Document:

EX-10.3

 Exhibit 10.3 

FIRST AMENDMENT TO CREDIT AGREEMENT 

FIRST AMENDMENT, dated as of September 18, 2019 (this “Amendment”), to the Credit Agreement, dated as of August 30,
2016 (as amended, supplemented or otherwise modified from time to time prior to the First Amendment Effective Date, the “Credit Agreement” and, as amended by this Amendment, the “Amended Credit Agreement”), among
ESH Hospitality, Inc. (the “Borrower”), the other Guarantors party thereto from time to time, and Extended Stay America, Inc., as the lender (the “Lender”). 

W I T N E S S E T H: 

WHEREAS, pursuant to the Credit Agreement, the Lender has agreed to make, and have made, certain loans and other extensions of credit to the
Borrower; 
 WHEREAS, the Borrower has requested an extension to the maturity of the Initial Loans under the Credit Agreement and to effect
certain other amendments to the Credit Agreement, on the terms set forth herein; and 
 WHEREAS, the Borrower and the Lender are willing to
agree to this Amendment on the terms set forth herein. 
 NOW THEREFORE, in consideration of the premises and mutual covenants hereinafter
set forth, the parties hereto agree as follows: 
 SECTION 1. Definitions. Unless otherwise defined herein, terms defined in the
Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 SECTION 2. Amendments to Credit
Agreement. 
 (a) Pursuant to Section 10.01 of the Credit Agreement and subject to the satisfaction of the
conditions precedent set forth in Section 3 below, the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double
underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the pages of the Credit Agreement attached as Annex I
hereto. 
 (b) Schedule 1.01D, Schedule 1.01F, Schedule 5.05, Schedule 5.12, Schedule 7.01(b), Schedule 7.02(f), Schedule 7.03(b), Schedule
7.08 and Schedule 7.09 to the Credit Agreement are hereby replaced by the schedules set forth in Annex II hereto. 
 (c) Except as
otherwise provided herein, all other schedules and exhibits to the Credit Agreement, in the forms thereof in effect immediately prior to the First Amendment Effective Date, will be continued as the schedules and exhibits attached to the Amended
Credit Agreement. 

 SECTION 3. Effectiveness. The effectiveness of this Amendment and the obligations of
the Lender hereunder are subject to the satisfaction of the following conditions precedent, except as otherwise agreed between the Borrower and the Lender (the day on which such conditions are satisfied or waived is herein referred to as the
“First Amendment Effective Date”): 
 (a) The Lender’s receipt of the following, each of which shall be originals or
..pdf copies or other facsimiles (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party each in form and substance reasonably satisfactory to the Lender and its legal
counsel: 
 (i) executed counterparts of this Amendment; 

(ii) such certificates of good standing (to the extent such concept exists) from the applicable secretary of state of the state
of organization of each Loan Party, certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party (including a certificate attaching the Organization Documents of each Loan
Party) as the Lender may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amendment; and 

(iii) a solvency certificate from the chief financial officer, chief accounting officer or other officer with equivalent duties
of the Borrower substantially in the form delivered on the Closing Date. 
 (b) All fees and expenses due to the Lender required to be paid
on the First Amendment Effective Date shall have been paid. 
 (c) The conditions set forth in Section 4.02 of the
Credit Agreement shall have been satisfied as of the First Amendment Effective Date and the Lender shall have received a certificate, dated the First Amendment Effective Date and signed by a Responsible Officer of the Borrower, confirming
satisfaction of the conditions set forth in Sections 4.02(i) and 4.02(ii) of the Credit Agreement. 
 SECTION 4.
Representations and Warranties. The Borrower and each Subsidiary Guarantor hereby represents and warrants to each of the Lenders and the Lender that as of the First Amendment Effective Date: 

4.1. This Amendment has been duly authorized, executed and delivered by each Loan Party that is a party hereto. This Amendment, the Amended
Credit Agreement, and each other Loan Document constitutes a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party that is a party thereto in accordance with its terms, except as such enforceability may be
limited by Debtor Relief Laws and by general principles of equity. 
 4.2. The execution, delivery and performance by each Loan Party of
this Amendment, and the consummation of the transactions contemplated hereby, (a) are within such Loan Party’s corporate or other powers, (b) have been duly authorized by all necessary corporate or other organizational action, and
(c) do not (i) contravene the terms of any of such Person’s Organization Documents, (ii) conflict with or result in any breach or contravention of, or the 

  
 2 

 
creation of any Lien under, or require any payment to be made under (x) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person
or any of its Subsidiaries or (y) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject, or (iii) violate any applicable Law; except with respect
to any conflict, breach, contravention or payment (but not creation of Liens) referred to in clause (c)(ii)(x), to the extent that such violation, conflict, breach, contravention or payment could not reasonably be expected to have a Material Adverse
Effect. 
 4.3. Each of the representations and warranties of each Loan Party set forth in Article V of the Amended Credit Agreement
and each other Loan Document are true and correct in all material respects (except that any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects
as so qualified) on and as of the First Amendment Effective Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they are true
and correct in all material respects as of such earlier date.  
 SECTION 5. Effect
of Amendment. 
 5.1. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair,
constitute a waiver of or otherwise affect the rights and remedies of the Lender under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or
agreements contained in the Credit Agreement or any other provision of the Credit Agreement or of any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be
deemed to entitle the Borrower or any Guarantor to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document
in similar or different circumstances. 
 5.2. On and after the First Amendment Effective Date, each reference in the Credit Agreement to
“this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import, and each reference to the Credit Agreement in any other Loan Document shall be deemed a reference to the Amended Credit Agreement.
This Amendment shall constitute a “Loan Document” for all purposes of the Amended Credit Agreement and the other Loan Documents. 

SECTION 6. Acknowledgement and Consent. Each Loan Party hereby confirms that all of its obligations, liabilities and indebtedness under
the Loan Documents to which it is a party shall remain in full force and effect on a continuous basis regardless of the effectiveness of this Amendment. 

SECTION 7. General. 

7.1. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

  
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 7.2. Costs and Expenses. The Borrower agrees to pay or reimburse the Lender for all
reasonable and documented out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, syndication and execution of this Amendment and the
consummation and administration of the transactions contemplated hereby (including all Attorney Costs of Fried, Frank, Harris, Shriver & Jacobson LLP), in each case to the extent such payment or reimbursement would be required by
Section 10.04 of the Credit Agreement. 
 7.3. Counterparts. This Amendment may be executed in one or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by telecopier or other electronic transmission of an executed counterpart of a signature page to this Amendment shall be
effective as delivery of an original executed counterpart of this Amendment. 
 7.4. Headings. The headings of this Amendment are
used for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment. 

[remainder of page intentionally left blank] 

  
 4 

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

			
	ESH HOSPITALITY, INC., as Borrower

 
			
		
	By:	 	 /s/ Brian T. Nicholson

	   	 	Name: Brian T. Nicholson
		 	Title:   Chief Financial Officer

 
			
	
	SUBSIDIARY GUARANTORS:
	
	CP ESH INVESTORS, LLC
	EXTENDED STAY LLC
	ESH H PORTFOLIO LLC
	ESH SPARTANBURG GROUND LESSEE LLC
	ESH ACQUISITIONS HOLDINGS LLC
	ESH ACQUISITIONS LLC
	ESA ADMINISTRATOR LLC

 
			
		
	By:	 	 /s/ Brian T. Nicholson

	Name: Brian T. Nicholson
	Title:   Vice President and Treasurer

 
			
	
	EXTENDED STAY AMERICA, INC., as Lender

 
			
		
	By:	 	 /s/ Brian T. Nicholson

		 	Name: Brian T. Nicholson
		 	Title:   Chief Financial Officer

 [Signature Page to Amendment No. 1 (Unsecured Loan)] 

 ANNEX I 

Amended Credit Agreement 

Attached hereto. 

 EXECUTION
COPY 
  
  

 
 CREDIT AGREEMENT 

Dated as of August 30, 2016, 

As amended on September 18,
2019 
 among 

ESH HOSPITALITY, INC., 
 as the
Borrower, 
 THE OTHER GUARANTORS PARTY HERETO FROM TIME TO TIME, 

and 
 EXTENDED STAY AMERICA, INC.,

 as the Lender 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	ARTICLE I	  			
		
	DEFINITIONS AND ACCOUNTING TERMS	  			
			
	 Section 1.01
	  	Defined Terms	  	 	1	 
	 Section 1.02
	  	Other Interpretive Provisions	  	 	424	 
	 Section 1.03
	  	Accounting Terms	  	 	434	 
	 Section 1.04
	  	Rounding	  	 	434	 
	 Section 1.05
	  	References to Agreements, Laws, Etc.	  	 	435	 
	 Section 1.06
	  	Times of Day	  	 	435	 
	 Section 1.07
	  	Timing of Payment or Performance	  	 	435	 
	 Section 1.08
	  	FFO Builder Basket Transactions	  	 	435	 
	 Section 1.09
	  	Cashless Rollovers	  	 	435	 
	 Section 1.10
	  	Certain Calculations and Tests	  	 	445	 
	
Section 1.11
	  	Divisions	  	 	468	 
		
	ARTICLE II	  			
		
	THE COMMITMENTS AND CREDIT EXTENSIONS	  			
			
	 Section 2.01
	  	The Initial Loans	  	 	468	 
	 Section 2.02
	  	Borrowings of Loans	  	 	468	 
	 Section 2.03
	  	[Reserved]	  	 	478	 
	 Section 2.04
	  	[Reserved]	  	 	478	 
	 Section 2.05
	  	Prepayments	  	 	478	 
	 Section 2.06
	  	Termination or Reduction of Commitments	  	 	4850	 
	 Section 2.07
	  	Repayment of Loans	  	 	4951	 
	 Section 2.08
	  	Interest	  	 	4951	 
	 Section 2.09
	  	Fees	  	 	4951	 
	 Section 2.10
	  	Computation of Interest and Fees	  	 	4951	 
	 Section 2.11
	  	Evidence of Indebtedness	  	 	5051	 
	 Section 2.12
	  	Payments Generally	  	 	5052	 
	 Section 2.13
	  	[Reserved]	  	 	5152	 
	 Section 2.14
	  	Incremental Credit Extensions	  	 	5152	 
	 Section 2.15
	  	Refinancing Amendments	  	 	5455	 
	 Section 2.16
	  	Extension of Loans	  	 	5456	 
		
	ARTICLE III	  			
		
	TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY	  			
			
	 Section 3.01
	  	Taxes	  	 	5658	 
	 Section 3.02
	  	[Reserved]	  	 	5860	 

  
 i 

							
	 Section 3.03
	  	[Reserved]	  	 	5860	 
	 Section 3.04
	  	Increased Cost and Reduced Return; Capital Adequacy	  	 	5860	 
	 Section 3.05
	  	[Reserved]	  	 	5961	 
	 Section 3.06
	  	Matters Applicable to All Requests for Compensation	  	 	5961	 
	 Section 3.07
	  	[Reserved]	  	 	5961	 
	 Section 3.08
	  	Survival	  	 	6061	 
		
	ARTICLE IV	  			
		
	CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	  			
			
	 Section 4.01
	  	Conditions to Initial Credit Extension	  	 	602	 
	 Section 4.02
	  	Conditions to All Credit Extensions	  	 	613	 
		
	ARTICLE V	  			
		
	REPRESENTATIONS AND WARRANTIES	  			
			
	 Section 5.01
	  	Existence, Qualification and Power; Compliance with Laws	  	 	624	 
	 Section 5.02
	  	Authorization; No Contravention	  	 	624	 
	 Section 5.03
	  	Governmental Authorization; Other Consents	  	 	634	 
	 Section 5.04
	  	Binding Effect	  	 	635	 
	 Section 5.05
	  	Financial Statements; No Material Adverse Effect	  	 	635	 
	 Section 5.06
	  	Litigation	  	 	635	 
	 Section 5.07
	  	No Default	  	 	646	 
	 Section 5.08
	  	Ownership of Property; Liens; Real Property; Leases and Management Agreements	  	 	646	 
	 Section 5.09
	  	Environmental Matters	  	 	646	 
	 Section 5.10
	  	Taxes	  	 	657	 
	 Section 5.11
	  	ERISA Compliance	  	 	667	 
	 Section 5.12
	  	Subsidiaries; Equity Interests	  	 	668	 
	 Section 5.13
	  	Margin Regulations; Investment Company Act	  	 	668	 
	 Section 5.14
	  	Disclosure	  	 	679	 
	 Section 5.15
	  	Labor Matters	  	 	679	 
	 Section 5.16
	  	Use of Proceeds	  	 	679	 
	 Section 5.17
	  	Intellectual Property; Licenses, Etc.	  	 	679	 
	 Section 5.18
	  	Solvency	  	 	6870	 
	 Section 5.19
	  	[Reserved]	  	 	6870	 
	 Section 5.20
	  	OFAC; USA PATRIOT Act; FCPA; Anti-Corruption Laws; Sanctions	  	 	6870	 
		
	ARTICLE VI	  			
		
	AFFIRMATIVE COVENANTS	  			
			
	 Section 6.01
	  	Financial Statements	  	 	6971	 
	 Section 6.02
	  	Certificates; Other Information	  	 	702	 
	 Section 6.03
	  	Notices	  	 	714	 

  
 ii 

							
	 Section 6.04
	  	Payment of Obligations	  	 	724	 
	 Section 6.05
	  	Preservation of Existence, Etc.	  	 	724	 
	 Section 6.06
	  	Maintenance of Properties	  	 	735	 
	 Section 6.07
	  	Maintenance of Insurance	  	 	735	 
	 Section 6.08
	  	Compliance with Laws	  	 	735	 
	 Section 6.09
	  	Books and Records	  	 	736	 
	 Section 6.10
	  	Inspection Rights	  	 	746	 
	 Section 6.11
	  	Additional Guarantors	  	 	746	 
	 Section 6.12
	  	Compliance with Environmental Laws	  	 	757	 
	 Section 6.13
	  	[Reserved]	  	 	757	 
	 Section 6.14
	  	Designation of Subsidiaries	  	 	757	 
	 Section 6.15
	  	Maintenance of Ratings	  	 	768	 
	 Section 6.16
	  	Post-Closing Covenants	  	 	768	 
	 Section 6.17
	  	Taxes	  	 	768	 
	 Section 6.18
	  	Use of Proceeds	  	 	768	 
	 Section 6.19
	  	Know Your Customer	  	 	769	 
	 Section 6.20
	  	[Reserved]	  	 	779	 
	 Section 6.21
	  	Leases	  	 	779	 
	 Section 6.22
	  	Management Agreements	  	 	779	 
	 Section 6.23
	  	Property	  	 	779	 
		
	ARTICLE VII	  			
		
	NEGATIVE COVENANTS	  			
			
	 Section 7.01
	  	Liens	  	 	779	 
	 Section 7.02
	  	Investments	  	 	813	 
	 Section 7.03
	  	Indebtedness	  	 	846	 
	 Section 7.04
	  	Fundamental Changes	  	 	8892	 
	 Section 7.05
	  	Dispositions	  	 	893	 
	 Section 7.06
	  	Restricted Payments	  	 	935	 
	 Section 7.07
	  	Change in Nature of Business	  	 	957	 
	 Section 7.08
	  	Transactions with Affiliates	  	 	957	 
	 Section 7.09
	  	Burdensome Agreements	  	 	968	 
	 Section 7.10
	  	Use of Proceeds	  	 	979	 
	 Section 7.11
	  	[Reserved]	  	 	979	 
	 Section 7.12
	  	Fiscal Year	  	 	9100	 
	 Section 7.13
	  	Prepayments, Etc. of Indebtedness	  	 	9100	 
	 Section 7.14
	  	Certain Amendments	  	 	9100	 
	 Section 7.15
	  	Anti-Money Laundering	  	 	9101	 
	 Section 7.16
	  	Permitted Activities of Specified Property Owning Entities	  	 	9102	 

  
 iii 

							
		
	ARTICLE VIII	  			
		
	EVENTS OF DEFAULT AND REMEDIES	  			
			
	 Section 8.01
	  	Events of Default	  	 	1002	 
	 Section 8.02
	  	Remedies Upon Event of Default	  	 	1024	 
	 Section 8.03
	  	Exclusion of Immaterial Subsidiaries	  	 	1025	 
	 Section 8.04
	  	Application of Funds	  	 	1035	 
		
	ARTICLE IX	  			
		
	[RESERVED]	  			
		
	ARTICLE X	  			
		
	MISCELLANEOUS	  			
			
	 Section 10.01
	  	Amendments, Etc.	  	 	1035	 
	 Section 10.02
	  	Notices and Other Communications; Facsimile Copies	  	 	1046	 
	 Section 10.03
	  	No Waiver; Cumulative Remedies	  	 	1057	 
	 Section 10.04
	  	Attorney Costs and Expenses	  	 	1057	 
	 Section 10.05
	  	Indemnification by the Borrower	  	 	1068	 
	 Section 10.06
	  	Payments Set Aside	  	 	1079	 
	 Section 10.07
	  	Successors and Assigns	  	 	1079	 
	 Section 10.08
	  	Confidentiality	  	 	10911	 
	 Section 10.09
	  	Setoff	  	 	1102	 
	 Section 10.10
	  	Interest Rate Limitation	  	 	1103	 
	 Section 10.11
	  	Counterparts	  	 	1113	 
	 Section 10.12
	  	Integration; Termination	  	 	1113	 
	 Section 10.13
	  	Survival of Representations and Warranties	  	 	1113	 
	 Section 10.14
	  	Severability	  	 	1114	 
	 Section 10.15
	  	GOVERNING LAW	  	 	1124	 
	 Section 10.16
	  	WAIVER OF RIGHT TO TRIAL BY JURY	  	 	1124	 
	 Section 10.17
	  	Binding Effect	  	 	1135	 
	 Section 10.18
	  	USA PATRIOT Act	  	 	1135	 
	 Section 10.19
	  	No Advisory or Fiduciary Responsibility	  	 	115	 
	
Section 10.20
	  	[Reserved]	  	 	3116	 
	
Section 
10.210
	  	[Reserved]	  	 	1146	 
	
Section 10.21
	  	[Reserved]	  	 	1146	 
	 Section 10.22
	  	Judgment Currency	  	 	1146	 
		
	ARTICLE XI	  			
		
	GUARANTY	  			
			
	 Section 11.01
	  	The Guaranty	  	 	1157	 
	 Section 11.02
	  	Obligations Unconditional	  	 	1157	 
	 Section 11.03
	  	Reinstatement	  	 	1168	 
	 Section 11.04
	  	Subrogation; Subordination	  	 	1179	 
	 Section 11.05
	  	Remedies	  	 	1179	 
	 Section 11.06
	  	Instrument for the Payment of Money	  	 	1179	 
	 Section 11.07
	  	Continuing Guaranty	  	 	1179	 

  
 iv 

							
	 Section 11.08
	  	General Limitation on Guarantee Obligations	  	 	1179	 
	 Section 11.09
	  	Information	  	 	11820	 
	 Section 11.10
	  	Release of Guarantors	  	 	11820	 
	 Section 11.11
	  	Right of Contribution	  	 	11820	 

 SCHEDULES 
  

			
	1.01A	  	Commitments
	1.01B	  	[Reserved]
	1.01C	  	[Reserved]
	1.01D	  	Excluded Subsidiaries
	1.01E	  	Operating Leases
	1.01F	  	Unrestricted Subsidiaries
	1.01G	  	Management Agreements
	5.05	  	Certain Liabilities
	5.06	  	Litigation
	5.08	  	Ownership of Property
	5.09(a)	  	Environmental Matters
	5.11(a)	  	ERISA Compliance
	5.12	  	Subsidiaries and Other Equity Investments
	6.16	  	Post-Closing Covenants
	7.01(b)	  	Existing Liens
	7.02(f)	  	Existing Investments
	7.03(b)	  	Existing Indebtedness
	7.08	  	Transactions with Affiliates
	7.09	  	Certain Contractual Obligations
	10.02	  	Certain Addresses for Notices

  
 v 

 EXHIBITS 

Form of 
  

			
	A	  	Committed Loan Notice
	B	  	Note
	C-1	  	Compliance Certificate
	C-2	  	Solvency Certificate

  
 vi 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT is entered into as of August 30, 2016, among ESH HOSPITALITY INC., a Delaware corporation (the
“Borrower”), the Guarantors party hereto from time to time and EXTENDED STAY AMERICA, INC., a Delaware corporation, as the lender (the “Lender”). 

PRELIMINARY STATEMENTS 

The Borrower has requested that the Lender extend credit to the Borrower in the form of the Initial Loans on the Closing Date in an initial
aggregate principal amount of $75,000,000. 
 The proceeds of the Initial Loans will be used by the Borrower to directly or indirectly consummate the Refinancing, pay the Transaction Expenses and for general corporate purposes. 

The Lender has indicated its willingness to lend on the terms and subject to the conditions set forth herein. 

In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows: 

ARTICLE I 

DEFINITIONS AND ACCOUNTING TERMS 

Section 1.01 Defined Terms. 

As used in this Agreement, the following terms shall have the meanings set forth below: 

“2015 Senior Notes” means the original
$500.0 million aggregate principal amount of the 5.25% senior unsecured notes due 2025 (the “5.25% 2025 Notes”) issued pursuant to the 2015 Senior Notes Indenture. 

“2015
Senior Notes Indenture” means the indenture, dated as of May 25, 2015, among ESH Hospitality, Inc., as the issuer, the guarantors named therein and Deutsche Bank Trust Company Americas, as the
trustee. 

“2015 Senior Notes Issue Date” means May 15, 2015.

 “2016 Senior Notes” means the additional $800.0 million aggregate principal amount of the 5.25% 2025 Notes issued
pursuant to the 2016 Senior Notes Indenture.  
 “2016 Senior Notes Indenture” means the 2015 Senior Notes Indenture, as supplemented by the
first supplemental indenture, dated as
of
March 18, 2016, among ESH Hospitality, Inc., as the issuer, the guarantors named therein and Deutsche Bank Trust
Company Americas, as the trustee. 

“2016 Credit Agreement” means this Agreement, as amended and in effect prior to the date hereof. 

“2016 Transaction Expenses” means the “Transaction Expenses”, as defined in the 2016 Credit Agreement.  

“2016 Transactions” means the “Transactions” as defined in the 2016 Credit Agreement.  

“2019 Senior Notes” means the 4.625% senior unsecured notes due 2027 issued pursuant to the 2019 Senior Notes Indenture.
 

“2019 Senior Notes Indenture” means the indenture, dated as of September 18, 2019, among ESH Hospitality, Inc., as
the issuer, the guarantors named therein and Deutsche Bank Trust Company Americas, as the trustee. 

“2019
Transaction Expenses” means any fees or expenses incurred or paid by the Borrower or any of its Subsidiaries in connection with the
2019
Transactions, this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby. 

“2019 Transactions” means (i) the effecting of certain amendments to this Agreement, (ii) the effecting of certain amendments to and refinancing of the Parent Credit Agreement and the Senior REIT
Credit Agreement and (iii) the payment of 2019 Transaction Expenses. 

“Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the Person specified. “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Agreement” means this Credit Agreement, as the same may be amended,
restated, amended and restated, supplemented or otherwise modified from time to time. 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its Subsidiaries from
time to time concerning or relating to bribery, money laundering or corruption.

 “Applicable
Period” has the meaning set forth in Section 10.21. 
 “Applicable
Rate” means a percentage per annum equal to 5.00%. 
 “Asset Acquisition” means: 

(1) an investment by the Borrower or any of the Restricted Subsidiaries in any other Person pursuant to which such Person shall become a
Restricted Subsidiary or shall be merged, amalgamated or consolidated with and into the Borrower or any of the Restricted Subsidiaries; provided, however, that such Person’s primary business is related, ancillary, incidental or
complementary to the businesses of the Borrower or any of the Restricted Subsidiaries on the date of such investment; or 

  
 2 

 (2) an acquisition by the Borrower or any of the Restricted Subsidiaries from any other
Person of assets or one or more properties of such Person; provided, however, that the assets and properties acquired are related, ancillary, incidental or complementary to the businesses of the Borrower or any of the Restricted
Subsidiaries on the date of such acquisition and otherwise permitted under this Agreement. 

“Asset Disposition” means the sale or other disposition by the Borrower or any of the Restricted Subsidiaries, other than to the Borrower or
a Restricted Subsidiary, of: 
 (1) all or substantially all of the Equity Interests of such Restricted Subsidiary, whether in a single
transaction or a series of transactions; or 
 (2) all or substantially all of the assets that constitute a division or line of business, or
one or more properties, of the Borrower or any of the Restricted Subsidiaries, whether in a single transaction or a series of transactions. 

“Assignment Taxes” has the meaning set forth in Section 3.01(b). 

“Attorney Costs” means and includes all reasonable and documented fees, expenses and disbursements of any law firm or other external
legal counsel. 
 “Attributable Indebtedness” means, on any date, in respect of any Capitalized Lease of any Person, the capitalized
amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP. 
 “Audited Financial
Statements” means the audited consolidated balance sheets of the Borrower and its Subsidiaries and Parent and its Subsidiaries as of each of December 31, 2015, 2014 and
20138 and related consolidated statements of income,
stockholders’ equity and cash flows of the Borrower and its Subsidiaries and Parent and its Subsidiaries for the fiscal yearsyear ended December 31, 2015, 2014 and 20138. 
 “Award” means any compensation paid by any Governmental Authority in connection with a
Casualty Event or condemnation in respect of all or any part of any Property. 
 “Bankruptcy Code” means the Bankruptcy Code in Title 11 of
the United States Code, as amended, modified, succeeded or replaced from time to time. 

“Borrower” has the meaning set forth in the introductory paragraph to this Agreement. 

“Borrower Attributable Proceeds” means the Net Cash Proceeds received by the Borrower from the public or private offering of its
Equity Interests, which may include the Net Cash Proceeds from offerings of Equity Interests of the Borrower paired with Equity Interests of Parent, provided that the Net Cash Proceeds to the Borrower in the offering of paired shares shall be
determined by the Borrower in good faith and shall include the Net Cash Proceeds from the sale of Class A common stock by the Borrower to Parent if such shares are purchased with the proceeds attributable to Parent from the sale of the paired
shares. 

  
 3 

 “Borrowing” means a borrowing consisting of simultaneous Loans of the same
Class made by the Lender pursuant to Section 2.01. 
 “BREP” means, collectively, Blackstone Real Estate
Partners VI L.P., Blackstone Real Estate Partners (AIV) VI L.P., Blackstone Real Estate Partners VI.TE.1 L.P., Blackstone Real Estate Partners VI.TE.2 L.P., Blackstone Real Estate Partners VI.F L.P. and Blackstone Real Estate Holdings VI L.P., each
a Delaware limited partnership, and their respective Controlled Investment Affiliates. 
 “Business Day” means any day other than a
Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Lender is located. 

“Capital Expenditures” means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities and
including in all events all amounts expended or capitalized under Capitalized Leases) by the Borrower and its Restricted Subsidiaries during such period that, in conformity with GAAP, are or are required to be included as capital expenditures on the
consolidated statement of cash flows of the Borrower and its Restricted Subsidiaries. 
 “Capitalized Lease Obligation” means, at
the time any determination thereof is to be made, the amount of the liability in respect of a Capitalized Lease; provided that any obligations of the Borrower or its Restricted Subsidiaries either existing on the Closing Date or created prior
to any recharacterization described below (i) that were not included on the consolidated balance sheet of the Borrower as capital lease obligations and (ii) that are subsequently recharacterized as capital lease obligations or indebtedness
due to a change in accounting treatment or otherwise, shall for all purposes under this Agreement (including, without limitation, the calculation of Net Operating Income and Consolidated EBITDA) not be treated as capital lease obligations,
Capitalized Lease Obligations or Indebtedness. 
 “Capitalized Leases” means all leases that have been or are required to be, in
accordance with GAAP, recorded as capitalized leases; provided that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability on a balance sheet in accordance
with GAAP; provided, further, that for purposes of calculations made pursuant to the terms of this Agreement, GAAP will be deemed to treat leases in a manner consistent with its current treatment under generally accepted accounting principles
as of the Closing Date, notwithstanding any modifications or interpretive changes thereto that may occur thereafter. 
 “Capitalized Software Expenditures” means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by the Borrower
and its Restricted Subsidiaries during such period in respect of licensed or purchased software or internally developed software and software enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the
consolidated balance sheet of the Borrower and its Restricted Subsidiaries. 

  
 4 

 “Cash Equivalents” means any of the following types of Investments, to the extent
owned by the Borrower or any Restricted Subsidiary: 
 (1) Dollars; 

(2) such local currencies held by the Borrower or any Restricted Subsidiary from time to time in the ordinary course of
business; 
 (3) securities issued or directly and fully and unconditionally guaranteed or insured by the U.S. government or
any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24 months or less from the date of acquisition; 

(4) certificates of deposit, time deposits and eurodollar time deposits with maturities of 24 months or less from the date of
acquisition, demand deposits, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any domestic or foreign commercial bank having capital and surplus of not less than $250,000,000 in the
case of U.S. banks and $100,000,000 (or the Dollar equivalent as of the date of determination) in the case of non-U.S. banks; 

(5) repurchase obligations for underlying securities of the types described in clauses (3), (4), (7) and
(8) hereof entered into with any financial institution or recognized securities dealer meeting the qualifications specified in clause (4) above; 

(6) commercial paper and variable or fixed rate notes rated at least P-2 by
Moody’s or at least A-2 by S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency)
and in each case maturing within 24 months after the date of creation thereof; 
 (7) marketable short-term money market and
similar funds having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be
rating such obligations, an equivalent rating from another nationally recognized statistical rating agency); 
 (8) readily
marketable direct obligations issued by any state, commonwealth or territory of the United States or any political subdivision or taxing authority thereof having an investment grade rating from either Moody’s or S&P (or, if at any time
neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency) with maturities of 24 months or less from the date of acquisition; 

(9) readily marketable direct obligations issued by any foreign government or any political subdivision or public
instrumentality thereof, in each case having an investment grade rating from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally
recognized statistical rating agency) with maturities of 24 months or less from the date of acquisition; 

  
 5 

 (10) Investments with average maturities of 12 months or less from the date
of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s (or, if at any time neither Moody’s nor
S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency); 

(11) securities with maturities of 12 months or less from the date of acquisition backed by standby letters of credit issued by
any financial institution or recognized securities dealer meeting the qualifications specified in clause (4) above; 

(12) Indebtedness or preferred stock issued by Persons with a rating of “A” or higher from S&P or “A2”
or higher from Moody’s with maturities of 24 months or less from the date of acquisition; and 
 (13) investment funds
investing at least 90% of their assets in securities of the types described in clauses (1) through (12) above. 
 In the
case of Investments by any Foreign Subsidiary that is a Restricted Subsidiary or Investments made in a country outside the United States of America, Cash Equivalents shall also include (a) investments of the type and maturity described in
clauses (1) through (8) and clauses (10), (11), (12) and (13) above of foreign obligors, which Investments or obligors (or the parents of such obligors) have ratings described in such clauses or
equivalent ratings from comparable foreign rating agencies and (b) other short-term investments utilized by Foreign Subsidiaries that are Restricted Subsidiaries in accordance with normal investment practices for cash management in investments
analogous to the foregoing investments in clauses (1) through (13) and in this paragraph. 
 Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than
that set forth in clause (1) above; provided that
such amounts are converted into the currency listed in clause (1) as promptly as practicable and in any event within 10 Business Days following the receipt of such
amounts. 
 For the avoidance of doubt, any items identified as Cash
Equivalents under this definition will be deemed to be Cash Equivalents for all purposes regardless of the treatment of such items under GAAP. 

“Casualty Event” means any event that gives rise to the receipt by the Borrower or any Restricted Subsidiary of any insurance proceeds
or condemnation awards in respect of any equipment, fixed assets or real property (including any improvements thereon) to replace or repair such equipment, fixed assets or real property. 

“Centerbridge” means Centerbridge Capital Partners, L.P., a Delaware limited partnership, and its Controlled Investment Affiliates. 

“CERCLA” means the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as subsequently amended, and the
regulations promulgated thereunder. 

  
 6 

 “Change of Control” shall be deemed to occur if: 

(a) any person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the
ClosingFirst Amendment Effective Date), other than any combination of the Parent, the Investors or any “group” including any Permitted Holders, shall have acquired beneficial ownership of 35% or more on a fully diluted basis of the
voting interest in Borrower’s Equity Interests and the Permitted Holders shall own, directly or indirectly, less than such person or “group” on a fully diluted basis of the voting interest in Borrower’s Equity Interests;

 (b) a “change of control” (or similar event) shall occur under any Indebtedness for borrowed money
permitted under Section 7.03 with an aggregate outstanding principal amount in excess of the Threshold Amount or any Permitted Refinancing Indebtedness in respect of any of the foregoing with an aggregate outstanding
principal amount in excess of the Threshold Amount; or 
 (c) during any period of 12 consecutive months, a majority of the
members of the board of directors or other equivalent governing body of Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or
nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent
governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such
election or nomination at least a majority of that board or equivalent governing body. 
 “Class” (a) when used with respect to the Lender,
refers to whether the Lender has a Loan or Commitment with respect to a particular Class of Loans or Commitments, (b) when used with respect to Commitments, refers to whether such Commitments Initial Commitments, Incremental Commitments or
Refinancing Commitments of a given Refinancing Series and (c) when used with respect to Loans or a Borrowing, refers to whether such Loans, or the Loans comprising such Borrowing, are Initial Loans, Incremental Loans, Refinancing Loans of a
given Refinancing Series or Extended Loans of a given Extension Series, Initial Commitments, Incremental Commitments or Refinancing Commitments (and in each case, the Loans made pursuant to such Commitments) that have different terms or conditions
shall be construed to be in different Classes. Commitments (and, in each case, the Loans made pursuant to such Commitments) that have the same terms and conditions shall be construed to be in the same Class. There shall be no more than an aggregate
of five Classes of term loan facilities under this Agreement. 
 “Closing Date” means August 30, 2016, the first date on which all conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 4.01. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time. 

“Commitment” means, as to the Lender, its obligation to make a Loan to the Borrower hereunder, expressed as an amount representing the
maximum principal amount of the Loan to be made by the Lender under this Agreement, as such commitment may be (a) reduced from time to time pursuant to Section 2.06 and (b) reduced or increased from time to time
pursuant to (i) an Incremental Amendment, (ii) a Refinancing Amendment or (iii) an Extension. 

  
 7 

 “Committed Loan Notice” means a notice of a Borrowing, which, if in writing, shall
be substantially in the form of Exhibit A. 
 “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1
et seq.). 
 “Compliance Certificate” means a certificate substantially in the form of Exhibit C-1. 
 “Consolidated EBITDA” means, for any period, the aggregate net income (or loss) attributable
to the Borrower and its Restricted Subsidiaries for such period determined on a consolidated basis in conformity with GAAP, increased by, to the extent such amount was deducted in calculating such net income (without duplication): 

(1) net income from discontinued operations; 

(2) provision for income taxes, including, without limitation, state, provincial or territorial, franchise and similar taxes
and foreign withholding taxes; 
 (3) the income or expense attributable to transactions involving derivative instruments
that do not qualify for hedge accounting in accordance with GAAP; 
 (4) net amount of extraordinary items or non-recurring items, as may be determined by the Borrower in good faith; 
 (5) loss from
unconsolidated entities; 
 (6) interest expense, net; 

(7) depreciation and amortization; 

(8) equity-based compensation expense; 

(9) 2016
Transaction Expenses and 2019 Transaction Expenses in connection with the
2016 Transactions and the 2019 Transactions; 
 (10) impairment charges; 

(11) all other non-cash items reducing net income (other than accruals or reserves for
items that will require cash payments in future periods), including asset write-offs and write-down related to intangible assets (including goodwill) and long lives assets pursuant to GAAP; and 

(12) any (gain) or loss, together with any related provision for taxes on such (gain) or loss, realized in connection with:
(a) any disposition of assets by the Borrower or any Restricted Subsidiary outside the ordinary course of business; or (b) the disposition of any securities by the Borrower or any Restricted Subsidiary or the extinguishment of any
Indebtedness of the Borrower or a Restricted Subsidiary. 

  
 8 

 In addition, Consolidated EBITDA shall exclude the impact of all currency translation gains or losses
related to non-operating currency transactions. 
 “Consolidated Interest Expense” means, for any
period, the aggregate amount of interest expense, less the aggregate amount of interest income for such period, in respect of Indebtedness of the Borrower and its Restricted Subsidiaries during such period, all as determined on a consolidated basis
in conformity with GAAP including (without duplication): 
 (1) the interest portion of any deferred payment obligations;

 (2) all commissions, discounts and other fees and expenses owed with respect to letters of credit and bankers’
acceptance financing; 
 (3) the net cash costs associated with Swap Contracts and Indebtedness that is Guaranteed or secured
by assets of the Borrower or any Restricted Subsidiary; and 
 (4) all but the principal component of rentals in respect of
Capitalized Lease Obligations paid, accrued or scheduled to be paid or to be accrued by the Borrower and its Restricted Subsidiaries; 
 excluding, to the
extent included in interest expense above, (i) accretion of accrual of discounted liabilities not constituting Indebtedness, (ii) any expense resulting from the discounting of any Indebtedness in connection with the application of purchase
accounting in connection with any acquisition, (iii) amortization of debt discount, amortization of deferred financing charges and debt issuance costs, commissions, fees and expenses and any amortization thereof, (iv) any expensing of
bridge, commitment or other financing fees or (v) non-cash costs associated with Swap Contracts or attributable to
mark-to-market valuation of derivative instruments pursuant to GAAP. 

“Consolidated Senior Debt” means as of any date, Consolidated Total Debt that (x) is Secured Indebtedness or (y) was incurred by
any Subsidiary of the Borrower. 
 “Consolidated Total Debt” means, at any date, the aggregate principal amount of all Indebtedness (other
than (x) all obligations of such Person, contingent or otherwise, as an account party or applicant under or in respect of acceptances, letters of credit, surety bonds or similar arrangements or (y) the liquidation value of all redeemable
preferred Equity Interests of such Person) of the Borrower and its Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP; provided that Consolidated Total Debt shall not include (i) Indebtedness in respect
of letters of credit, except to the extent of unreimbursed amounts thereunder; provided that any unreimbursed amount under commercial letters of credit shall not be counted as Consolidated Total Debt until three Business Days after such
amount is drawn and (ii) Indebtedness of Unrestricted Subsidiaries; it being understood, for the avoidance of doubt, that obligations under Swap Contracts do not constitute Consolidated Total Debt. 

“Consolidated Total Net Debt” means, as of any date of determination, Consolidated Total Debt, minus the aggregate amount of
all cash and Cash Equivalents on the balance sheet of the Borrower and its Restricted Subsidiaries as of such date. 

  
 9 

 “Consolidated Total Net Leverage Ratio” means, with respect to any Test Period, the
ratio of (a) Consolidated Total Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period. 

“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument
or other undertaking to which such Person is a party or by which it or any of its property is bound. 
 “Control” has the meaning
set forth in the definition of “Affiliate.” 
 “Controlled Investment Affiliate” means, as to any Person, any other Person which
directly or indirectly is in Control of, is Controlled by, or is under common Control with, such Person and is organized by such Person (or any Person Controlling such Person) primarily for making, or otherwise having as its primary activity holding
or exercising Control over, equity or debt investments in one or more companies. 
 “Credit Agreement Refinancing Indebtedness”
means Permitted Unsecured Refinancing Debt or other unsecured Indebtedness incurred pursuant to a Refinancing Amendment, in each case, issued, incurred or otherwise obtained (including by means of the extension or renewal of existing
Indebtedness) in exchange for, or to extend, renew, replace, repurchase, retire or refinance, in whole or part, existing Loans, or any then-existing Credit Agreement Refinancing Indebtedness (“Refinanced Debt”);
provided that in each case (i) other than customary “bridge” facilities which by their terms will be
converted into a facility that has, or extended such that they have, a maturity date later than the Latest Maturity Date of all Classes of Commitments and Loans then in effect and Indebtedness in an aggregate principal amount not in excess of the
Inside Maturity Basket, such Indebtedness has a maturity no earlier than, and a Weighted Average Life to Maturity equal to or greater than, the Refinanced Debt, (ii) such Indebtedness shall not
have a greater principal amount than the principal amount of the Refinanced Debt plus accrued interest, fees, premiums (if any) and penalties thereon and reasonable fees and expenses associated therewith, (iii) the terms and conditions
of such Indebtedness (except as otherwise provided in clause (i) above and with respect to pricing, premiums, fees, rate floors and optional prepayment or redemption terms) are substantially identical to, or (taken as a
whole) are no more favorable to the lenders or holders providing such Indebtedness, than those applicable to the Refinanced Debt being refinanced (except for (x) covenants or other provisions applicable only to periods after the Latest Maturity
Date at the time of incurrence of such Indebtedness and (y) any Previously Absent Financial Maintenance Covenant, in which case the Lender shall be given prompt written notice of such Previously Absent Financial Maintenance Covenant and the
Loan Documents shall be automatically and without further action deemed modified on or prior to the date of incurrence of the Credit Agreement Refinancing Indebtedness to include such Previously Absent Financial Maintenance Covenant for the benefit
of the Loans, it being understood that upon the amendment of the Loan Documents to include any such Previously Absent Financial Maintenance Covenant, any subsequent amendment, modification or waiver to the Loan Documents as it pertains to such
Previously Absent Financial Maintenance Covenant shall only be made pursuant to
Section 10.01); provided
that, at the option of the Borrower, a certificate of a Responsible Officer
delivered to the Lender at least five Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating
thereto, stating that the Borrower has determined in good faith that 

  
 10 

 
such terms and conditions satisfy the requirement of this clause (iii) shall be conclusive evidence that such terms and conditions satisfy such requirement unless the Lender notifies
the Borrower within such five Business Day period that it disagrees with such determination (including a description of the basis upon which it disagrees) and (iv) such Refinanced Debt shall be repaid, repurchased, retired, defeased or
satisfied and discharged, all accrued interest, fees, premiums (if any) and penalties in connection therewith shall be paid, and all commitments thereunder terminated, on the date such Credit Agreement Refinancing Indebtedness is issued, incurred or
obtained. 
 “Credit Extension” means a Borrowing. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States 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 and affecting the rights of creditors
generally. 
 “Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice,
the passage of time, or both, would be an Event of Default. 
 “Default Rate” means an interest rate equal to the rate that would otherwise
be applicable to the principal amount of the Loans or other amounts pursuant to Section 2.08 plus 2.0%. 

“Discharge of Obligations” means termination of the Commitments and payment in full in cash in immediately available funds of all
Obligations (other than contingent indemnification obligations not yet accrued and payable). 
 “Disposition” or
“Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction and any sale or issuance of Equity Interests in a Restricted Subsidiary) of any property by any Person,
including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith: provided that “Disposition” and
“Dispose” shall not be deemed to include any issuance by the Borrower of any of its Equity Interests to another person. 

“Disqualified Equity Interests” means any Equity Interest that, by its terms (or by the terms of any security or other Equity
Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund
obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans
and all other Obligations that are accrued and payable and the termination of the Commitments), (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests and other than as a result of a change of control
or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable and the
termination of the Commitments), in whole or in part, (c) provides for the scheduled payments of dividends in cash or (d) is or becomes 

  
 11 

 
convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is 91 days after the
Latest Maturity Date at the time of issuance of such Equity Interests; provided that, if such Equity Interests are issued pursuant to a plan for the benefit of employees of Parent (or any direct or indirect parent thereof), the Borrower or
the Restricted Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because it may be required to be repurchased by the Borrower or its Restricted Subsidiaries in order
to satisfy applicable statutory or regulatory obligations. 
 “Dollar” and “$” mean lawful money of the United
States. 
 “Domestic Subsidiary” means any
Restricted Subsidiary that is organized under the Laws of the United States, any
state thereof or the District of Columbia. 
 “Effective Yield” means, as to any Loans of any Class, the effective yield on
such Loans, taking into account the applicable interest rate margins, any interest rate floors or similar devices and all fees, including upfront or similar fees and OID (amortized over the shorter of (x) the original stated life of such Loans
and (y) the four years following the date of incurrence thereof) payable generally to the lenders making such Loans, but excluding arrangement fees, structuring fees, commitment fees, underwriting fees or other similar fees (regardless of
whether paid in whole or in part to any or all lenders) in connection with the commitment or syndication of such Indebtedness. 
 “Eligible
Assignee” means an any Person (other than a natural person). 
 “Environment” means indoor air, ambient air, surface
water, groundwater, drinking water, land surface, subsurface strata and natural resources such as wetlands, flora and fauna. 
 “Environmental
Laws” means any applicable Law relating to pollution, protection of the Environment and natural resources, pollutants, contaminants, or chemicals or any toxic or otherwise hazardous substances, wastes or materials, or the protection
of human health and safety as it relates to any of the foregoing, including any applicable provisions of CERCLA. 
 “Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of investigation and remediation, fines, penalties or indemnities), of or relating to the Loan Parties or any of their respective
Subsidiaries directly or indirectly resulting from or based upon (a) violation of, or liability under or relating to any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous
Materials, (c) exposure to any Hazardous Materials, (d) the actual or alleged presence, Release or threatened Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant to which
liability is assumed or imposed with respect to any of the foregoing. 
 “Environmental Permit” means any permit, approval,
identification number, license or other authorization required under any Environmental Law. 

  
 12 

 “Equity Interests” means, with respect to any Person, all of the shares, interests,
rights, participations or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants, options or other rights for the purchase, acquisition or exchange from
such Person of any of the foregoing (including through convertible securities). 
 “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended from time to time. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with a Loan Party or any Restricted
Subsidiary, is treated as a single employer under Section 414(b) or (c) of the Code, or solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.

 “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by a Loan Party, any
Restricted Subsidiary or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is
treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a Multiemployer Plan or a notification or determination that a
Multiemployer Plan is insolvent; (d) the filing by the PBGC of a notice of intent to terminate any Pension Plan, the treatment of a Pension Plan or Multiemployer Plan amendment as a termination under Sections 4041 or 4041A of ERISA,
respectively, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) appointment of a trustee to administer any Pension Plan or Multiemployer Plan; (f) with respect to a Pension Plan, the
failure to satisfy the minimum funding standard of Section 412 of the Code or Section 302, 303 or 304 of ERISA, whether or not waived; (g) any Foreign Benefit Event; (h) the imposition of any liability under Title IV of ERISA,
other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon a Loan Party, any Restricted Subsidiary or any ERISA Affiliate; (i) a determination that any Pension Plan is in
“at-risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (j) a determination that any Multiemployer Plan is in endangered or critical status (within the
meaning of Section 432 of the Code or Section 305 of ERISA) or (k) the occurrence of a non-exempt “prohibited transaction” (as such term is defined in Section 406 of ERISA or
Section 4975 of the Code) in connection with a Plan, which could reasonably be expected to result in the incurrence of any
material liability by a Loan Party or any Restricted Subsidiary under Title I of
ERISA, or the imposition on a Loan Party or any Restricted Subsidiary Subsidiaries of any excise tax under Section 4975 of the Code. 

“Event of Default” has the meaning set forth in Section 8.01. 

“Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 “Excluded Contribution” means net cash proceeds,
marketable securities or Qualified Proceeds received by the Borrower from: 
 (1) contributions to its common equity capital;

  
 13 

 (2) dividends, distributions, fees and other payments (A) from
Unrestricted Subsidiaries and any of their Subsidiaries, (B) received in respect of any minority investments and (C) from any joint ventures that are not Restricted Subsidiaries; and 

(3) the sale (other than to the Borrower or a Subsidiary of the Borrower or to any management equity plan or stock option plan
or any other management or employee benefit plan or agreement of the Borrower) of Equity Interests (other than Disqualified Equity Interests and preferred stock) of Parent (or any direct or indirect parent of the Borrower); 

in each case, to the extent designated as Excluded Contributions by the Borrower within 180 days of the date such capital contributions are made, such dividends, distributions, fees or other payments are paid, or the date such Equity Interests are sold, as the case may
be. 
 “Excluded Subsidiary” means (a) any Subsidiary that is
not a wholly owned Subsidiary of the Borrower or a Guarantor, (b) any Immaterial Subsidiary, (c) any Subsidiary that is prohibited by applicable Law or Contractual Obligations (including, in the case of Contractual Obligations constituting
Indebtedness existing on the ClosingFirst Amendment
Effective Date, pursuant to any documentation with respect to any Permitted Refinancing thereof) existing on the
ClosingFirst Amendment Effective Date (or, in the case of any newly acquired Subsidiary, in existence at the time of acquisition but not entered into in contemplation thereof) from guaranteeing the Obligations or if guaranteeing the Obligations
would require governmental (including regulatory) consent, approval, license or authorization (unless such consent, approval, license or authorization has been obtained), (d) any other Subsidiary with respect to which, in the reasonable
judgment of the Lender, in consultation with the Borrower, the burden or cost or other consequences (including any material adverse tax consequences) of providing a Guarantee shall be excessive in view of the benefits to be obtained by the Lender
therefrom, (e) any direct or indirect Foreign Subsidiary of the Borrower, (f) any not-for-profit Subsidiaries, (g) any Unrestricted Subsidiaries,
(h) any direct or indirect Domestic Subsidiary substantially all of the assets of which consist, directly or indirectly, of the Equity Interests and/or Indebtedness of one or more Foreign Subsidiaries that are “controlled foreign
corporations” within the meaning of Section 957 of the Code, (i) any Domestic Subsidiary that is a direct or indirect Subsidiary of a Foreign Subsidiary or of a Domestic Subsidiary described in clause (h) above and, (j) any captive insurance subsidiaries and (k) any Specified Property Owning Entities. The Excluded Subsidiaries as of the ClosingFirst Amendment Effective Date are listed on Schedule 1.01D. 

“Existing Corp Credit
Facility” means the Credit Agreement
dated as of November 18, 2013, as amended, among Parent, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. 
 “Existing Loan Tranche” has the meaning set forth in
Section 2.16(a). 
 “Existing REIT Revolving Credit Facility” means the Credit Agreement dated as of November 18, 2013, as amended, among the Borrower, the lenders party thereto and
JPMorgan Chase Bank, N.A., as administrative agent. 

  
 14 

 “Extended Loans” has the meaning set forth in
Section 2.16(a). 
 “Extension” means the establishment of an Extension Series by amending a Loan pursuant
to Section 2.16 and the applicable Extension Amendment. 
 “Extension Amendment” has the meaning set forth
in Section 2.16(d). 
 “Extension Request” means any Loan Extension Request. 

“Extension Series” means any Loan Extension Series. 

“Facility” means the Initial Loans, a given Class of Incremental Loans, a given Refinancing Series of Refinancing Loans or a
given Extension Series of Extended Loans, as the context may require. 
 “FATCA” means Sections 1471 through 1474 of the Code
(including, for the avoidance of doubt, any agreements entered into pursuant to Section 1471(b)(1) of the Code), as of the ClosingFirst Amendment Effective Date (and any amended or successor version thereof that is
substantively comparable and not materially more onerous to comply with), any current or future United States Department of the Treasury regulations or other official administrative guidance promulgated thereunder and any intergovernmental
agreements entered into in connection with the implementation thereof. 
 “Federal Funds Rate” means, for any day, the rate
per annum equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published on the next succeeding Business Day by the
Federal Reserve Bank of New York; provided that to the extent that the interest rate determined by the foregoing provision of this definition is negative, such interest rate shall be deemed to be 0.00%; provided further that
(a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so
published for any day that is a Business Day, the average of the quotations for the day for such transactions received by the Lender from three federal funds brokers of recognized standing selected by it. 

“FFO Builder Basket” means the sum of (without duplication): 

(1) 95% of the aggregate amount of the Funds From Operations (or, if the Funds From Operations is a loss, minus 100% of the
amount of such loss) accrued on a cumulative basis during the period (taken as one accounting period) beginning on January 1, 2015 and ending on the last day of the last fiscal quarter preceding the Transaction Date for which reports have been
filed with the SEC or provided to the Lender pursuant to Section 6.01, plus 
 (2) 100% of the sum of
(A) the aggregate of the Borrower Attributable Proceeds after the 2015 Senior
Notes Issue Date from the issuance and sale of the Borrower’s Equity Interests or any options, warrants or other rights to acquire Equity Interests of the Borrower and (B) the aggregate Net Cash Proceeds or the fair market value of other
property received from the issuance or sale of convertible or exchangeable 

  
 15 

 
indebtedness of the Borrower upon conversion or exchange of such Indebtedness into Equity Interests and (C) contributions to the equity capital of the Borrower by any Person other than a
Restricted Subsidiary, exclusive of (i) any Disqualified Equity Interests, (ii) any options, warrants or other rights that are redeemable at the option of the holder for cash or Indebtedness, or are required to be redeemed, prior to the
stated maturity of the 2015 Senior Notes or (iii) issuances and sales to
Parent, other than the Borrower Attributable Proceeds from the sale of paired shares in an offering of Equity Interests, plus 

(3) an amount equal to the net reduction in Investments made pursuant to Section 7.02(u) in any Person after the 2015 Senior Notes Issue Date resulting from payments of interest on Indebtedness,
dividends, repayments of loans or advances, or other transfers of assets, in each case to the Borrower or any of the Restricted Subsidiaries or from the Net Cash Proceeds from the sale of any such Investment (except, in each case, to the extent any
such payment or proceeds are included in the calculation of Funds From Operations) or from redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries (valued in each case as provided in the definition of “Investments”, set
forth in the New2015 Senior Notes Indenture as of the date hereof) not to exceed, in each case, the amount of Investments previously made by the Borrower and the Restricted Subsidiaries in such Person or Unrestricted Subsidiary
pursuant to Section 7.02(u), plus 
 (4) the fair market value of
non-cash tangible assets or Equity Interests acquired in exchange for an issuance of Equity Interests (other than Disqualified Equity Interests) of the Borrower, in each case, on or subsequent to
January 1, 2015, plus 
 (5) without duplication, in the event the Borrower or any Restricted Subsidiary makes
any Investment in a Person that, as a result of or in connection with such Investment, becomes a Restricted Subsidiary, an amount not to exceed the amount of Investments previously made by the Borrower and the Restricted Subsidiaries in such Person
pursuant to Section 7.02(u), minus 
 (6) any amount of the FFO Builder Basket used to make Investments pursuant
to Section 7.02(u) after the Closing Date and prior to such time, minus 
 (7) any amount of
the FFO Builder Basket used to pay dividends or make distributions or other Restricted Payments pursuant to Section 7.06(h) after the Closing Date and prior to such time, minus 

(8) any amount of the FFO Builder Basket used to make payments or distributions in respect of Junior Financings pursuant to
Section 7.13(a)(iv) after the Closing Date and prior to such time. 

“First Amendment” means the First Amendment to this Agreement, dated as of the First Amendment Effective Date. 

“First Amendment Effective Date” means September 18, 2019.

  
 16 

 “Foreign Benefit Event” means, with respect to any Foreign Pension Plan, (a) the
existence of unfunded liabilities in excess of the amount permitted under any applicable Law or in excess of the amount that would be permitted absent a waiver from applicable Governmental Authority, (b) the failure to make the required
contributions or payments, under any applicable Law, on or before the due date for such contributions or payments, (c) the receipt of a notice by a Governmental Authority relating to the intention to terminate any such Foreign Pension Plan or
to appoint a trustee or similar official to administer any such Foreign Pension Plan, or alleging the insolvency of any such Foreign Pension Plan, (d) the incurrence of any liability by a Loan Party or any Restricted Subsidiary under applicable
Law on account of the complete or partial termination of such Foreign Pension Plan or the complete or partial withdrawal of any participating employer therein, or (e) the occurrence of any transaction that is prohibited under any applicable Law
and that could reasonably be expected to result in the incurrence of any liability by a Loan Party or any Restricted Subsidiary, or the imposition on a Loan Party or any Restricted Subsidiary of any fine, excise tax or penalty resulting from any
noncompliance with any applicable Law. 
 “Foreign Pension Plan” means any benefit plan that under applicable Law is required to be
funded through a trust or other funding vehicle other than a trust or funding vehicle maintained exclusively by a Governmental Authority. 

“Foreign Subsidiary” means any direct or indirect Restricted Subsidiary of the Borrower that is not a Domestic Subsidiary. 

“FRB” means the Board of Governors of the Federal Reserve System of the United States. 

“Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or otherwise investing in
commercial loans and similar extensions of credit in the ordinary course. 
 “Funds From Operations” for any period means the consolidated
net income attributable to the Borrower and the Restricted Subsidiaries for such period determined in conformity with GAAP, plus depreciation and amortization (excluding amortization of deferred financing costs and debt discounts) and impairment
losses. 
 “GAAP” means generally accepted accounting principles in the United States of America, as in effect from time to time;
provided, however, that (i) if the Borrower notifies the Lender that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the ClosingFirst Amendment Effective Date in GAAP or in the application thereof on the operation of such provision, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision
shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith, (ii) GAAP shall be
construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under FASB ASC Topic 825 (or any other Financial Accounting Standard having a similar result or effect) to value any
Indebtedness or other liabilities of the Borrower or any of its Subsidiaries at “fair value,” as defined therein, and Indebtedness shall be measured at the aggregate principal amount thereof,

  
 17 

 
and (iii) the accounting for operating leases and capital leases under GAAP as in effect on the date hereofClosing Date (including, without limitation, Accounting Standards Codification 840)
shall apply for the purposes of determining compliance with the provisions of this Agreement, including the definition of Capitalized Leases and obligations in respect thereof. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, any agency, authority,
instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 

“Gross Income from Operations” means the sum of (i) rent payments made under the Operating Leases received by or on behalf of Borrower
or any Restricted Subsidiary of Borrower and (ii) that portion of the Gross Income from Property Operations received by or on behalf of Borrower or any Restricted Subsidiary of Borrower. 

“Gross Income from Property Operations” means, without duplication, all income and proceeds (whether in cash or on credit, and computed on an
accrual basis) received by the Borrower, any of the Restricted Subsidiaries or by the Manager on behalf of the Borrower and the Restricted Subsidiaries, for the use, occupancy or enjoyment, or license to use, occupy or enjoy the Properties, or any
part thereof, or received by the Borrower, any of the Restricted Subsidiaries or by Manager on behalf of the Borrower or any of the Restricted Subsidiaries for the sale of any goods, services or other items sold on or provided from the Properties in
the ordinary course of the operation of the Properties, including, without limitation: (a) all income and proceeds received from rental of rooms, Leases and commercial space, meeting, conference and/or banquet space within the Properties, if
any, including parking revenue; (b) all income and proceeds received from food and beverage operations and from catering services conducted from the Properties, if any, even though rendered outside of the Properties; (c) all income and
proceeds from business interruption, rental interruption and use and occupancy insurance with respect to the operation of the Properties (after deducting therefrom all necessary costs and expenses incurred in the adjustment or collection thereof);
(d) all Awards for temporary use (after deducting therefrom all costs incurred in the adjustment or collection thereof and in Restoration of the Properties); (e) all income and proceeds from judgments, settlements and other resolutions of disputes
with respect to matters which would be includable in this definition of “Gross Income from Property Operations” if received in the ordinary course of the operation of the Properties (after deducting therefrom all necessary costs and
expenses incurred in the adjustment or collection thereof); (f) interest on credit accounts, rent concessions or credits, and other required pass-throughs; and (g) all other income from operation of the Properties, including, without
limitation, laundry and vending income; but excluding, (1) gross receipts received by lessees (other than Operating Lessee), licensees or concessionaires of the Properties; (2) consideration received at the Properties for hotel
accommodations, goods and services to be provided at other hotels not constituting directly or indirectly, a portion of the Properties, although arranged by, for or on behalf of the Borrower or any of the Restricted Subsidiaries or the Manager;
(3) income and proceeds from the sale or other disposition of goods, capital assets and other items not in the ordinary course of operation of the Properties; (4) Hotel Taxes; (5) Awards (except to the extent provided in clause
(d) above); (6) refunds of amounts not included in Property Operating Expenses at any time and uncollectible accounts; (7) gratuities collected by the employees at the Properties; (8) the proceeds of any permitted financing;
(9) other income 

  
 18 

 
or proceeds resulting other than from the use or occupancy of the Properties, or any part thereof, or other than from the sale of goods, services or other items sold on or provided from the
Properties in the ordinary course of business; (10) any credits or refunds made to customers, guests or patrons in the form of allowances or adjustments to previously recorded revenues; (11) rent payments made and received under the
Operating Leases; and (12) proceeds from the sale of any of the Properties, including Net Proceeds from Dispositions. 
 “Ground
Leases” means each of 
 (1) with respect to the Property located at 8 East Swedesford Road in Malvern,
Pennsylvania, that certain Ground Lease by and between Morelli Enterprises, LP and Boulevard Motel Corp. as ground lessee, dated May 14, 1997, as amended by the Amendment to Ground Lease dated May 14, 1997, the Second Amendment to Ground
Lease dated September 29, 1997, the Third Amendment to Purchase Agreement dated November 10, 1997 and the Fourth Amendment of Ground Lease dated as of August 29, 2003, of which a certain Short Form Memorandum, dated January 10,
2001, was recorded in the Recorder’s Office of Chester County, Pennsylvania on February 12, 2001, in Book 4895 Page 1908, and that certain Amended Short Form of Memorandum of Lease dated as of June 16, 2003, recorded in the
Recorder’s Office of Chester County, Pennsylvania, as assigned from Boulevard Motel Corp. to BRE/Homestead Portfolio L.L.C. (n/k/a ESH/Homestead Portfolio L.L.C.) pursuant to that certain Assignment and Assumption of Lease, dated as of
June 17, 2003, and as modified by that certain Estoppel Certificate given by Ground Lessor to BRE/Homestead Portfolio L.L.C. dated as of July 20, 2005; 

(2) with respect to the Property located at One Plaza Drive in Secaucus, New Jersey, that certain Ground Lease by and between
Meadow Park Associates and Boulevard Motel Corp. dated March 9, 1998, as amended by that certain First Amendment of Lease dated as of May 8, 1998, of which a certain Memorandum of Lease was recorded in the Recorder’s Office of Hudson
County, New Jersey on November 9, 2000, in Deed Book 5711 Page 295, as assigned from Boulevard Motel Corp. to BRE/Homestead Portfolio L.L.C. (n/k/a ESH/Homestead Portfolio L.L.C.) pursuant to that certain Assignment and Assumption of Lease,
dated as of June 16, 2003, as consented to by Meadow Park Associates; 
 (3) with respect to the Property located at
3045 South Maryland Parkway in Las Vegas, Nevada, that certain Ground Lease Agreement by and between Homestead Village Incorporated and PH Homestead LLC, as successor in interest to Paradise Homes, dated June 23, 1997, of which a certain
Memorandum of Lease, dated June 23, 1997, was recorded in the Official Records of Clark County, Nevada on June 23, 1997, in Book 970623, Instrument Number 01580, as assigned by Homestead Village Incorporated to ESH/HV Properties L.L.C.
pursuant to that certain Assignment and Assumption of Lease dated November 20, 2001, recorded in the Official Records of Clark County, Nevada on December 4, 2001, in Book 20011204, Instrument Number 01940; 

  
 19 

 (4) with respect to the Property located at 45 Glimcher Realty Way in
Elizabeth, New Jersey, that certain Master Lease dated December 5, 1997, by and between Elizabeth Metromall Urban Renewal, Inc. and Elizabeth Metromall LLC, a Delaware limited liability company (“Master Tenant”), as ground
lessee, recorded in the Office of the County Clerk of Union County, New Jersey, in Book 4604 page 148, as amended and restated by that certain Amended and Restated Master Lease by and between Elizabeth Metromall Urban Renewal, Inc. and Master
Tenant, dated June 4, 1998, recorded in the Office of the County Clerk of Union County, New Jersey, in Book 4674 page 183, as amended by First Amendment to the Amended and Restated Master Lease dated December 8, 2000, as partially assigned
by that certain Partial Assignment of Amended and Restated Lease dated June 4, 1998, from Master Tenant to Jersey Gardens Center LLC, a Delaware limited liability company (“Jersey Gardens”), recorded in the Office of the County
Clerk of Union County, New Jersey, in Book 4674 page 212 and rerecorded in the same Office in Book 4679 page 137, a portion of such partial assignment further assigned by that certain Assignment of Partial Leasehold under Amended and Restated Master
Lease dated December 8, 2000, from Jersey Gardens to ESA 2653, Inc., a New Jersey corporation, recorded in the Office of the County Clerk of Union County, New Jersey, in Book 5076 page 285 and as assigned to BRE/ESA Properties L.L.C. pursuant
to that certain Assignment of Ground Lease dated as of May 11, 2004, as further assigned to BRE/ESA P Portfolio L.L.C. pursuant to that certain Ground Lease Assignment dated as of July 11, 2005; 

(5) with respect to the Property located at 2504 North
Carolina Highway 54 in Durham, North CarolinaTanger Outlets Savannah, in Pooler, Chatham County, Georgia, that certain Prepaid Ground LeaseSublease Agreement by and between Claude A. Adams III and Studio Plus Properties, Inc., as ground lessee, dated August 28, 1995, as assigned to BRE/ESA
TX Properties L.P. pursuant to that certain Ground Lease AssignmentPooler Land Partners, LLC, as landlord, and ESA P
Portfolio L.L.C., as tenant, dated as of May
1September 21, 200418;
and 
 (6) such other ground leases entered into by the Borrower or any Restricted Subsidiary from time to time. 

“Guarantee” means, as to any Person, without duplication, (a) any obligation, contingent or otherwise, of such Person
guaranteeing or having the economic effect of guaranteeing any Indebtedness or other monetary obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including
any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other monetary obligation, (ii) to purchase or lease property, securities or
services for the purpose of assuring the obligee in respect of such Indebtedness or other monetary obligation of the payment or performance of such Indebtedness or other monetary obligation, (iii) to maintain working capital, equity capital or
any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other monetary obligation, or (iv) entered into for the purpose of
assuring in any other manner the obligee in respect of such Indebtedness or other monetary obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any
assets of 

  
 20 

 
such Person securing any Indebtedness or other monetary obligation of any other Person, whether or not such Indebtedness or other monetary obligation is assumed by such Person (or any right,
contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); provided that the term “Guarantee” shall not include endorsements for collection or deposit, in either case in the ordinary course of business, or
customary and reasonable indemnity obligations in effect on the
ClosingFirst Amendment Effective Date or entered into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with respect to Indebtedness). The amount of any Guarantee shall be
deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in
respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Guarantee Requirement” means, at any time, the requirement that, after the Closing Date, each Restricted Subsidiary of the Borrower that is
not then a Guarantor and not an Excluded Subsidiary shall become a Guarantor and party to this Agreement pursuant to a joinder agreement in accordance with Sections 6.11; provided that, notwithstanding the foregoing provisions, any
Restricted Subsidiary of the Borrower that Guarantees (other than Guarantees by a Foreign Subsidiary of Indebtedness of another Foreign Subsidiary) any Indebtedness for borrowed money permitted under Section 7.03 with an
aggregate outstanding principal amount in excess of $100,000,000 or any Junior Financing or any Permitted Refinancing of any of the foregoing shall be a Guarantor hereunder for so long as it Guarantees such Indebtedness. 

“Guaranteed Obligations” has the meaning set forth in Section 11.01. 

“Guarantors” means, collectively, (i) the wholly owned Domestic Subsidiaries of the Borrower (other than any Excluded Subsidiary)
and (ii) those wholly owned Domestic Subsidiaries that issue a Guaranty of the Obligations after the Closing Date pursuant to Section 6.11 or otherwise, at the option of the Borrower, issues a Guaranty of the
Obligations after the Closing Date; provided that, notwithstanding the foregoing clause (i), the Borrower may in its sole discretion designate any Excluded Subsidiary as a Guarantor and comply with the provisions of
Section 6.11 with respect to such Excluded Subsidiary. 
 “Guaranty” means, collectively, the guaranty of
the Obligations by the Guarantors pursuant to this Agreement. 
 “Hazardous Materials” means all materials, pollutants,
contaminants, chemicals, compounds, constituents, substances or wastes, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, lead, radon gas, pesticides, fungicides, fertilizers, or
toxic mold that are regulated pursuant to, or which could give rise to liability under, applicable Environmental Law. 
 “Hotel Taxes”
means federal, provincial, state and municipal excise, occupancy sales and use taxes collected by or on behalf of the Borrower or any of the Restricted Subsidiaries directly from patrons or guests of the Properties as part of or based on the sales
price of any goods, services or other items, such as gross receipts, room, admission, cabaret or equivalent taxes and required to be paid to a Governmental Authority. 

  
 21 

 “Immaterial Subsidiary” has the meaning set forth in
Section 8.03. 
 “Incremental Amendment” has the meaning set forth in
Section 2.14(f). 
 “Incremental Commitments” has the meaning set forth in
Section 2.14(a). 
 “Incremental Facility Closing Date” has the meaning set forth in
Section 2.14(d). 
 “Incremental Loan” has the meaning set forth in
Section 2.14(b). 
 “Incremental Loan Request” has the meaning set forth in
Section 2.14(a). 
 “Incremental
Loan-to-Value Ratio” means, with respect to any Test Period and any specific Measurement, the percentage determined by the ratio of (a) such Measurement as
of the last day of such Test Period to (b) the quotient of (i) the Net Operating Income for such Test Period divided by (ii) 0.0925. In making the foregoing calculations, the adjustments set forth in clauses (1) through (6) of the
second paragraph of the definition of the Interest Coverage Ratio shall also apply. 
 “Incur” means, with respect to any Indebtedness, to
incur, create, issue, assume, Guarantee or otherwise become liable for or with respect to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness, including the incurrence or assumption of acquired Indebtedness;
provided, however, that neither the accrual of interest, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, nor the accretion of original issue discount shall be considered an Incurrence of
Indebtedness. 
 “Indebtedness” means, as to any Person at a particular time, without duplication, all of the following: 

(a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes,
loan agreements or other similar instruments; 
 (b) the maximum amount (after giving effect to any prior drawings or
reductions which may have been reimbursed) of all outstanding letters of credit (including standby and commercial), bankers’ acceptances, bank guarantees, surety bonds, performance bonds and similar instruments issued or created by or for the
account of such Person; 
 (c) net obligations of such Person under any Swap Contract; 

(d) all obligations of such Person to pay the deferred purchase price of property or services (other than (i) trade
accounts and accrued expenses payable in the ordinary course of business, (ii) any earn-out obligation until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP
and (iii) accruals for payroll and other liabilities accrued in the ordinary course); 

  
 22 

 (e) indebtedness (excluding prepaid interest thereon) secured by a Lien on
property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial development bond and similar financings), whether or not
such indebtedness shall have been assumed by such Person or is limited in recourse; 
 (f) all Attributable Indebtedness;

 (g) all obligations of such Person in respect of Disqualified Equity Interests if and to the extent that the foregoing
would constitute indebtedness or a liability in accordance with GAAP; provided that Indebtedness of any direct or indirect parent of the Borrower appearing upon the balance sheet of the Borrower solely by reason of push-down accounting under
GAAP shall be excluded; and 
 (h) to the extent not otherwise included above, all Guarantees of such Person in respect of
any of the foregoing. 
 For all purposes hereof, the Indebtedness of any Person shall (A) include the Indebtedness of any partnership
or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, except to the extent such Person’s liability for such Indebtedness is
otherwise expressly limited and only to the extent such Indebtedness would be included in the calculation of Consolidated Total Net Debt, (B) in the case of the Borrower and its Restricted Subsidiaries, exclude all intercompany
Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business, and (C) exclude obligations under or in respect of operating leases or sale-lease back
transactions (except any resulting Capitalized Lease Obligations). The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of Indebtedness of any
Person for purposes of clause (e) shall be deemed to be equal to the lesser of (i) the aggregate unpaid amount of such Indebtedness and (ii) the fair market value of the property encumbered thereby as determined by such Person
in good faith. Notwithstanding anything in this definition to the contrary, Indebtedness shall be calculated without giving effect to the effects of Financial Accounting Standards Board Accounting Standards Codification 815 and related
interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose hereunder as a result of accounting for any embedded derivatives created by the terms of such Indebtedness. 

“Indemnified Taxes” means, with respect to the Lender, all Taxes other than (i) Taxes imposed on or measured by its net income,
however denominated, and franchise (and similar) Taxes imposed in lieu of net income Taxes by a jurisdiction (A) as a result of such recipient being organized in or having its principal office (or, in the case of the Lender, its applicable
Lending Office) in such jurisdiction (or any political subdivision thereof), or (B) as a result of any other connection between the Lender and such jurisdiction other than any connections arising from executing, delivering, being a party to,
engaging in any transactions pursuant to, performing its obligations under, receiving payments under, or enforcing, any Loan Document, (ii) Taxes attributable to the failure by the Lender to deliver the documentation required to be delivered
pursuant to Section 3.01(d), (iii) any branch profits Taxes imposed by the United States or any 

  
 23 

 
similar Tax, imposed by any jurisdiction described in clause (i) above, (iv) in the case of the Lender, any U.S. federal withholding Tax that is in effect on the date the Lender
becomes a party to this Agreement, or designates a new Lending Office, except to the extent the Lender (or its assignor, if any) was entitled immediately prior to the time of designation of a new Lending Office (or assignment) to receive additional
amounts with respect to such withholding Tax pursuant to Section 3.01, (v) any withholding Taxes imposed under FATCA, and (vi) any U.S. federal backup withholding imposed as a result of a failure by the Lender
to deliver the form described in Section 3.01(d)(i). 
 “Indemnitees” has the meaning set forth in
Section 10.05. 
 “Information” has the meaning set forth in Section 10.08. 

“Initial Commitment” means, as to the Lender, its obligation to make an Initial Loan to the Borrower pursuant to
Section 2.01(a) in an aggregate amount not to exceed the amount set forth opposite the Lender’s name in Schedule 1.01A under the caption “Initial Commitment”, as such amount may be adjusted from time
to time in accordance with this Agreement (including Section 2.14). The initial aggregate amount of the Initial Commitments is $75,000,000. 

“Initial Loans” means the term loans made by the Lender on the Closing Date to the Borrower pursuant to
Section 2.01(a). 

“Inside Maturity Basket” means Indebtedness in an aggregate principal amount not to exceed $400,000,000 at any time
outstanding, as designated by the Borrower from time to time. 
 “Intercompany
Note” means a promissory note substantially in the form of Exhibit I to the Senior REIT Credit Agreement. 
 “Interest
Coverage Ratio” means, on any Transaction Date, the ratio of: 
 (a) the aggregate amount of Consolidated EBITDA for
the then applicable Test Period to 
 (b) the aggregate Consolidated Interest Expense during such Test Period. 

In making the foregoing calculation (and without duplication), 

(1) pro forma effect shall be given to any Indebtedness Incurred or repaid during the period (“Reference
Period”) commencing on the first day of the Test Period and ending on the Transaction Date (other than Indebtedness Incurred or repaid under a revolving credit or similar arrangement), in each case as if such Indebtedness had been Incurred
or repaid on the first day of such Reference Period; 
 (2) Consolidated Interest Expense attributable to interest on any
Indebtedness (whether existing or being Incurred) computed on a pro forma basis and bearing a floating interest rate shall be computed as if the rate in effect on the Transaction Date (taking into account any Swap Contract applicable to such
Indebtedness if such Swap Contract has a remaining term in excess of 12 months or, if shorter, at least equal to the remaining term of such Indebtedness) had been the applicable rate for the entire period; 

  
 24 

 (3) pro forma effect shall be given to Asset Dispositions and Asset
Acquisitions (including giving pro forma effect to (i) the application of proceeds of any Asset Disposition and any Indebtedness Incurred or repaid in connection with any such Asset Acquisitions or Asset Dispositions and (ii) the
Consolidated EBITDA and Net Operating Income of any such assets acquired or disposed of) that occur during such Reference Period or subsequent to the end of the related Test Period as if they had occurred and such proceeds had been applied on the
first day of such Reference Period and after giving effect to Pro Forma Cost Savings; 
 (4) pro forma effect shall be given
to Asset Dispositions and Asset Acquisitions (including giving pro forma effect to (i) the application of proceeds of any asset disposition and any Indebtedness Incurred or repaid in connection with any such asset acquisitions or asset
dispositions, (ii) expense and cost reductions calculated on a basis consistent with Regulation S-X under the Securities Exchange Act of 1934,
as amended, or any successor statute or statutes thereto, (iii) Pro Forma Cost Savings and (iv) the Consolidated
EBITDA and Net Operating Income of any such assets acquired or disposed of) that have been made by any Person that is or has become a Restricted Subsidiary or has been merged with or into the Borrower or any of its Restricted Subsidiaries during
such Reference Period or subsequent to the end of the related Test Period and that would have constituted asset dispositions or asset acquisitions during such Reference Period or subsequent to the end of the related Test Period had such transactions
occurred when such Person was a Restricted Subsidiary as if such asset dispositions or asset acquisitions were Asset Dispositions or Asset Acquisitions and had occurred on the first day of such Reference Period; 

(5) the Consolidated Interest Expense attributable to discontinued operations, as determined in accordance with GAAP, shall be
excluded, but only to the extent that the obligations giving rise to such Consolidated Interest Expense will not be obligations of the specified Person or any of its Restricted Subsidiaries following the Transaction Date; and 

(6) interest on Indebtedness that may optionally be determined at an interest rate based on a factor of a prime or similar
rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if not, then based upon such operational rate chosen as the Borrower may designate. Interest on any Indebtedness under
a revolving credit facility computed on a pro forma basis shall be computed based on the average daily balance of such Indebtedness during the applicable period except as set forth in clause (1) of this definition. Interest on a Capitalized
Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a Responsible Officer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP; 

  
 25 

 provided, however, that to the extent that clause (3) or (4) of this paragraph requires that pro
forma effect be given to an Asset Acquisition or Asset Disposition, as the case may be, such pro forma calculation shall be based upon the four full fiscal quarters immediately preceding the Transaction Date of the Person, or division or line of
business, or one or more properties, of the Person that is acquired or disposed of to the extent that such financial information is available or otherwise a reasonable estimate thereof is available. 

“Interest Payment Date” means the last Business Day of each March, June, September and December and the Maturity Date of the Facility
under which such Loan was made. 
 “Investment” means, as to any Person, any direct or indirect acquisition or investment by such
Person, whether by means of (a) the purchase or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or
other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person excluding, in the case of the Borrower and its Restricted Subsidiaries, Intercompany
loans, advances, or Indebtedness, having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business consistent with past practice, or (c) the purchase or other acquisition (in
one transaction or a series of transactions) of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person. For purposes of covenant
compliance, the amount of any Investment at any time shall be the amount actually invested (measured at the time made), without adjustment for subsequent increases or decreases in the value of such Investment. 

“Investors” means, individually or collectively, as the context may require, Centerbridge, Paulson and BREP. 

“IP Rights” has the meaning set forth in Section 5.17. 

“Junior Financing” has the meaning set forth in Section 7.13(a). 

“Junior Financing Documentation” means any documentation governing any Junior Financing. 

“Latest Maturity Date” means, at any date of determination, the latest Maturity Date applicable to any Loan or Commitment hereunder at
such time, including the latest maturity date of any Refinancing Loan, any Refinancing Commitment, any Extended Loan, in each case as extended in accordance with this Agreement from time to time. 

“Laws” means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations,
ordinances, codes and administrative or judicial precedents, orders, decrees, injunctions or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or
administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority. 

“Lease” means with the exception of (a) any occupancy agreement with hotel guests at any Property, or (b) gas, oil or mineral
rights leases with respect to any Property provided such lease does not have a material adverse effect on the business operations or value of the applicable Property, any lease, sublease or subsublease, letting, license, concession or other
agreement 

  
 26 

 
(whether written or oral and whether now or hereafter in effect), including, without limitation, the Operating Leases, pursuant to which any Person is granted a possessory interest in, or right
to use or occupy all or any portion of any space in any Property, and every modification, amendment or other agreement relating to such lease, sublease, subsublease, or other agreement entered into in connection with such lease, sublease,
subsublease, or other agreement and every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto. 

“Lender” has the meaning set forth in the introductory paragraph to this Agreement and, as the context requires, includes the
Lender’s successors and assigns as permitted hereunder, each of which is referred to herein as a “Lender.” 
 “Lender-Related
Persons” means the Lender, together with its Affiliates, and the officers, directors, employees, partners, agents, advisors, attorneys-in-fact and other
representatives of such Persons and Affiliates. 
 “Lending Office” means the office or offices of the Lender as identified
to the Borrower from time to time. 
 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right
of way or other encumbrance on title to Real Property, and any Capitalized Lease having substantially the same economic effect as any of the foregoing). 

“Loan” means an extension of credit in Dollars by a Lender to the Borrower under Article II in the form of a Loan (including
any Incremental Loan). “Loans” means any Initial Loan or any Incremental Loan, Refinancing Loan or Extended Loan designated as a “Loan”, as the context may require. 

“Loan Documents” means, collectively, (i) this Agreement, (ii) the Notes and (iii) any Refinancing Amendment,
Incremental Amendment or Extension Amendment. 
 “Loan Extension Request” has the meaning set forth in
Section 2.16(a). 
 “Loan Extension Series” has the meaning set forth in
Section 2.16(a). 
 “Loan Increase” has the meaning set forth in
Section 2.14(a). 
 “Loan Parties” means, collectively, the Borrower and each other Guarantor. 

“Loan-to-Value Ratio” means with respect to any Test Period,
the percentage determined by the ratio of (a) Consolidated Total Debt as of the last day of such Test Period to (b) the quotient of (i) the Net Operating Income for such Test Period divided by (ii) 0.0925. In making the foregoing
calculations, the adjustments set forth in clauses (1) through (6) of the second paragraph of the definition of the Interest Coverage Ratio shall also apply. 

  
 27 

 “Management Agreements” means those management agreements listed on Schedule 1.01G
and those certain management agreements entered into from time to time between a Manager, Affiliates of the Loan Parties party thereto and those other parties thereto from time to time pursuant to which the Manager is to provide management and other
services with respect to the Properties. 
 “Manager” means those certain managers engaged to manage the Properties from time to time
pursuant to a Management Agreement. 
 “Margin Stock” has the meaning set forth in Regulation U issued by the FRB. 

“Master Agreement” has the meaning set forth in the definition of “Swap Contract.” 

“Material Adverse Effect” means a (a) material adverse effect on the business, operations, assets, liabilities (actual or
contingent) or financial condition of the Borrower and its Restricted Subsidiaries, taken as a whole; (b) material adverse effect on the ability of the Loan Parties (taken as a whole) to fully and timely perform any of their payment obligations
under any Loan Document to which the Borrower or any of the Loan Parties is a party; or (c) material adverse effect on the rights and remedies available to the Lender under any Loan Document. 

“Material Management Agreements” means (i) that certain Amended and Restated Management Agreement dated as of the Closing
Date between ESA P Portfolio Operating Lessee Inc., as lessee, and ESA Management, LLC, as manager and (ii) any other Management Agreement from time to time representing more than 20% of the Properties in aggregate. 
 “Material Operating Leases” means (i) that certain Second Amended and Restated Lease Agreement dated as of the date hereofOctober 31, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time) among as permitted by Section 7.14(b)), by and between ESA P Portfolio L.L.C., ESA P
Portfolio MD Trust and ESH/TN Properties L.L.C., individually and
collectively, as
Landlordlandlord, and ESA P Portfolio Operating Lessee Inc., as tenant, and (ii) any other Operating Lease from time to time representing more than 20% of the Properties in aggregate. 

“Maturity Date” means (i) with respect to the Initial Loans,
the date that is seven years after the Closing
DateSeptember 18, 2026, (ii) with respect to any tranche of
Extended Loans, the final maturity date applicable thereto as specified in the applicable Extension Request accepted by the Lender, (iviii) with respect to any Refinancing Loans, the final maturity date applicable thereto
as specified in the applicable Refinancing Amendment and
(viv) with respect to any Incremental Loans, the final maturity date applicable thereto as specified in the applicable Incremental Amendment; provided, in each case, that if such date is not a Business Day,
then the applicable Maturity Date shall be the next succeeding Business Day. 
 “Maximum Rate” has the meaning set forth in
Section 10.10. 
 “Measurement” means an amount of Indebtedness, Restricted Payment, Investment, non-cash consideration received in connection with Dispositions of property or obligations with respect to a Lien, as applicable. 

  
 28 

 “Moody’s” means Moody’s Investors Service, Inc. and any
successor thereto. 
 “Mortgage Loan Agreement” means the Loan Agreement, dated as of November 30, 2012, as amended, among the
borrowers named therein, ESA P Portfolio MD Trust, ESA Canada Administrator L.L.C., ESA Canada Properties Trust, ESA P Portfolio Operating Lessee Inc., ESA Canada Operating Lessee Inc. and the lenders named therein. 

“Multiemployer Plan” means any employee benefit plan of the type described in Sections 3(37) or 4001(a)(3) of ERISA, to which the
Borrower, any Restricted Subsidiary or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding six years, has made or been obligated to make contributions. 

“Net Cash Proceeds” means, with respect to any issuance or sale of Equity Interests that is not an Asset Disposition or the sale of any
Investment, the proceeds of such issuance or sale in the form of cash or Cash Equivalents, including payments in respect of deferred payment obligations (to the extent corresponding to the principal but not interest, component thereof) when received
in the form of cash or Cash Equivalents (except to the extent such obligations are financed or sold with recourse to the Borrower or any of its Restricted Subsidiaries) and proceeds from the conversion of other property received when converted to
cash or Cash Equivalents, net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually incurred in connection with such issuance or
sale and net of tax paid or payable as a result thereof. 
 “Net Operating Income” means for any period the amount obtained by subtracting
Operating Expenses for such period from Gross Income from Operations for such period. 
 “Net Proceeds” means: 

(a) 100% of the cash proceeds actually received by the Borrower or any of its Restricted Subsidiaries (including any cash
payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise and including casualty insurance settlements and condemnation awards, but in each case only
as and when received) from any Disposition or Casualty Event, net of (i) attorneys’ fees, accountants’ fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes,
deed or mortgage recording taxes, other customary expenses and brokerage, consultant and other customary fees actually incurred in connection therewith, (ii) the principal amount, premium or penalty, if any, interest and other amounts on any
Indebtedness that is secured by a Lien (other than a Lien that ranks pari passu with or subordinated to the Liens securing the Obligations) on the asset subject to such Disposition or Casualty Event and that is required
to be repaid (and is timely repaid) in connection with such Disposition or Casualty Event (other than Indebtedness under the Loan Documents), (iii) in the case of any Disposition or Casualty Event by a
non-wholly owned Restricted Subsidiary, the pro rata portion of the Net Proceeds thereof (calculated without regard to this clause (iii)) attributable to minority interests and not available for
distribution to or for the account of the Borrower or a wholly owned Restricted Subsidiary as a result thereof, (iv) taxes paid or reasonably estimated to be payable as a 

  
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result thereof, and (v) the amount of any reasonable reserve established in accordance with GAAP against any adjustment to the sale price or any liabilities (other than any taxes deducted
pursuant to clause (i) above) (x) related to any of the applicable assets and (y) retained by the Borrower or any of the Restricted Subsidiaries including, without limitation, pension and other post-employment benefit
liabilities and liabilities related to environmental matters or against any indemnification obligations (however, the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall
be deemed to be Net Proceeds of such Disposition or Casualty Event occurring on the date of such reduction); provided that, if no Default exists, the Borrower may reinvest any portion of such proceeds in assets useful for its business (which
shall include any Investment permitted by this Agreement) within 12 months of such receipt and such portion of such proceeds shall not constitute Net Proceeds except to the extent not, within 12 months of such receipt, so reinvested or contractually
committed to be so reinvested (it being understood that if any portion of such proceeds are not so used within such 12-month period but within such 12-month period are
contractually committed to be used, then upon the termination of such contract or if such Net Proceeds are not so used within 18 months of initial receipt, such remaining portion shall constitute Net Proceeds as of the date of such termination or
expiry without giving effect to this proviso; it being further understood that such proceeds shall constitute Net Proceeds notwithstanding any investment notice if there is a
Specified Default at the time of a proposed reinvestment unless such proposed reinvestment is made pursuant to a binding commitment entered into at a time when no Specified Default was continuing); provided, further, that no proceeds realized in a single transaction or series of related transactions shall constitute Net Proceeds unless (x) such proceeds shall exceed $35,000,000 and
(y) the aggregate net proceeds excluded under clause (x) exceeds $150,000,000 in any fiscal year (and thereafter only net cash proceeds in excess of such amount shall constitute Net Proceeds under this clause (a)), and

 (b) 100% of the cash proceeds from the incurrence, issuance or sale by the Borrower or any of the Restricted
Subsidiaries of any Indebtedness, net of all taxes paid or reasonably estimated to be payable as a result thereof and fees (including investment banking fees and discounts), commissions, costs and other expenses, in each case incurred in connection
with such incurrence, issuance or sale. 
 For purposes of calculating the amount of Net Proceeds, fees, commissions and other costs and
expenses payable to the Borrower or any Restricted Subsidiary shall be disregarded. 

“New Senior Notes
Indenture” means the supplemental indenture, dated as March 18, 2016, among ESH
Hospitality, Inc., as the issuer, the guarantors named therein and Deutsche Bank Trust Company Americas, as the trustee. 

“Note” means a promissory note of the Borrower payable to the Lender or its registered assigns, in substantially the form of
Exhibit B hereto, evidencing the aggregate Indebtedness of the Borrower to the Lender resulting from the Loans of each Class made by the Lender. 

  
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 “Obligations” means all advances to, and debts, liabilities, obligations, covenants
and duties of, any Loan Party and its Restricted Subsidiaries arising under any Loan Document or otherwise with respect to any Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due,
now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or Restricted Subsidiary of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such
proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Loan Parties under the Loan Documents (and of their Restricted Subsidiaries to
the extent they have obligations under the Loan Documents) include (a) the obligation (including Guaranteed Obligations) to pay principal, interest, reimbursement obligations, charges, expenses, fees, Attorney Costs, indemnities and other
amounts payable by any Loan Party under any Loan Document and (b) the obligation of any Loan Party to reimburse any amount in respect of any of the foregoing that the Lender, in its sole discretion, may elect to pay or advance on behalf of such
Loan Party. 
 “OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“OID” means original issue discount. 

“Operating Expenses” means that portion of the Property Operating Expenses paid by or on behalf of Borrower or any Restricted Subsidiary of
Borrower. 
 “Operating Leases” means those operating leases listed in Schedule 1.01E and those certain Leases entered into from time to
time between the Borrower or any Restricted Subsidiary thereof, as the lessor, and an Operating Lessee thereunder, as lessee, with respect to the Properties. 

“Operating Lessee” means collectively those lessees party to the Operating Leases or other Leases from time to time. 

“Organization Documents” means (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws
(or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and
operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing
or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or
organization of such entity. 
 “Other Charges” means all maintenance charges, impositions other than Taxes, and any other charges,
including, without limitation, vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Property, now or hereafter levied or assessed or imposed against such Property or any part thereof. 

“Other Taxes” has the meaning set forth in Section 3.01(b). 

  
 31 

 “Parent” means Extended Stay America, Inc., a Delaware corporation. 

“Parent Credit Agreement” means the Credit Agreement, dated as of August 30, 2016, among Parent, the lenders
party thereto, the syndication agents party thereto and Deutsche Bank AG New York Branch, as administrative agent. 

“Participant” has the meaning set forth in Section 10.07(f). 

“Participant Register” has the meaning set forth in Section 10.07(f). 

“Paulson” means Paulson Advantage Plus Master Ltd., an exempted company incorporated in the Cayman Islands with limited liability, and its
Controlled Investment Affiliates. 
 “PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than
a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Loan Party or any ERISA Affiliate or to which any Loan Party or any ERISA Affiliate contributes or has an obligation to contribute,
or, in the case of a multiple employer or otherany plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding six years. 
 “Permitted Acquisition” has the meaning set forth in
Section 7.02(i). 
 “Permitted Holders” means each of the Investors. 

“Permitted Other Debt Conditions” means that such applicable Indebtedness (i) does not mature or have scheduled amortization
payments of principal or payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligations (except customary asset sale or change of control provisions that provide for the prior repayment in full
of the Loans and all other Obligations), in each case on or prior to the Latest Maturity Date at the time such Indebtedness is incurred and (ii) is not at any time guaranteed by any Subsidiaries other than Subsidiaries that are Guarantors. 

“Permitted Ratio Debt” means Indebtedness of the Borrower or any Restricted Subsidiary so long as immediately after giving Pro Forma Effect
thereto and to the use of the proceeds thereof (but without netting the proceeds thereof) (i) no Event of Default shall be continuing or result therefrom, (ii) (x) the
Loan-to-Value Ratio as of the last day of the most recently ended Test Period on or prior to the date of determination is equal to or less than 65.0%, and (y) if such Indebtedness is secured, the Senior Loan to Value Ratio as of the last day of the most-recently ended Test
Period on or prior to the date of determination is equal to or less than 45.0% and (z) the Interest Coverage Ratio as of the last day of the most recently ended Test Period on or prior to the date of determination is equal to or greater than
2.00 to 1.00, provided that, in each case, such Indebtedness shall (A) [reserved], (B) other than customary
“bridge” facilities which by their terms will be converted into a facility that has, or extended such that they have, a maturity date later than the Latest Maturity Date of all Classes of Commitments and Loans then in effect and
Indebtedness in an aggregate principal amount not in excess of the Inside Maturity Basket, not have scheduled amortization payments of principal and not be subject to mandatory redemption,
repurchase, 

  
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prepayment or sinking fund obligations (except customary asset sale or change of control provisions that provide for the prior repayment in full of the Loans and all other Obligations), in each
case on or prior to the Latest Maturity Date at the time such Indebtedness is incurred, (C) [reserved], (D) not be Guaranteed by any Person that is not a Loan Party and (E) have other terms and conditions (other than maturity, pricing, rate
floors, discounts, fees, premiums and optional prepayment or redemption provisions) that in the good faith determination of the Borrower are
(x) not materially less favorable (when taken as a whole) to the Borrower
than the terms and conditions of the Loan Documents (when taken as a whole) or (y) reflective of market terms and
conditions at the time of incurrence thereof (provided that, at the
option of the Borrower, a certificate of the Borrower as to the satisfaction of the conditions described in this clause (E) delivered at least five Business Days prior to the incurrence of
such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of documentation relating thereto, stating that the Borrower has determined in good faith that such terms and
conditions satisfy the foregoing requirements of this clause (E), shall be conclusive unless the Lender notifies the Borrower within such five Business Day period that it disagrees with such determination (including a description of the basis upon
which it disagrees)); provided, further, that any such Indebtedness incurred pursuant to Section 7.03(s) of the type described in this definition by a Restricted Subsidiary that is not a Loan Party does not exceed in
the aggregate an Incremental Loan-to-Value Ratio of the Borrower and the Restricted Subsidiaries as of the last day of the most recently ended Test Period on or prior to
the date of determination equal to 2.0% at any time outstanding determined at the time of incurrence. 
 “Permitted Refinancing”
means, with respect to any Person, any modification, refinancing, refunding, renewal, replacement or extension of any Indebtedness of such Person; provided that (a) the principal amount (or accreted value, if applicable) thereof does not
exceed the principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed, replaced or extended except by an amount equal to unpaid accrued interest and premium thereon plus other reasonable
amounts paid, and fees and expenses reasonably incurred, in connection with such modification, refinancing, refunding, renewal, replacement or extension and by an amount equal to any existing commitments unutilized thereunder, (b) other than
with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to Section 7.03(e), such modification, Refinancing, refunding, renewal, replacement or extension has a final maturity date equal to or
later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity
of, the shorter of (x) the Indebtedness being modified, refinanced, refunded,
renewed, replaced or extended or (y) 91 days after the Latest Maturity
Date, (c) other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to Section 7.03(e), at the time thereof, no Event of
Default shall have occurred and be continuing, (d) (i) to the extent such Indebtedness being modified, refinanced, refunded, renewed, replaced or extended is subordinated in right of payment to the Obligations, such modification, Refinancing,
refunding, renewal, replacement or extension is subordinated in right of payment to the Obligations on terms at least as favorable to the Lender as those contained in the documentation governing the Indebtedness being modified, refinanced, refunded,
renewed, replaced or extended, and (ii) such modification, refinancing, refunding, renewal, replacement or extension shall not have obligors or contingent obligors that were not obligors or contingent obligors (or that would not have been
required to become obligors or contingent obligors) in respect of the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended and (e) the terms of any such Indebtedness with an original principal amount in excess of the

  
 33 

 
Threshold Amount (excluding pricing, fees, premiums or rate floors (and, if applicable, subordination terms)), are not, taken as a whole, more favorable to the lenders providing such Indebtedness
than either (x) those applicable to the Indebtedness being so modified,
refinanced, refunded, renewed, replaced or extended (other than any covenants or any other provisions applicable only to periods after the Latest Maturity Date as of such
date) or (y) market terms and conditions at the time of incurrence thereof (provided that, at the option of the Borrower, a certificate of the Borrower as to the satisfaction of the conditions
described in this clause (e) delivered at least five Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of
documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirements of this clause (e), shall be conclusive unless the Lender within such five Business Day period
that it disagrees with such determination (including a description of the basis upon which it disagrees). 

