Document:

Exhibit 10.1

 

Execution Version

 

THIRD AMENDMENT TO CREDIT AGREEMENT

 

THIRD AMENDMENT
TO CREDIT AGREEMENT (this “Amendment”) dated as of February 5, 2021 among Summit
Hotel OP, LP, a Delaware limited partnership (the “Borrower”), SUMMIT HOTEL PROPERTIES, INC.,
a Maryland corporation (the “Parent Guarantor”), the subsidiaries of the Borrower party hereto (the “Subsidiary
Guarantors” and together with the Parent Guarantor, the “Guarantors”), Deutsche
Bank AG New York Branch, as administrative agent (the “Administrative Agent”) for the financial
institutions party to the Credit Agreement referred to below (collectively, the “Lender Parties”), and
the Required Lenders (as defined below).

 

PRELIMINARY STATEMENTS:

 

WHEREAS, the Borrower,
the Guarantors, the Administrative Agent, and the Lender Parties entered into that certain Credit Agreement dated as of December 6,
2018 (as amended by that certain First Amendment to Credit Agreement dated as of May 7, 2020 (the “First Amendment”)
and that certain Second Amendment to Credit Agreement dated as of January 6, 2021 (the “Second Amendment”),
the “Existing Credit Agreement”);

 

WHEREAS, the Guarantors,
the Administrative Agent, the Borrower and certain Lenders party to the Existing Credit Agreement wish to amend the Existing Credit
Agreement to address certain changes to the terms thereof as set forth below; and

 

WHEREAS, pursuant
to Section 9.01 of the Existing Credit Agreement, and subject to the conditions precedent to the Amendment Effective Date
set forth in Section 12 of this Amendment, the Parent Guarantor, the Borrower, the Subsidiary Guarantors, the Administrative
Agent and the Lenders party hereto (representing the Required Lenders) have agreed to amend the Existing Credit Agreement on the
terms and subject to the other conditions set forth herein.

 

SECTION 1. Defined
Terms. Unless otherwise stated in this Amendment, terms defined in the Existing Credit Agreement have the same meanings when
used in this Amendment.

 

SECTION 2. Temporary
Modifications During Limited Waiver Period. Section 2 of the First Amendment is null and void and of no further force
or effect. For the period from the Amendment Effective Date though the earlier of (i) the Reinstatement Date (as defined
below) and (ii) March 31, 2022 (the “Limited Waiver Period”), the Existing Credit Agreement
(as amended pursuant to Section 6 of this Amendment) shall be deemed modified and amended as follows:

 

(a)            Limited
Waiver. The following provisions (collectively, the “Subject Provisions”) shall be deemed waived
and no Default or Event of Default shall be deemed to result from any violation thereof:

 

(i)            the
requirements of clause (d) of the definition of Unencumbered Asset Pool Conditions;

 

(ii)           the
requirement that the Borrower make mandatory prepayments under subsections 2.06(b)(i)(B) and 2.06(b)(i)(C);

 

(iii)          the
covenants in Sections 5.04(a)(i) (Maximum Leverage Ratio), 5.04(a)(iv) (Minimum Consolidated Fixed Charge Coverage Ratio),
5.04(a)(v) (Maximum Secured Leverage Ratio), 5.04(a)(vi) (Maximum Secured Recourse Leverage Ratio) and Section 5.04(b) (Unencumbered
Asset Pool Financial Covenants);

 

     

     

    

 

(iv)          the
representations in (x) the last sentence of Section 4.01(g) (Financial Condition) and (y) Section 4.01(s) (Force
Majeure) for events or circumstances relating to the COVID-19 pandemic to the extent such events or circumstances have been publicly
disclosed by the Borrower in its securities filings; and

 

(v)           the
requirement under Section 3.02 that the Borrower certify, pursuant to clause (z)(iii) thereof in connection with each
Revolving Credit Advance, that (1) the Total Unencumbered Asset Value equals or exceeds the Consolidated Unsecured Indebtedness
of the Parent Guarantor that will be outstanding after giving effect to such Advance, issuance or renewal, respectively and (2) before
and after giving effect to such Advance the Parent Guarantor shall be in compliance with the covenants contained in Section 5.04(b).

 

Without limiting the generality of the
provisions of Section 9.01 of the Existing Credit Agreement, the waiver set forth in this subsection 2(a) shall
be limited precisely as written, and nothing herein shall be deemed to (A) constitute a waiver of compliance by the Borrower
or any Guarantor with respect to (1) the Limited Waiver Period Subject Provisions other than during the Limited Waiver Period
or (2) any other term, provision or condition of the Loan Documents or any other instrument or agreement referred to in any
of them, or (B) prejudice any right or remedy that any Lender may now have or may have in the future under or in connection
with the Existing Credit Agreement, the other Loan Documents or any other instrument or agreement referred to in any of them or
under applicable laws. For the avoidance of doubt, the waivers of the Limited Waiver Period Subject Provisions set forth herein
shall not extend beyond the last day of the Limited Waiver Period, and such waivers shall be of no force or effect for any purpose
after the last day of the Limited Waiver Period.

 

(b)            Notices
of Borrowing; Pledged Account. Each Notice of Borrowing during the Limited Waiver Period shall be substantially in the form
of Annex A attached hereto. Revolving Credit Advances made to the Borrower during the Limited Waiver Period shall be deposited
into a deposit account (each, a “Pledged Account”) (i) established by the Borrower and maintained
with a bank that is a Lender selected by the Borrower and (ii) in which the Administrative Agent, for the benefit of the Secured
Parties, has been granted a perfected security interest (including in the funds on deposit therein) pursuant to the Pledge Agreement
and with respect to which a Deposit Account Control Agreement (as defined in the Pledge Agreement) has been executed and delivered
by all applicable parties.

 

(c)            Permitted
Uses of Revolving Credit Advances. All proceeds of Revolving Credit Advances made during the Limited Waiver Period shall be
used only to fund (i) operating expenses of the business of the Borrower and its Subsidiaries including, without limitation,
the actual costs and expenses of owning, operating, managing, and maintaining the Assets including, without limitation, repairs,
real estate and chattel taxes, income taxes, principal and interest payments on Debt for Borrowed Money, payments for FF&E,
FF&E reserves and management fees, (ii) costs and expenses relating to the capital projects approved by the Administrative
Agent and described in Schedule 2(c) attached hereto, (iii) costs and expenses reasonably required to comply with
applicable legal and franchise requirements pertaining to the ownership of the Assets and the operation and management of the business
of the Borrower and its Subsidiaries, (iv) costs and expenses required on an emergency basis to avoid damage or injury to
persons or property pertaining to the ownership of the Assets and the operation and management of the business of the Borrower
and its Subsidiaries, (v) dividends on Preferred Interests not to exceed Twenty-Five Million Dollars ($25,000,000.00) per
calendar year (“Permitted Preferred Payments”), (vi) obligations of the Borrower under (x) the
$28,900,000 Mezzanine Construction Loan Agreement between Borrower as mezzanine lender and C-F Brickell Mezz, LLC as mezzanine
borrower dated as of August 15, 2019 and (y) the Equity Purchase Option Agreement among Borrower, C-F Brickell Mezz,
LLC, C-F Brickell, LLC, C-F Brickell Owner, LLC and C-F Brickell Hotel Unit Owner, LLC dated as of August 15, 2019 (in each
case without reference to any amendments thereto unless the same is approved in writing by the Administrative Agent) (collectively,
the “Brickell Obligations”); provided, however, that amounts paid by the Borrower and its
Subsidiaries in respect of the Brickell Obligations shall not exceed Twenty Five Million Dollars ($25,000,000.00) during the Amendment
Period (as defined in Section 4), (vii) repayment of the Term Loan and the Other Facilities (as defined below)
and repayment of existing Debt for Borrowed Money secured by mortgages and similar encumbrances on Hotel Assets which loans have
maturity dates on or prior to December 31, 2023 (“Short Term Mortgage Debt”), provided that
if Short Term Mortgage Debt is repaid and the Hotel Assets securing such Short Term Mortgage Debt are not sold or transferred (except
for a sale or transfer to a Person that is a Subsidiary or an Affiliate of a Loan Party) in connection with the repayment thereof,
any such Hotel Assets that qualify as Unencumbered Assets shall be promptly contributed to the Unencumbered Asset Pool in accordance
with the terms of the Existing Credit Agreement as amended hereby, (viii) Permitted Investments (as defined below) and (ix) other
reasonable uses approved by the Administrative Agent (collectively, the “Permitted Uses”).

 

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(d)            Use
of Sale and Equity Offerings Proceeds. So long as no Event of Default has occurred and is continuing, all Net Cash Proceeds
(as defined below) from (i) the sale of any Assets, including, without limitation, pursuant to any sale-leaseback transaction
(any such asset sale, an “Asset Sale”), but excluding (x) any Net Cash Proceeds received from any
principal payments on notes receivable and (y) amounts thereof invested in Category 3 Permitted Investments (as defined below)
or deposited into the Pledged Proceeds Account (as defined below), in either case in accordance with Section 2(f)(vi)(5) of
this Amendment and (ii) any Equity Offering (as defined below), but excluding amounts thereof invested in Category 2 Permitted
Investments (as defined below) or deposited into the Pledged Proceeds Account, in either case in accordance with Sections 2(f)(vi)(3) or
(4) of this Amendment, shall, not later than five (5) Business Days following the applicable Loan Party’s
receipt of such Net Cash Proceeds, be used to prepay (w) first, the Revolving Credit Advances in accordance with the Lenders’
Revolving Credit Commitments until the Revolving Credit Advances are reduced to zero, (x) second, the term loan facility under
the 5 Year Term Loan Agreement (as defined below), (y) third, the Term Loan and (z) fourth, the term loan facility under
the 7 Year Term Loan Agreement (as defined below) (any such prepayments being “Senior Debt Prepayments”).
Nothing in this subsection (d) shall limit the negative covenants set forth in subsection (f) below.

 

(e)            Permitted
Debt Transactions Proceeds. So long as no Event of Default has occurred and is continuing, all Net Cash Proceeds from any Permitted
Debt Transaction (as defined below), but excluding amounts thereof invested in Category 3 Permitted Investments or deposited into
the Pledged Proceeds Account, in either case in accordance with Section 2(f)(vi)(5) of this Amendment, shall,
not later than five (5) Business Days following the applicable Loan Party’s receipt of such Net Cash Proceeds, be applied
to Senior Debt Prepayments. Nothing in this subsection (e) shall limit the negative covenants set forth in subsection
(f) below.

 

(f)            Enhanced
Negative Covenants. Notwithstanding anything to the contrary contained in the Existing Credit Agreement (as amended pursuant
to Section 6 of this Amendment), unless the Administrative Agent and the Required Lenders otherwise agree in writing,
no Loan Party or Subsidiary thereof will:

 

(i)            incur
or assume any additional Secured Indebtedness, Non-Recourse Debt or senior Recourse Debt other than Qualified Government Debt (as
defined below) unless (x) no Event of Default has occurred and is continuing and (y) except with respect to Net Cash
Proceeds of Permitted Debt Transactions that are invested in Category 3 Permitted Investments, deposited in the Pledged Proceeds
Account (defined below) or applied to Senior Debt Prepayments in each case in accordance with Section 2(f)(vi)(5) below,
100% of the Net Cash Proceeds of such transaction are applied, no later than five (5) Business Days following the applicable
Loan Party’s receipt of such Net Cash Proceeds, to Senior Debt Prepayments in accordance with Section 2(d) above;

 

(ii)           other
than (x) any acquisition of Permitted Investments (as defined below) or (y) any sale of Unencumbered Assets the Net Cash
Proceeds of which are applied in accordance with Section 2(f)(vi)(5) below, acquire any new Assets or Transfer
or encumber (except pursuant to a Mortgage and Assignment of Leases as contemplated by this Amendment) any Unencumbered Assets
(including, without limitation, pursuant to a ground lease or a Sale and Leaseback Transaction), designate any Unencumbered Asset
or Unencumbered Assets as a non-Unencumbered Asset or non-Unencumbered Assets, or Transfer or encumber any direct or indirect Equity
Interests in the fee owners, lessees under Qualifying Ground Leases or TRS Lessees of the Unencumbered Assets;

 

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(iii)          Transfer
or encumber any Asset that is not an Unencumbered Asset (including, without limitation, pursuant to a ground lease or a Sale and
Leaseback Transaction) to a Person that is not a Loan Party or Subsidiary thereof other than on an arms’-length basis;

 

(iv)          in
the case of the Parent Guarantor and the Borrower only, make or declare any Restricted Payments payable in cash to holders of the
common Equity Interests in the Parent Guarantor or the Borrower, as applicable; provided, however, that (x) the
Parent Guarantor may declare and pay dividends to the holders of common Equity Interests in the Parent Guarantor consisting of
a combination of cash and Equity Interests in the Parent Guarantor only if such dividends (i) are required to maintain the
Parent Guarantor’s status as a REIT and avoid the imposition of excise taxes under Section 4981 of the Internal Revenue
Code, (ii) include a cash component no greater than the minimum percentage allowed under the Internal Revenue Code and any
published guidance from the United States Department of the Treasury or Internal Revenue Service with respect thereto at the time
of the declaration thereof and (iii) are paid no earlier than (A) January 29, 2021 with respect to dividends for
the calendar year ending December 31, 2020 and (B) January 31, 2022 with respect to dividends for the calendar year
ending December 31, 2021 and (y) the Borrower may declare and pay Restricted Payments to the Parent Guarantor to the
extent required to enable the Parent Guarantor to pay those Restricted Payments permitted under the immediately preceding clause
(x);

 

(v)           in
the case of the Parent Guarantor and the Borrower only, make or declare any Restricted Payments payable in cash to holders of Preferred
Interests in the Parent Guarantor or the Borrower, as applicable, unless the Loan Parties will be in compliance with Section 5.04(a)(iii) of
the Existing Credit Agreement as amended by this Amendment (Minimum Liquidity) immediately after the payment thereof;

 

(vi)          make
or permit any of its Subsidiaries to make new Investments (including, without limitation, buybacks of common Equity Interests or
Preferred Interests) other than:

 

(1)           Investments
by the Loan Parties and their Subsidiaries in their wholly-owned Subsidiaries; or

 

(2)           Investments
in direct or indirect interests in Hotel Assets (“Category 1 Permitted Investments”) so long as, immediately
after giving effect to each such Investment or deposit into the Pledged Proceeds Account (as defined below), as applicable, (a) the
Loan Parties maintain not less than an aggregate of $150,000,000 in (x) Unrestricted Cash and Cash Equivalents and (y) available
Revolving Credit Commitments and (b) the aggregate amount of such Investments (inclusive of capital consisting of both equity
and debt) during the Amendment Period shall not exceed the Acquisition Allotment (as defined below) ((a) and (b) above
are referred to herein as the “Investment Conditions”). Notwithstanding the definition of “Unrestricted
Cash and Cash Equivalents” in the Existing Credit Agreement, amounts on deposit in the Pledged Proceeds Account shall be
deemed to qualify as Unrestricted Cash and Cash Equivalents during the Limited Waiver Period. “Acquisition Allotment”
means a limit of $150,000,000, as such limit may be increased by amounts deposited into the Pledged Proceeds Account pursuant to
Sections 2(f)(vi)(4) or (5) below; or

 

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(3)           Investments
in Hotel Assets that qualify as Unencumbered Assets and are promptly contributed to the Unencumbered Asset Pool in accordance with
the terms and conditions of the Existing Credit Agreement as amended hereby (“Category 2 Permitted Investments”)
funded with Net Cash Proceeds of one or more Equity Offerings for which the proceeds thereof are specifically designated to be
used to acquire Hotel Assets and in an unlimited amount (subject to the immediately following proviso, collectively, the “Designated
Equity Offering Proceeds”); provided, however, that the maximum amount of Designated Equity Offering
Proceeds that may be invested in Hotel Assets during the Amendment Period that are not so contributed to the Unencumbered Asset
Pool shall be limited to $300,000,000 in the aggregate; and provided further that no Investment shall be permitted pursuant
to this clause (3) unless immediately after giving effect thereto the Loan Parties maintain not less than an aggregate of
$150,000,000 in (x) Unrestricted Cash and Cash Equivalents and (y) available Revolving Credit Commitments; or

 

(4)           Investments
in Category 1 Permitted Investments funded with Net Cash Proceeds of one or more Equity Offerings for which the proceeds thereof
are not specifically designated to be used to acquire Hotel Assets (collectively, the “Non-Designated Equity Offering
Proceeds”), so long as (a) not less than 25.0% of the Non-Designated Equity Offering Proceeds, in each case,
are applied to Senior Debt Prepayments in accordance with Section 2(d) above, (b) the remaining balance of
the Non-Designated Equity Offering Proceeds is deposited in the Pledged Proceeds Account (as defined below) not later than five
(5) Business Days following the applicable Loan Party’s receipt of such Non-Designated Equity Offering Proceeds (and
the amount so deposited shall increase the Acquisition Allotment) and (c) the Investment Conditions are satisfied immediately
after giving effect to each such Investment or deposit into the Pledged Proceeds Account, as applicable; or

 

(5)           Investments
in Assets (“Category 3 Permitted Investments”, and together with the Category 1 Permitted Investments
and Category 2 Permitted Investments, the “Permitted Investments”) funded with Net Cash Proceeds of one
or more Asset Sales or Permitted Debt Transactions, so long as (a) except as otherwise provided in clauses (b), (c) or
(f) below, not less than 50.0% of the Net Cash Proceeds of each such Asset Sale or Permitted Debt Transaction (other than
the Net Cash Proceeds of Non-Recourse Debt incurred in connection with the acquisition of Permitted Investments) are applied to
Senior Debt Prepayments in accordance with Section 2(d) or Section 2(e) above, as applicable,
(b) to the extent the aggregate Net Cash Proceeds from Permitted Debt Transactions pursuant to clause (ii) of the definition
thereof exceeds Two Hundred Fifty Million Dollars ($250,000,000), 100% of such excess shall be applied to Senior Debt Prepayments
in accordance with Section 2(e) above, (c) in the event of an Asset Sale of any Unencumbered Asset (and without
limitation of any of the requirements of the Existing Credit Agreement as amended hereby), not less than 75.0% of the Net Cash
Proceeds of such Asset Sale are applied to Senior Debt Prepayments in accordance with Section 2(d) above, (d) the
remaining balance of the Net Cash Proceeds of each such Asset Sale or Permitted Debt Transaction is deposited in the Pledged Proceeds
Account not later than five (5) Business Days following the applicable Loan Party’s receipt of such Net Cash Proceeds
(and the amount so deposited shall increase the Acquisition Allotment), (e) the Investment Conditions are satisfied immediately
after giving effect to each such Investment or deposit into the Pledged Proceeds Account, as applicable and (f) if a wholly-owned
Subsidiary of the Borrower incurs Non-Recourse Debt secured by a Hotel Asset the acquisition of which was previously funded in
whole or in part with Revolving Credit Advances, 100% of the Net Cash Proceeds of such Non-Recourse Debt up to the amount of Revolving
Credit Advances used to fund such acquisition shall be applied to Senior Debt Prepayments and any remaining Net Cash Proceeds shall
be applied pursuant to clause (a) of this Section 2(f)(vi)(5); or

 

(6)           Payment
of the Brickell Obligations pursuant to Section 2(c)(vi); or

 

(vii)         engage
in or consent to any action or activity that would be expressly prohibited or restricted under Section 5.02 of the Existing
Credit Agreement during a Default or Event of Default; provided, however, that the restriction in this subsection
(vii) shall not apply to any action referred to in Section 5.02(e) of the Existing Credit Agreement that is
not otherwise prohibited under Section 5.02 of the Existing Credit Agreement as modified by this Amendment (including, without
limitation, items (i) through (vi) of this Section 2(f)).

