in respect thereof. Upon
any such resignation or removal, the Required Lenders shall have the right to appoint a successor Agent. If no successor Agent
shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within 30 days after the retiring
Agent’s giving of notice of resignation or the Required Lenders’ removal of the retiring Agent, then the retiring Agent
may, on behalf of the Lender Parties, appoint a successor Agent, which shall be a commercial bank organized under the laws of the
United States or of any State thereof and having a combined capital and surplus of at least $250,000,000. Upon the acceptance of
any appointment as an Agent hereunder by a successor Agent, such successor Agent shall succeed to and become vested with all the
rights, powers, discretion, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties
and obligations under the Loan Documents. If within 45 days after written notice is given of the retiring Agent’s resignation
or removal under this Section 8.06 no successor Agent shall have been appointed and shall have accepted such appointment,
then on such 45th day (i) the retiring Agent’s resignation or removal shall become effective, (ii) the retiring
Agent shall thereupon be discharged from its duties and obligations under the Loan Documents and (iii) the Required Lenders
shall thereafter perform all duties of the retiring Agent under the Loan Documents until such time, if any, as the Required Lenders
appoint a successor Agent as provided above. After any retiring Agent’s resignation or removal hereunder as an Agent shall
have become effective, the provisions of this Article VIII shall inure to its benefit as to any actions taken or omitted to
be taken by it while it was an Agent under this Agreement. In addition to the foregoing, if a Lender becomes, and during any period
such Lender remains, a Defaulting Lender, any Issuing Bank or Swing Line Bank may resign at any time by giving 30 days’
prior notice to the Administrative Agent, the Lenders and the Borrower. After the resignation of an Issuing Bank hereunder, the
retiring Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank
under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such resignation, but
shall not be required to issue additional Letters of Credit or to extend, renew or increase any existing Letter of Credit. After
the resignation of a Swing Line Bank hereunder, the retiring Swing Line Bank shall remain a party hereto and shall continue to
have all the rights and obligations of a Swing Line Bank under this Agreement and the other Loan Documents with respect to Swing
Line Advances issued by it prior to such resignation, but shall not be required to issue additional Swing Line Advances or to extend,
renew or increase any existing Swing Line Advances.

 

SECTION 8.07. Relationship
of Agent and Lenders. The relationship between the Administrative Agent and the Lenders, and the relationship among
the Lenders, is not intended by the parties to create, and shall not create, any trust, joint venture or partnership relation between
them.

 

    	 	100	 

     

    

 

Article
IX

MISCELLANEOUS

 

SECTION 9.01. Amendments,
Etc. (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, 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 no amendment, waiver or consent shall, unless in writing and signed by all
of the Lenders, do any of the following at any time: (i) 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, (ii) release the
Borrower with respect to the Obligations or, except to the extent expressly permitted under this Agreement, reduce or limit the
obligations of any Guarantor under Article VII or release such Guarantor or otherwise limit such Guarantor’s liability
with respect to the Guaranteed Obligations, (iii) permit the Loan Parties to encumber the Unencumbered Assets, except as expressly
permitted in the Loan Documents, (iv) amend this Section 9.01, (v) increase the Commitments of the Lenders or subject
the Lenders to any additional obligations (except as set forth in Section 2.17), (vi) 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, (vii) postpone
or extend any date fixed for any payment of principal of, or interest on, the Notes or any fees or other amounts payable hereunder,
or (viii) extend the Termination Date in respect of either Facility (except as provided by Section 2.16); provided further
that (A) no amendment, waiver or consent shall, unless in writing and signed by the Swing Line Bank or each Issuing Bank, as the
case may be, in addition to the Lenders required above to take such action, affect the rights or obligations of the Swing Line
Bank or of the Issuing Banks, as the case may be, under this Agreement; and (B) 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, affect the rights
or duties of the Administrative Agent under this Agreement or the other Loan Documents.

 

(b)         In the event that 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 the Required Lenders,
then the Borrower shall have the right, upon written demand to such Non-Consenting Lender and the Administrative Agent given within
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 Non-Consenting Lender to assign its rights 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 Borrower and approved by the Administrative Agent (such approval not to be unreasonably withheld) (a
“Replacement Lender”), provided that (i) as of such Consent Request Date, no Default or Event
of Default shall have occurred and be continuing, and (ii) as of the date of the Borrower’s written demand to replace such
Non-Consenting Lender, no Default or Event of Default shall have occurred and be continuing other than a Default or Event of Default
that resulted solely from the subject matter of the waiver or amendment for which such consent was being solicited from the Lenders
by the Administrative Agent. The Replacement Lender shall purchase such interests of the Non-Consenting Lender and shall assume
the rights and obligations of the Non-Consenting Lender under this Agreement upon execution by the Replacement Lender of an Assignment
and Acceptance delivered pursuant to Section 9.07. Any Lender that becomes a Non-Consenting Lender agrees that, upon receipt of
notice from the Borrower given in accordance with this Section 9.01(b) it shall promptly execute and deliver an Assignment and
Acceptance with a Replacement Lender as contemplated by this Section. If such Non-Consenting Lender does not execute and deliver
to the Administrative Agent a duly completed Assignment and Acceptance and/or any other documentation necessary to reflect such
replacement within a period of time deemed reasonable by the Administrative Agent after the later of (i) the date on which the
Replacement Lender executes and delivers such Assignment and Acceptance and/or such other documentation and (ii) the date on which
the Non-Consenting Lender receives all payments required to be paid to it by this Section 9.01(b), then such Non-Consenting Lender
shall be deemed to have executed and delivered such Assignment and Acceptance and/or such other documentation as of such date and
the Borrower shall be entitled (but not obligated) to execute and deliver such Assignment and Acceptance and/or such other documentation
on behalf of such assigning Lender.

 

    	 	101	 

     

    

 

SECTION 9.02. Notices,
Etc. (a) All notices and other communications provided for hereunder shall be either (x) in writing (including telecopier
communication) and mailed, telecopied or delivered by hand or by overnight courier service, (y) as and to the extent set forth
in Section 9.02(b) and in the proviso to this Section 9.02(a), in an electronic medium and delivered as set forth in Section 9.02(b)
or (z) as and to the extent expressly permitted in this Agreement, transmitted by e-mail, provided that such e-mail shall
in all cases include an attachment (in PDF format or similar format) containing a legible signature of the person providing such
notice, if to the Borrower, at its address at 12600 Hill Country Boulevard, Suite R-100, Austin, Texas 78738, Attention: Christopher
Eng and to Hagen, Wilka & Archer, LLP, 600 South Main Avenue, Suite 102, Sioux Falls, SD 57104, Attention: Jennifer L. Larsen
or, if applicable, at ceng@shpreit.com and jlarsen@hwalaw.com (and in the case of transmission by e-mail, with a copy by U.S. mail
to 12600 Hill Country Boulevard, Suite R-100, Austin, Texas 78738, Attention: Christopher Eng and to Hagen, Wilka & Archer,
LLP, 600 South Main Avenue, Suite 102, Sioux Falls, SD 57104, Attention: Jennifer L. Larsen); if to any Initial Lender, at its
Domestic Lending Office or, if applicable, at the telecopy number or e-mail address specified opposite its name on Schedule I
hereto (and in the case of a transmission by e-mail, with a copy by U.S. mail to its Domestic Lending Office); if to any other
Lender Party, at its Domestic Lending Office or, if applicable, at the telecopy number or e-mail address specified in the Assignment
and Acceptance pursuant to which it became a Lender Party (and in the case of a transmission by e-mail, with a copy by U.S. mail
to its Domestic Lending Office); if to DBNY in its capacity as an Initial Issuing Bank, at its address at 60 Wall Street (MS NYC60-1110),
New York, New York 10005-2858, Attention: Joyce Shiu, Global Loan Operations, Standby L/C Unit, telecopier number (212) 797-0403,
or, if applicable, at joyce.shiu@db.com (and in the case of a transmission by e-mail, with a copy by U.S. mail to 60 Wall Street
(MS NYC60-1110), New York, New York 10005-2858, Attention: Joyce Shiu, Global Loan Operations, Standby L/C Unit); if to Bank of
America, N.A in its capacity as an Initial Issuing Bank, at its address at One Fleet Way, 2nd Floor, Mail Code PA6-580-02-20,
Scranton PA 18507, Attention: Global Trade Operations, telephone number 1 (800) 370-7519 and choose Trade product option 1, telecopier
number 1 (800) 755-8743, or, if applicable, at Scranton_standby_lc@bankofamerica.com (and in the case of a transmission by e-mail,
with a copy by U.S. mail to One Fleet Way, 2nd Floor, Mail Code PA6-580-02-20, Scranton PA 18507, Attention: Global
Trade Operations); if to Regions Bank in its capacity as an Initial Issuing Bank, at its address at 1900 5th Avenue
North, 15th Floor, Birmingham, AL 35203, Attention: Jule Ann Martin, telephone number (205) 326-5651, telecopier number
(205) 261-7939, or, if applicable, at juleann.martin@regions.com or cast@regions.com (and in the case of a transmission by e-mail,
with a copy by U.S. mail to 1900 5th Avenue North, 15th Floor, Birmingham, AL 35203, Attention: Jule Ann
Martin) if to the Administrative Agent with respect to any Notice of Borrowing or DBNY in its capacity as a Swing Line Bank, at
its address at 90 Hudson Street, 1st Floor (JCY05-0199), Jersey City, New Jersey 07302, Attention: Deirdre Wall, telecopier number
(201) 593-2309/2310 and at its address at 60 Wall Street, New York, New York 10005, Attention: Sheri Lewis-Taylor, telecopier number
212-797-4885, or, if applicable, at sheri.lewis-taylor@db.com and deirdre.wall@db.com (and in the case of a transmission by e-mail,
with a copy by U.S. mail to 90 Hudson Street, 1st Floor (JCY05-0199), Jersey City, New Jersey 07302, Attention: Deirdre Wall, and
to 60 Wall Street, New York, New York 10005, Attention: Sheri Lewis-Taylor); and if to the Administrative Agent with respect to
any other matter, at its address at 200 Crescent Court, Suite 550, Dallas, Texas 75201, Attention: Patrick Allen, telecopier number
(214) 740-7910, or, if applicable, at patrick.allen@db.com (and in the case of a transmission by e-mail, with a copy by U.S. mail
to 200 Crescent Court, Suite 550, Dallas, Texas 75201, Attention: Patrick Allen) or, as to the Borrower or the Administrative Agent,
at such other address as shall be designated by such party in a written notice to the other parties and, as to each other party,
at such other address as shall be designated by such party in a written notice to the Borrower and the Administrative Agent. All
notices, demands, requests, consents and other communications described in this clause (a) shall be effective (i) if delivered
by hand, including any overnight courier service, upon personal delivery, (ii) if delivered by mail, when deposited in the mails,
(iii) if delivered by posting to an Approved Electronic Platform, an Internet website or a similar telecommunication device requiring
that a user have prior access to such Approved Electronic Platform, website or other device (to the extent permitted by Section
9.02(b) to be delivered thereunder), when such notice, demand, request, consent and other communication shall have been made generally
available on such Approved Electronic Platform, Internet website or similar device to the class of Person being notified (regardless
of whether any such Person must accomplish, and whether or not any such Person shall have accomplished, any action prior to obtaining
access to such items, including registration, disclosure of contact information, compliance with a standard user agreement or undertaking
a duty of confidentiality) and such Person has been notified in respect of such posting that a communication has been posted to
the Approved Electronic Platform, provided that if requested by any Lender Party, the Administrative Agent shall deliver
a copy of the Communications to such Lender Party by e-mail or telecopier and (iv) if delivered by electronic mail or any other
telecommunications device, when receipt is confirmed by electronic mail as provided in this clause (a); provided, however,
that notices and communications to the Administrative Agent pursuant to Article II, III or VIII shall not be effective until
received by the Administrative Agent. Delivery by telecopier of an executed counterpart of a signature page to any amendment or
waiver of any provision of this Agreement or the Notes or of any exhibit hereto to be executed and delivered hereunder shall be
effective as delivery of an original executed counterpart thereof. Each Lender Party agrees (i) to notify the Administrative Agent
in writing of such Lender Party’s e-mail address to which a notice may be sent by electronic transmission (including by electronic
communication) on or before the date such Lender Party becomes a party to this Agreement (and from time to time thereafter to ensure
that the Administrative Agent has on record an effective e-mail address for such Lender Party) and (ii) that any notice may be
sent to such e-mail address.

 

    	 	102	 

     

    

 

(b)         Notwithstanding clause (a) (unless the
Administrative Agent requests that the provisions of clause (a) be followed) and any other provision in this Agreement or any other
Loan Document providing for the delivery of any Approved Electronic Communication by any other means, the Loan Parties shall deliver
all Approved Electronic Communications to the Administrative Agent by properly transmitting such Approved Electronic Communications
in an electronic/soft medium in a format acceptable to the Administrative Agent to monika.bagley@db.com or such other electronic
mail address (or similar means of electronic delivery) as the Administrative Agent may notify to the Borrower. Nothing in this
clause (b) shall prejudice the right of the Administrative Agent or any Lender Party to deliver any Approved Electronic Communication
to any Loan Party in any manner authorized in this Agreement or to request that the Borrower effect delivery in such manner.

 

(c)         Each of the Lender Parties and each Loan
Party agrees that the Administrative Agent may, but shall not be obligated to, make the Approved Electronic Communications available
to the Lender Parties by posting such Approved Electronic Communications on IntraLinksTM or a substantially similar electronic
platform chosen by the Administrative Agent to be its electronic transmission system (the “Approved Electronic Platform”).
Although the Approved Electronic 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 (including, as of the Closing Date, a dual firewall
and a User ID/Password Authorization System) and the Approved Electronic Platform is secured through a single-user-per-deal authorization
method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lender Parties 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 Lender Parties and each Loan Party hereby approves distribution of the Approved Electronic
Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution.

 

(d)         THE APPROVED ELECTRONIC PLATFORM AND THE
APPROVED ELECTRONIC COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. NONE OF THE ADMINISTRATIVE
AGENT NOR ANY OF ITS DIRECTORS, OFFICERS, AGENTS OR EMPLOYEES WARRANT THE ACCURACY, ADEQUACY OR COMPLETENESS OF THE APPROVED ELECTRONIC
COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM AND EACH EXPRESSLY DISCLAIMS ANY LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED
ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING,
WITHOUT LIMITATION, 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 THE ADMINISTRATIVE AGENT OR ANY OF ITS DIRECTORS, OFFICERS, AGENTS OR EMPLOYEES
IN CONNECTION WITH THE APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM.

 

    	 	103	 

     

    

 

(e)         Each of the Lender Parties and each Loan
Party agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store
the Approved Electronic Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s
generally-applicable document retention procedures and policies.

 

SECTION 9.03. No
Waiver; Remedies. No failure on the part of any Lender Party 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. (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 and the Arrangers 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 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 or any Arranger 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 Sections 3.01, 3.02, 5.01(j) or 5.01(k) and (ii) all
reasonable out-of-pocket costs and expenses of the Administrative Agent, the Arrangers and each Lender Party 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 Party
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 or the Letters of Credit, the Loan Documents
or any of the transactions contemplated thereby 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,
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 Party 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 or the Letters of Credit, the Loan Documents
or any of the transactions contemplated by the Loan Documents.

 

    	 	104	 

     

    

 

(c)         If any payment of principal of, or Conversion
of, any Eurodollar Rate Advance is made by the Borrower to or for the account of a Lender Party other than on the last day of the
Interest Period for such Advance, as a result of a payment or Conversion pursuant to Section 2.06, 2.09(b)(i), 2.10(d) or
2.17(e), acceleration of the maturity of the Notes pursuant to Section 6.01 or for any other reason, or if the Borrower fails
to make any payment or prepayment of an Advance for which a notice of prepayment has been given or that is otherwise required to
be made, whether pursuant to Section 2.04, 2.06 or 6.01 or otherwise, the Borrower shall, upon demand by such Lender Party
(with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender Party
any amounts required to compensate such Lender Party for any additional losses, costs or expenses that it may reasonably incur
as a result of such payment or Conversion or such failure to pay or prepay, as the case may be, including, without limitation,
any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender
Party to fund or maintain such Advance.

 

(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 Party,
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 Borrower and
the other Loan Parties contained in Sections 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.

 

SECTION 9.05. Right
of Set-off. Upon (a) the occurrence and during the continuance of any Event of Default and (b) the making
of the request or the granting of the consent specified by Section 6.01 to authorize the Administrative Agent to declare the
Notes due and payable pursuant to the provisions of Section 6.01, the Administrative Agent and each Lender Party 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 Party or such Affiliate to or for the credit
or the account of the Borrower or any other party to a Loan Document against any and all of the Obligations of the Borrower or
such other party now or hereafter existing under the Loan Documents, irrespective of whether the Administrative Agent or such Lender
Party 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, the Issuing Bank, the Swing Line Bank 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 Party agrees promptly to notify
the Borrower 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
Party 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 Party and their respective Affiliates may have.
Notwithstanding the above, the Administrative Agent and Lender Parties shall have no right to set off against deposits which are
subject to a security interest or rights of another lender, or which are held for the benefit of any Person, including any Subsidiary,
that is not party to a Loan Document.

 

    	 	105	 

     

    

 

SECTION 9.06. Binding
Effect. This Agreement shall become effective when it shall have been executed by the Borrower, each Guarantor named
on the signature pages hereto and the Administrative Agent shall have been notified by each Initial Lender and each Initial Issuing
Bank that such Initial Lender or such Initial Issuing Bank, as the case may be, has executed it and thereafter shall be binding
upon and inure to the benefit of the Borrower, the Guarantors named on the signature pages hereto and the Administrative Agent
and each Lender Party and their respective successors and assigns, except that neither the Borrower nor any other Loan Party shall
have the right to assign its rights hereunder or any interest herein without the prior written consent of the Lender Parties.

