Document:

Exhibit 10.2

 

EXECUTION VERSION

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

 

This
AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”) is entered into as of October 11, 2021, among ASHFORD
HOSPITALITY LIMITED PARTNERSHIP (the “Borrower”), ASHFORD HOSPITALITY TRUST, INC. (the “Parent”),
the guarantors party hereto (the “Guarantors”), the Lenders party hereto (the “Lenders”) and OAKTREE
FUND ADMINISTRATION, LLC, as administrative agent (in such capacity, together with its successors and assigns in such capacity, the
 “Administrative Agent”).

 

RECITALS:

 

A.            The
Borrower, the Parent, the Administrative Agent and the Lenders are parties to that certain Credit Agreement, dated as of January 15,
2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time through the date hereof, the “Credit
Agreement”).

 

B.            The
Borrower, the Parent, the Guarantors, the Administrative Agent and the Lenders have agreed to certain amendments to the Credit Agreement,
reaffirmations of other Loan Documents and certain other agreements, as more fully set forth herein.

 

AGREEMENT:

 

In consideration of the premises
and mutual covenants herein and for other valuable consideration, the Borrower, the Parent, the Guarantors, the Administrative Agent,
and the Lenders party hereto agree as follows:

 

Section 1.               Definitions.
Capitalized terms used in this Amendment but not defined have the meaning provided in the Credit Agreement, as modified hereby. Each reference
to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each
reference to “this Agreement” and each other similar reference contained in the Credit Agreement shall, after giving effect
to this Amendment, refer to the Credit Agreement, as modified hereby.

 

Section 2.               Amendments.
Subject to Section 3 of this Amendment, the Credit Agreement is hereby amended as follows:

 

2.1            Section 1.01
of the Credit Agreement is hereby amended as follows:

 

		(a)	The following definitions are hereby added to the Credit Agreement (in their appropriate alphabetical
order) as follows:

 

“Advisory Agreement Suspended
Covenant Period” means the period commencing on the date that (x) no PIK Principal is outstanding hereunder, (y) there
are no accrued dividends on Company Preferred Stock then outstanding and (z) the aggregate amount of Unrestricted Cash exceeds the
Advisory Agreement Suspended Covenant Period Minimum Cash (the requirements set forth in clauses (x), (y) and (z), the “Advisory
Agreement Suspended Covenant Period Conditions”) and ending on the next date subsequent thereto that any of the Agreement
Suspended Covenant Period Conditions is no longer satisfied (assuming that such Advisory Agreement Suspended Covenant Period Conditions
are tested on a daily basis).

 

“Advisory Agreement Suspended
Covenant Period Minimum Cash” means an amount equal to the sum of (x) the Loans then outstanding, (y) the PIK
Principal then outstanding and (z) an amount equal to pay any premiums (including the Prepayment Premium) and fees (excluding the
Exit Fee), in each case, that would then be owing if all Loans and PIK Principal were prepaid and this Agreement were terminated.

 

    1

     

    

 

“Amendment No. 1 Effective
Date” means the Amendment Effective Date (as defined in Amendment No. 1).

 

“Amendment No. 1”
means that certain Amendment No. 1 to Credit Agreement, dated as of 8, 2021.

 

“Oaktree Registered Warrants”
means the Warrants to purchase shares of Common Stock, the resale of which will be registered for the benefit of the Lender and its Affiliates
on or before the Amendment No. 1 Effective Date.

 

“Specified Suspended Covenants”
means the covenants set forth in Sections 6.01, 6.02 (other than clause (d) thereof), 6.10, 6.19, 7.11, 7.17 and Article 2 of
the Voting Agreement.

 

“Specified Suspended Covenant
Period” means the period commencing on the date that no Loans or PIK Principal are outstanding hereunder and ending on the
next date subsequent thereto that any Loans or PIK Principal are outstanding hereunder.

 

“Threshold Price”
has the meaning specified in Section 2.15.

 

		(b)	The following definition in Section 1.01 of the Credit Agreement is hereby amended by replacing the
same in its entirety as follows:

 

“DDTL Commitment Expiration
Date” means the thirty (30) month anniversary of the Closing Date, subject to any extension thereof pursuant to Section 2.04(e).

 

2.2            A
new clause (f) shall be added immediately after Section 2.04(e) of the Credit Agreement and shall read as follows:

 

		(f)	Upon any prepayment or repayment of the Initial Term Loans (including any reduction thereof pursuant to
Section 2.15) in full prior to the DDTL Commitment Expiration Date, the DDTL Commitment Expiration Date will be automatically extended
to the date that is the forty-two (42) month anniversary of the Closing Date (it being acknowledged and agreed that the Borrower may elect
to terminate the DDTL Commitments as otherwise set forth in this Agreement at any time).

 

2.3            Clause
(b)(ii) of Section 2.08 of the Credit Agreement shall be amended to replace the phrase “following the Closing Date”
with the phrase “on or after the Closing Date”.

 

2.4            Clause
(b)(ii) of Section 2.08 of the Credit Agreement shall be amended to add the following sentence at the end of such clause:

 

“At any time after the
Amendment No. 1 Effective Date, to the extent that any portion of the Cash Exit Fee is to be paid in the form of Common Stock in
accordance with this clause (b)(ii), such Cash Exit Fee may instead be satisfied by the issuance of Oaktree Registered Warrants
in an equivalent amount of the Common Stock that would otherwise be issued pursuant to this clause (b)(ii).”

 

    2

     

    

 

2.5            A
new clause (b)(vii) shall be added immediately after Section 2.08(b)(vi) of the Credit Agreement and shall read as follows:

 

		(vii)	Notwithstanding anything herein to the contrary or otherwise, at any time after the Amendment No. 1
Effective Date the Administrative Agent (acting upon the instructions of the Required Lenders) (which action shall apply to all Lenders
collectively) may elect in writing to receive the Exit Fee (computed based on the then outstanding Obligations) as Warrants. Within two
(2) Business Days of receipt of any such election, the Parent shall issue Warrants to the Lenders in respect of the Exit Fee pursuant
to the Warrant Certificate. Any election to receive the Exit Fee as Warrants prior to the occurrence of the Exit Date shall be without
prejudice to the Lenders’ right to receive an Exit Fee on any Obligations incurred subsequent to the date of such election (it being
understood and agreed that no Exit Fee shall be due or payable on any portion of the Obligations more than a single time).

 

2.6            A
new Section 2.15 of the Credit Agreement shall be added and shall read as follows:

 

2.15. Reduction of Obligations.
Notwithstanding anything herein to the contrary or otherwise, in the event that prior to the termination of this Agreement, one or more
of the Oaktree Registered Warrants (or any Warrant Shares (as defined in the Warrant Certificate) resulting from the exercise thereof)
are sold by a Lender or any Affiliate of such Lender to any Person that is not a Lender or an Affiliate of such Lender for consideration
(net of fees, expenses and discounts) per Warrant or per Warrant Share (as the case may be) in excess of $40 (the “Threshold
Price”), the Obligations owing to such Lender shall be reduced by an amount equal to (1) 25% of the amount of such
consideration (net of reasonable and customary fees, expenses and discounts) per Warrant or per Warrant Share (as the case may be) in
excess of the Threshold Price multiplied by (2) the number of Warrants or Warrant Shares (as the case may be) so sold, with
such reductions to be made in the following order: (v) first, to reduce the amount of any PIK Principal outstanding and owing
to such Lender, (w) second, to reduce the amount of any Additional DDTLs outstanding and owing to such Lender and any Prepayment
Premium due thereon, (x) third, to reduce the amount of any Initial DDTLs outstanding and owing to such Lender and any Prepayment
Premium due thereon, (y) fourth, to reduce the amount of any Initial Term Loans outstanding and owing to such Lender and any
Prepayment Premium due thereon and (z) fifth, to reduce the amount of any other Obligations then outstanding and owing to
such Lender (or, if no Obligations are then outstanding, to reduce any future premium or fees owing at a subsequent time to such Lender,
as elected by the Borrower). In order to effect any reductions pursuant to this Section 2.15, the Borrower shall provide the relevant
Lender and the Administrative Agent with a certificate of a Responsible Officer containing a reasonably detailed calculation of the amounts
of such reductions (which certificate shall be subject to the approval of the Lender, which approval shall not be unreasonably withheld
or delayed). The relevant Lender shall provide to the Borrower (promptly after any sale of Warrants or Warrant Shares), any information
reasonably necessary for the calculation of the amount of the amount of consideration received by such Lender or its Affiliates for the
Warrants or Warrant Shares sold. For the avoidance of doubt, any reduction of Obligations owing to any Lender effected pursuant to this
Section 2.15 (x) shall not have the effect of resulting in the Borrower, the Parent or any of their Affiliates receiving
any reduction in Obligations owing to such Lender in excess of the amount of Obligations owing to such Lender hereunder (whether in the
form of a credit, refund or otherwise) so long as such Lender does not receive more than its pro rata share of the Warrants and (y) may
be on a non-pro rata basis with respect to the Obligations owing other Lenders.

 

    3

     

    

 

2.7            The
following paragraph shall be added to the Credit Agreement at the end of Article VI and VII:

 

Notwithstanding
the foregoing or anything herein to the contrary or otherwise, at all times during a Specified Suspended Covenant Period, the Specified
Suspended Covenants shall cease to apply. At any time after the end of a Specified Suspended Covenant Period, the Specified Suspended
Covenants shall again apply in all respects (it being understood and agreed that no Default or Event of Default shall be deemed to have
occurred as a result of any actions taken (or actions not taken) during the Specified Suspended Covenant Period that would have breached
any of the Specified Suspended Covenants that at such time were inapplicable). Notwithstanding anything to the contrary in this
Agreement, including Article VIII hereof, the sole remedy available to the Administrative Agent and the Lenders following an Event
of Default caused by the breach of any covenants or agreements set forth in Articles V, VI or VII of this Agreement during a Specified
Suspended Covenant Period shall be the right to terminate any and all outstanding DDTL Commitments of such Lenders. The Borrower shall
have the right to terminate all or any portion of the DDTL Commitments at any time, effective upon written notice thereof to the Administrative
Agent.

 

2.8            The
following paragraph shall be added to the end of Section 7.17 of the Credit Agreement:

 

Notwithstanding the foregoing or anything
herein to the contrary or otherwise, at any time during an Advisory Agreement Suspended Covenant Period, the covenants set forth in this
Section 7.17 shall cease to apply. At any time after the end of an Advisory Agreement Suspended Covenant Period, the covenants
set forth in this Section 7.17 shall again apply in all respects (it being understood and agreed that no Default or Event
of Default shall be deemed to have occurred as a result of any actions taken (or actions not taken) during an Advisory Agreement Suspended
Covenant Period that would have breached any of the covenants set forth in this Section 7.17 that at such time were inapplicable
and any payments that are subject to Section 7.17 and were made during an Advisory Agreement Suspended Covenant Period shall be deemed
to be permitted without any requirement for a return thereof).

 

2.9            Exhibit B
(Warrant Certificate) of the Credit Agreement shall be replaced with the Form of Amended Warrant Certificate attached hereto as Exhibit A.

 

Section 3.               Conditions
to Effectiveness. The amendments set forth in Section 2 above (other than Section 2.3, which is the subject
of the final paragraph of this Section 3) shall become effective on the first date (the “Amendment Effective Date”)
that the following conditions precedent have been satisfied:

 

3.1            The
Administrative Agent shall have received counterpart signature pages to this Amendment executed by each of the Administrative Agent,
the Borrower, the Parent, the Guarantors and all the Lenders;

 

3.2            The
Borrower shall have paid to Administrative Agent all fees and expenses due and payable hereunder and under the Credit Agreement, including,
without limitation, all reasonable and documented out-of-pocket fees and expenses of Paul Weiss, counsel to the Administrative Agent;
and

 

3.3            The
Parent and its Affiliates shall have executed the Registration Rights Agreement and shall have registered the resale of the Warrant Shares
under the Securities Act of 1933 pursuant to Section 2.4 of the Registration Rights Agreement, and the relevant registration statement
shall have been declared effective by the SEC (it being understood that appropriate changes to the form of Registration Rights Agreement
attached as Exhibit I to the Credit Agreement shall be made to account for the amendments in this Amendment and the transactions
contemplated hereby).

 

    4

     

    

 

Notwithstanding anything to the contrary or otherwise,
in the event that the Amendment Effective Date does not occur on or prior to December 15, 2021, the amendments set forth in Section 2
above (other than Section 2.3) shall not become effective and shall be of no force and effect.

 

Notwithstanding anything to the contrary or otherwise,
the amendment set forth in Section 2.3 above shall become effective on the first date that the condition precedent set forth
in Section 3.1 has been satisfied.

 

Section 4.               Miscellaneous.

 

4.1            Representations
and Warranties. Each Loan Party, by signing below, hereby represents and warrants to the Administrative Agent and the Lenders that:

 

(a)            they
have the legal power and authority to execute and deliver this Amendment;

 

(b)            the
officers executing this Amendment on behalf of the Loan Parties have been duly authorized to execute and deliver the same and bind the
Loan Parties with respect to the provisions hereof;

 

(c)            immediately
after giving effect to this Amendment, no Default or Event of Default exists under the Credit Agreement;

 

(d)            this
Amendment constitutes the legal, valid and binding agreement and obligation of the Loan Parties, enforceable against the Loan Parties
in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles relating to enforceability
(regardless of whether enforcement is sought in equity or at law); and

 

(e)            each
of the representations and warranties set forth in Section 5 of the Credit Agreement and in each other Loan Document is true
and correct in all material respects (other than those representations and warranties that are expressly qualified by a Material Adverse
Effect or other materiality, in which case such representations and warranties shall be true and correct in all respects) on and as of
the date hereof after giving effect to this Amendment, except to the extent that any thereof expressly relate to an earlier date, in which
case such representations and warranties shall have been true and correct in all material respects (other than those representations and
warranties that are expressly qualified by a Material Adverse Effect or other materiality, in which case such representations and warranties
shall be true and correct in all respects) on and as of such earlier date.

 

4.2            Ratification.
The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions of the Credit Agreement
and shall not be deemed to be a consent to the modification or waiver of any other term or condition of the Credit Agreement. Except as
expressly modified and superseded by this Amendment, the terms and provisions of the Credit Agreement and the other Loan Documents are
hereby ratified and confirmed and shall continue in full force and effect on a continuous basis after giving effect to this Amendment.
Each of the Loan Parties hereby ratifies and reaffirms (a) the Obligations under and as defined in the Credit Agreement and all of
the covenants, duties, indebtedness and liabilities under the Credit Agreement (as modified hereby) and the other Loan Documents to which
it is a party, (b) the Liens and security interests created in favor of the Administrative Agent and/or Lenders pursuant to each
Collateral Document, which Liens and security interests shall continue in full force and effect during the term of the Credit Agreement,
and shall continue to secure the Obligations, in each case, on and subject to the terms and conditions set forth in the Credit Agreement
(as modified hereby) and the other Loan Documents, and nothing herein shall be construed to deem any such Obligations paid, or to release
or terminate any Lien or security interest given to secure any such Obligations or any guarantee thereof, (c) the guarantee of the
Obligations pursuant to the Guaranty and (d) each of such other Loan Documents executed and delivered by or on its behalf in connection
with the Credit Agreement or this Amendment. Each Loan Party confirms that, assuming all UCC financing statements naming the Administrative
Agent, as secured party, and a Loan Party, as debtor, filed in connection with the Credit Agreement have not been terminated or amended,
such UCC financing statements remain effective and authorized by the Loan Parties to continue perfection of the security interests in
the Collateral. This Amendment constitutes the entire agreement of the parties hereto, and supersedes all prior understandings and agreements,
among the parties hereto relating to the subject matter hereof.

