Document:

Exhibit 10.23

 Exhibit 10.23 

 

			
	

	  	  
 Loan Number: 1003587

 
  

 
 LOAN AGREEMENT 

Dated as of December 15, 2010 
 by and among 
 CHSP SAN FRANCISCO LLC, 

as Borrower, 
 THE
FINANCIAL INSTITUTIONS PARTY HERETO 
 AND THEIR ASSIGNEES UNDER SECTION 13.6, 

as Lenders, 
 and

 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Administrative Agent 
  

 
  

  

 TABLE OF CONTENTS 

 

									
			
	ARTICLE I	 	Definitions	  	1
				
		 	Section 1.1	 	Definitions	  	1
					
		 	Section 1.2	 		 	GAAP; General References; Pacific Time	  	18
			
	ARTICLE II	 	Credit Facility	  	18
					
		 	Section 2.1	 		 	Loan	  	18
					
		 	Section 2.2	 		 	Rates and Payment of Interest on Loans	  	19
					
		 	Section 2.3	 		 	Assumptions Regarding Funding by Lenders	  	20
					
		 	Section 2.4	 		 	Repayment of Loans	  	20
					
		 	Section 2.5	 		 	Prepayments	  	20
					
		 	Section 2.6	 		 	Late Charges	  	21
					
		 	Section 2.7	 		 	Continuation	  	21
					
		 	Section 2.8	 		 	Conversion	  	22
					
		 	Section 2.9	 		 	Notes	  	22
					
		 	Section 2.10	 		 	Extension of Maturity Date	  	22
					
		 	Section 2.11	 		 	Funds Transfer Disbursements	  	23
			
	ARTICLE III	 	Payments, Fees and Other General Provisions	  	24
					
		 	Section 3.1	 		 	Payments	  	24
					
		 	Section 3.2	 		 	Pro Rata Treatment	  	25
					
		 	Section 3.3	 		 	Sharing of Payments, Etc	  	25
					
		 	Section 3.4	 		 	Several Obligations	  	26
					
		 	Section 3.5	 		 	Fees	  	26
					
		 	Section 3.6	 		 	Computations	  	26
					
		 	Section 3.7	 		 	Usury	  	26
					
		 	Section 3.8	 		 	Statements of Account	  	26
					
		 	Section 3.9	 		 	Defaulting Lenders	  	26
					
		 	Section 3.10	 		 	Taxes; Foreign Lenders	  	28
					
		 	Section 3.11	 		 	Lender Failure to Make Payment	  	29
			
	ARTICLE IV	 	INTENTIONALLY OMITTED	  	29
			
	ARTICLE V	 	Yield Protection, Etc	  	29
					
		 	Section 5.1	 		 	Additional Costs; Capital Adequacy	  	29
					
		 	Section 5.2	 		 	Suspension of LIBOR Loans	  	31
					
		 	Section 5.3	 		 	Illegality	  	31
					
		 	Section 5.4	 		 	Compensation	  	32
					
		 	Section 5.5	 		 	Treatment of Affected Loans	  	32
					
		 	Section 5.6	 		 	Change of Lending Office	  	33
					
		 	Section 5.7	 		 	Assumptions Concerning Funding of LIBOR Loans	  	33

  
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	ARTICLE VI	 	Conditions Precedent	  	33
				
		 	Section 6.1	 	Initial Conditions Precedent	  	33
				
		 	Section 6.2	 	Conditions Precedent to All Loans	  	35
				
		 	Section 6.3	 	Conditions as Covenants	  	35
			
	ARTICLE VII	 	Representations and Warranties	  	36
				
		 	Section 7.1	 	Representations and Warranties	  	36
				
		 	Section 7.2	 	Survival of Representations and Warranties, Etc	  	40
				
	ARTICLE VIII	 		 	Affirmative Covenants	  	41
				
		 	Section 8.1	 	Preservation of Existence and Similar Matters	  	41
				
		 	Section 8.2	 	Compliance with Applicable Law	  	41
				
		 	Section 8.3	 	Maintenance of Property	  	41
				
		 	Section 8.4	 	Conduct of Business	  	41
				
		 	Section 8.5	 	Insurance	  	41
				
		 	Section 8.6	 	Payment of Taxes and Claims	  	42
				
		 	Section 8.7	 	Books and Records; Inspections	  	42
				
		 	Section 8.8	 	Use of Proceeds	  	43
				
		 	Section 8.9	 	Environmental Matters	  	43
				
		 	Section 8.10	 	Further Assurances	  	43
				
		 	Section 8.11	 	Initial Budgets	  	43
				
		 	Section 8.12	 	Intentionally Omitted	  	43
				
		 	Section 8.13	 	Enforcement of Obligations under Purchase Agreement	  	43
				
		 	Section 8.14	 	Operation of the Property	  	43
				
		 	Section 8.15	 	Completion of Renovations	  	44
				
		 	Section 8.16	 	Mechanics Liens	  	44
				
		 	Section 8.17	 	Proceedings	  	45
				
		 	Section 8.18	 	Correction of Defects	  	45
				
		 	Section 8.19	 	Personal Property	  	45
				
		 	Section 8.20	 	FF&E Reserve Accounts	  	45
			
	ARTICLE IX	 	Information	  	46
				
		 	Section 9.1	 	Monthly Reporting	  	46
				
		 	Section 9.2	 	DSCR Certificate	  	46
				
		 	Section 9.3	 	Other	  	46
				
		 	Section 9.4	 	Electronic Delivery of Certain Information	  	47
				
		 	Section 9.5	 	Public/Private Information	  	47
				
		 	Section 9.6	 	USA Patriot Act Notice; Compliance	  	47
			
	ARTICLE X	 	Negative Covenants	  	48
				
		 	Section 10.1	 	Negative Pledge	  	48

  
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		 	Section 10.2	 	Restrictions on Intercompany Transfers	  	48
				
		 	Section 10.3	 	Merger, Consolidation, Sales of Assets and Other Arrangements	  	48
				
		 	Section 10.4	 	Plans	  	48
				
		 	Section 10.5	 	Fiscal Year	  	48
				
		 	Section 10.6	 	Modifications of Organizational Documents	  	48
				
		 	Section 10.7	 	Material Contracts	  	48
				
		 	Section 10.8	 	Indebtedness	  	48
				
		 	Section 10.9	 	Transactions with Affiliates	  	49
				
		 	Section 10.10	 	Environmental Matters	  	49
				
		 	Section 10.11	 	Derivatives Contracts	  	49
				
		 	Section 10.12	 	No Sale or Encumbrance	  	50
			
	ARTICLE XI	 	Default	  	50
				
		 	Section 11.1	 	Events of Default	  	50
				
		 	Section 11.2	 	Remedies Upon Event of Default	  	53
				
		 	Section 11.3	 	Intentionally Omitted	  	54
				
		 	Section 11.4	 	Marshaling; Payments Set Aside	  	54
				
		 	Section 11.5	 	Allocation of Proceeds	  	54
				
		 	Section 11.6	 	Intentionally Omitted	  	54
				
		 	Section 11.7	 	Rescission of Acceleration by Requisite Lenders	  	55
				
		 	Section 11.8	 	Performance by Administrative Agent	  	55
				
		 	Section 11.9	 	Rights Cumulative	  	55
			
	ARTICLE XII	 	The Administrative Agent	  	55
				
		 	Section 12.1	 	Appointment and Authorization	  	55
				
		 	Section 12.2	 	Wells Fargo as Lender	  	56
				
		 	Section 12.3	 	Collateral Matters; Protective Advances	  	56
				
		 	Section 12.4	 	Post Foreclosure Plans	  	57
				
		 	Section 12.5	 	Approvals of Lenders	  	58
				
		 	Section 12.6	 	Notice of Events of Default	  	58
				
		 	Section 12.7	 	Administrative Agent’s Reliance	  	58
				
		 	Section 12.8	 	Indemnification of Administrative Agent	  	59
				
		 	Section 12.9	 	Lender Credit Decision, Etc	  	59
				
		 	Section 12.10	 	Successor Administrative Agent	  	60
			
	ARTICLE XIII	 	Miscellaneous	  	61
				
		 	Section 13.1	 	Notices	  	61
				
		 	Section 13.2	 	Expenses	  	62
				
		 	Section 13.3	 	Stamp, Intangible and Recording Taxes	  	62
				
		 	Section 13.4	 	Setoff	  	62

  
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		 	Section 13.5	 	Litigation; Jurisdiction; Other Matters; Waivers	  	63
				
		 	Section 13.6	 	Successors and Assigns	  	64
				
		 	Section 13.7	 	Amendments and Waivers	  	65
				
		 	Section 13.8	 	Nonliability of Administrative Agent and Lenders	  	66
				
		 	Section 13.9	 	Confidentiality	  	66
				
		 	Section 13.10	 	Indemnification	  	67
				
		 	Section 13.11	 	Termination; Survival	  	69
				
		 	Section 13.12	 	Severability of Provisions	  	69
				
		 	Section 13.13	 	GOVERNING LAW	  	69
				
		 	Section 13.14	 	Counterparts	  	69
				
		 	Section 13.15	 	Obligations with Respect to Loan Parties	  	69
				
		 	Section 13.16	 	Intentionally Omitted	  	69
				
		 	Section 13.17	 	Limitation of Liability	  	69
				
		 	Section 13.18	 	Entire Agreement	  	69
				
		 	Section 13.19	 	Construction	  	70
				
		 	Section 13.20	 	Headings	  	70

  

							
	SCHEDULE I	 		  	Commitments	  	
	SCHEDULE 7.1.(b)	 		  	Ownership Structure	  	
	SCHEDULE 7.1.(f)	 		  	Properties	  	
	SCHEDULE 7.1.(g)	 		  	Indebtedness and Guaranties	  	
	SCHEDULE 7.1.(h)	 		  	Material Contracts	  	
	SCHEDULE 7.1.(i)	 		  	Litigation	  	
	SCHEDULE 7.1.(s)	 		  	Affiliate Transactions	  	
	SCHEDULE 13.1	 		  	Notices	  	
				
	EXHIBIT A	 		  	Form of Assignment and Assumption Agreement	  	A-1
	EXHIBIT B	 		  	Form of DSCR Certificate	  	B-1
	EXHIBIT C	 		  	Form of Note	  	C-1
	EXHIBIT D	 		  	Intentionally Omitted	  	D-1
	EXHIBIT E	 		  	Form of Notice of Continuation	  	E-1
	EXHIBIT F	 		  	Form of Notice of Conversion	  	F-1
	EXHIBIT G	 		  	Form of Transfer Authorizer Designation Form	  	

  
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 THIS LOAN AGREEMENT (this “Agreement”) is made and entered into as
of December 15, 2010, by and among CHSP SAN FRANCISCO LLC, a Delaware limited liability company (the “Borrower”), each of the financial institutions initially a signatory hereto together with their successors and assignees under
Section 13.6. (the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for itself and the Lenders (the “Administrative Agent”). 

WHEREAS, the Borrower has requested a loan from the Administrative Agent and the Lenders, and the Administrative Agent
and the Lenders have agreed to make a loan to the Borrower, in the principal amount of up to $71,500,000, subject to the terms and conditions contained herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto agree as follows: 

ARTICLE I DEFINITIONS 
 Section 1.1 Definitions. 
 In addition to terms defined
elsewhere herein, the following terms shall have the following meanings for the purposes of this Agreement: 

“Account” shall have the meaning ascribed to such term in the Uniform Commercial Code. 

“Additional Costs” has the meaning given that term in Section 5.1(b). 

“Adjusted NOI” means, as determined for the applicable twelve-month period, the Net Operating Income of
the Property, subject to the following adjustments: 
  

	 	(a)	 management fees shall equal the greater of (i) three percent (3%) of Gross Operating Revenues or (ii) the actual management fees paid
under the applicable Management Agreement; 

  

	 	(b)	 reserves for FF&E and capital items shall equal the greater of (i) four percent (4%) of Gross Operating Revenues or (ii) the
amount of reserves required under the Management Agreement or Franchise Agreement; and 

  

	 	(c)	 franchise fees shall equal the greater of (i) four percent (4%) of Gross Operating Revenues or (ii) the actual franchise fees payable
under the applicable Franchise Agreement. 

 For purposes of determining Adjusted NOI for the
first twelve months after the Agreement Date, Net Operating Income during any portion of such period that occurred prior to the acquisition of the Property by Borrower (adjusted as provided above), shall be based on the operating statements received
from the prior owner or operator (subject to the reasonable approval of Administrative Agent. 

“Administrative Agent” means Wells Fargo Bank, National Association or any successor Administrative
Agent appointed pursuant to Section 12.10. 
 “Administrative Questionnaire” means
the Administrative Questionnaire completed by each Lender and delivered to the Administrative Agent in a form supplied by the Administrative Agent to the Lenders from time to time. 

“Affiliate” means, with respect to any Person, (a) any Person which is directly or indirectly
controlled by, controls or is under common control with such Person, (b) any other Person who is an officer, director, trustee or employee of, or partner in, such Person or any Person referred to in the preceding clause (a), (c) any other
Person who is a member of the immediate family of such Person or of any Person referred to in the preceding clauses (a) and (b), and (d) any other Person that is a trust solely 

  
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for the benefit of one or more Persons referred to in clause (c) and of which such Person is sole trustee; provided, however, in no event shall the Administrative Agent or any
Lender or any of their respective Affiliates be an Affiliate of Borrower. For purposes of this definition, “control” (including with correlative meanings, the terms “controlling”, “controlled by” and “under common
control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agreement Date” means the date as of which this Agreement is dated. 

“Applicable Law” means all constitutions, statutes, rules, regulations and orders of any Governmental
Authority, including all orders and decrees of all courts, tribunals and arbitrators applicable to a Loan Party, the Property, the Administrative Agent or any Lender, as the context requires. 

“Applicable Margin” means three and three-quarters percent (3.75%). 

“Appraisal” means an M.A.I. appraisal of the Property commissioned by and addressed to the
Administrative Agent (acceptable to the Administrative Agent as to form and substance), prepared by a qualified, independent appraiser acceptable to the Administrative Agent, having at least the minimum qualifications required under Applicable Law
governing the Administrative Agent and the Lenders, including without limitation, FIRREA, and determining both the “as is” market value of the Property as between a willing buyer and a willing seller and the “stabilized value” of
the Property. 
 “Appraised Value” means the “as is” market value of the Property as
reflected in the most recent Appraisal as the same may have been reasonably adjusted (but not increased) by the Administrative Agent based upon its internal review of such Appraisal which is based on criteria and factors then generally used and
considered by the Administrative Agent in determining the value of similar real estate properties, which review shall be conducted prior to acceptance of such Appraisal by the Administrative Agent. 

“Approved Operating Budget” has the meaning given that term in Section 9.3(b). 

“Approved Capital Budget” has the meaning given that term in Section 9.3(b). 

“Approved Marketing Plan” has the meaning given that term in Section 9.3(b). 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender, or (c) an entity or an Affiliate of any entity that administers or manages a Lender. 
 “Assignee” has the meaning given that term in Section 13.6(c). 
 “Assignment and Assumption” means an Assignment and Assumption Agreement among a Lender, an Assignee and the Administrative Agent, substantially in the form of Exhibit A. 

“Bankruptcy Code” means the Bankruptcy Code of 1978, as amended. 

“Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or
insolvency proceeding (under the Bankruptcy Code or otherwise), or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its
business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a
Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does
not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets 

  
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or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

“Base Rate” means the LIBOR Market Index Rate; provided, that if for any reason the LIBOR Market Index
Rate is unavailable, Base Rate shall mean the per annum rate of interest equal to the Federal Funds Rate plus one and one-half of one percent (1.50%). 
 “Base Rate Loan” means a Loan bearing interest at a rate based on the Base Rate. 
 “Benefit Arrangement” means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or
otherwise contributed to by any member of the ERISA Group. 
 “Book Value” means, with respect
to any asset, the book value of such asset as determined in accordance with GAAP. 
 “Borrower”
has the meaning set forth in the introductory paragraph hereof and shall include the Borrower’s permitted assigns. 
 “Borrower’s Agents” means James Francis, Douglas Vicari, Graham Wootten and any other individuals designated by Borrower in writing to Administrative Agent. 

“Business Day” means (i) a day of the week (but not a Saturday, Sunday or holiday) on which the
offices of the Administrative Agent in San Francisco, California are open to the public for carrying on substantially all of the Administrative Agent’s business functions, and (ii) if such day relates to a LIBOR Loan, any such day that is
also a day on which dealings in Dollars are carried on in the London interbank market. Unless specifically referenced in this Agreement as a Business Day, all references to “days” shall be to calendar days. 

“Capitalized Lease Obligation” means obligations under a lease (to pay rent or other amounts under any
lease or other arrangement conveying the right to use) that are required to be capitalized for financial reporting purposes in accordance with GAAP. The amount of a Capitalized Lease Obligation is the capitalized amount of such obligation determined
in accordance with GAAP. 
 “Chattel Paper” shall have the meaning ascribed to such term in the
Uniform Commercial Code. 
 “Collateral” means any real or personal property directly or
indirectly securing any of the Obligations or any other obligation of a Person under or in respect of any Loan Document to which it is a party, and includes, without limitation, the “Subject Property” under and as defined in the Security
Deed, the Management Agreement and all other property subject to a Lien created by a Security Document. 

“Commitment” means, as to each Lender, such Lender’s obligation to make Loans pursuant to
Section 2.1 in an amount up to, but not exceeding the amount set forth for such Lender on Schedule I as such Lender’s “Commitment Amount” (as the same may be assigned in accordance with this Agreement) in each case
as the same may be reduced from time to time pursuant to the terms of this Agreement. 
 “Commitment
Percentage” means, as to each Lender, the ratio, expressed as a percentage, of (a) the amount of such Lender’s Commitment to (b) the aggregate amount of the Commitments of all Lenders hereunder; provided,
however, that if at the time of determination the Commitments have been terminated or been reduced to zero, the “Commitment Percentage” of each Lender with a Commitment shall be the “Commitment Percentage” of such Lender
in effect immediately prior to such termination or reduction. 
 “Continue”,
“Continuation” and “Continued” each refers to the continuation of a LIBOR Loan from one Interest Period to another Interest Period pursuant to Section 2.7. 

  
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 “Contracts” means all contracts, agreements and warranties
relating to or governing the use, occupancy, operation, management, hotel group, name or chain affiliation and/or guest reservation, repair and service of the Property, and all leases, occupancy agreements, concession agreements, and commitments to
provide rooms or facilities in the future, including all amendments, modifications and supplements to any of the foregoing. 
 “Convert”, “Conversion” and “Converted” each refers to the conversion of a Loan of one Type into a Loan of another Type pursuant to
Section 2.8. 
 “Credit Event” means any of the following: (a) the making (or
deemed making) of any Loan, (b) the Conversion of a Loan and (c) the Continuation of a LIBOR Loan. 

“Credit Party” means the Administrative Agent or any other Lender. 

“Debt Service Coverage Ratio” means the ratio of (a) Adjusted NOI for the most recent twelve-month
period for which information is available (provided, the Borrower’s failure to timely deliver financial information as required herein shall not render such information unavailable) to (b) Pro Forma Debt Service calculated as of the date
of determination. 
 “Default” means any event that, with the giving of notice, the lapse of
time, or both, would constitute an Event of Default. 
 “Defaulting Lender” means any Lender
that (a) has failed, within two (2) Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, or (ii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless,
in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and
including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding
obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default,
if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party, acting in good faith, to
provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans, provided that such Lender shall cease to be a
Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of a Bankruptcy Event.

 “Derivatives Contract” means (a) any transaction (including any master agreement,
confirmation or other agreement with respect to any such transaction) now existing or hereafter entered into by the Borrower or any of its Subsidiaries (i) which is a rate swap transaction, swap option, basis swap, forward rate transaction,
commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction,
cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction,
buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these transactions) or
(ii) which is a type of transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future becomes, recurrently entered into in the financial markets (including terms and conditions
incorporated by reference in such agreement) and which is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments,
economic indices or 

  
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measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made, and (b) any combination of these transactions. 

“Derivatives Termination Value” means, in respect of any one or more Derivatives Contracts, after taking
into account the effect of any legally enforceable netting agreement or provision relating thereto, (a) for any date on or after the date such Derivatives Contracts have been terminated or closed out, the termination amount or value determined
in accordance therewith, and (b) for any date prior to the date such Derivatives Contracts have been terminated or closed out, the then-current mark-to-market value for such Derivatives Contracts, determined based upon one or more mid-market
quotations or estimates provided by any recognized dealer in Derivatives Contracts (which may include the Administrative Agent, any Lender or any Affiliate of any thereof). 

“Dollars” or “$” means the lawful currency of the United States of America. 

“DSCR Certificate” means a report in substantially the form of Exhibit B, certified by a senior
officer of the Borrower, setting forth the calculations required to establish compliance with the Minimum DSCR Hurdle as of a specified date, all in form and detail satisfactory to the Administrative Agent. 

“Effective Date” means the later of (a) the Agreement Date and (b) the date on which all of
the conditions precedent set forth in Section 6.1 shall have been fulfilled or waived. 

“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved
Fund and (d) any other Person (other than a natural person) approved by (i) the Administrative Agent and (ii) unless a Default or Event of Default exists, the Borrower (each such approval not to be unreasonably withheld or delayed);
provided that notwithstanding the foregoing, “Eligible Assignee” shall not include the Borrower or any of the Borrower’s Affiliates or Subsidiaries. 

“Environmental Laws” means any Applicable Law relating to environmental protection or the manufacture,
storage, remediation, disposal or clean up of Hazardous Materials including, without limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal
Act, as amended by the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.; Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq.; National Environmental Policy Act, 42 U.S.C. §
4321 et seq.; regulations of the Environmental Protection Agency, any applicable rule of common law and any judicial interpretation thereof relating primarily to the environment or Hazardous Materials, and any analogous or comparable state or local
laws, regulations or ordinances that concern Hazardous Materials or protection of the environment. 

“Equipment” shall have the meaning ascribed to such term in the Uniform Commercial Code. 

“Equity Interest” means, with respect to any Person, any share of capital stock of (or other ownership
or profit interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person whether or not certificated, any
security convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other
interests), and any other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other
interest is authorized or otherwise existing on any date of determination. 
 “Equity Issuance”
means any issuance or sale by a Person of any Equity Interest in such Person. 
 “ERISA” means
the Employee Retirement Income Security Act of 1974, as amended. 

  
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 “ERISA Group” means the Borrower, any Subsidiary of
Guarantors and all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower or any Subsidiary of Guarantors, are treated as a single employer
under Section 414 of the Internal Revenue Code. 
 “Event of Default” means any of the
events specified in Section 11.1, provided that any requirement for notice or lapse of time or any other condition has been satisfied. 
 “Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight Federal Funds
transactions with members of the Federal Reserve System arranged by Federal Funds brokers, as published for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York, or, if
such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three (3) Federal Funds brokers of recognized standing selected by the
Administrative Agent. 
 “Fee Letter” means that certain fee letter dated as of
December 15, 2010, by and between the Borrower and the Administrative Agent. 
 “Fees”
means the fees and commissions provided for or referred to in Section 3.5. and any other fees payable by the Borrower hereunder, under any other Loan Document or under the Fee Letter. 

“FF&E” means all fixtures, furnishings, equipment, furniture, and other items of tangible personal
property now or hereafter located on the Property or used in connection with the use, occupancy, operation and maintenance of all or any part of the Property, other than stocks of food and other supplies held for consumption in normal operation but
including, without limitation, appliances, machinery, equipment, signs, artwork, office furnishings and equipment, guest room furnishings, and specialized equipment for kitchens, laundries, bars, restaurants, public rooms, health and recreational
facilities, dishware, all partitions, screens, awnings, shades, blinds, floor coverings, hall and lobby equipment, heating, lighting, plumbing, ventilating, refrigerating, incinerating, elevators, escalators, air conditioning and communication
plants or systems with appurtenant fixtures, vacuum cleaning systems, call or beeper systems, security systems, sprinkler systems and other fire prevention and extinguishing apparatus and materials; reservation system computer and related equipment;
all equipment, manual, mechanical or motorized, for the construction, maintenance, repair and cleaning of parking areas, walks, underground ways, truck ways, driveways, common areas, roadways, highways and streets; and the vehicles; and as, further
described in the Security Deed for the Property and UCC filings. 
 “FF&E Reserve” has the
meaning given that term in Section 8.20. 
 “FF&E Reserve Account” means
Borrower’s account No. 4122115561 at Wells Fargo Bank, denominated “CHSP San Francisco LLC, Pledgor, Wells Fargo Bank, N.A., as Pledgee of - FF&E Reserve Account.” 

“FIRREA” means the Financial Institution Recovery, Reform and Enforcement Act of 1989, as amended.

 “First Extended Maturity Date” means December 15, 2012. 

“First Option to Extend” has the meaning given that term in Section 2.10. 

“Fourth Extended Maturity Date” means December 15, 2015. 

“Fourth Option to Extend” has the meaning given that term in Section 2.10. 

  
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 “Franchise Agreement” means the Conversion License
Agreement, dated April 25, 2006, executed by Franchisor, as “Licensor”, and HEI San Francisco LLC, a Delaware limited liability company (“HEI”), as “Licensee”, as amended by First Amendment to License Agreement
between Franchisor and HEI dated November 1, 2007, together with the Starwood Technology and Reservations Services Agreement dated April 25, 2006 executed by Franchisor and HEI, as such documents are assigned from HEI to the Operating
Lessee pursuant to that certain Assignment and Assumption Agreement and Second Amendment dated December 15, 2010. 
 “Franchisor” means Starwood (M) International, Inc., a Delaware corporation. 
 “Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of
credit in the ordinary course of its business. 
 “GAAP” means United States generally accepted
accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such
other statements by such other entity as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination. 

“General Intangibles” shall have the meaning ascribed to such term in the Uniform Commercial Code.

 “Governmental Approvals” means all authorizations, consents, approvals, licenses and
exemptions of, registrations and filings with, and reports to, all Governmental Authorities. 

“Governmental Authority” means any national, state or local government (whether domestic or foreign),
any political subdivision thereof or any other governmental, quasi governmental, judicial, administrative, public or statutory instrumentality, authority, body, agency, bureau, commission, board, department or other entity (including, without
limitation, the Federal Deposit Insurance Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with authority to bind a party at law. 

“Gross Operating Revenues” means, for any period of time, without duplication, all income and proceeds
of sales of every kind (whether in cash or on credit and computed on an accrual basis) received by Borrower, Operating Lessee or Manager for the use, occupancy or enjoyment of the Property or the sale of any goods, services or other items sold on or
provided from the Property in the ordinary course of operation of the Property, including, without limitation, all income received from tenants, transient guests, lessees (other than communications equipment lessees or service providers), licensees
and concessionaires and other services to guests at the Property, and the proceeds from business interruption insurance, but excluding the following: (i) any excise, sales or use taxes or similar government charges collected directly from
patrons or guests, or as a part of the sales price of any goods, services or displays, such as gross receipts, admission, cabaret or similar or equivalent taxes; (ii) receipts from condemnation awards or sales in lieu of or under threat of
condemnation; (iii) proceeds of insurance (other than business interruption insurance); (iv) other allowances and deductions as provided by the Uniform System in determining the sum contemplated by this definition, by whatever name, it may
be called; (v) proceeds of sales, whether dispositions of capital assets, FF&E or Equipment (other than sales of Inventory in the ordinary course of business); (vi) gross receipts received by tenants, lessees (other than the Operating
Lessee), licensees or concessionaires of the Property; (vii) consideration received at the Property for hotel accommodations, goods and services to be provided at other hotels although arranged by, for or on behalf of, and paid over to,
Manager; (viii) tips, service charges and gratuities collected for the benefit of employees; (ix) proceeds of any financing; (x) working capital provided by the Borrower or the Operating Lessee; (xii) amounts collected from
guests or patrons of the Property on behalf of Property tenants and other third parties; (xii) the value of any goods or services in excess of actual amounts paid (in cash or services) provided by the Manager on a complimentary or discounted
basis; and (xiii) other income or proceeds resulting other than from the use or occupancy of 

  
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the Property, or any part thereof, or other than from the sale of goods, services or other items sold on or provided from the Property in the ordinary course of business. Gross Operating Revenues
shall be reduced by credits or refunds to guests at the Property. 
 “Guarantor” or
“Guarantors” means, individually or collectively, Chesapeake Lodging Trust, a Maryland real estate investment trust, and Chesapeake Lodging, L.P., a Delaware limited partnership. 

“Guarantor Credit Agreement” means that certain Credit Loan Agreement dated July 30, 2010 by and
among Chesapeake Lodging, L.P., as Borrower, the lenders thereto and Wells Fargo Bank, National Association, as administrative agent, as amended, restated or otherwise modified from time to time. 

“Guaranty”, “Guaranteed” or to “Guarantee” as applied to any
obligation means and includes: (a) a guaranty (other than by endorsement of negotiable instruments for collection in the ordinary course of business), directly or indirectly, in any manner, of any part or all of such obligation, or (b) an
agreement, direct or indirect, contingent or otherwise, and whether or not constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in the event of nonperformance) of any part or all of
such obligation whether by: (i) the purchase of securities or obligations, (ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor with
respect to such obligation to make any payment or performance (or payment of damages in the event of nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the
supplying of funds to or in any other manner investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn down by beneficiaries of letters of credit, or (v) the supplying of funds to or investing in a Person on
account of all or any part of such Person’s obligation under a Guaranty of any obligation or indemnifying or holding harmless, in any way, such Person against any part or all of such obligation. As the context requires, “Guaranty”
shall also mean the Partial Payment and Limited Guaranty. 
 “Hazardous Materials” means all or
any of the following: (a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable Environmental Laws as “hazardous substances”, “hazardous materials”, “hazardous wastes”,
“toxic substances” or any other formulation intended to define, list or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP”
toxicity, or “EP toxicity”; (b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or
production of crude oil, natural gas or geothermal resources; (c) any explosives or any radioactive materials; (d) asbestos in any form; and (e) toxic mold. 

“Hazardous Materials Indemnity Agreement” means the Hazardous Materials Indemnity Agreement of even date
herewith executed by the Borrower and the Guarantor in favor of the Administrative Agent for its benefit and the benefit of the Lenders, as the same may be supplemented, amended or modified from time to time. 

“Indebtedness” means, with respect to the Borrower and the Operating Lessee, at the time of computation
thereof, all of the following (without duplication): (a) all obligations of such Person in respect of money borrowed; (b) all obligations of such Person (other than (x) trade payables incurred in the ordinary course of business and
not more than sixty (60) days past due and (y) equipment leases entered into in the ordinary course of business), whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing
extensions of credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon
which interest charges are customarily paid or that are issued or assumed as full or partial payment for property; (c) all reimbursement obligations of such Person under or in respect of any letters of credit or acceptances (whether or not the
same have been presented for payment); (d) net obligations under any Derivative Contract (which shall be deemed to have an amount equal to the Derivatives Termination Value thereof at such time but in no event shall be less than zero); and
(e) all Indebtedness of other Persons which 

  
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(i) such Person has Guaranteed or is otherwise recourse to such Person or (ii) is secured by a Lien on any property of such Person. 

“Initial Disbursement” has the meaning given that term in Section 2.1(a). 

“Intellectual Property” has the meaning given that term in Section 7.1(t). 

“Interest Period” means, with respect to each LIBOR Loan, each period commencing on the date such LIBOR
Loan is made, or in the case of the Continuation of a LIBOR Loan the last day of the preceding Interest Period for such Loan, and ending on the numerically corresponding day in the first, third or sixth calendar month thereafter, as the Borrower may
select in a Notice of Continuation or Notice of Conversion, as the case may be, except that each Interest Period that commences on the last Business Day of a calendar month (or on any day for which there is no numerically corresponding day in the
appropriate subsequent calendar month) shall end on the last Business Day of the appropriate subsequent calendar month. Notwithstanding the foregoing: (i) if any Interest Period would otherwise end after the Maturity Date, such Interest Period
shall end on the Maturity Date; and (ii) each Interest Period that would otherwise end on a day which is not a Business Day shall end on the immediately following Business Day (or, if such immediately following Business Day falls in the next
calendar month, on the immediately preceding Business Day). 
 “Internal Revenue Code” means
the Internal Revenue Code of 1986, as amended. 
 “Inventory” shall have the meaning ascribed
to such term in the Uniform Commercial Code, and including within the term items which would be entered on a balance sheet under the line items for “Inventories” or “China, glassware, silver, linen and uniforms” under the Uniform
Systems of Accounts. 
 “Investment” means, with respect to any Person, any acquisition or
investment (whether or not of a controlling interest) by such Person, whether by means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance or extension of credit to,
capital contribution to, Guaranty of Indebtedness of, or purchase or other acquisition of any Indebtedness of, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition
(in one transaction or a series of transactions) of assets of another Person that constitute the business or a division or operating unit of another Person. Any commitment to make an Investment in any other Person, as well as any option of another
Person to require an Investment in such Person, shall constitute an Investment. Except as expressly provided otherwise, for purposes of determining compliance with any covenant contained in a Loan Document, the amount of any Investment shall be the
amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment. 
 “Lender” means each financial institution from time to time party hereto as a “Lender,” together with its respective successors and permitted assigns. With respect to matters
requiring the consent or approval of all Lenders, at any given time, all then existing Defaulting Lenders will be disregarded and excluded, and, for voting purposes only, “all Lenders” shall be deemed to mean “all Lenders other than
Defaulting Lenders.” 
 “Lending Office” means, for each Lender and for each Type of Loan,
the office of such Lender specified in such Lender’s Administrative Questionnaire or in the applicable Assignment and Assumption Agreement, or such other office of such Lender as such Lender may notify the Administrative Agent in writing from
time to time. 
 “LIBOR” means, for the Interest Period for any LIBOR Loan, the rate of
interest, rounded up to the nearest whole multiple of one-hundredth of one percent (.01%), obtained by dividing (i) the rate of interest, rounded upward to the nearest whole multiple of one-sixteenth of one percent (0.0625%), referred to as the
BBA (British Bankers’ Association) LIBOR rate as set forth by any service selected by the Administrative Agent that has been nominated by the British Bankers’ Association as an authorized

  
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information vendor for the purpose of displaying such rate for deposits in U.S. Dollars at approximately 9:00 a.m. Pacific time, two (2) Business Days prior to the date of commencement of
such Interest Period for purposes of calculating effective rates of interest for loans or obligations making reference thereto, for an amount approximately equal to the applicable LIBOR Loan and for a period of time approximately equal to such
Interest Period by (ii) a percentage equal to 1 minus the stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained with respect to Eurocurrency funding (currently referred to as
“Eurocurrency liabilities”) as specified in Regulation D of the Board of Governors of the Federal Reserve System (or against any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Loans
is determined or any applicable category of extensions of credit or other assets which includes loans by an office of any Lender outside of the United States of America), provided, however, that in no event shall LIBOR be less than two percent (2%).
Any change in such stated maximum rate shall result in a change in LIBOR on the date on which such change in such stated maximum rate becomes effective. 
 “LIBOR Loan” means a Loan bearing interest at a rate based on LIBOR. 
 “LIBOR Market Index Rate” means, for any day, LIBOR as of that day for one-month deposits in U.S. Dollars at approximately 9:00 a.m. Pacific time for such day (or if such day is not a
Business Day, the immediately preceding Business Day), provided, however, that in no event shall the LIBOR Market Index Rate be less than two percent (2%). The LIBOR Market Index Rate shall be determined on a daily basis. 

“Licenses” means all certifications, permits, licenses and approvals, including certificates of
completion, certificates of occupancy, and food and beverage and liquor licenses, required for the legal use, occupancy and operation the Property. 
 “Lien” as applied to the property of any Person means: (a) any security interest, encumbrance, mortgage, deed to secure debt, deed of trust, assignment of leases or rents, pledge,
lien, hypothecation, assignment, charge or lease constituting a Capitalized Lease Obligation, conditional sale or other title retention agreement, or other security title or encumbrance of any kind in respect of any property of such Person, or upon
the income, rents or profits therefrom; (b) any arrangement, express or implied, under which any property of such Person is transferred, sequestered or otherwise identified for the purpose of subjecting the same to the payment of Indebtedness
or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person; (c) the filing of any financing statement under the UCC or its equivalent in any jurisdiction (other than a financing
statement filed by a “true” lessor pursuant to Section 9408 (or a successor section) of the UCC); and (d) any agreement by such Person to grant, give or otherwise convey any of the foregoing. 

“Loan” or “Loans” means (a) the aggregate amount disbursed hereunder, (b) a
disbursement of proceeds under Section 2.1, or (c) a portion of the principal outstanding hereunder, as the context requires. 
 “Loan Document” means this Agreement, each Note, the Partial Payment and Limited Guaranty, each Security Document and each other document or instrument now or hereafter executed and
delivered by a Loan Party in connection with, pursuant to or relating to this Agreement (other than the Fee Letter). 
 “Loan Party” means each of the Borrower, the Operating Lessee, the Guarantors, and each other Person who guarantees all or a portion of the Obligations and/or who pledges any Collateral
to secure all or a portion of the Obligations. 
 “Loan-to-Value Ratio” means the ratio,
expressed as a percentage, of the aggregate outstanding principal amount of the Loan, as of the date of determination, to the Appraised Value of the Property. 

  
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 “Major Renovations” means Renovations (including all
Renovations that are part of an overall plan or that are similar or related to other Renovations, even though not performed at the same time) that (a) have resulted in, or are reasonably expected to result in, more than twenty-five percent
(25%) of the rooms at the Property not being available for occupancy for a period of more than sixty (60) days, (b) have a projected cost that exceeds twenty percent (20%) of the Book Value of the Property (as determined prior to
the commencement of such Renovations) or (c) have resulted in, or are reasonably expected to result in, a reduction of Net Operating Income of the Property of twenty percent (20%) or more during any period of twelve (12) consecutive
months (as compared to the period of twelve (12) consecutive months immediately prior to the commencement of such Renovations). 
 “Major Tenant Lease” means a Tenant Lease that demises more than 5,000 rentable square feet of the Property. 

“Management Agreement” means the Management Agreement, dated December 15, 2010, executed by the
Operating Lessee, as “Owner”, and Manager, as “Operator”. 
 “Management Agreement
Assignment/Subordination” means, with respect to the Property, a document or documents, in form and substance satisfactory to Administrative Agent, pursuant to which (a) the Operating Lessee assigns the Management Agreement for the
Property to Administrative Agent for its benefit and the benefit of the Lenders as Collateral and (b) the Manager acknowledges and agrees to such assignment and subordinates the Management Agreement to the applicable Security Deed on terms and
conditions reasonably satisfactory to Administrative Agent. 
 “Manager” means Merritt
Hospitality, LLC, a Delaware limited liability company. 
 “Material Adverse Effect” means a
materially adverse effect on (a) the business, assets, liabilities, condition (financial or otherwise), results of operations or business prospects of the Loan Parties taken as a whole, (b) the ability of the Borrower or any other Loan
Party to perform its material obligations under any Loan Document to which it is a party, (c) the validity or enforceability of any of the Loan Documents, (d) the rights and remedies of the Lenders and the Administrative Agent under any of
the Loan Documents, or (e) the Property. 
 “Material Contract” means (a) the
Management Agreement, (b) the Franchise Agreement, (c) the Operating Lease, (d) any Major Tenant Lease, (e) any material agreement relating to parking for the Property, and (f) any other contract or other arrangement (other
than Loan Documents), whether written or oral, to which the Borrower or any other Loan Party is a party as to which the breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be expected to have a Material
Adverse Effect. 
 “Material Plan” means at any time a Plan or Plans having aggregate Unfunded
Liabilities in excess of $5,000,000. 
 “Maturity Date” means the Original Maturity Date, as it
may be extended to the First Extended Maturity Date, the Second Extended Maturity Date, the Third Extended Maturity Date and the Fourth Extended Maturity Date pursuant to Section 2.10. 

“Minimum DSCR Hurdle” means the following ratio: 

 

			
	 Effective Date

	  	Minimum DSCR Hurdle
	 At First Extension Option
	  	1.15:1.00
	 From June 30, 2012 through, but not including, the Second Extended Maturity Date
	  	1.20:1.00

  
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	 From the Second Extended Maturity Date through, but not including, June 30, 2013
	  	1.30:1.00    
	 From June 30, 2013 through, but not including, the Third Extended Maturity Date
	  	1.35:1.00    
	 From and after the Third Extended Maturity Date
	  	1.40:1.00    

 If, however, any portion of the Earnout is funded by the Lenders, then (i) from and after the date on which any portion of the Earnout is funded through, but not including, the Third Extended
Maturity Date, the Minimum DSCR Hurdle shall mean 1.35, and (ii) from and after the Third Extended Maturity Date, the Minimum DSCR Hurdle shall be 1.40. 
 “Multiemployer Plan” means at any time a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an
obligation to make contributions or has within the preceding five plan years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Group during such five year period. 

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

“Note” means a promissory note of the Borrower substantially in the form of Exhibit C, payable to
the order of a Lender in a principal amount equal to the amount of such Lender’s Commitment. 

“Notice of Continuation” means a notice substantially in the form of Exhibit E (or such other form
reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.7 evidencing the Borrower’s request for the Continuation of
a LIBOR Loan. 
 “Notice of Conversion” means a notice substantially in the form of
Exhibit F (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.8 evidencing the
Borrower’s request for the Conversion of a Loan from one Type to another Type. 
 “Notice of
Responsible Officers” means a certificate of incumbency or notice from the Borrower to the Administrative Agent, in a form satisfactory to the Administrative Agent, identifying the officers of the Borrower that have authority to deliver
Notices of Conversion, Notices of Continuation and other notices or requests specified in this Agreement. 

  
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 “Obligations” means, individually and collectively:
(a) the aggregate principal balance of, and all accrued and unpaid interest on, all Loans; and (b) all other indebtedness, liabilities, obligations, covenants and duties of the Borrower or any of the other Loan Parties owing to the
Administrative Agent or any Lender of every kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents, including, without limitation, the Fees and indemnification obligations, whether direct or indirect,
absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory note. 
 “Operating Expenses” means, for any period of time, all costs and expenses of maintaining, conducting and supervising the operation of the Property which are properly attributable to the
period under consideration under the Borrower’s system of accounting, including without limitation: 
  

	 	(i)	the cost of all food and beverages sold or consumed and of all Inventory; 

  

	 	(ii)	salaries and wages of personnel employed at the Property, including costs of payroll taxes and employee benefits and all other expenses not otherwise specifically
referred to in this paragraph which are referred to as “Administrative and General Expenses” in the Uniform System; 

  

	 	(iii)	the cost of all other goods and services obtained by Manager in connection with its operation of the Property 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; 

  

	 	(iv)	the cost of repairs to and maintenance of the Property (excluding capital expenditures); 

 

	 	(v)	insurance premiums for all insurance maintained with respect to the Property, including without limitation, property damage insurance, public liability insurance, and
such business interruption or other insurance as may be provided for protection against claims, liabilities and losses arising from the use and operation of the Property and losses incurred with respect to deductibles applicable to the foregoing
types of insurance; 

  

	 	(vi)	workers’ compensation insurance or insurance required by similar employee benefits acts; 

 

	 	(vii)	all personal property taxes, real estate taxes, assessments, and any other ad valorem taxes imposed on or levied in connection with the Property (less refunds, offsets
or credits thereof, and interest thereon, if any, received during the period in question) and all other taxes, assessments and other charges (other than federal, state or local income taxes and franchise taxes or the equivalent) payable by or
assessed against Manager, the Borrower or the Operating Lessee with respect to the operation of the Property and water and sewer charges; 

  

	 	(viii)	all sums deposited into any maintenance or capital expenditure reserve, including the amount of the applicable FF&E Reserve; 

 

	 	(ix)	legal fees related to the operation of the Property; 

  

	 	(x)	the costs and expenses of technical consultants and specialized operational experts for specialized services in connection with non-recurring work on operational,
functional, decorating, design or construction problems and activities, including the fees (if any) of Manager in connection therewith, such as ADA studies, life safety reviews, and energy efficiency studies; 

  
 - 13 -

	 	(xi)	all expenses for marketing the Property, including all expenses of advertising, sales promotion and public relations activities; 

 

	 	(xii)	utility taxes and other taxes (as those terms are defined in the Uniform System) and municipal, county and state license and permit fees; 

 

	 	(xiii)	all fees (including base and incentive fees), assessments, royalties and charges payable under the Management Agreement and Franchise Agreement;

  

	 	(xiv)	reasonable reserves for uncollectible accounts receivable; 

  

	 	(xv)	credit card fees, travel agent commissions and other third-party reservation fees and charges; 

 

	 	(xvi)	all parking charges and other expenses associated with revenues received by the Manager related to parking operations, including valet services;

  

	 	(xvii)	common expenses charges, common area maintenance charges and similar costs and expenses; 

 

	 	(xviii)	rent payments under any ground lease; and 

  

	 	(xix)	any other cost or charge classified as an Operating Expense or an Administrative and General Expense under the Uniform System in the Management Agreement unless
specifically excluded under the provisions of this Agreement. 

 Operating Expenses shall not include
(a) depreciation and amortization except as otherwise provided in this Agreement; (b) the cost of any item specified in the Management Agreement to be provided at Manager’s sole expense; (c) debt service; (d) capital repairs
and other expenditures which are normally treated as capital expenditures under the Uniform System or GAAP; or (e) other recurring or non-recurring ownership costs such as partnership or limited liability company administration and costs of
changes to business and liquor licenses. 
 “Operating Lease” means, the Lease Agreement, dated
December 15, 2010, executed by the Borrower and the Operating Lessee. 
 “Operating
Lessee” means CHSP TRS San Francisco LLC, a Delaware limited liability company. 
 “Option to
Extend” means each of the Borrower’s options to extend the Maturity Date as provided in Section 2.10. 
 “Original Maturity Date” means December 15, 2011. 
 “Partial Payment and Limited Guaranty” means the Partial Payment and Limited Guaranty, of even date herewith, executed by Guarantors in favor of Administrative Agent, for the benefit of
Lenders, as the same may be amended, restated or replaced from time to time. 
 “Participant”
has the meaning given that term in Section 13.6(b). 
 “PBGC” means the Pension
Benefit Guaranty Corporation and any successor agency. 
 “Permitted Liens” means, with respect
to any asset or property of a Person, (a) Liens securing taxes, assessments and other charges or levies imposed by any Governmental Authority (excluding any Lien imposed pursuant to any of the provisions of ERISA or pursuant to any
Environmental Laws) which are not at the time required to be paid or discharged under Section 8.6; (b) Liens consisting of deposits or 

  
 - 14 -

 
pledges made, in the ordinary course of business, in connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar Applicable Laws;
(c) Liens consisting of encumbrances in the nature of zoning restrictions, easements, and rights or restrictions of record on the use of real property, which do not materially detract from the value of the Property or impair the intended use
thereof in the business of such Person; (d) Liens imposed by laws, such as mechanics’ liens and other similar liens, arising in the ordinary course of business which secure payment of obligations not more than sixty (60) days past
due; (e) the rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such Person; (f) Liens in favor of the Administrative Agent for its benefit and the benefit of the Lenders; (g) Liens
permitted under any Security Documents; (h) judgment Liens not in excess of $250,000 (exclusive of (i) any amounts that are duly bonded to the satisfaction of Administrative Agent in its reasonable discretion or (ii) any amount
covered by insurance to the satisfaction of Administrative Agent in its reasonable discretion); (i) deposits or pledges to secure bids, tenders, contracts (other than contracts for payment of money), leases, regulatory or statutory obligations,
surety and appeal bonds and other obligations of like nature arising in the ordinary course of business; (j) Liens on leased personal property to secure the lease obligations associated with such property; (k) the Operating Lease and
(l) any other matters from time to time that are not material and that are approved in writing by Administrative Agent, but specifically excluding Liens securing monetary obligation. 

“Person” means any natural person, corporation, limited partnership, general partnership, joint stock
company, limited liability company, limited liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, or any other nongovernmental entity,
or any Governmental Authority. 
 “Personal Property” shall mean the Accounts, Chattel Paper,
Contracts, Equipment, General Intangibles, Inventory, vehicles and cash on hand at the Property. 

“PIP” means a property improvement plan for the Property prepared by a franchisor or manager of the
Property. 
 “Plan” means at any time an employee pension benefit plan (other than a
Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (i) is maintained, or contributed to, by any member of the ERISA Group for
employees of any member of the ERISA Group or (ii) has at any time within the preceding five years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at
such time a member of the ERISA Group. 
 “Post-Default Rate” means, in respect of any
principal of the Loan that is not paid when due, the rate otherwise applicable plus an additional four percent (4%) per annum and with respect to any other Obligation that is not paid when due (whether at stated maturity, by
acceleration, by optional or mandatory prepayment or otherwise) a rate per annum equal to Base Rate as in effect from time to time plus the Applicable Margin, plus four percent (4%). 

“Principal Office” means the Administrative Agent’s office at Winston-Salem
Loan Center, One West Fourth Street, 3rd Floor,
Winston-Salem, NC 27101. 
 “Proceedings” has the meaning given that term in
Section 8.16. 
 “Property” means the improved real property located at 333 Battery
Street, San Francisco, California, owned or to be owned by the Borrower and leased to the Operating Lessee. 

“Pro Forma Debt Service” means, on any day, the Dollar amount equal to the greater of (a) annual
debt service (interest only) on the outstanding principal balance of the Loans, assuming an all-in rate equal to the greater of (i) 10% or (ii) the highest actual rate at which interest is then payable on the Loans or (b) annual debt
service on the outstanding principal balance of the Loans, assuming an interest 

  
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rate equal to the then prevailing rate on United States Treasury bonds, plus 3.50%, with a maturity of ten (10) years and a 25-year amortization schedule. 

“Pro Rata Share” means, as to each Lender, the ratio, expressed as a percentage of (a) the amount
of such Lender’s Commitment to (b) the sum of the aggregate amount of the Commitments of all Lenders; provided, however, that if at the time of determination the Commitments have terminated or been reduced to zero, the
“Pro Rata Share” of each Lender shall be the ratio, expressed as a percentage of (A) the sum of the unpaid principal amount of all outstanding Loans owing to such Lender as of such date to (B) the sum of the aggregate unpaid
principal amount of all outstanding Loans of all Lenders as of such date. 
 “Protective
Advance” means all sums expended as determined by the Administrative Agent to be necessary or appropriate after the Borrower fails to do so when required: (a) to protect the validity, enforceability, perfection or priority of the Liens
in any of the Collateral and the instruments evidencing the Obligations; (b) to prevent the value of any Collateral from being materially diminished; or (c) to protect any of the Collateral from being materially damaged, impaired,
mismanaged or taken, including, without limitation, any amounts expended in connection therewith in accordance with Section 13.2. 
 “Regulatory Change” means, with respect to any Lender, any change effective after the Agreement Date in Applicable Law (including without limitation, Regulation D of the Board of
Governors of the Federal Reserve System) or the adoption or making after such date of any interpretation, directive or request applying to a class of banks, including such Lender, of or under any Applicable Law (whether or not having the force of
law and whether or not failure to comply therewith would be unlawful) by any Governmental Authority or monetary authority charged with the interpretation or administration thereof or compliance by any Lender with any request or directive regarding
capital adequacy. 
 “REIT” means a Person qualifying for treatment as a “real estate
investment trust” under the Internal Revenue Code. 
 “Renovations” means any renovations,
remodeling or other capital improvements at the Property (whether performed pursuant to a PIP or otherwise), but not routine maintenance or repairs. 
 “Requisite Lenders” means, as of any date, Lenders (which must include the Lender then acting as Administrative Agent) having at least 66 2/3% of the aggregate amount of the Commitments,
or, if the Commitments have been terminated or reduced to zero, Lenders holding at least 66 2/3% of the aggregate principal amount of the outstanding Loans; provided that in determining such percentage at any given time, all then existing Defaulting
Lenders will be disregarded and excluded, and the Pro Rata Shares shall be redetermined, for voting purposes only, to exclude the Pro Rata Shares of such Defaulting Lenders. 

“Second Extended Maturity Date” means December 15, 2013. 

“Second Option to Extend” has the meaning given that term in Section 2.10. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, together with all rules
and regulations issued thereunder. 
 “Security Deed” means the Deed of Trust with Absolute
Assignment of Leases and Rents Security Agreement and Fixture Filing, executed by the Borrower and the Operating Lessee, together as trustor, to American Securities Company, as trustee, in favor of Administrative Agent for its benefit and the
benefit of the Lenders, as beneficiary, as the same may be amended, restated or replaced from time to time. 

“Security Document” means the Security Deed, the Management Agreement Assignment/Subordination, and any
security agreement, pledge agreement, financing statement, or other 

  
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document, instrument or agreement creating, evidencing or perfecting the Administrative Agent’s Liens in any of the Collateral. 

“Solvent” means, when used with respect to any Person, that (a) the fair value and the fair salable
value of its assets (excluding any Indebtedness due from any affiliate of such Person) are each in excess of the fair valuation of its total liabilities (including all contingent liabilities); (b) such Person is able to pay its debts or other
obligations in the ordinary course as they mature; and (c) such Person has capital not unreasonably small to carry on its business and all business in which it proposes to be engaged. 

“Subordinated Debt” means Indebtedness for money borrowed of any of the Loan Parties that is
subordinated in right of payment and otherwise to the Loans and the other Obligations in a manner satisfactory to the Administrative Agent in its sole and absolute discretion. 

“Subsidiary” means, for any Person, any corporation, partnership, limited liability company or other
entity of which at least a majority of the Equity Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other individuals performing similar functions of such corporation, partnership, limited
liability company or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more
Subsidiaries of such Person, and shall include all Persons the accounts of which are consolidated with those of such Person pursuant to GAAP. 
 “Taxes” has the meaning given that term in Section 3.10. 
 “Tenant Lease” means any lease, sublease or other similar occupancy agreement for any portion of the Property. 

“Third Extended Maturity Date” means December 15, 2014. 

“Third Option to Extend” has the meaning given that term in Section 2.10. 

“Title Policy” has the meaning given that term in Section 6.1(a)(xvii). 

“Transfer Authorizer Designation Form” means a form substantially in the form of Exhibit G to be
delivered to the Administrative Agent pursuant to Section 6.1(a)(x), as the same may be amended, restated or modified from time to time with the prior written approval of the Administrative Agent. 

“Type” with respect to any Loan, refers to whether such Loan is a LIBOR Loan or a Base Rate Loan.

 “UCC” means the Uniform Commercial Code as in effect in any applicable jurisdiction.

 “Unfunded Liabilities” means, with respect to any Plan at any time, the amount (if any) by
which (a) the value of all benefit liabilities under such Plan, determined on a plan termination basis using the assumptions prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds (b) the fair market value of all Plan
assets allocable to such liabilities under Title IV of ERISA (excluding any accrued but unpaid contributions), all determined as of the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential
liability of a member of the ERISA Group to the PBGC or any other Person under Title IV of ERISA. 

“Uniform System” means the Uniform System of Accounts for the Lodging Industry, Tenth Revised Edition,
2006, as published by the Educations Institute of the American Hotel & Motel Association, as revised from time to time to the extent such revision has been or is in the process of being generally implemented within such Uniform System of
Accounts. 

  
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 “Wells Fargo” means Wells Fargo Bank, National Association,
and its successors and assigns. 
 “Wholly Owned Subsidiary” means any Subsidiary of a Person
in respect of which all of the Equity Interests (other than, in the case of a corporation, directors’ qualifying shares) are at the time directly or indirectly owned or controlled by such Person or one or more other Subsidiaries of such Person
or by such Person and one or more other Subsidiaries of such Person. 
 Section 1.2 GAAP; General References; Pacific
Time. 
  

	 	(a)	 Unless otherwise indicated, all accounting terms, ratios and measurements shall be interpreted or determined in accordance with GAAP as in effect on
the Agreement Date; provided that, if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Requisite Lenders shall so request, the
Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Requisite Lenders); provided
further that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial
statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.
Notwithstanding the use of GAAP, the calculation of liabilities shall NOT include any fair value adjustments to the carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value option election under FASB
ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB standards allowing entities to elect fair value option for financial liabilities. Therefore, the amount of
liabilities shall be the historical cost basis, which generally is the contractual amount owed adjusted for amortization or accretion of any premium or discount. 

 

	 	(b)	 References in this Agreement to “Sections”, “Articles”, “Exhibits” and “Schedules” are to sections,
articles, exhibits and schedules herein and hereto unless otherwise indicated. References in this Agreement to any document, instrument or agreement (i) shall include all exhibits, schedules and other attachments thereto, (ii) shall
include all documents, instruments or agreements issued or executed in replacement thereof, to the extent permitted hereby and (iii) shall mean such document, instrument or agreement, or replacement or predecessor thereto, as amended,
supplemented, restated or otherwise modified from time to time to the extent not otherwise stated herein or prohibited hereby and in effect at any given time. Wherever from the context it appears appropriate, each term stated in either the singular
or plural shall include the singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Unless explicitly set forth to the contrary, a reference to
“Subsidiary” means a Subsidiary of the Borrower or a Subsidiary of such Subsidiary and a reference to an “Affiliate” means a reference to an Affiliate of the Borrower. Titles and captions of Articles, Sections, subsections and
clauses in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. Unless otherwise indicated, all references to time are references to Pacific time. 

ARTICLE II CREDIT FACILITY 
 Section 2.1 Loan. 
  

	 	(a)	 Initial Disbursement. Subject to the terms and conditions set forth in this Agreement, on the Effective Date, the Lenders shall disburse to
or for the account of the Borrower the principal amount of $60,000,000 (the “Initial Disbursement”). Such funds shall be used to finance a portion of the acquisition cost of the Property. 

  
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	 	(b)	Earnout. Subject to the Borrower’s request, and the Administrative Agent’s confirmation of the Borrower’s satisfaction of the conditions below,
Lenders shall disburse to or for the benefit of the Borrower, in up to two (2) disbursements, up to an additional $11,500,000 (the “Earnout”). Any undisbursed portion of the Earnout shall be cancelled on December 15, 2013.
Disbursement of the Earnout shall be conditioned upon satisfaction of the following conditions: 

  

	 	(i)	The Borrower shall have delivered to the Administrative Agent a request for disbursement of all or a portion of the Earnout, which request shall have been received by
the Administrative Agent by not later than November 15, 2013. The Borrower’s request shall specify the amount of the Earnout requested, which amount, when added to any portion of the Earnout previously disbursed, shall not exceed
$11,500,000; 

  

	 	(ii)	Borrower shall not have previously received more than one (1) partial disbursement of the Earnout; 

 

	 	(iii)	As of the date of the Borrower’s request for disbursement, and as of the date on which the Earnout is to be disbursed, (A) no Default or Event of Default
shall exist, (B) no material default (beyond the expiration of any applicable notice and cure periods), as determined by the Administrative Agent, shall exist under the Management Agreement or the Franchise Agreement and (C) there shall
have been no change, circumstance or occurrence which could reasonably be expected to have a Material Adverse Effect, as determined by the Administrative Agent in its sole discretion; 

 

	 	(iv)	The Debt Service Coverage Ratio, calculated as of the last day of each of the two (2) most recent fiscal quarters preceding the date of the Borrower’s
request, shall be not less than 1.35, and the Borrower shall provide evidence thereof acceptable to the Administrative Agent in its sole discretion; provided, for purposes of calculating Pro Forma Debt Service, the “outstanding principal
balance of the Loans” shall be deemed to include the portion of the Earnout that the Borrower has requested be disbursed; 

  

	 	(v)	The Borrower shall have paid to the Administrative Agent, for the ratable benefit of the Lenders, a non-refundable fee in an amount equal to one-quarter of one percent
(0.25%) of the amount of the Earnout for which the Borrower has requested disbursement. Such fee shall be deemed earned when received; 

  

	 	(vi)	The Borrower shall have provided to the Administrative Agent, for its benefit and the benefit of the Lenders, any endorsements reasonably requested by the
Administrative Agent to the Title Policy; and 

  

	 	(vii)	The Borrower shall have satisfied all of the conditions to disbursement set forth in Section 6.2. 

Section 2.2 Rates and Payment of Interest on Loans. 
  

	 	(a)	Rates. The Borrower promises to pay to the Administrative Agent for the account of each Lender, interest on the unpaid principal amount of the Loan for the
period from and including the date of the making of such Loan to but excluding the date such Loan shall be paid in full, at the following per annum rates: 

  

	 	(i)	during such periods as such Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time), plus the Applicable Margin; and 

  
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	 	(ii)	during such periods as such Loan is a LIBOR Loan, at LIBOR for such Loan for the Interest Period therefor, plus the Applicable Margin. 

Notwithstanding the foregoing, while an Event of Default exists, the Borrower shall pay to the Administrative Agent for the account of
each Lender interest at the Post-Default Rate on the outstanding principal amount of any Loan made by such Lender and on any other amount payable by the Borrower hereunder or under the Notes held by such Lender to or for the account of such Lender
(including without limitation, accrued but unpaid interest to the extent permitted under Applicable Law). 
  

	 	(b)	Payment of Interest. All accrued and unpaid interest on the outstanding principal amount of each Loan shall be payable (i) monthly in arrears on the first
day of each month, commencing with the first full calendar month occurring after the Effective Date and (ii) on any date on which the principal balance of such Loan is due and payable in full (whether at maturity, due to acceleration or
otherwise). Interest payable at the Post-Default Rate shall be payable from time to time on demand. All determinations by the Administrative Agent of an interest rate hereunder shall be conclusive and binding on the Lenders and the Borrower for all
purposes, absent manifest error. 

  

	 	(c)	Number of Interest Periods. There may be no more than five (5) different Interest Periods outstanding at the same time. 

Section 2.3 Assumptions Regarding Funding by Lenders. With respect to disbursement of the Earnout, unless the Administrative Agent shall have
been notified by any Lender that such Lender will not make available to the Administrative Agent its Pro Rata Share, the Administrative Agent may assume that such Lender will make the proceeds available to the Administrative Agent in accordance with
this Section, and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption, make available to the Borrower the amount of such Loan to be provided by such Lender. In such event, if such Lender does not make
available to the Administrative Agent the proceeds of such Loan, then such Lender and the Borrower severally agree to pay to the Administrative Agent on demand the amount of such Loan with interest thereon, for each day from and including the date
such Loan is made available to the Borrower but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay
the amount of such interest to the Administrative Agent for the same or overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays to the
Administrative Agent the amount of such Loan, the amount so paid shall constitute such Lender’s Loan included in the borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that
shall have failed to make available the proceeds of a Loan to be made by such Lender. 
 Section 2.4 Repayment of Loans. The
Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Loans on the Maturity Date. 

Section 2.5 Prepayments. 
  

	 	(a)	Optional. At any time on or after June 15, 2011, the Borrower may prepay any Loan at any time without premium or penalty. The Borrower shall give the
Administrative Agent at least three (3) Business Days prior written notice of the prepayment of any Loan. Each voluntary prepayment of Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess
thereof. The Borrower shall not have the right to prepay the Loan, in whole or in part, prior to June 15, 2011. 

  

	 	(b)	Mandatory. 

  
 - 20 -

	 	(i)	Minimum DSCR Hurdle. In connection with each Option to Extend and as of June 30 of each year following the Original Maturity Date, if the Debt Service
Coverage Ratio (as determined based on Adjusted NOI for the twelve months ending October 31 of the then current year in connection with each Option to Extend and the twelve months ending May 31 of the then current year with respect to the
June 30 test) is less than the Minimum DSCR Hurdle, then the Borrower shall pay to the Administrative Agent for the account of the Lenders, as a principal payment of the Loans, not later than fifteen (15) Business Days following the day on
which the relevant DSCR Certificate is required to be delivered under Section 9.2 (or, in the case of an Option to Extend, not later than the then current Maturity Date), the amount by which the outstanding principal balance of the Loan
would be required to be reduced to cause the Debt Service Coverage Ratio to equal the Minimum DSCR Hurdle. 

  

	 	(ii)	Amortization. If the term of the Loan is extended beyond the Second Extended Maturity Date, then commencing with the first day of the fiscal quarter beginning
January 1, 2014, and continuing on the first day of each fiscal quarter thereafter during the term of the Loan, the Borrower shall repay to the Administrative Agent for the account of the Lenders a portion of the outstanding principal balance
of the Loan, in an amount equal to $500,000. 

  

	 	(c)	Breakage Costs. In connection with the prepayment of the Loan under this Section 2.5, in addition to any other amounts that might be due, the
Borrower shall pay to the Administrative Agent any costs that would be due under Section 5.4, below. 

Section 2.6 Late Charges. If any payment required under this Agreement is not paid within ten (10) days after it becomes due and
payable, then the Borrower shall pay a late charge for late payment to compensate the Lenders for the loss of use of funds and for the expenses of handling the delinquent payment, in an amount equal to four percent (4%) of such delinquent
payment. Such late charge shall be paid in any event not later than the due date of the next subsequent installment of principal and/or interest. In the event the maturity of the Obligations hereunder occurs or is accelerated pursuant to
Section 11.2, this Section shall apply only to payments overdue prior to the time of such acceleration. This Section shall not be deemed to be a waiver of the Lenders’ right to accelerate payment of any of the Obligations
as permitted under the terms of this Agreement. 
 Section 2.7 Continuation. So long as no Default or Event of Default exists, the
Borrower may on any Business Day, with respect to any LIBOR Loan, elect to maintain such LIBOR Loan or any portion thereof as a LIBOR Loan by selecting a new Interest Period for such LIBOR Loan. Each Continuation of a LIBOR Loan shall be in an
aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and each new Interest Period selected under this Section shall commence on the last day of the immediately preceding Interest Period. Each
selection of a new Interest Period shall be made by the Borrower giving to the Administrative Agent a Notice of Continuation not later than 9:00 a.m. on the third Business Day prior to the date of any such Continuation. Such notice by the Borrower
of a Continuation shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Continuation, specifying (a) the proposed date of such Continuation, (b) the LIBOR Loan and portion thereof subject
to such Continuation and (c) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. Notwithstanding the foregoing, the
Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the
Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Continuation required pursuant to the third sentence of this Section 2.7. Each Notice of
Continuation shall be irrevocable by and binding on the Borrower once given. Promptly after receipt of a Notice of Continuation, the Administrative Agent shall notify each Lender of the proposed Continuation. If the Borrower shall fail to select in
a timely manner a new Interest Period for any LIBOR Loan in accordance with this Section, such Loan will automatically, on the last day of the current Interest Period therefore, continue as a LIBOR Loan with an Interest Period of one month.

  
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 Section 2.8 Conversion. So long as no Default or Event of Default exists, the Borrower may on
any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type.
Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay
accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.2. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for
such LIBOR Loan. Each such Notice of Conversion shall be given not later than 9:00 a.m. three (3) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the
Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of
Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if
such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The
Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or
electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.8. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. 

Section 2.9 Notes. 
  

	 	(a)	Notes. The Loans made by each Lender shall, in addition to this Agreement, also be evidenced by a Note, payable to the order of such Lender in a principal amount
equal to the amount of its Commitment as originally in effect and otherwise duly completed. 

  

	 	(b)	Lost, Stolen, Destroyed or Mutilated Notes. Upon receipt by the Borrower of (i) written notice from a Lender that a Note of such Lender has been lost,
stolen, destroyed or mutilated, and (ii)(A) in the case of loss, theft or destruction, an unsecured agreement of indemnity from such Lender in form reasonably satisfactory to the Borrower, or (B) in the case of mutilation, upon surrender and
cancellation of such Note, the Borrower shall at its own expense execute and deliver to such Lender a new Note dated the date of such lost, stolen, destroyed or mutilated Note. 

 Section 2.10 Extension of Maturity Date. Borrower shall have the option to extend the Maturity Date from (a) the Original Maturity Date to the First Extended Maturity Date (“First
Option to Extend”), (b) the First Extended Maturity Date to the Second Extended Maturity Date (the “Second Option to Extend”), (c) the Second Extended Maturity Date to the Third Extended Maturity Date (the “Third Option
to Extend”) and (d) the Third Extended Maturity Date to the Fourth Extended Maturity Date (the “Fourth Option to Extend” and each, an “Option to Extend”), upon satisfaction of each of the following conditions precedent:

  

	 	(a)	As applicable, the Borrower shall have validly exercised the immediately previous Option to Extend; and 

 

	 	(b)	The Borrower shall provide the Administrative Agent with written notice of the Borrower’s request to exercise an Option to Extend not more than ninety
(90) days but not less than thirty (30) days prior to the then current Maturity Date; and 

  

	 	(c)	As of the date of the Borrower’s delivery of notice of request to exercise an Option to Extend, and as of the then current Maturity Date, no Default of Event of
Default shall have occurred and be continuing, and Borrower shall so certify in writing; and 

  
 - 22 -

	 	(d)	No material default (beyond the expiration of any applicable notice and cure periods), as determined by Administrative Agent, shall exist under the Management Agreement
or the Franchise Agreement; and 

  

	 	(e)	The Borrower shall execute or cause the execution of all documents reasonably required by the Administrative Agent to exercise the Option to Extend and shall deliver to
the Administrative Agent, at the Borrower’s sole cost and expense, such title insurance endorsements reasonably required by the Administrative Agent; and 

 

	 	(f)	There shall not have occurred any change in the Property since the Effective Date or the financial condition of the Borrower or either Guarantor from that which existed
as of the Effective Date that, in the determination of the Administrative Agent in its sole discretion, has had a Material Adverse Effect; and 

  

	 	(g)	On or before the then current Maturity Date, the Borrower shall pay to the Administrative Agent all recording costs, the costs of preparing any extension documents,
including reasonable attorney’s fees if any, and any other reasonable costs and expense associated with the Borrower’s exercise of its Option to Extend; and 

 

	 	(h)	On or before the then current Maturity Date, Borrower shall pay to the Administrative Agent the fee provided for in Section 3.5(b); and

  

	 	(i)	With respect to the exercise of the Second Option to Extend, the Third Option to Extend and the Fourth Option to Extend, at the Administrative Agent’s option, the
Administrative Agent shall have received, at the Borrower’s sole cost, an Appraisal with a valuation date not more than sixty (60) days prior to the then current Maturity Date confirming to the satisfaction of the Administrative Agent that
the Loan-to-Value Ratio does not exceed fifty percent (50%). If the Loan to Value Ratio exceeds fifty percent (50%), then the Borrower may satisfy the condition in this Section 2.10(i) by concurrently repaying such portion of the
outstanding principal amount of the Loan necessary to cause the Loan-to-Value Ratio to be fifty percent (50%) or less; and 

  

	 	(j)	The Adjusted NOI of the Property, calculated in accordance with Section 2.5(b), shall be sufficient to yield a Debt Service Coverage Ratio of not less than the
Minimum DSCR Hurdle. If the Adjusted NOI of the Property is insufficient to yield a Debt Service Coverage Ratio which satisfies the Minimum DSCR Hurdle, then the Borrower may satisfy the condition in this Section 2.10(j) by repaying such
portion of the outstanding principal amount of the Loan as would cause such condition to be satisfied. 