 

SECTION 9.07. Assignments
and Participations; Replacement Notes. (a) Each Lender may (and, if demanded by the Borrower in accordance with Section
9.01(b) will) assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including,
without limitation, all or a portion of its Commitment or Commitments, the Advances owing to it and the Note or Notes held by it);
provided, however, that (i) each such assignment shall be of a uniform, and not a varying, percentage of all
rights and obligations under and in respect of one or more of the Facilities, (ii) except in the case of an assignment to
a Person that, immediately prior to such assignment, was a Lender, an Affiliate of any Lender or a Fund Affiliate of any Lender
or an assignment of all of a Lender’s rights and obligations under this Agreement, the aggregate amount of the Commitments
being assigned to such Eligible Assignee pursuant to such assignment (determined as of the date of the Assignment and Acceptance
with respect to such assignment) shall in no event be less than $5,000,000 under each Facility or an integral multiple of $1,000,000
in excess thereof (or such lesser amount as shall be approved by the Administrative Agent and, so long as no Default shall have
occurred and be continuing at the time of effectiveness of such assignment, the Borrower), (iii) each such assignment shall
be to an Eligible Assignee, (iv) each such assignment made as a result of a demand by the Borrower pursuant to Section
9.01(b) shall be an assignment of all rights and obligations of the assigning Lender under this Agreement, (v) except in the case
of an assignment to a Person that, immediately prior to such assignment, was a Lender, an Affiliate of any Lender or a Fund Affiliate
of any Lender in which case notice of such assignment shall be provided to the Administrative Agent and the Borrower, no such assignments
shall be permitted (A) until the Administrative Agent shall have notified the Lender Parties that syndication of the Commitments
hereunder has been completed, without the consent of the Administrative Agent, and (B) at any other time without the consent of
the Administrative Agent (which consent shall not be unreasonably withheld or delayed) and (vi) the parties to each such assignment
shall execute and deliver to the Administrative Agent, for its acceptance and recording in the Register, an Assignment and Acceptance,
together with any Note or Notes subject to such assignment and, except if such assignment is being made by a Lender to an Affiliate
or Fund Affiliate of such Lender, a processing and recordation fee of $3,500; provided, however, that for each such assignment
made as a result of a demand by the Borrower pursuant to Section 9.01(b), the Borrower shall pay to the Administrative Agent the
applicable processing and recordation fee.

 

    	 	106	 

     

    

 

(b)         Upon such execution, delivery, acceptance
and recording, from and after the effective date specified in such Assignment and Acceptance, (i) the assignee thereunder
shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment
and Acceptance, have the rights and obligations of a Lender or Issuing Bank, as the case may be, hereunder and (ii) the Lender
or Issuing Bank assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant
to such Assignment and Acceptance, relinquish its rights (other than its rights under Sections 2.10, 2.12, 7.06, 8.05 and
9.04 to the extent any claim thereunder relates to an event arising prior to such assignment) and be released from its obligations
under this Agreement (and, in the case of an Assignment and Acceptance covering all of the remaining portion of an assigning Lender’s
or Issuing Bank’s rights and obligations under this Agreement, such Lender or Issuing Bank shall cease to be a party hereto).

 

(c)         By executing and delivering an Assignment
and Acceptance, each Lender Party assignor thereunder and each assignee thereunder confirm to and agree with each other and the
other parties thereto and hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning
Lender Party makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations
made in or in connection with any Loan Document or the execution, legality, validity, enforceability, genuineness, sufficiency
or value of, or the perfection or priority of any lien or security interest created or purported to be created under or in connection
with, any Loan Document or any other instrument or document furnished pursuant thereto; (ii) such assigning Lender Party makes
no representation or warranty and assumes no responsibility with respect to the financial condition of any Loan Party or the performance
or observance by any Loan Party of any of its obligations under any Loan Document or any other instrument or document furnished
pursuant thereto; (iii) such assignee confirms that it has received a copy of this Agreement, together with copies of the
financial statements referred to in Section 4.01 and such other documents and information as it has deemed appropriate to
make its own credit analysis and decision to enter into such Assignment and Acceptance; (iv) such assignee will, independently
and without reliance upon the Administrative Agent, such assigning Lender Party or any other Lender Party and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action
under this Agreement; (v) such assignee confirms that it is an Eligible Assignee; (vi) such assignee appoints and authorizes
the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Loan Documents
as are delegated to the Administrative Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably
incidental thereto; and (vii) such assignee agrees that it will perform in accordance with their terms all of the obligations
that by the terms of this Agreement are required to be performed by it as a Lender or Issuing Bank, as the case may be.

 

(d)         The Administrative Agent shall maintain
at its address referred to in Section 9.02 a copy of each Assignment and Acceptance delivered to and accepted by it and a
register for the recordation of the names and addresses of the Lender Parties and the Commitment under each Facility of, and principal
amount of the Advances owing under each Facility to, each Lender Party from time to time (the “Register”).
In addition, the Administrative Agent shall maintain information in the Register regarding the designation, and revocation of designation,
of any Lender as a Defaulting Lender. The entries in the Register shall be conclusive and binding for all purposes, absent manifest
error, and the Borrower, the Administrative Agent and the Lender Parties may treat each Person whose name is recorded in the Register
as a Lender Party hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower
or the Administrative Agent or any Lender Party at any reasonable time and from time to time upon reasonable prior notice.

 

    	 	107	 

     

    

 

(e)         Upon its receipt of an Assignment and Acceptance
executed by an assigning Lender Party and an assignee, together with any Note or Notes subject to such assignment, the Administrative
Agent shall, if such Assignment and Acceptance has been completed and is in substantially the form of Exhibit E hereto, (i) accept
such Assignment and Acceptance, (ii) record the information contained therein in the Register and (iii) give prompt notice
thereof to the Borrower and each other Agent. In the case of any assignment by a Lender, within five Business Days after its receipt
of such notice, the Borrower, at its own expense, shall, if requested by the applicable Lender, execute and deliver to the Administrative
Agent in exchange for the surrendered Note or Notes a substitute Note to the order of such Eligible Assignee in an amount equal
to the Commitment assumed by it under each Facility pursuant to such Assignment and Acceptance and, if any assigning Lender has
retained a Commitment hereunder under such Facility, a substitute Note to the order of such assigning Lender in an amount equal
to the Commitment retained by it hereunder. Such substitute Note or Notes, if any, shall be in an aggregate principal amount equal
to the aggregate principal amount of such surrendered Note or Notes, shall be dated the effective date of such Assignment and Acceptance
and shall otherwise be in substantially the form of Exhibit A-1 or Exhibit A-2 (as applicable) hereto.

 

(f)         Each Issuing Bank may assign to one or
more Eligible Assignees all or a portion of its rights and obligations under the undrawn portion of its Letter of Credit Commitment
at any time; provided, however, that (i) except in the case of an assignment to a Person that immediately prior
to such assignment was an Issuing Bank or an assignment of all of an Issuing Bank’s rights and obligations under this Agreement,
the amount of the Letter of Credit Commitment of the assigning Issuing Bank being assigned pursuant to each such assignment (determined
as of the date of the Assignment and Acceptance with respect to such assignment) shall in no event be less than $5,000,000 and
shall be in an integral multiple of $1,000,000 in excess thereof, (ii) each such assignment shall be to an Eligible Assignee
and (iii) the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and
recording in the Register, an Assignment and Acceptance, together with a processing and recordation fee of $3,500, provided
that such fee shall not be payable if the assigning Issuing Bank is making such assignment simultaneously with the assignment in
its capacity as a Lender of all or a portion of its Revolving Credit Commitment to the same Eligible Assignee.

 

(g)         Each Lender Party may sell participations
to one or more Persons (other than any Loan Party or any of its Affiliates or any Defaulting Lender or any of its Affiliates) in
or to all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its
Commitments, the Advances owing to it and the Note or Notes (if any) held by it) in a minimum gross amount of $5,000,000; provided,
however, that (i) such Lender Party’s obligations under this Agreement (including, without limitation, its Commitments)
shall remain unchanged, (ii) such Lender Party shall remain solely responsible to the other parties hereto for the performance
of such obligations, (iii) such Lender Party shall remain the holder of any such Note for all purposes of this Agreement,
(iv) the Borrower, the Administrative Agent and the other Lender Parties shall continue to deal solely and directly with such
Lender Party in connection with such Lender Party’s rights and obligations under this Agreement, (v) no participant
under any such participation shall have any right to approve any amendment or waiver of any provision of any Loan Document, or
any consent to any departure by any Loan Party therefrom, except to the extent that such amendment, waiver or consent would reduce
the principal of, or interest on, the Notes or any fees or other amounts payable hereunder, in each case to the extent subject
to such participation, or postpone any date fixed for any payment of principal of, or interest on, the Notes or any fees or other
amounts payable hereunder, in each case to the extent subject to such participation. The Borrower agrees that each participant
shall be entitled to the benefits of Sections 2.10 and 2.12 (subject to the requirements and limitation therein, including the
requirements under Sections 2.12(f) and (g) (it being understood that the documentation required under Sections 2.12(f) and (g)
shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment,
provided that, such participant shall not be entitled to receive any greater payment under Section 2.10 or 2.12 than the applicable
Lender 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. To the extent permitted by law, each Participant
also shall be entitled to the benefits of Section 9.05 as though such Participant were a Lender; provided, that such Participant
shall be deemed to be subject to Section 2.13 as though it were a Lender. Each Lender Party that sells a participation shall, acting
solely for this purpose as an agent of the Borrower, 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 Loans or other obligations under the Loan
Documents (the “Participant Register”); provided that no Lender Party 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 Party 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.

 

    	 	108	 

     

    

 

(h)         Any Lender Party may, in connection with
any assignment or participation or proposed assignment or participation pursuant to this Section 9.07, disclose to the assignee
or participant or proposed assignee or participant any information relating to the Loan Parties (or any of them) furnished to such
Lender Party by or on behalf of any Loan Party; provided, however, that prior to any such disclosure, the assignee or participant
or proposed assignee or participant shall agree to preserve the confidentiality of any Information received by it from such Lender
Party on the same terms as provided in Section 9.11.

 

(i)         Notwithstanding any other provision set
forth in this Agreement, any Lender Party may at any time create a security interest in all or any portion of its rights under
this Agreement (including, without limitation, the Advances owing to it and the Note or Notes held by it), including in favor of
any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System or any central
bank of any other applicable jurisdiction.

 

(j)         Upon notice to the Borrower from the Administrative
Agent or any Lender of the loss, theft, destruction or mutilation of any Lender’s Note, the Borrower will execute and deliver,
in lieu of such original Note, a replacement promissory note, identical in form and substance to, and dated as of the same date
as, the Note so lost, stolen or mutilated, subject to delivery by such Lender to the Borrower of an affidavit of lost note and
indemnity in customary form. Upon the execution and delivery of the replacement Note, all references herein or in any of the other
Loan Documents to the lost, stolen or mutilated Note shall be deemed references to the replacement Note.

 

(k)         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
Borrower and the Administrative Agent, the applicable Pro Rata Share of the Defaulting Lender of Advances 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, each Issuing Bank, each Swing Line Bank and each other
Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full Pro Rata Share of all Advances
and participations in Letters of Credit and Swing Line Advances in accordance with the Defaulting Lender’s Pro Rate Share.
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 Section 9.07(l), then the assignee of
such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

    	 	109	 

     

    

 

SECTION 9.08. Execution
in Counterparts. 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.

 

SECTION 9.09. No
Liability of the Issuing Banks. The Borrower assumes all risks of the acts or omissions of any beneficiary or transferee
of any Letter of Credit with respect to its use of such Letter of Credit. Neither any Issuing Bank nor any of its officers or directors
shall be liable or responsible for: (a) the use that may be made of any Letter of Credit or any acts or omissions of any beneficiary
or transferee in connection therewith; (b) the validity, sufficiency or genuineness of documents, or of any endorsement thereon,
even if such documents should prove to be in any or all respects invalid, insufficient, fraudulent or forged; (c) payment
by such Issuing Bank against presentation of documents that do not comply with the terms of a Letter of Credit, including failure
of any documents to bear any reference or adequate reference to the Letter of Credit; or (d) any other circumstances whatsoever
in making or failing to make payment under any Letter of Credit, except that the Borrower shall have a claim against such Issuing
Bank, and such Issuing Bank shall be liable to the Borrower, to the extent of any direct, but not consequential, damages suffered
by the Borrower that the Borrower proves were caused by (i) such Issuing Bank’s willful misconduct or gross negligence
as determined in a final, non-appealable judgment by a court of competent jurisdiction in determining whether documents presented
under any Letter of Credit comply with the terms of the Letter of Credit or (ii) such Issuing Bank’s willful failure
to make lawful payment under a Letter of Credit after the presentation to it of a draft and certificates strictly complying with
the terms and conditions of the Letter of Credit. In furtherance and not in limitation of the foregoing, such Issuing Bank may
accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any
notice or information to the contrary.

 

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 definition of Required Lenders.

 

    	 	110	 

     

    

 

(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, to
the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Bank or Swing Line Bank hereunder;
third, to Cash Collateralize the Issuing Banks’ Fronting Exposure with respect to such Defaulting Lender in accordance with
Section 9.10(d); fourth, as the Borrower may request (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; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata
in order to (A) satisfy such Defaulting Lender’s potential future funding obligations with respect to Advances under this
Agreement and (B) Cash Collateralize the Issuing Banks’ future Fronting Exposure with respect to such Defaulting Lender with
respect to future Letters of Credit issued under this Agreement, in accordance with Section 9.10(d); sixth, to the payment
of any amounts owing to the Lenders, the Issuing Banks or the Swing Line Banks as a result of any judgment of a court of competent
jurisdiction obtained by any Lender, the Issuing Banks or the Swing Line Banks against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default exists, to the payment
of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower
against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and eighth,
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 or drawn under any Letter of Credit in respect of which such Defaulting Lender
has not fully funded its appropriate share, and (y) such Advances were made or the related Letters of Credit were issued 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, and amounts drawn on Letters of Credit owed to, all Non-Defaulting Lenders on a
pro rata basis prior to being applied to the payment of any the Advances of, and amounts drawn on Letters of Credit owed to, such
Defaulting Lender until such time as all Advances and funded and unfunded participations in the Letter of Credit Exposure and Swing
Line Advances are held by the Lenders pro rata in accordance with the Commitments under the applicable Facility without giving
effect to Section 9.10(a)(iv). 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 or to post Cash Collateral 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.

 

(iii)         (A)         No Defaulting Lender
shall be entitled to receive any Unused Fee or Extension Fee for any period during which that Lender is a Defaulting Lender (and
the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting
Lender).

 

(B)         Each Defaulting Lender shall
be entitled to receive its Pro Rata Share of fees to be paid pursuant to Section 2.08(b) for any period during which that
Lender is a Defaulting Lender only to the extent allocable to its Pro Rata Share of the stated amount of Letters of Credit for
which it has provided Cash Collateral pursuant to Section 9.10(d).

 

(C)         With respect to any letter of
credit fees under Section 2.08(b) not required to be paid to any Defaulting Lender pursuant to clause (B) above, the Borrower
shall (x) pay to the Administrative Agent that portion of any such fee otherwise payable to such Defaulting Lender with respect
to such Defaulting Lender’s participation in the Letter of Credit Exposure or Swing Line Advances that has been reallocated
to any Non-Defaulting Lenders pursuant to Section 9.10(a)(iv), (y) pay to each Issuing Bank and Swing Line Bank, as applicable,
the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Bank’s or
Swing Line Bank’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of
any such fee.

 

    	 	111	 

     

    

 

(iv)         all or any part of such Defaulting
Lender’s participation in Letter of Credit Exposure and Swing Line Advances shall be reallocated among the Non-Defaulting
Lenders in accordance with their respective Pro Rata Shares (calculated without regard to such Defaulting Lender’s Commitments)
but only to the extent that (x) the conditions set forth in Section in Section 3.01 and 3.02, as applicable, are satisfied
at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such time,
the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation
does not cause the aggregate Facility Exposure allocable to any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s
Commitments. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting
Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of
such Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)         if the reallocation described
in Section 9.10(a)(iv) cannot, or can only partially be effected, the Borrower shall, without prejudice to any right or remedy
available to it hereunder or under law, (x) first prepay Swing Line Advances in an amount equal to the Swing Line Banks’
Fronting Exposure and (y) second, Cash Collateralize the Issuing Banks’ Fronting Exposure in accordance with the procedures
set forth in Section 9.10(d).

 

(b)         If the Borrower, the Administrative Agent
and each Issuing Bank 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
(which may include arrangements with respect to any Cash Collateral), 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 and funded and unfunded participations in Letters of Credit and Swing Line Advances to be
held pro rata by the Lenders in accordance with Pro Rata Share of the Commitments under the applicable Facility (without giving
effect to Section 9.10(a)(iv)), 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 Borrower 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.

 

(c)         So long as any Lender is a Defaulting Lender,
(i) the Swing Line Bank shall not be required to fund any Swing Line Advances unless it is satisfied that the participation therein
will be fully allocated among non-Defaulting Lenders in a manner consistent with clause Section 9.10(a)(iv) and the Defaulting
Lender shall not participate therein and (ii) no Issuing Bank shall be required to issue, extend, renew or increase any Letter
of Credit unless it is satisfied that the participations in the Letter of Credit Exposure related to any existing Letters of Credit
as well as the new, extended, renewed or increased Letter of Credit has been or will be fully allocated among the non-Defaulting
Lenders in a manner consistent with Section 9.10(a)(iv) and such Defaulting Lender shall not participate therein except to
the extent such Defaulting Lender’s participation has been or will be fully Cash Collateralized in a Defaulting Lender Cash
Collateral Account accordance with Section 9.10(d).