 

    5

     

    

 

4.3            No
Novation. This Amendment represents in part a renewal of, and not in satisfaction of or a novation of, the Obligations under the Credit
Agreement. Each of the Loan Parties expressly acknowledges and agrees that (i) there has not been, and this Amendment does not constitute
or establish, a novation with respect to the Credit Agreement or any of the other Loan Documents, or a mutual departure from the strict
terms, provisions and conditions thereof, other than with respect to the amendments set forth in Section 2 above, and (ii) nothing
in this Amendment shall affect or limit any right of the Administrative Agent or any Lender to demand payment of liabilities owing from
the Loan Parties, or to demand strict performance of the terms, provisions and conditions of, the Credit Agreement (as modified hereby)
and the other Loan Documents, as applicable, to exercise any and all rights, powers, and remedies under the Credit Agreement or the other
Loan Documents or at law or in equity, or to do any and all of the foregoing, immediately at any time after the occurrence of an Event
of Default under the Credit Agreement (as modified hereby) or an Event of Default under and as defined in any of the other Loan Documents.

 

4.4            Credit
Agreement Unaffected. Each reference to the Credit Agreement in any Loan Document shall hereafter be construed as a reference to the
Credit Agreement, as modified hereby. Except as herein otherwise specifically provided, all provisions of the Credit Agreement (as modified
hereby) and the other Loan Documents shall remain in full force and effect and be unaffected hereby. This Amendment shall constitute a
 “Loan Document” for all purposes under and pursuant to the Credit Agreement and the other Loan Documents.

 

4.5            Headings.
Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other
purpose or be given any substantive effect.

 

4.6            Counterparts.
This Amendment may be executed in any number of counterparts, by different parties hereto in separate counterparts and by facsimile signature
or other electronic transmissions, each of which when so executed and delivered shall be deemed to be an original and all of which taken
together shall constitute but one and the same agreement.

 

4.7            Governing
Law; Consent to Jurisdiction. The provisions of Sections 11.14 and 11.15 of the Credit Agreement shall be set forth herein mutatis
mutandis.

 

4.8            Release.
By signing below, each Loan Party hereby releases, remises, acquits and forever discharges the Administrative Agent, the Lenders and their
respective employees, agents, representatives, consultants, attorneys, officers, directors, partners, fiduciaries, predecessors, successors
and assigns, subsidiary corporations, parent corporations and related corporate divisions (collectively, the “Released Parties”),
from any and all actions, causes of action, judgments, executions, suits, debts, claims, demands, liabilities, obligations, damages and
expenses of any and every character, known or unknown, direct or indirect, at law or in equity, of whatever nature or kind, whether heretofore
or hereafter arising, for or because of any manner of things done, omitted or suffered to be done by any of the Released Parties prior
to and including the date of execution hereof, and in any way directly or indirectly arising out of any or in any way connected to this
Amendment or any other Loan Document (collectively, the “Released Matters”).  Each Loan Party hereby acknowledges
that the agreements in this paragraph are intended to be in full satisfaction of all or any alleged injuries or damages arising in connection
with the Released Matters.  Each Loan Party hereby represents and warrants to the Administrative Agent and each Lender that it has
not purported to transfer, assign or otherwise convey any right, title or interest of such Loan Party in any Released Matter to any other
Person and that the foregoing constitutes a full and complete release of all Released Matters.

 

[Signature pages follow.]

 

    6

     

    

 

IN WITNESS WHEREOF, this Amendment
has been duly executed and delivered as of the date first above written.

 

	 	ASHFORD HOSPITALITY TRUST, INC.
	 	 
	 	 
	 	By:	/s/ J. Robison Hays III
	 	Name: 	     J. Robison Hays III
	 	Title:	     Chief Executive Officer
	 	 
	 	ASHFORD OP GENERAL PARTNER LLC
	 	ASHFORD OP LIMITED PARTNER LLC
	 	 
	 	 
	 	By:	/s/ J. Robison Hays III
	 	Name:	     J. Robison Hays III
	 	Title:	     President and Chief Executive_____     Officer
	 	 
	 	ASHFORD HOSPITALITY LIMITED PARTNERSHIP
	 	 
	 	 
	 	By: Ashford OP General Partner LLC, its general partner
	 	 
	 	 
	 	By:	/s/ Alex Rose
	 	Name:	     Alex Rose
	 	Title:	     Executive Vice President, General Counsel
    and Secretary

 

 

[Signature Page to Amendment No. 1]

 

    

    

    

 

	 	ASHFORD A-3 MEZZ LLC
	 	ASHFORD AA SENIOR MEZZ LLC
	 	ASHFORD C-1 LLC
	 	ASHFORD C-2 LLC
	 	ASHFORD CHAMBERS GP LLC
	 	ASHFORD CREDIT HOLDING LLC
	 	ASHFORD D-3 MEZZ LLC
	 	ASHFORD FIVE JUNIOR HOLDER LLC
	 	ASHFORD FIVE JUNIOR MEZZ LLC
	 	ASHFORD FIVE SENIOR MEZZ LLC
	 	ASHFORD G-3 MEZZ LLC
	 	ASHFORD IHC LLC
	 	ASHFORD JUNIOR A LLC
	 	ASHFORD JUNIOR B LLC
	 	ASHFORD JUNIOR Ml LLC
	 	ASHFORD JUNIOR M2 LLC
	 	ASHFORD LE PAVILLON SENIOR MEZZ LLC
	 	ASHFORD POOL C2 JUNIOR HOLDER LLC
	 	ASHFORD POOL C2 JUNIOR MEZZ LLC
	 	ASHFORD POOL C2 SENIOR MEZZ LLC
	 	ASHFORD SENIOR M1 LLC
	 	ASHFORD SENIOR M2 LLC
	 	ASHFORD TEN JUNIOR MEZZ LLC
	 	ASHFORD TEN SENIOR MEZZ LLC
	 	ASHFORD WQ HOTEL GP LLC
	 	HH MEZZ BORROWER A-4 LLC
	 	HH MEZZ BORROWER G-4 LLC
	 	HH SWAP C LLC
	 	HH SWAP C-1 LLC
	 	HH SWAP F LLC
	 	HH SWAP F-1 LLC
	 	PIM HIGHLAND HOLDING LLC
	 	RFS SPE 2000 LLC
	 	 
	 	By: 	/s/
 Alex Rose
	 	Name:	      Alex Rose
	 	Title:	      Vice President and Secretary

 

 

[Signature Page to Amendment No. 1]

 

    

    

    

 

	 	ASHFORD TRS AA SENIOR MEZZ LLC
	 	ASHFORD TRS ASHTON HOLDER LLC
	 	ASHFORD TRS C-I LLC ASHFORD TRS C-2 LLC
	 	ASHFORD TRS CHAMBERS LLC
	 	ASHFORD TRS FIVE JUNIOR HOLDER I LLC
	 	ASHFORD TRS FIVE JUNIOR HOLDER II LLC
	 	ASHFORD TRS FIVE JUNIOR HOLDER III LLC
	 	ASHFORD TRS FIVE JUNIOR HOLDER IV LLC
	 	ASHFORD TRS FIVE JUNIOR HOLDER V LLC
	 	ASHFORD TRS FIVE JUNIOR MEZZ I LLC
	 	ASHFORD TRS FIVE JUNIOR MEZZ II LLC
	 	ASHFORD TRS FIVE JUNIOR MEZZ III LLC
	 	ASHFORD TRS FIVE JUNIOR MEZZ IV LLC
	 	ASHFORD TRS FIVE JUNIOR MEZZ V LLC
	 	ASHFORD TRS FIVE SENIOR MEZZ I LLC
	 	ASHFORD TRS FIVE SENIOR MEZZ II LLC
	 	ASHFORD TRS FIVE SENIOR MEZZ III LLC
	 	ASHFORD TRS FIVE SENIOR MEZZ IV LLC
	 	ASHFORD TRS FIVE SENIOR MEZZ V LLC
	 	ASHFORD TRS JUNIOR A LLC
	 	ASHFORD TRS JUNIOR B LLC
	 	ASHFORD TRS JUNIOR MI LLC
	 	ASHFORD TRS JUNIOR M2 LLC
	 	ASHFORD TRS LE PA VILLON SENIOR MEZZ LLC
	 	ASHFORD TRS POOL C2 JUNIOR HOLDER LLC
	 	ASHFORD TRS POOL C2 JUNIOR MEZZ LLC
	 	ASHFORD TRS POOL C2 SENIOR MEZZ LLC
	 	ASHFORD TRS POOL C3 JUNIOR HOLDER LLC
	 	ASHFORD TRS POOL C3 JUNIOR MEZZ LLC
	 	ASHFORD TRS POOL C3 SENIOR MEZZ LLC
	 	ASHFORD TRS SENIOR M1 LLC
	 	ASHFORD TRS SENIOR M2 LLC
	 	ASHFORD TRS TEN JUNIOR MEZZ LLC
	 	ASHFORD TRS TEN SENIOR MEZZ LLC
	 	ASHFORD TRS WQ LLC
	 	HH MEZZ BORROWER D-2 LLC
	 	HH MEZZ BORROWER D-4 LLC
	 	AH TENANT CORPORATION
	 	ASHFORD TRS CORPORATION
	 	ASHFORD TRS VI CORPORATION
	 	CRYSTAL CITY TENANT CORP.
	 	LEE VISTA TENANT CORP.
	 	SANTA CLARA TENANT CORP.
	 	 
	 	By:	/s/
    Deric S. Eubanks     
	 	Name:	       Deric S. Eubanks
	 	Title:	       President and Secretary

 

 

[Signature Page to Amendment No. 1]

 

    

    

    

 

	 	ASHFORD CHAMBERS LP
	 	 
	 	By: ASHFORD CHAMBERS GP LLC,
	 	its general partner
	 	 
	 	By: 	/s/ Alex Rose
    
	 	Name:	     Alex Rose
	 	Title:	     Vice President and Secretary
	 	 
	 	ASHFORD WQ HOTEL LP
	 	 
	 	By: ASHFORD WQ HOTEL GP LLC,
	 	its general partner
	 	 
	 	By: 	/s/  Alex Rose
	 	Name:	      Alex Rose
	 	Title:	     Vice President and Secretary
	 	 
	 	ASHFORD WQ LICENSEE LLC
	 	 
	 	By: ASHFORD TRS CORPORATION,
	 	its sole member
	 	 
	 	By: 	/s/ Deric S. Eubanks    
	 	Name:	     Deric S. Eubanks
	 	Title:	     President

 

 

[Signature Page to Amendment No. 1]

 

    

    

    

 

	 	OPPS AHT HOLDINGS, LLC
	 	By: Oaktree Fund GP, LLC, its Manager
	 	By: Oaktree Fund GP I, L.P., its Managing Member
	 	 
	 	 
	 	By:	/s/ Jordan Mikes
	 	Name:	     Jordan Mikes
	 	Title:	     Authorized Signatory
	 	 
	 	 
	 	By:	/s/ Brian Laibow
	 	Name:	     Brian Laibow
	 	Title:	     Authorized Signatory

 

 

[Signature Page to Amendment No. 1]

 

    

    

    

 

	 	ROF8 AHT PT, LLC
	 	 
	 	By:	/s/ Taejo Kim
	 	Name:	     Taejo Kim
	 	Title:	     Authorized Signatory
	 	 
	 	By:	/s/ Cary Kleinman
	 	Name:	      Cary Kleinman
	 	Title:	     Authorized Signatory

 

 

[Signature Page to Amendment No. 1]

 

    

    

    

 

	 	OAKTREE PHOENIX INVESTMENT FUND AIF (DELAWARE), L.P.
	 	By: Oaktree Fund AIF Series, L.P. – Series U, its General Partner
	 	By: Oaktree Fund GP AIF, LLC, its General Partner
	 	By: Oaktree Fund GP III, L.P., its Managing Member
	 	 
	 	By:	/s/ Jordan Mikes
	 	Name:	      Jordan Mikes
	 	Title:	     Authorized Signatory
	 	 
	 	By:	/s/ Steven Tesoriere
	 	Name:	     Steven Tesoriere
	 	Title:	      Authorized Signatory

 

 

[Signature Page to Amendment No. 1]

 

    

    

    

 

	 	OAKTREE FUND ADMINISTRATION, LLC,
    as
	 	Administrative Agent
	 	By: Oaktree Capital Management, L.P., its Managing Member
	 	 
	 	 
	 	By:	/s/ Henry Orren
	 	Name:	     Henry Orren
	 	Title:	     Vice President
	 	 
	 	By:	/s/ Brian Price
	 	Name:	     Brian Price
	 	Title:	     Senior Vice President

 

 

[Signature Page to Amendment No. 1]

 

    

    

    

 

 

EXHIBIT A

 

Form of Amended Warrant Certificate

 

[see attached]

 

 

 

 

 

[Signature Page to Amendment No. 1]

 

     

     

    

 

AMENDED FORM OF WARRANT CERTIFICATE

 

THIS WARRANT AND THE SECURITIES ISSUABLE
UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR QUALIFIED UNDER ANY STATE SECURITIES
LAWS. SUCH SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION
IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD IN ACCORDANCE WITH RULE 144 UNDER SUCH ACT.

 

THE SHARES OF COMMON STOCK, PAR VALUE $0.01
PER SHARE, OF ASHFORD HOSPITALITY TRUST, INC. ISSUABLE UPON EXERCISE OF THE WARRANTS REPRESENTED BY THIS CERTIFICATE ARE SUBJECT
TO THE TERMS OF THE CERTIFICATE OF INCORPORATION AND BYLAWS OF THE COMPANY, IN EACH CASE AS AMENDED, SUPPLEMENTED OR AMENDED AND
RESTATED. THE COMPANY SHALL FURNISH A COPY OF SUCH AGREEMENTS AND ANY RELEVANT AMENDMENTS THERETO TO THE HOLDER OF THIS CERTIFICATE UPON
WRITTEN REQUEST.

 

	 	 
	Warrant Certificate No. [n]	Number of Warrants: [1,745,260]1
	Date of Issuance: [n]	(subject to adjustment hereunder)
	Expiration Date: [n]2	 

 

Form of

Warrant Certificate to Purchase Common Stock

Ashford Hospitality Trust, Inc.