“Permitted Unsecured Refinancing Debt” means Credit Agreement Refinancing Indebtedness in the form of unsecured Indebtedness
(including any Registered Equivalent Notes) incurred by the Borrower in the form of one or more series of senior unsecured notes or loans; provided that such Indebtedness (i) constitutes Credit Agreement Refinancing Indebtedness and
(ii) meets the Permitted Other Debt Conditions. 
 “Person” means any natural person, corporation, limited liability company,
trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any “employee
benefit plan” (as such term is defined in Section 3(3) of ERISA) sponsored, maintained or contributed to by any Loan Party or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA
Affiliate. 
 “Previously Absent Financial Maintenance Covenant” means, at any time, any financial maintenance covenant that is not
included in the Loan Documents at such time. 
 “Principal Amount” means the stated or principal amount of each Loan. 

“Pro Forma Basis”, “Pro Forma Compliance” and “Pro Forma Effect” mean, with respect to
compliance with any test hereunder, that (A) to the extent applicable, the adjustments set forth in clauses (1) through (6) of the second paragraph of the definition of the Interest Coverage Ratio shall have been made and
(B) all Specified Transactions and the following transactions in connection therewith shall be deemed to have occurred as of the first day of the applicable period of measurement in such test: (a) income statement items (whether
positive or negative) attributable to the property or Person subject to such Specified Transaction, (i) in the case of an Asset Disposition, shall be excluded, and (ii) in the case of an Asset Acquisition or other Investments described in
the definition of “Specified Transaction” (to the extent permitted under this Agreement), shall be included and (b) any retirement of Indebtedness; provided that, without limiting the application of (A) above, the
foregoing pro forma adjustments may be applied to any such test solely to the extent that such adjustments are consistent with the definition of Consolidated EBITDA or Net Operating Income, as applicable, and give effect to events (including
operating expense reductions) that are (as determined by the Borrower in good faith) (i)(x) directly attributable to such transaction, (y) expected to have a continuing impact on the Borrower and the Restricted Subsidiaries and
(z) factually supportable or (ii) otherwise consistent with Section 1.10. 

  
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 “Pro Forma Cost Savings” means, with respect to any period, the reductions in costs
(including such reductions resulting from employee terminations, facilities consolidations and closings, standardization of employee benefits and compensation policies, consolidation of property, casualty and other insurance coverage and policies,
standardization of sales and distribution methods, reductions in taxes other than income taxes) that occurred during such period that are (1) directly attributable to an acquisition or (2) implemented and that are factually supportable and
reasonably quantifiable, as if, in the case of each of clauses (1) and (2), all such reductions in costs had been effected as of the beginning of such period, decreased by any incremental expenses incurred or to be incurred during such period
in order to achieve such reduction in costs, all such costs to be determined in good faith by the chief financial officer of the Borrower. 

“Projections” has the meaning set forth in Section 6.01(c). 

“Properties” means each parcel of Real Property, the improvements thereon and all personal property owned, in each case, by the
Borrower or any of the Restricted Subsidiaries or leased pursuant to a Ground Lease together with all rights pertaining to such property and improvements. 

“Property Operating Expenses” means without duplication, the sum of all costs and expenses of operating, maintaining, directing, managing and
supervising the Properties (excluding, (i) depreciation and amortization, (ii) any Capital Expenditures in connection with the Properties and (iii) rent paid by Operating Lessee under the Operating Leases) incurred by the Borrower or
any Restricted Subsidiary (or by the Manager on behalf of Operating Lessee pursuant to a Management Agreement, for the account of the Borrower or any Restricted Subsidiary), or as otherwise specifically provided therein, which are properly
attributable to the period under consideration under the Borrower or any Restricted Subsidiary’s and/or Manager’s system of accounting, including, without limitation: (a) the cost of all food and beverages sold or consumed, if any,
and of all necessary chinaware, glassware, linens, flatware, uniforms, utensils and other items of a similar nature, if any, including such items bearing the name or identifying characteristics of the hotels as the Borrower or any Restricted
Subsidiary, Operating Lessee and/or Manager shall reasonably consider appropriate (“Operating Equipment”) and paper supplies, cleaning materials and similar consumable items (“Operating Supplies”) placed in use
(other than reserve stocks thereof in storerooms) (Operating Equipment and Operating Supplies shall be considered to have been placed in use when they are transferred from the storerooms of the Properties to the appropriate operating departments);
(b) salaries and wages of personnel of the Properties (regardless of whether such personnel are employees of the Borrower or any Restricted Subsidiary or Manager), including costs of payroll taxes and employee benefits (which benefits may include,
without limitation, a pension plan, medical insurance, life insurance, travel accident insurance and an executive bonus program) and the costs of moving (i) employees of the Properties whose primary duties consist of the management of the
Properties or of a recognized department or division thereof or (ii) personnel (A) who customarily and regularly direct the work of five (5) or more other employees of the Properties; (B) who have authority with reference to the
hiring, firing and advancement of the employees of the Properties; (C) who customarily and regularly exercise discretionary powers; (D) who devote at least ninety 

  
 35 

 
five percent (95%) of their work time to activities which are directly and closely related to the performance of the work described in clauses (A) through (C) of clause
(ii) of this sentence; and (E) who are not compensated on an hourly basis (the “Executive Hotel Personnel”), their families and their belongings to the area in which the Properties are located at the commencement of
their employment at the Properties and all other expenses not otherwise specifically referred to in this definition which are referred to as “Administrative and General Expenses” in the Uniform System of Accounts; (c) the cost of all
other goods and services obtained by the Borrower or any Restricted Subsidiary or Manager in connection with its operation of the Properties including, without limitation, heat and utilities, office supplies and all services performed by third
parties, including leasing expenses in connection with telephone and data processing equipment, and all existing and any future installations necessary for the operation of the improvements for hotel purposes (including, without limitation, heating,
lighting, sanitary equipment, air conditioning, laundry, refrigeration, built-in kitchen equipment, telephone equipment, communications systems, computer equipment and elevators, if any), Operating Equipment
and existing and any future furniture, furnishings, wall coverings, fixtures and hotel equipment necessary for the operation of the building for hotel purposes which shall include all equipment required for the operation of kitchens, bars,
laundries, (if any) and dry cleaning facilities (if any), office equipment, cleaning and engineering equipment and vehicles; (d) the cost of repairs to and maintenance of the Properties; (e) insurance premiums for general liability
insurance, workers’ compensation insurance or insurance required by similar employee benefits acts and such business interruption or other insurance as may be provided for protection against claims, liabilities and losses arising from the
operation of the Properties (as distinguished from any property damage insurance on the Properties building or its contents) and losses incurred on any self-insured risks of the foregoing types; provided that the Borrower and its Restricted
Subsidiaries and Manager have specifically approved in advance such self-insurance or insurance is unavailable to cover such risks (premiums on policies for more than one year will be prorated over the period of insurance and premiums under blanket
policies will be allocated among properties covered); (f) all Taxes and Other Charges (other than federal, state or local income taxes and franchise taxes or the equivalent) payable by or assessed against the Borrower or any of its Restricted
Subsidiaries or Manager with respect to the operation of the Properties; (g) without duplication of any amount paid or reimbursed under a Management Agreement, legal fees and fees of any firm of independent certified public accounts designated
from time to time by the Borrower and the Restricted Subsidiaries (the “Independent CPA”) for services directly related to the operation of the Properties; (h) without duplication of any amount paid or reimbursed under a
Management Agreement, the costs and expenses of technical consultants and specialized operational experts for specialized services in connection with non-recurring work on operational, legal, functional,
decorating, design or construction problems and activities, including the reasonable fees of an Investors or any subsidiary of such Investors or division in connection therewith, provided that such employment of an Investors or of any such
subsidiary or division of an Investor is approved in advance by the Borrower and the Restricted Subsidiaries; (i) without duplication of any amount paid or reimbursed under a Management Agreement all expenses for advertising for the Properties
and all expenses of sales promotion and public relations activities; (j) without duplication of any amount paid or reimbursed under a Management Agreement, all
out-of-pocket expenses and disbursements determined by the Independent CPA to have been reasonably, properly and specifically incurred by the Borrower or any of the
Restricted Subsidiaries, Manager, Investor or any of their Affiliates pursuant to, in the 

  
 36 

 
course of and directly related to, the management and operation of the Properties under a Management Agreement (without limiting the generality of the foregoing, such charges may include all
reasonable travel, telephone, telegram, radiogram, cablegram, air express and other incidental expenses, but, shall exclude costs relating to the offices maintained by the Borrower or any of the Restricted Subsidiaries, Manager, Investor or any of
their Affiliates other than the offices maintained at the Property for the management of such Property and excluding transportation costs of the Borrower or any of the Restricted Subsidiaries, Operating Lessee, or Manager related to meetings between
the Borrower and or the Restricted Subsidiaries and Manager with respect to administration of a Management Agreement or of the Properties involving travel away from such party’s principal executive offices); (k) without duplication of any
amount paid or reimbursed under a Management Agreement, the cost of any reservations system, any accounting services or other group benefits, programs or services from time to time made available to properties in the Borrower and the Restricted
Subsidiaries’ system; (l) the cost associated with any retail Leases and all costs and expenses of owning, maintaining, conducting and supervising the operation of the Properties to the extent such costs and expenses are not included
above; and (m) any management fees, basic and incentive fees or other fees and reimbursables paid or payable to a Manager under a Management Agreement. If the Executive Hotel Personnel are on the payroll of an Investors or any Affiliate of an
Investors, the cost of their salaries, payroll taxes and employee benefits (which benefits, in the case of employees who are not United States citizens or in the case of employees of hotels located outside the continental United States may include,
without limitation, in addition to the foregoing benefits, reasonable home leave transportation expenses approved by the Borrower and the Restricted Subsidiaries) shall be billed by said Affiliate to and be reimbursed by the Borrower, the Restricted
Subsidiaries and/or Manager monthly, and such reimbursement shall be an Operating Expense. Except as otherwise expressly provided under a Management Agreement with respect to employees regularly employed at the Properties, the salaries or wages of
other employees or executives of the Investors or any of their Affiliates shall in no event be Operating Expenses, but they shall be entitled to free room and board and the free use of all facilities at such times as they visit any Property
exclusively in connection with the management of such Property. 
 “Qualified Equity Interests” means any Equity Interests that are
not Disqualified Equity Interests. 
 “Qualified Proceeds” means the fair market value of assets that are used or useful in, or
Equity Interests of any Person engaged in, a Similar Business. 
 “Real Property” means, collectively, all right, title and interest
(including any leasehold, mineral or other estate) in and to any and all parcels of or interests in real property owned or leased by any Person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and
appurtenances relating thereto, all improvements and appurtenant fixtures and equipment, all general intangibles and contract rights and other property and rights incidental to the ownership, lease or operation thereof. 

“Refinanced Debt” has the meaning set forth in the definition of Credit Agreement Refinancing Indebtedness. 

  
 37 

 “Refinancing” means the
repayment in full of all Indebtedness of the Borrower and its Subsidiaries under the
Existing“Refinancing” as defined in the Senior
REIT Revolving Credit Facility and the
Mortgage Loan Agreement, with the proceeds of the Senior REIT Facilities, the Initial Loans and cash on hand and the
termination and release of all commitments, security interests and guarantees in connection therewith. 

“Refinancing Amendment” means an amendment to this Agreement executed by each of (a) the Borrower and (b) the Lender.

 “Refinancing Commitments” means one or more Classes of Commitments hereunder that are established to fund Refinancing Loans of
the applicable Refinancing Series hereunder pursuant to a Refinancing Amendment. 
 “Refinancing Loans” means one or more Classes of
Loans hereunder that result from a Refinancing Amendment. 
 “Refinancing Series” means all Refinancing Loans or Refinancing
Commitments that are established pursuant to the same Refinancing Amendment (or any subsequent Refinancing Amendment to the extent such Refinancing Amendment expressly provides that the Refinancing Loans or Refinancing Commitments provided for
therein are intended to be a part of any previously established Refinancing Series) and that provide for the same Effective Yield and, in the case of Refinancing Loans or Refinancing Commitments, amortization schedule. 

“Registered Equivalent Notes” means, with respect to any notes originally issued in an offering pursuant to Rule 144A under the
Securities Act or other private placement transaction under the Securities Act of 1933, substantially identical notes (having the same guarantees) issued in a
dollar-for-dollar exchange therefor pursuant to an exchange offer registered with the SEC. 

“REIT Distribution” has the meaning set forth in Section 7.06(d). 

“Release” means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping,
disposing or migrating in, into, onto or through the Environment. 
 “Released Guarantor” has the meaning set forth in
Section 11.10. 
 “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA or
the regulations issued thereunder, other than events for which the 30-day notice period has been waived. 

“Request for Credit Extension” means with respect to a Borrowing a Committed Loan Notice. 

“Responsible Officer” means the chief executive officer, president, vice president, chief financial officer, treasurer or assistant
treasurer or other similar officer of a Loan Party and, as to any document delivered on the Closing Date or the First Amendment
Effective Date, any secretary or assistant secretary of such Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to
have been authorized by all necessary corporate, limited liability company, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

  
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 “Restoration” means the repair and restoration of a Property after a Casualty Event as
nearly as possible to the condition the Property was in immediately prior to such Casualty Event, with such alterations as may be made in Borrower’s reasonable discretion. 

“Restricted Debt Payment” has the meaning set forth in Section 7.13(a). 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any
Equity Interest of the Borrower or any Restricted Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition,
cancellation or termination of any such Equity Interest, or on account of any return of capital to the Borrower’s or a Restricted Subsidiary’s stockholders, partners or members (or the equivalent Persons thereof). 

“Restricted Subsidiary” means any Subsidiary of the Borrower other than an Unrestricted Subsidiary. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any successor
thereto. 
 “Same Day Funds” means immediately available funds. 

“Sanctioned Country” means, at any time, a country or territory which is itself the subject or target of any Sanctions (at the time of
this Agreement, Crimea, Cuba, Iran, North Korea, Sudan and Syria). 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the
TreasuryOFAC or the U.S. Department of State, or by the United
Nations Security Council, or the European
Union or Her Majesty’s Treasury of the United Kingdom, (b) any
Person located, organized or resident in a Sanctioned Country or (c) any Person owned 50% or more or controlled by any such Person or Persons described in (a) and (b) hereof. 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by
(a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom. 

“SEC” means the U.S. Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 “Secured Indebtedness” means any Indebtedness secured by a Lien on any asset or property of the Borrower or any Restricted Subsidiary.

  
 39 

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

“Senior Loan-to-Value Ratio” means, with respect to
any Test Period, the percentage determined by the ratio of (a) Consolidated Senior Debt as of the last day of such Test Period to (b) the quotient of (i) the Net Operating Income for such Test Period divided by (ii) 0.0925. In making
the foregoing calculations, the adjustments set forth in clauses (1) through (6) of the second paragraph of the definition of Interest Coverage Ratio shall also apply. 

“Senior Notes” means the 5.25% senior unsecured notes due 2025
issued pursuant to,
collectively, the 2015
Senior Notes Indenture, the 2016 Senior Notes
and the 2019 Senior Notes. 

“Senior Notes Indenture” means the indenture, dated as of May 25, 2015, among ESH Hospitality,
Inc., as the issuer, the guarantors named therein and Deutsche Bank Trust Company Americas, as the trustee.

 “Senior Notes Indenture” means, collectively, the 2015 Senior Notes Indenture, the 2016 Senior Notes Indenture and
the 2019 Senior Notes Indenture.  
 “Senior Notes Issue Date” means
May 15, 2015. 
 “Senior REIT Credit Agreement” means the Credit Agreement dated as of August 30, 2016 by and among the Borrower,
the other guarantors from time to time party thereto, Deutsche Bank AG, New York Branch, as administrative agent, collateral agent and L/C issuer, and the other lenders from time to time party thereto (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time). 
 “Senior REIT Facilities” means the loans and credit facilities available to the
Borrower under the Senior REIT Loan Documents. 
 “Senior REIT Loan Documents” means the “Loan Documents”, as defined in the
Senior REIT Credit Agreement. 
 “Senior REIT Revolving Credit Loans” means the “Revolving Credit Loans”, as defined in the Senior REIT Credit
Agreement. 
 “Similar Business” means (1) any business
conducted or proposed to be conducted by the Borrower or any of its Restricted Subsidiaries on the
ClosingFirst Amendment Effective Date, and any reasonable extension thereof, or (2) any business or other activities that are reasonably similar, ancillary, incidental, complementary or related to, or a reasonable extension, development or
expansion of, the businesses in which the Borrower and its Restricted Subsidiaries are engaged or propose to be engaged on the ClosingFirst Amendment Effective Date. 

“Solvent” and “Solvency” mean, with respect to any Person on any date of determination, that on such date
(a) the fair value of the assets of such Person and its Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated, contingent or otherwise, (b) the present fair saleable value of the
property of such Person and its Subsidiaries, on a consolidated basis, is greater than the amount that will be required to pay the probable 

  
 40 

 
liability, on a consolidated basis, of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured, (c) such
Person and its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated, contingent or otherwise, as such liabilities become absolute and matured and (d) such Person and its Subsidiaries, on a
consolidated basis, are not engaged in, and are not about to engage in, business for which they have unreasonably small capital. The amount of any contingent liability at any time shall be computed as the amount that would reasonably be expected to
become an actual and matured liability. 
 “Specified Default” means a Default under
Section 8.01(a), (f) or
(g).

“Specified
Guarantor” means any Guarantor that is not an “eligible contract participant” under the Commodity Exchange Act (determined prior to giving effect to Section 11.12). 

“Specified Property Owning Entities” means (i) ESA P Portfolio L.L.C., ESH/TN Properties L.L.C., ESA LVP Portfolio LLC, ESA UD
Properties L.L.C., ESA Canada Properties Trust,
and ESA P Portfolio MD Trust, ESA P Portfolio MD Borrower L.L.C. and ESA Canada Properties Borrower L.L.C. and (ii) any other wholly owned direct Domestic Subsidiaries of the Borrower or a Guarantor, as designated by the Borrower in a notice delivered to the Lender, who is itself the beneficial owner of one or
more of the Properties. 
 “Specified Transaction” means any Investment, Disposition, incurrence or repayment of
Indebtedness, Restricted Payment, Subsidiary designation or Incremental Commitments in respect of which the terms of this Agreement require any test to be calculated on a “Pro Forma Basis” or after giving “Pro Forma Effect”;
provided that Incremental Commitments, for purposes of this “Specified Transaction” definition, shall be deemed to be fully drawn. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which
(i) a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a
contingency) are at the time beneficially owned, (ii) more than half of the issued share capital is at the time beneficially owned or (iii) the management of which is otherwise controlled, directly or indirectly, through one or more
intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower. For the avoidance of doubt, any entity
that is owned at a 50.0% or less level (as described above) shall not be a “Subsidiary” for any purpose under this Agreement, regardless of whether such entity is consolidated on the Borrower’s or any Restricted Subsidiary’s
financial statements. 
 “Subsidiary Guarantor” means any Guarantor. 

“Successor Company” has the meaning set forth in Section 7.04(d). 

“Swap” means, any agreement, contract, or transaction that
constitutes a “swap” within the meaning of Section 1a (47) of the Commodity Exchange
Act. 

  
 41 

 “Swap Contract” means (a) any and all rate swap transactions, basis swaps,
credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond
price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and
(b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any
International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any
Master Agreement. 

“Swap
Obligation” means, with respect to any
Person, any obligation to pay or perform under any Swap. 
 “Swap
Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date
such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations
provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 
 “Taxes” has
the meaning set forth in Section 3.01(a). 
 “Test Period” means, for any date of determination under this
Agreement, the latest four consecutive fiscal quarters of the Borrower for which financial statements have been delivered to the Lender on or prior to the Closing Date and/or for which financial statements are required to be delivered pursuant to
Section 6.01, as applicable. 
 “Threshold Amount” means $50,000,000. 

“Total Assets” means the total assets of the Borrower and the Restricted Subsidiaries on a consolidated basis in accordance with GAAP,
as shown on the most recent balance sheet of the Borrower delivered pursuant to Sections 6.01(a) or 6.01(b). 
 “Transaction
Date” means, with respect to the Incurrence of any Indebtedness by the Borrower or any of the Restricted Subsidiaries, the date such Indebtedness is to be incurred and, with respect to any Restricted Payment, the date such Restricted
Payment is to be made. 

“Transaction Expenses” means any fees or expenses incurred or paid by the Borrower or any of its Subsidiaries in connection with the
Transactions (including expenses in connection with hedging transactions related to the Facilities
and any OID or upfront fees), this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby. 

  
 42 

 “Transactions” means, collectively, (a) the funding of the Initial
Loans and the execution and delivery of Loan Documents entered into on the Closing Date, (b) the Refinancing,
(c) the repayment of in full of all Indebtedness of the Borrower and its Subsidiaries under the Existing REIT Revolving Credit Facility with the proceeds of the Senior REIT
Revolving Credit Loans made on the Closing Date and the termination and release of all commitments, security interest and guarantees in connection therewith, (d) the refinancing
of the Existing Corp Credit Facility and (e) the payment of Transaction Expenses. 

“Transformative
Transaction” means any acquisition or investment by Borrower or any Restricted Subsidiary that is either
(a) not permitted by the terms hereof immediately prior to the consummation of such acquisition or investment or
(b) if permitted by the terms hereof immediately prior to the consummation of such acquisition or investment, would not provide adequate flexibility to Borrower and its Restricted
Subsidiaries under this Agreement for the continuation and/or expansion of their combined operations following such consummation, as determined by Borrower acting in good faith.

 “Uniform Commercial Code” or “UCC” means the Uniform Commercial Code as the same may from time to
time be in effect in the State of New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required to apply. 

“Uniform System of Accounts” means the Uniform System of Accounts for Hotels (10th edition), as adopted by the American Hotel and Motel
Association. 
 “United States” and “U.S.” mean the United States of America. 

“Unrestricted Subsidiary” means (i) as of the
ClosingFirst Amendment Effective Date, each Subsidiary of the Borrower listed on Schedule 1.01F, (ii) any Subsidiary of the Borrower designated by the board of managers of the Borrower as an Unrestricted Subsidiary pursuant to
Section 6.14 subsequent to the
ClosingFirst Amendment Effective Date and (iii) any Subsidiary of an Unrestricted Subsidiary. 
 “USA PATRIOT Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56, Oct. 26, 2001), as amended or modified from time to time. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:
(i) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by
(b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (ii) the then outstanding principal amount of such Indebtedness.

 “wholly owned” means, with respect to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Equity
Interests of which (other than (x) director’s qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law) are owned by such Person and/or by one or more wholly owned Subsidiaries of such
Person. 

  
 43 

 Section 1.02 Other Interpretive Provisions. 

With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 

(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

(b) The words “herein,” “hereto,” “hereof” and “hereunder” and words of similar import when used in
any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof. 
 (c) Article, Section, Exhibit
and Schedule references are to the Loan Document in which such reference appears. 
 (d) The term “including” is by way of example
and not limitation. 
 (e) The term “documents” includes any and all instruments, documents, agreements, certificates, notices,
reports, financial statements and other writings, however evidenced, whether in physical or electronic form. 
 (f) In the computation of
periods of time from a specified date to a later specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”; and the word “through”
means “to and including.” 
 (g) Section headings herein and in the other Loan Documents are included for convenience of reference
only and shall not affect the interpretation of this Agreement or any other Loan Document. 
 Section 1.03 Accounting Terms.

 All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP, applied in a manner
consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. 

Section 1.04 Rounding. 

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

  
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 Section 1.05 References to Agreements, Laws, Etc. 

Unless otherwise expressly provided herein, (a) references to Organization Documents, agreements (including the Loan Documents) and other
contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other
modifications are permitted by the Loan Documents; and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law. 

Section 1.06 Times of Day. 

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

 Section 1.07 Timing of Payment or Performance. 

Except as otherwise provided herein, when the payment of any obligation or the performance of any covenant, duty or obligation is stated to be
due or performance required on a day which is not a Business Day, the date of such payment or performance shall extend to the immediately succeeding Business Day. 

Section 1.08 FFO Builder Basket Transactions. 

If more than one action occurs on any given date the permissibility of the taking of which is determined hereunder by reference to the amount
of the FFO Builder Basket immediately prior to the taking of such action, the permissibility of the taking of each such action shall be determined independently and in no event may any two or more such actions be treated as occurring simultaneously.

 Section 1.09 Cashless Rollovers 

Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document, to the extent that the Lender extends the
maturity date of, or replaces, renews or refinances, any of its then-existing Loans with Incremental Loans, Refinancing Loans, Extended Loans or loans incurred under a new credit facility, in each case, to the extent such extension, replacement,
renewal or refinancing is effected by means of a “cashless roll” by the Lender, such extension, replacement, renewal or refinancing shall be deemed to comply with any requirement hereunder or any other Loan Document that such payment be
made “in immediately available funds”, “in cash” or any other similar requirement. 
 Section 1.10 Certain
Calculations and Tests 
 (a) Notwithstanding anything to the contrary herein, to the extent that the terms of this Agreement require
(x) compliance with any financial ratio or test (including any Loan-to-Value Ratio test, any Senior
Loan-to-Value Ratio test, any Interest Coverage Ratio test, any Consolidated Total Net Leverage Ratio test or any cap expressed as a percentage of Consolidated EBITDA)
or (y) the absence of a Default or Event of Default (or any type of Default or Event of Default but excluding any Event of Default under Sections 8.01(a), 8.01(f) or 8.01(g)) as a condition to: 

  
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 (i) (A) the making of any Investment or Disposition or (B) the
consummation of any transaction in connection with any Investment or Disposition (including the assumption or incurrence of Indebtedness or Liens in connection therewith), the determination of whether the relevant condition is satisfied may be made,
at the election of the Borrower, at the time of (or on the basis of the financial statements for the most recently ended Test Period at the time of) either (I) the execution of the definitive agreement with respect to such Investment or
Disposition or (II) the consummation of such Investment or Disposition, in each case, after giving effect to the relevant Investment, Disposition or other transaction and any related Indebtedness or Liens on a Pro Forma Basis; 

(ii) the making of any Restricted Payment, the determination of whether the relevant condition is satisfied may be made, at the
election of the Borrower, at the time of (or on the basis of the financial statements for the most recently ended Test Period at the time of) either (I) the declaration of such Restricted Payment (provided that such Restricted Payment
shall be made within 60 days of such declaration) or (II) the making of such Restricted Payment, in each case, after giving effect to the relevant Restricted Payment on a Pro Forma Basis; and 

(iii) the making of any Restricted Debt Payment, the determination of whether the relevant condition is satisfied may be made,
at the election of the Borrower, at the time of (or on the basis of the financial statements for the most recently ended Test Period at the time of) either (I) the delivery of an irrevocable notice of redemption or repayment or (II) the
making of such Restricted Debt Payment, in each case, after giving effect to the relevant Restricted Debt Payment on a Pro Forma Basis. 

(b) Notwithstanding the foregoing, if the Borrower has made an election to test at the time of: 

(i) the execution of the definitive agreement with respect to an Investment or Disposition or the consummation of any
transaction in connection with any Investment or Disposition, then, in connection with any subsequent calculation of any ratio or test on or following the relevant determination date, and prior to the earlier of (x) the date on which such
Investment or Disposition is consummated or (y) the date that the definitive agreement for such Investment or Disposition is terminated or expires without consummation of such Investment or Disposition, any such ratio or test shall be
calculated on (A) a Pro Forma Basis assuming such Investment, Disposition or any transactions in connection therewith (including any incurrence of Indebtedness, Liens and the use of proceeds thereof) has been consummated, and (B) a
standalone basis without giving effect to such Investment or Disposition and any such transactions in connection therewith; 

  
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 (ii) the declaration of a Restricted Payment, then, in connection with any
subsequent calculation of any ratio or test on or following the relevant determination date, and prior to the earlier of (x) the making of such Restricted Payment and (y) the date that is 60 days after the declaration of such Restricted
Payment, any such ratio or test shall be calculated on a Pro Forma Basis assuming such Restricted Payment has been consummated; and/or 

(iii) the delivery of an irrevocable notice of redemption or repayment (which may be conditional) in respect of a Restricted
Debt Payment, then, in connection with any subsequent calculation of any ratio or test on or following the relevant determination date and prior to the date on which such Restricted Debt Payment is made, any such ratio or test shall be calculated on
(A) a Pro Forma Basis assuming such Restricted Debt Payment has been consummated and (B) a standalone basis without giving effect to such Restricted Debt Payment. 

(c) For purposes of determining the permissibility of any action, change, transaction or event that requires a calculation of any financial
ratio or test (including any Loan-to-Value Ratio test, any Senior Loan-to-Value Ratio
test, any Interest Coverage Ratio test, any Consolidated Total Net Leverage Ratio test or the amount of the FFO Builder Basket), such financial ratio or test shall be calculated (x) as set forth in clause (a) above (if applicable), or
(y) at the time such action is taken, such change is made, such transaction is consummated or such event occurs, as the case may be, and no Default or Event of Default shall be deemed to have occurred solely as a result of a change in such
financial ratio or test occurring after the relevant time set forth in clause (a) above (if applicable) or the time such action is taken, such change is made, such transaction is consummated or such event occurs, as the case may be. 

(d) Notwithstanding anything to the contrary herein, with respect to any amounts incurred or transactions entered into (or consummated) in
reliance on a provision of this Agreement that requires compliance with a financial ratio or test, at all times prior to the first delivery of financial statements pursuant to Section 6.01(a) or (b), compliance shall
be determined based on the pro forma consolidated financial statements of the Borrower delivered pursuant to Section 4.01(d) hereof. 

(e) If the Borrower or any Restricted Subsidiary incurs any Indebtedness or takes any other
action under a ratio-based basket or exception (or component thereof) under this Agreement on the same date that it incurs Indebtedness or takes any other action under any “fixed,” “freebie” or “starter” basket or
exception (or component thereof), compliance with the Senior Loan-to-Value Ratio,
Loan-to-Value Ratio, or Interest Coverage Ratio as applicable, on a Pro Forma Basis will be calculated with respect to such incurrence or action, as applicable, under
the ratio-based basket or exception (or component thereof) without regard to any incurrence or action, as applicable, under the “fixed,” “freebie” or “starter” basket or exception (or component thereof). Unless the
Borrower elects otherwise, any incurrence of Indebtedness or other action shall be deemed to have been incurred or taken, as applicable, first, under the ratio-based basket or exception (or component thereof) and, second, under the
“fixed,” “freebie” or “starter” basket or exception (or component thereof). 

  
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Section 1.11 Divisions. 

For all purposes under the
Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from
the original Person to the subsequent Person, and such action shall be deemed to be permitted if after giving effect to this clause (a) such action would otherwise be permitted under Section 7.04 and Section 7.05 hereunder and (b) any
division of a Person shall constitute a separate Person coming into existence hereunder (and each division of any Person that is a Subsidiary, joint venture or any other like term shall also constitute such a separate Person or entity) and shall be
subject to Section 6.11. 
 ARTICLE II 

THE COMMITMENTS AND CREDIT EXTENSIONS 

Section 2.01 The Initial Loans. Subject to the terms and conditions set forth herein, the Lender agrees to make to the
Borrower on the Closing Date loans denominated in Dollars in an aggregate amount not to exceed the amount of the Lender’s Initial Commitment. Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be
reborrowed. 
 Section 2.02 Borrowings of Loans. 

Each Borrowing shall be made upon the Borrower’s irrevocable notice to the Lender, which may be given by telephone. Each such notice must
be received by the Lender not later than 11:00 a.m. (local time in New York City) one Business Day prior to the requested date of any Borrowing. Each telephonic notice by the Borrower pursuant to this Section 2.02(a) must
be confirmed promptly by delivery to the Lender of a written Committed Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Except as provided in Section 2.14(a), each Borrowing shall be
in a minimum principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. Each Committed Loan Notice (whether telephonic or written) shall specify (i) the requested date of the Borrowing (which shall be a Business Day), and
(ii) the principal amount of Loans to be borrowed. 
 Section 2.03 [Reserved] 

Section 2.04 [Reserved]. 

Section 2.05 Prepayments. 

(a) Optional. (i) The Borrower may, subject to Section 2.05(a)(iii) below, upon written notice to the
Lender by the Borrower, at any time or from time to time voluntarily prepay Loans of any Class in whole or in part without premium or penalty; provided that (1) such notice must be received by the Lender not later than 11:00 a.m.
(local time in New York City) one Business Day prior to such prepayment; and (2) any prepayment shall be in a minimum Principal Amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire Principal
Amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Class(es) of Loans to be prepaid. If such notice is given by the Borrower, subject to
Section 2.05(a)(iii), the Borrower shall make such prepayment and the 

  
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payment amount specified in such notice shall be due and payable on the date specified therein. In the case of each prepayment of the Loans pursuant to this
Section 2.05(a), the Borrower may in its sole discretion select the Borrowing or Borrowings (and the order of maturity of principal payments) to be repaid, and such payment shall be paid to the Lender as provided for under
this Agreement. 
 (ii) [Reserved]. 

(iii) Notwithstanding anything to the contrary contained in this Agreement, subject to the payment of any amounts owing
pursuant to Section 3.05, the Borrower may rescind any notice of prepayment under Section 2.05(a)(i) if such prepayment would have resulted from a refinancing of all or a portion of
the applicable Facility or occurrence of another event, which refinancing or event shall not be consummated or shall otherwise be delayed. Each prepayment of any Class of Loans pursuant to this Section 2.05(a) shall be
applied in an order of priority to repayments thereof required pursuant to Section 2.07(a) as directed by the Borrower and, absent such direction, shall be applied in direct order of maturity to repayments thereof required
pursuant to Section 2.07(a). 
 (iv) [reserved]. 

(v) [reserved] 

(b) Mandatory. (i) [reserved] 

(ii) [reserved] 

(iii) [Reserved]. 

(iv) If the Borrower or any Restricted Subsidiary incurs or issues any Indebtedness after the ClosingFirst Amendment Effective Date (other than Indebtedness not prohibited under Section 7.03 (excluding Section 7.03(t))), the Borrower shall cause to be offered to be prepaid in accordance
with clause (b)(vii) below an aggregate principal amount of Loans in an amount equal to 100% of all Net Proceeds received therefrom on or prior to the date which is five Business Days after the receipt by the Borrower or such Restricted
Subsidiary of such Net Proceeds. 
 (v) [reserved]. 

(vi) Except with respect to Loans incurred in connection with any Refinancing Amendment, Loan Extension Request or any
Incremental Amendment (which may be prepaid on a less than pro rata basis in accordance with their terms), each prepayment of Loans pursuant to clause (iv) of this Section 2.05(b) shall be applied, first,
ratably to each Class of Loans then outstanding (provided that (i) any prepayment of Loans with the Net Proceeds of Credit Agreement Refinancing Indebtedness shall be applied solely to each applicable Class of Refinanced Debt,
and (ii) any Class of Incremental Loans, Extended Loans, or Refinancing Loans may specify that one or more other Classes of Loans and Incremental Loans may be prepaid prior to such Class of

  
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Incremental Loans, Extended Loans or Refinancing Loans; provided further, with respect to each Class of Loans, each prepayment pursuant to clause (iv) of this
Section 2.05(b) shall be applied to the scheduled installments of principal thereof following the date of prepayment pursuant to Section 2.07(a) as directed by the Borrower, or, absent such
direction, in direct order of maturity of such installment). 
 (vii) The Borrower shall notify the Lender in writing of any
mandatory prepayment required to be made pursuant to clauses (iv) and (vi) of
this Section 2.05(b) at least four Business Days prior to the date of such prepayment. Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the amount of such
prepayment. 
 (viii) [reserved] 

(ix) With respect to each prepayment of Loans required pursuant to Section 2.05(b), the Lender will
have the right to refuse such offer of prepayment. Any prepayment refused by the Lender may be retained by the Borrower. 

(x) In connection with any mandatory prepayments by the Borrower of the Loans pursuant to this
Section 2.05(b), such prepayments shall be applied on a pro rata basis to the then outstanding Loans of the applicable Class or Classes being prepaid. 

Notwithstanding anything to the contrary in this Section 2.05(b), (i) mandatory prepayments in an aggregate amount not to exceed
$100,000 in any one fiscal year shall not be required to the extent that, if following such repayment, the Loan Party would have insufficient funds to make a REIT Distribution and (ii) the amount of any mandatory prepayment shall furthermore be
reduced if the Borrower determines in good faith that the payment of any distribution is necessary either to maintain the Borrower’s status as a real estate investment trust under the Code or to enable the Borrower to avoid payment of any Tax
that could be avoided by reason of a distribution by the Borrower; provided that such reduction shall not exceed the amount needed to make such distribution or maintain such status. 

Section 2.06 Termination or Reduction of Commitments. 

(a) Optional. The Borrower may, upon written notice to the Lender, terminate the unused Commitments of any Class, or from time to time
permanently reduce the unused Commitments of any Class, in each case without premium or penalty; provided that any such notice shall be received by the Lender on the date of termination or reduction for such Loans and (ii) any such
partial reduction shall be in a minimum aggregate amount of $5,000,000, or any whole multiple of $1,000,000, in excess thereof or, if less, the entire amount of outstanding Commitments of such Class. Notwithstanding the foregoing, the Borrower may
rescind or postpone any notice of termination of the Commitments if such termination would have resulted from a refinancing of all of the applicable Facility or occurrence of other event, which refinancing or other event shall not be consummated or
otherwise shall be delayed. 
 (b) Mandatory. The Initial Commitment of the Lender of each Class shall be automatically and
permanently reduced to $0 upon the funding of Initial Loans of such Class to be made by it on the Closing Date. 

  
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 Section 2.07 Repayment of Loans. The Borrower shall repay to the Lender
on the Maturity Date for the Initial Loans, the aggregate principal amount of all Initial Loans outstanding on such date. In the event any other Incremental Loans, Refinancing Loans or Extended Loans are made, such other Incremental Loans,
Refinancing Loans or Extended Loans, as applicable, shall be repaid by the Borrower in the amounts and on the dates set forth in the Incremental Amendment, Refinancing Amendment or Extension Amendment with respect thereto and on the applicable
Maturity Date thereof. 
 Section 2.08 Interest. 

(a) Subject to the provisions of Section 2.08(b), each Loan shall bear interest on the outstanding principal amount
thereof from the applicable borrowing date at a rate per annum equal to the Applicable Rate. 
 (b) During the continuance of a
Default under Section 8.01(a), the Borrower shall pay interest on past due amounts owing by it hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent
permitted by applicable Laws. Accrued and unpaid interest on such amounts (including interest on past due interest) shall be due and payable upon demand. 

(c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may
be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law. 

Section 2.09 Fees. The Borrower shall pay to the Lender such fees as shall have been separately agreed upon in writing in the
amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever (except as expressly agreed between the Borrower and the Lender). 

Section 2.10 Computation of Interest and Fees. All computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed. Interest shall accrue on each Loan for the day on which the Loan is made and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is
paid; provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one day. Each determination by the Lender of an interest rate or fee hereunder shall be
conclusive and binding for all purposes, absent manifest error. 
 Section 2.11 Evidence of Indebtedness. 

(a) The Loans made by the Lender shall be evidenced by one or more accounts or records maintained by the Lender in the ordinary course of
business. The accounts or records maintained by the Lender shall be prima facie evidence absent manifest error of the amount of the Loans made by the Lender to the Borrower and the interest and payments thereon. Any failure of the Lender to so record or any error in doing so shall not, however, limit or
otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. Upon the request of the Lender, the Borrower shall execute and deliver to the Lender a Note payable to the Lender, which shall
evidence the Lender’s Loans in addition to such accounts or records. The Lender may attach schedules to its Note and endorse thereon the date, amount, currency and maturity of its Loans and payments with respect thereto. 

  
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 (b) [reserved]. 

(c) Entries made in good faith by the Lender in its account or accounts pursuant to Section 2.11(a) 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 the Lender, under this Agreement and the other Loan Documents, absent manifest error; provided that the
failure of the Lender to make an entry, or any finding that an entry is incorrect in such account or accounts shall not limit or otherwise affect the obligations of the Borrower under this Agreement and the other Loan Documents. 

Section 2.12 Payments Generally. 

(a) All payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff.
Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Lender in Dollars in Same Day Funds not later than 1:00 p.m. (local time in New York City) on the date specified herein. All payments received
by the Lender after the time specified above shall in each case be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. 

(b) Except as otherwise provided herein, if any payment to be made by the Borrower shall come due on a day other than a Business Day, payment
shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. 

(c) [reserved] 
 (d) [reserved]

 (e) [reserved] 
 (f)
Nothing herein shall be deemed to obligate the Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by the Lender that it has obtained or will obtain the funds for any Loan in any particular
place or manner. 
 Section 2.13 [Reserved]. 

Section 2.14 Incremental Credit Extensions. 

(a) Incremental Commitments. The Borrower may at any time or from time to time after the ClosingFirst Amendment Effective Date until the Maturity Date, by
notice to the Lender (an “Incremental Loan Request”), request one or more new commitments which may be in the same Facility as any outstanding Loans of an existing Class of Loans (a “Loan Increase”) or a new
Class of term loans (collectively with any Loan Increase, the “Incremental Commitments”). 

  
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 (b) Incremental Loans. Any Incremental Commitments effected through the establishment
of new Loans made on an Incremental Facility Closing Date shall be designated a separate Class of Incremental Commitments for all purposes of this Agreement. On any Incremental Facility Closing Date on which any Incremental Commitments of any
Class are effected (including through any Loan Increase), subject to the satisfaction of the terms and conditions in this Section 2.14, the Lender shall make a Loan to the Borrower (an “Incremental
Loan”) in an amount equal to its Incremental Commitment of such Class. Notwithstanding the foregoing, Incremental Loans may have identical terms to any of the Loans and be treated as the same Class as any of such Loans. 

(c) Incremental Loan Request. Each Incremental Loan Request from the Borrower pursuant to this
Section 2.14 shall set forth the requested amount and proposed terms of the relevant Incremental Loans. Incremental Loans may be made by the Lender (but the Lender will not have an obligation to make any Incremental
Commitment). 
 (d) Effectiveness of Incremental Amendment. The effectiveness of any Incremental Amendment, and the Incremental
Commitments thereunder, shall be subject to the satisfaction on the date thereof (the “Incremental Facility Closing Date”) of each of the following conditions: 

(i) (x) if the proceeds of such Incremental Commitments are being used to finance a Permitted Acquisition or other Investment
permitted hereunder, no Event of Default under Sections 8.01(a), 8.01(f) or 8.01(g) shall have occurred and be continuing or would exist after giving effect to such Incremental Commitments, or (y) if otherwise, no Event of
Default shall have occurred and be continuing or would exist after giving effect to such Incremental Commitments; 
 (ii)
after giving effect to such Incremental Commitments and except as set forth in clause (i) above, the conditions of Sections 4.02(i) and 4.02(ii) shall be satisfied (it being understood that all
references to “the date of such Loan” or similar language in such Section 4.02 shall be deemed to refer to the effective date of such Incremental Amendment); provided that, if the proceeds of such
Incremental Commitments are being used to finance a Permitted Acquisition or other Investment permitted hereunder, the reference in Section 4.02(i) to the accuracy of the representations and warranties shall,
to the extent agreed by the Lender, refer to customary “specified representations” and “specified acquisition representations”; 

(iii) [reserved]; 

(iv) each Incremental Commitment shall be in an aggregate principal amount that is not less than $5,000,000 and shall be in an
increment of $1,000,000 (provided that such amount may be less than $5,000,000 if such amount represents all remaining availability under the limit set forth in Section 2.14(d)(v)); 

  
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 (v) the aggregate amount of the Incremental Loans incurred after the First Amendment Effective Date (when aggregated with the Initial
Loans and with amounts incurred at or prior to such time pursuant to Section 7.03(q)) shall not exceed the greater of (A) $300,000,000 and (B) an unlimited amount so long as the Incremental Loan-to-Value Ratio, determined on a Pro Forma Basis as of the last day of the most recently ended Test Period, as if any Incremental Loans available under such Incremental
Commitments had been outstanding on the last day of such period, and, in each case, without netting the cash proceeds of any such Incremental Loans, does not exceed 5.0%; and 

(vi) to the extent reasonably requested by the Lender, the Lender shall have received customary legal opinions, board
resolutions and officers’ certificates consistent with those delivered on the
ClosingFirst Amendment Effective Date other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Lender. 