 

(d)         Not in limitation of the Cash Collateralization
provisions of Section 2.06(b) and Section 6.02:

 

(i)         at any time that there shall
exist a Defaulting Lender, within one Business Day following the written request of the Administrative Agent or any Issuing Bank
(with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the Issuing Banks’ Fronting Exposure with
respect to such Defaulting Lender (determined after giving effect to Section 9.10(a)(iv) and any Cash Collateral deposited
in a Defaulting Lender Cash Collateral Account by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.

 

    	 	112	 

     

    

 

(ii)         the Borrower, and to the extent
provided by any Defaulting Lender in a Defaulting Lender Cash Collateral Account, such Defaulting Lender, hereby grants to the
Administrative Agent, for the benefit of the Issuing Banks, and agrees to maintain, a first priority security interest in all such
Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in respect of the Letter of Credit
Exposure, to be applied pursuant to Section 9.10(d)(iii). If at any time the Administrative Agent determines that Cash Collateral
is subject to any right or claim of any Person other than the Administrative Agent or the Issuing Banks as herein provided, or
that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand
by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate
such deficiency (after giving effect to any Cash Collateral deposited in a Defaulting Lender Cash Collateral Account by the Defaulting
Lender).

 

(iii)         notwithstanding anything
to the contrary contained in this Agreement, Cash Collateral provided under this Section 9.10(d) or Section 9.10(a)(v)
in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations
in respect of Letters of Credit (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such
obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be
provided for herein.

 

(iv)         Cash Collateral (or the appropriate
portion thereof) provided to reduce any Issuing Bank’s Fronting Exposure shall no longer be required to be held as Cash Collateral
pursuant to this Section 9.10(d) following (1) the elimination of the applicable Fronting Exposure (including by the termination
of Defaulting Lender status of the applicable), or (2) the determination by the Administrative Agent and the Issuing Banks that
there exists excess Cash Collateral; provided, however, that, subject to Section 9.10(a)(ii), the Person providing Cash Collateral
and each Issuing Bank may agree that Cash Collateral shall not be released and shall be held to support future anticipated Fronting
Exposure or other obligations.

 

(e)         The Borrower may terminate the Unused Revolving
Credit Commitment of any Lender that is a Defaulting Lender upon not less than five Business Days’ prior notice to the Administrative
Agent (which shall promptly notify the Lenders thereof), and in such event the provisions of Section 9.10(a)(ii) will apply
to all amounts thereafter paid by the Borrower for the account of such Defaulting Lender under this Agreement (whether on account
of principal, interest, fees, indemnity or other amounts); provided that (i) no Event of Default shall have occurred and be continuing,
and (ii) such termination shall not be deemed to be a waiver or release of any claim the Borrower, the Administrative Agent,
any Issuing Bank, any Swing Line Bank or any Lender may have against such Defaulting Lender.

 

    	 	113	 

     

    

 

SECTION 9.11. Confidentiality.
(a) Each of the Administrative Agent, the Lender Parties and the Issuing Bank agrees to maintain the confidentiality of the Information
(as defined below), except that Information may be disclosed (i) to its Affiliates and to its and its Affiliates’ respective
managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives (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), (ii) to the extent requested by any regulatory authority purporting to
have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners),
(iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any
other party hereto, (v) 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,
(vi) subject to an agreement containing provisions at least as restrictive as those of this Section, (vii) to any assignee
of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement,
(viii) to any actual or prospective party (or its managers, administrators, trustees, partners, directors, officers, employees,
agents, advisors and other representatives) to any swap, derivative or other transaction under which payments are to be made by
reference to the Borrower and its obligations, this Agreement or payments hereunder, (ix) to any rating agency, (x) the CUSIP Service
Bureau or any similar organization, (xi) with the consent of the Borrower or (xii) to the extent such Information (A) becomes
publicly available other than as a result of a breach of this Section or (B) becomes available to the Administrative Agent,
such Lender Party, the Issuing Bank or any of their respective Affiliates on a non-confidential basis from a source other than
the Parent or any of its Subsidiaries without the Administrative Agent, such Lender Party, the Issuing Bank or any of their respective
Affiliates having knowledge that a duty of confidentiality to the Parent or any of its Subsidiaries has been breached. For purposes
of this Section, “Information” means all information received from the Parent or any of its Subsidiaries
(including the Fee Letter and any information obtained based on a review of the books and records of the Parent or any of its Subsidiaries)
relating to the Parent or any of its Subsidiaries or any of their respective businesses. Any Person required to maintain the confidentiality
of Information as provided in this Section 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.

 

(b)         Certain of the Lender Parties may enter
into this Agreement and take or not take action hereunder or under the other Loan Documents on the basis of information that does
not contain material non-public information with respect to any of the Parent, any or its Subsidiaries or their respective securities
(“Restricting Information”). Other Lender Parties may enter into this Agreement and take or not take
action hereunder or under the other Loan Documents on the basis of information that may contain Restricting Information. Each Lender
Party acknowledges that United States federal and state securities laws prohibit any person from purchasing or selling securities
on the basis of material, non-public information concerning the issuer of such securities or, subject to certain limited exceptions,
from communicating such information to any other Person. None of the Administrative Agent or any of its respective directors, officers,
agents or employees shall, by making any Communications (including Restricting Information) available to a Lender Party, by participating
in any conversations or other interactions with a Lender Party or otherwise, make or be deemed to make any statement with regard
to or otherwise warrant that any such information or Communication does or does not contain Restricting Information nor shall the
Administrative Agent or any of its respective directors, officers, agents or employees be responsible or liable in any way for
any decision a Lender Party may make to limit or to not limit its access to Restricting Information. In particular, none of the
Administrative Agent or any of its respective directors, officers, agents or employees (i) shall have, and the Administrative Agent,
on behalf of itself and each of its directors, officers, agents and employees, hereby disclaims, any duty to ascertain or inquire
as to whether or not a Lender Party has or has not limited its access to Restricting Information, such Lender Party’s policies
or procedures regarding the safeguarding of material, nonpublic information or such Lender Party’s compliance with applicable
laws related thereto or (ii) shall have, or incur, any liability to any Loan Party, any Lender Party or any of their respective
Affiliates, directors, officers, agents or employees arising out of or relating to the Administrative Agent or any of its respective
directors, officers, agents or employees providing or not providing Restricting Information to any Lender Party, other than as
found by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Administrative
Agent or any of its respective directors, officers, agents or employees.

 

    	 	114	 

     

    

 

(c)         Each Loan Party agrees that (i) all Communications
it provides to the Administrative Agent intended for delivery to the Lender Parties whether by posting to the Approved Electronic
Platform or otherwise shall be clearly and conspicuously marked “PUBLIC” if such Communications are determined by the
Loan Parties in good faith not to contain Restricting Information which, at a minimum, shall mean that the word “PUBLIC”
shall appear prominently on the first page thereof, (ii) by marking Communications “PUBLIC,” each Loan Party shall
be deemed to have authorized the Administrative Agent and the Lender Parties to treat such Communications as either publicly available
information or not material information (although such Communications shall remain subject to the confidentiality undertakings
of Section 9.11(a)) with respect to such Loan Party or its securities for purposes of United States Federal and state securities
laws, (iii) all Communications marked “PUBLIC” may be delivered to all Lender Parties and may be made available through
a portion of the Approved Electronic Platform designated “Public Side Information” and (iv) the Administrative Agent
shall be entitled to treat any Communications that are not marked “PUBLIC” as Restricting Information and may post
such Communications to a portion of the Approved Electronic Platform not designated “Public Side Information” (and
shall not post such Communications to a portion of the Approved Electronic Platform designated “Public Side Information”).
Neither the Administrative Agent nor any of its Affiliates shall be responsible for any statement or other designation by a Loan
Party regarding whether a Communication contains or does not contain material non-public information with respect to any of the
Loan Parties or their securities nor shall the Administrative Agent or any of its Affiliates incur any liability to any Loan Party,
any Lender Party or any other Person for any action taken by the Administrative Agent or any of its respective Affiliates based
upon such statement or designation, including any action as a result of which Restricting Information is provided to a Lender Party
that may decide not to take access to Restricting Information. Nothing in this Section 9.11(c) shall modify or limit a Person’s
obligations under Section 9.11 with regard to Communications and the maintenance of the confidentiality of or other treatment of
Information.

 

(d)         Each Lender Party acknowledges that circumstances
may arise that require it to refer to Communications that might contain Restricting Information. Accordingly, each Lender Party
agrees that it will nominate at least one designee to receive Communications (including Restricting Information) on its behalf
and identify such designee (including such designee’s contact information) in writing to the Administrative Agent. Each Lender
Party agrees to notify the Administrative Agent from time to time of such Lender Party’s designee’s e-mail address
to which notice of the availability of Restricting Information may be sent by electronic transmission.

 

(e)         Each Lender Party acknowledges that Communications
delivered hereunder and under the other Loan Documents may contain Restricting Information and that such Communications are available
to all Lender Parties generally. Each Lender Party that elects not to take access to Restricting Information does so voluntarily
and, by such election, acknowledges and agrees that the Administrative Agent and other Lender Parties may have access to Restricting
Information that is not available to such electing Lender Party. Each such electing Lender Party acknowledges the possibility that,
due to its election not to take access to Restricting Information, it may not have access to any Communications (including, without
being limited to, the items required to be made available to the Administrative Agent in Section 5.03 unless or until such Communications
(if any) have been filed or incorporated into documents which have been filed with the Securities and Exchange Commission by the
Parent). None of the Loan Parties, the Administrative Agent or any Lender Party with access to Restricting Information shall have
any duty to disclose such Restricting Information to such electing Lender Party or to use such Restricting Information on behalf
of such electing Lender Party, and shall not be liable for the failure to so disclose or use, such Restricting Information.

 

    	 	115	 

     

    

 

(f)         Sections 9.11(b), (c), (d) and (e) are
designed to assist the Administrative Agent, the Lender Parties and the Loan Parties, in complying with their respective contractual
obligations and applicable law in circumstances where certain Lender Parties express a desire not to receive Restricting Information
notwithstanding that certain Communications hereunder or under the other Loan Documents or other information provided to the Lender
Parties hereunder or thereunder may contain Restricting Information. None of the Administrative Agent or any of its respective
directors, officers, agents or employees warrants or makes any other statement with respect to the adequacy of such provisions
to achieve such purpose nor does the Administrative Agent or any of its respective directors, officers, agents or employees warrant
or make any other statement to the effect that a Loan Party’s or Lender Party’s adherence to such provisions will be
sufficient to ensure compliance by such Loan Party or Lender Party with its contractual obligations or its duties under applicable
law in respect of Restricting Information and each of the Lender Parties and each Loan Party assumes the risks associated therewith.

 

SECTION 9.12. [Intentionally
Omitted] 

 

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)) (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 Guarantor
and the Borrower shall, and shall cause each of their Subsidiaries to, provide, to the extent commercially reasonable, such information
and take such actions as are reasonably requested by the Administrative Agent or any Lender in order to assist the Administrative
Agent and the Lenders in maintaining compliance with the Patriot Act.

 

SECTION 9.14. Jurisdiction,
Etc. (a) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to
the nonexclusive 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 OF THE BORROWER, THE OTHER LOAN PARTIES, THE ADMINISTRATIVE AGENT
AND THE LENDER PARTIES 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, THE LETTERS OF CREDIT OR THE
ACTIONS OF THE ADMINISTRATIVE AGENT OR ANY LENDER PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

 

    	 	116	 

     

    

 

SECTION 9.17. Acknowledgment
and Consent to Bail-In of EEA 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 EEA 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 an EEA 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 an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto
that is an EEA 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 EEA 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 any EEA Resolution Authority.

 

[Balance of page intentionally left blank
– Signature pages follow]

 

    	 	117	 

     

    

 

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.

 

	 	BORROWER:
	 	 
	 	SUMMIT HOTEL OP, LP,
	 	a Delaware limited partnership
	 	 	 	 	 
	 	By:	SUMMIT HOTEL GP, LLC,
	 	 	a Delaware limited liability company,
	 	 	its general partner
	 	 	 	 	 
	 	 	By:	SUMMIT HOTEL PROPERTIES, INC.,
	 	 	 	a Maryland corporation,
	 	 	 	its sole member
	 	 	 	 	 
	 	 	 	By:	/s/ Christopher Eng
	 	 	 	 	Name:  Christopher Eng
	 	 	 	 	Title:    Secretary

 

	 	PARENT GUARANTOR:
	 	 
	 	SUMMIT HOTEL PROPERTIES, INC.,
	 	a Maryland corporation
	 	 	 
	 	By:	/s/ Christopher Eng
	 	 	Name:  Christopher Eng
	 	 	Title:    Secretary

 

(Signatures continued on
next page)

 

    	 	S	Summit Hotel OP, LP 2016 Credit Agreement

     

    

 

SUBSIDIARY GUARANTORS:

  

	Summit Hotel TRS 010, LLC	 	Summit Hotel TRS 121, LLC
	Summit Hotel TRS 020, LLC	 	Summit Hotel TRS 122, LLC
	Summit Hotel TRS 021, LLC	 	Summit Hotel TRS 123, LLC
	Summit Hotel TRS 023, LLC	 	Summit Hotel TRS 130, LLC
	Summit Hotel TRS 026, LLC	 	 
	Summit Hotel TRS 028, LLC	 	By:	Summit Hotel TRS, Inc.,
	Summit Hotel TRS 029, LLC	 	 	a Delaware corporation, the sole
	Summit Hotel TRS 030, LLC	 	 	member of each of the above referenced 
	Summit Hotel TRS 032, LLC	 	 	Delaware limited liability companies
	Summit Hotel TRS 035, LLC	 	 	 	 
	Summit Hotel TRS 036, LLC	 	 	By: 	/s/ Christopher Eng
	Summit Hotel TRS 037, LLC	 	 	 	Name:  Christopher Eng
	Summit Hotel TRS 038, LLC	 	 	 	Title:    Secretary
	Summit Hotel TRS 039, LLC	 	 
	Summit Hotel TRS 044, LLC	 	Summit Hospitality I, LLC,
	Summit Hotel TRS 045, LLC	 	a Delaware limited liability company
	Summit Hotel TRS 057, LLC	 	 	 
	Summit Hotel TRS 060, LLC	 	By: 	/s/ Christopher Eng
	Summit Hotel TRS 062, LLC	 	 	Name:  Christopher Eng
	Summit Hotel TRS 063, LLC	 	 	Title:    Secretary
	Summit Hotel TRS 064, LLC	 	 	 
	Summit Hotel TRS 065, LLC	 	San Fran JV, LLC,
	Summit Hotel TRS 066, LLC	 	a Delaware limited liability company
	Summit Hotel TRS 068, LLC	 	 	 
	Summit Hotel TRS 069, LLC	 	By: 	/s/ Christopher Eng
	Summit Hotel TRS 079, LLC	 	 	Name:  Christopher Eng
	Summit Hotel TRS 081, LLC	 	 	Title:    Secretary
	Summit Hotel TRS 082, LLC	 	 	 
	Summit Hotel TRS 083, LLC	 	Summit Hospitality 18, LLC,
	Summit Hotel TRS 084, LLC	 	a Delaware limited liability company
	Summit Hotel TRS 088, LLC	 	 	 
	Summit Hotel TRS 093, LLC	 	By: 	/s/ Christopher Eng
	Summit Hotel TRS 094, LLC	 	 	Name:  Christopher Eng
	Summit Hotel TRS 095, LLC	 	 	Title:    Secretary
	Summit Hotel TRS 097, LLC	 	 	 
	Summit Hotel TRS 100, LLC	 	Summit Hospitality 17, LLC,
	Summit Hotel TRS 102, LLC	 	a Delaware limited liability company
	Summit Hotel TRS 104, LLC	 	 	 
	Summit Hotel TRS 114, LLC	 	By: 	/s/ Christopher Eng
	Summit Hotel TRS 115, LLC	 	 	Name:  Christopher Eng
	Summit Hotel TRS 117, LLC	 	 	Title:    Secretary
	Summit Hotel TRS 118, LLC	 	 
	Summit Hotel TRS 119, LLC	 	 
	 	 	 	 
	By:	Summit Hotel TRS, Inc.,	 	 
	 	a Delaware corporation, the sole	 	 
	 	member of each of the above referenced 	 	 
	 	Delaware limited liability companies	 	 
	 	 	 	 	 
	 	By: 	/s/ Christopher Eng	 	 
	 	 	Name:  Christopher Eng	 	 
	 	 	Title:    Secretary	 	 

 

(Signatures continued on
next page)

 

    	 	S	Summit Hotel OP, LP 2016 Credit Agreement

     

    

 

	Summit Hospitality 060, LLC,	 	Summit Hospitality 079, LLC,
	a Delaware limited liability company	 	a Delaware limited liability company
	 	 	 	 	 
	By: 	/s/ Christopher Eng	 	By: 	/s/ Christopher Eng
	 	Name:  Christopher Eng	 	 	Name:  Christopher Eng
	 	Title:    Secretary	 	 	Title:    Secretary
	 	 	 
	Summit Hospitality 081, LLC,	 	Summit Hospitality 082, LLC,
	a Delaware limited liability company	 	a Delaware limited liability company
	 	 	 	 	 
	By: 	/s/ Christopher Eng	 	By: 	/s/ Christopher Eng
	 	Name:  Christopher Eng	 	 	Name:  Christopher Eng
	 	Title:    Secretary	 	 	Title:    Secretary
	 	 	 
	Summit Hospitality 084, LLC,	 	Summit Hospitality 093, LLC,
	a Delaware limited liability company	 	a Delaware limited liability company
	 	 	 	 	 
	By: 	/s/ Christopher Eng	 	By: 	/s/ Christopher Eng
	 	Name:  Christopher Eng	 	 	Name:  Christopher Eng
	 	Title:    Secretary	 	 	Title:    Secretary
	 	 	 
