Document:

Exhibit 4.2

 Exhibit 4.2 

 

							
	 Number *[        ]*
	 		  	Shares of Series A Preferred Stock *[        ]*	 	
			
		 	SEE REVERSE FOR IMPORTANT
NOTICE                                     
ON TRANSFER RESTRICTIONS AND OTHER INFORMATION 
	 	

 CUSIP
[                                ] 

SUMMIT HOTEL PROPERTIES, INC. 
 INCORPORATED UNDER THE LAWS OF THE 
 STATE OF MARYLAND 

THIS CERTIFIES THAT **Specimen** is the owner of **Zero (0)** fully paid and nonassessable shares of
[            ]% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share, of 
 SUMMIT HOTEL PROPERTIES, INC. 
 (the “Corporation”) transferable on the books of
the Corporation by the holder hereof in person or by a duly authorized attorney of the holder thereof, upon surrender of this Certificate properly endorsed. This Certificate and the shares represented hereby are issued and shall be held subject to
all of the provisions of the charter of the Corporation (the “Charter”) and the Bylaws of the Corporation and any amendments thereto. This Certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar.

 IN WITNESS WHEREOF, the Corporation has caused this Certificate to be executed on its behalf by its duly authorized officers.

  

					
	
DATED                       
               
	  		 	
			
	 Countersigned and Registered:

  Transfer Agent

  and Registrar
	  		 	
	  		 	
	  	 	 	(SEAL)
	  	Chief Executive Officer	 	
			
	
By:                       
              
	  		 	
	     Authorized Signature	  	 	 	
		  	Secretary	 	

 IMPORTANT NOTICE 
 The Corporation will furnish to any stockholder, on request and without charge, a full statement of the information required by Section 2-211(b) of the Corporations and Associations Article of the
Annotated Code of Maryland with respect to the designations and any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption of
the stock of each class which the Corporation has authority to issue and, if the Corporation is authorized to issue any preferred or special class in series, (i) the differences in the relative rights and preferences between the shares of each
series to the extent set, and (ii) the authority of the Board of Directors to set such rights and preferences of subsequent series. The foregoing summary does not purport to be complete and is subject to and qualified in its entirety by
reference to the Charter, a copy of which will be sent without charge to each stockholder who so requests. Such request must be made to the Secretary of the Corporation at its principal office. 

The shares represented by this certificate are subject to restrictions on Beneficial Ownership, Constructive Ownership and Transfer for the purpose,
among others, of the Corporation’s maintenance of its status as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to certain further restrictions and except as expressly provided in the Charter,
(i) no Person shall Beneficially Own or Constructively Own shares of Capital Stock in excess of the Stock Ownership Limit unless such person is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (ii) no
Person shall Beneficially Own shares of Capital Stock to the extent that such Beneficial Ownership of Capital Stock would result in the Corporation being “closely held” within the meaning of Section 856(h) of the Code (without regard
to whether the ownership interest is held during the last half of the taxable year); (iii) no Person may Transfer shares of Capital Stock if such Transfer would result in the Capital Stock being Beneficially Owned by fewer than 100 Persons (as
determined under the principles of Section 856(a)(5) of the Code); (iv) no Person shall Beneficially Own or Constructively Own shares of Capital Stock to the extent that such Beneficial Ownership or Constructive Ownership of Capital Stock
would cause the Corporation to Constructively Own 10% or more of the ownership interests in a tenant (other than a TRS) of the Corporation’s real property within the meaning of Section 856(d)(2)(B) of the Code; and (v) no Person shall
Beneficially or Constructively Own shares of Capital Stock to the extent such Beneficial Ownership or Constructive Ownership of shares of Capital Stock would otherwise cause the Corporation to fail to qualify as a REIT under the Code, including, but
not limited to, as a result of any “eligible independent contractor” (as defined in Section 856(d)(9)(A) of the Code) that operates a “qualified lodging facility” (as defined in section 856(d)(9)(D)(i) of the Code) on behalf
of a TRS failing to qualify as such. Any Person who acquires or attempts or intends to acquire Beneficial Ownership or Constructive Ownership of shares of Capital Stock which causes or may cause a Person to Beneficially Own or Constructively Own
shares of Capital Stock in excess or in violation of the above limitations must immediately notify the Corporation or, in the case of a proposed or attempted transaction, must give at least 15 days’ prior notice to the Corporation. If the
restriction on Transfer set forth in (iii) above is violated, the purported Transfer will be void ab initio and the intended transferee will acquire no rights in such shares of capital stock. If any of the restrictions on Transfer,
Beneficial Ownership or Constructive Ownership set forth in (i), (ii), (iv) or (v) above are violated, the shares of Capital Stock in excess or in violation of such limitations (rounded up to the nearest whole share) will be automatically
transferred to a Charitable Trust for the benefit of a Charitable Beneficiary and the Person shall acquire no rights in such shares of Capital Stock. In addition, the Corporation may take other actions, including redeeming shares of Capital Stock
upon the terms and conditions specified by the Board of Directors, in its sole and absolute discretion, if the Board of Directors determines that Beneficial Ownership, Constructive Ownership or a Transfer or other event may violate the restrictions
described above. Furthermore, upon the occurrence of certain events, attempted Transfers in violation of the restrictions described above may be void ab initio. All capitalized terms in this legend have the meanings defined in the Charter, a
copy of which, including the restrictions on Transfer and Beneficial Ownership or Constructive Ownership, will be furnished to each holder of shares of Capital Stock on request and without charge. Requests for such a copy may be directed to the
Secretary of the Corporation at its principal office. 
 KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN OR
DESTROYED, THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE. 
 The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 