(e) Required Terms. The terms, provisions and documentation of the Incremental Loans and Incremental Commitments of any
Class shall be as agreed between the Borrower and the Lender and, except as otherwise set forth herein, unless such terms, provisions and documentation (other than any terms and provisions which are applicable only after the Latest Maturity
Date of the Loans existing on the Incremental Facility Closing Date) shall be either (x) substantially identical to the Loans existing on the Incremental Facility Closing Date or (y) no more favorable (taken as a whole) to the Lender than
under the Loans existing on the Incremental Facility Closing Date and such terms, provisions and documentation shall be reasonably satisfactory to the Lenders; provided that (i) to the extent any Previously Absent Financial Maintenance
Covenant and the Loan Documents shall be automatically and without further action deemed modified on or prior to the Incremental Facility Closing Date to include such Previously Absent Financial Maintenance Covenant for the benefit of theif such Previously Absent Financial Maintenance Covenant
is added for the benefit of any Incremental Loans and Incremental Commitments, the Initial Loans, it being understood that upon the amendment of the Loan Documents to include such Previously
Absent Financial Maintenance Covenant, any subsequent amendment, modification or waiver to the Loan Documents as it pertains to such Previously Absent Financial Maintenance Covenant shall only be permitted in the manner detailed under
Section 10.01 and (ii) Loan Increases
of any Class shall be identical to the then existing Loans of such Class. In any event: 
 (i) the Incremental
Loans: 
 (A) shall rank pari passu in right of payment with the Loans, 

(B) shall not mature earlierother than customary “bridge” facilities which by their terms will be converted into a facility that has, or extended such that
they have, a maturity date later than the Latest Maturity Date of all
Classes of Commitments and Loans then in effect and Indebtedness in an aggregate principal amount not in excess of the Inside Maturity Basket, shall not mature earlier than the Latest Maturity Date of any Loans outstanding at the time of incurrence of such Incremental Loans, 
 (C)
other than customary “bridge” facilities which by their terms will be converted into a facility that has, or extended such
that they have, a maturity date later than the Latest Maturity Date of all Classes of Commitments and Loans then in effect and Indebtedness in an aggregate principal amount not in excess of the Inside Maturity Basket, shall have a Weighted Average Life to Maturity not shorter than the remaining Weighted Average Life to Maturity of the Initial Loans, 

  
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 (D) subject to clauses (e)(i)(B) and
(e)(i)(C) above and clause (e)(iii) below and Section 2.07(a), shall have an Applicable Ratepricing, rate floors, discounts, fees, premiums, call protection and optional prepayment or redemption provisions and amortization determined by the Borrower and the Lender, and 
 (E) may participate on a pro
rata basis or less than pro rata basis (but not on a greater than pro rata basis other than pursuant to an otherwise permitted
refinancing) in any voluntary or mandatory prepayments of Loans
hereunder, as specified in the applicable Incremental Amendment; 
 (ii) [reserved]; and 

(iii) the Effective Yield applicable to the Incremental Loans of each Class shall be determined by the Borrower and the
Lender and shall be set forth in each applicable Incremental Amendment; provided, however, that in the case of anyif such Incremental Loans
obtainedare funded on or prior to the first anniversary of the
Closingdate that is twelve months after the First Amendment
Effective Date, the Effective Yield applicable thereto (as determined on the date of initial incurrence thereof) may not be more than 0.50% higher than the Effective Yield applicable to the
Initial Loans (as determined on such date), unless the Applicable Rate with respect to the Initial Loans is adjusted to be equal
to such Effective Yield with respect to such Incremental Loans, minus, 0.50%. 
 (f) Incremental Amendment. Commitments
in respect of Incremental Loans shall become Commitments, under this Agreement pursuant to an amendment (an “Incremental Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower and the
Lender. 
 (g) [Reserved] 

(h) [Reserved]. 
 (i)
This Section 2.14 shall supersede any provisions in Section 10.01 to the contrary. 

Section 2.15 Refinancing Amendments. 

(a) On one or more occasions after the ClosingFirst Amendment Effective Date, the Borrower may obtain, from the Lender, any portion of
Refinancing Loans pursuant to a Refinancing Amendment in accordance with this Section 2.15. 
 (b) The
effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof of each of the conditions set forth in Section 4.02 and, to the extent reasonably requested by the Lender, (i) receipt by the Lender of
customary legal opinions, board resolutions and officers’ certificates consistent with those delivered on the ClosingFirst Amendment Effective Date other than changes to such legal opinions resulting from
a change in 

  
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law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Lender and (ii) reaffirmation agreements may be reasonably requested by the Lender in order to
ensure that such Credit Agreement Refinancing Indebtedness is provided with the benefit of the applicable Loan Document. 
 (c) Each
issuance of Credit Agreement Refinancing Indebtedness under Section 2.15(a) shall be in an aggregate principal amount that is (x) not less than $20,000,000 and (y) an integral multiple of $1,000,000 in excess
thereof. 
 (d) This Section 2.15 shall supersede any provisions in Section 10.01 to the
contrary. 
 Section 2.16 Extension of Loans. Extension of Loans. The Borrower may at any time and from time to time
request that all or a portion of the Loans of a given Class (each, an “Existing Loan Tranche”) be amended to extend the scheduled maturity date(s) with respect to all or a portion of any principal amount of such Loans (any such
Loans which have been so amended, “Extended Loans”) and to provide for other terms consistent with this Section 2.16. In order to establish any Extended Loans, the Borrower shall provide a notice to the
Lender (each, a “Loan Extension Request”) setting forth the proposed terms of the Extended Loans to be established, which shall be identical to the Loans under the Existing Loan Tranche from which such Extended Loans are to be
amended, except that: (i) [reserved]; (ii) the Effective Yield with respect to the Extended Loans may be different than the Effective Yield for the Loans of such Existing Loan Tranche, in each case, to the extent provided in the applicable Extension
Amendment; (iii) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the Latest Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the
establishment of such Extended Loans); and (iv) Extended Loans may have call protection as may be agreed by the Borrower
and the Lender thereof; provided that no Extended Loans may be optionally prepaid prior to the date on which the Loans under the Existing Loan Tranche from which such Extended Loans were amended are repaid in full, unless such optional
prepayment is accompanied by at least a pro rata optional prepayment of such Existing Loan Tranche; and (v) to the extent
any Previously Absent Financial Maintenance Covenant is added for the benefit of any Lenders of any Extended Loans, the Lender shall be given prompt written notice of any such Previously Absent Maintenance Covenant and the Loan Documents shall be
automatically and without further action deemed modified on or prior to the effectiveness of such Extension Amendment to include such Previously Absent Financial Maintenance Covenant for the benefit of the Initial Loans, it being understood in each
case that upon the amendment of the Loan Documents to include such Previously Absent Financial Maintenance Covenant, any subsequent amendment, modification or waiver to the Loan Documents as it pertains to such Previously Absent Financial
Maintenance Covenant shall only be permitted in the manner detailed under Section 10.01 provided, however, that (A) no Default shall have occurred and be continuing at the time a
Loan Extension Request is delivered to the Lender, (B) in no event shall the final maturity date of any Extended Loans of a given Loan Extension Series at the time of establishment thereof be earlier than the then Latest Maturity Date of any
then existing Loans hereunder, (C) the Weighted Average Life to Maturity of any Extended Loans of a given Loan Extension Series at the time of establishment thereof shall be no shorter (other than by virtue of amortization or prepayment of such
Indebtedness prior to the time of incurrence of such Extended Loans) than the remaining Weighted Average 

  
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Life to Maturity of any Existing Loan Tranche, (D) [reserved], (E) any Extended Loans may participate on a pro rata basis or less than a pro rata basis (but not greater than a pro rata basis) in
any voluntary or mandatory repayments or prepayments hereunder, in each case as specified in the respective Loan Extension Request and (F) all documentation in respect of such Extension Amendment shall be consistent with the foregoing. Any
Extended Loans amended pursuant to any Loan Extension Request shall be designated a series (each, a “Loan Extension Series”) of Extended Loans for all purposes of this Agreement; provided that any Extended Loans amended from
an Existing Loan Tranche may, to the extent provided in the applicable Extension Amendment, be designated as an increase in any previously established Loan Extension Series with respect to such Existing Loan Tranche. Each Loan Extension Series of
Extended Loans incurred under this Section 2.16 shall be in an aggregate principal amount that is not less than $20,000,000. 

(b) [Reserved]. 
 (c)
Extension Request. The Borrower shall provide the applicable Extension Request at least three Business Days prior to the date on the Lender is required to respond, and shall agree to such procedures, if any, as may be established by, or
acceptable to, the Lender, in each case acting reasonably to accomplish the purposes of this Section 2.16. The Lender shall not have any obligation to agree to have any of its Loans of any Existing Loan Tranche amended into
Extended Loans pursuant to any Extension Request. If the Lender wishes to have all or a portion of its Loans under the Existing Loan Tranche subject to such Extension Request amended into Extended Loans it shall notify the Borrower on or prior to
the date specified in such Extension Request of the amount of its Loans under the Existing Loan Tranche, which it has elected to request be amended into Extended Loans. 

(d) Extension Amendment. Extended Loans shall be established pursuant to an amendment (each, an “Extension Amendment”)
to this Agreement between the Borrower and the Lender, which shall be consistent with the provisions set forth in Sections 2.16(a) or 2.16(b) above, respectively. The effectiveness of any Extension Amendment shall be subject to the
satisfaction on the date thereof of each of the conditions set forth in Section 4.02 and, to the extent reasonably requested by the Lender, receipt by the Lender of customary legal opinions, board resolutions and
officers’ certificates consistent with those delivered on the
ClosingFirst Amendment Effective Date other than changes to such legal opinions resulting from a change in law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Lender. 

(e) [reserved]. 
 (f) This
Section 2.16 shall supersede any provisions in Section 10.01 to the contrary. 

  
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 ARTICLE III 

TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY 

Section 3.01 Taxes. 

(a) Except as provided in this Section 3.01, any and all payments made by or on account of the Borrower or any
Guarantor under any Loan Document shall be made free and clear of and without deduction or withholding for any and all present or future taxes, duties, levies, imposts, assessments, deductions, fees, charges or withholdings (including backup
withholding) or similar charges imposed by any Governmental Authority including interest, penalties and additions to tax (collectively “Taxes”), except as required by applicable Law. If the Borrower, any Guarantor or other
applicable withholding agent shall be required by any Laws to deduct or withhold any Taxes from or in respect of any sum payable under any Loan Document to the Lender, (A) to the extent the Tax in question is an Indemnified Tax, the sum payable
by the Borrower or such Guarantor shall be increased as necessary so that after making all required deductions or withholdings (including deductions or withholdings applicable to additional sums payable under this
Section 3.01), the Lender receives an amount equal to the sum it would have received had no such deductions or withholdings been made, (B) the applicable withholding agent shall make such deductions or withholdings,
(C) the applicable withholding agent shall pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable Laws, and (D) within 30 days after the date of such payment (or, if receipts or
evidence are not available within 30 days, as soon as possible thereafter), if the Borrower or any Guarantor is the applicable withholding agent, shall furnish to the Lender the original or a copy of a receipt evidencing payment thereof or other
evidence reasonably acceptable to the Lender. 
 (b) In addition, each Loan Party agrees to pay any and all present or future stamp, court
or documentary taxes and any other excise, property, intangible or mortgage recording taxes, or charges or levies of the same character, imposed by any Governmental Authority, which arise from any payment made under any Loan Document or from the
execution, delivery, performance, enforcement or registration of, or otherwise with respect to, any Loan Document (including additions to tax, penalties and interest related thereto) excluding, in each case, such amounts that result from the
Lender’s grant of a participation, transfer or assignment to or designation of a new applicable Lending Office or other office for receiving payments under any Loan Document (collectively, “Assignment Taxes”) to the extent such
Assignment Taxes result from a connection that the Lender has with the taxing jurisdiction other than the connection arising out of the Loan Documents or the transactions therein, except for such Assignment Taxes resulting from assignment or
participation that is requested or required in writing by the Borrower (all such non-excluded Taxes described in this Section 3.01(b) being hereinafter referred to as “Other
Taxes”). 
 (c) Each Loan Party agrees to jointly and severally indemnify the Lender for (i) the full amount of Indemnified
Taxes and Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) payable by or paid by the Lender and (ii) any reasonable expenses arising therefrom or
with respect thereto, in each case 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 prepared in good faith by the Lender,
accompanied by a written statement thereof setting forth in reasonable detail the basis and calculation of such amounts, shall be conclusive absent manifest error. 

  
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 (d) The Lender shall, at such times as are reasonably requested by the Borrower, provide the
Borrower with anysuch properly completed and
executed documentation prescribed by Law certifying as to any entitlement of the Lender to an exemption from, or reduction
in, withholding Tax with respect to anyreasonably requested by the Borrower or the Lender as will permit payments to be made to the Lender under the Loan Documents to be made without withholding
or at a reduced rate of withholding. The Lender shall, whenever a lapse in time or change in circumstances renders such documentation obsolete or inaccurate in any respect, deliver promptly to the
Borrower updated or other appropriate documentation (including any new documentation reasonably requested by the applicable withholding agent) or promptly notify the Borrower in writing of its legal inability to do so. Unless the applicable
withholding agent has received forms or other documents satisfactory to it indicating that payments under any Loan Document to or for the Lender are not subject to withholding Tax or are subject to such Tax at a rate reduced by an applicable tax
treaty, the Borrower or other applicable withholding agent
shallmay withhold amounts required to be withheld by applicable Law from such payments at the applicable statutory
rate. Notwithstanding
anything
to the contrary in the preceding four sentences, the completion, execution and submission of such documentation (other than
such documentation set forth in paragraphs (d)(i), (ii), (iii) and (iv) of this Section) shall not be required if in the Lender’s reasonably judgment such completion, execution or submission would subject the Lender to any material unreimbursed
cost or expense or would materially prejudice the legal or commercial position of the Lender. In addition, the Lender, if reasonably requested by the Borrower, shall deliver such other documentation prescribed by applicable law or reasonably
requested by the Borrower as will enable the Borrower to determine whether or not the Lender is subject to backup withholding or information reporting requirements. Notwithstanding any other
provision of this Section 3.01(d), the Lender shall not be required to deliver any form pursuant to this Section 3.01(d) that the Lender is not legally able to deliver. Without limiting the
foregoing: 
 (i) So long as the Lender is a United States person (as defined in Section 7701(a)(30) of the
Code), it shall deliver to the Borrower on or before the date on which it becomes a party to this Agreement (and from time to time
thereafter upon the reasonable request of the Borrower) two properly completed and duly signed original copies of Internal Revenue Service Form W-9 (or any
successor form) certifying that the Lender is exempt from federal backup withholding. 
 (ii) If a payment made to the
Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if the Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), the Lender shall deliver to the Borrower, at the time or times prescribed by law and at such time or times reasonably requested by the Borrower, such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower as may be necessary for the Borrower to comply with its obligations under FATCA, to determine whether the Lender has or has not
complied with the Lender’s obligations under FATCA and, as necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 3.01(d)(iii), “FATCA”
shall include any amendments made to FATCA after the
ClosingFirst Amendment Effective Date. 

  
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 (e) If the Lender claims any additional amounts payable pursuant to this
Section 3.01 and Section 3.04(a), it shall, if requested by the Borrower, use its reasonable efforts (subject to overall policy considerations of the Lender) to change the jurisdiction of its
Lending Office, if such a change would reduce any such additional amounts (including any such additional amounts that may thereafter accrue) and would not, in the sole determination of the Lender, result in any unreimbursed cost or expense or be
otherwise materially disadvantageous to the Lender. The Borrower agrees to pay all reasonable costs and expenses incurred by the Lender in connection with such change in jurisdiction. 

(f) If the Lender receives a refund in respect of any Indemnified Taxes or Other Taxes as to which indemnification or additional amounts have
been paid to it by any Loan Party pursuant to this Section 3.01, it shall promptly remit such refund to such Loan Party (but only to the extent of indemnification or additional amounts paid by such Loan Party under this
Section 3.01 with respect to Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including any
Taxes) of the Lender, and without interest (other than any interest paid by the relevant taxing authority with respect to such refund); provided that such Loan Party, upon the request of the Lender, agrees promptly to return such refund
(plus any penalties, interest or other charges imposed by the relevant taxing authority) to such party in the event such party is required to repay such refund to the relevant taxing authority. Notwithstanding anything to the contrary in this
Section 3.01(f), in no event will a Lender be required to pay any amount to a Loan Party pursuant to this Section 3.01(f) the payment of which would place the Lender in a less favorable net after-Tax
position than the Lender would have been 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 Section 3.01 shall not be construed to require the Lender to make available its tax returns (or any other information relating to Taxes that it deems confidential) to the Borrower or any other person.

 Section 3.02 [Reserved].  

Section 3.03 [Reserved]. 

Section 3.04 Increased Cost and Reduced Return; Capital Adequacy. 

(a) Notwithstanding anything herein to the contrary, for all purposes under this Agreement, (x) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a change in law, regardless of the date enacted, adopted or
issued. 
 (b) If the Lender determines that the introduction of any Law regarding capital adequacy or liquidity requirements or any change
therein or in the interpretation thereof, in each case after the
ClosingFirst Amendment Effective Date, or compliance by the Lender (or its Lending Office) therewith, has the effect of reducing the rate of return on the capital of the Lender or any Person controlling the Lender as a consequence of the
Lender’s obligations hereunder (taking into consideration its policies with respect to capital adequacy and liquidity and the Lender’s desired return on capital), then from time to time upon demand of the Lender setting forth in reasonable
detail the charge and the calculation of such reduced rate of return, the Borrower shall pay to the Lender such additional amounts as will compensate the Lender for such reduction within 15 days after receipt of such demand. 

  
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 (c) Failure or delay on the part of the Lender to demand compensation pursuant to this
Section 3.04 shall not constitute a waiver of the Lender’s right to demand such compensation. 
 (d) If the
Lender requests compensation under this Section 3.04, then the Lender will, if requested by the Borrower, use commercially reasonable efforts to designate another Lending Office for any Loan affected by such event;
provided that such efforts are made on terms that, in the reasonable judgment of the Lender, cause the Lender and its Lending Office(s) to suffer no material economic, legal or regulatory disadvantage; and provided, further, that
nothing in this Section 3.04(e) shall affect or postpone any of the Obligations of the Borrower or the rights of the Lender pursuant to Sections 3.04(a) or 3.04(b). 

Section 3.05 [Reserved]. 

Section 3.06 Matters Applicable to All Requests for Compensation. 

(a) If the Lender claims compensation under this Article III it shall deliver a certificate to the Borrower setting forth the
additional amount or amounts to be paid to it hereunder which shall be conclusive in the absence of manifest error. In determining such amount, the Lender may use any reasonable averaging and attribution methods. 

(b) With respect to the Lender’s claim for compensation under Sections 3.01, 3.02, 3.03 or 3.04, the Borrower
shall not be required to compensate the Lender for any amount incurred more than 180 days prior to the date that the Lender notifies the Borrower of the event that gives rise to such claim; provided that if the circumstance giving rise to
such claim is retroactive, then such 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 

Section 3.07 [Reserved]. 

Section 3.08 Survival. 

All of the Borrower’s obligations under this Article III shall survive termination of the Commitments and repayment of all other
Obligations hereunder. 

  
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 ARTICLE IV 

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 

Section 4.01 Conditions to Initial Credit Extension. 

The obligation of the Lender to make a Credit Extension hereunder on the Closing Date is subject to satisfaction of the following conditions
precedent, except as otherwise agreed between the Borrower and the Lender: 
 (a) The Lender’s receipt of the following, each of which
shall be originals or pdf copies or other facsimiles (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party each in form and substance reasonably satisfactory to the
Lender and its legal counsel: 
 (i) a Committed Loan Notice in accordance with the requirements hereof; 

(ii) executed counterparts of this Agreement; 

(iii) [reserved] 

(iv) such certificates of good standing (to the extent such concept exists) from the applicable secretary of state of the state
of organization of each Loan Party, certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party (including a certificate attaching the Organization Documents of each Loan
Party) as the Lender may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such
Loan Party is a party or is to be a party on the Closing Date; 
 (v) [reserved]; 

(vi) a solvency certificate from the chief financial officer, chief accounting officer or other officer with equivalent duties
of the Borrower (after giving effect to the 2016 Transactions) substantially in
the form attached hereto as Exhibit C-2; 
 (vii) a certificate, dated
the Closing Date and signed by a Responsible Officer of the Borrower, confirming satisfaction of the conditions set forth in Sections 4.02(i) and 4.02(ii); 

(viii) [reserved]; and 

(ix) copies of a recent Lien and judgment search in each jurisdiction reasonably requested by the Lender with respect to the
Loan Parties. 
 (b) all fees and expenses due to the Lender required to be paid on the Closing Date and (in the case of expenses) invoiced
at least three Business Days before the Closing Date (except as otherwise reasonably agreed by the Borrower) shall have been paid from the proceeds of the initial funding under the Facilities. 

(c) The Lender shall have received reasonably satisfactory evidence that prior to or substantially simultaneously with the initial Credit
Extensions the Refinancing has been consummated. 

  
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 (d) The Lender shall have received (i) the Audited Financial Statements, (ii) the
unaudited quarterly consolidated balance sheets of the Borrower and its Subsidiaries and Parent and its Subsidiaries as of each of March 31, 2016 and June 30, 2016 and related consolidated statements of income, stockholders’ equity
and cash flows of the Borrower and its Subsidiaries and Parent and its Subsidiaries for the fiscal quarters ended March 31, 2016 and June 30, 2016 and (iii) an unaudited consolidated income statement for the Borrower and its
Subsidiaries calculated on a pro forma basis after giving effect to the Refinancing. 
 (e) The Lender shall have received at least three
Business Days prior to the Closing Date all documentation and other information about the Borrower and the Guarantors required under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT
Act that has been requested by the Lender in writing at least 10 days prior to the Closing Date. 
 (f) [reserved]. 

(g) [reserved]. 
 (h) The
Borrower and its Subsidiaries shall have delivered to the Lender “pay-off” letters in form and substance reasonably satisfactory to the Lender in connection with the repayment and termination of the
Mortgage Loan Agreement. 
 Section 4.02 Conditions to All Credit Extensions. 

The obligation of the Lender to honor any Request for Credit Extension
(other than a Request for Credit Extension for an Incremental Loan which shall be governed by
Section 2.14(d)), including on the Closing Date, is subject to the following conditions precedent: 

(i) The representations and warranties of each Loan Party set forth in Article V and in each other Loan Document shall
be true and correct in all material respects (except that any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects as so qualified) on and as of
the date of such Credit Extension with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material
respects as of such earlier date. 
 (ii) No Default shall exist or would result from such proposed Credit Extension or from
the application of the proceeds therefrom. 
 (iii) The Lender shall have received a Request for Credit Extension in
accordance with the requirements hereof. 
 Each Request for Credit Extension submitted by the Borrower shall be deemed to be a
representation and warranty that the conditions specified in Sections 4.02(i) and 4.02(ii) (or, in the case of a Request for Credit Extension for an Incremental Loan, the conditions specified in
Section 2.14(d) have been satisfied on and as of the date of the applicable Credit Extension. 

  
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 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

The Borrower and each of the Subsidiary Guarantors party hereto represent and warrant to the Lender at the time of each Credit Extension that:

 Section 5.01 Existence, Qualification and Power; Compliance with Laws. 

Each Loan Party and each Restricted Subsidiary (a) is a Person duly organized or formed, validly existing and in good standing (where
relevant) under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority to (i) own or lease its assets and carry on its business as currently conducted and (ii) in the case of the
Loan Parties, execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified and in good standing (where relevant) under the Laws of each jurisdiction where its ownership, lease or operation
of properties or the conduct of its business requires such qualification, (d) is in compliance with all Laws, orders, writs and injunctions and (e) has all requisite governmental licenses, authorizations, consents and approvals to operate
its business as currently conducted; except in each case, referred to in clauses (a) (other than with respect to the Borrower), (b)(i) (other than with respect to the Borrower), (c), (d) and (e), to
the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 Section 5.02 Authorization;
No Contravention. 
 The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is a party,
and the consummation of the 2019 Transactions, (a) are within such Loan
Party’s corporate or other powers, (b) have been duly authorized by all necessary corporate or other organizational action, and (c) do not (i) contravene the terms of any of such Person’s Organization Documents,
(ii) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (x) any Contractual Obligation to which such Person is a party or affecting such Person or the
properties of such Person or any of its Subsidiaries or (y) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject, or (iii) violate any applicable
Law; except with respect to any conflict, breach, contravention or payment (but not creation of Liens) referred to in clause (c)(ii)(x), to the extent that such violation, conflict, breach, contravention or payment could not reasonably be
expected to have a Material Adverse Effect. 
 Section 5.03 Governmental Authorization; Other Consents. 

No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other
Person is necessary or required in connection with (a) the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, or for the consummation of the 2019 Transactions, (b) [reserved], (c) [reserved] or (d) the exercise by the Lender
of its rights under the Loan Documents except for (i) the approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect (except to the extent
not required to be obtained, taken, given or made or be in full force and effect pursuant to the Guarantee Requirements) and (ii) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which
to obtain or make could not reasonably be expected to have a Material Adverse Effect. 

  
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 Section 5.04 Binding Effect. 

This Agreement and each other Loan Document has been duly executed and delivered by each Loan Party that is a party thereto. This Agreement
and each other Loan Document constitutes a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is a party thereto in accordance with its terms, except as such enforceability may be limited by Debtor
Relief Laws and by general principles of equity. 
 Section 5.05 Financial Statements; No Material Adverse Effect. 

(a) The Audited Financial Statements fairly present in all material respects the financial condition of the Borrower and its Subsidiaries and
Parent and its Subsidiaries, as applicable, as of the dates thereof and their results of operations for the periods covered thereby in accordance with GAAP consistently applied throughout the periods covered thereby, except as otherwise expressly
noted therein. 
 (b) The forecasts of consolidated balance sheets and consolidated statements of income and cash flow of the Borrower and
its Subsidiaries which have been furnished to the Lender prior to the
ClosingFirst Amendment Effective Date have been prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed to be reasonable at the time of preparation of such forecasts, it being understood that actual
results may vary from such forecasts and that such variations may be material. 
 (c) Since December 31, 20158,
there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect. 

(d) As of the ClosingFirst Amendment Effective Date, none of the Borrower or its Subsidiaries has any
material Indebtedness for borrowed money (other than (i) Indebtedness reflected on Schedule 5.05, (ii) Indebtedness arising under the Senior REIT Facilities, (iii) Indebtedness arising under the Senior Notes Indenture and the New Senior Notes Indenture and
(iiiiv) Indebtedness arising under the Loan Documents). 
 Section 5.06 Litigation. 

Except as set forth on Schedule 5.06, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the
Borrower or each of its Restricted Subsidiaries, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of its Restricted Subsidiaries or against any of their properties or
revenues that either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

  
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 Section 5.07 No Default. 

No Default or Event of Default has occurred or is continuing. 

Section 5.08 Ownership of Property; Liens; Real Property; Leases and Management Agreements. 

(a) The Borrower and/or each of its Restricted Subsidiaries, as applicable, has good record title to, or valid leasehold interests in, or
easements or other limited property interests in, all Real Property necessary in the ordinary conduct of its business, free and clear of all Liens except as set forth on Schedule 5.08 hereto and except for Liens permitted by
Section 7.01 and where the failure to have such title or other interest could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(b) Except as would not have a Material Adverse Effect, (i) no Loan Party is a party to any agreement which requires or will require such
Loan Party to pay any material property improvement plan fees or charges or requires or will require any Loan Party to renovate, update, upgrade, repair, enhance, or improve such Real Property as a result of the 2019 Transactions, and (ii) all Operating Leases and Management Agreements to which
any Loan Party is a party are in full force and effect, are the legal, valid and binding obligations of each of the Loan Parties party thereto, enforceable in accordance with their terms (subject to applicable Debtor Relief Laws and by general
principles of equity) and no consent is required in connection with any such agreements for the consummation of the 2019
Transactions, except as shall have been obtained prior to the ClosingFirst Amendment Effective Date. In addition, (A) no material rights in favor of the
applicable Loan Party under any Operating Lease or Management Agreement have been waived, canceled or surrendered; (B) all material amounts due and payable by any Loan Party under any Operating Lease or Management Agreement have been paid in
full (except to the extent such payment is not yet overdue); (C) no Loan Party or any of its Subsidiaries is, to the knowledge of each Loan Party and its Subsidiaries, in material default under any Operating Lease or Management Agreement and no Loan
Party or any of its Subsidiaries has received any notice of material default with respect to any Operating Lease or Management Agreement; and (D) to the knowledge of the Loan Parties, no counterparty to any Operating Lease or Management
Agreement is in material default thereunder. 
 Section 5.09 Environmental Matters. 

Except as specifically disclosed in Schedule 5.09(a) or except as would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect: 
 (a) each Loan Party and its respective properties and operations are and, other than any matters
which have been finally resolved, have been in compliance with all Environmental Laws, which includes obtaining, maintaining and complying with all applicable Environmental Permits required under such Environmental Laws to carry on the business of
the Loan Parties; 
 (b) the Loan Parties have not received any written notice that alleges any of them is in violation of or potentially
liable under any Environmental Laws and none of the Loan Parties nor any of the Real Property owned, leased, or operated by any Loan Party, Subsidiary or a franchisee (subject to, in the case of such franchised Real Property not managed by the Loan
Parties or Subsidiaries or their Affiliates, the knowledge of the Borrower) is the subject of any claims, investigations, liens, demands, or judicial, administrative or arbitral proceedings pending or, to the knowledge of the Borrower, threatened,
under or relating to any Environmental Law; 

  
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 (c) there has been no Release of Hazardous Materials on, at, under or from any Real
Property, at any Real Property licensed to a franchisee (subject to, in the case of such franchised Real Property not managed by the Loan Parties or Subsidiaries or their Affiliates, the knowledge of the Borrower) or, to the knowledge of the
Borrower, any real property formerly owned, leased, or operated by any Loan Party, Subsidiary or franchisee that could reasonably be expected to require investigation, remedial activity or corrective action or cleanup by, or on behalf of, any Loan
Party or Subsidiary or could reasonably be expected to result in any Environmental Liability; and 
 (d) to the knowledge of the Borrower,
there are no facts, circumstances or conditions arising out of or relating to the Loan Parties or any of their respective operations or any facilities currently or formerly owned, leased, or operated by any of the Loan Parties, Subsidiaries or
franchisees that could reasonably be expected to require investigation, remedial activity or corrective action or cleanup by, or on behalf of, any Loan Party or Subsidiary or could reasonably be expected to result in any Environmental Liability.

 Section 5.10 Taxes. 

(a) Each of the Loan Parties and their respective Subsidiaries has filed or caused to be filed all federal, state and other material tax
returns and reports that are required to have been filed and has paid all Taxes shown to be due and payable on said returns or on any assessments made against it or any of its property, and all other material Taxes, fees or other charges required to
be paid by it or imposed on it or any of its property by any Governmental Authority (other than any the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in
conformity with GAAP have been provided on the books of the relevant Loan Party or Subsidiary), and no Tax Lien has been filed, and, to the knowledge of the Loan Parties, no claim is being asserted, with respect to any such Taxes, fees or other
charges. 
 (b) For its taxable year ended December 31, 2010, Borrower made a timely election to be subject to tax as a real estate
investment trust (a “REIT”) pursuant to Sections 856 through 860 of the Code. Commencing with its short taxable year ending December 31, 2010, Borrower has been organized and operated in conformity with the requirements for
qualification and taxation as a REIT, and its proposed method of operation should enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code. 

Section 5.11 ERISA Compliance. 

(a) Except as set forth on Schedule 5.11(a) or as would not, either individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect, each Plan maintained by a Loan Party is in compliance with the applicable provisions of ERISA and the Code and the regulations and published interpretations thereunder and other federal or state Laws. 

  
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 (b) (i) No ERISA Event has
occurred during the six year period prior to the date on which this representation is made or deemed made or is reasonably
expected to occur; (ii) neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under
Section 4007 of ERISA); (iii) neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result
in such liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (iv) neither any Loan Party nor any ERISA Affiliate has engaged in a transaction that could be subject to Sections 4069 or 4212(c) of ERISA,
except, with respect to each of the foregoing clauses of this Section 5.11(b), as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 

(c) With respect to each Pension Plan, the adjusted funding target attainment percentage (as defined in Section 436 of the Code), as
determined by the applicable Pension Plan’s Enrolled Actuary under Sections 436(j) and 430(d)(2) of the Code and all applicable regulatory guidance promulgated thereunder, would not reasonably be expected to result, individually or in the
aggregate, in a Material Adverse Effect. Neither any Loan Party nor any ERISA Affiliate maintains or contributes to a Plan that is, or is expected to be, in at-risk status (as defined in Section 303(i)(4)
of ERISA or Section 430(i)(4) of the Code), in each case, except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

Section 5.12 Subsidiaries; Equity Interests. 

As of the ClosingFirst Amendment Effective Date (after giving effect to the 2019 Transactions), no Loan Party has any Subsidiaries other than those specifically
disclosed in Schedule 5.12, and all of the outstanding Equity Interests owned by the Loan Parties (or a Subsidiary of any Loan Party) in such Subsidiaries (other than Immaterial Subsidiaries) have been validly issued and are fully paid and
all Equity Interests owned by a Loan Party in such Subsidiaries (other than Immaterial Subsidiaries) are owned free and clear of all Liens except any Lien that is permitted under Section 7.01. As of the ClosingFirst Amendment Effective Date (after giving effect to the 2019
Transactions) there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or directors,
directors’ qualifying shares and springing membership interests held by independent managers) of any nature relating to any Equity Interest of Borrower or any Subsidiary. 

Section 5.13 Margin Regulations; Investment Company Act. 

(a) The Borrower is not engaged nor will it engage, principally or as one of its important activities, in the business of purchasing or
carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Borrowings will be used for any purpose that violates Regulation U of the Board of Governors of the United States Federal
Reserve System. 
 (b) None of the Borrower, any Person Controlling the Borrower, or any of its Restricted Subsidiaries is or is required to
be registered as an “investment company” under the Investment Company Act of 1940. 

  
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 Section 5.14 Disclosure. 

To the best of the Borrower’s knowledge, no report, financial statement, certificate or other written information furnished by or on
behalf of any Loan Party (other than projected financial information, pro forma financial information and information of a general economic or industry nature) to the Lender in connection with the transactions contemplated hereby and the negotiation
of this Agreement or delivered hereunder or under any other Loan Document (as modified or supplemented by other information so furnished), when taken as a whole contains any untrue statement of a material fact or omits to state any material fact
necessary to make the statements therein (when taken as a whole), in the light of the circumstances under which they were made, not materially misleading. With respect to projected financial information and pro forma financial information, the
Borrower represents that such information was prepared in good faith based upon assumptions believed to be reasonable at the time of preparation; it being understood that such projections may vary from actual results and that such variances may be
material. 
 Section 5.15 Labor Matters. 

Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect as of the ClosingFirst Amendment Effective Date (a) there are no strikes or other labor disputes against the Borrower or any of its Restricted Subsidiaries pending or, to the knowledge of the Borrower, threatened, (b) hours worked by and payment
made to employees of the Borrower or any of its Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Laws, (c) the Borrower and the other Loan Parties have complied with all applicable labor
laws including work authorization and immigration and (d) all payments due from the Borrower or any of its Restricted Subsidiaries on account of employee health and welfare insurance have been paid or accrued as a liability on the books of the
relevant party. 
 Section 5.16 Use of Proceeds. The proceeds of the Initial Loans shall be used solely for (i) the
repayment in full of a portion of the Indebtedness of the Borrower and its Subsidiaries under the Mortgage Loan Agreement and to pay for Transaction Expenses, and (ii) to the extent any portion of the proceeds of the Initial Loans remain
following application of the proceeds pursuant to the precedent clause (i), for general corporate purposes. 
 Section 5.17
Intellectual Property; Licenses, Etc. 
 The Borrower and its Restricted Subsidiaries own, license or possess the right to use
all of the trademarks, service marks, trade names, domain names, copyrights, patents, patent rights, trade secrets, licenses, technology, software, know-how database rights, design rights and other
intellectual property rights (collectively, “IP Rights”) that are reasonably necessary for the operation of their respective businesses as currently conducted, and, to the knowledge of the Borrower, such IP Rights do not
conflict with the rights of any Person, except to the extent such failure to own, license or possess or such conflicts, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. The business of any
Loan Party or any of their Subsidiaries as currently conducted does not infringe upon, misappropriate or otherwise violate any IP Rights held by any Person except for such infringements, misappropriations and violations, individually or in the
aggregate, which could not reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding any of the IP Rights is filed and presently pending or, to the knowledge of the Borrower, presently threatened in writing against
any Loan Party or any of its Subsidiaries, which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

  
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 Section 5.18 Solvency. 

On the ClosingFirst Amendment Effective Date, after giving effect to the 2019 Transactions, the Borrower and its Restricted Subsidiaries, on a consolidated
basis, are Solvent. 
 Section 5.19 [Reserved]. 

Section 5.20 OFAC; USA PATRIOT Act; FCPA; Anti-Corruption Laws; Sanctions. 

(a) The Borrower has implemented and maintains in effect policies and procedures reasonably designed to ensure compliance by the Borrower and
its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable
Sanctions. The Borrower and its Subsidiaries and, to the knowledge of the Borrower, their respective directors, officers, employees and agents, are in compliance with Anti-Corruption Laws and
applicable Sanctions in all material respects. 
 (b) To the extent applicable, each of the Borrower and its Subsidiaries is in
compliance, in all material respects, with (i) the Trading with the Enemy Act, as amended, the International Emergency Economic Powers Act, as amended, and each of the foreign
assets control regulations of the United States Department of the Treasury (31 CFR Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto and (ii) the USA PATRIOT Act. 
 (c) Neither the Borrower nor any of its Subsidiaries nor, to the
knowledge of the Borrower, any director, officer, employee, agent or controlled affiliate of the Borrower or any of its Subsidiaries that will act in any capacity in connection with or benefit from the credit facility established hereby is a
Sanctioned Person, nor is the Borrower or any of its Subsidiaries located, organized or resident in any country or territory that is the subject of Sanctions. 
 (d) No part of the proceeds of the Loans will be used by the Borrower (i) in violation
of Anti-Corruption Laws or applicable Sanctions or (ii) for the purpose of financing any activities or business of or with any Sanctioned
Person, unless authorized or not prohibited under applicable Sanctions.

  
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 ARTICLE VI 

AFFIRMATIVE COVENANTS 

So long as the Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder which is accrued and payable shall remain
unpaid or unsatisfied, then from and after the Closing Date, the Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02 and 6.03) cause each of its Restricted Subsidiaries to: 

Section 6.01 Financial Statements. 

(a) Deliver to the Lender, within 90 days after the end of each fiscal year, a consolidated balance sheet of the Borrower and its Subsidiaries
and Parent and its consolidated Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, stockholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative
form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of Deloitte & Touche LLP or any other independent registered public accounting
firm of nationally recognized standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any
qualification or exception as to the scope of such audit; provided that such report may contain a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, if such qualification or
exception is related to (i) an upcoming maturity date under any Indebtedness or (ii) any actual or potential inability to satisfy any financial covenant (whether or not such failure has occurred); 
 (b) Deliver to the Lender, within 45 days after the end of each of the first three fiscal
quarters of each fiscal year of the Borrower and Parent, a consolidated balance sheet of the Borrower and its Subsidiaries and Parent and its consolidated Subsidiaries as at the end of such fiscal quarter and the related consolidated statements of
income or operations for such fiscal quarter and the portion of the fiscal year then ended, setting forth in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous
fiscal year, and statements of stockholders’ equity for the current fiscal quarter and consolidated statement of cash flows for the portion of the fiscal year then ended, setting forth in each case in comparative form the figures for the
corresponding portion of the previous fiscal year, all in reasonable detail and certified by a
Responsible Officer of the Borrower as fairly presenting in all material respects the
financial condition, results of operations, stockholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the
absence of footnotes; 
 (c) Deliver to the Lender, no later than 90 days after the end of each fiscal
yearwithin five Business Days following the date on which financial statements are required to be delivered pursuant to
Section 6.01(a), a detailed consolidated budget for the following fiscal year on a quarterly basis (including a projected consolidated balance sheet of the Borrower and its Subsidiaries as of
the end of the following fiscal year, the related consolidated statements of projected cash flow and projected income and a summary of the material underlying assumptions applicable thereto) (collectively, the “Projections”),
which Projections shall in each case be accompanied by a certificate of a Responsible Officer stating that such Projections have been prepared in good faith on the basis of assumptions stated therein, which assumptions were believed to be
reasonable at the time of preparation of such Projections, it being understood that actual results may vary from such Projections and that such variations may be material; and 

(d) Deliver to the Lender with each set of consolidated financial statements referred to in Sections 6.01(a) and 6.01(b) above,
supplemental financial information necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such consolidated financial statements. 

  
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 Notwithstanding the foregoing, the obligations in Sections 6.01(a) and 6.01(b)
may be satisfied with respect to such financial information by furnishing (A) the applicable financial statements of the Borrower or Parent, as applicable, or (B) the Borrower’s or Parent’s, as applicable, Form 10-K or 10-Q, as applicable, filed with the SEC. 
 Documents
required to be delivered pursuant to Sections 6.01 and 6.02 may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower (or any direct or indirect parent of
the Borrower) posts such documents, or provides a link thereto on the website on the Internet at the Borrower’s website address listed on Schedule 10.02; or (ii) on which such documents are posted on the Borrower’s behalf on
IntraLinks/IntraAgency or another relevant website, if any, to which the Lender has access (whether a commercial, third-party website or whether sponsored by the Lender); provided that: (i) upon written request by the Lender, the
Borrower shall deliver paper copies of such documents to the Lender until a written request to cease delivering paper copies is given by the Lender; and (ii) the Borrower shall notify (which may be by facsimile or electronic mail) the Lender of
the posting of any such documents and provide to the Lender by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein, in every instance the Borrower shall be required to provide
paper copies of the Compliance Certificates required by Section 6.02(a) to the Lender;
provided, however, that if such Compliance Certificate is first delivered by
electronic means, the date of such delivery by electronic means shall constitute the date of delivery for purposes of compliance with
Section 6.02(a). 

Section 6.02 Certificates; Other Information. 

Deliver to the Lender: 
 (a) concurrently withwithin five (5) Business Days
following (x) the delivery of the financial statements referred to in Sections 6.01(a) and 6.01(b), a duly completed Compliance Certificate signed by a Responsible Officer of
the Borrower accompanied, when applicable, by copies of any amendments to the Operating Leases, Ground Leases or Management Agreements entered into during such
period; provided that the Borrower shall not be required to provide copies of such amendments to the extent such amendments have been previously filed with the SEC and (y) the delivery of the financial statements referred to in Section 6.01(b), a
certificate by a Responsible Officer of the Borrower
that such financial statements fairly present
in all material respects the financial condition, results of operations, stockholders’ equity and cash flows of the
Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of
footnotes; 

(b) concurrently withwithin five (5) Business Days following the delivery of the financial statements
referred to in Section 6.01(a) and 6.01(b), a narrative discussion and analysis of the financial condition and results of operations of the Borrower and its Subsidiaries for the reporting period then ended and for
the period from the beginning of the then current fiscal year to the end of such period, as compared to the portion of projections covering such periods and to the comparable periods of the previous year, including occupancy figures and average daily rate calculations, in each case, with respect to each of the properties of the Borrower and its Subsidiaries; provided that the Borrower shall not be required to deliver any documents or information to the Lender pursuant to this Section 6.02(b) for any financial quarter for which the
Parent files similar documents or information in respect of itself and its Subsidiaries with the SEC; 

  
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 (c) concurrently
with the delivery of the financial statements referred to in
Section 
6.01(a),
a certificate of the independent certified public accountants reporting on such financial statements (which certificate may be limited to accounting matters and disclaim responsibility for legal interpretations) stating that in making the
examination necessary therefor no knowledge was obtained of any Event of Default, except as specified in such certificate (it being understood that such certificate shall be limited to the items and scope that independent certified public
accountants are permitted to cover in such certificates pursuant to their processional standards and customs of
profession);[reserved]; 

(d) [reserved]; 
 (e) promptly
after the same are publicly available, copies of all annual, regular, periodic and special reports and registration statements which the Borrower or any Restricted Subsidiary files with the SEC or with any Governmental Authority that may be
substituted therefor (other than amendments to any registration statement (to the extent such registration statement, in the form it became effective, is delivered), exhibits to any registration statement and, if applicable, any registration
statement on Form S-8) and in any case not otherwise required to be delivered to the Lender pursuant hereto; provided that notwithstanding the foregoing, the obligations in this
Section 6.02(fe) may be satisfied if such information is publicly available on the SEC’s EDGAR website; 

(f) promptly after the furnishing thereof, copies of any material requests or material notices received by any Loan Party (other than in the
ordinary course of business) or material statements or material reports furnished to any holder of debt securities (other than in connection with any board observer rights) of any Loan Party or of any of its Restricted Subsidiaries pursuant to the
terms of any Indebtedness for borrowed money permitted under Section 7.03 with an aggregate outstanding principal amount in excess of $100,000,000, any Permitted Refinancing thereof, and not otherwise required to be
furnished to the Lender pursuant to any other clause of this Section 6.02; 
 (g) together with the delivery of
each Compliance Certificate pursuant to Section 6.02(a), (i) [reserved], (ii) a description of each event, condition or circumstance during the last fiscal quarter covered by such Compliance Certificate requiring a
mandatory prepayment under Section 2.05(b) and (iii) a list of each Subsidiary of the Borrower that identifies each Subsidiary as a Restricted Subsidiary, an Unrestricted Subsidiary or an Excluded Subsidiary as of the
date of delivery of such Compliance Certificate or confirmation that there has been no change in such information since the later of the Closing Date or the date of the last such list; and 

(h) promptly, such additional information regarding the business, legal, financial or corporate affairs of the Loan Parties or any of their
respective Restricted Subsidiaries, or compliance with the terms of the Loan Documents, as the Lender may from time to time reasonably request. 

  
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 Section 6.03 Notices. 

Promptly after a Responsible Officer of the Borrower or any Guarantor has obtained knowledge thereof, notify the Lender: 

(a) of the occurrence of any Default; 

(b) of any matter that has resulted or would reasonably be expected to result in a Material Adverse Effect; 

(c) of the filing or commencement of any action, suit, litigation or proceeding, whether at law or in equity by or before any Governmental
Authority, (i) against the Borrower or any of its Subsidiaries thereof that would reasonably be expected to result in a Material Adverse Effect or (ii) with respect to any Loan Document; 

(d) of the occurrence of
any ERISA Event, as soon as possible and in any event within 10 days after the Borrower knows or have reason to know thereof; and 

(e) of any material amendment or modification to, or material waiver or consent under, the Operating Leases or Management Agreements. 

Each notice pursuant to this Section 6.03 shall be accompanied by a written statement of a Responsible Officer of
the Borrower (x) that such notice is being delivered pursuant to Sections 6.03(a), 6.03(b) or 6.03(c) (as applicable) and (y) setting forth details of the occurrence referred to therein and stating what action the
Borrower has taken and proposes to take with respect thereto. 

Notwithstanding the
foregoing, the obligations in Section 6.03(e) may be satisfied by the filing of such material amendment or modification to,
or material waiver or consent under, the relevant Operating Leases or Management Agreements with the SEC within the time periods required under the rules and regulations promulgated by the SEC.

 Section 6.04 Payment of Obligations. 

Pay, discharge or otherwise satisfy as the same shall become due and payable in the normal conduct of its business all its obligations and
liabilities, except, in each case, (i) to the extent any such obligation or liability is being contested in good faith and by appropriate proceedings for which appropriate reserves have been established in accordance with GAAP or (ii) if
such failure to pay or discharge such obligations and liabilities would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 6.05 Preservation of Existence, Etc. 

(a) Preserve, renew and maintain in full force and effect its legal existence under the Laws of the jurisdiction of its organization except in
a transaction permitted by Section 7.04 or 7.05, (b) take all reasonable action to maintain all rights, privileges (including its good standing where applicable in the relevant jurisdiction), permits, licenses and
franchises necessary or desirable in the normal conduct of its business, except, in the case of clause (a) (other than with respect to the Borrower) or clause (b), to the extent that failure to do so would not reasonably be

  
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expected to have, individually or in the aggregate, a Material Adverse Effect, and (c) maintain in effect and enforce policies and procedures reasonably designed to ensure compliance by the Borrower and its Subsidiaries and their respective directors, officers and employees with
Anti-Corruption Laws and applicable Sanctions and (d) conduct its business in compliance in all material respects with
Anti-Corruption Laws and Sanctions, including the USA PATRIOT Act. 