 Section 2.11
Funds Transfer Disbursements. 
  

	 	(a)	 Generally. The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Loan made by the Lenders or any of their
Affiliates pursuant to the Loan Documents as requested by any of Borrower’s Agents to any of the accounts designated in the Transfer Authorizer Designation Form. The Borrower agrees to be bound by any transfer request authorized or transmitted
by the Borrower or any of the Borrower’s Agents. The Borrower further agrees and acknowledges that the Administrative Agent may rely solely on any bank routing number or identifying bank account number or name provided by the Borrower or any of
the Borrower’s Agents to effect a wire of funds transfer even if the information provided by the Borrower or the Borrower’s Agents identifies a different bank or account holder than named by the Borrower. The Administrative Agent is not
obligated or required in any way to take any actions to detect errors in information provided by the Borrower. If the Administrative Agent takes any actions in an attempt to detect errors in the transmission or content of transfer or requests or
takes any actions in an attempt to detect unauthorized funds transfer requests, the Borrower agrees that no matter how many times the Administrative Agent takes these actions, the Administrative Agent will not in any

  
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situation be liable for failing to take or correctly perform these actions in the future and such actions shall not become any part of the transfer disbursement procedures authorized under this
provision, the Loan Documents, or any agreement between the Administrative Agent and the Borrower. The Borrower agrees to notify the Administrative Agent of any errors in the transfer of any funds or of any unauthorized or improperly authorized
transfer requests within fourteen (14) days after the Administrative Agent’s confirmation to the Borrower of such transfer. 

  

	 	(b)	Funds Transfer. The Administrative Agent will, in its sole discretion, determine the funds transfer system and the means by which each transfer will be made. The
Administrative Agent may delay or refuse to accept a funds transfer request if the transfer would: (i) violate the terms of this authorization (ii) require use of a bank unacceptable to the Administrative Agent or any Lender or prohibited
by any Governmental Authority; provided, that the Administrative Agent and the Lenders hereby acknowledge that Key Bank is acceptable to the Administrative Agent and the Lenders; (iii) cause the Administrative Agent or any Lender to violate any
Federal Reserve or other regulatory risk control program or guideline, or (iv) otherwise cause the Administrative Agent or any Lender to violate any Applicable Law or regulation. 

 

	 	(c)	Limitation of Liability. Neither the Administrative Agent nor any Lender shall be liable to the Borrower or any other parties for (i) errors, acts or
failures to act of others, including other entities, banks, communications carriers or clearinghouses, through which the Borrower’s transfers may be made or information received or transmitted, and no such entity shall be deemed an agent of the
Administrative Agent or any Lender, (ii) any loss, liability or delay caused by fires, earthquakes, wars, civil disturbances, power surges or failures, acts of government, labor disputes, failures in communications networks, legal constraints
or other events beyond Administrative Agent’s or any Lender’s reasonable control, or (iii) any special, consequential, indirect or punitive damages, whether or not (x) any claim for these damages is based on tort or contract or
(y) the Administrative Agent, any Lender or the Borrower knew or should have known the likelihood of these damages in any situation. Neither the Administrative Agent nor any Lender makes any representations or warranties other than those
expressly made in this Agreement. 

 ARTICLE III PAYMENTS, FEES AND OTHER GENERAL PROVISIONS 

Section 3.1 Payments. 
  

	 	(a)	 Payments by Borrower. Except to the extent otherwise provided herein, all payments of principal, interest, Fees and other amounts to be made by
the Borrower under this Agreement, the Notes or any other Loan Document shall be made in Dollars, in immediately available funds, without setoff, deduction or counterclaim, to the Administrative Agent at the Principal Office, not later than 11:00
a.m. on the date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). Subject to Section 11.5, the Borrower shall, at the
time of making each payment under this Agreement or any other Loan Document, specify to the Administrative Agent the amounts payable by the Borrower hereunder to which such payment is to be applied. Each payment received by the Administrative Agent
for the account of a Lender under this Agreement or any Note shall be paid to such Lender by wire transfer of immediately available funds in accordance with the wiring instructions provided by such Lender to the Administrative Agent from time to
time, for the account of such Lender at the applicable Lending Office of such Lender. In the event the Administrative Agent fails to pay such amounts to such Lender within one (1) Business Day of receipt of such amounts, the Administrative
Agent shall pay interest on such amount at a rate per annum equal to the Federal Funds Rate from time to time in effect. If the due date of any payment under this Agreement or any other Loan Document would otherwise fall on a day which is not a
Business Day such date shall be extended to the next succeeding Business Day and interest 

  
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shall continue to accrue at the rate, if any, applicable to such payment for the period of such extension. 

 

	 	(b)	Presumptions Regarding Payments by Borrower. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment
is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may (but
shall not be obligated to), in reliance upon such assumption, distribute to the Lenders, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders, as the case may be, severally
agrees to repay to the Administrative Agent on demand that amount so distributed to such Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the
Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

Section 3.2 Pro Rata Treatment. Except to the extent otherwise provided herein: (a) each borrowing from Lenders under
Section 2.1 shall be made from the Lenders, each payment of the fees under Sections 3.5(a), 3.5(b) and 3.5(c) shall be made for the account of the Lenders, and each termination or reduction of the amount of the
Commitments under Section 2.10 shall be applied to the respective Commitments of the Lenders, pro rata according to the amounts of their respective Commitments; (b) each payment or prepayment of principal of Loans by the Borrower
shall be made for the account of the Lenders pro rata in accordance with the respective unpaid principal amounts of the Loans held by them, provided that if immediately prior to giving effect to any such payment in respect of any Loans the
outstanding principal amount of the Loans shall not be held by the Lenders pro rata in accordance with their respective Commitments in effect at the time such Loans were made, then such payment shall be applied to the Loans in such manner as shall
result, as nearly as is practicable, in the outstanding principal amount of the Loans being held by the Lenders pro rata in accordance with their respective Commitments; (c) each payment of interest on Loans by the Borrower shall be made for
the account of the Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable to the respective Lenders; and (d) the Conversion and Continuation of Loans of a particular Type shall be made pro rata among the
Lenders according to the amounts of their respective Loans and the then current Interest Period for each Lender’s portion of each Loan of such Type shall be coterminous. Any payment or prepayment of principal or interest made (i)(A) during the
existence of a Default or Event of Default or (B) pursuant to Section 2.5(b)(i), shall be made for the account of the Lenders in accordance with the order set forth in Section 11.5 and (ii) pursuant to
Section 2.5(b)(ii), shall be made for the account of the Lenders holding Commitments (or, if the Commitments have been terminated, holding Loans, in accordance with the order set forth in Section 11.5. 

Section 3.3 Sharing of Payments, Etc. If a Lender shall obtain payment of any principal of, or interest on, any Loan under this Agreement or
shall obtain payment on any other Obligation owing by the Borrower or any other Loan Party through the exercise of any right of set-off, banker’s lien, counterclaim or similar right or otherwise or through voluntary prepayments directly to a
Lender or other payments made by the Borrower or any other Loan Party to a Lender not in accordance with the terms of this Agreement and such payment should be distributed to the Lenders in accordance with Section 3.2 or
Section 11.5, such Lender shall promptly purchase from such other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Loans made by the other Lenders or other Obligations owed to such
other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable, to the end that all the Lenders shall share the benefit of such payment (net of any reasonable expenses which may actually be incurred by such
Lender in obtaining or preserving such benefit) in accordance with the requirements of Section 3.2 or Section 11.5, as applicable. To such end, all the Lenders shall make appropriate adjustments among themselves (by the
resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. The Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Loans or other Obligations owed to such other
Lenders may exercise all rights of set-off, banker’s lien, counterclaim or similar rights with the 

  
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respect to such participation as fully as if such Lender were a direct holder of Loans in the amount of such participation. Nothing contained herein shall require any Lender to exercise any such
right or shall affect the right of any Lender to exercise and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation of the Borrower. 
 Section 3.4 Several Obligations. No Lender shall be responsible for the failure of any other Lender to make a Loan or to perform any other obligation to be made or performed by such other
Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make any Loan or to perform any other obligation to be
made or performed by such other Lender. 
 Section 3.5 Fees. 

 

	 	(a)	Closing Fee. On the Effective Date, the Borrower agrees to pay to the Administrative Agent and each Lender all loan fees described in the Fee Letter.

  

	 	(b)	Extension Fee. If the Borrower exercises its right to extend the Maturity Date in accordance with Section 2.10, the Borrower agrees to pay to the
Administrative Agent for the account of each Lender a fee equal to one-quarter percent (0.25%) of the amount of such Lender’s outstanding Loans as of the applicable Maturity Date. 

 

	 	(c)	Administrative and Other Fees. The Borrower agrees to pay other fees of the Administrative Agent as may be expressly agreed to in writing from time to time.

 Section 3.6 Computations. Unless otherwise expressly set forth herein, any accrued interest on any Loan, any Fees
or other Obligations due hereunder shall be computed on the basis of a year of 360 days and the actual number of days elapsed. 

Section 3.7 Usury. In no event shall the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of
interest allowed by Applicable Law and, if any such payment is paid by the Borrower or any other Loan Party or received by any Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the respective
Lender in writing that the Borrower elects to have such excess sum returned to it forthwith. It is the express intent of the parties hereto that the Borrower not pay and the Lenders not receive, directly or indirectly, in any manner whatsoever,
interest in excess of that which may be lawfully paid by the Borrower under Applicable Law. The parties hereto hereby agree and stipulate that the only charge imposed upon the Borrower for the use of money in connection with this Agreement is and
shall be the interest specifically described in Section 2.2(a)(i) and (ii). Notwithstanding the foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, facility fees, underwriting
fees, default charges, late charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Administrative Agent or any Lender to third parties or for damages
incurred by the Administrative Agent or any Lender, are charges made to compensate the Administrative Agent or any such Lender for underwriting or administrative services and costs or losses performed or incurred, and to be performed or incurred, by
the Administrative Agent and the Lenders in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of money. All charges other than charges for the use of money shall be fully earned and nonrefundable
when due. 
 Section 3.8 Statements of Account. The Administrative Agent will account to the Borrower monthly with a statement of
Loans, accrued interest and Fees, charges and payments made pursuant to this Agreement and the other Loan Documents, and such account rendered by the Administrative Agent shall be deemed conclusive upon the Borrower absent manifest error. The
failure of the Administrative Agent to deliver such a statement of accounts shall not relieve or discharge the Borrower from any of its obligations hereunder. 
 Section 3.9 Defaulting Lenders. 

  
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	 	(a)	Generally. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then, in addition to the rights and
remedies that may be available to the Administrative Agent or the Borrower under this Agreement or Applicable Law, (i) fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to
Section 3.5(b) and (ii) the Commitment of such Defaulting Lender shall not be included in determining whether the Requisite Lenders, or all of Lenders have taken or may take any action hereunder (including any consent to any
amendment, waiver or other modification pursuant to Section 13.7, except as otherwise provided therein). If for any reason a Lender fails to make timely payment to the Administrative Agent of any amount required to be paid to the
Administrative Agent hereunder (without giving effect to any notice or cure periods), in addition to other rights and remedies which the Administrative Agent or the Borrower may have under the immediately preceding provisions or otherwise, the
Administrative Agent shall be entitled (A) to collect interest from such Defaulting Lender on such delinquent payment for the period from the date on which the payment was due until the date on which the payment is made at the Federal Funds
Rate, (B) to withhold or setoff and to apply in satisfaction of the defaulted payment and any related interest, any amounts otherwise payable to such Defaulting Lender under this Agreement or any other Loan Document and (C) to bring an
action or suit against such Defaulting Lender in a court of competent jurisdiction to recover the defaulted amount and any related interest. Any amounts received by the Administrative Agent in respect of a Defaulting Lender’s Loans shall not be
paid to such Defaulting Lender and shall be held uninvested by the Administrative Agent and either applied against the purchase price of such Loans under the following subsection (b) or paid to such Defaulting Lender upon the Defaulting
Lender’s curing of its default. 

  

	 	(b)	 Purchase or Cancellation of Defaulting Lender’s Commitment. Any Lender who is not a Defaulting Lender shall have the right, but not the
obligation, in its sole discretion, to acquire by assignment all of a Defaulting Lender’s Commitments. Any Lender desiring to exercise such right shall give written notice thereof to the Administrative Agent and the Borrower no sooner than two
(2) Business Days and not later than five (5) Business Days after such Defaulting Lender became a Defaulting Lender. If more than one (1) Lender exercises such right, each such Lender shall have the right to acquire an amount of such
Defaulting Lender’s Commitments in proportion to the Commitments of the other Lenders exercising such right. If after such fifth Business Day, the Lenders have not elected to acquire all of the Commitments of such Defaulting Lender, then the
Borrower may, by giving written notice thereof to the Administrative Agent, such Defaulting Lender and the other Lenders, either (i) demand that such Defaulting Lender assign its Commitments to an Eligible Assignee subject to and in accordance
with the provisions of Section 13.6(c) for the purchase price provided for below or (ii) terminate the Commitments of such Defaulting Lender, whereupon such Defaulting Lender shall no longer be a party hereto or have any right or
obligation whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. Upon any such assignment, the Defaulting Lender’s interest in the Loans and its rights hereunder (but not its liability in respect thereof or
under the Loan Documents to the extent the same relate to the period prior to the effective date of the purchase) shall terminate on the date of purchase, and the Defaulting Lender shall promptly execute all documents reasonably requested to
surrender and transfer such interest to the purchaser or assignee thereof, including an appropriate Assignment and Assumption Agreement and, notwithstanding Section 13.6(c), shall pay to the Administrative Agent an assignment fee in the
amount of $10,000. The purchase price for the Commitments of a Defaulting Lender shall be equal to the amount of the principal balance of the Loans outstanding and owed by the Borrower to the Defaulting Lender. Prior to payment of such purchase
price to a Defaulting Lender, the Administrative Agent shall apply against such purchase price any amounts retained by the Administrative Agent pursuant to the last sentence of the immediately preceding subsection (a). The Defaulting Lender
shall be entitled to receive any amount owed to it by the Borrower under the Loan Documents which accrued prior to the date of the default by the Defaulting Lender, to the extent the same are received by the

  
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Administrative Agent from or on behalf of the Borrower. There shall be no recourse against any Lender or the Administrative Agent for the payment of such sums except to the extent of the receipt
of payments from any other party or in respect of the Loans. 

 Section 3.10 Taxes; Foreign Lenders. 

 

	 	(a)	Taxes Generally. All payments by the Borrower of principal of, and interest on, the Loans and all other Obligations shall be made free and clear of and without
deduction for any present or future excise, stamp or other taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges of any nature whatsoever imposed by any taxing authority, but excluding (i) franchise taxes,
(ii) any taxes (other than withholding taxes) that would not be imposed but for a connection between the Administrative Agent or a Lender and the jurisdiction imposing such taxes (other than a connection arising solely by virtue of the
activities of the Administrative Agent or such Lender pursuant to or in respect of this Agreement or any other Loan Document), (iii) any taxes imposed on or measured by any Lender’s assets, net income, receipts or branch profits and
(iv) any taxes arising after the Agreement Date solely as a result of or attributable to a Lender changing its designated Lending Office after the date such Lender becomes a party hereto (such non excluded items being collectively called
“Taxes”). If any withholding or deduction from any payment to be made by the Borrower hereunder is required in respect of any Taxes pursuant to any Applicable Law, then the Borrower will: 

 

	 	(i)	pay directly to the relevant Governmental Authority the full amount required to be so withheld or deducted; 

 

	 	(ii)	promptly forward to the Administrative Agent an official receipt or other documentation satisfactory to the Administrative Agent evidencing such payment to such
Governmental Authority; and 

  

	 	(iii)	pay to the Administrative Agent for its account or the account of the applicable Lender such additional amount or amounts as is necessary to ensure that the net amount
actually received by the Administrative Agent or such Lender will equal the full amount that the Administrative Agent or such Lender would have received had no such withholding or deduction been required. 

 

	 	(b)	Tax Indemnification. If the Borrower fails to pay any Taxes when due to the appropriate Governmental Authority or fails to remit to the Administrative Agent, for
its account or the account of the respective Lender, as the case may be, the required receipts or other required documentary evidence, the Borrower shall indemnify the Administrative Agent and the Lenders for any incremental Taxes, interest or
penalties that may become payable by the Administrative Agent or any Lender as a result of any such failure. For purposes of this Section, a distribution hereunder by the Administrative Agent or any Lender to or for the account of any Lender shall
be deemed a payment by the Borrower. 

  

	 	(c)	 Tax Forms. Prior to the date that any Lender or Participant organized under the laws of a jurisdiction outside the United States of America
becomes a party hereto, such Person shall deliver to the Borrower and the Administrative Agent such certificates, documents or other evidence, as required by the Internal Revenue Code or Treasury Regulations issued pursuant thereto (including
Internal Revenue Service Forms W-8ECI and W-8BEN, as applicable, or appropriate successor forms), properly completed, currently effective and duly executed by such Lender or Participant establishing that payments to it hereunder and under the Notes
are (i) not subject to United States Federal backup withholding tax and (ii) not subject to United States Federal withholding tax under the Code. Each such Lender or Participant shall (x) deliver further copies of such forms or other
appropriate certifications on or before the date that any such forms expire or become obsolete and after the occurrence of any event requiring a change in the most recent form delivered to the Borrower and
(y)

  
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obtain such extensions of the time for filing, and renew such forms and certifications thereof, as may be reasonably requested by the Borrower or the Administrative Agent. The Borrower shall not
be required to pay any amount pursuant to last sentence of subsection (a) above to any Lender or Participant that is organized under the laws of a jurisdiction outside of the United States of America or the Administrative Agent, if it is
organized under the laws of a jurisdiction outside of the United States of America, if such Lender, Participant or the Administrative Agent, as applicable, fails to comply with the requirements of this subsection. If any such Lender or Participant
fails to deliver the above forms or other documentation, then the Administrative Agent may withhold from such payment to such Lender such amounts as are required by the Code. If any Governmental Authority asserts that the Administrative Agent did
not properly withhold or backup withhold, as the case may be, any tax or other amount from payments made to or for the account of any Lender, such Lender shall indemnify the Administrative Agent therefore, including all penalties and interest, any
taxes imposed by any jurisdiction on the amounts payable to the Administrative Agent under this Section, and costs and expenses (including all fees and disbursements of any law firm or other external counsel and the allocated cost of internal legal
services and all disbursements of internal counsel) of the Administrative Agent. The obligation of the Lenders under this Section shall survive the termination of the Commitments, repayment of all Obligations and the resignation or replacement
of the Administrative Agent. 

  

	 	(d)	USA Patriot Act Notice; Compliance. In order for the Administrative Agent to comply with the USA Patriot Act of 2001 (Public Law 107-56), prior to any Lender or
Participant that is organized under the laws of a jurisdiction outside of the United States of America becoming a party hereto, the Administrative Agent may request, and such Lender or Participant shall provide to the Administrative Agent, its name,
address, tax identification number and/or such other identification information as shall be necessary for the Administrative Agent to comply with federal law. 

 Section 3.11 Lender Failure to Make Payment. If any Lender shall fail to make any payment required to be made by it pursuant to Sections 2.3, 3.1(b) or 12.8, then the
Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender for the benefit of the Administrative Agent, to
satisfy such Lender’s obligations to it under such Section until all such unsatisfied obligations are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding
obligations of such Lender under any such Section, in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion. 

ARTICLE IV INTENTIONALLY OMITTED 
 ARTICLE V YIELD PROTECTION, ETC. 
 Section 5.1 Additional Costs; Capital Adequacy.

  

	 	(a)	 Capital Adequacy. If any Lender or any Participant in the Loan determines that compliance with any law or regulation or with any guideline or
request from any central bank or other Governmental Authority (whether or not having the force of law) affects or would affect the amount of capital required or expected to be maintained by such Lender or such Participant, or any corporation
controlling such Lender or such Participant, as a consequence of, or with reference to, such Lender’s or such Participant’s or such corporation’s Commitments or its making or maintaining Loans below the rate which such Lender or such
Participant or such corporation controlling such Lender or such Participant could have achieved but for such compliance (taking into account the policies of such Lender or such Participant or such corporation with regard to capital), then (without
duplication of any other obligations of the Borrower under the Loan Documents) the Borrower shall, from time to time, within thirty (30) days after written demand by such Lender or (subject to subsection (f) below) such Participant, pay to
such Lender or such Participant additional amounts sufficient to 

  
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compensate such Lender or such Participant or such corporation controlling such Lender or such Participant to the extent that such Lender or such Participant determines such increase in capital
is allocable to such Lender’s or such Participant’s obligations hereunder. 

  

	 	(b)	Additional Costs. In addition to, and not in limitation of the immediately preceding clause (a), the Borrower shall promptly pay to the Administrative Agent for
the account of a Lender from time to time such amounts as such Lender may determine to be necessary to compensate such Lender for any costs incurred by such Lender that it determines are attributable to its making or maintaining of any LIBOR Loans
or its obligation to make any LIBOR Loans hereunder, any reduction in any amount receivable by such Lender under this Agreement or any of the other Loan Documents in respect of any of such LIBOR Loans or such obligation or the maintenance by such
Lender of capital in respect of its LIBOR Loans or its Commitments (such increases in costs and reductions in amounts receivable being herein called “Additional Costs”), resulting from any Regulatory Change that: (i) changes the basis
of taxation of any amounts payable to such Lender under this Agreement or any of the other Loan Documents in respect of any of such LIBOR Loans or its Commitments (other than taxes imposed on or measured by the overall net income of such Lender or
of its Lending Office for any of such LIBOR Loans by the jurisdiction in which such Lender has its principal office or such Lending Office), or (ii) imposes or modifies any reserve, special deposit or similar requirements (including without
limitation, Regulation D of the Board of Governors of the Federal Reserve System or other similar reserve requirement applicable to any other category of liabilities or category of extensions of credit or other assets by reference to which the
interest rate on LIBOR Loans is determined) relating to any extensions of credit or other assets of, or any deposits with or other liabilities of, or other credit extended by, or any other acquisition of funds by such Lender (or its parent
corporation), or any commitment of such Lender (including, without limitation, the Commitment of such Lender hereunder) or (iii) has or would have the effect of reducing the rate of return on capital of such Lender to a level below that which
such Lender could have achieved but for such Regulatory Change (taking into consideration such Lender’s policies with respect to capital adequacy). 

  

	 	(c)	Lender’s Suspension of LIBOR Loans. Without limiting the effect of the provisions of the immediately preceding subsection (a) and (b), if by reason of
any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by the excess above a specified level of the amount of a category of deposits or other liabilities of such Lender that includes deposits by reference to
which the interest rate on LIBOR Loans is determined as provided in this Agreement or a category of extensions of credit or other assets of such Lender that includes LIBOR Loans or (ii) becomes subject to restrictions on the amount of such a
category of liabilities or assets that it may hold, then, if such Lender so elects by notice to the Borrower (with a copy to the Administrative Agent), the obligation of such Lender to make or Continue, or to Convert Base Rate Loans into, LIBOR
Loans shall be suspended until such Regulatory Change ceases to be in effect (in which case the provisions of Section 5.5 shall apply). 

  

	 	(d)	Intentionally Omitted. 

  

	 	(e)	 Notification and Determination of Additional Costs. Each of the Administrative Agent, each Lender, and (subject to subsection (f) below)
each Participant, as the case may be, agrees to notify the Borrower of any event occurring after the Agreement Date entitling the Administrative Agent, such Lender or such Participant to compensation under any of the preceding subsections of this
Section as promptly as practicable; provided, however, that the failure of the Administrative Agent, any Lender or any Participant to give such notice shall not release the Borrower from any of its obligations hereunder. The
Administrative Agent, each Lender and (subject to subsection (f) below) each Participant, as the case may be, agrees to furnish to the Borrower (and in the case of a Lender or a Participant to the Administrative Agent as well) a certificate
setting forth the basis and amount of each request for compensation under this Section. Determinations by the Administrative Agent, such 

  
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Lender, or such Participant, as the case may be, of the effect of any Regulatory Change shall be conclusive and binding for all purposes, absent manifest error. 

 

	 	(f)	Participants. Any notice or certificate to be delivered by a Participant under subsection (a) or (e) above shall be delivered by such Participant to
the Lender from which it purchased such participation interest, and such Lender shall promptly deliver the same to the Administrative Agent and the Borrower. 

 Section 5.2 Suspension of LIBOR Loans. Anything herein to the contrary notwithstanding, if, on or prior to the determination of LIBOR for any Interest Period: 

 

	 	(a)	the Administrative Agent reasonably determines (which determination shall be conclusive) that quotations of interest rates for the relevant deposits referred to in the
definition of LIBOR are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest for LIBOR Loans as provided herein or is otherwise unable to determine LIBOR, or

  

	 	(b)	the Administrative Agent reasonably determines (which determination shall be conclusive) that the relevant rates of interest referred to in the definition of LIBOR upon
the basis of which the rate of interest for LIBOR Loans for such Interest Period is to be determined are not likely to adequately cover the cost to any Lender of making or maintaining LIBOR Loans for such Interest Period; 

then the Administrative Agent shall give the Borrower and each Lender prompt notice thereof and, so long as such condition remains in
effect, (i) the Lenders shall be under no obligation to, and shall not, make additional LIBOR Loans, Continue LIBOR Loans or Convert Loans into LIBOR Loans and (ii) the Borrower shall, on the last day of each current Interest Period for
each outstanding LIBOR Loan, either prepay such Loan or Convert such Loan into a Base Rate Loan. 
 Section 5.3 Illegality.
Notwithstanding any other provision of this Agreement, if any Lender shall determine (which determination shall be conclusive and binding) that it is unlawful for such Lender to honor its obligation to make or maintain LIBOR Loans hereunder, then
such Lender shall promptly notify the Borrower thereof (with a copy of such notice to the Administrative Agent) and such Lender’s obligation to make or Continue, or to Convert Loans of any other Type into, LIBOR Loans shall be suspended, in
each case, until such time as such Lender may again make and maintain LIBOR Loans (in which case the provisions of Section 5.5 shall be applicable). 

  
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 Section 5.4 Compensation. The Borrower shall pay to the Administrative Agent for the account of
each Lender, upon the request of the Administrative Agent, such amount or amounts as the Administrative Agent shall determine in its sole discretion shall be sufficient to compensate such Lender for any loss, cost or expense attributable to:

  

	 	(a)	any payment or prepayment (whether mandatory or optional) of a LIBOR Loan, or Conversion of a LIBOR Loan, made by such Lender for any reason (including, without
limitation, acceleration) on a date other than the last day of the Interest Period for such Loan; or 

  

	 	(b)	any failure by the Borrower for any reason (including, without limitation, the failure of any of the applicable conditions precedent specified in
Section 6.2 to be satisfied) to borrow a LIBOR Loan from such Lender on the date for such borrowing, or to Convert a Base Rate Loan into a LIBOR Loan or Continue a LIBOR Loan on the requested date of such Conversion or Continuation.

 Not in limitation of the foregoing, such compensation shall include, without limitation, an amount equal to the
then present value of (x) the amount of interest that would have accrued on such LIBOR Loan for the remainder of the Interest Period at the rate applicable to such LIBOR Loan, less (y) the amount of interest that would accrue on the same
LIBOR Loan for the same period if LIBOR were set on the date on which such LIBOR Loan was repaid, prepaid or Converted or the date on which the Borrower failed to borrow, Convert or Continue such LIBOR Loan calculating present value by using as a
discount rate LIBOR quoted on such date, including without limitation any losses or expenses incurred in obtaining, liquidating or employing deposits from third parties. Upon the Borrower’s request, the Administrative Agent shall provide the
Borrower with a statement setting forth the basis for requesting such compensation and the method for determining the amount thereof. Any such statement shall be conclusive absent manifest error. 

By initialing this provision where indicated below, Borrower confirms that Lenders’ agreement to make the Loan at the interest rates
and on the other terms set forth herein and in the other Loan Documents constitutes adequate and valuable consideration, given individual weight by Borrower, for this agreement. 

Borrower Initials.
                GW             
 Section 5.5 Treatment of Affected Loans. If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to
Section 5.1(c), Section 5.2, or Section 5.3 then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or,
in the case of a Conversion required by Section 5.1(c), Section 5.2, or Section 5.3 on such earlier date as such Lender may specify to the Borrower with a copy to the Administrative Agent) and, unless and until
such Lender gives notice as provided below that the circumstances specified in Section 5.1(e), Section 5.2, or Section 5.3 that gave rise to such Conversion no longer exist: 

 

	 	(i)	to the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such
Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and 

  

	 	(ii)	all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such
Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. 

 If such Lender gives
notice to the Borrower (with a copy to the Administrative Agent) that the circumstances specified in Section 5.1(c) or 5.3. that gave rise to the Conversion of such Lender’s LIBOR

  
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Loans pursuant to this Section no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are
outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all
Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments. 
 Section 5.6 Change of Lending Office. Each Lender agrees that it will use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate an
alternate Lending Office with respect to any of its Loans affected by the matters or circumstances described in Sections 3.10, 5.1 or 5.3 to reduce the liability of the Borrower or avoid the results provided thereunder, so long
as such designation is not disadvantageous to such Lender as determined by such Lender in its sole discretion, except that such Lender shall have no obligation to designate a Lending Office located in the United States of America. 

Section 5.7 Assumptions Concerning Funding of LIBOR Loans. Calculation of all amounts payable to a Lender under this Article shall be made as
though such Lender had actually funded LIBOR Loans through the purchase of deposits in the relevant market bearing interest at the rate applicable to such LIBOR Loans in an amount equal to the amount of the LIBOR Loans and having a maturity
comparable to the relevant Interest Period; provided, however, that each Lender may fund each of its LIBOR Loans in any manner it sees fit and the foregoing assumption shall be used only for calculation of amounts payable under this
Article. 
 ARTICLE VI CONDITIONS PRECEDENT 
 Section 6.1 Initial Conditions Precedent. The obligation of the Lenders to make the first Loan hereunder is subject to the satisfaction or waiver of the following conditions precedent:

  

	 	(a)	The Administrative Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent: 

 

	 	(i)	counterparts of this Agreement executed by each of the parties hereto; 

  

	 	(ii)	Notes executed by the Borrower, payable to the Lenders and complying with the terms of Section 2.9(a); 

 

	 	(iii)	the Partial Payment and Limited Guaranty executed by Guarantors; 

  

	 	(iv)	the Hazardous Material Indemnity executed by the Borrower and Guarantors; 

  

	 	(v)	(A) an opinion of Hogan Lovells US LLP, counsel to the Borrower and the other Loan Parties, and (B) an opinion of local counsel reasonably satisfactory to
Administrative Agent, as special counsel to the Loan Parties, each addressed to the Administrative Agent and the Lenders; 

  

	 	(vi)	the certificate or articles of incorporation, articles of organization, certificate of limited partnership, declaration of trust or other comparable organizational
instrument (if any) of each Loan Party certified as of a recent date by the Secretary of State of the state of formation of such Person; 

  

	 	(vii)	 a certificate of good standing (or certificate of similar meaning) with respect to each Loan Party issued as of a recent date by the Secretary of State
of the state of formation of each such Person and certificates of qualification to transact business or other comparable certificates issued by each Secretary of State (and any state

  
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department of taxation, as applicable) of each state in which such Person is required to be so qualified and where failure to be so qualified could reasonably be expected to have a Material
Adverse Effect; 

  

	 	(viii)	a certificate of incumbency signed by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan Party with respect to each of
the officers of such Person authorized to execute and deliver the Loan Documents to which such Person is a party, and in the case of the Borrower, authorized to execute and deliver on behalf of the Borrower Notices of Borrowing, Notices of
Conversion, Notices of Continuation and requests for disbursement from the FF&E Reserve Account; 

  

	 	(ix)	copies certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan Party of (A) the by-laws of such Person,
if a corporation, the operating agreement, if a limited liability company, the partnership agreement, if a limited or general partnership, or other comparable document in the case of any other form of legal entity and (B) all corporate,
partnership, member or other necessary action taken by such Person to authorize the execution, delivery and performance of the Loan Documents to which it is a party; 

 

	 	(x)	a Transfer Authorizer Designation Form effective as of the Agreement Date; 

 

	 	(xi)	UCC, tax, judgment and lien search reports with respect to each Loan Party in all necessary or appropriate jurisdictions indicating that there are no Liens of record
with respect to the assets of each such Loan Party other than Permitted Liens; 

  

	 	(xii)	evidence that the Fees, if any, then due and payable under Section 3.5, together with all other fees, expenses and reimbursement amounts due and payable to
the Administrative Agent and any of the Lenders, including without limitation, the fees and expenses of counsel to the Administrative Agent, have been paid; 

 

	 	(xiii)	insurance certificates, or other evidence, providing that the insurance coverage required under Section 8.5 (including, without limitation, both property
and liability insurance) is in full force and effect and stating that the coverage shall not be cancelable or materially changed without ten (10) days prior written notice to the Administrative Agent of any cancellation for nonpayment or
premiums, and not less than thirty (30) days prior written notice to the Administrative Agent of any other cancellation or any modification (including a reduction in coverage), together with appropriate evidence that the Administrative Agent,
for its benefit and the benefit of the Lenders is named as a lender’s loss payee and additional insured, as appropriate, on all insurance policies that the Borrower or any Loan Party actually maintains with respect to the Property and
improvements thereon; and 

  

	 	(xiv)	a Security Deed; 

  

	 	(xv)	a Management Agreement Assignment/Subordination with respect to the Management Agreement and a “comfort letter” from the Franchisor; 

 

	 	(xvi)	copies of all Material Contracts (to the extent not theretofore delivered) and, if requested by the Administrative Agent, collateral assignments executed by Borrower or
the Operating Lessee (as applicable) in favor of the Administrative Agent for its benefit and the benefit of the Lenders, of the Material Contracts relating to the use, occupancy, operation, maintenance, enjoyment or ownership of the Property;

  
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	 	(xvii)	an ALTA 2006 Form Loan Policy of Title Insurance in the amount of the Loan in favor of the Administrative Agent for its benefit and the benefit of the Lenders, with
respect to the Property, including endorsements with respect to such items of coverage as the Administrative Agent may request and which endorsements are available and customary in the jurisdiction where the Property is located, issued by a title
insurance company acceptable to the Administrative Agent, showing the fee simple title to the Property and improvements described in the Security Deed as vested in Borrower, and insuring that the Lien granted by such Security Deed is a valid Lien
against the Property, subject only to the Permitted Liens and such other restrictions, encumbrances, easements and reservations as are acceptable to the Administrative Agent (the “Title Policy”); 

 

	 	(xviii)	documents required to establish, or evidencing the establishment of, the FF&E Reserve Account; and 

 

	 	(xix)	such other instruments, documents, agreements, financing statements, certificates, opinions and other Security Documents as the Administrative Agent may reasonably
request. 

  

	 	(b)	In the good faith judgment of the Administrative Agent: 

  

	 	(i)	there shall not have occurred or become known to the Administrative Agent or any of the Lenders any event, condition, situation or status since the date of the
information contained in the financial and business projections, budgets, pro forma data and forecasts concerning the Guarantors or the Borrower delivered to the Administrative Agent and the Lenders prior to the Agreement Date that has had or could
reasonably be expected to result in a Material Adverse Effect; and 

  

	 	(ii)	there shall not have occurred or exist any other material disruption of financial or capital markets that could reasonably be expected to materially and adversely
affect the transactions contemplated by the Loan Documents. 

 Section 6.2 Conditions Precedent to All Loans. The
obligations of the Lenders to make any Loans are subject to the further conditions precedent that: (a) no Default or Event of Default shall exist as of the date of the making of such Loan or would exist immediately after giving effect thereto;
and (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct on and as of the date of the making of such Loan with the
same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on
and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents. Each Credit Event shall constitute a certification by the Borrower to the effect set forth in the preceding
sentence (both as of the date of the giving of notice relating to such Credit Event and, unless the Borrower otherwise notifies the Administrative Agent prior to the date of such Credit Event, as of the date of the occurrence of such Credit Event).
In addition, the Borrower shall be deemed to have represented to the Administrative Agent and the Lenders at the time such Loan is made that all conditions to the making of such Loan contained in this Article VI have been satisfied. 

Section 6.3 Conditions as Covenants. If the Lenders permit the making of any Loans prior to the satisfaction of all conditions precedent set
forth in Sections 6.1 or 6.2 but require the Borrower to cause such condition or conditions to be satisfied after the date of the making of such Loans, the Borrower shall enter into a supplementary agreement establishing the conditions
to be satisfied thereafter and the time by which they must be satisfied, as reasonably required by the Administrative Agent. Unless set forth in writing to the contrary, the making of its Initial Disbursement by a Lender shall constitute a
confirmation by such Lender to the Administrative Agent and the other Lenders that insofar as such Lender is 

  
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concerned the Borrower has satisfied the conditions precedent for Initial Disbursement set forth in Sections 6.1 and 6.2. 
 ARTICLE VII REPRESENTATIONS AND WARRANTIES 
 Section 7.1 Representations and
Warranties. In order to induce the Administrative Agent and each Lender to enter into this Agreement and to make Loans, the Borrower represents and warrants to the Administrative Agent and each Lender as follows: 

 

	 	(a)	Organization; Power; Qualification. Each of the Loan Parties is a corporation, partnership or other legal entity, duly organized or formed, validly existing and
in good standing under the jurisdiction of its incorporation or formation, has the requisite corporate, partnership or limited liability company power and authority to own or lease its respective properties and to carry on its respective business
and is duly qualified as, and is in good standing as a foreign corporation, partnership or other legal entity and authorized to do business, in each jurisdiction in which the character of its properties or the nature of its business requires such
qualification or authorization and where the failure to be so qualified or authorized could reasonably be expected to have, in each instance, a Material Adverse Effect. 

 

	 	(b)	Ownership Structure. Schedule 7.1(b) is, as of the Agreement Date, a complete and correct organizational chart of the Borrower, identifying (i) the
jurisdiction of organization of Borrower and its constituent members, (ii) the nature of the Equity Interests held by each such Person in Borrower and (iii) the percentage of ownership of such Person represented by such Equity Interests.
As of the Agreement Date, (w) each Guarantor owns, free and clear of all Liens, and has the unencumbered right to vote, all outstanding Equity Interests owned by such Person directly or indirectly in the Borrower, (x) all of the issued and
outstanding capital stock of each such Person organized as a corporation is validly issued, fully paid and nonassessable and (y) there are no outstanding subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind
(including, without limitation, any stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible into, any additional shares of capital stock of any class, or partnership or
other ownership interests of any type in, any such Person. 

  

	 	(c)	Authorization of Agreement, Notes, Loan Documents and Borrowings. The Borrower has the requisite limited liability company power, and has taken all necessary
company action, and the managers of Borrower have taken all necessary action to authorize the Borrower to borrow and obtain other extensions of credit hereunder. The Borrower and each other Loan Party has the requisite corporate, partnership or
limited liability company power, and has taken all necessary corporate, partnership or limited liability company action, and is authorized to execute, deliver and perform each of the Loan Documents and the Fee Letter to which it is a party in
accordance with their respective terms. The Loan Documents and the Fee Letter to which the Borrower or any other Loan Party is a party have been duly executed and delivered by the duly authorized officers of such Person and each is a legal, valid
and binding obligation of such Person enforceable against such Person in accordance with its respective terms, except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the
availability of equitable remedies for the enforcement of certain obligations contained herein or therein and as may be limited by equitable principles generally. 

 

	 	(d)	 Compliance of Agreement, Etc. with Laws. The execution, delivery and performance of this Agreement and the other Loan Documents to which any
Loan Party is a party and the Fee Letter in accordance with their respective terms and the borrowings and other extensions of credit hereunder do not and will not, by the passage of time, the giving of notice, or both: (i) require any
Governmental Approval that has not been obtained or violate any Applicable Law (including any Environmental Law) relating to any Loan Party; (ii) conflict with, result in a breach of or constitute a default under the organizational documents of
any Loan Party, or 

  
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any indenture, agreement or other instrument to which any Loan Party is a party or by which it or any of its respective properties may be bound; or (iii) result in or require the creation or
imposition of any Lien upon or with respect to any property now owned or hereafter acquired by any Loan Party other than in favor of the Administrative Agent for its benefit and the benefit of the Lenders. 

 

	 	(e)	Compliance with Law; Governmental Approvals. Each Loan Party is in compliance with each Governmental Approval and all other Applicable Laws relating to it except
for noncompliances which, and Governmental Approvals the failure to possess which, could not, individually or in the aggregate, reasonably be expected to cause a Default or Event of Default or have a Material Adverse Effect.

  

	 	(f)	Title to Property; Liens. The Borrower holds good, marketable and insurable title to the Property, subject only to Permitted Liens, and has good and sufficient
title to, or a valid leasehold interest in, all FF&E and other personal property (except as may be owned by the Operating Lessee as provided in the Operating Lease) necessary for the continued operating of the Property in the ordinary course.
Neither the Property nor the other Collateral is subject to any Lien other than Permitted Liens. 

  

	 	(g)	Existing Indebtedness. Schedule 7.1(g) is, as of the Agreement Date, a complete and correct listing of all Indebtedness (including all Guarantees) of the
Borrower and the Operating Lessee, and if such Indebtedness is secured by any Lien, a description of all of the property subject to such Lien. As of the Agreement Date, the Borrower and the Operating Lessee are in compliance in all material respects
with all of the terms of such Indebtedness and all instruments and agreements relating thereto, and no default or event of default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute a default or
event of default, exists with respect to any such Indebtedness. 

  

	 	(h)	Material Contracts. Schedule 7.1(h) is, as of the Agreement Date, a true, correct and complete listing of all Material Contracts. Each of the Loan Parties
that is party to any Material Contract has performed and is in compliance in all material respects with all of the terms of such Material Contract, and no default or event of default, or event or condition which with the giving of notice, the lapse
of time, or both, would constitute such a default or event of default, exists with respect to any such Material Contract. 

  

	 	(i)	Litigation. Except as set forth on Schedule 7.1(i), there are no actions, suits or proceedings pending (nor, to the knowledge of the Borrower, are there
any actions, suits or proceedings threatened, nor is there any basis therefor) against or in any other way relating adversely to or affecting, any Loan Party, or any of their respective properties (except for claims for personal injury or property
damage that are covered by insurance and, in the case of actions or proceedings that have been commenced, have been tendered to the insurer for defense and with respect to which the insurer has not denied coverage) in any court or before any
arbitrator of any kind or before or by any other Governmental Authority which, (i) if adversely determined, could reasonably be expected to have a Material Adverse Effect or (ii) in any manner draws into question the validity or
enforceability of any Loan Documents or the Fee Letter. There are no strikes, slow downs, work stoppages or walkouts or other labor disputes in progress or threatened relating to, any Loan Party. 

 

	 	(j)	Taxes. All federal, state and other tax returns of each Loan Party required by Applicable Law to be filed have been duly filed, and all federal, state and other
taxes, assessments and other governmental charges or levies upon, each Loan Party and its respective properties, income and other assets which are material in amount are due and payable have been paid, except any such nonpayment or non-filing which
is at the time permitted under Section 8.6. As of the Agreement Date, none of the United States income tax returns of any Loan Party is under audit. 

  
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	 	(k)	Financial Statements. The Borrower has furnished to each Lender copies of the unaudited consolidated balance sheet of the Chesapeake Lodging Trust and its
consolidated Subsidiaries for the fiscal quarter ended September 30, 2010 and the related consolidated statements of operations, shareholders’ equity and cash flow for the fiscal quarter ended on such date. Such balance sheet and
statements (including in each case related schedules and notes) are complete and correct in all material respects and present fairly, in accordance with GAAP (subject to Section 1.2(a)) consistently applied throughout the periods
involved, the consolidated financial position of Chesapeake Lodging Trust and its consolidated Subsidiaries as at such date and the results of operations and the cash flow for such period (subject, to changes resulting from normal year end audit
adjustments). 

  

	 	(l)	No Material Adverse Effect. Since December 31, 2009, there has been no event, change, circumstance or occurrence that could reasonably be expected to have a
Material Adverse Effect; provided, that the foregoing representation shall be limited to the best of the Borrower’s knowledge as it relates to the Property. Each of the Loan Parties is Solvent. 

 

	 	(m)	Operating Statements. To the best of Borrower’s knowledge, the operating statements and other information for the Property delivered by the Borrower to the
Administrative Agent fairly present the Operating Expenses, Gross Operating Revenues, Net Operating Income and Adjusted NOI for the Property for the period then ended. 

 

	 	(n)	ERISA. Each member of the ERISA Group has fulfilled its obligations under the contribution requirements of ERISA and the Internal Revenue Code with respect to
each Plan and is in compliance in all material respects with the presently applicable provisions of ERISA and the Internal Revenue Code with respect to each Plan. No member of the ERISA Group has (i) sought a waiver of the minimum funding
standard under Section 412 of the Internal Revenue Code in respect of any Plan, (ii) failed to make any contribution or payment to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement, or made any amendment to any Plan
or Benefit Arrangement, which has resulted or could result in the imposition of a Lien or the posting of a bond or other security under ERISA or the Internal Revenue Code or (iii) incurred any liability under Title IV of ERISA other than a
liability to the PBGC for premiums under Section 4007 of ERISA. 

  

	 	(o)	Absence of Default. None of the Loan Parties is in default under its articles of incorporation, bylaws, partnership agreement or other similar organizational
documents, and no event has occurred, which has not been remedied, cured or waived: (i) which constitutes a Default or an Event of Default; or (ii) which constitutes, or which with the passage of time, the giving of notice, or both, would
constitute, a default or event of default by, such Person under any agreement (other than this Agreement) or judgment, decree or order to which any such Person is a party or by which any such Person or any of its respective properties may be bound
where such default or event of default could, individually or in the aggregate, have a Material Adverse Effect. 

  

	 	(p)	 Environmental Laws. Each of the Loan Parties: (i) is in compliance with all Environmental Laws applicable to its business, operations and
its properties, (ii) has obtained all Governmental Approvals which are required under Environmental Laws, and each such Governmental Approval is in full force and effect, and (iii) is in compliance with all terms and conditions of such
Governmental Approvals, where with respect to each of the immediately preceding clauses (i) through (iii) the failure to obtain or to comply with could be reasonably expected to have a Material Adverse Effect. Except for any of the
following matters that could not be reasonably expected to have a Material Adverse Effect, no Loan Party has any knowledge of, nor has received notice of, any past present or pending releases, events, conditions, circumstances, activities,
practices, incidents, facts, occurrences, actions, or plans that, with respect to any Loan Party, its respective businesses or operations or with respect to its properties, may: (i) cause or contribute to an actual or alleged violation of or
noncompliance with Environmental Laws, (ii) cause or contribute to any other potential 

  
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common law or legal claim or other liability, or (iii) cause any of its properties to become subject to any restrictions on ownership, occupancy, use or transferability under any
Environmental Law or require the filing or recording of any notice, approval or disclosure document under any Environmental Law and, with respect to the immediately preceding clauses (i) through (iii) is based on or related to the on-site
or off-site manufacture, generation, processing, distribution, use, treatment, storage, disposal, transport, removal, clean up or handling, or the emission, discharge, release or threatened release of any wastes or Hazardous Material, or any other
requirement under Environmental Law. There is no civil, criminal, or administrative action, suit, demand, claim, hearing, notice, or demand letter, mandate, order, lien, request, investigation, or proceeding pending or, to the Borrower’s
knowledge after due inquiry, threatened, against any Loan Party or any Subsidiary of any Loan Party relating in any way to Environmental Laws which, reasonably could be expected to have a Material Adverse Effect. None of the properties of the Loan
Parties or any of their Subsidiaries is listed on or proposed for listing on the National Priority List promulgated pursuant to the Comprehensive Environmental Response, Compensation and Liability Act of 1980 and its implementing regulations, or any
state or local priority list promulgated pursuant to any analogous state or local law. To the Borrower’s knowledge, no Hazardous Materials generated at or transported from any property of any Loan Party is or has been transported to, or
disposed of at, any location that is listed or proposed for listing on the National Priority List or any analogous state or local priority list, or any other location that is or has been the subject of a clean-up, removal or remedial action pursuant
to any Environmental Law, except to the extent that such transportation or disposal could not reasonably be expected to result in a Material Adverse Effect. 

 

	 	(q)	Investment Company. No Loan Party is (i) an “investment company” or a company “controlled” by an “investment company” within
the meaning of the Investment Company Act of 1940, as amended, or (ii) subject to any other Applicable Law which purports to regulate or restrict its ability to borrow money or obtain other extensions of credit or to consummate the transactions
contemplated by this Agreement or to perform its obligations under any Loan Document to which it is a party. 

  

	 	(r)	Margin Stock. No Loan Party is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether
immediate, incidental or ultimate, of buying or carrying “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System. 

 

	 	(s)	Affiliate Transactions. Except as permitted by Section 10.9 or as otherwise set forth on Schedule 7.1.(s), no Loan Party is a party to or
bound by any agreement or arrangement (whether oral or written) with any Affiliate. 

  

	 	(t)	Intellectual Property. Each of the Loan Parties owns or has the right to use, under valid license agreements or otherwise, all patents, licenses, franchises,
trademarks, trademark rights, trade names, trade name rights, trade secrets and copyrights (collectively, “Intellectual Property”), if any, necessary to the conduct of its businesses, without known conflict with any patent, license,
franchise, trademark, trade secret, trade name, copyright, or other proprietary right of any other Person. 

  

	 	(u)	Business. As of the Agreement Date, the principal business of the Guarantors and the Borrower is the ownership and/or leasing of hotels.

  

	 	(v)	Broker’s Fees. No broker’s or finder’s fee, commission or similar compensation will be payable with respect to the transactions contemplated
hereby. No other similar fees or commissions will be payable by any Loan Party for any other services rendered to any Loan Party ancillary to the transactions contemplated hereby. 

  
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	 	(w)	Accuracy and Completeness of Information. All written information, reports and other papers and data furnished to the Administrative Agent or any Lender by, on
behalf of, or at the direction of, any Loan Party were, at the time the same were so furnished, complete and correct in all material respects, or, in the case of financial statements, present fairly, in accordance with GAAP (subject to
Section 1.2(a)) consistently applied throughout the periods involved, the financial position of the Persons involved as at the date thereof and the results of operations for such periods. To Borrower’s knowledge, there is no fact
known to any Loan Party which has had, or may in the future have (so far as the Borrower can reasonably foresee), a Material Adverse Effect which has not been set forth in the financial statements referred to in Section 7.1(k) or in such
information, reports or other papers or data or otherwise disclosed in writing to the Administrative Agent and the Lenders prior to the Effective Date. No document furnished or written statement made to the Administrative Agent or any Lender in
connection with the negotiation, preparation or execution of, or pursuant to, this Agreement or any of the other Loan Documents contains or will contain any untrue statement of a fact material to the creditworthiness of any Loan Party or omits or
will omit to state a material fact necessary in order to make the statements contained therein not misleading. 

  

	 	(x)	Not Plan Assets; No Prohibited Transactions. For purposes of ERISA and the Internal Revenue Code, none of the assets of any Loan Party or any of their
Subsidiaries constitutes “plan assets”, within the meaning of ERISA and the regulations promulgated thereunder, of any Plan. The execution, delivery and performance of the Loan Documents and the Fee Letter by the Loan Parties, and the
borrowing, other credit extensions and repayment of amounts thereunder, do not and will not constitute “prohibited transactions” under ERISA or the Internal Revenue Code. 

 

	 	(y)	OFAC. None of the Borrower or any of the other Loan Parties or any of their Affiliates: (i) is a person named on the list of Specially Designated Nationals
or Blocked Persons maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) available at http://www.treas.gov/offices/eotffc/ofac/sdn/index.html, or as otherwise published from time to time;
(ii) is (A) an agency of the government of a country, (B) an organization controlled by a country, or (C) a person resident in a country that is subject to a sanctions program identified on the list maintained by OFAC and
available at http://www.treas.gov/offices/eotffc/ofac/sanctions/index.html, or as otherwise published from time to time, as such program may be applicable to such agency, organization or person; or (iii) derives any of its assets or operating
income from investments in or transactions with any such country, agency, organization or person; and none of the proceeds from the Loan will be used to finance any operations, investments or activities in, or make any payments to, any such country,
agency, organization, or person. 

  

	 	(z)	Security Interests. The Borrower is not aware of any fact or circumstance that would prevent the Security Documents from creating, as security for the
Obligations, a valid and enforceable Lien on all of the Collateral, superior to and prior to the rights of all third Persons and subject to no other Liens (except for Permitted Liens), in favor of the Administrative Agent for its benefit and the
benefit of the Lenders. 

 Section 7.2 Survival of Representations and Warranties, Etc. All statements contained in
any certificate, financial statement or other instrument delivered by or on behalf of any Loan Party to the Administrative Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not
limited to, any such statement made in or in connection with any amendment thereto or any statement contained in any certificate, financial statement or other instrument delivered by or on behalf of any Loan Party prior to the Agreement Date and
delivered to the Administrative Agent or any Lender in connection with the underwriting or closing the transactions contemplated hereby) shall constitute representations and warranties made by the Borrower under this Agreement. All representations
and warranties made under this Agreement and the other Loan Documents shall be deemed to be made at and as of the Agreement Date, the Effective Date and at and 

  
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as of the date of the occurrence of each Credit Event, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations
and warranties shall have been true and accurate on and as of such earlier date) and except for changes in factual circumstances expressly and specifically permitted hereunder. All such representations and warranties shall survive the effectiveness
of this Agreement, the execution and delivery of the Loan Documents and the making of the Loans. 
 ARTICLE VIII AFFIRMATIVE
COVENANTS 
 For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to
Section 13.7, all of the Lenders) shall otherwise consent in the manner provided for in Section 13.7, the Borrower shall comply with the following covenants: 
 Section 8.1 Preservation of Existence and Similar Matters. Except as otherwise permitted under Section 10.4, the Borrower and the Operating Lessee shall each preserve and maintain
its respective existence, rights, franchises, licenses and privileges in the jurisdiction of its incorporation or formation and qualify and remain qualified and authorized to do business in each jurisdiction in which the character of its properties
or the nature of its business requires such qualification and authorization and where the failure to be so authorized and qualified could reasonably be expected to have a Material Adverse Effect. 

Section 8.2 Compliance with Applicable Law. The Borrower and the Operating Lessee shall each comply with all Applicable Laws, including the
obtaining of all Governmental Approvals, the failure with which to comply could reasonably be expected to have a Material Adverse Effect. 

Section 8.3 Maintenance of Property. The Borrower and the Operating Lessee shall each keep in all material respects all properties owned or
leased by it in good repair and working order, condition and appearance (ordinary wear and tear excepted), free of any structural defects and otherwise in a manner consistent with industry standards in the area in which such property is located.

 Section 8.4 Conduct of Business. The Borrower and the Operating Lessee shall each carry on its respective businesses as described
in Section 7.1(u) and not enter into any line of business not otherwise engaged in by such Person as of the Agreement Date. 

Section 8.5 Insurance. The Borrower and the Operating Lessee shall each maintain insurance with financially sound and reputable insurance
companies against such risks and in such amounts as is customarily maintained by similar businesses or as may be required by Applicable Law. The Borrower shall from time to time deliver to the Administrative Agent upon request a certificate of
insurance, stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby and/or insurance certificates, in form acceptable to the Administrative
Agent, providing that the insurance coverage required under this Section 8.5 (including without limitation, both property and liability insurance) is in full force and effect and stating that coverage shall not be cancelable or
materially changed without ten (10) days prior written notice to the Administrative Agent of any cancellation for nonpayment or premiums, and not less than thirty (30) days prior written notice to the Administrative Agent of any other
cancellation or any modification (including a reduction in coverage), together with appropriate evidence that the Administrative Agent, for the benefit of the Lenders, is named as lender’s loss payee and additional insured, as appropriate, on
all insurance policies that the Borrower or the Operating Lessee actually maintains with respect to the Property. Such insurance shall, in any event, include terrorism coverage and all of the following: 

 

	 	(a)	 Insurance against loss to the Property on an “All Risk” policy form, covering insurance risks no less broad than those covered under a
Special Multi Peril (SMP) policy form, which contains a Commercial ISO “Causes of Loss-Special Form,” in the then current form, and such other risks as Administrative Agent may reasonably require, in amounts equal to the full replacement
cost of the Property, including fixtures and equipment, the applicable Loan Party’s interest in leasehold improvements, and the cost of debris removal, with, if required

  
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by the Administrative Agent, an agreed amount endorsement, and with deductibles approved by Administrative Agent, except that the deductible for insurance covering damage by windstorm may be in
amounts up to 5% of the value of the Property; 
  

	 	(b)	Business income insurance in amounts sufficient to pay during any period in which the Property may be damaged or destroyed, for a period of twelve (12) months;
(i) at least 100% of projected Net Operating Income and (ii) all amounts (including, but not limited to, all taxes, assessments, utility charges and insurance premiums) required to be paid by any tenants of the Property;

  

	 	(c)	During the making of any alterations or improvements to the Property, carry or cause to be carried builder’s completed value risk insurance against “all risks
of physical loss” for the full replacement cost of the Property; 

  

	 	(d)	Insurance against loss or damage by flood or mud slide in compliance with The Flood Disaster Protection Act of 1973, as amended from time to time, if the Property is
now, or at any time while the Obligations or any portion thereof remains unpaid shall be, situated in any area which an appropriate Governmental Authority designates as a special flood hazard area, in amounts equal to the full replacement value of
all above grade structures on the Property, or as such lesser amounts as may be available under Federal Flood Insurance Programs; 

  

	 	(e)	Commercial general public liability insurance, with the location of the Property designated thereon, against death, bodily injury and property damage arising on, about
or in connection with the Property, with the Borrower and the Operating Lessee listed as insured, with such limits as Borrower may reasonably require (but in no event less than $5,000,000); 

 

	 	(f)	If (i) the Property is in a seismic zone 3 or 4 and (ii) the “Probable Maximum Loss” (as determined by a seismic report acceptable to the
Administrative Agent and prepared in accordance with ATSM standards) exceeds twenty percent (20%) of the Appraised Value of the Property, earthquake coverage in an amount required by the Administrative Agent; 

 

	 	(g)	Terrorism insurance in an amount required by Administrative Agent; and 

  

	 	(h)	Such other insurance, including, without limitation, environmental coverages, relating to the Property and the uses and operation thereof as Administrative Agent may,
from time to time, reasonably require. 

 Section 8.6 Payment of Taxes and Claims. The Borrower and the Operating
Lessee shall each pay and discharge prior to delinquency (a) all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or upon any properties belonging to it, and (b) all lawful claims of
materialmen, mechanics, carriers, warehousemen and landlords for labor, materials, supplies and rentals which, if unpaid, might by Applicable Law become a Lien on any properties of such Person that is not a Permitted Lien; provided,
however, that (subject to Section 8.16) this Section shall not require the payment or discharge of any such tax, assessment, charge, levy or claim (i) that is being contested in good faith and by appropriate proceedings,
(ii) with respect to which reserves in conformity with GAAP have been provided, (iii) if such charge, levy or claim does not constitute and is not secured by any choate Lien on any portion of the Property and no portion of the Property is
in jeopardy of being sold, forfeited or lost during or as a result of such contest, (iv) neither Administrative Agent nor any Lender could become subject to any civil or criminal fine or penalty, in each case as a result of non-payment of such
charge or claim and (v) such contest does not, and could not reasonably be expected to, result in a Material Adverse Effect. 

Section 8.7 Books and Records; Inspections. The Borrower and the Operating Lessee shall each keep proper books of record and account in which
full, true and correct entries shall be made of all 

  
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dealings and transactions in relation to its business and activities. The Borrower and the Operating Lessee shall each permit representatives of the Administrative Agent or any Lender to visit
and inspect any of their respective properties, to examine and make abstracts from any of their respective books and records and to discuss their respective affairs, finances and accounts with their respective officers, employees and independent
public accountants, all at such reasonable times during business hours and as often as may reasonably be requested and, as long as no Event of Default exists, with reasonable prior notice. The Borrower shall be obligated to reimburse the
Administrative Agent and the Lenders for their costs and expenses incurred in connection with the exercise of their rights under this Section 8.7 only if such exercise occurs while a Default or Event of Default exists. 

Section 8.8 Use of Proceeds. The Borrower shall use the proceeds of the Initial Advance solely to pay a portion of the purchase price of the
Property. The balance of the Loan, if and to the extent disbursed, may be used for the general corporate purposes of the Borrower and Guarantors, including repayment of Indebtedness and capital expenditures. The Borrower and the Operating Lessee
shall not use any part of such proceeds to purchase or carry, or to reduce or retire or refinance any credit incurred to purchase or carry, any margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System)
or to extend credit to others for the purpose of purchasing or carrying any such margin stock. 
 Section 8.9 Environmental Matters.
The Borrower and the Operating Lessee shall each comply with all Environmental Laws the failure with which to comply could reasonably be expected to have a Material Adverse Effect. The Borrower and the Operating Lessee shall each use commercially
reasonable efforts to cause all other Persons occupying, using or present on the Property to comply, with all Environmental Laws in all material respects. The Borrower and the Operating Lessee shall each promptly take all actions and pay or arrange
to pay all costs necessary for it and for its properties to comply in all material respects with all Environmental Laws and all Governmental Approvals, including actions to remove and dispose of all Hazardous Materials and to clean up the properties
as required under Environmental Laws. The Borrower and the Operating Lessee shall each promptly take all actions necessary to prevent the imposition of any Liens on the Property arising out of or related to any Environmental Laws. Nothing in this
Section shall impose any obligation or liability whatsoever on the Administrative Agent or any Lender. 
 Section 8.10 Further
Assurances. At the Borrower’s cost and expense and upon request of the Administrative Agent, the Borrower and the Operating Lessee each shall duly execute and deliver or cause to be duly executed and delivered, to the Administrative Agent
such further instruments, documents and certificates, and perform or cause to be performed such further acts reasonably necessary, as determined by Administrative Agent in its reasonable judgment, to carry out the purposes of this Agreement and the
other Loan Documents. 
 Section 8.11 Initial Budgets. Not later than thirty (30) days after the Effective Date, the Borrower
shall deliver to the Administrative Agent for its review and approval (a) an FF&E budget for the Property for 2011 and (b) an operating budget for the Property for 2011, each of which shall be subject to Administrative Agent’s
review and approval. 
 Section 8.12 Intentionally Omitted. 
 Section 8.13 Enforcement of Obligations under Purchase Agreement. Following the occurrence of an Event of Default hereunder, Borrower will, at Administrative Agent’s request, use
commercially reasonable efforts to enforce Borrower’s rights (if any) under the Agreement for Sale and Purchase of Hotel for the sale and purchase of Le Meridien San Francisco Hotel, dated as of December 7, 2010, by and between HEI San
Francisco LLC, a Delaware limited liability company and the Borrower. 
 Section 8.14 Operation of the Property. The Borrower and
Operating Lessee each shall: 
  

	 	(a)	operate the Property in compliance with Applicable Law in all material respects; 

  
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	 	(b)	promptly perform and/or observe (or cause to be performed and/or observed) in all material respects the covenants and agreements required to be performed and observed
by it under the Material Contracts to which it is a party and do all things necessary to preserve and to keep unimpaired their material rights thereunder; 

  

	 	(c)	promptly notify the Administrative Agent of any default under the Management Agreement or the Franchise Agreement of which it is aware; 

 

	 	(d)	promptly deliver to the Administrative Agent a copy of each PIP, inspection report and any other written notice or report received by it under the Management Agreement
or the Franchise Agreement; 

  

	 	(e)	maintain Inventory at the Property in amounts required to operate the Property as operated at of the Effective Date and sufficient to meet the standards from time to
time required by the Manager and Franchisor; and 

  

	 	(f)	maintain all material Licenses for the Property in full force and effect and promptly comply with all conditions thereof. 

Section 8.15 Completion of Renovations. 
  

	 	(a)	In the event that Borrower or Operating Lessee shall undertake any Renovations to the Property pursuant to a PIP or otherwise, the Borrower shall (i) cause the
same to be performed diligently and promptly and to be commenced, performed and completed within the time limits set forth in the PIP (if applicable); (b) cause to be obtained all governmental permits required for such Renovations;
(c) cause such Renovations to be constructed, performed and completed in compliance, in all material respects, with Applicable Law and all applicable requirements of the Manager and Franchisor, in a good and workmanlike manner, with materials
of high quality, free of defects, and in accordance with the plans and specifications therefor and the PIP (if applicable), without substantial deviation therefrom unless approved by the Manager or Franchisor that issued the PIP; (d) cause such
Renovations to be constructed and completed free and clear of any mechanic’s liens, materialman’s liens and equitable liens (subject to Section 8.16); (e) pay or cause to be paid all costs of such Renovations when due;
(f) fully pay and discharge, or cause to be fully paid and discharged, all claims for labor performed and material and services furnished in connection with such Renovations; and (g) promptly release and discharge, or cause to be released
and discharged, all claims of stop notices, mechanic’s liens, materialman’s liens and equitable liens that may arise in connection with such Renovations (subject to Section 8.16). 

 

	 	(b)	Borrower shall notify the Administrative Agent of any Major Renovations that are scheduled or planned for the Property and shall, if requested by the Administrative
Agent, promptly furnish or cause to be furnished to the Administrative Agent (i) copies of any plans and specifications, contracts and governmental permits for such Major Renovations, and (ii) upon substantial completion of such Major
Renovations (A) a written statement or certificate executed by the architect designated or shown on the plans and specifications (or, if no architect has been retained, from the general contractor for such Major Renovations certifying, without
qualification or exception, that such Major Renovations are substantially completed, (B) all required occupancy permit(s) for the Property issued by the local government agency having jurisdiction and authority to issue same, and (C) such
other evidence of lien free completion as the Administrative Agent deems satisfactory in its reasonable discretion. 

Section 8.16 Mechanics Liens. The Borrower shall not suffer or permit any mechanics’, suppliers’ or other Lien claims (including
without limitation any Liens arising from environmental or other legal proceedings (“Proceedings”) to be filed or otherwise asserted against the Property. If a claim of lien is 

  
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recorded which affects the Property, the Borrower shall, within thirty (30) days of such recording, or within ten (10) days of the Administrative Agent’s demand, whichever occurs
first: (a) pay and discharge, or cause to be paid and discharged, the claim of Lien; or (b) provide the Administrative Agent with other assurances (which may include a title insurance endorsement) which the Administrative Agent deems, in
its sole and absolute discretion, to be satisfactory for the payment of such claim of Lien and for the full and continuous protection of the Administrative Agent and the Lenders from the effect of such lien. 

Section 8.17 Proceedings. If any Proceedings are commenced seeking to enjoin or otherwise prevent or declare unlawful the use, occupancy,
operation or maintenance of the Property or any portion thereof, or if any other Proceedings are filed with respect to the Property or any Loan Party, the Borrower shall give prompt notice thereof to the Administrative Agent and to the extent
permitted by law and at the Borrower’s or such Loan Party’s sole expense, (i) cause the Proceedings to be vigorously contested in good faith and (ii) in the event of an adverse ruling or decision, prosecute all allowable appeals
therefrom. Without limiting the generality of the foregoing, the Borrower shall, or shall cause the applicable Loan Party to, resist the entry or seek the stay of any temporary or permanent injunction that may be entered and use its best efforts to
bring about a favorable and speedy disposition of all such Proceedings. 
 Section 8.18 Correction of Defects. Within a commercially
reasonable period of time after the Borrower acquires knowledge of or is given notice of a material defect in the Property, the Borrower and the Operating Lessee shall each commence and continue with diligence to correct, or cause to be corrected,
all such defects. Upon the Borrower acquiring knowledge of such defect or departure, the Borrower shall promptly advise the Administrative Agent in writing of such matter and the measures being taken to make such corrections, along with an estimate
of the time of completion. 
 Section 8.19 Personal Property. The tangible Personal Property of the Borrower and the Operating
Lessee used in connection with the Property shall be located at the Property and to be kept free and clear of all Liens other than Permitted Liens, and the Borrower shall, from time to time upon request by the Administrative Agent, furnish the
Administrative Agent with evidence of such ownership satisfactory to the Administrative Agent, including searches of applicable public records. 

Section 8.20 FF&E Reserve Accounts. 
  

	 	(a)	The Borrower or the Operating Lessee shall deposit into the FF&E Reserve Account (which account is hereby pledged to Administrative Agent, for the benefit of
Lenders, as additional collateral for the Loan), not later than the fifteenth (15th) day of each month during the term of the Loan an amount equal to the greater of (a) four percent (4%) of Gross Operating Revenues for the Property
for the previous month and (b) the amount required to be deposited into the “Reserve Fund” for such month pursuant to the terms of the Franchise Agreement (the “FF&E Reserve”). 

 

	 	(b)	Provided no Event of Default then exists, funds may be withdrawn from the FF&E Reserve Account, and the Borrower and the Operating Lessee shall each withdraw and
use such funds, solely for the payment of expenditures for FF&E and other capital items in accordance with the applicable Approved Capital Budget. 

  

	 	(c)	The Administrative Agent shall have the right (to be exercised from time to time at its election) to audit the Borrower’s and the Operating Lessee’s books and
records in order to determine whether or not the funds withdrawn or disbursed from the FF&E Reserve Account have been spent only for the purpose for which they were withdrawn or disbursed. The Borrower and the Operating Lessee shall each
cooperate with the Administrative Agent in connection with any such audit. 

  
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 ARTICLE IX INFORMATION 

For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 13.7, all of
the Lenders) shall otherwise consent in the manner set forth in Section 13.7, the Borrower shall furnish to the Administrative Agent for distribution to each of the Lenders: 
 Section 9.1 Monthly Reporting. Within thirty (30) days after the end of each calendar month: 
  

	 	(a)	An operating statement for the Property for the preceding calendar month detailing the Gross Operating Revenues and Operating Expenses, along with the average daily
rate, occupancy levels and revenue per available room for the Property, certified as true, correct and complete by a senior officer of the Borrower, together with: (i) a comparison of the results for such month with (A) the projections for
such month contained in the Approved Operating Budget and (B) the actual results for the same calendar month in the immediately preceding calendar year; and (ii) an operating statement showing year-to-date results for the period ending
with such month, together with a comparison of such operating statement with (A) the projections for such year-to-date period contained in the Approved Operating Budget and (B) the actual results for the year-to-date period ending with the
same month in the immediately preceding calendar year;; 

  

	 	(b)	If available from Manager, a budget reforecast, in a form acceptable to Administrative Agent in its reasonable discretion, showing actual results to date and a
reforecast for the remainder of the current calendar year; 

  

	 	(c)	The most recent Smith Travel Research STAR Report, which shall compare the Property to its primary competitive set. 