	Summit Hospitality 100, LLC,	 	Summit Hospitality 115, LLC,
	a Delaware limited liability company	 	a Delaware limited liability company
	 	 	 	 	 
	By: 	/s/ Christopher Eng	 	By: 	/s/ Christopher Eng
	 	Name:  Christopher Eng	 	 	Name:  Christopher Eng
	 	Title:    Secretary 	 	 	Title:    Secretary
	 	 	 
	Summit Hospitality 117, LLC,	 	Summit Hospitality 118, LLC,
	a Delaware limited liability company	 	a Delaware limited liability company
	 	 	 	 	 
	By: 	/s/ Christopher Eng	 	By: 	/s/ Christopher Eng
	 	Name:  Christopher Eng	 	 	Name:  Christopher Eng
	 	Title:    Secretary	 	 	Title:    Secretary

 

(Signatures continued on
next page)

 

    	 	S	Summit Hotel OP, LP 2016 Credit Agreement

     

    

 

 

	Summit Hospitality 119, LLC,	 	Summit Hospitality 121, LLC,
	a Delaware limited liability company	 	a Delaware limited liability company
	 	 	 	 	 
	By: 	/s/ Christopher Eng	 	By: 	/s/ Christopher Eng
	 	Name:  Christopher Eng	 	 	Name:  Christopher Eng
	 	Title:    Secretary	 	 	Title:    Secretary
	 	 	 
	Summit Hospitality 122, LLC,	 	Summit Hospitality 123, LLC,
	a Delaware limited liability company	 	a Delaware limited liability company
	 	 	 	 	 
	By: 	/s/ Christopher Eng	 	By: 	/s/ Christopher Eng
	 	Name:  Christopher Eng	 	 	Name:  Christopher Eng
	 	Title:    Secretary	 	 	Title:    Secretary
	 	 	 
	Summit Hospitality XII, LLC,	 	Summit Hospitality 114, LLC,
	a Delaware limited liability company	 	a Delaware limited liability company
	 	 	 	 	 
	By: 	/s/ Christopher Eng	 	By: 	/s/ Christopher Eng
	 	Name:  Christopher Eng	 	 	Name:  Christopher Eng
	 	Title:    Secretary	 	 	Title:    Secretary
	 	 	 
	Summit Hospitality 130, LLC,	 	Summit Hospitality 057, LLC,
	a Delaware limited liability company	 	a Delaware limited liability company
	 	 	 	 	 
	By: 	/s/ Christopher Eng	 	By: 	/s/ Christopher Eng
	 	Name:  Christopher Eng	 	 	Name:  Christopher Eng
	 	Title:    Secretary	 	 	Title:    Secretary

 

	Summit Hospitality 039, LLC,	 	 	 
	a Delaware limited liability company	 	 	 
	 	 	 	 	 
	By:  	/s/ Christopher Eng	 	 	 
	 	Name:   Christopher Eng	 	 	 
	 	Title:      Secretary	 	 	 

 

(Signatures continued on
next page)

 

    	 	S	Summit Hotel OP, LP 2016 Credit Agreement

     

    

 

	Agreed as of the date first above written:	 
	 	 
	DEUTSCHE BANK AG NEW YORK BRANCH,	 
	as Administrative Agent, Lender, Initial Issuing Bank,	 
	and Swing Line Bank	 
	 	 	 
	By:	/s/ James Rolison	 
	 	Name: James Rolison	 
	 	Title:   Managing Director	 
	 	 	 
	By:	/s/ Murray Mackinnon	 
	 	Name: Murray Mackinnon	 
	 	Title:   Vice President	 

 

(Signatures continued on
next page)

 

    	 	S	Summit Hotel OP, LP 2016 Credit Agreement

     

    

 

	BANK OF AMERICA, N.A.,	 
	as a Lender, Initial Issuing Bank,	 
	Swing Line Bank	 
	 	 	 
	By:	 /s/ John Sletten	 
	 	Name: John Sletten	 
	 	Title:   Vice President	 

 

(Signatures continued on
next page)

 

    	 	S	Summit Hotel OP, LP 2016 Credit Agreement

     

    

 

 

	REGIONS BANK,	 
	as a Lender, Initial Issuing Bank,	 
	Swing Line Bank	 
	 	 	 
	By:	/s/ T. Barrett Vawter 	 
	 	Name: T. Barrett Vawter	 
	 	Title:   Vice President	 

 

    	 	S	Summit Hotel OP, LP 2016 Credit Agreement

     

    

 

	ROYAL BANK OF CANADA,	 
	as a Lender	 
	 	 	 
	By:	/s/ Joshua Freedman	 
	 	Name: Joshua Freedman	 
	 	Title:   Authorized Signatory	 

 

(Signatures continued on
next page)

 

    	 	S	Summit Hotel OP, LP 2016 Credit Agreement

     

    

 

	U.S. BANK NATIONAL ASSOCIATION,	 
	as a Lender	 
	 	 	 
	By:	/s/ Scott DeJong	 
	 	Name: Scott DeJong	 
	 	Title:   Senior Vice President	 

 

(Signatures continued on
next page)

 

    	 	S	Summit Hotel OP, LP 2016 Credit Agreement

     

    

 

	PNC BANK, NATIONAL ASSOCIATION,	 
	as a Lender	 
	 	 	 
	By:	/s/ Joseph J. Seroke 	 
	 	Name: Joseph J. Seroke	 
	 	Title:   Vice President	 

 

(Signatures continued on
next page)

 

    	 	S	Summit Hotel OP, LP 2016 Credit Agreement

     

    

 

	KEYBANK NATIONAL ASSOCIATION,	 
	as a Lender	 
	 	 	 
	By:	/s/ James Komperda 	 
	 	Name: James Komperda	 
	 	Title:   Vice President	 

 

(Signatures continued on
next page)

 

    	 	S	Summit Hotel OP, LP 2016 Credit Agreement

     

    

 

	RAYMOND JAMES BANK, N.A.,	 
	as a Lender	 
	 	 	 
	By:	/s/ Alexander L. Rody	 
	 	Name: Alexander L. Rody	 
	 	Title:   Senior Vice President	 

 

(Signatures continued on
next page)

  

    	 	S	Summit Hotel OP, LP Credit Agreement

     

    

 

	BRANCH BANKING AND TRUST COMPANY,	 
	as a Lender	 
	 	 	 
	By:	/s/ Eric Searls 	 
	 	Name: Eric Searls	 
	 	Title:   Senior Vice President	 

 

(Signatures continued on
next page)

 

    	 	S	Summit Hotel OP, LP Credit Agreement

     

    

  

SCHEDULE I

COMMITMENTS AND APPLICABLE LENDING OFFICES

 

		 	Commitments	 	 		 	 
	Name
    of 
 Initial 
 Lender/
 Initial Issuing 
 Bank	 	Revolving
    
 Credit	 	 	Term
    Loan	 	 	Swing
    Line	 	 	Letter
    of 
 Credit	 	 	Domestic
    Lending Office	 	Eurodollar
    Lending Office
	Deutsche Bank AG New York Branch	 	$	55,000,000	 	 	$	14,000,000	 	 	$	6,666,668	 	 	$	8,333,334	 	 	Hanover
                                         Street Capital, LLC
 48
                                         Wall Street, 14th Floor
 New
                                         York, NY 10005
 Attn:
                                         Latisha McBurnie
 Tel: (212) 380-9397
 Latisha.mcburnie@hanoverstcap.com
	 	Hanover
                                         Street Capital, LLC
 48
                                         Wall Street, 14th Floor
 New
                                         York, NY 10005
 Attn:
                                         Latisha McBurnie
 Tel: (212) 380-9397
 Latisha.mcburnie@hanoverstcap.com

	Bank of America, N.A.	 	$	42,000,000	 	 	$	26,000,000	 	 	$	6,666,666	 	 	$	8,333,333	 	 	101
                                 N. Tryon Street
 Charlotte,
                                         NC 28255
 Attn:
                                         John Aditya K Athamacur
 Tel:
                                         (415) 436-5825, Ext. 62067
 Fax:
                                         (214) 290-9519
 Email:
                                         narender.vamani@bankofamerica.com
	 	101
                                 N. Tryon Street
 Charlotte,
                                         NC 28255
 Attn:
                                         John Aditya K Athamacur
 Tel:
                                         (415) 436-5825, Ext. 62067
 Fax:
                                         (214) 290-9519
 Email:
                                         narender.vamani@bankofamerica.com

	Regions Bank	 	$	42,000,000	 	 	$	26,000,000	 	 	$	6,666,666	 	 	$	8,333,333	 	 	1900
                                 5th Avenue North, 15th Flr.
 Birmingham,
                                         AL 35203
 Attn:
                                         Jule Ann Martin
 Tel:
                                         (205) 326-5651
 Fax:
                                         (205) 261-7939
 Email:
juleann.martin@regions.com; cast@regions.com 
	 	1900
5th Avenue North, 15th Flr.
 Birmingham,
                                         AL 35203
 Attn:
                                         Jule Ann Martin
 Tel:
                                         (205) 326-5651
 Fax:
                                         (205) 261-7939
 Email:
                                         juleann.martin@regions.com; cast@regions.com

 

    	 	Sch I-1	 

     

    

 

		 	Commitments	 	 		 	
	Name
    of 
 Initial 
 Lender/
 Initial Issuing 
 Bank	 	Revolving
    
 Credit	 	 	Term
    Loan	 	 	Swing
    Line	 	 	Letter
    of 
 Credit	 	 	Domestic
    Lending Office	 	Eurodollar
    Lending Office
	Royal Bank of Canada	 	$	40,000,000	 	 	$	10,000,000	 	 	 	—	 	 	 	—	 	 	Global
                                         Loans Administration
 20
                                         King St. West, 4th Floor
 Toronto,
                                         Ontario, Canada
 M5H
                                         1C4
 Attn:
                                         Ian LaRoche or Julie Camarra
 Tel:
                                         (416) 974-6107 or (416) 955-6577
 Fax:
                                         (212) 428-2372 or (212) 428-2372
 Email:
RBCNewYorkGLA2@rbc.com 
	 	Global
                                         Loans Administration
 20
                                         King St. West, 4th Floor
 Toronto,
                                         Ontario, Canada
 M5H
                                         1C4
 Attn:
                                         Ian LaRoche or Julie Camarra
 Tel:
                                         (416) 974-6107 or (416) 955-6577
 Fax:
                                         (212) 428-2372 or (212) 428-2372
 Email:
RBCNewYorkGLA2@rbc.com 

	U.S. Bank National Association	 	$	31,000,000	 	 	$	19,000,000	 	 	 	—	 	 	 	—	 	 	1420
                                 5th Avenue, PD-WA-T9IN
 Seattle,
                                         WA 98101
 Attn:
                                         Jireh Carcellar
 Tel:
                                         (206) 344-5059
 Fax:
                                         (206) 587-7023
 Email:
jireh.carcellar@usbank.com 
	 	1420
                                 5th Avenue, PD-WA-T9IN
 Seattle,
                                         WA 98101
 Attn:
                                         Jireh Carcellar
 Tel:
                                         (206) 344-5059
 Fax:
                                         (206) 587-7023
 Email:
                                         jireh.carcellar@usbank.com

	PNC Bank, National Association	 	$	31,000,000	 	 	$	19,000,000	 	 	 	—	 	 	 	—	 	 	500
                                 First Ave. (Mailstop P7-PFSC-04-V)
 Pittsburgh,
                                         PA 15219
 Attn:
                                         Melissa Krauss
 Tel:
                                         (412) 807-7115
 Fax:
                                         (888) 614-9134
 Email:
melissa.krauss@pnc.com 
	 	500
                                 First Ave. (Mailstop P7-PFSC-04-V)
 Pittsburgh,
                                         PA 15219
 Attn:
                                         Melissa Krauss
 Tel:
                                         (412) 807-7115
 Fax:
                                         (888) 614-9134
 Email:
                                         melissa.krauss@pnc.com

 

    	 	Sch I-2	 

     

    

 

	 	 	Commitments	 	 	 	 	 
	Name
    of 
 Initial 
 Lender/
 Initial 
 Issuing Bank	 	Revolving
    
 Credit	 	 	Term
    Loan	 	 	Swing
    Line	 	 	Letter
    of 
 Credit	 	 	Domestic
    Lending Office	 	Eurodollar
    Lending Office
	KeyBank National Association	 	$	28,000,000	 	 	$	17,000,000	 	 	 	—	 	 	 	—	 	 	1200
                                         Abernathy Rd., Suite 1550
 Atlanta, GA 30328
 Attn:
                                         Wolsley Grannum
 Tel:
                                         (770) 510-2136
 Fax:
                                         (216) 370-6206
 Email:
wolsley_e_grannum@keybank.com 
	 	1200
                                         Abernathy Rd., Suite 1550
 Atlanta, GA 30328
 Attn:
                                         Wolsley Grannum
 Tel:
                                         (770) 510-2136
 Fax:
                                         (216) 370-6206
 Email:
                                         wolsley_e_grannum@keybank.com

	Raymond James Bank, N.A.	 	$	19,000,000	 	 	$	11,000,000	 	 	 	—	 	 	 	—	 	 	710
                                 Carillon Parkway
 St.
                                         Petersburg, FL 33716
 Attn: Loan Ops/CML
 Tel: (727) 567-1815 or (727) 567-1922

                                         Fax: (866) 597-4002
 Email:
Fax-rjbloanops@raymondrames.com 
	 	710
                                 Carillon Parkway
 St.
                                         Petersburg, FL 33716
 Attn: Loan Ops/CML
 Tel: (727) 567-1815 or (727) 567-1922

                                         Fax: (866) 597-4002
 Email:
                                         Fax-rjbloanops@raymondrames.com

	Branch Banking and Trust Company	 	$	12,000,000	 	 	$	8,000,000	 	 	 	—	 	 	 	—	 	 	200
                                 West Second Street, 16th Floor
 Winston
                                         Salem, NC 27101
 Attn:
                                         Shana Pask
 Tel:
                                         (336) 733-2645
 Fax:
                                         (888) 707-4162
 Email:
                                         spask@bbandt.com
	 	200
                                 West Second Street, 16th Floor
 Winston
                                         Salem, NC 27101
 Attn:
                                         Shana Pask
 Tel:
                                         (336) 733-2645
 Fax:
                                         (888) 707-4162
 Email:
                                         spask@bbandt.com

	Totals	 	$	300,000,000	 	 	$	150,000,000	 	 	$	20,000,000	 	 	$	25,000,000	 	 	 	 	 

 

    	 	Sch I-3	 

     

    

  

Schedule II - Unencumbered Assets

 

