Document:

Exhibit 10.1

 

CREDIT AGREEMENT

 

Dated as of September 26, 2017

 

among

 

SUMMIT HOTEL OP, LP,

 

as Borrower,

 

SUMMIT HOTEL PROPERTIES, INC.,

 

as Parent Guarantor,

 

THE OTHER GUARANTORS NAMED HEREIN,

 

as Subsidiary Guarantors,

 

THE INITIAL LENDERS NAMED HEREIN,

 

as Initial Lenders,

 

KEYBANK NATIONAL ASSOCIATION,

 

as Administrative Agent,

 

DEUTSCHE BANK AG NEW YORK BRANCH

 

and

 

BANK OF AMERICA, N.A.

 

as Co-Syndication Agents,

 

and

 

KEYBANC CAPITAL MARKETS, INC.,

 

DEUTSCHE BANK SECURITIES, INC.

 

and

 

MERRILL LYNCH PIERCE FENNER & SMITH

 

as Joint Bookrunners and Joint Lead Arrangers

 

     

     

    

  

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS	1
	 	 	 
	SECTION 1.01	Certain Defined Terms	1
	 	 	 
	SECTION 1.02	Computation of Time Periods; Other Definitional Provisions	33
	 	 	 
	SECTION 1.03	Accounting Terms	33
	 	 	 
	ARTICLE II AMOUNTS AND TERMS OF THE ADVANCES	34
	 	 	 
	SECTION 2.01	The Advances	34
	 	 	 
	SECTION 2.02	Making the Advances	34
	 	 	 
	SECTION 2.03	Facility Unused Fee	35
	 	 	 
	SECTION 2.04	Repayment of Advances	36
	 	 	 
	SECTION 2.05	Termination or Reduction of the Commitments	36
	 	 	 
	SECTION 2.06	Prepayments	36
	 	 	 
	SECTION 2.07	Interest	36
	 	 	 
	SECTION 2.08	Fees	38
	 	 	 
	SECTION 2.09	Conversion of Advances	38
	 	 	 
	SECTION 2.10	Increased Costs, Etc.	39
	 	 	 
	SECTION 2.11	Payments and Computations	41
	 	 	 
	SECTION 2.12	Taxes	43
	 	 	 
	SECTION 2.13	Sharing of Payments, Etc.	48
	 	 	 
	SECTION 2.14	Use of Proceeds	49
	 	 	 
	SECTION 2.15	Evidence of Debt	49
	 	 	 
	SECTION 2.16	[Intentionally Omitted]	49
	 	 	 
	SECTION 2.17	Increase in the Aggregate Commitments	50
	 	 	 
	ARTICLE III CONDITIONS OF LENDING	52
	 	 	 
	SECTION 3.01	Conditions Precedent to Initial Extension of Credit	52
	 	 	 
	SECTION 3.02	Conditions Precedent to Each Borrowing and Increase	55
	 	 	 
	SECTION 3.03	Determinations Under Section 3.01 and 3.02	56
	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES	56
	 	 	 
	SECTION 4.01	Representations and Warranties of the Loan Parties	56

 

     

     

    

  

	ARTICLE V COVENANTS OF THE LOAN PARTIES	63
	 	 	 
	SECTION 5.01	Affirmative Covenants	63
	 	 	 
	SECTION 5.02	Negative Covenants	69
	 	 	 
	SECTION 5.03	Reporting Requirements	78
	 	 	 
	SECTION 5.04	Financial Covenants	82
	 	 	 
	ARTICLE VI EVENTS OF DEFAULT	83
	 	 	 
	SECTION 6.01	Events of Default	83
	 	 	 
	SECTION 6.02	[Intentionally Omitted].	86
	 	 	 
	ARTICLE VII GUARANTY	86
	 	 	 
	SECTION 7.01	Guaranty; Limitation of Liability	86
	 	 	 
	SECTION 7.02	Guaranty Absolute	87
	 	 	 
	SECTION 7.03	Waivers and Acknowledgments	88
	 	 	 
	SECTION 7.04	Subrogation	89
	 	 	 
	SECTION 7.05	Guaranty Supplements	89
	 	 	 
	SECTION 7.06	Indemnification by Guarantors	90
	 	 	 
	SECTION 7.07	Subordination	90
	 	 	 
	SECTION 7.08	Continuing Guaranty	91
	 	 	 
	SECTION 7.09	Keepwell	91
	 	 	 
	ARTICLE VIII THE AGENTS	92
	 	 	 
	SECTION 8.01	Authorization and Action	92
	 	 	 
	SECTION 8.02	Agents’ Reliance, Etc.	92
	 	 	 
	SECTION 8.03	KeyBank and Affiliates	93
	 	 	 
	SECTION 8.04	Lender Party Credit Decision	93
	 	 	 
	SECTION 8.05	Indemnification by Lender Parties	93
	 	 	 
	SECTION 8.06	Successor Agent	94
	 	 	 
	SECTION 8.07	Relationship of Agent and Lenders	94
	 	 	 
	ARTICLE IX MISCELLANEOUS	95
	 	 	 
	SECTION 9.01	Amendments, Etc.	95
	 	 	 
	SECTION 9.02	Notices, Etc.	96
	 	 	 
	SECTION 9.03	No Waiver; Remedies	98
	 	 	 
	SECTION 9.04	Costs and Expenses	98
	 	 	 
	SECTION 9.05	Right of Set-off	100
	 	 	 
	SECTION 9.06	Binding Effect	100
	 	 	 
	SECTION 9.07	Assignments and Participations; Replacement Notes	101
	 	 	 
	SECTION 9.08	Execution in Counterparts	104

 

     ii

     

    

  

	SECTION 9.09	[Intentionally Omitted]	104
	 	 	 
	SECTION 9.10	Defaulting Lenders	104
	 	 	 
	SECTION 9.11	Confidentiality	106
	 	 	 
	SECTION 9.12	[Intentionally Omitted]	109
	 	 	 
	SECTION 9.13	Patriot Act Notification	109
	 	 	 
	SECTION 9.14	Jurisdiction, Etc.	109
	 	 	 
	SECTION 9.15	GOVERNING LAW	109
	 	 	 
	SECTION 9.16	WAIVER OF JURY TRIAL	110
	 	 	 
	SECTION 9.17	ACKNOWLEDGEMENT AND CONSENT TO BAIL-IN OF EEA FINANCIAL INSTITUTIONS.	110

 

	SCHEDULES	 	 
	 	 	 
	Schedule I	-	Commitments and Applicable Lending Offices
	Schedule II	-	Unencumbered Assets
	Schedule III	-	Approved Managers
	Schedule IV	-	Reserved
	Schedule 4.01(a)	-	Taxpayer Identification Numbers
	Schedule 4.01(b)	-	Subsidiaries
	Schedule 4.01(f)	-	Material Litigation
	Schedule 4.01(n)	-	Existing Debt
	Schedule 4.01(o)	-	Existing Liens
	Schedule 4.01(p)	-	Real Property
	Part I	-	Owned Assets
	Part II	-	Leased Assets
	Part III	-	Management Agreements
	Part IV	-	Franchise Agreements
	Schedule 4.01(q)	-	Environmental Matters
	Schedule 4.01(w)	-	Plans and Welfare Plans

 

	EXHIBITS	 	 
	 	 	 
	Exhibit A	-	Form of Note
	Exhibit B	-	Form of Notice of Borrowing
	Exhibit C	-	Reserved
	Exhibit D	-	Form of Guaranty Supplement
	Exhibit E	-	Form of Assignment and Acceptance
	Exhibit F-1	-	Form of Opinion of Kleinberg, Kaplan, Wolff & Cohen, P.C.
	Exhibit F-2	-	Form of Opinion of Venable LLP
	Exhibit F-3	-	Form of Opinion of Hagen, Wilka & Archer, LLP
	Exhibit F-4	-	Form of Delaware Opinion
	Exhibit G	-	Form of Section 2.12(g) U.S. Tax Compliance Certificate

 

     iii

     

    

  

CREDIT AGREEMENT

 

CREDIT AGREEMENT dated
as of September 26, 2017 (this “Agreement”) among SUMMIT HOTEL OP, LP, a Delaware limited partnership
(the “Borrower”), SUMMIT HOTEL PROPERTIES, INC., a Maryland corporation (the “Parent”
or the “Parent Guarantor”), the entities listed on the signature pages hereof as the subsidiary guarantors
(together with any Additional Guarantors (as hereinafter defined) acceding hereto pursuant to Section 5.01(j), 5.01(x) or 7.05,
the “Subsidiary Guarantors” and, together with the Parent Guarantor, the “Guarantors”), the
banks, financial institutions and other institutional lenders listed on the signature pages hereof as the initial lenders (the
“Initial Lenders”), KEYBANK NATIONAL ASSOCIATION (“KeyBank”), as administrative
agent (together with any successor administrative agent appointed pursuant to Article VIII, the “Administrative Agent”
or “Agent”) for the Lender Parties (as hereinafter defined), DEUTSCHE BANK AG NEW YORK BRANCH (“Deutsche
Bank”) and BANK OF AMERICA, N.A. (“BAC”), as Co-Syndication Agents, and KEYBANC CAPITAL
MARKETS, INC. (“KCM”), DEUTSCHE BANK SECURITIES, INC. (“DBSI”)and MERRILL LYNCH
PIERCE FENNER & SMITH (“MLPFS”), collectively as Joint Bookrunners and Joint Lead Arrangers.

 

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

 

SECTION 1.01        Certain
Defined Terms. As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally
applicable to both the singular and plural forms of the terms defined):

 

“Acceding Lender”
has the meaning specified in Section 2.17(d).

 

“Accession
Agreement” has the meaning specified in Section 2.17(d)(i).

 

“Additional
Margin Amounts” has the meaning specified in the definition of Applicable Margin.

 

“Additional
Guarantor” has the meaning specified in Section 7.05.

 

“Adjusted Consolidated
EBITDA” means Consolidated EBITDA for the consecutive four fiscal quarters of the Parent Guarantor most recently
ended for which financial statements are required to be delivered to the Lender Parties pursuant to Section 5.03(b) or (c), as
the case may be, minus an amount equal to the aggregate Deemed FF&E Reserves for all Consolidated Assets owned by the Parent
Guarantor and its Consolidated Subsidiaries.

 

“Adjusted Net
Operating Income” or “Adjusted NOI” means, with respect to any Unencumbered Asset, (a)
the Net Operating Income attributable to such Unencumbered Asset less (b) the Deemed FF&E Reserve for such Unencumbered Asset,
less (c) the Deemed Management Fee for such Unencumbered Asset, in each case for the consecutive four fiscal quarters most recently
ended for which financial statements are required to be delivered to the Lender Parties pursuant to Section 5.03(b) or (c), as
the case may be.

 

“Administrative
Agent” has the meaning specified in the recital of parties to this Agreement.

 

     

     

    

 

“Administrative
Agent’s Account” means such account or accounts as the Administrative Agent shall specify in writing to the
Lender Parties or the Borrower, as applicable.

 

“Administrative
Agent’s Head Office” means the Administrative Agent’s head office located at 127 Public Square, Cleveland,
Ohio 44114-1306, or at such other location as the Administrative Agent may designate from time to time by written notice to the
Borrower and the Lenders.

 

“Advance”
means a Term Loan Advance.

 

“Affiliate”
means, as to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with
such Person or is a director or officer of such Person. For purposes of this definition, the term “control” (including
the terms “controlling”, “controlled by” and “under common control with”) of a Person means
the possession, direct or indirect, of the power to vote 35% or more of the Voting Interests of such Person or to direct or cause
the direction of the management and policies of such Person, whether through the ownership of Voting Interests, by contract or
otherwise.

 

“Agreement”
has the meaning specified in the recital of parties to this Agreement.

 

“Agreement
Value” means, for each Hedge Agreement, on any date of determination, an amount determined by the Administrative
Agent equal to: (a) in the case of a Hedge Agreement documented pursuant to the Master Agreement (Multicurrency-Cross Border) published
by the International Swap and Derivatives Association, Inc. (the “Master Agreement”), the amount, if
any, that would be payable by any Loan Party or any of its Subsidiaries to its counterparty to such Hedge Agreement, as if (i)
such Hedge Agreement was being terminated early on such date of determination, (ii) such Loan Party or Subsidiary was the sole
“Affected Party”, and (iii) the Administrative Agent was the sole party determining such payment amount (with the Administrative
Agent making such determination pursuant to the provisions of the form of Master Agreement); or (b) in the case of a Hedge Agreement
traded on an exchange, the mark-to-market value of such Hedge Agreement, which will be the unrealized loss on such Hedge Agreement
to the Loan Party or Subsidiary of a Loan Party to such Hedge Agreement determined by the Administrative Agent based on the settlement
price of such Hedge Agreement on such date of determination; or (c) in all other cases, the mark-to-market value of such Hedge
Agreement, which will be the unrealized loss on such Hedge Agreement to the Loan Party or Subsidiary of a Loan Party to such Hedge
Agreement determined by the Administrative Agent as the amount, if any, by which (i) the present value of the future cash flows
to be paid by such Loan Party or Subsidiary exceeds (ii) the present value of the future cash flows to be received by such Loan
Party or Subsidiary pursuant to such Hedge Agreement; capitalized terms used and not otherwise defined in this definition shall
have the respective meanings set forth in the above described Master Agreement.

 

“Applicable
Lending Office” means, with respect to each Lender Party, such Lender Party’s Domestic Lending Office in the
case of a Base Rate Advance and such Lender Party’s Eurodollar Lending Office in the case of a Eurodollar Rate Advance.

 

“Applicable
Margin” means, at any date of determination, a percentage per annum determined by reference to the Leverage Ratio
as set forth below:

 

    	 	2	 

     

    

 

	Pricing 
 Level	 	Leverage Ratio	 	Applicable Margin 
 for Base Rate 
 Advances	 	 	Applicable Margin 
 for Eurodollar Rate 
 Advances	 
	I	 	< 4.0:1.0	 	 	0.45	%	 	 	1.45	%
	II	 	> 4.0:1.0, but < 4.5:1.0	 	 	0.55	%	 	 	1.55	%
	III	 	> 4.5:1.0, but < 5.0:1.0	 	 	0.60	%	 	 	1.60	%
	IV	 	> 5.0:1.0, but < 5.5:1.0	 	 	0.75	%	 	 	1.75	%
	V	 	> 5.5:1.0, but < 6.0:1.0	 	 	0.95	%	 	 	1.95	%
	VI	 	> 6.0:1.0	 	 	1.20	%	 	 	2.20	%

 

The Applicable Margin for each Base Rate Advance
shall be determined by reference to the Leverage Ratio in effect from time to time and the Applicable Margin for any Interest Period
for all Eurodollar Rate Advances comprising part of the same Borrowing shall be determined by reference to the Leverage Ratio in
effect on the first day of such Interest Period; provided, however, that (a) the Applicable Margin shall initially
be at Pricing Level II on the Closing Date based on the certificate delivered pursuant to Section 3.01(a)(xv), (b) no change
in the Applicable Margin resulting from the Leverage Ratio shall be effective until three Business Days after the date on which
the Administrative Agent receives (i) the financial statements required to be delivered pursuant to Section 5.03(b) or (c),
as the case may be, and (ii) a certificate of the Chief Financial Officer (or other Responsible Officer performing similar
functions) of the Borrower demonstrating the Leverage Ratio, (c)  the Applicable Margin shall be at Pricing Level VI during
any period that an increase in the maximum ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor to Unencumbered
Asset Value in accordance with the proviso in Section 5.04(b)(i) is in effect, and (d) the Applicable Margin shall be at Pricing
Level VI for so long as the Borrower has not submitted to the Administrative Agent as and when required under Section 5.03(b) or
(c), as applicable, the information described in clause (b) of this proviso. If (i) the Leverage Ratio used to determine the Applicable
Margin for any period is incorrect as a result of any error, misstatement or misrepresentation contained in any financial statement
or certificate delivered pursuant to Section 5.03(b) or (c), and (ii) as a result thereof, the Applicable Margin paid to the Lenders,
at any time pursuant to this Agreement is lower than the Applicable Margin that would have been payable to the Lenders, had the
Applicable Margin been calculated on the basis of the correct Leverage Ratio, the Applicable Margin in respect of such period will
be adjusted upwards automatically and retroactively, and the Borrower shall pay to each Lender such additional amounts (“Additional
Margin Amounts”) as are necessary so that after receipt of such amounts such Lender receives an amount equal to the
amount it would have received had the Applicable Margin been calculated during such period on the basis of the correct Leverage
Ratio. Additional Margin Amounts shall be payable within (10) days after delivery by the Administrative Agent to the Borrower of
a notice (which shall be conclusive and binding absent manifest error) setting forth in reasonable detail the Administrative Agent’s
calculation of the amount of any Additional Margin Amounts owed to the Lenders. The payment of Additional Margin Amounts pursuant
to this Agreement shall be in addition to, and not in limitation of, any other amounts payable by the Borrower pursuant to the
Loan Documents.

 

    	 	3	 

     

    

  

“Approved Electronic
Communications” means each Communication that any Loan Party is obligated to, or otherwise chooses to, provide to
the Administrative Agent pursuant to any Loan Document or the transactions contemplated therein, including any financial statement,
financial and other report, notice, request, certificate and other information materials required to be delivered pursuant to Sections
5.03(b), (c), (e), (g), and (k); provided, however, that solely with respect to delivery of any such Communication by any
Loan Party to the Administrative Agent and without limiting or otherwise affecting either the Administrative Agent’s right
to effect delivery of such Communication by posting such Communication to the Approved Electronic Platform or the protections afforded
hereby to the Administrative Agent in connection with any such posting, “Approved Electronic Communication” shall exclude
(i) any notice of borrowing, request for delayed draw, notice of conversion or continuation, and any other notice, demand, communication,
information, document and other material relating to a request for a new, or a conversion of an existing, Borrowing, (ii) any notice
pursuant to Section 2.06(a) and any other notice relating to the payment of any principal or other amount due under any Loan Document
prior to the scheduled date therefor, (iii) all notices of any Default or Event of Default and (iv) any notice, demand, communication,
information, document and other material required to be delivered to satisfy any of the conditions set forth in Article III or
any other condition to any Borrowing or other extension of credit hereunder or any condition precedent to the effectiveness of
this Agreement.

 

“Approved Electronic
Platform” has the meaning specified in Section 9.02(c).

 

“Approved Franchisor”
means, with respect to any Hotel Asset, a nationally recognized hotel brand franchisor that has entered into a written franchise
agreement (i) substantially in the form customarily used by such franchisor at such time or (ii) in form and substance reasonably
satisfactory to the Administrative Agent. The Administrative Agent confirms that each of the existing franchisors of the Hotel
Assets shown on Schedule Part IV of Schedule 4.01(p) hereto are satisfactory to the Administrative Agent and shall be considered
an Approved Franchisor.

 

“Approved Manager”
means a nationally recognized hotel manager (a) with (or controlled by a Person or Persons with) at least ten years of experience
in the management of limited service, select service and full service hotels that have been rated “upscale”, “upper
midscale” or “midscale” or better by Smith Travel Research and (b) that is engaged pursuant to a written
management agreement. The Administrative Agent confirms that as of the Closing Date the existing managers of the Hotel Assets shown
on Schedule III hereto are satisfactory to the Administrative Agent and are deemed Approved Managers. For purposes of this definition,
the term “control” (including the term “controlled by”) of a Person means the possession, direct or indirect,
of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of Voting
Interests, by contract or otherwise.

 

“Arrangers”
has the meaning specified in the recital of parties to this Agreement.

 

“Assets”
means Hotel Assets, Development Assets and Joint Venture Assets.

 

    	 	4	 

     

    

 

“Assignment
and Acceptance” means an assignment and acceptance entered into by a Lender Party and an Eligible Assignee, and accepted
by the Administrative Agent, in accordance with Section 9.07 and in substantially the form of Exhibit E hereto.

 

“Assumed Unsecured
Interest Expense” means the greater of (a) the actual Interest Expense on Unsecured Indebtedness of the Parent Guarantor
and its Consolidated Subsidiaries, or (b) the outstanding principal balance of all Unsecured Indebtedness of the Parent Guarantor
and its Consolidated Subsidiaries, multiplied by the greater of (i) the sum of the one month LIBOR as of the last day of the most
recent fiscal quarter plus the Applicable Margin, or (ii) 6.00%, in each case for the consecutive four fiscal quarters most recently
ended for which financial statements are required to be delivered to the Lender Parties pursuant to Section 5.03(b) or (c).

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability
of an EEA Financial Institution.

 

“Bail-In Legislation”
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of
the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule.

 

“Bankruptcy
Law” means any applicable law governing a proceeding of the type referred to in Section 6.01(f) or Title 11, U.S.
Code, or any similar foreign, federal or state law for the relief of debtors.

 

“Base Rate”
means the greatest of (a) the fluctuating annual rate of interest announced from time to time by the Administrative Agent at the
Administrative Agent’s Head Office as its “prime rate”, (b) one half of one percent (0.5%) above the Federal
Funds Rate, or (c) the then applicable Eurodollar Rate for an Interest Period of one month plus one percent (1%). The Base Rate
is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer. Any change in the
rate of interest payable hereunder resulting from a change in the Base Rate shall become effective as of the opening of business
on the Business Day on which such change in the Base Rate becomes effective, without notice or demand of any kind.

 

“Base Rate
Advance” means an Advance that bears interest as provided in Section 2.07(a)(i).

 

“Borrower”
has the meaning specified in the recital of parties to this Agreement.