Section 9.2 DSCR Certificate. Commencing December 1, 2011, and continuing each December 1 and July 1 of each year thereafter,
a DSCR Certificate certifying compliance with the Minimum DSCR Hurdle for the twelve month period ending October 31 and May 31 (as applicable) of the then current year. 
 Section 9.3 Other. Borrower shall deliver to, or cause to be delivered to Administrative Agent: 
  

	 	(a)	No later than January 31 of each fiscal year of the Borrower (i) the proposed annual operating budget for the Property, which shall be subject to approval of
the Administrative Agent (as so approved, the “Approved Operating Budget”), (ii) the proposed annual FF&E and capital budget for the Property, which shall be subject to the approval of the Administrative Agent (as so approved, the
“Approved Capital Budget”) and (iii) if available from Manager, the proposed marketing plan for the Property, which shall be subject to approval of the Administrative Agent (as so approved, the “Approved Marketing Plan”).

  

	 	(b)	Promptly upon Borrower or Operating Lessee entering into any Material Contract or any Tenant Lease, a copy thereof; 

 

	 	(c)	Within forty-five (45) days after the end of each calendar quarter, a report in form and substance reasonably satisfactory to the Administrative Agent summarizing
the status of the compliance with and performance of the obligations under each PIP for the Property, including in such report a statement of the amounts expended through the end of such quarter with respect to such PIP and amounts projected to be
expended thereafter to complete the obligations under such PIP; and 

  

	 	(d)	 From time to time and promptly upon each request, such data, certificates, reports, statements, opinions of counsel, documents or further information
regarding the Property or the business, assets, liabilities, financial condition, results of operations or business 

  
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prospects of any Loan Party as the Administrative Agent or any Lender may reasonably request. 
 Section 9.4 Electronic Delivery of Certain Information. 
  

	 	(a)	Documents required to be delivered pursuant to the Loan Documents shall be delivered by electronic communication and delivery, including, the Internet, e-mail or
intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website such as www.Edgar.com <http://www.Edgar.com> or a website sponsored or hosted by the Administrative Agent or the
Borrower) provided that (A) the foregoing shall not apply to notices to any Lender pursuant to Article II and (B) the Lender has not notified the Administrative Agent or Borrower that it cannot or does not want to receive electronic
communications. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or
communications. Documents or notices delivered electronically shall be deemed to have been delivered twenty-four (24) hours after the date and time on which the Administrative Agent or the Borrower posts such documents or the documents become
available on a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the
recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. on the opening of business on the next business day for the recipient. Notwithstanding anything contained herein, in every instance the Borrower shall be
required to provide paper copies of the certificate required by Section 9.2 to the Administrative Agent and shall deliver paper copies of any documents to the Administrative Agent or to any Lender that requests such paper copies until a
written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for the certificates required by Section 9.2, the Administrative Agent shall have no obligation to request the delivery of or to
maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery
to it of paper copies and maintaining its paper or electronic documents. 

  

	 	(b)	Documents required to be delivered pursuant to Article II may be delivered electronically to a website provided for such purpose by the Administrative Agent pursuant to
the procedures provided to the Borrower by the Administrative Agent. 

 Section 9.5 Public/Private Information. The
Borrower and Operating Lessee each shall cooperate, with the Administrative Agent in connection with the publication of certain materials and/or information provided by or on behalf of the Borrower or the other Loan Parties. Documents required to be
delivered pursuant to the Loan Documents shall be delivered by or on behalf of the Borrower or the other Loan Parties to the Administrative Agent and the Lenders (collectively, “Information Materials”) pursuant to this Article and shall
designate Information Materials (a) that are either available to the public or not material with respect to the Borrower, the other Loan Parties and their Subsidiaries or any of their respective securities for purposes of United States federal
and state securities laws, as “Public Information” and (b) that are not Public Information as “Private Information”. 

Section 9.6 USA Patriot Act Notice; Compliance. The USA Patriot Act of 2001 (Public Law 107-56) and federal regulations issued with respect
thereto require all financial institutions to obtain, verify and record certain information that identifies individuals or business entities which open an “account” with such financial institution. Consequently, a Lender (for itself and/or
as Administrative Agent for all Lenders hereunder) may from time-to-time request, and the Borrower and the Operating Lessee each shall provide to such Lender, such Loan Party’s name, address, tax identification number and/or such other
identification information as shall be necessary for such Lender to comply with federal law. An “account” for this purpose may include, without limitation, a deposit account, cash management service, a

  
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transaction or asset account, a credit account, a loan or other extension of credit, and/or other financial services product. 

ARTICLE X NEGATIVE COVENANTS 
 For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 13.7, all of the Lenders) shall otherwise consent in the manner set forth in
Section 13.7, the Borrower and Operating Lessee each shall (as applicable), comply with the following covenants: 

Section 10.1 Negative Pledge. Neither the Borrower nor the Operating Lessee shall (a) create, assume, incur, permit or suffer to exist
any Lien on (i) any Collateral, (ii) any direct or indirect ownership interest in the Borrower or Operating Lessee, as applicable, except for Permitted Liens or (b) permit any Collateral or any direct or indirect ownership interest of
the Borrower or the Operating Lessee, as applicable, to be subject to a Negative Pledge. 
 Section 10.2 Restrictions on Intercompany
Transfers. The Borrower shall not create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of the Borrower to (a) following the occurrence of an Event of Default
hereunder, pay any Indebtedness owed to Guarantor; or (b) make loans or advances to Guarantor; other than with respect to clauses (a) – (b) those encumbrances or restrictions contained in any Loan Document. 

Section 10.3 Merger, Consolidation, Sales of Assets and Other Arrangements. Except as otherwise permitted below, the Borrower shall not
(a) enter into any transaction of merger or consolidation; (b) liquidate, windup or dissolve itself (or suffer any liquidation or dissolution); or (c) convey, sell, lease, sublease, transfer or otherwise dispose of, in one transaction
or a series of transactions, all or any substantial part of the Property; or (d) make an Investment in any other Person. 

Section 10.4 Plans. The Borrower shall not, and shall not permit any of its Subsidiaries to, permit any of its respective assets to become or
be deemed to be “plan assets” within the meaning of ERISA and the regulations promulgated thereunder for purposes of ERISA and the Internal Revenue Code. 
 Section 10.5 Fiscal Year. The Borrower shall not change its fiscal year from that in effect as of the Agreement Date. 
 Section 10.6 Modifications of Organizational Documents. The Borrower shall not amend, supplement, restate or otherwise modify in any material respect its charter, articles of incorporation or
by-laws, operating agreement, partnership agreement or other organizational document without the prior written consent of the Administrative Agent (which shall not be unreasonably withheld) unless such amendment, supplement, restatement or other
modification is (a) required under or as a result of the Internal Revenue Code or other Applicable Law or (b) required to maintain the Chesapeake Lodging Trust’s status as a REIT. 

Section 10.7 Material Contracts. Neither the Borrower nor the Operating Lessee shall do any of the following without the
Administrative Agent’s prior written consent: (i) enter into, surrender or terminate any Material Contract, including any new or replacement Franchise Agreement or Management Agreement; (ii) be or become a party to a Management
Agreement that provides for base management fees in excess of 3.5% of Gross Operating Revenues or an incentive fee which is not subordinate to full repayment of the Loan; (iii) reduce or extend the term of, increase the charges or fees payable
by such Loan Party under, decrease the charges or fees payable to such Loan Party under, or otherwise modify or amend in any material respect, any Material Contract; or (iv) terminate, or modify or amend in any material respect, the Operating
Lease. 
 Section 10.8 Indebtedness. 

  
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	 	(a)	Neither the Borrower nor the Operating Lessee shall (i) assume, create, incur or suffer to exist any Indebtedness to the Guarantor or any of its Subsidiaries
unless such Indebtedness is fully subordinated to the Obligations on terms satisfactory to the Administrative Agent or (ii) assume, incur or suffer to exist any Indebtedness other than (A) as permitted in clause (i), (B) the
Obligations, (C) trade payables and equipment leases that are normal and customary both as to their terms and as to their amounts, and which, in all events, do not exceed $1,000,000 in the aggregate and (D) a Guaranty of the Franchise
Agreement entered into in the ordinary course of business. 

  

	 	(b)	Neither the Borrower nor the Operating Lessee shall prepay any principal of, or accrued interest on, any Subordinated Debt or otherwise make any voluntary or optional
payment with respect to any principal of, or accrued interest on, any Subordinated Debt prior to the originally scheduled maturity date thereof or otherwise redeem or acquire for value any Subordinated Debt. Further, neither the Borrower nor the
Operating Lessee shall amend or modify, or permit the amendment or modification of, any agreement or instrument evidencing any Subordinated Debt where such amendment or modification provides for the following or which has any of the following
effects: 

  

	 	(i)	increases the rate of interest accruing on such Subordinated Debt; 

  

	 	(ii)	increases the amount of any scheduled installment of principal or interest, or shortens the date on which any such installment or principal or interest becomes due;

  

	 	(iii)	shortens the final maturity date of such Subordinated Debt; 

  

	 	(iv)	increases the principal amount of such Subordinated Debt; 

  

	 	(v)	amends any financial or other covenant contained in any document or instrument evidencing any Subordinated Debt in a manner which is more onerous to the Borrower or the
Operating Lessee or which requires the Borrower or the Operating Lessee to improve its financial performance; 

  

	 	(vi)	provides for the payment of additional fees or the increase in existing fees; and/or 

 

	 	(vii)	otherwise could reasonably be expected to be adverse to the interests of the Administrative Agent or the Lenders. 

Section 10.9 Transactions with Affiliates. Neither the Borrower nor the Operating Lessee shall enter into any transaction (including the
purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate of any Loan Party, except (a) as set forth on Schedule 7.1(s) or (b) transactions in the ordinary course of and pursuant to the
reasonable requirements of the business of the Borrower or the Operating Lessee and upon fair and reasonable terms which are no less favorable to the Borrower or the Operating Lessee than would be obtained in a comparable arm’s length
transaction with a Person that is not an Affiliate. 
 Section 10.10 Environmental Matters. Neither the Borrower nor the Operating
Lessee shall, nor permit any other Person to, use, generate, discharge, emit, manufacture, handle, process, store, release, transport, remove, dispose of or clean up any Hazardous Materials on, under or from the Property in material violation of any
Environmental Law or in a manner that could reasonably be expected to lead to any material environmental claim or pose a material risk to human health, safety or the environment. Nothing in this Section shall impose any obligation or liability
whatsoever on the Administrative Agent or any Lender. 
 Section 10.11 Derivatives Contracts. The Borrower shall not enter into or
become obligated in respect of, Derivatives Contracts, other than Derivatives Contracts entered into by the Borrower in the ordinary 

  
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course of business and which establish an effective hedge in respect of liabilities, commitments or assets held or reasonably anticipated by the Borrower. 

Section 10.12 No Sale or Encumbrance. Except as otherwise provided herein, the Borrower shall not permit the Property or any interest therein
to be sold, transferred (including, without limitation, through sale or transfer of the limited liability company interests of the Borrower), mortgaged, assigned, further encumbered or leased, whether directly or indirectly, whether voluntarily,
involuntarily or by operation of law, without the prior written consent of the Administrative Agent. 
 ARTICLE XI DEFAULT

 Section 11.1 Events of Default. 
 Each of the following shall constitute an Event of Default, whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of Applicable Law or pursuant to
any judgment or order of any Governmental Authority: 
  

	 	(a)	Default in Payment. The Borrower shall fail to pay when due under this Agreement or any other Loan Document (whether upon demand, at maturity, by reason of
acceleration or otherwise) the principal of, or any interest on, any of the Loans, or shall fail to pay any of the other payment Obligations owing by the Borrower under this Agreement, any other Loan Document or the Fee Letter, or any other Loan
Party shall fail to pay when due any payment obligation owing by such Loan Party under any Loan Document to which it is a party. 

  

	 	(b)	Default in Performance. 

  

	 	(i)	The Borrower or the Operating Lessee shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained
in Article IX and such failure shall continue for a period of five (5) days; or 

  

	 	(ii)	The Borrower or Operating Lessee shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in
Article X; or 

  

	 	(iii)	The Borrower or Operating Lessee shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to
which it is a party and not otherwise mentioned in this Section and such failure shall continue for a period of thirty (30) days after the earlier of (x) the date upon which Borrower or Operating Lessee obtains knowledge of such
failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent; provided, however, that: (i) if such default is not susceptible of cure within such thirty (30)-day period, such
thirty (30)-day period shall be extended to a ninety (90)-day period, but only if (A) Borrower shall commence such cure within such thirty (30)-day period and shall thereafter prosecute such cure to completion, diligently and without delay, and
(B) no other Default or Event of Default shall have occurred; and (ii) the grace period provided in this section shall in no event apply to any default relating to any other Default for which this Agreement or the applicable Loan Document
specifically provides that no period of grace shall be applicable. 

  

	 	(c)	Misrepresentations. Any written statement, representation or warranty made or deemed made by or on behalf of the Borrower or the Operating Lessee under this
Agreement or under any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement at any time furnished by, or at the direction of, the Borrower or the Operating Lessee to the Administrative Agent or any Lender,
shall at any time prove to have been incorrect or misleading in any material respect when furnished or made or deemed made. 

  
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	 	(d)	Indebtedness Cross-Default. 

  

	 	(i)	Any Loan Party shall fail to make any payment when due and payable in respect of any Indebtedness (other than the Loans) having an aggregate outstanding principal
amount (or, in the case of any Derivatives Contract, having, without regard to the effect of any close-out netting provision, a Derivatives Termination Value) equal to or exceeding $1,000,000 (as applicable, “Material Indebtedness”); or

  

	 	(ii)	(A) The maturity of any Material Indebtedness shall have been accelerated in accordance with the provisions of any indenture, contract or instrument evidencing,
providing for the creation of or otherwise concerning such Material Indebtedness or (B) any Material Indebtedness shall have been required to be prepaid or repurchased prior to the stated maturity thereof; or 

 

	 	(iii)	Any other event shall have occurred and be continuing which, with or without the passage of time, the giving of notice, or otherwise, would permit any holder or holders
of any Material Indebtedness, any trustee or agent acting on behalf of such holder or holders or any other Person, to accelerate the maturity of any Material Indebtedness or require any Material Indebtedness to be prepaid or repurchased prior to its
stated maturity; or 

  

	 	(iv)	An Event of Default (as defined therein) shall occur under the Guarantor Credit Agreement. 

 

	 	(e)	Voluntary Bankruptcy Proceeding. Any Loan Party shall: (i) commence a voluntary case under the Bankruptcy Code or other federal bankruptcy laws (as now or
hereafter in effect); (ii) file a petition seeking to take advantage of any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) consent
to, or fail to contest in a timely and appropriate manner, any petition filed against it in an involuntary case under such bankruptcy laws or other Applicable Laws or consent to any proceeding or action described in the immediately following
Section 11.1(f); (iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial
part of its property, domestic or foreign; (v) admit in writing its inability to pay its debts as they become due; (vi) make a general assignment for the benefit of creditors; (vii) make a conveyance fraudulent as to creditors under
any Applicable Law; or (viii) take any corporate, partnership or other organizational action for the purpose of effecting any of the foregoing. 

  

	 	(f)	Involuntary Bankruptcy Proceeding. A case or other proceeding shall be commenced against any Loan Party in any court of competent jurisdiction seeking:
(i) relief under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect) or under any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding up, or composition or
adjustment of debts; or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of such Person, or of all or any substantial part of the assets, domestic or foreign, of such Person, and in the case of either clause
(i) or (ii) such case or proceeding shall continue undismissed or unstayed for a period of sixty (60) consecutive days, or an order granting the relief requested in such case or proceeding (including, but not limited to, an order for
relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered. 

  

	 	(g)	Revocation of Loan Documents. Any Loan Party shall (or shall attempt to) disavow, revoke or terminate any Loan Document to which it is a party or the Fee Letter
or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of any Loan Document or the Fee Letter. 

  
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	 	(h)	Judgment. A judgment or order for the payment of money shall be entered against any Loan Party by any court or other tribunal and (i) such judgment or order
shall continue for a period of twenty (20) days without being paid, stayed or dismissed through appropriate appellate proceedings and (ii) either (A) the amount for which insurance has not been acknowledged in writing by the
applicable insurance carrier (or the amount as to which the insurer has denied liability) exceeds, individually or together with all other such judgments or orders entered against such Persons, $1,000,000 or (B) such judgment or order could
reasonably be expected to have a Material Adverse Effect. 

  

	 	(i)	Attachment. A warrant, writ of attachment, execution or similar process shall be issued against any property of any Loan Party, which exceeds, individually or
together with all other such warrants, writs, executions and processes, $1,000,000 in amount and such warrant, writ, execution or process shall not be paid, discharged, vacated, stayed or bonded for a period of twenty (20) days.

  

	 	(j)	Intentionally Omitted. 

  

	 	(k)	Loan Documents. An Event of Default (as defined therein) shall occur under any of the other Loan Documents. 

 

	 	(l)	Change of Control/Change in Management. 

  

	 	(i)	Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)), is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person will be deemed to have “beneficial ownership” of all securities that such Person has the right to
acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 19.9% of the total voting power of the then outstanding voting stock of Chesapeake Lodging Trust;

  

	 	(ii)	During any period of twelve (12) consecutive months ending after the Agreement Date, individuals who at the beginning of any such 12-month period constituted the
Board of Trustees of Chesapeake Lodging Trust (together with any new trustees whose election by such Board or whose nomination for election by the shareholders of Chesapeake Lodging Trust was approved by a vote of a majority of the trustees then
still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of Trustees of Chesapeake Lodging Trust
then in office; or 

  

	 	(iii)	Chesapeake Lodging Trust shall cease to be the sole general partner of Chesapeake Lodging, L.P., or shall cease to own at least 80.1% of the partnership interests in
the Chesapeake Lodging, L.P.; or 

  

	 	(iv)	The Borrower shall cease to be a Wholly Owned Subsidiary of Chesapeake Lodging, L.P.; or 

 

	 	(v)	The Operating Lessee shall cease to be a Wholly Owned Subsidiary of Chesapeake Lodging, L.P. 

 

	 	(m)	 Damage; Strike; Casualty. Any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, any strike, lockout,
labor dispute, embargo, condemnation, act of God or public enemy, or other casualty which causes, for more than thirty (30) consecutive days beyond the coverage period of any applicable business

  
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interruption insurance, the cessation or substantial curtailment of revenue producing activities of the Borrower or any other Loan Party. 

 

	 	(n)	Security Documents. Any provision of any Security Documents shall for any reason cease to be valid and binding on, enforceable against, any Loan Party, or any
Lien created under any Security Document ceases to be a valid and perfected first priority Lien in any of the Collateral purported to be covered thereby. 

  

	 	(o)	Chesapeake Lodging Trust. Chesapeake Lodging Trust shall cease to maintain its status as a REIT or cease to maintain trading privileges on the New York Stock
Exchange for at least one class of its common shares. 

  

	 	(p)	Default Under Swap. The occurrence of a default by Borrower or a termination event with respect to Borrower under any swap, derivative, foreign exchange or hedge
transaction or arrangement (or similar transaction or arrangement howsoever described or defined) at any time entered into between Borrower and Lender in connection with the Loan; or 

 

	 	(q)	Default Under Indemnity. The occurrence of a default under the Hazardous Materials indemnity Agreement, dated the date hereof, executed by Borrower,
Guarantors and Administrative Agent. 

  

	 	(r)	Default Under Guaranty. The occurrence of a default under any guaranty now or hereafter executed in connection with the Loan, including without
limitation, Guarantor’s failure to perform any covenant, condition or obligation thereunder. 

 Section 11.2 Remedies
Upon Event of Default. Upon the occurrence of an Event of Default the following provisions shall apply: 
  

	 	(a)	Acceleration; Termination of Facilities. 

  

	 	(i)	Automatic. Upon the occurrence of an Event of Default specified in Sections 11.1(e) or 11.1(f), (A)(1) the principal of, and all accrued interest
on, the Loans and the Notes at the time outstanding, and (2) all of the other Obligations of the Borrower, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or any
of the other Loan Documents shall become immediately and automatically due and payable by the Borrower without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower, and (B) the Commitments
and the obligation of the Lenders to make Loans hereunder shall all immediately and automatically terminate. 

  

	 	(ii)	Optional. If any other Event of Default shall exist, the Administrative Agent may, and at the direction of the Requisite Lenders shall: (A) declare
(1) the principal of, and accrued interest on, the Loans and the Notes at the time outstanding and (2) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under
this Agreement, the Notes or any of the other Loan Documents to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly
waived by the Borrower, and (B) terminate the Commitments and the obligation of the Lenders to make Loans hereunder. 

  

	 	(b)	Loan Documents. The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall, exercise any and all of its
rights under any and all of the other Loan Documents. 

  
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	 	(c)	Applicable Law. The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall, exercise all other rights and
remedies it may have under any Applicable Law. 

  

	 	(d)	Appointment of Receiver. To the extent permitted by Applicable Law, the Administrative Agent and the Lenders shall be entitled to the appointment of a receiver
for the assets and properties of the Borrower and Operating Lessee, without notice of any kind whatsoever and without regard to the adequacy of any security for the Obligations or the solvency of any party bound for its payment, to take possession
of all or any portion of the Collateral, the property and/or the business operations of the Borrower and Operating Lessee and to exercise such power as the court shall confer upon such receiver. 

Section 11.3 Intentionally Omitted. 

Section 11.4 Marshaling; Payments Set Aside. Neither Administrative Agent nor any Lender shall be under any obligation to marshal any assets
in favor of any Loan Party or any other party or against or in payment of any or all of the Obligations. To the extent that any Loan Party makes a payment or payments to the Administrative Agent and/or any Lender, or the Administrative Agent and/or
any Lender enforce their security interests or exercise their rights of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential,
set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such recovery, the Obligations, or part thereof originally intended
to be satisfied, and all Liens, rights and remedies therefore, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred. 

Section 11.5 Allocation of Proceeds. If an Event of Default exists and maturity of any of the Obligations has been accelerated or the
Maturity Date has occurred, all payments received by the Administrative Agent under any of the Loan Documents, in respect of any principal of or interest on the Obligations or any other amounts payable by the Borrower hereunder or thereunder, shall
be applied in the following order and priority: 
  

	 	(a)	amounts due to the Administrative Agent, and the Lenders in respect of expenses due under Section 13.2 until paid in full, and then Fees;

  

	 	(b)	amounts due to the Administrative Agent and the Lenders in respect of Protective Advances; 

 

	 	(c)	payments of interest on the Loans, to be applied for the ratable benefit of the Lenders, in such order as the Lenders may determine in their sole discretion;

  

	 	(d)	payments of principal of the Loans, to be applied for the ratable benefit of the Lenders, in such order as the Lenders may determine in their sole discretion;

  

	 	(e)	amounts due to the Administrative Agent and the Lenders pursuant to Sections 12.8 and 13.10; 

 

	 	(f)	payments of all other amounts due under any of the Loan Documents, if any, to be applied for the ratable benefit of the Lenders; and 

 

	 	(g)	any amount remaining after application as provided above, shall be paid to the Borrower or whomever else may be legally entitled thereto. 

Section 11.6 Intentionally Omitted. 

  
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 Section 11.7 Rescission of Acceleration by Requisite Lenders. If at any time after acceleration
of the maturity of the Loans and the other Obligations, the Borrower shall pay all arrears of interest and all payments on account of principal of the Obligations which shall have become due otherwise than by acceleration (with interest on principal
and, to the extent permitted by Applicable Law, on overdue interest, at the rates specified in this Agreement) and all Events of Default and Defaults (other than nonpayment of principal of and accrued interest on the Obligations due and payable
solely by virtue of acceleration) shall become remedied or waived to the satisfaction of the Requisite Lenders (or, if the matter that resulted in such Event of Default may be waived only by all of Lenders, then waived to the satisfaction of all of
the Lenders), then by written notice to the Borrower, the Requisite Lenders may elect, in the sole discretion of such Requisite Lenders, to rescind and annul the acceleration and its consequences. The provisions of the preceding sentence are
intended merely to bind all of the Lenders to a decision which may be made at the election of the Requisite Lenders, and are not intended to benefit the Borrower and do not give the Borrower the right to require the Lenders to rescind or annul any
acceleration hereunder, even if the conditions set forth herein are satisfied. 
 Section 11.8 Performance by Administrative Agent.
If the Borrower or any other Loan Party shall fail to perform any covenant, duty or agreement contained in any of the Loan Documents, the Administrative Agent may perform or attempt to perform such covenant, duty or agreement on behalf of the
Borrower or such Loan Party after the expiration of any cure or grace periods set forth herein. In such event, the Borrower shall, at the request of the Administrative Agent, promptly pay any amount reasonably expended by the Administrative Agent in
such performance or attempted performance to the Administrative Agent, together with interest thereon at the applicable Post-Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, neither the Administrative Agent
nor any Lender shall have any liability or responsibility whatsoever for the performance of any obligation of the Borrower or such Loan Party under this Agreement or any other Loan Document. 
 Section 11.9 Rights Cumulative. The rights and remedies of the Administrative Agent and the Lenders under this Agreement, each of the other Loan Documents and the Fee Letter shall be
cumulative and not exclusive of any rights or remedies which any of them may otherwise have under Applicable Law. In exercising their respective rights and remedies the Administrative Agent and the Lenders may be selective and no failure or delay by
the Administrative Agent or any of the Lenders in exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any power or right preclude its other or further exercise or the exercise of any other power or
right. 
 ARTICLE XII THE ADMINISTRATIVE AGENT 
 Section 12.1 Appointment and Authorization. Each Lender hereby irrevocably appoints and authorizes the Administrative Agent to take such action as contractual representative on such
Lender’s behalf and to exercise such powers under this Agreement and the other Loan Documents as are specifically delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental
thereto. Not in limitation of the foregoing, each Lender authorizes and directs the Administrative Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any
action taken by the Requisite Lenders in accordance with the provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are reasonably
incidental thereto, shall be authorized and binding upon all of the Lenders. Nothing herein shall be construed to deem the Administrative Agent a trustee or fiduciary for any Lender or to impose on the Administrative Agent duties or obligations
other than those expressly provided for herein. Without limiting the generality of the foregoing, the use of the terms “Agent”, “Administrative Agent”, “agent” and similar terms in the Loan Documents with reference to
the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead, use of such terms is merely a matter of market custom, and is intended to
create or reflect only an administrative relationship between independent contracting parties. The Administrative Agent shall deliver to each Lender, promptly upon receipt thereof by the Administrative Agent, copies of each of the financial
statements, certificates, notices and other documents delivered to the Administrative Agent pursuant to Article IX, that the Borrower is not otherwise required to deliver directly to the Lenders. The

  
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Administrative Agent will furnish to any Lender, upon the request of such Lender, a copy (or, where appropriate, an original) of any document, instrument, agreement, certificate or notice
furnished to the Administrative Agent by the Borrower, any Loan Party or any other Affiliate of the Borrower, pursuant to this Agreement or any other Loan Document not already delivered to such Lender pursuant to the terms of this Agreement or any
such other Loan Document. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection of any of the Obligations), the Administrative Agent shall not be required to exercise any
discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Requisite Lenders (or all of the Lenders if explicitly required
under any other provision of this Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the Obligations; provided, however, that, notwithstanding anything in this Agreement to the contrary, the
Administrative Agent shall not be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or any other Loan Document or Applicable Law. Not in limitation of the foregoing, the
Administrative Agent may exercise any right or remedy it or the Lenders may have under any Loan Document upon the occurrence of a Default or an Event of Default unless the Requisite Lenders have directed the Administrative Agent otherwise. Without
limiting the foregoing, no Lender shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent acting or refraining from acting under this Agreement or any of the other Loan Documents in
accordance with the instructions of the Requisite Lenders (or all of the Lenders if explicitly required under any other provision of this Agreement). 
 Section 12.2 Wells Fargo as Lender. Wells Fargo, as a Lender, shall have the same rights and powers under this Agreement and any other Loan Document, as any other Lender and may exercise the
same as though it were not the Administrative Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include Wells Fargo in each case in its individual capacity. Wells Fargo and its Affiliates may
each accept deposits from, maintain deposits or credit balances for, invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally engage in any kind of business with the Borrower, any other Loan Party or
any other Affiliate thereof as if it were any other bank and without any duty to account therefore to the other Lenders. Further, the Administrative Agent and any Affiliate may accept fees and other consideration from the Borrower for services in
connection with this Agreement or otherwise without having to account for the same to the other Lenders. The Lenders acknowledge that, pursuant to such activities, Wells Fargo or its affiliates may receive information regarding the Borrower, other
Loan Parties, other Subsidiaries and other Affiliates (including information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Administrative Agent shall be under no obligation to provide such
information to them. 
 Section 12.3 Collateral Matters; Protective Advances. 

 

	 	(a)	Each Lender hereby authorizes the Administrative Agent, without the necessity of any notice to or further consent from any Lender, from time to time prior to an Event
of Default, to take any action with respect to any Collateral or Loan Documents which may be necessary to perfect and maintain perfected the Liens upon the Collateral granted pursuant to any of the Loan Documents. 

 

	 	(b)	The Lenders hereby authorize the Administrative Agent, at its option and in its discretion, to release any Lien granted to or held by the Administrative Agent upon any
Collateral (i) upon termination of the Commitments and indefeasible payment and satisfaction in full of all of the Obligations; (ii) as expressly permitted by, but only in accordance with, the terms of the applicable Loan Document; and
(iii) if approved, authorized or ratified in writing by the Requisite Lenders (or such greater number of Lenders as this Agreement or any other Loan Document may expressly provide). Upon request by the Administrative Agent at any time, the
Lenders will confirm in writing the Administrative Agent’s authority to release particular types or items of Collateral pursuant to this Section. 

  

	 	(c)	 The Administrative Agent shall have no obligation whatsoever to the Lenders or to any other Person to assure that the Collateral exists or is owned by
the Borrower or any other Loan 

  
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Party or is cared for, protected or insured or that the Liens granted to the Administrative Agent herein or pursuant hereto have been properly or sufficiently or lawfully created, perfected,
protected or enforced or are entitled to any particular priority, or to exercise or to continue exercising at all or in any manner or under any duty of care, disclosure or fidelity any of the rights, authorities and powers granted or available to
the Administrative Agent in this Section or in any of the Loan Documents, it being understood and agreed that in respect of the Collateral, or any act, omission or event related thereto, the Administrative Agent may act in any manner it may
deem appropriate, in its sole discretion, and that the Administrative Agent shall have no duty or liability whatsoever to the Lenders, except to the extent resulting from its gross negligence or willful misconduct. 

 

	 	(d)	The Administrative Agent may make, and shall be reimbursed by the Lenders (in accordance with their Pro Rata Shares) to the extent not reimbursed by the Borrower for,
Protective Advances during any one calendar year with respect to the Property up to the sum of (i) amounts expended to pay real estate taxes, assessments and governmental charges or levies imposed upon the Property; (ii) amounts expended
to pay insurance premiums for policies of insurance related to the Property; and (iii) $500,000.00. Protective Advances in excess of said sum during any calendar year for the Property shall require the consent of the Requisite Lenders. The
Borrower agrees to pay on demand all Protective Advances. 

 Section 12.4 Post Foreclosure Plans. If all or any
portion of the Collateral is acquired by the Administrative Agent as a result of a foreclosure or the acceptance of a deed or assignment in lieu of foreclosure, or is retained in satisfaction of all or any part of the Obligations, the title to any
such Collateral, or any portion thereof, shall be held in the name of the Administrative Agent or a nominee or Subsidiary of the Administrative Agent, as Administrative Agent, for the ratable benefit of all Lenders. The Administrative Agent shall
prepare a recommended course of action for such Collateral (a “Post-Foreclosure Plan”), which shall be subject to the approval of the Requisite Lenders. In accordance with the approved Post-Foreclosure Plan, the Administrative Agent shall
manage, operate, repair, administer, complete, construct, restore or otherwise deal with the Collateral acquired, and shall administer all transactions relating thereto, including, without limitation, employing a management agent, leasing agent and
other agents, contractors and employees, including agents for the sale of such Collateral, and the collecting of rents, revenues and other sums from such Collateral and paying the expenses of such Collateral. Actions taken by the Administrative
Agent with respect to the Collateral, which are not specifically provided for in the approved Post-Foreclosure Plan or reasonably incidental thereto, shall require the written consent of the Requisite Lenders by way of supplement to such
Post-Foreclosure Plan. Upon demand therefor from time to time, each Lender will contribute its share (based on its Pro Rata Share) of all reasonable costs and expenses incurred by the administrative agent pursuant to the approved Post-Foreclosure
Plan in connection with the construction, operation, management, maintenance, leasing and sale of such Collateral. In addition, the Administrative Agent shall render or cause to be rendered to each Lender, on a monthly basis, an income and expense
statement for such Collateral, and each Lender shall promptly contribute its Pro Rata Share of any operating loss for such Collateral, and such other expenses and operating reserves as the Administrative Agent shall deem reasonably necessary
pursuant to and in accordance with the approved Post-Foreclosure Plan. To the extent there is Net Operating Income from such Collateral (after establishment of reserves in accordance with the Post-Foreclosure Plan), the Administrative Agent shall,
in accordance with the approved Post-Foreclosure Plan, determine the amount and timing of distributions to the Lenders. All such distributions shall be made to the Lenders in accordance with their respective Pro Rata Shares. The Lenders acknowledge
and agree that if title to any Collateral is obtained by the Administrative Agent or its nominee, such Collateral will not be held as a permanent investment but will be liquidated and the proceeds of such liquidation will be distributed in
accordance with Section 11.5 as soon as practicable. The Administrative Agent shall undertake to sell such Collateral, at such price and upon such terms and conditions as the Requisite Lenders reasonably shall determine to be most
advantageous to the Lenders. Any purchase money mortgage or deed of trust taken in connection with the disposition of such Collateral in accordance with the immediately preceding sentence shall name the Administrative Agent, as Administrative Agent
for the Lenders, as the beneficiary or mortgagee. In such case, the Administrative Agent and the Lenders shall enter into an agreement with respect to such purchase money mortgage or 

  
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deed of trust defining the rights of the Lenders in the same Pro Rata Shares as provided hereunder, which agreement shall be in all material respects similar to this Article insofar as the same
is appropriate or applicable. 
 Section 12.5 Approvals of Lenders. All communications from the Administrative Agent to any Lender
requesting such Lender’s determination, consent, approval or disapproval (a) shall be given in the form of a written notice to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such
determination, approval, consent or disapproval is requested, or shall advise such Lender where information, if any, regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved, (c) shall
include a legend substantially as follows, printed in capital letters or boldface type: “THIS COMMUNICATION REQUIRES IMMEDIATE RESPONSE. FAILURE TO RESPOND WITHIN TEN (10) BUSINESS DAYS AFTER THE DELIVERY OF THIS COMMUNICATION SHALL
CONSTITUTE A DEEMED APPROVAL BY THE ADDRESSEE OF THE MATTER DESCRIBED ABOVE.”, (d) shall include, if reasonably requested by such Lender and to the extent not previously provided to such Lender, written materials and a summary of all oral
information provided to the Administrative Agent by the Borrower in respect of the matter or issue to be resolved, and (e) shall include the Administrative Agent’s recommended course of action or determination in respect thereof. Unless a
Lender shall give written notice to the Administrative Agent that it specifically objects to the recommendation or determination of the Administrative Agent (together with a reasonable written explanation of the reasons behind such objection) within
ten (10) Business Days (or such lesser or greater period as may be specifically required under the express terms of the Loan Documents) of receipt of such communication (“Lender Reply Period”), such Lender shall be deemed to have
conclusively approved of or consented to such recommendation or determination. With respect to decisions requiring the approval of the Requisite Lenders, Administrative Agent shall timely submit any required written notices to all Lenders and upon
receiving the required approval or consent shall follow the course of action or determination recommended by Administrative Agent or such other course of action recommended by the Requisite Lenders, and each non-responding Lender shall be deemed to
have concurred with such recommended course of action. Notwithstanding the foregoing, any matter requiring all Lenders’ approval or consent shall not be deemed given by any Lender’s failure to respond within any such Lender’s Reply
Period. 
 Section 12.6 Notice of Events of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the
occurrence of a Default or Event of Default unless the Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing with reasonable specificity such Default or Event of Default and stating that such
notice is a “notice of default.” If any Lender (excluding the Lender which is also serving as the Administrative Agent) becomes aware of any Default or Event of Default, it shall promptly send to the Administrative Agent such a
“notice of default”, but nothing herein contained shall impose upon any Lender an obligation to determine whether there has been or is a Default or Event of Default. Further, if the Administrative Agent receives such a “notice of
default,” the Administrative Agent shall give prompt notice thereof to the Lenders. 
 Section 12.7 Administrative Agent’s
Reliance. Notwithstanding any other provisions of this Agreement or any other Loan Documents, neither the Administrative Agent nor any of its directors, officers, agents, employees or counsel shall be liable for any action taken or not taken by
it under or in connection with this Agreement or any other Loan Document, except for its or their own gross negligence or willful misconduct in connection with its duties expressly set forth herein or therein. Without limiting the generality of the
foregoing, the Administrative Agent may consult with legal counsel (including its own counsel or counsel for the Borrower or any other Loan Party), independent public accountants and other experts selected by it and shall not be liable for any
action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts. Neither the Administrative Agent nor any of its directors, officers, agents, employees or counsel: (a) makes any
warranty or representation to any Lender or any other Person and shall be responsible to any Lender or any other Person for any statement, warranty or representation made or deemed made by the Borrower, any other Loan Party or any other Person in or
in connection with this Agreement or any other Loan Document; (b) shall have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any other Loan Document or
the satisfaction of any conditions precedent 

  
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under this Agreement or any Loan Document on the part of the Borrower or other Persons or inspect the property, books or records of the Borrower or any other Person; (c) shall be responsible
to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan Document, any other instrument or document furnished pursuant thereto or any Collateral covered thereby or
the perfection or priority of any Lien in favor of the Administrative Agent on behalf of the Lenders in any such Collateral; (d) shall have any liability in respect of any recitals, statements, certifications, representations or warranties
contained in any of the Loan Documents or any other document, instrument, agreement, certificate or statement delivered in connection therewith; and (e) shall incur any liability under or in respect of this Agreement or any other Loan Document
by acting upon any notice, consent, certificate or other instrument or writing (which may be by telephone, telecopy or electronic mail) believed by it to be genuine and signed, sent or given by the proper party or parties. The Administrative Agent
may execute any of its duties under the Loan Documents by or through agents, employees or attorneys-in-fact and shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross
negligence or willful misconduct. 
 Section 12.8 Indemnification of Administrative Agent. Regardless of whether the transactions
contemplated by this Agreement and the other Loan Documents are consummated, each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) pro
rata in accordance with such Lender’s respective Pro Rata Share, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever
which may at any time be imposed on, incurred by, or asserted against the Administrative Agent (in its capacity as Administrative Agent but not as a “Lender”) in any way relating to or arising out of the Loan Documents, any transaction
contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under the Loan Documents (collectively, “Indemnifiable Amounts”); provided, however, that no Lender shall be liable for any portion of
such Indemnifiable Amounts to the extent resulting from the Administrative Agent’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment; provided, however,
that no action taken in accordance with the directions of the Requisite Lenders (or all of the Lenders, if expressly required hereunder) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without
limiting the generality of the foregoing, each Lender agrees to reimburse the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) promptly upon demand for its ratable share
of any out-of-pocket expenses (including the reasonable fees and expenses of the counsel to the Administrative Agent) incurred by the Administrative Agent (except to the extent resulting from the Administrative Agent’s gross negligence or
willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment) in connection with the preparation, negotiation, execution, administration, or enforcement (whether through negotiations, legal proceedings,
or otherwise) of, or legal advice with respect to the rights or responsibilities of the parties under, the Loan Documents, any suit or action brought by the Administrative Agent to enforce the terms of the Loan Documents and/or collect any
Obligations, any “lender liability” suit or claim brought against the Administrative Agent and/or the Lenders, and any claim or suit brought against the Administrative Agent and/or the Lenders arising under any Environmental Laws. Such
out-of-pocket expenses (including counsel fees) shall be advanced by the Lenders on the request of the Administrative Agent notwithstanding any claim or assertion that the Administrative Agent is not entitled to indemnification hereunder upon
receipt of an undertaking by the Administrative Agent that the Administrative Agent will reimburse the Lenders if it is actually and finally determined by a court of competent jurisdiction that the Administrative Agent is not so entitled to
indemnification. The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder or under the other Loan Documents and the termination of this Agreement. If the Borrower shall reimburse the
Administrative Agent for any Indemnifiable Amount following payment by any Lender to the Administrative Agent in respect of such Indemnifiable Amount pursuant to this Section, the Administrative Agent shall share such reimbursement on a ratable
basis with each Lender making any such payment. 
 Section 12.9 Lender Credit Decision, Etc. Each of the Lenders expressly
acknowledges and agrees that neither the Administrative Agent nor any of its officers, directors, employees, agents, counsel, attorneys in fact or other affiliates has made any representations or warranties to such Lender and that no

  
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act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower, any other Loan Party or any other Subsidiary or Affiliate, shall be deemed to constitute any
such representation or warranty by the Administrative Agent or any Lender. Each of the Lenders acknowledges that it has, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent, or
any of their respective officers, directors, employees, agents or counsel, and based on the financial statements of the Borrower, the other Loan Parties, the other Subsidiaries and other Affiliates, and inquiries of such Persons, its independent due
diligence of the business and affairs of the Borrower, the other Loan Parties, the other Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own counsel and
such other documents and information as it has deemed appropriate, made its own credit and legal analysis and decision to enter into this Agreement and the transactions contemplated hereby. Each of the Lenders also acknowledges that it will,
independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent or any of their respective officers, directors, employees and agents, and based on such review, advice, documents and
information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents. The Administrative Agent shall not be required to keep itself informed as to the performance or
observance by the Borrower or any other Loan Party of the Loan Documents or any other document referred to or provided for therein or to inspect the properties or books of, or make any other investigation of, the Borrower, any other Loan Party or
any other Subsidiary. Except for notices, reports and other documents and information expressly required to be furnished to the Lenders by the Administrative Agent under this Agreement or any of the other Loan Documents, the Administrative Agent
shall have no duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of the Borrower, any other Loan Party or any other
Affiliate thereof which may come into possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys in fact or other Affiliates. Each of the Lenders acknowledges that the Administrative Agent’s legal
counsel in connection with the transactions contemplated by this Agreement is only acting as counsel to the Administrative Agent and is not acting as counsel to any Lender. 
 Section 12.10 Successor Administrative Agent. The Administrative Agent may resign at any time as Administrative Agent under the Loan Documents by giving written notice thereof to the Lenders
and the Borrower. In addition, in the event of a material breach of its duties hereunder, the Administrative Agent may be removed as Administrative Agent under the Loan Documents at any time by all Lenders (other than the Lender then acting as
Administrative Agent) and, provided no Default or Event of Default exists, the Borrower upon 30-days’ prior notice. Upon any such resignation or removal, the Requisite Lenders (which, in the case of the removal of the Administrative Agent as
provided in the immediately preceding sentence, shall be determined without regard to the Commitment of the Lender then acting as Administrative Agent) shall have the right to appoint a successor Administrative Agent which appointment shall,
provided no Default or Event of Default exists, be subject to the Borrower’s approval, which approval shall not be unreasonably withheld or delayed (except that the Borrower shall, in all events, be deemed to have approved each Lender and any
of its affiliates as a successor Administrative Agent). If no successor Administrative Agent shall have been so appointed in accordance with the immediately preceding sentence, and shall have accepted such appointment, within thirty (30) days
after the current Administrative Agent’s giving of notice of resignation, then the current Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be a Lender, if any Lender shall be willing to
serve, and otherwise shall be an Eligible Assignee. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with
all the rights, powers, privileges and duties of the current Administrative Agent, and the current Administrative Agent shall be discharged from its duties and obligations under the Loan Documents. After any Administrative Agent’s resignation
hereunder as Administrative Agent, the provisions of this Article XII. shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under the Loan Documents. Notwithstanding anything
contained herein to the contrary, the Administrative Agent may assign its rights and duties under the Loan Documents to any of its affiliates by giving the Borrower and each Lender prior written notice. 

  
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 ARTICLE XIII MISCELLANEOUS 
 Section 13.1 Notices. Unless otherwise provided herein (including without limitation as provided in Section 9.5.), communications provided for hereunder shall be in writing and shall be
mailed, telecopied, or delivered as follows: 
 If to the Borrower: 

CHSP San Francisco LLC 
 c/o Chesapeake Lodging, L.P. 
 1997 Annapolis Exchange Parkway 

Suite 410 Annapolis, MD 21401 
 Attention: Graham J. Wootten 
 Telecopy
Number:         (410) 972-4144 
 Telephone
Number:        (410) 972-4142 
 With a copy to: 

Hogan Lovells US LLP 
 555 13th Street, N.W. 
 Washington, D.C. 20004 

Attn: Carol Weld King, Esquire 
 Telecopy Number:         (202) 637-5910 
 Telephone Number:         (202) 637-5634 
 If to the Administrative Agent: 
 Wells Fargo Bank, N.A. 

1750 H Street, NW, #400 
 Washington, D.C. 20006 
 Attn: Mark F. Monahan 

Telecopy Number:        (202) 429-2985 

Telephone Number:        (202) 303-3017 

With a copy to: 

Wells Fargo Bank, N.A. 
 Hospitality Finance Group 
 2030 Main Street, Suite 500 

Irvine, CA 92614 
 Attn: Rhonda Friedly 
 Telecopy
Number:        (949) 251-4983 
 Telephone
Number:        (949) 251-4383 
 If to any other Lender: 

To such Lender’s address or telecopy number as set forth on Schedule 13.1 attached hereto (as such Schedule may be updated from time
to time) 
 or, as to each party at such other address as shall be designated by such party in a written notice to the other parties delivered
in compliance with this Section; provided, a Lender shall only be required to give 

  
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notice of any such other address to the Administrative Agent and the Borrower. All such notices and other communications shall be effective (i) if mailed, upon the first to occur of receipt
or the expiration of three (3) days after the deposit in the United States Postal Service mail, postage prepaid and addressed to the address of the Borrower or the Administrative Agent and Lenders at the addresses specified; (ii) if
telecopied, when transmitted; (iii) if hand delivered, when delivered; or (iv) if delivered in accordance with Section 9.5. to the extent applicable; provided, however, that, in the case of the immediately preceding
clauses (i), (ii) and (iii), non-receipt of any communication as of the result of any change of address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication.
Notwithstanding the immediately preceding sentence, all notices or communications to the Administrative Agent or any Lender under Article II. shall be effective only when actually received. None of the Administrative Agent or any Lender shall incur
any liability to the Borrower (nor shall the Administrative Agent incur any liability to the Lenders) for acting upon any telephonic or electronic notice referred to in this Agreement which the Administrative Agent or such Lender, as the case may
be, believes in good faith to have been given by a Person authorized to deliver such notice or for otherwise acting in good faith hereunder. 

Section 13.2 Expenses. The Borrower agrees (a) to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket
costs and reasonable expenses incurred in connection with the preparation, negotiation and execution of, and any amendment, supplement or modification to, any of the Loan Documents (including due diligence expense and reasonable travel expenses
related to closing), and the consummation of the transactions contemplated thereby, including the reasonable fees and disbursements of counsel to the Administrative Agent, (b) to pay or reimburse the Administrative Agent and the Lenders for all
their costs and expenses incurred in connection with the enforcement or preservation of any rights under the Loan Documents and the Fee Letter, including the reasonable fees and disbursements of their respective counsel (including the allocated fees
and expenses of in-house counsel) and any payments in indemnification or otherwise payable by the Lenders to the Administrative Agent pursuant to the Loan Documents, (c) to pay, and indemnify and hold harmless the Administrative Agent and the
Lenders from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any failure to pay or delay in paying, documentary, stamp, excise and other similar taxes, if any, which may be payable or determined
to be payable in connection with the execution and delivery of any of the Loan Documents, or consummation of any amendment, supplement or modification of, or any waiver or consent under or in respect of, any Loan Document and (d) to the extent
not already covered by any of the preceding subsections, to pay the fees and disbursements of counsel to the Administrative Agent and any Lender incurred in connection with the representation of the Administrative Agent or such Lender in any matter
relating to or arising out of any bankruptcy or other proceeding of the type described in Sections 11.1(e) or 11.1(f), including, without limitation (i) any motion for relief from any stay or similar order, (ii) the
negotiation, preparation, execution and delivery of any document relating to the Obligations and (iii) the negotiation and preparation of any debtor in possession financing or any plan of reorganization of the Borrower or any other Loan Party,
whether proposed by the Borrower, such Loan Party, the Lenders or any other Person, and whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding or the confirmation or conclusion of any such
proceeding. 
 Section 13.3 Stamp, Intangible and Recording Taxes. The Borrower will pay any and all stamp, excise, intangible,
registration, recordation and similar taxes, fees or charges and shall indemnify the Administrative Agent and each Lender against any and all liabilities with respect to or resulting from any delay in the payment or omission to pay any such taxes,
fees or charges, which may be payable or determined to be payable in connection with the execution, delivery, recording, performance or enforcement of this Agreement, the Notes and any of the other Loan Documents, the amendment, supplement,
modification or waiver of or consent under this Agreement, the Notes or any of the other Loan Documents or the perfection of any rights or Liens under this Agreement, the Notes or any of the other Loan Documents. 

Section 13.4 Setoff. Subject to Section 3.3 and in addition to any rights now or hereafter granted under Applicable Law and not
by way of limitation of any such rights, the Administrative Agent and each Lender and each Participant is hereby authorized by the Borrower, at any time or from time to time while an Event of Default exists, without notice to the Borrower or to any
other Person, any such notice being 

  
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hereby expressly waived, but in the case of a Lender or a Participant subject to receipt of the prior written consent of the Administrative Agent and the Requisite Lenders exercised in their sole
discretion, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time
held or owing by the Administrative Agent, such Lender, such Participant or any affiliate of the Administrative Agent or such Lender, to or for the credit or the account of the Borrower against and on account of any of the Obligations, irrespective
of whether or not any or all of the Loans and all other Obligations have been declared to be, or have otherwise become, due and payable as permitted by Section 11.2, and although such Obligations shall be contingent or unmatured.

 Section 13.5 Litigation; Jurisdiction; Other Matters; Waivers. 

 

	 	(a)	EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT
AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT AND THE BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL BY
JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT, THE NOTES, OR ANY OTHER LOAN DOCUMENT OR THE FEE LETTER OR IN
CONNECTION WITH ANY COLLATERAL OR ANY LIEN OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE. 

 

	 	(b)	EACH OF THE BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY AGREES THAT THE FEDERAL DISTRICT COURT OF THE NORTHERN DISTRICT OF CALIFORNIA OR, AT THE OPTION OF
THE ADMINISTRATIVE AGENT, ANY STATE COURT LOCATED IN SAN FRANCISCO, CALIFORNIA SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS, PERTAINING DIRECTLY OR
INDIRECTLY TO THIS AGREEMENT, THE LOANS, THE NOTES OR ANY OTHER LOAN DOCUMENT OR THE FEE LETTER OR TO ANY MATTER ARISING HEREFROM OR THEREFROM OR THE COLLATERAL. THE BORROWER AND EACH OF THE LENDERS EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH
JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. THE BORROWER HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN, AND AGREES THAT SERVICE OF SUCH SUMMONS AND COMPLAINT, OR OTHER
PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO THE BORROWER AT ITS ADDRESS FOR NOTICES PROVIDED FOR HEREIN. SHOULD THE BORROWER FAIL TO APPEAR OR ANSWER ANY SUMMONS, COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN THIRTY
(30) DAYS AFTER THE MAILING THEREOF, THE BORROWER SHALL BE DEEMED IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED AGAINST IT AS DEMANDED OR PRAYED FOR IN SUCH SUMMONS, COMPLAINT, PROCESS OR PAPERS. EACH PARTY FURTHER WAIVES ANY OBJECTION
THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN
THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT OR ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE
JURISDICTION. 

  
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	 	(c)	THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND
SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS AGREEMENT. 

Section 13.6 Successors and Assigns. 
  

	 	(a)	Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns,
except that the Borrower may not assign or otherwise transfer any of its rights under this Agreement without the prior written consent of all the Lenders (and any such assignment or transfer to which all of the Lenders have not consented shall be
void). 

  

	 	(b)	Participations. Any Lender may at any time grant to an affiliate of such Lender, or one or more banks or other financial institutions (each a
“Participant”) participating interests in its Commitment or the Obligations owing to such Lender. Except as otherwise provided in Section 13.4 or as otherwise expressly stated herein, no Participant shall have any rights or
benefits under this Agreement or any other Loan Document. In the event of any such grant by a Lender of a participating interest to a Participant, such Lender shall remain responsible for the performance of its obligations hereunder, and the
Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to which any Lender may grant such a
participating interest shall provide that such Lender shall retain the sole right and responsibility to enforce the obligations of the Borrower hereunder including, without limitation, the right to approve any amendment, modification or waiver of
any provision of this Agreement; provided, however, such Lender may agree with the Participant that it will not, without the consent of the Participant, agree to (i) increase such Lender’s Commitment or the aggregate amount
of the Commitments, (ii) extend the date fixed for the payment of principal on the Loans or portions thereof owing to such Lender, (iii) reduce the rate at which interest is payable thereon, (iv) release all or substantially all of
the Collateral except as permitted in this Agreement, (v) change the definition of “Minimum DSCR Hurdle,” or (vi) modify the definition of the term “Requisite Lenders” or modify in any other manner the number or
percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof. An assignment or other transfer which is not permitted by subsection (c) or (d) below shall be given effect for
purposes of this Agreement only to the extent of a participating interest granted in accordance with this subsection (b). 

  

	 	(c)	 Assignments. Any Lender may with the prior written consent of the Administrative Agent at any time assign to one or more Eligible Assignees
(each an “Assignee”) all or a portion of its rights and obligations under this Agreement and the Notes; provided, however, (i) any partial assignment shall be in an amount at least equal to $10,000,000 and (except in the
case of an assignment made at a time at which there exists an Event of Default) after giving effect to such assignment the assigning Lender retains a Commitment, or if the Commitments have been terminated, holds Notes having an aggregate outstanding
principal balance, of at least $10,000,000, (ii) the Administrative Agent and (provided no Event of Default has occurred that is continuing) the Borrower shall have approved such assignment, which approvals shall not be unreasonably
withheld and (iii) each such assignment shall be effected by means of an Assignment and Assumption Agreement. Upon execution and delivery of such instrument and payment by such Assignee to such transferor Lender of an amount equal to the
purchase price agreed between such transferor Lender and such Assignee, such Assignee shall be deemed to be a Lender party to this Agreement and shall have all the rights and obligations of a Lender with a Commitment and/or Loans, as the case may
be, as set forth in such Assignment and Assumption Agreement, and the transferor Lender shall be 

  
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released from its obligations hereunder to a corresponding extent, and no further consent or action by any party shall be required. Upon the consummation of any assignment pursuant to this
subsection (c), the transferor Lender, the Administrative Agent and the Borrower shall make appropriate arrangements so the new Notes are issued to the Assignee and such transferor Lender, as appropriate, and shall update Schedule I attached
hereto. In connection with any such assignment, the transferor Lender shall pay to the Administrative Agent an administrative fee for processing such assignment in the amount of $4,500.00. Anything in this Section to the contrary
notwithstanding, no Lender may assign or participate any interest in any Loan held by it hereunder to the Borrower, or any of its respective affiliates or Subsidiaries. 

 

	 	(d)	Federal Reserve Bank Assignments. In addition to the assignments and participations permitted under the foregoing provisions of the Section, and without the need
to comply with any of the formal or procedural requirements of this Section, any Lender may at any time and from time to time, pledge and assign all or any portion of its rights under all or any of the Loan Documents to a Federal Reserve Bank;
provided that no such pledge of assignment shall release such Lender from its obligations thereunder. No such pledge or assignment shall release the assigning Lender from its obligations hereunder. 

 

	 	(e)	Information to Assignee, Etc. A Lender may furnish any information concerning the Borrower, any Subsidiary or any other Loan Party in the possession of such
Lender from time to time to Assignees and Participants (including prospective Assignees and Participants but shall advise them that any such information that is not publicly available is confidential). 

Section 13.7 Amendments and Waivers. 
  

	 	(a)	Generally. Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted by this Agreement or in any Loan
Document to be given by the Lenders may be given, (ii) any term of this Agreement or of any other Loan Document may be amended, (iii) the performance or observance by the Borrower or any other Loan Party of any terms of this Agreement or
such other Loan Document may be waived, and (iv) the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent
of the Requisite Lenders (or the Administrative Agent at the written direction of the Requisite Lenders), and, in the case of an amendment to any Loan Document, the written consent of each Loan Party which is party thereto. Notwithstanding the
previous sentence, the Administrative Agent, shall be authorized on behalf of all the Lenders, without the necessity of any notice to, or further consent from, any Lender, to waive the imposition of the late fees provided in Section 2.6,
up to a maximum of three (3) times per calendar year. 

  

	 	(b)	Unanimous Consent. Notwithstanding the foregoing, no amendment, waiver or consent shall, unless in writing, and signed by all of the Lenders directly affected
thereby (or the Administrative Agent at the written direction of the Lenders), do any of the following: 

  

	 	(i)	increase the Commitments of the Lenders (excluding any increase as a result of an assignment of Commitments permitted under Section 13.6) or subject the
Lenders to any additional obligations; 

  

	 	(ii)	reduce the principal of, or interest rates that have accrued or that will be charged on the outstanding principal amount of, any Loans or other Obligations;

  

	 	(iii)	reduce the amount of any Fees payable to the Lenders hereunder (except that any change in Fees payable to the Administrative Agent for its own account shall not require
the consent of any Lender other than the Administrative Agent); 

  
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	 	(iv)	except for waivers permitted under the last sentence of Section 13.7(a), postpone any date fixed for any payment of principal of, or interest on, any Loans
or for the payment of Fees or any other Obligations (including without limitation any extension of the Maturity Date except in accordance with Section 2.10); 

 

	 	(v)	change the definitions of Commitment Percentage or Pro Rata Share; 

  

	 	(vi)	amend this Section or amend the definitions of the terms used in this Agreement or the other Loan Documents insofar as such definitions affect the substance of
this Section; 

  

	 	(vii)	modify the definition of the terms “Requisite Lenders” or modify in any other manner the number or percentage of the Lenders required to make any
determinations or waive any rights hereunder or to modify any provision hereof; 

  

	 	(viii)	release any Guarantor from its obligations under the Guaranty; 

  

	 	(ix)	waive a Default or Event of Default under Section 11.1(a); or 

  

	 	(x)	release or dispose of any collateral unless released or disposed of as permitted by, and in accordance with, Section 12.3. 

Notwithstanding the provisions of Section 3.9(a)(ii), no action shall be taken under clauses (i), (ii), (iii) or
(iv) above that would affect a Defaulting Lender without its written consent. 
  

	 	(c)	Amendment of Administrative Agent’s Duties, Etc. No amendment, waiver or consent unless in writing and signed by the Administrative Agent, in addition to
the Lenders required hereinabove to take such action, shall affect the rights or duties of the Administrative Agent under this Agreement or any of the other Loan Documents. No waiver shall extend to or affect any obligation not expressly waived or
impair any right consequent thereon and any amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose set forth therein. No course of dealing or delay or omission on the part of the Administrative
Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. Any Event of Default occurring hereunder shall continue to exist until such time as such Event of Default is waived in writing in
accordance with the terms of this Section, notwithstanding any attempted cure or other action by the Borrower, any other Loan Party or any other Person subsequent to the occurrence of such Event of Default. Except as otherwise explicitly provided
for herein or in any other Loan Document, no notice to or demand upon the Borrower shall entitle the Borrower to other or further notice or demand in similar or other circumstances. 

Section 13.8 Nonliability of Administrative Agent and Lenders. The relationship between the Borrower, on the one hand, and the Lenders and
the Administrative Agent, on the other hand, shall be solely that of borrower and lender. Neither the Administrative Agent nor any Lender shall have any fiduciary responsibilities to the Borrower and no provision in this Agreement or in any of the
other Loan Documents, and no course of dealing between or among any of the parties hereto, shall be deemed to create any fiduciary duty owing by the Administrative Agent or any Lender to any Lender, the Borrower, any Subsidiary or any other Loan
Party. Neither the Administrative Agent nor any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the Borrower’s business or operations. 

Section 13.9 Confidentiality. Except as otherwise provided by Applicable Law, the Administrative Agent and each Lender shall utilize all non
public information obtained pursuant to the requirements of this Agreement which has been identified as confidential or proprietary by the Borrower in accordance with its customary procedure for handling confidential information of this nature and
in accordance with 

  
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safe and sound banking practices but in any event may make disclosure: (a) to any of their respective Affiliates (provided any such Affiliate shall agree to keep such information
confidential in accordance with the terms of this Section 13.9); (b) as reasonably requested by any bona fide actual or proposed pledgee, Assignee, Participant or other transferee in connection with the contemplated transfer of any
Commitment or participations therein as permitted hereunder (provided they shall agree to keep such information confidential in accordance with the terms of this Section 13.9); (c) as required or requested by any Governmental
Authority or representative thereof or pursuant to legal process or in connection with any legal proceedings, as and to the extent so required or requested; (d) to the Administrative Agent’s or such Lender’s independent auditors and
other professional advisors (provided they shall be notified of the confidential nature of the information); (e) if an Event of Default exists, to any other Person, in connection with the exercise by the Administrative Agent or the Lenders of
rights hereunder or under any of the other Loan Documents; and (f) to the extent such information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative
Agent or any Lender on a nonconfidential basis from a source other than the Borrower or any Affiliate, the disclosure of which is not made in violation of any confidentiality agreement pertaining to such information that is known to the
Administrative Agent or such Lender, as applicable. 
 Section 13.10 Indemnification. 

 

	 	(a)	 The Borrower shall and hereby agrees to indemnify, defend and hold harmless the Administrative Agent, any affiliate of the Administrative Agent, each
of the Lenders and their respective directors, officers, shareholders, agents, employees and counsel (each referred to herein as an “Indemnified Party”) from and against any and all losses, costs, claims, damages, liabilities,
deficiencies, judgments or expenses of every kind and nature (including, without limitation, amounts paid in settlement, court costs and the fees and disbursements of counsel incurred in connection with any litigation, investigation, claim or
proceeding or any advice rendered in connection therewith, but excluding losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses indemnification in respect of which is specifically covered by Section 3.10 or
5.1 or expressly excluded from the coverage of such Sections) incurred by an Indemnified Party in connection with, arising out of, or by reason of, any suit, cause of action, claim, arbitration, investigation or settlement, consent decree or
other proceeding (the foregoing referred to herein as an “Indemnity Proceeding”) which is in any way related directly or indirectly to: (i) this Agreement or any other Loan Document or the transactions contemplated thereby;
(ii) the making of any Loans hereunder; (iii) any actual or proposed use by the Borrower of the proceeds of the Loans; (iv) the Administrative Agent’s or any Lender’s entering into this Agreement; (v) the fact that the
Administrative Agent and the Lenders have established the credit facility evidenced hereby in favor of the Borrower; (vi) the fact that the Administrative Agent and the Lenders are creditors of the Borrower and have or are alleged to have
information regarding the financial condition, strategic plans or business operations of the Borrower and its Subsidiaries; (vii) the fact that the Administrative Agent and the Lenders are material creditors of the Borrower and are alleged to
influence directly or indirectly the business decisions or affairs of the Borrower and the Subsidiaries or their financial condition; (viii) the exercise of any right or remedy the Administrative Agent or the Lenders may have under this
Agreement or the other Loan Documents including, but not limited to, the foreclosure upon, or seizure of, any Collateral or the exercise of any other rights of a secured party; or (ix) any violation or non compliance by the Borrower, any other
Loan Party or any Subsidiary of any Applicable Law (including any Environmental Law) including, but not limited to, any Indemnity Proceeding commenced by (A) the Internal Revenue Service or state taxing authority or (B) any Governmental
Authority or other Person under any Environmental Law, including any Indemnity Proceeding commenced by a Governmental Authority or other Person seeking remedial or other action to cause the Borrower, any other Loan Party or any Subsidiaries of any
of the foregoing (or its respective properties) (or the Administrative Agent and/or the Lenders as successors to the Borrower) to be in compliance with such Environmental Laws; provided, however, that the Borrower shall not be obligated to indemnify
any Indemnified Party to the extent that any losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses incurred by 

  
 - 67 -

	 	 
such Indemnified Party (1) arise from such Indemnified Party’s gross negligence or willful misconduct or (2) arise from acts or events that occur at a Property after foreclosure or
other taking of title to such Property by an Indemnified Party or any successor to or assignee of an Indemnified Party. 

  

	 	(b)	The Borrower’s indemnification obligations under this Section shall apply to all Indemnity Proceedings arising out of, or related to, the foregoing whether or
not an Indemnified Party is a named party in such Indemnity Proceeding. In this connection, this indemnification shall cover all costs and expenses of any Indemnified Party in connection with any deposition of any Indemnified Party or compliance
with any subpoena (including any subpoena requesting the production of documents). This indemnification shall, among other things, apply to any Indemnity Proceeding commenced by other creditors of the Borrower, any other Loan Party or any Subsidiary
of any of the foregoing, any shareholder of the Borrower, any other Loan Party or any Subsidiary of any of the foregoing (whether such shareholder(s) are prosecuting such Indemnity Proceeding in their individual capacity or derivatively on behalf of
the Borrower, any other Loan Party or any Subsidiary of any of the foregoing), any account debtor of the Borrower, any other Loan Party or any Subsidiary of any of the foregoing or by any Governmental Authority. 

 

	 	(c)	This indemnification shall apply to any Indemnity Proceeding arising during the pendency of any bankruptcy proceeding filed by or against the Borrower, any other Loan
Party and/or any Subsidiary of any of the foregoing. 

  

	 	(d)	Out-of-pocket fees and expenses of, and all amounts paid to third persons by, an Indemnified Party in an amount up to Fifty Thousand and 00/100 Dollars ($50,000.00)
shall be advanced by the Borrower at the request of such Indemnified Party notwithstanding any claim or assertion by the Borrower that such Indemnified Party is not entitled to indemnification hereunder upon receipt of an undertaking by such
Indemnified Party that such Indemnified Party will reimburse the Borrower if it is actually and finally determined by a court of competent jurisdiction that such Indemnified Party is not so entitled to indemnification hereunder. The foregoing
limitation on amounts required to be advanced under this paragraph (d) shall not otherwise limit the Borrower’s obligations to the Indemnified Parties. 

 

	 	(e)	An Indemnified Party may conduct its own investigation and defense of, and may formulate its own strategy with respect to, any Indemnity Proceeding covered by this
Section and, as provided above, all costs and expenses incurred by such Indemnified Party shall be reimbursed by the Borrower. No action taken by legal counsel chosen by an Indemnified Party in investigating or defending against any such
Indemnity Proceeding shall vitiate or in any way impair the obligations and duties of the Borrower hereunder to indemnify and hold harmless each such Indemnified Party; provided, however, that (i) if the Borrower is required to
indemnify an Indemnified Party pursuant hereto and (ii) the Borrower has provided evidence reasonably satisfactory to such Indemnified Party that the Borrower has the financial wherewithal to reimburse such Indemnified Party for any amount paid
by such Indemnified Party with respect to such Indemnity Proceeding, such Indemnified Party shall not settle or compromise any such Indemnity Proceeding without the prior written consent of the Borrower (which consent shall not be unreasonably
withheld or delayed). 

  

	 	(f)	If and to the extent that the obligations of the Borrower hereunder are unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the
payment and satisfaction of such obligations which is permissible under Applicable Law. 

  

	 	(g)	The Borrower’s obligations hereunder shall survive any termination of this Agreement and the other Loan Documents and the payment in full in cash of the
Obligations, and are in addition to, and not in substitution of, any of the other obligations set forth in this Agreement or any other Loan Document to which it is a party. 

  
 - 68 -

 Section 13.11 Termination; Survival. At such time as (a) all of the Commitments have been
terminated, (b) none of the Lenders is obligated any longer under this Agreement to make any Loans and (c) all Obligations (other than obligations which survive as provided in the following sentence) have been paid and satisfied in full,
this Agreement shall terminate. The indemnities to which the Administrative Agent and the Lenders are entitled under the provisions of Sections 5.1, 5.4, 12.8, 13.2 and 13.10 and any other provision of this
Agreement and the other Loan Documents, and the provisions of Section 13.5, shall continue in full force and effect and shall protect the Administrative Agent and the Lenders (i) notwithstanding any termination of this Agreement, or
of the other Loan Documents, against events arising after such termination as well as before and (ii) at all times after any such party ceases to be a party to this Agreement with respect to all matters and events existing on or prior to the
date such party ceased to be a party to this Agreement. 
 Section 13.12 Severability of Provisions. If any provision under this
Agreement or the other Loan Documents shall be determined by a court of competent jurisdiction to be invalid or unenforceable, that provision shall be deemed severed from the Loan Documents, and the validity, legality and enforceability of the
remaining provisions shall remain in full force as thought the invalid, illegal, or unenforceable provision had never been part of the Loan Documents. 
 Section 13.13 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY
PERFORMED, IN SUCH STATE. 
 Section 13.14 Counterparts. To facilitate execution, this Agreement and any amendments, waivers,
consents or supplements may be executed in any number of counterparts as may be convenient or required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party,
appear on each counterpart. All counterparts shall collectively constitute a single document. It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective signatures
of, or on behalf of , each of the parties hereto. 
 Section 13.15 Obligations with Respect to Loan Parties. The obligations of the
Borrower to direct or prohibit the taking of certain actions by the other Loan Parties as specified herein shall be absolute and not subject to any defense the Borrower may have that the Borrower does not control such Loan Parties. 

Section 13.16 Intentionally Omitted. 
 Section 13.17 Limitation of Liability. None of the Administrative Agent or any Lender, or any affiliate, officer, director, employee, attorney, or agent of the Administrative Agent or any
Lender shall have any liability with respect to, and the Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by the Borrower in
connection with, arising out of, or in any way related to, this Agreement, any of the other Loan Documents or the Fee Letter, or any of the transactions contemplated by this Agreement or any of the other Loan Documents. The Borrower hereby waives,
releases, and agrees not to sue the Administrative Agent or any Lender or any of the Administrative Agent’s or any Lender’s affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in
connection with, arising out of, or in any way related to, this Agreement, any of the other Loan Documents, the Fee Letter, or any of the transactions contemplated by this Agreement or financed hereby. 

Section 13.18 Entire Agreement. This Agreement, the Notes, the other Loan Documents and the Fee Letter embody the final, entire agreement
among the parties hereto and supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and thereof and may not be contradicted or varied by evidence of
prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto. There are no oral agreements among the parties hereto. 