	OWNERSHIP
 ENTITY	 	PROPERTY	 	ADDRESS	 	ZIP
 Code	 	 	COUNT	 	 	CODE	 	 	ROOMS	 	 	FRANCHISOR	 	STR
 CHAINSCALE	 	TRS HOLDING
 COMPANY	 	TRS ENTITY
 "LESSEE"
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Summit Hospitality XII, LLC	 	Residence Inn - Salt Lake City, UT	 	285 West Broadway	 	 	84101	 	 	 	1	 	 	 	010	 	 	 	189	 	 	Marriott International	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 010, LLC
	Summit Hospitality I, LLC	 	Fairfield Inn & Suites - Spokane, WA	 	311 N. Riverpoint Boulevard	 	 	99202	 	 	 	1	 	 	 	020	 	 	 	84	 	 	Marriott International	 	Upper Midscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 020, LLC
	Summit Hospitality I, LLC	 	Fairfield Inn & Suites - Denver, CO	 	6851 Tower Road	 	 	80249	 	 	 	1	 	 	 	021	 	 	 	160	 	 	Marriott International	 	Upper Midscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 021, LLC
	Summit Hospitality I, LLC	 	Hampton Inn - Provo  , UT	 	1511 South 40 East	 	 	84606	 	 	 	1	 	 	 	023	 	 	 	87	 	 	Hilton Worldwide	 	Upper Midscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 023, LLC
	Summit Hotel OP, LP	 	Hyatt Place - Phoenix, AZ	 	10838 N. 25th Avenue	 	 	85029	 	 	 	1	 	 	 	026	 	 	 	127	 	 	Hyatt Hotel Corp.	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 026, LLC
	Summit Hospitality I, LLC	 	Hampton Inn - Ft. Collins, CO	 	1620 Oakridge Drive	 	 	80525	 	 	 	1	 	 	 	028	 	 	 	75	 	 	Hilton Worldwide	 	Upper Midscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 028, LLC
	Summit Hospitality I, LLC	 	Fairfield Inn & Suites - Bellevue, WA	 	14595 NE 29th Place	 	 	98007	 	 	 	1	 	 	 	029	 	 	 	144	 	 	Marriott International	 	Upper Midscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 029, LLC
	San Fran JV, LLC	 	Holiday Inn Express & Suites - San Francisco, CA	 	550 North Point Street	 	 	94133	 	 	 	1	 	 	 	030	 	 	 	252	 	 	IHG	 	Upper Midscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 030, LLC
	Summit Hotel OP, LP	 	Hilton Garden Inn - Ft. Collins, CO	 	2821 E. Harmony Road	 	 	80528	 	 	 	1	 	 	 	032	 	 	 	120	 	 	Hilton Worldwide	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 032, LLC
	Summit Hotel OP, LP	 	Residence Inn - Jackson, MS	 	855 Centre Street	 	 	39157	 	 	 	1	 	 	 	035	 	 	 	100	 	 	Marriott International	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 035, LLC
	Summit Hospitality I, LLC	 	Courtyard - Arlington, TX	 	711 Highlander Boulevard	 	 	76015	 	 	 	1	 	 	 	036	 	 	 	103	 	 	Marriott International	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 036, LLC
	Summit Hospitality I, LLC	 	Residence Inn - Arlington, TX	 	801 Highlander Boulevard	 	 	76015	 	 	 	1	 	 	 	037	 	 	 	96	 	 	Marriott International	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 037, LLC
	Summit Hotel OP, LP	 	Holiday Inn Express - Vernon Hills, IL	 	975 North Lakeview Parkway	 	 	60061	 	 	 	1	 	 	 	038	 	 	 	119	 	 	IHG	 	Upper Midscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 038, LLC
	Summit Hospitality 039, LLC	 	Fairfield Inn & Suites - Ft. Worth, TX	 	6851 West Freeway	 	 	76116	 	 	 	1	 	 	 	039	 	 	 	70	 	 	Marriott International	 	Upper Midscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 039, LLC
	Summit Hotel OP, LP	 	Country Inn & Suites - Charleston, WV	 	105 Alex Lane	 	 	25304	 	 	 	1	 	 	 	044	 	 	 	64	 	 	Carlson Hospitality	 	Upper Midscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 044, LLC
	Summit Hotel OP, LP	 	Holiday Inn Express - Charleston, WV	 	107 Alex Lane	 	 	25304	 	 	 	1	 	 	 	045	 	 	 	66	 	 	IHG	 	Upper Midscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 045, LLC
	Summit Hospitality 057, LLC	 	Hyatt Place - Minneapolis, MN	 	425 7th Street South	 	 	55415	 	 	 	1	 	 	 	057	 	 	 	213	 	 	Hyatt Hotel Corp.	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 057, LLC
	Summit Hospitality 060, LLC	 	Springhill Suites - Nashville, TN	 	250 Athens Way	 	 	37228	 	 	 	1	 	 	 	060	 	 	 	78	 	 	Marriott International	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 060, LLC
	Summit Hospitality 18, LLC	 	Hilton Garden Inn - Eden Prairie, MN	 	6330 Point Chase	 	 	55344	 	 	 	1	 	 	 	062	 	 	 	97	 	 	Hilton Worldwide	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 062, LLC
	Summit Hospitality I, LLC	 	Courtyard - Germantown, TN	 	7750 Wolf River Boulevard	 	 	38138	 	 	 	1	 	 	 	063	 	 	 	93	 	 	Marriott International	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 063, LLC
	Summit Hotel OP, LP	 	Courtyard - Jackson, MS	 	6280 Ridgewood Court Drive	 	 	39211	 	 	 	1	 	 	 	064	 	 	 	117	 	 	Marriott International	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 064, LLC
	Summit Hospitality 17, LLC	 	Holiday Inn Express & Suites - Minnetonka, MN	 	10985 Red Circle Drive	 	 	55343	 	 	 	1	 	 	 	065	 	 	 	93	 	 	IHG	 	Upper Midscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 065, LLC
	Summit Hospitality I, LLC	 	Courtyard - New Orleans, LA	 	124 St. Charles Avenue	 	 	70130	 	 	 	1	 	 	 	066	 	 	 	140	 	 	Marriott International	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 066, LLC
	Summit Hospitality I, LLC	 	Fairfield Inn & Suites - Germantown, TN	 	9320 Poplar Pike	 	 	38138	 	 	 	1	 	 	 	068	 	 	 	80	 	 	Marriott International	 	Upper Midscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 068, LLC
	Summit Hospitality I, LLC	 	Residence Inn - Germantown, TN	 	9314 Poplar Pike	 	 	38138	 	 	 	1	 	 	 	069	 	 	 	78	 	 	Marriott International	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 069, LLC
	Summit Hospitality 079, LLC	 	Aloft - Jacksonville, FL	 	751 Skymarks Drive	 	 	32218	 	 	 	1	 	 	 	079	 	 	 	136	 	 	Starwood	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 079, LLC
	Summit Hospitality 081, LLC	 	Hyatt Place - Las Colinas, TX	 	5455 Green Park Drive	 	 	75038	 	 	 	1	 	 	 	081	 	 	 	122	 	 	Hyatt Hotel Corp.	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 081, LLC
	Summit Hospitality 082, LLC	 	Holiday Inn Express & Suites - Las Colinas, TX	 	333 W. John Carpenter Freeway	 	 	75039	 	 	 	1	 	 	 	082	 	 	 	128	 	 	IHG	 	Upper Midscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 082, LLC
	Summit Hotel OP, LP	 	Staybridge Suites - Ridgeland, MS	 	801 Ridgewood Road	 	 	39157	 	 	 	1	 	 	 	083	 	 	 	92	 	 	IHG	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 083, LLC
	Summit Hospitality 084, LLC	 	Hyatt Place - Portland, OR	 	9750 NE Cascades Parkway	 	 	97220	 	 	 	1	 	 	 	084	 	 	 	136	 	 	Hyatt Hotel Corp.	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 084, LLC
	Summit Hospitality I, LLC	 	Hyatt Place - Fort Myers, FL	 	2600 Champion Ring Road	 	 	33905	 	 	 	1	 	 	 	088	 	 	 	148	 	 	Hyatt Hotel Corp.	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 088, LLC
	Summit Hospitality 093, LLC	 	Homewood Suites - Ridgeland, MS	 	853 Centre Street	 	 	39157	 	 	 	1	 	 	 	093	 	 	 	91	 	 	Hilton Worldwide	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 093, LLC
	Summit Hospitality I, LLC	 	Staybridge Suites - Glendale, CO	 	4220 E. Virginia Avenue	 	 	80246	 	 	 	1	 	 	 	094	 	 	 	121	 	 	IHG	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 094, LLC
	Summit Hospitality I, LLC	 	Holiday Inn - Gwinnett, GA	 	6310 Sugarloaf Parkway	 	 	30097	 	 	 	1	 	 	 	095	 	 	 	143	 	 	IHG	 	Upper Midscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 095, LLC
	Summit Hospitality I, LLC	 	Courtyard - El Paso, TX	 	6610 International Road	 	 	79925	 	 	 	1	 	 	 	097	 	 	 	90	 	 	Marriott International	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 097, LLC
	Summit Hospitality 100, LLC	 	Hyatt Place - Long Island, NY	 	5 North Avenue	 	 	11530	 	 	 	1	 	 	 	100	 	 	 	122	 	 	Hyatt Hotel Corp.	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 100, LLC
	Summit Hospitality I, LLC	 	Courtyard - New Orleans, LA	 	300 Julia Street	 	 	70130	 	 	 	1	 	 	 	102	 	 	 	202	 	 	Marriott International	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 102, LLC
	Summit Hospitality I, LLC	 	SpringHill Suites - New Orleans, LA	 	301 St. Joseph Street	 	 	70130	 	 	 	1	 	 	 	104	 	 	 	208	 	 	Marriott International	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 104, LLC
	Summit Hospitality 114, LLC	 	DoubleTree - San Francisco, CA	 	5000 Sierra Point Parkway	 	 	94005	 	 	 	1	 	 	 	114	 	 	 	210	 	 	Hilton Worldwide	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 114, LLC
	Summit Hospitality 115, LLC	 	Four Points - San Francisco, CA	 	264 S. Airport Boulevard	 	 	94080	 	 	 	1	 	 	 	115	 	 	 	101	 	 	Starwood	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 115, LLC
	Summit Hospitality 117, LLC	 	Hampton Inn & Suites - Austin, TX	 	200 San Jacinto Boulevard	 	 	78701	 	 	 	1	 	 	 	117	 	 	 	209	 	 	Hilton Worldwide	 	Upper Midscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 117, LLC
	Summit Hospitality 118, LLC	 	Hampton Inn & Suites - Minneapolis, MN	 	19 North 8th Street	 	 	55403	 	 	 	1	 	 	 	118	 	 	 	211	 	 	Hilton Worldwide	 	Upper Midscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 118, LLC
	Summit Hospitality 119, LLC	 	Residence Inn - Branchburg, NJ	 	3241 Route 22 E	 	 	08876	 	 	 	1	 	 	 	119	 	 	 	101	 	 	Marriott International	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 119, LLC
	Summit Hospitality 121, LLC	 	Residence Inn - Hunt Valley, MD	 	45 Schilling Rd	 	 	21031	 	 	 	1	 	 	 	121	 	 	 	141	 	 	Marriott International	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 121, LLC
	Summit Hospitality 122, LLC	 	Hampton Inn - Norwood, MA	 	434 Providence Highway	 	 	02062	 	 	 	1	 	 	 	122	 	 	 	139	 	 	Hilton Worldwide	 	Upper Midscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 122, LLC
	Summit Hospitality 123, LLC	 	Hotel Indigo - Asheville, NC	 	151 Haywood Street	 	 	28801	 	 	 	1	 	 	 	123	 	 	 	115	 	 	IHG	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 123, LLC
	Summit Hospitality 130, LLC	 	Hyatt House - Miami, FL	 	5710 Blue Lagoon Drive	 	 	33126	 	 	 	1	 	 	 	130	 	 	 	156	 	 	Hyatt Hotel Corp.	 	Upscale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 130, LLC
	TOTAL	 	 	 	 	 	 	 	 	 	 	47	 	 	 	 	 	 	 	5,967	 	 	 	 	 	 	 	 	 

 

    	 	Sch II-1	 

     

    

 

Schedule III - Approved Managers

 

	Count	 	Management Company
	 	 	 
	1	 	Interstate Management Company, LLC
	1	 	Select Hotels Group, LLC
	1	 	Kana Hotels, Inc.
	1	 	Courtyard Management Corporation
	1	 	Residence Inn by Marriott, Inc.
	1	 	Springhill SMC Corporation
	1	 	IHG Management (Maryland), LLC
	1	 	Intercontinental Hotels Group Resources, Inc.
	1	 	Intermountain Management, LLC
	1	 	OTO Development, LLC
	1	 	Pillar Hotels and Resorts, LP
	1	 	White Lodging Services Corporation
	1	 	Stonebridge Realty Advisors, Inc.
	1	 	American Liberty Hospitality, Inc.
	1	 	Park Place Hospitality
	1	 	Aimbridge Hospitality
	16	 	 

 

    	 	Sch III-1	 

     

    

  

SCHEDULE IV

EXISTING LETTERS OF CREDIT

 

	Letter of Credit No.	 	Amount	 	 	Beneficiary Name
	DBS-20214	 	$	50,000.00	 	 	The Travelers Indemnity Company

 

    	 	Sch. IV-1EX-4.1

 Exhibit 4.1 

BOSTON PROPERTIES LIMITED PARTNERSHIP 

ISSUER 
 to 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

TRUSTEE 
  

 
 Supplemental
Indenture No. 15 
 Dated as of January 20, 2016 
  

 
 $1,000,000,000

 of 
 3.650% Senior Notes due
2026 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE ONE RELATION TO SENIOR INDENTURE; DEFINITIONS
	  	 	2	  
			
	 SECTION 1.1.
	 	 Relation to Senior Indenture.
	  	 	2	  
			
	 SECTION 1.2.
	 	 Definitions.
	  	 	2	  
		
	 ARTICLE TWO THE NOTES
	  	 	11	  
			
	 SECTION 2.1.
	 	 Title of the Securities.
	  	 	11	  
			
	 SECTION 2.2.
	 	 Limitation on Initial Aggregate Principal Amount; Further Issuances.
	  	 	11	  
			
	 SECTION 2.3.
	 	 Interest and Interest Rates; Maturity Date of Notes.
	  	 	11	  
			
	 SECTION 2.4.
	 	 Limitations on Incurrence of Debt.
	  	 	12	  
			
	 SECTION 2.5.
	 	 Optional Redemption.
	  	 	14	  
			
	 SECTION 2.6.
	 	 Places of Payment.
	  	 	14	  
			
	 SECTION 2.7.
	 	 Method of Payment.
	  	 	14	  
			
	 SECTION 2.8.
	 	 Currency.
	  	 	14	  
			
	 SECTION 2.9.
	 	 Global Form.
	  	 	14	  
			
	 SECTION 2.10.
	 	 Form of Notes and Execution.
	  	 	15	  
			
	 SECTION 2.11.
	 	 Transfer and Exchange.
	  	 	15	  
			
	 SECTION 2.12.
	 	 General Provisions Relating to Transfers and Exchanges.
	  	 	16	  
			
	 SECTION 2.13.
	 	 Registrar and Paying Agent.
	  	 	17	  
			
	 SECTION 2.14.
	 	 Defeasance.
	  	 	17	  
			
	 SECTION 2.15.
	 	 Provision of Financial Information.
	  	 	17	  
			
	 SECTION 2.16.
	 	 Waiver of Certain Covenants.
	  	 	18	  
			
	 SECTION 2.17.
	 	 No Sinking Fund.
	  	 	18	  
			
	 SECTION 2.18.
	 	 No Repayment at Option of Holders.
	  	 	18	  
			
	 SECTION 2.19.
	 	 Designation of CBD Properties.
	  	 	18	  
			
	 SECTION 2.20.
	 	 Designation of CBD Markets.
	  	 	19	  
			
	 SECTION 2.21.
	 	 Limitation on Suits.
	  	 	19	  
		
	 ARTICLE THREE MISCELLANEOUS PROVISIONS
	  	 	20	  
			
	 SECTION 3.1.
	 	 Ratification of Senior Indenture.
	  	 	20	  
			
	 SECTION 3.2.
	 	 Governing Law.
	  	 	20	  
			
	 SECTION 3.3.
	 	 Counterparts.
	  	 	20	  
			
	 SECTION 3.4.
	 	 Trustee.
	  	 	20	  
			
	 SECTION 3.5.
	 	 Corporate Trust Office.
	  	 	20	  
			
	 SECTION 3.6.
	 	 Failure or Delay in Performance.
	  	 	20	  
			
	 SECTION 3.7.
	 	 WAIVER OF JURY TRIAL.
	  	 	21	  

  
 i 

							
	 SECTION 3.8.
	 	 No Consequential Damages.
	  	 	21	  
			
	 SECTION 3.9.
	 	 Electronic Notices.
	  	 	21	  
			
	 SCHEDULE A
	 	 CBD Properties
	  	 	SC-A-1	  
	 SCHEDULE B
	 	 CBD Markets
	  	 	SC-B-1	  
	 EXHIBIT A
	 	 Form of Note
	  	 	A-1	  
	 EXHIBIT B
	 	 Form of Officers’ Certificate
	  	 	B-1	  
	 EXHIBIT C
	 	 Form of Officers’ Certificate
	  	 	C-1	  

  
 ii 

 THIS SUPPLEMENTAL INDENTURE NO. 15, dated as of January 20, 2016 (the “Fifteenth
Supplemental Indenture”), between BOSTON PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee
(herein called the “Trustee”). 
 WITNESSETH: 

WHEREAS, the Company has heretofore delivered to the Trustee an Indenture dated as of December 13, 2002 (the “Senior
Indenture” and together with the Fifteenth Supplemental Indenture, the “Indenture”), providing for the issuance by the Company from time to time of its senior debt securities evidencing its unsecured and unsubordinated
indebtedness (the “Securities”). 
 WHEREAS, Section 3.01 of the Senior Indenture provides for various matters with
respect to any series of Securities issued under the Senior Indenture to be established in an indenture supplemental to the Senior Indenture. 

WHEREAS, Section 9.01(7) of the Senior Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the
Senior Indenture to establish the form or terms of Securities of any series as provided by Sections 2.01 and 3.01 of the Senior Indenture. 

WHEREAS, the Board of Directors of Boston Properties, Inc. (“Boston Properties”), the general partner of the Company, has
duly adopted resolutions authorizing the Company to execute and deliver this Fifteenth Supplemental Indenture; and 
 WHEREAS, all of the
conditions and requirements necessary to make this Fifteenth Supplemental Indenture, when duly executed and delivered, a valid and binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and
fulfilled. 

  
 1 

 NOW, THEREFORE, THIS FIFTEENTH SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the series of Securities provided for herein by the Holders thereof, it is
mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Securities of such series, as follows: 
 ARTICLE
ONE 
 RELATION TO SENIOR INDENTURE; DEFINITIONS 
  

	 	SECTION 1.1.	Relation to Senior Indenture. 

 This Fifteenth Supplemental Indenture constitutes an
integral part of the Senior Indenture. 
  

	 	SECTION 1.2.	Definitions. 

 For all purposes of this Fifteenth Supplemental Indenture, except as
otherwise expressly provided for or unless the context otherwise requires: 
 (1) Capitalized terms used but not defined
herein shall have the respective meanings assigned to them in the Senior Indenture; and 
 (2) All references herein to
Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Fifteenth Supplemental Indenture. 

“Annualized Consolidated EBITDA” means, for any quarter, the product of Consolidated EBITDA for such period of time
multiplied by four (4). 
 “Annualized Interest Expense” means, for any quarter, the Interest Expense for that quarter
multiplied by four (4). 
 “Another Person’s Share” means, in connection with the defined term “Contingent
Liabilities of Boston Properties Limited Partnership and Subsidiaries”, (1) the aggregate direct and indirect interests of each Person other than the Company or any of its Subsidiaries in the equity capital of the applicable
Partially-Owned Entity, calculated by subtracting from 100% the Percentage Interest with respect to such Partially-Owned Entity, or (2) in the case of reimbursement owed to the Company or any of its Subsidiaries by a third party in respect of
payment made under a guaranty, the amount to be reimbursed to the Company or any of its Subsidiaries by such third party. 

“Applicable Procedures” means, with respect to any transfer or exchange of beneficial interests in any Global Note, the rules
and procedures of the Depositary that apply to such transfer or exchange. 
 “Capitalization Rate” means: (i) 9.0% for
properties other than the CBD Properties, and (ii) 8.0% for properties which are CBD Properties. 
 “Capitalized Property
Value” means, as of any date, the sum of (1) with respect to CBD Properties and non-CBD Properties, in each case that are not hotel properties, the aggregate sum of all Property EBITDA for each such CBD Property and non-CBD Property
for the Latest Completed Quarter prior to such date, annualized (i.e., multiplied by four (4)), and capitalized at the applicable Capitalization Rate plus (2) with respect to 

  
 2 

 
CBD Properties and non-CBD Properties, in each case that are hotel properties, the aggregate sum of all Property EBITDA for each such CBD Property and non-CBD Property for the most recent four
(4) consecutive completed fiscal quarters, capitalized at the applicable Capitalization Rate; provided, however, that if the value of a particular property calculated pursuant to clause (1) or (2) above, as applicable,
is less than the undepreciated book value of such property, as determined in accordance with GAAP, such undepreciated book value shall be used in lieu thereof with respect to such property. 

