Document:

Exhibit 10.3

 

FIFTH AMENDMENT TO CREDIT
AGREEMENT

(Five Year Term Loan)

 

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

 

PRELIMINARY STATEMENTS:

 

WHEREAS, the Borrower,
the Guarantors, the Administrative Agent, and the Lender Parties entered into that certain Credit Agreement dated as of September
26, 2017 (as amended by that certain First Amendment to Credit Agreement dated as of December 6, 2018, that certain Second Amendment
to Credit Agreement dated as of May 7, 2020 (the “Second Amendment”), that certain Third Amendment to
Credit Agreement dated as of August 6, 2020 and that certain Fourth Amendment to Credit Agreement dated as of January 6, 2021)
(the “Existing Credit Agreement”);

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    9

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Fifth
Amendment Date” means February 5, 2021.

 

(b)         The
definition of “Applicable Margin” in Section 1.01 is hereby amended as follows: (i) the Applicable Margin for Base
Rate Advances for Pricing Level VII shall be changed from “1.25%” to “1.45%” and (ii) the Applicable Margin
for Eurodollar Rate Advances for Pricing Level VII shall be changed from “2.25%” to “2.45%”.

 

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

 

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

 

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

 

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

 

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

 

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

 

    10

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Section
2.18 Alternate Rate of Interest. 

 

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

 

    11

     

    

 

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

 

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

 

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

 

    12

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    13

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    14

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    15

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    16

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    17

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“(i)       Maximum
Unsecured Leverage Ratio.

 

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

 

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

 

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

 

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

 

SECTION 8. Intentionally
Omitted.

 

SECTION 9. Intentionally
Omitted.

 

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

 

    18

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    19

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 14. Intentionally
Omitted.

 

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

 

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

 

    20

     

    

 

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

 

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

 

(Signature pages follow)

 

 

    21

     

    

 

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

 

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

		 	 	Name: 	Christopher Eng
	 	 	 	Title: 	Secretary

 

(Signatures continued on next page)

 

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Agreed as of the date first above written:

 

	KEYBANK NATIONAL ASSOCIATION,	 
	as Administrative Agent and Lender	 
	 	 
	 	 
	By:	Thomas Z. Schmitt	 
	 	Name:	Thomas Z. Schmitt	 
	 	Title:	Vice President	 

 

(Signatures continued on next page)

 

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	CAPITAL ONE, NATIONAL ASSOCIATION,	 
	as a Lender	 
	 	 
	 	 
	By:	/s/ Jessica W. Phillips	 
	 	Name:	Jessica W. Phillips	 
	 	Title: 	Authorized Signatory	 

 

(Signatures continued
on next page)

 

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

 

(Signatures continued
on next page)

 

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	REGIONS BANK,	 
	as a Lender	 
	 	 
	 	 
	By:	Ghi S. Gavin	 
	 	Name:	 Ghi S. Gavin	 
	 	Title:	Senior Vice President	 

 

(Signatures continued on next page)

 

		Summit - Fifth Amendment to Credit Agreement
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	RAYMOND JAMES BANK, N.A.,	 
	as a Lender	 
	 	 
	 	 
	By:	/s/ Matt Stein	 
	 	Name:	Matt Stein	 
	 	Title:	 Senior Vice President	 

 

(Signatures continued on next page)

 

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

 

(Signatures continued on next page)

 

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

 

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	 	(Five Year Term Loan)

 

    

     

    

 

	BANK OF AMERICA, N.A.,	 
	as a Lender	 
	 	 
	 	 
	By:	/s/ Kyle Pearson	 
	 	Name:	Kyle Pearson	 
	 	Title:	 Vice President	 

 

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	DEUTSCHE BANK AG NEW YORK BRANCH,	 
	as a Lender	 
	 	 
	 	 
	By:	/s/ Annie Chung	 
	 	Name:	Annie Chung	 
	 	Title:	 Director	 

 

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

 

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	ROYAL BANK OF CANADA.,	 
	as a Lender	 
	 	 
	 	 
	By:	/s/ Jake Sigmund	 
	 	Name:	Jake Sigmund	 
	 	Title:	 Authorized Signatory	 

 

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CONSENT

Dated as of February 5, 2021

 

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

 

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

 

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

 

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

 

(Signatures continued on next page)

		Summit - Fifth Amendment to Credit Agreement
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		SUMMIT HOSPITALITY I, LLC,

		SUMMIT HOSPITALITY 17, LLC,

		SUMMIT HOSPITALITY 18, LLC,

		SUMMIT HOSPITALITY 22, LLC,

		SUMMIT HOSPITALITY 25, LLC,

		SUMMIT HOSPITALITY 036, LLC,

		SUMMIT HOSPITALITY 057, LLC,

		SUMMIT HOSPITALITY 060, LLC,

		SUMMIT HOSPITALITY 084, LLC,

		SUMMIT HOSPITALITY 092, LLC,

		SUMMIT HOSPITALITY 100, LLC,

		SUMMIT HOSPITALITY 101, LLC,

		SUMMIT HOSPITALITY 103, LLC,

		SUMMIT HOSPITALITY 110, LLC,

		SUMMIT HOSPITALITY 111, LLC,

		SUMMIT HOSPITALITY 114, LLC,

		SUMMIT HOSPITALITY 116, LLC,

		SUMMIT HOSPITALITY 117, LLC,

		SUMMIT HOSPITALITY 119, LLC,

		SUMMIT HOSPITALITY 120, LLC,

		SUMMIT HOSPITALITY 121, LLC,

		SUMMIT HOSPITALITY 123, LLC,

		SUMMIT HOSPITALITY 126, LLC,

		SUMMIT HOSPITALITY 127, LLC,

		SUMMIT HOSPITALITY 128, LLC,

		SUMMIT HOSPITALITY 129, LLC,

		SUMMIT HOSPITALITY 130, LLC,

		SUMMIT HOSPITALITY 131, LLC,

		SUMMIT HOSPITALITY 132, LLC,

		SUMMIT HOSPITALITY 134, LLC,

		SUMMIT HOSPITALITY 135, LLC,

		SUMMIT HOSPITALITY 136, LLC,

		SUMMIT HOSPITALITY 137, LLC,

		SUMMIT HOSPITALITY 138, LLC,

		SUMMIT HOSPITALITY 139, LLC,

		SUMMIT HOSPITALITY 140, LLC,

		SUMMIT HOSPITALITY 141, LLC,

		SUMMIT HOSPITALITY 142, LLC,

		SUMMIT HOSPITALITY 143, LLC,

		SUMMIT HOSPITALITY 144, LLC,

		SUMMIT HOSPITALITY 145, LLC, and

		SAN FRAN JV, LLC,

	 	each a Delaware limited liability
company
	 	 
	 	 
	 	By:	/s/ Christopher Eng

	 	Name:	Christopher Eng
	 	Title:	 Secretary

 

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SUMMIT HOTEL TRS 030, LLC,

SUMMIT HOTEL TRS 036, LLC,

SUMMIT HOTEL TRS 037, LLC,

SUMMIT HOTEL TRS 052, LLC,

SUMMIT HOTEL TRS 053, LLC,

SUMMIT HOTEL TRS 057, LLC,

SUMMIT HOTEL TRS 060, LLC,

SUMMIT HOTEL TRS 062, LLC,

SUMMIT HOTEL TRS 065, LLC,

SUMMIT HOTEL TRS 066, LLC,

SUMMIT HOTEL TRS 084, LLC,

SUMMIT HOTEL TRS 092, LLC,

SUMMIT HOTEL TRS 094, LLC,

SUMMIT HOTEL TRS 099, LLC,

SUMMIT HOTEL TRS 100, LLC,

SUMMIT HOTEL TRS 101, LLC,

SUMMIT HOTEL TRS 102, LLC,

SUMMIT HOTEL TRS 103, LLC,

SUMMIT HOTEL TRS 104, LLC,

SUMMIT HOTEL TRS 105, LLC,

SUMMIT HOTEL TRS 108, LLC,

SUMMIT HOTEL TRS 109, LLC,

SUMMIT HOTEL TRS 110, LLC,

SUMMIT HOTEL TRS 111, LLC,

SUMMIT HOTEL TRS 113, LLC,

SUMMIT HOTEL TRS 114, LLC,

SUMMIT HOTEL TRS 116, LLC,

SUMMIT HOTEL TRS 117, LLC,

SUMMIT HOTEL TRS 119, LLC,

SUMMIT HOTEL TRS 120, LLC,

SUMMIT HOTEL TRS 121, LLC,

SUMMIT HOTEL TRS 123, LLC,

SUMMIT HOTEL TRS 126, LLC,

SUMMIT HOTEL TRS 127, LLC,

SUMMIT HOTEL TRS 128, LLC,

SUMMIT HOTEL TRS 129, LLC,

SUMMIT HOTEL TRS 130, LLC,

SUMMIT HOTEL TRS 131, LLC, and

SUMMIT HOTEL TRS 132, LLC,

each a Delaware limited liability company

 

