Document:

Document

Exhibit 4.6
DESCRIPTION OF SECURITIES
Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Annual Report on Form 10-K to which this Description of Securities is an exhibit.
(a)Common Stock, $0.01 par value per share 

    Our authorized capital stock consists of 250,000,000 shares of common stock, par value $0.01 per share, of which 140,960,651 shares were outstanding as of September 30, 2020.

    Our common stock is listed on the Nasdaq Global Select Market under the ticker symbol “OCSL.” No stock has been authorized for issuance under any equity compensation plans.  Under Delaware law, our stockholders generally will not be personally liable for our debts or obligations.

    Under the terms of our restated certificate of incorporation, as amended, or our certificate of incorporation, all shares of our common stock have equal rights as to earnings, assets, dividends and voting and, when they are issued, are duly authorized, validly issued, fully paid and nonassessable.  Distributions may be paid to the holders of our common stock if, as and when declared by our Board of Directors out of funds legally available therefore.  Shares of our common stock have no preemptive, exchange, conversion or redemption rights and are freely transferable, except where their transfer is restricted by federal and state securities laws or by contract.  In the event of our liquidation, dissolution or winding up, each share of our common stock would be entitled to share ratably in all of our assets that are legally available for distribution after we pay all debts and other liabilities.  Each share of our common stock is entitled to one vote on all matters submitted to a vote of stockholders, including the election of directors.  The holders of our common stock possess exclusive voting power.  There is no cumulative voting in the election of directors, which means that holders of a majority of the outstanding shares of common stock are able to elect all of our directors, and holders of less than a majority of such shares are unable to elect any director.

(b)Debt Securities
 
Notes

    We issued the 3.500% Notes due 2025 (the “Notes”) under a base indenture (the “Base Indenture”), dated as of April 30, 2012, as supplemented by the fifth supplemental indenture, dated as of February 25, 2020 (the “Fifth Supplemental Indenture” and together with the Base Indenture, the “Notes Indenture”), between us and Deutsche Bank Trust Company Americas (the “Trustee”). The Notes are our unsecured obligations and rank senior in right of payment to our existing and future indebtedness that is expressly subordinated in right of payment to the  Notes; equal in right of payment to our existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the 

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assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

    Interest on the Notes is paid semi-annually in arrears on February 25 and August 25 at a rate of 3.500% per annum. The Notes mature on February 25, 2025 and may be redeemed in whole or in part at any time or from time to time at our option. The Notes are not listed on any securities exchange or quoted on any automated dealer quotation system.

    The Notes Indenture contains certain covenants, including a covenant requiring our compliance with Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act, or any successor provisions, but giving effect to any exemptive relief granted to us by the SEC, and to provide financial information to the holders of the Notes and the Trustee if we should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are set forth in the Notes Indenture.

    If a change of control repurchase event (as defined in the Fifth Supplemental Indenture) occurs with respect to us, holders of the Notes may require us to repurchase for cash all or part of their Notes. We may satisfy and discharge our obligations under the Notes Indenture, by delivering to the security registrar for cancellation all outstanding Notes or by depositing with the Trustee or delivering to the holders, as applicable, after the Notes have become due and payable, or otherwise, moneys sufficient to pay all of the outstanding Notes and paying all other sums payable under the Notes Indenture by us.

    We may redeem some or all of the Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the Notes to be redeemed through January 25, 2025 (the date falling one month prior to the maturity date of the Notes), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 35 basis points, plus, in each case, accrued and unpaid interest to, but excluding, the redemption date; provided, however, that if we redeem any Notes on or after January 25, 2025 (the date falling one month prior to the maturity date of the Notes), the redemption price for the Notes will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. Any exercise of our option to redeem the Notes will be done in compliance with the Investment Company Act.

Conversion and Exchange 

    The Notes are not convertible into or exchangeable for other securities. 