 

“Borrower’s
Account” means the account of the Borrower maintained by the Borrower with U.S. Bank, N.A., 777 East Wisconsin Avenue,
Milwaukee, WI 53202, ABA No. 075000022, Account No. XXXXXXXX3155 or such other account as the Borrower shall specify in writing
to the Administrative Agent.

 

“Borrowing”
means a borrowing consisting of simultaneous Term Loan Advances of the same Type made by the Lenders.

 

“Business Day”
means a day of the year on which banks are not required or authorized by law to close in Cleveland, Ohio and, if the applicable
Business Day relates to any Eurodollar Rate Advances, on which dealings are carried on in the London interbank market.

 

    	 	5	 

     

    

  

“Capitalization
Rate” means (i) 7.50% for any Assets located in the central business districts of New York, Washington D.C.,
San Francisco, Boston, Chicago or Los Angeles, and (ii) 7.75% for all other Assets.

 

“Capitalized
Leases” means all leases that have been or should be, in accordance with GAAP, recorded as capitalized leases.

 

“Cash Equivalents”
means any of the following, to the extent owned by the applicable Loan Party or any of its Subsidiaries free and clear of all Liens
and having a maturity of not greater than 90 days from the date of issuance thereof: (a) readily marketable direct obligations
of the Government of the United States or any agency or instrumentality thereof or obligations unconditionally guaranteed by the
full faith and credit of the Government of the United States, (b) certificates of deposit of or time deposits with any commercial
bank that is a Lender Party or a member of the Federal Reserve System, which issues (or the parent of which issues) commercial
paper rated as described in clause (c) below, is organized under the laws of the United States or any State thereof and has combined
capital and surplus of at least $1,000,000,000 or (c) commercial paper in an aggregate amount of not more than $50,000,000 per
issuer outstanding at any time, issued by any corporation organized under the laws of any State of the United States and rated
at least “Prime 1” (or the then equivalent grade) by Moody’s or “A 1” (or the then equivalent grade)
by S&P.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time.

 

“CERCLIS”
means the Comprehensive Environmental Response, Compensation and Liability Information System maintained by the U.S. Environmental
Protection Agency.

 

“Change of
Control” means the occurrence of any of the following: (a) any Person or two or more Persons acting in concert shall
have acquired and shall continue to have following the date hereof beneficial ownership (within the meaning of Rule 13d-3 of the
Securities and Exchange Commission under the Securities Exchange Act of 1934), directly or indirectly, of Voting Interests of the
Parent Guarantor (or other securities convertible into such Voting Interests) representing 35% or more of the combined voting power
of all Voting Interests of the Parent Guarantor; or (b) there is a change in the composition of the Parent Guarantor’s Board
of Directors over a period of 24 consecutive months (or less) such that a majority of Board members (rounded up to the nearest
whole number) ceases, by reason of one or more proxy contests for the election of Board members, to be comprised of individuals
who either (i) have been Board members continuously since the beginning of such period or (ii) have been elected or nominated for
election as Board members during such period by at least a majority of the Board members described in clause (i) who were still
in office at the time such election or nomination was approved by the Board; or (c) any Person or two or more Persons acting in
concert shall have acquired and shall continue to have following the date hereof, by contract or otherwise, or shall have entered
into a contract or arrangement that, upon consummation will result in its or their acquisition of the power to direct, directly
or indirectly, the management or policies of the Parent Guarantor; or (d) the Parent Guarantor ceases to be the sole member of
and the direct legal and beneficial owner of all of the limited liability company interests in, Summit Hotel GP, LLC and/or Summit
Hotel GP, LLC ceases to be the sole general partner of and the direct legal and beneficial owner of all of the general partnership
interests in, the Borrower or (e) the Parent Guarantor ceases to be the direct or indirect beneficial owner of more than 60% of
the limited partnership interests in the Borrower; or (f) the Parent Guarantor shall create, incur, assume or suffer to exist any
Lien on the Equity Interests in the Borrower owned by it; or (g) the Borrower ceases to be the direct or indirect legal and beneficial
owner of all of the Equity Interests in each direct and indirect Subsidiary that owns or leases an Unencumbered Asset; or (h) the
Borrower ceases to be the direct legal and beneficial owner of all of the Equity Interests in TRS Holdco; or (i) TRS Holdco ceases
to be the direct legal and beneficial owner of all of the Equity Interests in each TRS Lessee.

 

    	 	6	 

     

    

  

“Closing Date”
means September 26, 2017 or such other date as may be agreed upon by the Borrower and the Administrative Agent.

 

“Closing Authorizing
Resolution” has the meaning specified in Section 3.01(a)(v).

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute.

 

“Commitment”
means a Term Loan Commitment.

 

“Commitment
Date” has the meaning specified in Section 2.17(b).

 

“Commitment
Increase” has the meaning specified in Section 2.17(a).

 

“Communications”
means each notice, demand, communication, information, document and other material provided for hereunder or under any other Loan
Document or otherwise transmitted between the parties hereto relating this Agreement, the other Loan Documents, any Loan Party
or its Affiliates, or the transactions contemplated by this Agreement or the other Loan Documents including, without limitation,
all Approved Electronic Communications.

 

“Consent Request
Date” has the meaning specified in Section 9.01(b).

 

“Consolidated”
refers to the consolidation of accounts in accordance with GAAP.

 

    	 	7	 

     

    

  

“Consolidated
EBITDA” means, for the most recently completed four fiscal quarters, without duplication, for the Parent Guarantor
and its Consolidated Subsidiaries, Consolidated net income or loss for such period, plus (w) the sum of (i) to
the extent actually deducted in determining said Consolidated net income or loss, Consolidated Interest Expense, minority interest
and provision for taxes for such period (excluding, however, Consolidated Interest Expense and taxes attributable to unconsolidated
subsidiaries of the Parent Guarantor and any of its Subsidiaries), (ii) the amount of all amortization of intangibles and
depreciation that were deducted determining Consolidated net income or loss for such period, (iii) any non-recurring non-cash
charges (including one-time non-cash impairment charges) in such period to the extent that such non-cash charges (A) do not
give rise to a liability that would be required to be reflected on the Consolidated balance sheet of the Parent Guarantor (and
so long as no cash payments or cash expenses will be associated therewith (whether in the current period or for any future period))
and (B) were deducted in determining Consolidated net income or loss for such period, and (iv) any other non-recurring
charges in such period, minus (x) to the extent included in determining Consolidated net income or loss for such period,
the amount of non-recurring non-cash gains during such period, plus (y) with respect to each Joint Venture, the JV
Pro Rata Share of the sum of (i) to the extent actually deducted in determining said Consolidated net income or loss, Consolidated
Interest Expense, minority interest and provision for taxes for such period, (ii) the amount of all amortization of intangibles
and depreciation that were deducted determining Consolidated net income or loss for such period, (iii) any non-recurring non-cash
charges (including one-time non-cash impairment charges) in such period to the extent that such non-cash charges (A) do not
give rise to a liability that would be required to be reflected on the Consolidated balance sheet of the Parent Guarantor (and
so long as no cash payments or cash expenses will be associated therewith (whether in the current period or for any future period))
and (B) were deducted in determining Consolidated net income or loss for such period, and (iv) any other non-recurring
charges in such period, minus (z) to the extent included in determining Consolidated net income or loss for such period,
the amount of non-recurring non-cash gains during such period, in each case of such Joint Venture determined on a Consolidated
basis and in accordance with GAAP for such four fiscal quarter period; provided that Consolidated EBITDA shall be determined
without giving effect to any extraordinary gains or losses (including any taxes attributable to any such extraordinary gains or
losses) or gains or losses (including any taxes attributable to such gains or losses) from sales of assets other than from sales
of inventory (excluding Real Property) in the ordinary course of business; provided further that for purposes of this definition,
in the case of any acquisition or disposition of any direct or indirect interest in any Asset (including through the acquisition
or disposition of Equity Interests) by the Parent Guarantor or any of its Subsidiaries during such four fiscal quarter period,
Consolidated EBITDA will be adjusted (1) in the case of an acquisition, by adding thereto an amount equal to (A) in the
case of an acquired Asset that is a newly constructed Hotel Asset with no operating history, the Pro Forma EBITDA, if any, of such
Asset, or (B) in the case of any other acquired Asset, such acquired Asset’s actual Consolidated EBITDA (computed as
if such Asset was owned by the Parent Guarantor or one of its Subsidiaries for the entire four fiscal quarter period) generated
during the portion of such four fiscal quarter period that such Asset was not owned by the Parent Guarantor or such Subsidiary
and (2) in the case of a disposition, by subtracting therefrom an amount equal to the actual Consolidated EBITDA generated
by the Asset so disposed of during such four fiscal quarter period; provided further that in the case of Hotel Asset that
shall be repositioned by means of a change of hotel brand franchisor and where such Asset is fully closed for renovations, upon
the re-opening of such Asset, all Consolidated EBITDA allocable to such Asset prior to the re-opening shall be excluded from the
calculation of Consolidated EBITDA and instead Consolidated EBITDA will be increased by the amount of Pro Forma EBITDA of such
Asset, if any, (it being understood, for the avoidance of doubt, that such Asset’s actual Consolidated EBITDA from (including)
and after the re-opening date shall not be excluded); provided further still that no more than 10% of Consolidated EBITDA
shall be Pro Forma EBITDA (provided, that to the extent such limitation is exceeded, the amount of such of Pro Forma EBITDA shall
be removed from the calculation of Consolidated EBITDA to the extent of such excess).

 

“Consolidated
Fixed Charge Coverage Ratio” means, at any date of determination, the ratio of (a) Adjusted Consolidated EBITDA to
(b) Consolidated Fixed Charges, in each case, of the Parent Guarantor and its Subsidiaries for the consecutive four fiscal quarters
of the Parent Guarantor most recently ended for which financial statements are required to be delivered to the Lender Parties pursuant
to Section 5.03(b) or (c), as the case may be.

 

    	 	8	 

     

    

  

“Consolidated
Fixed Charges” means, for the most recently completed four fiscal quarters, for the Parent Guarantor and its Consolidated
Subsidiaries, the sum (without duplication) of (i) Consolidated Interest Expense for such period, plus (ii) the scheduled principal
amount of all amortization payments (but not final balloon payments at maturity) for such period on all Consolidated Indebtedness;
plus (iii) distributions on Preferred Interests payable by the Borrower for such period and distributions made by the Borrower
in such period for the purpose of paying dividends on Preferred Interests issued by the Parent Guarantor.

 

“Consolidated
Indebtedness” means, at any time, the Indebtedness of the Parent Guarantor and its Consolidated Subsidiaries; provided,
however, that Consolidated Indebtedness shall also include, without duplication, the JV Pro Rata Share of Indebtedness for
each Joint Venture.

 

“Consolidated
Interest Expense” means, for the most recently completed four fiscal quarters, the sum of (a) the aggregate
cash interest expense of the Parent Guarantor and its Subsidiaries for such period, as determined in accordance with GAAP, including
capitalized interest and the portion of any payments made in respect of capitalized lease liabilities allocable to interest expense,
but excluding (i) deferred financing costs, (ii) other non-cash interest expense and (iii) any capitalized interest relating to
construction financing for an Asset to the extent an interest reserve or a loan “holdback” is maintained in respect
of such capitalized interest pursuant to the terms of such financing as reasonably approved by the Administrative Agent, plus (b) such
Persons’ JV Pro Rata Share of the items described in clause (a) above of its Joint Ventures for such period.

 

“Consolidated
Tangible Net Worth” means, as of a given date, the stockholders’ equity of the Parent Guarantor and its Subsidiaries
determined on a Consolidated basis plus accumulated depreciation and amortization, minus (to the extent
included when determining such stockholders’ equity): (a) the amount of any write-up in the book value of any assets reflected
in any balance sheet resulting from revaluation thereof or any write-up in excess of the cost of such assets acquired, and (b)
the aggregate of all amounts appearing on the assets side of any such balance sheet for franchises, licenses, permits, patents,
patent applications, copyrights, trademarks, service marks, trade names, goodwill, treasury stock, experimental or organizational
expenses and other like assets which would be classified as intangible assets under GAAP, all determined on a Consolidated basis.

 

“Consolidated
Unsecured Indebtedness” means, at any time, the Unsecured Indebtedness of Parent Guarantor and its Subsidiaries.

 

“Contingent
Obligation” means, with respect to any Person, any Obligation or arrangement of such Person to guarantee or intended
to guarantee any Indebtedness, leases, dividends or other payment Obligations (“primary obligations”)
of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including,
without limitation, (a) the direct or indirect guarantee, endorsement (other than for collection or deposit in the ordinary course
of business), co-making, discounting with recourse or sale with recourse by such Person of the Obligation of a primary obligor,
(b) the Obligation to make take-or-pay or similar payments, if required, regardless of nonperformance by any other party or parties
to an agreement or (c) any Obligation of such Person, whether or not contingent, (i) to purchase any such primary obligation or
any property constituting direct or indirect security therefor, (ii) to advance or supply funds (A) for the purchase or payment
of any such primary obligation or (B) to maintain working capital or equity capital of the primary obligor or otherwise to maintain
the net worth or solvency of the primary obligor, (iii) to purchase property, assets, securities or services primarily for the
purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary
obligation or (iv) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof.
The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary
obligation in respect of which such Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for
which such Person may be liable pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not stated
or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder),
as determined by such Person in good faith.

 

    	 	9	 

     

    

  

“Conversion”,
“Convert” and “Converted” each refer to a conversion of Advances of one Type
into Advances of the other Type pursuant to Section 2.07(d), 2.09 or 2.10.

 

“Customary
Carve-Out Agreement” has the meaning specified in the definition of Non-Recourse Debt.

 

“Debt for Borrowed
Money” of any Person means all items that, in accordance with GAAP, would be classified as indebtedness on a Consolidated
balance sheet of such Person; provided, however, that in the case of the Parent Guarantor and its Subsidiaries “Debt
for Borrowed Money” shall also include, without duplication, the JV Pro Rata Share of Debt for Borrowed Money for each Joint
Venture; provided further that as used in the definition of “Consolidated Fixed Charge Coverage Ratio”, in the
case of any acquisition or disposition of any direct or indirect interest in any Asset (including through the acquisition or disposition
of Equity Interests) by the Parent Guarantor or any of its Subsidiaries during the consecutive four fiscal quarters of the Parent
Guarantor most recently ended for which financial statements are required to be delivered to the Lender Parties pursuant to Section
5.03(b) or (c), as the case may be, the term “Debt for Borrowed Money” (a) shall include, in the case of an acquisition,
any Debt for Borrowed Money directly relating to such Asset existing immediately following such acquisition computed as if such
indebtedness also existed for the portion of such period that such Asset was not owned by the Parent Guarantor or such Subsidiary,
and (b) shall exclude, in the case of a disposition, for such period any Debt for Borrowed Money to which such Asset was subject
to the extent such Debt for Borrowed Money was repaid or otherwise terminated upon the disposition of such Asset.

 

“Debtor Relief
Laws” means any Bankruptcy Law, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit
of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United
States or other applicable jurisdictions from time to time in effect.

 

“Debtor Subsidiary”
has the meaning specified in Section 6.01(f).

 

“Deemed FF&E
Reserve” means, with respect to any Asset or Assets for the consecutive four fiscal quarters most recently ended,
an amount equal to 4% of the Gross Hotel Revenues for such fiscal period.

 

“Deemed Management
Fee” means, with respect to any Asset for the consecutive four fiscal quarters most recently ended, the greater of
(i) an amount equal to 3.0% of the Gross Hotel Revenues of such Asset for such fiscal period and (ii) all actual management fees
payable in respect of such Asset during such fiscal period.

 

    	 	10	 

     

    

  

“Default”
means any Event of Default or any event that would constitute an Event of Default but for the requirement that notice be given
or time elapse or both.

 

“Default Rate”
means a rate equal to 2% per annum above the rate per annum required to be paid on Base Rate Advances pursuant to Section 2.07(a)(i).

 

“Defaulting
Lender” means, subject to Section 9.10(b), any Lender that (a) has failed to (i) fund all or any portion of its Commitments
within two Business Days of the date any such Commitment was required to be funded by such Lender hereunder unless such Lender
notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s good faith
determination that one or more conditions precedent to funding the Advance has not been satisfied (which conditions precedent,
together with the applicable default, if any, shall be specifically identified in such notice) or (ii) pay to the Administrative
Agent or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, (b)
has notified the Borrower or the Administrative Agent in writing that it does not intend to comply with its funding obligations
hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lenders’
obligation to fund a Commitment hereunder and states that such position is based on such Lender’s determination that a condition
precedent to funding (which condition precedent, together with the applicable default, if any, shall be specifically identified
in such writing or public statement) cannot be satisfied), (c) has failed, within two Business Days after written request by the
Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with
its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant
to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has
a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed
for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged
with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other
state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-in Action; provided
that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that
Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not
result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement
of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority or instrumentality) to
reject, repudiate, disavow or disaffirm any contracts or agreements made with such Person. Any determination by the Administrative
Agent that a Lender is a Defaulting Lender under clauses (a) through (d) above shall be conclusive and binding absent manifest
error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 9.10(a)) upon delivery of written notice of
such determination to the Borrower and each Lender.

 

“Delayed Draw”
has the meaning set forth in Section 2.01(a).

 

“Designated
Person” has the meaning specified in Section 4.01(x).

 

    	 	11	 

     

    

  

“Development
Assets” means all Real Property acquired for development into Hotel Assets that, in accordance with GAAP, would be
classified as development property on a Consolidated balance sheet of the Parent Guarantor and its Subsidiaries.

 

“Dividend Payout
Ratio” means, at any date of determination, the ratio, expressed as a percentage, of (a) the sum of, without duplication,
of all dividends paid by the Parent Guarantor on account of any common stock or preferred stock of the Parent Guarantor, except
dividends payable solely in additional Equity Interests of the same class, to (b) Funds From Operations, in each case for the four
consecutive fiscal quarters of the Parent Guarantor most recently ended.

 

“Domestic Lending
Office” means, with respect to any Lender Party, the office of such Lender Party specified as its “Domestic
Lending Office” opposite its name on Schedule I hereto or in the Assignment and Acceptance pursuant to which it became a
Lender Party, as the case may be, or such other office of such Lender Party as such Lender Party may from time to time specify
to the Borrower and the Administrative Agent.

 

“ECP”
means an eligible contract participant as defined in the Commodity Exchange Act.

 

“EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject
to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an
institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which
is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent.

 

“EEA Member
Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution
Authority” means any public administrative authority or any person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Eligible Assignee”
means (i) a Lender; (ii) an Affiliate or Fund Affiliate of a Lender; (iii) a commercial bank organized under the laws of the United
States, or any State thereof, respectively, and having total assets in excess of $500,000,000; (iv) a savings and loan association
or savings bank organized under the laws of the United States or any State thereof, and having total assets in excess of $500,000,000;
(v) a commercial bank organized under the laws of any other country that is a member of the OECD or has concluded special lending
arrangements with the International Monetary Fund associated with its General Arrangements to Borrow, or a political subdivision
of any such country, and having total assets in excess of $500,000,000, so long as such bank is acting through a branch or agency
located in the United States; (vi) the central bank of any country that is a member of the OECD; (vii) a finance company, insurance
company or other financial institution or fund (whether a corporation, partnership, trust or other entity) that is engaged in making,
purchasing or otherwise investing in commercial loans in the ordinary course of its business and having total assets in excess
of $500,000,000; and (viii) any other Person approved by the Administrative Agent, and, unless a Default has occurred and is continuing
at the time any assignment is effected pursuant to Section 9.07, approved by the Borrower, each such approval not to be unreasonably
withheld or delayed; provided, however, that neither any Loan Party nor any Affiliate of a Loan Party shall qualify as an Eligible
Assignee under this definition; and provided further that that neither a Defaulting Lender nor any Affiliate of a Defaulting Lender
nor any natural person shall qualify as an Eligible Assignee under this definition.

 

    	 	12	 

     

    

  

“Environmental
Action” means any enforcement action, suit, demand, demand letter, claim of liability, notice of non-compliance or
violation, notice of liability or potential liability, investigation, enforcement proceeding, consent order or consent agreement
relating in any way to any Environmental Law, any Environmental Permit or Hazardous Material or arising from alleged injury or
threat to health, safety or the environment, including, without limitation, (a) by any governmental or regulatory authority for
enforcement, cleanup, removal, response, remedial or other actions or damages and (b) by any governmental or regulatory authority
or third party for damages, contribution, indemnification, cost recovery, compensation or injunctive relief.

 

“Environmental
Law” means any Federal, state, local or foreign statute, law, ordinance, rule, regulation, code, order, writ, judgment,
injunction, decree or judicial or agency interpretation, policy or guidance relating to pollution or protection of the environment,
health, safety or natural resources, including, without limitation, those relating to the use, handling, transportation, treatment,
storage, disposal, release or discharge of Hazardous Materials.

 

“Environmental
Permit” means any permit, approval, identification number, license or other authorization required under any Environmental
Law.

 

“Equity Interests”
means, with respect to any Person, shares of capital stock of (or other ownership or profit interests in) such Person, warrants,
options or other rights for the purchase or other acquisition from such Person of shares of capital stock of (or other ownership
or profit interests in) such Person, securities convertible into or exchangeable for shares of capital stock of (or other ownership
or profit interests in) such Person or warrants, rights or options for the purchase or other acquisition from such Person of such
shares (or such other interests), and other ownership or profit interests in such Person (including, without limitation, partnership,
member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other
interests are authorized or otherwise existing on any date of determination.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings
issued thereunder.