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

	 	 	Name:	Christopher Eng      
	 	 	Title:	 Secretary

 

(Signatures continued on next page)

 

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	 	(Five Year Term Loan)

 

    

     

    

 

SUMMIT HOTEL TRS 134, LLC,

SUMMIT HOTEL TRS 135, LLC,

SUMMIT HOTEL TRS 136, LLC,

SUMMIT HOTEL TRS 137, LLC,

SUMMIT HOTEL TRS 138, LLC,

SUMMIT HOTEL TRS 139, LLC,

SUMMIT HOTEL TRS 140, LLC,

SUMMIT HOTEL TRS 141, LLC,

SUMMIT HOTEL TRS 142, LLC,

SUMMIT HOTEL TRS 143, LLC,

SUMMIT HOTEL TRS 144, LLC,

SUMMIT HOTEL TRS 145, LLC, and

SUMMIT HOTEL TRS 146, LLC, 

each a Delaware limited liability company

 

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

	 	 	Name:	Christopher Eng
	 	 	Title: 	Secretary

 

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

	 	Name:	Christopher Eng
	 	Title:	 Secretary

 

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	 	(Five Year Term Loan)

 

    

     

    

 

Annex A

 

FORM OF NOTICE OF BORROWING FOR LIMITED
WAIVER PERIOD

 

[See attached.]

 

		Summit - Fifth Amendment to Credit Agreement
	 	(Five Year Term Loan)

 

    

     

    

 

NOTICE OF BORROWING

 

_________ __, ____

 

KeyBank National Association,

as Administrative Agent

under the Credit Agreement

referred to below

1200 Abernathy Road, N.E., Suite 1550

Atlanta, Georgia 30328

Attention: Michael Colbert

 

Ladies and Gentlemen:

 

The undersigned, SUMMIT
HOTEL OP, LP, a Delaware limited partnership, refers to the Credit Agreement dated as of September 26, 2017 (as amended, amended
and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized
terms not otherwise defined herein shall have their respective meanings set forth in the Credit Agreement), among the undersigned,
Summit Hotel Properties, Inc., the Subsidiary Guarantors party thereto, the Lender Parties party thereto, KeyBank National Association,
as Administrative Agent for the Lender Parties and the Arrangers party thereto, and hereby gives you notice, irrevocably, pursuant
to Section 2.02 of the Credit Agreement that the undersigned hereby requests a Borrowing under the Credit Agreement, and in that
connection sets forth below the information relating to such Borrowing (the “Proposed Borrowing”) as
required by Section 2.02(a) of the Credit Agreement:

 

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

 

		(b)	[Reserved].

 

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

 

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

 

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

 

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

 

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

 

 

1
For Eurodollar Rate Advances only.

 

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	 	(Five Year Term Loan)

 

    

     

    

 

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

 

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

 

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

 

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

 

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

 

	 	 	 	By:	 

	 	 	 	Name:	 
	 	 	 	Title:	 

 

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	 	(Five Year Term Loan)

 

    

     

    

 

SCHEDULE 2(c)

 

APPROVED CAPITAL PROJECTS

 

[Attached]

 

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	 	(Five Year Term Loan)

 

    Sched. 2(c)

     

    

 

Schedule II

 

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

 

		Summit - Fifth Amendment to Credit Agreement
	 	(Five Year Term Loan)Document

Exhibit 4.2
DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
As of the date of the Annual Report on Form 10-K of which this exhibit is a part, Raytheon Technologies Corporation (the “Company,” “RTC,” “we,” “us,” and “our”) has 2 classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (1) our common stock, $1.00 par value per share and (2) our 2.150% Notes due 2030 (the “notes due 2030”).
Common Stock
The following briefly summarizes certain terms of RTC’s common stock. This summary does not describe every aspect of our common stock and is subject, and is qualified in its entirety by reference, to all the provisions of our restated certificate of incorporation and our amended and restated bylaws.
RTC’s common stock is listed on the New York Stock Exchange under the symbol “RTX.”
Holders of common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders. For the purpose of electing directors, holders of common stock do not have cumulative voting rights. At each annual meeting of stockholders, the entire board of directors is elected for a term of one year.
Holders of common stock are entitled to share equally in the dividends, if any, that may be declared by the board of directors out of funds that are legally available to pay dividends, but only after payment of any dividends required to be paid on outstanding preferred stock, if any. Upon any voluntary or involuntary liquidation, dissolution or winding up of RTC, the holders of common stock will be entitled to share ratably in all assets of RTC remaining after we pay:
•all of our debts and other liabilities; and
•any amounts we may owe to the holders of our outstanding preferred stock, if any.
Holders of common stock do not have any preemptive, subscription, redemption or conversion rights. The rights, preferences and privileges of holders of common stock are subject to the rights of the holders of any series of preferred stock that we have designated and issued or that we may designate and issue in the future.
Delaware law and our amended and restated bylaws permit us to issue uncertificated shares of common stock. However, holders of uncertificated shares of our common stock may request certificates representing their ownership of common stock.
At each annual meeting of stockholders, the entire board of directors is elected for a term of one year. RTC’s amended and restated bylaws provide that the number of directors must not be less than 10 nor more than 19; although the number of directors may be increased to the extent 

 