Events of Default 

    The term “Event of Default” in respect of the Notes means any of the following: 

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	 	•	 	We do not pay the principal of, or any premium on, a debt security of the series on its due date;

												
	 	•	 	We do not pay interest on a debt security of the series within 30 days of its due date;

												
	 	•	 	We do not deposit any sinking fund payment in respect of debt securities of the series within 2 business days of its due date;

												
	 	•	 	We or any of our significant subsidiaries, as defined in Article 1, Rule 1-02 of Regulation S-X promulgated under the Exchange Act (but excluding certain subsidiaries specified in the Notes Indenture), default with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $100 million in the aggregate of us and/or any such subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, unless, in either case, such indebtedness is discharged, or such acceleration is rescinded, stayed or annulled, within a period of 30 calendar days after written notice of such failure is given to us by the trustee or to us and the trustee by the holders of at least 25% in aggregate principal amount of the Notes then outstanding;

												
	 	•	 	We remain in breach of a covenant in respect of debt securities of the series for 60 days after a written notice of default has been given stating we are in breach.  The notice must be sent to us by the trustee or to us and the Trustee by the holders of at least 25% of the principal amount of debt securities of the series;

												
	 	•	 	We file for bankruptcy or certain other events of bankruptcy, insolvency or reorganization occur; or

												
	 	•	 	Any class of debt securities has an asset coverage, as such term is defined in the Investment Company Act, of less than 100 per centum on the last business day of each of twenty-four consecutive calendar months.

    An Event of Default for a particular series of debt securities does not necessarily constitute an Event of Default for any other series of debt securities issued under the same or any other indenture. The Trustee may withhold notice to the holders of debt securities of any default, except in the payment of principal, premium, interest or sinking or purchase fund installment, if it in good faith considers the withholding of notice to be in the interest of the holders.

Remedies if an Event of Default Occurs 

    If an Event of Default has occurred and has not been cured, the Trustee or the holders of not less than 25% in principal amount of the applicable series of Notes may (and the Trustee shall at the request of such holders) declare the entire principal amount of all the Notes of that 

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series to be due and immediately payable. This is called a declaration of acceleration of maturity. A declaration of acceleration of maturity may be canceled by the holders of a majority in principal amount of the debt securities of the affected series if (1) we have deposited with the trustee all amounts due and owing with respect to the securities (other than principal that has become due solely by reason of such acceleration) and certain other amounts, and (2) all Events of Default have been cured or waived. 

Defeasance and Covenant Defeasance 
    The Notes are subject to full defeasance by us if there is a change in U.S. federal tax law or we obtain an IRS ruling. “Defeasance” means that, by depositing with a trustee an amount of cash and/or government securities sufficient to pay all principal and interest, if any, on the Notes when due and satisfying any additional conditions required under the indenture relating to the Notes, we will be deemed to have been discharged from our obligations under the Notes. 
    The Notes are subject to covenant defeasance by us. In the event of a “covenant defeasance,” upon depositing such funds and satisfying conditions similar to those for defeasance we would be released from the restrictive covenants under the indenture relating to the Notes. In that event, holders of the Notes would lose the protection of those restrictive covenants but would gain the protection of having money and government securities set aside in trust to repay their debt securities.
(c)Provisions of our Certificate of Incorporation or Bylaws that may have the effect of delaying, deferring or preventing a change of control

Limitation on Liability of Directors and Officers; Indemnification and Advance of Expenses 
    Under our certificate of incorporation, we will fully indemnify any person who was or is involved in any actual or threatened action, suit or proceeding (whether civil, criminal, administrative or investigative) by reason of the fact that such person is or was one of our directors or officers or is or was serving at our request as a director or officer of another corporation, partnership, limited liability company, joint venture, trust or other enterprise, including service with respect to an employee benefit plan, against expenses (including attorney’s fees), judgments, fines and amounts paid or to be paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding.  Our certificate of incorporation also provides that our directors will not be personally liable for monetary damages to us for breaches of their fiduciary duty as directors, except for a breach of their duty of loyalty to us or our stockholders, for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, or for any transaction from which the director derived an improper personal benefit.  So long as we are regulated under the Investment Company Act, the above indemnification and limitation of liability will be limited by the Investment Company Act or by any valid rule, regulation or order of the SEC thereunder.  The Investment Company Act provides, among other things, that a company may not indemnify any director or officer against liability to it or its stockholders to which he or she might otherwise be subject by reason of his or her willful misfeasance, bad faith, gross negligence or reckless 