 

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(g)            Qualified
Government Debt. Notwithstanding the restrictions in subsection (f) above, consent of the Administrative Agent
and the Required Lenders shall not be required for the Loan Parties or their Subsidiaries to incur Debt for Borrowed Money to a
Governmental Authority under the CARES Act or any other federal or state governmental program intended to mitigate the impact of
the COVID-19 pandemic and negative international, national and industry economic effects resulting therefrom, so long as the Unencumbered
Assets, the Equity Interests in the Initial Grantors and the Pledged Account and funds deposited therein do not become subject
to any Liens in connection with such Debt for Borrowed Money (“Qualified Government Debt”); provided,
however, that (x) 100% of the Net Cash Proceeds of any Qualified Government Debt shall be used, in the Borrower’s
discretion, only (1) for Permitted Uses (2) for application to Senior Debt Prepayments in accordance with Section 2(d) and
(y) Qualified Governmental Debt that is forgivable by its terms (subject to the satisfaction of or compliance with identifiable
statutory and/or documentary conditions) shall be excluded from the calculations of the Section 5.04 financial covenants unless
and to the extent such Qualified Governmental Debt is not forgiven within 180 days after the issuance thereof. Any income from
the forgiveness of any such Qualified Government Debt shall not be included in the calculation of Consolidated EBITDA. The Loan
Parties shall comply with terms of the relevant state or Federal laws and regulations, including the CARES Act (“Applicable
Law”), in relation to the Qualified Government Debt (including regarding the use of proceeds thereof) and, if debt
forgiveness is available under Applicable Law, the Loan Parties shall not act or fail to act in any manner that could impair the
Qualified Government Debt being forgiven in accordance with Applicable Law.

 

For purposes of this Amendment,
the following terms shall have the following meanings:

 

“Reinstatement Date”
shall mean the date that the Agents approve the Reinstatement Compliance Certificate delivered by the Borrower to the Agents along
with the Borrower’s written notice electing to terminate the Limited Waiver Period and/or the Transition Period, as applicable.

 

“Reinstatement Compliance
Certificate” shall mean a certificate of a Responsible Officer of the Parent Guarantor confirming (i) that no
Default or Event of Default then exists and (ii) that the Parent Guarantor is in compliance with the Reinstated Financial
Covenants, together with a schedule of supporting calculations reasonably satisfactory to the Agents.

 

“Reinstated Financial
Covenants” shall mean the Parent Guarantor financial covenants and the Unencumbered Asset Pool financial covenants
set forth in Section 5.04 of the Existing Credit Agreement, as amended by Section 6 of this Amendment (and, for
the avoidance of doubt, without reference to the temporary amendments and waivers set forth in Sections 2 and 3 of
this Amendment); provided, however, that subsection (B) of Section 5.04(a)(i) shall be disregarded
for purposes of determining whether the Parent Guarantor has complied with the Reinstated Financial Covenants for two consecutive
quarters in connection with the Collateral Release Provisions (as defined below).

 

“Net Cash Proceeds”
means, with respect to any transaction, the aggregate amount of all cash proceeds received by the Borrower, the Parent Guarantor
or any of their respective Subsidiaries, net of fees, expenses, costs, underwriting discounts and commissions incurred in connection
therewith and, for an Asset Sale, payments made to retire any Indebtedness that is secured by such Asset and repaid in connection
with the sale thereof, and net of taxes paid or reasonably estimated by the Borrower to be payable as a result thereof, excluding
any fees, commissions or expenses that are payable to an Affiliate of the Borrower, the Parent Guarantor or any of their respective
Subsidiaries.

 

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“Equity Offering”
means the issuance or sale of any public common Equity Interests, operating partnership units, 144A Equity Interests or Preferred
Interests (including Preferred Interests convertible into common Equity Interests) by the Borrower or the Parent Guarantor.

 

“Permitted Debt Transaction”
means the incurrence of Debt for Borrowed Money by any Loan Party or Subsidiary thereof which is (i) Non-Recourse Debt not
secured by any Unencumbered Asset the incurrence of which does not result in a Default or Event of Default, (ii) unsecured
and structurally subordinate to the Revolving Credit Facility, Term Loan Facility and Other Facilities or (iii) consented
to by the Required Lenders.

 

“Other Facilities”
means, collectively, the term loan facilities under the 7 Year Term Loan Agreement and the 5 Year Term Loan Agreement.

 

“7 Year Term Loan
Agreement” means that certain Credit Agreement dated as of February 15, 2018, as amended, among the Borrower,
the Parent Guarantor, the Subsidiary Guarantors, KeyBank National Association (“KeyBank”) as administrative
agent, and the other lenders and agents named therein.

 

“5 Year Term Loan
Agreement” means that certain Credit Agreement dated as of September 26, 2017, as amended, among the Borrower,
the Parent Guarantor, the Subsidiary Guarantors, KeyBank as administrative agent, and the other lenders and agents named therein.

 

“Pledged Proceeds
Account” means a subaccount of the Pledged Account in which the Administrative Agent, for the benefit of the Secured
Parties, has been granted a perfected security interest (including in the funds on deposit therein) pursuant to the Pledge Agreement
and with respect to which a Deposit Account Control Agreement (as defined in the Pledge Agreement) has been executed and delivered
by all applicable parties. For the avoidance of doubt, amounts deposited in the Pledged Proceeds Account shall (i) increase,
on a dollar-for-dollar basis, the Acquisition Allotment as of the date deposited therein and (ii) be held therein until (x) invested
in one or more Permitted Investments in accordance with Section 2(f)(vi) of this Amendment or (y) applied
to Senior Debt Prepayments.

 

Any breach by any Loan Party of subsections
(c), (d), (e) or (f) of this Section 2 shall be an immediate Event of Default under
the Existing Credit Agreement as amended by this Amendment.

 

SECTION 3. Temporary
Modifications During Transition Period. Section 3 of the First Amendment is null and void and of no further force or effect.
For the period from April 1, 2022 though the earlier of (i) the Reinstatement Date and (ii) December 31, 2022
(the “Transition Period”), the Existing Credit Agreement (as amended pursuant to Section 6
of this Amendment) shall be deemed further modified and amended as follows:

 

(a)            Maximum
Leverage Ratio. Subsection 5.04(a)(i)(A) shall be modified so that (x) the Leverage Ratio is calculated based on
Consolidated EBITDA for the applicable quarter calculated on an Annualized Basis (as defined below) and (y) the reference
in the second line to “6.50:1.00” is replaced with (1) for the second quarter of calendar year 2022 ending June 30,
2022, “8.75:1.00”, (2) for the third quarter of calendar year 2022 ending September 30, 2022, “8.50:1.00”
and (3) for the fourth quarter of calendar year 2022 ending December 31, 2022, “8.25:1.00”.

 

(b)            Minimum
Consolidated Fixed Charge Coverage Ratio. Subsection 5.04(a)(iv) shall be modified so that (x) the Adjusted Consolidated
EBITDA used to calculate the Consolidated Fixed Charge Coverage Ratio is calculated based on Consolidated EBITDA for the applicable
quarter calculated on an Annualized Basis and (y) the reference to “1.50:1.00” is replaced with “1.25:1.00”.

 

(c)            Maximum
Secured Leverage Ratio. Subsection 5.04(a)(v) shall be waived.

 

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(d)            Maximum
Secured Recourse Leverage Ratio. Subsection 5.04(a)(vi) shall be waived.

 

(e)            Maximum
Unsecured Leverage Ratio. Subsection 5.04(b)(i) shall be modified so that (x) the Unencumbered Asset Value is deemed
to be the Unencumbered Asset Value calculated using the Adjusted NOI for the applicable quarter (calculated on an Annualized Basis);
provided, however, that if the Borrower obtains an Appraisal (as defined below) for any Unencumbered Asset the Unencumbered
Asset Value of such Unencumbered Asset shall be deemed to be the value of such Unencumbered Asset based on such Appraisal and (y) the
reference in the third line of such subsection to “60%” is replaced with “70%”.

 

(f)             Minimum
Unsecured Interest Coverage Ratio. Subsection 5.04(b)(ii) shall be modified so that (x) the Unencumbered Adjusted
NOI for the applicable calendar quarter is calculated on an Annualized Basis and (y) the reference in the third line to “2.00x”
is replaced with “1.75x”.

 

For purposes of this Section 3,
the following terms shall have the following meanings:

 

“Appraisal”
shall mean a FIRREA-compliant appraisal for an Unencumbered Asset prepared for the account of the Agents by an appraiser selected
by the Agents. The Appraisals shall be performed at the option of the Borrower and shall be at the Borrower’s cost and expense.

 

“Annualized Basis”
shall mean, (i) for calculations relating to the second quarter of calendar year 2022 ending June 30, 2022, applicable
amounts for such quarter, annualized, (ii) for calculations relating to the third quarter of calendar year 2022 ending September 30,
2022, the applicable amounts for such quarter and the immediately preceding quarter, annualized and (iii) for calculations
relating to the fourth quarter of calendar year 2022 ending December 31, 2022, the applicable amounts for such quarter and
the two immediately preceding quarters, annualized.

 

SECTION 4. Revolving
Credit Advances and the Applicable Margin During Amendment Period. Section 4 of the First Amendment is null and void
and of no further force or effect. From the Amendment Effective Date through the earlier of (i) the Reinstatement Date and
(ii) December 31, 2022 (the “Amendment Period”), (a) the aggregate outstanding Revolving
Credit Advances, Swing Line Advances and Letter of Credit Exposure (collectively, the “Revolving Exposure”)
shall not exceed $400,000,000 and (b) the Applicable Margin shall be set at Pricing Level VIII. Notwithstanding the foregoing,
unless and until the Mortgage Requirements (as defined in Section 7 below) have been satisfied for each of the Unencumbered
Assets no Advance shall be made during the Extended Amendment Period that would cause the Revolving Exposure to exceed $350,000,000.

 

SECTION 5. Reporting.
Section 5 of the First Amendment is null and void and of no further force or effect. Notwithstanding the limited waivers
of the Subject Provisions pursuant to Section 2(a) above, nothing in this Amendment shall modify, affect or waive
the Borrower’s continuing obligation to comply with the reporting requirements set forth in Section 5.03 of the Existing
Credit Agreement during the Limited Waiver Period (as if the Subject Provisions had not been waived) or otherwise (including,
without limitation, the Borrower’s obligation to provide a schedule of the computations used by the Parent Guarantor in
determining compliance with the covenants contained in Section 5.04 (as if the Subject Provisions had not been waived) under
Section 5.03(c)); provided, however, that the Borrower shall not be required to furnish to the Administrative
Agent and the Lender Parties notice of Defaults during the Limited Waiver Period relating to (a) the Section 5.04 financial
covenants or (b) any Material Adverse Effect for events or circumstances relating to the COVID-19 pandemic to the extent
such events or circumstances have been publicly disclosed by the Borrower in its securities filings and the scope of such adverse
effect is no greater than that which has been disclosed. Supplementing the existing reporting requirements in the Existing Credit
Agreement, during the Limited Waiver Period the Borrower will furnish to the Administrative Agent and the Lender Parties, (x) as
soon as available and in any event within 45 days after the end of each quarter, a report, in a form reasonably acceptable to
the Agents, describing, as of the last day of such calendar quarter, (i) the aggregate amount of each category of Permitted
Investments (inclusive of capital consisting of both equity and debt) made during the Amendment Period, (ii) the then current
Acquisition Allotment and (iii) the aggregate amount of Revolving Credit Advances applied to Permitted Preferred Payments
during the then current calendar year and (y) as soon as available and in any event within 30 days after the end of each
calendar month, a report, in a form reasonably acceptable to the Agents, describing, as of the last day of such month, the sum
of (i) Unrestricted Cash and Cash Equivalents held by the Loan Parties and (ii) available Revolving Credit Commitments.

 

    8 

     

    

 

SECTION 6. Amendments
to the Existing Credit Agreement. The Existing Credit Agreement is, as of the Amendment Effective Date (as defined in Section 12
below), hereby amended as follows:

 

(a)            The
following definitions are added to Section 1.01 in alphabetical order:

 

“Collateral Release
Provisions” has the meaning provided in the Third Amendment.

 

“Extended Amendment
Period” means the period commencing on the First Amendment Date and ending on the last day of the Amendment Period.

 

“Pledged Proceeds Account”
has the meaning provided in the Third Amendment.

 

“Third Amendment”
means that certain Third Amendment to Credit Agreement among the Borrower, the Parent Guarantor, the Subsidiary Guarantors, the
Administrative Agent and certain Lenders dated as of the Third Amendment Date, as the same may be modified, amended or amended
and restated.

 

“Third Amendment Date”
means February 5, 2021.

 

(b)            The
definition of “Applicable Margin” in Section 1.01 is hereby amended as follows: (i) the Applicable Margin
for Base Rate Advances for Pricing Level VIII shall be changed from “1.20%” to “1.40%” and (ii) the
Applicable Margin for Eurodollar Rate Advances for Pricing Level VIII shall be changed from “2.20%” to “2.40%”.

 

(c)            The
definition of “Collateral Release Conditions” in Section 1.01 is hereby deleted in its entirety and all references
to “Collateral Release Conditions” in the Existing Credit Agreement are hereby deemed to be references to “Collateral
Release Provisions”.

 

(d)            The
definition of “Unsecured Leverage Ratio Increase Election” in Section 1.01 is hereby amended to replace the reference
in the fourth line to “Section 5.04(b)(i)” with “Section 5.04(b)(i)(A)”.

 

(e)            The
definition of “Amendment Period” in Section 1.01 is hereby amended and restated as follows:

 

“Amendment Period”
means the period from the Third Amendment Date through the earlier of (i) the Reinstatement Date and (ii) December 31,
2022.

 

(f)            The
definition of “Collateral” in Section 1.01 is hereby amended and restated as follows:

 

“Collateral”
means all “Collateral” and all “Mortgaged Property” referred to in the Collateral Documents, the Pledged
Equity, the Pledged Account and all funds therein, the Pledged Proceeds Account and all funds therein, and all proceeds of any
of the foregoing, and all other property that is or is intended to be subject to any Lien in favor of the Agents (or any of them)
for the benefit of the Secured Parties.

 

    9 

     

    

 

(g)            The
definition of “Assumed Unsecured Interest Expense” in Section 1.01 is hereby amended by adding the following sentence
at the end thereof:

 

“Notwithstanding the foregoing,
for any convertible notes included in Unsecured Indebtedness of the Parent Guarantor and its Consolidated Subsidiaries, actual
Interest Expense shall be used in the determination of Assumed Unsecured Interest Expense.”

 

(h)            All
references to the “First Amendment” in (x) Section 1.01 of the Existing Credit Agreement in the definitions
of “Amendment Period”, “Applicable Law”, “Collateral Documents”, “Initial Grantors”,
 “Loan Documents”, “Mortgage Requirements”, “Net Cash Proceeds”, “Permitted Uses”,
 “Pledge Agreement”, “Pledged Account”, “Qualified Government Debt” and (y) Sections 3.02,
4.01(o), 5.04(a)(iii) and Section 9.19 of the Existing Credit Agreement are hereby deemed to be references to the First
Amendment and/or the Third Amendment, as applicable.

 

(i)             Eurodollar
Rate. Section 1.04 is hereby amended and restated in its entirety as follows:

 

“Section 1.04         Eurodollar
Rate. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect
to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition
of “Eurodollar Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof including,
without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section 2.07(d)(i) or
Section 2.19, whether upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, and (ii) the implementation
of any Benchmark Replacement Conforming Changes pursuant to Section 2.19, including without limitation, whether the composition
or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value
or economic equivalence of, the Eurodollar Rate or have the same volume or liquidity as did the London interbank offered rate prior
to its discontinuance or unavailability.”

 

(j)             Interest
Rate Determination. Section 2.07(d)(i) is hereby amended to replace the reference in the first line to “clause
(ii)” with “Section 2.19” and Section 2.07(d)(ii) is hereby deleted in its entirety. Further,
the reference to “Section 2.07(d)(ii)” in the fourth line of Section 2.02(c) is hereby replaced with
 “Section 2.19”.

 

(k)            Alternate
Rate of Interest. The following new Section 2.19 shall be added to the Existing Credit Agreement:

 

“Section 2.19         Alternate
Rate of Interest.

 

(a)            Benchmark
Replacement.

 

Notwithstanding anything to the
contrary herein or in any other Loan Document, if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and
its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current
Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition
of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark
for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without
any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if
a Benchmark Replacement is determined in accordance with clause (3) of the definition of "Benchmark Replacement"
for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under
any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business
Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action
or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received,
by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders of each class.

 

    10 

     

    

 

(b)            Benchmark
Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent
will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary
herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective
without any further action or consent of any other party to this Agreement or any other Loan Document.

 

(c)            Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any
occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date,
(ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming
Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (d) below and (v) the
commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by
the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.19, including any
determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date
and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error
and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document,
except, in each case, as expressly required pursuant to this Section 2.19.

 

(d)            Unavailability
of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including
in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including
Term SOFR or USD LIBOR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service
that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the
regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing
that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition
of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative
tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on
a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject
to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the
Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time
to reinstate such previously removed tenor.

 

    11 

     

    

 

(e)            Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period,
the Borrower may revoke any request for a Eurodollar Rate Advance of, conversion to or continuation of Eurodollar Rate Advances
to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to
have converted any such request into a request for a Borrowing of or conversion to Base Rate Advances. During any Benchmark Unavailability
Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon
the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.

 

(f)            Certain
Defined Terms. As used in this Section 2.19:

 

“Available Tenor” means, as
of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark or any
payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining
the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any
tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (d) of
this Section 2.19.