 

“ERISA Affiliate”
means any Person that for purposes of Title IV of ERISA is a member of the controlled group of any Loan Party, or under common
control with any Loan Party, within the meaning of Section 414 of the Internal Revenue Code.

 

    	 	13	 

     

    

  

“ERISA Event”
means (a)(i) the occurrence of a reportable event, within the meaning of Section 4043 of ERISA, with respect to any Plan unless
the 30-day notice requirement with respect to such event has been waived by the PBGC or (ii) the requirements of Section 4043(b)
of ERISA apply with respect to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of a Plan, and an event described
in paragraph (9), (10), (11), (12) or (13) of Section 4043(c) of ERISA is reasonably expected to occur with respect to such Plan
within the following 30 days; (b) the application for a minimum funding waiver with respect to a Plan; (c) the provision by the
administrator of any Plan of a notice of intent to terminate such Plan pursuant to Section 4041(a)(2) of ERISA (including any such
notice with respect to a plan amendment referred to in Section 4041(e) of ERISA); (d) the cessation of operations at a facility
of any Loan Party or any ERISA Affiliate in the circumstances described in Section 4062(e) of ERISA; (e) the withdrawal by any
Loan Party or any ERISA Affiliate from a Multiple Employer Plan during a plan year for which it was a substantial employer, as
defined in Section 4001(a)(2) of ERISA; (f) the conditions for imposition of a lien under Section 303(k) of ERISA shall have been
met with respect to any Plan; or (g) the institution by the PBGC of proceedings to terminate a Plan pursuant to Section 4042 of
ERISA, or the occurrence of any event or condition described in Section 4042 of ERISA that constitutes grounds for the termination
of, or the appointment of a trustee to administer, such Plan.

 

“EU Bail-In
Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or
any successor person), as in effect from time to time.

 

“Eurocurrency
Liabilities” has the meaning specified in Regulation D of the Board of Governors of the Federal Reserve System, as
in effect from time to time.

 

“Eurodollar
Lending Office” means, with respect to any Lender Party, the office of such Lender Party specified as its “Eurodollar
Lending Office” opposite its name on Schedule I hereto or in the Assignment and Acceptance pursuant to which it became a
Lender Party (or, if no such office is specified, its Domestic Lending Office), or such other office of such Lender Party as such
Lender Party may from time to time specify to the Borrower and the Administrative Agent.

 

“Eurodollar
Rate” means, for any Interest Period for all Eurodollar Rate Advances comprising part of the same Borrowing, the
greater of (a) zero percent (0%) and (b) the average rate as shown in Reuters Screen LIBOR 01 Page (or any successor service, or
if such Person no longer reports such rate as determined by Administrative Agent, by another commercially available source providing
such quotations approved by Administrative Agent) at which deposits in U.S. dollars are offered by first class banks in the London
Interbank Market at approximately 11:00 a.m. (London time) on the day that is two (2) Business Days prior to the first day of such
Interest Period with a maturity approximately equal to such Interest Period and in an amount approximately equal to the amount
to which such Interest Period relates, adjusted for reserves and taxes if required by future regulations. If such service or such
other Person approved by Administrative Agent described above no longer reports such rate or Administrative Agent determines in
good faith that the rate so reported no longer accurately reflects the rate available to Administrative Agent in the London Interbank
Market, Eurodollar Rate Advances shall accrue interest at the Base Rate plus the Applicable Margin for Base Rate Advances. For
any period during which a Eurodollar Rate Percentage shall apply, the Eurodollar Rate with respect to Eurodollar Rate Advances
shall be equal to the amount determined above divided by an amount equal to 1 minus the Eurodollar Rate Reserve Percentage.

 

“Eurodollar
Rate Advance” means an Advance that bears interest as provided in Section 2.07(a)(ii).

 

    	 	14	 

     

    

  

“Eurodollar
Rate Reserve Percentage” means, for any Interest Period for all Eurodollar Rate Advances comprising part of the same
Borrowing, the reserve percentage applicable three Business Days before the first day of such Interest Period under regulations
issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum
reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for a member
bank of the Federal Reserve System in Cleveland, Ohio with respect to liabilities or assets consisting of or including Eurocurrency
Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate
on Eurodollar Rate Advances is determined) having a term equal to such Interest Period.

 

“Events of
Default” has the meaning specified in Section 6.01.

 

“Excluded Swap
Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion
of the Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or
any Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity
Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure
for any reason not to constitute an “eligible contract participant” as defined in the Commodity Exchange Act at the
time the Guaranty of such Guarantor becomes effective with respect to such related Swap Obligation.

 

“Excluded Taxes”
has the meaning specified in Section 2.12(a).

 

“Existing Debt”
means Indebtedness of each Loan Party and its Subsidiaries outstanding on the Closing Date.

 

“Existing Credit
Agreement” means collectively (i) that certain Credit Agreement, dated as of January 15, 2016, among Borrower,
Parent Guarantor, the other guarantors party thereto, Deutsche Bank AG New York Branch, as administrative agent, and the other
lenders party thereto, as amended, supplemented or otherwise modified to date, and (ii) that certain Credit Agreement, dated as
of April 7, 2015, among Borrower, Parent Guarantor, the other guarantors party thereto, KeyBank, as administrative agent, and the
other lenders party thereto, as amended, supplemented or otherwise modified to date.

 

“Facility”
means the Term Loan Facility.

 

“Facility Exposure”
means, at any date of determination, the sum of (a) the aggregate principal amount of all outstanding Advances, plus (b) all Obligations
of the Loan Parties in respect of Guaranteed Hedge Agreements, valued at the Agreement Value thereof.

 

“FATCA”
means sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with, any current or future regulations or official
interpretations thereof, and any agreement entered into pursuant to section 1471(b) of the Internal Revenue Code).

 

“Federal Funds
Rate” means, for any period, the rate per annum (rounded upward to the nearest one-hundredth of one percent (1/100
of 1%)) announced by the Federal Reserve Bank of Cleveland on such day as being the weighted average of the rates on overnight
federal funds transactions arranged by federal funds brokers on the previous trading day, as computed and announced by such Federal
Reserve Bank in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers
to as the “Federal Funds Effective Rate.”

 

    	 	15	 

     

    

  

“Fee Letter”
means the fee letter dated as of July 27, 2017 among the Parent Guarantor, KeyBank and KCM, and the mandate letter dated as of
July 25, 2017 among the Parent Guarantor, KeyBank, KCM, Deutsche Bank, DBSI, BAC and MLPFS, as the same may be amended from time
to time.

 

“FF&E”
means all “furniture, furnishings and equipment” (as such phrase is commonly understood in the hotel industry) and
all appurtenances and additions thereto and substitutions or replacements thereof owned by the applicable Loan Party and now or
hereafter attached to, contained in or used in connection with the use, occupancy, operation or maintenance of the applicable Hotel
Asset, including, without limitation, any and all fixtures, furnishings, equipment, furniture, and other items of tangible personal
property, appliances, machinery, equipment, signs, artwork (including paintings, prints, sculpture and other fine art), office
furnishings and equipment, guest room furnishings, and specialized equipment for kitchens, laundries, drying, bars, restaurants,
spas, public rooms, health and recreational facilities, linens, dishware, two-way radios, all partitions, screens, awnings, shades,
blinds, rugs, carpets, hall and lobby equipment, heating, lighting, plumbing, ventilating, refrigerating, incinerating, elevators,
escalators, air conditioning and communication plants or systems with appurtenant fixtures, vacuum cleaning systems, call or beeper
systems, security systems, sprinkler systems and other fire prevention and extinguishing apparatus and materials; generators, boilers,
compressors and engines; gas and electric machinery and equipment; facilities used to provide utility services; garbage disposal
machinery or equipment; communication apparatus, including television, radio, music, and cable antennae and systems; attached floor
coverings, window coverings, curtains, drapes and rods; storm doors and windows; stoves, refrigerators, dishwashers and other installed
appliances; attached cabinets; trees, plants and other items of landscaping; visual and electronic surveillance systems; and swimming
pool heaters and equipment, fuel, water and other pumps and tanks; irrigation equipment; reservation system computer and related
equipment; all equipment, manual, mechanical or motorized, for the construction, maintenance, repair and cleaning of, parking areas,
walks, underground ways, truck ways, driveways, common areas, roadways, highways and streets and all equipment, fixtures, furnishings,
and articles of personal property now or hereafter attached to or used in or about any such Hotel Asset which is or may be used
in or related to the planning, development, financing or operation thereof and all renewals of or replacements or substitutions
for any of the foregoing.

 

“Fiscal Year”
means a fiscal year of the Parent Guarantor and its Consolidated Subsidiaries ending on December 31 in any calendar year.

 

“Franchise
Agreements” means (a) the Franchise Agreements set forth on Part IV of Schedule 4.01(p) hereto, and (b) any Franchise
Agreement in respect of a Hotel Asset entered into after the Closing Date in compliance with Section 5.01(q).

 

“Fund Affiliate”
means, with respect to any Lender that is a fund that invests in bank loans, any other fund that invests in bank loans and is advised
or managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor.

 

“Funds From
Operations” means, with respect to the Parent Guarantor, net income (computed in accordance with GAAP), excluding
gains (or losses) from sales of property and extraordinary and unusual items, plus depreciation and amortization, and after adjustments
for unconsolidated Joint Ventures. Adjustments for unconsolidated Joint Ventures will be calculated to reflect funds from operations
on the same basis.

 

    	 	16	 

     

    

  

“GAAP”
has the meaning specified in Section 1.03.

 

“Good Faith
Contest” means the contest of an item as to which: (a) such item is contested in good faith, by appropriate proceedings,
(b) reserves that are adequate are established with respect to such contested item in accordance with GAAP and (c) the failure
to pay or comply with such contested item during the period of such contest could not reasonably be expected to result in a Material
Adverse Effect.

 

“Governmental
Authority” means the government of the United States of America or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government
(including any supra-national bodies such as the European Union or the European Central Bank).

 

“Gross Hotel
Revenues” means all revenues and receipts of every kind derived from operating such Asset or Assets, as the case
may be, and parts thereof, including, without limitation, income (from both cash and credit transactions), before commissions and
discounts for prompt or cash payments, from rentals or sales of rooms, stores, offices, meeting space, exhibit space, or sales
space of every kind (including rentals from timeshare marketing and sales desks); license, lease, and concession fees and rentals
(not including gross receipts of licensees, lessees, and concessionaires); net income from vending machines; health club membership
fees; food and beverage sales; parking; sales of merchandise (other than proceeds from the sale of FF&E no longer necessary
to the operation of such Asset or Assets); service charges, to the extent not distributed to the employees at such Asset or Assets
as, or in lieu of, gratuities; and proceeds, if any, from business interruption or other loss of income insurance; provided,
however, that Gross Hotel Revenues shall not include gratuities to employees of such Asset or Assets; federal, state, or municipal
excise, sales, use, or similar taxes collected directly from tenants, patrons, or guests or included as part of the sales price
of any goods or services; insurance proceeds (other than proceeds from business interruption or other loss of income insurance);
condemnation proceeds; or any proceeds from any sale of such Asset or Assets.

 

“Guaranteed
Hedge Agreement” means any Hedge Agreement required or permitted under Article V that is entered into by and between
any Loan Party and any Hedge Bank.

 

“Guaranteed
Obligations” has the meaning specified in Section 7.01.

 

“Guarantor
Deliverables” means each of the items set forth in Section 5.01(j).

 

“Guaranty”
means the Guaranty by the Guarantors pursuant to Article VII, together with any and all Guaranty Supplements required to be delivered
pursuant to Section 5.01(j), Section 5.01(x) or Section 7.05.

 

“Guaranty Supplement”
means a supplement entered into by an Additional Guarantor in substantially the form of Exhibit D hereto.

 

    	 	17	 

     

    

  

“Hazardous
Materials” means (a) petroleum or petroleum products, by-products or breakdown products, radioactive materials, asbestos-containing
materials, polychlorinated biphenyls, radon gas and mold and (b) any other chemicals, materials or substances designated, classified
or regulated as hazardous or toxic or as a pollutant or contaminant under any Environmental Law.

 

“Hedge Agreements”
means interest rate swap, cap or collar agreements, interest rate future or option contracts, currency swap agreements, currency
future or option contracts and other hedging agreements.

 

“Hedge Bank”
means any entity that is a Lender Party or an Affiliate of a Lender Party at the time it enters into a Guaranteed Hedge Agreement
in its capacity as a party to such Guaranteed Hedge Agreement.

 

“Hotel Asset”
means Real Property (other than any Joint Venture Asset) that operates or is intended to be operated as a hotel, resort or other
lodging for transient use of rooms or is a structure from which a hotel, resort or other lodging for transient use of rooms is
operated or intended to be operated.

 

“Increase Date”
has the meaning specified in Section 2.17(a).

 

“Increasing
Lender” has the meaning specified in Section 2.17(b).

 

“Indebtedness”
of any Person means the sum of (without duplication) (i) all Debt for Borrowed Money and for the deferred purchase price of property
or services (excluding ordinary payable and accrued expenses and deferred purchase price which is not yet a liquidated sum), (ii)
the aggregate amount of all Capitalized Leases Obligations, (iii) all indebtedness of the types described in clause (i) or (ii)
of this definition of Persons other than the Parent Guarantor and its Consolidated Subsidiaries secured by any Lien on any property
owned by the Parent Guarantor or any of its Consolidated Subsidiaries, whether or not such indebtedness has been assumed by such
Person (provided that, if the Person has not assumed or otherwise become liable in respect of such indebtedness, such indebtedness
shall be deemed to be the outstanding principal amount (or maximum principal amount, if larger) of such indebtedness or, if not
stated or if indeterminable, in an amount equal to the fair market value of the property to which such Lien relates, as determined
in good faith by such Person), (iv) all Contingent Obligations, and (v) the net termination value (if negative) of all indebtedness
in respect of Hedge Agreements;

 

“Indemnified
Costs” has the meaning specified in Section 8.05(a).

 

“Indemnified
Party” has the meaning specified in Section 7.06(a).

 

“Indemnified
Taxes” has the meaning specified in Section 2.12(a).

 

“Information”
has the meaning specified in Section 9.11.

 

“Initial Extension
of Credit” means the Borrowing at the Closing Date.

 

“Initial Lenders”
has the meaning specified in the recital of parties to this Agreement.

 

    	 	18	 

     

    

  

“Insufficiency”
means, with respect to any Plan, the amount, if any, of its unfunded benefit liabilities, as defined in Section 4001(a)(18) of
ERISA.

 

“Interest Expense”
means, with respect to a Person for a given period, without duplication, (a) total interest expense of such Person, including capitalized
interest not funded under a construction loan interest reserve account, determined on a consolidated basis in accordance with GAAP
for such period, plus (b) such Person’s JV Pro Rata Share of Interest Expense of its Joint Venture for such period. Interest
Expense shall include the interest component of Obligations in respect of Capitalized Leases and shall exclude the amortization
of any deferred financing fees.

 

“Interest Period”
means for each Eurodollar Rate Advance comprising part of the same Borrowing, (i) the period commencing on the date of such Eurodollar
Rate Advance or the date of the Conversion of any Base Rate Advance into such Eurodollar Rate Advance, and ending on the first
day of the month corresponding to the duration of the Interest Period selected by the Borrower pursuant to the following sentence,
and (ii) thereafter, each subsequent period commencing on the last day of the immediately preceding Interest Period and ending
on the first day of the month corresponding to the duration of the Interest Period selected by the Borrower pursuant to the following
sentence. The duration of each such Interest Period shall be one, two, three or six months, as the Borrower may, upon notice received
by the Administrative Agent not later than 12:00 Noon (Cleveland, Ohio time) on the third Business Day prior to the first day of
such Interest Period, select; provided, however, that:

 

(a)       the
Borrower may not select any Interest Period with respect to any such Term Loan Advance that ends after the Termination Date;

 

(b)       Interest
Periods commencing on the same date for Eurodollar Rate Advances comprising part of the same Borrowing shall be of the same duration;
and

 

(c)       whenever
the last day of any such Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest
Period shall be extended to occur on the next succeeding Business Day; and

 

(d)       whenever
the first day of any such Interest Period occurs on a day of an initial calendar month for which there is no numerically corresponding
day in the calendar month that succeeds such initial calendar month by the number of months equal to the number of months in such
Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month.

 

“Internal Revenue
Code” means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and
rulings issued thereunder.

 

“Investment”
means (a) any loan or advance to any Person, any purchase or other acquisition of any Equity Interests or Indebtedness or the assets
comprising a division or business unit or a substantial part or all of the business of any Person, any capital contribution to
any Person or any other direct or indirect investment in any Person, including, without limitation, any acquisition by way of a
merger or consolidation and any arrangement pursuant to which the investor incurs Indebtedness of the types referred to in clause
(iii) or (iv) of the definition of “Indebtedness” in respect of any Person, and (b) the purchase or other acquisition
of any real property.

 

    	 	19	 

     

    

  

“Joint Venture”
means any joint venture (a) in which the Parent Guarantor or any of its Subsidiaries holds any Equity Interest, (b) that is not
a Subsidiary of the Parent Guarantor or any of its Subsidiaries and (c) the accounts of which would not appear on the Consolidated
financial statements of the Parent Guarantor.

 

“Joint Venture
Assets” means, with respect to any Joint Venture at any time, the assets owned by such Joint Venture at such time.

 

“JV Pro Rata
Share” means, with respect to any Subsidiary of a Person (other than a wholly-owned Subsidiary) or any Joint Venture
of a Person, the greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed as a percentage)
in such Subsidiary or Joint Venture or (b) such Person’s relative direct and indirect economic interest (calculated as a
percentage) in such Subsidiary or Joint Venture, in each case determined in accordance with the applicable provisions of the declaration
of trust, articles or certificate of incorporation, articles of organization, partnership agreement, joint venture agreement or
other applicable organizational document of such Subsidiary or Joint Venture.

 

“KCM”
has the meaning specified in the recital of parties to this Agreement.

 

“KeyBank”
has the meaning specified in the recital of parties to this Agreement.

 

“Lender Party”
means any Lender.

 

“Lenders”
means the Initial Lenders, each Acceding Lender that shall become a party hereto pursuant to Section 2.17 and each Person that
shall become a Lender hereunder pursuant to Section 9.07 for so long as such Initial Lender or Person, as the case may be, shall
be a party to this Agreement.

 

“Leverage Ratio”
means, at any date of determination, the ratio of Total Indebtedness to Consolidated EBITDA as at the end of the most recently
ended fiscal quarter of the Parent Guarantor for which financial statements are required to be delivered to the Lender Parties
pursuant to Section 5.03(b) or (c), as the case may be.

 

“Leverage Ratio
Increase Election” means an election by notice from the Borrower to the Administrative Agent to increase the maximum
Leverage Ratio in accordance with the proviso in Section 5.04(a)(i), which election may only be made contemporaneously with the
closing of a Specified Acquisition and shall otherwise be subject to the limitations set forth in such proviso.

 

“Lien”
means any lien, security interest or other charge or encumbrance of any kind, or any other type of preferential arrangement, including,
without limitation, the lien or retained security title of a conditional vendor and any easement, right of way or other encumbrance
on title to real property.

 

“Loan Documents”
means (a) this Agreement, (b) the Notes, (c) the Fee Letter, (d) each Guaranty Supplement, (e) each Guaranteed Hedge Agreement,
and (f) each other document or instrument now or hereafter executed and delivered by a Loan Party in connection with, pursuant
to or relating to this Agreement; in each case as the same may be amended, supplemented or otherwise modified from time to time.

 

    	 	20	 

     

    

  

“Loan Parties”
means the Borrower and the Guarantors.

 

“Management
Agreements” means (a) the Management Agreements set forth on Part III of Schedule 4.01(p) hereto (as supplemented
from time to time in accordance with the provisions hereof), and (b) any Management Agreement in respect of an Unencumbered Asset
entered into after the Closing Date in compliance with Section 5.01(p).

 

“Margin Stock”
has the meaning specified in Regulation U.

 

“Material Adverse
Change” means a material adverse change in the business, assets, properties, liabilities (actual or contingent),
operations, condition (financial or otherwise) or prospects of the Borrower, the Guarantors and their respective Subsidiaries,
taken as a whole.

 

“Material Adverse
Effect” means a material adverse effect on (a) the business, assets, properties, liabilities (actual or contingent),
operations, condition (financial or otherwise) or prospects of the Borrower, the Guarantors and their respective Subsidiaries,
taken as a whole, (b) the rights and remedies of the Administrative Agent or any Lender Party under any Loan Document, (c) the
ability of any Loan Party to perform its Obligations under any Loan Document to which it is or is to be a party, or (d) the value,
use or ability to sell or refinance any Unencumbered Asset.

 

“Material Contract”
means each contract to which the Borrower or any of its Subsidiaries is a party involving aggregate consideration payable to or
by the Borrower or such Subsidiary in an amount of $5,000,000 or more per annum or otherwise material to the business, condition
(financial or otherwise), operations, performance, properties or prospects of the Borrower and its Subsidiaries, taken as a whole.
Without limitation of the foregoing, the Operating Leases, the Management Agreements and the Franchise Agreements shall be deemed
to comprise Material Contracts hereunder.