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disregard of the duties involved in the conduct of his or her office unless a determination is made by final decision of a court, by vote of a majority of a quorum of directors who are disinterested, non-party directors or by independent legal counsel that the liability for which indemnification is sought did not arise out of the foregoing conduct.
    Delaware law also provides that indemnification permitted under the law shall not be deemed exclusive of any other rights to which the directors and officers may be entitled under the corporation’s bylaws, any agreement, a vote of stockholders or otherwise.
    Our certificate of incorporation permits us to secure insurance on behalf of any person who is or was or has agreed to become a director or officer or is or was serving at our request as a director or officer of another enterprise for any liability arising out of his or her actions, regardless of whether the Delaware General Corporation Law would permit indemnification.  We have obtained liability insurance for our officers and directors.
Delaware Law and Certain Certificate of Incorporation and Bylaw Provisions; Anti-Takeover Measures 
    We are subject to the provisions of Section 203 of the Delaware General Corporation Law.  In general, the statute prohibits a publicly held Delaware corporation from engaging in a “business combination” with “interested stockholders” for a period of three years after the date of the transaction in which the person became an interested stockholder, unless the business combination is approved in a prescribed manner.  A “business combination” includes certain mergers, asset sales and other transactions resulting in a financial benefit to the interested stockholder.  Subject to exceptions, an “interested stockholder” is a person who, together with his, her or its affiliates and associates, owns, or within three years did own, 15% or more of the corporation’s voting stock.
    Our certificate of incorporation and fourth amended and restated bylaws, or bylaws, provide that:

												
	 	•	 	the Board of Directors be divided into three classes, as nearly equal in size as possible, with staggered three-year terms; 

												
	 	•	 	directors may be removed only for cause by the affirmative vote of the holders of two-thirds of the shares of our capital stock entitled to vote; and

												
	 	•	 	any vacancy on the Board of Directors, however the vacancy occurs, including a vacancy due to an enlargement of the Board of Directors, may only be filled by vote of the directors then in office.

    The classification of our Board of Directors and the limitations on removal of directors and filling of vacancies could have the effect of making it more difficult for a third party to acquire us, or of discouraging a third party from acquiring us.

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    Our certificate of incorporation and bylaws also provide that:

												
	 	•	 	any action required or permitted to be taken by the stockholders at an annual meeting or special meeting of stockholders may only be taken if it is properly brought before such meeting and may not be taken by written action in lieu of a meeting; and

												
	 	•	 	special meetings of the stockholders may only be called by our Board of Directors, chairman or chief executive officer.

    Our bylaws provide that, in order for any matter to be considered “properly brought” before a meeting, a stockholder must comply with requirements regarding advance notice to us.  These provisions could delay until the next stockholders’ meeting stockholder actions which are favored by the holders of a majority of our outstanding voting securities.  These provisions may also discourage another person or entity from making a tender offer for our common stock, because such person or entity, even if it acquired a majority of our outstanding voting securities, would be able to take action as a stockholder (such as electing new directors or approving a merger) only at a duly called stockholders meeting, and not by written consent.
    The Delaware General Corporation Law provides generally that the affirmative vote of a majority of the shares entitled to vote on any matter is required to amend a corporation’s certificate of incorporation or bylaws, unless a corporation’s certificate of incorporation or bylaws requires a greater percentage.  Under our certificate of incorporation and bylaws, any amendment or repeal of the bylaws by the stockholders shall require the affirmative vote of the holders of at least 66 2/3% of the shares of our capital stock then outstanding and entitled to vote in the election of directors.  The vote of at least 66 2/3% of the shares of our capital stock then outstanding and entitled to vote in the election of directors, voting together as a single class, will be required to amend or repeal any provision of our certificate of incorporation pertaining to the Board of Directors, limitation of liability, indemnification, stockholder action or amendments to our certificate of incorporation.  In addition, our certificate of incorporation permits our Board of Directors to amend or repeal our bylaws by a majority vote.