 

“Benchmark” means, initially,
the Eurodollar Rate for any applicable Interest Period; provided that if a Benchmark Transition Event or an Early Opt-in
Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to USD LIBOR or the then-current
Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement
has replaced such prior benchmark rate pursuant to clause (a) of this Section 2.19.

 

“Benchmark Replacement” means,
for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent
for the applicable Benchmark Replacement Date:

 

(1)            the
sum of: (A) Term SOFR and (B) the related Benchmark Replacement Adjustment;

 

(2)            the
sum of: (A) Daily Simple SOFR and (B) the related Benchmark Replacement Adjustment;

 

(3)            the
sum of: (A) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation
of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any
evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark
for U.S. dollar-denominated syndicated credit facilities at such time and (B) the related Benchmark Replacement Adjustment;
or

 

provided that, in the case of clause (1), the
applicable Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from
time to time as selected by the Administrative Agent in its reasonable discretion. If the Benchmark Replacement as determined pursuant
to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor
for the purposes of this Agreement and the other Loan Documents.

 

    12 

     

    

 

“Benchmark Replacement Adjustment”
means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable
Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(1)            for
purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth
in the order below that can be determined by the Administrative Agent:

 

(a)            the
spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value
or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended
by the Relevant Governmental Body for the replacement of such Available Tenor of such Benchmark with the applicable Unadjusted
Benchmark Replacement;

 

(b)            the
spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first
set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions
to be effective upon an index cessation event with respect to such Available Tenor of such Benchmark; and

 

(2)            for
purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating
or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative
Agent and the Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for
calculating or determining such spread adjustment, for the replacement of such Available Tenor of such Benchmark with the applicable
Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any
evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such
spread adjustment, for the replacement of such Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement
for U.S. dollar-denominated syndicated credit facilities;

 

provided that, in the case of clause (1) above,
such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from
time to time as selected by the Administrative Agent in its reasonable discretion.

 

“Benchmark Replacement Conforming Changes”
means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including, without limitation
changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest
Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment,
conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical,
administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation
of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent
with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively
feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement
exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the
administration of this Agreement and the other Loan Documents).

 

    13 

     

    

 

“Benchmark Replacement Date”
means the earliest to occur of the following events with respect to the then-current Benchmark:

 

(1)            in
the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the
date of the public statement or publication of information referenced therein and (b) the date on which the administrator
of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all
Available Tenors of such Benchmark (or such component thereof);

 

(2)            in
the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or
publication of information referenced therein; or

 

(3)            in
the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided
to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th)
Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such
Early Opt-in Election from Lenders comprising the Required Lenders.

 

For the avoidance of doubt, (i) if the event giving
rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination,
the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the
 “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect
to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available
Tenors of such Benchmark (or the published component used in the calculation thereof).

 

“Benchmark Transition Event”
means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(1)            a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component
used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of
such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

 

(2)            a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New
York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority
with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency
or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such
Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof)
permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that
will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

 

    14 

     

    

 

(3)            a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are
no longer representative.

 

For the avoidance of doubt, a “Benchmark Transition
Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information
set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used
in the calculation thereof).

 

“Benchmark Unavailability Period”
means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of
that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes
hereunder and under any Loan Document in accordance with this Section 2.19 and (y) ending at the time that a Benchmark
Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with this
Section 2.19.

 

“Corresponding Tenor” means,
with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having
approximately the same length (disregarding business day adjustment) as such Available Tenor.

 

“Daily Simple SOFR” means,
for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent
in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily
Simple SOFR” for syndicated business loans; provided that if the Administrative Agent decides that any such convention
is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in
its reasonable discretion.

 

“Early Opt-in Election” means,
if the then-current Benchmark is USD LIBOR, the occurrence of:

 

(1)            a
notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the
other parties hereto that at least five (5) currently outstanding U.S. dollar-denominated syndicated credit facilities at
such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other
rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly
available for review), and

 

(2)            the
joint election by the Administrative Agent and the Borrower to trigger a fallback from USD LIBOR and the provision by the Administrative
Agent of written notice of such election to the Lenders.

 

    15 

     

    

 

“Floor” means the benchmark
rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or
renewal of this Agreement or otherwise) with respect to USD LIBOR.

 

“ISDA Definitions” means the
2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as
amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time
to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“Reference Time” means, with
respect to any setting of the then-current Benchmark (1) if such Benchmark is USD LIBOR, 11:00 a.m. (London time) on
the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR, the
time determined by the Administrative Agent in its reasonable discretion.

 

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

 

“SOFR” means, with respect
to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR
Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.

 

“SOFR Administrator” means
the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

“SOFR Administrator’s Website”
means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for
the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

“Term SOFR” means, for the
applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected
or recommended by the Relevant Governmental Body.

 

“Unadjusted Benchmark Replacement”
means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“USD LIBOR” means the London
interbank offered rate for U.S. dollars.”

 

(l)            Maximum
Leverage Ratio. Subsection 5.04(a)(i)(B) is hereby amended and restated in its entirety as follows:

 

“(B)         Maintain
as of each Test Date (1) from the first day following the Amendment Period through March 31, 2023, a Leverage Ratio of
not greater than 7.75:1.00, (2) for the second quarter of calendar year 2023 ending June 30, 2023, a Leverage Ratio of
not greater than 7.50:1.00, (3) for the third quarter of the calendar year 2023 ending September 30, 2023, a Leverage
Ratio of not greater than 7.00:1.00 and (4) for the fourth quarter of calendar year 2023 ending December 31, 2023, a
Leverage Ratio of not greater than 6.75:1.00.”

 

    16 

     

    

 

(m)            Maximum
Unsecured Leverage Ratio. Subsection 5.04(b)(i) is hereby amended and restated in its entirety as follows:

 

“(i)          Maximum
Unsecured Leverage Ratio.

 

(A)           Other
than as set forth in subsection (B) below, maintain at all times a ratio of Consolidated Unsecured Indebtedness of the Parent
Guarantor to Unencumbered Asset Value less than or equal to 60%; provided, however, that on and after the date of
any Unsecured Leverage Ratio Increase Election during any calendar quarter in which the ratio of Consolidated Unsecured Indebtedness
of the Parent Guarantor to Unencumbered Asset Value is less than 65%, the Parent Guarantor shall maintain as of each Test Date
occurring during the period ending not later than the last day of the third (3rd) consecutive fiscal quarter ending after the date
of such Unsecured Leverage Ratio Increase Election, a ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor to Unencumbered
Asset Value of less than or equal to 65%; provided further that (A) such Unsecured Leverage Ratio Increase Elections
may only occur (1) prior to the Initial Maturity Date and (2) not more than two times during the term of the Facilities,
(B) such Unsecured Leverage Ratio Increase Elections may not be consecutive and (C) the Applicable Margin shall be at
Pricing Level VIII for so long as any Unsecured Leverage Ratio Election is in effect.

 

(B)           Maintain
as of each Test Date (1) from the first day following the Amendment Period through March 31, 2023, a ratio of Consolidated
Unsecured Indebtedness of the Parent Guarantor to Unencumbered Asset Value less than or equal to 65% and (2) for the second
quarter of calendar year 2023 ending June 30, 2023, a ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor
to Unencumbered Asset Value less than or equal to 62.5%.”

 

SECTION 7. Real
Property Collateral. Section 7 of the First Amendment is null and void and of no further force or effect. On or before
the day during the Extended Amendment Period that outstanding Revolving Exposure will equal or exceed $350,000,000, (a) the
Borrower will cause the Initial Grantors to provide to the Agents, for each Unencumbered Asset, each of the Collateral Deliverables
and those items required under subsections 3.01(a)(v), (vi), (vii), (viii) and (ix) of the Existing Credit Agreement,
(b) the Borrower will provide evidence reasonably satisfactory to the Agents of the recordation in the applicable local recording
or filing office of a memorandum of lease for each Operating Lease relating to the Unencumbered Assets, (c) the Borrower
will deliver to the Agents record owner searches, lien and encumbrance searches, UCC searches, bankruptcy and judgment searches,
land surveys (which may be existing surveys) for the Unencumbered Assets, (d) the Borrower will provide to the Agents reasonably
satisfactory evidence of the payment in full of any and all title company service charges, record and lien search charges, filing
fees and charges, mortgage recording taxes and intangible taxes incurred in connection with the Collateral diligence and the recordation
of the Mortgages and Assignments of Leases, (e) the Borrower will provide to the Agents satisfactory evidence of (1) fee
and leasehold ownership of the Unencumbered Assets in the proper Loan Parties and (2) no Liens of record affecting the Unencumbered
Assets other than Permitted Liens, (f) in addition to the items required under clause (a) of the definition of Collateral
Deliverables relating to the Flood Laws, the Borrower will provide such other information reasonably requested by the Lender Parties
to complete their flood review and approval process such that the Administrative Agent reasonably concludes that the Lender Parties
have completed their required due diligence in respect of the Flood Laws and (g) the Borrower will cooperate in all reasonable
respects with the Agents to provide all due diligence material relating to the Unencumbered Assets and all other deliverables
required to comply with any applicable law or regulation applicable to the Agents or the Lenders. The requirements described in
items (a) through (g) above (the “Mortgage Requirements”) shall be in form and substance reasonably
satisfactory to the Agents.

 

    17 

     

    

 

Notwithstanding the foregoing, the Liens
created by the Pledge Agreement, the Mortgages, the Assignments of Leases and the Security Agreement shall be promptly released
upon the Agents’ confirmation that (i) the aggregate outstanding Revolving Exposure is less than $350,000,000, (ii) each
of the Limited Waiver Period and the Transition Period shall have terminated and the temporary waivers and amendments set forth
in Sections 2 and 3 of this Amendment are of no further force or effect and (iii) the matters set forth in
the following clauses (x) and (y) are true and the Borrower has delivered to the Agents a certificate from a Responsible
Officer of the Parent Guarantor confirming (x) that no Default or Event of Default then exists and (y) that the Parent
Guarantor has complied with the Reinstated Financial Covenants for two consecutive quarters, together with a schedule of supporting
calculations reasonably satisfactory to the Agents ((i), (ii) and (iii), collectively, the “Collateral Release
Provisions”).

 

SECTION 8. Intentionally
Omitted.

 

SECTION 9. Intentionally
Omitted.

 

SECTION 10. Amendment
Fees. The Borrower shall pay to the Administrative Agent, on the Amendment Effective Date and
for the account of each Lender that consents to this Amendment (each a “Consenting Lender”), a fee of
7.5 basis points on each Consenting Lender’s Commitments.

 

SECTION 11. Representations
and Warranties. Each Loan Party hereby represents and warrants that:

 

(a)            The
representations and warranties contained in each of the Loan Documents (as amended or supplemented to date, including pursuant
to this Amendment) to which it is a party are, other than with respect to the Subject Provisions, true and correct in all material
respects on and as of the Amendment Effective Date, before and after giving effect to this Amendment, as though made on and as
of such date (except for any such representation and warranty that, by its terms, refers to an earlier date, in which case as
of such earlier date).

 

(b)            Such
Loan Party has taken all necessary corporate and other organizational action to authorize the execution, delivery and performance
of this Amendment.

 

(c)            This
Amendment has been duly executed and delivered by such Loan Party and constitutes such Loan Party's legal, valid and binding obligation,
enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization,
fraudulent conveyance or transfer, moratorium or similar laws affecting creditors' rights generally and (ii) general principles
of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

 

(d)            The
execution and delivery of this Amendment does not (i) contravene any provision of the organizational documents of such Loan
Party or its general partner or managing member or (ii) violate any law, rule, regulation, order, writ, judgment, injunction,
decree, determination or award applicable to such Loan Party.

 

(e)            Other
than any Default or Event of Default that would exist absent the limited waiver of the Subject Provisions pursuant to Sections
2(a) and 3(c) above, no Default or Event of Default has occurred and is continuing, or would result from the
entering into of this Amendment by any Loan Party.

 

SECTION 12. Conditions
of Effectiveness. This Amendment shall become effective as of the first date (the “Amendment Effective Date”)
on which, and only if, each of the following conditions precedent shall have been satisfied:

 

(a)            The
Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent (x) counterparts
of this Amendment executed by the Borrower, the Administrative Agent and those Lenders comprising Required Lenders or, as to any
of such Lenders, advice satisfactory to the Administrative Agent that such Lender has executed this Amendment, and (y) the
consent attached hereto (the “Consent”) executed by each of the Guarantors.

 

    18 

     

    

 

(b)            The
Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent, counterparts
of an amendment to the Pledge Agreement executed by each of the parties thereto.

 

(c)            The
Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent (a) a
certificate of each Loan Party and of each general partner or managing member thereof certifying as to the matters required by
the certificate described in Section 3.01(a)(viii) of the Existing Credit Agreement, in each case as of the Amendment
Effective Date, (b) a certificate of the Secretary or an Assistant Secretary of each Loan Party (or Responsible Officer of
the general partner or managing member of any Loan Party) and of each general partner or managing member (if any) of each Loan
Party certifying the names and true signatures of the officers of such Loan Party, or of the general partner or managing member
of such Loan Party, authorized to sign this Amendment and each Loan Document to which it is or is to be a party and the other
documents to be delivered hereunder and thereunder and (c) certified copies of the resolutions of the Board of Directors
of the Parent Guarantor on its behalf and on behalf of each Loan Party for which it is the ultimate signatory approving the transactions
contemplated by this Amendment and each Loan Document contemplated hereby to which it or such Loan Party is or is to be a party,
and of all documents evidencing other necessary corporate action and governmental and other third party approvals and consents,
if any, with respect to the transactions under the Loan Documents and each Loan Document to which it or such Loan Party is or
is to be a party.

 

(d)            The
Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, (i) an amendment
of the 7 Year Term Loan Agreement and (ii) an amendment to the 5 Year Term Loan Agreement, in each case modifying the underlying
agreement to account for the terms herein and making certain other corresponding modifications.

 

(e)            (i) the
fees provided for in Section 10 and (ii) all of the reasonable out-of-pocket expenses of the Administrative Agent
(including the reasonable fees and expenses of counsel for the Administrative Agent) due and payable on the Amendment Effective
Date shall have been paid in full.

 

SECTION 13. Reference
to and Effect on the Loan Documents.

 

(a)            On
and after the Amendment Effective Date, each reference in the Existing Credit Agreement to “this Agreement”, “hereunder”,
 “hereof” or words of like import referring to the Credit Agreement, and each reference in each of the other Loan Documents
to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the
Credit Agreement, shall mean and be a reference to the Existing Credit Agreement, as amended by this Amendment.

 

(b)            The
Existing Credit Agreement, as specifically amended by this Amendment, is and shall continue to be in full force and effect and
is hereby in all respects ratified and confirmed.

 

(c)            The
execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender
or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

 

SECTION 14. Intentionally
Omitted.

 

SECTION 15. Costs
and Expenses. The Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of the Administrative Agent
in connection with the preparation, execution, delivery and administration, modification and amendment of this Amendment (including,
for the avoidance of doubt, in connection with satisfying the Mortgage Requirements, to the extent applicable) and the other instruments
and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of counsel for the Administrative
Agent) in accordance with the terms of Section 9.04 of the Existing Credit Agreement.

 

    19 

     

    

 

SECTION 16. Execution
in Counterparts; Electronic Signatures. This Amendment may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together
shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this letter by
facsimile or as an attachment to an electronic mail message in .pdf, .jpeg, .TIFF or similar electronic format shall be effective
as delivery of a manually executed counterpart of this letter for all purposes. The words “execution,” “signed,”
 “signature,” “delivery,” and words of like import in or relating to this Amendment and any other Loan
Document (including, without limitation, any Assignment and Acceptance Agreement) to be signed in connection with this Amendment,
the other Loan Documents and the transactions contemplated hereby and thereby shall be deemed to include Electronic Signatures,
deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be,
to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
Transactions Act; provided that nothing herein shall require the Administrative Agent to accept electronic signatures in any form
or format without its prior written consent. Each of the parties represents and warrants to the other parties that it has the
corporate capacity and authority to execute the Amendment through electronic means and there are no restrictions for doing so
in that party’s constitutive documents.

 

SECTION 17. Governing
Law. This Amendment shall pursuant to New York General Obligations Law Section 5-1401 be governed by, and construed in
accordance with, the laws of the State of New York.

 

SECTION 18. Waiver
of Claims. The Borrower acknowledges, represents and agrees that the Borrower as of the date hereof has no defenses, setoffs,
claims, counterclaims or causes of action of any kind or nature whatsoever with respect to the Loan Documents, the administration
or funding of the Advances or with respect to any acts or omissions of the Administrative Agent or any Lender Party, or any past
or present officers, agents or employees of the Administrative Agent or any Lender Party, and the Borrower does hereby expressly
waive, release and relinquish any and all such defenses, setoffs, claims, counterclaims and causes of action, if any.

 

SECTION 19. Pre-Negotiation
Agreement. The parties hereto acknowledge and agree that upon the Amendment Effective Date this Amendment shall constitute
a Restructuring Agreement, as such term is defined in the Pre-Negotiation Agreement dated as of December 29, 2020 among the
Administrative Agent, the Borrower, and the Guarantors (the “Pre-Negotiation Agreement”).