Section 6.06 Maintenance of Properties. 

Except if the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect,
maintain, preserve and protect all of its material tangible or intangible properties and equipment necessary in the operation of its business in good working order, repair and condition, ordinary wear and tear excepted and fire, casualty or
condemnation excepted. In addition with respect to each of the Properties that is subject to an Operating Lease, use commercially reasonable efforts to: (a) cause the Operating Lessees to maintain, preserve and protect all of its material
properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear and involuntary Dispositions excepted; (b) cause the Operating Lessees to make all necessary repairs thereto and
renewals and replacements thereof; (c) cause the Operating Lessees to use the standard of care typical in the industry in the operation and maintenance of its facilities and the personal property related thereto; (d) cause the Operating
Lessees to comply in all material respects with the terms, conditions, restrictions and other requirements of all recorded documents related thereto; (e) cause the Operating Lessees to comply in all material respects with the terms, conditions,
restrictions and other requirements set forth in all applicable local, state and federal ordinances, zoning laws and other applicable laws; and (f) cause the Loan Party owning each such respective Property to also own all material personal and
Real Property (including, without limitation, furnishings, equipment, software and other Property) required for the continued operation and maintenance of such Property in the ordinary course of business (except for (i) such Property as has
been traditionally leased by such Loan Party in connection with such operation and maintenance, to the extent such leases have been disclosed to the Lender in writing prior to the date of this Agreement and (ii) the transfer of personal
property related to the Properties to the Operating Lessees as permitted hereunder). 
 Section 6.07 Maintenance of Insurance.
Maintain or cause to be maintained with financially sound and reputable insurance companies, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or
similar business, of such types and in such amounts (after giving effect to any self-insurance reasonable and customary for similarly situated Persons engaged in the same or similar businesses as the Borrower and the Restricted Subsidiaries) as are
customarily carried under similar circumstances by such other Persons, including flood insurance with respect to each Flood Hazard Propertyflood hazard property, in each case in compliance with the National Flood Insurance Act
of 1968 and the Flood Disaster Protection Act of 1973 (where applicable). 
 Section 6.08 Compliance with Laws. 

Comply with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property,
except if the failure to comply therewith could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

  
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 Section 6.09 Books and Records. 

Maintain proper books of record and account, in which entries that are full, true and correct in all material respects and are in conformity
with GAAP consistently applied and which reflect all material financial transactions and matters involving the assets and business of the Borrower or a Restricted Subsidiary, as the case may be (it being understood and agreed that certain Foreign
Subsidiaries maintain individual books and records in conformity with generally accepted accounting principles in their respective countries of organization and that such maintenance shall not constitute a breach of the representations, warranties
or covenants hereunder). 
 Section 6.10 Inspection Rights. 

Permit representatives and independent contractors of the Lender to visit and inspect any of its properties, to examine its corporate,
financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants (subject to such accountants’ customary policies
and procedures), all at the reasonable expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower; provided that, excluding any
such visits and inspections during the continuation of an Event of Default, the Lender shall not exercise such rights more often than once during any calendar year and only one such time shall be at the Borrower’s expense; provided, further,
that when an Event of Default exists, the Lender (or any of its representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice.
The Lender shall give the Borrower the opportunity to participate in any discussions with the Borrower’s independent public accountants. Notwithstanding anything to the contrary in this Section 6.10 or in Section 6.02(h), none of the Borrower nor any Restricted Subsidiary shall be
required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter (i) that constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Lender (or its representatives or contractors) is prohibited by Law or (iii) that is subject to attorney-client or similar
privilege or constitutes attorney work-product. 
 Section 6.11 Additional Guarantors. 

At the Borrower’s expense, take all action either necessary or as reasonably requested by the Lender to: 

(a) Upon (x) the formation or acquisition of any new direct or indirect wholly owned Domestic Subsidiary (in each case, other than an
Excluded Subsidiary) by the Borrower, (y) any Excluded Subsidiary ceasing to constitute an Excluded Subsidiary or (z) the designation in accordance with Section 6.14 of an existing direct or indirect wholly owned
Domestic Subsidiary (other than an Excluded Subsidiary) as a Restricted Subsidiary: 
 (i) within 60 days after such
formation, acquisition, cessation or designation, or such longer period as the Lender may agree in writing in its sole and reasonable discretion: 

(A) cause each such Domestic Subsidiary that is required to become a Guarantor pursuant to the Guarantee Requirement to duly
execute and deliver to the Lender joinders to this Agreement as Guarantors and other agreements and documents as reasonably requested by and in form and substance reasonably satisfactory to the Lender; 

  
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 (B) [reserved]; 

(C) [reserved]; 

(ii) if reasonably requested by the Lender, within 60 days after such request (or such longer period as the Lender may agree in
writing in its reasonable discretion), deliver to the Lender a signed copy of an opinion, addressed to the Lender, of counsel for the Loan Parties reasonably acceptable to the Lender as to such matters set forth in this
Section 6.11(a) as the Lender may reasonably request. 
 Section 6.12 Compliance with Environmental
Laws. 
 Except, in each case, to the extent that the failure to do so could not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect: 
 (i) comply, and take all commercially reasonable actions to cause all lessees and
other Persons operating or occupying its properties to comply, with all applicable Environmental Laws and Environmental Permits; 

(ii) obtain, maintain and renew all Environmental Permits necessary for its operations and properties; and 

(iii) in each case to the extent the Loan Parties or Subsidiaries are required to do so by Environmental Laws, conduct any
investigation, remedial or other corrective action necessary to address Hazardous Materials at any Real Property in accordance with applicable Environmental Laws. 

Section 6.13 [Reserved]. 

Section 6.14 Designation of Subsidiaries. 

The Borrower may at any time designate any Restricted Subsidiary of the Borrower as an Unrestricted Subsidiary or any Unrestricted Subsidiary
as a Restricted Subsidiary; provided that (i) immediately before and after such designation, no Default shall have occurred and be continuing, (ii) immediately after giving effect to such designation, the Senior Loan-to-Value Ratio, tested on a Pro-Forma Basis, shall not exceed 45% and, as a condition precedent to the effectiveness of any such
designation, the Borrower shall deliver to the Lender a certificate setting forth in reasonable detail the calculations demonstrating such compliance and (iii) no Subsidiary may be designated as an Unrestricted Subsidiary if it is a
“Restricted Subsidiary” for the purpose of any Indebtedness for borrowed money permitted under Section 7.03 with an aggregate outstanding principal amount in excess of $100,000,000 or any Junior Financing. The
designation of any Subsidiary as an Unrestricted Subsidiary after the Closing Date shall constitute an Investment by the Borrower therein at the date of designation in an amount equal to the fair market value of the Borrower’s or its
Subsidiary’s (as applicable) Investment therein. 

  
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 The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (i) the
incurrence at the time of designation of any Investment, Indebtedness or Liens of such Subsidiary existing at such time and (ii) a return on any Investment by the Borrower in such Subsidiary pursuant to the preceding sentence in an amount equal
to the fair market value at the date of such designation of the Borrower’s or its Subsidiary’s (as applicable) Investment in such Subsidiary. 

Section 6.15 Maintenance of Ratings. 

In respect of the Borrower, use commercially reasonable efforts to maintain a public corporate rating (but not any specific rating) from
S&P and a public corporate family rating (but not any specific rating) from Moody’s. 
 Section 6.16 Post-Closing
Covenants. 
 Except as otherwise agreed by the Lender in its sole and reasonable discretion, the Borrower shall, and shall cause each
of the other Loan Parties to, deliver each of the documents, instruments and agreements and take each of the actions set forth on Schedule 6.16 within the time periods set forth therein (or such longer time periods as determined by the Lender
in its sole and reasonable discretion). 
 Section 6.17 Taxes. 

(a) File or cause to be filed all federal and state Tax returns and other material Tax returns and reports that are required to be filed and
pay all Taxes shown to be due and payable on such returns or otherwise assessed against it or imposed on any of its property, and all other material Taxes, fees or other charges required to be paid by it or imposed on it or any of its property by
any Governmental Authority (other than (i) any Taxes the amount or validity of which is being contested in good faith and by appropriate proceedings for which appropriate reserves have been established in accordance with GAAP or (ii) where
the failure to do so could not reasonably be expected to have a Material Adverse Effect). 
 (b) Borrower will continue to be treated as and
maintain its qualification as a “real estate investment trust” as defined in Section 856 of the Code for U.S. federal income tax purposes. 

Section 6.18 Use of Proceeds. 

The proceeds of the Initial Loans shall be used solely for (i) the repayment in full of a portion of the Indebtedness of the Borrower and
its Subsidiaries under the Mortgage Loan Agreement and to pay for Transaction Expenses, and (ii) to the extent any portion of the proceeds of the Initial Loans remain following application of the proceeds pursuant to the precedent clause (i),
for general corporate purposes. 

  
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 Section 6.19 Know Your Customer. 

The Borrower shall, promptlyPromptly following a request by the Lender, provide all documentation and other
information that the Lender reasonably requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act. 

Section 6.20 [Reserved] 

Section 6.21 Leases. 

Use commercially reasonable efforts to enforce and comply with all material terms and provisions of the Operating Leases in all material
respects. 
 Section 6.22 Management Agreements. 

Use commercially reasonable efforts to cause the Operating Lessees to enforce and comply with all material terms and provisions of the
Management Agreements in all material respects. 
 Section 6.23 Property. 

(a) Cause all Properties located in the United States to be owned by a Loan Party, an Unrestricted Subsidiary or a Specified Property Owning
Entity; and 
 (b) Cause each Domestic Subsidiary that owns Properties located outside of the United States to be designated as a Specified
Property Owning Entity. 
 ARTICLE VII 

NEGATIVE COVENANTS 

So long as the Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder which is accrued and payable shall remain
unpaid or unsatisfied, then from and after the
ClosingFirst Amendment Effective Date: 
 Section 7.01 Liens. 

Neither the Borrower nor the Restricted Subsidiaries shall, directly or indirectly, create, incur, assume or suffer to exist any Lien upon any
of its property, assets or revenues, whether now owned or hereafter acquired, other than the following: 
 (a) without duplication, Liens
pursuant to or permitted by any Senior REIT Loan Document; 
 (b) Liens existing on the ClosingFirst Amendment Effective Date and listed on Schedule 7.01(b) and any modifications, replacements, renewals, refinancings or extensions thereof; provided that (i) the Lien does not extend to any additional property
other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien or financed by Indebtedness permitted under Section 7.03(b) and (B) proceeds and products thereof, and
(ii) the replacement, renewal, extension or refinancing of the obligations secured or benefited by such Liens, to the extent constituting Indebtedness, is permitted by Section 7.03(b); 

  
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 (c) Liens for Taxes (i) that are not yet delinquent or (ii) that are being
contested in good faith and by appropriate actions diligently conducted and for which adequate reserves with respect thereto are maintained on the books of the applicable Person to the extent required in accordance with GAAP; 

(d) statutory or common law Liens of landlords, sublandlords, carriers, warehousemen, mechanics, materialmen, repairmen, construction
contractors or other like Liens that secure amounts not overdue for a period of more than 45 days or if more than 45 days overdue, that are unfiled and no other action has been taken to enforce such Lien or that are being contested in good faith and
by appropriate actions diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person to the extent required in accordance with GAAP; 

(e) (i) pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other
social security legislation and (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for
the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any of its Restricted Subsidiaries; 

(f) deposits to secure the performance of bids, trade contracts, governmental contracts and leases (other than Indebtedness for borrowed
money), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including (i) those to secure health, safety and environmental obligations and (ii) letters of credit and bank
guarantees required or requested by any Governmental Authority in connection with any contract or Law) incurred in the ordinary course of business; 

(g) easements, rights-of-way, restrictions, encroachments,
protrusions and other similar encumbrances and minor title defects affecting Real Property, that do not in the aggregate materially interfere with the ordinary conduct of the business of the Borrower or any of its Restricted Subsidiaries, taken as a
whole; 
 (h) Liens securing judgments for the payment of money not constituting an Event of Default under
Section 8.01(h); 
 (i) leases, licenses, subleases or sublicenses (including of intellectual property) granted to others in the ordinary course of
business which do not (i) interfere in any material respect with the business of the Borrower and its Restricted Subsidiaries, taken as a whole, or (ii) secure any Indebtedness; 

(j) [Reserved]; 

  
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 (k) Liens (i) of a collection bank arising under
Section 4-210 of the Uniform Commercial Code on items in the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course
of business and (iii) in favor of a banking or other financial institution arising as a matter of Law or under customary general terms and conditions encumbering deposits or other funds maintained with a financial institution (including the right of
set-off) and that are within the general parameters customary in the banking industry or arising pursuant to such banking institution’s general terms and conditions; 

(l) Liens (i) on cash advances in favor of the seller of any property to be acquired in an Investment permitted pursuant to
Section 7.02(i) or, to the extent related to any of the foregoing, Section 7.02(r) to be applied against the purchase price for such Investment, and (ii) consisting of an
agreement to Dispose of any property in a Disposition permitted under Section 7.05 (other than Section 7.05(e)), in each case, solely to the extent such Investment or Disposition, as the case may
be, would have been permitted on the date of the creation of such Lien; 
 (m) Liens (i) in favor of the Borrower or a Restricted
Subsidiary on assets of a Restricted Subsidiary that is not a Loan Party securing permitted intercompany Indebtedness and (ii) in favor of the Borrower or any Subsidiary Guarantor; 

(n) any interest or title of a lessor, sublessor, licensor or sublicensor under leases, subleases, licenses or sublicenses entered into by the
Borrower or any of its Restricted Subsidiaries in the ordinary course of business; 
 (o) [Reserved]; 

(p) Liens deemed to exist in connection with Investments in repurchase agreements under Section 7.02; 

(q) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or
other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 
 (r) Liens that are contractual
rights of set-off or rights of pledge (i) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness or (ii) relating to pooled deposit
or sweep accounts of the Borrower or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower or any of its Restricted Subsidiaries; 

(s) Liens solely on any cash earnest money deposits made by the Borrower or any of its Restricted Subsidiaries in connection with any letter
of intent or purchase agreement permitted hereunder; 
 (t) Ground Leases in respect of Real Property on which facilities owned or leased by
the Borrower or any of its Restricted Subsidiaries are located; 
 (u) Liens to secure Indebtedness permitted under
Section 7.03(e); provided that (i) such Liens are created within 270 days of the acquisition, construction, repair, lease or improvement of the property subject to such Liens, (ii) such Liens do not at any
time encumber property (except for replacements, additions and accessions to such property) other than the property financed by such Indebtedness and the proceeds and products thereof and customary 

  
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security deposits and (iii) with respect to Capitalized Leases, such Liens do not at any time extend to or cover any assets (except for replacements, additions and accessions to such assets)
other than the assets subject to such Capitalized Leases and the proceeds and products thereof and customary security deposits; provided that individual financings of equipment provided by one lender may be cross collateralized to other
financings of equipment provided by the Lender; 
 (v) Liens on property of any Restricted Subsidiary that is not a Loan Party and that does
not constitute “Collateral” under the Senior REIT Loan Documents, which Liens secure Indebtedness of Restricted Subsidiaries that are not Loan Parties permitted under Section 7.03; 

(w) Liens existing on property at the time of its acquisition or existing on the property of any Person at the time such Person becomes a
Restricted Subsidiary (other than by designation as a Restricted Subsidiary pursuant to Section 6.14), in each case after the Closing Date (other than Liens on the Equity Interests of any Person that becomes a Restricted
Subsidiary); provided that (i) such Lien was not created in contemplation of such acquisition or such Person becoming a Restricted Subsidiary, (ii) such Lien does not extend to or cover any other assets or property (other than the
proceeds or products thereof and other than after-acquired property subjected to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that require,
pursuant to their terms at such time, a pledge of after-acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition), and
(iii) the Indebtedness secured thereby is permitted under Section 7.03(g); 
 (x) (i) zoning, building,
entitlement and other land use regulations by Governmental Authorities with which the normal operation of the business complies, and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or
regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries, taken as a whole; 

(y) Liens arising from precautionary Uniform Commercial Code financing statement or similar filings; 

(z) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto; 

(aa) the modification, replacement, renewal or extension of any Lien permitted by Sections 7.01(u) and 7.01(w); provided
that (i) such Lien does not extend to any additional property, other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien and (B) proceeds and products thereof, and (ii) the
renewal, extension or refinancing of the obligations secured or benefited by such Liens is permitted by Section 7.03 (to the extent constituting Indebtedness); 

(bb) [Reserved]; 
 (cc) Liens
with respect to property or assets of the Borrower or any of its Restricted Subsidiaries securing obligations in an aggregate principal amount outstanding at any time not to exceed the greater of (i) $60,000,000 and (ii) an amount of
obligations that does not exceed in the aggregate an Incremental Loan-to-Value Ratio of the Borrower and the Restricted Subsidiaries as of the last day of the most
recently ended Test Period on or prior to the date of determination equal to 1.0%; 

  
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 (dd) Liens to secure Indebtedness permitted under Sections 7.03(q) or 7.03(s)
of the Senior REIT Credit Agreement; 
 (ee) Liens securing Indebtedness permitted under Sections 7.03(y) and (z); and 

(ff) deposits of cash made in the ordinary course of business with the owner or lessor of premises leased and operated by the Borrower or any
of its Restricted Subsidiaries to secure the performance of the Borrower’s or such Restricted Subsidiary’s obligations under the terms of the lease for such premises; 

Notwithstanding the foregoing, no consensual Liens shall exist on (x) Equity Interests that constitute “Collateral” under the
Senior REIT Loan Documents, (y) any Real Property owned by the Borrower or any of its Restricted Subsidiaries (whether now owned or hereafter acquired) or (z) the Operating Leases, Ground Leases or Management Agreements (or any right or
interest therein (including any rent payable thereunder)), in each case other than pursuant to Sections 7.01(a), 7.01(dd) and 7.01(ee). 

Section 7.02 Investments. 

Neither the Borrower nor the Restricted Subsidiaries shall directly or indirectly, make any Investments, except: 

(a) Investments by the Borrower or any of its Restricted Subsidiaries in assets that were Cash Equivalents when such Investment was made; 

(b) loans or advances to officers, directors, managers and employees of any Loan Party (or any direct or indirect parent thereof) or any of
its Subsidiaries (i) for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes, (ii) in connection with such Person’s purchase of Equity Interests of the Borrower or any
direct or indirect parent thereof directly from such issuing entity (provided that the amount of such loans and advances shall be contributed to the Borrower in cash as common equity) and (iii) for any other purposes not described in the
foregoing clauses (i) and (ii); provided that the aggregate principal amount outstanding at any time under clause (iii) above shall not exceed $5,000,000; 

(c) Investments by the Borrower or any of its Restricted Subsidiaries in the Borrower or any of its Restricted Subsidiaries or any Person that
will, upon such Investment become a Restricted Subsidiary; provided that any Investment made by any Person that is not a Loan Party in any Loan Party pursuant to this Section 7.02(c) shall be subordinated in right of
payment to the Loans; provided, further, that the aggregate amount of Investments made pursuant to this Section 7.02(c) in Restricted Subsidiaries that are not Loan Parties shall not exceed at any time outstanding the greater of (x) $200,000,000 and (y) an amount of Investments that would result in an
Incremental Loan-to-Value Ratio of the Borrower and the Restricted Subsidiaries as of the last day of the most recently ended Test Period on or prior to the date of
determination equal to 3.0%; 

  
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 (d) Investments consisting of extensions of credit in the nature of accounts receivable or
notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the
ordinary course of business; 
 (e) Investments consisting of transactions permitted under Sections 7.03 (other than 7.03(c)
and 7.03(d)), 7.04 (other than 7.04(b)(ii)(y), 7.04(c), 7.04(d) and 7.04(e)), 7.05 (other than 7.05(d)(ii) or 7.05(e)) and 7.13, respectively, or Investments in the amount that is
permitted to be made or declared as a Restricted Payments under 7.06 (other than 7.06(e)); 
 (f) Investments
(i) existing or contemplated on the ClosingFirst
Amendment Effective Date and set forth on Schedule 7.02(f) and any modification, replacement, renewal, reinvestment or extension thereof and (ii) existing on the ClosingFirst Amendment Effective Date by the Borrower or any Restricted Subsidiary in the Borrower or any other Restricted Subsidiary and any modification, renewal or extension thereof; provided that the amount of the original Investment
is not increased except by the terms of such Investment as of the
ClosingFirst Amendment Effective Date or as otherwise permitted by this Section 7.02; 
 (g)
Investments in Swap Contracts permitted under Section 7.03; 
 (h) promissory notes and other non-cash consideration received in connection with Dispositions permitted by Section 7.05; 

(i) any acquisition of all or substantially all the assets of a Person, or any Equity Interests in a Person that becomes a Restricted
Subsidiary or a division or line of business of a Person (or any subsequent Investment made in a Person, division or line of business previously acquired in a Permitted Acquisition), in a single transaction or series of related transactions, if
immediately after giving effect thereto: (i) [reserved]; (ii) any acquired or newly formed Restricted Subsidiary shall not be liable for any Indebtedness except for Indebtedness otherwise permitted by Section 7.03; (iii) to
the extent required by the Guarantee Requirement, any such newly created or acquired Subsidiary (other than an Excluded Subsidiary or an Unrestricted Subsidiary) shall become a Guarantor, in accordance with Section 6.11;
(iv) immediately prior to, and after giving effect thereto, no Event of Default under Section 8.01(a), (f) or (g) shall have occurred and be continuing or would result therefrom; (v) [reserved]; (vi) any
Person or asset or division as acquired in accordance herewith shall be in the business of owning hotel properties or a Similar
Business; and (vii) the aggregate amount of Investments made in Persons that do not become Loan Parties, or, in the case of an asset acquisition, assets that are not acquired by any Loan
Party, when taken together with the total consideration for all such Persons and assets so acquired after the Closing Date, shall not exceed at any time outstanding
the greater of (x) $200,000,000 and (y) an amount that would result in
an Incremental Loan-to-Value Ratio of the Borrower and the Restricted Subsidiaries as of the last day of the most recently ended Test Period on or prior to the date of
determination equal to 3.0% (any such acquisition, a “Permitted Acquisition”); provided that, the Borrower shall provide to the Lender, prior to the consummation of any Permitted Acquisition with a total consideration in excess of $50,000,000 (A) a notice of the Permitted
Acquisition and (B) a certificate signed by a Responsible Officer certifying as to compliance with clauses (i) and (vii) above; 

  
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 (j) [Reserved]; 

(k) Investments in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and UCC Article 4
customary trade arrangements with customers consistent with past practices; 
 (l) Investments (including debt obligations and Equity
Interests) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the
foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment; 
 (m) [Reserved];

 (n) [Reserved]; 
 (o)
advances of payroll payments to employees in the ordinary course of business; 
 (p) Investments to the extent that payment for such
Investments is made solely with Equity Interests (other than Disqualified Equity Interests) of the Borrower or any direct or indirect parent of the Borrower; 

(q) Investments of a Restricted Subsidiary acquired after the Closing Date or of a Person merged or amalgamated or consolidated into the
Borrower or merged, amalgamated or consolidated with a Restricted Subsidiary in accordance with Section 7.04 after the Closing Date to the extent that such Investments were not made in contemplation of or in connection with
such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger or consolidation; 

(r) Investments made by any Restricted Subsidiary that is not a Loan Party to the extent such Investments are financed with the proceeds
received by such Restricted Subsidiary from an Investment in such Restricted Subsidiary contemplated pursuant to Section 7.02(i)(vii); 

(s) Investments constituting the non-cash portion of consideration received in a Disposition permitted
by Section 7.05; 
 (t) Guarantees by the Borrower or any of its Restricted Subsidiaries of leases (other than
Capitalized Leases) or of other obligations that do not constitute Indebtedness, in each case entered into in the ordinary course of business; 

(u) so long as, immediately prior to and immediately after giving effect thereto, no Event of Default has occurred and is continuing,
Investments in an aggregate amount outstanding not to exceed at any time the FFO Builder Basket on such date; 

  
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 (v) Investments in Unrestricted Subsidiaries having an aggregate fair market value, taken
together with all other Investments made pursuant to this Section 7.02(v) and Section 7.02(y) that are at the time outstanding, without giving effect to the sale of an Unrestricted Subsidiary to
the extent the proceeds of such sale do not consist of cash or marketable securities (until such proceeds are converted to Cash Equivalents), not to exceed the greater of (i) $200,000,000 and (ii) an amount of Investments that would result in
an Incremental Loan-to-Value Ratio of the Borrower and the Restricted Subsidiaries as of the last day of the most recently ended Test Period on or prior to the date of
determination equal to 3.0%; 
 (w) other Investments not to exceed the greater of (x) $200,000,000 and (y) an amount of Investments
that would result in an Incremental Loan-to-Value Ratio of the Borrower and the Restricted Subsidiaries as of the last day of the most recently ended Test Period on or
prior to the date of determination equal to 3.0% at any time outstanding; 
 (x) Investments in any Similar Business having an aggregate
fair market value (being measured at the time such Investment is made and without giving effect to subsequent changes in value), taken together with all other Investments made pursuant to this clause (x), not to exceed an amount of Investments that
would result in an Incremental Loan-to-Value Ratio of the Borrower and the Restricted Subsidiaries as of the last day of the most recently ended Test Period on or prior
to the date of determination equal to 2.0% at any time outstanding (at the time such Investment is made) in the aggregate; 
 (y)
Investments in joint ventures of the Borrower or any of its Restricted Subsidiaries, taken together with all other Investments made pursuant to this Section 7.02(y) and Section 7.02(v) that are at
that time outstanding, not to exceed the greater of (i) $200,000,000 and (ii) an amount of Investments that would result in an Incremental Loan-to-Value Ratio of
the Borrower and the Restricted Subsidiaries as of the last day of the most recently ended Test Period on or prior to the date of determination equal to 3.0%; and 

(z) cash Investments in, or contributions of Real Property to, Specified Property Owning Entities the proceeds of which are intended to be
used by each such Specified Property Owning Entity to acquire, develop, construct, improve or renovate Properties. 
 For purposes of
compliance with this Section 7.02, the amount of any Investment shall be the amount actually invested (measured at the time made), without adjustment for subsequent increases or decreases in the value of such Investment but giving effect to any
returns or distributions of capital or repayment of principal actually received in cash by such other Person with respect thereto (but only to the extent that the aggregate amount of all such returns, distributions and repayments with respect to
such Investment does not exceed the principal amount of such Investment and less any such amount which increases the FFO Builder Basket). 

Section 7.03 Indebtedness. 

Neither the Borrower nor any of the Restricted Subsidiaries shall, directly or indirectly, create, incur, assume or suffer to exist any
Indebtedness, except: 
 (a) Indebtedness of any Loan Party under the Loan Documents; 

  
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 (b) (i) Indebtedness outstanding on the ClosingFirst Amendment Effective Date and listed on Schedule 7.03(b) and any Permitted Refinancing thereof and (ii) Indebtedness owed to the Borrower or any Restricted Subsidiary outstanding on the ClosingFirst Amendment Effective Date and any refinancing thereof with Indebtedness owed to the Borrower or any Restricted Subsidiary in a principal amount that does not exceed the principal amount (or accreted value, if applicable) of the
intercompany Indebtedness so refinanced; provided that (x) any amount in excess of $5,000,000 owed by a Restricted Subsidiary that is not a Loan Party (including a Specified Property Owning Entity) to a Loan Party shall be evidenced by
an Intercompany Note and (y) all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Obligations pursuant to an Intercompany Note; 

(c) Guarantees by the Borrower and any Restricted Subsidiary in respect of Indebtedness of the Borrower or any Restricted Subsidiary otherwise
permitted hereunder; provided that (A) in the case of any Guarantee of Indebtedness of any Restricted Subsidiary that is not a Loan Party by any Loan Party, such Guarantee is permitted under Section 7.02 and
(B) if the Indebtedness being Guaranteed is subordinated to the Obligations, such Guarantee shall be subordinated to the Guarantee of the Obligations on terms at least as favorable to the Lender as those contained in the subordination of such
Indebtedness; 
 (d) Indebtedness of the Borrower or any Restricted Subsidiary owing to the Borrower or any Restricted Subsidiary;
provided that (A) in the case of any Indebtedness of any Restricted Subsidiary that is not a Loan Party owing to any Loan Party, such Indebtedness is permitted under Section 7.02; provided that any amount in
excess of $5,000,000 owed by a Restricted Subsidiary that is not a Loan Party (including a Specified Property Owning Entity) to a Loan Party shall be evidenced by an Intercompany Note and (B) all such Indebtedness of any Loan Party owed to any
Person or Restricted Subsidiary that is not a Loan Party shall be evidenced by an Intercompany Note and shall be subordinated in right of payment to the Loans (for the avoidance of doubt, any such Indebtedness owing to a Restricted Subsidiary that
is not a Loan Party shall be deemed to be expressly subordinated in right of payment to the Loans unless the terms of such Indebtedness expressly provide otherwise); 

(e) (i) Attributable Indebtedness and other Indebtedness (including Capitalized Leases) financing an acquisition, construction, repair,
replacement, lease or improvement of a fixed or capital asset incurred by the Borrower or any Restricted Subsidiary prior to or within 270 days after the acquisition, construction, repair, replacement, lease or improvement of the applicable asset,
(ii) Attributable Indebtedness arising out of sale-leaseback transactions and (iii) any Permitted Refinancing of any of the foregoing, in an aggregate principal amount of Indebtedness at any time outstanding under this
Section 7.03(e) not to exceed the greater of (x) $125,000,000 and (y) an amount of Indebtedness that would result in an Incremental
Loan-to-Value Ratio of the Borrower and the Restricted Subsidiaries as of the last day of the most recently ended Test Period on or prior to the date of determination
equal to 2.0%, in each case determined at the time of incurrence; 
 (f) Indebtedness in respect of Swap Contracts designed to hedge against
the Borrower’s or any Restricted Subsidiary’s exposure to interest rates, foreign exchange rates or commodities pricing risks incurred in the ordinary course of business and not for speculative purposes; 

  
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 (g) Indebtedness of the Borrower or any Restricted Subsidiary assumed in connection with any
Permitted Acquisition so long as such Indebtedness is not incurred in contemplation of such Permitted Acquisition, and any Permitted Refinancing thereof; provided that immediately after giving pro forma effect to such Permitted Acquisition
and the assumption of such Indebtedness, (i) if Secured Indebtedness, the Senior Loan-to-Value Ratio as of the last day of the most recently ended Test Period on or
prior to the date of determination is no greater than 45.0% and (ii) either (x) the Interest Coverage Ratio of the Borrower and the Restricted Subsidiaries as of the last day of the most recently ended Test Period on or prior to the date of
determination would be greater than immediately prior to such transactions or (y) after incurring at least $1.00 of additional Indebtedness the Interest Coverage Ratio of the Borrower and the Restricted Subsidiaries as of the last day of the
most recently ended Test Period on or prior to the date of determination would be equal to or greater than 2.0 to 1.0; provided that any such Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party under this
Section 7.03(g), together with any Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party pursuant to Sections 7.03(q) or 7.03(w), does not exceed in the aggregate an Incremental Loan-to-Value Ratio of the Borrower and the Restricted Subsidiaries as of the last day of the most recently ended Test Period on or prior to the date of determination equal to
2.0% at any time outstanding determined at the time of incurrence; 
 (h) Indebtedness representing deferred compensation to employees of
the Borrower or any of its Restricted Subsidiaries incurred in the ordinary course of business; 
 (i) Indebtedness of the Borrower or any
Restricted Subsidiary under the Senior Notes Indenture and the
Newany Senior Notes Indenture in an aggregate principal amount not
to exceed $12,305
0,000,000 and any Permitted Refinancing thereof; 
 (j) Indebtedness incurred by
the Borrower or any of its Restricted Subsidiaries in a Permitted Acquisition, any other Investment expressly permitted hereunder or any Disposition, in each case, constituting indemnification obligations or obligations in respect of purchase price
(including earnouts) or other similar adjustments; 
 (k) Indebtedness consisting of obligations of the Borrower or any of its Restricted
Subsidiaries under deferred compensation or other similar arrangements incurred by such Person in connection with Permitted Acquisitions or any other Investment expressly permitted hereunder; 

(l) obligations in respect of treasury services agreements and other Indebtedness in respect of netting services, automatic clearinghouse
arrangements, overdraft protections and similar arrangements, in each case in connection with deposit accounts; 
 (m) Indebtedness of the
Borrower and the Restricted Subsidiaries in aggregate principal amount at any time outstanding not to exceed the greater of (x) $250,000,000 and (y) an amount of Indebtedness that would result in an Incremental Loan-to-Value Ratio of the Borrower and the Restricted Subsidiaries as of the last day of the most recently ended Test Period on or prior to the date of determination equal to 4.0%; 

  
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 (n) Indebtedness consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(o) Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in respect of letters of credit, bank guarantees,
bankers’ acceptances or similar instruments issued or created in the ordinary course of business, including in respect of workers’ compensation claims, health, disability or other employee benefits or property, casualty or liability
insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims; provided that any reimbursement obligations in respect thereof are reimbursed within 30 days following the
incurrence thereof; 
 (p) obligations in respect of performance, bid, appeal and surety bonds and performance and completion guarantees and
similar obligations provided by the Borrower or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case in the ordinary course of business or consistent
with past practice; 
 (q) unsecured Indebtedness in an aggregate principal amount, not to exceed when aggregated with the Initial Loans and
with the amount of Incremental Loans pursuant to Section 2.14(d)(v)), the greater of (A) $300,000,000 and (B) an unlimited amount so long as the Incremental Loan-to-Value Ratio, determined on a Pro Forma Basis as of the last day of the most recently ended Test Period, as if any Incremental Loans available under such Incremental Commitments had been outstanding on
the last day of such period, and, in each case, without netting the cash proceeds of any such Incremental Loans, does not exceed 5.0%;; provided (A) no such Indebtedness may be guaranteed by any Person which is not a Loan Party and (B) have terms and conditions (other than pricing, rate floors, discounts, fees, premiums, call protection and optional prepayment or redemption provisions) that in the good
faith determination of the Borrower are not materially less favorable (when taken as a whole) to the Borrower than the terms and conditions of the Loan Documents (when taken as a whole)
(except for any Previously Absent Financial Maintenance Covenant, in which case the Lender shall be given prompt written notice
of such Previously Absent Financial Maintenance Covenant and the Loan Document shall be automatically and without further action deemed modified on or prior to the date of incurrence of such Indebtedness to include such Previously Absent Financial
Maintenance Covenant for the benefit of, if such Previously Absent Financial Maintenance Covenant is added for the benefit of any Indebtedness in the form of term loans or notes, the Initial Loans, it being understood that upon the amendment of the
Loan Document to include any such Previously Absent Financial Maintenance Covenant, any subsequent amendment, modification or waiver to the Loan Document as it pertains to such Previously Absent Financial Maintenance Covenant shall only be made
pursuant to Section 10.1) (provided further
that, at the option of the Borrower, a certificate of the Borrower as
to the satisfaction of the conditions described in this clause (B) delivered at least five Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions
of such Indebtedness or drafts of documentation relating thereto, stating that the Borrower has determined in good faith that such terms and 

  
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conditions satisfy the foregoing requirements of this clause (B), shall be conclusive unless the Lender notifies the Borrower within such five Business Day period that it disagrees with
such determination (including a description of the basis upon which it disagrees)); provided, further, that any such Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party under this
Section 7.03(q), together with any Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party pursuant to Sections 7.03(g) or 7.03(w), does not exceed in the aggregate an Incremental Loan-to-Value Ratio of the Borrower and the Restricted Subsidiaries as of the last day of the most recently ended Test Period on or prior to the date of determination equal to
2.0% at any time outstanding determined at the time of incurrence; 
 (r) Indebtedness supported by a letter of credit, in a principal
amount not to exceed the face amount of such letter of credit; 
 (s) Permitted Ratio Debt and any Permitted Refinancing thereof; 

(t) Credit Agreement Refinancing Indebtedness; 

(u) without duplication, Indebtedness pursuant to the Senior REIT Loan Documents; 

(v) Indebtedness of Foreign Subsidiaries in an aggregate principal amount at any one time outstanding not to exceed an amount of Indebtedness
that would result in an Incremental Loan-to-Value Ratio of the Borrower and the Restricted Subsidiaries as of the last day of the most recently ended Test Period on or
prior to the date of determination equal to 1.0% as of any date of incurrence; 
 (w) unsecured Indebtedness of the Borrower or any
Restricted Subsidiary, so long as the Interest Coverage Ratio on a consolidated basis for the Borrower and its Restricted Subsidiaries’ most recently ended four fiscal quarters for which internal financial statements are available immediately
preceding the date on which such Indebtedness is incurred would have been at least 2.00 to 1.00, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if such Indebtedness had been incurred and the
application of proceeds therefrom had occurred at the beginning of such four-quarter period and, without duplication, Permitted Refinancings of such Indebtedness; provided that such Indebtedness (i) shall have a maturity date that is at
least 91 days after the Latest Maturity Date at the time such Indebtedness is incurred, (ii) shall have a Weighted Average Life to Maturity not shorter than the longest remaining Weighted Average Life to Maturity of the Facilities,
(iii) shall not be subject to scheduled amortization and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligations (except customary asset sale or change of control provisions that provide for the prior
repayment in full of the Loans and all other Obligations), in each case on or prior to the Latest Maturity Date at the time such Indebtedness is incurred, (iv) such Indebtedness may not be guaranteed by any Person which is not a Loan Party and
(v) shall have terms and conditions (other than pricing, rate floors, discounts, fees, premiums and optional prepayment or redemption provisions) that in the good faith determination of the Borrower are not materially less favorable (when taken
as a whole) to the Borrower than the terms and conditions of the Loan Documents (when taken as a whole) (except for any Previously
Absent Financial Maintenance Covenant, in which case the Lender shall be given prompt written notice of such Previously Absent Financial 

  
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Maintenance Covenant and the Loan Document shall be automatically and without
further action deemed modified on or prior to the date of incurrence of such Indebtedness to include such Previously Absent Financial Maintenance Covenant for the benefit of, if such Previously Absent Financial Maintenance Covenant is added for the
benefit of any Indebtedness in the form of term loans or notes, the Initial Loans, it being understood that upon the amendment of the Loan Document to include any such Previously Absent Financial Maintenance Covenant, any subsequent amendment,
modification or waiver to the Loan Document as it pertains to such Previously Absent Financial Maintenance Covenant shall only be made pursuant to Section 10.1) (provided further
that, at the option of the Borrower, a certificate of the Borrower as
to the satisfaction of the conditions described in this clause (iv) delivered at least five Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions
of such Indebtedness or drafts of documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirements of this clause (iv), shall be conclusive unless the
Lender notifies the Borrower within such five Business Day period that it disagrees with such determination (including a description of the basis upon which it disagrees)); provided, further, that any such Indebtedness incurred by a
Restricted Subsidiary that is not a Loan Party under this Section 7.03(w), together with any Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party pursuant to Sections 7.03(g) or 7.03(q)
does not exceed in the aggregate an Incremental Loan-to-Value Ratio of the Borrower and the Restricted Subsidiaries as of the last day of the most recently ended Test
Period on or prior to the date of determination equal to 2.0% at any time outstanding determined at the time of incurrence; 
 (x)
Indebtedness consisting of promissory notes issued by the Borrower or any of its Restricted Subsidiaries to current or former officers, managers, consultants, directors and employees, their respective estates, spouses or former spouses to finance
the purchase or redemption of Equity Interests of the Borrower or any direct or indirect parent of the Borrower permitted by Section 7.06(g); 

(y) without duplication, “Permitted Ratio Debt” and any “Permitted Refinancing” thereof (each as defined in the Senior
REIT Credit Agreement); 
 (z) without duplication, “Credit Agreement Refinancing Indebtedness” (as defined in the Senior REIT
Credit Agreement); 
 (aa) without duplication, amounts incurred under Sections 2.14 and 7.03(q) of the Senior REIT Credit
Agreement; and 
 (bb) all premiums (if any), interest (including post-petition interest), fees, expenses, charges and additional or
contingent interest on obligations described in Sections 7.03(a) through
7.03(zaa) above. 
 For purposes of determining compliance with this
Section 7.03, in the event that an item of Indebtedness meets the criteria of more than one of the categories of Indebtedness described in Sections 7.03(a) through 7.03(x) above, the Borrower shall, in its
sole discretion, classify or later divide or classify such item of Indebtedness (or any portion thereof) and will only be required to include the amount and type of such Indebtedness in one or more of the above clauses; provided that all
Indebtedness outstanding under the Loan Documents will at all times be deemed to be outstanding in reliance only on the exception in Section 7.03(a). 

  
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 Section 7.04 Fundamental Changes. 

Neither the Borrower nor any of the Restricted Subsidiaries shall merge, dissolve, liquidate, consolidate with or into another Person, (in respect of the Borrower or any Domestic Subsidiary) reorganize itself in any non-U.S. jurisdiction or 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 or in favor of any Person, except
that: 
 (a) any Restricted Subsidiary may merge, amalgamate or consolidate with (i) the Borrower (including a merger, the
purpose of which is to reorganize the Borrower into a new jurisdiction); provided that the Borrower shall be the continuing or surviving Person and such merger does not result in the Borrower ceasing to be a corporation, partnership or
limited liability company organized under the Laws of the United States, any state thereof or the District of Columbia or (ii) one or more other Restricted Subsidiaries; provided that when any Person that is a Loan Party is merging with
a Restricted Subsidiary, a Loan Party shall be the continuing or surviving Person; 
 (b) (i) any Restricted Subsidiary that is not a Loan
Party may merge, amalgamate or consolidate with or into any other Restricted Subsidiary that is not a Loan Party and (ii) any Restricted Subsidiary may liquidate or dissolve or the Borrower or any Restricted Subsidiary may change its legal form
(x) if the Borrower determines in good faith that such action is in the best interest of the Borrower and its Restricted Subsidiaries and if not materially disadvantageous to the Lender and (y) to the extent such Restricted Subsidiary is a
Loan Party, any assets or business are otherwise disposed of or transferred in accordance with Sections 7.02 (other than Section 7.02(e)) or 7.05 (other than Section 7.05(e)) or, in
the case of any such business, discontinued, shall be transferred to otherwise owned or conducted by another Loan Party after giving effect to such liquidation or dissolution (it being understood that in the case of any change in legal form, a
Subsidiary that is a Guarantor will remain a Guarantor unless such Guarantor is otherwise permitted to cease being a Guarantor hereunder); 

(c) any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower
or to another Restricted Subsidiary; provided that if the transferor in such a transaction is a Guarantor, then (i) the transferee must be a Guarantor or the Borrower or (ii) to the extent constituting an Investment, such Investment
must be a permitted Investment in or Indebtedness of a Restricted Subsidiary that is not a Loan Party in accordance with Sections 7.02 (other than Section 7.02(e)) and 7.03, respectively; 

(d) so long as no Default exists or would result therefrom, the Borrower may merge or consolidate with any other Person; provided that
(i) the Borrower shall be the continuing or surviving corporation or (ii) if the Person formed by or surviving any such merger or consolidation is not the Borrower (any such Person, the “Successor Company”), (A) the
Successor Company shall be an entity organized or existing under the Laws of the United States, any state thereof, the District of Columbia or any territory thereof, (B) the Successor Company shall expressly assume all the obligations of the
Borrower under this Agreement and the other 

  
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Loan Documents to which the Borrower is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Lender, (C) each Guarantor, unless it is the other party to
such merger or consolidation, shall have confirmed that its Guaranty shall apply to the Successor Company’s obligations under the Loan Documents, (D) [reserved], (E) the Borrower shall have delivered to the Lender an officer’s certificate
and an opinion of counsel, each stating that such merger or consolidation and such supplement to this Agreement preserves the enforceability of this Agreement and the Guaranty and (F) such merger shall be permitted or not restricted under
Section 7.02; provided, further, that if the foregoing are satisfied, the Successor Company will succeed to, and be substituted for, the Borrower under this Agreement; 

(e) so long as no Default exists or would result therefrom (in the case of a merger involving a Loan Party), any Restricted Subsidiary may
merge or consolidate with any other Person in order to effect an Investment permitted pursuant to Section 7.02 (other than Section 7.02(e)); provided that the continuing or surviving Person
shall be a Restricted Subsidiary or the Borrower, which together with each of its Restricted Subsidiaries, shall have complied with the requirements of Section 6.11 to the extent required pursuant to the Guarantee
Requirement; and 
 (f) so long as no Default exists or would result therefrom, a merger, dissolution, liquidation, consolidation or
Disposition, the purpose of which is to effect a Disposition permitted pursuant to Section 7.05 (other than Section 7.05(e)). 

Section 7.05 Dispositions. 

Neither the Borrower nor any of the Restricted Subsidiaries shall, directly or indirectly, make any Disposition, except: 

(a) (i) Dispositions of obsolete, worn out or surplus property, whether now owned or hereafter acquired, in the ordinary course of business and
Dispositions of property no longer used or useful in the conduct of the business of the Borrower or any of its Restricted Subsidiaries and (ii) Dispositions of property no longer used or useful in the conduct of the business of the Borrower and
its Restricted Subsidiaries outside the ordinary course of business in an aggregate amount not to exceed $15,000,000; 
 (b) Dispositions of
inventory or goods (or other assets, including timeshare and residential assets, furniture and equipment) held for sale and immaterial assets (including allowing any registrations or any applications for registration of any immaterial intellectual
property to lapse or go abandoned in the ordinary course of business), in each case, in the ordinary course of business; 
 (c) Dispositions
of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement
property; 
 (d) Dispositions of property to the Borrower or any Restricted Subsidiary; provided that if the transferor of such
property is a Loan Party, (i) the transferee thereof must be a Loan Party or (ii) if such transaction constitutes an Investment, such transaction is permitted under Section 7.02; 

  
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 (e) to the extent constituting Dispositions, transactions permitted by Sections 7.01
(other than Section 7.01(1)(ii)), 7.02 (other than Section 7.02(e) and Section 7.02(s)), 7.04 (other than Section 7.04(b)(ii) and
Section 7.04(f)) and 7.06; 
 (f) [Reserved]; 

(g) Dispositions of Cash Equivalents; 

(h) (i) by operation of the Operating Leases, (ii) other leases, subleases, licenses or sublicenses (including the provision of software
under an open source license), in each case in the ordinary course of business and which do not materially interfere with the business of the Borrower or any of its Restricted Subsidiaries and (iii) Dispositions of intellectual property that do
not materially interfere with the business of the Borrower or any of its Restricted Subsidiaries so long as the Borrower or any of its Restricted Subsidiaries receives a license or
other ownership rights to use such intellectual property; 
 (i) transfers
of property subject to Casualty Events upon receipt of the Net Proceeds of such Casualty Event; 
 (j) Dispositions of property;
provided that (i) at the time of such Disposition (other than any such Disposition made pursuant to a legally binding commitment entered into at a time when no Default exists), no Default shall exist or would result from such Disposition
and (ii) with respect to any Disposition pursuant to this Section 7.05(j) for a purchase price in excess of $50,000,000 the Borrower or any of its Restricted Subsidiaries shall receive not less than 75% of such
consideration in the form of cash or Cash Equivalents (in each case, free and clear of all Liens at the time received, other than nonconsensual Liens permitted by Section 7.01 and Liens permitted by Sections 7.01(a),
7.01(r)(ii), 7.01(dd) (only to the extent the Obligations are secured by such cash and Cash Equivalents) and 7.01(ee) (only to the extent the Obligations are secured by such cash and Cash
Equivalents)); provided, however, that for the purposes of this Section 7.05(j)(ii), the following shall be deemed to be cash: (A) any liabilities (as shown on the Borrower’s (or the Restricted
Subsidiaries’, as applicable) most recent balance sheet provided hereunder or in the footnotes thereto) of the Borrower or such Restricted Subsidiary, other than liabilities that are by their terms subordinated to the payment in cash of the
Obligations, that are assumed by the transferee with respect to the applicable Disposition and for which the Borrower and all of its Restricted Subsidiaries shall have been validly released by all applicable creditors in writing, (B) any
securities received by the Borrower or the applicable Restricted Subsidiary from such transferee that are converted by the Borrower or such Restricted Subsidiary into cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received)
within 180 days following the closing of the applicable Disposition, and (C) aggregate non-cash consideration received by the Borrower or the applicable Restricted Subsidiary having an aggregate fair
market value (determined as of the closing of the applicable Disposition for which such non-cash consideration is received) not to exceed the greater of (x) $125,000,000 and (y) an amount that would
result in an Incremental Loan-to-Value Ratio of the Borrower and the Restricted Subsidiaries as of the last day of the most recently ended Test Period on or prior to the
date of determination equal to 2.0% at any time (net of any non-cash consideration converted into cash and Cash Equivalents); 

(k) [Reserved]; 

  
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 (l) Dispositions or discounts without recourse of accounts receivable in connection with the
compromise or collection thereof in the ordinary course of business; 
 (m) Dispositions of property pursuant to sale-leaseback transactions
permitted under Section 7.03(e); 
 (n) any swap of assets in exchange for services or other assets of comparable
or greater value or usefulness to the business of the Borrower and its Restricted Subsidiaries as a whole, as determined in good faith by the management of the Borrower; 

(o) any issuance or sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary; 

(p) the unwinding of any Swap Contract pursuant to its terms; 

(q) Dispositions of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the
joint venture parties set forth in joint venture arrangements and similar binding arrangements, and 
 (r) the lapse or abandonment in the
ordinary course of business of any registrations or applications for registration of any immaterial IP Rights, 
 provided that any Disposition of
any property pursuant to this Section 7.05 (except pursuant to Sections 7.05(e) (other than, to the extent constituting Dispositions, transactions permitted by Sections 7.02 or 7.04),
7.05(i) and 7.05(p) and except for Dispositions from a Loan Party to any other Loan Party) shall be for no less than the fair market value of such property at the time of such Disposition. 