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 Exhibit 10.1 

NINTH AMENDMENT TO CREDIT AGREEMENT AND 

OTHER LOAN DOCUMENTS 

THIS NINTH AMENDMENT TO CREDIT AGREEMENT AND OTHER LOAN DOCUMENTS (this “Amendment”), dated as of
November 18, 2020, by and among CONDOR HOSPITALITY LIMITED PARTNERSHIP, a Virginia limited partnership (“Borrower”), the undersigned parties to this Amendment executing as “Guarantors” (hereinafter
referred to individually as “Guarantor” and collectively as “Guarantors”), KEYBANK NATIONAL ASSOCIATION (“KeyBank”), THE HUNTINGTON NATIONAL BANK (“Huntington”), BMO
HARRIS BANK N.A. (“BMO”; KeyBank, Huntington and BMO collectively, the “Lenders”), and KeyBank as Agent for itself and the other Lenders from time to time a party to the Credit Agreement (as hereinafter defined)
(KeyBank, in its capacity as Agent, is hereinafter referred to as “Agent”). 
 W I T N E S S E T H: 

WHEREAS, the Borrower, Agent, KeyBank and the lenders party thereto are parties to that certain Credit Agreement dated as of March 1,
2017, as amended by that certain First Amendment to Credit Agreement and Other Loan Documents dated as of May 11, 2017 (the “First Amendment”), as amended by that certain Second Amendment to Credit Agreement dated as of
December 13, 2017 (the “Second Amendment”), as amended by that certain Third Amendment to Credit Agreement dated as of March 8, 2019 (the “Third Amendment”), as amended by that certain Fourth Amendment to
Credit Agreement dated as of May 3, 2019 (the “Fourth Amendment”), as amended by that certain Fifth Amendment to Credit Agreement dated as of August 9, 2019 (the “Fifth Amendment”), as amended by that
certain Sixth Amendment to Credit Agreement and Other Loan Documents dated as of March 30, 2020 (the “Sixth Amendment”), as amended by that certain Seventh Amendment to Credit Agreement and Other Loan Documents dated as of
May 13, 2020 (the “Seventh Amendment”), and as amended by that certain Eighth Amendment to Credit Agreement dated as of November 16, 2020 (the “Eighth Amendment”) (such Credit Agreement, as amended by the
First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment, the Seventh Amendment and the Eighth Amendment, may be further varied, extended, supplemented, consolidated, replaced,
increased, renewed, modified or amended from time to time, the “Credit Agreement”); 
 WHEREAS, certain of the Guarantors
executed and delivered to Agent that certain Unconditional Guaranty of Payment and Performance dated as of March 1, 2017, as amended by the First Amendment, the Sixth Amendment and the Seventh Amendment (as such Guaranty, as amended by the
First Amendment, the Sixth Amendment and the Seventh Amendment, may be further varied, extended, supplemented, consolidated, replaced, increased, renewed, modified or amended from time to time, the “Guaranty”); 

WHEREAS, Borrower and certain of the Guarantors executed and delivered to Agent that certain Cash Collateral Account Agreement dated as of
March 1, 2017, as amended by that certain First Amendment to Cash Collateral Account Agreement dated as of March 24, 2017, as amended by the First Amendment, as amended by that certain Second Amendment to Cash Collateral Account Agreement
dated as of June 21, 2017, as amended by that certain Third Amendment to Cash Collateral Account Agreement dated as of August 31, 2017, as amended by that certain Fourth Amendment to Cash Collateral Account Agreement dated as of
January 17, 2018, and as amended by that certain Fifth Amendment to Cash Collateral Account Agreement dated as of February 21, 2018, as amended by the Sixth Amendment, and as amended by the Sixth Amendment to Cash Collateral Account
Agreement dated as of May 13, 2020 (as the same may be further varied, extended, supplemented, consolidated, replaced, increased, renewed, modified or amended from time to time, the “Cash Collateral Agreement”); 

 WHEREAS, CDOR TLH Magnolia, LLC, TRS TLH Magnolia, LLC, CDOR LEX Lowry, LLC, TRS LEX Lowry,
LLC, CDOR AUS Louis, LLC and TRS AUS Louis, LLC have become a party to the Guaranty and the Cash Collateral Agreement pursuant to that certain Joinder Agreement dated March 24, 2017; and 