 

“Material Debt”
means (a) Recourse Debt of the Borrower that is outstanding in a principal amount (or, in the case of any Hedge Agreement, an Agreement
Value) of $15,000,000 or more, either individually or in the aggregate, (b) any other Indebtedness of any Loan Party or any Subsidiary
of a Loan Party (other than Indebtedness described in clause (c) below) that is outstanding in a principal amount (or, in the case
of any Hedge Agreement, an Agreement Value) of $75,000,000 or more, either individually or in the aggregate, or (c) any Unsecured
Indebtedness (including, without limitation, the indebtedness under the Existing Credit Agreement) of the Parent Guarantor or any
of its Subsidiaries; in each case (i) whether or not the primary obligation of the applicable obligor, (ii) whether the subject
of one or more separate debt instruments or agreements, and (iii) exclusive of Indebtedness outstanding under this Agreement. For
the avoidance of doubt, Material Debt may include Refinancing Debt to the extent comprising Material Debt as defined herein.

 

“Material Litigation”
has the meaning specified in Section 3.01(e).

 

“Material Renovation”
means any renovation of an Unencumbered Asset the completion of which causes 25% or more of the rooms located in such Asset to
be unavailable for use for a period of forty-five (45) consecutive days or longer.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.

 

    	 	21	 

     

    

  

“Multiemployer
Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which any Loan Party or any ERISA
Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or
accrued an obligation to make contributions.

 

“Multiple Employer
Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees
of any Loan Party or any ERISA Affiliate and at least one Person other than the Loan Parties and the ERISA Affiliates or (b) was
so maintained and in respect of which any Loan Party or any ERISA Affiliate could have liability under Section 4064 or 4069 of
ERISA in the event such plan has been or were to be terminated.

 

“Negative Pledge”
means, with respect to any asset, any provision of a document, instrument or agreement (other than a Loan Document) which prohibits
or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning
such asset or any other Person; provided, however, that (a) an agreement that conditions a Person’s ability to encumber
its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but
that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute a Negative
Pledge, and (b) a provision in any agreement governing unsecured Indebtedness generally prohibiting the encumbrance of assets shall
not constitute a Negative Pledge so long as such provision is generally consistent with a comparable provision of the Loan Documents.

 

“Net Operating
Income” means the amount obtained by subtracting Operating Expenses from Operating Income, in each case for consecutive
four fiscal quarters most recently ended.

 

“New Property”
means each Hotel Asset acquired by the Parent Guarantor or any Subsidiary or any Joint Venture (as the case may be) from the date
of acquisition for a period of four full fiscal quarters after the acquisition thereof; provided, however, that, upon the
Seasoned Date for any New Property (or any earlier date selected by the Borrower), such New Property shall be converted to a Seasoned
Property and shall cease to be a New Property.

 

“Non-Consenting
Lender” has the meaning specified in Section 9.01(b).

 

“Non-Defaulting
Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

 

“Non-Recourse
Debt” means Debt for Borrowed Money with respect to which recourse for payment is limited to (a) any building(s)
or parcel(s) of real property and any related assets encumbered by a Lien securing such Debt for Borrowed Money and/or (b) (i)
the general credit of the Property-Level Subsidiary that has incurred such Debt for Borrowed Money, and/or the direct Equity Interests
therein and/or (ii) the general credit of the immediate parent entity of such Property-Level Subsidiary, provided that such parent
entity’s assets consist solely of Equity Interests in such Property-Level Subsidiary, it being understood that the instruments
governing such Debt for Borrowed Money may include customary carve-outs to such limited recourse (any such customary carve-outs
or agreements limited to such customary carve-outs, being a “Customary Carve-Out Agreement”) such as,
for example, personal recourse to the Parent Guarantor or any Subsidiary of the Parent Guarantor for fraud, misrepresentation,
misapplication or misappropriation of cash, waste, environmental claims, damage to properties, non-payment of taxes or other liens
despite the existence of sufficient cash flow, interference with the enforcement of loan documents upon maturity or acceleration,
voluntary or involuntary bankruptcy filings, violation of loan document prohibitions against transfer of properties or ownership
interests therein and liabilities and other circumstances customarily excluded by lenders from exculpation provisions and/or included
in separate indemnification and/or guaranty agreements in non-recourse financings of real estate. For the avoidance of doubt, Debt
for Borrowed Money that refinances Existing Debt shall be permitted as Non-Recourse Debt, so long as such Debt for Borrowed Money
meets all the requirements of Non-Recourse Debt.

 

    	 	22	 

     

    

  

“Note”
shall mean a promissory note of the Borrower payable to the order of any Term Loan Lender, in substantially the form of Exhibit
A hereto, evidencing the indebtedness of the Borrower to such Lender under the Term Loan Facility.

 

“Notice of
Borrowing” has the meaning specified in Section 2.02(a).

 

“NPL”
means the National Priorities List under CERCLA.

 

“Obligation”
means, with respect to any Person, any payment, performance or other obligation of such Person of any kind, including, without
limitation, any liability of such Person on any claim, whether or not the right of any creditor to payment in respect of such claim
is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, disputed, undisputed, legal, equitable, secured or
unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any proceeding referred to in Section 6.01(f).
Without limiting the generality of the foregoing, the Obligations of any Loan Party under the Loan Documents include (a) the obligation
to pay principal, interest, charges, expenses, fees, attorneys’ fees and disbursements, indemnities and other amounts payable
by such Loan Party under any Loan Document and (b) the obligation of such Loan Party to reimburse any amount in respect of any
of the foregoing that any Lender Party, in its sole discretion, may elect to pay or advance on behalf of such Loan Party, provided
that in no event shall the Obligations of the Loan Parties under the Loan Documents include the Excluded Swap Obligations.

 

“OECD”
means the Organization for Economic Cooperation and Development.

 

“OFAC”
has the meaning specified in Section 4.01(x).

 

“Operating
Expenses” means, with respect to any Unencumbered Asset for any applicable measurement period, the actual costs and
expenses of owning, operating, managing, and maintaining such Unencumbered Asset during such period, including, without limitation,
repairs, real estate and chattel taxes and bad debt expenses, but excluding (i) depreciation or amortization or other noncash items,
(ii) the principal of and interest on Debt for Borrowed Money, (iii) income taxes or other taxes in the nature of income taxes,
(iv) distributions to the shareholders, members or partners of the Unencumbered Asset owner and (v) capital expenditures, payments
(without duplication) for FF&E or into FF&E reserves or management fees actually paid or payable during such period, all
as determined in accordance with GAAP.

 

    	 	23	 

     

    

  

“Operating
Income” means, with respect to any Unencumbered Asset for any applicable measurement period, all income received
from any Person during such period in connection with the ownership or operation of the Property, including, without limitation,
(i) the Gross Hotel Revenues, (ii) all amounts payable pursuant to any reciprocal easement and/or operating agreements, covenants,
conditions and restrictions, condominium documents and similar agreements affecting such Unencumbered Asset (but excluding any
management agreements), and (iii) condemnation awards to the extent that such awards are compensation for lost rent allocable to
such period, all as determined in accordance with GAAP.

 

“Operating
Lease” means any operating lease of an Unencumbered Asset between the applicable Loan Party that owns such Unencumbered
Asset (whether in fee simple or subject to a Qualifying Ground Lease) and the applicable TRS Lessee that leases such Unencumbered
Asset, as each may be amended, restated, supplemented or otherwise modified from time to time.

 

“Original TL
Principal Amount” shall mean the original principal amount of the Term Loan (i.e., $225,000,000).

 

“Other Taxes”
has the meaning specified in Section 2.12(b).

 

“Parent”
has the meaning specified in the recital of parties to this Agreement.

 

“Parent Guarantor”
has the meaning specified in the recital of parties to this Agreement.

 

“Participant
Register” has the meaning specified in Section 9.07(g).

 

“Patriot Act”
has the meaning specified in Section 9.13.

 

“PBGC”
means the Pension Benefit Guaranty Corporation (or any successor).

 

“Permitted
Liens” means such of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding
shall have been commenced: (a) Liens for taxes, assessments and governmental charges or levies not yet due and payable; (b) Liens
imposed by law, such as materialmen’s, mechanics’, carriers’, workmen’s and repairmen’s Liens and
other similar Liens arising in the ordinary course of business securing obligations that (i) are not overdue for a period of more
than 30 days or are otherwise subject to a Good Faith Contest and (ii) individually or together with all other Permitted Liens
outstanding on any date of determination do not materially adversely affect the use of the property to which they relate; (c) pledges
or deposits to secure obligations under workers’ compensation or unemployment laws or similar legislation or to secure public
or statutory obligations; (d) easements, zoning restrictions, rights of way and other encumbrances on title to real property that
do not render title to the property encumbered thereby unmarketable or materially adversely affect the use or value of such property
for its present purposes; and (e) Tenancy Leases.

 

“Permitted
Recourse Debt” means Recourse Debt that is either (a) Unsecured Indebtedness that does not result in a Default or
an Event of Default under the financial covenants set forth in Section 5.04(b) provided that the aggregate principal amount of
any such Unsecured Indebtedness, other than the Unsecured Indebtedness under the Existing Credit Agreement, that has a scheduled
maturity date or commitment termination date prior to the one year anniversary of the latest Termination Date under the Credit
Agreement (taking into account any extensions thereof) shall in no event exceed $125,000,000, or (b) Indebtedness (i) secured by
(x) a Lien on the Equity Interests of a Property-Level Subsidiary that directly or indirectly does not hold any fee or leasehold
interest in any Unencumbered Asset, or (y) a mortgage Lien granted by such Property-Level Subsidiary, as mortgagor, pursuant to
the terms of the loan documents evidencing such Recourse Debt, (ii) in an aggregate principal amount not to exceed 10% of Total
Asset Value at any time outstanding, and (iii) that does not result in Default or Event of Default under the financial covenants
set forth in Sections 5.04(a)(v) and 5.04(a)(vi).

 

    	 	24	 

     

    

  

“Person”
means an individual, partnership, corporation (including a business trust), limited liability company, joint stock company, trust,
unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof.

 

“Plan”
means a Single Employer Plan or a Multiple Employer Plan.

 

“Post Petition
Interest” has the meaning specified in Section 7.07(b).

 

“Potential
Unencumbered Asset” means a Hotel Asset that is (i) owned by a Subsidiary Guarantor on the date hereof and (ii) that
meets all of the Unencumbered Asset Pool Conditions other than clauses (f) and (g) of the definition of Unencumbered Asset Pool
Conditions.

 

“Preferred
Interests” means, with respect to any Person, Equity Interests issued by such Person that are entitled to a preference
or priority over any other Equity Interests issued by such Person upon any distribution of such Person’s property and assets,
whether by dividend or upon liquidation.

 

“Pro Forma
EBITDA” means, for any Asset, an amount equal to 90% of such Asset’s forecasted EBITDA for the first four full
fiscal quarters of such Asset’s operation (following the fiscal quarter during which such Asset opens, in the case of a newly
built Asset, or re-opens, in the case of a repositioned Asset), as determined by the Parent Guarantor and calculated in a manner
consistent with the definition of Consolidated EBITDA and as reasonably approved by the Administrative Agent; provided, however,
that (a) Pro Forma EBITDA for the fourth full fiscal quarter of such Asset’s operation shall be adjusted to be (x)
the amount of Pro Forma EBITDA for such fourth full fiscal quarter multiplied by (y) a fraction the numerator of which is
the number of days in the fiscal quarter during which such Asset opens or re-opens, as applicable, from and including the first
day of such fiscal quarter to but excluding the opening or re-opening date of such Asset, as applicable, and the denominator of
which is the total number of days in such fiscal quarter during which such Asset opens or re-opens, and (b) Pro Forma EBITDA
shall be adjusted on the last day of each fiscal quarter, beginning with the last day of the first full fiscal quarter of such
Asset’s operation to remove the forecasted EBITDA attributable to such fiscal quarter; and on the last day of the fourth
full fiscal quarter of such Asset’s operation, Pro Forma EBITDA for such Asset shall be equal to zero. For the avoidance
of doubt, until such Asset has four full fiscal quarters of actual Consolidated EBITDA, it is intended that Consolidated EBITDA
include (1) the actual Consolidated EBITDA attributable to such Asset for the period commencing on the opening date or re-opening
date, as applicable, for such Asset and ending on the last date of the fiscal quarter during which such Asset opened or re-opened
and (2) a correspondingly adjusted amount of Pro Forma EBITDA for the fourth full fiscal quarter of such Asset’s operation.

 

    	 	25	 

     

    

  

“Property-Level
Subsidiary” means any Subsidiary of the Borrower or any Joint Venture that holds a direct fee or leasehold interest
in any single building (or group of related buildings, including, without limitation, buildings pooled for purposes of a Non-Recourse
Debt financing) or parcel (or group of related parcels, including, without limitation, parcels pooled for purposes of a Non-Recourse
Debt financing) of real property and related assets and not in any other building or parcel of real property.

 

“Proposed Unencumbered
Asset” has the meaning specified in Section 5.01(k).

 

“Proposed Increased
Commitment” has the meaning specified in Section 2.17(b).

 

“Pro Rata Share”
of any amount means, with respect to any Lender at any time, the product of such amount times a fraction the numerator of which
is the amount of such Lender’s Term Loan Commitment at such time (or, if the Term Loan Commitments shall have expired, been
fully funded or been terminated, such Lender’s Facility Exposure at such time with respect to the Term Loan Facility) and
the denominator of which is the aggregate amount of the Lenders’ Term Loan Commitments at such time (or, if the Term Loan
Commitments shall have expired, been fully funded or been terminated, the aggregate Facility Exposure at such time with respect
to the Term Loan Facility).

 

“Qualifying
Ground Lease” means a ground lease of Real Property that is in full force and effect and not subject to any default
and that the Administrative Agent determines, in its reasonable discretion, to be a financeable ground lease and that contains
the following terms and conditions: (a) a remaining term (exclusive of any unexercised extension options that are subject to terms
or conditions not yet agreed upon and specified in such ground lease or an amendment thereto, other than a condition that the lessee
not be in default under such ground lease) of 30 years or more from the date the related Hotel Asset becomes an Unencumbered Asset;
(b) the right of the lessee to mortgage and encumber its interest in the leased property without the consent of the lessor, provided
however, if the lessor’s consent is received, then this condition shall be deemed satisfied; (c) the obligation of the lessor
to give the holder of any mortgage Lien on such leased property written notice of any defaults on the part of the lessee and agreement
of such lessor that such lease will not be terminated until such holder has had a reasonable opportunity to cure or complete foreclosures,
and fails to do so; (d) reasonable transferability of the lessee’s interest under such lease, including the ability to sublease;
and (e) such other rights customarily required by mortgagees making a loan secured by the interest of the holder of a leasehold
estate demised pursuant to a ground lease.

 

“Real Property”
means all right, title and interest of the Borrower and each of its Subsidiaries in and to any land and any improvements located
thereon, together with all equipment, furniture, materials, supplies, personal property and all other rights and property in which
such Person has an interest now or hereafter located on or used in connection with such land and improvements, and all appurtenances,
additions, improvements, renewals, substitutions and replacements thereof now or hereafter acquired by such Person.

 

“Recourse Debt”
means Indebtedness for which the Parent Guarantor or any of its Subsidiaries has personal or recourse liability in whole or in
part, exclusive of Non-Recourse Debt and any Indebtedness for which such personal or recourse liability is limited to obligations
under Customary Carve-Out Agreements, and provided that no claim shall have been made under such Customary Carve-Out Agreements.

 

    	 	26	 

     

    

  

“Reference
Bank” means KeyBank.

 

“Refinancing
Debt” means, with respect to any Indebtedness, any Indebtedness extending the maturity of, or refunding or refinancing,
in whole or in part, such Indebtedness, provided that (a) the terms of any Refinancing Debt, and of any agreement entered
into and of any instrument issued in connection therewith, (i) do not provide for any Lien on any Unencumbered Assets, and (ii)
are not otherwise prohibited by the Loan Documents, (b) the principal amount of such Indebtedness shall not exceed the principal
amount of the Indebtedness being extended, refunded or refinanced plus the amount of any applicable premium and expenses, and (c)
the other material terms, taken as a whole, of any such Indebtedness are no less favorable in any material respect to the Loan
Parties or the Lender Parties than the terms governing the Indebtedness being extended, refunded or refinanced.

 

“Register”
has the meaning specified in Section 9.07(d).

 

“Regulation
U” means Regulation U of the Board of Governors of the Federal Reserve System, as in effect from time to time.

 

“REIT”
means a Person that is qualified to be treated for U.S. federal income tax purposes as a real estate investment trust under Sections
856-860 of the Internal Revenue Code.

 

“Replacement
Lender” has the meaning specified in Section 9.01(b).

 

“Required Lenders”
means, at any time, Lenders owed or holding greater than 50% of the aggregate principal amount of the Advances outstanding at such
time; provided that should there be three (3) or fewer Lenders, Required Lenders shall mean all Lenders that are Non-Defaulting
Lenders. For purposes of this definition, any of the foregoing amounts owed to or held by any Defaulting Lender shall be disregarded
in determining Required Lenders at any time.

 

“Responsible
Officer” means, with respect to any Loan Party, any officer of, or any officer of any general partner or managing
member of, such Loan Party, which Officer has (a) responsibility for performing the underlying function that is the subject of
the action required of such officer hereunder, or (b) supervisory responsibility for such an officer.

 

“Restricted
Payments” has the meaning specified in Section 5.02(g).

 

“S&P”
means Standard & Poor’s Financial Services LLC, a division of McGraw-Hill Financial, Inc., and any successor thereto.

 

“Sanctions
Laws” has the meaning set forth in Section 4.01(x).

 

“Sale and Leaseback
Transaction” shall mean any arrangement with any Person providing for the leasing by the Parent Guarantor or any
of its Subsidiaries of any Real Property that has been sold or transferred or is to be sold or transferred by the Parent Guarantor
or such Subsidiary, as the case may be, to such Person.

 

“Sarbanes-Oxley”
means the Sarbanes-Oxley Act of 2002, as amended.

 

    	 	27	 

     

    

  

“Seasoned Date”
means, with respect to each Hotel Asset acquired by the Parent Guarantor or any Subsidiary or any Joint Venture (as the case may
be), the date which is four full fiscal quarters after the acquisition date thereof.

 

“Seasoned Property”
means each Hotel Asset acquired by the Parent Guarantor or any Subsidiary or any Joint Venture (as the case may be) which has been
owned for a period of more than four full fiscal quarters after the acquisition thereof.

 

“Secured Indebtedness”
means, with respect to Parent Guarantor and its Subsidiaries as of a given date, the portion of Total Indebtedness that is secured
in any manner by any Lien on any property or any Equity Interests in direct or indirect Subsidiaries of the Parent Guarantor.

 

“Secured Recourse
Indebtedness” means the portion of Secured Indebtedness that is not Non-Recourse Debt.

 

“Securities
Act” means the Securities Act of 1933, as amended to the date hereof and from time to time hereafter, and any successor
statute.

 

“Securities
Exchange Act” means the Securities Exchange Act of 1934, as amended to the date hereof and from time to time hereafter,
and any successor statute.

 

“Single Employer
Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees
of any Loan Party or any ERISA Affiliate and no Person other than the Loan Parties and the ERISA Affiliates or (b) was so maintained
and in respect of which any Loan Party or any ERISA Affiliate could have liability under Section 4069 of ERISA in the event such
plan has been or were to be terminated.

 

“Smith Travel
Research” means Smith Travel Research or a substitute lodging industry research company proposed by the Borrower
and approved by the Administrative Agent.

 

“Solvent”
means, with respect to any Person on a particular date, that on such date (a) the fair value of the property of such Person, on
a going-concern basis, is greater than the total amount of liabilities, including, without limitation, contingent liabilities,
of such Person, (b) the present fair salable value of the assets of such Person, on a going-concern basis, is not less than the
amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c)
such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability
to pay such debts and liabilities as they mature and (d) such Person is not engaged in business or a transaction, and is not about
to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital.
The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances
existing at such time (including, without limitation, after taking into account appropriate discount factors for the present value
of future contingent liabilities), represents the amount that can reasonably be expected to become an actual or matured liability.

 

“Specified
Acquisition” means an acquisition of a portfolio of Hotel Assets (whether by purchasing such properties directly
or by acquiring an entity or entities that owns such properties) with a minimum gross purchase price of $150,000,000.

 

    	 	28	 

     

    

  

“Specified
Operating Lessees” means those certain Subsidiaries of TRS Holdco which, without a capital contribution, would not
be Solvent; provided, however, the Borrower shall provide notice to the Administrative Agent identifying the name of such
Specified Operating Lessee.

 

“Subordinated
Obligations” has the meaning specified in Section 7.07.

 

“Subsidiary”
of any Person means any corporation, partnership, joint venture, limited liability company, trust or estate of which (or in which)
50% or more of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the Board of Directors
of such corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation shall
or might have voting power upon the occurrence of any contingency), (b) the interest in the capital or profits of such partnership,
joint venture or limited liability company or (c) the beneficial interest in such trust or estate, in each case, is at the time
directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or
more of such Person’s other Subsidiaries.

 

“Subsidiary
Guarantor” has the meaning specified in the recital of parties to this Agreement.

 

“Swap Obligation”
means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes
a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

 

“Taxes”
has the meaning specified in Section 2.12(a).

 

“Tenancy Leases”
means operating leases, subleases, licenses, occupancy agreements and rights-of-use entered into by the Borrower or any of its
Subsidiaries in its capacity as a lessor or a similar capacity in the ordinary course of business that do not materially and adversely
affect the use of the Real Property encumbered thereby for its intended purpose (excluding any lease entered into in connection
with a Sale and Leaseback Transaction).

 

“Term Loan”
shall mean the term loan to the Borrower from the Term Loan Lenders in an amount up to the Original TL Principal Amount, as the
same may be increased as provided in Section 2.17.