“CBD Properties” means each of the properties set forth on Schedule A attached hereto, together with each additional
property which is, from time to time, determined in good faith by the Company to be located within the central business district of a CBD Market and designated by the Company as a CBD Property in accordance with Section 2.19 hereof. 

“CBD Markets” means each of the markets set forth on Schedule B attached hereto, together with each additional major
U.S. or international metropolitan market which is, from time to time, designated by the Company as a CBD Market in accordance with Section 2.20 hereof. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term of the Notes to the Par Call Date that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the Notes to the Par Call Date. 
 “Comparable Treasury Price” means, with respect to any
Redemption Date, (a) the bid price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) at 4:00 P.M. on the third business day preceding such Redemption Date, as set forth on “Reuters Page 500” (or
such other page as may replace Reuters Page 500), or (b) if such page (or any successor page) is not displayed or does not contain such bid prices at such time (i) the average of the Reference Treasury Dealer Quotations obtained by the
Trustee for such Redemption Date, after excluding the highest and lowest of four such Reference Treasury Dealer Quotations, or (ii) if the Trustee is unable to obtain at least four such Reference Treasury Dealers Quotations, the average of all
Reference Treasury Dealer Quotations obtained by the Trustee. 
 “Consolidated EBITDA” means, for any period of time,
without duplication (1) net income (loss), excluding net derivative gains and gains (losses) on dispositions of real estate, before deductions for (i) Interest Expense, (ii) taxes, (iii) depreciation, amortization, net derivative
losses and all other non-cash items, as determined in good faith by the Company, deducted in arriving at net income (loss), (iv) extraordinary items, (v) non-recurring items, as determined in good faith by the Company (including all
prepayment penalties and all costs or fees incurred in connection with any debt financing or amendment thereto, acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction is completed)), and
(vi) noncontrolling interest, of the Company and its Subsidiaries; plus (2) the product of (A) net income (loss), excluding net derivative gains and gains (losses) on dispositions of real estate, before

  
 3 

 
deductions for (i) interest expense, (ii) taxes, (iii) depreciation, amortization, net derivative losses and all other non-cash items, as determined in good faith by the Company,
deducted in arriving at net income (loss), (iv) extraordinary items, and (v) non-recurring items, as determined in good faith by the Company (including all prepayment penalties and all costs or fees incurred in connection with any debt
financing or amendment thereto, acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction is completed)), of Partially-Owned Entities, multiplied by (B) the Company’s and its
Subsidiaries’ percentage share of such Partially-Owned Entities; minus (3) the Company’s income (loss) from Partially-Owned Entities. In each of cases (1), (2) and (3) for such period, amounts shall be as reasonably
determined by the Company in accordance with GAAP, except to the extent GAAP is not applicable with respect to the determination of all non-cash and non-recurring items. Consolidated EBITDA shall be adjusted, without duplication, to give pro forma
effect: (x) in the case of any assets having been placed-in-service or removed from service since the beginning of the period and on or prior to the date of determination, to include or exclude, as the case may be, any Consolidated EBITDA
earned or eliminated as a result of the placement of such assets in service or removal of such assets from service as if the placement of such assets in service or removal of such assets from service occurred at the beginning of the period; and
(y) in the case of any acquisition or disposition of any asset or group of assets since the beginning of the period and on or prior to the date of determination, including, without limitation, by merger, or stock or asset purchase or sale, to
include or exclude, as the case may be, any Consolidated EBITDA earned or eliminated as a result of the acquisition or disposition of those assets as if the acquisition or disposition occurred at the beginning of the period. 

“Consolidated Financial Statements” means, with respect to any Person, collectively, the consolidated financial statements
and notes to those financial statements, of that Person and its subsidiaries prepared in accordance with GAAP. For purposes of this definition, if as of any date or for any period actual consolidated financial statements of any Person have not been
prepared, then this term shall include the books and records of that Person ordinarily used in the preparation of such financial statements. 

“Contingent Liabilities of Boston Properties Limited Partnership and Subsidiaries” means, as of any date, without
duplication, those liabilities of the Company or any of its Subsidiaries consisting of indebtedness for borrowed money, as determined in accordance with GAAP, that are or would be stated and quantified as contingent liabilities in the notes to the
Consolidated Financial Statements of the Company as of that date; provided, however, that Contingent Liabilities of Boston Properties Limited Partnership and Subsidiaries shall exclude Intercompany Debt and Another Person’s Share
of Duplicated Obligations. 
 “Debt” means, as of any date, without duplication, (1) in the case of the Company, all
indebtedness and liabilities for borrowed money, secured or unsecured, of the Company, including the Notes to the extent outstanding from time to time; (2) in the case of the Company’s Subsidiaries, all indebtedness and liabilities for
borrowed money, secured or unsecured, of the Subsidiaries, including in each of cases (1) and (2) mortgage and other notes payable, but excluding in each of cases (1) and (2) any indebtedness,

  
 4 

 
including mortgages and other notes payable, which is secured by cash, cash equivalents or marketable securities or defeased (it being understood that cash collateral shall be deemed to include
cash deposited with a trustee with respect to third party indebtedness; provided that such trustee holds such cash for not more than 60 days from the date of deposit); and (3) all Contingent Liabilities of Boston Properties Limited
Partnership and Subsidiaries, but excluding in each of cases (1), (2) and (3) Intercompany Debt. It is understood that Debt shall not include any redeemable equity interest in the Company. 

“Defaulted Interest” has the meaning specified in Section 2.3 hereof. 

“Definitive Note” means a certificated Note in the form of Exhibit A hereto, registered in the name of the Holder
thereof and issued in accordance with Section 2.11 hereof, except that such Note shall not bear the Global Note Legend. 

“Depositary” has the meaning assigned to it in Section 2.9(a) hereof. 

“Duplicated Obligations” means, as of any date, collectively, all those payment guaranties in respect of indebtedness and
other liabilities, secured or unsecured, of Partially-Owned Entities, including mortgage and other notes payable, for which (1) the Company or any of its Subsidiaries, on one hand, and another Person or Persons, on the other hand, are jointly
and severally liable or (2) the Company or any of its Subsidiaries are entitled to reimbursement in respect of payment under such guaranties from another Person or Persons. 

“GAAP” means accounting principles generally accepted in the United States of America, consistently applied, as in effect
from time to time; provided that if, as of a particular date as of which compliance with the covenants contained in the Indenture is being determined, there have been changes in accounting principles generally accepted in the United States of
America from those that applied to the consolidated financial statements of the Company included in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, the Company may, in its sole discretion, determine compliance with
the covenants contained in the Indenture using accounting principles generally accepted in the United States of America, consistently applied, as in effect as of the end of any calendar quarter selected by the Company, in its sole discretion, that
is on or after September 30, 2015 and prior to the date as of which compliance with the covenants in the Indenture is being determined (“Fixed GAAP”), and, solely for purposes of calculating the covenants as of such date,
“GAAP” shall mean Fixed GAAP. 
 “Global Notes” means, individually or collectively, any of the Notes issued as
Global Securities under the Senior Indenture. 
 “Global Note Legend” means the legend set forth in Section 2.03 of
the Senior Indenture, which is required to be placed on all Global Notes issued under the Senior Indenture. 
 “Holders”
has the meaning specified in Section 2.3 hereof. 

  
 5 

 “Incur” means, with respect to any Debt or other obligation of any Person, to
create, assume, guarantee or otherwise become liable in respect of the Debt or other obligation, and “Incurrence” and “Incurred” have the meanings correlative to the foregoing. 

“Independent Investment Banker” means such independent investment banking institution of national standing appointed by the
Company from time to time. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note
through a Participant. 
 “Intercompany Debt” means, as of any date, indebtedness and liabilities for borrowed money,
secured or unsecured, to which the only parties are Boston Properties, the Company, any Subsidiary of either of them as of that date or any Partially-Owned Entity. 

“Interest Expense” means, for any period of time, the aggregate amount of interest recorded in accordance with GAAP for such
period of time by the Company and its Subsidiaries, but excluding: (i) interest reserves funded from the proceeds of any loan; (ii) amortization of deferred financing costs; (iii) prepayment penalties and (iv) non-cash
swap ineffectiveness charges and including, without duplication: (A) effective interest in respect of original issue discount as determined in accordance with GAAP; and (B) without limitation or duplication, the interest expense
(determined as provided above) of Partially-Owned Entities, multiplied by the Company’s Percentage Interest of the Partially-Owned Entity Outstanding Debt in such Partially-Owned Entities, in all cases as reflected in the applicable
Consolidated Financial Statements. 
 “Interest Payment Date” has the meaning specified in Section 2.3 hereof. 

“Latest Completed Quarter” means the most recently ended fiscal quarter of the Company for which Consolidated Financial
Statements of the Company have been completed, it being understood that at any time when the Company is subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and in
accordance therewith files annual and quarterly reports with the Commission, the term “Latest Completed Quarter” shall be deemed to refer to the fiscal quarter covered by the Company’s most recently filed Quarterly Report on Form
10-Q, or, in the case of the last fiscal quarter of the year, the Company’s Annual Report on Form 10-K. 

“Lien” means, without duplication, any lien, mortgage, trust deed, deed of trust, deed to secure debt, pledge, security
interest, assignment for collateral purposes, deposit arrangement, or other security agreement, excluding any right of setoff but including, without limitation, any conditional sale or other title retention agreement, any financing lease having
substantially the same economic effect as any of the foregoing, and any other like agreement granting or conveying a security interest; provided, that for purposes hereof, “Lien” shall not include any mortgage that has been defeased
by the Company, any of its Subsidiaries or any of the Partially-Owned Entities in accordance with the 

  
 6 

 
provisions thereof through the deposit of cash, cash equivalents or marketable securities (it being understood that cash collateral shall be deemed to include cash deposited with a trustee with
respect to third party indebtedness). 
 “Notes” has the meaning specified in Section 2.1 hereof. 

“Par Call Date” means November 3, 2025 (90 days prior to the Stated Maturity Date). 

“Partially-Owned Entity” means, at any time, any of the partnerships, associations, corporations, limited liability
companies, trusts, joint ventures or other business entities in which the Company, directly, or indirectly through full or partial ownership of another entity, owns an equity interest, but which is not required in accordance with GAAP to be
consolidated with the Company for financial reporting purposes. 
 “Partially-Owned Entity Outstanding Debt” means, as of
any date, the aggregate principal amount of all outstanding indebtedness and liabilities for borrowed money, secured or unsecured, of the applicable Partially-Owned Entity, including mortgage and other notes payable but excluding Intercompany Debt
and any indebtedness which is secured by cash, cash equivalents or marketable securities or defeased (it being understood that cash collateral shall be deemed to include cash deposited with a trustee with respect to third party indebtedness), all as
reflected in the Consolidated Financial Statements of such Partially-Owned Entity as of such date. 
 “Participant” means,
with respect to the Depositary, a Person who has an account with the Depositary, as the case may be (and, with respect to The Depository Trust Company, shall include Euroclear and Clearstream). 

“Percentage Interest” means, with respect to a Partially-Owned Entity, the Company’s direct or indirect interest in the
equity capital of such entity without giving effect to any incentive or performance-based sharing in the entity’s cash flow from operations or proceeds from capital transactions in excess of such equity interest. 

“Property EBITDA” means for any property, CBD Property or non-CBD Property, for any period of time, without duplication,
(1) if the property is owned by the Company or any of its Subsidiaries, the net income (loss) derived from such property, excluding net derivative gains and gains (losses) on dispositions of real estate, before deductions for (i) Interest
Expense, (ii) taxes, (iii) depreciation, amortization, net derivative losses and all other non-cash items, as determined in good faith by the Company, deducted in arriving at net income (loss), (iv) extraordinary items,
(v) non-recurring items, as determined in good faith by the Company (including all prepayment penalties and all costs or fees incurred in connection with any debt financing or amendment thereto, acquisition, disposition, recapitalization or
similar transaction (regardless of whether such transaction is completed)), and (vi) noncontrolling interest, and (2) if the property is owned by a Partially-Owned Entity, the product of (A) net income (loss) derived from such
property, excluding net derivative gains and gains 

  
 7 

 
(losses) on dispositions of real estate, before deductions for (i) interest expense, (ii) taxes, (iii) depreciation, amortization, net derivative losses and all other non-cash
items, as determined in good faith by the Company, deducted in arriving at net income (loss), (iv) extraordinary items, and (v) non-recurring items, as determined in good faith by the Company (including all prepayment penalties and all
costs or fees incurred in connection with any debt financing or amendment thereto, acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction is completed)), multiplied by (B) the Company’s
and its Subsidiaries’ percentage share of such Partially-Owned Entity. In each of cases (1) and (2) for such period, amounts shall be as reasonably determined by the Company in accordance with GAAP, except to the extent GAAP is not
applicable with respect to the determination of all non-cash and non-recurring items. Property EBITDA shall be adjusted, without duplication, to give pro forma effect: (x) in the case of any assets having been placed-in-service or removed from
service since the beginning of the period and on or prior to the date of determination, to include or exclude, as the case may be, any Property EBITDA earned or eliminated as a result of the placement of such assets in service or removal of such
assets from service as if the placement of such assets in service or removal of such assets from service occurred at the beginning of the period; and (y) in the case of any acquisition or disposition of any asset or group of assets since the
beginning of the period and on or prior to the date of determination, including, without limitation, by merger, or stock or asset purchase or sale, to include or exclude, as the case may be, any Property EBITDA earned or eliminated as a result of
the acquisition or disposition of those assets as if the acquisition or disposition occurred at the beginning of the period. For purposes of this definition, in the case of (1) and (2) above, Property EBITDA shall exclude general and
administrative expenses as reflected in the Company’s audited year-end Consolidated Financial Statements or reviewed interim Consolidated Financial Statements available for the Latest Completed Quarter or the most recent four
(4) consecutive completed fiscal quarters, as applicable. 
 “Reference Treasury Dealer” means, as determined by the
Company, either (a) Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC (or any of their respective successors) and one other primary U.S.
government securities dealer in New York City (a “Primary Treasury Dealer”) appointed by the Company or (b) one Primary Treasury Dealer appointed by the Company and three other Primary Treasury Dealers selected by the
Independent Investment Banker; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the
Notes, an average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue for the Notes (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury
Dealer at 5:00 p.m., New York City time, on the third business day preceding such Redemption Date. 
 “Regular Record Date”
has the meaning specified in Section 2.3 hereof. 

  
 8 

 “Secured Debt” means, as of any date, that portion of Total Outstanding Debt as
of that date that is secured by a Lien on properties or other assets of the Company, any of its Subsidiaries or any of the Partially-Owned Entities. 

“Securities Act” means the Securities Act of 1933, as amended from time to time. 

“Special Record Date” has the meaning specified in Section 2.3 hereof. 

“Stated Maturity Date” has the meaning specified in Section 2.3 hereof. 

“Subsidiary” means, with respect to any Person, a corporation, partnership association, joint venture, trust, limited
liability company or other business entity which is required to be consolidated with the Company or Boston Properties in accordance with GAAP. 

“Total Assets” means, with respect to any Incurrence of Debt or Secured Debt, as of any date, in each case as determined by
the Company without duplication, the sum of: (1) Capitalized Property Value; (2) cash, cash equivalents and marketable securities of the Company and its Subsidiaries, determined in accordance with GAAP; (3) with respect to notes
receivable and mortgages, the lesser of (i) the aggregate amount of principal under such note or mortgage that will be due and payable to the Company or its Subsidiaries and (ii) the purchase price paid by the Company or its Subsidiaries
to acquire such note or mortgage; (4) with respect to real estate assets which are undeveloped land, the book value thereof in accordance with GAAP; (5) without duplication, the cost basis of properties of the Company and its Subsidiaries
that are under development, determined in accordance with GAAP, as of the end of the quarterly period used for purposes of clause (1) above; (6) without duplication, the proceeds of the Debt or Secured Debt or the assets to be acquired in
exchange for such proceeds, as the case may be, Incurred from the end of the Latest Completed Quarter prior to the Incurrence of the Debt or Secured Debt, as the case may be, to the date of determination; and (7) the Company’s and its
Subsidiaries’ percentage share of Partially-Owned Entities’ assets described in clauses (1), (2), (3), (4), (5) and (6) above. 

“Total Outstanding Debt” means, as of any date, the sum, without duplication, of (1) the aggregate principal amount of
all outstanding Debt of the Company as of that date; (2) the aggregate principal amount of all outstanding Debt of the Company’s Subsidiaries, all as of that date; and (3) the sum of the aggregate principal amount of all
Partially-Owned Entity Outstanding Debt of each of the Partially-Owned Entities multiplied by the Company’s respective Percentage Interest in such Partially-Owned Entity as of that date. 

“Treasury Yield” means, with respect to any Redemption Date applicable to the Notes, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the third business day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the applicable Comparable Treasury Price for such Redemption Date. 