WHEREAS CDOR MCO Village, LLC and TRS MCO Village, LLC have become a party to the Guaranty and the Cash Collateral Agreement pursuant to that
certain Joinder Agreement dated June 21, 2017; and 
 WHEREAS, CDOR ELP Edge, LLC, TRS ELP Edge, LLC, CDOR AUS Casey, LLC and TRS AUS
Casey, LLC have become a party to the Guaranty and the Cash Collateral Agreement pursuant to that certain Joinder Agreement dated August 31, 2017; and 

WHEREAS, CDOR AUS Tech, LLC and TRS AUS Tech, LLC have become a party to the Guaranty and the Cash Collateral Agreement pursuant to that
certain Joinder Agreement dated January 17, 2018; and 
 WHEREAS, CDOR CHS Holiday, LLC and TRS CHS Holiday, LLC have become a party to
the Guaranty and the Cash Collateral Agreement pursuant to that certain Joinder Agreement dated February 21, 2018; and 
 WHEREAS,
Spring Street Hotel Property LLC and Spring Street Hotel OPCO LLC have become a party to the Guaranty and the Cash Collateral Agreement pursuant to that certain Joinder Agreement dated May 13, 2020; and 

WHEREAS, the Borrower and the Guarantors have requested that the Agent and the Lenders make certain modifications to the Credit Agreement, and
Agent and the undersigned Lenders have consented to such modifications, subject to the execution and delivery of this Amendment. 
 NOW,
THEREFORE, for and in consideration of the sum of TEN and NO/100 DOLLARS ($10.00), and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby covenant and agree as follows:

 1. Definitions. Capitalized terms used in this Amendment, but which are not otherwise expressly defined in this Amendment, shall
have the respective meanings given thereto in the Credit Agreement. 
 2. Modifications of the Credit Agreement. The Borrower, Agent
and the Lenders do hereby modify and amend the Credit Agreement by deleting from the Credit Agreement the text that is shown as a deletion or strike-through in the form of the Credit Agreement attached hereto as Exhibit “A” and made
a part hereof (the “Revised Credit Agreement”), and by inserting in the Credit Agreement the text shown as an insertion or underlined text in the Revised Credit Agreement, such that from and after the Effective Date (as hereinafter
defined) the Credit Agreement is amended to read as set forth in the Revised Credit Agreement. Notwithstanding the 

  
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foregoing, the calculation templates attached to the Borrowing Base Certificate and Compliance Certificate shall be the templates attached to the Revised Credit Agreement regardless that those
templates are not marked by deletion, strike-through, insertion or underline. From and after the Effective Date, the Credit Agreement shall be the Credit Agreement, as amended by this Amendment. 

3. Modifications of the Cash Collateral Agreement. 

(a) Borrower, Guarantors, Agent and the Lenders do hereby modify and amend the Cash Collateral Agreement by deleting from the Cash Collateral
Agreement the text that is shown as a deletion or strike-through in the form of the Cash Collateral Agreement attached hereto as Exhibit “B” and made a part hereof (the “Revised Cash Collateral Agreement”), and by
inserting in the Cash Collateral Agreement the text shown as an insertion or underlined text in the Revised Cash Collateral Agreement, such that from and after the Effective Date the Cash Collateral Agreement is amended to read as set forth in the
Revised Cash Collateral Agreement. From and after the Effective Date, the Cash Collateral Agreement shall be the Cash Collateral Agreement, as amended by this Amendment. 