 

(Signature pages follow)

 

    20 

     

    

 

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

 

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

 

(Signatures continued
on next page)

 

[Signature
Page to Third Amendment to Credit Agreement]

 

    	 		 

     

    

 

Agreed as of the date first above written:

 

DEUTSCHE BANK AG NEW YORK BRANCH, 

as Administrative Agent

 

	By:	/s/ Darrell L. Gustafson	 
	 	Name: Darrell L. Gustafson	 
	 	Title: Managing Director	 
	 
	By:	/s/ Murray Mackinnon	 
	 	Name: Murray Mackinnon	 
	 	Title: Director	 

 

(Signatures continued
on next page)

 

[Signature Page to Third
Amendment to Credit Agreement]

 

    	 		 

     

    

 

DEUTSCHE BANK AG NEW YORK BRANCH, 

as Initial Issuing Bank, 

Swing Line Bank and Initial Lender

 

	By:	/s/ Annie Chung	 
	 	Name: Annie Chung	 
	 	Title: Director	 
	 
	By:	/s/ Ming K Chu	 
	 	Name: Ming K Chu	 
	 	Title: Director	 

 

(Signatures continued
on next page)

 

[Signature Page to Third Amendment to Credit Agreement]

 

    	 		 

     

    

 

BANK OF AMERICA, N.A., 

as a Lender

 

	By:	/s/ Kyle Pearson	 
	 	Name: Kyle Pearson	 
	 	Title: Vice President	 

 

(Signatures continued
on next page)

 

[Signature
Page to Third Amendment to Credit Agreement]

 

    	 		 

     

    

 

KEYBANK NATIONAL ASSOCIATION, 

as a Lender

 

	By:	Thomas Z. Schmitt	 
	 	Name: Thomas Z. Schmitt	 
	 	Title: Vice President	 

 

(Signatures continued
on next page)

 

[Signature
Page to Third Amendment to Credit Agreement]

 

    	 		 

     

    

 

REGIONS BANK, 

as a Lender

 

	By:	Ghi S. Gavin	 
	 	Name: Ghi S. Gavin	 
	 	Title: Senior Vice President	 

 

(Signatures continued
on next page)

 

[Signature
Page to Third Amendment to Credit Agreement]

 

    	 		 

     

    

 

U.S. BANK NATIONAL ASSOCIATION, 

as a Lender

 

	By:	/s/ Matthew K. Mains 	 
	 	Name: Matthew K. Mains 	 
	 	Title: Senior Vice President	 

 

(Signatures continued
on next page)

 

[Signature
Page to Third Amendment to Credit Agreement]

 

    	 		 

     

    

 

ROYAL BANK OF CANADA, 

as a Lender

 

	By:	/s/ Jake Sigmund 	 
	 	Name: Jake Sigmund 	 
	 	Title: Authorized Signatory

 

(Signatures continued
on next page)

 

[Signature
Page to Third Amendment to Credit Agreement]

 

    	 		 

     

    

 

PNC BANK, NATIONAL ASSOCIATION 

as a Lender

 

	By:	/s/ Andrew T. White 	 
	 	Name: Andrew T. White 	 
	 	Title: Senior Vice President	 

 

(Signatures continued
on next page)

 

[Signature
Page to Third Amendment to Credit Agreement]

 

    	 		 

     

    

 

CAPITAL ONE, NATIONAL ASSOCIATION 

as a Lender

 

	By:	/s/ Jessica W. Phillips 	 
	 	Name: Jessica W. Phillips 	 
	 	Title: Authorized Signatory	 

 

(Signatures continued
on next page)

 

[Signature
Page to Third Amendment to Credit Agreement]

 

    	 		 

     

    

 

BMO HARRIS BANK, N.A. 

as a Lender

 

	By:	/s/ Gwendolyn Gatz 	 
	 	Name: Gwendolyn Gatz 	 
	 	Title: Director	 

 

(Signatures continued
on next page)

 

[Signature
Page to Third Amendment to Credit Agreement]

 

    	 		 

     

    

 

 

RAYLOND JAMES BANK, N.A.,

as a Lender

 

	By:	/s/
                                         Matt Stein	 
	 	Name: Matt Stein	 
	 	Title: Senior Vice President	 

 

(Signatures continued on next page)

 

[Signature Page to  Third Amendment to Credit
Agreement]

 

     

     

    

 

BBVA USA, an Alabama banking corporation,

f/k/a/ Compass Bank, as a Lender

 

	By:	/s/
Don Byerly	 
	 	Name: Don Byerly	 
	 	Title: Executive Vice President	 

  

(Signatures continued on next page)

 

[Signature Page  to Third Amendment to Credit Agreement] 

 

     

     

    

 

TRUIST BANK, f/k/a Branch Banking and Trust Company,

as a Lender

 

	By:	/s/
Richard de la Vega	 
	 	Name: Richard de la Vega	 
	 	Title: Vice President	 

 

(Signatures continued on next page)

 

[Signature Page  to Third Amendment to Credit
Agreement]

 

     

     

    

 

CONSENT

 

Dated as of February 5, 2021

 

Each of the undersigned,
as a Guarantor under the Guaranty set forth in Article VII of the Credit Agreement dated as of December 6, 2018, in favor
of the Lender Parties party to the Credit Agreement referred to in the foregoing Third Amendment to Credit Agreement, hereby consents
to such Third Amendment to Credit Agreement and hereby confirms and agrees that notwithstanding the effectiveness of such Third
Amendment to Credit Agreement, the Guaranty is, and shall continue to be, in full force and effect and is hereby ratified and confirmed
in all respects. Without limitation of the foregoing, each Guarantor hereby ratifies such Credit Agreement as amended to date.

 

 

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

 

 

		CARNEGIE HOTELS, LLC, a
Georgia limited liability company
	 	 	 
	 	 	 
	 	By: 	/s/ Christopher Eng
	 	Name: Christopher Eng
	 	Title:  Secretary

 

 

		SUMMIT GROUP OF SCOTTSDALE,
ARIZONA, LLC, a South Dakota limited liability company
	 	 	 
	 	 	 
	 	By: 	/s/ Christopher Eng
	 	Name: Christopher Eng
	 	Title: Secretary

 

(signatures continue on following page)

 

[Signature Page to Guarantor Consent to Third Amendment to Credit
Agreement]

 

     

     

    

 	 	SUMMIT HOSPITALITY I, LLC,
	 	SUMMIT HOSPITALITY 17, LLC,
	 	SUMMIT HOSPITALITY 18, LLC,
	 	SUMMIT HOSPITALITY 22, LLC,
	 	SUMMIT HOSPITALITY 25, LLC,
	 	SUMMIT HOSPITALITY 036, LLC,
	 	SUMMIT HOSPITALITY 057, LLC,
	 	SUMMIT HOSPITALITY 060, LLC,
	 	SUMMIT HOSPITALITY 084, LLC,
	 	SUMMIT HOSPITALITY 092, LLC,
	 	SUMMIT HOSPITALITY 100, LLC,
	 	SUMMIT HOSPITALITY 101, LLC,
	 	SUMMIT HOSPITALITY 103, LLC,
	 	SUMMIT HOSPITALITY 110, LLC,
	 	SUMMIT HOSPITALITY 111, LLC,
	 	SUMMIT HOSPITALITY 114, LLC,
	 	SUMMIT HOSPITALITY 116, LLC,
	 	SUMMIT HOSPITALITY 117, LLC,
	 	SUMMIT HOSPITALITY 119, LLC,
	 	SUMMIT HOSPITALITY 120, LLC,
	 	SUMMIT HOSPITALITY 121, LLC,
	 	SUMMIT HOSPITALITY 123, LLC,
	 	SUMMIT HOSPITALITY 126, LLC,
	 	SUMMIT HOSPITALITY 127, LLC,
	 	SUMMIT HOSPITALITY 128, LLC,
	 	SUMMIT HOSPITALITY 129, LLC,
	 	SUMMIT HOSPITALITY 130, LLC,
	 	SUMMIT HOSPITALITY 131, LLC,
	 	SUMMIT HOSPITALITY 132, LLC,
	 	SUMMIT HOSPITALITY 134, LLC,
	 	SUMMIT HOSPITALITY 135, LLC,
	 	SUMMIT HOSPITALITY 136, LLC,
	 	SUMMIT HOSPITALITY 137, LLC,
	 	SUMMIT HOSPITALITY 138, LLC,
	 	SUMMIT HOSPITALITY 139, LLC,
	 	SUMMIT HOSPITALITY 140, LLC,
	 	SUMMIT HOSPITALITY 141, LLC,
	 	SUMMIT HOSPITALITY 142, LLC,
	 	SUMMIT HOSPITALITY 143, LLC,
	 	SUMMIT HOSPITALITY 144, LLC,
	 	SUMMIT HOSPITALITY 145, LLC, and
	 	SAN FRAN JV, LLC,
	 	each a Delaware limited liability
company

 

 		By:	/s/ Christopher Eng
	 	Name: Christopher Eng
	 	Title:  Secretary

 

(signatures continue on following page)

 

[Signature Page to Guarantor Consent to Third Amendment to Credit
Agreement]

 

     

     

    

 

	 	SUMMIT HOTEL TRS 030, LLC,
	 	SUMMIT HOTEL TRS 036, LLC,
	 	SUMMIT HOTEL TRS 037, LLC,
	 	SUMMIT HOTEL TRS 052, LLC,
	 	SUMMIT HOTEL TRS 053, LLC,
	 	SUMMIT HOTEL TRS 057, LLC,
	 	SUMMIT HOTEL TRS 060, LLC,
	 	SUMMIT HOTEL TRS 062, LLC,
	 	SUMMIT HOTEL TRS 065, LLC,
	 	SUMMIT HOTEL TRS 066, LLC,
	 	SUMMIT HOTEL TRS 084, LLC,
	 	SUMMIT HOTEL TRS 092, LLC,
	 	SUMMIT HOTEL TRS 094, LLC,
	 	SUMMIT HOTEL TRS 099, LLC,
	 	SUMMIT HOTEL TRS 100, LLC,
	 	SUMMIT HOTEL TRS 101, LLC,
	 	SUMMIT HOTEL TRS 102, LLC,
	 	SUMMIT HOTEL TRS 103, LLC,
	 	SUMMIT HOTEL TRS 104, LLC,
	 	SUMMIT HOTEL TRS 105, LLC,
	 	SUMMIT HOTEL TRS 108, LLC,
	 	SUMMIT HOTEL TRS 109, LLC,
	 	SUMMIT HOTEL TRS 110, LLC,
	 	SUMMIT HOTEL TRS 111, LLC,
	 	SUMMIT HOTEL TRS 113, LLC,
	 	SUMMIT HOTEL TRS 114, LLC,
	 	SUMMIT HOTEL TRS 116, LLC,
	 	SUMMIT HOTEL TRS 117, LLC,
	 	SUMMIT HOTEL TRS 119, LLC,
	 	SUMMIT HOTEL TRS 120, LLC,
	 	SUMMIT HOTEL TRS 121, LLC,
	 	SUMMIT HOTEL TRS 123, LLC,
	 	SUMMIT HOTEL TRS 126, LLC,
	 	SUMMIT HOTEL TRS 127, LLC,
	 	SUMMIT HOTEL TRS 128, LLC,
	 	SUMMIT HOTEL TRS 129, LLC,
	 	SUMMIT HOTEL TRS 130, LLC,
	 	SUMMIT HOTEL TRS 131, LLC, and
	 	SUMMIT HOTEL TRS 132, LLC,
	 	each a Delaware limited liability company

 

		By:	Summit Hotel TRS, Inc., a Delaware corporation, the sole member of each of the above referenced
Delaware limited liability companies
	 	 	 

 

	 	By:	/s/ Christopher Eng
	 	Name: Christopher Eng
	 	Title:  Secretary

 

(signatures continue on following page)

 

[Signature Page to Guarantor Consent to Third Amendment to Credit
Agreement]

 

     

     

    

 

	 	SUMMIT HOTEL TRS 134, LLC,
	 	SUMMIT HOTEL TRS 135, LLC,
	 	SUMMIT HOTEL TRS 136, LLC,
	 	SUMMIT HOTEL TRS 137, LLC,
	 	SUMMIT HOTEL TRS 138, LLC,
	 	SUMMIT HOTEL TRS 139, LLC,
	 	SUMMIT HOTEL TRS 140, LLC,
	 	SUMMIT HOTEL TRS 141, LLC,
	 	SUMMIT HOTEL TRS 142, LLC,
	 	SUMMIT HOTEL TRS 143, LLC,
	 	SUMMIT HOTEL TRS 144, LLC,
	 	SUMMIT HOTEL TRS 145, LLC, and

SUMMIT HOTEL TRS 146, LLC,
	 	each a Delaware limited liability company

 

		By:	Summit Hotel TRS, Inc., a Delaware corporation, the sole member of each of the above referenced
Delaware limited liability companies
	 	 	 

 

	 	By:	/s/ Christopher Eng
	 	Name: Christopher Eng
	 	Title:   Secretary

 

 

	 	BP WATERTOWN HOTEL LLC, a Massachusetts limited liability company
	 	 	 
	 	 	 
	 	By:	/s/ Christopher Eng
	 	Name: Christopher Eng
	 	Title: Secretary

 

(Signatures end.)

 

[Signature Page to Guarantor Consent to Third Amendment to Credit
Agreement]

 

     

     

    

 

Annex A

 

FORM OF NOTICE OF BORROWING FOR LIMITED
WAIVER PERIOD

 

NOTICE OF BORROWING

 

_________ __, ____

 

Deutsche Bank AG New York Branch,

  as Administrative Agent

  under the Credit Agreement

  referred to below

60 Wall Street

New York, New York 10005

Attention: [______]

 

Ladies and Gentlemen:

 

The undersigned, SUMMIT
HOTEL OP, LP, a Delaware limited partnership, refers to the Credit Agreement dated as of December 6, 2018 (as amended, amended
and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized
terms not otherwise defined herein shall have their respective meanings set forth in the Credit Agreement), among the undersigned,
Summit Hotel Properties, Inc., the Subsidiary Guarantors party thereto, the Lender Parties party thereto, Deutsche Bank AG
New York Branch, as Administrative Agent for the Lender Parties party thereto, and hereby gives you notice, irrevocably, pursuant
to Section 2.02 of the Credit Agreement that the undersigned hereby requests a Borrowing under the Credit Agreement, and in
that connection sets forth below the information relating to such Borrowing (the “Proposed Borrowing”)
as required by Section 2.02(a) of the Credit Agreement:

 

		(i)	The Business Day of the Proposed Borrowing is _________ __, ____.

 

		(ii)	The Facility under which the Proposed Borrowing is requested is the Revolving Credit Facility.

 

		(iii)	The Type of Advances comprising the Proposed Borrowing is [Base Rate Advances] [Eurodollar Rate
Advances].

 

		(iv)	The aggregate amount of the Proposed Borrowing is $[__________].

 

		(v)	[The initial Interest Period for each Eurodollar Rate Advance made as part of the Proposed Borrowing
is __________ month[s].]1

 

The undersigned hereby certifies that, other
than with respect to the Subject Provisions, the following statements are true on the date hereof, and will be true on the date
of the Proposed Borrowing:

 

		(A)	The representations and warranties contained in each Loan Document are true and correct on and
as of the date of the Proposed Borrowing, before and after giving effect to (1) such Proposed Borrowing and (2) the application
of the proceeds therefrom, as though made on and as of the date of the Proposed Borrowing;

 

		(B)	No Default or Event of Default has occurred and is continuing, or would result from (1) such
Proposed Borrowing or (2) from the application of the proceeds therefrom;

 

 

 

1 For Eurodollar Rate Advances only

 

    Annex A-1 

     

    

 

		(C)	Attached hereto as Schedule A is supporting information showing the computations used in
determining compliance with the covenants contained in Section 5.04 of the Credit Agreement.

 

Delivery of an executed
counterpart of this Notice of Borrowing by telecopier or e-mail (which e-mail shall include an attachment in PDF format or similar
format containing the legible signature of the undersigned) shall be effective as delivery of an original executed counterpart
of this Notice of Borrowing.

 

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

 

    Annex A-2 

     

    

 

SCHEDULE 2(c)

 

APPROVED CAPITAL PROJECTS

 

[Attached]

 

    Annex A-3 

     

    

 

Schedule II

 

	Hotel	 	Rooms	 	 	Scope	 	Estimated

Cost	 	 	Per Key	 	 	Summit

Share	 	 	Summit

Total	 
	Courtyard Kansas City, MO	 	 	123	 	 	14 year	 	 	4,182,000	 	 	 	34,000	 	 	 	100	%	 	 	4,182,000	 
	Staybridge Suites Glendale, CO	 	 	121	 	 	14 year	 	 	4,598,000	 	 	 	38,000	 	 	 	100	%	 	 	4,598,000	 
	SpringHill Suites, Nashville, TN	 	 	78	 	 	21 year	 	 	2,106,000	 	 	 	27,000	 	 	 	100	%	 	 	2,106,000	 
	Courtyard Metairie, LA	 	 	153	 	 	14 year	 	 	5,355,000	 	 	 	35,000	 	 	 	100	%	 	 	5,355,000	 
	Courtyard, Fort Lauderdale, FL	 	 	261	 	 	14 year	 	 	14,811,000	 	 	 	57,000	 	 	 	100	%	 	 	14,811,000	 
	HGI Houston, TX Energy Corridor	 	 	190	 	 	14 year	 	 	6,291,326	 	 	 	33,000	 	 	 	100	%	 	 	6,291,326	 
	Hilton Garden Inn San Francisco Airport North, CA	 	 	169	 	 	7 year	 	 	4,175,470	 	 	 	25,000	 	 	 	51	%	 	 	2,129,490	 
	Hilton Garden Inn San Jose North, CA	 	 	161	 	 	7 year	 	 	4,122,430	 	 	 	26,000	 	 	 	51	%	 	 	2,102,439	 
	Homewood Suites, Tucson, AZ	 	 	122	 	 	7 year	 	 	2,684,000	 	 	 	22,000	 	 	 	100	%	 	 	2,684,000	 
	Hyatt House, Englewood (Denver Tech Ctr), CO	 	 	135	 	 	21 year	 	 	4,725,000	 	 	 	35,000	 	 	 	100	%	 	 	4,725,000	 
	Hyatt Place Minneapolis, MN	 	 	213	 	 	7 Year	 	 	3,195,000	 	 	 	15,000	 	 	 	100	%	 	 	3,195,000	 
	Hyatt Place, Orlando Convention Ctr	 	 	149	 	 	14 year	 	 	6,685,200	 	 	 	45,000	 	 	 	100	%	 	 	6,685,200	 
	Hyatt Place, Englewood (Denver Tech Center), CO	 	 	126	 	 	14 year	 	 	5,166,000	 	 	 	41,000	 	 	 	100	%	 	 	5,166,000	 
	Hyatt Place, Lone Tree (Denver Park Meadows), CO	 	 	127	 	 	14 year	 	 	5,818,000	 	 	 	46,000	 	 	 	100	%	 	 	5,818,000	 
	Hyatt Place, Mesa, AZ	 	 	152	 	 	7 year	 	 	2,280,000	 	 	 	15,000	 	 	 	100	%	 	 	2,280,000	 
	Hyatt Place, Orlando Universal	 	 	150	 	 	14 year	 	 	6,181,000	 	 	 	41,000	 	 	 	100	%	 	 	6,181,000	 
	Residence Inn Portland (Hillsboro), OR	 	 	122	 	 	7 Year	 	 	3,740,113	 	 	 	31,000	 	 	 	51	%	 	 	1,907,457	 
	Residence Inn, Portland Downtown, OR	 	 	258	 	 	14 year	 	 	8,772,000	 	 	 	34,000	 	 	 	51	%	 	 	4,473,720	 
	Project entitlement and continuation (2 projects)	 	 	 	 	 	 	 	 	2,500,000	 	 	 	-	 	 	 	100	%	 	 	2,500,000	 
	Total	 	 	2,810	 	 	 	 	$	97,387,539	 	 	 	35,000	 	 	 	90	%	 	$	87,190,632	 

 

    Annex A-4 

     

    

 

Schedule 2(c)Exhibit 10.2

 

SIXTH AMENDMENT TO FIRST AMENDED AND
RESTATED CREDIT AGREEMENT

(Seven Year Term Loan)

 

SIXTH AMENDMENT
TO FIRST AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of February 5, 2021
among Summit Hotel OP, LP, a Delaware limited partnership (the “Borrower”),
SUMMIT HOTEL PROPERTIES, INC., a Maryland corporation (the “Parent Guarantor”), the subsidiaries
of the Borrower party hereto (the “Subsidiary Guarantors” and together
with the Parent Guarantor, the “Guarantors”), KEYBANK
NATIONAL ASSOCIATION, as administrative agent (the “Administrative Agent”) for the financial
institutions party to the Credit Agreement referred to below (collectively, the “Lender Parties”), and
the Required Lenders (as defined below).