 

WHEREAS, this Warrant Certificate (this “Warrant
Certificate”) is being delivered pursuant to the terms of that certain Credit Agreement, dated as of January 15, 2021,
as amended by that certain Amendment No. 1, dated as of October 11, 2021 (as amended, the “Credit Agreement”),
by and among the Ashford Hospitality Trust, Inc., a Maryland corporation (the “Company”), Ashford Hospitality
Limited Partnership, a Delaware limited partnership and a subsidiary of the Company (the “Operating Partnership”),
Oaktree Fund Administration, LLC, as administrative agent, and the Lenders party thereto; and

 

 

1 Number to be adjusted as necessary,
including to the extent (i) the Company (1) subdivides its Common Shares, by split or otherwise, or (2) combines such Common Shares (or
effect a pro rata repurchase thereof), or effects a reverse share split of outstanding Common Shares into a smaller number of Common
Shares or (ii) warrants are issued to multiple Holders in connection with the transactions contemplated by the Credit Agreement, such
that it is equal, on an aggregate basis together with any other such warrants, to nineteen and nine-tenths percent (19.9%) of the outstanding
Common Stock of the Company as of the Closing Date (as defined in the Credit Agreement), calculated on a Pro Forma Basis (as defined
below) after giving effect to such Warrant Shares (as defined below).

 

2 To be the latest to occur of (x)
January 15, 2026 and (y) the date that is 90 days after the date of issuance.

 

     

     

    

 

WHEREAS, as part of the consideration delivered
pursuant to the Credit Agreement, the Holder has elected to cause the Company to issue warrants (“Warrants”) to purchase
shares of common stock, par value $0.01 per share (“Common Stock”) of the Company to satisfy the Exit Fee (as defined
in the Credit Agreement).

 

This Warrant Certificate certifies that [n]
or its registered assigns (the “Holder”), for value received, is the registered holder of, subject to Section 2
hereof, the number of warrants set forth above to purchase shares of Common Stock of the Company in accordance with the provisions of
Section 1 hereof, which such warrants shall entitle the Holder to receive [1,745,260] Warrant Shares (as defined below) which
number of shares shall be adjusted, from time to time, as necessary in accordance with the terms of this Warrant Certificate or the Credit
Agreement and calculated on a Pro Forma Basis (such percentage, as so adjusted, the “Warrant Percentage”). References
in this Warrant Certificate to this “Warrant” shall mean any and all warrants issued and outstanding under this Warrant
Certificate.

 

For purposes of this Warrant Certificate:

 

“Amendment No. 1 Effective Date”
shall have the meaning ascribed thereto in the Credit Agreement.

 

“Closing Date” shall have the
meaning ascribed thereto in the Credit Agreement.

 

“Operating Partnership Agreement”
means the Seventh Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of April 14, 2016,
as may be amended, modified or restated from time to time.

 

“Pro Forma Basis” means
determined on a pro forma basis, as of the Amendment No. 1 Effective Date assuming that the maximum number of shares of Common
Stock for which the Warrants are entitled to be exercised pursuant to this Warrant Certificate were issued and outstanding; provided
that, for purposes of this calculation, pro forma effect shall be given to any anti-dilution adjustments that would have been effected
pursuant to the terms of this Warrant Certificate during the period commencing on the Amendment No. 1 Effective Date and ending on
the Date of Issuance, assuming the Warrants were issued on the Amendment No. 1 Effective Date for [1,745,260] shares of Common Stock.

 

1.              EXERCISE.

 

(a)            Number
and Exercise Price of Warrant Shares; Expiration Date. Subject to the terms and conditions set forth herein, each warrant entitles
the Holder upon exercise to receive from the Company one fully paid and nonassessable share of Common Stock (a “Common Share”),
as may be adjusted from time to time pursuant to the terms hereof (the “Warrant Shares”), at an initial purchase price
of $0.01 per Common Share (as adjusted, from time to time, in accordance with the terms of this Warrant Certificate, the “Exercise
Price”), on or after the Date of Issuance set forth above (the “Date of Issuance”) until on or before 5:00
p.m., Eastern Time, on the Expiration Date set forth above (the “Expiration Date”) (subject to earlier termination
as set forth herein).

 

    	 	-2-	 

     

    

 

(b)            Cash
Exercise. While this Warrant remains outstanding and exercisable in accordance with Section 1(a) above, the Holder
may elect to exercise this Warrant in accordance with Section 6 herein, by wire transfer to the Company.

 

(c)            Net
Issue Exercise. While this Warrant remains outstanding and exercisable in accordance with Section 1(a) above,
the Holder may elect to exercise this Warrant in accordance with Section 6 herein, by net issue exercise, in which event
the Company shall issue to the Holder a number of Warrant Shares computed using the following formula (a “Net Issue
Exercise”):

 

 

 

		Where:	X = the number of the Warrant Shares to be issued to the Holder.

Y = the number of the Warrant Shares with respect to which the Warrant Certificate is exercised.

A = the Fair Market Value of one Common Share on the date of determination.

B = the Exercise Price (as adjusted to the date of such calculation)

 

For purposes of this Warrant, the Fair Market
Value of one Common Share on the date of determination shall be determined as follows:

 

(i) if the Company’s
Common Stock is listed and traded on the New York Stock Exchange, the NYSE American, the NASDAQ Global Select Market, the NASDAQ Global
Market or the NASDAQ Capital Market (each, a “Trading Market”), the fair market value shall be deemed the volume-weighted
average price per share of Common Stock on such Trading Market during the regular trading session (and excluding pre-market and after-hours
trading) over the thirty (30) consecutive trading days immediately prior to the date this Warrant is exercised in accordance with Section 6
herein; or

 

(ii) if the Company’s
Common Stock is not listed on a Trading Market, but is traded in the over-the-counter market, the fair market value shall be deemed to
be the average of the bid price on such Trading Market over the thirty (30) consecutive trading days immediately prior to the date this
Warrant is exercised in accordance with Section 6 herein; or

 

(iii) if there is no active
public market for the Company’s Common Stock, the fair market value of the Common Stock shall be determined in good faith by the
Company’s board of directors in reliance on an opinion of an independent financial expert retained by the Company for this purpose,
using one or more valuation methods that the independent financial expert in its professional judgment determines to be most appropriate,
assuming such securities are fully distributed and are to be sold in an arm’s-length transaction and there was no compulsion on
the part of any party to such sale to buy or sell and taking account all other relevant factors.

 

    	 	-3-	 

     

    

 

The Company and the Holder agree,
unless otherwise required by a change in law or by the Internal Revenue Service or other governmental authority following an audit or
examination, (i) in the event of a Net Issue Exercise under this Section 1(c), the Holder’s exercise of this Warrant
in exchange for the receipt of the Warrant Shares issuable in accordance with this Warrant (or the portion thereof being cancelled) shall
be treated as a recapitalization under Section 368(a)(1)(E) of the Internal Revenue Code of 1986, as amended and (ii) not
to file any tax return inconsistent with the foregoing.

 

(d)            Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant Certificate to the Company until
the Holder has purchased all of the Warrant Shares available hereunder and the warrants represented by this Warrant Certificate have been
exercised in full, in which case, the Holder shall surrender this Warrant Certificate to the Company for cancellation within three Business
Days of the date the final Notice of Exercise (as defined below) is delivered to the Company. Partial exercises of this Warrant resulting
in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding
number of Warrant Shares purchasable hereunder by an amount equal to the applicable number of Warrant Shares purchased. The Company shall
maintain records showing the number of Warrant Shares purchased and the date of such purchase (the “Warrant Statements”).
The Company shall keep at its offices a warrant register (the “Warrant Registry”) in which, subject to such reasonable
regulations as it may prescribe, it shall register the Warrants as well as any exchanges and transfers of outstanding Warrants, all in
form satisfactory to the Company. As used herein, “Business Day” means any day other than Saturday, Sunday or other
day on which commercial banks in the City of New York are authorized or required by law to remain closed.

 

(e)            Notwithstanding
any other provision hereof, if an exercise of any portion of this Warrant Certificate is to be made in connection with a sale of the Company
or Ashford Hospitality Limited Partnership, a Delaware limited partnership and a subsidiary of the Company (the “Operating Partnership”)
(pursuant to a merger, sale of stock, or otherwise), such exercise may at the election of the Holder be conditioned upon the consummation
of such transaction, in which case such exercise shall not be deemed to be effective until immediately prior to the consummation of such
transaction.

 

(f)             The
Company and Holder agree, unless otherwise required by a change in law or by the Internal Revenue Service or other governmental authority
following an audit or examination, (i) the Warrant shall be treated as equity of the Company for U.S. federal and applicable state
and local income tax purposes and (ii) not to file any tax return inconsistent with the foregoing.

 

    	 	-4-	 

     

    

 

2.             DISTRIBUTIONS;
CERTAIN ADJUSTMENTS.

 

(a)            Distributions;
Adjustment of Number of Warrant Shares and Exercise Price. The number and kind of Warrant Shares purchasable upon exercise of this
Warrant shall be subject to adjustment from time to time as follows:

 

(i)             Distributions,
Subdivisions, Combinations and Other Issuances.

 

(A)            If
the Company shall, at any time or from time to time after the Date of Issuance but prior to the Expiration Date, make or declare and pay
to the holders of Common Stock any dividend or distribution payable in securities of the Company (or another Person), cash, indebtedness,
rights or other property or adopt or implement a shareholder rights agreement or effect an offering of securities to holders of Common
Shares pursuant to which any rights (“Rights”) are distributed to the holders of Common Shares of the Company, then,
in each such event, the Holder shall be entitled to receive such dividend, distribution or Rights as it would have been entitled to receive
if it had been a holder of the number of Warrant Shares issuable as of the record date for such dividend or distribution, upon exercise
in full of this Warrant.

 

(B)             If
the Company shall, at any time or from time to time after the Date of Issuance but prior to the Expiration Date, (1) subdivide its
Common Shares, by split or otherwise, or (2) combine such Common Shares (or effect a pro rata repurchase thereof), or effect
a reverse share split of outstanding Common Shares into a smaller number of Common Shares, the Exercise Price shall be adjusted to equal
the product obtained by multiplying (x) the Exercise Price by (y) a fraction, the numerator of which shall be the aggregate
number of Common Shares outstanding immediately prior to such event and the denominator of which shall be the number of Common Shares
outstanding immediately after giving effect to such event. Simultaneously with any adjustment of the Exercise Price in accordance with
this Section 2(a)(i)(B), the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be the increased
or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number of
Warrants shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment. Any adjustment under this Section 2(a)(i)(B) shall
become effective immediately after the effective time of such subdivision, split, combination or reverse share split.

 

(C)             For
purposes of this Warrant Certificate, “Person” means an individual or a corporation, partnership, limited liability
company, association, trust, or any other entity or organization, including a government or political subdivision or an agency or instrumentality
thereof.

 

(D)            Within
three (3) Business Days of the Date of Issuance, the Company shall pay to the Holder (x) an amount in cash equal to the aggregate
amount of all cash dividends or distributions and (y) (i) such quantity of securities of the Company (or another Person), indebtedness,
rights or other property equal to the aggregate quantity of all such securities, indebtedness, rights or other property paid by the Company
as a dividend or distribution, in each case, that the Holder would have been entitled to receive (1) had the Warrant been issued
on and exercised in full into Warrant Shares on the Amendment No. 1 Effective Date and (2) had the Holder held such Warrant
Shares from the Amendment No. 1 Effective Date through the Date of Issuance or (ii) an amount in cash equal to the value of
such securities, indebtedness, rights or other property described in clause (i), which value shall be determined in good faith
by the Company’s board of directors, as of the record date of such dividend or distribution, in reliance on an opinion of an independent
financial expert retained by the Company for this purpose, using one or more valuation methods that the independent financial expert in
its professional judgment determines to be most appropriate, assuming such securities, indebtedness, rights or other property are fully
distributed and are to be sold in an arm’s-length transaction and there was no compulsion on the part of any party to such sale
to buy or sell and taking account all other relevant factors.

 

    	 	-5-	 

     

    

 

(ii)            Reclassification,
Reorganizations and Consolidation. In case of any reclassification, capital reorganization or change in the Common Shares of the Company
(other than as a result of a subdivision, combination, split (forward or reverse) or Common Share distribution provided for in Section 2(a)(i) above)
that occurs on or after the Amendment No. 1 Effective Date, then, as a condition of such reclassification, reorganization or change,
lawful provision shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to
the Holder, so that the Holder shall, after the Date of Issuance but prior to the Expiration Date, have the right to purchase, at a total
price equal to that payable upon the exercise of this Warrant, the kind and amount of Common Shares and/or other securities or property
(including, if applicable, cash) receivable in connection with such reclassification, reorganization or change by a holder of the same
number and type of securities as were purchasable as Warrant Shares by the Holder immediately prior to such reclassification, reorganization
or change. In any such case, appropriate provisions shall be made with respect to the rights and interest of the Holder so that the provisions
hereof shall thereafter be applicable with respect to any Common Shares or other securities or property deliverable upon exercise hereof
(and, for the avoidance of doubt, this Warrant shall be exclusively exercisable for such Common Shares and/or other securities or property
from and after the consummation of such reclassification or other change in the Common Shares of the Company).

 

(iii)           Bona
Fide Equity Issuances. For the avoidance of doubt, in no event shall any adjustment be made to the number of Warrant Shares
issuable on the exercise of this Warrant in the event (x) the Company issues and sells in a public offering or a private placement
shares of Common Stock, rights or other equity securities substantially similar to or convertible or exchangeable into shares of Common
Stock (collectively, “Offered Securities”) or (y) Common Stock (and options exercisable therefor) is issued to
the Company’s employees, officers, directors, consultants, or advisors (regardless of whether in such capacity on the date of exercise)
under bona fide employee benefit plans or stock option plans adopted by the Company’s board of directors and approved by
the holders of Common Stock when required by law; provided, however, that, notwithstanding the foregoing, from the Date
of Issuance but prior to the Expiration Date, the Holder shall be entitled to participate in any such public offering, private placement
for cash or other offering or placement to stockholders of the Company or any of their Affiliates and shall be entitled, at the election
of the Holder, to purchase up to such number of Offered Securities equal to the product of (A) the total number of Offered
Securities to be issued by the Company in such offering multiplied by (B) the fraction determined by dividing (x) the
sum of (I) the number of Common Shares Beneficially Owned by such Investor and (II) the number of Warrant Shares issuable
to the Holder upon exercise in full of this Warrant by the (y) the total number of Common Shares outstanding, in each case as of
immediately prior to such offering or placement. For the avoidance of doubt, in no event shall this Section 2(a)(iii) confer
upon the Holder any right to participate in any exchange offer exempt pursuant to Section 3(a)(9) of the Securities Act of 1933
(the “Securities Act”), as amended, equity line of credit or standby equity line of credit (whether structured as a
primary or secondary offering).