  
 - 69 -

 Section 13.19 Construction. The Administrative Agent, the Borrower and each Lender acknowledge
that each of them has had the benefit of legal counsel of its own choice and has been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel and that this Agreement and the other Loan Documents shall be
construed as if jointly drafted by the Administrative Agent, the Borrower and each Lender. 
 Section 13.20 Headings. The
Paragraph and Section headings in this Agreement are provided for convenience of reference only and shall not affect its construction or interpretation. 
 [Signatures on Following Pages] 

  
 - 70 -

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

			
	“BORROWER”
	
	 CHSP SAN FRANCISCO LLC,
 a Delaware limited liability company

		
	By:	 	 /s/ Graham J. Wootten

	Name:	 	Graham J. Wootten
	Title:	 	Vice President and Secretary

[Signatures Continued on Next Page] 
 Signature Page – Loan Agreement 

 
			
	“ADMINISTRATIVE AGENT” and “LENDER”
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as
 Administrative Agent and as a Lender

		
	By:	 	 /s/ Mark F. Monahan

	Name:	 	Mark F. Monahan
	Title:	 	Senior Vice President

 Signature Page – Loan
Agreement 

 JOINDER BY OPERATING LESSEE 

The undersigned, as the Operating Lessee under the foregoing Agreement, hereby joins in and executes the Agreement solely for the
purposes of acknowledging and agreeing to its obligations expressly set forth therein. 
  

			
	“OPERATING LESSEE”
	
	 CHSP TRS SAN FRANCISCO LLC,
 a Delaware limited liability company

		
	By:	 	 /s/ Graham J. Wootten

	Name:	 	Graham J. Wootten
	Title:	 	Vice President and Secretary

 Signature Page
– Loan Agreement 

 SCHEDULE I 
 COMMITMENTS 
  

					
	 Lender
	  	Commitment	 
		
	 Wells Fargo Bank, National Association
	  	$	71,500,000	  

 SCHEDULE 7.1.(b) 

OWNERSHIP STRUCTURE 

CHSP SAN 
 FRANCISCO 

LLC 
 ENTITY 

CHART 

 

 

 SCHEDULE 7.1(g) 

INDEBTEDNESS AND GUARANTIES 
 NONE 

 SCHEDULE 7.1.(h) 

MATERIAL CONTRACTS 
  

	 	1.	Agreement for Sale and Purchase of Hotel for the sale and purchase of Le Meridien San Francisco Hotel, dated as of December 7, 2010, by and between HEI San
Francisco LLC, a Delaware limited liability company and the Borrower. 

  

	 	2.	Management Agreement. 

  

	 	3.	Franchise Agreement. 

  

	 	4.	Operating Lease. 

 SCHEDULE 7.1(i) 

LITIGATION 
 ADA Lawsuit
(January 13, 2010) Mutual Release and Settlement – Connie Arnold v Starwood 
 Hotels & Resorts Worldwide, Inc; Le Meridien San
Francisco, HEI San Francisco LLC Case No. 
 C 08-05406 JSW 
 Slip and Fall (April 2007) Michael Kalish case, claim #GC2007252446 – Litigation relating to a 

slip and fall case is continuing. responses to requests for discovery are ongoing. Plaintiff has 
 demanded the deposition of the front desk manager by Dec 7, 2010 
 General Liability – Open
Claim – 4/18/10 – Premises/Operations Liability ($1,250) 
 General Liability – Open Claim – 7/21/10 – Claimant fell on
job site ($3,505) 
 Workers Comp – Open Claim – 1/1/08 – Strain ($1,500) 
 Workers Comp – Open Claim – 8/19/08 – Strain ($30,419) 
 Workers Comp – Open
Claim – 2/3/09 – Sprain ($144,838) 
 Workers Comp – Open Claim – 11/1/08 – Strain ($18,968) 

Workers Comp – Open Claim – 12/19/09 – Strain ($63,673) 

 SCHEDULE 7.1(s) 

AFFILIATE TRANSACTIONS 

Operating Lease, dated as of December 15, 2010, by and between CHSP San Francisco LLC, a Delaware limited liability company, and CHSP TRS San
Francisco LLC, a Delaware limited liability company. 

 SCHEDULE 13.1 
 NOTICES 
 None 

 EXHIBIT A 
 FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 
 THIS
ASSIGNMENT AND ASSUMPTION AGREEMENT dated as of                     , 20     (the “Agreement”) by and
among
                                        
(the “Assignor”),
                                        
(the “Assignee”), CHSP SAN FRANCISCO LLC, a Delaware limited liability company (the “Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”). 

WHEREAS, the Assignor is a Lender under that certain Loan Agreement dated as of December 15, 2010 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the financial institutions party thereto and their assignees under Section 13.6. thereof, the Administrative Agent,
and the other parties thereto; 
 WHEREAS, the Assignor desires to assign to the Assignee all or a portion of
the Assignor’s Commitment under the Credit Agreement, all on the terms and conditions set forth herein; and 
 WHEREAS, the [Borrower and the] Administrative Agent consent[s] to such assignment on the terms and conditions set forth herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged by the
parties hereto, the parties hereto hereby agree as follows: 
 Section 1. Assignment. 

(a) Subject to the terms and conditions of this Agreement and in consideration of the payment to be made by the Assignee
to the Assignor pursuant to Section 2 of this Agreement, effective as of                     , 20     (the
“Assignment Date”) the Assignor hereby irrevocably sells, transfers and assigns to the Assignee, without recourse, a $        interest (such interest being the “Assigned Commitment”)
in and to the Assignor’s Commitment, and all of the other rights and obligations of the Assignor under the Credit Agreement, such Assignor’s Note, and the other Loan Documents representing     % in respect of the
aggregate amount of all Lenders’ Commitments, including without limitation, a principal amount of outstanding Loans equal to $        , all voting rights of the Assignor associated with The
Assigned Commitment all rights to receive interest on such amount of Loans and all Fees with respect to the Assigned Commitment and other rights of the Assignor under the Credit Agreement and the other Loan Documents with respect to the Assigned
Commitment, all as if the Assignee were an original Lender under and signatory to the Credit Agreement having a Commitment equal to the amount of the Assigned Commitment. The Assignee, subject to the terms and conditions hereof, hereby assumes all
obligations of the Assignor with respect to the Assigned Commitment as if the Assignee were an original Lender under and signatory to the Credit Agreement having a Commitment equal to the Assigned Commitment, which obligations shall include, but
shall not be limited to, the obligation of the Assignor to make Loans to the Borrower with respect to the Assigned Commitment and] the obligation to indemnify the Administrative Agent as provided in the Credit Agreement (the foregoing obligations,
together with all other similar obligations more particularly set forth in the Credit Agreement and the other Loan Documents, shall be referred to hereinafter, collectively, as the “Assigned Obligations”). The Assignor shall have no
further duties or obligations with respect to, and shall have no further interest in, the Assigned Obligations or the Assigned Commitment from and after the Assignment Date. 

(b) The assignment by the Assignor to the Assignee hereunder is without recourse to the Assignor. The Assignee makes and
confirms to the Administrative Agent, the Assignor, and the other Lenders all of the representations, warranties and covenants of a Lender under Article XII of the Credit Agreement. Not in limitation of the foregoing, the Assignee acknowledges
and agrees that, except as set forth in Section 4. below, the Assignor is making no representations or warranties with respect to, and the Assignee hereby releases and discharges the Assignor for any responsibility or liability for:
(i) the present 

  
 A-1

 
or future solvency or financial condition of the Borrower, any other Loan Party or any other Subsidiary, (ii) any representations, warranties, statements or information made or furnished by
the Borrower, any other Loan Party or any other Subsidiary in connection with the Credit Agreement or otherwise, (iii) the validity, efficacy, sufficiency, or enforceability of the Credit Agreement, any Loan Document or any other document or
instrument executed in connection therewith, or the collectibility of the Assigned Obligations, (iv) the perfection, priority or validity of any Lien with respect to any collateral at any time securing the Obligations or the Assigned
Obligations under the Notes or the Credit Agreement and (v) the performance or failure to perform by the Borrower or any other Loan Party of any obligation under the Credit Agreement or any other Loan Document. Further, the Assignee
acknowledges that it has, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent or any of their respective officers, directors, employees and agents and based on the financial
statements supplied by the Borrower and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to become a Lender under the Credit Agreement. The Assignee also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under
the Credit Agreement or any Note or pursuant to any other obligation. The Administrative Agent shall have no duty or responsibility whatsoever, either initially or on a continuing basis, to provide the Assignee with any credit or other information
with respect to the Borrower, any other Loan Party or any other Subsidiary or to notify the undersigned of any Default or Event of Default except as expressly provided in the Credit Agreement. The Assignee has not relied on the Administrative Agent
as to any legal or factual matter in connection therewith or in connection with the transactions contemplated thereunder. 
 Section 2. Payment by Assignee. In consideration of the assignment made pursuant to Section 1. of this Agreement, the Assignee agrees to pay to the Assignor on the Assignment Date,
an amount equal to $         representing the aggregate principal amount outstanding of the Loans owing to the Assignor under the Credit Agreement and the other Loan Documents being assigned hereby.

 Section 3. Payments by Assignor. The Assignor agrees to pay to the Administrative Agent on the
Assignment Date the administrative fee payable under Section 13.6.(c) of the Credit Agreement. 

Section 4. Representations and Warranties of Assignor. The Assignor hereby represents and warrants to the
Assignee that (a) as of the Assignment Date (i) the Assignor is a Lender under the Credit Agreement having a Commitment under the Credit Agreement immediately prior to the Assignment Date, equal to
$         and that the Assignor is not in default of its obligations under the Credit Agreement; and (ii) the outstanding balance of Loans owing to the Assignor (without reduction by any
assignments thereof which have not yet become effective) is $        , and (b) it is the legal and beneficial owner of the Assigned Commitment which is free and clear of any adverse claim created
by the Assignor. 
 Section 5. Representations, Warranties and Agreements of Assignee. The Assignee
(a) represents and warrants that it is (i) legally authorized to enter into this Agreement; (ii) an “accredited investor” (as such term is used in Regulation D of the Securities Act) and (iii) an Eligible Assignee;
(b) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant thereto and such other documents and information (including without limitation the Loan Documents)
as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (c) appoints and authorizes the Administrative Agent to take such action as contractual representative on its behalf and to exercise such
powers under the Loan Documents as are delegated to the Administrative Agent by the terms thereof together with such powers as are reasonably incidental thereto; (d) agrees that it will become a party to and shall be bound by the Credit
Agreement and the other Loan Documents to which the other Lenders are a party on the Assignment Date and will perform in accordance therewith all of the obligations which are required to be performed by it as a Lender; and (e) is either
(i) not organized under the laws of a jurisdiction outside the United States of America or (ii) has delivered to the Administrative Agent (with an additional copy for the Borrower) such items required under Section 3.10. of the Credit
Agreement. 

  
 A-2

 Section 6. Recording and Acknowledgment by the Administrative
Agent. Following the execution of this Agreement, the Assignor will deliver to the Administrative Agent (a) a duly executed copy of this Agreement for acknowledgment and recording by the Administrative Agent and (b) the Assignor’s
Note. Upon such acknowledgment and recording, from and after the Assignment Date, the Administrative Agent shall make all payments in respect of the interest assigned hereby (including payments of principal, interest, fees and other amounts) to the
Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Credit Agreement for periods prior to the Assignment Date directly between themselves. 

Section 7. Addresses. The Assignee specifies as its address for notices and its Lending Office for all Loans,
the offices set forth below: 
  

			
	                             
                                         
  	  	
		
	                             
                                         
 	  	
		
	
Attention:                      
                               
	  	

					
		
	
Telephone No.:                     
           
	  	

					
		
	
Telecopy No.:                     
                           
	  	

 Section 8. Payment Instructions. All payments to be made to the Assignee under this
Agreement by the Assignor, and all payments to be made to the Assignee under the Credit Agreement, shall be made as provided in the Credit Agreement in accordance with the following instructions: 

 

					
			
	                             
                                         
 	  		  	
			
	                             
                                         
 	  		  	
			
	                             
                                         
 	  		  	
			
	                             
                                         
 	  		  	

 Section 9. Effectiveness of Assignment. This Agreement, and the
assignment and assumption contemplated herein, shall not be effective until (a) this Agreement is executed and delivered by each of the Assignor, the Assignee, the Administrative Agent and if required, the Borrower, and (b) the payment to
the Assignor of the amounts owing by the Assignee pursuant to Section 2. hereof and (c) the payment to the Administrative Agent of the amounts owing by the Assignor pursuant to Section 3. hereof. Upon recording and acknowledgment of
this Agreement by the Administrative Agent, from and after the Assignment Date, (i) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Agreement, have the rights and obligations of a Lender thereunder and
(ii) the Assignor shall, to the extent provided in this Agreement, relinquish its rights (except as otherwise provided in Section 13.11 of the Credit Agreement) and be released from its obligations under the Credit Agreement;
provided, however, that if the Assignor does not assign its entire interest under the Loan Documents, it shall remain a Lender entitled to all of the benefits and subject to all of the obligations thereunder with respect to its
Commitment. 
 Section 10. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 11. Counterparts. This Agreement may be executed in any number of counterparts each of which, when taken together, shall constitute one and the same agreement. 

Section 12. Headings. Section headings have been inserted herein for convenience only and shall not be
construed to be a part hereof. 
 Section 13. Amendments; Waivers. This Agreement may not be
amended, changed, waived or modified except by a writing executed by the Assignee and the Assignor. 

  
 A-3

 Section 14. Entire Agreement. This Agreement embodies the entire
agreement between the Assignor and the Assignee with respect to the subject matter hereof and supersedes all other prior arrangements and understandings relating to the subject matter hereof. 

Section 15. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns. 
 Section 16. Definitions. Terms not
otherwise defined herein are used herein with the respective meanings given them in the Credit Agreement. 

[Include this Section only if the Borrower’s consent is required under Section 13.6.(c) of the Credit
Agreement] Section 17. Agreements of the Borrower. The Borrower hereby agrees that the Assignee shall be a Lender under the Credit Agreement having a Commitment equal to the Assigned Commitment. The Borrower agrees that the
Assignee shall have all of the rights and remedies of a Lender under the Credit Agreement and the other Loan Documents as if the Assignee were an original Lender under and signatory to the Credit Agreement, including, but not limited to, the right
of a Lender to receive payments of principal and interest with respect to the Assigned Obligations, if any, and to the Loans made by the Lenders after the date hereof and to receive the Fees payable to the Lenders as provided in the Credit
Agreement. Further, the Assignee shall be entitled to the benefit of the indemnification provisions from the Borrower in favor of the Lenders as provided in the Credit Agreement and the other Loan Documents. The Borrower further agrees, upon the
execution and delivery of this Agreement, to execute in favor of the Assignee a Note in an initial amount equal to the Assigned Commitment. Further, the Borrower agrees that, upon the execution and delivery of this Agreement, the Borrower shall owe
the Assigned Obligations to the Assignee as if the Assignee were the Lender originally making such Loans and entering into such other obligations. 
 [Signatures on Following Page] 

  
 A-4

 IN WITNESS WHEREOF, the parties hereto have duly executed this Assignment and Assumption
Agreement as of the date and year first written above. 
  

					
	ASSIGNOR:	 	
	
	[NAME OF ASSIGNOR]
		
	By:	 	
 

					
			
		 	Name:	 	  

			
		 	Title:	 	  

 

			
	Payment Instructions
		
	 [Bank]
 [Address]

ABA No. :
 Account No.:

Account Name:
	 	
	Reference:	 	

  

					
	ASSIGNEE:	 	
	
	[NAME OF ASSIGNEE]
		
	By:	 	
 

					
			
		 	Name:	 	  

			
		 	Title:	 	  

 

			
	Payment Instructions
		
	 [Bank]
 [Address]

ABA No. :
 Account No.:

Account Name:
	 	
	Reference:	 	

 [Signatures continued on Following Page] 

  
 A-5

			
	Agreed and Consented to as of the date first written above.
	
	[Include signature of the Borrower only if required under Section 13.6.(c) of the Credit Agreement]

 

			
	BORROWER:
	
	 CHSP SAN FRANCISCO LLC, a Delaware
 limited liability company

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	 Accepted as of the date first written above.

	
	 ADMINISTRATIVE AGENT:

	
	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative 
Agent

  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 A-6

 EXHIBIT B 
 FORM OF DSCR CERTIFICATE 
 Reference is made to the Loan
Agreement dated as of December 15, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among CHSP San Francisco LLC, a Delaware limited liability company (the
“Borrower”), the financial institutions party thereto and their assignees under Section 13.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”),
and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given to them in the Credit Agreement. 

Pursuant to the Credit Agreement, the undersigned hereby certifies to the Administrative Agent and the Lenders that
Schedule 1 attached hereto accurately and completely sets forth the calculations required to establish compliance with the Minimum DSCR Hurdle as of the date set forth on Schedule I. 

IN WITNESS WHEREOF, the undersigned has signed this Compliance Certificate on and as of
            , 20    . 
  

			
	BORROWER:
	
	CHSP SAN FRANCISCO LLC,
	a Delaware limited liability company
	
	By:                           
                                         
                            
	Name:	 	                             
                                         
                    
	Title:	 	                             
                                         
                    

  
 B-1

 EXHIBIT C 
 FORM OF NOTE 
  

			
	$                    	  	                , 20    

FOR VALUE RECEIVED, the undersigned, CHSP San Francisco LLC, a Delaware limited liability company (the
“Borrower”), hereby unconditionally promises to pay to the order of
                                         
        (the “Lender”), in care of Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), to Wells Fargo Bank, Minneapolis Loan Center of Administrative
Agent, 608 2nd Avenue S., 11th Floor, Minneapolis, MN 55402, Attention: Donise White, or at such other address as may be specified by the Administrative Agent to the Borrower, the principal sum of
                                     AND
        /100 DOLLARS ($                        ), or such lesser amount as
may be the then outstanding and unpaid balance of all Loans made by the Lender to the Borrower pursuant to, and in accordance with the terms of, the Credit Agreement. 

The Borrower further agrees to pay interest at said office, in like money, on the unpaid principal amount owing hereunder
from time to time on the dates and at the rates and at the times specified in the Credit Agreement. 
 This Note
is one of the “Notes” referred to in the Loan Agreement dated as of December 15, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the financial
institutions party thereto and their assignees under Section 13.6. thereof, the Administrative Agent, and the other parties thereto, and is subject to, and entitled to, all provisions and benefits thereof. Capitalized terms used herein and not
defined herein shall have the respective meanings given to such terms in the Credit Agreement. The Credit Agreement, among other things, (a) provides for the making of Loans by the Lender to the Borrower from time to time in an aggregate amount
not to exceed at any time outstanding the Dollar amount first above mentioned, (b) permits the prepayment of the Loans by the Borrower subject to certain terms and conditions and (c) provides for the acceleration of the Loans upon the
occurrence of certain specified events. 
 The Borrower hereby waives presentment, demand, protest and notice of
any kind. No failure to exercise, and no delay in exercising any rights hereunder on the part of the holder hereof shall operate as a waiver of such rights. 
 Time is of the essence for this Note. 

[This Note is given in replacement of the Note dated
                 , 2010, in the original principal amount of
$                 previously delivered to the Lender under the Credit Agreement. THIS NOTE IS NOT INTENDED TO BE, AND SHALL NOT BE CONSTRUED TO BE, A NOVATION OF
ANY OF THE OBLIGATIONS OWING UNDER OR IN CONNECTION WITH THE OTHER NOTE.]1 
 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

 
  

1 Language to be included in case of an assignment and need to issue a replacement note to an existing Lender, either
because such Lender’s Commitment has increased or decreased from what it was initially. 

  
 C-1

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Note
under seal as of the date written above. 
  

			
	 CHSP SAN FRANCISCO LLC,
 a Delaware limited liability company

		
	By:	 	 
	Name:
	Title:

  
 C-2

 EXHIBIT D 
 INTENTIONALLY OMITTED 

  
 D-1

 EXHIBIT E 
 FORM OF NOTICE OF CONTINUATION 

            , 20     

Wells Fargo Bank 
 Minneapolis Loan Center

 608 2nd Avenue S., 11th Floor 

Minneapolis, MN 55402 
 Attention: Donise White

 Ladies and Gentlemen: 
 Reference is made to that certain Loan Agreement dated as of December 15, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among
CHSP San Francisco LLC, a Delaware limited liability company., (the “Borrower”), the financial institutions party thereto and their assignees under Section 13.6. thereof (the “Lenders”), Wells Fargo Bank, National
Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement.

 Pursuant to Section 2.7. of the Credit Agreement, the Borrower hereby requests a Continuation of Loans under
the Credit Agreement, and in that connection sets forth below the information relating to such Continuation as required by such Section of the Credit Agreement: 
  

	 	1.	 The requested date of such Continuation is             ,
20    . 

  

	 	2.	 The aggregate principal amount of the Loans subject to the requested Continuation is
$             and the portion of such principal amount subject to such Continuation is $            .

  

	 	3.	 The current Interest Period of the Loans subject to such Continuation ends on
            , 20    . 

  

	 	4.	 The duration of the Interest Period for the Loans or portion thereof subject to such Continuation is: 

[Check one box only] 
  

	 	 ̈ ̈	    one month 

	 	 ̈ ̈	    three months 

	 	 ̈ ̈	    six months 

 [Continued on next page] 

  
 E-1

 The Borrower hereby certifies to the Administrative Agent and the Lenders
that as of the date hereof, as of the proposed date of the requested Continuation, and after giving effect to such Continuation, no Default or Event of Default exists or will exist. 

 

			
	 CHSP SAN FRANCISCO LLC,
 a Delaware limited liability company

	
	By:                           
                                         
                            
	Name:	 	                             
                                         
                   
	Title:	 	                             
                                         
                   

  
 E-2

 EXHIBIT F 
 FORM OF NOTICE OF CONVERSION 

            , 20     

Wells Fargo Bank 
 Minneapolis Loan Center

 608 2nd Avenue S., 11th Floor 

Minneapolis, MN 55402 
 Attention: Donise White

 Ladies and Gentlemen: 
 Reference is made to the Loan Agreement dated as of December 15, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among CHSP San
Francisco LLC, a Delaware limited liability company (the “Borrower”), the financial institutions party thereto and their assignees under Section 13.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as
Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 

Pursuant to Section 2.8. of the Credit Agreement, the Borrower hereby requests a Conversion of Loans of one Type into
Loans of another Type under the Credit Agreement, and in that connection sets forth below the information relating to such Conversion as required by such Section of the Credit Agreement: 

 

	 	1.	 The requested date of such Conversion is             ,
20    . 

  

	 	2.	 The Type of Loans to be Converted pursuant hereto is currently: 

[Check one box only] 
  

	 	 ̈ ̈	     Base Rate Loan 

	 	 ̈ ̈	     LIBOR Loan 

  

	 	3.	 The aggregate principal amount of the Loans subject to the requested Conversion is
$             and the portion of such principal amount subject to such Conversion is $            .

  
 F-1

	 	4.	The amount of such Loans to be so Converted is to be converted into Loans of the following Type: 

[Check one box only] 
  

			
	
 ̈ ̈       Base
Rate Loan

	
 ̈ ̈       LIBOR
Loan, with an initial Interest Period for a duration of:

	
	     [Check one box only]

		
	 ̈ ̈      	  	one month
	 ̈ ̈      	  	three months
	 ̈ ̈      	  	six months
	
	 The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof, as of the proposed
date of the requested Conversion, and after giving effect to such Conversion, no Default or Event of Default exists or will exist.

	
	
	 CHSP SAN FRANCISCO LLC,
 a
Delaware limited liability company

	
	By:                            
                                        
                            
	Name:  Graham J. Wootten
	Title:    Vice President and Secretary

  
 F-2

 Loan No. 1003587 
 EXHIBIT G 
 TRANSFER AUTHORIZER DESIGNATION 

(For Disbursement of Loan Proceeds by Funds Transfer) 
  ̈ NEW  ̈ REPLACE PREVIOUS DESIGNATION  
 ̈   ADD    ̈   CHANGE    ̈   DELETE LINE
NUMBER                
 The
following representatives of CHSP San Francisco LLC, a Delaware limited liability company (“Borrower”) are authorized to request the disbursement of Loan Proceeds and initiate funds transfers for Loan Number 1003587 assigned to the secured
credit facility evidenced by the Loan Agreement dated December 15, 2010 among the Borrower, each of the financial institutions initially a signatory thereto together with their assignees under Section 13.6. thereof (the
“Lenders”), Wells Fargo Bank, National Association, as the Administrative Agent for the Lenders (the “Administrative Agent”) and the other parties thereto. The Administrative Agent is authorized to rely on this Transfer
Authorizer Designation until it has received a new Transfer Authorizer Designation signed by Borrower, even in the event that any or all of the foregoing information may have changed. 

 

							
	  	  	  
 Name
	  	  
 Title
	  	  
 Maximum Wire Amount1

	1.	  	 	  	 	  	 
	2.	  	 	  	 	  	 
	3.	  	 	  	 	  	 
	4.	  	 	  	 	  	 

 

	
	Beneficiary Bank and Account Holder Information

 1. 

			
	 Transfer Funds to (Receiving Party Account
Name):
  

	 Receiving Party Account Number:
  

	 Receiving
Bank Name, City and State:
  
	  	 Receiving Bank Routing (ABA)
Number
  

	 Maximum
Transfer Amount: $
  
	  	 
	 Further Credit Information/Instructions:
  

[Continued on Next Page] 

 2. 

			
	 Transfer Funds to (Receiving Party Account
Name):
  

	 Receiving Party Account Number:
  

	 Receiving Bank Name, City and
State:
  
	  	 Receiving Bank Routing (ABA)
Number
  

	 Maximum Transfer Amount: $

 
	  	 
	 Further Credit Information/Instructions:
  

3. 

			
	 Transfer Funds to (Receiving Party Account
Name):
  

	 Receiving Party Account Number:
  

	 Receiving
Bank Name, City and State:
  
	  	 Receiving Bank Routing (ABA)
Number
  

	 Maximum
Transfer Amount: $
  
	  	 
	 Further Credit Information/Instructions:
  

 

	 	1	Maximum Wire Amount may not exceed the Loan Amount. 

 [SIGNATURE ON FOLLOWING PAGE] 

 Date:             ,
20     
 BORROWER: 
 CHSP SAN FRANCISCO LLC, 
 a Delaware limited liability company 

 

	
	By:                             
                                         
                    
	Name:
	Title:Exhibit 10.24

 Exhibit 10.24 

			
		
	

	  	Loan Number: 1002242
		
		  	Execution Version

  

 
  

AMENDED AND RESTATED CREDIT AGREEMENT 
 Dated as of January 21, 2011 
 by and among 

CHESAPEAKE LODGING, L.P., 
 as Borrower, 
 THE FINANCIAL INSTITUTIONS PARTY HERETO 

AND THEIR ASSIGNEES UNDER SECTION 13.6., 
 as Lenders, 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Administrative Agent 
 and 

JPMORGAN CHASE BANK, N.A., 
 as Syndication Agent 
 and 

DEUTSCHE BANK, TRUST COMPANY AMERICAS, 
 as Documentation Agent 
  

 
  

 TABLE OF CONTENTS 

 

					
	 ARTICLE I. Definitions
	  	 	1	  
		
	 Section 1.1. Definitions.
	  	 	1	  
	 Section 1.2. GAAP; General References; Pacific Time.
	  	 	30	  
		
	 ARTICLE II. Credit Facility
	  	 	31	  
		
	 Section 2.1. Loans.
	  	 	31	  
	 Section 2.2. Requests for Loans.
	  	 	32	  
	 Section 2.3. Funding of Loans.
	  	 	32	  
	 Section 2.4. Assumptions Regarding Funding by Lenders.
	  	 	33	  
	 Section 2.5. Purchase of Loans on the Effective Date.
	  	 	33	  
	 Section 2.6. Rates and Payment of Interest on Loans.
	  	 	33	  
	 Section 2.7. Number of Interest Periods.
	  	 	34	  
	 Section 2.8. Repayment of Loans.
	  	 	34	  
	 Section 2.9. Prepayments.
	  	 	34	  
	 Section 2.10. Late Charges.
	  	 	35	  
	 Section 2.11. Continuation.
	  	 	35	  
	 Section 2.12. Conversion.
	  	 	36	  
	 Section 2.13. Notes.
	  	 	36	  
	 Section 2.14. Voluntary Reductions of the Commitment.
	  	 	37	  
	 Section 2.15. Extension of Maturity Date.
	  	 	37	  
	 Section 2.16. Amount Limitations.
	  	 	38	  
	 Section 2.17. Funds Transfer Disbursements.
	  	 	38	  
	 Section 2.18. Limitation on Collateral with respect to Boston Hyatt.
	  	 	39	  
	 Section 2.19. Increase in Commitments.
	  	 	39	  
		
	 ARTICLE III. Payments, Fees and Other General Provisions
	  	 	41	  
		
	 Section 3.1. Payments.
	  	 	41	  
	 Section 3.2. Pro Rata Treatment.
	  	 	41	  
	 Section 3.3. Sharing of Payments, Etc.
	  	 	42	  
	 Section 3.4. Several Obligations.
	  	 	42	  
	 Section 3.5. Fees.
	  	 	43	  
	 Section 3.6. Computations.
	  	 	43	  
	 Section 3.7. Usury.
	  	 	44	  
	 Section 3.8. Statements of Account.
	  	 	44	  
	 Section 3.9. Defaulting Lenders.
	  	 	44	  
	 Section 3.10. Taxes; Foreign Lenders.
	  	 	46	  
	 Section 3.11. Lender Failure to Make Payment.
	  	 	47	  
		
	 ARTICLE IV. Collateral Properties
	  	 	48	  
		
	 Section 4.1. Eligibility of Properties.
	  	 	48	  
	 Section 4.2. Release of Collateral Properties.
	  	 	51	  
	 Section 4.3. Frequency of Appraisals.
	  	 	52	  

  
 - 1 –

					
	 Section 4.4. Limitations on Collateral Pool Releases and Additions to Collateral Pool.
	  	 	52	  
	 Section 4.5. Substitute Required Collateral Property.
	  	 	53	  
		
	 ARTICLE V. Yield Protection, Etc.
	  	 	53	  
		
	 Section 5.1. Additional Costs; Capital Adequacy.
	  	 	53	  
	 Section 5.2. Suspension of LIBOR Loans.
	  	 	55	  
	 Section 5.3. Illegality.
	  	 	55	  
	 Section 5.4. Compensation.
	  	 	56	  
	 Section 5.5. Treatment of Affected Loans.
	  	 	56	  
	 Section 5.6. Change of Lending Office.
	  	 	57	  
	 Section 5.7. Assumptions Concerning Funding of LIBOR Loans.
	  	 	57	  
		
	 ARTICLE VI. Conditions Precedent
	  	 	57	  
		
	 Section 6.1. Initial Conditions Precedent.
	  	 	57	  
	 Section 6.2. Conditions Precedent to All Loans.
	  	 	59	  
	 Section 6.3. Conditions Precedent to a Property Becoming a Collateral Property.
	  	 	60	  
	 Section 6.4. Conditions as Covenants.
	  	 	62	  
		
	 ARTICLE VII. Representations and Warranties
	  	 	62	  
		
	 Section 7.1. Representations and Warranties.
	  	 	62	  
	 Section 7.2. Survival of Representations and Warranties, Etc.
	  	 	68	  
		
	 ARTICLE VIII. Affirmative Covenants
	  	 	68	  
		
	 Section 8.1. Preservation of Existence and Similar Matters.
	  	 	68	  
	 Section 8.2. Compliance with Applicable Law.
	  	 	69	  
	 Section 8.3. Maintenance of Property.
	  	 	69	  
	 Section 8.4. Conduct of Business.
	  	 	69	  
	 Section 8.5. Insurance.
	  	 	69	  
	 Section 8.6. Payment of Taxes and Claims.
	  	 	70	  
	 Section 8.7. Books and Records; Inspections.
	  	 	71	  
	 Section 8.8. Use of Proceeds.
	  	 	71	  
	 Section 8.9. Environmental Matters.
	  	 	71	  
	 Section 8.10. Further Assurances.
	  	 	72	  
	 Section 8.11. Intentionally Omitted.
	  	 	72	  
	 Section 8.12. REIT Status.
	  	 	72	  
	 Section 8.13. Exchange Listing.
	  	 	72	  
	 Section 8.14. Operation of Collateral Property.
	  	 	72	  
	 Section 8.15. Completion of Renovations.
	  	 	73	  
	 Section 8.16. Mechanics Liens.
	  	 	74	  
	 Section 8.17. Proceedings
	  	 	74	  
	 Section 8.18. Correction of Defects
	  	 	74	  
	 Section 8.19. Personal Property
	  	 	75	  
	 Section 8.20. FF&E Reserve Accounts
	  	 	75	  

  
 - 2 –

					
	 Section 8.21. Tax/Insurance Reserve Accounts.
	  	 	76	  
	 Section 8.22. Approved Ground Leases.
	  	 	77	  
		
	 ARTICLE IX. Information
	  	 	77	  
		
	 Section 9.1. Quarterly Financial Statements.
	  	 	77	  
	 Section 9.2. Year End Statements.
	  	 	77	  
	 Section 9.3. Compliance Certificate.
	  	 	78	  
	 Section 9.4. Other Information.
	  	 	78	  
	 Section 9.5. Electronic Delivery of Certain Information.
	  	 	82	  
	 Section 9.6. Public/Private Information.
	  	 	82	  
	 Section 9.7. USA Patriot Act Notice; Compliance.
	  	 	83	  
		
	 ARTICLE X. Negative Covenants
	  	 	83	  
		
	 Section 10.1. Financial Covenants.
	  	 	83	  
	 Section 10.2. Negative Pledge.
	  	 	84	  
	 Section 10.3. Restrictions on Intercompany Transfers.
	  	 	85	  
	 Section 10.4. Merger, Consolidation, Sales of Assets and Other Arrangements.
	  	 	85	  
	 Section 10.5. Plans.
	  	 	86	  
	 Section 10.6. Fiscal Year.
	  	 	86	  
	 Section 10.7. Modifications of Organizational Documents.
	  	 	87	  
	 Section 10.8. Material Contracts.
	  	 	87	  
	 Section 10.9. Indebtedness.
	  	 	87	  
	 Section 10.10. Transactions with Affiliates.
	  	 	88	  
	 Section 10.11. Environmental Matters.
	  	 	88	  
	 Section 10.12. Derivatives Contracts.
	  	 	89	  
		
	 ARTICLE XI. Default
	  	 	89	  
		
	 Section 11.1. Events of Default.
	  	 	89	  
	 Section 11.2. Remedies Upon Event of Default.
	  	 	92	  
	 Section 11.3. Reserved.
	  	 	93	  
	 Section 11.4. Marshaling; Payments Set Aside.
	  	 	93	  
	 Section 11.5. Allocation of Proceeds.
	  	 	94	  
	 Section 11.6. Intentionally Omitted.
	  	 	94	  
	 Section 11.7. Rescission of Acceleration by Requisite Lenders.
	  	 	94	  
	 Section 11.8. Performance by Administrative Agent.
	  	 	95	  
	 Section 11.9. Rights Cumulative.
	  	 	95	  
		
	 ARTICLE XII. The Administrative Agent
	  	 	95	  
		
	 Section 12.1. Appointment and Authorization.
	  	 	95	  
	 Section 12.2. Wells Fargo as Lender.
	  	 	96	  
	 Section 12.3. Collateral Matters; Protective Advances.
	  	 	97	  
	 Section 12.4. Post Foreclosure Plans.
	  	 	98	  
	 Section 12.5. Approvals of Lenders.
	  	 	99	  

  
 - 3 –

					
	 Section 12.6. Notice of Events of Default.
	  	 	99	  
	 Section 12.7. Administrative Agent’s Reliance.
	  	 	100	  
	 Section 12.8. Indemnification of Administrative Agent.
	  	 	101	  
	 Section 12.9. Lender Credit Decision, Etc.
	  	 	101	  
	 Section 12.10. Successor Administrative Agent.
	  	 	102	  
	 Section 12.11. Syndication Agent.
	  	 	103	  
	 Section 12.12. Documentation Agent.
	  	 	103	  
		
	 ARTICLE XIII. Miscellaneous
	  	 	103	  
		
	 Section 13.1. Notices.
	  	 	103	  
	 Section 13.2. Expenses.
	  	 	104	  
	 Section 13.3. Stamp, Intangible and Recording Taxes.
	  	 	105	  
	 Section 13.4. Setoff.
	  	 	105	  
	 Section 13.5. Litigation; Jurisdiction; Other Matters; Waivers.
	  	 	106	  
	 Section 13.6. Successors and Assigns.
	  	 	107	  
	 Section 13.7. Amendments and Waivers.
	  	 	109	  
	 Section 13.8. Nonliability of Administrative Agent and Lenders.
	  	 	110	  
	 Section 13.9. Confidentiality.
	  	 	110	  
	 Section 13.10. Indemnification.
	  	 	111	  
	 Section 13.11. Termination; Survival.
	  	 	113	  
	 Section 13.12. Severability of Provisions.
	  	 	113	  
	 Section 13.13. GOVERNING LAW.
	  	 	113	  
	 Section 13.14. Counterparts.
	  	 	114	  
	 Section 13.15. Obligations with Respect to Loan Parties.
	  	 	114	  
	 Section 13.16. Intentionally Omitted.
	  	 	114	  
	 Section 13.17. Limitation of Liability.
	  	 	114	  
	 Section 13.18. Entire Agreement.
	  	 	114	  
	 Section 13.19. Construction.
	  	 	114	  
	 Section 13.20. Headings.
	  	 	115	  
	 Section 13.21. Joinder by Parent Guarantor.
	  	 	115	  

  

					
	SCHEDULE I	  	Commitments	  	
	SCHEDULE 7.1.(b)	  	Ownership Structure	  	
	SCHEDULE 7.1.(f)	  	Properties	  	
	SCHEDULE 7.1.(g)	  	Indebtedness and Guaranties	  	
	SCHEDULE 7.1.(h)	  	Material Contracts	  	
	SCHEDULE 7.1.(i)	  	Litigation	  	
	SCHEDULE 7.1.(s)	  	Affiliate Transactions	  	
	SCHEDULE 7.1.(t)	  	Intellectual Property	  	
	SCHEDULE 13.1	  	Notices	  	
			
	EXHIBIT A	  	Form of Assignment and Assumption Agreement	  	A-1
	EXHIBIT B	  	Form of DSCR Certificate	  	B-1
	EXHIBIT C	  	Form of Note	  	C-1

  
 - 4 –

					
	EXHIBIT D	  	Form of Notice of Borrowing	  	D-1
	EXHIBIT E	  	Form of Notice of Continuation	  	E-1
	EXHIBIT F	  	Form of Notice of Conversion	  	F-1
	EXHIBIT G	  	Form of Transfer Authorizer Designation Form	  	G-1
	EXHIBIT H	  	Matters to be Addressed in Opinions of Counsel	  	H-1
	EXHIBIT I	  	Form of Compliance Certificate	  	I-1

  
 - 5 –

  
 - 5 –

 THIS AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) dated as of
January 21, 2011 by and among CHESAPEAKE LODGING, L.P., a limited partnership formed under the laws of the State of Delaware (the “Borrower”), each of the financial institutions initially a signatory hereto together with their
successors and assignees under Section 13.6. (the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Administrative Agent”) and joined in by CHESAPEAKE LODGING TRUST, a Maryland real estate investment trust, for the
purposes set forth in Section 13.21. 
 WHEREAS, Borrower, certain of the Lenders and Administrative Agent entered into
that certain Credit Agreement dated July 30, 2010 (as amended by letter agreement dated December 27, 2010, the “Original Credit Agreement”) providing for a $115,000,000 revolving credit facility; and 

WHEREAS, the parties hereto desire to amend and restate the Original Credit Agreement to increase the maximum amount of the revolving
credit facility to $150,000,000 (which increase is being effected by (a) the increase of the Commitment of KeyBank National Association from $15,000,000 to $25,000,000 and (b) a Commitment of Royal Bank of Canada in the amount of
$25,000,000) and to provide for future increases up to a maximum amount of $200,000,000, all on and subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby amend and restate the Original Credit
Agreement, and hereby agree, as follows: 
 ARTICLE I. DEFINITIONS 

Section 1.1. Definitions. 
 In addition to terms defined elsewhere herein, the following terms shall have the following meanings for the purposes of this Agreement: 

“Accession Agreement” means an Accession Agreement substantially in the form of Annex I to the Subsidiary Guaranty.

 “Account” shall have the meaning ascribed to such term in the Uniform Commercial Code. 

“Additional Costs” has the meaning given that term in Section 5.1.(b). 

“Adjusted Appraised Value” means, with respect to the Boston Hyatt, the lesser of (a) the Appraised Value of the
Boston Hyatt or (b) $100,000,000. 
 “Adjusted EBITDA” means EBITDA, less a reserve equal to four percent
(4%) of the aggregate amount of the Gross Operating Revenues of all Properties of the Parent Guarantor and its Subsidiaries. 

  
 - 1 –

 “Adjusted NOI” means, as determined for any period of time with respect to
any one or more Collateral Properties, the Net Operating Income of such Collateral Property or Collateral Properties, subject to the following adjustments: 
 (a) for each applicable Property management fees shall equal the greater of (i) three percent (3%) of Gross Operating Revenues or (ii) the actual management fees paid under the applicable
Management Agreement; 
 (b) for each applicable Property reserves for FF&E and capital items shall equal the greater of
(i) four percent (4%) of Gross Operating Revenues or (ii) the amount of reserves required under the applicable Management Agreement or Franchise Agreement; and 
 (c) for each applicable Property franchise fees shall equal the greater of (i) four percent (4%) of Gross Operating Revenues or (ii) the actual franchise fees payable under the applicable
Franchise Agreement. 
 For purposes of determining Adjusted NOI for any period of twelve months, Net Operating Income of any
Collateral Property that was acquired during such period shall be included within such Adjusted NOI for the entirety of such twelve-month period, including Net Operating Income of such Collateral Property during any portion of such period that
occurred prior to such acquisition (adjusted as provided above), as determined by the Borrower (subject to the reasonable approval of the Administrative Agent). based on the operating statements received from the prior owner or operator.
Notwithstanding anything to the contrary contained in this Agreement, the Adjusted NOI for the Boston Hyatt shall not exceed (i) $9,688,000 for purposes of the provisions of Sections 2.9.(b)(ii) and 10.1.(g) or (ii) $7,750,000 for all
other purposes. 
 “Administrative Agent” means Wells Fargo Bank, National Association or any successor
Administrative Agent appointed pursuant to Section 12.10. 
 “Administrative Questionnaire” means the
Administrative Questionnaire completed by each Lender and delivered to the Administrative Agent in a form supplied by the Administrative Agent to the Lenders from time to time. 

“Advance Rate” means fifty percent (50%). 
 “Affiliate” means, with respect to any Person, (a) any Person which is directly or indirectly controlled by, controls or is under common control with such Person, (b) any other
Person who is an officer, director, trustee or employee of, or partner in, such Person or any Person referred to in the preceding clause (a), (c) any other Person who is a member of the immediate family of such Person or of any Person referred
to in the preceding clauses (a) and (b), and (d) any other Person that is a trust solely for the benefit of one or more Persons referred to in clause (c) and of which such Person is sole trustee; provided, however, in no
event shall the Administrative Agent or any Lender or any of their respective Affiliates be an Affiliate of Borrower. For purposes of this definition, “control” (including with correlative meanings, the terms “controlling”,
“controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise. 

  
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 “Agreement Date” means the date as of which this Agreement is dated.

 “Applicable Law” means all constitutions, statutes, rules, regulations and orders of any Governmental
Authority, including all orders and decrees of all courts, tribunals and arbitrators applicable to a Loan Party, any Collateral Property, the Administrative Agent or any Lender, as the context requires. 

“Applicable Margin” means 3.75%. 
 “Appraisal” means, with respect to any Property, an M.A.I. appraisal commissioned by and addressed to the Administrative Agent (acceptable to the Administrative Agent as to form and
substance), prepared by a qualified, independent appraiser acceptable to the Administrative Agent, having at least the minimum qualifications required under Applicable Law governing the Administrative Agent and the Lenders, including without
limitation, FIRREA, and determining both the “as is” market value of such Property as between a willing buyer and a willing seller and the “stabilized value” of such Property. Such Appraisal shall appraise the applicable
Property: (a) in the case of the Appraisal of a Property proposed to be added to the Collateral Pool, as of a date not earlier than sixty (60) days prior to the date on which such Property becomes a Collateral Property, (b) in the
case of an Appraisal under Section 2.15.(g), as of a date not earlier than sixty (60) days prior to the Original Maturity Date, and (c) otherwise as of a date reasonably satisfactory to the Administrative Agent. 

“Appraised Value” means, with respect to any Property, the “as is” market value of such Property as reflected
in the most recent Appraisal of such Property as the same may have been reasonably adjusted (but not increased) by the Administrative Agent based upon its internal review of such Appraisal which is based on criteria and factors then generally used
and considered by the Administrative Agent in determining the value of similar real estate Properties, which review shall be conducted prior to acceptance of such Appraisal by the Administrative Agent. The Appraised Value of a Collateral Property
shall be its Appraised Value as determined on the basis of the most recent Appraisal thereof obtained by the Administrative Agent pursuant to this Agreement. 
 “Approved Annual Budget” has the meaning given that term in Section 9.4.(h). 
 “Approved Brand” means any of the following hotel brands: (i) Hyatt, (ii) Marriott, (iii) Hilton or (iv) Starwood. 

“Approved Capital Budget” has the meaning given that term in Section 9.4.(h). 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender,
or (c) an entity or an Affiliate of any entity that administers or manages a Lender. 
 “Approved Ground
Lease” means with respect to a Property a ground lease that (a) has a remaining term (including renewal options that are exercisable without condition) of not less than fifty (50) years at the time such Property is first included
as a Collateral Property, (b) permits a leasehold mortgage that secures all of the Obligations on terms satisfactory to 

  
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Administrative Agent, (c) provides that such lease may not be terminated by the ground lessor without prior notice to the leasehold mortgagee and an opportunity for such leasehold mortgagee
to cure any default by the lessee (including adequate time for the leasehold mortgagee to obtain possession to effect such cure), (d) contains such other leasehold mortgagee protections as the Administrative Agent may require and (e) is
otherwise satisfactory to the Administrative Agent. 
 “Arrangers” means Wells Fargo Securities, LLC and J.P.
Morgan Securities, Inc. in their capacities as Joint Bookrunners and Lead Arrangers. 
 “Assignee” has the
meaning given that term in Section 13.6.(c). 
 “Assignment and Assumption” means an Assignment and
Assumption Agreement among a Lender, an Assignee and the Administrative Agent, substantially in the form of Exhibit A. 

“Assignment of Leases and Rents” means an Assignment of Leases and Rents executed by the Subsidiary Guarantor that owns,
and the Operating Lessee that leases, a Collateral Property, in favor of the Administrative Agent for its benefit and the benefit of the Lenders, in form and substance satisfactory to the Administrative Agent securing the Obligations (subject to
Section 2.18.), as the same may be supplemented, amended or otherwise modified from time to time. 
 “Bankruptcy
Code” means the Bankruptcy Code of 1978, as amended. 
 “Bankruptcy Event” means, with respect to any
Person, such Person becomes the subject of a bankruptcy or insolvency proceeding (under the Bankruptcy Code or otherwise), or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person
charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in,
any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof,
provided, further, that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such
Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 
 “Base Rate” means the LIBOR Market Index Rate; provided, that if for any reason the LIBOR Market Index Rate is unavailable, Base Rate shall mean the per annum rate of interest equal to
the Federal Funds Rate plus one and one-half of one percent (1.50%). 
 “Base Rate Loan” means a Loan bearing
interest at a rate based on the Base Rate. 
 “Benefit Arrangement” means at any time an employee benefit plan
within the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group. 

  
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 “Book Value” means, with respect to any asset, the book value of such asset
as determined in accordance with GAAP. 
 “Borrower” has the meaning set forth in the introductory
Paragraph hereof and shall include the Borrower’s permitted assigns. 
 “Borrower’s Agents” has
the meaning given that term in Section 2.2. 
 “Boston Hyatt” means the Hyatt Regency Hotel in Boston,
Massachusetts. 
 “Business Day” means (i) a day of the week (but not a Saturday, Sunday or holiday) on
which the offices of the Administrative Agent in San Francisco, California are open to the public for carrying on substantially all of the Administrative Agent’s business functions, and (ii) if such day relates to a LIBOR Loan, any such
day that is also a day on which dealings in Dollars are carried on in the London interbank market. Unless specifically referenced in this Agreement as a Business Day, all references to “days” shall be to calendar days. 

“Capitalized Lease Obligation” means obligations under a lease (to pay rent or other amounts under any lease or other
arrangement conveying the right to use) that are required to be capitalized for financial reporting purposes in accordance with GAAP. The amount of a Capitalized Lease Obligation is the capitalized amount of such obligation determined in accordance
with GAAP. 
 “Cash Equivalents” means: (a) securities issued, guaranteed or insured by the United States
of America or any of its agencies with maturities of not more than one (1) year from the date acquired; (b) certificates of deposit with maturities of not more than one (1) year from the date acquired issued by a United States federal
or state chartered commercial bank of recognized standing, or a commercial bank organized under the laws of any other country which is a member of the Organisation for Economic Cooperation and Development, or a political subdivision of any such
country, acting through a branch or agency, which bank has capital and unimpaired surplus in excess of $500,000,000 and which bank or its holding company has a short term commercial paper rating of at least A 2 or the equivalent by S&P or at
least P 2 or the equivalent by Moody’s; (c) reverse repurchase agreements with terms of not more than seven days from the date acquired, for securities of the type described in clause (a) above and entered into only with commercial
banks having the qualifications described in clause (b) above; (d) commercial paper issued by any Person incorporated under the laws of the United States of America or any State thereof and rated at least A 2 or the equivalent thereof by
S&P or at least P 2 or the equivalent thereof by Moody’s, in each case with maturities of not more than one (1) year from the date acquired; and (e) investments in money market funds registered under the Investment Company Act of
1940, as amended, which have net assets of at least $500,000,000 and at least 85% of whose assets consist of securities and other obligations of the type described in clauses (a) through (d) above. 

“Chattel Paper” shall have the meaning ascribed to such term in the Uniform Commercial Code. 

“Collateral” means any real or personal property directly or indirectly securing any of the Obligations (subject to
Section 2.18.) or any other obligation of a Person under or in respect 

  
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of any Loan Document to which it is a party, and includes, without limitation, all “Mortgaged Property” under and as defined in any Security Deed, all Management Agreements for the
Collateral Properties and all other property subject to a Lien created by a Security Document. 
 “Collateral
Pool” means at any time all of the Properties that constitute Collateral Properties, provided, that a Property shall cease to be included in the Collateral Pool if (a) at any time such Property shall cease to be an Eligible Property or
(b) the Administrative Agent shall cease to hold a valid and perfected first priority Lien in such Property. 

“Collateral Pool Availability” means at any time the least of (a) the sum of (i) the Advance Rate multiplied
by the aggregate Appraised Values of the Other Collateral Properties, and (ii) as long as the Boston Hyatt is a Collateral Property, the Adjusted Appraised Value, (b) the sum of (i) the Advance Rate multiplied by the aggregate
purchase prices of the Other Collateral Properties (as determined by the Administrative Agent prior to admission of a Collateral Property to the Collateral Pool) and (ii) as long as the Boston Hyatt is a Collateral Property, $50,000,000, or
(c) an amount equal to (i) the Adjusted NOI divided by (ii) 0.155. 
 “Collateral Property”
means an Eligible Property that the Administrative Agent and the Required Approval Lenders have agreed to accept into the Collateral Pool pursuant to Section 4.1. and with respect to which the conditions set forth in Section 6.3. have been
satisfied. 
 “Collateral Property Release” has the meaning given that term in Section 4.2. 

“Commitment” means, as to each Lender, such Lender’s obligation to make Loans pursuant to Section 2.1. in an
amount up to, but not exceeding the amount set forth for such Lender on Schedule I as such Lender’s “Commitment Amount” or increases in any Commitment under Section 2.19., or the amount of any new Commitment allocated to a new
Lender under Section 2.19.) (as the same may be assigned in accordance with this Agreement) in each case as the same may be reduced from time to time pursuant to Section 2.14. or otherwise pursuant to the terms of this Agreement.

 “Commitment Percentage” means, as to each Lender the ratio, expressed as a percentage, of (a) the
amount of such Lender’s Commitment to (b) the aggregate amount of the Commitments of all Lenders hereunder; provided, however, that if at the time of determination the Commitments have been terminated or been reduced to zero,
the “Commitment Percentage” of each Lender with a Commitment shall be the “Commitment Percentage” of such Lender in effect immediately prior to such termination or reduction. 

“Compliance Certificate” has the meaning given that term in Section 9.3. 

“Continue”, “Continuation” and “Continued” each refers to the continuation of a LIBOR
Loan from one Interest Period to another Interest Period pursuant to Section 2.11. 
 “Contracts” means
all contracts, agreements and warranties relating to or governing the use, occupancy, operation, management, hotel group, name or chain affiliation and/or guest reservation, repair and service of a Property, and all leases, occupancy agreements,
concession agreements, and commitments to provide rooms or facilities in the future, including all amendments, modifications and supplements to any of the foregoing. 

  
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 “Control Agreement” means a control agreement entered into by the
applicable Subsidiary Guarantor or Operating Lessee, the bank (which may, and if required under Section 8.20 shall, be Wells Fargo) that holds the applicable FF&E Reserve Account and the Administrative Agent, providing the Administrative
Agent with the right to exercise control over such account as provided therein, provided, however, that if a Major Hotel Operator is the Manager of the applicable Collateral Property, such Manager shall also be a party to such control agreement.

 “Convert”, “Conversion” and “Converted” each refers to the conversion of a
Loan of one Type into a Loan of another Type pursuant to Section 2.12. 
 “Credit Event” means any of the
following: (a) the making (or deemed making) of any Loan, (b) the Conversion of a Loan and (c) the Continuation of a LIBOR Loan. 
 “Credit Party” means the Administrative Agent or any other Lender. 
 “Debt-to-EBITDA Ratio” means the ratio of (a) Funded Debt of the Parent Guarantor and its Subsidiaries to (b) EBITDA of the Parent Guarantor and its Subsidiaries. 

“Debt Service Coverage Ratio” means, as of the end of any twelve-month period, the ratio of (a) Adjusted NOI for
all Collateral Properties (or, in the case of Section 4.2.(c), the Remaining Collateral Properties) for such twelve-month period to (b) Pro Forma Debt Service determined as of the last day of such twelve-month period. 

“Default” means any event that, with the giving of notice, the lapse of time, or both, would constitute an Event of
Default. 
 “Defaulting Lender” means any Lender that (a) has failed, within two (2) Business Days of
the date required to be funded or paid, to (i) fund any portion of its Loans, or (ii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the
Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied,
(b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public
statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be
satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized
officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such
Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of a Bankruptcy Event. 

“Derivatives Contract” means (a) any transaction (including any master agreement, confirmation or other agreement
with respect to any such transaction) now existing or hereafter 

  
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entered into by the Borrower or any of its Subsidiaries (i) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or
equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency
option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending
transaction, weather index transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these transactions) or (ii) which is a type of transaction that
is similar to any transaction referred to in clause (i) above that is currently, or in the future becomes, recurrently entered into in the financial markets (including terms and conditions incorporated by reference in such agreement) and which
is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value,
or other benchmarks against which payments or deliveries are to be made, and (b) any combination of these transactions. 

“Derivatives Termination Value” means, in respect of any one or more Derivatives Contracts, after taking into account
the effect of any legally enforceable netting agreement or provision relating thereto, (a) for any date on or after the date such Derivatives Contracts have been terminated or closed out, the termination amount or value determined in accordance
therewith, and (b) for any date prior to the date such Derivatives Contracts have been terminated or closed out, the then-current mark-to-market value for such Derivatives Contracts, determined based upon one or more mid-market quotations or
estimates provided by any recognized dealer in Derivatives Contracts (which may include the Administrative Agent, any Lender or any Affiliate of any thereof). 
 “Documentation Agent” means Deutsche Bank Trust Company Americas. 

“Dollars” or “$” means the lawful currency of the United States of America. 

“DSCR Certificate” means a report in substantially the form of Exhibit B, certified by a senior officer of the
Borrower, setting forth the calculations required to establish compliance with the Minimum DSCR Hurdle as of a specified date, all in form and detail satisfactory to the Administrative Agent. 

“EBITDA” means, with respect to the Parent Guarantor and its Subsidiaries on a consolidated basis for any period of four
(4) consecutive fiscal quarters, net income before minority interests and Preferred Dividends (including deductions for Property-level management fees and franchise fees but excluding extraordinary gains or losses and nonrecurring items), as
determined in accordance with GAAP, plus Interest Expense, income tax (if any), depreciation and amortization and other non-cash charges for stock compensation. EBITDA shall include the sum of the applicable Ownership Shares of the Parent Guarantor
and its Subsidiaries in any amounts for each Unconsolidated Affiliate. For avoidance of doubt, “nonrecurring items” include, but are not limited to, gains and losses on early retirement of debt; severance and other restructuring charges;
transfer taxes paid in connection with hotel acquisitions; and all other 

  
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transaction costs of hotel acquisitions that are not permitted to be capitalized not to exceed the following amounts (or such greater amounts as the Agent may approve): one percent (1%) of
the acquisition price for any Property having an acquisition price of $50,000,000 or more or $400,000 for any Property having an acquisition price of less than $50,000,000. For purposes of determining the Debt-to-EBITDA Ratio as of the end of any
period of four fiscal quarters (and not for the determination of the Fixed Charge Coverage Ratio), there shall be included in EBITDA net income with respect to any Property that was acquired during such period for the entirety of such four-quarter
period, including net income for such Property during any portion of such period that occurred prior to such acquisition, as determined by the Borrower (subject to the reasonable approval of the Administrative Agent) based on the operating
statements received from the prior owner or operator. For purposes of calculating the Debt-to-EBITDA Ratio, the “General and Administrative Expense” deduction from net income shall be limited to fifty percent (50%) of actual cash
“General and Administrative Expenses” until July 30, 2011. 
 “Effective Date” means the later
of (a) the Agreement Date and (b) the date on which all of the conditions precedent set forth in Section 6.1. shall have been fulfilled or waived. 
 “Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other Person (other than a natural person) approved by
(i) the Administrative Agent and (ii) unless a Default or Event of Default exists, the Borrower (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee”
shall not include the Borrower or any of the Borrower’s Affiliates or Subsidiaries. 
 “Eligible Property”
means a Hotel Property which satisfies all of the following requirements as confirmed by the Administrative Agent: (a) such Property is owned in fee simple (or located on land leased under an Approved Ground Lease) by a Wholly Owned Subsidiary
of the Borrower; (b) such Property is located in a Top 25 Market in a state (other than Alaska or, unless approved by all Lenders, Hawaii) of the United States of America or in the District of Columbia; (c) such Property is either
(i) an upscale (or better) full-service Hotel Property with not less than 200 keys or (ii) a select-service Hotel Property that was constructed (as determined by its initial opening date) not earlier than ten (10) years prior to the
date that such Property becomes a Collateral Property; (d) such Property is operated under an Approved Brand; (e) the Borrower has the right directly, or indirectly through a Wholly Owned Subsidiary, to take the following actions without
the need to obtain the consent of any Person: (i) to create Liens on such Property as security for Indebtedness of the Borrower or such Wholly Owned Subsidiary, and (ii) to sell, transfer or otherwise dispose of such Property; (f) the
Borrower’s direct or indirect ownership interest in such Subsidiary is not subject to (i) any Lien other than Permitted Liens or (ii) any Negative Pledge; and (g) any management contracts relating to the management or operation
of such Hotel Property are or may be subordinate to a Security Document in favor of the Administrative Agent, as agent for the Lenders. 
 “Environmental Laws” means any Applicable Law relating to environmental protection or the manufacture, storage, remediation, disposal or clean up of Hazardous Materials including, without
limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et
seq.; Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq.; National 

  
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Environmental Policy Act, 42 U.S.C. § 4321 et seq.; regulations of the Environmental Protection Agency, any applicable rule of common law and any judicial interpretation thereof relating
primarily to the environment or Hazardous Materials, and any analogous or comparable state or local laws, regulations or ordinances that concern Hazardous Materials or protection of the environment. 

“Equipment” shall have the meaning ascribed to such term in the Uniform Commercial Code. 

“Equity Interest” means, with respect to any Person, any share of capital stock of (or other ownership or profit
interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person whether or not certificated, any security
convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other interests),
and any other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest is
authorized or otherwise existing on any date of determination. 
 “Equity Issuance” means any issuance or sale
by a Person of any Equity Interest in such Person. 
 “ERISA” means the Employee Retirement Income Security Act
of 1974, as amended. 
 “ERISA Group” means the Borrower, any Subsidiary and all members of a controlled group
of corporations and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower or any Subsidiary, are treated as a single employer under Section 414 of the Internal Revenue Code. 

“Event of Default” means any of the events specified in Section 11.1., provided that any requirement for notice or
lapse of time or any other condition has been satisfied. 
 “Extended Maturity Date” means July 30, 2013.

 “Fair Market Value” means, with respect to any asset, the price which could be negotiated in an
arm’s-length free market transaction, for cash, between a willing seller and a willing buyer, neither of which is under pressure or compulsion to complete the transaction. Except as otherwise provided herein, Fair Market Value shall be
determined by the Board of Trustees of the Parent Guarantor (or an authorized committee thereof) acting in good faith conclusively evidenced by a board resolution thereof delivered to the Administrative Agent or, with respect to any asset valued at
no more than $5,000,000, such determination may be made by the chief financial officer of the Borrower evidenced by an officer’s certificate delivered to the Administrative Agent. 

“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period
to the weighted average of the rates on overnight Federal Funds transactions with members of the Federal Reserve System arranged by Federal Funds brokers, as 

  
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published for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any
day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three (3) Federal Funds brokers of recognized standing selected by the Administrative Agent. 

“Fee Letter” means that certain fee letter dated as of January 21, 2011, by and among the Borrower, the
Administrative Agent, the Syndication Agent and the Arrangers. 
 “Fees” means the fees and commissions
provided for or referred to in Section 3.5. and any other fees payable by the Borrower hereunder, under any other Loan Document or under the Fee Letter. 
 “FF&E” means all fixtures, furnishings, equipment, furniture, and other items of tangible personal property now or hereafter located on a Collateral Property or used in connection
with the use, occupancy, operation and maintenance of all or any part of such Collateral Property, other than stocks of food and other supplies held for consumption in normal operation but including, without limitation, appliances, machinery,
equipment, signs, artwork, office furnishings and equipment, guest room furnishings, and specialized equipment for kitchens, laundries, bars, restaurants, public rooms, health and recreational facilities, dishware, all partitions, screens, awnings,
shades, blinds, floor coverings, hall and lobby equipment, heating, lighting, plumbing, ventilating, refrigerating, incinerating, elevators, escalators, air conditioning and communication plants or systems with appurtenant fixtures, vacuum cleaning
systems, call or beeper systems, security systems, sprinkler systems and other fire prevention and extinguishing apparatus and materials; reservation system computer and related equipment; all equipment, manual, mechanical or motorized, for the
construction, maintenance, repair and cleaning of parking areas, walks, underground ways, truck ways, driveways, common areas, roadways, highways and streets; and the vehicles; and as, further described in the Security Deed for such Collateral
Property and UCC filings. 
 “FF&E Reserve” means, for any calendar month (a) with respect to the
Boston Hyatt, an amount equal to the percentage of Gross Operating Revenues to be deposited for such month in the “Capital Fund” (as defined in and provided for in the applicable Management Agreement) and (b) with respect to any other
Collateral Property, an amount equal to the greater of (i) four percent (4%) of Gross Operating Revenues for such calendar month or (ii) the amount of FF&E or capital reserves required under the applicable Management Agreement or
Franchise Agreement. 
 “FF&E Reserve Account” means, with respect to each Collateral Property, an account
into which the FF&E Reserve shall be deposited from time to time as provided in Section 8.20. 

“FIRREA” means the Financial Institution Recovery, Reform and Enforcement Act of 1989, as amended. 

“Fixed Charge Coverage Ratio” means the ratio of (i) Adjusted EBITDA of the Parent Guarantor and its consolidated
Subsidiaries for any period of four consecutive fiscal quarters 

  
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most recently ending to (ii) Fixed Charges of the Parent Guarantor and its consolidated Subsidiaries for such period. 

“Fixed Charges” means, with respect to a Person and for a given period, the sum of (a) the Interest Expense of such
Person (including the Ownership Share of the Interest Expense of any Unconsolidated Affiliate of such Person) for such period, plus (b) the aggregate of all principal payments on Indebtedness scheduled to be made by such Person
(including the Ownership Shares of such payments scheduled to be made by any Unconsolidated Affiliate of such Person) during such period (excluding balloon, bullet or similar payments of principal due upon the stated maturity of Indebtedness),
plus (c) the aggregate of all dividends paid or accrued by such Person (including the Ownership Share of such dividends paid or accrued by any Unconsolidated Affiliate of such Person) on any Preferred Stock during such period,
plus (d) the aggregate of all payments in respect of Capitalized Lease Obligations scheduled to be made by such Person (including the Ownership Shares of such payments scheduled to be made by any Unconsolidated Affiliate of such Person)
during such period. 
 “Franchise Agreement” means a license or franchise agreement between a Subsidiary
Guarantor or Operating Lessee and a Franchisor. 
 “Franchisor” means a Person that licenses or franchises its
hotel brand to hotel owners or operators. 
 “Fund” means any Person (other than a natural person) that is (or
will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
 “Funded Debt” means, with respect to the Parent Guarantor and its Subsidiaries on a consolidated basis, without duplication, (a) all obligations of the Parent Guarantor and its
Subsidiaries for borrowed money, (b) all obligations of the Parent Guarantor and its Subsidiaries evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are customarily made, (c) all obligations of
the Parent Guarantor and its Subsidiaries under conditional sale or other title retention agreements relating to Property purchased by the Parent Guarantor and its Subsidiaries (other than customary reservations or retentions of title under
agreements with suppliers entered into in the ordinary course of business), (d) all obligations of the Parent Guarantor and its Subsidiaries issued or assumed as the deferred purchase price of property or services purchased by the Parent
Guarantor and its Subsidiaries (other than accounts payable and other trade debt incurred in the ordinary course of business and not overdue by more than 60 days or subject to a bona fide dispute) which would appear as liabilities on a balance sheet
of the Parent Guarantor and its Subsidiaries on a consolidated basis, (e) all Guarantee obligations of the Parent Guarantor and its Subsidiaries with respect to Indebtedness of another Person, (f) the principal portion of all Capitalized
Lease Obligations of the Parent Guarantor and its Subsidiaries (excluding the portion of all obligations of the Parent Guarantor and its Subsidiaries under operating leases that are recharacterized as capital leases as a result of changes in GAAP
outlined by the Financial Accounting Standards Board in a press release dated March 19, 2009 becoming effective), (g) the maximum amount of all standby letters of credit issued or bankers’ acceptances facilities created for the
account of the Parent Guarantor or any of its Subsidiaries and, without duplication, all drafts drawn thereunder (to the extent 

  
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unreimbursed), (h) all Preferred Stock issued by the Parent Guarantor or any of its Subsidiaries and which by the terms thereof could be (at the request of the holders thereof or otherwise)
subject to mandatory sinking fund payments, redemption or other acceleration, (i) the principal balance outstanding under any synthetic lease, tax retention operating lease, off balance sheet loan or similar off balance sheet financing product
and (j) the Parent Guarantor’s and its Subsidiaries’ Ownership Shares of the items described in clauses (a) through (i) above of any Unconsolidated Affiliate. For purposes of the calculation of Funded Debt of the Parent
Guarantor and its Subsidiaries on a consolidated basis, Funded Debt shall not include Funded Debt owing among the Parent Guarantor and its Subsidiaries to the extent such Funded Debt amounts to zero on a consolidated basis as a result of the
consolidation of the financial statements of such entities. 
 “Funds From Operations” means net income
(computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnership and
joint ventures will be calculated to reflect funds from operations on the same basis. For purposes of this Agreement, Funds From Operations shall be calculated consistent with the White Paper on Funds From Operations dated October 1999 issued
by National Association of Real Estate Investments Trusts, Inc. (“NAREIT”), as supplemented by the National Policy Bulletin dated November 8, 1999 issued by NAREIT, but without giving effect to any supplements, amendments or other
modifications promulgated after the Agreement Date. 
 “GAAP” means United States generally accepted accounting
principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination. 

“General Intangibles” shall have the meaning ascribed to such term in the Uniform Commercial Code. 

“Governmental Approvals” means all authorizations, consents, approvals, licenses and exemptions of, registrations and
filings with, and reports to, all Governmental Authorities. 
 “Governmental Authority” means any national,
state or local government (whether domestic or foreign), any political subdivision thereof or any other governmental, quasi governmental, judicial, administrative, public or statutory instrumentality, authority, body, agency, bureau, commission,
board, department or other entity (including, without limitation, the Federal Deposit Insurance Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with authority
to bind a party at law. 
 “Gross Asset Value” means, without duplication, the sum of (a) the following
amounts with respect to the following assets owned by the Parent Guarantor or any of its Subsidiaries (including Borrower and its Subsidiaries): (i) the lesser of the Book Value or Appraised Value of all Collateral Properties; (ii) the
Book Value of all Properties that are not Collateral Properties, 

  
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(iii) the Book Value of other assets described in Section 10.1(e)(i)(A) through (D) or Section 10.1(e)(ii)(A) through (D); and (iv) the amount of all Unrestricted Cash; plus
(b) the applicable Ownership Share of the following amounts with respect to the following assets owned by Unconsolidated Affiliates: (i) the Book Value of all Properties; and (ii) the amount of all Unrestricted Cash. 