necessary to comply with certain other provisions of the amended and restated bylaws. The exact number, within those limits, is determined from time to time by the board of directors. 
The board of directors as of the completion of the merger (the “Merger”) of United Technologies Corporation (“UTC”) and Raytheon Company (“RTN”) as provided in the Agreement and Plan of Merger among UTC, Light Merger Sub Corp. and RTN, dated June 9, 2019 (the “Merger Agreement”) was comprised of 15 members, consisting of: eight UTC continuing directors (including the Chairman and Chief Executive Officer of UTC as of immediately prior to April 3, 2020, who became President, Chief Executive Officer and director of RTC) and seven Raytheon continuing directors (including the Chairman and Chief Executive Officer of RTN as of immediately prior to April 3, 2020, who became executive Chairman of the RTC board of directors).  Following the completion of the Merger and until April 3, 2022 (the “Specified Date”), unless at least 75% of the then-serving directors of RTC adopt a resolution to the contrary, replacements for vacancies on the board of directors among the non-CEO UTC continuing directors (when such vacancies are created by the cessation of service or an increase in the whole of the board of directors pursuant to Section 2.18(F) of the amended and restated bylaws) shall be proposed by a majority of the remaining UTC continuing directors and replacements for any vacancies on the board of directors among the non-executive Chairman RTN continuing directors (when such vacancies are created by the cessation of service or an increase in the whole of the board of directors pursuant to Section 2.18(F) of the amended and restated bylaws) shall be proposed by a majority of the remaining RTN continuing directors.
In accordance with Section 2.16 of the amended and restated bylaws, vacancies on the board may be filled by a majority of RTC’s directors or by the sole remaining director, but any vacancy as a result of removal is to be filled by shareowners at the meeting that led to the removal or any subsequent meeting; provided, that no director elected by a class vote of less than all the outstanding shares of RTC may, so long as the right to such a class vote continues in effect, be removed, except for cause and by the affirmative vote of the holders of record of a majority of the outstanding shares of such class at a meeting called for the purpose, and the vacancy in RTC’s board of directors caused by the removal of any such director may, so long as the right to such class vote continues in effect, be filled by the holders of the outstanding shares of such class at such meeting or at any subsequent meeting. 
The board of directors designates a Lead Independent Director. Following the completion of the Merger of UTC and RTN and until the Specified Date, unless at least 75% of the then-serving directors of RTC adopt a resolution to the contrary, the Lead Independent Director will be designated from among the independent RTN continuing directors. Until the Specified Date, each committee of the board of directors shall be composed of an equal number of appropriately qualified RTN continuing directors and UTC continuing directors.
RTC’s restated certificate of incorporation includes provisions eliminating the personal liability of our directors for monetary damages resulting from breaches of their fiduciary duty to the extent permitted by Delaware law. The amended and restated bylaws include provisions indemnifying our directors and officers to the fullest extent permitted by Delaware law, including under circumstances in which indemnification is otherwise discretionary. The amended 
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and restated bylaws additionally include provisions permitting RTC, subject to the approval of the Chief Executive Officer or the General Counsel and the Chief Financial Officer acting together, to reimburse the expenses of our current and former employees, agents and fiduciaries in advance of the final disposition of any such proceeding.
RTC’s amended and restated bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election of directors, other than nominations made by or at the direction of RTC’s board of directors. Eligible stockholders may include their own director nominees in RTC’s proxy materials under the circumstances set forth in the amended and restated bylaws. Generally, a stockholder or a group of up to 20 stockholders, who has maintained continuous qualifying ownership of at least 3% of RTC’s outstanding common stock for at least three years, may include director nominees constituting up to 20% of the board of directors in the proxy materials for an annual meeting of stockholders if such stockholder or group of stockholders complies with the other requirements set forth in the proxy access provision of the amended and restated bylaws. In addition, special meetings of stockholders may be called by the board of directors, the chairman of the board of directors, the Chief Executive Officer or by the Secretary at the valid written request of shareholders of record who own, or are acting on behalf of one or more beneficial owners, who own at least 15% of RTC’s outstanding common stock and in accordance with the other specific requirements in the special meeting provisions of the bylaws.
RTC’s amended and restated bylaws include an exclusive forum provision. This provision provides that, unless RTC consents in writing to the selection of an alternative forum, the sole and exclusive forum for various types of suits will be a state court located within the State of Delaware (or, if no state court located within the State of Delaware has jurisdiction, the federal district court for the District of Delaware). Such suits include (1) any derivative action or proceeding brought on behalf of RTC, (2) any action asserting a claim of breach of a fiduciary duty owed by any director or officer or other employee of RTC to the company or to RTC’s stockholders, (3) any action asserting a claim against RTC or any director or officer or other employee of RTC arising pursuant to any provision of the Delaware General Corporation Law (the “DGCL”) or RTC’s certificate of incorporation or bylaws (as either may be amended from time to time) or (4) any action asserting a claim against RTC or any director or officer or other employee of RTC governed by the internal affairs doctrine. Under RTC’s amended and restated bylaws, to the fullest extent permitted by law, this exclusive forum provision applies to state and federal law claims, including claims under the federal securities laws, including the Securities Act and the Exchange Act, although stockholders will not be deemed to have waived RTC’s compliance with the federal securities laws and the rules and regulations thereunder. The enforceability of similar choice of forum provisions in other companies’ bylaws has been challenged in legal proceedings, and it is possible that, in connection with claims arising under federal securities laws or otherwise, a court could find the exclusive forum provision contained in RTC’s amended and restated bylaws to be inapplicable or unenforceable.
The restated certificate of incorporation contains a “fair price” provision, providing that certain business combinations with any interested stockholder or affiliate of an interested stockholder may not be consummated without the affirmative vote of at least 80% of the votes entitled to be 
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cast by the holders of the then-outstanding shares of capital stock of RTC entitled to vote generally in the election of directors, voting as a single class. The term “interested stockholder,” as defined in the restated certificate of incorporation, generally means a person who owns at least 10% of the voting power of RTC’s voting stock.
The business combinations to which the fair price provision applies include:
•a merger or consolidation with an interested stockholder;
•the sale or other disposition of assets having a fair market value of $25,000,000 or more to an interested stockholder;
•the issuance or transfer of securities having an aggregate fair market value of $25,000,000 or more by RTC or any subsidiary of RTC to an interested stockholder;
•the adoption of a plan of liquidation or dissolution proposed by or on behalf of an interested stockholder; and
•any reclassification of securities, recapitalization or other transaction which increases, directly or indirectly, the proportionate share holdings of an interested stockholder.
The affirmative vote of the holders of at least 80% of the voting power of voting stock of RTC is required to amend or repeal the fair price provision or adopt any provision inconsistent with it.
Under Delaware law, the affirmative vote of a majority of the shares entitled to vote on any matter is required to amend a corporation’s certificate of incorporation or bylaws, unless a corporation’s certificate of incorporation or bylaws, as the case may be, requires a greater percentage.
Certain of the provisions of RTC’s restated certificate of incorporation and amended and restated bylaws discussed above could discourage the acquisition of control of a substantial block of our stock or a proxy contest. These provisions could also have the effect of discouraging a third party from making a tender offer or otherwise attempting to obtain control of RTC, even though an attempt to obtain control of RTC might be beneficial to RTC and its stockholders. 
Section 203 of the DGCL, under certain circumstances, may make it more difficult for a person who is an “Interested Stockholder,” as defined in Section 203, to effect various business combinations with a corporation for a three-year period. Under Delaware law, a corporation’s certificate of incorporation or bylaws may exclude a corporation from the restrictions imposed by Section 203. However, RTC’s restated certificate of incorporation and amended and restated bylaws do not exclude us from these restrictions, and these restrictions apply to us.
Description of Debt Securities
The following briefly summarizes certain general terms and provisions of the notes due 2030, which are governed by the indenture, dated as of May 1, 2001, as amended and restated, between RTC and The Bank of New York Mellon Trust Company, N.A., successor to The Bank of New 
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York, which acts as trustee, as it may be supplemented by an officers’ certificate issued pursuant thereto or a supplemental indenture entered into by RTC and the trustee pursuant thereto from time to time. This summary does not describe every aspect of our notes due 2030 and is subject, and is qualified in its entirety by reference, to the indenture as supplemented.
General
The notes due 2030 are debt securities. Each series of debt securities will constitute direct unsecured obligations of RTC. The debt securities are indebtedness of RTC.
Indenture Provisions Relating to the Possible Issuance of One or More Series of Debt Securities
The debt securities are our direct unsecured general obligations. The indenture allows us to issue either unsubordinated or junior subordinated debt securities from time to time under the indenture or an indenture governing junior subordinated debt securities, as applicable, without limitation as to amount. We may issue debt securities in one or more series with the same or different terms (Section 301). There may be more than one trustee under the indenture, each with respect to one or more different series of debt securities. If there is more than one trustee under the indenture, the powers and trust obligations of each trustee will extend only to the one or more series of debt securities for which it is trustee. The effect of the provisions contemplating that at a particular time there might be more than one trustee acting is that, in that event, those debt securities (whether of one or more than one series) for which each trustee is acting would be treated as if issued under a separate indenture.
The Indenture Does Not Limit RTC’s Indebtedness, Prevent Dividends or
Generally Prevent Highly Leveraged Transactions
The indenture does not
•limit the amount of unsecured indebtedness which RTC or any subsidiary may incur; or
•limit the payment of dividends by RTC or its acquisition of any of its equity securities.
When we say “subsidiary,” we mean any corporation of which at the time of determination RTC, directly and/or indirectly through one or more subsidiaries, owns more than 50% of the shares of voting stock (Section 101).
Except as may be included in a supplemental indenture to the indenture covering a specific series of offered debt securities and described in the applicable prospectus supplement and except for the covenants described below under “—Liens,” “—Sales and Leasebacks” and “—Restriction on Merger and Sales of Assets,” there are no covenants or any other provisions which may afford holders of debt securities protection in the event of a highly leveraged transaction which may or may not result in a change of control of RTC.