 

    	 	-6-	 

     

    

 

(b)            Additional
Adjustments. The number of Warrant Shares purchasable upon exercise of this Warrant shall be subject to additional adjustment from
time to time as follows; provided, that, the adjustments set forth in Section 2(a) above shall continue to apply
to all Warrant Shares adjusted by this Section 2(b):

 

(i)             Downward
Adjustments. Notwithstanding anything to the contrary in this Agreement:

 

(A)            The
number of Warrant Shares purchasable upon exercise of this Warrant shall be reduced to the nearest whole number such that the Warrant
Percentage shall be reduced by two percent (2%) (in addition to any reduction pursuant to Section 2(b)(i)(B) below),
on the first date (if any) upon which, prior to the DDTL Commitment Expiration Date, (x) the Borrower delivers to the Administrative
Agent in accordance with the terms of the Pledge Agreement, one or more Joinders (as defined therein) effecting the pledge of the Equity
Interests in one or more Property-Level Subsidiaries that are Excluded Subsidiaries on the Closing Date, and, in each case, all of whose
parent entities (that are Subsidiaries of the Borrower) are Excluded Subsidiaries on the Closing Date (each, a “Closing Date
Excluded Property-Level Subsidiary”) and (y) a direct (or indirect) parent of such Closing Date Excluded Property-Level
Subsidiary becomes a Subsidiary Guarantor pursuant to the terms of the Credit Agreement and the Guaranty Agreement; provided that
this Section 2(b)(i)(A) shall only apply if both the foregoing subclauses (x) and (y) have been
satisfied in respect of Closing Date Excluded Property-Level Subsidiaries who are (or whose Subsidiaries are) primary obligors under Indebtedness
comprising not less than 80% of all Indebtedness of Closing Date Excluded Property-Level Subsidiaries (and their Subsidiaries) as of the
date of such pledge or guaranty;

 

(B)             The
number of Warrant Shares purchasable upon exercise of this Warrant shall be reduced to the nearest whole number such that the Warrant
Percentage shall be reduced by two percent (2%) (in addition to any reduction pursuant to Section 2(b)(i)(A) above),
on the first date (if any) upon which, prior to the DDTL Commitment Expiration Date, the Borrower delivers to the Administrative Agent,
in accordance with the terms of the Pledge Agreement, one or more Joinders (as defined therein) effecting the pledge of the Equity Interests
in one or more Property-Level Subsidiaries that are Unpledgeable Subsidiaries on the Closing Date, and, in each case, (I) all of
whose parent entities (that are Subsidiaries of the Borrower) are Unpledgeable Subsidiaries on the Closing Date and (II) each of
which is (or is the Subsidiary of) a Subsidiary Guarantor on the Closing Date (each, a “Closing Date Unpledgeable Property-Level
Subsidiary”); provided that this Section 2(b)(i)(B) shall only apply if (x) the foregoing subclause
(II) remains true at the applicable time of determination of the Warrants Percentage and (y) this Section 2(b)(i)(B) shall
have been satisfied in respect of Closing Date Unpledgeable Property-Level Subsidiaries who are (or whose Subsidiaries are) primary obligors
under Indebtedness comprising not less than 80% of all Indebtedness of Closing Date Unpledgeable Property-Level Subsidiaries (and their
Subsidiaries) as of the date of such pledge or guaranty.

 

    	 	-7-	 

     

    

 

(C)             For
the avoidance of doubt, in no event shall the Warrant Percentage be reduced by more than four percent (4%) or below fifteen and nine-tenths
percent (15.9%) pursuant to this Section 2(b)(i).

 

(D)            For
purposes of this Section 2(b)(i), all capitalized terms used but not defined in this Section 2(b)(i) shall
have the meanings ascribed to them in the Credit Agreement.

 

(ii)            Upward
Adjustments. Notwithstanding anything to the contrary in this Agreement, the number of Warrant Shares purchasable upon exercise of
this Warrant shall be increased to the nearest whole number such that the Warrant Percentage shall be increased by an amount equal to
the product of (A) 1.0% multiplied by (B) a fraction, the numerator of which is the aggregate amount (if any) of DDTLs (as defined
in the Credit Agreement) advanced by all Lenders (as defined in the Credit Agreement) not to exceed $150,000,000, and the denominator
of which is $10,000,000. For the avoidance of doubt, any DDTLs advanced by Lenders in excess of $150,000,000 shall not apply to the calculation
set forth in clause (B) of this Section 2(b)(ii).

 

(iii)           Calculations.
All calculations under this Section 2 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may
be.

 

(c)            Treatment
of Warrant upon a Change of Control.

 

(i)             If,
at any time after the Amendment No. 1 Effective Date, the Company or the Operating Partnership consummates a Change of Control (as
defined below), then the Holder shall have the right, from the Date of Issuance but prior to the Expiration Date, to receive, upon exercise
of this Warrant, the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence
of such Change of Control if it had been, immediately prior to such Change of Control, a holder of the number of Common Shares then issuable
upon exercise in full of this Warrant (the “Alternate Consideration”). The Company shall not effect any such Change
of Control unless prior to or simultaneously with the consummation thereof, any successor to the Company, surviving entity or the Person
purchasing or otherwise acquiring such assets or other appropriate Person shall assume by written instrument the obligation to deliver
to the Holder, such Alternate Consideration as, in accordance with the foregoing provisions, the Holder may be entitled to purchase or
receive, and the other obligations under this Warrant.

 

    	 	-8-	 

     

    

 

(ii)            As
used in this Warrant, a “Change of Control” means (i) a consolidation, merger or combination or statutory share
exchange, in each case involving the Company or the Operating Partnership, (ii) a sale of all or substantially all of the direct
or indirect assets of the Company or the Operating Partnership (including by way of any reorganization, merger, consolidation or other
similar transaction) or (iii) a direct or indirect acquisition of beneficial ownership of voting securities of the Company, or of
the general partner interest in the Operating Partnership, by another person or “group” (within the meaning of Rules 13d-3
and 13d-5 under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”)), other than, in the case
of the general partner interest in the Operating Partnership, as a result of a transfer by the Company of Ashford OP General Partner LLC
(“Ashford GP”), or the entity then serving as general partner of the Operating Partnership, to a subsidiary or affiliate
of the Company, by means of any transaction or series of transactions (including any reorganization, merger, consolidation, joint venture,
share transfer or other similar transaction), in each case, pursuant to which (w) the stockholders of the Company immediately preceding
such transaction or transactions collectively own, following the consummation of such transaction or transactions, less than fifty percent
(50%) of the total economic interests or total voting power of all securities of the Company entitled to vote generally, (x) neither
the Company, Ashford GP nor any other subsidiary or affiliate of the Company continues as the general partner of the Operating Partnership
and/or (w) the Common Shares would be converted into, or exchanged for, or would be reclassified or changed into, stock, other securities,
other property or assets (including cash or any combination thereof).

 

(d)            Proceedings
Prior to any Action Requiring Adjustment. As a condition precedent to the taking of any action which would require an adjustment pursuant
to this Section 1(e), the Company shall take such actions as are necessary, which may include obtaining regulatory, stock
exchange or partner approvals or exemptions, in order that the Company may thereafter validly and legally issue as fully paid and nonassessable
all Common Shares that the Holder is entitled to receive upon exercise of this Warrant pursuant to Section 1.

 

(e)            Covenant
to Maintain Par Value. The Company will not, either directly or indirectly, upon any Change of Control, change the par value of the
Common Shares to an amount more than the Exercise Price, and at all times will take all such action as may be necessary or appropriate
in order that the Company will maintain the par value of the Common Shares as contemplated in this Agreement to be not more than the Exercise
Price.

 

3.              ISSUANCE
OF OPERATING PARTNERSHIP UNITS.

 

(a)            Notwithstanding
anything to the contrary, the Holder hereby agrees that it shall have no rights to require the Company to issue Warrants, or shares of
Common Stock upon receipt of a Notice of Exercise, to the extent the number of Warrant Shares issuable to the Holder in connection with
such Warrants or such Notice of Exercise would cause the Beneficial Ownership in the Company of the Holder[, together with the aggregate
Beneficial Ownership of all other Holders of Warrants issued in connection with the transactions contemplated by the Credit Agreement,]
to exceed nineteen and nine-tenths percent (19.9%) (the “19.9% Threshold”) or would otherwise cause the Company to
violate any Beneficial Ownership limitations imposed on Real Estate Investment Trusts, including, including the requirements of Section 856(a)(6) or
856(h) of the Internal Revenue Code of 1986, as amended (the “REIT Rules”).

 

    	 	-9-	 

     

    

 

(b)            In
the event the number of Warrant Shares issuable to the Holder in connection with a Notice of Exercise would exceed the 19.9% Threshold,
the Company may, in its discretion, (i) issue to the Holder the number of Warrant Shares, rounded to the nearest whole number, such
that the Holder’s Beneficial Ownership in the Company shall be nineteen and nine-tenths percent (19.9%) (calculated on a pre-issuance
basis without giving effect to such Warrant Shares) and (ii) either (x) pay to the Holder an amount in cash equal to Fair Market
Value of the Warrant Shares subject to such Notice of Exercise which were not issued pursuant to clause (i), (y) upon three
(3) Business Days’ written notice to the Holder, issue to the Holder the number of common units of limited partnership interest
in the Operating Partnership (“Common Partnership Units”) which may be exchanged for the number of Common Shares subject
to such Notice of Exercise which were not issued pursuant to the foregoing clause (i), or (z)(I) within ten (10) Business
Days of receipt of such Notice of Exercise, provide notice to the Holder of its intent to solicit the requisite shareholder consent or
consents of the Company to approve the issuance by the Company to the Holder of the number of Common Shares subject to such Notice of
Exercise which were not issued pursuant to foregoing clause (i), and (II) within one hundred twenty (120) days of receipt of such
Notice of Exercise, solicit and obtain such consent(s); provided, that in the event the Company delivers the notice described in
the foregoing subclause (I) and the Holder is issued Common Partnership Units pursuant to this Warrant, in no event shall
the Company, the Operating Partnership or its general partner be permitted to utilize the one hundred twenty (120) day-period set forth
in Section 7.4(b) of the Operating Partnership Agreement to seek or obtain stockholder consent in order to issue REIT Common
Shares (as defined in the Operating Partnership Agreement) to the Holder and shall pay to the Holder, on the Specified Redemption Date
(as defined in the Operating Partnership Agreement), the Cash Amount (as defined in the Operating Partnership Agreement) or, to the extent
permissible under the Operating Partnership Agreement without additional stockholder consent, the REIT Common Shares Amount (as defined
in the Operating Partnership Agreement) or any combination of the Cash Amount and the REIT Commons Shares Amount, in each case, in an
aggregate amount sufficient to satisfy the Redemption Right; provided, further, that in the event that the Company fails
to timely provide to the Holder the notice set forth in the foregoing subclause (I) or to obtain such requisite shareholder
consent(s) within the one hundred twenty (120) day period set forth in the foregoing subclause (II), the Holder shall be entitled
to receive, at the Company’s election, either the cash amount set forth in the foregoing subclause (x) or the Common
Partnership Units set forth in the foregoing subclause (y), in each case, within five (5) Business Days after the failure
to provide such notice or to obtain such approval, as applicable.

 

(c)            In
the event the number of Warrant Shares issuable to the Holder in connection with a Notice of Exercise would exceed the number of Warrant
Shares permitted to be issued by the Company in accordance with the REIT Rules, the Company may, in its discretion, (i) issue to
the Holder the number of Warrant Shares, rounded to the nearest whole number, such that the Holder’s Beneficial Ownership in the
Company shall be the maximum number of Warrant Shares that the Company may issue without violating the REIT Rules and (ii) either
(x) pay to the Holder an amount in cash equal to Fair Market Value of the Warrant Shares subject to such Notice of Exercise which
were not issued pursuant to the foregoing clause (i), or (y) issue to the Holder the number of Common Partnership Units which
may be exchanged for the number of Common Shares subject to such Notice of Exercise which were not issued pursuant to the foregoing clause
(i).

 

    	 	-10-	 

     

    

 

(d)            For
purposes of this Warrant, “Beneficial Owner” and “Beneficial Ownership” have the meanings set forth
in Rule 13d-3 promulgated under the Exchange Act; provided, that, for purposes of determining whether a Person is a Beneficial
Owner of a security, (i) a Person shall be deemed to be the Beneficial Owner of any securities which may be acquired by such Person
pursuant to any contract, arrangement or understanding or upon the exercise of conversion rights, exchange rights, warrants or options,
or otherwise (irrespective of whether the right to acquire such securities is exercisable immediately or only after the passage of time,
including the passage of time in excess of sixty (60) days, the satisfaction of any conditions, the occurrence of any event or any combination
of the foregoing) and (ii) a Person shall be deemed to be the Beneficial Owner of Common Shares that may be issued upon redemption
of Common Partnership Units.

 

(e)            In
the event that the Company issues to the Holder any Common Partnership Units in accordance with this Warrant Certificate, the Company
shall, and shall cause the Operating Partnership and the general partner of the Operating Partnership, as applicable, to take all action
necessary to: (i) amend Operating Partnership Agreement to attach as an exhibit thereto the “Designation of Interests Issued
to Oaktree Common Partners” attached as Exhibit D hereto (or to amend or modify such limited partnership agreement or
other governing documents of the Operating Partnership, in effect as of such time, to provide the Holder with legal and economic benefit
of the terms contained in Exhibit D attached hereto), in each case, effective as of the date of issuance of such Common Partnership
Units and (ii) cause such limited partnership agreement or other governing documents, as applicable, to include such exhibit and/or
such terms as described in the foregoing subclause (i), as applicable, for so long as the Holder continues to hold any Common Partnership
Units. For the avoidance of doubt, the provisions of this Section 3(e) shall apply each and every time that the Company
issues to the Holder any Common Partnership Units.3

 

4.              FRACTIONAL
WARRANT SHARES; CHARGES, TAXES AND EXPENSES. No fractional Warrant Shares will be issued in connection with any exercise hereunder.
In lieu of any fractional Warrant Shares which would otherwise be issuable, the Company shall, at the time of such exercise, pay to the
Holder an amount in cash equal to the product of such fraction multiplied by the Fair Market Value of one Warrant Share. Issuance of Warrant
Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance
of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name
of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event that Warrant
Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by
the Notice of Assignment attached hereto as Exhibit B, duly executed by the Holder and the Company may require, as a condition
thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

 

 

    	 	-11-	 

     

    

 

5.              NO
STOCKHOLDER OR PARTNER RIGHTS. Except as otherwise set forth in this Warrant Certificate, until the exercise of this Warrant or any
portion of this Warrant, nothing set forth herein shall be deemed to grant the Holder any rights as a stockholder of the Company or as
a partner in the Operating Partnership (including, without limitation, the right to notification of stockholder or partner meetings or
the right to receive any notice or other communication concerning the business and affairs of the Company or the Operating Partnership).

 

6.              MECHANICS
OF EXERCISE.

 

(a)            Delivery
of Warrant Shares Upon Exercise. This Warrant may be exercised by the Holder hereof, in whole or in part, by delivering to the Company
(or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the
Holder appearing on the books of the Company) a duly executed copy of the Notice of Exercise in the form attached hereto as Exhibit A
(the “Notice of Exercise”) by facsimile or mail and paying the Exercise Price then in effect with respect to the number
of Warrant Shares as to which the Warrant is being exercised, or electing in such Notice of Exercise to exercise by Net Issue Exercise
in accordance with Section 1(c). No ink-original Notice of Exercise nor any medallion guarantee (or other type of guarantee
or notarization) of any Notice of Exercise shall be required. This Warrant shall be deemed to have been exercised immediately prior to
the close of business on the date of the delivery to the Company of the Notice of Exercise and payment of the Exercise Price as provided
above, and the person entitled to receive the Warrant Shares issuable upon such exercise shall be treated for all purposes as the Holder
of such shares of record as of the close of business on such date. Warrant Shares purchased hereunder shall be transmitted by the Company’s
transfer agent to the Holder by crediting the account of the Holder in the Company’s books and records by the end of the day on
the date that is two Business Days from the delivery to the Company of the Notice of Exercise and payment of the aggregate Exercise Price
(or exercise of Net Issue Exercise, as applicable). The Warrant Shares shall be deemed to have been issued, and the Holder or any other
person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the
date the Warrant has been exercised, with payment to the Company of the Exercise Price (or exercise of the Net Issue Exercise, as applicable)
and all taxes required to be paid by the Holder, if any, prior to the issuance of such shares, having been paid, irrespective of the date
of reflection of such exercise for Warrant Shares on the Warrant Statement, the Warrant Registry or the books and records of the Company
(or its transfer agent).