 

																	
	 TEN COM
	 	 	–	  	 	as tenants in common	 		 	UNIF GIFT MIN ACT	 	 	 	Custodian 	 	 
	 TEN ENT
	 	 	–	  	 	as tenants by the entireties	 		 		 	(Custodian)	 		 	(Minor)
	 JT TEN
	 	 	–	  	 	as joint tenants with right of	 		 		 		 		 	
		 				 	survivorship and not as tenants in common	 		 	Under the Uniform Gifts to Minors Act of	 	 
		 				 		 		 		 		 	(State)

	
	
	 FOR VALUE RECEIVED,
                     HEREBY SELLS, ASSIGNS AND TRANSFERS UNTO
  

	 
	(PRINT OR TYPE NAME & ADDRESS, INCLUDING ZIP CODE & SS# OR OTHER IDENTIFYING NUMBER, OF ASSIGNEE
	
	
                (      
      ) shares of the Corporation represented by this Certificate and does hereby irrevocably constitute and appoint

	
	
                        
 attorney to transfer the said shares on the books of the Corporation, with full power of substitution in the premises.

	
	
Dated                      

			
		
		 	 
		 	NOTICE: The Signature To This Assignment Must Correspond With The Name As Written Upon The Face Of The Certificate In Every Particular, Without Alteration Or Enlargement Or Any
Other Change.Exhibit 10.30

 Exhibit 10.30 
 SECOND LETTER AMENDMENT AND LIMITED WAIVER 
 Dated as of October 21,
2011 
 Deutsche Bank AG New York Branch, 
       as Administrative Agent under the 

      Credit Agreement referred to below 
 200 Crescent Court, Suite 550 
 Dallas, Texas 75201 

 

	 	Re:	Summit Hotel OP, LP Secured Credit Facility 

 Ladies and Gentlemen: 
 Reference is made to the Credit Agreement dated as of
April 29, 2011 by and among Summit Hotel OP, LP (the “Borrower”), Summit Hotel Properties, Inc., as parent guarantor, the other guarantors named therein, Deutsche Bank AG New York Branch, as administrative agent (the
“Administrative Agent”), the financial institutions identified therein as lender parties (the “Lender Parties”), RBC Capital Markets and Keybank National Association, as syndication agents, Regions
Bank, as documentation agent, and Deutsche Bank Securities Inc., as sole lead arranger and book-running manager, as amended by the First Letter Amendment dated as of August 15, 2011 (the “Credit Agreement”). Capitalized
terms not otherwise defined herein shall have their respective meanings set forth in the Credit Agreement. 
 It is hereby
agreed by you and us as follows: 
 1. Amendment to Credit Agreement. Section 5.04(a)(iv) of the Credit Agreement is
deleted in its entirety and replaced with the following: 
 (iv) Minimum Consolidated Fixed Charge Coverage
Ratio. Maintain as of each Test Date occurring during any of the periods indicated below, a Consolidated Fixed Charge Coverage Ratio of not less than the correlative ratio indicated: 

 

					
	 Period
	  	Consolidated
Fixed 
Charge
Coverage Ratio	 
	 Closing Date through the third anniversary of the Closing Date
	  	 	1.40:1.00	  
	 The third anniversary of the Closing Date and thereafter
	  	 	1.50:1.00	  

 2. Limited Waiver. 
 (a) Borrower has requested that the Required Lenders waive compliance by Borrower with certain provisions of the Loan Documents and, subject to the terms and conditions of this Amendment and Limited
Waiver, Required Lenders are willing to agree to waive such compliance. At 

 
the request of Borrower, and in consideration of the mutual undertakings herein expressed, Required Lenders hereby waive compliance by Borrower with Section 5.02(h) (the “Subject
Provision”) to the extent and only to the extent the Subject Provision applies to (i) the supplement of Parent Guarantor’s articles of incorporation to designate and classify an amount of the Parent Guarantor’s shares of
preferred stock, $0.01 par value per share, as Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”), which Series A Preferred Stock shall be subordinate to the Advances and (ii) the amendment of
the Borrower’s agreement of limited partnership to create a class of partnership interests of the Borrower as Series A Preferred Units, which mirror the terms of the Series A Preferred Stock and shall be subordinate to the Advances, in each
case consistent with the terms set forth in the draft Registration Statement on Form S-11 set forth in Exhibit A attached hereto (the “Subject Matter”). 