(b) As security for the prompt payment and performance by Assignors (as defined in the Cash Collateral Agreement) of the Obligations (as
defined in the Cash Collateral Agreement), each Assignor does hereby transfer, assign, pledge, convey, and grant to Agent, and does hereby grant a security interest to Agent in, all of such Assignor’s right, title and interest in and to all
Collateral (as defined in the Cash Collateral Agreement, as amended by this Amendment). 
 (c) Except as otherwise expressly provided herein,
nothing herein contained shall in any way (a) impair or affect the validity and priority of the lien of the Cash Collateral Agreement, as amended by this Amendment, as to the Collateral (as defined in the Cash Collateral Agreement, as amended
by this Amendment) encumbered prior to the date of this Amendment, (b) alter, waive, annul or affect any provision, condition or covenant in the Loan Documents, or (c) affect or impair any rights, powers or remedies under the Loan
Documents. 
 (d) In furtherance of the foregoing, Assignors hereby acknowledge, represent and agree that the Cash Collateral Agreement, as
amended by this Amendment, creates a continuing security interest in the Collateral and shall (x) remain in full force and effect until the payment in full of the Obligations and the Lenders have no further obligation to make any advances or
issue Letters of Credit under the Credit Agreement, (y) be binding upon Assignors and their permitted heirs, successors and assigns, and (z) inure, together with the rights and remedies of Agent hereunder and thereunder, to the benefit of
Agent and the Lenders and their respective successors, transferees and assigns. 
 4. Reduction of Total Commitment. Upon the
effectiveness of this Amendment, (a) the Commitment and the Total Commitment shall be reduced as provided in the Revised Credit Agreement and the Lenders shall have no further obligations to advance Loans except as provided in the Revised
Credit Agreement, and (b) the Swing Loan Commitment, the Letter of Credit Commitment and the obligations of the Swing Loan Lender and the Issuing Lender to make Swing Loans and issue Letters of Credit shall continue to be terminated and be of
no force or effect. Each Loan of a Lender shall continue to be held by such Lender and be evidenced by the Credit Agreement and such Lenders’ Revolving Credit Note. After giving effect to the prepayment of

  
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the Loans by Borrower with the proceeds of the Initial Subordinate Debt (as defined in the Revised Credit Agreement) contributed by REIT to Borrower and the $2,000,000.00 released by the Lenders
from the FF&E Reserve Account (as defined in the Revised Cash Collateral Agreement) contemporaneously herewith at the request of Borrower and used to prepay the Loans, the outstanding principal balance of the Loans made by each Lender as of the
date hereof equals the amount shown on Exhibit “C” attached hereto and made a part hereof. The Commitment of each Lender shall be as set forth in Schedule 1.1 of the Revised Credit Agreement, notwithstanding that the face
amount of each Lender’s Revolving Credit Note exceeds the amount of such Lender’s Commitment. 
 5. References to Credit
Agreement, Guaranty and Cash Collateral Agreement. All references in the Loan Documents to the Credit Agreement, Guaranty and Cash Collateral Agreement shall be deemed a reference to the Credit Agreement, Guaranty and Cash Collateral Agreement
as modified and amended herein. 
 6. Consent of Guarantors. By execution of this Amendment, Guarantors hereby expressly consent to
the modifications and amendments relating to the Credit Agreement, Guaranty and Cash Collateral Agreement as set forth herein and the execution and delivery of and any other agreements contemplated in hereby, and Borrower and Guarantors hereby
acknowledge, represent and agree that the Credit Agreement, Guaranty and Cash Collateral Agreement, as modified and amended herein, and the other Loan Documents, as the same may be modified in connection with this Amendment, remain in full force and
effect and constitute the valid and legally binding obligation of Borrower and Guarantors, respectively, enforceable against such Persons in accordance with their respective terms, except as enforceability is limited by bankruptcy, insolvency,
reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and the effect of general principles of equity, and that the Guaranty extends to and applies to the foregoing documents as modified
and amended. 
 7. Representations. Borrower and Guarantors represent and warrant to Agent and the Lenders as follows as of the date
of this Amendment: 
 (a) Authorization. The execution, delivery and performance by the Borrower and the Guarantors of this Amendment
and any other agreements contemplated hereby and the transactions contemplated hereby and thereby (i) are within the authority of Borrower and Guarantors, (ii) have been duly authorized by all necessary proceedings on the part of such
Persons, (iii) do not and will not conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation to which any of such Persons is subject or any judgment, order, writ, injunction, license or permit
applicable to such Persons, (iv) do not and will not conflict with or constitute a default (whether with the passage of time or the giving of notice, or both) under any provision of the partnership agreement, operating agreement, articles of
incorporation or other charter documents or bylaws of, or any agreement or other instrument binding upon, any of such Persons or any of its properties, (v) do not and will not result in or require the imposition of any lien or other encumbrance
on any of the properties, assets or rights of such Persons other than the liens and encumbrances in favor of the Agent contemplated by this Amendment and the other Loan Documents, and (vi) do not require any approval or consent of any Person
other than those already obtained and delivered to the Agent. 