 

7.              COMPLIANCE
WITH SECURITIES LAWS.

 

(a)            The
Holder understands that this Warrant and the Warrant Shares are characterized as “restricted securities” under the federal
securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such
laws and applicable regulations this Warrant and the Warrant Shares may be resold without registration under the Securities Act only in
certain limited circumstances. In this connection, the Holder represents that it is familiar with Rule 144 under the Securities Act,
as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.

 

    	 	-12-	 

     

    

 

(b)            Prior
and as a condition to the sale or transfer of the Warrant Shares issuable upon exercise of this Warrant, the Holder shall furnish to the
Company such certificates, representations, agreements and other information, as the Company or the Company’s transfer agent reasonably
may require to confirm that such sale or transfer is being made pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act, unless such Warrant Shares are being sold or transferred pursuant to an effective registration
statement. Warrant Shares are not certificated.

 

8.              REPLACEMENT
OF WARRANTS. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant
and, in the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity agreement reasonably satisfactory
in form and amount to the Company (but not the posting of any surety or other bond) or, in the case of any such mutilation, on surrender
and cancellation of such Warrant, the Company at its expense will execute and deliver, in lieu thereof, a new Warrant of like tenor.

 

9.              TRANSFERS;
EXCHANGES.

 

(a)            Subject
to the legend appearing on the first page hereof and to the provisions of this Section 9, title to the Warrants evidenced
by the Warrant Registry may be transferred by endorsement and delivery in the same manner as in the case of a negotiable instrument transferable
by endorsement and delivery. The Holder undertakes that any Transfer of this Warrant or any Common Shares issuable on exercise of this
Warrant shall be in compliance with the Securities Act and any other applicable securities or “blue sky” laws. Any transferee
of this Warrant, in connection with such Transfer, shall execute a joinder to this Warrant Certificate in the form attached hereto as
Exhibit C. For a transfer of this Warrant as an entirety by the Holder, upon surrender of this Warrant to the Company, together
with the Notice of Assignment in the form attached hereto as Exhibit B duly completed and executed on behalf of the Holder,
the Company shall issue a new Warrant of the same denomination to the assignee. For a transfer of this Warrant with respect to a portion
of the Warrant Shares purchasable hereunder, upon surrender of this Warrant to the Company, together with the Notice of Assignment in
the form attached hereto as Exhibit B duly completed and executed on behalf of the Holder, the Company shall issue a new Warrant
to the assignee, in such denomination as shall be requested by the Holder, and shall issue to the Holder a new Warrant covering the number
of shares in respect of which this Warrant shall not have been transferred.

 

(b)            Upon
any Transfer, this Warrant is exchangeable, without expense, at the option of the Holder, upon presentation and surrender hereof to the
Company for other warrants of different denominations entitling the holder thereof to purchase in the aggregate the same number of Common
Shares purchasable hereunder. This Warrant may be divided or combined with other warrants that carry the same rights upon presentation
hereof at the principal office of the Company together with a written notice specifying the denominations in which new warrants are to
be issued to the Holder and signed by the Holder hereof. The term “Warrants” as used herein includes any warrants into
which this Warrant may be divided or exchanged.

 

(c)            For
purposes of this Section 9, “Transfer” means any direct or indirect sale (including a short sale), assignment,
encumbrance, pledge, hypothecation, disposition or other transfer (by operation of law or otherwise) or entry into any contract, option
or agreement with respect to any sale, assignment, encumbrance, pledge, hypothecation, disposition, “put equivalent position”
(as defined by Rule 16a-1(h) of the Exchange Act).

 

    	 	-13-	 

     

    

 

10.            CERTAIN
REPRESENTATIONS AND AGREEMENTS. The Company represents, covenants and agrees:

 

(a)            During
the period the Warrant is outstanding, it will cause an appropriate number of Common Shares to be duly and validly authorized and reserved
and will keep available out of its authorized Common Shares, solely for the purpose of issue upon exercise of Warrants as herein provided,
a sufficient number of Common Shares to provide for the issuance of the full amount of Warrant Shares issuable upon exercise of this Warrant.
The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the
duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such
reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable
law or regulation. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company
in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

(b)            This
Warrant is, and any Warrant issued in substitution for or replacement of this Warrant shall be, upon issuance, duly authorized and validly
issued.

 

(c)            All
Warrant Shares issuable upon the exercise of this Warrant Certificate pursuant to the terms hereof shall be, upon issuance, and the Company
shall take all such actions as may be necessary or appropriate in order that such Warrant Shares are, validly issued, fully paid and non-assessable,
and free from all taxes, liens and charges. The Company further covenants and agrees that during the period within which this Warrant
may be exercised, the Company will at all times have authorized and reserved (as unissued or held in treasury) a sufficient number of
Common Shares to provide for the exercise in full of this Warrant.

 

11.            NOTICES
TO HOLDER.

 

(a)            Notices
Upon Adjustments. Upon any adjustment of the Exercise Price or whenever the amount or type of securities issuable or deliverable in
exchange for Warrants is changed pursuant to Section 2 (including Section 2(b)), then and in each such case the
Company shall give prompt written notice thereof by delivery provided pursuant to the directions in Section 12(b)(ii), which
notice shall:

 

(i)             in
the case of an adjustment of the Exercise Price, state the Exercise Price resulting from such adjustment, setting forth in reasonable
detail the method upon which such calculation is based; describe in reasonable detail the facts requiring the change; and specify the
effective date of such change; and

 

(ii)            in
the case of a change in the number or type of securities issuable or deliverable in exchange for Warrants, describe in reasonable detail
the facts requiring the change; specify the effective date of such change; and describe the number or amount of, and terms of, the shares
or other securities issuable or deliverable in exchange for, the Warrant.

 

    	 	-14-	 

     

    

 

(b)            Notices
Upon Certain Events. In the event:

 

(i)            The
Company shall authorize the issuance to holders of Common Shares of rights or warrants to subscribe for or purchase capital stock of the
Company or of any other subscription rights or warrants, or

 

(ii)            The
Company shall authorize the distribution to holders of Common Shares of evidences of its indebtedness or assets (other than cash dividends
or cash distributions payable out of current earnings, retained earnings, earned surplus or real estate investment trust taxable income,
as determined pursuant to the Internal Revenue Code of 1986, as amended, or dividends payable in Common Shares); or

 

(iii)           there
shall be proposed any consolidation, merger, reorganization or reclassification to which the Company is to be a party and for which approval
of the holders of Common Shares is required, or the conveyance or transfer of the properties and assets of the Company substantially as
an entirety; or

 

(iv)           there
shall be proposed the voluntary or involuntary dissolution, liquidation or winding up of the Company;

 

the
Company shall give to the Holder prompt written notice, by delivery provided pursuant to the directions in Section 12(b),
which notice shall state: (i) the date as of which the holders of record of Common Shares to be entitled to receive any such rights,
warrants or distribution are to be determined or (ii) the date on which any consolidation, merger, conveyance, transfer, reorganization,
reclassification, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that
holders of record of Common Shares shall be entitled to exchange the shares for securities or other property, if any, deliverable upon
the consolidation, merger, conveyance, transfer, reorganization, reclassification, dissolution, liquidation or winding up. Such notice
shall be given at least ten days before the date as of which holders of Common Shares entitled to receive any distribution, securities
or other property in connection with such transaction are determined.

 

(c)            Notwithstanding
anything herein to the contrary, the Company may satisfy the notice requirements set forth in this Section 11 by filing the
information required with the Securities and Exchange Commission (via the EDGAR system).

 

12.            MISCELLANEOUS.

 

(a)            Governing
Law; Judicial Proceedings; Waiver of Jury Trial. This Warrant Certificate shall be governed by and construed in accordance with the
laws of the State of New York, without regard to principles of conflicts of laws thereof. In any judicial proceeding involving any dispute,
controversy or claim arising out of or relating to this Warrant, each of the parties unconditionally submits to the non-exclusive jurisdiction
and venue in the courts of the State of New York located in the Borough of Manhattan and the United States District Court for the Southern
District of New York. In any such judicial proceeding, the parties agree that in addition to any method for the service of process permitted
or required by such courts, to the fullest extent permitted by law, service of process may be made by delivery provided pursuant to the
directions in Section 12(b). EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW TRIAL BY
JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS WARRANT CERTIFICATE.

 

    	 	-15-	 

     

    

 

(b)            Notices.
All notices, requests, demands, claims and other communications which are required or may be given under this Agreement shall be in writing
and shall be deemed to have been duly given when received if personally delivered and the Business Day after it is sent, if sent for next
day delivery to a domestic address by recognized overnight delivery service (e.g., Federal Express) or by electronic mail. In each
case notice shall be sent to:

 

(i)             If
to the Company:

 

Ashford Hospitality Trust, Inc.

14185 Dallas Parkway, Suite 1200

Dallas, TX 75254

	 	Attn:	 J. Robison Hays, III, Chief Executive Officer and President;
	 	 	Alex Rose, Executive Vice President, General
	 	 	Counsel and Secretary

		Email:	rhays@ashfordinc.com
	 	 	arose@ashfordinc.com

 

with a copy (which shall not constitute
notice) to:

 

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, NY 10281

	 	Attn:	Richard M. Brand
	 	 	Gregory P. Patti, Jr.

		Email:	richard.brand@cwt.com
	 	 	greg.patti@cwt.com

 

(ii)            If
to the Holder:

 

c/o Oaktree Capital Management, L.P.

333 South Grand Avenue, 28th Floor

Los Angeles, CA 90071

	 	Attn:	Cary Kleinman
	 	 	Jordan Mikes

		Email:	ckleinman@oaktreecapital.com
	 	 	jmikes@oaktreecapital.com

 

    -16-

    

    

 

with a copy (which shall not constitute
notice) to:

 

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY, 10019

	 	Attn:	Kenneth M. Schneider
	 	 	Austin Witt

		Email:	kschneider@paulweiss.com
	 	 	awitt@paulweiss.com

 

Any party hereto may change the address to which
notices, requests, demands, claims, and other communications hereunder are to be delivered by giving each other party hereto notice in
the manner herein set forth.

 

(c)            Severability.
If any provision of this Warrant Certificate, or the application of such provision to any Person or circumstance or in any jurisdiction,
shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Warrant Certificate shall not be affected thereby,
and each other provision hereof shall be valid and enforceable to the fullest extent permitted by law, (ii) as to such Person or
circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted by law
and (iii) the application of such provision to other Persons or circumstances or in other jurisdictions shall not be affected thereby.

 

(d)            Amendment
and Modification; Waiver. This Warrant Certificate may not be amended, modified or supplemented, except by an instrument in writing
signed on behalf of the Company and the Holder. Any agreement on the part of a party hereto to any waiver of any obligation of the other
parties shall be valid only if set forth in an instrument in writing signed on behalf of such waiving party. The failure of any party
hereto to assert any of its rights under this Warrant Certificate or otherwise shall not constitute a waiver of such rights, nor shall
any single or partial exercise by any party hereto of any of its rights under this Warrant Certificate preclude any other or further exercise
of such rights or any other rights under this Warrant Certificate.

 

(e)            Enforcement.
Each of the parties hereto acknowledges and agrees that the other party would be damaged irreparably, and in a manner for which monetary
damages would not be an adequate remedy, in the event any of the provisions of this Warrant Certificate are not performed in accordance
with its specific terms or otherwise are breached. Accordingly, each of the parties hereto agrees that the other party shall be entitled
to an injunction or injunctions to prevent breaches of the provisions of this Warrant Certificate and to enforce specifically this Agreement
and the terms and provisions hereof in any action instituted as provided in Section 12(b), in addition to any other remedy
to which they may be entitled, at law or in equity and that each party hereto agrees to waive any requirements for the securing or posting
of any bond or other security in connection with such remedy.

 

(f)            No
Impairment. The Company will not, by amendment of its charter, bylaws or other governing documents or through reorganization, consolidation,
merger, dissolution, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such
action as may be necessary or appropriate in order to protect the rights of the Holder against impairment. Without limiting the generality
of the foregoing, the Company will at all times take all such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and nonassessable stock upon the exercise of the Warrants.

 

[Signature Page Follows]

 

    -17-

    

    

 

IN WITNESS WHEREOF, the Company
has caused this Warrant Certificate to be duly executed as of the date first above written.

 

	 	COMPANY
	 	 
	 	Ashford Hospitality Trust, Inc.
	 	 
	 	By:	 
	 	 	Name: J. Robison Hays, III
	 	 	Title: Chief Executive Officer and President

 

    -18-

    

    

 

EXHIBIT A

NOTICE OF EXERCISE

(To be signed only upon exercise of Warrant)

 

To:__________________________

 

The undersigned, the holder of a right to
purchase common stock, par value $0.01 per share (“Common Shares”), of Ashford Hospitality Trust, Inc., a
Maryland corporation, pursuant to the attached Warrant to Purchase Common Shares of Ashford Hospitality Trust, Inc. (the
 “Warrant”), dated as of __________, hereby irrevocably elects to exercise the purchase right represented by such
Warrant for, and to purchase thereunder, _____________________________ (_________) Common Shares and (choose one):

 

1) herewith makes payment of ______________________________
Dollars ($__________) therefor by wire transfer of immediately available funds to the account designated below by the Company.

 

Amount of Transfer: $________________

Date of Transfer: ________, 20__

[Intentionally Omitted]

 

OR

 

2) herewith elects to Net Issue Exercise the Warrant
pursuant to Section 1(c) thereof.

 

The undersigned requests that the book entry position
representing the Common Shares to be acquired pursuant to such exercise be issued in the name of, and delivered to ________________________________________,
whose address is _____________________________________________________.

 

By its signature below the undersigned hereby
represents and warrants that it is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated
under the Securities Act of 1933, as amended, and agrees to be bound by the terms and conditions of the attached Warrant as of the date
hereof.

 

	DATED:	_________________	 

 

	 	[NAME OF HOLDER]
	 	 
	 	By:	        
	 	Name:	 
	 	Its:	 

 

    

    

    

 

EXHIBIT B

NOTICE OF ASSIGNMENT FORM

 

FOR VALUE RECEIVED, [_________] (the “Assignor”)
hereby sells, assigns and transfers all of the rights of the undersigned Assignor under the attached Warrant with respect to the number
of shares of Common Shares of Ashford Hospitality Trust, Inc., a Maryland corporation (the “Company”),
covered thereby set forth below, to the following “Assignee” and, in connection with such transfer, represents and
warrants to the Company that the transfer is in compliance with Sections 8 and 9(c) of the Warrant and applicable federal
and state securities laws:

 

	NAME OF ASSIGNEE:	 	ADDRESS/FAX NUMBER
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

	Number of Shares: 	 	 	Signature: 	
	Dated:	 	 	Witness:	 

 

    

    

    

 

ASSIGNEE ACKNOWLEDGMENT

 

The undersigned Assignee acknowledges that it
has reviewed the attached Warrant and by its signature below it hereby represents and warrants that it is an “accredited investor”
as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended, and agrees to be bound by
the terms and conditions of the Warrant as of the date hereof, including Section 7 thereof.