 

“Term Loan
Advance” has the meaning specified in Section 2.01(a).

 

“Term Loan
Commitment” means, (a) with respect to any Lender at any time, the amount set forth opposite such Lender’s
name on Schedule I hereto under the caption “Term Loan Commitment” as the amount of such Lender’s Term Loan Commitment
to make the initial advance to Borrowers on the Closing Date and, subject to the terms hereof, the Delayed Draw to Borrower, or
(b) if such Lender has entered into one or more Assignment and Acceptances, set forth for such Lender in the Register maintained
by the Administrative Agent pursuant to Section 9.07(d) as such Lender’s “Term Loan Credit Commitment”, or as
such amount may be increased pursuant to Section 2.17, and as such amount may be reduced at or prior to such time pursuant to Section
2.05. The aggregate Term Loan Commitments of the Lenders on the Closing Date shall be $225,000,000.00.

 

“Term Loan
Commitment Period” has the meaning specified in Section 2.01(a).

 

    	 	29	 

     

    

  

“Term Loan
Facility” shall mean, at any time, the aggregate amount of the Term Loan Commitments at such time.

 

“Term Loan
Lender” means a Lender having a Term Loan Commitment, whether funded or unfunded.

 

“Termination
Date” means the earlier of (i) November 25, 2022, and (ii) the date of termination in whole of the Term Loan Commitments
pursuant to Section 6.01.

 

“Test Date”
means (a) the last day of each fiscal quarter of the Parent Guarantor for which financial statements are required to be delivered
pursuant to Sections 5.03(b) or (c), as the case may be, (b) the date of each Advance, (c) the date of the addition of any Proposed
Unencumbered Asset to the Unencumbered Asset Pool pursuant to Section 5.01(k), (d) the effective date of any merger permitted under
Section 5.02(d), and (e) the effective date of any Transfer permitted under Section 5.02(e)(ii)(C).

 

“Total Asset
Value” means, without duplication, the sum of (a) the following amounts with respect to the following assets
owned by the Parent Guarantor or any of its Subsidiaries: (i) for each Seasoned Property, (x) (1) the Adjusted NOI
for such Seasoned Property for the four quarters most recently ended prior to such date of determination divided by (2) the
applicable Capitalization Rate, and (y) for each New Property, the acquisition cost of such New Property (until the Seasoned
Date, or earlier at the Borrower’s election); (ii) the amount of all Unrestricted Cash and Cash Equivalents held by
the Borrower and all Guarantors; and (iii) the undepreciated book value of all Development Assets and Unimproved Land; plus
(b) (i) the applicable JV Pro Rata Share of any Joint Venture of the Parent Guarantor of any asset described in clause (a)
above and (ii) the gross book value of any Investments consisting of loans, advances and extensions of credit to any Person
permitted under Section 5.02(f)(iv)(C); provided, however, that the following asset concentration restrictions shall apply
to the calculation of Total Asset Value: (A) the maximum value allocable to Joint Venture Assets shall not exceed 15% of Total
Asset Value; (B) the maximum value allocable to Development Assets shall not exceed 15% of Total Asset Value based on the
total budgeted costs attributable to such Development Assets; (C) the maximum value allocable to Unimproved Land shall not
exceed 5% of Total Asset Value; (D) the maximum value allocable to Investments consisting of loans, advances and extensions
of credit to any Person permitted under Section 5.02(f)(iv)(C) shall not exceed 15% of Total Asset Value; (E) the maximum
value allocable to improved Real Property that does not constitute Hotel Assets shall not exceed 5% of Total Asset Value; and (F) the
maximum value allocable to items (A) to (E) above shall not exceed 30% of Total Asset Value (provided further that in each
case, to the extent such limitation is exceeded, the value of such assets shall be removed from the calculation of the Total Asset
Value to the extent of such excess).

 

“Total Unencumbered
Asset Value” means, at any date of determination, the sum of the Unencumbered Asset Values of all Unencumbered Assets;
provided, however, that no less than twenty (20) Hotel Assets must, at all times, qualify as Unencumbered Assets or the
Total Unencumbered Asset Value shall be deemed to be zero ($0.00).

 

“Total Indebtedness”
means, at any date of determination, all Consolidated Indebtedness of the Parent Guarantor and its Subsidiaries as at the end of
the most recently ended fiscal quarter of the Parent Guarantor for which financial statements are required to be delivered to the
Lender Parties pursuant to Section 5.03(b) or (c), as the case may be, plus the JV Pro Rata Share of Indebtedness of any
Joint Venture.

 

    	 	30	 

     

    

  

“Transfer”
has the meaning specified in Section 5.02(e)(i).

 

“TRS Holdco”
means Summit Hotel TRS, Inc.

 

“TRS Lessee”
means a lessee of an Unencumbered Asset pursuant to an Operating Lease.

 

“Type”
refers to the distinction between Advances bearing interest at the Base Rate and Advances bearing interest at the Eurodollar Rate.

 

“Unencumbered
Adjusted NOI” means aggregate Adjusted NOI for all Unencumbered Assets.

 

“Unencumbered
Asset Designation Package” means, with respect to any Proposed Unencumbered Asset, the following items, each in form
and substance satisfactory to the Administrative Agent and in sufficient copies for each Lender: (a) a description of such Asset
in detail satisfactory to the Administrative Agent, (b) a projected cash flow analysis of such Asset, (c) a statement of operating
expenses for such Asset for the immediately preceding 36 consecutive calendar months, or such shorter period that the Asset has
been open for business, (d) an operating expense and capital expenditures budget for such Asset for the next succeeding 12 consecutive
months, (e) the information with respect to such Proposed Unencumbered Asset required pursuant to Section 3.01(a)(iii), and (f)
such other items relating to such Asset as Administrative Agent may reasonably request.

 

“Unencumbered
Assets” means (a) the Hotel Assets listed on Schedule II hereto on the Closing Date, (b) together with those Hotel
Assets which are designated by the Borrower and for which the applicable conditions (as may be determined by the Administrative
Agent in its sole discretion) in Section 3.01 and, if applicable, Section 5.01(k) have been satisfied and as the Administrative
Agent, in its sole discretion, shall have elected to treat as Unencumbered Assets for purposes of this Agreement, (c) but excluding,
in each case, any such Unencumbered Assets removed pursuant to Section 5.02(e)(ii)(C).

 

“Unencumbered
Asset Pool” means all of the Unencumbered Assets.

 

    	 	31	 

     

    

  

“Unencumbered
Asset Pool Conditions” means, with respect to any Unencumbered Asset or Proposed Unencumbered Asset, that such Asset
(a) is a Hotel Asset located in the United States of America; (b) is a limited service, select service or full service
hotel that is rated “upscale”, “upper midscale”, “midscale” or better by Smith Travel Research;
(c) is wholly owned, directly or indirectly, by the Borrower either in fee simple absolute or subject to a Qualifying Ground
Lease and is leased to the applicable TRS Lessee (which is wholly-owned by TRS Holdco) pursuant to an Operating Lease; (d) is
fully operating, open to the public, and not under significant development, redevelopment or Material Renovation; (e) is free
of all material structural defects or architectural deficiencies, title defects, environmental or other material matters (including
a casualty event or condemnation) that could reasonably be expected to have a material adverse effect on the value, use or ability
to sell or refinance such Asset; (f) is operated by an Approved Manager or any other property manager approved by the Administrative
Agent pursuant to a Management Agreement; (g) is operated under a nationally recognized brand subject to a Franchise Agreement
with an Approved Franchisor or any other franchisor approved by the Required Lenders; (h) is not subject to mezzanine Indebtedness
financing; (i) is not, and no interest of the Borrower or any of its Subsidiaries therein is, subject to any Lien (other than
Permitted Liens) or any Negative Pledge; and (j) is 100% owned by the Borrower or a Subsidiary Guarantor that satisfies the
requirements of Section 5.02(p) and (1) none of the Borrower’s or the Parent Guarantor’s direct or indirect Equity
Interests in such Subsidiary is subject to any Lien (other than Permitted Liens) or any Negative Pledge and (2) (x) on
or prior to the date such Asset is added to the Unencumbered Asset Pool, such Subsidiary shall have become a Guarantor hereunder,
and (y) the Borrower directly, or indirectly through a Subsidiary, has the right to take the following actions without the
need to obtain the consent of any Person: (i) to create Liens on such Asset and on the Equity Interests in such Subsidiary
as security for Indebtedness of the Borrower or such Subsidiary, as applicable, and (ii) to sell, transfer or otherwise dispose
of such Asset (provided that any restrictions of the type described in the proviso in the definition of “Negative Pledge”
shall not be deemed to cause a failure to satisfy the conditions set forth in (y)(i) and (ii) above); and (k) is assessed
for real estate tax purposes as one or more wholly independent tax lot or lots, separate from any adjoining land or improvements
not constituting a part of such lot or lots, and no other land or improvements is assessed and taxed together with such Hotel Asset
or any portion thereof; provided, however, that if two Hotel Assets are located on a single tax lot, the Borrower may elect
to treat such Hotel Assets for all purposes of this Agreement as one Hotel Asset, in which case, such Hotel Asset shall be deemed
to comply with this clause (k) and such two components of such Hotel Asset shall be included in and removed from the Unencumbered
Assets simultaneously and both must meet all Unencumbered Asset Pool Conditions for either component to qualify as an Unencumbered
Asset.”

 

“Unencumbered
Asset Value” means, with respect to any Unencumbered Asset, at any date of determination

 

(a)for each Seasoned
Property, (i) the Adjusted NOI for such Seasoned Property for the four quarters most recently ended prior to such date of determination
divided by (ii) the applicable Capitalization Rate, and

 

(b)for each New
Property, the acquisition cost of such New Property (until the Seasoned Date, or earlier at the Borrower’s election).

 

“Unimproved
Land” means land on which no development (other than improvements that are not material and are temporary in nature)
has occurred.

 

“Unrestricted
Cash and Cash Equivalents” means, with respect to any Person, cash and Cash Equivalents of such Person that are free
and clear of all Liens and not subject to any restrictions on the use thereof to pay Indebtedness and other obligations of such
Person.

 

“Unsecured
Indebtedness” means, with respect to a Person, Indebtedness of such Person that is not Secured Indebtedness.

 

“Unsecured
Leverage Ratio” means, at any date of determination, the ratio of Consolidated Unsecured Indebtedness of the Parent
Guarantor to Unencumbered Asset Value.

 

    	 	32	 

     

    

  

“Unsecured
Leverage Ratio Increase Election” means an election by notice from the Borrower to the Administrative Agent to increase
the maximum Unsecured Leverage Ratio in accordance with the proviso in Section 5.04(b)(i), which election may only be made contemporaneously
with the closing of a Specified Acquisition and shall otherwise be subject to the limitations set forth in such proviso.

 

“Unused Fee
Percentage” means, with respect to any day during a calendar quarter, 0.25% per annum.

 

“Voting Interests”
means shares of capital stock issued by a corporation, or equivalent Equity Interests in any other Person, the holders of which
are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or the election or appointment
of persons performing similar functions) of such Person, even if the right so to vote has been suspended by the happening of such
a contingency.

 

“Welfare Plan”
means a welfare plan, as defined in Section 3(1) of ERISA, that is maintained for employees of any Loan Party or in respect of
which any Loan Party could have liability under applicable law.

 

“Withdrawal
Liability” has the meaning specified in Part I of Subtitle E of Title IV of ERISA.

 

“Write-Down
and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.

 

SECTION 1.02        Computation
of Time Periods; Other Definitional Provisions. In this Agreement and the other Loan Documents in the computation of periods
of time from a specified date to a later specified date, the word “from” means “from and including”
and the words “to” and “until” each mean “to but excluding”. References in the
Loan Documents to any agreement or contract “as amended” shall mean and be a reference to such agreement or
contract as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with its terms.

 

SECTION 1.03        Accounting
Terms. All accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting
principles consistent with those applied in the preparation of the financial statements referred to in Section 4.01(g) (“GAAP”).

 

    	 	33	 

     

    

 

ARTICLE II

AMOUNTS AND TERMS OF THE ADVANCES

 

SECTION 2.01         The
Advances.

 

(a)       Subject
to the terms and conditions set forth in this Agreement, each Term Loan Lender severally agrees, on the terms and conditions hereinafter
set forth, to make advances (each, a “Term Loan Advance”) to the Borrower from time to time up to a maximum
of one (1) advance on the Closing Date and three (3) times thereafter during the period beginning on the day after the Closing
Date and ending on September 20, 2018 (the “Term Loan Commitment Period”), upon notice by the Borrower to the Administrative
Agent given in accordance with Section 2.02(a), such sums as are requested by the Borrower for the purposes set forth in Section
2.14, in an amount (i) of an integral multiple of $25,000,000, and (ii) up to a maximum aggregate principal amount outstanding
(after giving effect to all amounts requested) at any one time equal to such Lender’s Term Loan Commitment; provided,
however, that all Term Loan Borrowings shall be subject to the satisfaction of the conditions precedent set forth in Section
3.02. Such additional advances made in accordance with this Section 2.01(a) after the Closing Date is each a “Delayed Draw”
and are collectively referred to herein as the “Delayed Draws.” Any amount of the Term Loan Commitment that is not
drawn by Borrower on or before the expiration of the Term Loan Commitment Period will not be available to be drawn by the Borrower
thereafter, and any undrawn portion of the Term Loan Commitment shall terminate.

 

(b)       Each
Borrowing shall consist of Term Loan Advances made simultaneously by the Term Loan Lenders ratably according to their Term Loan
Commitments. The Borrower may prepay Term Loan Advances pursuant to Section 2.06(a). The Borrower shall not have the right to reborrow
any portion of the Term Loan that is repaid or prepaid, provided that such prepayment shall not limit the terms of Section 2.17.

 

SECTION 2.02         Making
the Advances.

 

(a)       Each
Borrowing shall be made on notice, given not later than 12:00 Noon (Cleveland, Ohio time) on the third Business Day prior to the
date of the proposed Borrowing in the case of a Borrowing consisting of Eurodollar Rate Advances, or not later than 1:00 P.M. (Cleveland,
Ohio time) on the date one Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Base
Rate Advances, by the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof by telex or telecopier.
Each such notice of a Borrowing (a “Notice of Borrowing”) shall be by telephone, confirmed immediately
in writing, or telex or telecopier or e-mail, in each case in substantially the form of Exhibit B hereto, specifying therein the
requested (i) date of such Borrowing, (ii) Type of Advances comprising such Borrowing, (iii) aggregate amount of such Borrowing,
and (iv) in the case of a Borrowing consisting of Eurodollar Rate Advances, initial Interest Period for each such Advance. Each
Lender shall, before 12:00 Noon (Cleveland, Ohio time) on the date of such Borrowing in the case of a Borrowing consisting of Eurodollar
Rate Advances and 1:00 P.M. (Cleveland, Ohio time) on the date of such Borrowing in the case of a Borrowing consisting of Base
Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at the Administrative
Agent’s Account, in same day funds, such Lender’s ratable portion of such Borrowing in accordance with the respective
Commitments of such Lender and the other Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment
of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower
by crediting the Borrower’s Account.

 

(b)       [Intentionally
Omitted.]

 

    	 	34	 

     

    

 

(c)       Anything
in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for any Borrowing
if the aggregate amount of such Borrowing is less than $5,000,000 or if the obligation of the Lenders to make Eurodollar Rate Advances
shall then be suspended pursuant to Section 2.07(d)(ii), 2.09 or 2.10 and (ii) there may not be more than five (5) separate Interest
Periods in effect hereunder at any time.

 

(d)       Each
Notice of Borrowing shall be irrevocable and binding on the Borrower. In the case of any Borrowing that the related Notice of Borrowing
specifies is to be comprised of Eurodollar Rate Advances, the Borrower shall indemnify each Lender against any loss, cost or expense
incurred by such Lender as a result of any failure to fulfill on or before the date specified in such Notice of Borrowing for such
Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss, cost or expense incurred
by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made
by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date.

 

(e)       Unless
the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not
make available to the Administrative Agent such Lender’s ratable portion of such Borrowing, the Administrative Agent may
assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance
with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to
the Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such ratable portion
available to the Administrative Agent, such Lender and the Borrower severally agree to repay or pay to the Administrative Agent
forthwith on demand such corresponding amount and to pay interest thereon, for each day from the date such amount is made available
to the Borrower until the date such amount is repaid or paid to the Administrative Agent, at (i) in the case of the Borrower, the
interest rate applicable at such time under Section 2.07 to Advances comprising such Borrowing and (ii) in the case of such Lender,
the Federal Funds Rate. If such Lender shall pay to the Administrative Agent such corresponding amount, such amount so paid shall
constitute such Lender’s Advance as part of such Borrowing for all purposes.

 

(f)       The
failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation,
if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any
other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

 

SECTION 2.03         Facility
Unused Fee. The Borrower agrees to pay to the Administrative Agent for the account of the Lenders (other than a Defaulting
Lender for such period of time as such Lender is a Defaulting Lender) in accordance with their Pro Rata Share a facility unused
fee (the “Unused Fee”) calculated by multiplying the Unused Fee Percentage, calculated as a per diem rate, times the
excess of the Term Loan Commitment over the outstanding principal amount of Term Loans for the period from December 25, 2017 to
the last day of the Term Loan Commitment Period, if any. The Unused Fee shall be payable quarterly in arrears on the first day
of each calendar quarter for the immediately preceding calendar quarter or portion thereof, and on any earlier date on which the
Term Loan Commitments shall be reduced or shall terminate as provided in Section 2.01 or 2.05, with a final payment on the last
day of the Term Loan Commitment Period.

 

    	 	35	 

     

    

 

 

SECTION 2.04         Repayment
of Advances. The Borrower shall repay to the Administrative Agent for the ratable account of the Term Loan Lenders on the
Termination Date in respect of the Term Loan Facility the aggregate outstanding principal amount of the Term Loan Advances then
outstanding.

 

SECTION 2.05         Termination
or Reduction of the Commitments. The Term Loan Facility shall be permanently reduced from time to time by the amount of each
payment or prepayment of principal made in respect of the Term Loan Facility.

 

SECTION 2.06          Prepayments.

 

(a)       Optional.
The Borrower may, upon same day notice in the case of Base Rate Advances and two Business Days’ notice in the case of Eurodollar
Rate Advances, in each case to the Administrative Agent stating the proposed date and aggregate principal amount of the prepayment,
and if such notice is given the Borrower shall, prepay the outstanding aggregate principal amount of the Advances comprising part
of the same Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the aggregate
principal amount prepaid; provided, however, that (i) each partial prepayment shall be in an aggregate principal amount
of $5,000,000 or an integral multiple of $250,000 in excess thereof or, if less, the amount of the Advances outstanding and (ii)
if any prepayment of a Eurodollar Rate Advance is made on a date other than the last day of an Interest Period for such Advance,
the Borrower shall also pay any amounts owing pursuant to Section 9.04(c).

 

(b)       Mandatory.

 

(i)       The
Borrower shall, if applicable, on each Business Day, prepay an aggregate principal amount of the Term Loan Advances comprising
part of the same Borrowings in an amount sufficient, and only to the extent necessary to cause (A) the Leverage Ratio not to exceed
the applicable maximum Leverage Ratio set forth in Section 5.04(a)(i) on such Business Day, (B) compliance with the covenants in
Section 5.04(b)(i) and (ii), and (C) the Facility Exposure not to exceed the aggregate Commitments of the Lenders on such Business
Day.

 

(ii)       All
prepayments under this subsection (b) shall be made together with accrued interest to the date of such prepayment on the principal
amount prepaid.

 

(c)       No
Reborrowing. Any amount of Advances prepaid or otherwise repaid under the Loan Documents may not be reborrowed (provided that
such prepayment shall not limit the terms of Section 2.17).

 

SECTION 2.07          Interest.

 

(a)       Scheduled
Interest. The Borrower shall pay interest on the unpaid principal amount of each Advance owing to each Lender from the date
of such Advance until such principal amount shall be paid in full, at the following rates per annum:

 

    	 	36	 

     

    

 

(i)       Base
Rate Advances. During such periods as such Advance is a Base Rate Advance, a rate per annum equal at all times to the sum of
(A) the Base Rate in effect from time to time plus (B) the Applicable Margin in respect of Base Rate Advances in effect from time
to time, payable in arrears quarterly on the last day of each March, June, September and December during such periods and on the
date such Base Rate Advance shall be Converted or paid in full.

 

(ii)       Eurodollar
Rate Advances. During such periods as such Advance is a Eurodollar Rate Advance, a rate per annum equal at all times during
each Interest Period for such Advance to the sum of (A) the Eurodollar Rate for such Interest Period for such Advance plus (B)
the Applicable Margin in respect of Eurodollar Rate Advances in effect on the first day of such Interest Period, payable in arrears
on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that
occurs during such Interest Period every three months from the first day of such Interest Period and on the date such Eurodollar
Rate Advance shall be Converted or paid in full.

 

(b)       Default
Interest. Upon the occurrence and during the continuance of any Event of Default, the Borrower shall pay interest on (i) the
unpaid principal amount of each Advance owing to each Lender, payable in arrears on the dates referred to in clause (a)(i) or (a)(ii)
above and on demand, at a rate per annum equal at all times to the lesser of the maximum rate permitted by applicable law and the
Default Rate and (ii) to the fullest extent permitted by law, the amount of any interest, fee or other amount payable under the
Loan Documents that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable
in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to the Default Rate.