  
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 (b) Enforceability. This Amendment and each other document executed and delivered in
connection with this Amendment are the valid and legally binding obligations of Borrower and Guarantors, enforceable in accordance with the respective terms and provisions hereof, except as enforceability is limited by bankruptcy, insolvency,
reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and the effect of general principles of equity. 

(c) Approvals. The execution, delivery and performance by the Borrower and the Guarantors of this Amendment and any other agreements
contemplated hereby and the transactions contemplated hereby and thereby do not require the approval or consent of, or filing or registration with, or the giving of any notice to, any court, department, board, governmental agency or authority other
than those already obtained. 
 (d) Reaffirmation. Each of the representations and warranties made by or on behalf of Borrower,
Guarantors or any of their respective Subsidiaries contained in this Amendment, the Credit Agreement, the other Loan Documents or in any document or instrument delivered pursuant to or in connection with the Credit Agreement or this Amendment are
true in all material respects as of the date as of which they were made and are true in all material respects as of the date hereof, with the same effect as if made at and as of that time, except to the extent of changes resulting from transactions
permitted by the Loan Documents (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct only as of such specified date). 

(e) No Default. By execution hereof, the Borrower and Guarantors certify that the Borrower and Guarantors are and will be in compliance
with all covenants under the Loan Documents immediately after the execution and delivery of this Amendment and the other documents executed in connection herewith, and that no Default or Event of Default has occurred and is continuing. 

8. Waiver of Claims. Borrower and Guarantors acknowledge, represent and agree that Borrower and 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 Loans or Letters of Credit or with respect to any acts or omissions of Agent or
any Lender, or any past or present officers, agents or employees of Agent or any Lender, and each of Borrower and Guarantors does hereby expressly waive, release and relinquish any and all such defenses, setoffs, claims, counterclaims and causes of
action, if any. 
 9. Ratification. Except as hereinabove set forth, all terms, covenants and provisions of the Credit Agreement, the
Guaranty, the Cash Collateral Agreement and the other Loan Documents remain unaltered and in full force and effect, and the parties hereto do hereby expressly ratify and confirm the Credit Agreement, the Guaranty, the Cash Collateral Agreement and
the other Loan Documents. Nothing in this Amendment or any other document executed in connection herewith shall be deemed or construed to constitute, and there has not otherwise occurred, a novation, cancellation, satisfaction, release,
extinguishment or substitution of the indebtedness evidenced by the Notes or the other obligations of Borrower and Guarantors under the Loan Documents (including without limitation the Guaranty). This Amendment shall constitute a Loan Document. 

10. Counterparts. This Amendment may be executed in any number of counterparts which shall together constitute but one and the same
agreement. 

  
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 11. Miscellaneous. 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. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their
respective permitted successors, successors-in-title and assigns as provided in the Credit Agreement. 

12. Amendments of Other Loan Documents. The Lenders authorized Agent to execute and deliver amendments to the other Loan Documents as
Agent deems appropriate contemporaneously with the execution and delivery of this Amendment. 
 13. Effective Date. This Amendment
shall be deemed effective and in full force and effect (the “Effective Date”) upon confirmation by the Agent of the satisfaction of the following conditions: 

(a) the execution and delivery of this Amendment by Borrower, Guarantors, Agent, and the Lenders; 

(b) Borrower shall have paid to Agent for the account of Arranger and each Lender the fees payable upon the date hereof; 

(c) the Initial Subordinate Lenders (as defined in the Revised Credit Agreement) shall have funded the Initial Subordinate Debt (as defined in
the Revised Credit Agreement) in an amount not less than $10,000,000.00, and Agent, the REIT and the Initial Subordinate Lenders shall have executed and delivered the Initial Subordination and Standstill Agreement (as defined in the Revised Credit
Agreement); 
 (d) the Agent shall have ordered updated Appraisals of the Borrowing Base Properties; 

(e) delivery to Agent of a current Compliance Certificate and Borrowing Base Certificate acceptable to Agent; 

(f) receipt by Agent of such other consents, resolutions, certificates, documents, instruments, amendments to Loan Documents and agreements as
the Agent may reasonably request; and 
 (g) the Borrower shall have paid the reasonable fees and expenses of Agent in connection with this
Amendment and the transactions contemplated hereby. 
 14. Amendment as a Loan Document. The Amendment shall constitute a Loan
Document. 
 [CONTINUED ON NEXT PAGE] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto, acting by and through their respective duly
authorized officers and/or other representatives, have duly executed this Amendment under seal as of the day and year first above written. 
  