“Gross Operating Revenues” means, for any period of time for any Property, without duplication, all income and proceeds
of sales of every kind (whether in cash or on credit and computed on an accrual basis) received by the applicable Subsidiary Guarantor, Operating Lessee or Manager for the use, occupancy or enjoyment of the Property or the sale of any goods,
services or other items sold on or provided from the Property in the ordinary course of operation of the Property, including, without limitation, all income received from tenants, transient guests, lessees (other than communications equipment
lessees or service providers), licensees and concessionaires and other services to guests at the Property, and the proceeds from business interruption insurance, but excluding the following: (i) any excise, sales or use taxes or similar
government charges collected directly from patrons or guests, or as a part of the sales price of any goods, services or displays, such as gross receipts, admission, cabaret or similar or equivalent taxes; (ii) receipts from condemnation awards
or sales in lieu of or under threat of condemnation; (iii) proceeds of insurance (other than business interruption insurance); (iv) other allowances and deductions as provided by the Uniform System in determining the sum contemplated by
this definition, by whatever name, it may be called; (v) proceeds of sales, whether dispositions of capital assets, FF&E or Equipment (other than sales of Inventory in the ordinary course of business); (vi) gross receipts received by
tenants, lessees (other than the Operating Lessee), licensees or concessionaires of the Property; (vii) consideration received at the Property for hotel accommodations, goods and services to be provided at other hotels although arranged by, for
or on behalf of, and paid over to, Manager; (viii) tips, service charges and gratuities collected for the benefit of employees; (ix) proceeds of any financing; (x) working capital provided by the Borrower, Subsidiary Guarantor or
Operating Lessee; (xii) amounts collected from guests or patrons of the Property on behalf of Property tenants and other third parties; (xii) the value of any goods or services in excess of actual amounts paid (in cash or services)
provided by the Manager on a complimentary or discounted basis; and (xiii) other income or proceeds resulting other than from the use or occupancy of the Property, or any part thereof, or other than from the sale of goods, services or other
items sold on or provided from the Property in the ordinary course of business. Gross Operating Revenues shall be reduced by credits or refunds to guests at the Property. 
 “Guarantors” means the Parent Guarantor and Subsidiary Guarantors. 
 “Guaranty”, “Guaranteed” or to “Guarantee” as applied to any obligation means and includes: (a) a guaranty (other than by endorsement of negotiable
instruments for collection in the ordinary course of business), directly or indirectly, in any manner, of any part or all of such obligation, or (b) an agreement, direct or indirect, contingent or otherwise, and whether or not constituting a
guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in the event of nonperformance) of any part or all of such obligation whether by: (i) the purchase of securities or obligations,
(ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor with respect to such obligation to make any payment or performance (or payment of

  
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damages in the event of nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the supplying of funds to or in
any other manner investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn down by beneficiaries of letters of credit, or (v) the supplying of funds to or investing in a Person on account of all or any part
of such Person’s obligation under a Guaranty of any obligation or indemnifying or holding harmless, in any way, such Person against any part or all of such obligation. As the context requires, “Guaranty” shall also mean the Parent
Guaranty and the Subsidiary Guaranty. 
 “Hazardous Materials” means all or any of the following:
(a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable Environmental Laws as “hazardous substances”, “hazardous materials”, “hazardous wastes”, “toxic
substances” or any other formulation intended to define, list or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity, or
“EP toxicity”; (b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of
crude oil, natural gas or geothermal resources; (c) any explosives or any radioactive materials; (d) asbestos in any form; and (e) toxic mold. 
 “Hazardous Materials Indemnity Agreement” means the Hazardous Materials Indemnity Agreement of even date herewith executed by the Borrower and the Parent Guarantor in favor of the
Administrative Agent for its benefit and the benefit of the Lenders, as the same may be supplemented, amended or modified from time to time. 
 “Hotel Property” means a Property on which there is located an operating hotel. 
 “Indebtedness” means, with respect to a Person, at the time of computation thereof, all of the following (without duplication): (a) all obligations of such Person in respect of money
borrowed; (b) all obligations of such Person (other than (x) trade payables incurred in the ordinary course of business and not more than sixty (60) days past due, (y) equipment leases entered into in the ordinary course of
business and (z) Guaranties of Franchise Agreements entered into in the ordinary course of business), whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions of credit,
(ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges
are customarily paid or that are issued or assumed as full or partial payment for property; (c) Capitalized Lease Obligations of such Person; (d) all reimbursement obligations of such Person under or in respect of any letters of credit or
acceptances (whether or not the same have been presented for payment); (e) all Off-Balance Sheet Obligations of such Person; (f) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect
of any Mandatorily Redeemable Stock issued by such Person or any other Person, valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; (g) net obligations under any Derivative Contract
(which shall be deemed to have an amount equal to the Derivatives Termination Value thereof at such time but in no event shall be less than zero); and (h) all 

  
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Indebtedness of other Persons which (i) such Person has Guaranteed or is otherwise recourse to such Person or (ii) is secured by a Lien on any property of such Person. 

“Initial Collateral Properties” means (a) the Boston Hyatt, (b) the Checkers Hilton Hotel in Los Angeles,
California, (c) the Anaheim Courtyard by Marriott Hotel in Anaheim, California and (d) the Newton Marriott Hotel in Newton, Massachusetts. 
 “Initial Operating Lessees” means (a) CHSP TRS Boston LLC, a Delaware limited liability company and operating lessee of the Boston Hyatt, (b) CHSP TRS Los Angeles LLC, a
Delaware limited liability company and operating lessee of the Checkers Hilton Hotel, (c) CHSP TRS Anaheim LLC, a Delaware limited liability company and operating lessee of the Anaheim Courtyard by Marriott Hotel and (d) CHSP TRS Newton
LLC, a Delaware limited liability company and operating lessee of the Newton Marriott Hotel. 
 “Initial Subsidiary
Guarantor” means (a) CHSP Boston LLC, a Delaware limited liability company and owner of the Boston Hyatt, (b) CHSP Los Angeles LLC, a Delaware limited liability company and owner of the Checkers Hilton Hotel, (c) CHSP Anaheim
LLC, a Delaware limited liability company and owner of the Anaheim Courtyard by Marriott Hotel and (d) CHSP Newton LLC, a Delaware limited liability company and owner of the Newton Marriott Hotel. 

“Intellectual Property” has the meaning given that term in Section 7.1.(t). 

“Interest Expense” means, with respect to a Person and for any period, without duplication, (a) all paid, accrued
or capitalized interest expense (including, without limitation, capitalized interest expense (other than capitalized interest funded from a construction loan interest reserve account held by another lender and not included in the calculation of cash
for balance sheet reporting purposes) and interest expense attributable to Capitalized Lease Obligations) of such Person and in any event shall include all letter of credit fees and all interest expense with respect to any Indebtedness in respect of
which such Person is wholly or partially liable whether pursuant to any repayment, interest carry, performance guarantee or otherwise, plus (b) to the extent not already included in the foregoing clause (a), such Person’s applicable
Ownership Share of all paid, accrued or capitalized interest expense for such period of Unconsolidated Affiliates of such Person. 
 “Interest Period” means, with respect to each LIBOR Loan, each period commencing on the date such LIBOR Loan is made, or in the case of the Continuation of a LIBOR Loan the last day of
the preceding Interest Period for such Loan, and ending on the numerically corresponding day in the first, third or sixth calendar month thereafter, as the Borrower may select in a Notice of Borrowing, Notice of Continuation or Notice of Conversion,
as the case may be, except that each Interest Period that commences on the last Business Day of a calendar month (or on any day for which there is no numerically corresponding day in the appropriate subsequent calendar month) shall end on the last
Business Day of the appropriate subsequent calendar month. Notwithstanding the foregoing: (i) if any Interest Period would otherwise end after the Maturity Date, such Interest Period shall end on the Maturity Date; and (ii) each Interest
Period that would otherwise end on a day which is not a Business Day shall end on the immediately following 

  
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Business Day (or, if such immediately following Business Day falls in the next calendar month, on the immediately preceding Business Day). 

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

“Inventory” shall have the meaning ascribed to such term in the Uniform Commercial Code, and including within the term
items which would be entered on a balance sheet under the line items for “Inventories” or “China, glassware, silver, linen and uniforms” under the Uniform Systems of Accounts. 

“Investment” means, with respect to any Person, any acquisition or investment (whether or not of a controlling interest)
by such Person, whether by means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance or extension of credit to, capital contribution to, Guaranty of Indebtedness of,
or purchase or other acquisition of any Indebtedness of, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of
assets of another Person that constitute the business or a division or operating unit of another Person. Any commitment to make an Investment in any other Person, as well as any option of another Person to require an Investment in such Person, shall
constitute an Investment. Except as expressly provided otherwise, for purposes of determining compliance with any covenant contained in a Loan Document, the amount of any Investment shall be the amount actually invested, without adjustment for
subsequent increases or decreases in the value of such Investment. 
 “Lender” means each financial institution
from time to time party hereto as a “Lender,” together with its respective successors and permitted assigns. With respect to matters requiring the consent or approval of all Lenders, at any given time, all then existing Defaulting Lenders
will be disregarded and excluded, and, for voting purposes only, “all Lenders” shall be deemed to mean “all Lenders other than Defaulting Lenders.” 
 “Lending Office” means, for each Lender and for each Type of Loan, the office of such Lender specified in such Lender’s Administrative Questionnaire or in the applicable Assignment
and Assumption Agreement, or such other office of such Lender as such Lender may notify the Administrative Agent in writing from time to time. 
 “Leverage Ratio” means the ratio (stated as a percentage) of (a) Indebtedness of the Parent Guarantor and its Subsidiaries on a consolidated basis to (b) Gross Asset Value.

 “LIBOR” means, for the Interest Period for any LIBOR Loan, the rate of interest, rounded up to the nearest
whole multiple of one-hundredth of one percent (.01%), obtained by dividing (i) the rate of interest, rounded upward to the nearest whole multiple of one-sixteenth of one percent (0.0625%), referred to as the BBA (British Bankers’
Association) LIBOR rate as set forth by any service selected by the Administrative Agent that has been nominated by the British Bankers’ Association as an authorized information vendor for the purpose of displaying such rate for deposits in
U.S. Dollars at approximately 9:00 a.m. Pacific time, two (2) Business Days prior to the date of commencement of such Interest Period for purposes of calculating effective rates of interest for loans or obligations making reference thereto, for
an amount approximately equal 

  
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to the applicable LIBOR Loan and for a period of time approximately equal to such Interest Period by (ii) a percentage equal to 1 minus the stated maximum rate (stated as a
decimal) of all reserves, if any, required to be maintained with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”) as specified in Regulation D of the Board of Governors of the Federal Reserve System (or
against any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Loans is determined or any applicable category of extensions of credit or other assets which includes loans by an office of any Lender
outside of the United States of America), provided, however, that in no event shall LIBOR be less than two percent (2%). Any change in such stated maximum rate shall result in a change in LIBOR on the date on which such change in such stated maximum
rate becomes effective. 
 “LIBOR Loan” means a Loan bearing interest at a rate based on LIBOR. 

“LIBOR Market Index Rate” means, for any day, LIBOR as of that day for one-month deposits in U.S. Dollars at
approximately 9:00 a.m. Pacific time for such day (or if such day is not a Business Day, the immediately preceding Business Day), provided, however, that in no event shall the LIBOR Market Index Rate be less than two percent (2%). The LIBOR Market
Index Rate shall be determined on a daily basis. 
 “Licenses” means all certifications, permits, licenses and
approvals, including certificates of completion, certificates of occupancy, and food and beverage and liquor licenses, required for the legal use, occupancy and operation of a Collateral Property as used at the time at which it is added to the
Collateral Pool and from time to time thereafter. 
 “Lien” as applied to the property of any Person means:
(a) any security interest, encumbrance, mortgage, deed to secure debt, deed of trust, assignment of leases or rents, pledge, lien, hypothecation, assignment, charge or lease constituting a Capitalized Lease Obligation, conditional sale or other
title retention agreement, or other security title or encumbrance of any kind in respect of any property of such Person, or upon the income, rents or profits therefrom; (b) any arrangement, express or implied, under which any property of such
Person is transferred, sequestered or otherwise identified for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person;
(c) the filing of any financing statement under the UCC or its equivalent in any jurisdiction (other than a financing statement filed by a “true” lessor pursuant to Section 9408 (or a successor section) of the UCC); and
(d) any agreement by such Person to grant, give or otherwise convey any of the foregoing. 
 “Loan” means
a loan made by a Lender to the Borrower pursuant to Section 2.1. 
 “Loan Document” means this Agreement,
each Note, the Parent Guaranty, the Subsidiary Guaranty, each Security Document and each other document or instrument now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this Agreement (other than
the Fee Letter). 
 “Loan Party” means each of the Borrower, the Parent Guarantor, the Initial Subsidiary
Guarantors, the Initial Operating Lessees and each other Person who guarantees all or a portion of the Obligations and/or who pledges any Collateral to secure all or a portion of the Obligations. 

  
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 “Major Hotel Operator” means a Manager that is the owner of or an Affiliate
of the owner of an Approved Brand under which a Collateral Property is operated. 
 “Major Renovations” means,
with respect to a Hotel Property, Renovations (including all Renovations that are part of an overall plan or that are similar or related to other Renovations, even though not performed at the same time) that (a) have resulted in, or are
reasonably expected to result in, more than twenty-five percent (25%) of the rooms in such Hotel Property not being available for occupancy for a period of more than sixty (60) days, (b) have a projected cost that exceeds forty
percent (40%) of the Book Value of such Hotel Property (as determined prior to the commencement of such Renovations) or (c) have resulted in, or are reasonably expected to result in, a reduction of Net Operating Income of such Hotel
Property of thirty percent (30%) or more during any period of twelve (12) consecutive months (as compared to the period of twelve (12) consecutive months immediately prior to the commencement of such Renovations). 

“Major Tenant Lease” means a Tenant Lease that demises more than 5,000 rentable square feet of a Collateral Property.

 “Management Agreement” means an agreement entered into by any Subsidiary Guarantor or Operating Lessee
pursuant to which it engages a Manager to manage and operate a Collateral Property, as each said agreement may be amended, supplemented, restated, replaced or otherwise modified from time to time in accordance with the terms of this Agreement.

 “Management Agreement Assignment/Subordination” means, with respect to any Collateral Property, a document
or documents, in form and substance satisfactory to Administrative Agent, pursuant to which (a) the Subsidiary Guarantor that owns such Collateral Property or the Operating Lessee that leases such Collateral Property (as applicable) assigns the
Management Agreement for such Collateral Property to Administrative Agent for its benefit and the benefit of the Lenders as Collateral (subject to Section 2.18.) and (b) the Manager acknowledges and agrees to such assignment and
subordinates the Management Agreement to the applicable Security Deed on terms and conditions reasonably satisfactory to Administrative Agent. 
 “Manager” means the management company that manages and operates a Collateral Property pursuant to the Management Agreement for such Collateral Property. 

“Mandatorily Redeemable Stock” means, with respect to any Person, any Equity Interest of such Person which by the terms
of such Equity Interest (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise, (a) matures or is mandatorily redeemable, pursuant to a sinking
fund obligation or otherwise (other than an Equity Interest to the extent redeemable in exchange for common stock or other equivalent common Equity Interests at the option of the issuer of such Equity Interest), (b) is convertible into or
exchangeable or exercisable for Indebtedness or Mandatorily Redeemable Stock, or (c) is redeemable at the option of the holder thereof, in whole or part (other than an Equity Interest which is redeemable solely in exchange for common stock or
other equivalent common Equity Interests), in each case on or prior to the date on which all Loans are scheduled to be due and payable in full. 

  
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 “Material Adverse Effect” means a materially adverse effect on (a) the
business, assets, liabilities, condition (financial or otherwise), results of operations or business prospects of the Loan Parties taken as a whole, (b) the ability of the Borrower or any other Loan Party to perform its material obligations
under any Loan Document to which it is a party, (c) the validity or enforceability of any of the Loan Documents or (d) the rights and remedies of the Lenders and the Administrative Agent under any of the Loan Documents. 

“Material Contract” means (a) each Management Agreement with respect to a Collateral Property, (b) each
Franchise Agreement, if any, with respect to a Collateral Property, (c) the Operating Lease for a Collateral Property, (d) any Major Tenant Lease of a Collateral Property, (e) any material agreement relating to parking for a
Collateral Property, (f) any ground lease with respect to a Collateral Property and (g) any other contract or other arrangement (other than Loan Documents), whether written or oral, to which the Borrower or any other Loan Party is a party
as to which the breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be expected to have a Material Adverse Effect. 
 “Material Plan” means at any time a Plan or Plans having aggregate Unfunded Liabilities in excess of $5,000,000. 
 “Maturity Date” means the Original Maturity Date, as it may be extended to the Extended Maturity Date pursuant to Section 2.15. 

“Maximum Loan Availability” means, at any time, the lesser of (a) the Collateral Pool Availability and
(b) the aggregate amount of the Commitments at such time. 
 “Minimum DSCR Hurdle” means a Debt Service
Coverage Ratio of 1.55 to 1.00. 
 “Moody’s” means Moody’s Investors Service, Inc. 

“Mortgage” means a mortgage, deed of trust, deed to secure debt or similar security instrument made or to be made by a
Person owning an interest in real estate granting a Lien on such interest in real estate as security for the payment of Indebtedness. 
 “Multiemployer Plan” means at any time a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an
obligation to make contributions or has within the preceding five plan years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Group during such five year period. 

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

  
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 “Net Operating Income” means, for any Property and for a given period, the
amount by which the Gross Operating Revenues for such Property exceed the Operating Expenses for such Property. 
 “Net
Proceeds” means with respect to an Equity Issuance by a Person, the aggregate amount of all cash or the Fair Market Value of all other property received by such Person in respect of such Equity Issuance net of investment banking fees, legal
fees, accountants fees, underwriting discounts and commissions and other customary fees and expenses actually incurred by such Person in connection with such Equity Issuance. 
 “New Property” means, on any date, a Hotel Property that as of such date has not been open and operating for a continuous period of two (2) years, whether by reason of the
construction or renovation thereof or otherwise. 
 “Note” means a promissory note of the Borrower
substantially in the form of Exhibit C, payable to the order of a Lender in a principal amount equal to the amount of such Lender’s Commitment. 
 “Notice of Borrowing” means a notice substantially in the form of Exhibit D (or such other form reasonably acceptable to the Administrative Agent and containing the information
required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.2. evidencing the Borrower’s request for a borrowing of Loans. 
 “Notice of Continuation” means a notice substantially in the form of Exhibit E (or such other form reasonably acceptable to the Administrative Agent and containing the information
required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.11. evidencing the Borrower’s request for the Continuation of a LIBOR Loan. 

“Notice of Conversion” means a notice substantially in the form of Exhibit F (or such other form reasonably
acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.12. evidencing the Borrower’s request for the Conversion of a Loan from one
Type to another Type. 
 “Notice of Responsible Officers” means a certificate of incumbency or notice from the
Borrower to the Administrative Agent, in a form satisfactory to the Administrative Agent, identifying the officers of the Borrower that have authority to deliver Notices of Borrowing, Notices of Conversion, Notices of Continuation and other notices
or requests specified in this Agreement. 
 “Obligations” means, individually and collectively: (a) the
aggregate principal balance of, and all accrued and unpaid interest on, all Loans; and (b) all other indebtedness, liabilities, obligations, covenants and duties of the Borrower or any of the other Loan Parties owing to the Administrative Agent
or any Lender of every kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents, including, without limitation, the Fees and indemnification obligations, whether direct or indirect, absolute or
contingent, due or not due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory note. 

  
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 “Off-Balance Sheet Obligations” means liabilities and obligations of the
Parent Guarantor, Borrower, any Subsidiary or any other Person in respect of “off-balance sheet arrangements” (as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated under the Securities Act) which the Parent Guarantor
would be required to disclose in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” Section of the Parent Guarantor’s report on Form 10 Q or Form 10 K (or their equivalents) which the
Parent Guarantor is required to file with the Securities and Exchange Commission (or any Governmental Authority substituted therefor). 
 “Operating Expenses” means, for any period of time for any Property, all costs and expenses of maintaining, conducting and supervising the operation of the Property which are properly
attributable to the period under consideration under the Borrower’s system of accounting, including without limitation: 
 (i) the cost of all food and beverages sold or consumed and of all Inventory; 
 (ii) salaries and wages of personnel employed at the Property, including costs of payroll taxes and employee benefits and all other expenses not otherwise specifically referred to in this paragraph which
are referred to as “Administrative and General Expenses” in the Uniform System; 
 (iii) the cost of
all other goods and services obtained by Manager in connection with its operation of the Property 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; 
 (iv) the cost of repairs to and maintenance of the
Property (excluding capital expenditures); 
 (v) insurance premiums for all insurance maintained with respect to
the Property, including without limitation, property damage insurance, public liability insurance, and such business interruption or other insurance as may be provided for protection against claim, liabilities and losses arising from the use and
operation of the Property and losses incurred with respect to deductibles applicable to the foregoing types of insurance; 
 (vi) workers’ compensation insurance or insurance required by similar employee benefits acts; 
 (vii) all personal property taxes, real estate taxes, assessments, and any other ad valorem taxes imposed on or levied in connection with the Property (less refunds, offsets or credits thereof, and
interest thereon, if any, received during the period in question) and all other taxes, assessments and other charges (other than federal, state or local income taxes and franchise taxes or the equivalent) payable by or assessed against Manager,
Subsidiary Guarantor or Operating Lessee with respect to the operation of the Property and water and sewer charges; 

  
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 (viii) all sums deposited into any maintenance or capital expenditure
reserve, including the amount of the applicable FF&E Reserve; 
 (ix) legal fees related to the operation of
the Property; 
 (x) the costs and expenses of technical consultants and specialized operational experts for
specialized services in connection with non-recurring work on operational, functional, decorating, design or construction problems and activities, including the fees (if any) of Manager in connection therewith, such as ADA studies, life safety
reviews, and energy efficiency studies; 
 (xi) all expenses for marketing the Property, including all expenses
of advertising, sales promotion and public relations activities; 
 (xii) utility taxes and other taxes (as those
terms are defined in the Uniform System) and municipal, county and state license and permit fees; 
 (xiii) all
fees (including base and incentive fees), assessments, royalties and charges payable under the Management Agreement and Franchise Agreement (if any); 
 (xiv) reasonable reserves for uncollectible accounts receivable; 

(xv) credit card fees, travel agent commissions and other third-party reservation fees and charges; 

(xvi) all parking charges and other expenses associated with revenues received by the Manager related to parking
operations, including valet services; 
 (xvii) common expenses charges, common area maintenance charges and
similar costs and expenses; 
 (xviii) rent payments under any ground lease; and 

(xix) any other cost or charge classified as an Operating Expense or an Administrative and General Expense under the
Uniform System in the Management Agreement unless specifically excluded under the provisions of this Agreement. 
 Gross Operating Expenses
shall not include (a) depreciation and amortization except as otherwise provided in this Agreement; (b) the cost of any item specified in the Management Agreement to be provided at Manager’s sole expense; (c) debt service;
(d) capital repairs and other expenditures which are normally treated as capital expenditures under the Uniform System or GAAP; or (e) other recurring or non-recurring ownership costs such as partnership or limited liability company
administration and costs of changes to business and liquor licenses. 
 “Operating Lease” means, with respect
to any Property, the lease thereof between the Subsidiary of the Borrower that is the owner thereof and the Subsidiary of the Borrower that is the Operating Lessee. 

  
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 “Operating Lessee” means any Subsidiary of the Borrower that is the lessee
under an Operating Lease. 
 “Option to Extend” means the Borrower’s option to extend the Maturity Date as
provided in Section 2.15. 
 “Original Credit Agreement” has the meaning given that term in the recitals
to this Agreement. 
 “Original Maturity Date” means July 30, 2012. 

“Other Collateral Properties” means all Collateral Properties other than the Boston Hyatt. 

“Ownership Share” means, with respect to any Subsidiary of a Person (other than a Wholly Owned Subsidiary) or any
Unconsolidated Affiliate of a Person, the greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed as a percentage) in such Subsidiary or Unconsolidated Affiliate or (b) subject to compliance
with Section 9.4.(r), such Person’s relative direct and indirect economic interest (calculated as a percentage) in such Subsidiary or Unconsolidated Affiliate determined in accordance with the applicable provisions of the declaration of
trust, articles or certificate of incorporation, articles of organization, partnership agreement, joint venture agreement or other applicable organizational document of such Subsidiary or Unconsolidated Affiliate. 

“Parent Guarantor” means Chesapeake Lodging Trust, a Maryland real estate investment trust. 

“Parent Guaranty” means the Guaranty of even date herewith executed by the Parent Guarantor in favor of the
Administrative Agent for its benefit and the benefit of the Lenders, as the same may be supplemented, amended or otherwise modified from time to time. 
 “Participant” has the meaning given that term in Section 13.6.(b). 
 “PBGC” means the Pension Benefit Guaranty Corporation and any successor agency. 
 “Permitted Liens” means, with respect to any asset or property of a Person, (a) Liens securing taxes, assessments and other charges or levies imposed by any Governmental Authority
(excluding any Lien imposed pursuant to any of the provisions of ERISA or pursuant to any Environmental Laws) which are not at the time required to be paid or discharged under Section 8.6.; (b) Liens consisting of deposits or pledges made,
in the ordinary course of business, in connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar Applicable Laws; (c) Liens consisting of encumbrances in the nature of zoning
restrictions, easements, and rights or restrictions of record on the use of real property, which do not materially detract from the value of such Property or impair the intended use thereof in the business of such Person; (d) Liens imposed by
laws, such as mechanics’ liens and other similar liens, arising in the ordinary course of business which secure payment of obligations not more than sixty (60) days past due; (e) the rights of tenants under leases or subleases not
interfering with the ordinary conduct of business of such Person; (f) Liens in favor 

  
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of the Administrative Agent for its benefit and the benefit of the Lenders; (g) Liens permitted under any Security Documents; (h) in the case of any Property that is not a Collateral
Pool Party, Liens against such Property securing Indebtedness not otherwise prohibited hereunder; (i) judgment Liens not in excess of $1,000,000 in the aggregate for all Properties or $250,000 for any one Collateral Property (exclusive of
(i) any amounts that are duly bonded to the satisfaction of Administrative Agent in its reasonable discretion or (ii) any amount covered by insurance to the satisfaction of Administrative Agent in its reasonable discretion);
(j) deposits or pledges to secure bids, tenders, contracts (other than contracts for payment of money), leases, regulatory or statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of
business; (k) Liens on leased personal property to secure the lease obligations associated with such property; and (l) any other matters from time to time that are not material and that are approved in writing by Administrative Agent (but
specifically excluding, in the case of any Collateral Property, Liens securing monetary obligations). 

“Person” means any natural person, corporation, limited partnership, general partnership, joint stock company, limited
liability company, limited liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, or any other nongovernmental entity, or any
Governmental Authority. 
 “Personal Property” shall mean the Accounts, Chattel Paper, Contracts, Equipment,
General Intangibles, Inventory, vehicles and cash on hand at or related to a Collateral Property. 
 “PIP”
means a property improvement plan for a Property prepared by a franchisor or manager of such Property. 

“Plan” means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV
of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (i) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group or
(ii) has at any time within the preceding five years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at such time a member of the ERISA Group.

 “Post-Default Rate” means, in respect of any principal of any Loan that is not paid when due, the rate
otherwise applicable plus an additional four percent (4%) per annum and with respect to any other Obligation that is not paid when due (whether at stated maturity, by acceleration, by optional or mandatory prepayment or otherwise) a rate
per annum equal to Base Rate as in effect from time to time plus the Applicable Margin, plus four percent (4%). 

“Preferred Dividends” means, for any period and without duplication, all Restricted Payments paid during such period on
Preferred Stock issued by the Parent Guarantor, the Borrower or a Subsidiary. Preferred Dividends shall not include dividends or distributions (a) paid or payable solely in Equity Interests (other than Mandatorily Redeemable Stock) payable to
holders of such class of Equity Interests, (b) paid or payable to the Parent Guarantor, the Borrower or a Subsidiary, or (c) constituting or resulting in the redemption of Preferred Stock, other than scheduled redemptions not constituting
balloon, bullet or similar redemptions in full. 

  
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 “Preferred Stock” means, with respect to any Person, shares of capital
stock of, or other Equity Interests in, such Person which are entitled to preference or priority over any other capital stock of, or other Equity Interest in, such Person in respect of the payment of dividends or distribution of assets upon
liquidation or both. 
 “Principal Office” means the Administrative Agent’s office at Minneapolis Loan
Center, 608 2nd Avenue South, 11th Floor, Minneapolis, Minnesota 55402. 
 “Proceedings” has the meaning given
that term in Section 8.16. 
 “Property” means a parcel of real property and the improvements thereon
owned or ground leased by the Parent Guarantor, the Borrower, any Loan Party or any of their Subsidiaries (or, if applicable, Unconsolidated Affiliates). For purposes of Section 4.1., the term “Property” may include a property to be
acquired, but not yet acquired, by a Subsidiary of the Borrower. 
 “Pro Forma Debt Service” means, on any day,
the amount obtained by multiplying (a) an amount equal to the outstanding principal balance of the Loans on such day, by (b) the greater of (i) 10% or (ii) the highest actual rate at which interest is then payable on the Loans or
(c) the then prevailing rate on United States Treasury bonds, plus 3.50%, with a maturity of ten (10) years and a 25-year amortization schedule. 
 “Pro Rata Share” means, as to each Lender, the ratio, expressed as a percentage of (a) the amount of such Lender’s Commitment to (b) the sum of the aggregate amount of the
Commitments of all Lenders; provided, however, that if at the time of determination the Commitments have terminated or been reduced to zero, the “Pro Rata Share” of each Lender shall be the ratio, expressed as a percentage of
(A) the sum of the unpaid principal amount of all outstanding Loans owing to such Lender as of such date to (B) the sum of the aggregate unpaid principal amount of all outstanding Loans of all Lenders as of such date. 

“Protective Advance” means all sums expended as determined by the Administrative Agent to be necessary or appropriate
after the Borrower fails to do so when required: (a) to protect the validity, enforceability, perfection or priority of the Liens in any of the Collateral and the instruments evidencing the Obligations; (b) to prevent the value of any
Collateral from being materially diminished; or (c) to protect any of the Collateral from being materially damaged, impaired, mismanaged or taken, including, without limitation, any amounts expended in connection therewith in accordance with
Section 13.2. 
 “Redevelopment Property” means at any time any Hotel Property that is then undergoing
Major Renovations or with respect to which the Borrower or a Subsidiary is planning, or a PIP or property condition report recommends or requires, Major Renovations within the next three (3) years. 

“Regulatory Change” means, with respect to any Lender, any change effective after the Agreement Date in Applicable Law
(including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) or the adoption or making after such date of any interpretation, directive or request applying to a class of banks, including such Lender, of or
under any Applicable Law (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) by any Governmental Authority or monetary authority 

  
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charged with the interpretation or administration thereof or compliance by any Lender with any request or directive regarding capital adequacy. 

“REIT” means a Person qualifying for treatment as a “real estate investment trust” under the Internal Revenue
Code. 
 “Remaining Collateral Properties” means, at the time of a Collateral Property Release, those
Collateral Properties that will continue to be included in the Collateral Pool immediately following such Collateral Property Release. 
 “Renovations” means any renovations, remodeling or other capital improvements at a Hotel Property (whether performed pursuant to a PIP or otherwise), but not routine maintenance or
repairs. 
 “Required Approval Lenders” means (a) in the case of the each of the Initial Collateral
Properties, all of the Lenders, (b) at any time at which there are at least seven (7) Collateral Properties in the Collateral Pool, the Requisite Lenders, and (c) at all other times, the Super Majority Lenders. 

“Required Collateral Property” means each of the Boston Hyatt, the Checkers Hilton Hotel in Los Angeles, California and
the Newton Massachusetts (subject to the substitution of other Collateral Properties as provided in Section 4.5.). 

“Requisite Lenders” means, as of any date, Lenders having at least 66 2/3% of the aggregate amount of the Commitments,
or, if the Commitments have been terminated or reduced to zero, Lenders holding at least 66 2/3% of the aggregate principal amount of the outstanding Loans; provided that (i) in determining such percentage at any given time, all then existing
Defaulting Lenders will be disregarded and excluded, and the Pro Rata Shares shall be redetermined, for voting purposes only, to exclude the Pro Rata Shares of such Defaulting Lenders, and (ii) at all times when two or more Lenders are party to
this Agreement, the term “Requisite Lenders” shall in no event mean less than two Lenders. 
 “Restricted
Payment” means: (a) any dividend or other distribution, direct or indirect, on account of any shares of any class of stock or other Equity Interest of the Borrower or any of its Subsidiaries now or hereafter outstanding, except a
dividend payable solely in shares of that class of stock to the holders of that class; (b) any redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any
shares of any class of stock or other Equity Interest of the Borrower or any of its Subsidiaries now or hereafter outstanding; (c) any payment or prepayment of principal of, premium, if any, or interest on, redemption, conversion, exchange,
purchase, retirement, defeasance, sinking fund or similar payment with respect to, any Subordinated Debt; and (d) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire any Equity
Interests of the Borrower or any of its Subsidiaries now or hereafter outstanding. 
 “S&P” means
Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. 

  
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 “Securities Act” means the Securities Act of 1933, as amended from time to
time, together with all rules and regulations issued thereunder. 
 “Security Deed” means a deed to secure
debt, deed of trust or mortgage with respect to a Collateral Property executed by the applicable Subsidiary Guarantor and Operating Lessee in favor of the Administrative Agent for its benefit and the benefit of the Lenders, in form and substance
satisfactory to the Administrative Agent, securing the Obligations (subject to Section 2.18.), as the same may be supplemented, amended or otherwise modified from time to time. 

“Security Document” means any Security Deed, any Assignment of Leases and Rents, any Management Agreement
Assignment/Subordination, any Control Agreement and any security agreement, pledge agreement, financing statement, or other document, instrument or agreement creating, evidencing or perfecting the Administrative Agent’s Liens in any of the
Collateral. 
 “Solvent” means, when used with respect to any Person, that (a) the fair value and the fair
salable value of its assets (excluding any Indebtedness due from any affiliate of such Person) are each in excess of the fair valuation of its total liabilities (including all contingent liabilities); (b) such Person is able to pay its debts or
other obligations in the ordinary course as they mature; and (c) such Person has capital not unreasonably small to carry on its business and all business in which it proposes to be engaged. 

“Specified Loan Party” means each Loan Party other than the Parent Guarantor. 

“Subordinated Debt” means Indebtedness for money borrowed of any of the Loan Parties that is subordinated in right of
payment and otherwise to the Loans and the other Obligations in a manner satisfactory to the Administrative Agent in its sole and absolute discretion. 
 “Subsidiary” means, for any Person, any corporation, partnership, limited liability company or other entity of which at least a majority of the Equity Interests having by the terms
thereof ordinary voting power to elect a majority of the board of directors or other individuals performing similar functions of such corporation, partnership, limited liability company or other entity (without regard to the occurrence of any
contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person, and shall include all Persons the accounts of which are
consolidated with those of such Person pursuant to GAAP. 
 “Subsidiary Guarantor” means each Subsidiary of
Borrower that owns a Collateral Property. 
 “Subsidiary Guaranty” means the Subsidiary Guaranty of even date
herewith executed by the Initial Subsidiary Guarantors in favor of the Administrative Agent for its benefit and the benefit of the Lenders, and joined in from time to time thereafter by other Subsidiary Guarantors by Accession Agreements executed
pursuant to Section 6.3.(j), as the same may be supplemented, amended or otherwise modified from time to time. 

  
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 “Substantial Amount” means, at the time of determination thereof, an amount
in excess of ten percent (10%) of total consolidated assets (exclusive of depreciation) at such time of the Parent Guarantor and its Subsidiaries determined on a consolidated basis. 

“Super Majority Lenders” means, as of any date, Lenders having at least 75% of the aggregate amount of the Commitments,
or, if the Commitments have been terminated or reduced to zero, Lenders holding at least 75% of the aggregate principal amount of the outstanding Loans; provided that (i) in determining such percentage at any given time, all then existing
Defaulting Lenders will be disregarded and excluded, and the Pro Rata Shares shall be redetermined, for voting purposes only, to exclude the Pro Rata Shares of such Defaulting Lenders, and (ii) at all times when two or more Lenders are party to
this Agreement, the term “Super-Majority Lenders” shall in no event mean less than two Lenders. 

“Syndication Agent” means JPMorgan Chase Bank, N.A. 

“Tangible Net Worth” means, as of a given date, stockholders’ equity of the Parent Guarantor and its Subsidiaries
determined on a consolidated basis plus increases in accumulated depreciation and amortization accrued after the Agreement Date, minus (to the extent included when determining stockholders’ equity of the Parent Guarantor and its
Subsidiaries): (a) the amount of any write-up in the Book Value of any assets reflected in any balance sheet resulting from revaluation thereof or any write up in excess of the cost of such assets acquired, and (b) the aggregate of all
amounts appearing on the assets side of any such balance sheet for franchises, licenses, permits, patents, patent applications, copyrights, trademarks, service marks, trade names, goodwill, treasury stock, experimental or organizational expenses and
other like assets which would be classified as intangible assets under GAAP (subject to Section 1.2.(a)), all determined on a consolidated basis. 
 “Taxes” has the meaning given that term in Section 3.10. 

“Tax/Insurance Reserve Account” means, with respect to each Collateral Property, an account with the Administrative
Agent into which funds shall be deposited and withdrawn for the payment of personal property and real estate taxes and assessments and insurance premiums in accordance with Section 8.21. 

“Tenant Lease” means any lease, sublease or other similar occupancy agreement for any portion of a Collateral Property.

 “Term Conversion Date” means the Original Maturity Date. The extension of the Maturity Date shall not extend
the Term Conversion Date. 
 “Tie-In Jurisdiction” means a jurisdiction in which a “tie-in”
endorsement may be obtained for a title insurance policy covering property located in such jurisdiction which endorsement effectively ties coverage to other title insurance policies covering properties located in other jurisdictions. 

“Top 25 Market” means the twenty-five (25) largest Metropolitan Statistical Areas in the United States as published
from time to time by the United States Office of Management and Budget. 

  
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 “Transfer Authorizer Designation Form” means a form substantially in the
form delivered to the Administrative Agent pursuant to the Original Credit Agreement or in the form of Exhibit G as the same may be amended, restated or modified from time to time with the prior written approval of the Administrative Agent.

 “Type” with respect to any Loan, refers to whether such Loan is a LIBOR Loan or a Base Rate Loan.

 “UCC” means the Uniform Commercial Code as in effect in any applicable jurisdiction. 

“Unconsolidated Affiliate” means, with respect to any Person, any other Person in whom such Person holds an Investment,
which Investment is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated under GAAP with the financial results of such Person on the consolidated financial
statements of such Person. 
 “Unfunded Liabilities” means, with respect to any Plan at any time, the amount
(if any) by which (a) the value of all benefit liabilities under such Plan, determined on a plan termination basis using the assumptions prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds (b) the fair market value
of all Plan assets allocable to such liabilities under Title IV of ERISA (excluding any accrued but unpaid contributions), all determined as of the then most recent valuation date for such Plan, but only to the extent that such excess represents a
potential liability of a member of the ERISA Group to the PBGC or any other Person under Title IV of ERISA. 
 “Uniform
System” means the Uniform System of Accounts for the Lodging Industry, Tenth Revised Edition, 2006, as published by the Educations Institute of the American Hotel & Motel Association, as revised from time to time to the extent such
revision has been or is in the process of being generally implemented within such Uniform System of Accounts. 

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

“Wells Fargo” means Wells Fargo Bank, National Association, and its successors and assigns. 

“Wholly Owned Subsidiary” means any Subsidiary of a Person in respect of which all of the Equity Interests (other than,
in the case of a corporation, directors’ qualifying shares) are at the time directly or indirectly owned or controlled by such Person or one or more other Subsidiaries of such Person or by such Person and one or more other Subsidiaries of such
Person. 
 Section 1.2. GAAP; General References; Pacific Time. 

(a) Unless otherwise indicated, all accounting terms, ratios and measurements shall be interpreted or determined in accordance with GAAP
as in effect on the Agreement Date; 

  
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provided that, if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Requisite
Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the
Requisite Lenders); provided further that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent
and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such
change in GAAP. Notwithstanding the use of GAAP, the calculation of liabilities shall NOT include any fair value adjustments to the carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value option
election under FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB standards allowing entities to elect fair value option for financial liabilities. Therefore, the
amount of liabilities shall be the historical cost basis, which generally is the contractual amount owed adjusted for amortization or accretion of any premium or discount. 
 (b) References in this Agreement to “Sections”, “Articles”, “Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless
otherwise indicated. References in this Agreement to any document, instrument or agreement (i) shall include all exhibits, schedules and other attachments thereto, (ii) shall include all documents, instruments or agreements issued or
executed in replacement thereof, to the extent permitted hereby and (iii) shall mean such document, instrument or agreement, or replacement or predecessor thereto, as amended, supplemented, restated or otherwise modified from time to time to
the extent not otherwise stated herein or prohibited hereby and in effect at any given time. Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and plural, and pronouns
stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Unless explicitly set forth to the contrary, a reference to “Subsidiary” means a Subsidiary of the Borrower or a Subsidiary of
such Subsidiary and a reference to an “Affiliate” means a reference to an Affiliate of the Borrower. Titles and captions of Articles, Sections, subsections and clauses in this Agreement are for convenience only, and neither limit nor
amplify the provisions of this Agreement. Unless otherwise indicated, all references to time are references to Pacific time. 

ARTICLE II. CREDIT FACILITY 
 Section 2.1. Loans. 
 Subject to the terms and conditions set forth in
this Agreement, including without limitation, Section 2.16. below, each Lender severally and not jointly agrees to make Loans to the Borrower during the period from and including the Effective Date to but excluding the Term Conversion Date, in
an aggregate principal amount at any one time outstanding up to, but not exceeding, such Lender’s Commitment; provided, however Loans shall not be made in excess of amounts that would cause a violation of the limitations set forth in
Section 2.16. Each borrowing of Loans hereunder shall be in an aggregate principal amount of $1,000,000 and integral multiples of $100,000 in excess of that amount (except that, subject to Section 2.16., any such

  
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borrowing of Loans may be in the aggregate amount of the Commitments of all Lenders minus the sum of the aggregate principal balance of all Loans, which Loans, if less than $1,000,000,
must be Base Rate Loans). Within the foregoing limits and subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and, prior to the Term Conversion Date, reborrow Loans. 

Section 2.2. Requests for Loans. 
 Not later than 9:00 a.m. at least one (1) Business Day prior to a borrowing of Base Rate Loans and not later than 9:00 a.m. at least three (3) Business Days prior to a borrowing of LIBOR Loans,
the Borrower shall deliver to the Administrative Agent a Notice of Borrowing. Each Notice of Borrowing shall specify the aggregate principal amount of the Loans to be borrowed, the date such Loans are to be borrowed (which must be a Business Day),
the use of the proceeds of such Loans, the Type of the requested Loans, and if such Loans are to be LIBOR Loans, the initial Interest Period for such Loans. Each Notice of Borrowing shall be irrevocable once given and binding on the Borrower.
Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of Doug Vicari or Graham Wooten as the Borrower’s duly authorized agents, or such other and/or additional authorized agents as the
Borrower shall designate in writing to Administrative Agent (collectively, the “Borrower’s Agents”). The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as
the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Borrowing required pursuant to the first sentence of this Section 2.2. Prior to delivering a
Notice of Borrowing, the Borrower may (without specifying whether a Loan will be a Base Rate Loan or a LIBOR Loan) request that the Administrative Agent provide the Borrower with the most recent LIBOR available to the Administrative Agent. The
Administrative Agent shall provide such quoted rate to the Borrower on the date of such request or as soon as possible thereafter. 

Section 2.3. Funding of Loans. 
 Promptly after receipt of a Notice of Borrowing under Section 2.2., the Administrative Agent shall notify each Lender of the proposed borrowing. Each Lender shall deposit an amount equal to the Loan
to be made by such Lender to the Borrower with the Administrative Agent at the Principal Office, in immediately available funds not later than 9:00 a.m. on the date such proposed Loans are to be made available to the Borrower. Subject to fulfillment
of all applicable conditions set forth herein, the Administrative Agent shall make available to the Borrower at the Principal Office, not later than 12:00 noon on the date of the requested borrowing of Loans, the proceeds of such amounts received by
the Administrative Agent. No Lender shall be responsible for the failure of any other Lender to make a Loan or to perform any other obligation to be made or performed by such other Lender hereunder, and the failure of any Lender to make a Loan or to
perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make any Loan or to perform any other obligation to be made or performed by such other Lender. 

  
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 Section 2.4. Assumptions Regarding Funding by Lenders. 

With respect to Loans to be made after the Effective Date, unless the Administrative Agent shall have been notified by any Lender that
such Lender will not make available to the Administrative Agent a Loan to be made by such Lender in connection with any borrowing, the Administrative Agent may assume that such Lender will make the proceeds of such Loan available to the
Administrative Agent in accordance with this Section, and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption, make available to the Borrower the amount of such Loan to be provided by such Lender. In such
event, if such Lender does not make available to the Administrative Agent the proceeds of such Loan, then such Lender and the Borrower severally agree to pay to the Administrative Agent on demand the amount of such Loan with interest thereon, for
each day from and including the date such Loan is made available to the Borrower but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and
a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and
such Lender shall pay the amount of such interest to the Administrative Agent for the same or overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such
Lender pays to the Administrative Agent the amount of such Loan, the amount so paid shall constitute such Lender’s Loan included in the borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against
a Lender that shall have failed to make available the proceeds of a Loan to be made by such Lender. 
 Section 2.5. Purchase of Loans on
the Effective Date. 
 Each Lender that is not a party to the Original Credit Agreement and each Lender that is increasing
its Commitment hereunder above the amount of its Commitment under the Original Credit Agreement shall, on the Effective Date, purchase from the other Lenders its Commitment Percentage or, in the case of a Lender that is increasing its Commitment, a
percentage equal to the increase of its Commitment Percentage (determined in each case with respect to the Lender’s relative Commitments and after giving effect to the increase of Commitments as a result of this Agreement) of any outstanding
Loans, by making available to the Administrative Agent for the account of such other Lenders, in same day funds, an amount equal to the portion of the outstanding principal amount of such Loans to be purchased by such Lender. The Borrower shall pay
to the Lenders amounts payable, if any, to the Lenders under Section 5.4. as a result of the prepayment of any such Loans. 

Section 2.6. Rates and Payment of Interest on Loans. 
 (a) Rates. The Borrower promises to pay to the Administrative Agent for the account of each Lender interest on the unpaid principal amount of each Loan made by such Lender for the period from and
including the date of the making of such Loan (including any Loans outstanding on the Effective Date) to but excluding the date such Loan shall be paid in full, at the following per annum rates: 

  
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 (i) during such periods as such Loan is a Base Rate Loan, at the Base Rate
(as in effect from time to time), plus the Applicable Margin; and 
 (ii) during such periods as such Loan is a
LIBOR Loan, at LIBOR for such Loan for the Interest Period therefore, plus the Applicable Margin. 
 Notwithstanding the foregoing, while an
Event of Default exists, the Borrower shall pay to the Administrative Agent for the account of each Lender interest at the Post-Default Rate on the outstanding principal amount of any Loan made by such Lender and on any other amount payable by the
Borrower hereunder or under the Notes held by such Lender to or for the account of such Lender (including without limitation, accrued but unpaid interest to the extent permitted under Applicable Law). 

(b) Payment of Interest. All accrued and unpaid interest on the outstanding principal amount of each Loan shall be payable
(i) monthly in arrears on the first day of each month, commencing with the first full calendar month occurring after the Effective Date and (ii) on any date on which the principal balance of such Loan is due and payable in full (whether at
maturity, due to acceleration or otherwise). Interest payable at the Post-Default Rate shall be payable from time to time on demand. All determinations by the Administrative Agent of an interest rate hereunder shall be conclusive and binding on the
Lenders and the Borrower for all purposes, absent manifest error. In the case of interest on Loans outstanding on the Effective Date, interest accrued as of the Effective Date shall be allocated among the Lenders based on their Commitment
Percentages under the Original Credit Agreement, and interest accruing from and after the Effective Date shall be allocated among the Lenders based on their Commitment Percentages under this Agreement. 

Section 2.7. Number of Interest Periods. 
 There may be no more than seven (7) different Interest Periods outstanding at the same time. 

Section 2.8. Repayment of Loans. 
 The Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Loans on the Maturity Date. 
 Section 2.9. Prepayments. 
 (a) Optional. Subject to
Section 5.4., the Borrower may prepay any Loan at any time without premium or penalty. The Borrower shall give the Administrative Agent at least three (3) Business Days prior written notice of the prepayment of any Loan. Each voluntary
prepayment of Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess thereof. 

(b) Mandatory. 
 (i) Commitment Overadvance. If at any time the aggregate principal amount of all outstanding Loans exceeds the aggregate amount of the Commitments, the

  
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Borrower shall immediately upon demand pay to the Administrative Agent for the account of the Lenders the amount of such excess. All payments under this Section 2.9.(b)(i) shall be
applied in accordance with the last sentence of Section 3.2. 
 (ii) Minimum DSCR Hurdle. If the Debt
Service Coverage Ratio as determined at the end of any fiscal quarter is less than the Minimum DSCR Hurdle, the Borrower shall pay to the Administrative Agent for the account of the Lenders, as a principal payment of the Loans, not later than
fifteen (15) Business Days following the day on which the DSCR Certificate for such fiscal quarter is required to be delivered under Section 9.4.(d), the amount by which the outstanding principal balance of the Loan would be required to be
reduced to cause the Debt Service Coverage Ratio to equal the Minimum DSCR Hurdle as of the last day of such fiscal quarter. All payments under this Section 2.9.(b)(ii) shall be applied in accordance with the last sentence of
Section 3.2. 
 Section 2.10. Late Charges. 
 If any payment required under this Agreement is not paid within ten (10) days after it becomes due and payable, the Borrower shall pay a late charge for late payment to compensate the Lenders for the
loss of use of funds and for the expenses of handling the delinquent payment, in an amount equal to four percent (4%) of such delinquent payment. Such late charge shall be paid in any event not later than the due date of the next subsequent
installment of principal and/or interest. In the event the maturity of the Obligations hereunder occurs or is accelerated pursuant to Section 11.2., this Section shall apply only to payments overdue prior to the time of such acceleration.
This Section shall not be deemed to be a waiver of the Lenders’ right to accelerate payment of any of the Obligations as permitted under the terms of this Agreement. 
 Section 2.11. Continuation. 
 So long as no Default or Event of Default
exists, the Borrower may on any Business Day, with respect to any LIBOR Loan, elect to maintain such LIBOR Loan or any portion thereof as a LIBOR Loan by selecting a new Interest Period for such LIBOR Loan. Each Continuation of a LIBOR Loan shall be
in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and each new Interest Period selected under this Section shall commence on the last day of the immediately preceding Interest Period. Each
selection of a new Interest Period shall be made by the Borrower giving to the Administrative Agent a Notice of Continuation not later than 9:00 a.m. on the third Business Day prior to the date of any such Continuation. Such notice by the Borrower
of a Continuation shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Continuation, specifying (a) the proposed date of such Continuation, (b) the LIBOR Loan and portion thereof subject
to such Continuation and (c) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. Notwithstanding the foregoing, the
Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the
Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Continuation required pursuant to the third sentence of this Section 2.11. Each Notice of
Continuation shall be irrevocable by and binding 

  
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on the Borrower once given. Promptly after receipt of a Notice of Continuation, the Administrative Agent shall notify each Lender of the proposed Continuation. If the Borrower shall fail to
select in a timely manner a new Interest Period for any LIBOR Loan in accordance with this Section, such Loan will automatically, on the last day of the current Interest Period therefore, continue as a LIBOR Loan with an Interest Period of one
month. 
 Section 2.12. Conversion. 
 So long as no Default or Event of Default exists, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail
or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of
$100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion
of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 9:00 a.m. three (3) Business Days prior to the date of any
proposed Conversion into Base Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion
shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such
Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the
Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the
Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion
shall be irrevocable by and binding on the Borrower once given. 
 Section 2.13. Notes. 

(a) Notes. The Loans made by each Lender shall, in addition to this Agreement, also be evidenced by a Note, payable to the order of
such Lender in a principal amount equal to the amount of its Commitment as originally in effect and otherwise duly completed. 

(b) Lost, Stolen, Destroyed or Mutilated Notes. Upon receipt by the Borrower of (i) written notice from a Lender that a Note
of such Lender has been lost, stolen, destroyed or mutilated, and (ii)(A) in the case of loss, theft or destruction, an unsecured agreement of indemnity from such Lender in form reasonably satisfactory to the Borrower, or (B) in the case of
mutilation, upon surrender and cancellation of such Note, the Borrower shall at its own expense execute and deliver to such Lender a new Note dated the date of such lost, stolen, destroyed or mutilated Note. 

  
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 Section 2.14. Voluntary Reductions of the Commitment. 

The Borrower may terminate or reduce the amount of the Commitments at any time and from time to time without penalty or premium upon not
less than five (5) Business Days prior notice to the Administrative Agent of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction (which in the case of any partial
reduction of the Commitments shall not be less that $5,000,000 and integral multiples of $1,000,000 in excess of that amount in the aggregate) and shall be irrevocable once given and effective only upon receipt by the Administrative Agent
(“Commitment Reduction Notice”); provided, however, (a) the Borrower may not reduce the aggregate amount of the Commitments to an amount that is less than the aggregate outstanding principal amount of the Loans unless,
on or before the effective date of such reduction, the Borrower complies with the provisions of Section 2.9.(b)(i) and (b) the Borrower may not reduce the aggregate amount of the Commitments below $50,000,000 unless the Borrower is fully
terminating the Commitments. Promptly after receipt of a Commitment Reduction Notice the Administrative Agent shall notify each Lender of the proposed termination or Commitment reduction. The Commitments, once reduced pursuant to this Section, may
not be increased. The Borrower shall pay all interest and fees, on the Loans accrued to the date of such reduction or termination of the Commitments to the Administrative Agent for the account of the Lenders, including but not limited to any
applicable compensation due to each Lender in accordance with Section 5.4. of this Agreement. 
 Section 2.15. Extension of
Maturity Date. 
 Borrower shall have the option to extend the Maturity Date from the Original Maturity Date to the Extended
Maturity Date, upon satisfaction of each of the following conditions precedent: 
 (a) The Borrower shall provide the
Administrative Agent with written notice of the Borrower’s request to exercise the Option to Extend not more than ninety (90) days but not less than thirty (30) days prior to the Original Maturity Date; and 

(b) As of the date of the Borrower’s delivery of notice of request to exercise the Option to Extend, and as of the Original Maturity
Date, no Default of Event of Default shall have occurred and be continuing, and Borrower shall so certify in writing; and 
 (c)
The Borrower shall execute or cause the execution of all documents reasonably required by the Administrative Agent to exercise the Option to Extend and shall deliver to the Administrative Agent, at the Borrower’s sole cost and expense, such
title insurance endorsements reasonably required by the Administrative Agent; and 
 (d) There shall not have occurred any
change in any Collateral Property since the date on which it first became a Collateral Property or the financial condition of the Borrower or the Parent Guarantor from that which existed as of July 30, 2010 that, in the determination of the
Administrative Agent in its sole discretion, has had a Material Adverse Effect; and 
 (e) On or before the Original Maturity
Date, the Borrower shall pay to the Administrative Agent all closing and recording costs, the costs of preparing any extension 

  
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documents, including reasonable attorney’s fees if any, and any other reasonable costs and expense associated with the Borrower’s exercise of its extension right; and 

(f) On or before the Original Maturity Date, Borrower shall pay to the Administrative Agent the fee provided for in Section 3.5.(c);
and 
 (g) The Administrative Agent shall have received, at the Borrower’s sole cost, Appraisals confirming to the
satisfaction of the Administrative Agent that the ratio of the aggregate amount of the Commitments to the sum of (i) the aggregate amount of the Appraised Values of the Other Collateral Properties and (ii) if the Boston Hyatt is then a
Collateral Property, the Adjusted Appraised Value does not exceed the Advance Rate. If such ratio exceeds the Advance Rate, the Borrower may satisfy the condition in this Section 2.15.(g) by reducing the aggregate amount of the Commitments in
accordance with Section 2.14. to the amount required to reduce such ratio to the Advance Rate. 
 The extension of the Maturity Date shall
not extend the Term Conversion Date, and there shall be no advances of Loans from and after the Term Conversion Date. 
 Section 2.16.
Amount Limitations. 
 Notwithstanding any other term of this Agreement or any other Loan Document, no Lender shall make any
Loan in an amount which, immediately after the making of such Loan, would cause the aggregate principal amount of all outstanding Loans to exceed the Maximum Loan Availability. 
 Section 2.17. Funds Transfer Disbursements. 
 (a) Generally. The
Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Loan made by the Lenders or any of their Affiliates pursuant to the Loan Documents as requested by any of Borrower’s Agents to any of the accounts designated in
the Transfer Authorizer Designation Form. The Borrower agrees to be bound by any transfer request authorized or transmitted by the Borrower or any of the Borrower’s Agents. The Borrower further agrees and acknowledges that the Administrative
Agent may rely solely on any bank routing number or identifying bank account number or name provided by the Borrower or any of the Borrower’s Agents to effect a wire of funds transfer even if the information provided by the Borrower or the
Borrower’s Agents identifies a different bank or account holder than named by the Borrower. The Administrative Agent is not obligated or required in any way to take any actions to detect errors in information provided by the Borrower. If the
Administrative Agent takes any actions in an attempt to detect errors in the transmission or content of transfer or requests or takes any actions in an attempt to detect unauthorized funds transfer requests, the Borrower agrees that no matter how
many times the Administrative Agent takes these actions the Administrative Agent will not in any situation be liable for failing to take or correctly perform these actions in the future and such actions shall not become any part of the transfer
disbursement procedures authorized under this provision, the Loan Documents, or any agreement between the Administrative Agent and the Borrower. The Borrower agrees to notify the Administrative Agent of any errors in the transfer of any funds or of
any unauthorized or 

  
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improperly authorized transfer requests within fourteen (14) days after the Administrative Agent’s confirmation to the Borrower of such transfer. 

(b) Funds Transfer. The Administrative Agent will, in its sole discretion, determine the funds transfer system and the means by
which each transfer will be made. The Administrative Agent may delay or refuse to accept a funds transfer request if the transfer would: (i) violate the terms of this authorization (ii) require use of a bank unacceptable to the
Administrative Agent or any Lender or prohibited by any Governmental Authority; provided, that the Administrative Agent and the Lenders hereby acknowledge that TD Bank is acceptable to the Administrative Agent and the Lenders; (iii) cause the
Administrative Agent or any Lender to violate any Federal Reserve or other regulatory risk control program or guideline, or (iv) otherwise cause the Administrative Agent or any Lender to violate any Applicable Law or regulation. 

(c) Limitation of Liability. Neither the Administrative Agent nor any Lender shall be liable to the Borrower or any other parties
for (i) errors, acts or failures to act of others, including other entities, banks, communications carriers or clearinghouses, through which the Borrower’s transfers may be made or information received or transmitted, and no such entity
shall be deemed an agent of the Administrative Agent or any Lender, (ii) any loss, liability or delay caused by fires, earthquakes, wars, civil disturbances, power surges or failures, acts of government, labor disputes, failures in
communications networks, legal constraints or other events beyond Administrative Agent’s or any Lender’s reasonable control, or (iii) any special, consequential, indirect or punitive damages, whether or not (x) any claim for
these damages is based on tort or contract or (y) the Administrative Agent, any Lender or the Borrower knew or should have known the likelihood of these damages in any situation. Neither the Administrative Agent nor any Lender makes any
representations or warranties other than those expressly made in this Agreement. 
 Section 2.18. Limitation on Collateral with respect
to Boston Hyatt. 
 Notwithstanding anything to the contrary contained in any of the Loan Documents, the maximum amount of
the Obligations secured by the Boston Hyatt (including personal property related thereto) shall be $62,500,000. 
 Section 2.19.
Increase in Commitments. 
 (a) Request for and Conditions of Increase. The Borrower shall have the right to request
increases in the aggregate amount of the Commitments by providing written notice to the Administrative Agent, which notice shall be irrevocable once given; provided, however, that after giving effect to any such increases the aggregate
amount of the Commitments shall not exceed $200,000,000. Each such increase in the Commitments must be an aggregate minimum amount of $15,000,000 and integral multiples of $5,000,000 in excess thereof. The Administrative Agent, in consultation with
the Borrower, shall manage all aspects of the syndication of such increase in the Commitments, including decisions as to the selection of the existing Lenders and/or other banks, financial institutions and other institutional lenders to be
approached with respect to such increase and the allocations of the increase in the Commitments among such existing Lenders and/or other banks, financial institutions and other institutional 

  
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lenders. No Lender shall be obligated in any way whatsoever to increase its Commitment. No Person shall become a Lender hereto pursuant to this Section 2.19. without the approval of
Borrower. If a new Lender becomes a party to this Agreement, or if any existing Lender is increasing its Commitment, such Lender shall on the date it becomes a Lender hereunder (or in the case of an existing Lender, increases its Commitment
hereunder) (and as a condition thereto) purchase from the other Lenders its Commitment Percentage or, in the case of a Lender that is increasing its Commitment, a percentage equal to the increase of its Commitment Percentage (determined in each case
with respect to the Lenders’ relative Commitments and after giving effect to the increase of Commitments) of any outstanding Loans, by making available to the Administrative Agent for the account of such other Lenders, in same day funds, an
amount equal to the portion of the outstanding principal amount of such Loans to be purchased by such Lender. The Borrower shall pay to the Lenders amounts payable, if any, to such Lenders under Section 5.4. as a result of the prepayment of any
such Loans. Effecting the increase of the Commitments under this Section is subject to the following conditions precedent: (x) no Default or Event of Default shall be in existence on the effective date of such increase, (y) the
representations and warranties made or deemed made by the Borrower or any other Loan Party in any Loan Document to which such Loan Party is a party shall be true or correct on the effective date of such increase except to the extent that such
representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date) and except for changes in factual circumstances
specifically and expressly permitted hereunder, and (z) the Administrative Agent shall have received each of the following, in form and substance reasonably satisfactory to the Administrative Agent: (i) if not previously delivered to the
Administrative Agent, copies certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of (A) all corporate, partnership or other necessary action taken by the Borrower to authorize such increase and
(B) all corporate, partnership, limited liability company or other necessary action taken by each Guarantor authorizing the guaranty of such increase; (ii) an opinion of counsel to the Borrower and the Guarantors, and addressed to the
Administrative Agent and the Lenders covering such matters as reasonably requested by the Administrative Agent; (iii) a supplement to this Agreement executed by the Borrower and by any new Lender and existing Lender that is increasing its
Commitment confirming the amount of such new or increased Commitments; (iv) new Notes executed by the Borrower, payable to any new Lenders and replacement Notes executed by the Borrower, payable to any existing Lenders increasing their
Commitments, in the amount of such Lender’s Commitment at the time of the effectiveness of the applicable increase in the aggregate amount of the Commitments; (v) ratification by the Parent Guarantor, Subsidiary Guarantors and Operating
Lessees of their obligations to which they are parties; (vi) such amendments to the Security Documents as Administrative Agent shall reasonably require; and (vii) such other documents, instruments, title insurance endorsements and
information as Administrative Agent shall reasonably request. 
 (b) Payment of Interest and Fees. Interest and fees
accrued hereunder as of the effective date of any increase in the Commitments shall be allocated among the Lenders based on their Commitment Percentages prior to such increase in the Commitments, and interest and fees accruing from and after the
effective date of such increase in the Commitments shall be allocated among the Lenders based on their Commitment Percentages following such increase in the Commitments. 

  
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 ARTICLE III. PAYMENTS, FEES AND
OTHER GENERAL PROVISIONS 
 Section 3.1. Payments. 

(a) Payments by Borrower. Except to the extent otherwise provided herein, all payments of principal, interest, Fees and other
amounts to be made by the Borrower under this Agreement, the Notes or any other Loan Document shall be made in Dollars, in immediately available funds, without setoff, deduction or counterclaim, to the Administrative Agent at the Principal Office,
not later than 11:00 a.m. on the date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). Subject to Section 11.5., the Borrower
shall, at the time of making each payment under this Agreement or any other Loan Document, specify to the Administrative Agent the amounts payable by the Borrower hereunder to which such payment is to be applied. Each payment received by the
Administrative Agent for the account of a Lender under this Agreement or any Note shall be paid to such Lender by wire transfer of immediately available funds in accordance with the wiring instructions provided by such Lender to the Administrative
Agent from time to time, for the account of such Lender at the applicable Lending Office of such Lender. In the event the Administrative Agent fails to pay such amounts to such Lender within one (1) Business Day of receipt of such amounts, the
Administrative Agent shall pay interest on such amount at a rate per annum equal to the Federal Funds Rate from time to time in effect. If the due date of any payment under this Agreement or any other Loan Document would otherwise fall on a day
which is not a Business Day such date shall be extended to the next succeeding Business Day and interest shall continue to accrue at the rate, if any, applicable to such payment for the period of such extension. 

(b) Presumptions Regarding Payments by Borrower. Unless the Administrative Agent shall have received notice from the Borrower
prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date
in accordance herewith and may (but shall not be obligated to), in reliance upon such assumption, distribute to the Lenders, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the
Lenders, as the case may be, severally agrees to repay to the Administrative Agent on demand that amount so distributed to such Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding
the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

Section 3.2. Pro Rata Treatment. 
 Except to the extent otherwise provided herein: (a) each borrowing from Lenders under Section 2.1. shall be made from the Lenders, each payment of the fees under Sections 3.5.(a), 3.5.(b) and
3.5.(c) shall be made for the account of the Lenders, and each termination or reduction of the amount of the Commitments under Section 2.14. shall be applied to the respective Commitments of the Lenders, pro rata according to the amounts of
their respective Commitments; (b) each payment or prepayment of principal of Loans by the Borrower shall be made for the account of the Lenders pro rata in accordance with the respective unpaid principal

  
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amounts of the Loans held by them, provided that if immediately prior to giving effect to any such payment in respect of any Loans the outstanding principal amount of the Loans shall not be held
by the Lenders pro rata in accordance with their respective Commitments in effect at the time such Loans were made, then such payment shall be applied to the Loans in such manner as shall result, as nearly as is practicable, in the outstanding
principal amount of the Loans being held by the Lenders pro rata in accordance with their respective Commitments; (c) each payment of interest on Loans by the Borrower shall be made for the account of the Lenders pro rata in accordance with the
amounts of interest on such Loans then due and payable to the respective Lenders; and (d) the Conversion and Continuation of Loans of a particular Type (other than Conversions provided for by Section 5.1.) shall be made pro rata among the
Lenders according to the amounts of their respective Loans and the then current Interest Period for each Lender’s portion of each Loan of such Type shall be coterminous. Any payment or prepayment of principal or interest made (i)(A) during the
existence of a Default or Event of Default or (B) pursuant to Section 2.9.(b)(ii), shall be made for the account of the Lenders in accordance with the order set forth in Section 11.5. and (ii) pursuant to Section 2.9.(b)(i),
shall be made for the account of the Lenders holding Commitments (or, if the Commitments have been terminated, holding Loans, in accordance with the order set forth in Section 11.5. 
 Section 3.3. Sharing of Payments, Etc. 
 If a Lender shall obtain
payment of any principal of, or interest on, any Loan under this Agreement or shall obtain payment on any other Obligation owing by the Borrower or any other Loan Party through the exercise of any right of set-off, banker’s lien, counterclaim
or similar right or otherwise or through voluntary prepayments directly to a Lender or other payments made by the Borrower or any other Loan Party to a Lender not in accordance with the terms of this Agreement and such payment should be distributed
to the Lenders in accordance with Section 3.2. or Section 11.5., such Lender shall promptly purchase from such other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Loans made by the
other Lenders or other Obligations owed to such other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable, to the end that all the Lenders shall share the benefit of such payment (net of any reasonable
expenses which may actually be incurred by such Lender in obtaining or preserving such benefit) in accordance with the requirements of Section 3.2. or Section 11.5., as applicable. To such end, all the Lenders shall make appropriate
adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. The Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Loans or other
Obligations owed to such other Lenders may exercise all rights of set-off, banker’s lien, counterclaim or similar rights with the respect to such participation as fully as if such Lender were a direct holder of Loans in the amount of such
participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise and retain the benefits of exercising, any such right with respect to any other indebtedness or
obligation of the Borrower. 
 Section 3.4. Several Obligations. 

No Lender shall be responsible for the failure of any other Lender to make a Loan or to perform any other obligation to be made or
performed by such other Lender hereunder, and the 

  
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failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make any Loan or to perform
any other obligation to be made or performed by such other Lender. 
 Section 3.5. Fees. 

(a) Closing Fee. On the Effective Date, the Borrower agrees to pay to the Administrative Agent and each Lender all loan and loan
modification fees as have been agreed to in writing by the Borrower and the Administrative Agent. 
 (b) Unused Fees.
During the period from January 1, 2011 to but excluding the Term Conversion Date, the Borrower agrees to pay to the Administrative Agent for the account of the Lenders an unused fee equal to the sum of the daily amount by which the aggregate
amount of the Commitments exceeds the aggregate outstanding principal balance of Loans set forth in the table below multiplied by the corresponding per annum rate: 
  

					
	 Amount by Which Commitments Exceed Loans
	  	Unused Fee	 
	 $0 to and including an amount equal to 50% of the aggregate amount of the Commitments
	  	 	0.625	% 
	 Greater than an amount equal to 50% of the aggregate amount of the Commitments
	  	 	0.50	% 

 Such fee shall be computed on a daily
basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Term Conversion Date or any earlier date of termination of the Commitments or reduction of the
Commitments to zero. In the case of the unused fee payable on April 1, 2011, such fee accrued to the Effective Date shall be allocated among the Lenders based on their Commitment Percentages under the Original Credit Agreement, and such fee
accruing from and after the Effective Date shall be allocated among the Lenders based on their Commitment Percentages under this Agreement. 
 (c) Extension Fee. If the Borrower exercises its right to extend the Maturity Date in accordance with Section 2.15., the Borrower agrees to pay to the Administrative Agent for the account of
each Lender a fee equal to one-half percent (0.50%) of the amount of such Lender’s outstanding Loans as of the Original Maturity Date. 
 (d) Administrative and Other Fees. The Borrower agrees to pay the administrative and other fees of the Administrative Agent, the Syndication Agent and the Arrangers as provided in the Fee Letter
and as may be otherwise agreed to in writing from time to time. 
 Section 3.6. Computations. 

Unless otherwise expressly set forth herein, any accrued interest on any Loan, any Fees or other Obligations due hereunder shall be
computed on the basis of a year of 360 days and the actual number of days elapsed. 

  
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 Section 3.7. Usury. 
 In no event shall the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest allowed by Applicable Law and, if any such payment is paid by the Borrower or
any other Loan Party or received by any Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the respective Lender in writing that the Borrower elects to have such excess sum returned to it
forthwith. It is the express intent of the parties hereto that the Borrower not pay and the Lenders not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under Applicable
Law. The parties hereto hereby agree and stipulate that the only charge imposed upon the Borrower for the use of money in connection with this Agreement is and shall be the interest specifically described in Section 2.6.(a)(i) and (ii).
Notwithstanding the foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, facility fees, underwriting fees, default charges, late charges, funding or “breakage” charges, increased cost charges,
attorneys’ fees and reimbursement for costs and expenses paid by the Administrative Agent or any Lender to third parties or for damages incurred by the Administrative Agent or any Lender, are charges made to compensate the Administrative Agent
or any such Lender for underwriting or administrative services and costs or losses performed or incurred, and to be performed or incurred, by the Administrative Agent and the Lenders in connection with this Agreement and shall under no circumstances
be deemed to be charges for the use of money. All charges other than charges for the use of money shall be fully earned and nonrefundable when due. 
 Section 3.8. Statements of Account. 
 The Administrative Agent will
account to the Borrower monthly with a statement of Loans, accrued interest and Fees, charges and payments made pursuant to this Agreement and the other Loan Documents, and such account rendered by the Administrative Agent shall be deemed conclusive
upon the Borrower absent manifest error. The failure of the Administrative Agent to deliver such a statement of accounts shall not relieve or discharge the Borrower from any of its obligations hereunder. 