 

PRELIMINARY STATEMENTS:

 

WHEREAS, the Borrower,
the Guarantors, the Administrative Agent, and the Lender Parties entered into that certain First Amended and Restated Credit Agreement
dated as of February 15, 2018 (as amended by that certain First Amendment to First Amended and Restated Credit Agreement dated
as of December 6, 2018, that certain Second Amendment to First Amended and Restated Credit Agreement dated as of February 18,
2020, that certain Third Amendment to First Amended and Restated Credit Agreement dated as of May 7, 2020 (the “Third
Amendment”), that certain Fourth Amendment to First Amended and Restated Credit Agreement dated as of August 6,
2020, and that certain Fifth Amendment to First Amended and Restated Credit Agreement dated as of January 6, 2021) (the “Existing
Credit Agreement”);

 

WHEREAS, the Guarantors,
the Administrative Agent, the Borrower and certain Lenders party to the Existing Credit Agreement wish to amend the Existing Credit
Agreement to address certain changes to the terms thereof as set forth below; and

 

WHEREAS, pursuant
to Section 9.01 of the Existing Credit Agreement, and subject to the conditions precedent to the Amendment Effective Date
set forth in Section 12 of this Amendment, the Parent Guarantor, the Borrower, the Subsidiary Guarantors, the Administrative
Agent and the Lenders party hereto (representing the Required Lenders) have agreed to amend the Existing Credit Agreement on the
terms and subject to the other conditions set forth herein.

 

SECTION 1. Defined
Terms. Unless otherwise stated in this Amendment, terms defined in the Existing Credit Agreement have the same meanings when
used in this Amendment.

 

SECTION 2. Temporary
Modifications During Limited Waiver Period. Section 2 of the Third Amendment is null and void and of no further force
or effect. For the period from the Amendment Effective Date though the earlier of (i) the Reinstatement Date (as defined
below) and (ii) March 31, 2022 (the “Limited Waiver Period”), the Existing Credit Agreement
(as amended pursuant to Section 6 of this Amendment) shall be deemed modified and amended as follows:

 

(a)            Limited
Waiver. The following provisions (collectively, the “Subject Provisions”) shall be deemed waived
and no Default or Event of Default shall be deemed to result from any violation thereof:

 

(i)             the
requirements of clause (d) of the definition of Unencumbered Asset Pool Conditions;

 

     

     

    

 

(ii)            the
requirement that the Borrower make mandatory prepayments under subsections 2.06(b)(i)(A) and 2.06(b)(i)(B);

 

(iii)         the
covenants in Sections 5.04(a)(i) (Maximum Leverage Ratio), 5.04(a)(iv) (Minimum Consolidated Fixed Charge Coverage Ratio),
5.04(a)(v) (Maximum Secured Leverage Ratio), 5.04(a)(vi) (Maximum Secured Recourse Leverage Ratio) and Section 5.04(b) (Unencumbered
Asset Pool Financial Covenants);

 

(iv)       the
representations in (x) the last sentence of Section 4.01(g) (Financial Condition) and (y) Section 4.01(s) (Force
Majeure) for events or circumstances relating to the COVID-19 pandemic to the extent such events or circumstances have been publicly
disclosed by the Borrower in its securities filings; and

 

(v)           the
requirement under Section 3.02 that the Borrower certify, pursuant to clause (z)(iii) thereof in connection with each
Commitment Increase, that (1) the Total Unencumbered Asset Value equals or exceeds the Consolidated Unsecured Indebtedness
of the Parent Guarantor that will be outstanding after giving effect to such Commitment Increase and (2) before and after
giving effect to such Commitment Increase the Parent Guarantor shall be in compliance with the covenants contained in Section 5.04(b).

 

Without limiting the generality of the
provisions of Section 9.01 of the Existing Credit Agreement, the waiver set forth in this subsection 2(a) shall
be limited precisely as written, and nothing herein shall be deemed to (A) constitute a waiver of compliance by the Borrower
or any Guarantor with respect to (1) the Limited Waiver Period Subject Provisions other than during the Limited Waiver Period
or (2) any other term, provision or condition of the Loan Documents or any other instrument or agreement referred to in any
of them, or (B) prejudice any right or remedy that any Lender may now have or may have in the future under or in connection
with the Existing Credit Agreement, the other Loan Documents or any other instrument or agreement referred to in any of them or
under applicable laws. For the avoidance of doubt, the waivers of the Limited Waiver Period Subject Provisions set forth herein
shall not extend beyond the last day of the Limited Waiver Period, and such waivers shall be of no force or effect for any purpose
after the last day of the Limited Waiver Period.

 

(b)            Notices
of Borrowing; Pledged Account. Each Notice of Borrowing during the Limited Waiver Period shall be substantially in the form
of Annex A attached hereto. Commitment Increases made to the Borrower during the Limited Waiver Period shall be deposited
into a deposit account (each, a “Pledged Account”) (i) established by the Borrower and maintained
with a bank that is a Lender selected by the Borrower and (ii) in which the Administrative Agent, for the benefit of the Secured
Parties, has been granted a perfected security interest (including in the funds on deposit therein) pursuant to the Pledge Agreement
and with respect to which a Deposit Account Control Agreement (as defined in the Pledge Agreement) has been executed and delivered
by all applicable parties.

 

    2 

     

    

 

(c)            Permitted
Uses of Revolving Credit Advances. All proceeds of Revolving Credit Advances made during the Limited Waiver Period shall be
used only to fund (i) operating expenses of the business of the Borrower and its Subsidiaries including, without limitation,
the actual costs and expenses of owning, operating, managing, and maintaining the Assets including, without limitation, repairs,
real estate and chattel taxes, income taxes, principal and interest payments on Debt for Borrowed Money, payments for FF&E,
FF&E reserves and management fees, (ii) costs and expenses relating to the capital projects approved by the administrative
agent under the Revolving Credit Agreement and described in Schedule 2(c) attached hereto, (iii) costs and expenses
reasonably required to comply with applicable legal and franchise requirements pertaining to the ownership of the Assets and the
operation and management of the business of the Borrower and its Subsidiaries, (iv) costs and expenses required on an emergency
basis to avoid damage or injury to persons or property pertaining to the ownership of the Assets and the operation and management
of the business of the Borrower and its Subsidiaries, (v) dividends on Preferred Interests not to exceed Twenty-Five Million
Dollars ($25,000,000.00) per calendar year (“Permitted Preferred Payments”), (vi) obligations of
the Borrower under (x) the $28,900,000 Mezzanine Construction Loan Agreement between Borrower as mezzanine lender and C-F
Brickell Mezz, LLC as mezzanine borrower dated as of August 15, 2019 and (y) the Equity Purchase Option Agreement among
Borrower, C-F Brickell Mezz, LLC, C-F Brickell, LLC, C-F Brickell Owner, LLC and C-F Brickell Hotel Unit Owner, LLC dated as of
August 15, 2019 (in each case without reference to any amendments thereto unless the same is approved in writing by the Administrative
Agent) (collectively, the “Brickell Obligations”); provided, however, that amounts paid
by the Borrower and its Subsidiaries in respect of the Brickell Obligations shall not exceed Twenty Five Million Dollars ($25,000,000.00)
during the Amendment Period (as defined in Section 4), (vii) repayment of the Term Loan and the Other Facilities
(as defined below) and repayment of existing Debt for Borrowed Money secured by mortgages and similar encumbrances on Hotel Assets
which loans have maturity dates on or prior to December 31, 2023 (“Short Term Mortgage Debt”), provided
that if Short Term Mortgage Debt is repaid and the Hotel Assets securing such Short Term Mortgage Debt are not sold or transferred
(except for a sale or transfer to a Person that is a Subsidiary or an Affiliate of a Loan Party) in connection with the repayment
thereof, any such Hotel Assets that qualify as Unencumbered Assets shall be promptly contributed to the Unencumbered Asset Pool
in accordance with the terms of the Existing Credit Agreement as amended hereby, (viii) Permitted Investments (as defined
below) and (ix) other reasonable uses approved by the administrative agent under the Revolving Credit Agreement (collectively,
the “Permitted Uses”).

 

(d)            Use
of Sale and Equity Offerings Proceeds. So long as no Event of Default has occurred and is continuing, all Net Cash Proceeds
(as defined below) from (i) the sale of any Assets, including, without limitation, pursuant to any sale-leaseback transaction
(any such asset sale, an “Asset Sale”), but excluding (x) any Net Cash Proceeds received from any
principal payments on notes receivable and (y) amounts thereof invested in Category 3 Permitted Investments (as defined below)
or deposited into the Pledged Proceeds Account (as defined below), in either case in accordance with Section 2(f)(vi)(5) of
this Amendment and (ii) any Equity Offering (as defined below), but excluding amounts thereof invested in Category 2 Permitted
Investments (as defined below) or deposited into the Pledged Proceeds Account, in either case in accordance with Sections 2(f)(vi)(3) or
(4) of this Amendment, shall, not later than five (5) Business Days following the applicable Loan Party’s
receipt of such Net Cash Proceeds, be used to prepay (w) first, the Revolving Credit Advances in accordance with the Revolving
Lenders’ Revolving Credit Commitments until the Revolving Credit Advances are reduced to zero, (x) second, the term
loan facility under the 5 Year Term Loan Agreement (as defined below), (y) third, the term loan facility under the Revolving
Credit Agreement (as defined below) and (z) fourth, the Term Loan (any such prepayments being “Senior Debt Prepayments”).
Nothing in this subsection (d) shall limit the negative covenants set forth in subsection (f) below.

 

(e)            Permitted
Debt Transactions Proceeds. So long as no Event of Default has occurred and is continuing, all Net Cash Proceeds from any Permitted
Debt Transaction (as defined below), but excluding amounts thereof invested in Category 3 Permitted Investments or deposited into
the Pledged Proceeds Account, in either case in accordance with Section 2(f)(vi)(5) of this Amendment, shall,
not later than five (5) Business Days following the applicable Loan Party’s receipt of such Net Cash Proceeds, be applied
to Senior Debt Prepayments. Nothing in this subsection (e) shall limit the negative covenants set forth in subsection
(f) below.

 

(f)            Enhanced
Negative Covenants. Notwithstanding anything to the contrary contained in the Existing Credit Agreement (as amended pursuant
to Section 6 of this Amendment), unless the Administrative Agent and the Required Lenders otherwise agree in writing,
no Loan Party or Subsidiary thereof will:

 

    3 

     

    

 

(i)             incur
or assume any additional Secured Indebtedness, Non-Recourse Debt or senior Recourse Debt other than Qualified Government Debt
(as defined below) unless (x) no Event of Default has occurred and is continuing and (y) except with respect to Net
Cash Proceeds of Permitted Debt Transactions that are invested in Category 3 Permitted Investments, deposited in the Pledged Proceeds
Account (defined below) or applied to Senior Debt Prepayments in each case in accordance with Section 2(f)(vi)(5) below,
100% of the Net Cash Proceeds of such transaction are applied, no later than five (5) Business Days following the applicable
Loan Party’s receipt of such Net Cash Proceeds, to Senior Debt Prepayments in accordance with Section 2(d) above;

 

(ii)            other
than (x) any acquisition of Permitted Investments (as defined below) or (y) any sale of Unencumbered Assets the Net Cash
Proceeds of which are applied in accordance with Section 2(f)(vi)(5) below, acquire any new Assets or Transfer
or encumber (except pursuant to a Mortgage and Assignment of Leases as contemplated by this Amendment) any Unencumbered Assets
(including, without limitation, pursuant to a ground lease or a Sale and Leaseback Transaction), designate any Unencumbered Asset
or Unencumbered Assets as a non-Unencumbered Asset or non-Unencumbered Assets, or Transfer or encumber any direct or indirect Equity
Interests in the fee owners, lessees under Qualifying Ground Leases or TRS Lessees of the Unencumbered Assets;

 

(iii)            Transfer
or encumber any Asset that is not an Unencumbered Asset (including, without limitation, pursuant to a ground lease or a Sale and
Leaseback Transaction) to a Person that is not a Loan Party or Subsidiary thereof other than on an arms’-length basis;

 

(iv)            in
the case of the Parent Guarantor and the Borrower only, make or declare any Restricted Payments payable in cash to holders of the
common Equity Interests in the Parent Guarantor or the Borrower, as applicable; provided, however, that (x) the
Parent Guarantor may declare and pay dividends to the holders of common Equity Interests in the Parent Guarantor consisting of
a combination of cash and Equity Interests in the Parent Guarantor only if such dividends (i) are required to maintain the
Parent Guarantor’s status as a REIT and avoid the imposition of excise taxes under Section 4981 of the Internal Revenue
Code, (ii) include a cash component no greater than the minimum percentage allowed under the Internal Revenue Code and any
published guidance from the United States Department of the Treasury or Internal Revenue Service with respect thereto at the time
of the declaration thereof and (iii) are paid no earlier than (A) January 29, 2021 with respect to dividends for
the calendar year ending December 31, 2020 and (B) January 31, 2022 with respect to dividends for the calendar year
ending December 31, 2021 and (y) the Borrower may declare and pay Restricted Payments to the Parent Guarantor to the
extent required to enable the Parent Guarantor to pay those Restricted Payments permitted under the immediately preceding clause
(x);

 

(v)            in
the case of the Parent Guarantor and the Borrower only, make or declare any Restricted Payments payable in cash to holders of Preferred
Interests in the Parent Guarantor or the Borrower, as applicable, unless the Loan Parties will be in compliance with Section 5.04(a)(iii) of
the Existing Credit Agreement as amended by this Amendment (Minimum Liquidity) immediately after the payment thereof;

 

(vi)           make
or permit any of its Subsidiaries to make new Investments (including, without limitation, buybacks of common Equity Interests or
Preferred Interests) other than:

 

(1)            Investments
by the Loan Parties and their Subsidiaries in their wholly-owned Subsidiaries; or

 

    4 

     

    

 

(2)            Investments
in direct or indirect interests in Hotel Assets (“Category 1 Permitted Investments”) so long as, immediately
after giving effect to each such Investment or deposit into the Pledged Proceeds Account (as defined below), as applicable, (a) the
Loan Parties maintain not less than an aggregate of $150,000,000 in (x) Unrestricted Cash and Cash Equivalents and (y) available
Revolving Credit Commitments and (b) the aggregate amount of such Investments (inclusive of capital consisting of both equity
and debt) during the Amendment Period shall not exceed the Acquisition Allotment (as defined below) ((a) and (b) above
are referred to herein as the “Investment Conditions”). Notwithstanding the definition of “Unrestricted
Cash and Cash Equivalents” in the Existing Credit Agreement, amounts on deposit in the Pledged Proceeds Account shall be
deemed to qualify as Unrestricted Cash and Cash Equivalents during the Limited Waiver Period. “Acquisition Allotment”
means a limit of $150,000,000, as such limit may be increased by amounts deposited into the Pledged Proceeds Account pursuant
to Sections 2(f)(vi)(4) or (5) below; or

 

(3)            Investments
in Hotel Assets that qualify as Unencumbered Assets and are promptly contributed to the Unencumbered Asset Pool in accordance with
the terms and conditions of the Existing Credit Agreement as amended hereby (“Category 2 Permitted Investments”)
funded with Net Cash Proceeds of one or more Equity Offerings for which the proceeds thereof are specifically designated to be
used to acquire Hotel Assets and in an unlimited amount (subject to the immediately following proviso, collectively, the “Designated
Equity Offering Proceeds”); provided, however, that the maximum amount of Designated Equity Offering Proceeds that
may be invested in Hotel Assets during the Amendment Period that are not so contributed to the Unencumbered Asset Pool shall be
limited to $300,000,000 in the aggregate; and provided further that no Investment shall be permitted pursuant to this clause (3) unless
immediately after giving effect thereto the Loan Parties maintain not less than an aggregate of $150,000,000 in (x) Unrestricted
Cash and Cash Equivalents and (y) available Revolving Credit Commitments; or

 

(4)            Investments
in Category 1 Permitted Investments funded with Net Cash Proceeds of one or more Equity Offerings for which the proceeds thereof
are not specifically designated to be used to acquire Hotel Assets (collectively, the “Non-Designated Equity Offering
Proceeds”), so long as (a) not less than 25.0% of the Non-Designated Equity Offering Proceeds, in each case,
are applied to Senior Debt Prepayments in accordance with Section 2(d) above, (b) the remaining balance of
the Non-Designated Equity Offering Proceeds is deposited in the Pledged Proceeds Account (as defined below) not later than five
(5) Business Days following the applicable Loan Party’s receipt of such Non-Designated Equity Offering Proceeds (and
the amount so deposited shall increase the Acquisition Allotment) and (c) the Investment Conditions are satisfied immediately
after giving effect to each such Investment or deposit into the Pledged Proceeds Account, as applicable; or

 

    5 

     

    

 

(5)            Investments
in Assets (“Category 3 Permitted Investments”, and together with the Category 1 Permitted Investments
and Category 2 Permitted Investments, the “Permitted Investments”) funded with Net Cash Proceeds of
one or more Asset Sales or Permitted Debt Transactions, so long as (a) except as otherwise provided in clauses (b), (c) or
(f) below, not less than 50.0% of the Net Cash Proceeds of each such Asset Sale or Permitted Debt Transaction (other than
the Net Cash Proceeds of Non-Recourse Debt incurred in connection with the acquisition of Permitted Investments) are applied to
Senior Debt Prepayments in accordance with Section 2(d) or Section 2(e) above, as applicable,
(b) to the extent the aggregate Net Cash Proceeds from Permitted Debt Transactions pursuant to clause (ii) of the definition
thereof exceeds Two Hundred Fifty Million Dollars ($250,000,000), 100% of such excess shall be applied to Senior Debt Prepayments
in accordance with Section 2(e) above, (c) in the event of an Asset Sale of any Unencumbered Asset (and
without limitation of any of the requirements of the Existing Credit Agreement as amended hereby), not less than 75.0% of the
Net Cash Proceeds of such Asset Sale are applied to Senior Debt Prepayments in accordance with Section 2(d) above,
(d) the remaining balance of the Net Cash Proceeds of each such Asset Sale or Permitted Debt Transaction is deposited in
the Pledged Proceeds Account not later than five (5) Business Days following the applicable Loan Party’s receipt of
such Net Cash Proceeds (and the amount so deposited shall increase the Acquisition Allotment), (e) the Investment Conditions
are satisfied immediately after giving effect to each such Investment or deposit into the Pledged Proceeds Account, as applicable
and (f) if a wholly-owned Subsidiary of the Borrower incurs Non-Recourse Debt secured by a Hotel Asset the acquisition of
which was previously funded in whole or in part with Revolving Credit Advances, 100% of the Net Cash Proceeds of such Non-Recourse
Debt up to the amount of Revolving Credit Advances used to fund such acquisition shall be applied to Senior Debt Prepayments and
any remaining Net Cash Proceeds shall be applied pursuant to clause (a) of this Section 2(f)(vi)(5); or

 

(6)            Payment
of the Brickell Obligations pursuant to Section 2(c)(vi); or

 

(vii)         engage
in or consent to any action or activity that would be expressly prohibited or restricted under Section 5.02 of the Existing
Credit Agreement during a Default or Event of Default; provided, however, that the restriction in this subsection
(vii) shall not apply to any action referred to in Section 5.02(e) of the Existing Credit Agreement that is
not otherwise prohibited under Section 5.02 of the Existing Credit Agreement as modified by this Amendment (including, without
limitation, items (i) through (vi) of this Section 2(f)).