Section 7.06 Restricted Payments. 

Neither the Borrower nor any of the Restricted Subsidiaries shall declare or make, directly or indirectly, any Restricted Payment, except:

 (a) each Restricted Subsidiary may make Restricted Payments to the Borrower and other Restricted Subsidiaries of the Borrower (and, in the
case of a Restricted Payment by a non-wholly owned Restricted Subsidiary, to the Borrower and any other Restricted Subsidiary and to each other owner of Equity Interests of such Restricted Subsidiary based on
their relative ownership interests of the relevant class of Equity Interests); 
 (b) the Borrower and each Restricted Subsidiary may
declare and make Restricted Payments payable solely in the Equity Interests (other than Disqualified Equity Interests not otherwise permitted by Section 7.03) of such Person; 

(c) the payment of any distribution or other action which the Borrower believes in good faith is necessary either to maintain the
Borrower’s status as a real estate investment trust under the Code or to enable the Borrower to avoid payment of any Tax that could be avoided by reason of a distribution or other action by the Borrower, including actions necessary to maintain
the pairing arrangement of the Borrower’s Class B common stock with the Parent’s common stock (other than in connection with a voluntary share repurchase by the Borrower); 

  
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 (d) the Borrower may make a Restricted Payment with respect to preferred interests issued to
satisfy the “100 shareholders” REIT qualification requirement under Section 856(a)(5) of the Code (“REIT Distribution”) in an amount not exceeding $100,000 per annum in the aggregate; 

(e) to the extent constituting Restricted Payments, the Borrower and its Restricted Subsidiaries may enter into and consummate transactions
expressly permitted by any provision of Sections 7.02 (other than Section 7.02(e)), 7.04 or 7.08 (other than Sections 7.08(b) and 7.08(e)); 

(f) repurchases of Equity Interests in the Borrower (or any direct or indirect parent thereof) or any Restricted Subsidiary of the Borrower
deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 

(g) the Borrower and each Restricted Subsidiary may pay for the repurchase, retirement or other acquisition or retirement for value of Equity
Interests of such Restricted Subsidiary from any future, present or former employee, officer, director, manager or consultant of such Restricted Subsidiary (or the Borrower) upon the death, disability, retirement or termination of employment of any
such Person or pursuant to any employee or director equity plan, employee, manager or director stock option plan or any other employee or director benefit plan or any agreement (including any stock subscription or shareholder agreement) with any
employee, manager, director, officer or consultant of such Restricted Subsidiary (or the Borrower); provided that the aggregate amount of Restricted Payments made pursuant to this Section 7.06(g) shall not exceed
$10,000,000 in any calendar year (with unused amounts in any calendar year being carried over to the next succeeding calendar year); provided, further, that such amount in any calendar year may be increased by an amount not to exceed the net
cash proceeds of key man life insurance policies received by the Borrower or its Restricted Subsidiaries; 
 (h) so long as no Default has
occurred and is continuing or would result therefrom, the Borrower may make Restricted Payments in an aggregate amount not to exceed the FFO Builder Basket on such date; 

(i) any payments or other transactions pursuant to (i) the Amended and Restated Services
Agreement, dated as of November 12, 2013, entered into among the Borrower, Parent, and ESA Management, LLC, or any amendment or successor to such agreement, or (ii) any Tax-sharing
agreement between the Borrower, any Restricted Subsidiary or any other Person with which the Borrower or the Restricted Subsidiary files a consolidated Taxtax return or with which the Borrower or the Restricted Subsidiary is part of a
consolidated group for Taxtax purposes, provided that, in the case of a
Taxtax-sharing agreement, such payments shall not exceed the amount of the Taxtax liability that would have been incurred by the Borrower or such Restricted
Subsidiary if the Borrower or the Restricted Subsidiary had filed a separate
Taxtax return on a stand-alone basis for the period to which such payment is attributable; 

  
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 (j) payments made or expected to be made by the Borrower or any of the Restricted
Subsidiaries in respect of required withholding or similar non-U.S. Taxes with respect to any future, present or former employee, director, manager or consultant and any repurchases of Equity Interests in
consideration of such payments including deemed repurchases in connection with the exercise of stock options; 
 (k) the Borrower or any
Restricted Subsidiary may pay cash in lieu of fractional Equity Interests in connection with any dividend, split or combination thereof or any Permitted Acquisition; 

(l) [Reserved];payments made for Equity Interests comprising capital stock, including options, warrants or other rights to acquire such shares of capital
stock (other than Disqualified Equity Interests), of Parent in connection with the Amended and Restated ESH Hospitality, Inc. 2015 Long-Term Incentive Plan, or any successor plan approved by the stockholders of the Borrower to settle shares under
the plan; 
 (m) so long as no Default has occurred and is continuing or would
result therefrom, additional Restricted Payments in an aggregate amount at any time outstanding not to exceed the greater of (x) $300,000,000 and (y) an amount that would result in an Incremental Loan-to-Value Ratio of the Borrower and the Restricted Subsidiaries as of the last day of the most recently ended Test Period on or prior to the date of determination equal to 5.0%; and 

(n) Restricted Payments that are made (i) in an amount equal to the amount of Excluded Contributions previously received or
(ii) without duplication with clause (i), in an amount equal to the Net Proceeds from a Disposition in respect of property or assets acquired after the Closing Date, if the acquisition of such property or assets was
financed with Excluded Contributions. 
 Section 7.07 Change in Nature of Business. 

The Borrower shall not, nor shall the Borrower permit any of the Restricted Subsidiaries to, directly or indirectly, engage in any material
line of business substantially different from those lines of business conducted by the Borrower and the Restricted Subsidiaries on the ClosingFirst Amendment Effective Date or any business reasonably related, complementary,
synergistic or ancillary thereto or reasonable extensions thereof. 
 Section 7.08 Transactions with Affiliates. 

The Borrower shall not, nor shall the Borrower permit any of the Restricted Subsidiaries to, directly or indirectly, enter into any
transaction of any kind with any Affiliate of the Borrower, whether or not in the ordinary course of business, in each case involving consideration in excess of $10,000,000 (in one transaction or a series of related transactions) other than
(a) loans and other transactions among the Borrower and its Restricted Subsidiaries or any entity that becomes a Restricted Subsidiary as a result of such loan or other transaction to the extent permitted under this Article VII,
(b) on terms substantially as favorable to the Borrower or such Restricted Subsidiary as would be obtainable by the Borrower or such Restricted Subsidiary at the time in a comparable arm’s-length
transaction with a Person other than an Affiliate, (c)
[Reserved]transactions with Affiliates for which
the Borrower shall have received an investment banking fairness opinion, (d) 

  
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[Reserved], (e) Restricted Payments permitted under Section 7.06 and Investments permitted under Section 7.02, (f) employment and severance
arrangements between the Borrower and its Restricted Subsidiaries and their respective officers and employees in the ordinary course of business and transactions pursuant to stock option plans and employee benefit plans and arrangements in the
ordinary course of business, (g) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, managers, officers, employees and consultants of the Borrower and its Restricted
Subsidiaries (or any direct or indirect parent of the Borrower) in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and its Restricted Subsidiaries, (h) transactions pursuant to agreements
in existence on the ClosingFirst Amendment
Effective Date and set forth on Schedule 7.08 or any amendment thereto to the extent such an amendment is not adverse to the Lender in any material respect, (i) customary payments by
the Borrower and any of its Restricted Subsidiaries to the Investors or their Affiliates made for any financial, advisory, financing, underwriting or placement services or in respect of other investment banking activities (including in connection
with acquisitions or divestitures) and this Agreement, (j) a joint venture which would constitute a transaction with an Affiliate solely as a result of the Borrower or any Restricted Subsidiary owning an equity interest or otherwise controlling
such joint venture or similar entity
or, (k) entering into or modifying leases or related
agreements among the Borrower, the Parent and any Restricted Subsidiary with terms that permit the leases or related agreements to comply with requirements applicable to real estate investment trusts under the Code, including the requirement that
the leases be respected as “true leases” under the Code, and to enable the Borrower to avoid the payment of any Tax provided that such new or modified leases or related agreements are on terms that, taken as a whole, are not materially
less favorable to the Borrower or the relevant Restricted Subsidiary than those that might reasonably have been obtained at such time from a Person that is not an
Affiliate, (l) the issuance and sale of Equity Interests comprising capital stock, including options, warrants or other
rights to acquire such shares of capital stock (other than Disqualified Equity Interests), of the Borrower to the Parent in connection with the Amended and Restated Extended Stay America, Inc. 2015 Long-Term Incentive Plan, or any successor plan
approved by the stockholders of the Parent or (m) the purchase of Equity Interests comprising capital stock of the Parent in connection with the Amended and Restated ESH Hospitality, Inc. 2015 Long-Term Incentive Plan, or any successor plan
approved by the stockholders of the Borrower.. 
 Section 7.09
Burdensome Agreements. 
 The Borrower shall not, nor shall the Borrower permit any of the Restricted Subsidiaries to, enter into or
permit to exist any Contractual Obligation (other than this Agreement or any other Loan Document or any Senior REIT Loan Document) that limits the ability of (a) any Restricted Subsidiary of the Borrower that is not a Guarantor to make
Restricted Payments to the Borrower or any Guarantor or to make or repay intercompany loans and advances to the Borrower or any Guarantor or (b) any Loan Party to create, incur, assume or suffer to exist Liens on property of such Person for the
benefit of the Lender with respect to the Loans and the Obligations or under the Loan Documents; provided that the foregoing clauses (a) and (b) shall not apply to Contractual Obligations which (i) (x) exist on the ClosingFirst Amendment Effective Date and (to the extent not otherwise permitted by this Section 7.09) are listed on Schedule 7.09 hereto and (y) to the extent Contractual Obligations permitted by clause
(x) are set forth in an agreement evidencing Indebtedness, are set forth in any agreement evidencing any permitted modification, replacement, renewal, extension or refinancing of such Indebtedness so long as such modification, replacement,

  
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renewal, extension or refinancing (taken as a whole) does not expand the scope of such Contractual Obligation, (ii) are binding on a Restricted Subsidiary at the time such Restricted
Subsidiary first becomes a Restricted Subsidiary of the Borrower, so long as such Contractual Obligations were not entered into solely in contemplation of such Person becoming a Restricted Subsidiary of the Borrower and are not applicable to any
other Restricted Subsidiary or the properties or assets of any other Restricted Subsidiary; provided, further, that this clause (ii) shall not apply to Contractual Obligations that are binding on a Person that becomes a Restricted
Subsidiary pursuant to Section 6.14, (iii) represent Indebtedness of a Restricted Subsidiary of the Borrower which is not a Loan Party which is permitted by Section 7.03 but solely to the extent
such restriction relates to the property financed by or secured by such Indebtedness, (iv) arise in connection with any Disposition permitted by Sections 7.04 or 7.05 and relate solely to the assets or Person subject to such
Disposition, (v) are customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted under Section 7.02 and applicable solely to such joint venture entered into in
the ordinary course of business, (vi) are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under Section 7.03 but solely to the extent any such negative pledge or restriction
on Liens relates to the property the acquisition of which was financed by such Indebtedness, (vii) are customary restrictions on leases, subleases, licenses or asset sale agreements otherwise permitted hereby so long as such restrictions relate
to the assets subject thereto, (viii) are evidenced by
thea Senior Notes Indenture, the New Senior Notes Indenture or any agreement or
indenture relating to a Permitted Refinancing thereof, (ix) are customary restrictions set forth in Indebtedness incurred
pursuant to Sections 7.03(b), (e), (g), (m), (q), (r), (s), (t), (u) or (w), so long as the restrictions set forth therein are no more restrictive than the provisions set forth herein,
(x) are customary provisions restricting subletting or assignment of any lease governing a leasehold interest of the Borrower or any Restricted Subsidiary, (xxi) are
 customary provisions restricting assignment of any agreement entered into in the ordinary course of business, (xixii) are restrictions on cash or other deposits imposed by customers under contracts
entered into in the ordinary course of business,
(xiixiii) arise in connection with cash or other deposits permitted under Sections 7.01 or 7.02 and limited to such cash or deposit and
(xiiixiv) are customary restrictions (as reasonably determined by the Borrower) that arise in connection with any Lien permitted by Sections 7.01(a), (b), (e), (f), (i), (k),
(l), (p), (s), (u), (w), (z), (aa) and (ee) and relate to the property subject to such Lien. 

Section 7.10 Use of Proceeds. 

The Borrower shall not directly, or, to the knowledge of the Borrower, indirectly, use the proceeds of the Loans, or request any Loan the
proceeds of which will be used, or loaned, contributed, or otherwise made to any Subsidiary, joint venture partner or, to the knowledge of the Borrower, other Person (i) in furtherance of an offer, payment, promise to pay, or authorization of
the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Law, or to fund any activities or business of or with any Sanctioned Person or in any country or territory that, at the time of such funding, is subject of any
SanctionsSanctioned Country, to the extent prohibited byfor a Person required to comply with applicable Sanctions or Anti-Corruption Laws or (ii) in any other manner that would result in a violation of any Anti-Corruption Laws or
applicable Sanctions by any party to this Agreement. 

Section 7.11 [Reserved].  

  
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 Section 7.12 Fiscal Year. 

The Borrower shall not make any change in its fiscal year; provided, however, that the Borrower may, upon written notice to the
Lender, change its fiscal year to any other fiscal year reasonably acceptable to the Lender, in which case, the Borrower and the Lender will make any adjustments to this Agreement that are necessary to reflect such change in fiscal year. 

Section 7.13 Prepayments, Etc. of Indebtedness. 

(a) The Borrower shall not, nor shall the Borrower permit any of the Restricted Subsidiaries to, directly or indirectly, prepay, redeem,
purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner (it being understood that payments of regularly scheduled principal and interest shall be permitted), any subordinated Indebtedness incurred under
Section 7.03(g) or any other Indebtedness that is or is required to be subordinated, in right of payment, to the Obligations pursuant to the terms of the Loan Documents (collectively, “Junior Financing”) or
make any payment in violation of any subordination terms of any Junior Financing Documentation (in each case, a “Restricted Debt Payment”), except (i) the refinancing thereof with the Net Proceeds of any Indebtedness (to the
extent such Indebtedness constitutes a Permitted Refinancing and, if such Indebtedness was originally incurred under Section 7.03(g), is permitted pursuant to Section 7.03(g)), to the extent not
required to prepay any Loans pursuant to Section 2.05(b), (ii) the conversion of any Junior Financing to Equity Interests (other than Disqualified Equity Interests) of the Borrower or any of its direct or indirect parents,
(iii) the prepayment of Indebtedness of the Borrower or any Restricted Subsidiary to the Borrower or any Restricted Subsidiary to the extent not prohibited by the subordination provisions contained in the Intercompany Note,
(iv) prepayments permitted under or required by the Senior REIT Loan Documents and (v) so long as no Default has occurred and is continuing or would result therefrom, prepayments, redemptions, purchases, defeasances and other payments in
respect of Junior Financings prior to their scheduled maturity in an aggregate amount not to exceed the FFO Builder Basket at such time. 

(b) The Borrower shall not, nor shall it permit any of the Restricted Subsidiaries to amend, modify or change in any manner materially adverse
to the interests of the Lender any term or condition of any Junior Financing Documentation without the consent of the Lender (which consent shall not be unreasonably withheld, conditioned or delayed). 

Section 7.14 Certain Amendments. 

The Borrower shall not, nor shall the Borrower permit any of the Restricted Subsidiaries to, directly or indirectly: 

(a) terminate, amend, modify or change its respective organizational documents, if such termination, amendment, modification or change would be
materially adverse to the interests of the Lender; 
 (b) permit any Loan Party or its Subsidiaries to enter into, terminate, cancel, amend,
restate, supplement or otherwise modify any Material Operating Lease (in each case, except in connection with an extension or entry into a new Material Operating Lease in compliance with Section 6.21(b)) in a manner no less
favorable in any material respect, taken as a whole, to 

  
 100 

 
the Borrower and the Restricted Subsidiaries than the Material Operating Lease being replaced, terminated, canceled, amended, restated, supplemented or otherwise modified unless
(i) consistent with those available in the market at such time for agreements pertaining to similarly situated properties and among similarly situated parties (as determined by the Borrower in good faith) and in connection with which the Lender
has received reasonably satisfactory projections for the 12 month period after the date of such termination, cancellation, restatement, supplement, entry or other modification showing, on a pro forma basis after giving effect thereto, that the Loan
Parties shall be in pro forma compliance with the financial covenant set forth in Section 7.11 of the Senior REIT Credit Agreement (without giving effect to the proviso thereto) or (ii) otherwise reasonably satisfactory to the Lender (whose consent to such
terms shall not be unreasonably withheld, conditioned or delayed); provided that nothing in this clause (b) is intended to restrict (x) mergers or consolidations of Loan Parties permitted under
Section 7.04, or (zy)
any Disposition completed in accordance with Section 7.05; 
 (c) permit any Property to cease to be wholly
owned by a Loan Party or ground leased by a Loan Party pursuant to a long term Ground Lease which has been reviewed and approved by the Lender (such approval not to be unreasonably withheld, delayed or conditioned) except in connection with a
Disposition completed in accordance with Section 7.05; or 
 (d) permit any Operating Lessee to terminate or to
amend, modify or change any Management Agreement in any material respect without the prior written consent of the Lender (such consent not to be unreasonably delayed, conditioned or
withheld):; provided that nothing in this clause (d) is intended to restrict (x) mergers or consolidations of Loan Parties permitted under Section 7.04, (y) acquisitions of Properties or
(z) any Disposition completed in accordance with Section 7.05. 
 Section 7.15 Anti-Money
Laundering. 
 The Borrower shall not, nor shall the Borrower permit any of the Restricted Subsidiaries to, directly or indirectly: 
 (a) (i) knowingly conduct any business or engage in making or receiving any contribution of funds, goods or services to or for the benefit of any Sanctioned Person, (ii) knowingly deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to any applicable Sanctions or laws related to money laundering
or (iii) knowingly engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the
prohibitions set forth in any applicable Sanctions. 
 (b) Cause, cause or permit any of the funds of the Borrower and any Restricted Subsidiary that are used to repay the Loans to be derived from any unlawful activity with the result that the making of the Credit Extensions would be
in violation of Law. 

  
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 Section 7.16 Permitted Activities of Specified Property Owning Entities. 

Notwithstanding anything to the contrary in this Agreement, each Specified Property Owning Entity shall not (a) incur, directly or
indirectly, any Indebtedness for borrowed money other than intercompany indebtedness in accordance with Section 7.03(b) and (d); (b) create or suffer to exist any Lien upon any property or assets now owned or
hereafter acquired, leased or licensed by it other than as permitted under Sections 7.01(c), (d), (e), (f), (g), (h), (i),
(k), (l), (r), (s), (t), (x), (z) and
(xff); (c) engage in any business or activity or own any material assets other than the ownership, acquisition, development, construction, repair, improvement, renovation, disposition or leasing of the Properties and
activities incidental thereto; (d) except as otherwise permitted pursuant to Sections 7.04 or 7.05, consolidate with or merge with or into, or convey, transfer, lease or license all or substantially all its assets to, any Person
other than with, into or to a Loan Party or any other Specified Property Owning Entity; (e)
[reserved]subject to Section 6.16, own any
Subsidiary; and (f) transfer, lease or sell, in one transaction or any combination of transactions, the assets or all or substantially all of the properties or assets of such Specified
Property Owning Entity except to the extent permitted by the Loan Documents. 
 ARTICLE VIII 

EVENTS OF DEFAULT AND REMEDIES 

Section 8.01 Events of Default. 

Any of the following from and after the Closing Date shall constitute an event of default (an “Event of Default”): 

(a) Non-Payment. Any Loan Party fails to pay (i) when and as required to be paid
herein, any amount of principal of any Loan, or (ii) within five Business Days after the same becomes due, any interest on any Loan or any other amount payable hereunder or with respect to any other Loan Document; or 

(b) Specific Covenants. The Borrower or any Restricted Subsidiary fails to perform or observe any term, covenant or agreement
contained in any of Section 6.03(a) or 6.05(a) (solely with respect to the Borrower) or Article VII; or 

(c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Sections
8.01(a) or 8.01(b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after written notice thereof by the Lender to the Borrower; or 

(d) Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or
on behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document required to be delivered in connection herewith or therewith shall be incorrect in any material respect when made or deemed made; or 

(e) Cross-Default. Any Loan Party or any Restricted Subsidiary (A) fails to make any payment beyond the applicable grace
period with respect thereto, if any, (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness (other than Indebtedness hereunder) having an outstanding aggregate principal amount
of not less than $100,000,000; or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness, or any other event occurs (other than, with respect to Indebtedness consisting of Swap Contracts, termination
events or equivalent events pursuant to 

  
 102 

 
the terms of such Swap Contracts), the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder
or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease
or redeem such Indebtedness to be made, prior to its stated maturity; provided that this clause (e)(B) shall not apply to Secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets
securing such Indebtedness, if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness. 

(f) Insolvency Proceedings, Etc. Any Loan Party or any Restricted Subsidiary institutes or consents to the institution of any
proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative
receiver or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer is appointed without the
application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted
without the consent of such Person and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or 

(g) Inability to Pay Debts; Attachment. (i) Any Loan Party or any Restricted Subsidiary becomes unable or admits in writing
its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of the Loan Parties, taken as a
whole, and is not released, vacated or fully bonded within 60 days after its issue or levy; or 
 (h) Judgments. There is
entered against any Loan Party or any Restricted Subsidiary a final judgment or order for the payment of money in an aggregate amount exceeding $25,000,000 (to the extent not covered by independent third-party insurance as to which the insurer has
been notified of such judgment or order and has not denied coverage) and such judgment or order shall not have been satisfied, vacated, discharged or stayed or bonded pending an appeal for a period of 60 consecutive days; or 

(i) Invalidity of Loan Documents. Any material provision of any Loan Document, at any time after its execution and
delivery and for any reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under Sections 7.04 or 7.05) or as a result of acts or omissions by the Lender or the satisfaction
in full of all the Obligations, ceases to be in full force and effect; or any Loan Party contests in writing the validity or enforceability of any provision of any Loan Document; or any Loan Party denies in writing that it has any or further
liability or obligation under any Loan Document (other than as a result of repayment in full of the Obligations and termination of the Commitments), or purports in writing to revoke or rescind any Loan Document; or 

(j) Change of Control. There occurs any Change of Control; or 

  
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 (k) [reserved]; 

(l) ERISA. (i) An ERISA Event occurs which has resulted or could reasonably be expected to result in liability of a Loan
Party or a Restricted Subsidiary or any ERISA Affiliate in an aggregate amount which could reasonably be expected to result in a Material Adverse Effect, or (ii) a Loan Party, any Restricted Subsidiary or any ERISA Affiliate fails to pay when
due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount which could reasonably be expected to
result in a Material Adverse Effect; or 
 (m) Operating Leases and Management Agreements. (i) Any default, event of default or
similar event occurs under any Material Operating Lease, subject to applicable notice or grace periods, as a result of non-payment, or bankruptcy or insolvency of any party thereto, (ii) any other
default, event of default or similar event occurs under any Material Operating Lease that results in the acceleration or early termination of such Material Operating Lease, or (iii) any event of default occurs under any Material Management
Agreement, subject to applicable notice or grace periods, as a result of non-payment, or bankruptcy or insolvency in relation to the applicable Operating Lessee. 

Section 8.02 Remedies Upon Event of Default. 

If any Event of Default occurs and is continuing, the Lender may take any or all of the following actions: 

(i) declare the commitment of the Lender to make Loans to be terminated, whereupon such commitments shall be terminated; 

(ii) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other
amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; 

(iii) [reserved]; and 

(iv) exercise on behalf of itself all rights and remedies available to it under the Loan Documents or applicable Law or in
equity; 
 provided that, upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy
Code of the United States, the obligation of the Lender to make Loans shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, in
each case without further act of the Lender. 

  
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 Section 8.03 Exclusion of Immaterial Subsidiaries. 

Solely for the purpose of determining whether a Default or Event of Default has occurred under Section 8.01(f) or 8.01(g),
any reference in any such clause to any Restricted Subsidiary or Loan Party shall be deemed not to include any Restricted Subsidiary (an “Immaterial Subsidiary”) affected by any event or circumstances referred to in any such clause
that did not individually, as of the last day of the most recent completed fiscal quarter of the Borrower, have assets with a fair market value in excess of 2.5% of Total Assets (and, when taken together with all other Immaterial Subsidiaries as of
such date, did not have assets with a fair market value in excess of 7.5% of Total Assets). 
 Section 8.04 Application of
Funds. 
 After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically
become immediately due and payable), any amounts received on account of the Obligations shall be applied by the Lender in the following order (to the fullest extent permitted by mandatory provisions of applicable Law): 

First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other
than principal and interest, but including Attorney Costs payable under Section 10.04 and amounts payable under Article III) payable to the Lender; 

Second, [reserved]; 

Third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans; 

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans; 

Fifth, to the payment of all other Obligations of the Borrower that are due and payable to the Lender on such date; 

Sixth, [reserved]; and 

Last, the balance, if any, after all of the Obligations have been paid in full, to the Borrower or as otherwise required
by Law. 
 ARTICLE IX 

[RESERVED] 

ARTICLE X 

MISCELLANEOUS 

Section 10.01 Amendments, Etc. 

Except as otherwise set forth in this Agreement, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no
consent to any departure by any Loan Party therefrom, shall be effective unless in writing signed by the Lender and such Loan Party and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for
which given; 

  
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 Notwithstanding anything in this Agreement or any other Loan Document to the contrary, the
Borrower and the Lender may enter into any Incremental Amendment in accordance with Section 2.14, any Refinancing Amendment in accordance with Section 2.15 and any Extension Amendment in accordance
with Section 2.16 and such Incremental Amendments, Refinancing Amendments and Extension Amendments shall be effective to amend the terms of this Agreement and the other applicable Loan Documents, in each case, without any
further action or consent of any other party to any Loan Document (other than as set forth in such Sections). 
 Section 10.02
Notices and Other Communications; Facsimile Copies. 
 (a) General. Unless otherwise expressly provided herein, all notices
and other communications provided for hereunder or under any other Loan Document shall be in writing (including by facsimile transmission). All such written notices shall be mailed, faxed or delivered to the applicable address, facsimile number or
electronic mail address, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: if to the Borrower (or any other Loan Party) or the Lender, to the
address, facsimile number, electronic mail address or telephone number specified for such Person on Schedule 10.02 or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in
a notice to the other parties. 
 All such notices and other communications shall be deemed to be given or made upon the earlier to occur of
(i) actual receipt by the relevant party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, four Business Days after deposit in the mails,
postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail (which form of delivery is subject to the provisions of
Section 10.02(c)), when delivered; provided that notices and other communications to the Lender pursuant to Article II shall not be effective until actually received by such Person. In no event shall a voice
mail message be effective as a notice, communication or confirmation hereunder. 
 (b) Effectiveness of Facsimile Documents and
Signatures. Loan Documents may be transmitted and/or signed by facsimile or other electronic communication. The effectiveness of any such documents and signatures shall, subject to applicable Law, have the same force and effect as manually
signed originals and shall be binding on all Loan Parties and the Lender. 
 (c) Reliance Lender. The Lender shall be entitled to
rely and act upon any notices (including telephonic Committed Loan Notices) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed
by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify each Lender-Related Person and the Lender from all losses, costs,
expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower in the absence of gross negligence or willful misconduct as determined in a final and
non-appealable judgment by a court of competent jurisdiction. All telephonic notices to the Lender may be recorded by the Lender, and each of the parties hereto hereby consents to such recording. 

  
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 Section 10.03 No Waiver; Cumulative Remedies. 

No failure by the Lender to exercise, and no delay by the Lender in exercising, any right, remedy, power or privilege hereunder or under any
other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law or in equity. 

Section 10.04 Attorney Costs and Expenses. 

The Borrower agrees (a) if the Closing Date occurs, to pay or reimburse the Lender for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the preparation, negotiation and execution of this Agreement and the other Loan Documents, and any amendment,
waiver, consent or other modification of the provisions hereof and thereof (whether or not the transactions contemplated thereby are consummated), and the consummation and administration of the transactions contemplated hereby and thereby (including
all Attorney Costs, which shall be limited to Fried, Frank, Harris, Shriver & Jacobson LLP and Wilkie, Farr and Gallagher LLP, one local counsel as reasonably necessary in each relevant jurisdiction material to the interests of the Lender
and (b) from and after the Closing Date, to pay or reimburse the Lender for all reasonable and documented out-of-pocket costs and expenses incurred in connection
with the enforcement (whether through negotiations, legal proceedings or otherwise) of any rights or remedies under this Agreement or the other Loan Documents (including all such costs and expenses incurred during any legal proceeding, including any
proceeding under any Debtor Relief Law, and including all respective Attorney Costs which shall be limited to Attorney Costs of two counsels to the Lender (and one local counsel as reasonably necessary in each relevant jurisdiction material to the
interests of the Lender )). The foregoing costs and expenses shall include all reasonable search, filing, recording and title insurance charges (to the extent applicable) and fees related thereto, and other reasonable and documented out-of-pocket expenses incurred by the Lender. The agreements in this Section 10.04 shall survive the termination of the Commitments and repayment of
all other Obligations. All amounts due under this Section 10.04 shall be paid within 30 days of receipt by the Borrower of an invoice relating thereto setting forth such expenses in reasonable detail including, if requested
by the Borrower and to the extent reasonably available, backup documentation supporting such reimbursement request; provided that with respect to the Closing Date, all amounts due under this Section 10.04 shall be
paid on the Closing Date solely to the extent invoiced to the Borrower within three Business Days of the Closing Date. If any Loan Party fails to pay when due any costs, expenses or other amounts payable by it hereunder or under any Loan Document,
such amount may be paid on behalf of such Loan Party by the Lender in its sole discretion. For the avoidance of doubt, this Section 10.04 shall not apply to Taxes, except any Taxes that represent liabilities, obligations, losses,
damages, penalties, claims, demands, actions, prepayments, suits, costs, expenses and disbursements arising from any non-Tax claims. 

  
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 Section 10.05 Indemnification by the Borrower. 

The Borrower shall indemnify and hold harmless each Lender-Related Person and the Lender, and their respective Affiliates, and their
respective officers, directors, employees, partners, agents, advisors and other representatives of each of the foregoing (collectively the “Indemnitees”) from and against any and all liabilities (including Environmental
Liabilities), obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including Attorney Costs but limited in the case of legal fees and expenses to the reasonable and documented out-of-pocket fees, disbursements and other charges of one counsel to all Indemnitees taken as a whole and, if reasonably necessary, one local counsel for all Indemnitees
taken as a whole in each relevant jurisdiction that is material to the interests of the Lender, and solely in the case of a conflict of interest, one additional counsel in each relevant jurisdiction to each group of similarly situated affected
Indemnitees) of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising out of or in connection with (a) the execution, delivery, enforcement,
performance or administration of any Loan Document or any other agreement, document, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated thereby, (b) any
Commitment or Loan or the use or proposed use of the proceeds therefrom or (c) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory
(including any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee is a party thereto in all cases, whether or not caused by or arising,
in whole or in part, out of the negligence of the Indemnitee; provided that, notwithstanding the foregoing, such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages,
penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements resulted from (x) the gross negligence, bad faith or willful misconduct of such Indemnitee or of any of its Affiliates or their respective directors,
officers, employees, partners, agents, advisors or other representatives, as determined by a final non-appealable judgment of a court of competent jurisdiction, (y) a material breach of any obligations
under any Loan Document by such Indemnitee or of any of its Affiliates or their respective directors, officers, employees, partners, advisors or other representatives, as determined by a final non-appealable
judgment of a court of competent jurisdiction or (z) any dispute solely among Indemnitees (other than any claims arising out of any act or omission of the Borrower, the Investors or any of their respective Affiliates). No Indemnitee shall be
liable for any damages arising from the use by others of any information or other materials obtained through IntraLinks or other similar information transmission systems in connection with this Agreement, nor shall any Indemnitee, Loan Party or any
Subsidiary have any liability for any special, punitive, indirect or consequential damages relating to this Agreement or any other Loan Document or arising out of its activities in connection herewith or therewith (whether before or after the
Closing Date) (other than, in the case of any Loan Party, in respect of any such damages incurred or paid by an Indemnitee to a third party and for any out-of-pocket
expenses); it being agreed that this sentence shall not limit the indemnification obligations of the Borrower or any Subsidiary. In the case of an investigation, litigation or other proceeding to which the indemnity in this
Section 10.05 applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by any Loan Party, any Subsidiary of any Loan Party, its directors, stockholders or creditors
or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and whether or not any of the transactions contemplated 

  
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hereunder or under any of the other Loan Documents are consummated. All amounts due under this Section 10.05 shall be paid within 30 days after written demand therefor
(together with backup documentation supporting such reimbursement request); provided, however, that such Indemnitee shall promptly refund the amount of any payment to the extent that there is a final and
non-appealable judgment from a court of competent jurisdiction that such Indemnitee was not entitled to indemnification rights with respect to such payment pursuant to the express terms of this
Section 10.05. The agreements in this Section 10.05 shall survive the replacement of the Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all the other
Obligations. For the avoidance of doubt, this Section 10.05 shall not apply to Taxes, except any Taxes that represent liabilities, obligations, losses, damages, penalties, claims, demands, actions, prepayments, suits,
costs, expenses and disbursements arising from any non-Tax claims. 
 Section 10.06 Payments
Set Aside. 
 To the extent that any payment by or on behalf of the Borrower is made to the Lender, or the Lender exercises its right of
setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Lender in its
discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied
shall, to the fullest extent possible under provisions of applicable Law, be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred. 

Section 10.07 Successors and Assigns. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Lender (except as permitted by Section 7.04) and
the Lender may not assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee or (ii) by way of participation in accordance with the provisions of Section 10.07(f).
Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in
Section 10.07(f) and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) [reserved]. 
 (c)
[reserved]. 
 (d) [reserved]. 

(e) [reserved]. 

  
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 (f) The Lender may at any time sell participations to any Person, subject to the proviso to
Section 10.07(a) (each, a “Participant”), in all or a portion of the Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing
to it); provided that (i) the Lender’s obligations under this Agreement shall remain unchanged, (ii) the Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and
(iii) the Borrower shall continue to deal solely and directly with the Lender in connection with the Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which the Lender sells such a participation
shall provide that the Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement or the other Loan Documents; provided
that such agreement or instrument may provide that the Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the second proviso to Section 10.01 that
requires the affirmative vote of the Lender. Subject to Section 10.07(g), the Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject to the
requirements and limitations of such Sections) to the same extent as if it were the Lender and had acquired its interest by assignment pursuant to Section 10.07(c). To the extent permitted by applicable Law, each
Participant also shall be entitled to the benefits of Section 10.09 as though it were the Lender. When it sells a participation the Lender shall, acting solely for this purpose as a
non-fiduciary 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 this Agreement (the “Participant Register”); provided that the Lender shall not have any obligation to disclose all or any portion of the Participant Register to any Person (including the
identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its other obligations under any Loan Document) except to the extent that such disclosure is necessary in connection with an audit
or other proceeding to establish that such Commitment, Loan, or other obligation is in registered form under Section 5f.103-1(c) of the United States Department of the Treasury regulations. The entries in
the Participant Register shall be conclusive and the Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

 (g) A Participant shall not be entitled to receive any greater payment under Sections 3.01, 3.04 or 3.05 than the
applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent, not to be unreasonably
withheld or delayed. 
 (h) The Lender may, without the consent of the Borrower, at any time pledge or assign a security interest in all or
any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of the Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank having jurisdiction over
the Lender; provided that no such pledge or assignment shall release the Lender from any of its obligations hereunder or substitute any such pledgee or assignee for the Lender as a party hereto. 

(i) [reserved]. 

  
 110 

 (j) Notwithstanding anything to the contrary contained herein, without the consent of the
Borrower, the Lender may in accordance with applicable Law create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it. 

(k) [reserved]. 
 (l)
[reserved]. 
 (m) The Lender may, so long as no Default or Event of Default has occurred and is continuing t, at any time, assign all or a portion of its rights and obligations with respect to Loans under this Agreement to the Borrower
through, notwithstanding Section 2.12 or any other provision in this Agreement, open market purchase on a non-pro rata basis; provided that in connection with such assignments,
(A) the principal amount of such Loans, along with all accrued and unpaid interest thereon, so assigned or transferred to the Borrower shall be deemed automatically cancelled and extinguished on the date of such contribution, assignment or
transfer and (B) the aggregate outstanding principal amount of Loans shall reflect such cancellation and extinguishing of the Loans then held by the Borrower. 

Section 10.08 Confidentiality. 

The Lender agrees to maintain the confidentiality of the Information and not to disclose such information, except that Information may be
disclosed (a) to its Affiliates and its Affiliates’ managers, administrators, directors, officers, employees, trustees, partners, investors, investment advisors and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); (b) to the extent requested by any Governmental Authority or
self-regulatory authority having or asserting jurisdiction over such Person (including any Governmental Authority or examiner (including the National Association of Insurance Commissioners or any other similar organization) regulating the Lender or
its Affiliates); provided that the Lender agrees that it will notify the Borrower as soon as practicable in the event of any such disclosure by such Person (other than at the request of a regulatory authority or examiner) unless such
notification is prohibited by law, rule or regulation; (c) [reserved]; (d) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process; provided that the Lender agrees that it will notify the Borrower
as soon as practicable in the event of any such disclosure by such Person (other than at the request of a regulatory authority or examiner) unless such notification is prohibited by law, rule or regulation; (e) to any other party to this
Agreement; (f) subject to an agreement containing provisions at least as restrictive as those set forth in this Section 10.08 (or as may otherwise be reasonably acceptable to the Borrower), to any pledgee referred to
in Section 10.07, counterparty to a Swap Contract, Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant in any of its rights or obligations under this Agreement (provided
that the disclosure of any such Information to any Eligible Assignees or Participants shall be made subject to the acknowledgement and acceptance by such Eligible Assignee or Participant that such Information is being disseminated on a
confidential basis (on substantially the terms set forth in this Section 10.08 or as otherwise reasonably acceptable to the Borrower,) in accordance with the standard processes of the Lender or customary market standards
for dissemination of such type of Information); (g) with the written consent of the Borrower; (h) to the extent such Information 

  
 111 

 
becomes publicly available other than as a result of a breach of this Section 10.08 or becomes available to the Lender or any of its Affiliates on a nonconfidential
basis from a source other than a Loan Party or any Investor or their respective Affiliates (so long as such source is not known to the Lender, or any of its Affiliates to be bound by confidentiality obligations to any Loan Party); (i) to any
Governmental Authority or examiner (including the National Association of Insurance Commissioners or any other similar organization) regulating the Lender; (j) to any rating agency when required by it (it being understood that, prior to any
such disclosure, such rating agency shall undertake to preserve the confidentiality of any Information relating to Loan Parties and their Subsidiaries received by it from the Lender) or to the CUSIP Service Bureau or any similar organization;
(k) in connection with the exercise of any remedies hereunder, under any other Loan Document or the enforcement of its rights hereunder or thereunder or (l) to the extent such Information is independently developed by the Lender, or any of
its Affiliates. In addition, the Lender may disclose the existence of this Agreement and publicly available information about this Agreement to market data collectors, similar service providers to the lending industry, and service providers to the
Lender in connection with the administration and management of this Agreement, the other Loan Documents, the Commitments, and the Credit Extensions. For the purposes of this Section 10.08,
“Information” means all information received from the Loan Parties relating to any Loan Party, its Affiliates or its Affiliates’ directors, managers, officers, employees, trustees, investment advisors or agents,
relating to the Borrower or any of its Subsidiaries or its business, other than any such information that is publicly available to the Lender prior to disclosure by any Loan Party other than as a result of a breach of this
Section 10.08; provided that all information received after the Closing Date from the Borrower or any of its Subsidiaries shall be deemed confidential unless such information is clearly identified at the time of
delivery as not being confidential. 
 Section 10.09 Setoff. 

In addition to any rights and remedies of the Lender provided by Law, upon the occurrence and during the continuance of any Event of Default,
the Lender and its Affiliates is authorized at any time and from time to time, without prior notice to the Borrower, any such notice being waived by the Borrower (on their own behalf and on behalf of each Loan Party and each of its Subsidiaries) to
the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by, and other Indebtedness at any time owing by, the Lender and its Affiliates to
or for the credit or the account of the respective Loan Parties and their Subsidiaries against any and all Obligations owing to the Lender and its Affiliates hereunder or under any other Loan Document, now or hereafter existing, irrespective of
whether or not the Lender or its Affiliate shall have made demand under this Agreement or any other Loan Document and although such Obligations may be contingent or unmatured or denominated in a currency different from that of the applicable deposit
or Indebtedness. The rights of the Lender under this Section 10.09 are in addition to other rights and remedies (including other rights of setoff) that the Lender may have. No amounts set off from any Guarantor shall be
applied to any Excluded Swap Obligations of such Guarantor. 

  
 112 

 Section 10.10 Interest Rate Limitation. 

Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall
not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Lender shall receive interest in an amount that exceeds the Maximum Rate,
the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Lender exceeds the Maximum Rate,
the Lender may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and
(c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 

Section 10.11 Counterparts. 

This Agreement and each other Loan Document may be executed in one or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Delivery by telecopier or other electronic transmission of an executed counterpart of a signature page to this Agreement and each other Loan Document shall be effective as delivery of an
original executed counterpart of this Agreement and such other Loan Document. The Lender may also require that any such documents and signatures delivered by telecopier or other electronic transmission be confirmed by a manually signed original
thereof; provided that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by telecopier or other electronic transmission. 

Section 10.12 Integration; Termination. 

This Agreement, together with the other Loan Documents, comprises the complete and integrated agreement of the parties on the subject matter
hereof and thereof and supersedes all prior agreements, written or oral, on such subject matter. In the event of any conflict between the provisions of this Agreement and those of any other Loan Document, the provisions of this Agreement shall
control; provided that the inclusion of supplemental rights or remedies in favor of the Lender in any other Loan Document shall not be deemed a conflict with this Agreement. Each Loan Document was drafted with the joint participation of the
respective parties thereto and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning thereof. 

Section 10.13 Survival of Representations and Warranties. 

All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in
connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Lender, regardless of any investigation made by the Lender or on its behalf and
notwithstanding that the Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or
unsatisfied. 

  
 113 

 Section 10.14 Severability. 

If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, the legality, validity and
enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction. 
 Section 10.15 GOVERNING LAW. 

(a) THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

(b) ANY LEGAL ACTION OR PROCEEDING ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF
THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE
SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE SITTING IN THE CITY OF NEW YORK (BOROUGH OF MANHATTAN), AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH LOAN PARTY AND THE LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE
JURISDICTION OF THOSE COURTS AND AGREES THAT IT WILL NOT COMMENCE OR SUPPORT ANY SUCH ACTION OR PROCEEDING IN ANOTHER JURISDICTION. EACH LOAN PARTY AND THE LENDER IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR
BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. EACH PARTY
HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN TELECOPIER OR OTHER ELECTRONIC TRANSMISSION) IN SECTION 10.02.
NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. NOTWITHSTANDING ANYTHING HEREIN OR IN ANY OTHER LOAN DOCUMENT TO THE CONTRARY, 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. 

Section 10.16 WAIVER OF RIGHT TO TRIAL BY JURY. 

TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED

  
 114 

 
THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 10.16 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE
SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 Section 10.17 Binding Effect. 

This Agreement shall become effective when it shall have been executed by the Loan Parties party hereto and the Lender, and thereafter this
Agreement shall be binding upon and inure to the benefit of the Loan Parties, the Lender and their respective successors and assigns, in each case in accordance with Section 10.07 (if applicable) and except that no Loan
Party shall have the right to assign its rights hereunder or any interest herein without the prior written consent of the Lender except as permitted by Section 7.04. 

Section 10.18 USA PATRIOT Act. 

The Lender hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act, it may be required to obtain, verify and
record information that identifies each Loan Party, which information includes the name, address and tax identification number of such Loan Party and other information regarding such Loan Party that will allow the Lender to identify such Loan Party
in accordance with the USA PATRIOT Act. This notice is given in accordance with the requirements of the USA PATRIOT Act and is effective as to the Lender. 

Section 10.19 No Advisory or Fiduciary Responsibility. 