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Restriction on Merger and Sales of Assets
Under the indenture, RTC may not consolidate with or merge into any other corporation, or convey, lease or transfer its properties and assets substantially as an entirety to any person, unless, if RTC is not the surviving corporation, all three of the following conditions are satisfied:
•immediately after the transaction, no event of default (or event which with notice or lapse of time, or both, would be an event of default) with respect to the debt securities will have happened and be continuing;
•the corporation formed by the consolidation or into which RTC is merged or the person which will have received the transfer or lease of RTC’s properties and assets will assume RTC’s obligation for the due and punctual payment of the principal, premium, if any, and interest (including all additional amounts, if any, payable as contemplated by Section 1010 of the indenture) on the debt securities and the performance and observance of every covenant to be performed by RTC under the indenture, and will be organized under the laws of the United States of America, one of the States thereof or the District of Columbia; and
•RTC has delivered to the trustee an officer’s certificate and opinion of counsel, each stating that the transaction complies with these conditions (Section 801).
In the event of any conveyance or transfer, except in the case of a lease, described in and complying with the three conditions listed in the immediately preceding paragraph, RTC would be discharged from all obligations and covenants under the indenture and the debt securities, and could be dissolved and liquidated (Section 802).
In addition, with respect to the debt securities, if any principal property of RTC or of any wholly-owned domestic manufacturing subsidiary, or any shares of stock or debt of any wholly-owned domestic manufacturing subsidiary, would become subject to any lien, the debt securities outstanding will be secured, as to that principal property, equally and ratably with or prior to, the debt which upon the transaction would become secured by the lien unless RTC or the wholly-owned domestic manufacturing subsidiary could create the lien under the indenture without equally and ratably securing the unsubordinated debt securities. For the purpose of providing the equal and ratable security referred to in the preceding sentence, the outstanding principal amount of original issue discount securities and indexed securities will mean that amount which would at the time of providing the security be due and payable pursuant to Section 502 of the indenture and the terms of the original issue discount securities and indexed securities upon their acceleration, and the extent of the equal and ratable security will be adjusted, to the extent permitted by law, as and when this amount changes over time pursuant to the terms of such original issue discount securities and indexed securities (Sections 502 and 803). See “-Events of Default” below for further information about acceleration of original issue discount securities and indexed securities.
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Defeasance and Covenant Defeasance
The indenture provides that, if the provisions of Article Fourteen are made applicable without modification to the debt securities of or within any series and any related coupons pursuant to Section 301 of the indenture, RTC may elect either “defeasance” or “covenant defeasance” as described below:
•“defeasance” means that RTC may elect to defease and be discharged from any and all obligations with respect to the debt securities and any related coupons, except for the obligation to pay additional amounts, if any, upon the occurrence of specified events of tax, assessment or governmental charge with respect to payments on the debt securities and the obligations to register the transfer or exchange of the debt securities and any related coupons, to replace temporary or mutilated, destroyed, lost or stolen debt securities and any related coupons, to maintain an office or agency in respect of the debt securities and any related coupons and to hold moneys for payment in trust;
•“covenant defeasance” means that RTC may elect to be released from its obligations with respect to the debt securities and any related coupons that are described under “-Liens” and “-Sales and Leasebacks,” or, if provided pursuant to Section 301 of the indenture, its obligations with respect to any other covenant, and any omission to comply with these obligations will not constitute a default or an event of default with respect to the debt securities and any related coupons.
To elect either defeasance or covenant defeasance under either indenture, RTC must irrevocably deposit with the trustee or another qualifying trustee, in trust, an amount in such currency, currencies or currency units in which the applicable debt securities are payable, or government obligations (as defined below), which through the payment of principal and interest in accordance with the terms of the government obligations will provide money in an amount sufficient to pay the principal, premium, if any, and interest on the outstanding debt securities and any related coupons, and any mandatory sinking fund or analogous payments on them, on the scheduled due dates for them.
This amount must be deposited in the currency, currencies or currency unit in which the debt securities and any related coupons are then specified as payable at stated maturity, and/or government obligations applicable to the debt securities and any related coupons. This applicability will be determined on the basis of the currency or currency unit in which the debt securities are then specified as payable at stated maturity. If so specified in any applicable prospectus supplement, a trust of this kind may only be established if, among other things, RTC has delivered to the applicable trustee an opinion of counsel (as specified in the indenture) to the effect that the holders of the debt securities and any related coupons will not recognize income, gain or loss for United States federal income tax purposes as a result of the defeasance or covenant defeasance and will be subject to United States federal income tax on the same amounts, in the same manner and at the same times as would have been the case if the defeasance or covenant defeasance had not occurred. In the case of defeasance, the opinion of counsel must refer to and be based upon a ruling of the Internal Revenue Service or a change in 
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applicable United States federal income tax law occurring after April 1, 1990 pursuant to the indenture.
Unless otherwise specified in any applicable prospectus supplement, “government obligations” means securities which are:
•direct obligations of the government which issued the currency in which the debt securities are payable; or
•obligations of a person controlled or supervised by and acting as an agency or instrumentality of the government which issued the currency in which the debt securities of the applicable series are payable, the payment of which is unconditionally guaranteed by that government, which, in either case, are full faith and credit obligations of that government payable in that currency and are not callable or redeemable at the option of the issuer of the obligations and will also include specified depository receipts issued by a bank or trust company as custodian with respect to any government obligation of this kind (Section 101 and Article Fourteen).
Unless otherwise provided in any applicable prospectus supplement, if, after RTC has deposited funds and/or government obligations to effect defeasance with respect to any debt securities:
•the holder of a debt security is entitled to, and does, elect pursuant to the terms of the debt security to receive payment in a currency or currency unit other than that in which the deposit has been made in respect of the debt security; or
•the currency or currency unit in which the deposit has been made in respect of the debt security ceases to be used by its government of issuance;
then the indebtedness represented by the debt security and any related coupons will be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal, premium, if any, and interest, if any, on the debt security as they become due out of the proceeds yielded by converting the amount so deposited in respect of the debt security into the currency or currency unit in which the debt security becomes payable as a result of the holder’s election or the government’s cessation of usage based on the applicable market exchange rate (as defined in the prospectus supplement relating to the debt security) for that currency or currency unit in effect on the second business day prior to each payment date, except that with respect to a cessation of usage of the currency or currency unit by its government of issuance which results in current exchange rates no longer being available, the conversion will be based on the applicable market exchange rate for the currency or currency unit (as nearly as possible) in effect at the time of cessation (Section 1405). Unless otherwise provided in any applicable prospectus supplement, all payments of principal, premium, if any, and interest, if any, on any debt security that is payable in a foreign currency or currency unit that ceases to be used by its government of issuance will be made in U.S. dollars (Section 312).
If RTC effects covenant defeasance with respect to any debt securities and any related coupons and the debt securities and any related coupons are declared due and payable because of the 
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occurrence of any event of default other than the event of default described in the third bullet point under “-Events of Default” with respect to Sections 1008 and 1009 of the indenture (which sections would no longer be applicable to the debt securities or any related coupons) or described in the third or fifth bullet point under “-Events of Default” with respect to any other covenant with respect to which there has been defeasance, the amount of cash and the amounts of principal and interest payable on the government obligations on deposit with the trustee will be sufficient to pay amounts due on the debt securities and any related coupons at the time of their stated maturity but may not be sufficient to pay amounts due on the debt securities and any related coupons at the time of the acceleration resulting from the event of default. However, RTC would remain liable to make payment of the amounts due at the time of acceleration.
The applicable prospectus supplement may further describe the provisions, if any, permitting defeasance or covenant defeasance, including any modifications to the provisions described above, with respect to the debt securities of or within a particular series and any related coupons.
Modification and Waiver
Under the indenture, modifications and amendments may be made by RTC and the trustee, with the consent of the holders of not less than a majority in aggregate principal amount of outstanding debt securities which are affected by the modification or amendment. However, the consent of the holder of each debt security affected by the modification or amendment is required for any modification or amendment that would, among other things:
•change the stated maturity of principal of, or any installment of interest or premium, if any, on, or change the obligation of RTC to pay any additional amounts as contemplated by Section 1010 of the indenture on, any security;
•reduce the principal amount of, or the rate of interest on, or any premium payable on redemption of, any security, or reduce the amount of principal of an original issue discount security that would be due and payable upon declaration of acceleration of the maturity of the original issue discount security or would be provable in bankruptcy;
•change the place of payment where, or the coin, currency, currencies, currency unit or composite currency in which payment of principal, premium, if any, or interest on any security is payable;
•impair the right to institute suit for the enforcement of any payment on or with respect to any security;
•reduce the above stated percentage of holders of debt securities necessary to modify or amend the indenture or to consent to any waiver under the indenture; or
•modify the foregoing requirements or the provisions of the indenture related to waiver of certain covenants or waiver of past defaults (Section 902).
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The indenture permits the holders of at least a majority in aggregate principal amount of outstanding debt securities to waive compliance by RTC with some of the restrictions described under “-Restriction on Merger and Sales of Assets” and compliance with specified other covenants of RTC contained in the indenture (Section 1011), including, in the case of the indenture, the restrictions described under “-Liens” and “-Sales and Leasebacks.”