 

(c)       Notice
of Interest Period and Interest Rate. Promptly after receipt of a Notice of Borrowing pursuant to Section 2.02(a), a notice
of Conversion pursuant to Section 2.09 or a notice of selection of an Interest Period pursuant to the definition of “Interest
Period”, the Administrative Agent shall give notice to the Borrower and each Lender of the applicable Interest Period
and the applicable interest rate determined by the Administrative Agent for purposes of clause (a)(i) or (a)(ii) above, and the
applicable rate, if any, furnished by each Reference Bank for the purpose of determining the applicable interest rate under clause
(a)(ii) above.

 

(d)       Interest
Rate Determination.

 

(i)       Reference
Bank agrees to furnish to the Administrative Agent timely information for the purpose of determining each Eurodollar Rate.

 

(ii)       If
the Reuters Screen LIBOR01 Page (or a successor page) is unavailable and Reference Bank is not able to furnish timely information
to the Administrative Agent for determining the Eurodollar Rate for any Eurodollar Rate Advances,

 

(A)       the
Administrative Agent shall forthwith notify the Borrower and the Lenders that the interest rate cannot be determined for such Eurodollar
Rate Advances,

 

    	 	37	 

     

    

 

(B)       each
such Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance
(or if such Advance is then a Base Rate Advance, will continue as a Base Rate Advance), and

 

(C)       the
obligation of the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended until the Administrative
Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist.

 

SECTION 2.08          Fees.
The Borrower shall pay to the Administrative Agent and the Arrangers for its own account the fees, in the amounts and on the dates,
set forth in the Fee Letter and such other fees as may from time to time be agreed between the Borrower and the Administrative
Agent or Arrangers.

 

SECTION 2.09          Conversion
of Advances.

 

(a)       Optional.
The Borrower may on any Business Day, upon notice given to the Administrative Agent not later than 12:00 Noon (Cleveland, Ohio
time) on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of Sections 2.07 and
2.10, Convert all or any portion of the Advances of one Type comprising the same Borrowing into Advances of the other Type; provided,
however, that any Conversion of Eurodollar Rate Advances into Base Rate Advances shall be made only on the last day of an Interest
Period for such Eurodollar Rate Advances, any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount
not less than the minimum amount specified in Section 2.02(c), no Conversion of any Advances shall result in more separate Borrowings
than permitted under Section 2.02(c), each Conversion of Advances comprising part of the same Borrowing shall be made ratably among
the Lenders in accordance with their Commitments, and with respect to any proposed Term Loan Borrowing consisting a Conversion
of Base Rate Advances to Eurodollar Rate Advances, such Conversion must occur only on the first day of an Interest Period. Each
such notice of Conversion shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Advances
to be Converted, and (iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for
such Advances. Each notice of Conversion shall be irrevocable and binding on the Borrower.

 

(b)       Mandatory.

 

(i)       On
the date on which the aggregate unpaid principal amount of Eurodollar Rate Advances comprising any Borrowing shall be reduced,
by payment or prepayment or otherwise, to less than $5,000,000, such Advances shall automatically Convert into Base Rate Advances.

 

(ii)       If
the Borrower shall fail to select the duration of any Interest Period for any Eurodollar Rate Advances in accordance with the provisions
contained in the definition of “Interest Period” in Section 1.01, the Administrative Agent will forthwith so notify
the Borrower and the Lenders, whereupon each such Eurodollar Rate Advance will automatically, on the last day of the then existing
Interest Period therefor, Convert into a Base Rate Advance.

 

    	 	38	 

     

    

 

(iii)       Upon
the occurrence and during the continuance of any Event of Default, (y) each Eurodollar Rate Advance will automatically, on the
last day of the then existing Interest Period therefor, Convert into a Base Rate Advance and (z) the obligation of the Lenders
to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended.

 

SECTION 2.10          Increased
Costs, Etc.

 

(a)       If,
due to either (i) the introduction of or any change in or in the interpretation of any law or regulation or (ii) the compliance
with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), there
shall be any increase in the cost to any Lender Party of agreeing to make or of making, funding or maintaining Eurodollar Rate
Advances (excluding, for purposes of this Section 2.10, any such increased costs resulting from (y), Taxes described in clauses
(ii) and (iii) of the definition of Excluded Taxes, Indemnified Taxes or Other Taxes (as to which Section 2.12 shall govern) and
(z) changes in the basis of taxation of overall net income or overall gross income by the United States or by the foreign jurisdiction
or state under the laws of which such Lender Party is organized, has its Applicable Lending Office or otherwise has current or
former connections (other than such connections arising from such Lender Party’s having executed, delivered, became a party
to, performed its obligations under, received or perfected a security interest under, engaged in any other transactions pursuant
to, or enforced any Loan Documents, or sold or assigned any interest in any Obligations or Loan Document) or any political subdivision
thereof), then the Borrower shall from time to time, upon demand by such Lender Party (with a copy of such demand to the Administrative
Agent), pay to the Administrative Agent for the account of such Lender Party additional amounts sufficient to compensate such Lender
Party for such increased cost; provided, however, that a Lender Party claiming additional amounts under this Section 2.10(a)
agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different
Applicable Lending Office if the making of such a designation would avoid the need for, or reduce the amount of, such increased
cost that may thereafter accrue and would not, in the reasonable judgment of such Lender Party, be otherwise disadvantageous to
such Lender Party. A certificate as to the amount of such increased cost, submitted to the Borrower by such Lender Party, shall
be conclusive and binding for all purposes, absent manifest error. Notwithstanding anything to the contrary contained in this Agreement,
the Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended, and all requests, rules, guidelines or directives thereunder
or issued in connection therewith, regardless of the date enacted, adopted or issued shall be deemed an introduction or change
of the type referred to in subclause (i) of this Section 2.10(a).

 

    	 	39	 

     

    

 

(b)       If
any Lender Party determines that compliance with any law or regulation or any guideline or request from any central bank or other
Governmental Authority (whether or not having the force of law) affects or would affect the amount of capital or liquidity required
or expected to be maintained by such Lender Party or any corporation controlling such Lender Party and that the amount of such
capital or such liquidity requirement is increased by or based upon the existence of such Lender Party’s commitment to lend
hereunder and other commitments of such type (or similar contingent obligations), then, upon demand by such Lender Party or such
corporation (with a copy of such demand to the Administrative Agent), the Borrower shall pay to the Administrative Agent for the
account of such Lender Party, from time to time as specified by such Lender Party, additional amounts sufficient to compensate
such Lender Party in the light of such circumstances, to the extent that such Lender Party reasonably determines such increase
in capital or increase in liquidity to be allocable to the existence of such Lender Party’s commitment to lend hereunder.
A certificate as to such amounts submitted to the Borrower by such Lender Party shall be conclusive and binding for all purposes,
absent manifest error.

 

Notwithstanding anything
to the contrary contained in this Agreement, the Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended, and all
requests, rules, guidelines or directives thereunder or issued in connection therewith, regardless of the date enacted, adopted
or issued, and all requests, rules, guidelines or directives promulgated by the Bank for International Settlements or the Basel
Committee on Banking Supervision (or any successor or similar authority) shall be deemed an introduction or change of the type
referred to in Section 2.10(a) and this Section 2.10(b).

 

(c)       If,
with respect to any Eurodollar Rate Advances, the Required Lenders notify the Administrative Agent that the Eurodollar Rate for
any Interest Period for such Advances will not adequately reflect the cost to such Lenders of making, funding or maintaining their
Eurodollar Rate Advances for such Interest Period, the Administrative Agent shall forthwith so notify the Borrower and the Lenders,
whereupon (i) each such Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period therefor,
Convert into a Base Rate Advance and (ii) the obligation of the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances
shall be suspended until the Administrative Agent shall notify the Borrower that such Lenders have determined that the circumstances
causing such suspension no longer exist.

 

(d)       Notwithstanding
any other provision of this Agreement, if the introduction of or any change in or in the interpretation of any law or regulation
shall make it unlawful, or any central bank or other Governmental Authority shall assert that it is unlawful, for any Lender or
its Eurodollar Lending Office to perform its obligations hereunder to make Eurodollar Rate Advances or to continue to fund or maintain
Eurodollar Rate Advances hereunder, then, on notice thereof and demand therefor by such Lender to the Borrower through the Administrative
Agent, (i) each Eurodollar Rate Advance will automatically, upon such demand, Convert into a Base Rate Advance and (ii) the obligation
of the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended until the Administrative Agent
shall notify the Borrower that such Lender has determined that the circumstances causing such suspension no longer exist; provided,
however, that, before making any such demand, such Lender agrees to use reasonable efforts (consistent with its internal policy
and legal and regulatory restrictions) to designate a different Eurodollar Lending Office if the making of such a designation would
allow such Lender or its Eurodollar Lending Office to continue to perform its obligations to make Eurodollar Rate Advances or to
continue to fund or maintain Eurodollar Rate Advances and would not, in the judgment of such Lender, be otherwise disadvantageous
to such Lender.

 

    	 	40	 

     

    

 

SECTION 2.11          Payments
and Computations.

 

(a)       The
Borrower shall make each payment hereunder and under the Notes, irrespective of any right of counterclaim or set-off (except as
otherwise provided in Section 2.13), not later than 12:00 Noon (Cleveland, Ohio time) on the day when due in U.S. dollars to the
Administrative Agent at the Administrative Agent’s Account in same day funds, with payments being received by the Administrative
Agent after such time being deemed to have been received on the next succeeding Business Day. The Administrative Agent shall promptly
thereafter cause like funds to be distributed (i) if such payment by the Borrower is in respect of principal, interest, commitment
fees or any other Obligation then payable hereunder and under the Notes to more than one Lender Party, to such Lender Parties for
the account of their respective Applicable Lending Offices ratably in accordance with the amounts of such respective Obligations
then payable to such Lender Parties and (ii) if such payment by the Borrower is in respect of any Obligation then payable hereunder
to one Lender Party, to such Lender Party for the account of its Applicable Lending Office, in each case to be applied in accordance
with the terms of this Agreement. Upon any Acceding Lender becoming a Lender hereunder as a result of a Commitment Increase pursuant
to Section 2.17 and upon the Administrative Agent’s receipt of such Lender’s Accession Agreement and recording of information
contained therein in the Register, from and after the applicable Increase Date, the Administrative Agent shall make all payments
hereunder and under any Notes issued in connection therewith in respect of the interest assumed thereby to such Acceding Lender.
Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant
to Section 9.07(d), from and after the effective date of such Assignment and Acceptance, the Administrative Agent shall make all
payments hereunder and under the Notes in respect of the interest assigned thereby to the Lender Party assignee thereunder, and
the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments for periods prior to such
effective date directly between themselves.

 

(b)       The
Borrower hereby authorizes each Lender Party and each of its Affiliates, if and to the extent payment owed to such Lender Party
is not made when due hereunder or, in the case of a Lender, under the Note held by such Lender, to charge from time to time, to
the fullest extent permitted by law, against any or all of the Borrower’s accounts with such Lender Party any amount so due.

 

(c)       All
computations of interest based on the Base Rate shall be made by the Administrative Agent on the basis of a year of 365 or 366
days, as the case may be, and all computations of interest based on the Eurodollar Rate or the Federal Funds Rate and of fees shall
be made by the Administrative Agent on the basis of a year of 360 days, in each case for the actual number of days (including the
first day but excluding the last day) occurring in the period for which such interest, fees or commissions are payable. Each determination
by the Administrative Agent of an interest rate, fee or commission hereunder shall be conclusive and binding for all purposes,
absent manifest error.

 

(d)       Whenever
any payment hereunder or under the Notes shall be stated to be due on a day other than a Business Day, such payment shall be made
on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of
interest or commitment fee, as the case may be; provided, however, that if such extension would cause payment of interest
on or principal of Eurodollar Rate Advances to be made in the next following calendar month, such payment shall be made on the
next preceding Business Day.

 

    	 	41	 

     

    

 

(e)       Unless
the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to any Lender
Party hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has
made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption,
cause to be distributed to each such Lender Party on such due date an amount equal to the amount then due such Lender Party. If
and to the extent the Borrower shall not have so made such payment in full to the Administrative Agent, each such Lender Party
shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender Party together with interest
thereon, for each day from the date such amount is distributed to such Lender Party until the date such Lender Party repays such
amount to the Administrative Agent, at the Federal Funds Rate.

 

(f)       Whenever
any payment received by the Administrative Agent under this Agreement or any of the other Loan Documents is insufficient to pay
in full all amounts due and payable to the Administrative Agent and the Lender Parties under or in respect of this Agreement and
the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent and applied by the Administrative
Agent and the Lender Parties in the following order of priority:

 

(i)      first,
to the payment of all of the fees, indemnification payments, costs and expenses that are due and payable to the Administrative
Agent (solely in its capacity as Administrative Agent) under or in respect of this Agreement and the other Loan Documents on such
date, ratably based upon the respective aggregate amounts of all such fees, indemnification payments, costs and expenses owing
to the Administrative Agent on such date;

 

(ii)     second,
to the payment of all of the indemnification payments, costs and expenses that are due and payable to the Lenders under Section
9.04, and any similar section of any of the other Loan Documents on such date, ratably based upon the respective aggregate amounts
of all such indemnification payments, costs and expenses owing to the Lenders on such date;

 

(iii)    third,
to the payment of all of the amounts that are due and payable to the Administrative Agent and the Lender Parties under Sections
2.10 and 2.12 on such date, ratably based upon the respective aggregate amounts thereof owing to the Administrative Agent and
the Lender Parties on such date;

 

(iv)    fourth,
to the payment of all of the accrued and unpaid interest on the Obligations of the Borrower under or in respect of the Loan Documents
that is due and payable to the Administrative Agent and the Lender Parties under Section 2.07(b) on such date, ratably based upon
the respective aggregate amounts of all such interest owing to the Administrative Agent and the Lender Parties on such date;

 

(v)     fifth,
to the payment of all of the accrued and unpaid interest on the Advances that is due and payable to the Administrative Agent and
the Lender Parties under Section 2.07(a) on such date or any periodic scheduled payments due under any Guaranteed Hedge Agreement
of which Administrative Agent has received not less than five (5) Business Days prior written notice, ratably based upon the respective
aggregate amounts of all such interest owing to the Administrative Agent and the Lender Parties on such date;

 

    	 	42	 

     

    

 

(vi)    sixth,
to the payment of any other accrued and unpaid interest comprising Obligations that is due and payable to the Administrative Agent
and the Lender Parties on such date, ratably based upon the respective aggregate amounts of all such interest owing to the Administrative
Agent and the Lender Parties on such date;

 

(vii)   seventh,
to the payment of the principal amount of all of the outstanding Advances and any termination payments due under a Guaranteed Hedge
Agreement of which Administrative Agent has received not less than five (5) Business Days prior written notice that are due and
payable to the Administrative Agent and the Lender Parties on such date, ratably based upon the respective aggregate amounts of
all such principal and reimbursement obligations owing to the Administrative Agent and the Lender Parties on such date; and

 

(viii) 
eighth, to the payment of all other Obligations of the Loan Parties owing under or in respect of the Loan Documents that
are due and payable to the Administrative Agent and the other Lender Parties on such date, ratably based upon the respective
aggregate amounts of all such Obligations owing to the Administrative Agent and the other Lender Parties on such date.

 

SECTION 2.12          Taxes.

 

(a)       Any
and all payments by any Loan Party to or for the account of any Lender Party or the Administrative Agent hereunder or under any
other Loan Document shall be made, in accordance with Section 2.11 or the applicable provisions of such other Loan Document, if
any, free and clear of and without deduction for any and all present or future taxes, levies, imposts, duties, deductions, withholdings
(including all backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest,
additions to tax or penalties applicable thereto (collectively, “Taxes”), except as required by applicable
law, excluding (i) in the case of each Lender Party and the Administrative Agent, taxes that are imposed on its overall
net income by the United States and taxes that are imposed on its overall net income (and franchise taxes imposed in lieu thereof)
by the state or foreign jurisdiction under the laws of which such Lender Party or the Administrative Agent, as the case may be,
is organized, has its Applicable Lending Office or otherwise has current or former connections (other than such connections arising
from such Lender Party’s having executed, delivered, became a party to, performed its obligations under, received or perfected
a security interest under, engaged in any other transactions pursuant to, or enforced any Loan Documents, or sold or assigned any
interest in any Obligations or Loan Document) or any political subdivision thereof) or any political subdivision thereof, in the
case of each Lender Party, taxes that are imposed on its overall net income (and franchise taxes imposed in lieu thereof) by the
state or foreign jurisdiction of such Lender Party’s Applicable Lending Office or any political subdivision thereof, (ii)
any U.S. federal withholding tax imposed on amounts payable to or for the account of any Lender Party with respect to an applicable
interest in an Advance or Commitment pursuant to a law in effect on the date, including the Closing Date, on which such Lender
Party acquires such interest in the Advance or Commitment (other than pursuant to an assignment request by the Borrower under Section
9.01(b)) or designates a new Applicable Lending Office, except in each case to the extent that, pursuant to this Section 2.12(a)
or Section 2.12(c), amounts with respect to such Taxes were payable either to such Lender Party’s assignor immediately before
such Person became a party hereto or to such Lender Party immediately before it changed its Applicable Lending Office, and (iii)
in the case of each Lender Party, any U.S. federal withholding tax imposed pursuant to FATCA (all such excluded Taxes in respect
of payments hereunder or under the Notes being referred to as “Excluded Taxes”, and all Taxes other than
Other Taxes and Excluded Taxes being referred to as “Indemnified Taxes”). If any Loan Party shall be
required by law (as determined in the good faith discretion of the applicable Loan Party) to deduct any Indemnified Taxes from
or in respect of any sum payable hereunder or under any other Loan Document to any Lender Party or the Administrative Agent, and
unless such requirement arises from the failure of a Lender to furnish the documentation described and required to be provided
in Section 2.12(f) or (g), (i) the sum payable by such Loan Party shall be increased as may be necessary so that after such Loan
Party and the Administrative Agent have made all required deductions (including deductions applicable to additional sums payable
under this Section 2.12) such Lender Party or the Administrative Agent, as the case may be, receives an amount equal to the sum
it would have received had no such deductions been made, (ii) such Loan Party shall make all such deductions and (iii) such Loan
Party shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law.

 

    	 	43	 

     

    

 

(b)       In
addition, each Loan Party shall pay any present or future stamp, court or documentary, excise, property, intangible, recording,
filing or similar taxes, charges or levies that arise from any payment made by such Loan Party hereunder or under any other Loan
Documents or from the execution, delivery or registration of, performance under, or otherwise with respect to, this Agreement,
or the other Loan Documents (hereinafter referred to as “Other Taxes”).

 

(c)       Without
duplication of Sections 2.12(a) or 2.12(b), the Loan Parties shall indemnify each Lender Party and the Administrative Agent for
and hold them harmless against the full amount of Indemnified Taxes and Other Taxes, and for the full amount of Indemnified Taxes
and Other Taxes of any kind imposed or asserted by any jurisdiction on amounts payable under this Section 2.12, imposed on or paid
by such Lender Party or the Administrative Agent (as the case may be), or required to be withheld or deducted from a payment to
such Loan Party or the Administrative Agent and any liability (including penalties, additions to tax, interest and expenses) arising
therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Loan Parties
by a Lender Party (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a
Lender Party, shall be conclusive absent manifest error. This indemnification shall be made within 10 days from the date such Lender
Party or the Administrative Agent (as the case may be) makes written demand therefor.

 

(d)       Each
Lender Party shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified
Taxes attributable to such Lender Party (but only to the extent that any Loan Party has not already indemnified the Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable
to such Lender Party’s failure to comply with the provisions of Section 9.07 relating to the maintenance of a Register and
(iii) any Excluded Taxes attributable to such Lender Party, in each case that are payable or paid by the Administrative Agent in
connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to any Lender Party by the Administrative Agent shall be conclusive absent manifest error. Each Lender Party
hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender Party under
any Loan Document or otherwise payable by the Administrative Agent to the Lender Party from any other source against any amount
due to the Agent under this paragraph (d).

 

    	 	44	 

     

    

 

(e)       Within
30 days after the date of any payment of Taxes, the appropriate Loan Party shall furnish to the Administrative Agent, at its address
referred to in Section 9.02, the original or a certified copy of a receipt evidencing such payment, to the extent such receipt
is issued therefor, or other evidence of payment thereof reasonably satisfactory to the Administrative Agent. In the case of any
payment hereunder or under the other Loan Documents by or on behalf of a Loan Party through an account or branch outside the United
States or by or on behalf of a Loan Party by a payor that is not a United States person, if such Loan Party determines that no
Taxes are payable in respect thereof, such Loan Party shall furnish, or shall cause such payor to furnish, to the Administrative
Agent, at such address, an opinion of counsel acceptable to the Administrative Agent stating that such payment is exempt from Taxes.
For purposes of subsections (e) and (g) of this Section 2.12, the terms “United States” and “United
States person” shall have the meanings specified in section 7701 of the Internal Revenue Code.

 

(f)       Any
Lender Party that is entitled to an exemption from or reduction of withholding tax with respect to payments made under any Loan
Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower
or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative
Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender
Party, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by
applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative
Agent to determine whether or not such Lender Party is subject to backup withholding or information reporting requirements. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other
than such documentation set forth in Section 2.12(g) below) shall not be required if in the applicable Lender Party’s reasonable
judgment such completion, execution or submission would subject such Lender Party to any material unreimbursed cost or expense
or would materially prejudice the legal or commercial position of such Lender Party.