(a) In connection with all aspects of each transaction contemplated hereby, each Loan Party acknowledges and agrees, and acknowledges its
Affiliates’ understanding, that (i) the facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other
Loan Document) are an arm’s-length commercial transaction between the Borrower and its Affiliates, on the one hand, and the Lender, on the other hand, and the Borrower is capable of evaluating and
understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof), (ii) in connection with the
process leading to such transaction, the Lender is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the Borrower or any of its Affiliates, stockholders, creditors or employees or any other Person,
(iii) the Lender has not assumed and will not assume an advisory, agency or fiduciary responsibility in favor of the Borrower with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to
any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether the Lender has advised or is currently advising the Borrower or any of its Affiliates on other matters) and the Lender has no obligation to the
Borrower or any of its Affiliates with respect to the financing transactions contemplated hereby except those obligations expressly set forth herein and 

  
 115 

 
in the other Loan Documents, (iv) the Lender and its Affiliates may be engaged in a broad range of transactions that involve interests that differ from, and may conflict with, those of the
Borrower and its Affiliates, the Lender has no obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship and (v) the Lender has not provided and will not provide any legal, accounting, regulatory
or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Loan Document) and the Loan Parties have consulted their own legal, accounting, regulatory and
tax advisors to the extent they have deemed appropriate. 
 Each Loan Party acknowledges and agrees that the Lender and any Affiliate
thereof may lend money to, invest in, and generally engage in any kind of business with, any of the Borrower, Parent, any Investor, any Affiliate thereof or any other person or entity that may do business with or own securities of any of the
foregoing, all as if the Lender or Affiliate thereof were not a Lender or an Affiliate thereof (or an agent or any other person with any similar role under the Facilities) and without any duty to account therefor to Parent, the Borrower, any
Investor or any Affiliate of the foregoing. The Lender and any Affiliate thereof may accept fees and other consideration from Parent, the Borrower, any Investor or any Affiliate thereof for services in connection with this Agreement, the Facilities
or otherwise without having to account for the same to any Parent, the Borrower, any Investor or any Affiliate of the foregoing. The Lender may have directly or indirectly acquired certain equity interests (including warrants) in Parent, the
Borrower, an Investor or an Affiliate thereof or may have directly or indirectly extended credit on a subordinated basis to Parent, the Borrower, an Investor or an Affiliate thereof. Each party hereto, on its behalf and on behalf of its Affiliates,
acknowledges and waives the potential conflict of interest resulting from any the Lender or an Affiliate thereof holding disproportionate interests in the extensions of credit under the Facilities or otherwise acting as arranger or agent thereunder
and the Lender or any Affiliate thereof directly or indirectly holding equity interests in or subordinated debt issued by Parent, the Borrower, an Investor or an Affiliate thereof. 

Section 10.20 [Reserved] 

Section 10.21 [Reserved]. 

Section 10.22 Judgment Currency. 

If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from the Borrower hereunder in the currency
expressed to be payable herein (the “specified currency”) into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance
with normal banking procedures the Lender could purchase the specified currency with such other currency on the Business Day preceding that on which final judgment is given. The obligations of the Borrower in respect of any sum due to the Lender
hereunder shall, notwithstanding any judgment in a currency other than the specified currency, be discharged only to the extent that on the Business Day following receipt by the Lender of any sum adjudged to be so due in such other currency the
Lender may in accordance with normal banking procedures purchase the specified currency with such other currency; if the amount of the specified currency so purchased is less than the sum originally due to the Lender in the specified currency, the
Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify the Lender against such loss, and if the amount of the specified currency so purchased exceeds the sum
originally due to the Lender in the specified currency, the Lender agrees to remit such excess to the Borrower. 

  
 116 

 ARTICLE XI 

GUARANTY 

Section 11.01 The Guaranty. 

Each Guarantor hereby jointly and severally with the other Guarantors guarantees, as a primary obligor and not merely as a surety to the
Lender and its successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the principal of and interest (including any interest, fees, costs
or charges that would accrue but for the provisions of (i) Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code and (ii) any other Debtor Relief Laws) on the Loans made by
the Lender to, and the Notes held by the Lender of, the Borrower, and all other Obligations from time to time owing to the Lender by any Loan Party under any Loan Document strictly in accordance with the terms thereof (such obligations being herein
collectively called the “Guaranteed Obligations”). The Guarantors hereby jointly and severally agree that if the Borrower or other Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration
or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations,
the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. 

Section 11.02 Obligations Unconditional. 

The obligations of the Guarantors under Section 11.01 shall constitute a guarantee of payment and to the fullest
extent permitted by applicable Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of the Borrower under this Agreement,
the Notes, if any, or any other agreement or instrument referred to herein or therein, or any substitution, release or exchange of any other guarantee of any of the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that
might otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for payment in full). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall
not alter or impair the liability of the Guarantors hereunder which shall remain absolute, irrevocable and unconditional under any and all circumstances as described above: 

(i) at any time or from time to time, without notice to the Guarantors, to the extent permitted by Law, the time for any
performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived; 

  
 117 

 (ii) any of the acts mentioned in any of the provisions of this Agreement or
the Notes, if any, or any other agreement or instrument referred to herein or therein shall be done or omitted; 
 (iii) the
maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended in any respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall
be amended or waived in any respect or any other guarantee of any of the Guaranteed Obligations shall be released or exchanged in whole or in part or otherwise dealt with; 

(iv) [reserved]; or 

(v) the release of any other Guarantor pursuant to Section 11.10 or otherwise. 

The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and, to the extent permitted by Law, all notices
whatsoever, and any requirement that the Lender exhaust any right, power or remedy or proceed against the Borrower under this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein, or against any other
person under any other guarantee of, any of the Guaranteed Obligations. The Guarantors waive, to the extent permitted by Law, any and all notice of the creation, renewal, extension, waiver, termination or accrual of any of the Guaranteed Obligations
and notice of or proof of reliance by the Lender upon this Guaranty or acceptance of this Guaranty, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this
Guaranty, and all dealings between the Borrower and the Lender shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guaranty. This Guaranty shall be construed as a continuing, absolute, irrevocable and
unconditional guarantee of payment without regard to any right of offset with respect to the Guaranteed Obligations at any time or from time to time held by the Lender, and the obligations and liabilities of the Guarantors hereunder shall not be
conditioned or contingent upon the pursuit by the Lender or any other person at any time of any right or remedy against the Borrower or against any other person which may be or become liable in respect of all or any part of the Guaranteed
Obligations or against guarantee therefor or right of offset with respect thereto. This Guaranty shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantors and the successors and
assigns thereof, and shall inure to the benefit of the Lender, and its successors and assigns, notwithstanding that from time to time during the term of this Agreement there may be no Guaranteed Obligations outstanding. 

Section 11.03 Reinstatement. 

The obligations of the Guarantors under this Article XI shall be automatically reinstated if and to the extent that for any reason any
payment by or on behalf of the Borrower or other Loan Party in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in insolvency,
bankruptcy or reorganization or otherwise. 

  
 118 

 Section 11.04 Subrogation; Subordination. 

Each Guarantor hereby agrees that until the termination of the Commitments and the payment in full in cash in immediately available funds of
all Obligations (other than contingent indemnification obligations not yet accrued and payable), it shall waive any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of its guarantee in
Section 11.01, whether by subrogation or otherwise, against the Borrower or any other Guarantor of any of the Guaranteed Obligations any of the Guaranteed Obligations. Any Indebtedness of any Loan Party permitted pursuant
to Sections 7.03(b)(ii) or 7.03(d) shall be subordinated to such Loan Party’s Obligations in the manner set forth in the Intercompany Note evidencing such Indebtedness. 

Section 11.05 Remedies. 

The Guarantors jointly and severally agree that, as between the Guarantors and the Lender, the obligations of the Borrower under this
Agreement and the Notes, if any, may be declared to be forthwith due and payable as provided in Section 8.02 (and shall be deemed to have become automatically due and payable in the circumstances provided in
Section 8.02) for purposes of Section 11.01, notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable)
as against the Borrower and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by the Borrower) shall forthwith become due and
payable by the Guarantors for purposes of Section 11.01. 
 Section 11.06 Instrument for the Payment of
Money. 
 Each Guarantor hereby acknowledges that the guarantee in this Article XI constitutes an instrument for the payment of
money, and consents and agrees that the Lender, at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action under New York CPLR Section 3213. 

Section 11.07 Continuing Guaranty. 

The guarantee in this Article XI is a continuing guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising.

 Section 11.08 General Limitation on Guarantee Obligations. 

In any action or proceeding involving any state, corporate limited partnership or limited liability company law, or any applicable state,
federal or foreign bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 11.01 would otherwise be held or determined to be void,
voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 11.01, then, notwithstanding any other provision to the contrary, the amount
of such liability shall, without any further action by such Guarantor, any Loan Party or any other person, be automatically limited and reduced to the highest amount (after giving effect to the right of contribution established in
Section 11.11) that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding. For purposes of the foregoing, all Guarantees of such Guarantor other than the
Guaranty shall be deemed to be enforceable and payable after the Guaranty. 

  
 119 

 Section 11.09 Information. 

Each Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s financial condition and assets, and of
all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that each Guarantor assumes and incurs under this Guaranty, and agrees that the Lender shall not have any duty to
advise any Guarantor of information known to it regarding those circumstances or risks. 
 Section 11.10 Release of Guarantors.

 If, in compliance with the terms and provisions of the Loan Documents, (i) all or substantially all of the Equity Interests or
property of any Guarantor are sold or otherwise transferred to a person or persons, none of which is a Loan Party or (ii) any Subsidiary Guarantor becomes an Excluded Subsidiary (any such Subsidiary Guarantor described in the foregoing clause
(i) or (ii), a “Released Guarantor”), such Released Guarantor shall, upon the consummation of such sale or transfer or upon becoming an Excluded Subsidiary, be automatically released from its obligations under this
Agreement (including under Section 10.05 hereof). 
 Upon the Discharge of Obligations, this Agreement, the other
Loan Documents and the guarantees made herein shall terminate with respect to all Obligations, except with respect to Obligations that expressly survive such Discharge of Obligations pursuant to the terms of this Agreement or the other Loan
Documents. Any execution and delivery of any document pursuant to the preceding sentence of this Section 11.10 shall be without recourse to or warranty by the Lender. 

Section 11.11 Right of Contribution. 

Each Guarantor hereby agrees that to the extent that a Subsidiary Guarantor shall have paid more than its proportionate share of any payment
made hereunder, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment (based on an equitable apportionment of such
payment among all Guarantors based on the relative value of their assets and any other equitable considerations deemed appropriate by a court of competent jurisdiction). Each Subsidiary Guarantor’s right of contribution shall be subject to the
terms and conditions of Section 11.04. The provisions of this Section 11.11 shall in no respect limit the obligations and liabilities of any Subsidiary Guarantor to the Lender, and each Subsidiary
Guarantor shall remain liable to the Lender for the full amount guaranteed by such Subsidiary Guarantor hereunder. 
 [Signature Pages
Follow] 

  
 120 

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

 

							
	BORROWER:	 		 	ESH HOSPITALITY, INC.
			
		 		 	By:                               
                         
		 		 		 	  

		 		 	   	 	Name: Jonathan S. Halkyard
		 		 		 	Title: Chief Financial Officer
				
	SUBSIDIARY GUARANTORS:	 		 		 	 CP ESH INVESTORS, LLC

EXTENDED STAY LLC
 ESH H PORTFOLIO LLC
 ESH SPARTANBURG GROUND LESSEE LLC

ESH ACQUISITIONS HOLDINGS LLC

ESH ACQUISITIONS LLC

ESH CANADA MEZZANINE C LLC

ESH CANADA MEZZANINE B LLC

ESH CANADA MEZZANINE A LLC

ESH MEZZANINE C LLC

ESH MEZZANINE B LLC

ESH MEZZANINE A LLC

ESA P PORTFOLIO MD BENEFICIARY L.L.C.

ESA CANADA BENEFICIARY L.L:C.

ESA CANADA ADMINISTRATOR L.L.C.

ESA P PORTFOLIO MD BORROWER L.L.C.

ESA CANADA PROPERTIES BORROWER L.L.C.

		 		 		 	
			
		 		 	By:                               
                                         
        
		 		 		 	  

		 		 	   	 	Name: Jonathan S. Halkyard
		 		 		 	Title: Vice President
			
	LENDER:	 		 	EXTENDED STAY AMERICA, INC.
			
		 		 	By:                               
                                         
        
		 		 		 	  

		 		 		 	Name: Jonathan S. Halkyard
		 		 	   	 	Title: Chief Financial Officer

 ANNEX II 

Schedules to Amended Credit Agreement 

Attached hereto. 

 Schedule 1.01D 

Excluded Subsidiaries 

[Omitted pursuant to Item 601(a)(5) of Regulation S-K.] 

 Schedule 1.01F 

Unrestricted Subsidiaries 

[Omitted pursuant to Item 601(a)(5) of Regulation S-K.] 

 Schedule 5.05 

Certain Liabilities 

[Omitted pursuant to Item 601(a)(5) of Regulation S-K.] 

 Schedule 5.12 

Subsidiaries and Equity Interests 

[Omitted pursuant to Item 601(a)(5) of Regulation S-K.] 

 Schedule 7.01(b) 

Existing Liens 

[Omitted pursuant to Item 601(a)(5) of Regulation S-K.] 

 Schedule 7.02(f) Existing Investments 

[Omitted pursuant to Item 601(a)(5) of Regulation S-K.] 

 Schedule 7.03(b) 

Existing Indebtedness 

[Omitted pursuant to Item 601(a)(5) of Regulation S-K.] 

 Schedule 7.08 

Transactions with Affiliates 

[Omitted pursuant to Item 601(a)(5) of Regulation S-K.] 

 Schedule 7.09 

Certain Contractual Obligations 

[Omitted pursuant to Item 601(a)(5) of Regulation S-K.]ampe_Ex10_1

		
			Exhibit 10.1
		

		
			EMPLOYMENT AGREEMENT
		

		
			This Employment Agreement (“Agreement”) is executed on and entered into as of September 16, 2019, (the “Effective Date”), by and among Ampio Pharmaceuticals, Inc., a Delaware corporation headquartered at 373 Inverness Parkway, Suite 200, Englewood, Colorado 80112 (the “Company”), and Holli Cherevka, an individual (“Executive”) (the Company and Executive each a “Party” and, collectively, the “Parties”).
		

		
			RECITALS
		

		
			WHEREAS,  the Company is a duly organized Delaware corporation, with its principal place of business within the State of Colorado;
		

		
			WHEREAS, the Company is a publicly-traded company in the business of developing and marketing pharmaceutical products;
		

		
			WHEREAS, the Company develops and maintains certain trade secret, proprietary, and other confidential information that is of great value to the Company and to which Executive will have access during Executive’s employment with the Company, and of which Executive will be required to protect both during and subsequent to her employment with the Company;
		

		
			WHEREAS, the Company desires to continue to employ Executive as its Chief Operating Officer, and Executive desires to accept such employment;
		

		
			WHEREAS, the Company has determined that it is in the best interests of the Company to assure that the Company will have the continued dedication of Executive and, in order to accomplish this objective, the Company and Executive are entering into this Agreement; and
		

		
			WHEREAS, Executive desires to serve in such position pursuant to the terms and conditions set forth in this Agreement.
		

		
			NOW, THEREFORE, in consideration of the promises and the mutual covenants and obligations set forth herein, the Company and Executive hereby agree as follows:
		

		
			1.         Employment.  Subject to the terms set forth herein, the Company agrees to employ Executive as Chief Operating Officer (the “COO”), and Executive hereby accepts such employment.  As the COO  of the Company, Executive shall have such authority, perform such duties, and fulfill such responsibilities commonly incident to such positions for publicly-traded entities, as well as those that are delegated to Executive by the Chief Executive Officer of the Company (the “CEO”) or the Board of Directors of the Company (the “Board”), as may be determined from time to time.  While employed, Executive shall report to the CEO, and Executive shall devote Executive’s full business time and attention to Executive’s duties as the COO and to the business and affairs of the Company and shall use Executive’s reasonable best efforts to advance the interests of the Company; provided, however, that Executive may engage in outside activities in accordance with Section 5 below.
		

		
			
		

		
			

		 

		

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			2.         Employment Period.
		

		
			(a)        Employment Period.  Executive’s period of employment with the Company under this Agreement shall begin on September 16, 2019 (the “Start Date”) and shall continue for an initial term of twenty four (24) months from the Start Date or until terminated by either the Company or Executive in accordance with Section 6 hereof (such period of employment being the “Employment Period”).
		

		
			(b)        Renewal.  The initial term shall automatically renew for an additional one-year (1-year) period commencing on the two-year  (2-year) anniversary of the Start Date, and continuing in the same fashion each year thereafter, unless either Party provides written notice of non-renewal to the other Party at least thirty (30) days prior to expiration of the term current at the time of notice.
		

		
			3.        Compensation.  In consideration for the continuing services of Executive hereunder during the Employment Period, the Company shall provide the following:
		

		
			(a)        Base Salary.  The Company shall pay to Executive an annual salary of two hundred eighty thousand dollars and zero cent ($280,000), less applicable taxes and withholdings (“Base Salary”), which shall be paid in approximately equal installments in accordance with the Company’s customary payroll practices.  Executive’s Base Salary shall be reviewed annually (consistent with the Company’s current review cycle) for possible adjustment.  The Base Salary may be adjusted only by recommendation of the Compensation Committee of the Board and ratified by the Compensation Committee or a majority of the independent members of the Board.
		

		
			(b)        [Equity and Long-Term Compensation.  The Company hereby agrees to grant Executive an option to purchase 200,000 shares of the Company’s common stock (the “Option”) at an exercise price equal to the closing price of the Company’s common stock as reported by the New York Stock Exchange on the Start Date.  The Option shall vest as follows: 100,000 shares will vest immediately upon the Effective Date of this Agreement; and 100,000 shares will vest on the one-year anniversary of the Effective Date of this Agreement.  The Option shall be subject to the terms and conditions of the Ampio Pharmaceuticals, Inc. 2010 Stock Option and Incentive Plan, as amended, and a Stock Option Agreement, to be executed.  During the Employment Period, and subject to approval of the Board’s Compensation Committee, Executive shall also be eligible to participate in any equity and/or other long-term compensation programs established by the Company as set forth from time to time for senior executive officers.  Executive’s target annual equity award opportunity shall be determined by the Compensation Committee and shall be no less favorable than the target equity award opportunity available to other similarly-situated senior executives of the Company generally, with the actual award to be determined by the Compensation Committee on a basis not less favorable to Executive than to other similarly-situated senior executives of the Company generally.
		

		
			(c)        Additional Compensation.  Subsections 3(a) and 3(b) above establish Executive’s primary compensation during the Employment Period, but shall not preclude the Board,  in the sole discretion of the Board,  from awarding Executive a higher salary, additional equity awards, or other bonus compensation, up to fifty percent (50%) of the Base Salary, based on achievement of corporate and personal goals as established by the CEO and confirmed by the
		

		
			
		

		
			

		 

		

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			Compensation Committee of the Board during the Employment Period.  Specific milestones that will be considered by the Compensation Committee of the Board in the determination of Executive’s discretionary annual performance bonus shall include: (i) obtain a successful outcome for the Ampion OA of the Knee clinical trial in progress as of the Effective Date of this Agreement; (ii) submit and obtain FDA acceptance of a validated Bioassay for Ampion lot release; (iii) submit and obtain FDA acceptance of the Biologic License Application (BLA) for Ampion; and (iv) obtain FDA Biologics License for Ampion for the treatment of OA for at least KL-4 patients.
		

		
			(d)       Employee Benefit Plans; Paid Time Off.
		

		
			(i)         Benefit Plans.  During the Employment Period, Executive shall be an employee of the Company and shall be entitled to participate, on terms and conditions not less favorable to Executive than other similarly-situated senior executives of the Company generally, in the Company’s (A) tax-qualified defined contribution retirement plans, if any; (B) group life, health, and disability insurance plans, if any; and (C) any other employee benefit plans and programs and perquisites, if any, in accordance with the Company’s customary practices with respect to other similarly-situated senior executives of the Company generally; provided that Executive’s participation shall be subject to the terms of such plans and programs (including being a member of the class of employees currently eligible to commence participation in the plan or program); and provided,  further, that nothing herein shall limit the Company’s right to amend or terminate any such plans or programs in its sole discretion at any time.
		

		
			(ii)       Paid Time Off.  Executive shall be entitled to paid vacation time each year during the Employment Period (measured and accrued on a fiscal- or calendar-year basis, in accordance with the Company’s usual practices and policies), as well as sick leave, holidays, and other paid absences in accordance with the Company’s policies and procedures for employees.
		

		
			(e)        Expenses.  The Company shall reimburse Executive for Executive’s ordinary and necessary business expenses incurred in connection with the performance of Executive’s duties under this Agreement upon presentation to the Company of an itemized account of such expenses in such form as the Company may reasonably require.
		

		
			4.         Principal Place of Employment.  Executive’s principal place of employment during the Employment Period shall be at the Company’s principal executive offices at 373 Inverness Parkway, Suite 200, Englewood, Colorado 80112, subject to travel to such other locations as shall be necessary to fulfill Executive’s employment duties.
		

		
			5.         Outside Activities and Board Memberships.  During the Employment Period, Executive shall not provide services on behalf of any other entity or business that competes with the Company or any of its Affiliates (as defined below) (each, a “Competitive Business”), or any subsidiary or Affiliate of any such Competitive Business, as an employee, consultant, independent contractor, agent, sole proprietor, partner, joint venturer, corporate officer, or director; nor shall Executive acquire, by reason of purchase during the Employment Period, the ownership of more than one percent (1%) of the outstanding equity interest in any such Competitive Business.  Subject to the foregoing, Executive may serve on boards of directors of unaffiliated corporations, subject to approval by the Board, which shall not be unreasonably withheld, and boards of directors of not-for-profit organizations and trade associations, subject to approval by the Board in
		

		
			
		

		
			

		 

		

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			accordance with the Company’s policies and procedures.  Except as specifically set forth herein, Executive may engage in personal business and investment activities, including personal investments in the stocks, securities, and obligations of other financial institutions (or their holding companies); provided, however, that in no event shall Executive’s outside activities, services, personal business, and investments materially interfere with the performance of Executive’s duties under this Agreement or be permitted to create a conflict of interest (or apparent conflict of interest) with the Company.  Nothing in this Section 5 shall limit any of Executive’s obligations under Section 9 hereof.
		

		
			6.         Termination of Employment.
		

		
			(a)        Termination by the Company without Cause;  or Termination by Executive for Good Reason.
		

		
			(i)         The Company shall have the right to terminate Executive’s employment at any time during the Employment Period without Cause by giving notice to Executive as described in Section 6(d).
		

		
			(ii)       In the event that the Company terminates Executive’s employment during the Employment Period without Cause:
		

		
			(A)       The Company shall pay or provide to Executive any Accrued Obligations; and
		

		
			(B)       Subject to Section 6(e), the Company shall pay to Executive a cash payment in an amount equal to six  (6) months of Executive’s Base Salary as of the Termination Date (as defined below), less applicable taxes and withholdings (the “Severance Payment”), payable to Executive within sixty (60) days following the date of termination; provided, however, that Executive has a duty to mitigate any Severance Payment provided under this Agreement and, accordingly, any such Severance Payment made to Executive will be offset by any and all compensation Executive may receive from other employment subsequent to her employment with the Company, thereby requiring Executive to return to the Company any portion of the Severance Payment that is offset by such compensation within thirty (30) days of receipt of the offsetting compensation; and
		

		
			(C)       Subject to Section 6(e),  effective as of the Termination Date, the vesting and exercisability of all then outstanding equity awards (excluding such portion of any equity awards (i) whose vesting is based on performance-based criteria and (ii) that is intended to constitute “qualified performance-based compensation” within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”) (other than options granted at fair market value) (each, a “Performance-Based Award”)) held by Executive shall accelerate in full.  The time-based vesting and exercisability (if any) of all Performance-Based Awards held by Executive shall accelerate effective as of the Termination Date.  Any Performance-Based Award shall become vested and exercisable only if the applicable performance-based criteria are satisfied at the end of the applicable period relating to such award, at which time such Performance-Based Award shall become vested and exercisable on a pro-rated basis by multiplying such Performance-Based Award by a fraction, the numerator of which is the number of full months Executive was
		

		
			
		

		
			

		 

		

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			employed  by the Company during the applicable performance period, and the denominator of which is the total number of months in such performance period.  The term of any option that is treated as a Performance-Based Award shall include any period referred to in the preceding sentence during which the option shall not be terminated.  Any Performance-Based Award for which the performance criteria are not satisfied within the applicable performance period shall terminate at the end of such period.
		

		
			(iii)      Subject to Section 6(e), in the event Executive terminates Executive’s employment for Good Reason (as defined below),  and upon giving notice to the Company as described in Section 6(d),  Executive shall be entitled to any Accrued Obligations and three (3) months of Executive’s Base Salary as of the Termination Date, less applicable taxes and withholdings (also the “Severance Payment”), to be paid within sixty (60) days following the date of termination.
		

		
			(b)        Termination by the Company for Cause;  or Termination by Executive without Good Reason.
		

		
			(i)         The Company shall have the right to terminate Executive’s employment at any time during the Employment Period for Cause by giving notice to Executive as provided in Section 6(d) hereof.  In the event Executive’s employment is terminated for Cause, the Company’s sole obligation shall be to pay or provide to Executive any Accrued Obligations.
		

		
			(ii)       Likewise, in the event Executive’s employment is terminated by Executive without Good Reason, the Company’s sole obligation shall be to pay or provide to Executive any Accrued Obligations.
		

		
			(c)        Termination by Reason of Death or Disability of Executive.
		

		
			(i)         In the event of Executive’s death during the Employment Period, the Company’s sole obligation shall be to pay to Executive’s legal representatives any Accrued Obligations.
		

		
			(ii)       The Company shall be entitled to terminate Executive’s employment due to Executive’s Disability (as defined below).  If Executive’s employment hereunder is terminated due to Executive’s Disability, the Company’s sole obligation shall be to pay or provide to Executive any Accrued Obligations.
		

		
			(d)        Notice; Effective Date of Termination.  Notice of termination of employment under this Agreement shall be communicated by or to Executive (on one hand) or the Company (on the other hand) in writing in accordance with Section 14.  The date of termination of Executive’s employment pursuant to this Agreement (the “Termination Date”) shall be effective on the earliest of:
		

		
			(i)         immediately after the Company gives notice to Executive of Executive’s termination without Cause, unless the parties agree to a later date, in which case, termination shall be effective as of such later date;
		

		
			
		

		
			

		 

		

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			(ii)       immediately upon approval by the Board of termination of Executive’s employment for Cause;
		

		
			(iii)      immediately upon Executive’s death;
		

		
			(iv)       in the case of termination by reason of Executive’s Disability, the date on which Executive is determined to be permanently disabled for purposes of the Company’s long-term disability plan or policy that covers Executive or as defined herein; or
		

		
			(v)        thirty (30) days after Executive gives written notice to the Company of Executive’s resignation from employment under this Agreement (including for Good Reason), provided that the Company in its sole discretion may set an earlier Termination Date at any time prior to the date of termination of employment, in which case Executive’s resignation shall be effective as of such other date.
		

		
			(e)        General Release of Claims.  Executive shall not be entitled to any Severance Payment or other payment or benefit pursuant to Section 6(a)(ii)(B) or (C) or Section 6(a)(iii) (the “Severance Benefits”) in the event Executive’s employment terminates without Cause or for Good Reason, unless Executive has executed and delivered to the Company a general release of claims (in the form attached hereto as Exhibit B) (the “Release”).  Executive’s entitlement to the Severance Benefits is further conditioned upon complying with the terms of Sections 6(i), 8,  and 9 hereof.  The Company shall deliver to Executive a copy of the Release not later than three (3) days after the Termination Date.  Any payments or benefits under this Agreement that constitute nonqualified deferred compensation under Section 409A of the Code and the payment of which is conditioned on the effectiveness of the Release, if any, shall be paid in the later taxable year.
		

		
			(f)        No Other Severance Benefits.  Executive acknowledges and agrees that the Severance Benefits, and other rights and benefits provided under this Agreement, if any, upon termination are in lieu of, and not in addition to, any payments and/or benefits to which Executive may otherwise be entitled under any severance plan, policy, or program of the Company, except as may be provided in any change of control agreement between Executive and the Company.
		

		
			(g)        Payment of Obligations.  Notwithstanding anything to the contrary herein, any payment obligation of the Company under this Agreement may be satisfied in whole or in part by payment by the Company or any Affiliate, and any such payment shall, for purposes of this Agreement, be treated as if made by the Company.
		

		
			(h)        Resignation from Positions.  Upon termination of Executive’s employment for any reason, Executive shall promptly (i) resign from all positions (including, without limitation, any management, officer, or director position) with the Company and its Affiliates and (ii) relinquish any power of attorney, signing authority, trust authorization, or Company account signatory authorization that Executive may hold on behalf of the Company or its Affiliates.  Executive’s execution of this Agreement shall be deemed the grant by Executive to the officers of the Company and the Company of a limited power of attorney to sign in Executive’s name and on Executive’s behalf such documentation as may be necessary or appropriate for the limited purposes of effectuating such resignations and relinquishments.
		

		
			
		

		
			

		 

		

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			(i)         Return of Company Property.  On or before the Termination Date, Executive shall return to the Company any and all Company property, including but not limited to any computer or other electronic equipment, and any documents, files, computer records, or other materials belonging to, or containing confidential or proprietary information obtained from, the Company that are in Executive’s possession, custody, or control, including but not limited to any such materials that may be at Executive’s home or that may be stored on any electronic devices not belonging to the Company.  Upon the Company’s request, Executive shall return or destroy any copies, including electronic copies, of any Company information, including any Company Trade Secret and Confidential Information, as described in Section 8 of this Agreement.
		

		
			(j)         Section 280G.  Notwithstanding any other provision of this Agreement or any other plan, arrangement, or agreement to the contrary, if any of the payments or benefits provided or to be provided by the Company or its Affiliates to Executive or for Executive’s benefit pursuant to the terms of this Agreement or otherwise (“Covered Payments”) constitute “parachute payments” within the meaning of Section 280G of the Code and would, but for this Section 6(j) be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then the Covered Payments shall be reduced (but not below zero) to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax.  Any such reduction shall be made in accordance with Section 409A of the Code and the following:
		

		
			(i)        the Covered Payments which do not constitute nonqualified deferred compensation subject to Section 409A of the Code shall be reduced first; and
		

		
			(ii)       all other Covered Payments shall then be reduced as follows: (A) cash payments shall be reduced before non-cash payments; and (B) payments to be made on a later payment date shall be reduced before payments to be made on an earlier payment date.
		

		
			If, notwithstanding the initial application of this Section 6(j), the Internal Revenue Service determines that any Covered Payment constitutes an excess parachute payment (as defined by Section 280G(b) of the Code), this Section 6(j) will be reapplied based on the Internal Revenue Service’s determination, and Executive will be required to promptly repay the portion of the Covered Payments required to avoid imposition of the Excise Tax together with interest at the applicable federal rate (as defined in Section 7872(f)(2)(A) of the Code) from the date of Executive’s receipt of the excess payments until the date of repayment.  Any determination required under this Section 6(j), including whether any payments or benefits are parachute payments, shall be made by the Company in its sole discretion.  Executive shall provide the Company with such information and documents as the Company may reasonably request in order to make a determination under this Section 6(j).  The Company’s determinations shall be final and binding on the Company and Executive.
		

		
			7.         Definitions.
		

		
			(a)        “Accrued Obligations” means (i) any accrued and unpaid Base Salary of Executive through the date of termination of employment, payable pursuant to the Company’s standard payroll policies, (ii) any compensation and benefits to the extent payable to Executive
		

		
			
		

		
			

		 

		

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			based on Executive’s participation in any compensation or benefit plan, program, or arrangement of the Company through the date of termination of employment, payable in accordance with the terms of such plan, program, or arrangement, and (iii) any expense reimbursement to which Executive is entitled under the Company’s standard expense reimbursement policy (as applicable) and Section 3(e), Section 3(f) to the extent not repayable by Executive pursuant to that section, and Section 10 hereof.
		

		
			(b)        “Cause” means, in the sole discretion of a majority of membership of the Board, Executive’s failure or refusal to substantially perform Executive’s duties hereunder; personal or professional dishonesty that could reasonably be expected to have a materially adverse impact on the financial interests or business reputation of the Company; incompetence; willful misconduct; breach of fiduciary duty (including duties involving personal profit); breach of the Company’s code of ethics; breach of the Company’s codes of conduct and personnel policies; breach of the Company’s compliance policies; material violation of the Sarbanes-Oxley requirements for officers of public companies that in the reasonable opinion of the Board will likely cause substantial financial harm or substantial injury to the reputation of the Company; willfully engaging in actions that in the reasonable opinion of the Board will likely cause substantial financial harm or substantial injury to the business reputation of the Company; willful violation of any law, rule, or regulation, or final cease-and-desist order (other than routine traffic violations or similar offenses); the unauthorized use or disclosure of any trade secret, proprietary, or confidential information of the Company (or any other party as to which Executive owes an obligation of nondisclosure as a result of Executive’s relationship with the Company), including Trade Secret and Confidential Information as defined in Section 8;  failure to follow the reasonable and lawful directives of the CEO or the Board pertaining to Executive’s duties with the Company; commission of an act of fraud, embezzlement, or misappropriation by Executive with respect to Executive’s relations with the Company or any of its employees, customers, agents, or representatives; or any material breach of any provision of this Agreement.  For purposes hereof, no act or failure to act, on the part of Executive, shall be considered “willful” unless it is done, or omitted to be done, by Executive in bad faith or without an objectively reasonable belief that Executive’s action or omission was in the best interests of the Company.  Any act or failure to act, whether based upon the direction of the Board or based upon the advice of counsel for the Company, shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the Company.
		

		
			(c)        “Good Reason” means, without Executive’s written consent: (i) there is a material reduction of the level of Executive’s compensation (except where there is a general reduction also applicable to the other members of the senior executive team), or (ii) there is a material reduction in Executive’s overall responsibilities or authority, or scope of duties (it being understood that the occurrence of a change in control shall not, by itself, necessarily constitute a reduction in Executive’s responsibilities or authority).  No event shall be deemed to be “Good Reason” if the Company has cured the event (if susceptible to cure) within thirty (30) days of receipt of written notice from Executive specifying the event or events that, absent cure, would constitute “Good Reason.”
		

		
			(d)        “Disability” means that Executive is deemed disabled for purposes of the Company’s long-term disability plan or policy that covers Executive; provided, however, that if the Company does not have a long-term disability plan or policy at the time of the “Disability,”
		

		
			
		

		
			

		 

		

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			“Disability” shall mean such physical or mental condition of Executive, including, without limitation, alcoholism or drug addiction, which renders Executive incapable, with or without reasonable accommodation, of performing the essential functions of Executive’s duties or obligations required under this Agreement for a period in excess of ninety (90) consecutive days or one-hundred eighty (180) nonconsecutive days in any three-hundred sixty-five (365) day period, as determined by the Company in its reasonable discretion and in compliance with all applicable laws.
		

		
			8.         Nondisclosure of Trade Secret and Confidential Information.
		

		
			(a)        Trade Secret and Confidential Information.  Executive acknowledges that the Company possesses certain trade secrets and other confidential and proprietary information, which it has acquired and developed or will acquire and develop at great effort and expense, to which Executive will be and has been exposed during Executive’s employment with the Company.  Such information includes, without limitation, trade secret and other proprietary information, whether in tangible or intangible form, regarding the Company’s and its Affiliates’ products and services, marketing strategies, financial affairs, organizational and personnel matters, business plans, operations, costs, current or prospective customer, client, and vendor information, product concepts, designs, or specifications, research and development efforts, technical data and know-how, sales information, including pricing and other terms and conditions of sale, financial information, internal procedures, techniques, forecasts, methods, trade information, software programs, project requirements, inventions, trademarks, trade names, and similar information regarding the Company’s business and other nonpublic matters, or concerning those of third parties entrusted to the Company in its business dealings (collectively referred to in this Agreement as “Trade Secret and Confidential Information”).  Due to Executive’s employment with the Company, Executive will have and has had access to, will and has become acquainted with, and/or has or may in the future help develop, such Trade Secret and Confidential Information.  Trade Secret and Confidential Information shall not include information readily available in the public domain so long as such information was not made publicly available through fault of Executive or wrong doing by any other individual.
		

		
			(b)        Non-Use or Disclosure.  Executive will not, except as required to conduct the Company’s business, either during Executive’s employment or subsequent thereto, use, copy, or disclose any Trade Secret and Confidential Information.  Additionally, Executive represents that she has not, except as required to conduct the Company’s business disclosed any Trade Secret or Confidential Information.  All Trade Secret and Confidential Information of the Company shall remain the sole property of the Company, shall not be copied without written permission of the Company, and shall be returned immediately to the Company by Executive upon Executive’s termination of employment or at the Company’s earlier request.  After termination of Executive’s services with the Company, Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it.  The confidentiality provisions contained herein are in addition to and not in limitation of Executive’s duties as an officer under applicable law.  For purposes of this Section 8 and Section 9, references to the Company and its Affiliates shall include their predecessor and any successor entities.  Notwithstanding the foregoing, Executive will not be held criminally or civilly liable under any federal or state trade secret law for a disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and
		

		
			
		

		
			

		 

		

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			(ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and protected from public disclosure.  Further, nothing in this Agreement prohibits Executive from reporting possible violations of federal or state law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, Congress, and any federal Inspector General, or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation.  Executive does not need the prior authorization of the Company to make any such reports or disclosures and is not required to notify the Company that Executive has made such reports or disclosures.
		

		
			9.         Non-Solicitation; Non-Competition; Intellectual Property; and Post-Termination Cooperation.
		

		
			(a)        Need for Limited Non-Solicitation and Non-Compete Restrictive Covenants.  Executive acknowledges that the Company has spent and will continue to expend substantial amounts of time, money, and effort to develop its business strategies, Trade Secret and Confidential Information, customer relationships, goodwill, and employee relationships, and that Executive will benefit from these efforts.  Executive also acknowledges that Executive’s knowledge and use of the Company’s business strategies, Trade Secret and Confidential Information, customer relationships, goodwill, and employee relationships to compete against the Company in an unrestricted manner would be unfair and extremely detrimental to the Company.  Accordingly, for these legitimate business reasons, Executive acknowledges the Company’s need to protect its Trade Secret and Confidential Information and business interests by reasonably restricting Executive’s ability to compete with the Company on a limited basis to the extent permitted by law.
		

		
			(b)        Definitions.  For purposes of this Agreement, the Parties agree that the following terms shall apply:
		

		
			i.          “Affiliate” means, as to any person or entity, any other person or entity (i) that directly or indirectly controls, is controlled by, or is under direct or indirect common control with, such person or entity, or (ii) that has the power directly or indirectly to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting securities, by contract, or otherwise;
		

		
			ii.         “Competitive Capacity” means performing the same or similar duties to those performed by Executive on behalf of the Company at any time during the twenty-four month (24-month) period preceding Executive’s Termination Date;
		

		
			iii.        “Competitive Products” means any product or service that directly or indirectly competes with, is substantially similar to, or serves as a reasonable substitute for, any product or service that is distributed, developed, or provided by the Company;
		

		
			iv.        “Competitor” means any person or entity that offers or is actively planning to offer any Competitive Products;
		

		
			v.         “Customer Base” means all accounts, clients, vendors, or customers with whom the Company had material contact within the Geographic Territory, and all prospective accounts, clients, vendors, or customers contacted by Executive or to whom Executive
		

		
			
		

		
			

		 

		

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			had direct access at any time during the twenty-four month (24-month) period preceding Executive’s Termination Date;
		

		
			vi.        “Geographic Territory” means anywhere that the Company does business, including, but not limited to, developing, marketing, or selling its products, or had active plans to do business during Executive’s employment with the Company;
		

		
			vii.       “Non-Compete Period” shall include the period of Executive’s employment with the Company, as well as a period of twelve (12) months after such employment is terminated, regardless of the reason for such termination;
		

		
			viii.      “Non-Solicitation Period” shall include the period of Executive’s employment with the Company, as well as a period of twenty-four (24) months after such employment is terminated, regardless of the reason for such termination; and
		

		
			ix.        “Directly or indirectly” shall be construed such that the covenants in this Agreement shall apply equally to Executive whether conduct is performed individually, through other individuals, or as a partner, shareholder, officer, director, manager, employee, salesman, independent contractor, broker, agent, or consultant for any other individual, partnership, firm, corporation, company, or other entity.
		

		
			(c)        Non-Solicitation.  During the Non-Solicitation Period, to the fullest extent permitted by law, Executive agrees not to directly or indirectly engage in the following prohibited conduct: for or on behalf of any Competitor or relating to any Competitive Products, solicit, offer products or services to, or accept orders from, or otherwise transact any competitive business with, any member of the Customer Base or any person or entity about whom Executive possessed, or had access to Trade Secret and Confidential Information; attempt to entice or otherwise cause any third party to withdraw, curtail, or cease doing business with the Company, specifically including customers, vendors, and clients, especially when such activities will involve the inevitable use of, or near-certain influence by Executive’s knowledge of, Trade Secret and Confidential Information disclosed to Executive during the course of employment with the Company; disclose to any person or entity the identities, contact information, or preferences of any customers of the Company, or the identity of any other persons or entities having business dealings with the Company; induce any individual who has been employed by or has provided services to the Company within the twelve month (12-month) period immediately preceding Executive’s date of separation from the Company to terminate such relationship with the Company; assist, coordinate, or otherwise offer employment to, accept employment inquiries from, or employ any individual who is or had been employed by the Company at any time within the twelve-month (12-month) period immediately preceding such offer or inquiry; communicate or indicate in any way to any customer, client, or vendor of the Company, prior to Executive’s formal separation from the Company, any interest, desire, plan, or decision to separate from the Company; or otherwise attempt to directly or indirectly interfere with the Company’s business or its relationship with its employees, consultants, vendors, independent contractors, or customers.  Executive acknowledges that the duration and obligations of this Section 9  are reasonably limited and necessary to protect the Company consistent with provisions of Colorado law relating to restrictive covenants and the protection of trade secrets.
		

		
			
		

		
			

		 

		

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			(d)        Non-Compete.  By virtue of Executive’s executive role with the Company and for the purpose of protecting the Company’s trade secrets, as a condition of employment and to the fullest extent permitted by law, Executive agrees during the Non-Compete Period not to, directly or indirectly,  act in any Competitive Capacity or adverse to the Company or engage in the following competitive activities: own, manage, operate, control, be employed by (whether as an employee, director, consultant, independent contractor, or otherwise, and whether or not for compensation), or render services in any capacity to a Competitor within the Geographic Territory, especially when such competitive activities will involve the inevitable use of, or near-certain influence by Executive’s knowledge of, Trade Secret and Confidential Information disclosed to Executive during the course of employment with the Company; either for Executive’s own benefit or for or on behalf of any Competitor, within the Geographic Territory or concerning the Customer Base, engage in the research, development, production, sale, or distribution of any Competitive Products; or market, sell, or otherwise offer or provide any Competitive Products within the Geographic Territory.  Executive acknowledges that the duration and obligations of this Section 9  are reasonably limited and necessary to protect the Company consistent with Colorado law relating to restrictive covenants and the protection of trade secrets.
		

		
			(e)        Survival of Restrictive Covenants.  To the extent permitted by law, the restrictive covenants set forth in this Agreement shall survive the termination of this Agreement and the termination of Executive’s employment for any reason.  Executive’s obligations hereunder are independent and separate covenants undertaken by Executive for the benefit of the Company, and any alleged breach by the Company of any contractual, statutory, or other obligation shall not excuse or terminate Executive’s obligations hereunder or otherwise preclude the Company from seeking injunctive or other relief.
		

		
			(f)        Notice of Restrictions.  Executive hereby agrees that prior to accepting employment with any other person or entity during the Non-Solicitation Period or Non-Compete Period, Executive shall provide such prospective employer with written notice of Section 8 and this Section 9, with a copy of such notice delivered promptly to the Company.  Executive acknowledges and agrees that the Company may also provide such notice to any future employer of Executive during the Non-Solicitation Period and Non-Compete Period.
		

		
			(g)        Specific Enforcement and Injunctive Relief.  Executive acknowledges and agrees that: (i) the purposes of the foregoing covenants, including without limitation the Non-Solicitation and Non-Compete covenants  of Sections 9(c) and 9(d), are to protect the goodwill, legitimate business interests, and Trade Secret and Confidential Information of the Company, its Affiliates, and its business partners; and (ii) because of the nature of the business in which the Company and its Affiliates are engaged, and because of the nature of the Trade Secret and Confidential Information to which Executive has access, it would be impractical and excessively difficult to determine the actual damages of the Company and its Affiliates in the event Executive breached any of the covenants of Section 8 or this Section 9.  Executive understands that these covenants may limit Executive’s ability to earn a livelihood in a Competing Business during the Non-Compete Period; however, Executive acknowledges that the Company would be irreparably injured by a violation of Section 8 or this Section 9, and that it is impossible to measure in money the damages that will accrue to the Company by reason of a failure by Executive to perform any of Executive’s obligations under Section 8 or this Section 9.  Accordingly, in addition to other remedies that may be available (including, without limitation, termination of the obligation for the
		

		
			
		

		
			

		 

		

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			Company to pay compensation or benefits hereunder due to Executive’s failure to comply in all material respects with the restrictive covenants in Section 8,  9(c) or 9(d)), the Company and its Affiliates shall be entitled to specific performance and other necessary and appropriate injunctive relief, without the requirement to post a bond.  Further, if the Company or its Affiliates institute any action or proceeding to enforce any of the provisions of Section 8 or this Section 9, to the extent permitted by applicable law, Executive hereby waives the claim or defense that the Company or its Affiliates have an adequate remedy at law other than injunctive relief, and Executive shall not urge in any such action or proceeding the defense that any such remedy exists at law.
		

		
			(h)        Severability and Continuation.  If any of the covenants set forth in Section 8 or this Section 9 are finally held to be invalid, illegal, or unenforceable (whether in whole or in part), such covenant shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality, or unenforceability, and the remaining covenants shall not be affected thereby and shall remain in full force and effect.  Any termination of Executive’s services or of this Agreement shall have no effect on the continuing operation of Section 8 or this Section 9, which shall survive in accordance with their terms.
		

		
			(i)         Continued Cooperation.  During the Employment Period and following the cessation of Executive’s employment for any reason, Executive shall, upon reasonable notice, (i) furnish such information and assistance to the Company and/or its respective Affiliates, as may reasonably be requested by the Company or such Affiliates, with respect to any matter, project, initiative, or effort for which Executive is or was responsible or has relevant knowledge or had substantial involvement in while employed by the Company under this Agreement, and (ii) cooperate with the Company and their respective Affiliates during the course of all third-party proceedings arising out of the Company, or the Company’s and its respective Affiliates’ business, about which Executive has knowledge or information.
		