The indenture contains provisions for convening meetings of the holders of debt securities of a series if debt securities of that series are issuable as bearer securities (Section 1501). A meeting may be called at any time by the trustee, and also, upon request, by RTC or the holders of at least 10% in principal amount of the debt securities of that series outstanding. If a meeting is called, notice must be given as provided in the applicable indenture (Section 1502). Except for any consent which must be given by the holder of each debt security affected by a modification or amendment of the indenture, as described above, any resolution presented at a meeting or adjourned meeting at which a quorum is present may be adopted by the affirmative vote of the holders of a majority in principal amount of the debt securities of that series; provided, however, that any resolution with respect to any consent or waiver which may be given by the holders of not less than a specified percentage in principal amount of the debt securities of a series may be adopted at a meeting or adjourned meeting at which a quorum is present only by the affirmative vote of that specified percentage in principal amount of the debt securities of that series; and provided, further, that any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which may be made, given or taken by the holders of a specified percentage, which is less than a majority in principal amount of debt securities of a series may be adopted at a meeting or adjourned meeting duly reconvened at which a quorum is present by the affirmative vote of the holders of that specified percentage in principal amount of the debt securities of that series. Any resolution passed or decision taken at any meeting of holders of debt securities of any series duly held in accordance with the indenture will be binding on all holders of debt securities of that series and the related coupons. The quorum at any meeting called to adopt a resolution, and at any reconvened meeting, will be persons holding or representing a majority in principal amount of the debt securities of a series. However, if any action is to be taken at the meeting with respect to a consent or waiver which may be given by the holders of not less than a specified percentage in principal amount of the debt securities of a series, the persons holding or representing that specified percentage in principal amount of the debt securities of the series will constitute a quorum (Section 1504).
Events of Default
The indenture defines an “event of default” with respect to any series of debt securities as being any one of the following events:
•default in the payment of any interest upon any debt security of the series and any related coupon when due, continued for 30 days;
•default in the payment of the principal of, or premium, if any, on a debt security of the series at its maturity;
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•default in the performance of any other covenant of RTC in the indenture, continued for 60 days after written notice as provided in the indenture, other than a covenant included in the indenture solely for the benefit of series of debt securities other than the series in question or a covenant default the performance of which would be covered by the fifth bullet point below;
•certain specified events in bankruptcy, insolvency or reorganization; and
•any other event of default provided with respect to debt securities of the series.
No event of default provided with respect to a particular series of debt securities, except as to events described in the third and fourth bullet points above, necessarily constitutes an event of default with respect to any other series of debt securities (Section 501).
If an event of default described in the first, second or fifth bullet point above with respect to debt securities of any series at the time outstanding occurs and is continuing, then the trustee or the holders of not less than 25% in principal amount of the outstanding debt securities of that series may declare the principal amount of all of the debt securities of that series to be due and payable immediately, or, if the debt securities of that series are original issue discount securities or indexed securities, the trustee or the same minimum number of holders may declare the portion of the principal amount that is specified in the terms of that series to be due and payable immediately. If an event of default described in the third or fourth bullet point above occurs and is continuing, then the trustee or the holders of not less than 25% in principal amount of all the debt securities then outstanding may declare the principal amount of all of the outstanding debt securities to be due and payable immediately, or, if any indenture securities are original issue discount securities or indexed securities, the trustee or the same minimum number of holders may declare the portion of the principal amount that is specified in the terms of that series to be due and payable immediately. However, at any time after a declaration of acceleration with respect to outstanding debt securities of a series (or of all outstanding debt securities, as the case may be) has been made, but before a judgment or decree for payment of the money has been obtained by the trustee as provided in the indenture, the holders of a majority in principal amount of outstanding debt securities of that series or of all outstanding debt securities, as the case may be, may, subject to specified conditions, rescind and annul the acceleration if all events of default, other than the nonpayment of accelerated principal or specified portion of accelerated principal, with respect to outstanding debt securities of the series or of all outstanding debt securities, as the case may be, have been cured or waived as provided in the indenture (Section 502). The indenture also provides that the holders of not less than a majority in principal amount of the outstanding debt securities of a series or of all outstanding debt securities, as the case may be, may, subject to specified limitations, waive any past default and its consequences (Section 513). The prospectus supplement relating to any series of debt securities which are original issue discount securities or indexed securities will describe the particular provisions relating to acceleration of a portion of the principal amount of the original issue discount securities or indexed securities upon the occurrence and continuation of an event of default.
In case an event of default with respect to the debt securities of a series has occurred and is continuing, the trustee will be obligated to exercise those rights and powers vested in it by the 
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indenture with respect to the series that a prudent person would exercise and to use the same degree of care and skill in their exercise as a prudent person would use under the circumstances in the conduct of his or her own affairs (Section 601).
Subject to the provisions of the indenture relating to the duties of the trustee in case an event of default occurs and is continuing, the trustee is under no obligation to exercise any of the rights or powers under the indenture at the request, order or direction of any of the holders unless the holders have offered to the trustee reasonable security or indemnity (Section 603). Subject to these provisions for the indemnification of the trustee and specified limitations contained in the indenture, the holders of a majority in principal amount of the outstanding debt securities of a series or of all outstanding debt securities, as the case may be, will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee, or exercising any trust or power conferred on the trustee (Section 512).
RTC will be required to furnish to the applicable trustee annually a statement as to the fulfillment by RTC of all of its obligations under the indenture (Section 1004).
Governing Law
The indenture and the debt securities will be governed and construed in accordance with the law of the State of New York.
Trustee
Under the indenture, the trustee may resign or be removed with respect to one or more series of debt securities and a successor trustee may be appointed to act with respect to the series (Section 610). If two or more persons are acting as trustee with respect to different series of debt securities, each trustee will be a trustee of a trust under the indenture separate and apart from the trust administered by any other trustee (Section 611), and any action described herein to be taken by the “trustee” may then be taken by each trustee with respect to, and only with respect to, the one or more series of debt securities for which it is trustee.
Liens
Under the indenture, so long as any debt securities are outstanding:
•RTC will not itself, and will not permit any wholly-owned domestic manufacturing subsidiary to, create, incur, issue or assume any debt secured by any lien on any principal property owned by RTC or any wholly-owned domestic manufacturing subsidiary; and
•RTC will not itself, and will not permit any subsidiary to, create, incur, issue or assume any debt secured by any lien on any shares of stock or debt of any wholly-owned domestic manufacturing subsidiary.
When we say “wholly-owned domestic manufacturing subsidiary” we mean any subsidiary of which, at the time of determination, RTC directly and/or indirectly owns all of the outstanding 
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capital stock (other than directors’ qualifying shares) and which, at the time of determination, is primarily engaged in manufacturing, except a subsidiary:
•which neither transacts any substantial portion of its business nor regularly maintains any substantial portion of its fixed assets within the United States; or
•which is engaged primarily in the finance business including, without limitation, financing the operations of, or the purchase of products which are products of or incorporate products of, RTC and/or its subsidiaries; or
•which is primarily engaged in ownership and development of real estate, construction of buildings, or related activities, or a combination of the foregoing (Section 101).
When we say “debt,” we mean notes, bonds, debentures or other similar evidence of indebtedness for money borrowed (Section 1008).
When we say “liens,” we mean pledges, mortgages, liens, encumbrances and other security interests (Section 1008).
When we say “principal property,” we mean any manufacturing plant or warehouse, together with the land upon which it is erected and fixtures constituting a part of the manufacturing plant or warehouse, owned by RTC or any wholly-owned domestic manufacturing subsidiary and located in the United States, the gross book value (without deduction of any reserve for depreciation) of which on the date as of which the determination is being made is an amount which exceeds 1% of consolidated net tangible assets, other than any manufacturing plant or warehouse or any portion of the manufacturing plant or warehouse or any fixture:
•which is financed by industrial development bonds; or
•which, in the opinion of the board of directors of RTC, is not of material importance to the total business conducted by RTC and its subsidiaries, taken as a whole (Section 101).
However, any of the actions described in the first two bullet points under “-Liens” above may be taken if
•the debt securities are equally and ratably secured; or
•the aggregate principal amount of the secured debt then outstanding plus the attributable debt of RTC and its wholly-owned domestic manufacturing subsidiaries in respect of sale and leaseback transactions described below involving principal properties entered into after the date when RTC first issues securities pursuant to the indenture, other than transactions that are permitted as described in the second bullet point under “-Sales and Leasebacks,” would not exceed 10% of consolidated net tangible assets.
When we say “attributable debt,” we mean, as to any particular lease under which any person is at the time liable for a term of more than 12 months, at any date as of which the amount of attributable debt is to be determined, the total net amount of rent required to be paid by the 
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person under the lease during the remaining term of the lease (excluding any subsequent renewal or other extension options held by the lessee and excluding amounts on account of maintenance and repairs, services, taxes and similar charges, and contingent rents), discounted from the respective due dates of the payments under the lease to the date of determination at the rate of 15% per annum, compounded monthly (Section 101).
When we say “consolidated net tangible assets,” we mean the total amount of assets (less applicable reserves and other properly deductible items) after deducting:
•all current liabilities, excluding any current liabilities which are by their terms extendible or renewable at the option of the obligor on the liabilities to a time more than 12 months after the time as of which the amount of current liabilities is being computed; and
•all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangibles, all as set forth on the most recent balance sheet of RTC and its subsidiaries and computed in accordance with accounting principles generally accepted in the United States of America (Section 101).
This restriction on liens will not apply to debt secured by permitted liens. Therefore, for purposes of this restriction, debt secured by permitted liens will be excluded in computing secured debt. Permitted liens include:
•liens existing as of the date when RTC first issued securities pursuant to the indenture;
•liens existing on any property of or shares of stock or debt of any corporation at the time it became or becomes a wholly-owned domestic manufacturing subsidiary, or arising after that time (a) otherwise than in connection with the borrowing of money arranged after the corporation became a wholly-owned domestic manufacturing subsidiary and (b) pursuant to contractual commitments entered into before the corporation became a wholly-owned domestic manufacturing subsidiary;
•liens on property (including shares of stock or debt of a wholly-owned domestic manufacturing subsidiary) existing at the time of acquisition and certain purchase money or similar liens;
•liens to secure specified exploration, drilling, development, operation, construction, alteration, repair or improvement costs;
•liens securing debt owing by a subsidiary to RTC or to a wholly- owned domestic manufacturing subsidiary;
•liens in connection with government contracts, including the assignment of moneys due or to become due on government contracts;
•materialmen’s, carriers’, mechanics’, workmen’s, repairmen’s or other like liens arising in the ordinary course of business and which are not overdue or which are being contested in good faith in appropriate proceedings;
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•liens arising from any judgment, decree or order of any court or in connection with legal proceedings or actions at law or in equity; and
•certain extensions, substitutions, replacements or renewals of the foregoing.
In addition, production payments and other financial arrangements with regard to oil, gas and mineral properties are not deemed to involve liens securing debt (Section 1008).
Sales and Leasebacks
So long as any debt securities are outstanding under the indenture, RTC will not, and will not permit any wholly-owned domestic manufacturing subsidiary to, enter into any sale and leaseback transaction after the date when RTC first issued securities pursuant to the indenture, covering any principal property, which was or is owned or leased by RTC or a wholly-owned domestic manufacturing subsidiary and which has been or is to be sold or transferred more than 120 days after the completion of construction and commencement of full operation of that principal property.
However, a sale and leaseback transaction of this kind will not be prohibited if:
•attributable debt of RTC and its wholly-owned domestic manufacturing subsidiaries in respect of the sale and leaseback transaction and all other sale and leaseback transactions entered into after the date when RTC first issued securities pursuant to the indenture (other than sale and leaseback transactions that are permitted as described in the next bullet point), plus the aggregate principal amount of debt secured by liens on principal properties then outstanding (not otherwise permitted or excepted) without equally and ratably securing the debt securities, would not exceed 10% of the consolidated net tangible assets;
•an amount equal to the greater of the net proceeds of the sale or transfer or the fair market value of the principal property sold or transferred (as determined by RTC) is applied within 120 days to the voluntary retirement of the debt securities or other indebtedness of RTC (other than indebtedness subordinated to the debt securities) or indebtedness of a wholly-owned domestic manufacturing subsidiary, for money borrowed, maturing more than 12 months after the voluntary retirement;
•the lease is for a temporary period not exceeding three years; or
•the lease is with RTC or another wholly-owned domestic manufacturing subsidiary (Section 1009).
Notes due 2030
The following briefly summarizes certain terms of the notes due 2030. This summary does not describe every aspect of the notes due 2030 and is subject, and is qualified in its entirety by reference, to the prospectus supplement of RTC, dated as of May 18, 2018 and the definitive documents related to such notes.
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General
We have issued the notes due 2030 in an initial aggregate principal amount of €500,000,000. The notes due 2030 will mature on May 18, 2030.
The notes due 2030 have been issued in book-entry form. See “Book-Entry, Delivery and Form.” We issued the notes due 2030 only in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof.
The notes due 2030 are listed on the New York Stock Exchange under the symbol “RTX 30.” We have no obligation to maintain such listing, and we may delist the notes due 2030 at any time.
We may, without the consent of the holders of the notes due 2030, issue additional notes due 2030 under the indenture having the same ranking and the same interest rate, maturity and other terms as the notes due 2030; provided that any such additional notes due 2030 that are not fungible with the notes due 2030 offered under the prospectus supplement dated as of May 18, 2018 for U.S. federal income tax purposes will have a separate CUSIP, ISIN and other identifying number than the notes due 2030 offered thereunder. Any such additional notes due 2030 will, together with the notes due 2030 offered by the same prospectus supplement, constitute a single series of notes under the indenture.
Interest
The notes due 2030 will bear interest at the annual rate of 2.150% and will accrue interest from the most recent date to which interest has been paid or duly provided for.
Interest will be payable on the notes due 2030 annually in arrears on May 18 of each year, and on the relevant maturity date, beginning on May 18, 2019 (each, a “fixed rate interest payment date”), to the persons in whose names the notes due 2030 are registered on the record date; provided, however, that interest payable on the relevant maturity date or any relevant redemption date will be payable to the persons to whom the principal of the notes due 2030 is payable. Interest on the notes due 2030 will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the notes due 2030 (or May 18, 2018 if no interest has been paid on the notes due 2030), to, but excluding, the next fixed rate interest payment date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. If the date on which a payment of interest or principal on the notes due 2030 is scheduled to be paid is not a business day, then that interest or principal will be paid on the next succeeding business day, and no further interest will accrue as a result of such delay.
A “business day” is each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions are authorized or obligated by law or executive order to be closed in New York City or London and which is a day on which the Trans-European Automated Real-
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time Gross Settlement Express Transfer system (the “TARGET2 system”), or any successor thereto, operates.
A “record date” is the close of business on the date that is fifteen calendar days prior to the date on which interest is scheduled to be paid, regardless of whether such date is a business day; provided that if any of the notes due 2030 are held by a securities depositary in book-entry form, the record date for such notes will be the close of business on the business day (for this purpose a day on which Clearstream and Euroclear are open for business) immediately preceding the date on which interest is scheduled to be paid.
Issuance in Euro
Payments of principal, interest and Additional Amounts, if any, in respect of the notes due 2030 will be payable in euro. If the euro is unavailable to us due to the imposition of exchange controls or other circumstances beyond our control (including the dissolution of the euro) or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the applicable notes will be made in U.S. dollars until the euro is again available to us or so used. The amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second business day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the then most recent U.S. dollar/euro exchange rate available on or prior to the second business day prior to the relevant payment date as determined by us in our sole discretion. Any payment in respect of the notes so made in U.S. dollars will not constitute an event of default under the notes or the indenture governing the notes. Neither the trustee nor the paying agent shall have any responsibility for any calculation or conversion in connection with the foregoing.
Investors will be subject to foreign exchange risks as to payments of principal, interest and Additional Amounts, if any, that may have important economic and tax consequences to them.
Optional Redemption
The notes due 2030 will be redeemable, in whole or in part, at our option at any time. The Company may redeem the notes due 2030 on any date prior to February 18, 2030 at a redemption price in euro equal to the greater of:
(a) 100% of the principal amount of the notes due 2030 to be redeemed; or
(b) the sum of the present values of the remaining scheduled payments of principal and interest on the notes due 2030 to be redeemed as described below, discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate (as defined below), plus 25 basis points.
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In every such case, the redemption price will also include interest accrued to, but excluding, the date of redemption on the principal balance of the notes due 2030 being redeemed.
In addition, at any time on or after February 18, 2030, the Company may redeem some or all of the notes due 2030, in each case, at its option at a redemption price equal to 100% of the principal amount of the notes due 2030 to be redeemed, plus, in every such case, interest accrued to, but excluding, the date of redemption on the principal balance of the notes due 2030 being redeemed.
In any case, the principal amount of a note remaining outstanding after a redemption in part shall be €100,000 or an integral multiple of €1,000 in excess thereof.
For purposes of the optional redemption provisions of the notes due 2030, the following terms will be applicable:
“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an independent investment bank selected by us, a German federal government bond whose maturity is closest to the maturity of the notes due 2030 to be redeemed, or if such independent investment bank in its discretion determines that such similar bond is not in issue, such other German federal government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German federal government bonds selected by us, determine to be appropriate for determining the Comparable Government Bond Rate.
“Comparable Government Bond Rate” means, with respect to any redemption date, the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the notes due 2030 to be redeemed, if they were to be purchased at such price on the third business day prior to the redemption date, would be equal to the gross redemption yield on such business day of the Comparable Government Bond (as defined above) on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such business day as determined by an independent investment bank selected by us.
General Information Regarding Optional Redemption
We will mail or electronically deliver, according to the procedures of the applicable depositary, notice (with a copy to the trustee and the paying agent) of any optional redemption to the registered holder of the notes due 2030 being redeemed not less than 15 days and not more than 60 days before the redemption date. The notice of redemption will identify, among other things, the redemption date, the redemption price (or if not then ascertainable, the manner of calculation thereof) and that on the redemption date, the redemption price will become due and payable and that the notes called for redemption will cease to accrue interest on and after the redemption date (unless there is a default on payment of the redemption price). Prior to any redemption date, we will deposit with the paying agent or the trustee money sufficient to pay the redemption price of the notes to be redeemed on that date. If we redeem less than all of any series of fixed rate notes, the trustee will choose the notes due 2030 to be redeemed by any method that it deems fair and 