 

    	 	45	 

     

    

 

(g)       Each
Lender Party organized under the laws of a jurisdiction outside the United States shall, on or prior to the date of its execution
and delivery of this Agreement in the case of each Initial Lender Party, and on the date of the Assignment and Acceptance or Accession
Agreement pursuant to which it becomes a Lender Party in the case of each other Lender Party, and from time to time thereafter
as reasonably requested in writing by the Borrower (but only so long thereafter as such Lender Party remains lawfully able to do
so), provide each of the Administrative Agent and the Borrower with two original Internal Revenue Service Forms W-8BEN or W-8ECI,
as appropriate, or any successor or other form prescribed by the Internal Revenue Service, certifying that such Lender Party is
exempt from or entitled to a reduced rate of United States federal withholding tax on payments pursuant to this Agreement or any
other Loan Document or, in the case of a Lender Party claiming the benefit of the exemption for portfolio interest under section
881(c) of the Internal Revenue Code (x) a certificate in the form of Exhibit G hereto to the effect that such Lender Party is not
a (A) a “bank” within the meaning of section 881(c)(3)(A) of the Internal Revenue Code, (B) or a “10 percent
shareholder” of any Loan Party within the meaning of section 881(c)(3)(B) of the Internal Revenue Code, or (C) a “controlled
foreign corporation” described in section 881(c)(3)(C) of the Internal Revenue Code and (y) two duly completed copies of
an IRS W-8BEN. If the forms provided by a Lender Party at the time such Lender Party first becomes a party to this Agreement indicate
a United States interest withholding tax rate in excess of zero, withholding tax at such rate shall be considered an Excluded Tax
unless and until such Lender Party provides the appropriate forms certifying that a lesser rate applies, whereupon withholding
tax at such lesser rate only shall be considered an Excluded Tax for periods governed by such forms; provided, however,
that if, at the effective date of the Assignment and Acceptance or Accession Agreement pursuant to which a Lender Party becomes
a party to this Agreement, the Lender Party assignor was entitled to payments under subsection (a) of this Section 2.12 in respect
of United States federal withholding tax with respect to interest paid at such date, then, to such extent, the term Indemnified
Taxes shall include (in addition to withholding taxes that may be imposed in the future or other amounts otherwise includable in
Taxes) United States federal withholding tax, if any, applicable with respect to the Lender Party assignee on such date. Upon the
request of the Borrower, any Lender that is a United States person and is not an exempt recipient for U.S. backup withholding purposes
shall deliver to the Borrower two copies of Internal Revenue Service form W-9 (or any successor form). If a payment made to a Lender
Party under any Loan Document would be subject to U.S. federal withholding tax imposed by FATCA if such Lender Party were to fail
to comply with the applicable reporting requirements of FATCA (including those contained in section 1471(b) or 1472(b) of the Internal
Revenue Code, as applicable), such Lender Party shall deliver to the Borrower and the Administrative Agent at the time or times
prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional
documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative
Agent to comply with their obligations under FATCA and to determine that such Lender Party has complied with such Lender Party’s
obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for the purposes of this subsection
(g), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. Each Lender Party shall promptly
notify the Borrower and the Administrative Agent of any change in circumstances that would modify or render invalid any claimed
exemption from or reduction of Taxes.

 

    	 	46	 

     

    

 

(h)       If
any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Indemnified Taxes or
Other Taxes as to which it has received an indemnification payment pursuant to this Section 2.12 (including by the payment of additional
amounts pursuant to this Section 2.12), it shall pay to the indemnifying party an amount equal to such refund (but only to the
extent of indemnity payments made under this Section with respect to the Indemnified Taxes or Other Taxes giving rise to such refund),
net of all out-of-pocket expenses (including Indemnified Taxes or Other Taxes) of such indemnified party and without interest (other
than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request
of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this subsection (h) (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is
required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection (h),
in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this subsection (h) the
payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would
have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise
imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall
not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes
that it deems confidential) to the indemnifying party or any other Person. No party shall have any obligation to pursue, or any
right to assert, any refund of Taxes or Other Taxes that may be paid by another party.

 

(i)       For
any period with respect to which a Lender Party has failed to provide the Borrower with the appropriate form or other document
described, and required to be provided, in subsection (f) or (g) above (other than if such failure is due to a change in
law, or in the interpretation or application thereof, occurring after the date on which a form or other document originally was
required to be provided or if such form or other document otherwise is not required under subsection (f) or (g) above), such Lender
Party shall not be entitled to indemnification under subsection (a) or (c) of this Section 2.12 with respect to Taxes imposed by
the United States by reason of such failure; provided, however, that should a Lender Party become subject to Taxes because
of its failure to deliver a form or other document required hereunder, the Loan Parties shall take such steps as such Lender Party
shall reasonably request to assist such Lender Party to recover such Taxes.

 

(j)       Any
Lender Party claiming any additional amounts payable pursuant to this Section 2.12 agrees to use reasonable efforts (consistent
with its internal policy and legal and regulatory restrictions) to change the jurisdiction of its Eurodollar Lending Office if
the making of such a change would avoid the need for, or reduce the amount of, any such additional amounts that may thereafter
accrue and would not, in the reasonable judgment of such Lender Party, be otherwise disadvantageous to such Lender Party.

 

(k)       In
the event that an additional payment is made under Section 2.12(a) or (c) for the account of any Lender Party and such Lender Party,
in its sole discretion, determines that it has finally and irrevocably received or been granted a credit against or release or
remission for, or repayment of, any tax paid or payable by it in respect of or calculated with reference to the deduction or withholding
giving rise to such payment, such Lender Party shall, to the extent that it determines that it can do so without prejudice to the
retention of the amount of such credit, relief, remission or repayment, pay to the applicable Loan Party such amount as such Lender
Party shall, in its sole discretion, have determined to be attributable to such deduction or withholding and which will leave such
Lender Party (after such payment) in no worse position than it would have been in if the applicable Loan Party had not been required
to make such deduction or withholding. Nothing herein contained shall interfere with the right of a Lender Party to arrange its
tax affairs in whatever manner it thinks fit nor oblige any Lender Party to claim any tax credit or to disclose any information
relating to its affairs or any computations in respect thereof, and no Loan Party shall be entitled to review the tax records of
any Lender Party or the Administrative Agent, or require any Lender Party to do anything that would prejudice its ability to benefit
from any other credits, reliefs, remissions or repayments to which it may be entitled.

 

    	 	47	 

     

    

 

Without prejudice to
the survival of any other agreement of any party hereunder or under any other Loan Document, the agreements and obligations under
this Section 2.12 shall survive the resignation or replacement of the Administrative Agent, the assignment of rights by, or the
replacement of, a Lender, the termination of the Commitments and the payment in full of principal, interest and all other amounts
payable hereunder and under any of the other Loan Documents.

 

SECTION 2.13          Sharing
of Payments, Etc.

 

 

(a)       [Intentionally
Omitted.]

 

(b)       Pro
Rata Sharing. Subject to the provisions of Section 2.11(f), if any Lender Party shall obtain at any time any payment (whether
voluntary, involuntary, through the exercise of any right of set off, or otherwise, other than as a result of an assignment pursuant
to Section 9.07) (a) on account of Obligations due and payable to such Lender Party under the Loan Documents at such time in excess
of its ratable share (according to the proportion of (i) the amount of such Obligations due and payable to such Lender Party at
such time to (ii) the aggregate amount of the Obligations due and payable to all Lender Parties under the Loan Documents at such
time) of payments on account of the Obligations due and payable to all Lender Parties under the Loan Documents at such time obtained
by all the Lender Parties at such time or (b) on account of Obligations owing (but not due and payable) to such Lender Party under
the Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations
owing to such Lender Party at such time to (ii) the aggregate amount of the Obligations owing (but not due and payable) to all
Lender Parties under the Loan Documents at such time) of payments on account of the Obligations owing (but not due and payable)
to all Lender Parties under the Loan Documents at such time obtained by all of the Lender Parties at such time, such Lender Party
shall forthwith purchase from the other Lender Parties such interests or participating interests in the Obligations due and payable
or owing to them, as the case may be, as shall be necessary to cause such purchasing Lender Party to share the excess payment ratably
with each of them; provided, however, that if all or any portion of such excess payment is thereafter recovered from such
purchasing Lender Party, such purchase from each other Lender Party shall be rescinded and such other Lender Party shall repay
to the purchasing Lender Party the purchase price to the extent of such Lender Party’s ratable share (according to the proportion
of (i) the purchase price paid to such Lender Party to (ii) the aggregate purchase price paid to all Lender Parties) of such recovery
together with an amount equal to such Lender Party’s ratable share (according to the proportion of (i) the amount of such
other Lender Party’s required repayment to (ii) the total amount so recovered from the purchasing Lender Party) of any interest
or other amount paid or payable by the purchasing Lender Party in respect of the total amount so recovered. The Borrower agrees
that any Lender Party so purchasing an interest or participating interest from another Lender Party pursuant to this Section 2.13(b)
may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off) with respect to
such interest or participating interest, as the case may be, as fully as if such Lender Party were the direct creditor of the Borrower
in the amount of such interest or participating interest, as the case may be.

 

(c)       The
provisions of this Section 2.13 shall be subject to the provisions of Section 9.10(a)(ii).

 

    	 	48	 

     

    

 

SECTION 2.14          Use
of Proceeds. The proceeds of the Advances shall be available (and the Borrower agrees that it shall use such proceeds) for
general corporate purposes of the Borrower and its Subsidiaries, including, without limitation, (i) working capital purposes,
(ii) the payment of capital expenditures, (iii) the acquisition of Assets as permitted by this Agreement, (iv) the repayment in
full (or refinancing) of existing loans, including but not limited to those loans affecting Unencumbered Assets that are added
to the Unencumbered Asset Pool after the Closing Date, and (v) the payment of fees and expenses related to the Facility and the
other transactions contemplated by the Loan Documents.

 

SECTION 2.15          Evidence
of Debt.

 

(a)       Each
Lender Party shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower
to such Lender Party resulting from each Advance owing to such Lender Party from time to time, including the amounts of principal
and interest payable and paid to such Lender Party from time to time hereunder. The Borrower agrees that upon notice by any Lender
Party to the Borrower (with a copy of such notice to the Administrative Agent) to the effect that one or more promissory notes
or other evidence of indebtedness is required or appropriate in order for such Lender Party to evidence (whether for purposes of
pledge, enforcement or otherwise) the Advances owing to, or to be made by, such Lender Party, the Borrower shall promptly execute
and deliver to such Lender Party, with a copy to the Administrative Agent, a Note in substantially the form of Exhibit A hereto,
payable to the order of such Lender Party in a principal amount equal to the Term Loan Commitment of such Lender Party. All references
to Notes in the Loan Documents shall mean Notes, if any, to the extent issued hereunder. To the extent no Note has been issued
to a Lender Party, this Agreement shall be deemed to comprise conclusive evidence for all purposes of the indebtedness resulting
from the Advances and extensions of credit hereunder.

 

(b)       The
Register maintained by the Administrative Agent pursuant to Section 9.07(d) shall include (i) the date and amount of each Borrowing
made hereunder, the Type of Advances comprising such Borrowing and, if appropriate, the Interest Period applicable thereto, (ii)
the terms of each Assignment and Acceptance delivered to and accepted by it, (iii) the amount of any principal or interest due
and payable or to become due and payable from the Borrower to each Lender Party hereunder, and (iv) the amount of any sum received
by the Administrative Agent from the Borrower hereunder and each Lender Party’s share thereof.

 

(c)       Entries
made in good faith by the Administrative Agent in the Register pursuant to subsection (b) above, and by each Lender Party in its
account or accounts pursuant to subsection (a) above, shall be prima facie evidence of the amount of principal and interest due
and payable or to become due and payable from the Borrower to, in the case of the Register, each Lender Party and, in the case
of such account or accounts, such Lender Party, under this Agreement, absent manifest error; provided, however, that the
failure of the Administrative Agent or such Lender Party to make an entry, or any finding that an entry is incorrect, in the Register
or such account or accounts shall not limit or otherwise affect the obligations of the Borrower under this Agreement.

 

SECTION 2.16          [Intentionally
Omitted].

 

    	 	49	 

     

    

 

SECTION 2.17          Increase
in the Aggregate Commitments.

 

(a)       The
Borrower may, at any time by written notice to the Administrative Agent, request an increase in the aggregate amount of the Term
Loan Commitments, in the form of an additional tranche within the Term Loan Facility, by not less than $5,000,000 (each such proposed
increase, a “Commitment Increase”) to be effective prior to the Termination Date (the “Increase
Date”) as specified in the related notice to the Administrative Agent; provided, however, that (i) in no event
shall the aggregate amount of the Commitments at any time exceed $400,000,000 in the aggregate, (ii) on the date of any request
by the Borrower for a Commitment Increase and on the related Increase Date, the applicable conditions set forth in Article III
shall be satisfied and such Commitment Increase shall not constitute or give rise to a default or event of default (whether with
the giving of notice, passage of time or otherwise) under any agreement (including, without limitation, the Existing Credit Agreement)
to which the Parent Guarantor or any of its Subsidiaries are bound or subject, and Borrower shall have delivered to Administrative
Agent a certification of the foregoing signed by a Responsible Officer together with such supporting information demonstrating
compliance with the foregoing as Administrative Agent may reasonably request, (iii) with respect to any Term Loan Borrowing in
connection with any Commitment Increase consisting of Eurodollar Rate Advances, such Borrowing must occur only on the first day
of an Interest Period, and (iv) the Borrower may not request a Commitment Increase in the event that all Advances that had been
outstanding prior to such requested increase have been prepaid.

 

(b)       The
Administrative Agent shall promptly notify the Lenders of each request by the Borrower for a Commitment Increase, which notice
shall include (i) the proposed amount of such requested Commitment Increase, (ii) the proposed Increase Date and (iii) the date
by which Lenders wishing to participate in the Commitment Increase must commit to an increase in the amount of their respective
Commitments (the “Commitment Date”). Each Lender that is willing to participate in such requested Commitment
Increase (each, an “Increasing Lender”) shall, in its sole discretion, give written notice to the Administrative
Agent on or prior to the Commitment Date of the amount by which it is willing to increase its Commitment in respect of the Facility
(the “Proposed Increased Commitment”). If the Lenders notify the Administrative Agent that they are willing
to increase the amount of their respective Commitments by an aggregate amount that exceeds the amount of the requested Commitment
Increase, the requested Commitment Increase shall be allocated to each Lender willing to participate therein in an amount equal
to the Commitment Increase multiplied by the ratio of each Lender’s Proposed Increased Commitment to the aggregate amount
of Proposed Increased Commitments.

 

(c)       Promptly
following each Commitment Date, the Administrative Agent shall notify the Borrower as to the amount, if any, by which the Lenders
are willing to participate in the requested Commitment Increase. If the aggregate amount by which the Lenders are willing to participate
in any requested Commitment Increase on any such Commitment Date is less than the requested Commitment Increase, then the Borrower
may extend offers to one or more Eligible Assignees to participate in any portion of the requested Commitment Increase that has
not been committed to by the Lenders as of the applicable Commitment Date; provided, however, that the Commitment of each
such Eligible Assignee shall be in an amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof.

 

    	 	50	 

     

    

 

(d)       On
each Increase Date, each Eligible Assignee that accepts an offer to participate in a requested Commitment Increase in accordance
with Section 2.17(c) (an “Acceding Lender”) shall become a Lender party in respect of the applicable
Increasing Facility to this Agreement as of such Increase Date and the Commitment of each Increasing Lender for such requested
Commitment Increase shall be so increased by such amount (or by the amount allocated to such Lender pursuant to the last sentence
of Section 2.17(b)) as of such Increase Date; provided, however, that the Administrative Agent shall have received at or
before 12:00 Noon (Cleveland, Ohio time) on such Increase Date the following, each dated such date:

 

(i)       an
accession agreement from each Acceding Lender, if any, in form and substance reasonably satisfactory to the Borrower and the Administrative
Agent (each, an “Accession Agreement”), duly executed by such Acceding Lender, the Administrative Agent
and the Borrower;

 

(ii)       confirmation
from each Increasing Lender of the increase in the amount of its Commitment in a writing reasonably satisfactory to the Borrower
and the Administrative Agent, together with an amended Schedule I hereto as may be necessary for such Schedule I to be accurate
and complete, certified as correct and complete by a Responsible Officer of the Borrower;

 

(iii)       a
new Note for each Increasing Lender or Acceding Lender so that the principal amount of such Lender’s Note shall equal its
Term Loan Commitment. The Agent shall deliver such replacement Note to the respective Acceding Lender or Increasing Lenders (with
respect to an Increasing Lender, in exchange for the Notes replaced thereby which shall be surrendered by such Increasing Lender).
Such new Notes shall provide that they are replacements for the surrendered Notes, and that they do not constitute a novation,
shall be dated as of the applicable Increase Date and shall otherwise be in substantially the form of the replaced Notes. Simultaneously
with such increase, the Borrower shall deliver an opinion of counsel, addressed to the Lenders and the Agent, relating to the due
authorization, execution and delivery of such new Notes and the enforceability thereof, in form and substance substantially similar
to the opinion delivered in connection with the closing under this Agreement. Any surrendered Notes shall be cancelled and returned
to the Borrower; and

 

(iv)       such
certificates or other information as may be required pursuant to Section 3.02.

 

On each Increase Date, upon fulfillment of
the conditions set forth in the immediately preceding sentence of this Section 2.17(d), the Administrative Agent shall notify the
Lenders (including, without limitation, each Acceding Lender) and the Borrower, at or before 1:00 P.M. (Cleveland, Ohio time),
by telecopier or telex, of the occurrence of the Commitment Increase to be effected on such Increase Date and shall record in the
Register the relevant information with respect to each Increasing Lender and each Acceding Lender on such date.

 

(e)       On
the Increase Date, each Increasing Lender or Acceding Lender, as applicable, shall fund to Administrative Agent in immediately
available funds their respective Commitment Increase as an Advance, and Administrative Agent shall make such Advance available
to Borrower as an additional Term Loan.

 

    	 	51	 

     

    

 

ARTICLE III

CONDITIONS OF LENDING

 

SECTION 3.01          Conditions
Precedent to Initial Extension of Credit

 

. The obligation of each Lender to make an
Advance on the occasion of the Initial Extension of Credit hereunder is subject to the satisfaction of the following conditions
precedent before or concurrently with the Initial Extension of Credit:

 

(a)       The
Administrative Agent shall have received on or before the day of the Initial Extension of Credit the following, each dated such
day (unless otherwise specified), in form and substance satisfactory to the Administrative Agent (unless otherwise specified) and
(except for the Notes, as to which one original of each shall be sufficient) in sufficient copies for each Lender Party:

 

(i)       A
Note duly executed by the Borrower and payable to the order of each Lender that has requested the same.

 

(ii)       [Intentionally
Omitted].

 

(iii)       As
to each Unencumbered Asset:

 

(A)       [Intentionally
Omitted]; and

 

(B)       evidence
satisfactory to the Administrative Agent that the applicable owner or lessee, as applicable, of such Unencumbered Asset shall be
in compliance with the requirements of Section 5.02(p).

 

(iv)       This
Agreement duly executed by the Loan Parties and the other parties hereto.

 

(v)       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 the Loan Documents and each Loan Document to which
it or such Loan Party is or is to be a party (the “Closing Authorizing Resolution”), 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.

 

(vi)       A
copy of a certificate of the Secretary of State (or equivalent authority) of the jurisdiction of incorporation, organization or
formation of each Loan Party and of each general partner or managing member (if any) of each Loan Party, dated reasonably near
(but prior to) the Closing Date, certifying, if and to the extent such certification is generally available for entities of the
type of such Loan Party, (A) as to a true and correct copy of the charter, certificate of limited partnership, limited liability
company agreement or other organizational document of such Loan Party, general partner or managing member, as the case may be,
and each amendment thereto on file in such Secretary’s office, (B) that such amendments are the only amendments to the charter,
certificate of limited partnership, limited liability company agreement or other organizational document, as applicable, of such
Loan Party, general partner or managing member, as the case may be, on file in such Secretary’s office, and (C) such Loan
Party, general partner or managing member, as the case may be, is duly incorporated, organized or formed and in good standing or
presently subsisting under the laws of the jurisdiction of its incorporation, organization or formation.

 

    	 	52	 

     

    

 

(vii)       A
copy of a certificate of the Secretary of State (or equivalent authority) of each jurisdiction in which any Loan Party or any general
partner or managing member of a Loan Party owns or leases property or in which the conduct of its business requires it to qualify
or be licensed as a foreign corporation except where the failure to so qualify or be licensed could not reasonably be expected
to result in a Material Adverse Effect, dated reasonably near (but prior to) the Closing Date, stating, with respect to each such
Loan Party, general partner or managing member, that such Loan Party, general partner or managing member, as the case may be, is
duly qualified and in good standing as a foreign corporation, limited partnership or limited liability company in such State and
has filed all annual reports required to be filed to the date of such certificate.

 

(viii)       A
certificate of each Loan Party and of each general partner or managing member (if any) of each Loan Party, signed on behalf of
such Loan Party, general partner or managing member, as applicable, by its President, a Vice President, Executive Chairman or Chief
Manager and its Secretary or any Assistant Secretary (or those of its general partner or managing member, if applicable), dated
the Closing Date (the statements made in which certificate shall be true on and as of the date of the Initial Extension of Credit),
certifying as to (A) the absence of any amendments to the constitutive documents of such Loan Party, general partner or managing
member, as applicable, since the date of the certificate referred to in Section 3.01(a)(vi), (B) a true and correct copy of the
bylaws, operating agreement, partnership agreement or other governing document of such Loan Party, general partner or managing
member, as applicable, as in effect on the date on which the resolutions referred to in Section 3.01(a)(v) were adopted and on
the date of the Initial Extension of Credit, (C) the due incorporation, organization or formation and good standing or valid existence
of such Loan Party, general partner or managing member, as applicable, as a corporation, limited liability company or partnership
organized under the laws of the jurisdiction of its incorporation, organization or formation and the absence of any proceeding
for the dissolution or liquidation of such Loan Party, general partner or managing member, as applicable, (D) the truth of the
representations and warranties contained in the Loan Documents as though made on and as of the date of the Initial Extension of
Credit and (E) the absence of any event occurring and continuing, or resulting from the Initial Extension of Credit, that constitutes
a Default.