 

(g)            Qualified
Government Debt. Notwithstanding the restrictions in subsection (f) above, consent of the Administrative Agent
and the Required Lenders shall not be required for the Loan Parties or their Subsidiaries to incur Debt for Borrowed Money to a
Governmental Authority under the CARES Act or any other federal or state governmental program intended to mitigate the impact of
the COVID-19 pandemic and negative international, national and industry economic effects resulting therefrom, so long as the Unencumbered
Assets, the Equity Interests in the Initial Grantors and the Pledged Account and funds deposited therein do not become subject
to any Liens in connection with such Debt for Borrowed Money (“Qualified Government Debt”); provided,
however, that (x) 100% of the Net Cash Proceeds of any Qualified Government Debt shall be used, in the Borrower’s
discretion, only (1) for Permitted Uses (2) for application to Senior Debt Prepayments in accordance with Section 2(d) and
(y) Qualified Governmental Debt that is forgivable by its terms (subject to the satisfaction of or compliance with identifiable
statutory and/or documentary conditions) shall be excluded from the calculations of the Section 5.04 financial covenants unless
and to the extent such Qualified Governmental Debt is not forgiven within 180 days after the issuance thereof. Any income from
the forgiveness of any such Qualified Government Debt shall not be included in the calculation of Consolidated EBITDA. The Loan
Parties shall comply with terms of the relevant state or Federal laws and regulations, including the CARES Act (“Applicable
Law”), in relation to the Qualified Government Debt (including regarding the use of proceeds thereof) and, if debt
forgiveness is available under Applicable Law, the Loan Parties shall not act or fail to act in any manner that could impair the
Qualified Government Debt being forgiven in accordance with Applicable Law.

 

For purposes of this Amendment,
the following terms shall have the following meanings:

 

“Reinstatement Date”
shall mean the date that the Agents approve the Reinstatement Compliance Certificate delivered by the Borrower to the Agents along
with the Borrower’s written notice electing to terminate the Limited Waiver Period and/or the Transition Period, as applicable.

 

    6 

     

    

 

“Reinstatement Compliance
Certificate” shall mean a certificate of a Responsible Officer of the Parent Guarantor confirming (i) that no
Default or Event of Default then exists and (ii) that the Parent Guarantor is in compliance with the Reinstated Financial
Covenants, together with a schedule of supporting calculations reasonably satisfactory to the Agents.

 

“Reinstated Financial
Covenants” shall mean the Parent Guarantor financial covenants and the Unencumbered Asset Pool financial covenants
set forth in Section 5.04 of the Existing Credit Agreement, as amended by Section 6 of this Amendment (and, for
the avoidance of doubt, without reference to the temporary amendments and waivers set forth in Sections 2 and 3 of
this Amendment); provided, however, that subsection (B) of Section 5.04(a)(i) shall be disregarded
for purposes of determining whether the Parent Guarantor has complied with the Reinstated Financial Covenants for two consecutive
quarters in connection with the Collateral Release Provisions (as defined below).

 

“Net Cash Proceeds”
means, with respect to any transaction, the aggregate amount of all cash proceeds received by the Borrower, the Parent Guarantor
or any of their respective Subsidiaries, net of fees, expenses, costs, underwriting discounts and commissions incurred in connection
therewith and, for an Asset Sale, payments made to retire any Indebtedness that is secured by such Asset and repaid in connection
with the sale thereof, and net of taxes paid or reasonably estimated by the Borrower to be payable as a result thereof, excluding
any fees, commissions or expenses that are payable to an Affiliate of the Borrower, the Parent Guarantor or any of their respective
Subsidiaries.

 

“Equity Offering”
means the issuance or sale of any public common Equity Interests, operating partnership units, 144A Equity Interests or Preferred
Interests (including Preferred Interests convertible into common Equity Interests) by the Borrower or the Parent Guarantor.

 

“Permitted Debt Transaction”
means the incurrence of Debt for Borrowed Money by any Loan Party or Subsidiary thereof which is (i) Non-Recourse Debt not
secured by any Unencumbered Asset the incurrence of which does not result in a Default or Event of Default, (ii) unsecured
and structurally subordinate to the Revolving Credit Facility, Term Loan Facility and Other Facilities or (iii) consented
to by the Required Lenders.

 

“Other Facilities”
means, collectively, the term loan facilities under the Revolving Credit Agreement and the 5 Year Term Loan Agreement.

 

“Revolving Credit
Agreement” means that certain Credit Agreement dated as of December 6, 2018, as amended, among the Borrower,
the Parent Guarantor, the Subsidiary Guarantors, Deutsche Bank AG New York Branch (“DB”) as administrative
agent, and the other lenders and agents named therein.

 

“5 Year Term Loan
Agreement” means that certain Credit Agreement dated as of September 26, 2017, as amended, among the Borrower,
the Parent Guarantor, the Subsidiary Guarantors, KeyBank National Association (“KeyBank”) as administrative
agent, and the other lenders and agents named therein.

 

“Letter of Credit
Exposure” shall have the meaning set forth in the Revolving Credit Agreement as of the Amendment Effective Date.

 

“Revolving Credit
Advances” shall have the meaning set forth in the Revolving Credit Agreement as of the Amendment Effective Date.

 

    7 

     

    

 

“Revolving Credit
Commitments” shall have the meaning set forth in the Revolving Credit Agreement as of the Amendment Effective Date.

 

“Revolving Lenders”
shall have the meaning set forth in the Revolving Credit Agreement as of the Amendment Effective Date.

 

“Swing Line Advances”
shall have the meaning set forth in the Revolving Credit Agreement as of the Amendment Effective Date.

 

“Pledged Proceeds
Account” means a subaccount of the Pledged Account in which the Administrative Agent, for the benefit of the Secured
Parties, has been granted a perfected security interest (including in the funds deposited therein) pursuant to the Pledge Agreement
and with respect to which a Deposit Account Control Agreement (as defined in the Pledge Agreement) has been executed and delivered
by all applicable parties. For the avoidance of doubt, amounts deposited in the Pledged Proceeds Account shall (i) increase,
on a dollar-for-dollar basis, the Acquisition Allotment as of the date deposited therein and (ii) be held therein until (x) invested
in one or more Permitted Investments in accordance with Section 2(f)(vi) of this Amendment or (y) applied to Senior
Debt Prepayments.

 

Any breach by any Loan Party of subsections
(c), (d), (e) or (f) of this Section 2 shall be an immediate Event of Default under
the Existing Credit Agreement as amended by this Amendment.

 

SECTION 3. Temporary
Modifications During Transition Period. Section 3 of the Third Amendment is null and void and of no further force or effect.
For the period from April 1, 2022 though the earlier of (i) the Reinstatement Date and (ii) December 31, 2022
(the “Transition Period”), the Existing Credit Agreement (as amended pursuant to Section 6
of this Amendment) shall be deemed further modified and amended as follows:

 

(a)            Maximum
Leverage Ratio. Subsection 5.04(a)(i)(A) shall be modified so that (x) the Leverage Ratio is calculated based on
Consolidated EBITDA for the applicable quarter calculated on an Annualized Basis (as defined below) and (y) the reference
in the second line to “6.50:1.00” is replaced with (1) for the second quarter of calendar year 2022 ending June 30,
2022, “8.75:1.00”, (2) for the third quarter of calendar year 2022 ending September 30, 2022, “8.50:1.00”
and (3) for the fourth quarter of calendar year 2022 ending December 31, 2022, “8.25:1.00”.

 

(b)            Minimum
Consolidated Fixed Charge Coverage Ratio. Subsection 5.04(a)(iv) shall be modified so that (x) the Adjusted Consolidated
EBITDA used to calculate the Consolidated Fixed Charge Coverage Ratio is calculated based on Consolidated EBITDA for the applicable
quarter calculated on an Annualized Basis and (y) the reference to “1.50:1.00” is replaced with “1.25:1.00”.

 

(c)            Maximum
Secured Leverage Ratio. Subsection 5.04(a)(v) shall be waived.

 

(d)            Maximum
Secured Recourse Leverage Ratio. Subsection 5.04(a)(vi) shall be waived.

 

(e)            Maximum
Unsecured Leverage Ratio. Subsection 5.04(b)(i) shall be modified so that (x) the Unencumbered Asset Value is deemed
to be the Unencumbered Asset Value calculated using the Adjusted NOI for the applicable quarter (calculated on an Annualized Basis);
provided, however, that if the Borrower obtains an Appraisal (as defined below) for any Unencumbered Asset the Unencumbered
Asset Value of such Unencumbered Asset shall be deemed to be the value of such Unencumbered Asset based on such Appraisal and (y) the
reference in the second line of such subsection to “60%” is replaced with “70%”.

 

    8 

     

    

 

(f)            Minimum
Unsecured Interest Coverage Ratio. Subsection 5.04(b)(ii) shall be modified so that (x) the Unencumbered Adjusted
NOI for the applicable calendar quarter is calculated on an Annualized Basis and (y) the reference in the third line to “2.00x”
is replaced with “1.75x”.

 

For purposes
of this Section 3, the following terms shall have the following meanings:

 

“Appraisal”
shall mean a FIRREA-compliant appraisal for an Unencumbered Asset prepared for the account of the Agents by an appraiser selected
by the Agents. The Appraisals shall be performed at the option of the Borrower and shall be at the Borrower’s cost and expense.

 

“Annualized Basis”
shall mean, (i) for calculations relating to the second quarter of calendar year 2022 ending June 30, 2022, applicable
amounts for such quarter, annualized, (ii) for calculations relating to the third quarter of calendar year 2022 ending September 30,
2022, the applicable amounts for such quarter and the immediately preceding quarter, annualized and (iii) for calculations
relating to the fourth quarter of calendar year 2022 ending December 31, 2022, the applicable amounts for such quarter and
the two immediately preceding quarters, annualized.

 

SECTION 4. Revolving
Credit Advances and the Applicable Margin During Amendment Period. Section 4 of the Third Amendment is null and void and
of no further force or effect. From the Amendment Effective Date through the earlier of (i) the Reinstatement Date and (ii) December 31,
2022 (the “Amendment Period”), (a) the aggregate outstanding Revolving Credit Advances, Swing Line
Advances and Letter of Credit Exposure (collectively, the “Revolving Exposure”) shall not exceed $400,000,000
and (b) the Applicable Margin shall be set at Pricing Level VIII. Notwithstanding the foregoing, unless and until the Mortgage
Requirements (as defined in Section 7 below) have been satisfied for each of the Unencumbered Assets no Advance shall
be made during the Extended Amendment Period that would cause the Revolving Exposure to exceed $350,000,000.

 

SECTION 5. Reporting.
Section 5 of the First Amendment is null and void and of no further force or effect. Notwithstanding the limited waivers
of the Subject Provisions pursuant to Section 2(a) above, nothing in this Amendment shall modify, affect or waive
the Borrower’s continuing obligation to comply with the reporting requirements set forth in Section 5.03 of the Existing
Credit Agreement during the Limited Waiver Period (as if the Subject Provisions had not been waived) or otherwise (including,
without limitation, the Borrower’s obligation to provide a schedule of the computations used by the Parent Guarantor in
determining compliance with the covenants contained in Section 5.04 (as if the Subject Provisions had not been waived) under
Section 5.03(c)); provided, however, that the Borrower shall not be required to furnish to the Administrative
Agent and the Lender Parties notice of Defaults during the Limited Waiver Period relating to (a) the Section 5.04 financial
covenants or (b) any Material Adverse Effect for events or circumstances relating to the COVID-19 pandemic to the extent
such events or circumstances have been publicly disclosed by the Borrower in its securities filings and the scope of such adverse
effect is no greater than that which has been disclosed. Supplementing the existing reporting requirements
in the Existing Credit Agreement, during the Limited Waiver Period the Borrower will furnish to the Administrative Agent and the
Lender Parties, (x) as soon as available and in any event within 45 days after the end of each quarter, a report, in a form
reasonably acceptable to the Agents, describing, as of the last day of such calendar quarter, (i) the aggregate amount of
each category of Permitted Investments (inclusive of capital consisting of both equity and debt) made during the Amendment Period,
(ii) the then current Acquisition Allotment and (iii) the aggregate amount of Revolving Credit Advances applied to Permitted
Preferred Payments during the then current calendar year and (y) as soon as available and in any event within 30 days after
the end of each calendar month, a report, in a form reasonably acceptable to the Agents, describing, as of the last day of such
month, the sum of (i) Unrestricted Cash and Cash Equivalents held by the Loan Parties and (ii) available Revolving Credit
Commitments.

 

    9 

     

    

 

SECTION 6. Amendments
to the Existing Credit Agreement. The Existing Credit Agreement is, as of the Amendment Effective Date (as defined in Section 12
below), hereby amended as follows:

 

(a)            The
following definitions are added to Section 1.01 in alphabetical order:

 

“Collateral Release
Provisions” has the meaning provided in the Sixth Amendment.

 

“Extended Amendment
Period” means the period commencing on the Third Amendment Date and ending on the last day of the Amendment Period.

 

“Pledged Proceeds Account”
has the meaning provided in the Sixth Amendment.

 

“Sixth Amendment”
means that certain Sixth Amendment to Credit Agreement among the Borrower, the Parent Guarantor, the Subsidiary Guarantors, the
Administrative Agent and certain Lenders dated as of the Sixth Amendment Date, as the same may be modified, amended or amended
and restated.

 

“Sixth Amendment Date”
means February 5, 2021.

 

(b)          The
definition of “Applicable Margin” in Section 1.01 is hereby amended as follows: (i) the Applicable Margin
for Base Rate Advances for Pricing Level VIII shall be changed from “0.95%” to “1.15%” and (ii) the
Applicable Margin for Eurodollar Rate Advances for Pricing Level VIII shall be changed from “1.95%” to “2.15%”.

 

(c)          The
definition of “Collateral Release Conditions” in Section 1.01 is hereby deleted in its entirety and all references
to “Collateral Release Conditions” in the Existing Credit Agreement are hereby deemed to be references to “Collateral
Release Provisions”.

 

(d)          The
definition of “Unsecured Leverage Ratio Increase Election” in Section 1.01 is hereby amended to replace the reference
in the fourth line to “Section 5.04(b)(i)” with “Section 5.04(b)(i)(A)”.

 

(e)          The
definition of “Amendment Period” in Section 1.01 is hereby amended and restated as follows:

 

“Amendment Period”
means the period from the Sixth Amendment Date through the earlier of (i) the Reinstatement Date and (ii) December 31,
2022.

 

(f)           The
definition of “Collateral” in Section 1.01 is hereby amended and restated as follows:

 

“Collateral”
means all “Collateral” and all “Mortgaged Property” referred to in the Collateral Documents, the Pledged
Equity, the Pledged Account and all funds therein, the Pledged Proceeds Account and all funds therein, and all proceeds of any
of the foregoing, and all other property that is or is intended to be subject to any Lien in favor of the Agents (or any of them)
for the benefit of the Secured Parties.

 

    10 

     

    

 

(g)            The
definition of “Assumed Unsecured Interest Expense” in Section 1.01 is hereby amended by adding the following
sentence at the end thereof:

 

“Notwithstanding the foregoing,
for any convertible notes included in Unsecured Indebtedness of the Parent Guarantor and its Consolidated Subsidiaries, actual
Interest Expense shall be used in the determination of Assumed Unsecured Interest Expense.”

 

(h)            All
references to the “Third Amendment” in (x) Section 1.01 of the Existing Credit Agreement in the definitions
of “Amendment Period”, “Applicable Law”, “Collateral Documents”, “Initial Grantors”,
 “Loan Documents”, “Mortgage Requirements”, “Net Cash Proceeds”, “Permitted Uses”,
 “Pledge Agreement”, “Pledged Account”, “Qualified Government Debt”, “Revolving Credit
Advances”, “Revolving Credit Commitment”, “Revolving Lenders”, and (y) Sections 3.02, 4.01(o),
5.04(a)(iii) and Section 9.19 of the Existing Credit Agreement are hereby deemed to be references to the Third Amendment
and/or the Sixth Amendment, as applicable.

 

(i)            Eurodollar
Rate. The following new Section 1.04 shall be added to the Existing Credit Agreement:

 

“Section 1.04     Eurodollar
Rate. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect
to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition
of “Eurodollar Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof including,
without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section 2.07(d) or
Section 2.18, whether upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, and (ii) the implementation
of any Benchmark Replacement Conforming Changes pursuant to Section 2.18, including without limitation, whether the composition
or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value
or economic equivalence of, the Eurodollar Rate or have the same volume or liquidity as did the London interbank offered rate prior
to its discontinuance or unavailability.”

 

(j)            Interest
Rate Determination. The reference to “Section 2.07(d)(ii)” in the fourth line of Section 2.02(c) is
hereby replaced with “Section 2.18”.

 

(k)            Alternate
Rate of Interest. Section 2.18 of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

 

“Section 2.18     Alternate
Rate of Interest.

 

(a)            Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event
or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time
in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with
clause (1) or (2) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark
Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting
and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement
or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition
of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark
for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York
City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without
any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the
Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising
the Required Lenders of each class.

 

    11 

     

    

 

(b)            Benchmark
Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent
will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary
herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective
without any further action or consent of any other party to this Agreement or any other Loan Document.

 

(c)            Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any
occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date,
(ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming
Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (d) below and (v) the
commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by
the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.18, including any
determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date
and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error
and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document,
except, in each case, as expressly required pursuant to this Section 2.18.