Section 3.9. Defaulting Lenders. 
 (a) Generally. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then, in addition to the rights and remedies that may be available to the
Administrative Agent or the Borrower under this Agreement or Applicable Law, (i) fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 3.5(b) and (ii) the Commitment of such
Defaulting Lender shall not be included in determining whether the Requisite Lenders, Super-Majority Lenders or all of Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant
to Section 13.7, except as otherwise provided therein). If for any reason a Lender fails to make timely payment to the Administrative Agent of any amount required to be paid to the Administrative Agent hereunder (without giving effect to any
notice or cure periods), in addition to other rights and remedies which the Administrative Agent or the Borrower may have under the immediately preceding provisions or otherwise, the Administrative Agent shall be entitled (A) to collect
interest from such Defaulting Lender on 

  
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such delinquent payment for the period from the date on which the payment was due until the date on which the payment is made at the Federal Funds Rate, (B) to withhold or setoff and to
apply in satisfaction of the defaulted payment and any related interest, any amounts otherwise payable to such Defaulting Lender under this Agreement or any other Loan Document and (C) to bring an action or suit against such Defaulting Lender
in a court of competent jurisdiction to recover the defaulted amount and any related interest. Any amounts received by the Administrative Agent in respect of a Defaulting Lender’s Loans shall not be paid to such Defaulting Lender and shall be
held uninvested by the Administrative Agent and either applied against the purchase price of such Loans under the following subsection (b) or paid to such Defaulting Lender upon the Defaulting Lender’s curing of its default. 

(b) Purchase or Cancellation of Defaulting Lender’s Commitment. Any Lender who is not a Defaulting Lender shall have the
right, but not the obligation, in its sole discretion, to acquire by assignment all of a Defaulting Lender’s Commitments. Any Lender desiring to exercise such right shall give written notice thereof to the Administrative Agent and the Borrower
no sooner than two (2) Business Days and not later than five (5) Business Days after such Defaulting Lender became a Defaulting Lender. If more than one (1) Lender exercises such right, each such Lender shall have the right to acquire
an amount of such Defaulting Lender’s Commitments in proportion to the Commitments of the other Lenders exercising such right. If after such fifth Business Day, the Lenders have not elected to acquire all of the Commitments of such Defaulting
Lender, then the Borrower may, by giving written notice thereof to the Administrative Agent, such Defaulting Lender and the other Lenders, either (i) demand that such Defaulting Lender assign its Commitments to an Eligible Assignee subject to
and in accordance with the provisions of Section 13.6.(c) for the purchase price provided for below or (ii) terminate the Commitments of such Defaulting Lender, whereupon such Defaulting Lender shall no longer be a party hereto or have any
right or obligation whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. Upon any such assignment, the Defaulting Lender’s interest in the Loans and its rights hereunder (but not its liability in respect
thereof or under the Loan Documents to the extent the same relate to the period prior to the effective date of the purchase) shall terminate on the date of purchase, and the Defaulting Lender shall promptly execute all documents reasonably requested
to surrender and transfer such interest to the purchaser or assignee thereof, including an appropriate Assignment and Assumption Agreement and, notwithstanding Section 13.6.(c), shall pay to the Administrative Agent an assignment fee in the
amount of $10,000. The purchase price for the Commitments of a Defaulting Lender shall be equal to the amount of the principal balance of the Loans outstanding and owed by the Borrower to the Defaulting Lender. Prior to payment of such purchase
price to a Defaulting Lender, the Administrative Agent shall apply against such purchase price any amounts retained by the Administrative Agent pursuant to the last sentence of the immediately preceding subsection (a). The Defaulting Lender
shall be entitled to receive any amount owed to it by the Borrower under the Loan Documents which accrued prior to the date of the default by the Defaulting Lender, to the extent the same are received by the Administrative Agent from or on behalf of
the Borrower. There shall be no recourse against any Lender or the Administrative Agent for the payment of such sums except to the extent of the receipt of payments from any other party or in respect of the Loans. 

  
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 Section 3.10. Taxes; Foreign Lenders. 

(a) Taxes Generally. All payments by the Borrower of principal of, and interest on, the Loans and all other Obligations shall be
made free and clear of and without deduction for any present or future excise, stamp or other taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges of any nature whatsoever imposed by any taxing authority, but
excluding (i) franchise taxes, (ii) any taxes (other than withholding taxes) that would not be imposed but for a connection between the Administrative Agent or a Lender and the jurisdiction imposing such taxes (other than a connection
arising solely by virtue of the activities of the Administrative Agent or such Lender pursuant to or in respect of this Agreement or any other Loan Document), (iii) any taxes imposed on or measured by any Lender’s assets, net income,
receipts or branch profits and (iv) any taxes arising after the Agreement Date solely as a result of or attributable to a Lender changing its designated Lending Office after the date such Lender becomes a party hereto (such non excluded items
being collectively called “Taxes”). If any withholding or deduction from any payment to be made by the Borrower hereunder is required in respect of any Taxes pursuant to any Applicable Law, then the Borrower will: 

(i) pay directly to the relevant Governmental Authority the full amount required to be so withheld or deducted;

 (ii) promptly forward to the Administrative Agent an official receipt or other documentation satisfactory to
the Administrative Agent evidencing such payment to such Governmental Authority; and 
 (iii) pay to the
Administrative Agent for its account or the account of the applicable Lender such additional amount or amounts as is necessary to ensure that the net amount actually received by the Administrative Agent or such Lender will equal the full amount that
the Administrative Agent or such Lender would have received had no such withholding or deduction been required. 
 (b) Tax
Indemnification. If the Borrower fails to pay any Taxes when due to the appropriate Governmental Authority or fails to remit to the Administrative Agent, for its account or the account of the respective Lender, as the case may be, the required
receipts or other required documentary evidence, the Borrower shall indemnify the Administrative Agent and the Lenders for any incremental Taxes, interest or penalties that may become payable by the Administrative Agent or any Lender as a result of
any such failure. For purposes of this Section, a distribution hereunder by the Administrative Agent or any Lender to or for the account of any Lender shall be deemed a payment by the Borrower. 

(c) Tax Forms. Prior to the date that any Lender or Participant organized under the laws of a jurisdiction outside the United
States of America becomes a party hereto, such Person shall deliver to the Borrower and the Administrative Agent such certificates, documents or other evidence, as required by the Internal Revenue Code or Treasury Regulations issued pursuant thereto
(including Internal Revenue Service Forms W-8ECI and W-8BEN, as applicable, or appropriate successor forms), properly completed, currently effective and duly executed by such Lender or Participant establishing that payments to it hereunder and under
the Notes are (i) not subject to United States Federal backup withholding tax and (ii) not subject to United States 

  
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Federal withholding tax under the Code. Each such Lender or Participant shall (x) deliver further copies of such forms or other appropriate certifications on or before the date that any such
forms expire or become obsolete and after the occurrence of any event requiring a change in the most recent form delivered to the Borrower and (y) obtain such extensions of the time for filing, and renew such forms and certifications thereof,
as may be reasonably requested by the Borrower or the Administrative Agent. The Borrower shall not be required to pay any amount pursuant to last sentence of subsection (a) above to any Lender or Participant that is organized under the laws of
a jurisdiction outside of the United States of America or the Administrative Agent, if it is organized under the laws of a jurisdiction outside of the United States of America, if such Lender, Participant or the Administrative Agent, as applicable,
fails to comply with the requirements of this subsection. If any such Lender or Participant fails to deliver the above forms or other documentation, then the Administrative Agent may withhold from such payment to such Lender such amounts as are
required by the Code. If any Governmental Authority asserts that the Administrative Agent did not properly withhold or backup withhold, as the case may be, any tax or other amount from payments made to or for the account of any Lender, such Lender
shall indemnify the Administrative Agent therefore, including all penalties and interest, any taxes imposed by any jurisdiction on the amounts payable to the Administrative Agent under this Section, and costs and expenses (including all fees and
disbursements of any law firm or other external counsel and the allocated cost of internal legal services and all disbursements of internal counsel) of the Administrative Agent. The obligation of the Lenders under this Section shall survive the
termination of the Commitments, repayment of all Obligations and the resignation or replacement of the Administrative Agent. 

(d) USA Patriot Act Notice; Compliance. In order for the Administrative Agent to comply with the USA Patriot Act of 2001 (Public
Law 107-56), prior to any Lender or Participant that is organized under the laws of a jurisdiction outside of the United States of America becoming a party hereto, the Administrative Agent may request, and such Lender or Participant shall provide to
the Administrative Agent, its name, address, tax identification number and/or such other identification information as shall be necessary for the Administrative Agent to comply with federal law. 

Section 3.11. Lender Failure to Make Payment. 
 If any Lender shall fail to make any payment required to be made by it pursuant to Sections 2.4., 3.1.(b) or 12.8., then the Administrative Agent may, in its discretion and notwithstanding any contrary
provision hereof, (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender for the benefit of the Administrative Agent, to satisfy such Lender’s obligations to it under such Section until all
such unsatisfied obligations are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender under any such Section, in the case of each of
clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion. 

  
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 ARTICLE IV. COLLATERAL PROPERTIES 

Section 4.1. Eligibility of Properties. 
 (a) Initial Collateral Properties. On the Effective Date, the Initial Collateral Properties shall be the sole Collateral Properties. 

(b) Additional Collateral Properties. If after the Effective Date the Borrower desires that the Lenders include any additional
Property in the Collateral Pool, and provided the inclusion of such Property would comply with the provisions of Section 4.4., the Borrower shall so notify the Administrative Agent in writing. No Property will be evaluated by the Lenders unless
and until the Borrower delivers to the Administrative Agent the following, in form and substance satisfactory to the Administrative Agent: 
 (i) An executive summary of the Property including, at a minimum, the following information relating to such Property: (A) a description of such Property, such description to include the age,
location, site plan and physical condition of such Property; (B) the purchase price paid or to be paid for such Property; (C) the current and projected condition of the regional market and specific submarket in which such Property is
located; and (D) the current projected capital plans and, if applicable, current renovation plans for such Property; 
 (ii) The purchase and sale agreement pursuant to which such Property was or is being acquired; 
 (iii) An operating statement for such Property audited or certified by a representative of the Borrower as being true and correct in all material respects and prepared in accordance with GAAP for the
previous three fiscal years, as well as operating statements for the most recent month, the year-to-date and the trailing twelve months, provided that, with respect to any period such Property that was owned by the Borrower or a Subsidiary for less
than three years, such information shall only be required to be delivered to the extent reasonably available to the Borrower and such certification may be based upon the Borrower’s knowledge and provided further, that if such Property has been
operating for less than three years, the Borrower shall provide such projections and other information concerning the anticipated operation of such Property as the Administrative Agent may reasonably request; 

(iv) To the extent available, three-year historical and pro forma capital expenditure reports and projections; 

(v) A copy of a recent ALTA Owner’s Policy of Title Insurance (“Owner’s Policy”), or a current
commitment therefor, covering such Property showing the identity of the fee titleholder thereto and all matters of record; 
 (vi) Copies of all documents of record reflected in Schedule A and Schedule B of the Owner’s Policy (including any ground lease, easements, covenants, conditions and restrictions) and a copy of the
most recent real estate tax bill and notice of assessment; 

  
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 (vii) A current or currently certified (within twelve (12) months,
provided it shows all improvements on or affecting the Property) survey of such Property certified by a surveyor licensed in the applicable jurisdiction to have been prepared in accordance with the then effective Minimum Standard Detail Requirements
for ALTA/ACSM Land Title Surveys; 
 (viii) If not adequately covered by the survey certification provided for
above, a certificate from a licensed engineer or other professional satisfactory to the Administrative Agent that such Property is not located in a Special Flood Hazard Area as defined by the Federal Insurance Administration; 

(ix) A “Phase I” environmental assessment of such Property not more than twelve months old, which report
(1) has been prepared by an environmental engineering firm acceptable to the Administrative Agent and (2) complies with the requirements contained in the Administrative Agent’s guidelines adopted from time to time by the
Administrative Agent to be used in its lending practice generally and any other environmental assessments or other reports relating to such Property, including any “Phase II” environmental assessment prepared or recommended by such
environmental engineering firm to be prepared for such Property; 
 (x) An engineering report for such Property
not more than twelve months old and prepared by an engineering firm acceptable to the Administrative Agent; 

(xi) Copies of all Material Contracts for such Property; 

(xii) The Smith Travel STAR Report for such Property and its primary competitive set for the most current month available,
along with the prior year-end report; 
 (xiii) To the extent readily available, maps, photographs, site plans,
broker packages, market studies or third-party reports on the hotel property; 
 (xiv) Any PIP required to remain
in compliance with the applicable Franchise Agreement and Management Agreement; 
 (xv) Five-year financial pro
forma projections, including a discounted cash flow analysis, along with any submissions to the Parent Guarantor’s board of trustees; 
 (xvi) Evidence that such Property complies with applicable zoning and land use laws; 
 (xvii) UCC, tax, judgment and lien search reports with respect to the Subsidiary that is the owner, and the Subsidiary that is the Operating Lessee, of such Property in all necessary or appropriate
jurisdictions indicating that there are no Liens of record with respect to such Person or such Property other than Permitted Liens; 
 (xviii) Plans and specifications for such Property, provided the same shall only be required to the extent reasonably available to the Borrower; 

  
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 (xix) Final certificates of occupancy and any other Governmental Approvals
relating to such Property; 
 (xx) Copies of all policies of insurance required by Section 8.5.; and

 (xxi) Such other information the Administrative Agent may request in order to evaluate the Property.

 If, after receipt and review of the foregoing documents and information, the Administrative Agent is, in its sole discretion, prepared to
recommend acceptance of such Property as a Collateral Property, the Administrative Agent will so notify the Borrower and each Lender, provided, however, that the Administrative Agent may elect to make such recommendation prior to receipt of all of
the foregoing documents and information, in which event such recommendation shall be subject to its receipt and review of the documents and information thereafter received. Within five (5) Business Days of the Administrative Agent’s giving
such notice to the Lenders, the Administrative Agent will send the foregoing documents and information to each of the Lenders. 

(c) Appraisal; Final Approval. Promptly upon (or, at the Borrower’s request, prior to) giving notice to the Lenders under
Section 4.1.(b) that the Administrative Agent is prepared to recommend acceptance of such Property as a Collateral Property, the Administrative Agent shall commission, at the Administrative Agent’s discretion and the Borrower’s
expense, an Appraisal of such Property, to be in form and substance satisfactory to the Administrative Agent. Within ten (10) Business Days of receipt of such Appraisal, the Administrative Agent shall review such Appraisal and shall determine
the Appraised Value of such Property. If after such review and determination the Administrative Agent is, in its sole discretion, unwilling to recommend acceptance of such Property as a Collateral Property, the Administrative Agent shall promptly
notify the Borrower and the Lenders and the consideration by the Administrative Agent and the Lenders of such Property shall cease. If after such review and determination the Administrative Agent remains prepared to recommend acceptance of such
Property as a Collateral Property, the Administrative Agent shall forward a copy of such Appraisal to the Lenders together with notice of such Appraised Value. Each Lender shall use reasonable efforts to notify the Administrative Agent in writing
whether or not such Lender, in its sole discretion, accepts such Property as a Collateral Property within ten (10) Business Days of the date on which a Lender has received all of the items referred to in this Section 4.1.(c) and the
immediately preceding Section 4.1.(b). Such Property shall become a Collateral Property only upon written approval of the Required Approval Lenders and upon execution and delivery by the Borrower to the Administrative Agent of (i) a
certificate in form and substance satisfactory to Administrative Agent showing the Collateral Pool Availability after inclusion of such Property as a Collateral Property, (ii) the documents and items described in Section 6.3., and
(iii) such other items or documents as the Administrative Agent may reasonably deem to be appropriate under the circumstances, including updates of the documents described in the immediately preceding subsections (b)(i), (b)(ii), (b)(vi),
(b)(xi), (b)(xii) and (b)(xvii), and satisfaction of all other closing requirements reasonably imposed by the Administrative Agent. 

  
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 Section 4.2. Release of Collateral Properties. 

From time to time the Borrower may request, upon not less than ten (10) days’ prior written notice to the Administrative Agent
or such shorter period as may be acceptable to the Administrative Agent, that a Collateral Property be released from the Liens created by the Security Documents applicable thereto, which release (the “Collateral Property Release”) shall be
effected by the Administrative Agent if the Administrative Agent determines all of the following conditions are satisfied as of the date of such Collateral Property Release: 
 (a) No Default or Event of Default exists or will exist immediately after giving effect to such Collateral Property Release; 
 (b) Immediately prior to such Collateral Property Release (i) the Debt Service Coverage Ratio is not less than the Minimum DSCR Hurdle, (ii) the ratio of the outstanding principal balance of the
Loans to the sum of (A) the aggregate amount of the Appraised Values of the Other Collateral Properties and (B) if Boston Hyatt is a Collateral Property, the Adjusted Appraised Value does not exceed the Advance Rate, and (iii) the
Borrower is in compliance with the provisions of Section 10.1; 
 (c) The Borrower shall have delivered to the
Administrative Agent a certificate demonstrating on a pro forma basis, and the Administrative Agent shall have determined to its satisfaction (which determination may be based on Appraisals ordered pursuant to Section 4.3.(b)(iii), in which
event the Collateral Property Release shall be delayed until the Administrative Agent has received such Appraisals and the Appraised Values have been determined), that upon such Collateral Property Release (and taking into account any prepayment of
the Loans to be made prior to or at the time of such Collateral Property Release), (i) the Debt Service Coverage Ratio for the Remaining Collateral Properties shall not be less than the Minimum DSCR Hurdle, (ii) the ratio of the
outstanding principal balance of the Loans to the sum of (A) the aggregate amount of the Appraised Values of the Remaining Collateral Properties (other than the Boston Hyatt) and (B) if the Boston Hyatt is a Remaining Collateral Property,
the Adjusted Appraised Value shall not exceed the Advance Rate, and (iii) the Borrower shall be in compliance with the provisions of Section 10.1.; 
 (d) Upon such Collateral Property Release, at least three Collateral Properties (including at least two Required Collateral Properties) shall remain in the Collateral Pool; 

(e) Such Collateral Property Release shall be permitted under Section 4.4.; and 

(f) The Borrower shall have delivered to the Administrative Agent all documents and instruments reasonably requested by the
Administrative agent in connection with such Collateral Property Release. 
 Simultaneously with the Collateral Property Release, the
Administrative Agent shall release the Subsidiary Guarantor that owns such released Collateral Property from its obligations under the Subsidiary Guaranty, provided such Subsidiary Guarantor does not own any other Collateral Property. Except as set
forth in this Section 4.2., no Collateral Property shall be released from the Liens created by the Security Documents applicable thereto and no Subsidiary Guarantor shall be released from its obligations under the Subsidiary Guaranty.

  
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 Section 4.3. Frequency of Appraisals. 

The Appraised Value of a Collateral Property shall be determined or redetermined, as applicable, under each of the following
circumstances: 
 (a) In connection with the acceptance of a Property as a Collateral Property the Administrative Agent will
determine the Appraised Value thereof as provided in Section 4.1.; or 
 (b) From time to time upon at least five
(5) Business Days written notice to the Borrower and at the Borrower’s expense, the Administrative Agent may (and shall at the direction of the Requisite Lenders) redetermine the Appraised Value of a Collateral Property (based on a new
Appraisal obtained by the Administrative Agent) in any of the following circumstances: 
 (i) if a change occurs
with respect to such Collateral Property that has a Material Adverse Effect (as determined by the Administrative Agent or based on the direction of the Requisite Lenders), including, without limitation, a material deterioration in the Net Operating
Income of such Collateral Property, a major casualty at such Collateral Property that is not fully covered by insurance, a material condemnation of any part of such Collateral Property or a material change in the market conditions affecting such
Collateral Property; or 
 (ii) if necessary in order to comply with FIRREA or other Applicable Law relating to
the Administrative Agent or the Lenders; or 
 (iii) if the Administrative Agent determines an Appraisal of such
Property is necessary in connection with its determination under Section 4.2.(b) regarding the release of a Collateral Property; or 
 (c) At any time and from time to time but no more than once during any period of one (1) year, the Administrative Agent may (and shall at the written direction of the Requisite Lenders) redetermine
the Appraised Value of a Collateral Property (based on a new Appraisal obtained by the Administrative Agent), all at the Borrower’s expense; or 
 (d) At any time at which there exists an Event of Default, the Administrative Agent may (and shall at the written direction of the Requisite Lenders) obtain an Appraisal of any one or more of the
Collateral Properties, all at the Borrower’s expense; or 
 (e) At any time and from time to time, the Administrative Agent
may (and shall at the written direction of the Requisite Lenders) redetermine the Appraised Value of any Collateral Property (based on a new Appraisal obtained by the Administrative Agent), all at the Lenders’ expense. 

Section 4.4. Limitations on Collateral Pool Releases and Additions to Collateral Pool. 

(a) At any time at which there are five (5) or more Collateral Properties in the Collateral Pool, no Property shall be added to the
Collateral Pool and no Collateral Property shall 

  
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be released from the Collateral Pool if the addition of such Property to the Collateral Pool or such Collateral Property Release would result in any of the following: 

(i) the New Properties and the Redevelopment Properties in the Collateral Pool having an aggregate Appraised Value that
exceeds 25% of the aggregate Appraised Values of all Collateral Properties; 
 (ii) any single Collateral
Property having (A) an Appraised Value that exceeds thirty-five percent (35%) of the Appraised Values of all Collateral Properties or (B) Adjusted NOI that exceeds 35% of the Adjusted NOI of all Collateral Properties; 

(iii) the aggregate Appraised Values of all of the Collateral Properties located in a single metropolitan statistical area
exceeding 40% of the Appraised Values of all Collateral Properties; or 
 (iv) the Adjusted NOI of all Collateral
Properties located in a single metropolitan statistical area exceeding 40% of the Adjusted NOI of all Collateral Properties. 

(b) No Property that is subject to a ground lease shall be added to the Collateral Pool, and no Collateral Property shall be released
from the Collateral Pool, if following the addition of such Property to the Collateral Pool or such Collateral Property Release, Collateral Properties that are subject to ground leases would have an aggregate Appraised Value that exceeds 20% of the
aggregate Appraised Values of all Collateral Properties. 
 Section 4.5. Substitution of Required Collateral Properties. 

Borrower may at any time request, by notice to the Administrative Agent, that a Collateral Property that is not a Required Collateral
Property (the “Replacement Collateral Property”) be designated a Required Collateral Property in substitution for a then existing Required Collateral Property designated by Borrower (the “Substituted Collateral Property”). Upon
unanimous written approval of such substitution by the Lenders, Administrative Agent and Borrower shall enter into a written instrument confirming that the Replacement Collateral Property is a Required Collateral Property and that the Substituted
Collateral Property no longer is a Required Collateral Property. 
 ARTICLE V. YIELD PROTECTION,
ETC. 
 Section 5.1. Additional Costs; Capital Adequacy. 

(a) Capital Adequacy. If any Lender or any Participant in the Loan determines that compliance with any law or regulation or with
any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law) affects or would affect the amount of capital required or expected to be maintained by such Lender or such Participant, or any
corporation controlling such Lender or such Participant, as a consequence of, or with reference to, such Lender’s or such Participant’s or such corporation’s Commitments or its making or maintaining Loans below the rate which such
Lender or such Participant or such corporation controlling such Lender or such Participant could have achieved but for such 

  
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compliance (taking into account the policies of such Lender or such Participant or such corporation with regard to capital), then (without duplication of any other obligations of the Borrower
under the Loan Documents) the Borrower shall, from time to time, within thirty (30) days after written demand by such Lender or (subject to subsection (f) below) such Participant, pay to such Lender or such Participant additional amounts
sufficient to compensate such Lender or such Participant or such corporation controlling such Lender or such Participant to the extent that such Lender or such Participant determines such increase in capital is allocable to such Lender’s or
such Participant’s obligations hereunder. 
 (b) Additional Costs. In addition to, and not in limitation of the
immediately preceding clause (a), the Borrower shall promptly pay to the Administrative Agent for the account of a Lender from time to time such amounts as such Lender may determine to be necessary to compensate such Lender for any costs incurred by
such Lender that it determines are attributable to its making or maintaining of any LIBOR Loans or its obligation to make any LIBOR Loans hereunder, any reduction in any amount receivable by such Lender under this Agreement or any of the other Loan
Documents in respect of any of such LIBOR Loans or such obligation or the maintenance by such Lender of capital in respect of its LIBOR Loans or its Commitments (such increases in costs and reductions in amounts receivable being herein called
“Additional Costs”), resulting from any Regulatory Change that: (i) changes the basis of taxation of any amounts payable to such Lender under this Agreement or any of the other Loan Documents in respect of any of such LIBOR Loans or
its Commitments (other than taxes imposed on or measured by the overall net income of such Lender or of its Lending Office for any of such LIBOR Loans by the jurisdiction in which such Lender has its principal office or such Lending Office), or
(ii) imposes or modifies any reserve, special deposit or similar requirements (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System or other similar reserve requirement applicable to any other
category of liabilities or category of extensions of credit or other assets by reference to which the interest rate on LIBOR Loans is determined) relating to any extensions of credit or other assets of, or any deposits with or other liabilities of,
or other credit extended by, or any other acquisition of funds by such Lender (or its parent corporation), or any commitment of such Lender (including, without limitation, the Commitment of such Lender hereunder) or (iii) has or would have the
effect of reducing the rate of return on capital of such Lender to a level below that which such Lender could have achieved but for such Regulatory Change (taking into consideration such Lender’s policies with respect to capital adequacy).

 (c) Lender’s Suspension of LIBOR Loans. Without limiting the effect of the provisions of the immediately
preceding subsection (a) and (b), if by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by the excess above a specified level of the amount of a category of deposits or other liabilities
of such Lender that includes deposits by reference to which the interest rate on LIBOR Loans is determined as provided in this Agreement or a category of extensions of credit or other assets of such Lender that includes LIBOR Loans or
(ii) becomes subject to restrictions on the amount of such a category of liabilities or assets that it may hold, then, if such Lender so elects by notice to the Borrower (with a copy to the Administrative Agent), the obligation of such Lender
to make or Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended until such Regulatory Change ceases to be in effect (in which case the provisions of Section 5.5. shall apply). 

  
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 (d) Intentionally Omitted. 

(e) Notification and Determination of Additional Costs. Each of the Administrative Agent, each Lender, and (subject to subsection
(f) below) each Participant, as the case may be, agrees to notify the Borrower of any event occurring after the Agreement Date entitling the Administrative Agent, such Lender or such Participant to compensation under any of the preceding
subsections of this Section as promptly as practicable; provided, however, that the failure of the Administrative Agent, any Lender or any Participant to give such notice shall not release the Borrower from any of its obligations
hereunder. The Administrative Agent, each Lender and (subject to subsection (f) below) each Participant, as the case may be, agrees to furnish to the Borrower (and in the case of a Lender or a Participant to the Administrative Agent as well) a
certificate setting forth the basis and amount of each request for compensation under this Section. Determinations by the Administrative Agent, such Lender, or such Participant, as the case may be, of the effect of any Regulatory Change shall be
conclusive and binding for all purposes, absent manifest error. 
 (f) Participants. Any notice or certificate to be
delivered by a Participant under subsection (a) or (e) above shall be delivered by such Participant to the Lender from which it purchased such participation interest, and such Lender shall promptly deliver the same to the Administrative
Agent and the Borrower. 
 Section 5.2. Suspension of LIBOR Loans. 

Anything herein to the contrary notwithstanding, if, on or prior to the determination of LIBOR for any Interest Period: 

(a) the Administrative Agent reasonably determines (which determination shall be conclusive) that quotations of interest
rates for the relevant deposits referred to in the definition of LIBOR are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest for LIBOR Loans as provided herein or is otherwise
unable to determine LIBOR, or 
 (b) the Administrative Agent reasonably determines (which determination shall be
conclusive) that the relevant rates of interest referred to in the definition of LIBOR upon the basis of which the rate of interest for LIBOR Loans for such Interest Period is to be determined are not likely to adequately cover the cost to any
Lender of making or maintaining LIBOR Loans for such Interest Period; 
 then the Administrative Agent shall give the Borrower and each Lender
prompt notice thereof and, so long as such condition remains in effect, (i) the Lenders shall be under no obligation to, and shall not, make additional LIBOR Loans, Continue LIBOR Loans or Convert Loans into LIBOR Loans and the Borrower shall,
on the last day of each current Interest Period for each outstanding LIBOR Loan, either prepay such Loan or Convert such Loan into a Base Rate Loan. 
 Section 5.3. Illegality. 
 Notwithstanding any other provision of this
Agreement, if any Lender shall determine (which determination shall be conclusive and binding) that it is unlawful for such Lender to 

  
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honor its obligation to make or maintain LIBOR Loans hereunder, then such Lender shall promptly notify the Borrower thereof (with a copy of such notice to the Administrative Agent) and such
Lender’s obligation to make or Continue, or to Convert Loans of any other Type into, LIBOR Loans shall be suspended, in each case, until such time as such Lender may again make and maintain LIBOR Loans (in which case the provisions of
Section 5.5. shall be applicable). 
 Section 5.4. Compensation. 

The Borrower shall pay to the Administrative Agent for the account of each Lender, upon the request of the Administrative Agent, such
amount or amounts as the Administrative Agent shall determine in its sole discretion shall be sufficient to compensate such Lender for any loss, cost or expense attributable to: 

(a) any payment or prepayment (whether mandatory or optional) of a LIBOR Loan, or Conversion of a LIBOR Loan, made by such
Lender for any reason (including, without limitation, acceleration) on a date other than the last day of the Interest Period for such Loan; or 
 (b) any failure by the Borrower for any reason (including, without limitation, the failure of any of the applicable conditions precedent specified in Article 6.2. to be satisfied) to borrow a LIBOR Loan
from such Lender on the date for such borrowing, or to Convert a Base Rate Loan into a LIBOR Loan or Continue a LIBOR Loan on the requested date of such Conversion or Continuation. 
 Not in limitation of the foregoing, such compensation shall include, without limitation, an amount equal to the then present value of (A) the amount of interest that would have accrued on such LIBOR
Loan for the remainder of the Interest Period at the rate applicable to such LIBOR Loan, less (B) the amount of interest that would accrue on the same LIBOR Loan for the same period if LIBOR were set on the date on which such LIBOR Loan was
repaid, prepaid or Converted or the date on which the Borrower failed to borrow, Convert or Continue such LIBOR Loan calculating present value by using as a discount rate LIBOR quoted on such date, including without limitation any losses or expenses
incurred in obtaining, liquidating or employing deposits from third parties. Upon the Borrower’s request, the Administrative Agent shall provide the Borrower with a statement setting forth the basis for requesting such compensation and the
method for determining the amount thereof. Any such statement shall be conclusive absent manifest error. 
 Section 5.5. Treatment of
Affected Loans. 
 If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into,
LIBOR Loans shall be suspended pursuant to Section 5.1.(c), Section 5.2., or Section 5.3. then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest
Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 5.1.(c), Section 5.2., or Section 5.3. on such earlier date as such Lender may specify to the Borrower with a copy to the Administrative Agent) and, unless
and until such Lender gives notice as provided below that the circumstances specified in Section 5.1.(e), Section 5.2., or Section 5.3. that gave rise to such Conversion no longer exist: 

  
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 (i) to the extent that such Lender’s LIBOR Loans have been so
Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and 

(ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead
as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. 
 If such Lender gives notice to the Borrower (with a copy to the Administrative Agent) that the circumstances specified in Section 5.1.(c) or 5.3. that gave rise to the Conversion of such
Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base
Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR
Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments. 
 Section 5.6. Change of Lending Office. 
 Each Lender agrees that it
will use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate an alternate Lending Office with respect to any of its Loans affected by the matters or circumstances described in Sections 3.10.,
5.1. or 5.3. to reduce the liability of the Borrower or avoid the results provided thereunder, so long as such designation is not disadvantageous to such Lender as determined by such Lender in its sole discretion, except that such Lender shall have
no obligation to designate a Lending Office located in the United States of America. 
 Section 5.7. Assumptions Concerning Funding of
LIBOR Loans. 
 Calculation of all amounts payable to a Lender under this Article shall be made as though such Lender had
actually funded LIBOR Loans through the purchase of deposits in the relevant market bearing interest at the rate applicable to such LIBOR Loans in an amount equal to the amount of the LIBOR Loans and having a maturity comparable to the relevant
Interest Period; provided, however, that each Lender may fund each of its LIBOR Loans in any manner it sees fit and the foregoing assumption shall be used only for calculation of amounts payable under this Article. 

ARTICLE VI. CONDITIONS PRECEDENT 
 Section 6.1. Initial Conditions Precedent. 
 The effectiveness of this
Agreement is subject to the satisfaction or waiver of the following conditions precedent: 
 (a) The Administrative Agent shall
have received each of the following, in form and substance satisfactory to the Administrative Agent: 

  
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 (i) counterparts of this Agreement executed by each of the parties hereto;

 (ii) a Note payable to each Lender not party to the Original Credit Agreement and a replacement Note payable
to each Lender whose Commitment is being increased pursuant to this Agreement, in each case complying with the terms of Section 2.13.(a); 
 (iii) ratification by the Guarantors and Operating Lessees of their obligations under the Loan Documents to which they are parties; 

(iv) such amendments to the Security Documents as Administrative Agent may require; 

(v)(A) an opinion of Hogan Lovells US LLP, counsel to the Borrower and the other Loan Parties, and (B) to the extent
required by Administrative Agent, an opinion of local counsel reasonably satisfactory to Administrative Agent, as special counsel to the Loan Parties, each addressed to the Administrative Agent and the Lenders and collectively covering the matters
set forth in Exhibit H; 
 (vi) to the extent required by Administrative Agent, the certificate or articles
of incorporation, articles of organization, certificate of limited partnership, declaration of trust or other comparable organizational instrument (if any) of each Loan Party certified as of a recent date by the Secretary of State of the state of
organization or formation of such Person; 
 (vii) to the extent required by Administrative Agent, a certificate
of good standing (or certificate of similar meaning) with respect to each Loan Party issued as of a recent date by the Secretary of State of the state of formation of each such Person and certificates of qualification to transact business or other
comparable certificates issued by each Secretary of State (and any state department of taxation, as applicable) of each state in which such Person is required to be so qualified and where failure to be so qualified could reasonably be expected to
have a Material Adverse Effect; 
 (viii) to the extent required by Administrative Agent, a certificate of
incumbency signed by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan Party with respect to each of the officers of such Person authorized to execute and deliver the Loan Documents to which such
Person is a party; 
 (ix) to the extent required by Administrative Agent, copies certified by the Secretary or
Assistant Secretary (or other individual performing similar functions) of each Loan Party of (A) the by-laws of such Person, if a corporation, the operating agreement, if a limited liability company, the partnership agreement, if a limited or
general partnership, or other comparable document in the case of any other form of legal entity (or, in lieu of the foregoing, a certificate of such Secretary or Assistant Secretary (or other individual performing similar functions) that the
applicable document or documents delivered on or about the date of the Original Credit Agreement have not been modified or amended and remain in full force and effect) and (B) all corporate,

  
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partnership, member or other necessary action taken by such Person to authorize the execution, delivery and performance of the Loan Documents to which it is a party; 

(x) a Compliance Certificate for the Parent Guarantor’s fiscal quarter ended September 30, 2010; 

(xi) Intentionally Omitted; 

(xii) to the extent required by Administrative Agent, title insurance endorsements to the title insurance policies
previously issued to Administrative Agent. 
 (xiii) to the extent required by Administrative Agent, UCC, tax,
judgment and lien search reports with respect to each Loan Party in all necessary or appropriate jurisdictions indicating that there are no Liens of record with respect to the assets of each such Loan Party other than Permitted Liens; 

(xiv) evidence that the Fees, if any, then due and payable under Section 3.5., together with all other fees, expenses
and reimbursement amounts due and payable to the Administrative Agent and any of the Lenders, including without limitation, the fees and expenses of counsel to the Administrative Agent, have been paid; and 

(xv) such other documents and instruments as the Administrative Agent, or any Lender through the Administrative Agent, may
reasonably request; and 
 (b) No Default or Event of Default shall exist; and 

(c) The representations and warranties made or deemed made by the Borrower and each other Loan Party in this Agreement and in the other
Loan Documents delivered pursuant to Section 6.1. shall be true and correct. 
 Section 6.2. Conditions Precedent to All Loans.

 The obligations of the Lenders to make any Loans are subject to the further conditions precedent that: (a) no Default
or Event of Default shall exist as of the date of the making of such Loan or would exist immediately after giving effect thereto, and no violation of the limits described in Section 2.16. would occur after giving effect thereto; (b) the
representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct on and as of the date of the making of such Loan with the same force and
effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such
earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents and (c) in the case of the borrowing of Loans, the Administrative Agent shall have received (i) a timely Notice of
Borrowing, (ii) a certificate (as of the last day of the most recent calendar quarter) establishing sufficient Collateral Pool Availability for such borrowing and (iii) a certificate of Borrower confirming that the applicable Subsidiary
Guarantor or Operating Lessee is in compliance with the requirements of any Franchise Agreement relating to the Loan and the execution and delivery of the Security 

  
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Instrument with respect to the Collateral Property which is the subject thereof, pursuant to the Loan Documents. Each Credit Event shall constitute a certification by the Borrower to the effect
set forth in the preceding sentence (both as of the date of the giving of notice relating to such Credit Event and, unless the Borrower otherwise notifies the Administrative Agent prior to the date of such Credit Event, as of the date of the
occurrence of such Credit Event). In addition, the Borrower shall be deemed to have represented to the Administrative Agent and the Lenders at the time such Loan is made that all conditions to the making of such Loan contained in this Article VI.
have been satisfied. 
 Section 6.3. Conditions Precedent to a Property Becoming a Collateral Property. 

No Property shall become a Collateral Property until the Borrower shall have (or shall have caused to be) executed and delivered to the
Administrative Agent all documents and instruments required under Section 4.1., and the Administrative Agent and the Required Approval Lenders shall have approved such Property as provided in Section 4.1., and the Borrower shall have (or
shall cause to be) executed and delivered to the Administrative Agent the following instruments, documents and agreements in respect of such Property, each to be in form and substance satisfactory to the Administrative Agent: 

(a) A Security Deed with respect to such Property, the form of such Security Deed to be modified as appropriate to conform to the
Applicable Laws of the jurisdiction in which such Property is located; 
 (b) An Assignment of Leases and Rents with respect to
such Property, the form of such Assignment of Leases and Rents to be modified as appropriate to conform to the Applicable Laws of the jurisdiction in which such Property is located; 

(c) A Management Agreement Assignment/Subordination with respect to the Management Agreement for such Property and (if such Property is
subject to a Franchise Agreement) a “comfort letter” from the Franchisor; 
 (d) A Control Agreement with respect to
the applicable FF&E Reserve Account; 
 (e) Copies of the Material Contracts for such Property (to the extent not
theretofore delivered) and, if requested by the Administrative Agent, collateral assignments executed by the applicable Subsidiary Guarantor and Operating Lessee in favor of the Administrative Agent for its benefit and the benefit of the Lenders, of
the other Material Contracts relating to the use, occupancy, operation, maintenance, enjoyment or ownership of such Property; 

(f) A commitment for an ALTA 2006 Form Loan Policy of Title Insurance or other form acceptable to the Administrative Agent in favor of
the Administrative Agent for its benefit and the benefit of the Lenders, with respect to such Property, including endorsements with respect to such items of coverage as the Administrative Agent may request and which endorsements are available and
customary in the jurisdiction where the Property is located, in the amount of coverage required in the following sentence, issued by a title insurance company acceptable to the Administrative Agent and with reinsurance (with direct access
agreements) with title insurance companies acceptable to the Administrative Agent, showing the fee simple title to the land (or, in the case of a Property that is subject to an Approved Ground Lease, the

  
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leasehold interest in the Land) and improvements described in the applicable Security Deed as vested in the applicable Subsidiary Guarantor, and insuring that the Lien granted by such Security
Deed is a valid Lien against said Property, subject only to the Permitted Liens and such other restrictions, encumbrances, easements and reservations as are acceptable to the Administrative Agent. The issuance of the title insurance policy pursuant
to such Commitment satisfactory to the Administrative Agent shall be a condition under this Section 6.3., and the amount of coverage under such policy must equal the Appraised Value of such Property; 

(g) Copies of all documents of record reflected in Schedule A and Schedule B of such title insurance commitment; 

(h) If such Property is located in a Tie-In Jurisdiction, endorsements to all other existing title insurance policies issued to the
Administrative Agent with respect to all other Properties located in Tie-In Jurisdictions reflecting an increase in the aggregate insured amount under the “Tie-In” Endorsements to an amount equal to the aggregate amount of the Appraised
Values of all such Collateral Properties (including the Property to be added to the Collateral Pool) but in no event in an amount in excess of the aggregate amount of the Commitments; 

(i) Estoppel certificates from any party to any Material Contract and estoppels certificates and subordination, non-disturbance and
attornment agreements from each tenant leasing any of such Property, all as may be reasonably requested by the Administrative Agent; 
 (j) An Accession Agreement executed by the Subsidiary Guarantor that is the owner of such Property (unless it is already a party to the Subsidiary Guaranty); 

(k) With respect to the applicable Subsidiary Guarantor and Operating Lessee, the items that would have been delivered under subsections
(v) through (ix), (xiii) and (xv) of Section 6.1.(a) if they had been Loan Parties on the Agreement Date. 

(l) An opinion of counsel admitted to practice law in the jurisdiction in which such Property is located and acceptable to the
Administrative Agent, addressed to the Administrative Agent and each Lender covering such legal matters relating to the transactions contemplated hereby as the Administrative Agent may reasonably request; 

(m) An opinion of counsel admitted to practice law in the jurisdictions in which each of the Loan Parties (including the Subsidiary
Guarantor that is the owner, and the Operating Lessee that is the lessee, of such Property) is formed acceptable to the Administrative Agent, addressed to the Administrative Agent and each Lender covering such legal matters relating to the formation
and existence and power of the Person executing documents, and the due authorization, execution and delivery of the Security Documents and other documents for consummating the transactions contemplated hereby as the Administrative Agent may
reasonably request; 
 (n) Documents required to establish, or evidencing the establishment of, the FF&E Reserve Account,
Insurance Reserve Account and Tax Reserve Account (as applicable); and 
 (o) Such other instruments, documents, agreements,
financing statements, certificates, opinions and other Security Documents as the Administrative Agent may reasonably request. 

  
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 Section 6.4. Conditions as Covenants. 

If the Lenders permit the making of any Loans prior to the satisfaction of all conditions precedent set forth in Sections 6.1., 6.2. or
6.3. but require the Borrower to cause such condition or conditions to be satisfied after the date of the making of such Loans, the Borrower shall enter into a supplementary agreement establishing the conditions to be satisfied thereafter and the
time by which they must be satisfied, as reasonably required by the Administrative Agent. Unless set forth in writing to the contrary, the making of its initial Loan by a Lender shall constitute a confirmation by such Lender to the Administrative
Agent and the other Lenders that insofar as such Lender is concerned the Borrower has satisfied the conditions precedent for initial Loans set forth in Sections 6.1. and 6.2. 
 ARTICLE VII. REPRESENTATIONS AND WARRANTIES 

Section 7.1. Representations and Warranties. 
 In order to induce the Administrative Agent and each Lender to enter into this Agreement and to make Loans, the Borrower represents and warrants to the Administrative Agent and each Lender as follows:

 (a) Organization; Power; Qualification. Each of the Loan Parties is a corporation, partnership or other legal entity,
duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation or formation, has the requisite corporate, partnership or limited liability company power and authority to own or lease its respective
properties and to carry on its respective business and is duly qualified as, and is in good standing as a foreign corporation, partnership or other legal entity and authorized to do business, in each jurisdiction in which the character of its
properties or the nature of its business requires such qualification or authorization and where the failure to be so qualified or authorized could reasonably be expected to have, in each instance, a Material Adverse Effect. 

(b) Ownership Structure. Part I of Schedule 7.1.(b) is, as of the Agreement Date, a complete and correct list of the Parent
Guarantor and all of its Subsidiaries setting forth for each such Subsidiary, (i) the jurisdiction of organization of such Person, (ii) each Person holding any Equity Interest in such Person, (iii) the nature of the Equity Interests
held by each such Person and (iv) the percentage of ownership of such Person represented by such Equity Interests. As of the Agreement Date, except as disclosed in such Schedule (A), each of the Parent Guarantor, the Borrower and their
Subsidiaries owns, free and clear of all Liens, and has the unencumbered right to vote, all outstanding Equity Interests in each Person shown to be held by it on such Schedule, (B) all of the issued and outstanding capital stock of each such
Person organized as a corporation is validly issued, fully paid and nonassessable and (C) there are no outstanding subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including, without limitation, any
stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible into, any additional shares of capital stock of any class, or partnership or other ownership interests of any
type in, any such Person. As of the Agreement Date, Part II of Schedule 7.1.(b) correctly sets forth all Unconsolidated Affiliates of the Parent Guarantor and its Subsidiaries, including the correct legal name of such Person, the type of legal
entity which each such Person is, and all Equity Interests 

  
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in such Person held directly or indirectly by the Parent Guarantor or the Borrower. Part I of Schedule 7.1(b) may be updated from time to time in accordance with the terms of this Agreement.

 (c) Authorization of Agreement, Notes, Loan Documents and Borrowings. The Borrower has the requisite partnership
power, and has taken all necessary limited partnership action, and the Parent Guarantor has taken all necessary action, to authorize the Borrower, to borrow and obtain other extensions of credit hereunder. The Borrower and each other Loan Party has
the requisite corporate, partnership or limited liability company power, and has taken all necessary corporate, partnership or limited liability company action, and the Parent Guarantor has taken all necessary action, to authorize each Loan Party,
to execute, deliver and perform each of the Loan Documents and the Fee Letter to which it is a party in accordance with their respective terms and perform its respective obligations thereunder. The Loan Documents and the Fee Letter to which the
Borrower or any other Loan Party is a party have been duly executed and delivered by the duly authorized officers of such Person and each is a legal, valid and binding obligation of such Person enforceable against such Person in accordance with its
respective terms, except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations contained herein
or therein and as may be limited by equitable principles generally. 
 (d) Compliance of Agreement, Etc. with Laws. The
execution, delivery and performance of this Agreement and the other Loan Documents to which any Loan Party is a party and the Fee Letter in accordance with their respective terms and the borrowings and other extensions of credit hereunder do not and
will not, by the passage of time, the giving of notice, or both: (i) require any Governmental Approval that has not been obtained or violate any Applicable Law (including any Environmental Law) relating to any Loan Party; (ii) conflict
with, result in a breach of or constitute a default under the organizational documents of any Loan Party, or any indenture, agreement or other instrument to which any Loan Party is a party or by which it or any of its respective properties may be
bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any Property now owned or hereafter acquired by any Loan Party other than in favor of the Administrative Agent for its benefit and the benefit
of the Lenders. 
 (e) Compliance with Law; Governmental Approvals. Each Loan Party and each Subsidiary of any Loan Party
is in compliance with each Governmental Approval and all other Applicable Laws relating to it except for noncompliances which, and Governmental Approvals the failure to possess which, could not, individually or in the aggregate, reasonably be
expected to cause a Default or Event of Default or have a Material Adverse Effect. 
 (f) Title to Properties; Liens.
Schedule 7.1.(f) is, as of the Agreement Date, a complete and correct listing of all real estate assets of the Loan Parties. Each of the Loan Parties holds good, marketable and insurable title each Property purported to be owned by it (or, in the
case of the leasehold estate under a ground lease, a good, valid and insurable leasehold estate), subject only to Permitted Liens, and has good and sufficient title to, or a valid leasehold interest in, all FF&E and other personal property
(except such as may be owned by the Manager as provided in the applicable Management Agreement) necessary for the continued operating of 

  
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such Property in the ordinary course. No Collateral Property or other Collateral is subject to any Lien other than Permitted Liens. Each of the Collateral Pool Properties satisfies all of the
requirements under the Loan Documents for being an Eligible Property. 
 (g) Existing Indebtedness. Schedule 7.1.(g) is,
as of the Agreement Date, a complete and correct listing of all Indebtedness (including all Guarantees) of each of the Loan Parties and the other Subsidiaries, and if such Indebtedness is secured by any Lien, a description of all of the property
subject to such Lien. As of the Agreement Date, the Loan Parties and the other Subsidiaries are in compliance in all material respects with all of the terms of such Indebtedness and all instruments and agreements relating thereto, and no default or
event of default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute a default or event of default, exists with respect to any such Indebtedness. 

(h) Material Contracts. Schedule 7.1.(h) is, as of the Agreement Date, a true, correct and complete listing of all Material
Contracts. Each of the Loan Parties that is party to any Material Contract has performed and is in compliance in all material respects with all of the terms of such Material Contract, and no default or event of default, or event or condition which
with the giving of notice, the lapse of time, or both, would constitute such a default or event of default, exists with respect to any such Material Contract. 
 (i) Litigation. Except as set forth on Schedule 7.1.(i), there are no actions, suits or proceedings pending (nor, to the knowledge of Borrower, are there any actions, suits or proceedings
threatened, nor is there any basis therefor) against or in any other way relating adversely to or affecting, any Loan Party, any Subsidiary of any Loan Party or any of their respective properties (except for claims for personal injury or property
damage that are covered by insurance and, in the case of actions or proceedings that have been commenced, have been tendered to the insurer for defense and with respect to which the insurer has not denied coverage) in any court or before any
arbitrator of any kind or before or by any other Governmental Authority which, (i) if adversely determined, could reasonably be expected to have a Material Adverse Effect or (ii) in any manner draws into question the validity or
enforceability of any Loan Documents or the Fee Letter. There are no strikes, slow downs, work stoppages or walkouts or other labor disputes in progress or threatened relating to, any Loan Party or any Subsidiary of any Loan Party. 

(j) Taxes. All federal, state and other tax returns of, each Loan Party required by Applicable Law to be filed have been duly
filed, and all federal, state and other taxes, assessments and other governmental charges or levies upon, each Loan Party and its respective Properties, income and other assets which are material in amount are due and payable have been paid, except
any such nonpayment or non-filing which is at the time permitted under Section 8.6. As of the Agreement Date, none of the United States income tax returns of, any Loan Party is under audit. 

(k) Financial Statements. The Borrower has furnished to each Lender copies of the unaudited consolidated balance sheet of the
Parent Guarantor and its consolidated Subsidiaries for the fiscal quarter ended March 31, 2010 and the related consolidated statements of operations, shareholders’ equity and cash flow for the fiscal quarter ended on such date. Such
balance sheet and statements (including in each case related schedules and notes) are complete 

  
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and correct in all material respects and present fairly, in accordance with GAAP (subject to Section 1.2.(a)) consistently applied throughout the periods involved, the consolidated financial
position of the Parent Guarantor and its consolidated Subsidiaries as at such date and the results of operations and the cash flow for such period (subject, to changes resulting from normal year end audit adjustments). 

(l) No Material Adverse Effect. Since December 31, 2009, there has been no event, change, circumstance or occurrence that
could reasonably be expected to have a Material Adverse Effect. Each of the Loan Parties is Solvent. 
 (m) Operating
Statements. The operating statements and other information for each Collateral Property delivered by the Borrower to the Administrative Agent fairly present the Operating Expenses, Gross Operating Revenues, Net Operating Income and Adjusted NOI
for each Collateral Property and all Collateral Properties, collectively, for the period then ended. 
 (n) ERISA. Each
member of the ERISA Group has fulfilled its obligations under the contribution requirements of ERISA and the Internal Revenue Code with respect to each Plan and is in compliance in all material respects with the presently applicable provisions of
ERISA and the Internal Revenue Code with respect to each Plan. No member of the ERISA Group has (i) sought a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code in respect of any Plan, (ii) failed to
make any contribution or payment to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement, or made any amendment to any Plan or Benefit Arrangement, which has resulted or could result in the imposition of a Lien or the posting of a
bond or other security under ERISA or the Internal Revenue Code or (iii) incurred any liability under Title IV of ERISA other than a liability to the PBGC for premiums under Section 4007 of ERISA. 

(o) Absence of Default. None of the Loan Parties or their Subsidiaries is in default under its articles of incorporation, bylaws,
partnership agreement or other similar organizational documents, and no event has occurred, which has not been remedied, cured or waived: (i) which constitutes a Default or an Event of Default; or (ii) which constitutes, or which with the
passage of time, the giving of notice, or both, would constitute, a default or event of default by, such Person under any agreement (other than this Agreement) or judgment, decree or order to which any such Person is a party or by which any such
Person or any of its respective properties may be bound where such default or event of default could, individually or in the aggregate, have a Material Adverse Effect. 
 (p) Environmental Laws. Each of the Loan Parties and their Subsidiaries: (i) is in compliance with all Environmental Laws applicable to its business, operations and the Properties,
(ii) has obtained all Governmental Approvals which are required under Environmental Laws, and each such Governmental Approval is in full force and effect, and (iii) is in compliance with all terms and conditions of such Governmental
Approvals, where with respect to each of the immediately preceding clauses (i) through (iii) the failure to obtain or to comply with could be reasonably expected to have a Material Adverse Effect. Except for any of the following matters
that could not be reasonably expected to have a Material Adverse Effect, no Loan Party has any knowledge of, nor has received notice of, any past present or pending releases, events, conditions, circumstances, activities, practices, incidents,
facts, occurrences, 

  
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actions, or plans that, with respect to any Loan Party or any Subsidiary of any Loan Party, its respective businesses or operations or with respect to its Properties, may: (i) cause or
contribute to an actual or alleged violation of or noncompliance with Environmental Laws, (ii) cause or contribute to any other potential common law or legal claim or other liability, or (iii) cause any of its Properties to become subject
to any restrictions on ownership, occupancy, use or transferability under any Environmental Law or require the filing or recording of any notice, approval or disclosure document under any Environmental Law and, with respect to the immediately
preceding clauses (i) through (iii) is based on or related to the on-site or off-site manufacture, generation, processing, distribution, use, treatment, storage, disposal, transport, removal, clean up or handling, or the emission,
discharge, release or threatened release of any wastes or Hazardous Material, or any other requirement under Environmental Law. There is no civil, criminal, or administrative action, suit, demand, claim, hearing, notice, or demand letter, mandate,
order, lien, request, investigation, or proceeding pending or, to the Borrower’s knowledge after due inquiry, threatened, against any Loan Party or any Subsidiary of any Loan Party relating in any way to Environmental Laws which, reasonably
could be expected to have a Material Adverse Effect. None of the Properties of the Loan Parties or any of their Subsidiaries is listed on or proposed for listing on the National Priority List promulgated pursuant to the Comprehensive Environmental
Response, Compensation and Liability Act of 1980 and its implementing regulations, or any state or local priority list promulgated pursuant to any analogous state or local law. To the Borrower’s knowledge, no Hazardous Materials generated at or
transported from any Property of any Loan Party or any Subsidiary of any Loan Party is or has been transported to, or disposed of at, any location that is listed or proposed for listing on the National Priority List or any analogous state or local
priority list, or any other location that is or has been the subject of a clean-up, removal or remedial action pursuant to any Environmental Law, except to the extent that such transportation or disposal could not reasonably be expected to result in
a Material Adverse Effect. 
 (q) Investment Company. No Loan Party is (i) an “investment company” or a
company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, or (ii) subject to any other Applicable Law which purports to regulate or restrict its ability to borrow
money or obtain other extensions of credit or to consummate the transactions contemplated by this Agreement or to perform its obligations under any Loan Document to which it is a party. 

(r) Margin Stock. No Loan Party is engaged principally, or as one of its important activities, in the business of extending credit
for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System. 

(s) Affiliate Transactions. Except as permitted by Section 10.9. or as otherwise set forth on Schedule 7.1.(s), no Loan Party
is a party to or bound by any agreement or arrangement (whether oral or written) with any Affiliate. 
 (t) Intellectual
Property. Each of the Loan Parties owns or has the right to use, under valid license agreements or otherwise, all patents, licenses, franchises, trademarks, trademark rights, trade names, trade name rights, trade secrets and copyrights
(collectively, “Intellectual Property”), if any, necessary to the conduct of its businesses, without known conflict with any 

  
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patent, license, franchise, trademark, trade secret, trade name, copyright, or other proprietary right of any other Person. 

(u) Business. As of the Agreement Date, the principal business of the Parent Guarantor, the Borrower and their Subsidiaries is the
ownership and/or leasing of hotels. 
 (v) Broker’s Fees. No broker’s or finder’s fee, commission or
similar compensation will be payable with respect to the transactions contemplated hereby. No other similar fees or commissions will be payable by any Loan Party for any other services rendered to any Loan Party or any Subsidiary of any Loan Party
ancillary to the transactions contemplated hereby. 
 (w) Accuracy and Completeness of Information. All written
information, reports and other papers and data furnished to the Administrative Agent or any Lender by, on behalf of, or at the direction of, any Loan Party were, at the time the same were so furnished, complete and correct in all material respects,
or, in the case of financial statements, present fairly, in accordance with GAAP (subject to Section 1.2.(a)) consistently applied throughout the periods involved, the financial position of the Persons involved as at the date thereof and the
results of operations for such periods. To Borrower’s knowledge, there is no fact is known to any Loan Party which has had, or may in the future have (so far as the Borrower can reasonably foresee), a Material Adverse Effect which has not been
set forth in the financial statements referred to in Section 7.1.(k) or in such information, reports or other papers or data or otherwise disclosed in writing to the Administrative Agent and the Lenders prior to the Effective Date. No document
furnished or written statement made to the Administrative Agent or any Lender in connection with the negotiation, preparation or execution of, or pursuant to, this Agreement or any of the other Loan Documents contains or will contain any untrue
statement of a fact material to the creditworthiness of any Loan Party or omits or will omit to state a material fact necessary in order to make the statements contained therein not misleading. 

(x) Not Plan Assets; No Prohibited Transactions. For purposes of ERISA and the Internal Revenue Code, none of the assets of any
Loan Party or any of their Subsidiaries constitutes “plan assets”, within the meaning of ERISA and the regulations promulgated thereunder, of any Plan. The execution, delivery and performance of the Loan Documents and the Fee Letter by the
Loan Parties, and the borrowing, other credit extensions and repayment of amounts thereunder, do not and will not constitute “prohibited transactions” under ERISA or the Internal Revenue Code. 

(y) OFAC. None of the Borrower, any of the other Loan Parties, any of their Subsidiaries, or any of their Affiliates: (i) is
a person named on the list of Specially Designated Nationals or Blocked Persons maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) available at
http://www.treas.gov/offices/eotffc/ofac/sdn/index.html, or as otherwise published from time to time; (ii) is (A) an agency of the government of a country, (B) an organization controlled by a country, or (C) a person resident in
a country that is subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treas.gov/offices/eotffc/ofac/sanctions/index.html, or as otherwise published from time to time, as such program may be applicable
to such agency, organization or person; or (iii) derives any of its assets or operating income from investments in or transactions with any 

  
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such country, agency, organization or person; and none of the proceeds from the Loan will be used to finance any operations, investments or activities in, or make any payments to, any such
country, agency, organization, or person. 
 (z) Security Interests. Borrower is not aware of any fact or circumstance
that would prevent the Security Documents from creating, as security for the Obligations, a valid and enforceable Lien on all of the Collateral, superior to and prior to the rights of all third Persons and subject to no other Liens (except for
Permitted Liens), in favor of the Administrative Agent for its benefit and the benefit of the Lenders. 
 Section 7.2. Survival of
Representations and Warranties, Etc. 
 All statements contained in any certificate, financial statement or other instrument
delivered by or on behalf of any Loan Party to the Administrative Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not limited to, any such statement made in or in connection
with any amendment thereto or any statement contained in any certificate, financial statement or other instrument delivered by or on behalf of any Loan Party prior to the Agreement Date and delivered to the Administrative Agent or any Lender in
connection with the underwriting or closing the transactions contemplated hereby) shall constitute representations and warranties made by the Borrower under this Agreement. All representations and warranties made under this Agreement and the other
Loan Documents shall be deemed to be made at and as of the Agreement Date, the Effective Date and at and as of the date of the occurrence of each Credit Event, except to the extent that such representations and warranties expressly relate solely to
an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date) and except for changes in factual circumstances expressly and specifically permitted hereunder. All such
representations and warranties shall survive the effectiveness of this Agreement, the execution and delivery of the Loan Documents and the making of the Loans. 
 ARTICLE VIII. AFFIRMATIVE COVENANTS 
 For so
long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 13.7., all of the Lenders) shall otherwise consent in the manner provided for in Section 13.7., the Borrower shall comply with the
following covenants: 
 Section 8.1. Preservation of Existence and Similar Matters. 

Except as otherwise permitted under Section 10.4., the Borrower shall, and shall cause each other Specified Loan Party and each of
its and their respective Subsidiaries to, and by its execution hereof the Parent Guarantor agrees that it shall and shall cause each of its Subsidiaries to, preserve and maintain its respective existence, rights, franchises, licenses and privileges
in the jurisdiction of its incorporation or formation and qualify and remain qualified and authorized to do business in each jurisdiction in which the character of its properties or the nature of its business requires such qualification and
authorization and where the failure to be so authorized and qualified could reasonably be expected to have a Material Adverse Effect. 

  
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 Section 8.2. Compliance with Applicable Law. 

The Borrower shall, and shall cause each other Specified Loan Party and each of its and their respective Subsidiaries to, and by its
execution hereof the Parent Guarantor agrees that it shall and shall cause each of its Subsidiaries to, comply with all Applicable Laws, including the obtaining of all Governmental Approvals, the failure with which to comply could reasonably be
expected to have a Material Adverse Effect. 
 Section 8.3. Maintenance of Property. 

The Borrower shall, and shall cause each other Specified Loan Party to, and by its execution hereof the Parent Guarantor agrees that it
shall and shall cause each of its Subsidiaries to, keep in all material respects all Properties owned or leased by it in good repair and working order, condition and appearance (ordinary wear and tear excepted), free of any structural defects and
otherwise in a manner consistent with industry standards in the area in which such Property is located. 
 Section 8.4. Conduct of
Business. 
 The Borrower shall, and shall cause each other Specified Loan Party and each of its or their respective
Subsidiaries to, and by its execution hereof the Parent Guarantor agrees that it shall and shall cause each of its Subsidiaries to, carry on its respective businesses as described in Section 7.1.(u) and not enter into any line of business not
otherwise engaged in by such Person as of the Agreement Date. 
 Section 8.5. Insurance. 

The Borrower shall, and shall cause each other Specified Loan Party and each of its and their respective Subsidiaries to, and by its
execution hereof the Parent Guarantor agrees that it shall and shall cause each of its Subsidiaries to, maintain insurance with financially sound and reputable insurance companies against such risks and in such amounts as is customarily maintained
by similar businesses or as may be required by Applicable Law. The Borrower shall from time to time deliver to the Administrative Agent upon request a certificate of insurance, stating the names of the insurance companies, the amounts and rates of
the insurance, the dates of the expiration thereof and the properties and risks covered thereby and/or insurance certificates, in form acceptable to the Administrative Agent, providing that the insurance coverage required under this
Section 8.5. (including without limitation, both property and liability insurance) is in full force and effect and stating that coverage shall not be cancelable or materially changed without ten (10) days prior written notice to the
Administrative Agent of any cancelation for nonpayment or premiums, and not less than thirty (30) days prior written notice to the Administrative Agent of any other cancellation or any modification (including a reduction in coverage), together
with appropriate evidence that the Administrative Agent, for the benefit of the Lenders, is named as lender’s loss payee and additional insured, as appropriate, on all insurance policies that the Borrower or any Loan Party actually maintains
with respect to any Collateral Property. Such insurance shall, in any event, include terrorism coverage and all of the following: 

  
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 (A) Insurance against loss to such Collateral Properties on an “All Risk” policy
form, covering insurance risks no less broad than those covered under a Special Multi Peril (SMP) policy form, which contains a Commercial ISO “Causes of Loss-Special Form,” in the then current form, and such other risks as Administrative
Agent may reasonably require, in amounts equal to the full replacement cost of each of the Collateral Properties including fixtures and equipment, the applicable Loan Party’s interest in leasehold improvements, and the cost of debris removal,
with, if required by the Administrative Agent, an agreed amount endorsement, and with deductibles approved by Administrative Agent, except that any deductibles for any insurance covering damage by windstorm may be in amounts up to 5% of the value of
the Collateral Property insured; 
 (B) Business income insurance in amounts sufficient to pay during any period in which a
Property may be damaged or destroyed, for a period of twelve (12) months; (i) at least 100% of projected Net Operating Income and (ii) all amounts (including, but not limited to, all taxes, assessments, utility charges and insurance
premiums) required to be paid by any tenants of the Collateral Property; 
 (C) During the making of any alterations or
improvements to a Collateral Property, carry or cause to be carried builder’s completed value risk insurance against “all risks of physical loss” for the full replacement cost of such Collateral Property; 

(D) Insurance against loss or damage by flood or mud slide in compliance with The Flood Disaster Protection Act of 1973, as amended from
time to time, if any Property is now, or at any time while the Obligations or any portion thereof remains unpaid shall be, situated in any area which an appropriate Governmental Authority designates as a special flood hazard area, in amounts equal
to the full replacement value of all above grade structures on such Collateral Property, or as such lesser amounts as may be available under Federal Flood Insurance Programs; 
 (E) Commercial general public liability insurance, with the location of the Collateral Properties designated thereon, against death, bodily injury and property damage arising on, about or in connection
with the Collateral Properties, with applicable Subsidiary Guarantor listed as an insured, with such limits as Borrower or the applicable Subsidiary Guarantor may reasonably require (but in no event less than $5,000,000; and 

(F) Such other insurance, including, without limitation, earthquake and environmental coverages, relating to the Collateral Properties
and the uses and operation thereof as Administrative Agent may, from time to time, reasonably require. 
 Section 8.6. Payment of Taxes
and Claims. 
 The Borrower shall, and shall cause each other Specified Loan Party to, and by its execution hereof the Parent
Guarantor agrees that it shall and shall cause each of its Subsidiaries to, pay and discharge when due (a) all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or upon any properties belonging
to it, and (b) all lawful claims of materialmen, mechanics, carriers, warehousemen and landlords for labor, materials, supplies and rentals which, if unpaid, might by Applicable Law become a Lien on any

  
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properties of such Person that is not a Permitted Lien; provided, however, that (subject to Section 8.16.) this Section shall not require the payment or discharge of any
such tax, assessment, charge, levy or claim (i) that is being contested in good faith and by appropriate proceedings, (ii) with respect to which reserves in conformity with GAAP have been provided, (iii) if such charge, levy or claim
does not constitute and is not secured by any choate Lien on any portion of any Property and no portion of any Property is in jeopardy of being sold, forfeited or lost during or as a result of such contest, (iv) neither Administrative Agent nor
any Lender could become subject to any civil or criminal fine or penalty, in each case as a result of non-payment of such charge or claim and (v) such contest does not, and could not reasonably be expected to, result in a Material Adverse
Effect. 
 Section 8.7. Books and Records; Inspections. 
 The Borrower shall, and shall cause each other Specified Loan Party to, and by its execution hereof the Parent Guarantor agrees that it shall and shall cause each of its Subsidiaries to, keep proper books
of record and account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities. The Borrower shall, and shall cause each other Specified Loan Party to, and by its execution
hereof the Parent Guarantor agrees that it shall and shall cause each of its Subsidiaries to, permit representatives of the Administrative Agent or any Lender to visit and inspect any of their respective properties, to examine and make abstracts
from any of their respective books and records and to discuss their respective affairs, finances and accounts with their respective officers, employees and independent public accountants, all at such reasonable times during business hours and as
often as may reasonably be requested and, as long as no Event of Default exists, with reasonable prior notice. The Borrower shall be obligated to reimburse the Administrative Agent and the Lenders for their costs and expenses incurred in connection
with the exercise of their rights under this Section 8.7. only if such exercise occurs while a Default or Event of Default exists. 

Section 8.8. Use of Proceeds. 
 The Borrower shall use the proceeds of Loans only for the general corporate purposes of the Borrower and its Subsidiaries, including the acquisition of Properties, repayment of Indebtedness and capital
expenditures. The Borrower shall not, and shall not permit any other Specified Loan Party or any of its or their respective Subsidiaries to, and by its execution hereby the Parent Guarantor agrees that it shall not and shall not permit any of its
Subsidiaries to, use any part of such proceeds to purchase or carry, or to reduce or retire or refinance any credit incurred to purchase or carry, any margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve
System) or to extend credit to others for the purpose of purchasing or carrying any such margin stock. 
 Section 8.9. Environmental
Matters. 
 The Borrower shall, and shall cause each other Specified Loan Party and each of its and their respective
Subsidiaries to, and by its execution hereof the Parent Guarantor agrees that it shall and shall cause each of its Subsidiaries to, comply with all Environmental Laws the failure with which to comply could reasonably be expected to have a Material
Adverse Effect. The Borrower shall comply, and shall cause each other Specified Loan Party to comply, and by its 

  
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execution hereof the Parent Guarantor agrees that it shall and shall cause each of its Subsidiaries to comply, and the Borrower shall use, and shall cause each other Specified Loan Party to use,
and by its execution hereof the Parent Guarantor agrees that it shall and shall cause each of its Subsidiaries to use, commercially reasonable efforts to cause all other Persons occupying, using or present on its Properties to comply, with all
Environmental Laws in all material respects. The Borrower shall, and shall cause each other Specified Loan Party to, and by its execution hereof the Parent Guarantor agrees that it shall and shall cause each of its Subsidiaries to, promptly take all
actions and pay or arrange to pay all costs necessary for it and for its Properties to comply in all material respects with all Environmental Laws and all Governmental Approvals, including actions to remove and dispose of all Hazardous Materials and
to clean up the Properties as required under Environmental Laws. The Borrower shall, and shall cause each other Specified Loan Party to, and by its execution hereof the Parent Guarantor agrees that it shall and shall cause each of its Subsidiaries
to, promptly take all actions necessary to prevent the imposition of any Liens on any of their respective properties arising out of or related to any Environmental Laws. Nothing in this Section shall impose any obligation or liability
whatsoever on the Administrative Agent or any Lender. 
 Section 8.10. Further Assurances. 