 

	 	 	 	Signature:	 
	 	 	 	 	By:
	 	 	 	 	Title:
	 	 	 	 	 
	Address:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

     

     

    

 

EXHIBIT C

JOINDER AGREEMENT

_____________ ___, 20___

 

Reference is hereby made to
that certain Warrant Certificate, dated as of _______ (the “Warrant Certificate”), of Ashford Hospitality Trust, Inc.,
a Maryland corporation (the “Company”) issued pursuant to that certain Credit Agreement dated as of January 15,
2021, by and among the Company, Ashford Hospitality Limited Partnership, Oaktree Fund Administration, LLC, as administrative agent, and
the Lenders party thereto, as amended by that certain Amendment No. 1, dated as of [n],
2021. Reference is further made to that certain Investor Agreement, dated as of January 15, 2021, by and among the Company, Opps
AHT Holdings, LLC, ROF8 AHT PT, LLC and Oaktree Phoenix Investment Fund AIF (Delaware), L.P. and the other Investors party thereto (the
 “Investor Agreement”).

 

Pursuant to and in accordance
with Section 9 of the Warrant Certificate, the undersigned, a transferee of the Warrants, Warrant Shares and/or any shares of Common
Stock issuable upon redemption of the Warrant Shares (as each term is defined in the Warrant Certificate), as applicable, hereby acknowledges
and agrees that upon the execution of this Joinder Agreement, it shall become a party to the Warrant Certificate and shall be fully bound
by, and subject to, all of the terms and conditions of the Warrant Certificate as though an original party thereto and shall be deemed
to be a Holder (as defined in the Warrant Certificate) for all purposes under the Warrant Certificate.

 

Pursuant to and in accordance
with Section 4.11(b) of the Investor Agreement, the undersigned, a transferee of the Warrants, Warrant Shares and/or any shares
of Common Stock issuable upon redemption of Warrant Shares, as applicable, hereby acknowledges and agrees that upon the execution of this
Joinder Agreement, it shall become a party to the Investor Agreement and shall be fully bound by, and subject to, all of the terms and
conditions of the Investor Agreement, as though an original party thereto for all purposes under the Investor Agreement.

 

If an entity, the undersigned
hereby represents and warrants that the execution and delivery of this Joinder Agreement and the performance of any obligations of the
undersigned entity contemplated by the Warrant Certificate or the Investor Agreement has been duly and validly authorized and that this
Joinder Agreement has been duly executed and delivered by such party.

 

NOTWITHSTANDING THE PLACE WHERE
THIS JOINDER AGREEMENT MAY BE EXECUTED BY THE UNDERSIGNED, THE UNDERSIGNED EXPRESSLY AGREES THAT THIS JOINDER AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE UNITED STATES OF AMERICA AND THE STATE OF NEW YORK, BOTH SUBSTANTIVE AND
REMEDIAL, WITHOUT REGARD TO NEW YORK CONFLICTS OF LAW PRINCIPLES. ANY JUDICIAL PROCEEDING BROUGHT UNDER THIS JOINDER AGREEMENT OR ANY
DISPUTE ARISING OUT OF THIS JOINDER AGREEMENT OR ANY MATTER RELATED HERETO MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK
LOCATED IN THE BOROUGH OF MANHATTAN AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK.

 

[Signature page follows]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
has caused this Joinder Agreement to be duly executed as of the date first above written.

 

	IF AN INDIVIDUAL:	 	IF
                                            AN ENTITY:
	 	 	 
	By:	 	 	 
	(duly authorized signature)	 	(please print complete name of entity)
	 	 	 
	Name:	 	 	By:	 
	(please print full name)	 	(duly
                                            authorized signature)
	 	 	 
	Date:	 	 	Name:	 
	 	 	(please print full
                                            name)
	 	 	 
	 	 	Date:	 

 

     

     

    

 

EXHIBIT D

DESIGNATION OF INTERESTS ISSUED TO OAKTREE LIMITED PARTNERS

 

Pursuant to Section 4.3(a)(i) of
the Seventh Amended and Restated Agreement of Limited Partnership of Ashford Hospitality Limited Partnership (as amended, modified or
supplemented, the “Agreement”), to which this Exhibit [n] is
attached, the General Partner has caused the Partnership to issue additional Partnership Interests in the form of Common Partnership Units
in the number and to the respective Persons set forth below (collectively and, together with their respective assignees and transferees,
the “Oaktree Limited Partners”). The Common Partnership Units issued to the Oaktree Limited Partners shall be governed
by the terms of the Agreement subject to the following:

 

		1.	Definitions. To the extent the following terms are (a) defined in the Agreement, the following definitions amend and replace
such definitions in their entirety, and (b) not defined in the Agreement, such terms shall have the meanings ascribed to them in
this Exhibit [n], in each case solely with respect to the Oaktree Limited
Partners and the Common Partnership Units acquired by such persons on [n], 20[n]
and any time thereafter:

 

		A.	“Credit Agreement” means that certain Credit Agreement, dated as of January 15, 2021, by and among the Company,
the Partnership, Oaktree Fund Administration LLC, as administrative agent, and each Lender party thereto, as amended by that certain Amendment
No. 1, dated as of [n], 2021.

 

		B.	“Oaktree Limited Partners” means:

 

	 	Name of Oaktree Limited Partner	Common Partnership Units Issued	 
	 	 	 	 
	 	[Name of Oaktree Limited
Partner]	[# of Units]	 
	 	[Name of Oaktree Limited
Partner]	[# of Units]	 
	 	[Name of Oaktree Limited Partner]	[#
                                            of Units]	 

 

		C.	“Specified Redemption Date” shall mean, with respect to a given Oaktree Limited Partner and Notice of Redemption,
the later of any date so specified in the Notice of Redemption and the third (3rd) Business Day after receipt by the General Partner of
the Notice of Redemption.

 

		D.	“Warrant Certificate” means that certain Warrant Certificate, in the form attached as Exhibit B to the Credit
Agreement, to be entered into by the Oaktree Limited Partners and the Company in the event that the Company elects to pay the Exit Fee
(as defined in the Credit Agreement) in Warrants (as defined in the Credit Agreement) in accordance with Section 2.08(b) of
the Credit Agreement.

 

     

     

    

 

		2.	Amendments with respect to Section 5.2:

 

		A.	Section 5.2 is amended by adding the following to the end of Section 5.2(e):

 

		i.	Notwithstanding the foregoing, in the event that the IRS determines that the Partnership has an imputed underpayment, as calculated
in Treasury Regulation Section 301.6225-1(b), the Partnership shall elect as permitted under Treasury Regulation Section 301.6226-1(a) to
 “push-out” the imputed underpayment to the “reviewed year partners” (as defined in Treasury Regulation Section 301.6241-1(a)(9),
such that the reviewed year partners and not the Partnership shall take into account and be liable for the imputed underpayment.

 

		3.	Amendments with respect to Section 7.1:

 

		A.	Section 7.1 is amended by adding the following to the end of Section 7.1(b):

 

		i.	The Partnership shall cause to be delivered to each Oaktree Limited Partner, with respect to each taxable year in which such Oaktree
Limited Partner is a Partner in the Partnership, no later than January 21 of each year, a tentative estimate of the Schedules K-1
that the Partnership is required to deliver to the Oaktree Limited Partners with respect to the prior taxable year, and shall provide
a best estimate of such Schedules K-1 by February 15 of such year. In addition, the Partnership shall provide to the Oaktree Limited
Partners an estimate of the taxable income expected to be allocable with respect to each quarter, within fourteen (14) days after the
end of such quarter, from the Partnership to the Oaktree Limited Partners.

 

		4.	Amendments with respect to Section 7.4:

 

		A.	In the event that (i) an Oaktree Limited Partner has been issued Warrants (as defined in the Credit Agreement) as payment of
the Exit Fee (as defined in the Credit Agreement) in accordance with Section 2.08(b) of the Credit Agreement, (ii) the
Company delivers the notice set forth in Section 3(b)(z)(i) of the Warrant Certificate and (iii) such Oaktree Limited Partner
has delivered a Notice of Redemption in accordance with Section 7.4 of the Agreement, (x) in no event shall the Company, the
Partnership or the General Partner be permitted to utilize the one hundred twenty (120) day period set forth in Section 7.4(b) of
the Agreement to seek or obtain stockholder consent in order to issue sufficient REIT Common Shares to satisfy the Redemption Right and
(y) the Partnership shall pay to the Oaktree Limited Partner, on the Specified Redemption Date, the Cash Amount or, to the extent
permissible under Section 7.4(b) without additional stockholder consent, the REIT Common Shares Amount or any combination
of the Cash Amount and the REIT Common Shares Amount, in each case, in an aggregate amount sufficient to satisfy the Redemption Right.

 

		B.	For the avoidance of doubt, the designation of any Oaktree Limited Partner as an “Excepted Holder” in accordance with
the Articles of Incorporation of the Company shall be deemed to constitute a waiver by the board of directors of the Company of the 9.8%
Beneficial Ownership limitation for purposes of Section 7.4(c) of the Agreement.

 

     

     

    

 

		5.	Amendments with respect to Section 9.5:

 

		A.	Notwithstanding anything to the contrary in Section 9.5(a), but subject to the other provisions of Section 9,
nothing in this Agreement shall limit or restrict the ability of any of the Oaktree Limited Partners from Transferring any of their Limited
Partnership Interests or Partnership Units or assigning any of their rights, duties or obligations under this Agreement to any Person;
provided, that any such assignee or transferee agrees in writing to be bound by all of the terms and conditions of this Agreement
(such Transfer or assignment, an “Oaktree Permitted Disposal”).

 

		B.	Section 9.6(a)(i) shall not apply in the case of an assignee resulting from an Oaktree Permitted Disposal.

 

		6.	Amendments with respect to Exhibit A:

 

		A.	Exhibit A shall be and is revised to reflect the Persons and Common Partnership Units, identified in Item 1.B.
above, as well as the agreed values and percentages attributable thereto.EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 

NINTH SUPPLEMENTAL INDENTURE 

between 
 FS KKR CAPITAL
CORP. 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 Dated as of
October 12, 2021 
  
  

NINTH SUPPLEMENTAL INDENTURE 

THIS NINTH SUPPLEMENTAL INDENTURE (this “Ninth Supplemental Indenture”), dated as of October 12, 2021, is between FS KKR
Capital Corp., a Maryland corporation (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”). All capitalized terms used herein shall have the meaning set forth in the Base Indenture (as
defined below) unless otherwise defined herein. 
 RECITALS OF THE COMPANY 

The Company and the Trustee executed and delivered an Indenture, dated as of July 14, 2014 (the “Base Indenture”), as
amended and supplemented by the First Supplemental Indenture, dated as of July 14, 2014, the Second Supplemental Indenture, dated as of December 3, 2014, the Third Supplemental Indenture, dated as of April 30, 2015, the Fourth
Supplemental Indenture, dated as of July 15, 2019, the Fifth Supplemental Indenture, dated as of November 20, 2019, the Sixth Supplemental Indenture, dated as of April 30, 2020, the Seventh Supplemental Indenture, dated as of
December 10, 2020, the Eighth Supplemental Indenture, dated as of June 17, 2021 and this Ninth Supplemental Indenture (the “Ninth Supplemental Indenture,” and together with the Base Indenture, the
“Indenture”), to provide for the issuance by the Company from time to time of the Company’s unsecured debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series
as provided in the Base Indenture. 
 The Company desires to issue and sell $500,000,000 aggregate principal amount of the Company’s
1.650% Notes due 2024 (the “Notes”). 
 Sections 901(4) and 901(6) of the Base Indenture provide that without the consent
of Holders of the Securities of any series issued under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), the Company, when authorized by or pursuant to a Board Resolution, and the
Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Base Indenture (as supplemented or amended from time to time by one or
more indentures supplemental thereto) when there is no Security Outstanding of any series created prior to the execution of the supplemental indenture that is entitled to the benefit of such provision and (ii) establish the form or terms of
Securities of any series as permitted by Section 201 and Section 301 of the Base Indenture. 
 The Company desires to establish
the form and terms of the Notes and to modify, alter, supplement and change certain provisions of the Base Indenture for the benefit of the Holders of the Notes (subject to amendment as may be provided in a future supplemental indenture to the
Indenture (“Future Supplemental Indenture”)). 
 The Company has duly authorized the execution and delivery of this Ninth
Supplemental Indenture to provide for the issuance of the Notes and all acts and things necessary to make this Ninth Supplemental Indenture a valid, binding, and legal obligation of the Company and to constitute a valid agreement of the Company, in
accordance with its terms, have been done and performed. 

 NOW, THEREFORE, for and in consideration of the premises and the purchase of the Notes by
the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows: 
 ARTICLE I

 TERMS OF THE NOTES 

Section 1.01.    The following terms relating to the Notes are hereby established: 

(a)    The Notes shall constitute a series of Senior Securities having the title “1.650% Notes due 2024”. The
Notes shall bear a CUSIP number of 302635 AJ6 and an ISIN number of US302635AJ69. 
 (b)    The aggregate principal
amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305,
306, 906, 1107 or 1305 of the Base Indenture, and except for any Securities that, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered under the Indenture) shall be $500,000,000. Under a Board
Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Notes, issue additional Notes (in any such case “Additional
Notes”) having the same ranking and the same interest rate, maturity and other terms as the Notes; provided that, if such Additional Notes are not fungible with the Notes (or any other tranche of Additional Notes) for U.S. federal
income tax purposes, then such Additional Notes will have different CUSIP numbers from the Notes (and any such other tranche of Additional Notes). Any Additional Notes and the existing Notes will constitute a single series under the Indenture and
all references to the relevant Notes herein shall include the Additional Notes unless the context otherwise requires. 

(c)    The entire outstanding principal of the Notes shall be payable on October 12, 2024, unless earlier redeemed
or repurchased in accordance with the provisions of this Ninth Supplemental Indenture. 
 (d)    The rate at which the
Notes shall bear interest shall be 1.650% per annum (the “Applicable Interest Rate”). The date from which interest shall accrue on the Notes shall be October 12, 2021, or the most recent Interest Payment Date to which interest
has been paid or provided for; the Interest Payment Dates for the Notes shall be April 12 and October 12 of each year, commencing April 12, 2022 (if an Interest Payment Date falls on a day that is not a Business Day, then the
applicable interest payment will be made on the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment); the initial interest period will be the period from and including October 12, 2021
(or the most recent Interest Payment Date to which interest has been paid or provided for), to, but excluding, the initial Interest Payment Date, and the subsequent interest periods will be the periods from and including an Interest Payment Date
to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be. Interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the Note (or one or
more Predecessor Securities) is registered at 5:00 p.m. New York City time, or the close of business, on the Regular Record Date for such interest, which shall be April 1 and October 1 (whether or not a Business Day), as the
case may be, next preceding such Interest Payment Date. Payment of principal of (and premium, if any, on) and any such interest on the Notes will be made at the office of the Trustee located at One Federal Street, 10th Floor, Boston, MA 02110 and at
such other address as designated by the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the
Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. Interest on the Notes will be computed on the basis of a
360-day year of twelve 30-day months. 