(b) Without limiting the generality of the provisions of Section 9.01 of the Credit Agreement, the waiver set forth herein shall be
limited precisely as written, and nothing in this Amendment and Limited Waiver shall be deemed to (a) constitute a waiver of compliance by Borrower with respect to (i) the Subject Provision in any other instance or (ii) 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
Credit Agreement, the other Loan Documents or any other instrument or agreement referred to in any of them or under Applicable Laws. Except as expressly set forth in this Amendment and Limited Waiver, the terms, provisions and conditions of the
Credit Agreement and the other Loan Documents shall remain in full force and effect and in all other respects are hereby ratified and confirmed. 
 3. Representations and Warranties. The Borrower represents and warrants that the representations and warranties contained in each of the Loan Documents (as amended or supplemented to date,
including pursuant to this Amendment and Limited Waiver) are true and correct on and as of the Second Letter Amendment Effective Date (defined below), 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). 

4. Effectiveness of Amendment and Limited Waiver. 
 (a) This Second Letter Amendment and Limited Waiver (this “Amendment and Limited Waiver”) shall become effective as of the first date (the “Second Letter Amendment
Effective Date”) on which, and only if, each of the following conditions precedent shall have been satisfied: 
 (i) The Administrative Agent shall have received counterparts of this Amendment and Limited Waiver executed by the Borrower, the Administrative Agent and those Lenders comprising the Supermajority Lenders
or, as to any of such Lenders, advice satisfactory to the Administrative Agent that such Lender has executed this Amendment and Limited Waiver. 
 (ii) The Administrative Agent shall have received a counterpart of the Consent attached to this Amendment and Limited Waiver executed by each Guarantor. 

(iii) All of the fees and expenses of the Administrative Agent (including the reasonable fees and expenses of counsel for
the Administrative Agent) due and payable on the Second Letter Amendment Effective Date shall have been paid in full. 
 (b) The
effectiveness of this Amendment and Limited Waiver is further conditioned upon the accuracy of the factual matters described herein. This Amendment and Limited Waiver is subject to the provisions of Section 9.01 of the Credit Agreement.

  
 2 

 5. Ratification. The Credit Agreement, as amended hereby, the Notes and each of the
other Loan Documents are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. The execution, delivery and effectiveness of this Amendment and Limited Waiver shall not operate as a waiver of any
right, power or remedy of any Lender Party or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 
 6. Counterparts. This Amendment and Limited Waiver 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 one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment and Limited Waiver by telecopier shall be effective as delivery of a
manually executed counterpart of this Amendment and Limited Waiver. 
 7. Costs and Expenses. The Borrower agrees to pay
on demand all costs and expenses of the Administrative Agent in connection with the preparation, execution, delivery and administration, modification and amendment of this Amendment and Limited Waiver 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 Credit Agreement. 

8. Governing Law. This Amendment and Limited Waiver shall be governed by, and construed in accordance with, the laws of the State
of New York. 
 (Balance of page intentionally left blank.) 

  
 3 

 This Amendment and Limited Waiver constitutes a Loan Document and shall be governed by, and
construed in accordance with, the laws of the State of New York. 
  

							
	 Very truly yours,

	
	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) 

  
 S-1

 Agreed as of the date first above written: 
 DEUTSCHE BANK AG NEW YORK BRANCH, 
 as Administrative Agent, Initial Issuing Bank,

 Swing Line Bank and a Lender 
  

			
	 By:
	 	 /s/ George R. Reynolds

		 	Name: George R. Reynolds
		 	Title: Director
		
	 By:
	 	 /s/ Perry Forman

		 	Name: Perry Forman
		 	Title: Director

 (Signatures continued on next page) 

  
 S-2

 REGIONS BANK, 
 as a Lender 
  

			
	By:	 	 /s/ Michael R. Mellott

		 	Name: Michael R. Mellott
		 	Title: Director

 (Signatures continued on next page) 

  
 S-3

 ROYAL BANK OF CANADA, 
 as a Lender 
  

			
	By:	 	 /s/ Joshua Freedman

		 	Name: Joshua Freedman
		 	Title: Authorized Signatory

 (Signatures continued on next page) 

  
 S-4

 KEYBANK NATIONAL ASSOCIATION, 
 as a Lender 
  

			
	By:	 	 /s/ Daniel L. Silbert

		 	Name: Daniel L. Silbert
		 	Title: Sr. Banker

  
 S-5

 U.S. BANK NATIONAL ASSOCIATION, 
 as a Lender 
  

			
	 By:
	 	 /s/ Scott C. DeJong

		 	Name: Scott C. DeJong
		 	Title: Vice President

  
 S-6

 CONSENT 

Dated as of October 21, 2011 
 Each of the undersigned, as a Guarantor under the Guaranty set forth in Article VII of the Credit Agreement dated as of April 29, 2011, in favor of the Lender Parties party to the Credit Agreement
referred to in the foregoing Second Letter Amendment and Limited Waiver, hereby consents to such Second Letter Amendment and Limited Waiver and hereby confirms and agrees that notwithstanding the effectiveness of such Second Letter Amendment and
Limited Waiver, the Guaranty is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects. 
  

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

		 	Name: Christopher Eng
		 	Title: Secretary
	
	SUMMIT HOSPITALITY I, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ Christopher Eng

		 	Name: Christopher Eng
		 	Title: Secretary

  
 C-1

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