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appropriate; provided that if the notes due 2030 are represented by one or more global notes, beneficial interests in the notes due 2030 will be selected for redemption by Euroclear and Clearstream in accordance with their respective standard procedures therefor.
The notes due 2030 are also subject to redemption if certain events occur involving United States taxation. See “—Redemption for Tax Reasons.”
Additional Amounts
All payments of principal and interest in respect of the notes due 2030 by us or a paying agent on our behalf will be made free and clear of, and without deduction or withholding for or on account of, any present or future taxes, duties, assessments or other similar governmental charges imposed or levied by the United States or any political subdivision or taxing authority of or in the United States (collectively, “Taxes”), unless such withholding or deduction is required by law.
In the event such withholding or deduction for Taxes is required by law, subject to the limitations described below, we will pay to any non-U.S. holder or any foreign partnership such additional amounts (“Additional Amounts”) as may be necessary to ensure that the net amount received by such person, after withholding or deduction for such Taxes, will be equal to the amount such person would have received in the absence of such withholding or deduction.
However, no Additional Amounts shall be payable with respect to any Taxes if such Taxes are imposed, withheld, deducted or levied for reasons unrelated to the holder’s or beneficial owner’s ownership or disposition of notes, nor shall Additional Amounts be payable for or on account of:
(a) any Taxes which would not have been so imposed, withheld, deducted or levied but for:
(1) the existence of any present or former connection between the holder or beneficial owner (or between a fiduciary, settlor, beneficiary, member or shareholder or other equity owner of, or a person having a power over, such holder or beneficial owner, if such holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity) and the United States, including, without limitation, such holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or other equity owner or person having such a power) being or having been a citizen or resident or treated as a resident of the United States, being or having been engaged in a trade or business in the United States, being or having been present in the United States, or having or having had a permanent establishment in the United States;
(2) the failure of the holder or beneficial owner to comply with any applicable certification, information, documentation or other reporting requirement, if compliance is required under the tax laws and regulations of the United States or any political subdivision or taxing authority of or in the United States to establish entitlement to a partial or complete exemption from such Taxes (including, but not limited to, the requirement to provide Internal Revenue Service Form W-8BEN, Form W-8BEN-E, Form W-8ECI, Form W-8IMY (and related documentation) or any subsequent versions thereof or successor thereto); or
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(3) the holder’s or beneficial owner’s present or former status as a personal holding company or a foreign personal holding company with respect to the United States, as a controlled foreign corporation with respect to the United States, as a passive foreign investment company with respect to the United States, as a foreign tax-exempt organization with respect to the United States or as a corporation that accumulates earnings to avoid United States federal income tax;
(b) any Taxes which would not have been imposed, withheld, deducted or levied but for the failure of the holder or beneficial owner to meet the requirements (including the certification requirements) of Section 871(h) or Section 881(c) of the Internal Revenue Code of 1986, as amended (the “Code”);
(c) any Taxes which would not have been imposed, withheld, deducted or levied but for the presentation by the holder or beneficial owner of such note for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment of the note due 2030 is duly provided for and notice is given to holders, whichever occurs later, except to the extent that the holder or beneficial owner would have been entitled to such Additional Amounts on presenting such note on any date during such 30-day period;
(d) any estate, inheritance, gift, sales, excise, transfer, personal property, wealth or similar Taxes;
(e) any Taxes which are payable other than by withholding or deduction from a payment on such note;
(f) any Taxes which are imposed, withheld, deducted or levied with respect to, or payable by, a holder that is not the beneficial owner of the note, or a portion of the note, or that is a fiduciary, partnership, limited liability company or other similar entity, but only to the extent that a beneficial owner, a beneficiary or settlor with respect to such fiduciary or member of such partnership, limited liability company or similar entity would not have been entitled to the payment of an Additional Amount had such beneficial owner, settlor, beneficiary or member received directly its beneficial or distributive share of the payment;
(g) any Taxes required to be withheld or deducted by any paying agent from any payment on any note, if such payment can be made without such withholding or deduction by at least one other paying agent;
(h) any Taxes imposed, withheld, deducted or levied under Sections 1471 through 1474 of the Code (or any amended or successor provisions), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code;
(i) any Taxes that would not have been imposed, withheld, deducted or levied but for a change in any law, treaty, regulation, or administrative or judicial interpretation that becomes effective after the applicable payment becomes due or is duly provided for, whichever occurs later; or
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(j) any combination of items (a), (b), (c), (d), (e), (f), (g), (h) and (i).
Any Additional Amounts paid on the notes due 2030 will be paid in euro.
For purposes of this section, the acquisition, ownership, enforcement, or holding of or the receipt of any payment with respect to a note alone will not constitute a connection (1) between the holder or beneficial owner and the United States or (2) between a fiduciary, settlor, beneficiary, member or shareholder or other equity owner of, or a person having a power over, such holder or beneficial owner if such holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity and the United States.
Except as specifically provided under this section “Additional Amounts,” we will not be required to make any payment with respect to any tax, duty, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority.
If we are required to pay Additional Amounts with respect to the notes due 2030, we will notify the trustee and paying agent pursuant to an officers’ certificate that specifies the Additional Amounts payable and when the Additional Amounts are payable. If the trustee and the paying agent do not receive such an officers’ certificate from us, the trustee and paying agent may rely on the absence of such an officers’ certificate in assuming that no such Additional Amounts are payable.
Redemption for Tax Reasons
We may redeem the notes due 2030 at our option, in whole but not in part, at a redemption price equal to 100% of the principal amount of the notes due 2030 to be redeemed, together with any accrued and unpaid interest on the notes to be redeemed to, but excluding, the redemption date, at any time, if:
(i) we have or will become obliged to pay Additional Amounts with respect to such series of the notes as a result of any change in, or amendment to, the laws, regulations, treaties, or rulings of the United States or any political subdivision of or in the United States or any taxing authority thereof or therein affecting taxation, or any change in, or amendment to, the application, official interpretation, administration or enforcement of such laws, regulations, treaties or rulings (including a holding by a court of competent jurisdiction in the United States), which change or amendment is enacted, adopted, announced or becomes effective on or after the date of the applicable prospectus supplement; or
(ii) on or after the date of the applicable prospectus supplement, any action is taken by a taxing authority of, or any action has been brought in a court of competent jurisdiction in, the United States or any political subdivision of or in the United States or any taxing authority thereof or therein, including any of those actions specified in clause (i) above, whether or not such action was taken or brought with respect to us, or there is any change, amendment, clarification, application or interpretation of such laws, regulations, treaties or rulings, which in any such case, will result in a material probability that we will be required to pay Additional Amounts with respect to the notes due 2030 (it being understood that such material probability will be deemed 
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to result if the written opinion of independent tax counsel described in clause (b) below to such effect is delivered to the trustee and the paying agent).
Notice of any such redemption will be mailed, or delivered electronically if held by any depositary in accordance with such depositary’s customary procedures, at least 15 days but not more than 60 days before the redemption date to each registered holder of the notes due 2030 to be redeemed; provided, however, that the notice of redemption shall not be given earlier than 90 days before the earliest date on which we would be obligated to pay such Additional Amounts if a payment in respect of the notes to be redeemed was then due.
Prior to the mailing or delivery of any notice of redemption pursuant to this section “Redemption for Tax Reasons,” we will deliver to the trustee and the paying agent:
(a) a certificate signed by one of our officers stating that we are entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to our right to so redeem have occurred, and
(b) a written opinion of independent tax counsel of nationally recognized standing to the effect that we have or will become obligated to pay such Additional Amounts as a result of a change or amendment described in clause (i) above or that there is a material probability that we will be required to pay Additional Amounts as a result of an action, change, amendment, clarification, application or interpretation described in clause (ii) above, as the case may be.
Such notice, once delivered by us will be irrevocable.
Resignation and Removal of the Trustee
The trustee may resign at any time by giving written notice to us.
The trustee may also be removed with respect to the notes due 2030 by an act of the holders of a majority in principal amount of the then outstanding the notes due 2030.
No resignation or removal of the trustee and no appointment of a successor trustee will become effective until the acceptance of appointment by a successor trustee in accordance with the requirements of the indenture.
Under certain circumstances, we may appoint a successor trustee.
We will provide you with notice of any resignation, removal or appointment of the trustee.
Notices
Notices to holders of the notes due 2030 are to be given by mail to the addresses of the holders as they may appear in the security register. If it is impractical to mail notice of any event to holders when such notice is required to be given pursuant to the indenture, then any manner of giving such notice as shall be satisfactory to the trustee shall be deemed to be sufficient giving of such notice.
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Title
RTC, the trustee, and any agent of either, may treat the person or entity in whose name the notes due 2030 are registered as the owner of those notes for the purpose of receiving payments on such notes (subject to the provisions of the indenture) and for all other purposes whatsoever, whether or not such notes may be overdue, and irrespective of notice to the contrary.
Governing Law
The notes due 2030 are governed by and construed in accordance with the laws of the State of New York.
The Trustee, Securities Registrar, Paying Agent and Calculation Agent
The trustee and securities registrar under the indenture is The Bank of New York Mellon Trust Company, N.A. The Bank of New York Mellon, London Branch has been appointed by the Company to act as paying agent. The trustee maintains various banking and trust relationships with us and some of our affiliates. We may vary or terminate the appointment of any paying agent, securities registrar or calculation agent, or appoint additional or other such agents or approve any change in the office through which any such agent acts.