(e)    The Notes shall be initially issuable in global form (each such Note, a “Global Note”). The
Global Notes and the Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit A to this Ninth Supplemental Indenture. Each Global Note shall represent the outstanding Notes as shall be specified
therein and each shall provide that it shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be

  
 - 2 - 

 
reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes
represented thereby shall be made by the Trustee or the Security Registrar, in accordance with Sections 203 and 305 of the Base Indenture. 

(f)    The depositary for such Global Notes (the “Depositary”) shall be The Depository Trust Company,
New York, New York, until a successor shall have been appointed and becomes such person, and thereafter, Depositary shall mean or include such successor. The Security Registrar with respect to the Global Notes shall be the Trustee. 

(g)    The Notes shall be defeasible pursuant to Section 1402 or Section 1403 of the Base Indenture. Covenant
defeasance contained in Section 1403 of the Base Indenture shall apply to the covenants contained in Sections 1007 and 1008 of the Indenture. 

(h)    The Notes shall be redeemable pursuant to Section 1101 of the Base Indenture and, in whole or in part, at any
time, or from time to time, at the option of the Company, at a Redemption Price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest, if any, to, but excluding, the Redemption Date: 

(i)    100% of the principal amount of the Notes to be redeemed, or 

(ii)    the sum of the present values of the remaining scheduled payments of principal and interest
(exclusive of accrued and unpaid interest to the Redemption Date) on the Notes to be redeemed through the maturity date, 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 20 basis points. 
 For
purposes of calculating the Redemption Price in connection with the redemption of the Notes, on any Redemption Date, the following terms have the meanings set forth below: 

“Comparable Treasury Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a
maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financing practice, in pricing new issues of corporate debt securities of comparable maturity to
the remaining term of the Notes being redeemed. 
 “Comparable Treasury Price” means (1) the average of the remaining
Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations, the
average of all such quotations. 
 “Quotation Agent” means a Reference Treasury Dealer selected by the Company. 

“Reference Treasury Dealer” means, with respect to the Notes, each of (i) BofA Securities, Inc., (ii) BMO Capital
Markets Corp., (iii) a primary U.S. government securities dealer selected by MUFG Securities Americas Inc., (iv) a primary U.S. government securities dealer selected by Truist Securities, Inc. and (v) a primary U.S. government securities dealer
selected by KKR Capital Markets LLC, or their respective affiliates which are primary U.S. government securities dealers and their respective successors; provided, however, that if any of the foregoing or their affiliates shall cease to be a primary
U.S. government securities dealer in the United States, or a Primary Treasury Dealer, the Company shall select another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer
at 3:30 p.m. New York City time on the third Business Day preceding such Redemption Date. 

  
 - 3 - 

 “Treasury Rate” means, with respect to any Redemption Date, the rate per
annum equal to the semi-annual equivalent yield-to-maturity of the Comparable Treasury Issue (computed as of the third Business Day immediately preceding the
redemption), assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Redemption Price and the Treasury Rate will be determined by the
Company. 
 All determinations made by any Reference Treasury Dealer, including the Quotation Agent, with respect to determining the
Redemption Price will be final and binding absent manifest error. 
 (i)    Notice of redemption shall
be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, to each Holder of the Notes to be redeemed, not less than thirty (30) nor more than
sixty (60) days prior to the Redemption Date, at the Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 1104 of the Base Indenture. 

(ii)    Any exercise of the Company’s option to redeem the Notes will be done in compliance with the
Investment Company Act, to the extent applicable. 
 (iii)    If the Company elects to redeem only a
portion of the Notes, the particular Notes to be redeemed will be selected in accordance with the applicable procedures of the Trustee and, so long as the Notes are registered to the Depositary or its nominee, the Depositary; provided,
however, that no such partial redemption shall reduce the portion of the principal amount of a Note not redeemed to less than $2,000. 

(iv)    Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date,
interest will cease to accrue on the Notes called for redemption hereunder. 
 (i)    The Notes shall not be subject to
any sinking fund pursuant to Section 1201 of the Base Indenture. 
 (j)    The Notes shall be issuable in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 (k)    Holders of the Notes will not
have the option to have the Notes repaid prior to the Stated Maturity other than in accordance with Article Thirteen of the Indenture. 

ARTICLE II 
 DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION 
 Section 2.01.    Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether now or
hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by adding the following defined terms to Section 101 in appropriate alphabetical sequence, as follows: 

“Below Investment Grade Rating Event” means the Notes are downgraded below Investment Grade by both Rating Agencies on any
date from the date of the public notice of an arrangement that results in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period
shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a
particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event
hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in whole or in
part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating
Event). 

  
 - 4 - 

 “Change of Control” means the occurrence of any of the following: 

(1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a
series of related transactions, of all or substantially all of the assets of the Company and its Controlled Subsidiaries taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the
Exchange Act), other than to any Permitted Holders; provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its Controlled Subsidiaries shall not be deemed to be any such sale,
lease, transfer, conveyance or disposition; 
 (2) the consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted Holders) becomes the “beneficial owner” (as defined in
Rules 13d-3 and 13d-5 promulgated under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company, measured by voting
power rather than number of shares; or 
 (3) the approval by the Company’s stockholders of any plan or proposal relating to the
liquidation or dissolution of the Company. 
 “Change of Control Repurchase Event” means the occurrence of a Change of
Control and a Below Investment Grade Rating Event. 
 “Controlled Subsidiary” means any Subsidiary of the Company, 50% or
more of the outstanding equity interests of which are owned by the Company and its direct or indirect Subsidiaries and of which the Company possesses, directly or indirectly, the power to direct or cause the direction of the management or policies,
whether through the ownership of voting equity interests, by agreement or otherwise. 
 “Fitch” means Fitch Ratings, Inc.,
also known as Fitch Ratings, or any successor thereto. 
 “GAAP” means generally accepted accounting principles in the
United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight Board and the
statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession in the United States, which are in effect from
time to time. 
 “Investment Company Act” means the Investment Company Act of 1940, as amended, and the rules, regulations
and interpretations promulgated thereunder, to the extent applicable, and any statute successor thereto. 
 “Investment
Grade” means a rating of BBB- or better by Fitch (or its equivalent under any successor rating categories of Fitch) and Baa3 or better by Moody’s (or its equivalent under any successor rating
categories of Moody’s) (or, in each case, if such Rating Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a
replacement Rating Agency). 
 “Moody’s” means Moody’s Investors Service or any successor thereto. 

“Permitted Holders” means (i) the Company, (ii) one or more of the Company’s Controlled Subsidiaries and
(iii) FS/KKR Advisor, LLC, any Affiliate of FS KKR Advisor, LLC or any entity that is managed by FS/KKR Advisor, LLC that is organized under the laws of a jurisdiction located in the United States of America and in the business of managing or
advising clients. 
 “Rating Agency” means (1) each of Fitch and Moody’s; and (2) if either Fitch or
Moody’s ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” as defined in
Section 3(a)(62) of the Exchange Act selected by the Company as a replacement agency for Fitch or Moody’s, or both, as the case may be. 

  
 - 5 - 

 “Significant Subsidiary” means any Subsidiary that would be a
“significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act, as such regulation is in effect on the date of this
Indenture (but excluding any Subsidiary which is (a) a non-recourse or limited recourse Subsidiary, (b) a bankruptcy remote special purpose vehicle or (c) is not consolidated with the Company
for purposes of GAAP). 
 “Voting Stock” as applied to stock of any Person, means shares, interests, participations or
other equivalents in the equity interest (however designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares, interests, participations or other
equivalents having such power only by reason of the occurrence of a contingency. 

Section 2.02.    Except as may be provided in a Future Supplemental Indenture, for the benefit
of the Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether now or hereafter issued and Outstanding, Article One of the
Base Indenture shall be amended by amending and restating the definitions of “Business Day” and “Subsidiary” in Section 101 as follows: 

“Business Day” means, with respect to any Note, any day other than a Saturday, Sunday or a day on which banking institutions
in New York are authorized or obligated by law or executive order to close. 
 “Subsidiary” means (1) any corporation
a majority of the outstanding voting stock of which is owned, directly or indirectly, by the Company or by one or more other Subsidiaries of the Company, (2) any other Person (other than a corporation) in which such Person, one or more
Subsidiaries of such Person, or such Person and one or more Subsidiaries of such Person, directly or indirectly, at the date of determination thereof has a majority ownership interest, or (3) a partnership in which such Person or Subsidiary of
such Person is, at the time, a general partner and in which such Person, directly or indirectly, at the date of determination thereof has a majority ownership interest. For the purposes of this definition, “voting stock” mean stock having
voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency. In addition, for purposes of this definition, “Subsidiary” shall exclude any
investments held by the Company in the ordinary course of business which are not, under GAAP, consolidated on the financial statements of the Company and its Subsidiaries. 

ARTICLE III 
 SECURITIES
FORMS 
 Section 3.01.    Except as may be provided in a Future Supplemental Indenture,
for the benefit of the Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether now or hereafter issued and Outstanding,
Article Two of the Base Indenture shall be amended by adding the following new Section 204 thereto, as set forth below: 

“Section 204.    Certificated Notes. 

Notwithstanding anything to the contrary in the Indenture, Notes in physical, certificated form will be issued and delivered to
each person that the Depositary identifies as a beneficial owner of the related Notes only if: 
 (a)    the Depositary
notifies the Company at any time that it is unwilling or unable to continue as depositary for the Notes in global form and a successor depositary is not appointed within 90 days; 

(b)    the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not
appointed within 90 days; or 

  
 - 6 - 

 (c)    an Event of Default with respect to the Notes has occurred and is
continuing and such beneficial owner requests that its Notes be issued in physical, certificated form.” 
 ARTICLE IV 

REMEDIES 

Section 4.01.    Except as may be provided in a Future Supplemental Indenture, for the benefit
of the Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether now or hereafter issued and Outstanding, Article Five of
the Base Indenture shall be amended by replacing clause (2) of Section 501 thereof with the following: 
 “(2)
    default in the payment of the principal of (or premium, if any, on) any Note when it becomes due and payable at its Maturity including upon any Redemption Date or required repurchase date; or” 

Section 4.02.    Except as may be provided in a Future Supplemental Indenture, for the benefit
of the Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether now or hereafter issued and Outstanding, Section 501
of the Base Indenture shall be amended by replacing clause (4) thereof with the following: 
  

	 	“(4)	 default in the performance, or breach, of any covenant or agreement of the Company in this Indenture or the
Notes (other than a covenant or agreement a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of a series of securities
other than the Notes), and continuance of such default or breach for a period of 60 consecutive days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at
least 25% in principal amount of the Outstanding Notes a written notice specifying such default or breach ad requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or” 

Section 4.03.    Except as may be provided in a Future Supplemental Indenture, for the benefit
of the Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether now or hereafter issued and Outstanding, Article Five of
the Base Indenture shall be amended by adding as clause (9) of Section 501 thereof the following: 
  

	 	“(9)	 default by the Company or any of its Significant Subsidiaries, 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 the Company and/or any such Significant 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 the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding.” 

Section 4.04.    Except as may be provided in a Future Supplemental Indenture, for the benefit
of Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether now or hereafter issued and Outstanding, Section 501 of
the Base Indenture shall be amended by replacing clause (7) thereof with the following: 
  

	 	“(7)	 if, pursuant to Section 18(a)(1)(C)(ii) and Section 61 of the Investment Company Act, on the last
business day of each of 24 consecutive calendar months, any class of securities shall have an asset coverage (as such term is used in the Investment Company Act) of less than 100% giving effect to any exemptive relief granted to the Company by the
Commission;” 

  
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 Section 4.05.    Except as may be provided in
a Future Supplemental Indenture, for the benefit of Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether now or
hereafter issued and Outstanding, Article Five of the Base Indenture shall be amended by amending clause (6) of Section 501 thereof as follows: the words “90 consecutive days” in the final clause thereof shall be replaced with
the words “60 consecutive days”. 
 Section 4.06.    Except as may be provided in a
Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether now or
hereafter issued and Outstanding, Article Five of the Base Indenture shall be amended by replacing the first paragraph of Section 502 thereof with the following: 

“If an Event of Default with respect to the Notes occurs and is continuing, then and in every such case (other than an Event of Default
specified in Section 501(5) or 501(6)), the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may (and the Trustee shall at the request of such Holders) declare the principal of all the Outstanding Notes
to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or specified portion thereof shall become immediately due and payable; provided that
100% of the principal of, and accrued and unpaid interest on, the Notes will automatically become due and payable in the case of an Event of Default specified in Section 501(5) or 501(6) hereof.” 

Section 4.07.    Except as may be provided in a Future Supplemental Indenture, for the benefit
of Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether now or hereafter issued and Outstanding, Article Five of the
Base Indenture shall be amended by replacing clause (3) of Section 512 thereof with the following: 
  

	 	“(3)	 the Trustee need not take any action that it determines in good faith may involve it in personal liability or
be unjustly prejudicial to the Holders of the Notes not consenting; and” 

 ARTICLE V 

THE TRUSTEE 

Section 5.01.    Except as may be provided in a Future Supplemental Indenture, for the benefit
of Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether now of hereafter issued and Outstanding, Article Six of the
Base Indenture shall be amended by replacing the final proviso of Section 601 thereof with the following: 
 “and provided
further that in the case of any Default or breach of the character specified in Section 501(4) with respect to the Securities of such series, no such notice to Holders shall be given until at least 60 days after the occurrence
thereof” 
 ARTICLE VI 

COVENANTS 

Section 6.01.    Except as may be provided in a Future Supplemental Indenture, for the benefit
of Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether now or hereafter issued and Outstanding, Article Ten of the
Base Indenture shall be amended by replacing clause (1) of Section 1005 thereof with the following: 
  

	 	“(1)	 The Company will deliver to the Trustee within 120 days after the end of each fiscal year ending after the date
hereof (which fiscal year ends on December 31), so long as any Notes are Outstanding hereunder, a brief Officers’ Certificate as to the knowledge of the signers of the 

  
 - 8 - 

	 	
Company’s compliance with all of the terms, provisions or conditions of this Indenture. For purposes of this Section 1005, such compliance shall be determined without regard to any
period of grace or requirement of notice under this Indenture.” 

Section 6.02.    Except as may be provided in a Future Supplemental Indenture, for the benefit
of the Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether now or hereafter issued and Outstanding, Article Ten of the
Base Indenture shall be amended by adding the following new Sections 1007 and 1008 thereto, each as set forth below: 

“Section 1007    Section 18(a)(1)(A) of the Investment Company Act. 

The Company hereby agrees that for the period of time during which the Notes are Outstanding, the Company will not violate, whether or not it
is subject to, Section 18(a)(1)(A) of the Investment Company Act as modified by Section 61(a)(1) and (2) of the Investment Company Act or any successor provisions, as such obligations may be amended or superseded, giving effect to any
exemptive relief granted to the Company by the Securities and Exchange Commission.” 