		
			(j)         Intellectual Property Ownership.
		

		
			i.            Assignment.  As between the Company and Executive, Executive agrees that all right, title, and interest in and to any and all copyrightable material, notes, records, drawings, designs, logos, inventions, improvements, developments, discoveries, ideas, and trade secrets conceived, discovered, authored, invented, developed, or reduced to practice by Executive, solely or in collaboration with others, during the period of time Executive has in the employ of the Company, including any past time, (including during Executive’s off-duty hours), or with the use of the Company’s equipment, supplies, facilities, or Company Trade Secret and Confidential Information, and any copyrights, patents, trade secrets, mask work rights, or other intellectual property rights relating to the foregoing, except as provided in Section 9(j)(vii) below (collectively, “Inventions”), are the sole property of the Company.  Executive also agrees to promptly make full written disclosure to the Company of any and all Inventions, and to deliver and irrevocably assign fully to the Company all of Executive’s right, title, and interest in and to Inventions upon their creation.  Executive agrees that this assignment includes a present conveyance to the Company of ownership of Inventions that are not yet in existence.  Executive further acknowledges that all original works of authorship that are made by Executive (solely or jointly with others) within the scope of and during the period of Executive’s employment with the Company and that are protectable by copyright are “works made for hire,” as that term is defined in the United States Copyright Act.  Executive understands and agrees that the decision whether or not to
		

		
			
		

		
			

		 

		

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			commercialize or market any Inventions is within the Company’s sole discretion and for the Company’s sole benefit, and that no royalty or other consideration will be due to Executive as a result of the assignment herein or the Company’s efforts to commercialize or market any such Inventions.
		

		
			ii.            Pre-Existing Materials.  Executive agrees to inform the Company, in writing, before incorporating any inventions, discoveries, ideas, original works of authorship, developments, improvements, trade secrets, or other proprietary information or intellectual property rights owned by Executive or in which Executive has an interest prior to, or separate from, Executive’s employment with the Company, including, without limitation, any inventions that meet the criteria set forth in Section 9(j)(vii) below (“Prior Inventions”), into any Invention or otherwise utilizing any Prior Invention in the course of Executive’s employment with the Company.  The Company is hereby granted a nonexclusive, royalty-free, perpetual, irrevocable, transferable worldwide license (with the right to grant and authorize sublicenses) to make, have made, use, import, offer for sale, sell, reproduce, distribute, modify, adapt, prepare derivative works of, display, perform, and otherwise exploit any and all such incorporated or utilized Prior Inventions, without restriction, including, without limitation, as part of, or in connection with, such Invention, and to practice any method related thereto.  Executive will not incorporate any inventions, discoveries, ideas, original works of authorship, developments, improvements, trade secrets, or other proprietary information or intellectual property rights owned by any third party into any Invention without prior written consent of the Company and such third party.  Executive has attached a list hereto as Exhibit A describing all Prior Inventions that relate to the Company’s current or anticipated business, products, or research and development or, if no such list is attached, Executive represents and warrants that there are no such Prior Inventions.  Furthermore, Executive represents and warrants that if any Prior Inventions are included on Exhibit A, they will not materially affect Executive’s ability to perform all obligations under this Agreement.
		

		
			iii.           Moral Rights.  The assignment by Executive to the Company of Inventions under Section 9(j)(i) above includes all rights of attribution, paternity, integrity, modification, disclosure, and withdrawal, and any and all other rights throughout the world that may be known as or referred to as “moral rights,” “artist’s rights,” “droit moral,” or the like (collectively, “Moral Rights”).  To the extent that any Moral Rights cannot be assigned under applicable law, Executive hereby waives and agrees not to enforce any and/or all such Moral Rights, including, without limitation, any limitation on subsequent modification, to the extent permitted under applicable law.
		

		
			iv.           Maintenance of Records.  Executive agrees to keep and maintain adequate, current, accurate, and authentic written records of all Inventions made by Executive (whether solely or jointly with others) during the term of Executive’s employment with the Company.  The records will be in the form of notes, sketches, drawings, electronic files, reports, and/or any other format that may be specified by the Company.  As between the Company and Executive, the records are and will be available to and remain the sole property of the Company at all times.
		

		
			v.            Further Assurances.  Executive agrees to assist the Company, or its designee, at the Company’s expense, in every reasonable way to secure the Company’s rights in the Inventions in any and all countries, including by disclosing to the Company all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments, and all other instruments that the Company shall deem proper or necessary in order
		

		
			
		

		
			

		 

		

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			to apply for, register, obtain, maintain, defend, and enforce such rights, and in order to deliver, assign, and convey to the Company, its successors, assigns, and nominees the sole and exclusive rights, title, and interest in and to all Inventions, and by testifying in a suit or other proceeding relating to such Inventions.  Executive further agrees that Executive’s obligations under this Section 9(j)(v) shall continue after the termination of this Agreement.
		

		
			vi.           Attorney-in-Fact.  Executive agrees that, if the Company is unable because of Executive’s unavailability, mental, or physical incapacity, or for any other reason, to secure Executive’s signature with respect to any Inventions, including, without limitation, for the purpose of applying for or pursuing any application for any United States or foreign patents or mask work or copyright registrations covering the Inventions assigned to the Company in Section 9(j)(i)  above, then Executive hereby irrevocably designates and appoints the Company and each of its duly authorized officers and agents as Executive’s agent and attorney-in-fact, to act for and on Executive’s behalf to execute and file any papers and oaths, and to do all other lawfully permitted acts with respect to such Inventions to further the prosecution and issuance of patents, copyright, and mask work registrations with the same legal force and effect as if executed by Executive.  This power of attorney shall be deemed coupled with an interest and shall be irrevocable.
		

		
			vii.          Exception to Assignments.   EXECUTIVE UNDERSTANDS THAT THE PROVISIONS OF THIS AGREEMENT REQUIRING ASSIGNMENT OF INVENTIONS (AS DEFINED UNDER SECTION 9(j) ABOVE) TO THE COMPANY DO NOT APPLY TO ANY INVENTION THAT EXECUTIVE DEVELOPS ENTIRELY ON EXECUTIVE’S OWN TIME WITHOUT USING THE COMPANY’S EQUIPMENT, SUPPLIES, FACILITIES, OR TRADE SECRET INFORMATION (AN “OTHER INVENTION”), EXCEPT FOR THOSE OTHER INVENTIONS THAT EITHER (I) DIRECTLY RELATE AT THE TIME OF CONCEPTION OR REDUCTION TO PRACTICE OF SUCH OTHER INVENTION TO THE COMPANY’S BUSINESS, OR ACTUAL OR DEMONSTRABLY ANTICIPATED RESEARCH OR DEVELOPMENT OF THE COMPANY OR (II) RESULT FROM ANY WORK THAT EXECUTIVE PERFORMED FOR THE COMPANY.  EXECUTIVE WILL ADVISE THE COMPANY PROMPTLY IN WRITING OF ANY INVENTIONS THAT EXECUTIVE BELIEVES CONSTITUTES AN OTHER INVENTION AND IS NOT OTHERWISE DISCLOSED ON EXHIBIT A TO PERMIT A DETERMINATION OF OWNERSHIP BY THE COMPANY.  ANY SUCH DISCLOSURE WILL BE RECEIVED IN CONFIDENCE.  EXECUTIVE AGREES THAT EXECUTIVE WILL NOT INCORPORATE, OR PERMIT TO BE INCORPORATED, ANY OTHER INVENTION OWNED BY EXECUTIVE OR IN WHICH EXECUTIVE HAS AN INTEREST INTO A COMPANY PRODUCT, PROCESS, OR SERVICE WITHOUT THE COMPANY’S PRIOR WRITTEN CONSENT.  NOTWITHSTANDING THE FOREGOING SENTENCE, IF, IN THE COURSE OF EXECUTIVE’S EMPLOYMENT WITH THE COMPANY, EXECUTIVE INCORPORATES INTO A COMPANY PRODUCT, PROCESS, OR SERVICE AN OTHER INVENTION OWNED BY EXECUTIVE OR IN WHICH EXECUTIVE  HAS AN INTEREST, EXECUTIVE HEREBY GRANTS TO THE COMPANY A NONEXCLUSIVE, ROYALTY-FREE, FULLY PAID-UP, IRREVOCABLE, PERPETUAL, TRANSFERABLE, SUBLICENSABLE, WORLDWIDE LICENSE TO REPRODUCE, MAKE DERIVATIVE WORKS OF, DISTRIBUTE, PERFORM, DISPLAY, IMPORT, MAKE, HAVE MADE, MODIFY, USE, SELL, OFFER TO SELL, AND EXPLOIT IN ANY OTHER WAY SUCH OTHER INVENTION AS PART OF OR IN CONNECTION
		

		
			
		

		
			

		 

		

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			WITH SUCH PRODUCT, PROCESS, OR SERVICE, AND TO PRACTICE ANY METHOD RELATED THERETO.
		

		
			10.       Release of Claims.  Executive acknowledges that she has been employed by the Company since September 19, 2017, and that the term of employment under this Agreement is a continuation of such employment.  As a condition of continued employment, and in consideration for the same and for the amounts to be paid under this Agreement, Executive agrees that, except as otherwise set forth in this Agreement, on behalf of Executive, Executive’s heirs, successors, and assigns, Executive fully and forever releases and discharges Employer and TriNet HR III, Inc. and their affiliates, officers, agents, administrators, servants, employees, attorneys, successors, parent, subsidiaries, assigns, and affiliates (collectively the “Released Parties” or, each individually a “Released Party”) of and from any and all claims, causes of action, and liabilities, whether individually or part of a class action, occurring prior to the Effective Date and arising out of or relating in any way to Executive’s employment with Employer, including, but not limited to, the recruitment to, offer of, terms and conditions of, and termination of Executive’s employment with Employer.  Executive understands and agrees that this Section 10 of this Agreement is a full and complete waiver and release of all claims, including, but not limited to, claims arising under Title VII of the 1964 Civil Rights Act, as amended; the Civil Rights Act of 1991; the Civil Rights Acts of 1866 and 1871; 42 U.S.C. §§ 1981, 1982, 1983 and 1985; the Americans with Disabilities Act of 1990; the Fair Labor Standards Act of 1938; the Employee Retirement Income Security Act of 1974, as amended; the Age Discrimination in Employment Act of 1967, as amended; the Older Workers Benefit Protection Act of 1990; the Equal Pay Act of 1963; the Family and Medical Leave Act of 1993; the Pregnancy Discrimination Act of 1978; the Rehabilitation Act of 1973; the Sarbanes-Oxley Act of 2002; the Consumer Financial Protection Act of 2010, and Section 1057 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd Frank”); the Colorado Anti-Discrimination Act (Colo. Rev. Stat. § 24-34-301 et seq.); the Colorado Lawful Off-Duty Activities law; Colorado Equal Pay Law (Colo. Rev. Stat. § 8-5-101 et seq.) and or any other federal, state, local or common law, statute, decision, order, policy, or regulation establishing or relating to claims or rights of employees, including, but not limited to, any and all claims alleging for compensation, damages, tort claims, breach of express or implied employment contract (including claims arising out of the Employment Agreement or related to any applicable sales commission plan or incentive compensation plan), breach of duty of good faith, breach of implied covenant of good faith and fair dealing, discrimination, harassment, retaliation, wrongful discharge, intentional and negligent infliction of emotional distress, outrageous conduct, intentional interference with contract or prospective business advantage, defamation, discharge in violation of public policy, and for any other damages or injuries incurred on the job, in relation to the Executive’s employment or incurred as a result of loss of employment (collectively “Released Claims”).  To the extent permitted by law, Executive also promises never directly or indirectly to bring or participate in an action against any of the Released Parties under California Business & Professions Code Section 17200 or any unfair competition law of any jurisdiction.
		

		
			10.1     Claims Not Released.  This Agreement does not limit or otherwise affect Executive’s right to file a charge or complaint with the Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations Board (“NLRB”), the Occupational Safety and Health Administration (“OSHA”), the Securities and Exchange Commission (“SEC”) or any other federal, state, or local government agency or commission (“Government Agency”).  Executive is not waiving any rights that Executive may have to: (a) Executive’s own vested
		

		
			
		

		
			

		 

		

			Page 16 of 31

		

		

		
			accrued employee benefits under Employer’s health, welfare, or retirement benefit plans as of the Separation Date; (b) benefits and/or the right to seek benefits under applicable workers’ compensation and/or unemployment compensation statutes; (c) pursue claims which by law cannot be waived by signing this Agreement; (d) enforce this Agreement; (e) challenge the validity of this Agreement; and/or (f) assert any rights or claims that may arise after the Effective Date of this Agreement.  Employer is also not waiving any rights under subparts (c), (d), (e), and (f) of this Section 10.1.
		

		
			10.2     Governmental Agencies.  Nothing in this Agreement prohibits or prevents Executive, or the Company, from participating, testifying, or assisting in any investigation, hearing, or other proceeding before any Government Agency, the United States Congress, and any Inspector General of any United States federal agency, or making other disclosures that are protected under the whistleblower provisions of any federal, state or local law or regulation.  However, unless prohibited by law or regulation, Executive agrees that if such an administrative claim is made by Executive (or Executive’s heirs, successors, and assigns), Executive (and Executive’s heirs, successors, and assigns) shall not be entitled to recover any individual monetary relief or other individual remedies; provided, however, that this waiver is not intended to prohibit the provision of information to the SEC (or other Government Agency) or the receipt of any monetary award authorized by Section 21F-17 of Dodd Frank.
		

		
			10.3     Waiver.  In granting the release herein, Executive understands that this Agreement includes a release of all claims known or unknown.  In giving this release, which includes claims which may be unknown to Executive at present, Executive acknowledges that Executive has read and understands Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in [her] favor at the time of executing the release, which if known by [her] must have materially affected [her] settlement with the debtor.”  Executive hereby expressly waives and relinquishes all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to the release of any unknown or unsuspected claims Executive may have against the Released Parties.
		

		
			10.4     Warranty.  Executive specifically represent that she is not aware of any facts that might support a claim, charge, complaint, proceeding, administrative action or lawsuit against any of the Released Parties in any state or federal court or any local, state or federal agency, commission, office, bureau, department, division, or board based upon any event(s) relating to her relationship with the Released Parties occurring prior to the Effective Date of this Agreement.
		

		
			11.       Section 409A of the Code.  This Agreement is intended to comply with the requirements of Section 409A of the Code (including the exceptions thereto), to the extent applicable, and the Company shall administer and interpret this Agreement in accordance with such requirements.  If any provision contained in this Agreement conflicts with the requirements of Section 409A of the Code (or the exemptions intended to apply under this Agreement), this Agreement shall be deemed to be reformed to comply with the requirements of Section 409A of the Code (or the applicable exemptions thereto).  Notwithstanding anything to the contrary herein, for purposes of determining Executive’s entitlement to the payment or receipt of amounts or benefits that constitute nonqualified deferred compensation within the meaning of Section 409A of the Code, Executive’s employment shall not be deemed to have terminated unless and until
		

		
			
		

		
			

		 

		

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			Executive incurs a “separation from service” as defined in Section 409A of the Code.  Reimbursement of any expenses provided for in this Agreement shall be made promptly upon presentation of documentation in accordance with the Company’s policies with respect thereto as in effect from time to time (but in no event later than the end of the calendar year following the year such expenses were incurred); provided, however, that in no event shall the amount of expenses eligible for reimbursement hereunder during a calendar year affect the expenses eligible for reimbursement in any other taxable year.  Notwithstanding anything to the contrary herein, if a payment or benefit under this Agreement that constitutes nonqualified deferred compensation within the meaning of Section 409A of the Code is payable or provided due to a “separation from service” for purposes of the rules under Treas. Reg. § 1.409A-3(i)(2) (payments to specified employees upon a separation from service) and Executive is determined to be a “specified employee” (as determined under Treas. Reg. § 1.409A-1(i) and related Company procedures), such payment shall, to the extent necessary to comply with the requirements of Section 409A of the Code, be made on the date that is six (6) months after the date of Executive’s separation from service (or, if earlier, the date of Executive’s death).  Any installment payments that are delayed pursuant to this Section 10 shall be accumulated and paid in a lump sum on the first (1st)  day of the seventh (7th)  month following the date of Executive’s separation from service (or, if earlier, upon Executive’s death), and the remaining installment payments shall begin on such date in accordance with the schedule provided in this Agreement.  The Severance Benefits are intended not to constitute deferred compensation subject to Section 409A of the Code to the extent such Severance Benefits are covered by (a) the “short-term deferral exception” set forth in Treas. Reg. § 1.409A-1(b)(4), (b) the “two times severance exception” set forth in Treas. Reg. § 1.409A-1(b)(9)(iii), or (c) the “limited payments exception” set forth in Treas. Reg. § 1.409A-1(b)(9)(v)(D).  The short-term deferral exception, the two times severance exception and the limited payments exception shall be applied to the Severance Benefits in order of payment in such manner as results in the maximum exclusion of such Severance Benefits from treatment as deferred compensation under Section 409A of the Code.  Each installment of the Severance Benefits and any other payments or benefits that constitute nonqualified deferred compensation within the meaning of Section 409A of the Code shall be deemed to be a separate payment for purposes of Section 409A of the Code.  In no event may Executive, directly or indirectly, designate the calendar year of any payment under this Agreement.
		

		
			12.       Additional Termination and Suspension Provisions.
		

		
			(a)        If, after the Effective Date, any regulation applicable to the Company is amended or modified, or if any new regulation applicable to the Company becomes effective, and such amended, modified, or new regulation requires the inclusion in this Agreement of a provision not presently included in this Agreement, then the foregoing provisions of this Section shall be deemed amended to the extent necessary to give effect in this Agreement to any such amended, modified, or new regulation.
		

		
			(b)        If, after the Effective Date, any regulation applicable to the Company is amended or modified, or if any new regulation applicable to the Company becomes effective, and such amended, modified, or new regulation permits the exclusion of a limitation in this Agreement on the payment to Executive of an amount or benefit provided for presently in this Agreement, then the foregoing provisions of this Section shall be deemed amended to the extent permissible
		

		
			
		

		
			

		 

		

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			to exclude from this Agreement any such limitation previously required to be included in this Agreement by a regulation prior to its amendment, modification, or repeal.
		

		
			13.       Arbitration.  Any claim, dispute, or controversy arising out of, under, in connection with, or relating to this Agreement or the breach, termination, enforcement, interpretation, or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate in Section 13, shall be submitted to binding arbitration before one JAMS arbitrator in Denver, Colorado, in accordance with the JAMS Employment Arbitration Rules and Procedures.  A Party shall initiate the arbitration process by delivering a written request for arbitration to the other Party within the time limits that would apply to the filing of a civil complaint in Colorado state court.  A late arbitration request will be void.  If Executive and the Company are unable to agree upon a single neutral arbitrator within a period of ten (10) calendar days from receipt of a written request for arbitration, the Company will obtain a list of arbitrators from JAMS.  An arbitrator shall thereafter be selected off of this list using the process of alternate strikes, with Executive having the first strike.  The arbitrator shall determine the prevailing party in the arbitration, and the arbitrator’s decision shall be final and binding only on the Parties to this Agreement.  All administrative expenses of arbitration (e.g., arbitrator’s fees, court reporter fees, etc.) will be borne equally by the adverse Parties.  The arbitrator shall have the authority to order any legal and equitable remedy which would be available in a civil or administrative action on the claim(s) at issue, including an award of attorneys’ fees and costs.  Except as may be otherwise provided by the arbitrator, each Party shall bear its own respective attorneys’ fees and costs.  Any judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.  This clause shall not preclude the Parties from seeking provisional remedies, including temporary restraining orders and injunctive relief, in aid of arbitration from a court of competent jurisdiction.  THIS ARBITRATION PROVISION IS A WAIVER OF ALL RIGHTS TO A CIVIL JURY OR BENCH TRIAL, TO THE EXTENT ALLOWED BY LAW.
		

		
			14.       Indemnification and Insurance.  The Parties acknowledge that the Parties have executed an Indemnification Agreement, which shall not be superseded by this Agreement.  To the extent that the Company provides its senior executive officers with coverage under a directors’ and officers’ liability insurance policy, the Company shall provide such coverage to Executive on substantially the same basis.
		

		
			15.       Notices.  The persons or addresses to which notices, mailings, or deliveries shall be made may change from time to time by notice given pursuant to the provisions of this Section.  Any notice or other communication given pursuant to the provisions of this Section shall be deemed to have been given (a) if sent by messenger, upon personal delivery to the Party to whom the notice is directed; (b) if sent by reputable overnight courier, one (1) business day after delivery to such courier; (c) if sent by facsimile or email, on the date it is actually received; and (d) if sent by mail, three (3) business days following deposit in the United States mail, properly addressed, postage prepaid, certified or registered mail with return receipt requested.  All notices required or permitted to be given hereunder shall be addressed as follows (except as may be provided by written notice from one Party to the other):
		

		
			
		

		
			

		 

		

			Page 19 of 31

		

		

		
			 
		

			
					
						 

					
					
						 

					
						 

					
						 

				
	
					
						If to Executive:

					
					
						Holli Cherevka

					
						To the address specified in the payroll records of the Company, as provided to the Company by Executive.

				
	
					
						If to the Company:

					
					
						Ampio Pharmaceuticals, Inc.

					
						373 Inverness Parkway, Suite 200, Englewood, CO 80112

					
						Attention:  Chief Executive Officer

				

		
			 
		

		
			16.       Amendment.  No modifications of this Agreement shall be valid unless made in writing and signed by both Parties.
		

		
			17.       Miscellaneous.
		

		
			(a)        Successors and Assigns.  This Agreement shall inure to the benefit of and be binding upon Executive, Executive’s legal representatives, heirs, and estate and intestate distributees, as well as the Company and its successors and assigns, including any successor by merger or consolidation or a statutory receiver or any other person or firm or corporation to which all or substantially all of the assets and business of the Company may be sold or otherwise transferred.  Any such successor of the Company shall be deemed to have assumed this Agreement and to have become obligated hereunder to the same extent as the Company and Executive’s obligations hereunder shall continue in favor of such successor.
		

		
			(b)        Severability.  The terms of this Agreement are severable.  If any part of this Agreement is determined to be illegal, invalid, or unenforceable, the remaining parts shall not be affected thereby and the illegal, unenforceable, or invalid part(s) shall be deemed not to be part of this Agreement and the remaining provisions shall continue in full force and effect.  The Parties further agree that any such void or unenforceable provision(s) of this Agreement may be replaced with a valid and enforceable provision that will achieve, to the extent possible, the economic, business, or other purposes of the unenforceable provision(s).
		

		
			(c)        Waiver.  Failure to insist upon strict compliance with any terms, covenants, or conditions hereof shall not be deemed a waiver of such term, covenant, or condition.  A waiver of any provision of this Agreement must be made in writing, designated as a waiver, and signed by the Party against whom its enforcement is sought.  Any waiver or relinquishment of any right or power hereunder at any one or more times shall not be deemed a waiver or relinquishment of such right or power at any other time or times.
		

		
			(d)        Counterparts.  This Agreement may be executed in two or more counterparts by original signature, facsimile, or any generally accepted electronic means (including transmission of a PDF containing executed signature pages), each of which shall be deemed an original, and all of which shall constitute one and the same Agreement.
		

		
			
		

		
			

		 

		

			Page 20 of 31

		

		

		
			(e)        Governing Law.  This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Colorado, without reference to conflicts of law principles, except to the extent governed by federal law in which case federal law shall govern.
		

		
			(f)        Withholding.  The Company may withhold from any amounts payable to Executive hereunder all federal, state, city, or other taxes that the Company may reasonably determine are required to be withheld pursuant to any applicable law or regulation (it being understood that Executive shall be responsible for payment of all taxes in respect of the payments and benefits provided herein).
		

		
			(g)        Headings and Construction.  The headings of sections in this Agreement are for convenience of reference only and are not intended to qualify the meaning of any Section.  Any reference to a Section number shall refer to a Section of this Agreement, unless otherwise specified.  The language in all parts of this Agreement shall in all cases be construed as a whole according to its fair meaning and not strictly for or against any of the Parties.  The Company and Executive each acknowledge the opportunity to be represented by counsel in connection with this Agreement and the matters contemplated by this Agreement, and that, accordingly, no part of this Agreement should be construed against either Party based on authorship.
		

		
			(h)        Entire Agreement.  Except as specifically provided herein, this Agreement contains the entire agreement of the Parties relating to the subject matter hereof, and supersedes in its entirety any and all prior agreements, understandings, or representations relating to the subject matter hereof.
		

		
			(i)         Attorneys’ Fees.  Each Party shall bear its own attorneys’ fees in the preparation and review of this Agreement.  Should suit or action be instituted to enforce any provision of this Agreement, the prevailing Party shall be entitled to recover its costs and reasonable attorneys’ fees.
		

		
			IN WITNESS WHEREOF, the Company has caused this Agreement to be executed, and Executive has hereunto set Executive’s hand, all as of the Effective Date specified above.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Ampio Pharmaceuticals, Inc.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 /s/ Michael Macaluso

				
	
					
						 

					
					
						Name: Michael Macaluso

				
	
					
						 

					
					
						Title: Chief Executive Officer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Date:

					
					
						 September 16, 2019

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Executive

				
	
					
						 

					
					
						 /s/ Holli Cherevka

				
	
					
						 

					
					
						Holli Cherevka

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Date:

					
					
						 September 16, 2019

				

		
			 
		

		
			
		

		
			

		 

		

			Page 21 of 31

		

		

		
			Exhibit A
		

		
			LIST OF PRIOR INVENTIONS
		

		
			AND ORIGINAL WORKS OF AUTHORSHIP
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Title

					
					
						 

					
					
						Date

					
					
						 

					
					
						Identifying Number or Brief
Description

				
	
					
						 

				
	
					
						___ No inventions or improvements

					
					
						 

					
					
						 

				
	
					
						___ Additional Sheets Attached

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Date:

					
					
						 September 16, 2019

					
					
						 

					
					
						 /s/ Holli Cherevka

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Holli Cherevka

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			Page 22 of 31

		

		

		
			Exhibit B
		

		
			SEVERANCE AND RELEASE AGREEMENT
		

		
			This Severance and Release Agreement (“Agreement”) is made by and between Ampio Pharmaceuticals, Inc., together with its affiliates, shareholders, directors, officers, employees, representatives, predecessors, successors, and assigns (collectively referred to herein as “Employer” or “Released Parties”), and Holli Cherevka, an individual (“Executive”) (collectively the “Parties,” or, each individually, a “Party”).
		

		
			RECITALS
		

		
			A.        WHEREAS, Employer and Executive are parties to an Employment Agreement, dated as of July [___], 2019 (the “Employment Agreement”), pursuant to which Executive is eligible, subject to the terms and conditions set forth in the Employment Agreement, to receive certain compensation and benefits in connection with certain terminations of Executive’s services to the Company.
		

		
			NOW, THEREFORE, for and in consideration of the mutual promises and covenants in this Agreement, in consideration of the Company agreeing to provide the compensation and benefits under Section 6(a)(ii)(B), 6(a)(ii)(C) or Section 6(a)(iii) of the Employment Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:
		

		
			AGREEMENT
		

		
			1.0       Separation of Employment.  Employer and Executive agree that Executive’s last day of employment will be ______________ (“Separation Date”).  To assist Executive in Executive’s employment transition, Employer will voluntarily provide Executive with severance pay in exchange for execution of this Agreement and for agreement to the terms set forth herein.
		

		
			1.1       Effective Date and Revocation Period.  This Agreement shall become effective on the date on which it is signed by both Parties (the “Effective Date”).
		

		
			2.0       Compensation.
		

		
			2.1       Severance Pay.  Employer agrees to provide Executive with severance pay in the amount of $_______________ U.S. Dollars, less applicable statutory wage deductions, taxes, and any deductions (excluding employee benefits deductions) which Executive has authorized (“Severance Pay”), on or within five (5) days of the Effective Date of this Agreement.  The Severance Pay will be in the form that Executive typically receives salary payments from Employer.
		

		
			2.2       Wage Acknowledgement.  Beyond payments described in this Agreement, Executive acknowledges that, as of the Effective Date, Executive has received all outstanding compensation and accrued but unused vacation or paid time off, if any and applicable, and
		

		
			
		

		
			

		 

		

			Page 23 of 31

		

		

		
			Employer owes Executive no further compensation, reimbursement, or other remuneration of any type except as provided in this Agreement for any such time.
		

		
			2.3       Medical Benefits.  Executive’s medical benefits, if any, shall continue through the end of the month in which Executive’s employment ends.  Thereafter, Executive may also be eligible to continue these benefits through COBRA, at Executive’s sole expense.  More information regarding COBRA will follow under separate cover from Employer’s COBRA administrator.
		

		
			2.4       Tax Liability.  In accordance with the terms of the Severance Pay, the Parties agree to make all necessary and usual reports to the Internal Revenue Service, state taxing authorities, and any similar agencies and to perform all withholdings normally applicable to the type and amount of payment the Executive is to receive as a result of this Agreement.  Executive understands and agrees that any and all federal, state, or local tax liability that may be due or become due because of the Severance Pay is Executive’s sole responsibility, and that Executive will pay any such taxes that may be due or become due, and Executive agrees to bear all tax consequences, if any, attendant upon the payment of the above-recited sums.  Executive further agrees to indemnify, defend, and hold Employer harmless from, any actions, proceedings, claims, judgments, settlements, and/or demands for the payment of any taxes, interest, penalties, levies, or assessments applicable to the Severance Pay under this Agreement.  Employer makes no representation as to the taxability of the amounts paid to Executive.
		

		
			2.5       Section 409A.  All amounts payable under this Agreement are intended to comply with the “short term deferral” exception from Section 409A of the Internal Revenue Code (“Section 409A”) specified in Treas. Reg. § 1.409A-1(b)(4) (or any successor provision) or the separation pay plan exception specified in Treas. Reg. § 1.409A-1(b)(9) (or any successor provision), and shall be interpreted in a manner consistent with those exceptions.  Each payment of Severance Pay under the Agreement shall be treated as a separate payment of compensation for purposes of applying Section 409A.
		

		
			3.0       Sufficiency of Consideration.  Employer and Executive specifically agree that the consideration provided to Executive pursuant to this Agreement is good and sufficient consideration for this Agreement and the releases and other covenants and promises made by Executive pursuant to this Agreement.  Executive further understands and agrees that the consideration Executive is receiving in exchange for executing this Agreement is greater than that to which Executive would otherwise be entitled to in the absence of this Agreement.  Should any third party, including any state or federal agency, bring any action or claim against Employer or any of the Released Parties on Executive’s behalf, Executive acknowledges and agrees that this Agreement provides full monetary relief and Executive will not accept any other relief, except as provided in Section 4.3 below.
		

		
			4.0       General Release of Claims.  In consideration of the promises and covenants made by Employer in this Agreement, and in consideration of the Severance Pay to be paid under this Agreement, Executive agrees:
		

		
			4.1       Full and Final Release.  Except as otherwise set forth in this Agreement, on behalf of Executive, and Executive’s heirs, successors, and assigns, Executive fully and forever
		

		
			
		

		
			

		 

		

			Page 24 of 31

		

		

		
			releases and discharges the Released Parties from any and all claims, causes of action, and liabilities, whether individually or part of a class action, occurring prior to the Effective Date and arising out of or relating in any way to Executive’s employment with Employer, including, but not limited to, the recruitment to, offer of, terms and conditions of, and termination of Executive’s employment with Employer.  Executive understands and agrees that this Agreement is a full and complete waiver and release of all claims, including, but not limited to, claims arising under Title VII of the 1964 Civil Rights Act, as amended; the Civil Rights Act of 1991; the Civil Rights Acts of 1866 and 1871; 42 U.S.C. §§ 1981, 1982, 1983 and 1985; the Americans with Disabilities Act of 1990; the Fair Labor Standards Act of 1938; the Employee Retirement Income Security Act of 1974, as amended; the Age Discrimination in Employment Act of 1967, as amended; the Older Workers Benefit Protection Act of 1990; the Equal Pay Act of 1963; the Family and Medical Leave Act of 1993; the Pregnancy Discrimination Act of 1978; the Rehabilitation Act of 1973; the Sarbanes-Oxley Act of 2002; the Consumer Financial Protection Act of 2010, and Section 1057 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd Frank”); the Colorado Anti-Discrimination Act; the Colorado Labor Code; Colorado’s Minimum Wages of Workers Act; the Colorado Wage Equality Regardless of Sex Act; the Colorado Labor Peace Act; Colorado’s Minimum Wage Orders; the Colorado Military Leave/Re-Employment Rights law; the Colorado Job References/Blacklisting law; the Colorado Lawful Off-Duty Activities law; the Colorado Domestic Violence Leave law; the Colorado Parental School Involvement Leave law; the Colorado Equal Pay Law; and/or any other federal, state, local, or common law, statute, decision, order, policy, or regulation establishing or relating to claims or rights of employees, including, but not limited to, any and all claims alleging for compensation, damages, tort, breach of express or implied employment contract, breach of duty of good faith, discrimination, harassment, wrongful discharge, retaliation, intentional and negligent infliction of emotional distress, outrageous conduct, intentional interference with contract or prospective business advantage, defamation, and for any other damages or injuries incurred on the job, in relation to the Executive’s employment or incurred as a result of loss of employment (collectively “Released Claims”).  To the extent permitted by law, Executive also promises never directly or indirectly to bring or participate in any action against any of the Released Parties under California Business & Professions Code Section 17200 or any unfair competition law of any jurisdiction.
		

		
			4.2       Claims Not Released.  Excluded from the Released Claims under this Agreement are claims that cannot be waived or released by applicable law.  This Agreement does not limit or otherwise affect Executive’s right to file a charge or complaint with the Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations Board (“NLRB”), the Occupational Safety and Health Administration (“OSHA”), the Securities and Exchange Commission (“SEC”) or any other federal, state, or local government agency or commission (“Government Agency”).  Executive is not waiving any rights that Executive may have to: (a) Executive’s own vested and accrued Executive benefits under Employer’s health, welfare, or retirement benefit plans as of the Separation Date; (b) benefits and/or the right to seek benefits under applicable workers’ compensation and/or unemployment compensation statutes; (c) pursue claims which by law cannot be waived by signing this Agreement; (d) enforce this Agreement; (e) challenge the validity of this Agreement; and/or (f) assert any rights or claims that may arise after the Effective Date of this Agreement.  Employer is also not waiving any rights under subparts (c), (d), (e), and (f) of this Section 4.2.
		

		
			
		

		
			

		 

		

			Page 25 of 31

		

		

		
			4.3       Government Agencies.  Nothing in this Agreement prohibits or prevents Executive from filing a charge with or participating, testifying, or assisting in any investigation, hearing, or other proceeding before any Government Agency, including but not limited to the EEOC, the NLRB, the United States Department of Justice, the SEC, the United States Congress, and any Inspector General of any United States federal agency, or making other disclosures that are protected under the whistleblower provisions of United States federal, state, or local law or regulation; provided that Executive will use Executive’s reasonable best efforts to (1) disclose only information that is reasonably related to such possible violations or that is requested by a  Government Agency; and (2) request that such Government Agency treat such information as confidential.  However, to the maximum extent permitted by law, Executive agrees that if such an administrative claim is made, Executive (or Executive’s heirs, successors, and assigns) shall not be entitled to recover any individual monetary relief or other individual remedies; provided, however, that this waiver is not intended to prohibit the provision of information to the SEC (or other Government Agency) or the receipt of any monetary award authorized by Section 21F-17 of Dodd Frank.
		

		
			4.4       Future Claims.  Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement will waive, relinquish, diminish, or in any way affect: (i) any rights or claims that may arise after the Effective Date of this Agreement; or (ii) any rights or claims that, as a matter of law, cannot be released or waived.
		

		
			4.5       Waiver.  In granting the release herein, Executive understands that this Agreement includes a release of all claims known or unknown.  In giving this release, which includes claims which may be unknown to Executive at present, Executive acknowledges that Executive has read and understands Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in [her] favor at the time of executing the release, which if known by [her] must have materially affected [her] settlement with the debtor.”  Executive hereby expressly waives and relinquishes all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to the release of any unknown or unsuspected claims Executive may have against the Released Parties.
		

		
			5.0       Covenants Regarding Release of Claims.  In relation to the General Release of Claims set forth in Section 4 and its subparts above, Executive agrees as follows:
		

		
			5.1       No Actions Filed.  Executive represents that as of the Effective Date of this Agreement, Executive has not filed any claim with any court or administrative agency, including, but not limited to, with the EEOC, NLRB, or any other Government Agency, pertaining to any Released Claims or matters covered by this Agreement.
		

		
			5.2       Filing of Actions.  Executive agrees, to the fullest extent permitted by law, that Executive will not file or pursue, nor cause or permit to be filed or pursued, any action for damages or any other relief against Employer and the Released Parties involving any Released Claim under this Agreement.  Executive further agrees that Executive will neither pursue nor accept any further benefit or consideration from any source whatsoever with respect to any Released Claim, except as otherwise provided in Sections 4.2 and 4.3 above.
		

		
			
		

		
			

		 

		

			Page 26 of 31

		

		

		
			5.3       Dismissal.  If any agency, board, or court assumes jurisdiction of any action against the Released Parties arising out of Executive’s employment or any acts related to Executive’s employment with Employer occurring prior to the Separation Date, Executive will, to the greatest extent permitted by law, direct that agency, board, or court to withdraw or dismiss the matter, with prejudice, and will execute any necessary paperwork to effect the withdrawal or dismissal, with prejudice.
		

		
			5.4       No Assignment. Executive represents and warrants that Executive has not assigned or transferred, or purported to assign or transfer, to any person, firm, corporation, association, or entity whatsoever any of the Released Claims; and Executive acknowledges that Executive cannot and will not attempt to do so pursuant to this Agreement.
		

		
			5.5       Waiver.  Executive acknowledges that this Agreement applies to all known or unknown, foreseen or unforeseen, injury or damage arising out of or pertaining to Executive’s employment relationship with Employer and its termination, and expressly waives any benefits Executive may have to the contrary.
		

		
			Executive understands and acknowledges that the significance and consequence of this waiver is that even if Executive should eventually suffer injury or damage arising out of or pertaining to Executive’s employment relationship with Employer and its termination, Executive will not be able to make any claim for those injuries or damages.  Furthermore, Executive acknowledges that Executive consciously intends these consequences even as to claims for injuries or damages that may exist as of the date of the Agreement but which Executive does not know exist and which, if known, would materially affect Executive’s decision to execute this Agreement, regardless of whether Executive’s lack of knowledge is the result of ignorance, oversight, error, negligence, or any other cause.
		

		
			6.0       Executive Affirmations.  In combination with the release of claims and the covenants regarding those releases set forth herein, Executive offers the following affirmations:
		

		
			6.1       No Injuries or Expenses.  Executive affirms that Executive has no known workplace injuries or occupational illnesses and, thus, that Executive has made no claim for illness or injury against, nor is Executive aware of any facts supporting any claim against, the Released Parties under which the Released Parties could be liable for medical expenses incurred by the Executive before or after the execution of this Agreement.  Furthermore, Executive is not aware of any medical expenses for which Medicare has paid and for which the Released Parties are or could be liable now or in the future.  Executive agrees and affirms that, to the best of Executive’s knowledge, no liens of any governmental entities, including those for Medicare conditional payments, exist.
		

		
			6.2       Leave Permitted.  Executive further affirms that Executive has been provided and/or has not been denied any leave requested and valid pursuant to applicable law.
		

		
			6.3       No Retaliation.  Executive further agrees that Executive has not been retaliated against for reporting any allegations of wrongdoing by Employer and the Released Parties, including any allegations of corporate fraud, or for claiming a work-related injury or filing any workers’ compensation claim.
		

		
			
		

		
			

		 

		

			Page 27 of 31

		

		

		
			6.4       No Discrimination.  Executive further affirms that all of Employer’s (including its officers, directors, and employees) decisions regarding Executive’s pay and benefits through the Effective Date of this Agreement were not discriminatory based on age, disability, race, sex, religion, national origin, sexual orientation, military status, or any other classification protected by law.
		

		
			6.5       Accurate Reporting.  Executive further affirms that Executive will accurately report any amounts paid pursuant to this Agreement to the appropriate state or local unemployment benefits authority, if applicable.
		

		
			7.0       [Waiver of Rights under the Age Discrimination in Employment Act and Older Workers Benefit Protection Act of 1990.  Executive specifically understands and acknowledges that Executive is under forty (40) years of age, and thus that this Agreement is not covered by the waiver and revocation provisions of these federal statutes.  Executive hereby acknowledges and represents that Executive’s execution of this Agreement is voluntary and knowing; this Agreement has been written in a manner that is easy to understand and Executive understands the Agreement; Executive has received a copy of this Agreement; that Employer has advised Executive in writing to consult with an attorney prior to executing this Agreement; that Executive has had the opportunity to ask any questions that Executive may have of legal or other personal advisors of Executive’s choosing; that Executive has had as much time as Executive needs to review and consider this Agreement; that Executive has received valuable and good consideration to which the Executive is otherwise not entitled in exchange for Executive’s execution of this Agreement; and that Executive understands the rights afforded under the laws set forth in Section 4 above and that Executive agrees not to file any claim or action against Executive or any of the Released Parties as set forth therein.
		

		
			8.0       No Admission of Liability.  Executive acknowledges that neither this Agreement, nor payment of any consideration pursuant to this Agreement, shall be taken or construed to be an admission or concession of any kind with respect to alleged liability or alleged wrongdoing against Executive by Employer.  Employer specifically asserts that all actions taken with regard to Executive and Executive’s employment were proper and lawful and affirmatively denies any wrongdoing of any kind.
		

		
			9.0       Confidentiality.  Executive agrees to keep the terms and conditions of this Agreement and the amount of the Severance Pay completely confidential, except that Executive may discuss this Agreement with Executive’s spouse, attorney, accountant, or other professional advisor who may assist Executive in evaluating or reviewing this Agreement or the tax implications of this Agreement.
		

		
			10.0     Trade Secrets and Confidential Information.  Employer has developed, compiled, and owns certain proprietary techniques and confidential information that have great value in its business.  This information includes, but is not limited to, any and all information (in any medium, including but not limited to, written documents and electronic files) concerning unpublished financial data, marketing and sales data, product and product development information, client lists, rates and preferences, employee lists, equipment programs, contracts, licensing agreements, processes, formulas, trade secrets, inventions, discoveries, improvements, data, know-how, formats, marketing plans, business plans, strategies, forecasts, and supplier and
		

		
			
		

		
			

		 

		

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			vendor identities, characteristics, and agreements (“Confidential Information”).  Executive has had access to Confidential Information of persons or entities for whom Employer performs services, or from whom Employer or Executive has obtained information (“Customers”).  Confidential Information includes not only information disclosed by Employer or its Customers to Executive in the course of Executive’s employment with Employer, but also information developed or learned by Executive during the course of Executive’s employment with Employer.  Confidential Information is to be broadly defined.
		

		
			Executive agrees that at all times after Executive’s employment with Employer is terminated, Executive will (i) return to Employer all Confidential Information within Executive’s possession, custody, or control; (ii) hold in trust, keep confidential, and not disclose to any third party or make any use of the Confidential Information of Employer or its Customers; (iii) not cause the transmission, removal, or transport of Confidential Information of Employer or its Customers; and (iv) not publish, disclose, or otherwise disseminate Confidential Information of Employer or its Customers.
		

		
			This Section 10 is meant to supplement, and not replace, the ongoing and affirmative obligations set forth in Sections 8 and 9 of Executive’s Employment Agreement.
		

		
			11.0     Non-Disparagement.  Executive agrees that Executive will not utter, publish, or otherwise disseminate any oral or written statement that disparages or criticizes Employer or the Released Parties or Employer’s or the Released Parties’ reputations; provided, however, that nothing in this Agreement shall prevent Executive from communicating with any Government Agency as provided in Sections 4.2 and 4.3 hereof.  Should any third-party employer ask the Company for a reference related to Executive’s employment with the Company, such references shall be forwarded to the Company’s human resources department, which will provide only Executive’s dates of employment and title during employment with the Company.
		

		
			12.0     Company Property.  On or before Executive’s Separation Date, Executive shall return to Employer all Employer property in Executive’s possession including, but not limited to, keys, key cards, computers, tablets, phones, removable storage media, original and all copies of any written, recorded, or computer-readable information about Employer’s Customers and other clients, if applicable (including, without limitation, all client files and documents), practices, procedures, files, trade secrets, pricing, client lists, product cultivation, or marketing associated with Employer’s business, and/or any other Confidential Information or property owned by Employer.
		

		
			13.0     No Reliance Upon Representations.  Executive hereby represents and acknowledges that in executing this Agreement, Executive does not rely, and has not relied, upon any representation or statement made by Employer, the Released Parties, or by any of Employer’s past or present shareholders, officers, directors, employees, agents, representatives, or attorneys with regard to the subject matter, basis, or effect of this Agreement.
		

		
			14.0     Entire Agreement; Modification.  Except as otherwise provided herein and/or as set forth in Executive’s Employment Agreement, this Agreement contains the entire agreement between the Parties hereto and supersedes all prior promises, warranties, representations, and oral and written agreements, if any, regarding the subject matter of this
		

		
			
		

		
			

		 

		

			Page 29 of 31

		

		

		
			Agreement.  The terms of this release are contractual and not a mere recital.  The only way this Agreement may be amended, changed, or waived will be through a written document signed by both Parties.  This Agreement is enforceable by and against each Party and anyone else who has or who obtains rights under this Agreement from either Party.
		

		
			15.0     Severability.  The terms of this Agreement are severable.  If any part of this Agreement is determined to be illegal, invalid, or unenforceable, the remaining parts shall not be affected thereby and the illegal, unenforceable, or invalid part(s) shall be deemed not to be part of this Agreement.  The Parties further agree that any such void or unenforceable provision(s) of this Agreement may be replaced with a valid and enforceable provision that will achieve, to the extent possible, the economic, business, or other purposes of the unenforceable provision(s).
		

		
			16.0     Construction.  The language in all parts of this Agreement shall in all cases be construed as a whole according to its fair meaning and not strictly for or against any of the Parties.  Employer and Executive each acknowledge the opportunity to be represented by counsel in connection with this Agreement and the matters contemplated by this Agreement, and that, accordingly, no part of this Agreement should be construed against either Party on the basis of authorship.
		

		
			17.0     Governing Law.  Any action to enforce this Agreement or any dispute concerning the terms and conditions of this Agreement and the Parties’ performance of the terms and conditions of this Agreement shall be governed by the laws of the State of Colorado.  Any dispute, claim, or controversy arising out of or relating to this Agreement or the breach, termination, enforcement, interpretation, or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate, shall be determined by arbitration in or around Denver, Colorado before one arbitrator in accordance Executive’s Employment Agreement executed on _______________.  Judgment on the arbitration award may be entered in any court having jurisdiction. This clause shall not preclude the Parties from seeking provisional remedies, including temporary restraining orders and injunctive relief, in aid of arbitration from a court of appropriate jurisdiction.
		

		
			18.0     Attorneys’ Fees.  Each Party shall bear its own attorneys’ fees in the preparation and review of this Agreement.  Should suit or action be instituted to enforce any provision of this Agreement, the prevailing party shall be entitled to recover its costs and reasonable attorneys’ fees.
		

		
			19.0     Binding Effect.  This Agreement is binding upon the heirs, successors, and assigns of both Executive and Employer.
		

		
			20.0     Counterparts.  This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument representing the agreement of the Parties to this Agreement.
		

		
			21.0     Executive Acknowledgement.  EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE HAS CAREFULLY READ THIS AGREEMENT; THAT EXECUTIVE UNDERSTANDS ITS FINAL AND BINDING EFFECT; THAT EXECUTIVE HAS BEEN ADVISED TO CONSULT WITH AN ATTORNEY; THAT EXECUTIVE HAS BEEN GIVEN
		

		
			
		

		
			

		 

		

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			THE OPPORTUNITY TO BE REPRESENTED BY INDEPENDENT COUNSEL IN REVIEWING AND EXECUTING THIS AGREEMENT AND THAT EXECUTIVE HAS EITHER CHOSEN TO BE REPRESENTED BY COUNSEL OR HAS VOLUNTARILY DECLINED SUCH REPRESENTATION; THAT EXECUTIVE HAS HAD SUFFICIENT TIME TO REVIEW THIS AGREEMENT; AND THAT EXECUTIVE UNDERSTANDS THE PROVISIONS OF THIS AGREEMENT AND KNOWINGLY AND VOLUNTARILY AGREES TO BE BOUND BY THEM.  EXECUTIVE FURTHER ACKNOWLEDGES AND AGREES THAT BY ENTERING THIS AGREEMENT, EXECUTIVE IS KNOWINGLY AND VOLUNTARILY WAIVING EXECUTIVE’S RIGHTS TO A TRIAL BY JUDGE OR JURY FOR ANY CLAIM COVERED BY THIS AGREEMENT.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						Ampio Pharmaceuticals, Inc.

					
					
						 

				
	
					
						 

					
					
						 

					
					
						(“Employer”)

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Date:  _______________, 20__

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Michael Macaluso

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Date:  _______________, 20__

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Holli Cherevka

					
					
						 

				
	
					
						 

					
					
						 

					
					
						(“Executive”)

					
					
						 

				

		
			 
		

		 

		

			Page 31 of 31

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