The trustee is under no obligation to exercise any of the rights or powers vested in it by the indenture at the request or direction of any of the holders of the notes due 2030 pursuant to the indenture, unless such holders shall have offered to the trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.
Book-Entry, Delivery and Form
We issued the notes due 2030 in the form of global notes (the “global notes”) in definitive, fully registered, book-entry form without coupons. The global notes will be deposited with a common depositary (and registered in the name of its nominee) for, and in respect of interests held through, Clearstream Banking S.A., which we refer to as “Clearstream,” or Euroclear Bank SA/NV, which we refer to as “Euroclear.” Except as described herein, definitive notes in registered form will not be issued in exchange for beneficial interests in the global notes.
Except as set forth below, the global notes may be transferred, in whole and not in part, only to a common depositary for Clearstream and Euroclear or its nominee. No link is expected to be established among The Depository Trust Company and Clearstream or Euroclear in connection with the issuance of the notes.
Beneficial interests in the global notes will be represented through book-entry accounts of financial institutions acting on behalf of beneficial owners as direct and indirect participants in Clearstream or Euroclear. Those beneficial interests will be in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof. Should definitive notes in registered form be issued to individual holders of the notes due 2030, a holder of notes due 2030 who, as a 
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result of trading or otherwise, holds a principal amount of the notes due 2030 that is less than the minimum denomination would be required to purchase an additional principal amount of the notes due 2030 such that its holding of the notes due 2030 amounts to the minimum specified denomination. Investors may hold interests in the global notes through Clearstream or Euroclear either directly if they are participants in such systems or indirectly through organizations that are participants in such systems.
Except as set forth in the indenture or related officers’ certificate, owners of beneficial interests in the global notes will not be entitled to have notes registered in their names, and will not receive or be entitled to receive physical delivery of notes in definitive form. Except as provided below, beneficial owners will not be considered the owners or holders of the notes under the indenture. Accordingly, each beneficial owner must rely on the procedures of the clearing systems and, if such person is not a participant of the clearing systems, on the procedures of the participant through which such person owns its interest, to exercise any rights of a holder under the indenture. Under existing industry practices, if we request any action of holders or a beneficial owner desires to give or take any action which a holder is entitled to give or take under the indenture, the clearing systems would authorize their participants holding the relevant beneficial interests to give or take action and the participants would authorize beneficial owners owning through the participants to give or take such action or would otherwise act upon the instructions of beneficial owners. Conveyance of notices and other communications by the clearing systems to their participants, by the participants to indirect participants and by the participants and indirect participants to beneficial owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Persons who are not Euroclear or Clearstream participants may beneficially own notes held by the common depositary for Euroclear and Clearstream only through direct or indirect participants in Euroclear and Clearstream.
We understand that Clearstream is incorporated under the laws of Luxembourg as a professional depositary. Clearstream holds securities for its participants and facilitates the clearance and settlement of securities transactions between its participants through electronic book-entry changes in accounts of its participants, thereby eliminating the need for physical movement of certificates. Clearstream provides to its participants, among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing. Clearstream interfaces with domestic markets in several countries. As a professional depositary, Clearstream is subject to regulation by the Luxembourg Commission for the Supervision of the Financial Sector. Clearstream participants are recognized financial institutions around the world, including underwriters, securities brokers and dealers, banks, trust companies, clearing corporations and other organizations and may include the underwriters. Indirect access to Clearstream is also available to others, such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a Clearstream participant either directly or indirectly.
We understand that Euroclear was created in 1968 to hold securities for participants of Euroclear and to clear and settle transactions between Euroclear participants through simultaneous electronic book-entry delivery against payment, thereby eliminating the need for physical 
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movement of certificates and any risk from lack of simultaneous transfers of securities and cash. Euroclear provides various other services, including securities lending and borrowing and interfaces with domestic markets in several countries. Euroclear is operated by Euroclear Bank SA/NV, which we refer to as the “Euroclear Operator,” under contract with Euroclear Clearance Systems S.C., a Belgian cooperative corporation, which we refer to as the “Cooperative.” All operations are conducted by the Euroclear Operator, and all Euroclear securities clearance accounts and Euroclear cash accounts are accounts with the Euroclear Operator, not the Cooperative. The Cooperative establishes policy for Euroclear on behalf of Euroclear participants. Euroclear participants include banks (including central banks), securities brokers and dealers, and other professional financial intermediaries and may include the underwriters. Indirect access to Euroclear is also available to other firms that clear through or maintain a custodial relationship with a Euroclear participant, either directly or indirectly.
We understand that the Euroclear Operator is licensed by the Belgian Banking and Finance Commission to carry out banking activities on a global basis. As a Belgian bank, it is regulated and examined by the Belgian Banking and Finance Commission.
Securities clearance accounts and cash accounts with the Euroclear Operator are governed by the Terms and Conditions Governing Use of Euroclear and the related Operating Procedures of the Euroclear System, and applicable Belgian law (collectively, the “Terms and Conditions”). The Terms and Conditions govern transfers of securities and cash within Euroclear, withdrawals of securities and cash from Euroclear, and receipts of payments with respect to securities in Euroclear. All securities in Euroclear are held on a fungible basis without attribution of specific certificates to specific securities clearance accounts. The Euroclear Operator acts under the Terms and Conditions only on behalf of Euroclear participants and has no record of or relationship with persons holding through Euroclear participants.
We have provided the descriptions of the operations and procedures of Clearstream and Euroclear in this prospectus supplement solely as a matter of convenience, and we make no representation or warranty of any kind with respect to these operations and procedures. These operations and procedures are solely within the control of those organizations and are subject to change by them from time to time. None of us, the underwriters, the trustee or the paying agent takes any responsibility for these operations or procedures, and you are urged to contact Clearstream and Euroclear or their participants directly to discuss these matters.
We, the trustee, the paying agent and the registrar will not have any responsibility or liability for any aspect of the records relating to or payments made on account of notes by Clearstream or Euroclear, or for maintaining, supervising or reviewing any records of those organizations relating to the notes.
So long as Euroclear or Clearstream or their nominee or their common depositary is the registered holder of the global notes, Euroclear, Clearstream or such nominee, as the case may be, will be considered the sole owner or holder of the notes represented by such global notes for all purposes under the indenture and the notes. Payments of principal, interest and Additional Amounts, if any, in respect of the global notes will be made to Euroclear, Clearstream or such nominee, as the case may be, as registered holder thereof.
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Distributions of principal, interest and Additional Amounts, if any, with respect to the global notes will be credited in euro to the extent received by Euroclear or Clearstream to the cash accounts of Euroclear or Clearstream customers in accordance with the relevant system’s rules and procedures.
Because Euroclear and Clearstream can only act on behalf of participants, who in turn act on behalf of indirect participants, the ability of a person having an interest in the global notes to pledge such interest to persons or entities which do not participate in the relevant clearing system, or otherwise take actions in respect of such interest, may be affected by the lack of a physical certificate in respect of such interest.
Initial settlement for the notes will be made in immediately available funds. Secondary market trading between Clearstream and/or Euroclear participants will occur in the ordinary way in accordance with the applicable rules and operating procedures of Clearstream and Euroclear, as applicable, and will be settled using the procedures applicable to conventional Eurobonds in immediately available funds.
You should be aware that investors will only be able to make and receive deliveries, payments and other communications involving the notes through the Clearstream and Euroclear systems on days when those systems are open for business. Those systems may not be open for business on days when banks, brokers and other institutions are open for business in the United States.
In addition, because of time-zone differences, there may be problems with completing transactions involving the Clearstream and Euroclear systems on the same business day as in the United States. U.S. investors who wish to transfer their interests in the notes, or to make or receive a payment or delivery of the notes, on a particular day, may find that the transactions will not be performed until the next business day in Luxembourg or Brussels, depending on whether the Clearstream or Euroclear system is used.
Because the purchaser determines the place of delivery, it is important to establish at the time of trading of any notes where both the purchaser’s and seller’s accounts are located to ensure that settlement can be made on the desired date.
Secondary market sales of book-entry interests in the notes held through Clearstream or Euroclear to purchasers of book-entry interests in a global note through Clearstream or Euroclear will be conducted in accordance with the normal rules and operating procedures of Clearstream and Euroclear and will be settled using the procedures applicable to conventional eurobonds in same-day funds.
We have obtained the information in this section concerning Clearstream and Euroclear and the book-entry system and procedures from sources that we believe to be reliable, but neither we nor the underwriters take any responsibility for the accuracy of this information.
In a few special situations described below, the book-entry system for the notes will terminate and interests in the global notes will be exchanged for definitive notes in registered form. You 
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must consult your bank, broker or other financial institution to find out how to have your interests in the notes transferred to your name, so that you will be a direct holder.
The special situations for termination of the book-entry system for the notes due 2030 are:
•the depositary for any of the notes represented by a registered global note (a) notifies us that it is unwilling or unable to continue as depositary or clearing system for the global notes or (b) ceases to be a “clearing agency” registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and in either event we are unable to find a qualified replacement for such depositary within 90 days;
•we in our sole discretion determine to allow global notes to be exchangeable for definitive notes in registered form; or
•there has occurred and is continuing an event of default with respect to the notes and the depositary notifies the trustee of its decision to exchange the global notes for definitive notes in registered form.

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