At the Borrower’s cost and expense and upon request of the Administrative Agent, the Borrower shall, and shall cause each other
Specified Loan Party to, and by its execution hereof the Parent Guarantor agrees that it shall and shall cause each of its Subsidiaries to, duly execute and deliver or cause to be duly executed and delivered, to the Administrative Agent such further
instruments, documents and certificates, and perform or cause to be performed such further acts reasonably necessary, as determined by Administrative Agent in its reasonable judgment, to carry out the purposes of this Agreement and the other Loan
Documents. 
 Section 8.11. Intentionally Omitted. 
 Section 8.12. REIT Status. 
 By its execution hereof, the Parent
Guarantor agrees to maintain its status and elect to be treated as a REIT. 
 Section 8.13. Exchange Listing. 

By its execution hereof, the Parent Guarantor agrees to maintain at least one class of common shares of the Parent Guarantor having
trading privileges on the New York Stock Exchange. 
 Section 8.14. Operation of Collateral Property. The Borrower shall cause each
Subsidiary Guarantor and Operating Lessee to: 
 (a) operate each Collateral Property in compliance with Applicable Law in all
material respects; 
 (b) promptly perform and/or observe (or cause to be performed and/or observed) in all material respects
the covenants and agreements required to be performed and observed by it 

  
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under the Material Contracts to which it is a party and do all things necessary to preserve and to keep unimpaired their material rights thereunder; 

(c) promptly notify the Administrative Agent of any default under any Management Agreement or Franchise Agreement of which it is aware;

 (d) promptly deliver to the Administrative Agent a copy of each PIP, inspection report and any other written notice or report
received by it under any Management Agreement or Franchise Agreement; 
 (e) maintain Inventory at the applicable Collateral
Property in amounts required to operate such Collateral Property as operated at the time it first became a Collateral Property and sufficient to meet the standards from time to time required by the applicable Manager and Franchisor; 

(f) maintain all material Licenses for the applicable Collateral Property in full force and effect and promptly comply with all
conditions thereof; and 
 (g) reasonably cooperate in obtaining from each Franchisor under a Franchise Agreement for each
proposed Collateral Property (whether before or after such Property becomes a Collateral Property) a “comfort letter” from such Franchisor with respect to such Franchise Agreement, including if required by such Franchisor the execution by
the applicable Operating Lessee and Subsidiary Guarantor of such comfort letter; provided, however, that Borrower or such Subsidiary Guarantor or Operating Lessee, as the case may be, shall not be required to (i) make any amendments or other
modifications to any Franchise Agreement once entered into; (ii) pay any fees to any Franchisor in connection with the foregoing (except for standard, commercially reasonable issuance fees) or (iii) make any other concessions in connection
with the foregoing (except for standard requirements in such Franchisor’s comfort letters). 
 Section 8.15. Completion of
Renovations. 
 (a) In the event that any Subsidiary Guarantor or Operating Lessee shall undertake any Renovations to a
Collateral Property pursuant to a PIP or otherwise, the Borrower shall (i) cause the same to be performed diligently and promptly and to be commenced, performed and completed within the time limits set forth in the PIP (if applicable);
(b) cause to be obtained all governmental permits required for such Renovations; (c) cause such Renovations to be constructed, performed and completed in compliance, in all material respects, with Applicable Law and all applicable
requirements of the Manager and Franchisor, in a good and workmanlike manner, with materials of high quality, free of defects, and in accordance with the plans and specifications therefor and the PIP (if applicable), without substantial deviation
therefrom unless approved by the Manager or Franchisor that issued the PIP; (d) cause such Renovations to be constructed and completed free and clear of any mechanic’s liens, materialman’s liens and equitable liens (subject to
Section 8.16.); (e) pay or cause to be paid all costs of such Renovations when due; (f) fully pay and discharge, or cause to be fully paid and discharged, all claims for labor performed and material and services furnished in
connection with such Renovations; and (g) promptly release and discharge, or cause to be released and discharged, all 

  
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claims of stop notices, mechanic’s liens, materialman’s liens and equitable liens that may arise in connection with such Renovations (subject to Section 8.16.). 

(b) Borrower shall notify the Administrative Agent of any Major Renovations that are scheduled or planned for any Collateral Property and
shall, if requested by the Administrative Agent, promptly furnish or cause to be furnished to the Administrative Agent (i) copies of any plans and specifications, contracts and governmental permits for such Major Renovations, and (ii) upon
substantial completion of such Major Renovations (A) a written statement or certificate executed by the architect designated or shown on the plans and specifications (or, if no architect has been retained, from the general contractor for such
Major Renovations certifying, without qualification or exception, that such Major Renovations are substantially completed, (B) all required occupancy permit(s) for the Collateral Property issued by the local government agency having
jurisdiction and authority to issue same, and (C) such other evidence of lien free completion as the Administrative Agent deems satisfactory in its reasonable discretion. 
 Section 8.16. Mechanics Liens. The Borrower shall not suffer or permit any mechanics’, suppliers’ or other Lien claims (including without limitation any Liens arising from
environmental or other legal proceedings (“Proceedings”)) to be filed or otherwise asserted against any Collateral Property. If a claim of lien is recorded which affects any Collateral Property, the Borrower shall, within thirty
(30) days of such recording, or within ten (10) days of the Administrative Agent’s demand, whichever occurs first: (a) pay and discharge, or cause to be paid and discharged, the claim of Lien; or (b) provide the
Administrative Agent with other assurances (which may include a title insurance endorsement) which the Administrative Agent deems, in its sole and absolute discretion, to be satisfactory for the payment of such claim of Lien and for the full and
continuous protection of the Administrative Agent and the Lenders from the effect of such lien. 
 Section 8.17. Proceedings. If any
Proceedings are commenced seeking to enjoin or otherwise prevent or declare unlawful the use, occupancy, operation or maintenance of any Collateral Property or any portion thereof, or if any other Proceedings are filed with respect to any Collateral
Property or any Loan Party, the Borrower shall give prompt notice thereof to the Administrative Agent and to the extent permitted by law and at the Borrower’s or such Loan Party’s sole expense, (i) cause the Proceedings to be
vigorously contested in good faith and (ii) in the event of an adverse ruling or decision, prosecute all allowable appeals therefrom. Without limiting the generality of the foregoing, the Borrower shall, or shall cause the applicable Loan Party
to, resist the entry or seek the stay of any temporary or permanent injunction that may be entered and use its best efforts to bring about a favorable and speedy disposition of all such Proceedings. 

Section 8.18. Correction of Defects. Within a commercially reasonable period of time after any Loan Party acquires knowledge of or is given
notice of a material defect in any Collateral Property or any departure by any Loan Party from other requirements of this Agreement or the other Loan Documents, Borrower shall, or shall cause the applicable Specified Loan Party to, commence and
continue with diligence to correct, or cause to be corrected, all such defects and departures. Upon any Loan Party acquiring knowledge of such defect or departure, the Borrower shall promptly advise the Administrative Agent in writing of such matter
and the measures being taken to make such corrections, along with an estimate of the time of completion. 

  
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 Section 8.19. Personal Property. The tangible Personal Property of each Subsidiary Guarantor and
Operating Lessee used in connection with any Collateral Property shall be located at such Collateral Property and to be kept free and clear of all Liens other than Permitted Liens, and Borrower shall, from time to time upon request by the
Administrative Agent, furnish the Administrative Agent with evidence of such ownership satisfactory to the Administrative Agent, including searches of applicable public records. 
 Section 8.20. FF&E Reserve Accounts. The Borrower shall cause each Subsidiary Guarantor or Operating Lessee to maintain a FF&E Reserve Account with respect to each Collateral Property,
to pledge such FF&E Reserve Account to the Administrative Agent for its benefit and the benefit of the Lenders as Collateral, and to deposit funds therein and to withdraw funds therefrom on and subject to the following terms and conditions:

 (a) Except as otherwise provided in subsection (d), each FF&E Reserve Account shall be held by the Administrative Agent.
There shall be executed and delivered with respect to each FF&E Reserve Account (whether or not held by the Administrative Agent) a Control Agreement. Except as otherwise provided in subsection (d), the Administrative Agent may, at any time that
there exists an Event of Default, exercise its right under the Control Agreement to control the FF&E Reserve Accounts. 

(b) Monthly deposits into the FF&E Reserve Account in an amount equal to the FF&E Reserve for any month shall be made not later
than 15th day of the succeeding month if the FF&E Reserve Account is held by the Administrative Agent or otherwise when required by the Management Agreement. 
 (c) Funds may be withdrawn from the FF&E Reserve Account (whether held by the Administrative Agent or otherwise), and the Borrower agrees that it shall cause each Subsidiary Guarantor and Operating
Lessee to withdraw and use such funds, solely for the payment of expenditures for FF&E and other capital items in accordance with the applicable Approved Capital Budget. 
 (d) If the Manager of a Collateral Property is, or is an Affiliate of, a Major Hotel Operator, (i) the FF&E Reserve Account shall not be required to be held by the Administrative Agent, and
(ii) the Management Agreement Assignment/Subordination and Control Agreement with respect to such Collateral Property may provide that the Administrative Agent shall not interfere with such Manager’s ability to access funds in such
FF&E Reserve Account during the term of its Management Agreement for purposes permitted under such Management Agreement. 

(e) The Administrative Agent shall have the right (to be exercised from time to time at its election) to audit the Loan Parties’
books and records in order to determine whether or not the funds withdrawn or disbursed from the FF&E Reserve Account have been spent only for the purpose for which they were withdrawn or disbursed. The Borrower shall, and shall cause each other
Specified Loan Party to, cooperate with the Administrative Agent in connection with any such audit. 

  
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 Section 8.21. Tax/Insurance Reserve Accounts. 

(a) There shall be maintained with respect to each Collateral Property a Tax/Insurance Reserve Account held by Administrative Agent and
pledged to Administrative Agent for its benefit and the benefit of the Lenders as Collateral. The Administrative Agent shall have sole dominion and control over each such Tax/Insurance Reserve Account, and no Loan Party shall have any right to
withdraw funds therefrom except in accordance with the provisions of this Section 8.21. 
 (b) On the first day of each
month, the Borrower shall deposit or cause to be deposited in the Tax/Insurance Reserve Account for such Collateral Property (i) a sum, as reasonably determined by Administrative Agent from time to time based on the most recent tax bills
available for such Collateral Property, that, together with other sums on deposit in such Tax Reserve Account or required to be deposited thereafter for such purpose, will be sufficient to pay in full each installment of personal property and real
estate taxes and assessments accruing with respect to such Collateral Property at least thirty (30) days prior to the date on which the same is due and payable without penalty therefore, and (ii) subject to subsection (d) below, a
sum, as reasonably determined by Administrative Agent from time to time based on the most recent bills for insurance premiums available for such Collateral Property, that, together with other sums on deposit in such Insurance Reserve Account or
required to be deposited thereafter for such purpose, will be sufficient to pay in full the insurance premiums accruing with respect to such Collateral Property at least thirty (30) days prior to the date on which the same is due and payable
without penalty therefor. The Administrative Agent shall have the right from time to time to audit the amounts in each Tax/Insurance Reserve Account and reconcile such amounts with the anticipated amount of the personal property and real estate
taxes and assessments and (subject to subsection (d) below) insurance premiums coming due for the applicable Collateral Property and may, in its reasonable discretion, upon notice to Borrower, require additional amounts to be deposited therein
and adjust the monthly deposits required therein. 
 (c) Provided no Event of Default exists, the Borrower may present to the
Administrative Agent a request for disbursement of amounts held in the applicable Tax/Insurance Reserve Account for the payment of personal property and real estate taxes and assessments anticipated to be due and payable with respect to the
applicable Collateral Property within thirty (30) days of such request and (subject to subsection (d) below) amounts held in the Tax/Insurance Reserve Account for insurance premiums anticipated to be due and payable with respect to the
applicable Collateral Property within thirty (30) days of such request. Unless otherwise approved by the Administrative Agent, funds in a Tax/Insurance Reserve Account for a Collateral Property may not be used to pay any costs or expenses other
than personal property and real estate taxes and assessments for such Collateral Property, and than insurance premiums for such Collateral Property. Subject to the limitations and conditions contained herein, all requests for a disbursement from a
Tax/Insurance Reserve Account shall be made (in writing) by one of the persons set forth in the Notice of Responsible Officers most recently delivered to the Administrative Agent. The Administrative Agent is authorized to rely on a notice signed by
one of the persons set forth on a Notice of Responsible Officers until such time as the Administrative Agent is notified (in writing) by the Borrower of a change to such Notice of Responsible Officers. Within ten (10) days of the
Borrower’s delivery of its request for disbursement of amounts held in the applicable Tax/Insurance Reserve Account, the Administrative Agent shall 

  
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disburse such amounts to the Borrower for application to the amounts then due and owing therefor. 
 (d) Notwithstanding the foregoing, deposits for insurance premiums shall not be required to be made into a Tax/Insurance Reserve Account for any Collateral Property managed by a Major Hotel Operator to
which the applicable Loan Party is making monthly payments for insurance premiums for insurance that is carried by such Major Hotel Operator and that complies with the terms of this Agreement. 

Section 8.22. Approved Ground Leases. 
 Without limitation of any other provision of the Loan Documents, the Borrower shall (a) cause the applicable Subsidiary Guarantor to perform its obligations under each Approved Ground Lease in
accordance with the terms and provisions thereof; (b) promptly give notice to Administrative Agent of any event or occurrence that, with notice or passage of time or both, would constitute an event of default under any Approved Ground Lease;
and (c) promptly furnish to Administrative Agent a copy of any notice given or received by any Loan Party pursuant to any Approved Ground Lease alleging any breach or default by either party thereunder. 

ARTICLE IX. INFORMATION 
 For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 13.7., all of the Lenders) shall otherwise consent in the manner set forth in
Section 13.7., the Borrower shall furnish to the Administrative Agent for distribution to each of the Lenders: 
 Section 9.1.
Quarterly Financial Statements. 
 As soon as available and in any event within forty-five (45) days after the close of
each of the first, second and third fiscal quarters of the Parent Guarantor, the unaudited consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such period and the related unaudited consolidated statements of
operations, stockholders’ equity and cash flows of the Parent Guarantor and its Subsidiaries for such period, setting forth in each case in comparative form the figures as of the end of and for the corresponding periods of the previous fiscal
year, all of which shall be certified by the chief financial officer of the Parent Guarantor, in his or her opinion, to present fairly, in accordance with GAAP (subject to Section 1.2.(a)), the consolidated financial position of the Parent
Guarantor and its Subsidiaries as at the date thereof and the results of operations for such period (subject to normal year end audit adjustments). 
 Section 9.2. Year End Statements. 
 As soon as available and in any
event within ninety (90) days after the end of each fiscal year of the Parent Guarantor, the audited consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such fiscal year and the related audited consolidated
statements of operations, stockholders’ equity and cash flows of the Parent Guarantor and its Subsidiaries for such fiscal year, setting forth in comparative form the figures as at the end of and for the previous fiscal year, all of which shall
be certified by (a) the chief financial officer of the Parent 

  
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Guarantor, in his or her opinion, to present fairly, in accordance with GAAP (subject to Section 1.2.(a)), the financial position of the Parent Guarantor and its Subsidiaries as at the date
thereof and the result of operations for such period and (b) Ernst & Young LLP or any other independent certified public accountants of recognized national standing acceptable to the Requisite Lenders, whose certificate shall be
unqualified and in scope and substance satisfactory to the Requisite Lenders and who shall have authorized the Parent Guarantor to deliver such financial statements and certification thereof to the Administrative Agent and the Lenders pursuant to
this Agreement. 
 Section 9.3. Compliance Certificate. 
 At the time the financial statements are furnished pursuant to the immediately preceding Sections 9.1. and 9.2., a certificate substantially in the form of Exhibit I (a “Compliance
Certificate”) executed on behalf of the Borrower by a senior officer of the Borrower (a) setting forth as of the end of such quarterly accounting period or fiscal year, as the case may be, the calculations required to establish whether the
Borrower was in compliance with the covenants contained in Section 10.1.; and (b) stating that no Default or Event of Default exists, or, if such is not the case, specifying such Default or Event of Default and its nature, when it occurred
and the steps being taken by the Borrower with respect to such event, condition or failure. 
 Section 9.4. Other Information.

 (a) Within ten (10) days of receipt thereof, copies of all reports, if any, submitted to the Parent Guarantor or its
Board of Trustees by its independent public accountants including, without limitation, any management report; 
 (b) Within five
(5) Business Days of the filing thereof, copies of all registration statements (excluding the exhibits thereto and any registration statements on Form S-8 or its equivalent), reports on Forms 10-K, 10-Q and 8-K (or their equivalents) and all
other periodic reports which any Loan Party or any other Subsidiary shall file with the Securities and Exchange Commission (or any Governmental Authority substituted therefor) or any national securities exchange; 

(c) Promptly upon the mailing thereof to the shareholders of the Parent Guarantor generally, copies of all financial statements, reports
and proxy statements so mailed and promptly upon the issuance thereof copies of all press releases issued by the Parent Guarantor, the Borrower, any Subsidiary or any other Loan Party; 

(d) Within forty-five (45) days after the end of each calendar quarter, a DSCR Certificate certifying compliance with the Minimum
DSCR Hurdle, as of the last day of such fiscal quarter. 
 (e) Within twenty-five (25) days after the end of each calendar
quarter, an operating statement for each Collateral Property, and for all Collateral Properties on a consolidated basis, for the preceding calendar quarter (and for each month in such quarter), detailing the Gross Operating Revenues and Operating
Expenses, along with the average daily rate, occupancy levels and revenue per available room for each Collateral Property, certified as true, correct and complete by a senior officer of the Borrower, together with: (A) a comparison of the
results for 

  
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such quarter (and for each month in such quarter) with (1) the projections for such quarter (and for each month in such quarter) contained in the Approved Annual Budget and (2) the
actual results for the same calendar quarter (and for each month in such quarter) in the immediately preceding calendar year; (B) an operating statement for the twelve-month period ending with such quarter; (C) an operating statement
showing year-to-date results for the period ending with such quarter, together with a comparison of such operating statement with (1) the projections for such year-to-date period contained in the Approved Annual Budget and (2) the actual
results for the year-to-date period ending with the same calendar quarter in the immediately preceding calendar year; (D) budget reforecasts (showing year-to-date actual and remainder of year budget); and (E) a calculation of Adjusted NOI.

 (f) Within twenty-five (25) days after the end of each calendar quarter, for each Collateral Property, (i) a group
booking pace report and market segmentation report (if available) and (ii) the most current Smith Travel Research STAR Report available, comparing such Collateral Property to its primary competitive set. 

(g) No later than thirty (30) days after the beginning of each fiscal year of the Parent Guarantor, projected balance sheets,
operating statements, profit and loss projections, sources and uses of cash statement and statements of EBITDA and Funds From Operations, for the Parent Guarantor and its Subsidiaries on a consolidated basis for such fiscal year and the two
succeeding fiscal years, all itemized in reasonable detail. The foregoing shall be accompanied by pro forma calculations, together with detailed assumptions, required to establish whether or not the Parent Guarantor, the Borrower, and when
appropriate their consolidated Subsidiaries (as applicable), will be in compliance with the covenants contained in Sections 10.1. at the end of each fiscal quarter of the first year of such three-year period. 

(h) No later than thirty (30) days after the beginning of each fiscal year of the Borrower (i) the proposed annual operating
budget for each Collateral Property, which shall be subject to approval of the Administrative Agent (as so approved, with respect to each Collateral Property, the “Approved Operating Budget”), and (ii) the proposed annual FF&E and
capital budget for each Collateral Property, which shall be subject to the approval of the Administrative Agent (as so approved, with respect to each Collateral Property, the “Approved Capital Budget”). 

(i) Within ninety (90) days following the end of each fiscal year of the Parent Guarantor, operating statements, current operating
and capital budgets (on both an individual basis and a consolidated basis) for each Hotel Property of the Parent Guarantor and its Subsidiaries and a marketing plan for each Hotel Property. 

(j) If and when any member of the ERISA Group (i) gives or is required to give notice to the PBGC of any “reportable
event” (as defined in Section 4043 of ERISA) with respect to any Plan which might constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan administrator of any Plan has given or is required to give
notice of any such reportable event, a copy of the notice of such reportable event given or required to be given to the PBGC; (ii) receives notice of complete or partial withdrawal liability under Title IV of ERISA or notice that any
Multiemployer Plan is in reorganization, is insolvent or has been terminated, a copy of such notice; (iii) receives notice from the PBGC under Title IV 

  
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of ERISA of an intent to terminate, impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or appoint a trustee to administer any Plan, a copy of such notice;
(iv) applies for a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code, a copy of such application; (v) gives notice of intent to terminate any Plan under Section 4041(c) of ERISA, a copy of such
notice and other information filed with the PBGC; (vi) gives notice of withdrawal from any Plan pursuant to Section 4063 of ERISA, a copy of such notice; or (vii) fails to make any payment or contribution to any Plan or Multiemployer
Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan or Benefit Arrangement which has resulted or could result in the imposition of a Lien or the posting of a bond or other security, a certificate of the controller of the
Parent Guarantor setting forth details as to such occurrence and action, if any, which the Parent Guarantor or applicable member of the ERISA Group is required or proposes to take; 

(k) To the extent any Loan Party or any Subsidiary of any Loan Party is aware of the same, prompt notice of the commencement of any
proceeding or investigation by or before any Governmental Authority and any action or proceeding in any court or other tribunal or before any arbitrator against or in any other way relating adversely to, or adversely affecting, any Loan Party or any
Subsidiary of any Loan Party or any of their respective properties, assets or businesses which, if determined or resolved adversely to such Person, could reasonably be expected to have a Material Adverse Effect, and prompt notice of the receipt of
notice that any United States income tax returns of any Loan Party or any Subsidiary of any Loan Party are being audited; 
 (l)
A copy of any amendment to the articles of incorporation, bylaws, partnership agreement or other similar organizational documents of any Loan Party within five (5) Business Days after the effectiveness thereof; 

(m) Prompt notice of (i) any change in the senior management of the Parent Guarantor or the Borrower and (ii) any change in the
business, assets, liabilities, financial condition, results of operations or business prospects of any Loan Party or any Subsidiary of any Loan Party which has had or could have a Material Adverse Effect; 

(n) Prompt notice of the occurrence of any Default or Event of Default or any event which constitutes or which with the passage of time,
the giving of notice, or otherwise, would constitute a default or event of default by any Loan Party under any Material Contract to which any such Person is a party or by which any such Person or any of its respective properties may be bound;

 (o) Promptly upon any Loan Party entering into any Material Contract or any Tenant Lease, a copy thereof; 

(p) Prompt notice of any order, judgment or decree (i) in excess of $250,000 having been entered against any Loan Party or any
Subsidiary of any Loan Party or any of their respective properties or assets or (ii) in excess of $1,000,000 having been entered against any Subsidiary that is not a Loan Party or any of its properties or assets; 

  
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 (q) Any notification of a material violation of any Applicable Law or any inquiry shall have
been received by any Loan Party or any Subsidiary of any Loan Party from any Governmental Authority; 
 (r) Prompt notice of the
acquisition, incorporation or other creation of any Subsidiary of any Loan Party, the purpose for such Subsidiary, the nature of the assets and liabilities thereof and whether such Subsidiary is a Wholly Owned Subsidiary; 

(s) Promptly upon the request of the Administrative Agent, evidence of the Parent Guarantor’s calculation of the Ownership Share
with respect to a Subsidiary or an Unconsolidated Affiliate, such evidence to be in form and detail satisfactory to the Administrative Agent; 
 (t) Promptly, upon each request, such information regarding the Borrower as a Lender may require in order to comply with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)); 
 (u) Promptly, and in any event within three (3) business days after the Borrower obtains knowledge thereof, the
Borrower shall provide the Administrative Agent with written notice of the occurrence of any of the following: (i) any Loan Party or any Subsidiary of any Loan Party shall receive notice that any violation of or noncompliance with any
Environmental Law has or may have been committed or is threatened; (ii) any Loan Party or any Subsidiary of any Loan Party shall receive notice that any administrative or judicial complaint, order or petition has been filed or other proceeding
has been initiated, or is about to be filed or initiated against any such Person alleging any violation of or noncompliance with any Environmental Law or requiring any such Person to take any action in connection with the release or threatened
release of Hazardous Materials; (iii) any Loan Party or any Subsidiary of any Loan Party shall receive any notice from a Governmental Authority or private party alleging that any such Person may be liable or responsible for any costs associated
with a response to, or remediation or cleanup of, a release or threatened release of Hazardous Materials or any damages caused thereby; or (iv) any Loan Party or any Subsidiary of any Loan Party shall receive notice of any other fact,
circumstance or condition that could reasonably be expected to form the basis of an environmental claim, and such notice(s), whether individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect; 

(v) Within forty-five (45) days after the end of each calendar quarter, Borrower shall deliver to the Administrative Agent a report
in form and substance reasonably satisfactory to the Administrative Agent summarizing the status of the compliance with and performance of the obligations under each PIP for any Collateral Property, including in such report a statement of the
amounts expended through the end of such quarter with respect to such PIP and amounts projected to be expended thereafter to complete the obligations under such PIP; and 
 (w) From time to time and promptly upon each request, such data, certificates, reports, statements, opinions of counsel, documents or further information regarding any Property or the business, assets,
liabilities, financial condition, results of operations or business prospects of any Loan Party or any Subsidiary of any Loan Party as the Administrative Agent or any Lender may reasonably request. 

  
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 Section 9.5. Electronic Delivery of Certain Information. 

(a) Documents required to be delivered pursuant to the Loan Documents shall be delivered by electronic communication and delivery,
including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website such as www.Edgar.com <http://www.Edgar.com> or a website sponsored or hosted by
the Administrative Agent or the Borrower) provided that (A) the foregoing shall not apply to notices to any Lender pursuant to Article II. and (B) the Lender has not notified the Administrative Agent or Borrower that it cannot or does not
want to receive electronic communications. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or
particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered twenty-four (24) hours after the date and time on which the Administrative Agent or the Borrower posts such documents or
the documents become available on a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal
business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. on the opening of business on the next business day for the recipient. Notwithstanding anything contained herein, in every instance the
Borrower shall be required to provide paper copies of the certificate required by Section 9.3. to the Administrative Agent and shall deliver paper copies of any documents to the Administrative Agent or to any Lender that requests such paper
copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for the certificates required by Section 9.3., the Administrative Agent shall have no obligation to request the delivery
of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting
delivery to it of paper copies and maintaining its paper or electronic documents. 
 (b) Documents required to be delivered
pursuant to Article II. may be delivered electronically to a website provided for such purpose by the Administrative Agent pursuant to the procedures provided to the Borrower by the Administrative Agent. 

Section 9.6. Public/Private Information. 
 The Borrower shall, and shall cause each other Specified Loan Party to, and by its execution hereof the Parent Guarantor agrees that it shall and shall cause each of its Subsidiaries to, cooperate, with
the Administrative Agent in connection with the publication of certain materials and/or information provided by or on behalf of the Borrower or the other Loan Parties. Documents required to be delivered pursuant to the Loan Documents shall be
delivered by or on behalf of the Borrower or the other Loan Parties to the Administrative Agent and the Lenders (collectively, “Information Materials”) pursuant to this Article and shall designate Information Materials (a) that are
either available to the public or not material with respect to the Borrower, the other Loan Parties and their Subsidiaries or any of their respective securities for purposes of United States federal and state securities laws, as “Public
Information” and (b) that are not Public Information as “Private Information”. 

  
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 Section 9.7. USA Patriot Act Notice; Compliance. 

The USA Patriot Act of 2001 (Public Law 107-56) and federal regulations issued with respect thereto require all financial institutions to
obtain, verify and record certain information that identifies individuals or business entities which open an “account” with such financial institution. Consequently, a Lender (for itself and/or as Administrative Agent for all Lenders
hereunder) may from time-to-time request, and the Borrower shall, and shall cause each other Loan Party to, and by its execution hereof the Parent Guarantor agrees that it shall, provide to such Lender, such Loan Party’s name, address, tax
identification number and/or such other identification information as shall be necessary for such Lender to comply with federal law. An “account” for this purpose may include, without limitation, a deposit account, cash management service,
a transaction or asset account, a credit account, a loan or other extension of credit, and/or other financial services product. 

ARTICLE X. NEGATIVE COVENANTS 

For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 13.7., all of the
Lenders) shall otherwise consent in the manner set forth in Section 13.7., the Borrower shall, and by its execution hereof the Parent Guarantor agrees that it shall (as applicable), comply with the following covenants: 

Section 10.1. Financial Covenants. 
 (a) Minimum Tangible Net Worth. Tangible Net Worth shall not at any time be less than (i) $263,353,000 plus (ii) 85% of the Net Proceeds of all Equity Issuances effected at any time after
December 31, 2010 by the Parent Guarantor or any of its Subsidiaries. 
 (b) Debt-to-EBITDA Ratio. The
Debt-to-EBITDA Ratio shall not exceed, during the fiscal quarters ending on the dates set forth below, the respective Debt-to-EBITDA Ratios set forth below: 
  

			
	 Fiscal Quarter Ending
	  	Debt-to-EBITDA Ratio
	 June 30, 2010 through June 30, 2011
	  	6.5 to 1.0
	 September 30, 2011 through March 31, 2012
	  	6.0 to 1.0
	 Each fiscal quarter thereafter
	  	5.5 to 1.0

 (c) Leverage
Ratio. The Leverage Ratio shall at all times be less than or equal to 50%. 
 (d) Fixed Charge Coverage Ratio. The
Fixed Charge Coverage Ratio shall not at any time be less than 1.60 to 1.00. 
 (e) Permitted Investments. At no time
from and after the Effective Date shall any of the Loan Parties or any of their Subsidiaries make an Investment in or otherwise own the following items which would cause the aggregate value of such holdings of such Persons to exceed the following
percentages of Gross Asset Value at any such time: 

  
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 (A) New Properties and Redevelopment Properties such that the aggregate Book
Value of all such Properties exceeds 25% of Gross Asset Value; 
 (B) Equity Interests in Persons (other than
consolidated Subsidiaries) such that the aggregate Book Value of such interests exceeds 15% of Gross Asset Value; 
 (C) Properties that are subject to ground leases such that the aggregate Book Value of such Properties exceeds 15% of Gross Asset Value; 

(D) Indebtedness secured by Mortgages in favor of the Parent Guarantor or any of its Subsidiaries such that the aggregate
Book Value of such Indebtedness exceeds 10% of Gross Asset Value; 
 (E) Redevelopment Properties having a value
(based on the total budgeted construction costs for restoration or redevelopment) that exceeds in the aggregate 5% of Gross Asset Value; or 
 (F) Unimproved land such that the aggregate Book Value of all such unimproved land exceeds 2.5% of Gross Asset Value. 
 In addition to the foregoing limitations, the aggregate Book Value (or, in the case of item (E), a value (based on the total budgeted construction cost)) of items (B), (C), (D), (E) and
(F) above from after the Effective Date shall not exceed 25% of Gross Asset Value. 
 (f) Dividends and Other Restricted
Payments. If a Default or an Event of Default under Section 11.1.(a), 11.1.(b), 11.1.(e) or 11.1.(f) shall exist or, if as a result of the occurrence of any other Event of Default any of the Obligations have been accelerated pursuant to
Section 11.2.(a), neither Borrower nor any Specified Loan Party nor any of their respective Subsidiaries, and by its execution hereof the Parent Guarantor agrees that neither it nor any of its Subsidiaries (other than, in the case of any of the
foregoing any Wholly Owned Subsidiaries) shall directly or indirectly declare or make, or incur any liability to make, any Restricted Payments. In all other events, the Parent Guarantor by its execution hereof agrees that it shall not declare or
make, or incur any liability to make, any Restricted Payments other than cash distributions to its shareholders during any period of four consecutive fiscal quarters in an amount not to exceed the greater of (i) 90% of Funds From Operations for
such four quarter period and (ii) cash distributions by the Parent Guarantor to its shareholders in the minimum amount necessary to maintain compliance with Section 8.12. 

(g) Minimum Debt Service Coverage. The Borrower shall not at any time permit the Debt Service Coverage Ratio to be less than the
Minimum DSCR Hurdle. 
 Section 10.2. Negative Pledge. 
 The Borrower shall not, and shall not permit any other Specified Loan Party or any of its or their respective Subsidiaries to, and by its execution hereof the Parent Guarantor agrees that it shall not and
shall not permit any of its Subsidiaries to, (a) create, assume, incur, permit or suffer to exist any Lien on (i) any Collateral, (ii) any direct or indirect ownership interest in any

  
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Subsidiary Guarantor or Operating Lessee, except for Permitted Liens or (b) permit any Collateral or any direct or indirect ownership interest of the Borrower or any Person owning a
Collateral Property to be subject to a Negative Pledge. By its execution hereof, the Parent Guarantor agrees that it shall not create, assume, incur, permit or suffer to exist any Lien on the Parent Guarantor’s ownership interests in the
Borrower or cause or permit its ownership interests in the Borrower to be subject to a Negative Pledge. 
 Section 10.3. Restrictions on
Intercompany Transfers. 
 The Borrower shall not, and shall not permit any other Specified Loan Party or any of its or their
respective Subsidiaries to, and by its execution hereof the Parent Guarantor agrees that it shall not and shall not permit any of its Subsidiaries to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or
restriction of any kind on the ability of any Loan Party or any Subsidiary of any Loan Party to: (a) pay dividends or make any other distribution on any Loan Party’s or Subsidiary’s capital stock or other equity interests owned by the
Borrower or any other Subsidiary; (b) pay any Indebtedness owed to the Parent Guarantor, the Borrower or any other Subsidiary; (c) make loans or advances to the Parent Guarantor, the Borrower or any other Subsidiary; or (d) transfer
any of its property or assets to the Borrower or any other Subsidiary; other than (i) with respect to clauses (a) – (d) those encumbrances or restrictions contained in any Loan Document, (ii) with respect to clauses
(a) –(d), customary encumbrances or restrictions on any Subsidiary (other than a Loan Party) in instruments evidencing or securing Indebtedness of such Subsidiary otherwise permitted under this Agreement or (iii) with respect to
clause (d), customary provisions restricting assignment of any agreement entered into by the Borrower, any other Loan Party or any Subsidiary of any Loan Party in the ordinary course of business. 

Section 10.4. Merger, Consolidation, Sales of Assets and Other Arrangements. 

Except as otherwise permitted below, the Borrower shall not, and shall not permit any other Specified Loan Party or any of its or their
respective Subsidiaries to, and by its execution hereof the Parent Guarantor agrees that it shall not and shall not permit any of its Subsidiaries to, (a) enter into any transaction of merger or consolidation; (b) liquidate, windup or
dissolve itself (or suffer any liquidation or dissolution); (c) convey, sell, lease, sublease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or any substantial part of its business or assets, or the
capital stock of or other Equity Interests in any of its Subsidiaries, whether now owned or hereafter acquired; or (d) acquire a Substantial Amount of the assets of, or make an Investment of a Substantial Amount in, any other Person;
provided, however, that: 
 (i) any Subsidiary may merge with a Loan Party (other than an Operating
Lessee) so long as such Loan Party is the survivor; 
 (ii) any Subsidiary may sell, transfer or dispose of its
assets to a Loan Party (other than an Operating Lessee); 
 (iii) the Parent Guarantor, the Borrower or any
Subsidiary that is not a Loan Party may, directly or indirectly, (A) acquire (whether by purchase, acquisition of Equity Interests of a Person, or as a result of a merger or consolidation) a Substantial Amount of

  
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the assets of, or make an Investment of a Substantial Amount in, any other Person and (B) sell, lease or otherwise transfer, whether by one or a series of transactions, a Substantial Amount
of assets (including capital stock or other securities of Subsidiaries) to any other Person, so long as, in each case, (1) the Borrower shall have given the Administrative Agent and the Lenders at least thirty (30) days prior written
notice of such consolidation, merger, acquisition, Investment, sale, lease or other transfer; (2) immediately prior thereto, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence,
including, without limitation, a Default or Event of Default resulting from a breach of Section 10.1.; (3) in the case of a consolidation or merger to which the Parent Guarantor or the Borrower is a party, the Parent Guarantor or the
Borrower shall be the survivor thereof and (4) at the time the Borrower gives notice pursuant to clause (1) of this subsection, the Borrower shall have delivered to the Administrative Agent for distribution to each of the Lenders a
Compliance Certificate, calculated on a pro forma basis, evidencing the continued compliance by the Loan Parties with the terms and conditions of this Agreement and the other Loan Documents, including without limitation, the financial covenants
contained in Section 10.1., after giving effect to such consolidation, merger, acquisition, Investment, sale, lease or other transfer; and 
 (iv) the Loan Parties and their Subsidiaries may (except as otherwise provided in the Loan Documents with respect to Collateral Properties) lease and sublease their respective assets, as lessor or
sublessor (as the case may be), in the ordinary course of their business. 
 Further, the Borrower shall not, and shall not permit any other
Specified Loan Party or any of its or their respective Subsidiaries, to, and by its execution hereof the Parent Guarantor agrees that it shall not and shall not permit any of its Subsidiaries to, enter into any sale leaseback transactions or other
transaction by which such Person shall remain liable as lessee (or the economic equivalent thereof) of any real or personal property that it has sold or leased to another Person. 
 Section 10.5. Plans. 
 The Borrower shall not, and shall not permit any
other Specified Loan Party or any of its or their respective Subsidiaries to, and by its execution hereof the Parent Guarantor agrees that it shall not and shall not permit any of its Subsidiaries to, permit any of its respective assets to become or
be deemed to be “plan assets” within the meaning of ERISA and the regulations promulgated thereunder for purposes of ERISA and the Internal Revenue Code. 
 Section 10.6. Fiscal Year. 
 The Borrower shall not, and shall not
permit any other Specified Loan Party or any of its or their respective Subsidiaries to, and by its execution hereof the Parent Guarantor agrees that it shall not and shall not permit any of its Subsidiaries to, change its fiscal year from that in
effect as of the Agreement Date. 

  
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 Section 10.7. Modifications of Organizational Documents. 

The Borrower shall not, and shall not permit any other Specified Loan Party to, and by its execution hereof the Parent Guarantor agrees
that it shall not, amend, supplement, restate or otherwise modify in any material respect its charter, articles of incorporation or by-laws, operating agreement, partnership agreement or other organizational document without the prior written
consent of the Administrative Agent (which shall not be unreasonably withheld) unless such amendment, supplement, restatement or other modification is (a) required under or as a result of the Internal Revenue Code or other Applicable Law or
(b) required to maintain the Parent Guarantor’s status as a REIT. 
 Section 10.8. Material Contracts. 

(a) The Borrower shall not permit any other Specified Loan Party to, and by its execution hereof the Parent Guarantor agrees that it shall
not, do any of the following without the Administrative Agent’s prior written consent: (i) enter into, surrender or terminate any Material Contract, including any new or replacement Franchise Agreement or Management Agreement; (ii) be
or become a party to a Management Agreement that provides for base management fees in excess of 3.5% (or, in the case of suburban select service Hotel Properties, 4.0%); (iii) reduce or extend the term of, increase the charges or fees payable
by such Loan Party under, decrease the charges or fees payable to such Loan Party under, or otherwise modify or amend in any material respect, any Material Contract (other than an Approved Ground Lease, with respect to which the provisions of
subsection (b) shall apply); or (iv) terminate, or modify or amend in any material respect, any Operating Lease of a Collateral Property. 
 (b) The Borrower shall not cause or permit (i) any amendment or modification of any Approved Ground Lease without the prior written consent of Administrative Agent (which shall not be unreasonably
withheld, construed or delayed) or (ii) the termination of any Approved Ground Lease. 
 Section 10.9. Indebtedness.

 (a) The Borrower (i) shall not, and shall not permit any other Specified Loan Party to, and by its execution hereof
the Parent Guarantor agrees that it shall not, assume, create, incur or suffer to exist any Indebtedness to the Parent Guarantor or any of its Subsidiaries unless such Indebtedness is fully subordinated to the Obligations on terms satisfactory to
the Administrative Agent and (ii) shall not permit any Subsidiary Guarantor or Operating Lessee to create, assume, incur or suffer to exist any Indebtedness other than (A) as permitted in clause (i), (B) the Obligations,
(C) trade payables and equipment leases that are normal and customary both as to their terms and as to their amounts and (D) Guaranties of Franchise Agreements entered into in the ordinary course of business. 

(b) The Borrower shall not, and shall not permit any other Specified Loan Party or any of its or their respective Subsidiaries to, and by
its execution hereof the Parent Guarantor agrees that it shall not and shall not permit any of its Subsidiaries to, prepay any principal of, or accrued interest on, any Subordinated Debt or otherwise make any voluntary or optional payment with
respect to any principal of, or accrued interest on, any Subordinated Debt prior to the 

  
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originally scheduled maturity date thereof or otherwise redeem or acquire for value any Subordinated Debt. Further, the Borrower shall not, and shall not permit any other Specified Loan Party or
any of its or their respective Subsidiaries to, and by its execution hereof the Parent Guarantor agrees that it shall not and shall not permit any of its Subsidiaries to, amend or modify, or permit the amendment or modification of, any agreement or
instrument evidencing any Subordinated Debt where such amendment or modification provides for the following or which has any of the following effects: 
 (i) increases the rate of interest accruing on such Subordinated Debt; 
 (ii) increases the amount of any scheduled installment of principal or interest, or shortens the date on which any such installment or principal or interest becomes due; 

(iii) shortens the final maturity date of such Subordinated Debt; 

(iv) increases the principal amount of such Subordinated Debt; 

(v) amends any financial or other covenant contained in any document or instrument evidencing any Subordinated Debt in a
manner which is more onerous to the Borrower, such Loan Party or such Subsidiary or which requires the Borrower, such Loan Party or such Subsidiary to improve its financial performance; 

(vi) provides for the payment of additional fees or the increase in existing fees; and/or 

(vii) otherwise could reasonably be expected to be adverse to the interests of the Administrative Agent or the Lenders.

 Section 10.10. Transactions with Affiliates. 
 The Borrower shall not permit to exist or enter into, and will not permit any other Specified Loan Party or any of its or their respective Subsidiaries to, and by its execution hereof the Parent Guarantor
agrees that it shall not and shall not permit any of its Subsidiaries to, permit to exist or enter into, any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate of any Loan
Party or any Subsidiary, except (a) as set forth on Schedule 7.1.(s) or (b) transactions in the ordinary course of and pursuant to the reasonable requirements of the business of the Borrower or such Loan Party or Subsidiary and upon fair
and reasonable terms which are no less favorable to the Borrower or such Loan Party or Subsidiary than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate. Notwithstanding the forgoing, no payments
may be made with respect to any items set forth on such Schedule 7.1.(s) if a Default or Event of Default exists or would result therefrom. 

Section 10.11. Environmental Matters. 
 The Borrower shall not, and shall not permit any other Specified Loan Party or any other Person to, use, generate, discharge, emit, manufacture, handle, process, store, release, transport, remove, dispose
of or clean up any Hazardous Materials on, under or from the Collateral 

  
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Properties in material violation of any Environmental Law or in a manner that could reasonably be expected to lead to any material environmental claim or pose a material risk to human health,
safety or the environment. Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative Agent or any Lender. 
 Section 10.12. Derivatives Contracts. 
 The Borrower shall not, and
shall not permit any other Loan Party or any Subsidiary of any Loan Party to enter into or become obligated in respect of, Derivatives Contracts, other than Derivatives Contracts entered into by the Borrower, or such Loan Party or Subsidiary in the
ordinary course of business and which establish an effective hedge in respect of liabilities, commitments or assets held or reasonably anticipated by the Borrower or such Loan Party or Subsidiary. 

ARTICLE XI. DEFAULT 
 Section 11.1. Events of Default. 
 Each of the following shall
constitute an Event of Default, whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority: 

(a) Default in Payment. The Borrower shall fail to pay when due under this Agreement or any other Loan Document (whether upon
demand, at maturity, by reason of acceleration or otherwise) the principal of, or any interest on, any of the Loans, or shall fail to pay any of the other payment Obligations owing by the Borrower under this Agreement, any other Loan Document or the
Fee Letter, or any other Loan Party shall fail to pay when due any payment obligation owing by such Loan Party under any Loan Document to which it is a party. 
 (b) Default in Performance. 
 (i) The Borrower or any Loan
Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Article IX. and such failure shall continue for a period of five (5) days; or 

(ii) The Borrower or any Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its
part to be performed or observed and contained in Article X.; or 
 (iii) The Borrower or any Loan Party shall
fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section and such failure shall continue for a period of
thirty (30) days after the earlier of (x) the date upon which any Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent;
provided, however, that: (i) if such default is not susceptible of cure within such thirty (30)-day period, such thirty (30)-day period shall be extended to a ninety (90)-day period, but only if (A) such Loan Party shall commence such cure
within such thirty (30)-day 

  
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period and shall thereafter prosecute such cure to completion, diligently and without delay, and (B) no other Default or Event of Default shall have occurred; and (ii) the grace period
provided in this section shall in no event apply to any default relating to any other Default for which this Agreement or the applicable Loan Document specifically provides that no period of grace shall be applicable. 

(c) Misrepresentations. Any written statement, representation or warranty made or deemed made by or on behalf of the Borrower or
any other Loan Party under this Agreement or under any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement at any time furnished by, or at the direction of, the Borrower or any other Loan Party to the
Administrative Agent or any Lender, shall at any time prove to have been incorrect or misleading in any material respect when furnished or made or deemed made. 
 (d) Indebtedness Cross-Default. 
 (i) Any Loan Party or any
Subsidiary of any Loan Party shall fail to make any payment when due and payable in respect of any Indebtedness (other than the Loans) having an aggregate outstanding principal amount (or, in the case of any Derivatives Contract, having, without
regard to the effect of any close-out netting provision, a Derivatives Termination Value) equal to or exceeding $1,000,000 or, after the Parent Guarantor and its Subsidiaries have acquired Properties having aggregate purchase prices of $300,000,000
or more, $5,000,000 (as applicable, “Material Indebtedness”); or 
 (ii)(x) The maturity of any
Material Indebtedness shall have been accelerated in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Material Indebtedness or (y) any Material
Indebtedness shall have been required to be prepaid or repurchased prior to the stated maturity thereof; or 

(iii) Any other event shall have occurred and be continuing which, with or without the passage of time, the giving of
notice, or otherwise, would permit any holder or holders of any Material Indebtedness, any trustee or agent acting on behalf of such holder or holders or any other Person, to accelerate the maturity of any Material Indebtedness or require any
Material Indebtedness to be prepaid or repurchased prior to its stated maturity. 
 (e) Voluntary Bankruptcy Proceeding.
Any Loan Party or any Subsidiary of any Loan Party shall: (i) commence a voluntary case under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition seeking to take advantage of any other
Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) consent to, or fail to contest in a timely and appropriate manner, any petition filed against it
in an involuntary case under such bankruptcy laws or other Applicable Laws or consent to any proceeding or action described in the immediately following Section 11.1.(f); (iv) apply for or consent to, or fail to contest in a timely and
appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign; (v) admit in writing its inability to pay its debts
as they become due; (vi) make a 

  
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general assignment for the benefit of creditors; (vii) make a conveyance fraudulent as to creditors under any Applicable Law; or (viii) take any corporate, partnership or other
organizational action for the purpose of effecting any of the foregoing. 
 (f) Involuntary Bankruptcy Proceeding. A case
or other proceeding shall be commenced against any Loan Party or any Subsidiary of any Loan Party in any court of competent jurisdiction seeking: (i) relief under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in
effect) or under any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding up, or composition or adjustment of debts; or (ii) the appointment of a trustee, receiver, custodian, liquidator or the
like of such Person, or of all or any substantial part of the assets, domestic or foreign, of such Person, and in the case of either clause (i) or (ii) such case or proceeding shall continue undismissed or unstayed for a period of sixty
(60) consecutive days, or an order granting the relief requested in such case or proceeding (including, but not limited to, an order for relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered. 

(g) Revocation of Loan Documents. Any Loan Party shall (or shall attempt to) disavow, revoke or terminate any Loan Document to
which it is a party or the Fee Letter or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of any Loan Document or the Fee Letter. 

(h) Judgment. A judgment or order for the payment of money shall be entered against any Loan Party or any Subsidiary of any Loan
Party by any court or other tribunal and (i) such judgment or order shall continue for a period of twenty (20) days without being paid, stayed or dismissed through appropriate appellate proceedings and (ii) either (A) the amount
for which insurance has not been acknowledged in writing by the applicable insurance carrier (or the amount as to which the insurer has denied liability) exceeds, individually or together with all other such judgments or orders entered against such
Persons, $1,000,000 or (B) such judgment or order could reasonably be expected to have a Material Adverse Effect. 
 (i)
Attachment. A warrant, writ of attachment, execution or similar process shall be issued against any property of any Loan Party or any Subsidiary of any Loan Party, which exceeds, individually or together with all other such warrants, writs,
executions and processes, $1,000,000 in amount and such warrant, writ, execution or process shall not be paid, discharged, vacated, stayed or bonded for a period of twenty (20) days. 

(j) ERISA. Any member of the ERISA Group shall fail to pay when due an amount or amounts aggregating in excess of $5,000,000 which
it shall have become liable to pay under Title IV of ERISA; or notice of intent to terminate a Material Plan shall be filed under Title IV of ERISA by any member of the ERISA Group, any plan administrator or any combination of the foregoing; or the
PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or to cause a trustee to be appointed to administer any Material Plan; or a
condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated; or there shall occur a complete or partial withdrawal from, or a default, within the meaning of
Section 4219(c)(5) of ERISA, with respect to, one or more Multiemployer 

  
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Plans which could cause one or more members of the ERISA Group to incur withdrawal liability or a current payment obligation in excess of $5,000,000. 

(k) Loan Documents. An Event of Default (as defined therein) shall occur under any of the other Loan Documents; 

(l) Change of Control/Change in Management. 

(i) Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person will be deemed to have “beneficial
ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 19.9% of the total voting power of the then
outstanding voting stock of the Parent Guarantor; 
 (ii) During any period of twelve (12) consecutive
months ending after the Agreement Date, individuals who at the beginning of any such 12-month period constituted the Board of Trustees of the Parent Guarantor (together with any new trustees whose election by such Board or whose nomination for
election by the shareholders of the Parent Guarantor was approved by a vote of a majority of the trustees then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so
approved) cease for any reason to constitute a majority of the Board of Trustees of the Parent Guarantor then in office; or 
 (iii) The Parent Guarantor shall cease to be the sole general partner of the Borrower or shall cease to own at least 80.1% of the partnership interests in the Borrower; or 

(iv) Any Subsidiary Guarantor or Operating Lessee shall cease to be a Wholly Owned Subsidiary of the Borrower. 

(m) Damage; Strike; Casualty. Any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured,
any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty which causes, for more than thirty (30) consecutive days beyond the coverage period of any applicable business interruption insurance, the
cessation or substantial curtailment of revenue producing activities of the Borrower or any other Loan Party. 
 (n) Security
Documents. Any provision of any Security Documents shall for any reason cease to be valid and binding on, enforceable against, any Loan Party, or any Lien created under any Security Document ceases to be a valid and perfected first priority Lien
in any of the Collateral purported to be covered thereby. 
 Section 11.2. Remedies Upon Event of Default. 

Upon the occurrence of an Event of Default the following provisions shall apply: 

  
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 (a) Acceleration; Termination of Facilities. 

(i) Automatic. Upon the occurrence of an Event of Default specified in Sections 11.1.(e) or 11.1.(f),
(1)(A) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding, and (B) all of the other Obligations of the Borrower, including, but not limited to, the other amounts owed to the Lenders and the
Administrative Agent under this Agreement, the Notes or any of the other Loan Documents shall become immediately and automatically due and payable by the Borrower without presentment, demand, protest, or other notice of any kind, all of which are
expressly waived by the Borrower, and (2) the Commitments and the obligation of the Lenders to make Loans hereunder shall all immediately and automatically terminate. 

(ii) Optional. If any other Event of Default shall exist, the Administrative Agent may, and at the direction of the
Requisite Lenders shall: (1) declare (A) the principal of, and accrued interest on, the Loans and the Notes at the time outstanding and (B) all of the other Obligations, including, but not limited to, the other amounts owed to the
Lenders and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice
of any kind, all of which are expressly waived by the Borrower, and (2) terminate the Commitments and the obligation of the Lenders to make Loans hereunder. 
 (b) Loan Documents. The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall, exercise any and all of its rights under any and all of the
other Loan Documents. 
 (c) Applicable Law. The Requisite Lenders may direct the Administrative Agent to, and the
Administrative Agent if so directed shall, exercise all other rights and remedies it may have under any Applicable Law. 
 (d)
Appointment of Receiver. To the extent permitted by Applicable Law, the Administrative Agent and the Lenders shall be entitled to the appointment of a receiver for the assets and properties of the Borrower and its Subsidiaries, without notice
of any kind whatsoever and without regard to the adequacy of any security for the Obligations or the solvency of any party bound for its payment, to take possession of all or any portion of the Collateral, the property and/or the business operations
of the Borrower and its Subsidiaries and to exercise such power as the court shall confer upon such receiver. 
 Section 11.3. Reserved.

 Section 11.4. Marshaling; Payments Set Aside. 
 None of the Administrative Agent or any Lender shall be under any obligation to marshal any assets in favor of any Loan Party or any other party or against or in payment of any or all of the Obligations.
To the extent that any Loan Party makes a payment or payments to the Administrative Agent and/or any Lender, or the Administrative Agent and/or any Lender enforce their security interests or exercise their rights of setoff, and such payment or
payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared 

  
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to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause,
then to the extent of such recovery, the Obligations, or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefore, shall be revived and continued in full force and effect as if such payment had not been made or
such enforcement or setoff had not occurred. 
 Section 11.5. Allocation of Proceeds. 

If an Event of Default exists and maturity of any of the Obligations has been accelerated or the Maturity Date has occurred, all payments
received by the Administrative Agent under any of the Loan Documents, in respect of any principal of or interest on the Obligations or any other amounts payable by the Borrower hereunder or thereunder, shall be applied in the following order and
priority: 
 (a) amounts due to the Administrative Agent, and the Lenders in respect of expenses due under Section 13.2.
until paid in full, and then Fees; 
 (b) amounts due to the Administrative Agent and the Lenders in respect of Protective
Advances; 
 (c) payments of interest on the Loans, to be applied for the ratable benefit of the Lenders, in such order as the
Lenders may determine in their sole discretion; 
 (d) payments of principal of the Loans, to be applied for the ratable benefit
of the Lenders, in such order as the Lenders may determine in their sole discretion; 
 (e) amounts due to the Administrative
Agent and the Lenders pursuant to Sections 12.8. and 13.10.; 
 (f) payments of all other amounts due under any of the Loan
Documents, if any, to be applied for the ratable benefit of the Lenders; and 
 (g) any amount remaining after application as
provided above, shall be paid to the Borrower or whomever else may be legally entitled thereto. 
 Section 11.6. Intentionally Omitted.

 Section 11.7. Rescission of Acceleration by Requisite Lenders. 

If at any time after acceleration of the maturity of the Loans and the other Obligations, the Borrower shall pay all arrears of interest
and all payments on account of principal of the Obligations which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by Applicable Law, on overdue interest, at the rates specified in this
Agreement) and all Events of Default and Defaults (other than nonpayment of principal of and accrued interest on the Obligations due and payable solely by virtue of acceleration) shall become remedied or waived to the satisfaction of the Requisite
Lenders (or, if the matter that resulted in such Event of Default may be waived only by all of Lenders, then waived to the satisfaction of all of the Lenders), then by written notice to the Borrower, the

  
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Requisite Lenders may elect, in the sole discretion of such Requisite Lenders, to rescind and annul the acceleration and its consequences. The provisions of the preceding sentence are intended
merely to bind all of the Lenders to a decision which may be made at the election of the Requisite Lenders, and are not intended to benefit the Borrower and do not give the Borrower the right to require the Lenders to rescind or annul any
acceleration hereunder, even if the conditions set forth herein are satisfied. 
 Section 11.8. Performance by Administrative Agent.

 If the Borrower or any other Loan Party shall fail to perform any covenant, duty or agreement contained in any of the Loan
Documents, the Administrative Agent may perform or attempt to perform such covenant, duty or agreement on behalf of the Borrower or such Loan Party after the expiration of any cure or grace periods set forth herein. In such event, the Borrower
shall, at the request of the Administrative Agent, promptly pay any amount reasonably expended by the Administrative Agent in such performance or attempted performance to the Administrative Agent, together with interest thereon at the applicable
Post-Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, neither the Administrative Agent nor any Lender shall have any liability or responsibility whatsoever for the performance of any obligation of the
Borrower or such Loan Party under this Agreement or any other Loan Document. 
 Section 11.9. Rights Cumulative. 

The rights and remedies of the Administrative Agent and the Lenders under this Agreement, each of the other Loan Documents and the Fee
Letter shall be cumulative and not exclusive of any rights or remedies which any of them may otherwise have under Applicable Law. In exercising their respective rights and remedies the Administrative Agent and the Lenders may be selective and no
failure or delay by the Administrative Agent or any of the Lenders in exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any power or right preclude its other or further exercise or the exercise of any
other power or right. 
 ARTICLE XII. THE ADMINISTRATIVE AGENT 

Section 12.1. Appointment and Authorization. 
 Each Lender hereby irrevocably appoints and authorizes the Administrative Agent to take such action as contractual representative on such Lender’s behalf and to exercise such powers under this
Agreement and the other Loan Documents as are specifically delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. Not in limitation of the foregoing, each Lender
authorizes and directs the Administrative Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any action taken by the Requisite Lenders in accordance with the
provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all
of the Lenders. Nothing herein shall be construed to deem the Administrative Agent a trustee or 

  
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fiduciary for any Lender or to impose on the Administrative Agent duties or obligations other than those expressly provided for herein. Without limiting the generality of the foregoing, the use
of the terms “Agent”, “Administrative Agent”, “agent” and similar terms in the Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations
arising under agency doctrine of any Applicable Law. Instead, use of such terms is merely a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. The Administrative
Agent shall deliver to each Lender, promptly upon receipt thereof by the Administrative Agent, copies of each of the financial statements, certificates, notices and other documents delivered to the Administrative Agent pursuant to Article IX. that
the Borrower is not otherwise required to deliver directly to the Lenders. The Administrative Agent will furnish to any Lender, upon the request of such Lender, a copy (or, where appropriate, an original) of any document, instrument, agreement,
certificate or notice furnished to the Administrative Agent by the Borrower, any Loan Party or any other Affiliate of the Borrower, pursuant to this Agreement or any other Loan Document not already delivered to such Lender pursuant to the terms of
this Agreement or any such other Loan Document. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection of any of the Obligations), the Administrative Agent shall not be required
to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Requisite Lenders (or the Super-Majority Lenders
or all of the Lenders if explicitly required under any other provision of this Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the Obligations; provided, however, that, notwithstanding
anything in this Agreement to the contrary, the Administrative Agent shall not be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or any other Loan Document or
Applicable Law. Not in limitation of the foregoing, the Administrative Agent may exercise any right or remedy it or the Lenders may have under any Loan Document upon the occurrence of a Default or an Event of Default unless the Requisite Lenders
have directed the Administrative Agent otherwise. Without limiting the foregoing, no Lender shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent acting or refraining from acting under
this Agreement or any of the other Loan Documents in accordance with the instructions of the Requisite Lenders (or the Super-Majority Lenders or all of the Lenders if explicitly required under any other provision of this Agreement). 

Section 12.2. Wells Fargo as Lender. 
 Wells Fargo, as a Lender, shall have the same rights and powers under this Agreement and any other Loan Document, as any other Lender and may exercise the same as though it were not the Administrative
Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include Wells Fargo in each case in its individual capacity. Wells Fargo and its Affiliates may each accept deposits from, maintain deposits
or credit balances for, invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally engage in any kind of business with the Borrower, any other Loan Party or any other Affiliate thereof as if it were
any other bank and without any duty to account therefore to the other Lenders. Further, the Administrative Agent and any Affiliate may accept fees and other consideration from the Borrower for services in connection with this Agreement or otherwise
without having to account for the same to the other Lenders. The Lenders acknowledge that, 

  
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pursuant to such activities, Wells Fargo or its affiliates may receive information regarding the Borrower, other Loan Parties, other Subsidiaries and other Affiliates (including information that
may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them. 
 Section 12.3. Collateral Matters; Protective Advances. 
 (A) Each
Lender hereby authorizes the Administrative Agent, without the necessity of any notice to or further consent from any Lender, from time to time prior to an Event of Default, to take any action with respect to any Collateral or Loan Documents which
may be necessary to perfect and maintain perfected the Liens upon the Collateral granted pursuant to any of the Loan Documents. 

(B) The Lenders hereby authorize the Administrative Agent, at its option and in its discretion, to release any Lien granted to or held by
the Administrative Agent upon any Collateral (i) upon termination of the Commitments and indefeasible payment and satisfaction in full of all of the Obligations; (ii) as expressly permitted by, but only in accordance with, the terms of the
applicable Loan Document; and (iii) if approved, authorized or ratified in writing by the Requisite Lenders (or such greater number of Lenders as this Agreement or any other Loan Document may expressly provide). Upon request by the
Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent’s authority to release particular types or items of Collateral pursuant to this Section. 

(C) The Administrative Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to
evidence the release of the Liens granted to the Administrative Agent for its benefit and the benefit of the Lenders herein or pursuant hereto upon any Collateral Property for which with the Borrower satisfies the conditions for a Collateral
Property Release; provided, however, that (i) the Administrative Agent shall not be required to execute any such document on terms which, in the Administrative Agent’s opinion, would expose the Administrative Agent or any
Lender to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty and (ii) such release shall not in any manner discharge, affect or impair the Obligations or any Liens upon
(or obligations of the Borrower or any other Loan Party in respect of) all interests retained by the Borrower or any other Loan Party, all of which shall continue to constitute part of the Collateral. In the event of any sale or transfer of
Collateral, or any foreclosure with respect to any of the collateral, the Administrative Agent shall be authorized to deduct all of the expenses reasonably incurred by the Administrative Agent from the proceeds of any such sale, transfer or
foreclosure. 
 (D) The Administrative Agent shall have no obligation whatsoever to the Lenders or to any other Person to assure
that the Collateral exists or is owned by the Borrower, any other Loan Party or any other Subsidiary or is cared for, protected or insured or that the Liens granted to the Administrative Agent herein or pursuant hereto have been properly or
sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise or to continue exercising at all or in any manner or under any duty of care, disclosure or fidelity any of the rights,
authorities and powers granted or available to the Administrative Agent in this Section or in any of the Loan Documents, it being understood and agreed that in respect of 

  
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the Collateral, or any act, omission or event related thereto, the Administrative Agent may act in any manner it may deem appropriate, in its sole discretion, and that the Administrative Agent
shall have no duty or liability whatsoever to the Lenders, except to the extent resulting from its gross negligence or willful misconduct. 
 (E) The Administrative Agent may make, and shall be reimbursed by the Lenders (in accordance with their Pro Rata Shares) to the extent not reimbursed by the Borrower for, Protective Advances during any
one calendar year with respect to each Collateral Property up to the sum of (i) amounts expended to pay real estate taxes, assessments and governmental charges or levies imposed upon such Collateral Property; (ii) amounts expended to pay
insurance premiums for policies of insurance related to such Collateral Property; and (iii) $500,000.00. Protective Advances in excess of said sum during any calendar year for any Collateral Property shall require the consent of the Requisite
Lenders. The Borrower agrees to pay on demand all Protective Advances. 
 Section 12.4. Post Foreclosure Plans. 

If all or any portion of the Collateral is acquired by the Administrative Agent as a result of a foreclosure or the acceptance of a deed
or assignment in lieu of foreclosure, or is retained in satisfaction of all or any part of the Obligations, the title to any such Collateral, or any portion thereof, shall be held in the name of the Administrative Agent or a nominee or Subsidiary of
the Administrative Agent, as Administrative Agent, for the ratable benefit of all Lenders. The Administrative Agent shall prepare a recommended course of action for such Collateral (a “Post-Foreclosure Plan”), which shall be subject to the
approval of the Requisite Lenders. In accordance with the approved Post-Foreclosure Plan, the Administrative Agent shall manage, operate, repair, administer, complete, construct, restore or otherwise deal with the Collateral acquired, and shall
administer all transactions relating thereto, including, without limitation, employing a management agent, leasing agent and other agents, contractors and employees, including agents for the sale of such Collateral, and the collecting of rents,
revenues and other sums from such Collateral and paying the expenses of such Collateral. Actions taken by the Administrative Agent with respect to the Collateral, which are not specifically provided for in the approved Post-Foreclosure Plan or
reasonably incidental thereto, shall require the written consent of the Requisite Lenders by way of supplement to such Post-Foreclosure Plan. Upon demand therefor from time to time, each Lender will contribute its share (based on its Pro Rata Share)
of all reasonable costs and expenses incurred by the administrative agent pursuant to the approved Post-Foreclosure Plan in connection with the construction, operation, management, maintenance, leasing and sale of such Collateral. In addition, the
Administrative Agent shall render or cause to be rendered to each Lender, on a monthly basis, an income and expense statement for such Collateral, and each Lender shall promptly contribute its Pro Rata Share of any operating loss for such
Collateral, and such other expenses and operating reserves as the Administrative Agent shall deem reasonably necessary pursuant to and in accordance with the approved Post-Foreclosure Plan. To the extent there is Net Operating Income from such
Collateral (after establishment of reserves in accordance with the Post-Foreclosure Plan), the Administrative Agent shall, in accordance with the approved Post-Foreclosure Plan, determine the amount and timing of distributions to the Lenders. All
such distributions shall be made to the Lenders in accordance with their respective Pro Rata Shares. The Lenders acknowledge and agree that if title to any Collateral is obtained by the Administrative Agent or its nominee, such

  
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Collateral will not be held as a permanent investment but will be liquidated and the proceeds of such liquidation will be distributed in accordance with Section 11.5. as soon as practicable.
The Administrative Agent shall undertake to sell such Collateral, at such price and upon such terms and conditions as the Requisite Lenders reasonably shall determine to be most advantageous to the Lenders. Any purchase money mortgage or deed of
trust taken in connection with the disposition of such Collateral in accordance with the immediately preceding sentence shall name the Administrative Agent, as Administrative Agent for the Lenders, as the beneficiary or mortgagee. In such case, the
Administrative Agent and the Lenders shall enter into an agreement with respect to such purchase money mortgage or deed of trust defining the rights of the Lenders in the same Pro Rata Shares as provided hereunder, which agreement shall be in all
material respects similar to this Article insofar as the same is appropriate or applicable. 
 Section 12.5. Approvals of Lenders.

 All communications from the Administrative Agent to any Lender requesting such Lender’s determination, consent,
approval or disapproval (a) shall be given in the form of a written notice to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, approval, consent or disapproval is requested, or
shall advise such Lender where information, if any, regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved, (c) shall include a legend substantially as follows, printed in capital letters
or boldface type: “THIS COMMUNICATION REQUIRES IMMEDIATE RESPONSE. FAILURE TO RESPOND WITHIN TEN (10) BUSINESS DAYS AFTER THE DELIVERY OF THIS COMMUNICATION SHALL CONSTITUTE A DEEMED APPROVAL BY THE ADDRESSEE OF THE MATTER DESCRIBED
ABOVE.”, (d) shall include, if reasonably requested by such Lender and to the extent not previously provided to such Lender, written materials and a summary of all oral information provided to the Administrative Agent by the Borrower in
respect of the matter or issue to be resolved, and (e) shall include the Administrative Agent’s recommended course of action or determination in respect thereof. Unless a Lender shall give written notice to the Administrative Agent that it
specifically objects to the recommendation or determination of the Administrative Agent (together with a reasonable written explanation of the reasons behind such objection) within ten (10) Business Days (or such lesser or greater period as may
be specifically required under the express terms of the Loan Documents) of receipt of such communication (“Lender Reply Period”), such Lender shall be deemed to have conclusively approved of or consented to such recommendation or
determination. With respect to decisions requiring the approval of the Requisite Lenders, Administrative Agent shall timely submit any required written notices to all Lenders and upon receiving the required approval or consent shall follow the
course of action or determination recommended by Administrative Agent or such other course of action recommended by the Requisite Lenders, and each non-responding Lender shall be deemed to have concurred with such recommended course of action.
Notwithstanding the foregoing, any matter requiring all Lenders’ approval or consent shall not be deemed given by any Lender’s failure to respond within any such Lender’s Reply Period. 

Section 12.6. Notice of Events of Default. 
 The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Administrative Agent has received notice

  
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from a Lender or the Borrower referring to this Agreement, describing with reasonable specificity such Default or Event of Default and stating that such notice is a “notice of default.”
If any Lender (excluding the Lender which is also serving as the Administrative Agent) becomes aware of any Default or Event of Default, it shall promptly send to the Administrative Agent such a “notice of default”, but nothing herein
contained shall impose upon any Lender an obligation to determine whether there has been or is a Default or Event of Default. Further, if the Administrative Agent receives such a “notice of default,” the Administrative Agent shall give
prompt notice thereof to the Lenders. 
 Section 12.7. Administrative Agent’s Reliance. 

Notwithstanding any other provisions of this Agreement or any other Loan Documents, neither the Administrative Agent nor any of its
directors, officers, agents, employees or counsel shall be liable for any action taken or not taken by it under or in connection with this Agreement or any other Loan Document, except for its or their own gross negligence or willful misconduct in
connection with its duties expressly set forth herein or therein. Without limiting the generality of the foregoing, the Administrative Agent may consult with legal counsel (including its own counsel or counsel for the Borrower or any other Loan
Party), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts. Neither the
Administrative Agent nor any of its directors, officers, agents, employees or counsel: (a) makes any warranty or representation to any Lender or any other Person and shall be responsible to any Lender or any other Person for any statement,
warranty or representation made or deemed made by the Borrower, any other Loan Party or any other Person in or in connection with this Agreement or any other Loan Document; (b) shall have any duty to ascertain or to inquire as to the
performance or observance of any of the terms, covenants or conditions of this Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of the Borrower or other
Persons or inspect the property, books or records of the Borrower or any other Person; (c) shall be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any
other Loan Document, any other instrument or document furnished pursuant thereto or any Collateral covered thereby or the perfection or priority of any Lien in favor of the Administrative Agent on behalf of the Lenders in any such Collateral;
(d) shall have any liability in respect of any recitals, statements, certifications, representations or warranties contained in any of the Loan Documents or any other document, instrument, agreement, certificate or statement delivered in
connection therewith; and (e) shall incur any liability under or in respect of this Agreement or any other Loan Document by acting upon any notice, consent, certificate or other instrument or writing (which may be by telephone, telecopy or
electronic mail) believed by it to be genuine and signed, sent or given by the proper party or parties. The Administrative Agent may execute any of its duties under the Loan Documents by or through agents, employees or attorneys-in-fact and shall
not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct. 

  
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 Section 12.8. Indemnification of Administrative Agent. 