 

(d)            Unavailability
of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including
in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including
Term SOFR or USD LIBOR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service
that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the
regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing
that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition
of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative
tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on
a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject
to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the
Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time
to reinstate such previously removed tenor.

 

    12 

     

    

 

 

(e)            Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period,
the Borrower may revoke any request for a Eurodollar Rate Advance of, conversion to or continuation of Eurodollar Rate Advances
to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to
have converted any such request into a request for a Borrowing of or conversion to Base Rate Advances. During any Benchmark Unavailability
Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon
the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.

 

(f)            Certain
Defined Terms. As used in this Section 2.18:

 

“Available Tenor” means, as
of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark or any
payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining
the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any
tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (d) of
this Section 2.18.

 

“Benchmark” means, initially,
the Eurodollar Rate for any applicable Interest Period; provided that if a Benchmark Transition Event or an Early Opt-in
Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to USD LIBOR or the then-current
Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement
has replaced such prior benchmark rate pursuant to clause (a) of this Section 2.18.

 

“Benchmark Replacement” means,
for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent
for the applicable Benchmark Replacement Date:

 

(1)            the
sum of: (A) Term SOFR and (B) the related Benchmark Replacement Adjustment;

 

(2)            the
sum of: (A) Daily Simple SOFR and (B) the related Benchmark Replacement Adjustment;

 

(3)           the
sum of: (A) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation
of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any
evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark
for U.S. dollar-denominated syndicated credit facilities at such time and (B) the related Benchmark Replacement Adjustment;
or

 

    13

     

    

 

provided that, in the case
of clause (1) the applicable Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes
such rate from time to time as selected by the Administrative Agent in its reasonable discretion. If the Benchmark Replacement
as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be
deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

 

“Benchmark Replacement Adjustment”
means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable
Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(1)          for
purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth
in the order below that can be determined by the Administrative Agent:

 

(a)           the
spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value
or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended
by the Relevant Governmental Body for the replacement of such Available Tenor of such Benchmark with the applicable Unadjusted
Benchmark Replacement;

 

(b)           the
spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first
set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions
to be effective upon an index cessation event with respect to such Available Tenor of such Benchmark; and

 

(2)          for
purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating
or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative
Agent and the Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for
calculating or determining such spread adjustment, for the replacement of such Available Tenor of such Benchmark with the applicable
Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any
evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such
spread adjustment, for the replacement of such Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement
for U.S. dollar-denominated syndicated credit facilities;

 

provided that, in the case
of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement
Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion.

 

    14

     

    

 

“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including, without limitation changes to the definition of “Base Rate,” the definition of “Business
Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest,
timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of
breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate
to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative
Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion
of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for
the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides
is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

 

“Benchmark Replacement Date”
means the earliest to occur of the following events with respect to the then-current Benchmark:

 

(1)            in
the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the
date of the public statement or publication of information referenced therein and (b) the date on which the administrator
of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all
Available Tenors of such Benchmark (or such component thereof);

 

(2)            in
the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or
publication of information referenced therein; or

 

(3)            in
the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided
to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th)
Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such
Early Opt-in Election from Lenders comprising the Required Lenders.

 

For the avoidance of doubt, (i) if the event giving
rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination,
the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the
 “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect
to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available
Tenors of such Benchmark (or the published component used in the calculation thereof).

 

“Benchmark Transition Event”
means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(1)           a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component
used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of
such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

 

    15

     

    

 

(2)           a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New
York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority
with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency
or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such
Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof)
permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that
will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

 

(3)           a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are
no longer representative.

 

For the avoidance of doubt, a “Benchmark Transition
Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information
set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used
in the calculation thereof).

 

“Benchmark Unavailability Period”
means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of
that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes
hereunder and under any Loan Document in accordance with this Section 2.18 and (y) ending at the time that a Benchmark
Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with this
Section 2.18.

 

“Corresponding Tenor” means,
with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having
approximately the same length (disregarding business day adjustment) as such Available Tenor.

 

“Daily Simple SOFR” means,
for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent
in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily
Simple SOFR” for syndicated business loans; provided that if the Administrative Agent decides that any such convention is
not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its
reasonable discretion.

 

    16

     

    

 

“Early Opt-in Election” means,
if the then-current Benchmark is USD LIBOR, the occurrence of:

 

(1)           a
notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the
other parties hereto that at least five (5) currently outstanding U.S. dollar-denominated syndicated credit facilities at
such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other
rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly
available for review), and

 

(2)            the
joint election by the Administrative Agent and the Borrower to trigger a fallback from USD LIBOR and the provision by the Administrative
Agent of written notice of such election to the Lenders.

 

“Floor” means the benchmark
rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or
renewal of this Agreement or otherwise) with respect to USD LIBOR.

 

“ISDA Definitions” means the
2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as
amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time
to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“Reference Time” means, with
respect to any setting of the then-current Benchmark (1) if such Benchmark is USD LIBOR, 11:00 a.m. (London time) on
the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR, the
time determined by the Administrative Agent in its reasonable discretion.

 

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

 

“SOFR” means, with respect
to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR
Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.

 

“SOFR Administrator” means
the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

“SOFR Administrator’s Website”
means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for
the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

    17

     

    

 

“Term SOFR” means, for the
applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected
or recommended by the Relevant Governmental Body.

 

“Unadjusted Benchmark Replacement”
means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“USD LIBOR” means the London
interbank offered rate for U.S. dollars.”

 

(l)           Maximum
Leverage Ratio. Subsection 5.04(a)(i)(B) is hereby amended and restated in its entirety as follows:

 

“(B)       Maintain
as of each Test Date (1) from the first day following the Amendment Period through March 31, 2023, a Leverage Ratio of
not greater than 7.75:1.00, (2) for the second quarter of calendar year 2023 ending June 30, 2023, a Leverage Ratio of
not greater than 7.50:1.00, (3) for the third quarter of the calendar year 2023 ending September 30, 2023, a Leverage
Ratio of not greater than 7.00:1.00 and (4) for the fourth quarter of calendar year 2023 ending December 31, 2023, a
Leverage Ratio of not greater than 6.75:1.00.”

 

(m)         Maximum
Unsecured Leverage Ratio. Subsection 5.04(b)(i) is hereby amended and restated in its entirety as follows:

 

“(i)         Maximum
Unsecured Leverage Ratio.

 

(A)        Other
than as set forth in subsection (B) below, maintain at all times a ratio of Consolidated Unsecured Indebtedness of the Parent
Guarantor to Unencumbered Asset Value less than or equal to 60%; provided, however, that on and after the date of
any Unsecured Leverage Ratio Increase Election during any calendar quarter in which the ratio of Consolidated Unsecured Indebtedness
of the Parent Guarantor to Unencumbered Asset Value is less than 65%, the Parent Guarantor shall maintain as of each Test Date
occurring during the period ending not later than the last day of the third (3rd) consecutive fiscal quarter ending after the date
of such Unsecured Leverage Ratio Increase Election, a ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor to Unencumbered
Asset Value of less than or equal to 65%; provided further that (A) such Unsecured Leverage Ratio Increase Elections
may only occur (1) prior to the Initial Maturity Date and (2) not more than two times during the term of the Facilities,
(B) such Unsecured Leverage Ratio Increase Elections may not be consecutive and (C) the Applicable Margin shall be at
Pricing Level VIII for so long as any Unsecured Leverage Ratio Election is in effect.

 

(B)          Maintain
as of each Test Date (1) from the first day following the Amendment Period through March 31, 2023, a ratio of Consolidated
Unsecured Indebtedness of the Parent Guarantor to Unencumbered Asset Value less than or equal to 65% and (2) for the second
quarter of calendar year 2023 ending June 30, 2023, a ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor
to Unencumbered Asset Value less than or equal to 62.5%.”

 

    18

     

    

 

SECTION 7. Real
Property Collateral. Section 7 of the Third Amendment is null and void and of no further force or effect. On or before the
day during the Extended Amendment Period that outstanding Revolving Exposure will equal or exceed $350,000,000, (a) the Borrower
will cause the Initial Grantors to provide to the Agents, for each Unencumbered Asset, each of the Collateral Deliverables and
those items required under subsections 3.01(a)(v), (vi), (vii), (viii) and (ix) of the Existing Credit Agreement, (b) the
Borrower will provide evidence reasonably satisfactory to the Agents of the recordation in the applicable local recording or filing
office of a memorandum of lease for each Operating Lease relating to the Unencumbered Assets, (c) the Borrower will deliver
to the Agents record owner searches, lien and encumbrance searches, UCC searches, bankruptcy and judgment searches, land surveys
(which may be existing surveys) for the Unencumbered Assets, (d) the Borrower will provide to the Agents reasonably satisfactory
evidence of the payment in full of any and all title company service charges, record and lien search charges, filing fees and
charges, mortgage recording taxes and intangible taxes incurred in connection with the Collateral diligence and the recordation
of the Mortgages and Assignments of Leases, (e) the Borrower will provide to the Agents satisfactory evidence of (1) fee
and leasehold ownership of the Unencumbered Assets in the proper Loan Parties and (2) no Liens of record affecting the Unencumbered
Assets other than Permitted Liens, (f) in addition to the items required under clause (a) of the definition of Collateral
Deliverables relating to the Flood Laws, the Borrower will provide such other information reasonably requested by the Lender Parties
to complete their flood review and approval process such that the Administrative Agent reasonably concludes that the Lender Parties
have completed their required due diligence in respect of the Flood Laws and (g) the Borrower will cooperate in all reasonable
respects with the Agents to provide all due diligence material relating to the Unencumbered Assets and all other deliverables
required to comply with any applicable law or regulation applicable to the Agents or the Lenders. The requirements described in
items (a) through (g) above (the “Mortgage Requirements”) shall be in form and substance reasonably
satisfactory to the Agents.

 

Notwithstanding the foregoing, the Liens
created by the Pledge Agreement, the Mortgages, the Assignments of Leases and the Security Agreement shall be promptly released
upon the Agents’ confirmation that (i) the aggregate outstanding Revolving Exposure is less than $350,000,000, (ii) each
of the Limited Waiver Period and the Transition Period shall have terminated and the temporary waivers and amendments set forth
in Sections 2 and 3 of this Amendment are of no further force or effect and (iii) the matters set forth in the
following clauses (x) and (y) are true and the Borrower has delivered to the Agents a certificate from a Responsible
Officer of the Parent Guarantor confirming (x) that no Default or Event of Default then exists and (y) that the Parent
Guarantor has complied with the Reinstated Financial Covenants for two consecutive quarters, together with a schedule of supporting
calculations reasonably satisfactory to the Agents((i), (ii) and (iii), collectively, the “Collateral Release
Provisions”).

 

SECTION 8. Intentionally
Omitted.

 

SECTION 9. Intentionally
Omitted.

 

SECTION 10. Amendment
Fees. The Borrower shall pay to the Administrative Agent, on the Amendment Effective Date and for the account of each Lender
that consents to this Amendment (each a “Consenting Lender”), a fee of 7.5 basis points on each Consenting
Lender’s Commitments.

 

SECTION 11. Representations
and Warranties. Each Loan Party hereby represents and warrants that:

 

(a)      The
representations and warranties contained in each of the Loan Documents (as amended or supplemented to date, including pursuant
to this Amendment) to which it is a party are, other than with respect to the Subject Provisions, true and correct in all material
respects on and as of the Amendment Effective Date, before and after giving effect to this Amendment, as though made on and as
of such date (except for any such representation and warranty that, by its terms, refers to an earlier date, in which case as of
such earlier date).

 

    19

     

    

 

(b)      Such
Loan Party has taken all necessary corporate and other organizational action to authorize the execution, delivery and performance
of this Amendment.

 

(c       This
Amendment has been duly executed and delivered by such Loan Party and constitutes such Loan Party's legal, valid and binding obligation,
enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization,
fraudulent conveyance or transfer, moratorium or similar laws affecting creditors' rights generally and (ii) general principles
of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

 

(d)      The
execution and delivery of this Amendment does not (i) contravene any provision of the organizational documents of such Loan
Party or its general partner or managing member or (ii) violate any law, rule, regulation, order, writ, judgment, injunction,
decree, determination or award applicable to such Loan Party.

 

(e)      Other
than any Default or Event of Default that would exist absent the limited waiver of the Subject Provisions pursuant to Sections
2(a) and 3(c) above, no Default or Event of Default has occurred and is continuing, or would result from the
entering into of this Amendment by any Loan Party.

 

SECTION 12. Conditions
of Effectiveness. This Amendment shall become effective as of the first date (the “Amendment Effective Date”)
on which, and only if, each of the following conditions precedent shall have been satisfied:

 

(a)     The
Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent (x) counterparts
of this Amendment executed by the Borrower, the Administrative Agent and those Lenders comprising Required Lenders or, as to any
of such Lenders, advice satisfactory to the Administrative Agent that such Lender has executed this Amendment, and (y) the
consent attached hereto (the “Consent”) executed by each of the Guarantors.

 

(b)     The
Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent, counterparts
of an amendment to the Pledge Agreement executed by each of the parties thereto.

 

(c)     The
Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent (a) a
certificate of each Loan Party and of each general partner or managing member thereof certifying as to the matters required by
the certificate described in Section 3.01(a)(viii) of the Existing Credit Agreement, in each case as of the Amendment
Effective Date, (b) a certificate of the Secretary or an Assistant Secretary of each Loan Party (or Responsible Officer of
the general partner or managing member of any Loan Party) and of each general partner or managing member (if any) of each Loan
Party certifying the names and true signatures of the officers of such Loan Party, or of the general partner or managing member
of such Loan Party, authorized to sign this Amendment and each Loan Document to which it is or is to be a party and the other documents
to be delivered hereunder and thereunder and (c) certified copies of the resolutions of the Board of Directors of the Parent
Guarantor on its behalf and on behalf of each Loan Party for which it is the ultimate signatory approving the transactions contemplated
by this Amendment and each Loan Document contemplated hereby to which it or such Loan Party is or is to be a party, and of all
documents evidencing other necessary corporate action and governmental and other third party approvals and consents, if any, with
respect to the transactions under the Loan Documents and each Loan Document to which it or such Loan Party is or is to be a party.

 

    20

     

    

 

(d)     The
Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, (i) an amendment
of the Revolving Credit Agreement and (ii) an amendment to the 5 Year Term Loan Agreement, in each case modifying the underlying
agreement to account for the terms herein and making certain other corresponding modifications.

 

(e)     (i) the
fees provided for in Section 10 and (ii) all of the reasonable out-of-pocket expenses of the Administrative Agent
(including the reasonable fees and expenses of counsel for the Administrative Agent) due and payable on the Amendment Effective
Date shall have been paid in full.

 

SECTION 13. Reference
to and Effect on the Loan Documents.

 

(a)      On
and after the Amendment Effective Date, each reference in the Existing Credit Agreement to “this Agreement”, “hereunder”,
 “hereof” or words of like import referring to the Credit Agreement, and each reference in each of the other Loan Documents
to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the
Credit Agreement, shall mean and be a reference to the Existing Credit Agreement, as amended by this Amendment.

 

(b)     The
Existing Credit Agreement, as specifically amended by this Amendment, is and shall continue to be in full force and effect and
is hereby in all respects ratified and confirmed.

 

(c)     The
execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender
or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

 

SECTION 14. Intentionally
Omitted.

 

SECTION 15. Costs
and Expenses. The Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of the Administrative Agent
in connection with the preparation, execution, delivery and administration, modification and amendment of this Amendment (including,
for the avoidance of doubt, in connection with satisfying the Mortgage Requirements, to the extent applicable) and the other instruments
and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of counsel for the Administrative
Agent) in accordance with the terms of Section 9.04 of the Existing Credit Agreement.

 

SECTION 16. Execution
in Counterparts; Electronic Signatures. This Amendment may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together
shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this letter by
facsimile or as an attachment to an electronic mail message in .pdf, .jpeg, .TIFF or similar electronic format shall be effective
as delivery of a manually executed counterpart of this letter for all purposes. The words “execution,” “signed,”
 “signature,” “delivery,” and words of like import in or relating to this Amendment and any other Loan
Document (including, without limitation, any Assignment and Acceptance Agreement) to be signed in connection with this Amendment,
the other Loan Documents and the transactions contemplated hereby and thereby shall be deemed to include Electronic Signatures,
deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be,
to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
Transactions Act; provided that nothing herein shall require the Administrative Agent to accept electronic signatures in any form
or format without its prior written consent. Each of the parties represents and warrants to the other parties that it has the
corporate capacity and authority to execute the Amendment through electronic means and there are no restrictions for doing so
in that party’s constitutive documents.

 

    21

     

    

 

SECTION 17. Governing
Law. This Amendment shall pursuant to New York General Obligations Law Section 5-1401 be governed by, and construed in
accordance with, the laws of the State of New York.

 

SECTION 18. Waiver
of Claims. The Borrower acknowledges, represents and agrees that the Borrower as of the date hereof has no defenses, setoffs,
claims, counterclaims or causes of action of any kind or nature whatsoever with respect to the Loan Documents, the administration
or funding of the Term Loan Advances or with respect to any acts or omissions of the Administrative Agent or any Lender Party,
or any past or present officers, agents or employees of the Administrative Agent or any Lender Party, and the Borrower does hereby
expressly waive, release and relinquish any and all such defenses, setoffs, claims, counterclaims and causes of action, if any.