  
 9 

 “Unencumbered Assets” means, as of any date, in each case as determined by the
Company without duplication, the sum of: (1) Unencumbered Capitalized Property Value; (2) cash, cash equivalents and marketable securities of the Company and its Subsidiaries, other than restricted cash, cash equivalents and marketable
securities pledged to secure Debt, determined in accordance with GAAP; (3) with respect to notes receivable and mortgages, the lesser of (i) the aggregate amount of principal under such note or mortgage that will be due and payable to the
Company or its Subsidiaries and (ii) the purchase price paid by the Company or its Subsidiaries to acquire such note or mortgage, except any notes receivable or mortgages that are serving as collateral for Secured Debt; (4) with respect to
real estate assets which are undeveloped land, the book value thereof in accordance with GAAP, except any land that is serving as collateral for Secured Debt; (5) without duplication, the cost basis of properties of the Company and its
Subsidiaries that are under development, determined in accordance with GAAP, as of the end of the quarterly period used for purposes of clause (1) above, except any properties that are serving as collateral for Secured Debt; (6) without
duplication, the proceeds of the Debt or Secured Debt or the assets to be acquired in exchange for such proceeds, as the case may be, Incurred from the end of the Latest Completed Quarter prior to such date to the date of determination, except in
each case any proceeds or assets that are serving as collateral for Secured Debt; and (7) the Company’s and its Subsidiaries’ percentage share, of Partially-Owned Entities’ assets described in clauses (1), (2), (3), (4),
(5) and (6) above. For the avoidance of doubt, cash held by a “qualified intermediary” in connection with proposed like-kind exchanges pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended, which may be
classified as “restricted” for GAAP purposes shall nonetheless be included in clause (2) above, so long as the Company or any of its Subsidiaries has the right to (i) direct the qualified intermediary to return such cash to the
Company or such Subsidiary if and when the Company or such Subsidiary fails to identify or acquire the proposed like-kind property or at the end of the 180-day replacement period or (ii) direct the qualified intermediary to use such cash to
acquire like-kind property. 
 “Unencumbered Capitalized Property Value” means, as of any date, the sum of (1) with
respect to CBD Properties and non-CBD Properties, in each case that are not hotel properties, the aggregate of all Unencumbered Property EBITDA for each such CBD Property and non-CBD Property for the Latest Completed Quarter prior to such date,
annualized (i.e., multiplied by four (4)), and capitalized at the applicable Capitalization Rate plus, (2) with respect to CBD Properties and non-CBD Properties, in each case that are hotel
properties, the aggregate of all Unencumbered Property EBITDA for each such CBD Property and non-CBD Property for the most recent four (4) consecutive completed fiscal quarters, capitalized at the applicable Capitalization Rate;
provided, however, that if the value of a particular property calculated pursuant to clause (1) or (2) above, as applicable, is less than the undepreciated book value of such property determined in accordance with GAAP, such
undepreciated book value shall be used in lieu thereof with respect to such property. 
 “Unencumbered Consolidated EBITDA”
means, for any period of time, Consolidated EBITDA for such period of time less any portion thereof attributable to assets serving as collateral for Secured Debt. 

  
 10 

 “Unencumbered Property EBITDA” means, for any period of time, Property EBITDA
for such period of time less any portion thereof attributable to assets serving as collateral for Secured Debt. 
 “Unsecured
Debt” means, as of any date, that portion of Total Outstanding Debt as of that date that is neither Secured Debt nor Contingent Liabilities of Boston Properties Limited Partnership and Subsidiaries. 

ARTICLE TWO 
 THE NOTES 

 

	 	SECTION 2.1.	Title of the Securities. 

 There shall be a series of Securities designated the
“3.650% Senior Notes due 2026” (the “Notes”). 
  

	 	SECTION 2.2.	Limitation on Initial Aggregate Principal Amount; Further Issuances. 

 The aggregate
principal amount of the Notes initially shall be limited to $1,000,000,000. The Company may, from time to time, subject to Section 2.4 of this Fifteenth Supplemental Indenture and applicable law, create and issue additional Notes under this
Fifteenth Supplemental Indenture ranking equally and ratably with the outstanding Notes in all respects (or in all respects except for the payment of interest accruing prior to the issue date of such additional Notes or except for the first payment
of interest following the issue date of such additional Notes) without notice to or the consent of the Holders of outstanding Notes. The initially issued Notes and any additional Notes subsequently issued shall be consolidated and form a single
series with the outstanding Notes for all purposes of this Fifteenth Supplemental Indenture and shall have the same terms as to status, redemption or otherwise as the outstanding Notes. Any such additional Notes referred to in this Section 2.2
will be issued under a further supplemental indenture. 
 Nothing contained in this Section 2.2 or elsewhere in this Fifteenth
Supplemental Indenture, or in the Notes, is intended to or shall limit execution by the Company or authentication or delivery by the Trustee of Notes under the circumstances contemplated by Sections 3.03, 3.04, 3.05, 3.06, 9.06, 11.07 and 13.05 of
the Senior Indenture. 
  

	 	SECTION 2.3.	Interest and Interest Rates; Maturity Date of Notes. 

 (a) The Notes shall bear interest
at 3.650% per annum from January 20, 2016 or from the immediately preceding Interest Payment Date (as defined below) to which interest has been paid, payable semi-annually in arrears on February 1 and August 1 of each year,
commencing August 1, 2016 (each, an “Interest Payment Date”), to the persons (the “Holders”) in whose name the applicable Notes are registered in the Security 

  
 11 

 
Register at the close of business 15 calendar days prior to such Interest Payment Date (regardless of whether such day is a Business Day, as defined below), as the case may be (each, a
“Regular Record Date”). Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. Interest, if any, not punctually paid or duly provided for on any Interest Payment Date with respect to a Note
(“Defaulted Interest”) shall forthwith cease to be payable to the Holder on the applicable Regular Record Date and may either be paid to the person in whose name such Note is registered at the close of business on a special record
date (the “Special Record Date”) for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to the Holder of such Note not less than ten days prior to such Special Record Date, or may be
paid at any time in any other lawful manner, as more particularly described in the Senior Indenture. 
 (b) If any Interest Payment Date or
Maturity falls on a day that is not a Business Day, the required payment shall be made on the next Business Day as if it were made on the date such payment was due and no interest shall accrue on the amount so payable for the period from and after
such Interest Payment Date or Maturity, as the case may be. 
 (c) The Notes shall mature on February 1, 2026 (the “Stated
Maturity Date”). 
  

	 	SECTION 2.4.	Limitations on Incurrence of Debt. 

 In addition to the covenants set forth in Article
Ten of the Senior Indenture, there are established pursuant to Section 9.01(2) of the Senior Indenture the following covenants for the benefit of the Holders of the Notes and to which the Notes shall be subject: 

(a) The Company shall not, and shall not permit any Subsidiary to, Incur any Debt if, immediately after giving effect to the Incurrence of the
additional Debt and any other Debt Incurred since the end of the Latest Completed Quarter prior to the Incurrence of the additional Debt and the application of the net proceeds of the additional Debt and such other Debt, Total Outstanding Debt would
exceed 60% of the sum of (without duplication) (i) Total Assets as of the end of such Latest Completed Quarter and (ii) the purchase price of any mortgages receivable acquired, and the amount of any securities offering proceeds received
(to the extent that such proceeds were not used to acquire real estate assets for which the Capitalized Property Value is included in Total Assets as of the end of such Latest Completed Quarter (as a result of the penultimate sentence of the
definition of Property EBITDA or otherwise) or mortgages receivable or used to reduce Debt), by the Company or any Subsidiary since the end of such Latest Completed Quarter. 

(b) The Company shall not, and shall not permit any Subsidiary to, Incur any Secured Debt if, immediately after giving effect to the
Incurrence of the additional Secured Debt and any other Secured Debt Incurred since the end of the Latest Completed Quarter prior to the Incurrence of the additional Secured Debt and the application of the net proceeds of the additional Secured Debt
and such other Secured Debt, the aggregate 

  
 12 

 
principal amount of all outstanding Secured Debt is greater than 50% of the sum of (without duplication) (i) Total Assets as of the end of such Latest Completed Quarter and (ii) the
purchase price of any mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent that such proceeds were not used to acquire real estate assets for which the Capitalized Property Value is included in
Total Assets as of the end of such Latest Completed Quarter (as a result of the penultimate sentence of the definition of Property EBITDA or otherwise) or mortgages receivable or used to reduce Debt), by the Company or any Subsidiary since the end
of such Latest Completed Quarter. 
 (c) The Company shall not, and shall not permit any Subsidiary to, Incur any Debt if, immediately after
giving effect to the Incurrence of the additional Debt, the ratio of Annualized Consolidated EBITDA for the Latest Completed Quarter prior to the Incurrence of the additional Debt, to Annualized Interest Expense for that quarter would be less than
1.50 to 1.00 on a pro forma basis after giving effect to the Incurrence of the additional Debt and to the application of the net proceeds therefrom, and calculated on the assumption, without duplication, that: (i) the additional Debt and any
other Debt Incurred by the Company, any of its Subsidiaries or any of the Partially-Owned Entities from the first day of that quarter to the date of determination, which was outstanding at the date of determination, had been Incurred at the
beginning of that period and continued to be outstanding throughout that period, and the application of the net proceeds of that Debt, including to refinance (1) Debt under any revolving credit facility or (2) other Debt, had occurred at
the beginning of that period; (ii) the repayment or retirement of any other Debt repaid or retired by the Company, any of its Subsidiaries or any of the Partially-Owned Entities from the first day of that quarter to the date of determination
occurred at the beginning of that period; provided that, except as set forth in clause (i) or (iii) of this Section 2.4(c), in determining the amount of Debt so repaid or retired, the amount of Debt under any revolving credit
facility shall be computed based upon the average daily balance of such Debt during that period; and (iii) in the case of any acquisition or disposition of any asset or group of assets or the placement of any assets in service or removal of any
assets from service by the Company, any of its Subsidiaries or any of the Partially-Owned Entities from the first day of that quarter to the date of determination, including, without limitation, by merger, or stock or asset purchase or sale,
(1) the acquisition, disposition, placement in service or removal from service had occurred as of the first day of that period, with the appropriate adjustments to Annualized Consolidated EBITDA and Annualized Interest Expense with respect to
the acquisition, disposition, placement in service or removal from service being included in that pro forma calculation and (2) the application of the net proceeds from a disposition to repay or refinance Debt, including, without limitation,
Debt under any revolving credit facility, had occurred on the first day of that period. 
 (d) The Company and its Subsidiaries shall
maintain at all times Unencumbered Assets of not less than 150% of the aggregate principal amount of all outstanding Unsecured Debt of the Company and its Subsidiaries. 

  
 13 

	 	SECTION 2.5.	Optional Redemption. 

 The Notes shall be redeemable, at the option of the Company, in
whole at any time or in part from time to time, upon not less than 15 days but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be so redeemed, at a redemption price equal to (x) if the Notes
are redeemed prior to the Par Call Date, the greater of (i) 100% of the principal amount of the Notes to be redeemed or (ii) the sum of (A) the present values as of the Redemption Date of the remaining scheduled payments of principal
and interest that would have been payable in respect of such principal had such Notes matured on the Par Call Date and such redemption not been made (exclusive of any interest accrued and unpaid to the Redemption Date) discounted to the Redemption
Date, on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at the applicable Treasury Yield, plus 25 basis points, plus (B) accrued and unpaid interest to the Redemption Date or (y) if the Notes are redeemed
on or after the Par Call Date, 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to the Redemption Date. 
  

	 	SECTION 2.6.	Places of Payment. 

 The Places of Payment where the Notes may be presented or
surrendered for payment, where the Notes may be surrendered for registration of transfer or exchange and where notices and demands to and upon the Company in respect of the Notes and the Senior Indenture may be served shall be in the Borough of
Manhattan, The City of New York, and the office or agency for such purpose shall initially be located at The Bank of New York Mellon Trust Company, N.A., c/o The Bank of New York Mellon, 101 Barclay
Street-21W, New York, NY 10286. 
  

	 	SECTION 2.7.	Method of Payment. 

 Payment of the principal of and interest on the Notes shall be made
at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York (which shall initially be an office or agency of the Trustee), in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company, payments of principal and interest on the Notes (other than payments of principal and interest due at
Maturity) may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer to an account maintained by the Person entitled thereto located within
the United States. 
  

	 	SECTION 2.8.	Currency. 

 Principal and interest on the Notes shall be payable in Dollars. 

 

	 	SECTION 2.9.	Global Form. 

 The Notes shall be issuable and transferable in fully registered form as
Registered Securities, without coupons. The Notes shall initially be issued in the form of one or 

  
 14 

 
more permanent Global Notes. The depository for the Notes shall be The Depository Trust Company (the “Depositary”). The Notes shall not be issuable in definitive form except as
provided in Section 2.11(a) of this Fifteenth Supplemental Indenture. 
  

	 	SECTION 2.10.	Form of Notes and Execution. 

 The Notes shall be substantially in the form attached as
Exhibit A hereto. The Notes shall be signed in the name and on the behalf of the Company by the manual or facsimile signature of the Executive Chairman, Chief Executive Officer, President, any of its Executive or Senior Vice Presidents,
Managing Director, or any of its Vice Presidents (whether or not designated by a number or numbers or word or words before or after the title “Vice President”). 
  

	 	SECTION 2.11.	Transfer and Exchange. 

 (a) Transfer and Exchange of Global Notes. A Global Note
may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary
or a nominee of such successor Depositary. All Global Notes shall be exchanged by the Company for Definitive Notes if (i) the Company delivers to the Trustee notice from the Depositary stating that it is unwilling or unable to continue to act
as a clearing agency for the Notes or is no longer a clearing agency registered under the Exchange Act or other applicable law and, in either case, a successor Depositary is not appointed by the Company within 90 days after the date of such notice;
or (ii) the Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee. Upon the occurrence of any of the
preceding events, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. 
 (b) Transfer of
Beneficial Interests in the Global Notes. The transfer of beneficial interests in the Global Notes shall be effected through the Depositary in accordance with the provisions of the Senior Indenture and the applicable procedures of the
Depositary. 
 (c) Exchange of Beneficial Interests in Global Notes for Definitive Notes. A holder of a beneficial interest in a
Global Note may, in the circumstances described in Section 2.11(a), have such beneficial interest exchanged by the Company for a Definitive Note. 

The transferor of a beneficial interest in a Global Note must deliver to the Security Registrar (1) a written order from a Participant or
an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be exchanged and (2) instructions
given by the Depositary to the Security Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the exchange. In any such case, the Trustee shall cause the aggregate

  
 15 

 
principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.11(e) hereof, and the Company shall execute and the Trustee, upon receipt of a Company Order in
accordance with the Senior Indenture, shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Global
Note pursuant to this Section 2.11(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Security Registrar through instructions from the
Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. 

(d) Transfer of Definitive Notes. Upon request by a Holder of Definitive Notes, the Security Registrar shall register the transfer of
Definitive Notes. Prior to such registration of transfer, the requesting Holder shall present or surrender to the Security Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the
Security Registrar duly executed by such Holder or by his attorney, duly authorized in writing. 
 (e) Cancellation and/or Adjustment of
Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note
shall be returned to or retained and canceled by the Trustee in accordance with the terms of the Senior Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who
will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such
Global Note by the Trustee or by the Depositary to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note,
such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary to reflect such increase. 
  

	 	SECTION 2.12.	General Provisions Relating to Transfers and Exchanges. 

 (a) The Trustee and the
Security Registrar will retain copies of all certificates, opinions and other documents received in connection with the transfer or exchange of a Note (or a beneficial interest therein), and the Company will have the right to inspect and make copies
thereof at any reasonable time upon written notice to the Trustee or the Security Registrar, as the case may be. 
 (b) Each Holder of a
Note agrees to indemnify the Company and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of this Fifteenth Supplemental Indenture or applicable
United States federal or state securities law. 

  
 16 

 (c) The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Fifteenth Supplemental Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among members of, or Participants
or Indirect Participants in, the Depositary or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when
expressly required by the terms of, this Fifteenth Supplemental Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

(d) None of the Trustee, the Security Registrar nor the Paying Agent shall have any responsibility for any actions taken or not taken by the
Depositary. 
  

	 	SECTION 2.13.	Registrar and Paying Agent. 

 The Trustee shall initially serve as Security Registrar and
Paying Agent for the Notes. 
  

	 	SECTION 2.14.	Defeasance. 

 The provisions of Sections 14.02 and 14.03 of the Senior Indenture,
together with the other provisions of Article Fourteen of the Senior Indenture, shall be applicable to the Notes. The provisions of Section 14.03 of the Senior Indenture shall apply to the covenants set forth in Sections 2.4 and 2.15 of this
Fifteenth Supplemental Indenture and to those covenants specified in Section 14.03 of the Senior Indenture. 
  

	 	SECTION 2.15.	Provision of Financial Information. 

 Whether or not the Company is subject to
Section 13 or 15(d) of the Exchange Act, the Company shall, to the extent permitted under the Exchange Act, file with the Commission the annual reports, quarterly reports and other documents which the Company would have been required to file
with the Commission pursuant to such Section 13 or 15(d) if the Company were so subject, such documents to be filed with the Commission on or prior to the respective dates (the “Required Filing Dates”) by which the Company
would have been required so to file such documents if the Company were so subject. 
 The Company shall also in any event (x) within 15
days of each Required Filing Date (i) if the Company is not then subject to Section 13 or 15(d) of the Exchange Act, transmit by mail to all Holders, as their names and addresses appear in the Security Register, without cost to such
Holders, copies of the annual reports and quarterly reports which the Company would have been required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act if the Company were subject to such Sections, and
(ii) file with the Trustee copies of annual reports, quarterly reports and other documents which the Company would have been required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act if the Company were
subject to such Sections and (y) if filing such documents by the Company with the Commission is not permitted under the Exchange Act, promptly upon written request and payment of the reasonable cost of duplication and delivery, supply copies of
such documents to any prospective Holder. 

  
 17 

 Delivery of such reports, information and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
  

	 	SECTION 2.16.	Waiver of Certain Covenants. 