Regardless of whether the transactions contemplated by this Agreement and the other Loan Documents are consummated, each Lender agrees to
indemnify the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) pro rata in accordance with such Lender’s respective Pro Rata Share, from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may at any time be imposed on, incurred by, or asserted against the Administrative Agent (in its
capacity as Administrative Agent but not as a “Lender”) in any way relating to or arising out of the Loan Documents, any transaction contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under the Loan
Documents (collectively, “Indemnifiable Amounts”); provided, however, that no Lender shall be liable for any portion of such Indemnifiable Amounts to the extent resulting from the Administrative Agent’s gross negligence
or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment; provided, however, that no action taken in accordance with the directions of the Requisite Lenders (or the Super Majority
Lenders or all of the Lenders, if expressly required hereunder) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limiting the generality of the foregoing, each Lender agrees to reimburse the
Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) promptly upon demand for its ratable share of any out-of-pocket expenses (including the reasonable fees and expenses of
the counsel to the Administrative Agent) incurred by the Administrative Agent (except to the extent resulting from the Administrative Agent’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final,
non-appealable judgment) in connection with the preparation, negotiation, execution, administration, or enforcement (whether through negotiations, legal proceedings, or otherwise) of, or legal advice with respect to the rights or responsibilities of
the parties under, the Loan Documents, any suit or action brought by the Administrative Agent to enforce the terms of the Loan Documents and/or collect any Obligations, any “lender liability” suit or claim brought against the
Administrative Agent and/or the Lenders, and any claim or suit brought against the Administrative Agent and/or the Lenders arising under any Environmental Laws. Such out-of-pocket expenses (including counsel fees) shall be advanced by the Lenders on
the request of the Administrative Agent notwithstanding any claim or assertion that the Administrative Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the Administrative Agent that the Administrative Agent will
reimburse the Lenders if it is actually and finally determined by a court of competent jurisdiction that the Administrative Agent is not so entitled to indemnification. The agreements in this Section shall survive the payment of the Loans and
all other amounts payable hereunder or under the other Loan Documents and the termination of this Agreement. If the Borrower shall reimburse the Administrative Agent for any Indemnifiable Amount following payment by any Lender to the Administrative
Agent in respect of such Indemnifiable Amount pursuant to this Section, the Administrative Agent shall share such reimbursement on a ratable basis with each Lender making any such payment. 
 Section 12.9. Lender Credit Decision, Etc. 
 Each of the Lenders
expressly acknowledges and agrees that neither the Administrative Agent nor any of its officers, directors, employees, agents, counsel, attorneys in fact or other 

  
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affiliates has made any representations or warranties to such Lender and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower, any other
Loan Party or any other Subsidiary or Affiliate, shall be deemed to constitute any such representation or warranty by the Administrative Agent or any Lender. Each of the Lenders acknowledges that it has, independently and without reliance upon the
Administrative Agent, any other Lender or counsel to the Administrative Agent, or any of their respective officers, directors, employees, agents or counsel, and based on the financial statements of the Borrower, the other Loan Parties, the other
Subsidiaries and other Affiliates, and inquiries of such Persons, its independent due diligence of the business and affairs of the Borrower, the other Loan Parties, the other Subsidiaries and other Persons, its review of the Loan Documents, the
legal opinions required to be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed appropriate, made its own credit and legal analysis and decision to enter into this Agreement and the
transactions contemplated hereby. Each of the Lenders also acknowledges that it will, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent or any of their respective officers,
directors, employees and agents, and based on such review, advice, documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents. The Administrative
Agent shall not be required to keep itself informed as to the performance or observance by the Borrower or any other Loan Party of the Loan Documents or any other document referred to or provided for therein or to inspect the properties or books of,
or make any other investigation of, the Borrower, any other Loan Party or any other Subsidiary. Except for notices, reports and other documents and information expressly required to be furnished to the Lenders by the Administrative Agent under this
Agreement or any of the other Loan Documents, the Administrative Agent shall have no duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, financial and other condition or
creditworthiness of the Borrower, any other Loan Party or any other Affiliate thereof which may come into possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys in fact or other Affiliates. Each of the
Lenders acknowledges that the Administrative Agent’s legal counsel in connection with the transactions contemplated by this Agreement is only acting as counsel to the Administrative Agent and is not acting as counsel to any Lender. 

Section 12.10. Successor Administrative Agent. 
 The Administrative Agent may resign at any time as Administrative Agent under the Loan Documents by giving written notice thereof to the Lenders and the Borrower. In addition, in the event of a material
breach of its duties hereunder, the Administrative Agent may be removed as Administrative Agent under the Loan Documents at any time by all Lenders (other than the Lender then acting as Administrative Agent) and, provided no Default or Event of
Default exists, the Borrower upon 30-days’ prior notice. Upon any such resignation or removal, the Requisite Lenders (which, in the case of the removal of the Administrative Agent as provided in the immediately preceding sentence, shall be
determined without regard to the Commitment of the Lender then acting as Administrative Agent) shall have the right to appoint a successor Administrative Agent which appointment shall, provided no Default or Event of Default exists, be subject to
the Borrower’s approval, which approval shall not be unreasonably withheld or delayed (except that the Borrower shall, in all events, be deemed to have approved each Lender 

  
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and any of its affiliates as a successor Administrative Agent). If no successor Administrative Agent shall have been so appointed in accordance with the immediately preceding sentence, and shall
have accepted such appointment, within thirty (30) days after the current Administrative Agent’s giving of notice of resignation, then the current Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative
Agent, which shall be a Lender, if any Lender shall be willing to serve, and otherwise shall be an Eligible Assignee. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor
Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the current Administrative Agent, and the current Administrative Agent shall be discharged from its duties and obligations under
the Loan Documents. After any Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Article XII. shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was
Administrative Agent under the Loan Documents. Notwithstanding anything contained herein to the contrary, the Administrative Agent may assign its rights and duties under the Loan Documents to any of its affiliates by giving the Borrower and each
Lender prior written notice. 
 Section 12.11. Syndication Agent. 

JPMorgan Chase Bank, N.A. is the Syndication Agent and in such capacity assumes no responsibility or obligation hereunder, including,
without limitation, for servicing, enforcement or collection of any of the Loans, nor any duties as an agent hereunder for the Lenders. The title given to the Syndication Agent is solely honorific and implies no fiduciary responsibility on the part
of the Syndication Agent to the Administrative Agent, any Lender, the Borrower or any other Loan Party and the use of such titles does not impose on the Syndication Agent any duties or obligations greater than those of any other Lender or entitle
the Syndication Agent to any rights other than those to which any other Lender is entitled. 
 Section 12.12. Documentation Agent.

 Deutsche Bank Trust Company Americas is the Documentation Agent and in such capacity assumes no responsibility or
obligation hereunder, including, without limitation, for servicing, enforcement or collection of any of the Loans, nor any duties as an agent hereunder for the Lenders. The title given to the Documentation Agent is solely honorific and implies no
fiduciary responsibility on the part of the Documentation Agent to the Administrative Agent, any Lender, the Borrower or any other Loan Party and the use of such titles does not impose on the Documentation Agent any duties or obligations greater
than those of any other Lender or entitle the Documentation Agent to any rights other than those to which any other Lender is entitled. 
 ARTICLE XIII. MISCELLANEOUS 
 Section 13.1. Notices. 

Unless otherwise provided herein (including without limitation as provided in Section 9.5.), communications provided for hereunder
shall be in writing and shall be mailed, telecopied, or delivered as follows: 
 If to the Borrower: 

  
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 Chesapeake Lodging, L.P. 

1997 Annapolis Exchange Parkway 
 Suite 410 
 Annapolis, MD 21401 

Attention: Doug Vicari 
 Telecopy Number:      (410) 972-4180 
 Telephone
Number:    (410) 972-4142 
 If to the Administrative Agent: 

Wells Fargo Bank, N.A. 
 1750 H Street, NW, #400 
 Washington, D.C. 20006 

Attn: Mark F. Monahan 
 Telecopy Number:    (202) 429-2985 

Telephone:    (202) 303-3017 
 If to any other Lender: 
 To such Lender’s address or telecopy number as set
forth on Schedule 13.1 attached hereto 
 or, as to each party at such other address as shall be designated by such party in a written notice to
the other parties delivered in compliance with this Section; provided, a Lender shall only be required to give notice of any such other address to the Administrative Agent and the Borrower. All such notices and other communications shall be
effective (i) if mailed, upon the first to occur of receipt or the expiration of three (3) days after the deposit in the United States Postal Service mail, postage prepaid and addressed to the address of the Borrower or the Administrative
Agent and Lenders at the addresses specified; (ii) if telecopied, when transmitted; (iii) if hand delivered, when delivered; or (iv) if delivered in accordance with Section 9.5. to the extent applicable; provided,
however, that, in the case of the immediately preceding clauses (i), (ii) and (iii), non-receipt of any communication as of the result of any change of address of which the sending party was not notified or as the result of a refusal to
accept delivery shall be deemed receipt of such communication. Notwithstanding the immediately preceding sentence, all notices or communications to the Administrative Agent or any Lender under Article II. shall be effective only when actually
received. None of the Administrative Agent or any Lender shall incur any liability to the Borrower (nor shall the Administrative Agent incur any liability to the Lenders) for acting upon any telephonic or electronic notice referred to in this
Agreement which the Administrative Agent or such Lender, as the case may be, believes in good faith to have been given by a Person authorized to deliver such notice or for otherwise acting in good faith hereunder. 

Section 13.2. Expenses. 
 The Borrower agrees (a) to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and reasonable expenses incurred in connection with the preparation, negotiation and
execution of, and any amendment, supplement or modification to, 

  
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any of the Loan Documents (including due diligence expense and reasonable travel expenses related to closing), and the consummation of the transactions contemplated thereby, including the
reasonable fees and disbursements of counsel to the Administrative Agent and all costs and expenses of the Administrative Agent in connection with the review of Properties for inclusion in the Collateral Pool and the Administrative Agent’s
other activities under Article IV., including the cost of all Appraisals (except for Appraisals ordered under Section 4.3.(d)) and the reasonable fees and disbursements of counsel to the Administrative Agent relating to all such activities,
(b) to pay or reimburse the Administrative Agent and the Lenders for all their costs and expenses incurred in connection with the enforcement or preservation of any rights under the Loan Documents and the Fee Letter, including the reasonable
fees and disbursements of their respective counsel (including the allocated fees and expenses of in-house counsel) and any payments in indemnification or otherwise payable by the Lenders to the Administrative Agent pursuant to the Loan Documents,
(c) to pay, and indemnify and hold harmless the Administrative Agent and the Lenders from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any failure to pay or delay in paying, documentary,
stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of any of the Loan Documents, or consummation of any amendment, supplement or modification of, or any
waiver or consent under or in respect of, any Loan Document and (d) to the extent not already covered by any of the preceding subsections, to pay the fees and disbursements of counsel to the Administrative Agent and any Lender incurred in
connection with the representation of the Administrative Agent or such Lender in any matter relating to or arising out of any bankruptcy or other proceeding of the type described in Sections 11.1.(e) or 11.1.(f), including, without limitation
(i) any motion for relief from any stay or similar order, (ii) the negotiation, preparation, execution and delivery of any document relating to the Obligations and (iii) the negotiation and preparation of any debtor in possession
financing or any plan of reorganization of the Borrower or any other Loan Party, whether proposed by the Borrower, such Loan Party, the Lenders or any other Person, and whether such fees and expenses are incurred prior to, during or after the
commencement of such proceeding or the confirmation or conclusion of any such proceeding. 
 Section 13.3. Stamp, Intangible and
Recording Taxes. 
 The Borrower will pay any and all stamp, excise, intangible, registration, recordation and similar taxes,
fees or charges and shall indemnify the Administrative Agent and each Lender against any and all liabilities with respect to or resulting from any delay in the payment or omission to pay any such taxes, fees or charges, which may be payable or
determined to be payable in connection with the execution, delivery, recording, performance or enforcement of this Agreement, the Notes and any of the other Loan Documents, the amendment, supplement, modification or waiver of or consent under this
Agreement, the Notes or any of the other Loan Documents or the perfection of any rights or Liens under this Agreement, the Notes or any of the other Loan Documents. 
 Section 13.4. Setoff. 
 Subject to Section 3.3. and in addition to
any rights now or hereafter granted under Applicable Law and not by way of limitation of any such rights, the Administrative Agent and each Lender and each Participant is hereby authorized by the Borrower, at any time or from time

  
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to time while an Event of Default exists, without notice to the Borrower or to any other Person, any such notice being hereby expressly waived, but in the case of a Lender or a Participant
subject to receipt of the prior written consent of the Administrative Agent and the Requisite Lenders exercised in their sole discretion, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited
to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Administrative Agent, such Lender, such Participant or any affiliate of the Administrative Agent or such
Lender, to or for the credit or the account of the Borrower against and on account of any of the Obligations, irrespective of whether or not any or all of the Loans and all other Obligations have been declared to be, or have otherwise become, due
and payable as permitted by Section 11.2., and although such Obligations shall be contingent or unmatured. 
 Section 13.5.
Litigation; Jurisdiction; Other Matters; Waivers. 
 (a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY
BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE
LAW, EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT AND THE BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY
HERETO ARISING OUT OF THIS AGREEMENT, THE NOTES, OR ANY OTHER LOAN DOCUMENT OR THE FEE LETTER OR IN CONNECTION WITH ANY COLLATERAL OR ANY LIEN OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE
ADMINISTRATIVE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE. 
 (b) EACH OF THE BORROWER, THE ADMINISTRATIVE AGENT AND EACH
LENDER HEREBY AGREES THAT THE FEDERAL DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK OR OF THE DISTRICT OF COLUMBIA OR, AT THE OPTION OF THE ADMINISTRATIVE AGENT, ANY STATE COURT LOCATED IN NEW YORK, NEW YORK SHALL HAVE JURISDICTION TO HEAR AND
DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS, PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, THE LOANS, THE NOTES OR ANY OTHER LOAN DOCUMENT OR THE FEE LETTER OR TO ANY MATTER
ARISING HEREFROM OR THEREFROM OR THE COLLATERAL. THE BORROWER AND EACH OF THE LENDERS EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. THE BORROWER HEREBY WAIVES PERSONAL SERVICE OF
THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN, AND AGREES THAT SERVICE OF SUCH SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO THE BORROWER AT ITS ADDRESS FOR NOTICES
PROVIDED FOR HEREIN. SHOULD THE BORROWER FAIL TO APPEAR OR ANSWER ANY SUMMONS, COMPLAINT, PROCESS 

  
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OR PAPERS SO SERVED WITHIN THIRTY (30) DAYS AFTER THE MAILING THEREOF, THE BORROWER SHALL BE DEEMED IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED AGAINST IT AS DEMANDED OR PRAYED
FOR IN SUCH SUMMONS, COMPLAINT, PROCESS OR PAPERS. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN
INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT OR ANY LENDER OR THE ENFORCEMENT BY THE
ADMINISTRATIVE AGENT OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 
 (c) THE
PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR
UNDER THE OTHER LOAN DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS AGREEMENT. 

Section 13.6. Successors and Assigns. 
 (a) Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, except that the Borrower may not
assign or otherwise transfer any of is rights under this Agreement without the prior written consent of all the Lenders (and any such assignment or transfer to which all of the Lenders have not consented shall be void). 

(b) Participations. Any Lender may at any time grant to an affiliate of such Lender, or one or more banks or other financial
institutions (each a “Participant”) participating interests in its Commitment or the Obligations owing to such Lender. Except as otherwise provided in Section 13.4. or as otherwise expressly stated herein, no Participant shall have
any rights or benefits under this Agreement or any other Loan Document. In the event of any such grant by a Lender of a participating interest to a Participant, such Lender shall remain responsible for the performance of its obligations hereunder,
and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to which any Lender may grant such a
participating interest shall provide that such Lender shall retain the sole right and responsibility to enforce the obligations of the Borrower hereunder including, without limitation, the right to approve any amendment, modification or waiver of
any provision of this Agreement; provided, however, such Lender may agree with the Participant that it will not, without the consent of the Participant, agree to (i) increase such Lender’s Commitment or the aggregate amount
of the Commitments, (ii) extend the date fixed for the payment of principal on the Loans or portions thereof owing to such Lender, (iii) reduce the rate at which interest is payable thereon, (iv) release all or substantially all of
the Collateral except as permitted in this 

  
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Agreement, (v) change the definitions of “Advance Rate,” or “Minimum DSCR Hurdle,” or (vi) modify the definition of the term “Requisite Lenders” or
“Super Majority Lenders” or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof. An assignment or other transfer which is
not permitted by subsection (c) or (d) below shall be given effect for purposes of this Agreement only to the extent of a participating interest granted in accordance with this subsection (b). 

(c) Assignments. Any Lender may with the prior written consent of the Administrative Agent at any time assign to one or more
Eligible Assignees (each an “Assignee”) all or a portion of its rights and obligations under this Agreement and the Notes; provided, however, (i) any partial assignment shall be in an amount at least equal to $10,000,000
and (except in the case of an assignment made at a time at which there exists an Event of Default) after giving effect to such assignment the assigning Lender retains a Commitment, or if the Commitments have been terminated, holds Notes having an
aggregate outstanding principal balance, of at least $10,000,000, (ii) the Administrative Agent and (provided no Event of Default has occurred that is continuing) the Borrower shall have approved such assignment, which approvals shall
not be unreasonably withheld and (iii) each such assignment shall be effected by means of an Assignment and Assumption Agreement. Upon execution and delivery of such instrument and payment by such Assignee to such transferor Lender of an amount
equal to the purchase price agreed between such transferor Lender and such Assignee, such Assignee shall be deemed to be a Lender party to this Agreement and shall have all the rights and obligations of a Lender with a Commitment and/or Loans, as
the case may be, as set forth in such Assignment and Assumption Agreement, and the transferor Lender shall be released from its obligations hereunder to a corresponding extent, and no further consent or action by any party shall be required. Upon
the consummation of any assignment pursuant to this subsection (c), the transferor Lender, the Administrative Agent and the Borrower shall make appropriate arrangements so the new Notes are issued to the Assignee and such transferor Lender, as
appropriate, and shall update Schedule I attached hereto. In connection with any such assignment, the transferor Lender shall pay to the Administrative Agent an administrative fee for processing such assignment in the amount of $4,500.00. Anything
in this Section to the contrary notwithstanding, no Lender may assign or participate any interest in any Loan held by it hereunder to the Borrower, or any of its respective affiliates or Subsidiaries. 

(d) Federal Reserve Bank Assignments. In addition to the assignments and participations permitted under the foregoing provisions
of the Section, and without the need to comply with any of the formal or procedural requirements of this Section, any Lender may at any time and from time to time, pledge and assign all or any portion of its rights under all or any of the Loan
Documents to a Federal Reserve Bank; provided that no such pledge of assignment shall release such Lender from its obligations thereunder. No such pledge or assignment shall release the assigning Lender from its obligations hereunder. 

(e) Information to Assignee, Etc. A Lender may furnish any information concerning the Borrower, any Subsidiary or any other Loan
Party in the possession of such Lender from time to time to Assignees and Participants (including prospective Assignees and Participants but shall advise them that any such information that is not publicly available is confidential). 

  
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 Section 13.7. Amendments and Waivers. 

(a) Generally. Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted by
this Agreement or in any Loan Document to be given by the Lenders may be given, (ii) any term of this Agreement or of any other Loan Document may be amended, (iii) the performance or observance by the Borrower or any other Loan Party of
any terms of this Agreement or such other Loan Document may be waived, and (iv) the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but
only with, the written consent of the Requisite Lenders (or the Administrative Agent at the written direction of the Requisite Lenders), and, in the case of an amendment to any Loan Document, the written consent of each Loan Party which is party
thereto. Notwithstanding the previous sentence, the Administrative Agent, shall be authorized on behalf of all the Lenders, without the necessity of any notice to, or further consent from, any Lender, to waive the imposition of the late fees
provided in Section 2.10., up to a maximum of three (3) times per calendar year. 
 (b) Unanimous Consent.
Notwithstanding the foregoing, no amendment, waiver or consent shall, unless in writing, and signed by all of the Lenders directly affected thereby (or the Administrative Agent at the written direction of the Lenders), do any of the following:

 (i) increase the Commitments of the Lenders (excluding any increase as a result of an assignment of
Commitments permitted under Section 13.6.) or subject the Lenders to any additional obligations; 
 (ii)
reduce the principal of, or interest rates that have accrued or that will be charged on the outstanding principal amount of, any Loans or other Obligations; 
 (iii) reduce the amount of any Fees payable to the Lenders hereunder (except that any change in Fees payable to the Administrative Agent for its own account shall not require the consent of any Lender
other than the Administrative Agent); 
 (iv) except for waivers permitted under the last sentence of
Section 13.7(a), postpone any date fixed for any payment of principal of, or interest on, any Loans or for the payment of Fees or any other Obligations (including without limitation any extension of the Maturity Date except in accordance with
Section 2.15.); 
 (v) change the definitions of Commitment Percentage or Pro Rata Share; 

(vi) amend this Section or amend the definitions of the terms used in this Agreement or the other Loan Documents
insofar as such definitions affect the substance of this Section; 
 (vii) modify the definition of the terms
“Required Approval Lenders,” “Requisite Lenders” or “Super-Majority Lenders” or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to
modify any provision hereof; 

  
 - 109 –

 (viii) release any Guarantor from its obligations under the Guaranty except
as contemplated by Section 4.2.; 
 (ix) waive a Default or Event of Default under Section 11.1.(a);

 (x) amend, or waive the Borrower’s compliance with, Section 2.16; or 

(xi) release or dispose of any collateral unless released or disposed of as permitted by, and in accordance with,
Section 12.3 or Section 4.2. 
 Notwithstanding the provisions of Section 3.9.(a)(ii), no action shall be taken
under clauses (i), (ii), (iii) or (iv) above that would affect a Defaulting Lender without its written consent. 
 (c)
Amendment of Administrative Agent’s Duties, Etc. No amendment, waiver or consent unless in writing and signed by the Administrative Agent, in addition to the Lenders required hereinabove to take such action, shall affect the rights or
duties of the Administrative Agent under this Agreement or any of the other Loan Documents. No waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall be
effective only in the specific instance and for the specific purpose set forth therein. No course of dealing or delay or omission on the part of the Administrative Agent or any Lender in exercising any right shall operate as a waiver thereof or
otherwise be prejudicial thereto. Any Event of Default occurring hereunder shall continue to exist until such time as such Event of Default is waived in writing in accordance with the terms of this Section, notwithstanding any attempted cure or
other action by the Borrower, any other Loan Party or any other Person subsequent to the occurrence of such Event of Default. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon the Borrower
shall entitle the Borrower to other or further notice or demand in similar or other circumstances. 
 Section 13.8. Nonliability of
Administrative Agent and Lenders. 
 The relationship between the Borrower, on the one hand, and the Lenders and the
Administrative Agent, on the other hand, shall be solely that of borrower and lender. Neither the Administrative Agent nor any Lender shall have any fiduciary responsibilities to the Borrower and no provision in this Agreement or in any of the other
Loan Documents, and no course of dealing between or among any of the parties hereto, shall be deemed to create any fiduciary duty owing by the Administrative Agent or any Lender to any Lender, the Borrower, any Subsidiary or any other Loan Party.
Neither the Administrative Agent nor any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the Borrower’s business or operations. 

Section 13.9. Confidentiality. 
 Except as otherwise provided by Applicable Law, the Administrative Agent and each Lender shall utilize all non public information obtained pursuant to the requirements of this Agreement which has been
identified as confidential or proprietary by the Borrower in accordance with its customary procedure for handling confidential information of this nature and 

  
 - 110 –

 
in accordance with safe and sound banking practices but in any event may make disclosure: (a) to any of their respective Affiliates (provided any such Affiliate shall agree to keep such
information confidential in accordance with the terms of this Section 13.9.); (b) as reasonably requested by any bona fide actual or proposed pledgee, Assignee, Participant or other transferee in connection with the contemplated transfer
of any Commitment or participations therein as permitted hereunder (provided they shall agree to keep such information confidential in accordance with the terms of this Section 13.9.); (c) as required or requested by any Governmental
Authority or representative thereof or pursuant to legal process or in connection with any legal proceedings, as and to the extent so required or requested; (d) to the Administrative Agent’s or such Lender’s independent auditors and
other professional advisors (provided they shall be notified of the confidential nature of the information); (e) if an Event of Default exists, to any other Person, in connection with the exercise by the Administrative Agent or the Lenders of
rights hereunder or under any of the other Loan Documents; and (f) to the extent such information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative
Agent or any Lender on a nonconfidential basis from a source other than the Borrower or any Affiliate, the disclosure of which is not made in violation of any confidentiality agreement pertaining to such information that is known to the
Administrative Agent or such Lender, as applicable. 
 Section 13.10. Indemnification. 

(a) The Borrower shall and hereby agrees to indemnify, defend and hold harmless the Administrative Agent, any affiliate of the
Administrative Agent, each of the Lenders and their respective directors, officers, shareholders, agents, employees and counsel (each referred to herein as an “Indemnified Party”) from and against any and all losses, costs, claims,
damages, liabilities, deficiencies, judgments or expenses of every kind and nature (including, without limitation, amounts paid in settlement, court costs and the fees and disbursements of counsel incurred in connection with any litigation,
investigation, claim or proceeding or any advice rendered in connection therewith, but excluding losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses indemnification in respect of which is specifically covered by
Section 3.10. or 5.1. or expressly excluded from the coverage of such Sections) incurred by an Indemnified Party in connection with, arising out of, or by reason of, any suit, cause of action, claim, arbitration, investigation or settlement,
consent decree or other proceeding (the foregoing referred to herein as an “Indemnity Proceeding”) which is in any way related directly or indirectly to: (i) this Agreement or any other Loan Document or the transactions contemplated
thereby; (ii) the making of any Loans hereunder; (iii) any actual or proposed use by the Borrower of the proceeds of the Loans; (iv) the Administrative Agent’s or any Lender’s entering into this Agreement; (v) the fact
that the Administrative Agent and the Lenders have established the credit facility evidenced hereby in favor of the Borrower; (vi) the fact that the Administrative Agent and the Lenders are creditors of the Borrower and have or are alleged to
have information regarding the financial condition, strategic plans or business operations of the Parent Guarantor, the Borrower and their Subsidiaries; (vii) the fact that the Administrative Agent and the Lenders are material creditors of the
Borrower and are alleged to influence directly or indirectly the business decisions or affairs of the Borrower and the Subsidiaries or their financial condition; (viii) the exercise of any right or remedy the Administrative Agent or the Lenders
may have under this Agreement or the other Loan Documents including, but not limited to, the foreclosure upon, or seizure of, any Collateral or the exercise of any other rights of a secured party; or

  
 - 111 –

 
(ix) any violation or non compliance by the Borrower, any other Loan Party or any Subsidiary of any Applicable Law (including any Environmental Law) including, but not limited to, any
Indemnity Proceeding commenced by (A) the Internal Revenue Service or state taxing authority or (B) any Governmental Authority or other Person under any Environmental Law, including any Indemnity Proceeding commenced by a Governmental
Authority or other Person seeking remedial or other action to cause the Borrower, any other Loan Party or any Subsidiaries of any of the foregoing (or its respective properties) (or the Administrative Agent and/or the Lenders as successors to the
Borrower) to be in compliance with such Environmental Laws; provided, however, that the Borrower shall not be obligated to indemnify any Indemnified Party to the extent that any losses, costs, claims, damages, liabilities, deficiencies, judgments or
expenses incurred by such Indemnified Party (1) arise from such Indemnified Party’s gross negligence or willful misconduct or (2) arise from acts or events that occur at a Property after foreclosure or other taking of title to such
Property by an Indemnified Party or any successor to or assignee of an Indemnified Party. 
 (b) The Borrower’s
indemnification obligations under this Section shall apply to all Indemnity Proceedings arising out of, or related to, the foregoing whether or not an Indemnified Party is a named party in such Indemnity Proceeding. In this connection, this
indemnification shall cover all costs and expenses of any Indemnified Party in connection with any deposition of any Indemnified Party or compliance with any subpoena (including any subpoena requesting the production of documents). This
indemnification shall, among other things, apply to any Indemnity Proceeding commenced by other creditors of the Borrower, any other Loan Party or any Subsidiary of any of the foregoing, any shareholder of the Borrower, any other Loan Party or any
Subsidiary of any of the foregoing (whether such shareholder(s) are prosecuting such Indemnity Proceeding in their individual capacity or derivatively on behalf of the Borrower, any other Loan Party or any Subsidiary of any of the foregoing), any
account debtor of the Borrower, any other Loan Party or any Subsidiary of any of the foregoing or by any Governmental Authority. 
 (c) This indemnification shall apply to any Indemnity Proceeding arising during the pendency of any bankruptcy proceeding filed by or against the Borrower, any other Loan Party and/or any Subsidiary of
any of the foregoing. 
 (d) Out-of-pocket fees and expenses of, and all amounts paid to third persons by, an Indemnified Party
in an amount up to Fifty Thousand and 00/100 Dollars ($50,000.00) shall be advanced by the Borrower at the request of such Indemnified Party notwithstanding any claim or assertion by the Borrower that such Indemnified Party is not entitled to
indemnification hereunder upon receipt of an undertaking by such Indemnified Party that such Indemnified Party will reimburse the Borrower if it is actually and finally determined by a court of competent jurisdiction that such Indemnified Party is
not so entitled to indemnification hereunder. The foregoing limitation on amounts required to be advanced under this paragraph (d) shall not otherwise limit the Borrower’s obligations to the Indemnified Parties. 

(e) An Indemnified Party may conduct its own investigation and defense of, and may formulate its own strategy with respect to, any
Indemnity Proceeding covered by this Section and, as provided above, all costs and expenses incurred by such Indemnified Party shall be reimbursed by the Borrower. No action taken by legal counsel chosen by an Indemnified

  
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Party in investigating or defending against any such Indemnity Proceeding shall vitiate or in any way impair the obligations and duties of the Borrower hereunder to indemnify and hold harmless
each such Indemnified Party; provided, however, that (i) if the Borrower is required to indemnify an Indemnified Party pursuant hereto and (ii) the Borrower has provided evidence reasonably satisfactory to such Indemnified
Party that the Borrower has the financial wherewithal to reimburse such Indemnified Party for any amount paid by such Indemnified Party with respect to such Indemnity Proceeding, such Indemnified Party shall not settle or compromise any such
Indemnity Proceeding without the prior written consent of the Borrower (which consent shall not be unreasonably withheld or delayed). 
 (f) If and to the extent that the obligations of the Borrower hereunder are unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of
such obligations which is permissible under Applicable Law. 
 (g) The Borrower’s obligations hereunder shall survive any
termination of this Agreement and the other Loan Documents and the payment in full in cash of the Obligations, and are in addition to, and not in substitution of, any of the other obligations set forth in this Agreement or any other Loan Document to
which it is a party. 
 Section 13.11. Termination; Survival. 

At such time as (a) all of the Commitments have been terminated, (b) none of the Lenders is obligated any longer under this
Agreement to make any Loans and (c) all Obligations (other than obligations which survive as provided in the following sentence) have been paid and satisfied in full, this Agreement shall terminate. The indemnities to which the Administrative
Agent and the Lenders are entitled under the provisions of Sections 5.1., 5.4., 12.8., 13.2. and 13.10. and any other provision of this Agreement and the other Loan Documents, and the provisions of Section 13.5., shall continue in full force
and effect and shall protect the Administrative Agent and the Lenders (i) notwithstanding any termination of this Agreement, or of the other Loan Documents, against events arising after such termination as well as before and (ii) at all
times after any such party ceases to be a party to this Agreement with respect to all matters and events existing on or prior to the date such party ceased to be a party to this Agreement. 
 Section 13.12. Severability of Provisions. 
 If any provision under
this Agreement or the other Loan Documents shall be determined by a court of competent jurisdiction to be invalid or unenforceable, that provision shall be deemed severed from the Loan Documents, and the validity, legality and enforceability of the
remaining provisions shall remain in full force as thought the invalid, illegal, or unenforceable provision had never been part of the Loan Documents. 
 Section 13.13. GOVERNING LAW. 
 THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

  
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 Section 13.14. Counterparts. 

To facilitate execution, this Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts
as may be convenient or required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart. All counterparts shall collectively
constitute a single document. It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of , each of the parties hereto. 

Section 13.15. Obligations with Respect to Loan Parties. 
 The obligations of the Borrower to direct or prohibit the taking of certain actions by the other Loan Parties as specified herein shall be absolute and not subject to any defense the Borrower may have
that the Borrower does not control such Loan Parties. 
 Section 13.16. Intentionally Omitted. 

Section 13.17. Limitation of Liability. 
 None of the Administrative Agent or any Lender, or any affiliate, officer, director, employee, attorney, or agent of the Administrative Agent or any Lender shall have any liability with respect to, and
the Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by the Borrower in connection with, arising out of, or in any way related
to, this Agreement, any of the other Loan Documents or the Fee Letter, or any of the transactions contemplated by this Agreement or any of the other Loan Documents. The Borrower hereby waives, releases, and agrees not to sue the Administrative Agent
or any Lender or any of the Administrative Agent’s or any Lender’s affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to,
this Agreement, any of the other Loan Documents, the Fee Letter, or any of the transactions contemplated by this Agreement or financed hereby. 

Section 13.18. Entire Agreement. 
 This Agreement, the Notes, the other Loan Documents and the Fee Letter embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations,
and understandings, whether written or oral, relating to the subject matter hereof and thereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto. There are
no oral agreements among the parties hereto. 
 Section 13.19. Construction. 

The Administrative Agent, the Borrower and each Lender acknowledge that each of them has had the benefit of legal counsel of its own
choice and has been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel and that this 

  
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Agreement and the other Loan Documents shall be construed as if jointly drafted by the Administrative Agent, the Borrower and each Lender. 

Section 13.20. Headings. 
 The Paragraph and Section headings in this Agreement are provided for convenience of reference only and shall not affect its construction or interpretation. 

Section 13.21. Joinder by Parent Guarantor. 
 By its execution of this Agreement, the Parent Guarantor agrees to comply with the covenants applicable to it as set forth in this Agreement. 

[Signatures on Following Pages] 

  
 - 115 –

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

			
	BORROWER:
	
	 CHESAPEAKE LODGING, L.P.,
 a Delaware limited partnership

		
	 By:
	 	 Chesapeake Lodging Trust,

its general partner

		
	 By:
	 	 /s/ Graham J. Wootten

	 Name:
	 	Graham J. Wootten
	 Title:
	 	 Secretary

 [Signatures Continued on Next Page] 

 Signature Page to Amended and Restated Credit Agreement dated as of 

January 21, 2011 with Chesapeake Lodging, L.P. 

 

			
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, as Administrative Agent and as a
 Lender

		
	 By:
	 	 /s/ Mark F. Monahan

		 	Mark F. Monahan
		 	Senior Vice President

 Signature Page to Amended and Restated Credit Agreement dated as of 

January 21, 2011 with Chesapeake Lodging, L.P. 

 

			
	JPMORGAN CHASE BANK, N.A., as Syndication
      Agent and as a Lender
		
	 By:
	 	 /s/ Marc Constantino

	 Name:
	 	Marc Constantino
	 Title:
	 	Executive Director

 Signature Page to Amended and Restated Credit Agreement dated as of 

January 21, 2011 with Chesapeake Lodging, L.P. 

 

			
	KEYBANK NATIONAL ASSOCIATION, as a
Lender
		
	 By:
	 	 /s/ Kevin P. Murray

	 Name:
	 	Kevin P. Murray
	 Title:
	 	Senior Vice President

 Signature Page to Amended and Restated Credit Agreement dated as of 

January 21, 2011 with Chesapeake Lodging, L.P. 

 

			
	DEUTSCHE BANK TRUST COMPANY
      AMERICAS, as a Lender
		
	 By:
	 	 /s/ George R. Reynolds

	 Name:
	 	George R. Reynolds
	 Title:
	 	 Director

		
	 By:
	 	 /s/ James Rolison

	 Name:
	 	James Rolison
	 Title:
	 	Managing Director

 Signature Page to Amended and Restated Credit Agreement dated as of 

January 21, 2011 with Chesapeake Lodging, L.P. 

 

			
	ROYAL BANK OF CANADA, as a Lender
		
	 By:
	 	 /s/ Dan LePage

	 Name:
	 	Dan LePage
	 Title:
	 	Authorized Signatory

 JOINDER BY PARENT GUARANTOR 

The undersigned, as the Parent Guarantor under the foregoing Agreement, hereby joins in and executes this Agreement for the purposes set
forth in Section 13.21. 
  

			
	CHESAPEAKE LODGING TRUST, a Maryland real estate investment trust
		
	 By:
	 	 /s/ Graham J. Wootten

	 Name:
	 	Graham Wootten
	 Title:
	 	 Secretary

 SCHEDULE I 
 COMMITMENTS 
  

					
	 Lender
	  	Commitment	 
	 Wells Fargo Bank, National Association
	  	$	50,000,000	  
	 JPMorgan Chase Bank, N.A.
	  	 	25,000,000	  
	 Deutsche Bank Trust Company Americas
	  	 	25,000,000	  
	 KeyBank National Association
	  	 	25,000,000	  
	 Royal Bank of Canada
	  	 	25,000,000	  

 SCHEDULE 7.1.(b) 

OWNERSHIP STRUCTURE 

 SCHEDULE 7.1.(f) 

PROPERTIES 
  

					
	 Loan Party
	  	 	  	 Property

			
	 CHSP Boston LLC
	  		  	Hyatt Regency Hotel, Boston, MA
	 CHSP Los Angeles LLC
	  		  	Checkers Hilton Hotel, Los Angeles, CA
	 CHSP Newton LLC
	  		  	Marriott Hotel, Newton, MA
	 CHSP Anaheim LLC
	  		  	Courtyard by Marriott Hotel, Anaheim, CA

 SCHEDULE 7.1(g) 

INDEBTEDNESS AND GUARANTIES 
 Indebtedness and Guaranties
  

	 	a)	Guarantee of Franchise License Agreement, dated as of July 30, 2010, by and between Borrower and Hilton Franchise LLC, a Delaware limited liability company.

  

	 	b)	Guaranty, dated as of July 30, 2010, from Guarantor and Borrower, in favor of Marriott International, Inc., a Delaware corporation (“Marriott”), of that
certain Courtyard by Marriott Hotel Relicensing Franchise Agreement, dated as of July 30, 2010, between CHSP Anaheim LLC, a Delaware limited liability company, and Marriott. 

 

	 	c)	Guaranty, dated as of July 30, 2010, from Guarantor and Borrower, in favor of Marriott, of that certain Marriott Hotel Relicensing Franchise Agreement, dated as of
July 30, 2010, between CHSP Newton LLC, a Delaware limited liability company, and Marriott. 

 SCHEDULE 7.1.(h) 

MATERIAL CONTRACTS 
  

	1.	Hyatt Regency Hotel, Boston, Massachusetts 

  

	 	d)	Hotel Management Agreement, dated as of March 18, 2010, between CHSP TRS Boston LLC, a Delaware limited liability company (“Boston Lessee”), and Hyatt
Corporation, a Delaware corporation (“Hyatt”), as supplemented by (i) that certain letter agreement regarding supplemental fees, dated as of March 23, 2010, from Hyatt, as acknowledged by Boston Lessee and (ii) that certain
letter agreement regarding waiver of form subordination agreement requirement, dated as of July 1, 2010, between Hyatt and Boston Lessee and joined into by Borrower and CHSP Boston LLC, a Delaware limited liability company (“Boston
Owner”). 

  

	 	e)	Operating Lease, dated as of March 18, 2010, by and between Boston Owner and Boston Lessee. 

 

	2.	Checkers Hilton Hotel, Los Angeles, California 

  

	 	a)	Management Agreement, dated as of June 1, 2010, by and between CHSP TRS Los Angeles LLC, a Delaware limited liability company (“Los Angeles Lessee”) and
Crestline Hotels & Resorts, Inc., a Delaware corporation. 

  

	 	b)	Franchise License Agreement, dated as of June 1, 2010, by and between Los Angeles Lessee and Hilton Franchise LLC, a Delaware limited liability company.

  

	 	c)	Operating Lease, dated as of June 1, 2010, by and between CHSP Los Angeles LLC, a Delaware limited liability company, and Los Angeles Lessee.

  

	3.	Courtyard by Marriott Hotel, Anaheim, California 

  

	 	a)	Hotel Management Agreement, dated as of July 30, 2010, by and between CHSP TRS Anaheim LLC, a Delaware limited liability company (“Anaheim Lessee”) and
Tarasidia Hotels, a California corporation. 

  

	 	b)	Courtyard by Marriott Hotel Relicensing Franchise Agreement, dated as of July 30, 2010, by and between Marriott International, Inc., a Delaware corporation, and
Anaheim Lessee. 

	 	c)	Operating Lease, dated as of July 30, 2010, by and between CHSP Anaheim LLC, a Delaware limited liability company, and Anaheim Lessee. 

 

	4.	Marriott Hotel, Newton, Massachusetts 

  

	 	a)	Hotel Management Agreement, dated as of July 30, 2010, by and between CHSP TRS Newton LLC, a Delaware limited liability company (“Newton Lessee”) and TPG
Hospitality, Inc., a Rhode Island corporation. 

  

	 	b)	Marriott Hotel Relicensing Franchise Agreement, dated as of July 30, 2010, by and between Marriott International, Inc., a Delaware corporation, and Newton Lessee.

  

	 	c)	Operating Lease, dated as of July 30, 2010, by and between CHSP Newton LLC, a Delaware limited liability company, and Newton Lessee. 

 SCHEDULE 7.1(i) 

LITIGATION 
 None.

 SCHEDULE 7.1(s) 

AFFILIATE TRANSACTIONS 

Affiliate Transactions 
  

	 	a)	Operating Lease, dated as of March 18, 2010, by and between CHSP Boston LLC, a Delaware limited liability company, and CHSP TRS Boston LLC, a Delaware limited
liability company. 

  

	 	b)	Operating Lease, dated as of June 1, 2010, by and between CHSP Los Angeles LLC, a Delaware limited liability company, and CHSP TRS Los Angeles LLC, a Delaware
limited liability company. 

  

	 	c)	Operating Lease, dated as of July 30, 2010, by and between CHSP Anaheim LLC, a Delaware limited liability company, and CHSP TRS Anaheim LLC, a Delaware limited
liability company. 

  

	 	d)	Operating Lease, dated as of July 30, 2010, by and between CHSP Newton LLC, a Delaware limited liability company, and CHSP TRS Newton LLC, a Delaware limited
liability company. 

 SCHEDULE 7.1(t) 

INTELLECTUAL PROPERTY 

Intellectual Property 

www.chesapeakelodgingtrust.com 
 www.cltreit.com

 SCHEDULE 13.1 
 NOTICES 
 JPMorgan Chase Bank, N.A. 

383 Madison Avenue – 24th Floor 
 New
York, NY 10179 
 Attention: Marc Costantino 
 Telecopy Number: (646) 534-0574 
 Telephone Number: (212) 622-8167 

KeyBank National Association 
 1200 Abernathy
Rd. 
 Atlanta, GA 30328 
 Attention:
Kevin Murray 
 Telecopy Number: (770) 510-2195 
 Telephone Number: (770) 510-2168 
 Deutsche Bank Trust Company Americas 

60 Wall Street, M/S NYC60-1005 
 New York, NY
10005 
 Attention: George Reynolds 

Telecopy Number: (212) 797-4996 
 Telephone
Number: (212) 250-2362 
 Royal Bank of Canada 
 New York Branch 
 One Liberty Plaza, 3rd Floor 
 New York, NY 10006-1404 
 Attention: Manager, Loans Administration 

Telecopy Number: (212) 438-2372 
 With copy
to: 
 Royal Bank of Canada 
 Corporate
Banking 
 3 World Financial Center 
 200 Vesey Street, 12th Floor 
 New York, NY 10281-8098 
 Attention: Connie Lee 
 Telecopy Number: (212) 428-6459 

Telephone Number: (212) 437-9234 

 EXHIBIT A 
 FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 
 THIS ASSIGNMENT AND
ASSUMPTION AGREEMENT dated as of             , 20     (the “Agreement”) by and among
                                 (the “Assignor”),
                                 (the “Assignee”), CHESAPEAKE LODGING,
L.P. (the “Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”). 
 WHEREAS, the Assignor is a Lender under that certain Amended and Restated Credit Agreement dated as of January 21, 2011 (as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”), by and among the Borrower, the financial institutions party thereto and their assignees under Section 13.6. thereof, the Administrative Agent, and the other parties thereto; 

WHEREAS, the Assignor desires to assign to the Assignee all or a portion of the Assignor’s Commitment under the Credit Agreement,
all on the terms and conditions set forth herein; and 
 WHEREAS, the [Borrower and the] Administrative Agent
consent[s] to such assignment on the terms and conditions set forth herein. 
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which hereby are acknowledged by the parties hereto, the parties hereto hereby agree as follows: 
 Section 1. Assignment. 
 (a) Subject to the terms and conditions of
this Agreement and in consideration of the payment to be made by the Assignee to the Assignor pursuant to Section 2 of this Agreement, effective as of             ,
20     (the “Assignment Date”) the Assignor hereby irrevocably sells, transfers and assigns to the Assignee, without recourse, a $            
interest (such interest being the “Assigned Commitment”) in and to the Assignor’s Commitment, and all of the other rights and obligations of the Assignor under the Credit Agreement, such Assignor’s Note, and the other Loan
Documents representing             % in respect of the aggregate amount of all Lenders’ Commitments, including without limitation, a principal amount of outstanding Loans equal
to $            , all voting rights of the Assignor associated with The Assigned Commitment all rights to receive interest on such amount of Loans and all Fees with respect to the
Assigned Commitment and other rights of the Assignor under the Credit Agreement and the other Loan Documents with respect to the Assigned Commitment, all as if the Assignee were an original Lender under and signatory to the Credit Agreement having a
Commitment equal to the amount of the Assigned Commitment. The Assignee, subject to the terms and conditions hereof, hereby assumes all obligations of the Assignor with respect to the Assigned Commitment as if the Assignee were an original Lender
under and signatory to the Credit Agreement having a Commitment equal to the Assigned Commitment, which obligations shall include, but shall not be limited to, the obligation of the Assignor to make Loans to the Borrower with respect to the Assigned
Commitment and] the obligation to indemnify the Administrative Agent as provided in the Credit Agreement (the foregoing obligations, together with all other similar obligations more particularly set forth in the Credit Agreement and the other Loan
Documents, shall be referred to hereinafter, collectively, as the “Assigned Obligations”). The Assignor shall have no further duties or obligations with respect to, and shall have no further interest in, the Assigned Obligations or the
Assigned Commitment from and after the Assignment Date. 

  
 A-1

 (b) The assignment by the Assignor to the Assignee hereunder is without recourse to the
Assignor. The Assignee makes and confirms to the Administrative Agent, the Assignor, and the other Lenders all of the representations, warranties and covenants of a Lender under Article XII of the Credit Agreement. Not in limitation of the
foregoing, the Assignee acknowledges and agrees that, except as set forth in Section 4. below, the Assignor is making no representations or warranties with respect to, and the Assignee hereby releases and discharges the Assignor for any
responsibility or liability for: (i) the present or future solvency or financial condition of the Borrower, any other Loan Party or any other Subsidiary, (ii) any representations, warranties, statements or information made or furnished by
the Borrower, any other Loan Party or any other Subsidiary in connection with the Credit Agreement or otherwise, (iii) the validity, efficacy, sufficiency, or enforceability of the Credit Agreement, any Loan Document or any other document or
instrument executed in connection therewith, or the collectibility of the Assigned Obligations, (iv) the perfection, priority or validity of any Lien with respect to any collateral at any time securing the Obligations or the Assigned
Obligations under the Notes or the Credit Agreement and (v) the performance or failure to perform by the Borrower or any other Loan Party of any obligation under the Credit Agreement or any other Loan Document. Further, the Assignee
acknowledges that it has, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent or any of their respective officers, directors, employees and agents and based on the financial
statements supplied by the Borrower and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to become a Lender under the Credit Agreement. The Assignee also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under
the Credit Agreement or any Note or pursuant to any other obligation. The Administrative Agent shall have no duty or responsibility whatsoever, either initially or on a continuing basis, to provide the Assignee with any credit or other information
with respect to the Borrower, any other Loan Party or any other Subsidiary or to notify the undersigned of any Default or Event of Default except as expressly provided in the Credit Agreement. The Assignee has not relied on the Administrative Agent
as to any legal or factual matter in connection therewith or in connection with the transactions contemplated thereunder. 

Section 2. Payment by Assignee. In consideration of the assignment made pursuant to Section 1. of this Agreement, the
Assignee agrees to pay to the Assignor on the Assignment Date, an amount equal to $             representing the aggregate principal amount outstanding of the Loans owing to
the Assignor under the Credit Agreement and the other Loan Documents being assigned hereby. 
 Section 3. Payments by
Assignor. The Assignor agrees to pay to the Administrative Agent on the Assignment Date the administrative fee payable under Section 13.6.(c) of the Credit Agreement. 
 Section 4. Representations and Warranties of Assignor. The Assignor hereby represents and warrants to the Assignee that (a) as of the Assignment Date (i) the Assignor is a Lender
under the Credit Agreement having a Commitment under the Credit Agreement immediately prior to the Assignment Date, equal to $             and that the Assignor is not in default of
its obligations under the Credit Agreement; and (ii) the outstanding balance of Loans owing to the Assignor (without reduction by any assignments thereof which have not yet become effective) is
$            , and (b) it is the legal and beneficial owner of the Assigned Commitment which is free and clear of any adverse claim created by the Assignor. 

Section 5. Representations, Warranties and Agreements of Assignee. The Assignee (a) represents and warrants that it is
(i) legally authorized to enter into this Agreement; (ii) an “accredited investor” (as such term is used in Regulation D of the Securities Act) and (iii) an Eligible Assignee; (b) confirms that it has received a copy of
the Credit Agreement, together with copies of the most recent financial statements delivered pursuant thereto and such other documents and information (including 

  
 A-2

 
without limitation the Loan Documents) as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (c) appoints and authorizes the Administrative
Agent to take such action as contractual representative on its behalf and to exercise such powers under the Loan Documents as are delegated to the Administrative Agent by the terms thereof together with such powers as are reasonably incidental
thereto; (d) agrees that it will become a party to and shall be bound by the Credit Agreement and the other Loan Documents to which the other Lenders are a party on the Assignment Date and will perform in accordance therewith all of the
obligations which are required to be performed by it as a Lender; and (e) is either (i) not organized under the laws of a jurisdiction outside the United States of America or (ii) has delivered to the Administrative Agent (with an
additional copy for the Borrower) such items required under Section 3.10. of the Credit Agreement. 
 Section 6.
Recording and Acknowledgment by the Administrative Agent. Following the execution of this Agreement, the Assignor will deliver to the Administrative Agent (a) a duly executed copy of this Agreement for acknowledgment and recording by the
Administrative Agent and (b) the Assignor’s Note. Upon such acknowledgment and recording, from and after the Assignment Date, the Administrative Agent shall make all payments in respect of the interest assigned hereby (including payments
of principal, interest, fees and other amounts) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Credit Agreement for periods prior to the Assignment Date directly between themselves.

 Section 7. Addresses. The Assignee specifies as its address for notices and its Lending Office for all Loans, the
offices set forth below: 
  

			
	                             
                                         
  	  	
	                             
                                         
 	  	
	
Attention:                      
                               
	  	

					
	
Telephone No.:                     
           
	  	

					
	
Telecopy No.:                     
                           
	  	

 Section 8. Payment Instructions. All payments to be made to the Assignee under this
Agreement by the Assignor, and all payments to be made to the Assignee under the Credit Agreement, shall be made as provided in the Credit Agreement in accordance with the following instructions: 

 

					
	                             
                                         
 	  		  	
	                             
                                         
 	  		  	
	                             
                                         
 	  		  	
	                             
                                         
 	  		  	

 Section 9. Effectiveness of Assignment. This Agreement, and the assignment and
assumption contemplated herein, shall not be effective until (a) this Agreement is executed and delivered by each of the Assignor, the Assignee, the Administrative Agent and if required, the Borrower, and (b) the payment to the Assignor of
the amounts owing by the Assignee pursuant to Section 2. hereof and (c) the payment to the Administrative Agent of the amounts owing by the Assignor pursuant to Section 3. hereof. Upon recording and acknowledgment of this Agreement by
the Administrative Agent, from and after the Assignment Date, (i) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Agreement, have the rights and obligations of a Lender thereunder and (ii) the
Assignor shall, to the extent provided in this Agreement, relinquish its rights (except as otherwise provided in Section 13.11 of the Credit Agreement) and be released from its obligations under the Credit Agreement; provided,
however, that if the Assignor does not assign its entire interest under the Loan Documents, it shall remain a Lender entitled to all of the benefits and subject to all of the obligations thereunder with respect to its Commitment. 

  
 A-3

 Section 10. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

Section 11. Counterparts. This Agreement may be executed in any number of counterparts each of which, when taken together,
shall constitute one and the same agreement. 
 Section 12. Headings. Section headings have been inserted herein for
convenience only and shall not be construed to be a part hereof. 
 Section 13. Amendments; Waivers. This Agreement
may not be amended, changed, waived or modified except by a writing executed by the Assignee and the Assignor. 

Section 14. Entire Agreement. This Agreement embodies the entire agreement between the Assignor and the Assignee with respect
to the subject matter hereof and supersedes all other prior arrangements and understandings relating to the subject matter hereof. 
 Section 15. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 

Section 16. Definitions. Terms not otherwise defined herein are used herein with the respective meanings given them in the
Credit Agreement. 
 [Include this Section only if the Borrower’s consent is required under Section 13.6.(c) of
the Credit Agreement] Section 17. Agreements of the Borrower. The Borrower hereby agrees that the Assignee shall be a Lender under the Credit Agreement having a Commitment equal to the Assigned Commitment. The Borrower agrees
that the Assignee shall have all of the rights and remedies of a Lender under the Credit Agreement and the other Loan Documents as if the Assignee were an original Lender under and signatory to the Credit Agreement, including, but not limited to,
the right of a Lender to receive payments of principal and interest with respect to the Assigned Obligations, if any, and to the Loans made by the Lenders after the date hereof and to receive the Fees payable to the Lenders as provided in the Credit
Agreement. Further, the Assignee shall be entitled to the benefit of the indemnification provisions from the Borrower in favor of the Lenders as provided in the Credit Agreement and the other Loan Documents. The Borrower further agrees, upon the
execution and delivery of this Agreement, to execute in favor of the Assignee a Note in an initial amount equal to the Assigned Commitment. Further, the Borrower agrees that, upon the execution and delivery of this Agreement, the Borrower shall owe
the Assigned Obligations to the Assignee as if the Assignee were the Lender originally making such Loans and entering into such other obligations. 
 [Signatures on Following Page] 

  
 A-4

 IN WITNESS WHEREOF, the parties hereto have duly executed this Assignment and Assumption
Agreement as of the date and year first written above. 
  

					
	ASSIGNOR:
	
	[NAME OF ASSIGNOR]
		
	By:	 	
 

					
		 	      Name:	 	
 

					
		 	      Title:	 	
 

					
	
	Payment Instructions
	
	[Bank]
	[Address]
	ABA No. :
	Account No.:
	Account Name:
	Reference:
	
	ASSIGNEE:
	
	[Name of Assignee]
		
	By:	 	
 

					
		 	      Name:	 	
 

					
		 	      Title:	 	
 

					
	
	Payment Instructions
	
	[Bank]
	[Address]
	ABA No. :
	Account No.:	 	
	Account Name:
	Reference:	 	

 [Signatures continued on Following Page] 

  
 A-5

 Agreed and Consented to as of the date first written above. 

[Include signature of the Borrower only if required under Section 13.6.(c) of the Credit Agreement] 

 

			
	BORROWER:
	
	 CHESAPEAKE LODGING, L.P.,
 a Delaware limited partnership

		
	By:	 	 Chesapeake Lodging Trust,

its general partner

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Accepted as of the date first written above. 
  

			
	ADMINISTRATIVE AGENT:

			
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent

			
		
	By:	 	  

			
	      Name:	 	  

			
	      Title:	 	  

  
 A-6

 EXHIBIT B 
 FORM OF DSCR CERTIFICATE 
 Reference is made to the Amended and Restated
Credit Agreement dated as of January 21, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Chesapeake Lodging, L.P. (the “Borrower”), the financial
institutions party thereto and their assignees under Section 13.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto.
Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given to them in the Credit Agreement. 
 Pursuant to the Credit Agreement, the undersigned hereby certifies to the Administrative Agent and the Lenders that Schedule 1 attached hereto accurately and completely sets forth the calculations
required to establish compliance with the Minimum DSCR Hurdle as of the date set forth on Schedule I. 
 IN WITNESS WHEREOF, the
undersigned has signed this Compliance Certificate on and as of             , 20    . 

 

			
	BORROWER:
	
	 CHESAPEAKE LODGING, L.P.,
 a Delaware limited partnership

		
	By:	 	 Chesapeake Lodging Trust,

its general partner

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 B-1

 EXHIBIT C 
 FORM OF NOTE 
  

			
	 $            
	  	            , 20    

FOR VALUE RECEIVED, the undersigned, Chesapeake Lodging, L.P., a Delaware limited partnership (the
“Borrower”) hereby unconditionally promises to pay to the order of
                                 (the “Lender”), in care of Wells Fargo
Bank, National Association, as Administrative Agent (the “Administrative Agent”), to Wells Fargo Bank, Minneapolis Loan Center of Administrative Agent, 608 2nd Avenue S., 11th Floor, Minneapolis, MN 55402, Attention: Donise White, or at such other address as may be specified by the
Administrative Agent to the Borrower, the principal sum of
                                 AND
        /100 DOLLARS ($            ), or such lesser amount as may be the then outstanding and unpaid balance of all Loans made by the
Lender to the Borrower pursuant to, and in accordance with the terms of, the Credit Agreement. 
 The Borrower further agrees to
pay interest at said office, in like money, on the unpaid principal amount owing hereunder from time to time on the dates and at the rates and at the times specified in the Credit Agreement. 

This Note is one of the “Notes” referred to in the Amended and Restated Credit Agreement dated as of January 21, 2011 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the financial institutions party thereto and their assignees under Section 13.6. thereof, the Administrative
Agent, and the other parties thereto, and is subject to, and entitled to, all provisions and benefits thereof. Capitalized terms used herein and not defined herein shall have the respective meanings given to such terms in the Credit Agreement. The
Credit Agreement, among other things, (a) provides for the making of Loans by the Lender to the Borrower from time to time in an aggregate amount not to exceed at any time outstanding the Dollar amount first above mentioned, (b) permits
the prepayment of the Loans by the Borrower subject to certain terms and conditions and (c) provides for the acceleration of the Loans upon the occurrence of certain specified events. 

The Borrower hereby waives presentment, demand, protest and notice of any kind. No failure to exercise, and no delay in exercising any
rights hereunder on the part of the holder hereof shall operate as a waiver of such rights. 
 Time is of the essence for this
Note. 
 [This Note is given in replacement of the Note dated
            , 2010, in the original principal amount of $             previously delivered to the Lender under the
Credit Agreement. THIS NOTE IS NOT INTENDED TO BE, AND SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING UNDER OR IN CONNECTION WITH THE OTHER NOTE.]1 
 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

 
  

	1	 Language to be included in case of an assignment and need to issue a replacement note to an existing Lender, either because such Lender’s
Commitment has increased or decreased from what it was initially. 

  
 C-1

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Note under seal as of
the date written above. 
  

			
	CHESAPEAKE LODGING, L.P.,
	a Delaware limited partnership
		
	By:	 	 Chesapeake Lodging Trust,

its general partner

		
	By:	 	
 

			
	Name:	 	
 

			
	Title:	 	  

  
 C-2

 EXHIBIT D 
 FORM OF NOTICE OF BORROWING 

            , 20     

Wells Fargo Bank 
 Minneapolis Loan Center

 608 2nd Avenue S., 11th Floor 

Minneapolis, MN 55402 
 Attention: Donise White

 Ladies and Gentlemen: 
 Reference is made to that certain Amended and Restated Credit Agreement dated as of January 21, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among Chesapeake Lodging, L.P., a Delaware limited partnership (the “Borrower”), the financial institutions party thereto and their assignees under Section 13.6. thereof (the “Lenders”), Wells Fargo
Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit
Agreement. 
  

	 	1.	Pursuant to Section 2.1(b) of the Credit Agreement, the Borrower hereby requests that the Lenders make Loans to the Borrower in an aggregate amount equal to
$            . 

  

	 	2.	The Borrower requests that such Loans be made available to the Borrower on             ,
20    . 

  

	 	3.	The Borrower hereby requests that such Loans be of the following Type: 

 [Check one box only] 
  

	 	 ̈ ̈ ̈	Base Rate Loan 

	 	 ̈ ̈ ̈	LIBOR Loan, with an initial Interest Period for a duration of: 

 [Check one box only] 
  

	 	 ̈ ̈	one month 

	 	 ̈ ̈	three months 

	 	 ̈ ̈	six months 

 The Borrower hereby
certifies to the Administrative Agent and the Lenders that as of the date hereof, as of the date of the making of the requested Loans, and after making such Loans, (a) no Default or Event of Default exists or would exist, and none of the limits
specified in Section 2.17. would be violated; and (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, are and shall be true and correct
with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and
accurate on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents. In 

  
 D-1

 
addition, the Borrower certifies to the Administrative Agent and the Lenders that all conditions to the making of the requested Loans contained in Article VI. of the Credit Agreement will
have been satisfied at the time such Loans are made. 
  

			
	CHESAPEAKE LODGING, L.P.,
	a Delaware limited partnership
		
	By:	 	Chesapeake Lodging Trust,
		 	its general partner
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 D-2

 EXHIBIT E 
 FORM OF NOTICE OF CONTINUATION 

            , 20__ 

Wells Fargo Bank 
 Minneapolis Loan Center

 608 2nd Avenue S., 11th Floor 

Minneapolis, MN 55402 
 Attention: Donise White

 Ladies and Gentlemen: 
 Reference is made to that certain Amended and Restated Credit Agreement dated as of January 21, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among Chesapeake Lodging, L.P., a Delaware limited partnership (the “Borrower”), the financial institutions party thereto and their assignees under Section 13.6. thereof (the “Lenders”), Wells Fargo
Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit
Agreement. 
 Pursuant to Section 2.11. of the Credit Agreement, the Borrower hereby requests a Continuation of Loans under
the Credit Agreement, and in that connection sets forth below the information relating to such Continuation as required by such Section of the Credit Agreement: 

	 	1.	The requested date of such Continuation is             , 20    .

  

	 	2.	The aggregate principal amount of the Loans subject to the requested Continuation is $            
and the portion of such principal amount subject to such Continuation is $            . 

  

	 	3.	The current Interest Period of the Loans subject to such Continuation ends on             , 20__.

  

	 	4.	The duration of the Interest Period for the Loans or portion thereof subject to such Continuation is: 

[Check one box only] 
  

	 	 ̈ ̈	    one month 

	 	 ̈ ̈	    three months 

	 	 ̈ ̈	    six months 

 [Continued on next page] 

  
 E-1

 The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the
date hereof, as of the proposed date of the requested Continuation, and after giving effect to such Continuation, no Default or Event of Default exists or will exist. 

 

			
	CHESAPEAKE LODGING, L.P.,
	a Delaware limited partnership
		
	By:	 	Chesapeake Lodging Trust,
		 	its general partner
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 E-2

 EXHIBIT F 
 FORM OF NOTICE OF CONVERSION 

            , 20__ 

Wells Fargo Bank 
 Minneapolis Loan Center

 608 2nd Avenue S., 11th Floor 

Minneapolis, MN 55402 
 Attention: Donise White

 Ladies and Gentlemen: 
 Reference is made to the Amended and Restated Credit Agreement dated as of January 21, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among Chesapeake Lodging, L.P., a Delaware limited partnership (the “Borrower”), the financial institutions party thereto and their assignees under Section 13.6. thereof (the “Lenders”), Wells Fargo
Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit
Agreement. 
 Pursuant to Section 2.12. of the Credit Agreement, the Borrower hereby requests a Conversion of Loans of one
Type into Loans of another Type under the Credit Agreement, and in that connection sets forth below the information relating to such Conversion as required by such Section of the Credit Agreement: 

 

	 	1.	The requested date of such Conversion is             , 20    .

  

	 	2.	The Type of Loans to be Converted pursuant hereto is currently: 

 [Check one box only] 
  

	 	 ̈ ̈	        Base Rate Loan 

	 	 ̈ ̈	         LIBOR Loan 

  

	 	3.	The aggregate principal amount of the Loans subject to the requested Conversion is $             and
the portion of such principal amount subject to such Conversion is $            . 

  
 F-1

	 	4.	The amount of such Loans to be so Converted is to be converted into Loans of the following Type: 

[Check one box only] 
  

	 	 ̈ ̈	        Base Rate Loan 

	 	 ̈ ̈	        LIBOR Loan, with an initial Interest Period for a duration of: 

[Check one box only] 
  

	 	 ̈ ̈	    one month 

	 	 ̈ ̈	    three months 

	 	 ̈ ̈	    six months 

 The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof, as of the proposed date of the requested Conversion, and after giving effect to such Conversion, no
Default or Event of Default exists or will exist. 
  

			
	CHESAPEAKE LODGING, L.P.,
	a Delaware limited partnership
		
	By:	 	Chesapeake Lodging Trust,
		 	its general partner
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 F-2

 Loan No. 1002242 
 EXHIBIT G 
 TRANSFER AUTHORIZER DESIGNATION 

(For Disbursement of Loan Proceeds by Funds Transfer) 
  ̈ NEW     ̈    REPLACE PREVIOUS
DESIGNATION     ̈  ADD     ̈    CHANGE     ̈    DELETE LINE NUMBER                  

The following representatives of Chesapeake Lodging, L.P., a Delaware limited partnership (“Borrower”) are authorized to request the
disbursement of Loan Proceeds and initiate funds transfers for Loan Number 1002242 assigned to the secured credit facility evidenced by the Amended and Restated Credit Agreement dated January 21, 2011 among the Borrower, each of the financial
institutions initially a signatory thereto together with their assignees under Section 13.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as the Administrative Agent for the Lenders (the “Administrative
Agent”) and the other parties thereto. The Administrative Agent is authorized to rely on this Transfer Authorizer Designation until it has received a new Transfer Authorizer Designation signed by Borrower, even in the event that any or all of
the foregoing information may have changed. 
  

							
	  	  	Name	  	Title	  	
Maximum

Wire
  

Amount2

	 	 	 	 
	 	  	 	  	 	  	 
	 	 	 	 
	 	  	 	  	 	  	 
	 	 	 	 
	 	  	 	  	 	  	 
	 	 	 	 
	 	  	 	  	 	  	 
	 	 	 	 
	 	  	 	  	 	  	 

[Continued on next page] 

  
 G-1

 Beneficiary Bank and Account Holder Information 

1. 

							
	 	 	
Transfer Funds to (Receiving Party Account Name):
  

 

	 	 	 Receiving Party Account
Number:
  

	 	 	Receiving Bank Name, City and State:	 	 	  	
                Receiving

                Bank

                Routing

                (ABA)

                Number

 

	 	 	 Maximum Transfer Amount:

 
  
	 	 	  	 
	 	 	 Further Credit
Information/Instructions:
  
  

2. 
  

							
	 	 	
Transfer Funds to (Receiving Party Account Name):
  

 

	 	 	 Receiving Party Account
Number:
  

	 	 	Receiving Bank Name, City and State:	 	 	  	
                Receiving

                Bank

                Routing

                (ABA)

                Number

 

	 	 	 Maximum Transfer Amount:

 
  
	 	 	  	 
	 	 	 Further Credit
Information/Instructions:
  

  
 G-2

 3. 
  

							
	 	 	
Transfer Funds to (Receiving Party Account Name):
  

 

	 	 	 Receiving Party Account
Number:
  

	 	 	Receiving Bank Name, City and State:	 	 	  	
                Receiving

                Bank

                Routing

                (ABA)

                Number

	 	 	 Maximum Transfer Amount:

 
  
	 	 	  	 
	 	 	 Further Credit
Information/Instructions:
  
  

 

	1	Maximum Wire Amount may not exceed the Loan Amount. 

  
 G-3

 Date:             ,
20     
  

			
	BORROWER:
	
	 CHESAPEAKE LODGING, L.P.,
 a Delaware limited partnership

		
	By:	 	Chesapeake Lodging Trust,
		 	its general partner
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 G-4

 EXHIBIT H 
 MATTERS TO BE ADDRESSED IN OPINIONS OF COUNSEL 
  

	 	•	 	 The matters set forth in Sections 7.1(a), 7.1(c), 7.1(d), the first sentence of Section 7.1(i), and Section 7.1(q)

  

	 	•	 	 The perfection of Liens in personal property 

  

	 	•	 	 Usury 

  
 H-1

 EXHIBIT I 
 FORM OF COMPLIANCE CERTIFICATE 
 Reference is made to the Amended and
Restated Credit Agreement dated as of January 21, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Chesapeake Lodging, L.P. (the “Borrower”), the
financial institutions party thereto and their assignees under Section 13.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties
thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given to them in the Credit Agreement. 
 Pursuant to Section 9.3. of the Credit Agreement, the undersigned hereby certifies to the Administrative Agent and the Lenders that: 

1. (a) The undersigned has reviewed the terms of the Credit Agreement and has made a review of the transactions, financial condition and
other affairs of the Parent Guarantor and its Subsidiaries as of, and during the relevant accounting period ending on,             , 20    and
(b) such review has not disclosed the existence during such accounting period, and the undersigned does not have knowledge of the existence, as of the date hereof, of any condition or event constituting a Default or Event of Default [except
as set forth on Attachment A hereto, which accurately describes the nature of the conditions(s) or event(s) that constitute (a) Default(s) or (an) Event(s) of Default and the actions which the Borrower (is taking)(is planning to take) with
respect to such condition(s) or event(s)]. 
 2. Schedule 1 attached hereto accurately and completely sets forth the
calculations required to establish compliance with Section 10.1 of the Credit Agreement on the date of the financial statements for the accounting period set forth above. 
 3. As of the date hereof the aggregate outstanding principal amount of all outstanding Loans is less than or equal to the Maximum Loan Availability at such time. 

4. (a) No Default or Event of Default exists, and (b) the representations and warranties of the Borrower and the other Loan
Parties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects, except to the extent such representations or warranties expressly relate solely to an earlier date (in which case such
representations and warranties shall have been true and accurate on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Credit Agreement or the other Loan Documents. 

IN WITNESS WHEREOF, the undersigned has signed this Compliance Certificate on and as of
            , 20    . 

  
 I-1

 
			
	BORROWER:
	
	 CHESAPEAKE LODGING, L.P.,
 a Delaware limited partnership

		
	By:	 	 Chesapeake Lodging Trust,

its general partner

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 I-2

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