					
	BORROWER:
	
	CONDOR HOSPITALITY LIMITED PARTNERSHIP, a Virginia limited partnership
		
	By:	 	Condor Hospitality REIT Trust, a Maryland real estate investment trust, its general partner
			
		 	By:	 	 /s/ Jill Burger

		 	Name: Jill Burger
		 	Title: Vice President
	
	GUARANTORS:
	
	CONDOR HOSPITALITY REIT TRUST, a
	Maryland real estate investment trust
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President
	
	CONDOR HOSPITALITY TRUST, INC., a
	Maryland corporation
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Interim Chief Financial Officer
	
	TRS LEASING, INC., a Virginia corporation
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President

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Signature Page to Ninth Amendment to Credit Agreement - KeyBank/Condor 

 
			
	CDOR AUS LOUIS, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President
	
	CDOR LEX LOWRY, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President
	
	CDOR TLH MAGNOLIA, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President
	
	TRS AUS LOUIS, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President
	
	TRS LEX LOWRY, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President

  
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	TRS TLH MAGNOLIA, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President
	
	CDOR MCO VILLAGE, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President
	
	TRS MCO VILLAGE, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President
	
	CDOR ELP EDGE, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President
	
	TRS ELP EDGE, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President
	
	CDOR AUS CASEY, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President

  
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	TRS AUS CASEY, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President
	
	CDOR AUS TECH, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President
	
	TRS AUS TECH, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President
	
	CDOR CHS HOLIDAY, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President
	
	TRS CHS HOLIDAY, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President

  
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	SPPR-DOWELL, LLC, a Delaware limited liability company
		
	By:	 	SPPR-Dowell Holdings, Inc., a Delaware corporation, its manager
			
		 	By:	 	 /s/ Jill Burger

		 	Name: Jill Burger
		 	Title: Vice President
	
	SPPR-DOWELL TRS SUBSIDIARY, LLC, a Delaware limited liability company
		
	By:	 	Condor Hospitality REIT Trust, a Maryland real estate investment trust, its manager
			
		 	By:	 	 /s/ Jill Burger

		 	Name: Jill Burger
		 	Title: Vice President
	
	SPPR-DOWELL HOLDINGS, INC., a Delaware corporation
		
	By:	 	 /s/ Jill Burger

		 	Name: Jill Burger
		 	Title: Vice President

  
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	SPRING STREET HOTEL PROPERTY LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President
	
	SPRING STREET HOTEL OPCO LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jill Burger

	Name: Jill Burger
	Title: Vice President

  
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 Signature Page to Ninth Amendment to Credit Agreement - KeyBank/Condor 

 
			
	LENDERS:
	
	KEYBANK NATIONAL ASSOCIATION, individually and as Agent
		
	By:	 	 /s/ Thomas Z. Schmitt

	Name: Thomas Z. Schmitt
	Title: Assistant Vice President
	
	THE HUNTINGTON NATIONAL BANK
		
	By:	 	 /s/ Rebecca Stirnkorb

	Name: Rebecca Stirnkorb
	Title: Assistant Vice President
	
	BMO HARRIS BANK N.A.
		
	By:	 	 /s/ Gwendolyn Gatz

	Name: Gwendolyn Gatz
	Title: Director

  
 Signature Page to
Ninth Amendment to Credit Agreement - KeyBank/Condor 

 EXHIBIT “A” 

REVISED CREDIT AGREEMENT 

 EXHIBIT “B” 

REVISED CASH COLLATERAL AGREEMENT 

 EXHIBIT “C” 

OUTSTANDING BALANCE OF LOANS 
  

					
	 Banks
	  	Outstanding Loans	 
	 KeyBank National Association
	  	$	59,260,181.24	 
	 The Huntington National Bank
	  	$	28,676,596.88	 
	 BMO Harris Bank N.A.
	  	$	28,676,596.88	 
		  	  
	  
	 
	 TOTAL:
	  	$	116,613,375.00

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