 Notwithstanding the provisions of Section 10.09 of
the Senior Indenture, the Company may omit in any particular instance to comply with any term, provision or condition set forth in Sections 10.04 to 10.08, inclusive, of the Senior Indenture, with Sections 2.4 and 2.15 of this Fifteenth Supplemental
Indenture and with any other term, provision or condition with respect to the Notes (except any such term, provision or condition which could not be amended without the consent of all Holders of the Notes), if before or after the time for such
compliance the Holders of at least a majority in principal amount of all outstanding Notes, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition. Except to the extent so
expressly waived, and until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

 

	 	SECTION 2.17.	No Sinking Fund. 

 The provisions of Article Twelve of the Senior Indenture shall not be
applicable to the Notes. 
  

	 	SECTION 2.18.	No Repayment at Option of Holders. 

 The provisions of Article Thirteen of the Senior
Indenture shall not be applicable to the Notes. 
  

	 	SECTION 2.19.	Designation of CBD Properties. 

 From time to time, the Company may designate one or more
additional properties as CBD Properties by delivering an Officers’ Certificate, in substantially the form attached hereto as Exhibit B, to the Trustee (i) setting forth the name of such property and (ii) certifying that, in the
good faith opinion of such officers, such property is located in the central business district of a CBD Market. Upon delivery of such Officers’ Certificate to the Trustee, such property shall be a CBD Property for all purposes of this Fifteenth
Supplemental Indenture. 

  
 18 

	 	SECTION 2.20.	Designation of CBD Markets. 

 From time to time, the Company may designate one or more
additional major U.S. or international metropolitan markets as a CBD Market or CBD Markets by delivering an Officers’ Certificate, in substantially the form attached hereto as Exhibit C, to the Trustee (i) naming such market and
(ii) designating such market as a CBD Market. Upon delivery of such Officers’ Certificate to the Trustee, such market shall be a CBD Market for all purposes of this Fifteenth Supplemental Indenture. 

 

	 	SECTION 2.21.	Limitation on Suits. 

 No Holder shall have any right to institute any proceeding,
judicial or otherwise, with respect to the Indenture or any of the Notes, or for the appointment of a receiver or trustee, or for any other remedy under the Indenture or any of the Notes, unless: 

(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Notes;

 (2) the Holders of not less than 25% in principal amount of all outstanding Notes shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (3) such Holder
or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; 

(4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such
proceeding; and 
 (5) no direction inconsistent with such written request has been given to the Trustee during such 60-day
period by the Holders of a majority in principal amount of all outstanding Notes; 
 it being understood and intended that no one or more of such Holders
shall have any right in any manner whatever by virtue of, or by availing of, any provision of the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any
other of such Holders or to enforce any right under this Indenture or any of the Notes, except in the manner provided in the Indenture and for the equal and ratable benefit of all such Holders. 

  
 19 

 ARTICLE THREE 

MISCELLANEOUS PROVISIONS 
  

	 	SECTION 3.1.	Ratification of Senior Indenture. 

 Except as expressly modified or amended hereby, the
Senior Indenture continues in full force and effect and is in all respects confirmed, ratified and preserved. 
  

	 	SECTION 3.2.	Governing Law. 

 This Fifteenth Supplemental Indenture and each Note shall be governed by
and construed in accordance with the laws of the State of New York. This Fifteenth Supplemental Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, and shall, to the extent applicable, be governed by such
provisions. 
  

	 	SECTION 3.3.	Counterparts. 

 This Fifteenth Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
  

	 	SECTION 3.4.	Trustee. 

 The Trustee makes no representations as to the validity or sufficiency of this
Fifteenth Supplemental Indenture. The statements and recitals herein are deemed to be those of the Company and not of the Trustee. 
  

	 	SECTION 3.5.	Corporate Trust Office. 

 The Trustee hereby notifies the Company that its corporate
trust business is principally administered at its office located at 525 William Penn Place, 38th Floor, Pittsburgh, Pennsylvania 15259 and, therefore, pursuant to the Indenture, the Corporate Trust Office is such office. 

 

	 	SECTION 3.6.	Failure or Delay in Performance. 

 In no event shall the Trustee be responsible or liable
for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, strikes, work stoppages, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or other
similar events beyond its control that cause a sudden, significant and/or widespread disruption in its business activities; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances. 

  
 20 

	 	SECTION 3.7.	WAIVER OF JURY TRIAL. 

 EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS FIFTEENTH SUPPLEMENTAL INDENTURE, THE INDENTURE (TO THE EXTENT IT RELATES TO THE NOTES), THE NOTES OR THE
TRANSACTION CONTEMPLATED HEREBY. 
  

	 	SECTION 3.8.	No Consequential Damages. 

 In no event shall the Trustee be responsible or liable for
special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of
action. 
  

	 	SECTION 3.9.	Electronic Notices. 

 In addition to the foregoing, the Trustee agrees to accept and act
upon notice, instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions (or
instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses,
costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing
electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and
the risk or interception and misuse by third parties. 

  
 21 

 IN WITNESS WHEREOF, the parties hereto have caused this Fifteenth Supplemental Indenture to be
duly executed by their respective officers hereunto duly authorized, all as of the day and year first written above. 
  

			
	BOSTON PROPERTIES LIMITED PARTNERSHIP
		
	By:	 	Boston Properties, Inc.,
		 	its general partner
		
	By:	 	 /s/ Michael E. LaBelle

	Name:	 	Michael E. LaBelle
	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Richard Tarnas

	Name:	 	Richard Tarnas
	Title:	 	Vice President

  
 [Signature Page to
Supplemental Indenture] 

 SCHEDULE A 

CBD PROPERTIES 
  

			
	 Property
	  	 Location

	 100 Federal Street
	  	 Boston, MA

		
	 Atlantic Wharf Properties
	  	 Boston, MA

		
	 100 & 200 Clarendon Street (formerly the
	  	
		
	 John Hancock Tower and Garage)
	  	 Boston, MA

		
	 Prudential Center Properties
	  	 Boston, MA

		
	 Boston Marriott Cambridge
	  	 Cambridge, MA

		
	 Kendall Center Properties (formerly Cambridge Center)
	  	 Cambridge, MA

		
	 University Place
	  	 Cambridge, MA

		
	 601 Lexington Avenue
	  	 New York, NY

		
	 599 Lexington Avenue
	  	 New York, NY

		
	 Times Square Tower
	  	 New York, NY

		
	 399 Park Avenue
	  	 New York, NY

		
	 767 Fifth Avenue (the General Motors Building)
	  	 New York, NY

		
	 250 West 55th Street
	  	 New York, NY

		
	 510 Madison Avenue
	  	 New York, NY

		
	 540 Madison Avenue
	  	 New York, NY

		
	 Dock72
	  	 New York, NY

		
	 Embarcadero Center Properties
	  	 San Francisco, CA

		
	 Salesforce Tower
	  	 San Francisco, CA

		
	 535 Mission Street
	  	 San Francisco, CA

		
	 680 Folsom Street
	  	 San Francisco, CA

		
	 690 Folsom Street
	  	 San Francisco, CA

		
	 Metropolitan Square
	  	 Washington, DC

		
	 Market Square North
	  	 Washington, DC

		
	 Capital Gallery
	  	 Washington, DC

		
	 500 E Street
	  	 Washington, DC

		
	 500 North Capitol Street
	  	 Washington, DC

		
	 Sumner Square
	  	 Washington, DC

		
	 901 New York Avenue
	  	 Washington, DC

		
	 1330 Connecticut Avenue
	  	 Washington, DC

		
	 1333 New Hampshire Avenue
	  	 Washington, DC

		
	 601 Massachusetts Avenue
	  	 Washington, DC

		
	 2200 Pennsylvania Avenue
	  	 Washington, DC

  
 SC-A-1 

 SCHEDULE B 

CBD MARKETS 
 Los Angeles, California 

Orange County, California 
 San Francisco, California 

San Jose, California 
 Denver, Colorado 

Washington, D.C. 
 Miami, Florida 

Atlanta, Georgia 
 Chicago, Illinois 

Baltimore, Maryland 
 Boston, Massachusetts 

Cambridge, Massachusetts 
 Detroit, Michigan 

Minneapolis, Minnesota 
 New York, New York 

Portland, Oregon 
 Philadelphia, Pennsylvania 

Dallas, Texas 
 Houston, Texas 

Richmond, Virginia 
 Seattle, Washington 

  
 SC-B-1 

 EXHIBIT A 

FORM OF NOTE 
 [Face of Note] 

[If the Holder of this Note (as indicated below) is The Depository Trust Company (“DTC”) or a nominee of DTC, insert: Unless this
Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and such Note issued is registered in the
name of Cede & Co., or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

Unless and until this Note is exchanged in whole or in part for Notes in certificated form, this Note may not be transferred except as a whole by DTC to a
nominee thereof or by a nominee thereof to DTC or another nominee of DTC or by DTC or any such nominee to a successor of DTC or a nominee of such successor.] 

BOSTON PROPERTIES LIMITED PARTNERSHIP 

3.650% Senior Notes due 2026 
  

			
	No.                    	  	$            

 CUSIP No. 10112RAX2 

BOSTON PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership (herein referred to as the “Company,” which term
includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to CEDE & CO. or registered assigns the principal sum of         
Dollars ($        ) on February 1, 2026 (the “Stated Maturity Date”) or earlier at the option of the Company as provided herein (the “Redemption Date”) and to pay
interest thereon from January 20, 2016 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on February 1 and August 1 in each year
(each, an “Interest Payment Date”), commencing August 1, 2016, at the rate of 3.650% per annum, until the principal hereof is paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in such Indenture, be paid to the Holder in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be
the January 17 or July 17 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date at the office or agency of the Company maintained for such purpose; 

  
 A-1 

 
provided, however, that such interest may be paid, at the Company’s option, by mailing a check to such Holder at its registered address or by transfer of funds to an account
maintained by such Holder within the United States. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Holder in whose name this Note
(or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less
than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

The principal of this Note payable on the Stated Maturity Date or the principal of, premium or Make-Whole Amount, if any, and, if the
Redemption Date is not an Interest Payment Date, interest on this Note payable on the Redemption Date, will be paid against presentation of this Note at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The
City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. 

Interest payable on this Note on any Interest Payment Date and on the Stated Maturity Date or Redemption Date, as the case may be, will
include interest accrued from and including the next preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including January 20, 2016, if no interest has been paid on this Note) to but
excluding such Interest Payment Date or the Stated Maturity Date or Redemption Date, as the case may be. If any Interest Payment Date or the Stated Maturity Date or Redemption Date falls on a day that is not a Business Day, as defined below,
principal, premium or Make-Whole Amount, if any, and/or interest payable with respect to such Interest Payment Date or Stated Maturity Date or Redemption Date, as the case may be, will be paid on the next succeeding Business Day with the same force
and effect as if it were paid on the date such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or Stated Maturity Date or Redemption Date, as the case may be.
“Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in The City of New York are required or authorized by law, regulation or executive order to
close. 
 All payments of principal, premium or Make-Whole Amount, if any, and interest in respect of this Note will be made by the Company
in immediately available funds. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 

  
 A-2 

 Unless the Certificate of Authentication hereon has been executed by the Trustee by manual
signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

  
 A-3 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated: January 20, 2016 
  

			
	BOSTON PROPERTIES LIMITED PARTNERSHIP
	
	By: Boston Properties, Inc., its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	

  

	
	Attest:
	
	  

	Secretary

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series designated therein referred to in the within-mentioned
Indenture. 
  

							
		 		 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
		 		 	as Trustee
				
	Dated: January 20, 2016	 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 A-4 

 REVERSE OF NOTE 

BOSTON PROPERTIES LIMITED PARTNERSHIP 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued
in one or more series under an Indenture, dated as of December 13, 2002, as supplemented by Supplemental Indenture No. 15 dated as of January 20, 2016 (as so supplemented, herein called the “Indenture”), each between
the Company and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture
with respect to the series of which this Note is a part), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the
Company, the Trustee and the Holders of the Notes, and of the terms upon which the Notes are, and are to be, authenticated and delivered. The aggregate principal amount of the Notes to be issued under such series is initially limited to
$1,000,000,000 (except for Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Notes). All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 If an Event of Default, as defined in the Indenture, with respect to the Notes shall occur and be continuing, the principal of the Notes
of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Notes are subject to
redemption, at the option of the Company, in whole at any time or in part from time to time, at a redemption price equal to (x) if the Notes are redeemed prior to the Par Call Date, the greater of (i) 100% of the principal amount of the
Notes to be redeemed or (ii) the sum of (A) the present values as of the Redemption Date of the remaining scheduled payments of principal and interest that would have been payable in respect of such principal had such Notes matured on the
Par Call Date and such redemption not been made (exclusive of any interest accrued and unpaid to the Redemption Date) discounted to the Redemption Date, on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at the
applicable Treasury Yield, plus 25 basis points (the “Make-Whole Amount”), plus (B) accrued and unpaid interest to the Redemption Date or (y) if the Notes are redeemed on or after the Par Call Date, 100% of the principal
amount of the Notes to be redeemed plus accrued and unpaid interest to the Redemption Date. 
 Notice of redemption will be given by
first-class mail to Holders of Notes, not less than 15 nor more than 60 days prior to the Redemption Date, all as provided in the Indenture. 

In the event of redemption of this Note in part only, a new Note or Notes for the unredeemed portion hereof shall be issued in the name of the
Holder hereof upon the cancellation hereof. 

  
 A-5 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority of the aggregate
principal amount of all Notes issued under the Indenture at the time Outstanding and affected thereby. The Indenture also contains provisions permitting the Holders of not less than a majority of the aggregate principal amount of the Outstanding
Notes, on behalf of the Holders of all such Notes, to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority of the aggregate principal
amount, in certain instances, of the Outstanding Notes of any series to waive, on behalf of all of the Holders of Notes of such series, certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of
this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and other Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Note. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium or Make-Whole Amount, if any) and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed.

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the
Security Register of the Company upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of (and premium or Make-Whole Amount, if any) and interest on this Note are payable,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new
Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

As provided in the Indenture and subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate principal
amount of Notes of different authorized denominations but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering the same. 

The Notes of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof.

 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose 

  
 A-6 

 
name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 No Holder shall have any recourse under or upon any obligation, covenant or agreement contained in the Indenture, or any
indenture supplemental thereto, or this Note, or because of any indebtedness evidenced hereby or thereby, including the payment of the principal of or premium or Make-Whole Amount, if any, or the interest on this Note, or for any claim based hereon
or thereon, or otherwise in respect hereof or thereof, against (i) Boston Properties or any other past, present or future partner in the Company, (ii) any other person or entity which owns an interest, directly or indirectly, in any
partner of the Company, or (iii) any past, present or future stockholder, employee, officer or director, as such, of the Company or Boston Properties or any successor under any rule of law, statute or constitutional provision or by the
enforcement of any assessment or by any legal or equitable proceeding or otherwise. Each Holder of this Note, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waives and releases all such liability. The
waiver and release are part of the consideration for the issue of the Note. 
 The Indenture and the Notes shall be governed by and
construed in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely in such State. 

  
 A-7 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 

 

	
	  

	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	  

	
	  

	
	  

	
	  

	(Print or type assignee’s name, address and zip code
	
	and irrevocably appoint
                                         
                                         
                                         
                                         
           
	to transfer this Note on the books of the Company. The agent may substitute another to act for him.
	
	  

  

							
	Date:                     	 		 	
Your Signature:                      
                                         
                      

		 		 	(Sign exactly as your name appears on the face of this Note)
			
		 		 	Tax Identification No:                              
                                         
    
			
		 		 	SIGNATURE GUARANTEE:
			
		 		 	  

			
		 		 	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership or participation in the Security Transfer Agent
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended.

  
 A-8 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part
of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	 	 Amount of

decrease
 in principal

amount of this
 Global Note
	 	 Amount of

increase
 in principal

amount of this
 Global Note
	 	 Principal amount

of this Global Note
 following
such
 decrease
 (or
increase)
	 	 Signature of

authorized officer
 of Trustee or

Note Custodian

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  
 A-9 

 EXHIBIT B 

FORM OF 
 OFFICERS’
CERTIFICATE 
 Reference is made to Supplemental Indenture No. 15, dated as of January 20, 2016 (the “Fifteenth
Supplemental Indenture”), between Boston Properties Limited Partnership (the “Company”) and The Bank of New York Mellon Trust Company, N.A., as trustee. Pursuant to Section 2.19 of the Fifteenth Supplemental Indenture,
each of the undersigned officers of Boston Properties, Inc., the general partner of the Company, hereby certifies that in his good faith judgment the properties listed on the schedule attached hereto are located in a central business district of a
CBD Market (as such term is defined in the Fifteenth Supplemental Indenture). In accordance with Section 2.19 of the Fifteenth Supplemental Indenture, each such property listed on such schedule shall be a CBD Property for all purposes of the
Fifteenth Supplemental Indenture. 
  

	
	  

	Name:
	Title:
	
	  

	Name:
	Title:

 Dated:
                     

  
 B-1 

 EXHIBIT C 

FORM OF 
 OFFICERS’
CERTIFICATE 
 Reference is made to Supplemental Indenture No. 15, dated as of January 20, 2016 (the “Fifteenth
Supplemental Indenture”), between Boston Properties Limited Partnership (the “Company”) and The Bank of New York Mellon Trust Company, N.A., as trustee. Pursuant to Section 2.20 of the Fifteenth Supplemental Indenture,
each of the undersigned officers of Boston Properties, Inc., the general partner of the Company, on behalf of the Company hereby designate the market[s] listed on the schedule attached hereto as [a] CBD Market[s] (as such term is defined in the
Fifteenth Supplemental Indenture). In accordance with Section 2.20 of the Fifteenth Supplemental Indenture, each such market listed on such schedule shall be a CBD Market for all purposes of the Fifteenth Supplemental Indenture. 

 

	
	  

	Name:
	Title:
	
	  

	Name:
	Title:

 Dated:
                     

  
 C-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]