“Section 1008    Commission Reports and Reports to Holders. 

If, at any time, the Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic
reports with the Commission, the Company agrees to furnish to the Holders of the Notes and the Trustee for the period of time during which the Notes are Outstanding: (i) within 90 days after the end of each fiscal year of the Company, audited
annual consolidated financial statements of the Company and (ii) within 45 days after the end of each fiscal quarter of the Company (other than the Company’s fourth fiscal quarter), unaudited interim consolidated financial statements of
the Company. All such financial statements shall be prepared, in all material respects, in accordance with GAAP, as applicable.” 

ARTICLE VII 

CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER 

Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether now or hereafter issued and Outstanding, Article Eight of the Base Indenture shall be amended by replacing
Section 801 with the following: 
 “Section 801    Merger, Consolidation or Sale of Assets. 

The Company shall not merge or consolidate with or into any other Person (other than a merger of a wholly owned Subsidiary of the Company into
the Company), or sell, transfer, lease, convey or otherwise dispose of all or substantially all of its property (provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its Controlled
Subsidiaries shall not be deemed to be any such sale, transfer, lease, conveyance or disposition) in any one transaction or series of related transactions unless: 

(1) the Company shall be the surviving Person (the “Surviving Person”) or the Surviving Person (if other than the Company)
formed by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made shall be a corporation or limited liability company organized and existing under the laws of the United States of America or any state
or territory thereof; 
 (2) the Surviving Person (if other than the Company) expressly assumes, by supplemental indenture in form
reasonably satisfactory to the Trustee, executed and delivered to the Trustee by such Surviving Person, the due and punctual payment of the principal of, and premium, if any, and interest on, all the Notes Outstanding, and the due and punctual
performance and observance of all the covenants and conditions of this Indenture to be performed by the Company; 

  
 - 9 - 

 (3) immediately before and immediately after giving effect to such transaction or series of
related transactions, no Default or Event of Default shall have occurred and be continuing; and 
 (4) the Company shall deliver, or cause
to be delivered, to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that such transaction and the supplemental indenture, if any, in respect thereto, comply with this Section 801 and that all conditions
precedent in this Indenture relating to such transaction have been complied with. 
 For the purposes of this Section 801, the sale,
transfer, lease, conveyance or other disposition of all the property of one or more Subsidiaries of the Company, which property, if held by the Company instead of such Subsidiaries, would constitute all or substantially all the property of the
Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all the property of the Company.” 

ARTICLE VIII 
 OFFER TO
REPURCHASE UPON A CHANGE OF CONTROL REPURCHASE EVENT 
 Except as may be provided in a Future Supplemental Indenture, for the benefit of
the Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether now or hereafter issued and Outstanding, Article Thirteen of
the Base Indenture shall be amended by replacing Sections 1301 to 1305 with the following: 
 “Section 1301 Change
of Control. 
 If a Change of Control Repurchase Event occurs, unless the Company shall have exercised its right to redeem the Notes in
full, the Company shall make an offer to each Holder of the Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 principal amount in excess thereof) of that Holder’s Notes at a repurchase
price in cash equal to 100% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of purchase. Within 30 days following any Change of Control Repurchase
Event or, at the Company’s option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company shall mail a notice to each Holder describing the transaction or transactions that constitute or may
constitute the Change of Control Repurchase Event and offering to repurchase Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice
shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The Company
shall comply with the requirements of Rule 14e-1 promulgated under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in
connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. 
 To the extent that the provisions of any
securities laws or regulations conflict with this Section 1301, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 1301 by virtue of such
conflict. 
 On the Change of Control Repurchase Event payment date, subject to extension if necessary to comply with the provisions of the
Investment Company Act, the Company shall, to the extent lawful: 
 (1) accept for payment all Notes or portions of Notes properly tendered
pursuant to its offer; 
 (2) deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Notes or
portions of Notes properly tendered; and 

  
 - 10 - 

 (3) deliver or cause to be delivered to the Trustee the Notes properly accepted, together
with an Officers’ Certificate stating the aggregate principal amount of Notes being purchased by the Company. 
 The Paying Agent will
promptly remit to each Holder of Notes properly tendered the purchase price for the Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any
unpurchased portion of any Notes surrendered; provided that each new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 

If any Repayment Date upon a Change of Control Repurchase Event falls on a day that is not a Business Day, then the required payment will be
made on the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment. 
 The Company will not
be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes an offer in respect of the Notes in the manner, at the time and otherwise in compliance with the requirements for an offer made by
the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer.” 
 ARTICLE IX 

MISCELLANEOUS 

Section 9.01.    This Ninth Supplemental Indenture and the Notes shall be governed by and
construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws that would cause the application of laws of another jurisdiction. This Ninth Supplemental Indenture is subject to the provisions of the
Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions. 

Section 9.02.    In case any provision in this Ninth Supplemental Indenture or in the Notes
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 9.03.    This Ninth Supplemental Indenture may be executed in counterparts, each of
which will be an original, but such counterparts will together constitute but one and the same Ninth Supplemental Indenture. The exchange of copies of this Ninth Supplemental Indenture and of signature pages by facsimile, .pdf transmission, email or
other electronic means shall constitute effective execution and delivery of this Ninth Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission, email or other electronic means shall be
deemed to be their original signatures for all purposes. For the avoidance of doubt, all notices, approvals, consents, requests and any communications hereunder or with respect to the Notes must be in writing (provided that any communication sent to
the Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign or Adobe (or such other digital signature provider as specified in writing to the Trustee by the authorized
representative), in English. The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to the Trustee, including without limitation the risk of the Trustee acting
on unauthorized instructions, and the risk of interception and misuse by third parties. 

Section 9.04.    The Base Indenture, as supplemented and amended by this Ninth Supplemental
Indenture, is in all respects ratified and confirmed, and the Base Indenture and this Ninth Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect to the Notes. All provisions included in this Ninth
Supplemental Indenture supersede any conflicting provisions included in the Base Indenture with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture, as supplemented by this Ninth
Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented by this Ninth Supplemental Indenture. 

  
 - 11 - 

 Section 9.05.    The provisions of this Ninth
Supplemental Indenture shall become effective as of the date hereof. 

Section 9.06.    Notwithstanding anything else to the contrary herein, the terms and provisions
of this Ninth Supplemental Indenture shall apply only to the Notes and shall not apply to any other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto) and this
Ninth Supplemental Indenture shall not and does not otherwise affect, modify, alter, supplement or change the terms and provisions of any other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or
more indentures supplemental thereto), whether now or hereafter issued and Outstanding. 

Section 9.07.    The recitals contained herein and in the Notes shall be taken as the statements
of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Ninth Supplemental Indenture, the Notes or any Additional Notes, except that the Trustee
represents that it is duly authorized to execute and deliver this Ninth Supplemental Indenture, authenticate the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall not be accountable for the use or application by
the Company of the Notes or any Additional Notes or the proceeds thereof. 

  
 - 12 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Ninth Supplemental Indenture to be
duly executed as of the date first above written. 
  

			
	FS KKR CAPITAL CORP.
		
	By:	 	 /s/ Michael C. Forman

		 	Name: Michael C. Forman
		 	Title: Chief Executive Officer
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Gregory P. Guim

		 	Name: Gregory P. Guim
		 	Title: Vice President

  
 [Signature page to
Ninth Supplemental Indenture] 

 Exhibit A – Form of Global Note 

This Security is a Global Note within the meaning of the Indenture hereinafter referred to and is registered in the name of The Depository Trust Company or
a nominee thereof. This Security may not be exchanged in whole or in part for a Security registered, and no transfer of this Security in whole or in part may be registered, in the name of any Person other than The Depository Trust Company or a
nominee thereof, except in the limited circumstances described in the Indenture. 
 Unless this certificate is presented by an authorized
representative of The Depository Trust Company to the issuer or its agent for registration of transfer, exchange or payment and such certificate issued in exchange for this certificate is registered in the name of Cede & Co., or such other
name as requested by an authorized representative of The Depository Trust Company, any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful, as the registered owner hereof, Cede & Co., has an interest
herein. 
 FS KKR Capital Corp. 
  

					
	
No.                   
 
	  	$	 	
		  	 CUSIP No.

ISIN No.
	 	
                    

 1.650% Notes due 2024 

FS KKR Capital Corp., a corporation duly organized and existing under the laws of Maryland (herein called the “Company”,
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
                     (U.S. $        ) on October 12, 2024, and to pay interest thereon from
October 12, 2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on April 12 and October 12 of each year, commencing April 12, 2022, at the rate of 1.650% per
annum until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this
Security is registered at the close of business on the Regular Record Date for such interest, which shall be April 1 and October 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such
interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. This
Security may be issued as part of a series. 
 Payment of the principal of (and premium, if any, on) and any such interest on this Security
will be made at the office of the Trustee located at One Federal Street, 10th Floor, Boston, MA 02110 and at such other address as designated by the Trustee, in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear
in the Security Register; provided, further, however, that so long as this Security is registered to Cede & Co., such payment will be made by wire transfer in accordance with the procedures established by The Depository
Trust Company and the Trustee. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-1 

 IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed. 
 Dated: October 12, 2021 

 

			
	FS KKR CAPITAL CORP.
		
	By:	 	
                    

		 	Name:
		 	Title:

  

			
	Attest
		
	By:	 	
                    

		 	Name:
		 	Title:

  
 A-2 

 This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
 Dated: October 12, 2021 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	
                    

		 	Authorized Signatory

  
 A-3 

 FS KKR Capital Corp. 

1.650% Notes due 2024 
 This
Security is one of a duly authorized issue of Senior Securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of July 14, 2014 (herein called the
“Base Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee”, which term includes any
successor trustee under the Base Indenture), and reference is hereby made to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the
Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered, as amended and supplemented by the First Supplemental Indenture, dated as of July 14, 2014, the Second Supplemental Indenture,
dated as of December 3, 2014, the Third Supplemental Indenture, dated as of April 30, 2015, the Fourth Supplemental Indenture, dated as of July 15, 2019, the Fifth Supplemental Indenture, dated as of November 20, 2019, the Sixth
Supplemental Indenture, dated as of April 30, 2020, the Seventh Supplemental Indenture, dated as of December 10, 2020, the Eighth Supplemental Indenture, dated as of June 17, 2021 and this Ninth Supplemental Indenture, relating to the
Securities, dated as of October 12, 2021, by and between the Company and the Trustee (herein called the “Ninth Supplemental Indenture”; and the Ninth Supplemental Indenture and the Base Indenture collectively are herein called
the “Indenture”). In the event of any conflict between the Base Indenture and the Ninth Supplemental Indenture, the Ninth Supplemental Indenture shall govern and control. 

This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to
$        . Under a Board Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of
Securities, issue additional Securities of this series (in any such case “Additional Securities”) having the same ranking and the same interest rate, maturity and other terms as the Securities, provided that, if such Additional
Securities are not fungible with the Securities (or any other tranche of Additional Securities) for U.S. federal income tax purposes, then such Additional Securities will have different CUSIP numbers from the Securities represented hereby (and any
such other tranche of Additional Securities). Any Additional Securities and the existing Securities will constitute a single series under the Indenture and all references to the relevant Securities herein shall include the Additional Securities
unless the context otherwise requires. The aggregate amount of outstanding Securities represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. 

The Securities of this series are subject to redemption in whole or in part at any time or from time to time, at the option of the Company, at
a Redemption Price per security equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest, if any, to, but excluding, the Redemption Date: 
  

	 	(A)	 100% of the principal amount of the Notes to be redeemed, or 

 

	 	(B)	 the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of
accrued and unpaid interest to the Redemption Date) on the Notes to be redeemed through the maturity date, 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 20 basis points. 

 For
purposes of calculating the Redemption Price in connection with the redemption of the Notes, on any Redemption Date, the following terms have the meanings set forth below: 

“Comparable Treasury Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a
maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financing practice, in pricing new issues of corporate debt securities of comparable maturity to
the remaining term of the Notes being redeemed. 

  
 A-4 

 “Comparable Treasury Price” means (1) the average of the remaining
Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations, the
average of all such quotations. 
 “Quotation Agent” means a Reference Treasury Dealer selected by the Company. 

“Reference Treasury Dealer” means, with respect to the Notes, each of (i) BofA Securities, Inc., (ii) BMO Capital
Markets Corp., (iii) a primary U.S. government securities dealer selected by MUFG Securities Americas Inc., (iv) a primary U.S. government securities dealer selected by Truist Securities, Inc. and (v) a primary U.S. government securities dealer
selected by KKR Capital Markets LLC, or their respective affiliates which are primary U.S. government securities dealers and their respective successors; provided, however, that if any of the foregoing or their affiliates shall cease to be a primary
U.S. government securities dealer in the United States, or a Primary Treasury Dealer, the Company shall select another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer
at 3:30 p.m. New York City time on the third Business Day preceding such Redemption Date. 
 “Treasury Rate” means, with
respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable Treasury Issue (computed as of the third
Business Day immediately preceding the redemption), assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Redemption Price and the
Treasury Rate will be determined by the Company. 
 All determinations made by any Reference Treasury Dealer, including the Quotation Agent,
with respect to determining the Redemption Price will be final and binding absent manifest error. 
 Notice of redemption shall be given in
writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, to each Holder of the Securities to be redeemed, not less than thirty (30) nor more than sixty
(60) days prior to the Redemption Date, at the Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 1104 of the Base Indenture. 

Any exercise of the Company’s option to redeem the Securities will be done in compliance with the Investment Company Act, to the extent
applicable. 
 If the Company elects to redeem only a portion of the Securities, the particular Securities to be redeemed will be selected
in accordance with the applicable procedures of the Trustee and, so long as the Securities are registered to the Depositary or its nominee, the Depositary. In the event of redemption of this Security in part only, a new Security or Securities of
this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof; provided, however, that no such partial redemption shall reduce the portion of the principal
amount of a Security not redeemed to less than $2,000. 
 Unless the Company defaults in payment of the Redemption Price, on and after the
Redemption Date, interest will cease to accrue on the Securities called for redemption. 
 Holders will have the right to require the
Company to repurchase their Securities upon the occurrence of a Change of Control Repurchase Event as set forth in the Indenture. 
 The
Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth
in the Indenture. 

  
 A-5 

 If an Event of Default with respect to Securities of this series shall occur and be
continuing (other than Events of Default related to certain events of bankruptcy, insolvency or reorganization as set forth in the Indenture), the principal of the Securities of this series may be declared due and payable in the manner and with the
effect provided in the Indenture. In the case of certain events of bankruptcy, insolvency or reorganization described in the Indenture, 100% of the principal of and accrued and unpaid interest on the Securities will automatically become due and
payable. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount
of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf
of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity, security, or both, satisfactory to the Trustee, against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee
shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for sixty
(60) days after receipt of such notice, request and offer of indemnity and/or security. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or
interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this
series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiples of
$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a
different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

  
 A-6 

 All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 
 To the extent any provision of this Security conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling. 
 The Indenture and this Security shall be governed by and construed in
accordance with the laws of the State of New York, without regard to principles of conflicts of laws. 

  
 A-7

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