 

(Signature pages follow)

 

    22

     

    

 

 

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

 

	 	BORROWER:
	 	 
	 	SUMMIT HOTEL OP, LP,
	 	a Delaware limited partnership
	 	 
	 	By:    	SUMMIT HOTEL GP, LLC,
	 	 	a Delaware limited liability company,its general partner

 

	 	By: 	SUMMIT HOTEL PROPERTIES, INC., a Maryland corporation,its sole member

 

 

	 	By: 	/s/ Christopher Eng
	 	Name:  Christopher Eng
	 	Title:    Secretary

 

(Signatures continued on next page)

 

Summit -
Sixth Amendment to First Amended and Restated Credit Agreement

(Seven
Year Term Loan)

 

     

     

    

 

	Agreed as of the date first above written:	 
	 	 
	KEYBANK NATIONAL ASSOCIATION,	 
	as Administrative Agent and Lender	 
	 

                     
	 
	By: 	Thomas Z. Schmitt	 
	 	Name: Thomas Z. Schmitt	 
	 	Title: Vice President	 

(Signatures continued on next page)

 

Summit -
Sixth Amendment to First Amended and Restated Credit Agreement

(Seven
Year Term Loan)

 

     

     

    

 

	CAPITAL ONE, NATIONAL ASSOCIATION,	 
	as a Lender	 
	 	 

        

	 	 
	By: 	/s/ Jessica W. Phillips	 
	 	Name: Jessica W. Phillips	 
	 	Title: Authorized Signatory 	 

(Signatures continued on next page)

 

Summit -
Sixth Amendment to First Amended and Restated Credit Agreement

(Seven
Year Term Loan)

 

    

     

    

 

	PNC BANK, NATIONAL ASSOCIATION,	 
	as a Lender	 
	 	 
	 	 
	By: 	/s/ Andrew T. White	 
	 	Name: Andrew T. White	 
	 	Title: Senior Vice President	 

(Signatures continued on next page)

 

Summit -
Sixth Amendment to First Amended and Restated Credit Agreement

(Seven
Year Term Loan)

 

     

     

    

 

 

	REGIONS BANK,	 
	as a Lender

                     

                     
	 
	By: 	Ghi S. Gavin	 
	 	Name: Ghi S. Gavin	 
	 	Title: Senior Vice President	 

 

(Signatures continued on next page)

 

Summit -
Sixth Amendment to First Amended and Restated Credit Agreement

(Seven
Year Term Loan)

 

     

     

    

 

	RAYMOND JAMES BANK, N.A.,	 
	as a Lender	 
	 
	 
	 	 
	By:	/s/ Matt Stein	 
	 	Name: Matt Stein	 
	 	Title: Senior Vice President	 

 

(Signatures continued on next page)

 

Summit -
Sixth Amendment to First Amended and Restated Credit Agreement

(Seven
Year Term Loan)

 

     

     

    

 

	U.S. BANK NATIONAL ASSOCIATION,	 
	as a Lender	 
	 
	 
	 	 
	By:	/s/ Matthew K. Mains	 
	 	Name: Matthew K. Mains	 
	 	Title: Senior Vice President	 

(Signatures continued on next page)

 

Summit -
Sixth Amendment to First Amended and Restated Credit Agreement

(Seven
Year Term Loan)

 

     

     

    

 

	TRUIST BANK f/k/a BRANCH BANKING AND TRUST COMPANY,	 
	as a Lender	 
	 
	 
	 	 
	By: 	/s/ Ryan Almond	 
	Name: Ryan Almond	 
	Title: Director	 

 

(Signatures continued on next page)

 

Summit -
Sixth Amendment to First Amended and Restated Credit Agreement

(Seven
Year Term Loan)

 

     

     

    

 

	AMERICAN BANK, N.A.,	 
	as a Lender	 
	 
	 
	 	 
	By: 	/s/ Todd J. Butler	 
	Name: Todd J. Butler	 
	Title: SVP	 

 

(Signatures continued on next page)

 

Summit -
Sixth Amendment to First Amended and Restated Credit Agreement

(Seven
Year Term Loan)

 

     

     

    

 

CONSENT

 

Dated as of February 5, 2021

 

Each of the
undersigned, as a Guarantor under the Guaranty set forth in Article VII of the First Amended and Restated Credit Agreement
dated as of February 15, 2018, as amended, in favor of the Lender Parties party to the Existing Credit Agreement referred
to in the foregoing Sixth Amendment to First Amended and Restated Credit Agreement, hereby consents to such Sixth Amendment to
First Amended and Restated Credit Agreement and hereby confirms and agrees that notwithstanding the effectiveness of such Sixth
Amendment to First Amended and Restated Credit Agreement, the Guaranty is, and shall continue to be, in full force and effect and
is hereby ratified and confirmed in all respects. Without limitation of the foregoing, each Guarantor hereby ratifies the Existing
Credit Agreement as amended to date. Each Guarantor acknowledges, represents and agrees that Guarantors as of the date hereof have
no defenses, setoffs, claims, counterclaims or causes of action of any kind or nature whatsoever with respect to the Loan Documents,
the administration or funding of the Term Loan Advances or with respect to any acts or omissions of Administrative Agent or any
Lender, or any past or present officers, agents or employees of Administrative Agent or any Lender, and each Guarantor does hereby
expressly waive, release and relinquish any and all such defenses, setoffs, claims, counterclaims and causes of action, if any.

 

	 	SUMMIT HOTEL PROPERTIES, INC., a Maryland corporation

 

	 	By:	/s/ Christopher Eng
	 	Name: Christopher Eng
	 	Title: Secretary

 

	 	CARNEGIE HOTELS, LLC, a Georgia limited liability company

 

	 	By:	/s/ Christopher Eng
	 	Name: Christopher Eng
	 	Title: Secretary

 

	 	SUMMIT GROUP OF SCOTTSDALE,
ARIZONA, LLC, a South Dakota limited liability company

 

	 	By:	/s/ Christopher Eng
	 	Name: Christopher Eng
	 	Title: Secretary

 

     

     

    

 

	 	SUMMIT
    HOSPITALITY I, LLC,
	 	SUMMIT
    HOSPITALITY 17, LLC,
	 	SUMMIT
    HOSPITALITY 18, LLC,
	 	SUMMIT
    HOSPITALITY 22, LLC,
	 	SUMMIT
    HOSPITALITY 25, LLC,
	 	SUMMIT
    HOSPITALITY 036, LLC,
	 	SUMMIT
    HOSPITALITY 057, LLC,
	 	SUMMIT
    HOSPITALITY 060, LLC,
	 	SUMMIT
    HOSPITALITY 084, LLC,
	 	SUMMIT
    HOSPITALITY 092, LLC,
	 	SUMMIT
    HOSPITALITY 100, LLC,
	 	SUMMIT
    HOSPITALITY 101, LLC,
	 	SUMMIT
    HOSPITALITY 103, LLC,
	 	SUMMIT
    HOSPITALITY 110, LLC,
	 	SUMMIT
    HOSPITALITY 111, LLC,
	 	SUMMIT
    HOSPITALITY 114, LLC,
	 	SUMMIT
    HOSPITALITY 116, LLC,
	 	SUMMIT
    HOSPITALITY 117, LLC,
	 	SUMMIT
    HOSPITALITY 119, LLC,
	 	SUMMIT
    HOSPITALITY 120, LLC,
	 	SUMMIT
    HOSPITALITY 121, LLC,
	 	SUMMIT
    HOSPITALITY 123, LLC,
	 	SUMMIT
    HOSPITALITY 126, LLC,
	 	SUMMIT
    HOSPITALITY 127, LLC,
	 	SUMMIT
    HOSPITALITY 128, LLC,
	 	SUMMIT
    HOSPITALITY 129, LLC,
	 	SUMMIT
    HOSPITALITY 130, LLC,
	 	SUMMIT
    HOSPITALITY 131, LLC,
	 	SUMMIT
    HOSPITALITY 132, LLC,
	 	SUMMIT
    HOSPITALITY 134, LLC,
	 	SUMMIT
    HOSPITALITY 135, LLC,
	 	SUMMIT
    HOSPITALITY 136, LLC,
	 	SUMMIT
    HOSPITALITY 137, LLC,
	 	SUMMIT
    HOSPITALITY 138, LLC,
	 	SUMMIT
    HOSPITALITY 139, LLC,
	 	SUMMIT
    HOSPITALITY 140, LLC,
	 	SUMMIT
    HOSPITALITY 141, LLC,
	 	SUMMIT
    HOSPITALITY 142, LLC,
	 	SUMMIT
    HOSPITALITY 143, LLC,
	 	SUMMIT
    HOSPITALITY 144, LLC,
	 	SUMMIT
    HOSPITALITY 145, LLC, and
	 	SAN
    FRAN JV, LLC,
	 	each
    a Delaware limited liability company
	 	 
	 	By: 	/s/ Christopher Eng
	 	Name:
    Christopher Eng
	 	Title:
    Secretary

 

     

     

    

 

	 	SUMMIT
    HOTEL TRS 030, LLC,
	 	SUMMIT
    HOTEL TRS 036, LLC,
	 	SUMMIT
    HOTEL TRS 037, LLC,
	 	SUMMIT
    HOTEL TRS 052, LLC,
	 	SUMMIT
    HOTEL TRS 053, LLC,
	 	SUMMIT
    HOTEL TRS 057, LLC,
	 	SUMMIT
    HOTEL TRS 060, LLC,
	 	SUMMIT
    HOTEL TRS 062, LLC,
	 	SUMMIT
    HOTEL TRS 065, LLC,
	 	SUMMIT
    HOTEL TRS 066, LLC,
	 	SUMMIT
    HOTEL TRS 084, LLC,
	 	SUMMIT
    HOTEL TRS 092, LLC,
	 	SUMMIT
    HOTEL TRS 094, LLC,
	 	SUMMIT
    HOTEL TRS 099, LLC,
	 	SUMMIT
    HOTEL TRS 100, LLC,
	 	SUMMIT
    HOTEL TRS 101, LLC,
	 	SUMMIT
    HOTEL TRS 102, LLC,
	 	SUMMIT
    HOTEL TRS 103, LLC,
	 	SUMMIT
    HOTEL TRS 104, LLC,
	 	SUMMIT
    HOTEL TRS 105, LLC,
	 	SUMMIT
    HOTEL TRS 108, LLC,
	 	SUMMIT
    HOTEL TRS 109, LLC,
	 	SUMMIT
    HOTEL TRS 110, LLC,
	 	SUMMIT
    HOTEL TRS 111, LLC,
	 	SUMMIT
    HOTEL TRS 113, LLC,
	 	SUMMIT
    HOTEL TRS 114, LLC,
	 	SUMMIT
    HOTEL TRS 116, LLC,
	 	SUMMIT
    HOTEL TRS 117, LLC,
	 	SUMMIT
    HOTEL TRS 119, LLC,
	 	SUMMIT
    HOTEL TRS 120, LLC,
	 	SUMMIT
    HOTEL TRS 121, LLC,
	 	SUMMIT
    HOTEL TRS 123, LLC,
	 	SUMMIT
    HOTEL TRS 126, LLC,
	 	SUMMIT
    HOTEL TRS 127, LLC,
	 	SUMMIT
    HOTEL TRS 128, LLC,
	 	SUMMIT
    HOTEL TRS 129, LLC,
	 	SUMMIT
    HOTEL TRS 130, LLC,
	 	SUMMIT
    HOTEL TRS 131, LLC, and
	 	SUMMIT
    HOTEL TRS 132, LLC,
	 	each a Delaware
    limited liability company
	 	 
	 	By:	Summit Hotel TRS, Inc., a Delaware corporation, the sole member of each of the above referenced Delaware limited liability companies
	 	 	 
	 	 	By: 	/s/
    Christopher Eng
	 	 	Name: Christopher Eng
	 	 	Title: Secretary

 

     

     

    

 

	 	SUMMIT HOTEL TRS 134, LLC,
	 	SUMMIT HOTEL TRS 135, LLC,
	 	SUMMIT HOTEL TRS 136, LLC,
	 	SUMMIT HOTEL TRS 137, LLC,
	 	SUMMIT HOTEL TRS 138, LLC,
	 	SUMMIT HOTEL TRS 139, LLC,
	 	SUMMIT HOTEL TRS 140, LLC,
	 	SUMMIT HOTEL TRS 141, LLC,
	 	SUMMIT HOTEL TRS 142, LLC,
	 	SUMMIT HOTEL TRS 143, LLC,
	 	SUMMIT HOTEL TRS 144, LLC,
	 	SUMMIT HOTEL TRS 145, LLC, and

SUMMIT HOTEL TRS 146, LLC,
	 	each a Delaware limited liability company
	 	 
	 	By:	Summit Hotel TRS, Inc., a Delaware corporation, the sole member of each of the above referenced Delaware limited liability companies
	 	 
	 	 	By: 	/s/ Christopher Eng
	 	 	Name: Christopher Eng
	 	 	Title: Secretary
	 	 
	 	BP WATERTOWN HOTEL LLC, a Massachusetts limited liability company
	 	 
	 	By: 	/s/ Christopher Eng
	 	Name: Christopher Eng
	 	Title: Secretary

 

     

     

    

 

Annex A

 

FORM OF NOTICE OF BORROWING FOR LIMITED
WAIVER PERIOD

 

[See attached.]

 

    Annex A-1 

     

    

 

NOTICE OF BORROWING

 

_________ __, ____

 

KeyBank National Association,

as Administrative Agent

under the Credit Agreement

referred to below

1200 Abernathy Road, N.E., Suite 1550

Atlanta, Georgia 30328

Attention: Michael Colbert

 

Ladies and Gentlemen:

 

The undersigned, SUMMIT
HOTEL OP, LP, a Delaware limited partnership, refers to the First Amended and Restated Credit Agreement dated as of February 15,
2018 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”;
capitalized terms not otherwise defined herein shall have their respective meanings set forth in the Credit Agreement), among the
undersigned, Summit Hotel Properties, Inc., the Subsidiary Guarantors party thereto, the Lender Parties party thereto, KeyBank
National Association, as Administrative Agent for the Lender Parties and the Joint Lead Arrangers party thereto, and hereby gives
you notice, irrevocably, pursuant to Section 2.02 of the Credit Agreement that the undersigned hereby requests a Borrowing
under the Credit Agreement, and in that connection sets forth below the information relating to such Borrowing (the “Proposed
Borrowing”) as required by Section 2.02(a) of the Credit Agreement:

 

		(a)	The Business Day of the Proposed Borrowing is _________ __, ____.

 

		(b)	[Reserved].

 

		(c)	The Type of Advances comprising the Proposed Borrowing is [Base Rate Advances] [Eurodollar Rate
Advances].

 

		(d)	The aggregate amount of the Proposed Borrowing is $[__________].

 

		(e)	[The initial Interest Period for each Eurodollar Rate Advance made as part of the Proposed Borrowing
is __________ month[s].]1

 

The undersigned hereby certifies that, other
than with respect to the Subject Provisions, the following statements are true on the date hereof, and will be true on the date
of the Proposed Borrowing:

 

		(A)	The representations and warranties contained in each Loan Document are true and correct on and
as of the date of the Proposed Borrowing, before and after giving effect to (1) such Proposed Borrowing and (2) the application
of the proceeds therefrom, as though made on and as of the date of the Proposed Borrowing;

 

 

1 For Eurodollar Rate Advances only.

 

    Annex A-2 

     

    

 

		(B)	No Default or Event of Default has occurred and is continuing, or would result from (1) such
Proposed Borrowing or (2) from the application of the proceeds therefrom;

 

		(C)	Attached hereto as Schedule A is supporting information showing the computations used in
determining compliance with the covenants contained in Section 5.04 of the Credit Agreement.

 

Delivery of an executed
counterpart of this Notice of Borrowing by telecopier or e-mail (which e-mail shall include an attachment in PDF format or similar
format containing the legible signature of the undersigned) shall be effective as delivery of an original executed counterpart
of this Notice of Borrowing.

 

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

 

    Annex A-3 

     

    

 

SCHEDULE 2(c)

 

APPROVED CAPITAL PROJECTS

 

[attached]

 

     Sched. 2(c)1

     

    

 

 

	 	Schedule II
	 	 

	Hotel	 	Rooms	 	 	Scope	 	 	Estimated
 Cost	 	 	Per Key	 	 	Summit
 Share	 	 	Summit
 Total	 
	Courtyard Kansas City, MO	 	 	123	 	 	 	14 year	 	 	 	4,182,000	 	 	 	34,000	 	 	 	100	%	 	 	4,182,000	 
	Staybridge Suites Glendale, CO	 	 	121	 	 	 	14 year	 	 	 	4,598,000	 	 	 	38,000	 	 	 	100	%	 	 	4,598,000	 
	SpringHill Suites, Nashville, TN	 	 	78	 	 	 	21 year	 	 	 	2,106,000	 	 	 	27,000	 	 	 	100	%	 	 	2,106,000	 
	Courtyard Metairie, LA	 	 	153	 	 	 	14 year	 	 	 	5,355,000	 	 	 	35,000	 	 	 	100	%	 	 	5,355,000	 
	Courtyard, Fort Lauderdale, FL	 	 	261	 	 	 	14 year	 	 	 	14,811,000	 	 	 	57,000	 	 	 	100	%	 	 	14,811,000	 
	HGI Houston, TX Energy Corridor	 	 	190	 	 	 	14 year	 	 	 	6,291,326	 	 	 	33,000	 	 	 	100	%	 	 	6,291,326	 
	Hilton Garden Inn San Francisco Airport North, CA	 	 	169	 	 	 	7 year	 	 	 	4,175,470	 	 	 	25,000	 	 	 	51	%	 	 	2,129,490	 
	Hilton Garden Inn San Jose North, CA	 	 	161	 	 	 	7 year	 	 	 	4,122,430	 	 	 	26,000	 	 	 	51	%	 	 	2,102,439	 
	Homewood Suites, Tucson, AZ	 	 	122	 	 	 	7 year	 	 	 	2,684,000	 	 	 	22,000	 	 	 	100	%	 	 	2,684,000	 
	Hyatt House, Englewood (Denver Tech Ctr), CO	 	 	135	 	 	 	21 year	 	 	 	4,725,000	 	 	 	35,000	 	 	 	100	%	 	 	4,725,000	 
	Hyatt Place Minneapolis, MN	 	 	213	 	 	 	7 Year	 	 	 	3,195,000	 	 	 	15,000	 	 	 	100	%	 	 	3,195,000	 
	Hyatt Place, Orlando Convention Ctr	 	 	149	 	 	 	14 year	 	 	 	6,685,200	 	 	 	45,000	 	 	 	100	%	 	 	6,685,200	 
	Hyatt Place, Englewood (Denver Tech Center), CO	 	 	126	 	 	 	14 year	 	 	 	5,166,000	 	 	 	41,000	 	 	 	100	%	 	 	5,166,000	 
	Hyatt Place, Lone Tree (Denver Park Meadows), CO	 	 	127	 	 	 	14 year	 	 	 	5,818,000	 	 	 	46,000	 	 	 	100	%	 	 	5,818,000	 
	Hyatt Place, Mesa, AZ	 	 	152	 	 	 	7 year	 	 	 	2,280,000	 	 	 	15,000	 	 	 	100	%	 	 	2,280,000	 
	Hyatt Place, Orlando Universal	 	 	150	 	 	 	14 year	 	 	 	6,181,000	 	 	 	41,000	 	 	 	100	%	 	 	6,181,000	 
	Residence Inn Portland (Hillsboro), OR	 	 	122	 	 	 	7 Year	 	 	 	3,740,113	 	 	 	31,000	 	 	 	51	%	 	 	1,907,457	 
	Residence Inn, Portland Downtown, OR	 	 	258	 	 	 	14 year	 	 	 	8,772,000	 	 	 	34,000	 	 	 	51	%	 	 	4,473,720	 
	Project entitlement and continuation (2 projects)	 	 	 	 	 	 	 	 	 	 	2,500,000	 	 	 	-	 	 	 	100	%	 	 	2,500,000	 
	Total	 	 	2,810	 	 	 	 	 	 	$	97,387,539	 	 	 	35,000	 	 	 	90	%	 	$	87,190,632	 

 

    Annex A-5

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