 

    	 	53	 

     

    

 

(ix)       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
each Loan Document to which it is or is to be a party and the other documents to be delivered hereunder and thereunder.

 

(x)       Such
financial, business and other information regarding each Loan Party and its Subsidiaries as the Lender Parties shall have reasonably
requested, including, without limitation, information as to possible contingent liabilities, tax matters, environmental matters,
obligations under Plans, Multiemployer Plans and Welfare Plans, collective bargaining agreements and other arrangements with employees,
historical operating statements (if any), audited annual financial statements for the year ending December 31, 2016 of the Parent
Guarantor, interim financial statements dated the end of the most recent fiscal quarter for which financial statements are available
and for the three months then ended and financial projections for the Parent Guarantor’s consolidated operations.

 

(xi)       [Intentionally
Omitted.]

 

(xii)       An
opinion of Kleinberg, Kaplan, Wolff & Cohen, P.C., New York counsel for the Loan Parties, with respect to the matters (and
in substantially the form) set forth in Exhibit F-1 hereto and as to such other matters as any Lender Party through the Administrative
Agent may reasonably request.

 

(xiii)       An
opinion of local counsel for the Loan Parties (A) from Venable LLP in substantially the form of Exhibit F-2 hereto, (B) from Hagen,
Wilka & Archer, LLP in substantially the form of Exhibit F-3 hereto, and (C) a Delaware opinion in the form of Exhibit F-4
hereto, in each case covering such other matters as any Lender Party through the Administrative Agent may reasonably request.

 

(xiv)       A
Notice of Borrowing relating to the Initial Extension of Credit and dated and delivered not less than three (3) Business Days prior
to the date of the Initial Extension of Credit.

 

(xv)       A
certificate signed by a Responsible Officer of the Borrower, dated the Closing Date, stating that after giving effect to the Initial
Extension of Credit the Parent Guarantor shall be in compliance with the covenants contained in Section 5.04, together with supporting
information in form satisfactory to the Administrative Agent showing the computations used in determining compliance with such
covenants.

 

(b)       The
Lender Parties shall be satisfied with the corporate and legal structure and capitalization of each Loan Party and its Subsidiaries,
including the terms and conditions of the charter and bylaws, operating agreement, partnership agreement or other governing document
of each of them.

 

(c)       The
Lender Parties shall be satisfied that all Existing Debt shall be on terms and conditions reasonably satisfactory to the Lender
Parties.

 

    	 	54	 

     

    

 

(d)       Before
and after giving effect to the transactions contemplated by the Loan Documents, there shall have occurred no material adverse change
in the business, assets, properties, liabilities (actual or contingent), operations, condition (financial or otherwise) or prospects
of the Loan Parties since December 31, 2016.

 

(e)       There
shall exist no action, suit, investigation, litigation or proceeding affecting any Loan Party or any of its Subsidiaries pending
or threatened before any court, governmental agency or arbitrator that (i) could reasonably be expected to result in a Material
Adverse Effect other than the matters described on Schedule 4.01(f) hereto (the “Material Litigation”)
or (ii) purports to affect the legality, validity or enforceability of any Loan Document or the consummation of the transactions
contemplated thereby, and there shall have been no material adverse change in the status, or financial effect on any Loan Party
or any of its Subsidiaries, of the Material Litigation from that described on Schedule 4.01(f) hereto.

 

(f)       All
governmental and third party consents and approvals necessary in connection with the transactions contemplated by the Loan Documents
shall have been obtained (without the imposition of any conditions that are not acceptable to the Lender Parties) and shall remain
in effect, and no law or regulation shall be applicable in the reasonable judgment of the Lender Parties that restrains, prevents
or imposes materially adverse conditions upon the transactions contemplated by the Loan Documents.

 

(g)       Each
Subsidiary Guarantor shall have complied with the requirements of Section 5.02(p) and provided evidence of such compliance satisfactory
to the Administrative Agent.

 

(h)       The
Borrower shall have paid all accrued fees of the Administrative Agent and the Lender Parties and all reasonable, out-of-pocket
expenses of the Administrative Agent (including the reasonable fees and expenses of counsel to the Administrative Agent).

 

SECTION 3.02          Conditions
Precedent to Each Borrowing and Increase. The obligation of each Lender to make an Advance on the occasion of each Borrowing
(including the initial Borrowing and any Delayed Draw) and the right of the Borrower to request a Commitment Increase shall be
subject to the satisfaction of the conditions set forth in Section 3.01 (to the extent not previously satisfied pursuant to that
Section) and such further conditions precedent that on the date of such Borrowing or increase (a), the following statements shall
be true and the Administrative Agent shall have received for the account of such Lender, (w) a Notice of Borrowing dated the date
of such Borrowing or increase, (x) all items described in the definition of “Unencumbered Asset Designation Package”
herein (to the extent not previously delivered with respect to each Unencumbered Asset pursuant to Section 5.01(k) or this Section
3.02), (y) in the case of an addition of any Person as an Additional Guarantor, all Guarantor Deliverables (to the extent not
previously delivered pursuant to Section 5.01(k), Section 5.01(x) or this Section 3.02), and (z) a certificate signed by a Responsible
Officer of the Borrower, dated the date of such Borrowing or increase, stating that:

 

(i)       the
representations and warranties contained in each Loan Document are true and correct on and as of such date, before and after giving
effect to (A) such Borrowing or increase, and (B) in the case of any Borrowing, the application of the proceeds therefrom, as though
made on and as of such date;

 

    	 	55	 

     

    

  

(ii)       no
Default or Event of Default has occurred and is continuing, or would result from (A) such Borrowing or increase or (B) in the case
of any Borrowing from the application of the proceeds therefrom; and

 

(iii)       for
each Advance, (A) the Total Unencumbered Asset Value equals or exceeds Consolidated Unsecured Indebtedness of the Parent Guarantor
that will be outstanding after giving effect to such Advance, and (B) before and after giving effect to such Advance, the Parent
Guarantor shall be in compliance with the covenants contained in Section 5.04(b), together with supporting information in form
satisfactory to the Administrative Agent showing the computations used in determining compliance with such covenants; and

 

(b)           the
Administrative Agent shall have received such other approvals or documents as any Lender Party through the Administrative Agent
may reasonably request in order to confirm (i) the accuracy of the Loan Parties’ representations and warranties contained
in the Loan Documents, (ii) the Loan Parties’ timely compliance with the terms, covenants and agreements set forth in
the Loan Documents, (iii) the absence of any Default and (iv) the rights and remedies of the Lender Parties or the ability
of the Loan Parties to perform their Obligations.

 

SECTION 3.03       Determinations
Under Section 3.01 and 3.02. For purposes of determining compliance with the conditions specified in Sections 3.01 and 3.02,
each Lender Party shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter
required thereunder to be consented to or approved by or acceptable or satisfactory to the Lender Parties unless an officer of
the Administrative Agent responsible for the transactions contemplated by the Loan Documents shall have received notice from such
Lender Party prior to the Initial Extension of Credit specifying its objection thereto and, if the Initial Extension of Credit
consists of a Borrowing, such Lender Party shall not have made available to the Administrative Agent such Lender Party’s
ratable portion of such Borrowing.

 

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES

 

SECTION 4.01      Representations
and Warranties of the Loan Parties. Each Loan Party represents and warrants as follows:

 

(a)           Organization
and Powers; Qualifications and Good Standing. Each Loan Party and each of its Subsidiaries and each general partner or managing
member, if any, of each Loan Party (i) is a corporation, limited liability company or partnership duly incorporated, organized
or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation, organization or formation,
(ii) is duly qualified and in good standing as a foreign corporation, limited liability company or partnership in each other jurisdiction
in which it owns or leases property or in which the conduct of its business requires it to so qualify or be licensed except where
the failure to so qualify or be licensed could not reasonably be expected to result in a Material Adverse Effect and (iii) has
all requisite corporate, limited liability company or partnership power and authority (including, without limitation, all governmental
licenses, permits and other approvals) to own or lease and operate its properties and to carry on its business as now conducted
and as proposed to be conducted. All of the outstanding Equity Interests in the Borrower have been validly issued, are fully paid
and non-assessable. The Parent Guarantor directly or indirectly owns all of the general partnership interests and more than 60%
of the limited partnership interests in the Borrower. All Equity Interests in the Borrower that are directly or indirectly owned
by the Parent Guarantor are owned free and clear of all Liens. The Parent Guarantor is organized in conformity with the requirements
for qualification as a REIT under the Internal Revenue Code, and its method of operation enables it to meet the requirements for
qualification and taxation as a REIT under the Internal Revenue Code. The taxpayer identification number for each Loan Party as
of the date of this Agreement is set forth on Schedule 4.01(a) hereto.

 

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(b)          Subsidiaries.
Set forth on Schedule 4.01(b) hereto is a complete and accurate list of all Subsidiaries of each Loan Party, showing as of the
date hereof (as to each such Subsidiary) the jurisdiction of its incorporation, organization or formation, the number of shares
(or the equivalent thereof) of each class of its Equity Interests authorized, and the number outstanding, on the date hereof and
the percentage of each such class of its Equity Interests owned (directly or indirectly) by such Loan Party and the number of shares
(or the equivalent thereof) covered by all outstanding options, warrants, rights of conversion or purchase and similar rights at
the date hereof. All of the outstanding Equity Interests in each Loan Party’s Subsidiaries has been validly issued, are fully
paid and non-assessable and to the extent owned by such Loan Party or one or more of its Subsidiaries, and with respect to the
Subsidiary Guarantors, TRS Holdco and the TRS Lessees, are owned by such Loan Party or Subsidiaries free and clear of all Liens,
except for Liens created under the Loan Documents.

 

(c)           Due
Authorization; No Conflict. The execution and delivery by each Loan Party and of each general partner or managing member (if
any) of each Loan Party of each Loan Document to which it is or is to be a party, and the performance of its obligations thereunder
and the other transactions contemplated by the Loan Documents, are within the corporate, limited liability company or partnership
powers of such Loan Party, general partner or managing member, have been duly authorized by all necessary corporate, limited liability
company or partnership action, and do not (i) contravene the charter or bylaws, operating agreement, partnership agreement or other
governing document of such Loan Party, general partner or managing member, (ii) violate any law, rule, regulation (including, without
limitation, Regulation X of the Board of Governors of the Federal Reserve System), order, writ, judgment, injunction, decree, determination
or award, (iii) conflict with or result in the breach of, or constitute a default or require any payment to be made under, any
Material Contract, loan agreement, indenture, mortgage, deed of trust, lease or other instrument binding on or affecting any Loan
Party, any of its Subsidiaries or any of their properties, or any general partner or managing member of any Loan Party or (iv)
except for the Liens created under the Loan Documents, result in or require the creation or imposition of any Lien upon or with
respect to any of the properties of any Loan Party or any of its Subsidiaries. No Loan Party or any of its Subsidiaries is in violation
of any such law, rule, regulation, order, writ, judgment, injunction, decree, determination or award or in breach of any such contract,
loan agreement, indenture, mortgage, deed of trust, lease or other instrument, the violation or breach of which could reasonably
be expected to result in a Material Adverse Effect.

 

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(d)          Authorizations
and Consents. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority
or regulatory body or any other third party is required for (i) the due execution, delivery, recordation, filing or performance
by any Loan Party or any general partner or managing member of any Loan Party of any Loan Document to which it is or is to be a
party or for the consummation the transactions contemplated by the Loan Documents, or (ii) the exercise by the Administrative Agent
or any Lender Party of its rights under the Loan Documents, except for authorizations, approvals, actions, notices and filings
which have been duly obtained, taken, given or made and are in full force and effect.

 

(e)            Binding
Obligation. This Agreement has been, and each other Loan Document when delivered hereunder will have been, duly executed and
delivered by each Loan Party and general partner or managing member (if any) of each Loan Party thereto. This Agreement is, and
each other Loan Document when delivered hereunder will be, the legal, valid and binding obligation of each Loan Party and general
partner or managing member (if any) of each Loan Party thereto, enforceable against such Loan Party, general partner or managing
member, as the case may be, in accordance with its terms.

 

(f)           Litigation.
There is no action, suit, investigation, litigation or proceeding affecting any Loan Party or any of its Subsidiaries or any general
partner or managing member (if any) of any Loan Party, including any Environmental Action, pending or threatened before any court,
governmental agency or arbitrator that (i) could reasonably be expected to result in a Material Adverse Effect (other than the
Material Litigation) or (ii) purports to affect the legality, validity or enforceability of any Loan Document or the transactions
contemplated by the Loan Documents, and there has been no material adverse change in the status, or financial effect on any Loan
Party or any of its Subsidiaries or any general partner or managing member (if any) of any Loan Party, of the Material Litigation
from that described on Schedule 4.01(f) hereto.

 

(g)          Financial
Condition. The Consolidated balance sheets of the Parent Guarantor as at December 31, 2016 and the related Consolidated statements
of income and Consolidated statements of cash flows of the Parent Guarantor for the fiscal year then ended, accompanied by unqualified
opinions of Ernst & Young, LLP, independent public accountants, copies of which have been furnished to each Lender Party, fairly
present the Consolidated financial condition of the Parent Guarantor as at such date and the Consolidated results of operations
of the Parent Guarantor for the periods ended on such date, all in accordance with generally accepted accounting principles applied
on a consistent basis. Since December 31, 2016 there has been no Material Adverse Change.

 

(h)           Forecasts.
The Consolidated forecasted balance sheets, statements of income and statements of cash flows of the Parent Guarantor and its Subsidiaries
delivered to the Lender Parties pursuant to Section 3.01(a)(x) or 5.03 were prepared in good faith on the basis of the assumptions
stated therein, which assumptions were fair in light of the conditions existing at the time of delivery of such forecasts, and
represented, at the time of delivery, the Parent Guarantor’s best estimate of its future financial performance.

 

(i)            Full
Disclosure. No information, exhibit or report furnished by or on behalf of any Loan Party to the Administrative Agent or any
Lender Party in connection with the negotiation and syndication of the Loan Documents or pursuant to the terms of the Loan Documents
contained any untrue statement of a material fact or omitted to state a material fact necessary to make the statements made therein
not misleading. The Loan Parties have disclosed to the Administrative Agent, in writing, any and all existing facts that have or
may have (to the extent any of the Loan Parties can now reasonably foresee) a Material Adverse Effect, provided however, that the
Loan Parties are not obligated to report on the potential Material Adverse Effect of any general economic condition.

 

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(j)            Margin
Regulations. No Loan Party is engaged in the business of extending credit for the purpose of purchasing or carrying Margin
Stock, and no proceeds of any Advance will be used to purchase or carry any Margin Stock or to extend credit to others for the
purpose of purchasing or carrying any Margin Stock.

 

(k)           Certain
Governmental Regulations. Neither any Loan Party nor any of its Subsidiaries nor any general partner or managing member of
any Loan Party, as applicable, is an “investment company”, or an “affiliated person” of, or “promoter”
or “principal underwriter” for, an “investment company”, as such terms are defined in the Investment Company
Act of 1940, as amended. Without limiting the generality of the foregoing, each Loan Party and each of its Subsidiaries and each
general partner or managing member of any Loan Party, as applicable: (i) is primarily engaged, directly or through a wholly-owned
subsidiary or subsidiaries, in a business or businesses other than that of (A) investing, reinvesting, owning, holding or trading
in securities or (B) issuing face-amount certificates of the installment type; (ii) is not engaged in, does not propose to engage
in and does not hold itself out as being engaged in the business of (A) investing, reinvesting, owning, holding or trading in securities
or (B) issuing face-amount certificates of the installment type; (iii) does not own or propose to acquire investment securities
(as defined in the Investment Company Act of 1940, as amended) having a value exceeding forty percent (40%) of the value of such
company’s total assets (exclusive of government securities and cash items) on an unconsolidated basis; (iv) has not in the
past been engaged in the business of issuing face-amount certificates of the installment type; and (v) does not have any outstanding
face-amount certificates of the installment type. Neither the making of any Advances, nor the application of the proceeds or repayment
thereof by the Borrower, nor the consummation of the other transactions contemplated by the Loan Documents, will violate any provision
of any such Act or any rule, regulation or order of the Securities and Exchange Commission thereunder.

 

(l)            Materially
Adverse Agreements. Neither any Loan Party nor any of its Subsidiaries is a party to any indenture, loan or credit agreement
or any lease or other agreement or instrument or subject to any charter, corporate, partnership, membership or other governing
restriction that could reasonably be expected to result in a Material Adverse Effect (absent a material default under a Material
Contract).

 

(m)          [Intentionally
Omitted].

 

(n)           Existing
Debt. Set forth on Schedule 4.01(n) hereto is a complete and accurate list of all Existing Debt, showing as of the date hereof
the obligor and the principal amount outstanding thereunder, the maturity date thereof and the amortization schedule therefor.

 

(o)           Liens.
Set forth on Schedule 4.01(o) hereto is a complete and accurate list of (i) all Liens on the property or assets of any Loan Party
or any of its Subsidiaries that directly or indirectly own any Unencumbered Asset, and (ii) all Liens with a principal balance
in excess of $250,000 on the property or assets of any Loan Party or any of its Subsidiaries securing Debt for Borrowed Money;
in each case showing as of the date hereof the lienholder thereof, the principal amount of the obligations secured thereby and
the property or assets of such Loan Party or such Subsidiary subject thereto, provided however, that easements and other real property
restrictions, covenants and conditions of record (exclusive of Liens securing Debt) shall not be listed on Schedule 4.01(o).

 

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(p)           Real
Property. (i) Set forth on Part I of Schedule 4.01(p) hereto is a complete and accurate list of all Real Property owned in
fee by any Loan Party or any of its Subsidiaries, showing as of the date hereof, and as of each other date such Schedule 4.01(p)
is required to be supplemented hereunder, the street address, state, record owner and book value thereof. Each such Loan Party
or Subsidiary has good, marketable and insurable fee simple title to such Real Property, free and clear of all Liens, other than
existing Liens and Liens permitted under Section 5.02(a).

 

(ii)       Set
forth on Part II of Schedule 4.01(p) hereto is a complete and accurate list of all leases of Real Property under which any Loan
Party or any of its Subsidiaries is the lessee, including, without limitation, the Operating Leases, showing as of the date hereof,
and as of each other date such Schedule 4.01(p) is required to be supplemented hereunder, the street address, state, lessor, lessee,
expiration date and annual rental cost thereof. Each such lease is the legal, valid and binding obligation of the lessor thereof,
enforceable in accordance with its terms.

 

(iii)       Each
Unencumbered Asset is operated and managed by an Approved Manager pursuant to a Management Agreement listed on Part III of Schedule
4.01(p).

 

(iv)       Each
Unencumbered Asset is subject to a Franchise Agreement with an Approved Franchisor as listed on Part IV of Schedule 4.01(p).

 

(v)       Each
Unencumbered Asset satisfies all Unencumbered Asset Pool Conditions.

 

(q)           Environmental
Matters. (i) Except as otherwise set forth on Part I of Schedule 4.01(q) hereto, the operations and properties of each Loan
Party and each of its Subsidiaries comply in all material respects with all applicable Environmental Laws and Environmental Permits,
all past material non-compliance with such Environmental Laws and Environmental Permits has been resolved without ongoing material
obligations or costs, and, to the knowledge of each Loan Party and its Subsidiaries, no circumstances exist that could be reasonably
likely to (A) form the basis of an Environmental Action against any Loan Party or any of its Subsidiaries or any of their properties
that could have a Material Adverse Effect or (B) cause any such property to be subject to any restrictions on ownership, occupancy,
use or transferability under any Environmental Law.

 

(ii)       Except
as otherwise set forth on Part II of Schedule 4.01(q) hereto, none of the properties currently or formerly owned or operated by
any Loan Party or any of its Subsidiaries is listed or, to the knowledge of each Loan Party and its Subsidiaries, proposed for
listing on the NPL or on the CERCLIS or any analogous foreign, state or local list or is adjacent to any such listed property;
there are no underground or above ground storage tanks or any surface impoundments, septic tanks, pits, sumps or lagoons in which
Hazardous Materials are being or have been treated, stored or disposed on any property currently owned or operated by any Loan
Party or any of its Subsidiaries; there is no asbestos or asbestos-containing material on any property currently owned or operated
by any Loan Party or any of its Subsidiaries except for any non-friable asbestos-containing material that is being managed pursuant
to, and in compliance with, an operations and maintenance plan and that does not currently require removal, remediation, abatement
or encapsulation under Environmental Law; and, to the knowledge of each Loan Party and its Subsidiaries, Hazardous Materials have
not been released, discharged or disposed of in any material amount or in violation of any Environmental Law or Environmental Permit
on any property currently owned or operated by any Loan Party or any of its Subsidiaries or, to the knowledge of each Loan Party
and its Subsidiaries, during the period of their ownership or operation thereof, on any property formerly owned or operated by
any Loan Party or any of its Subsidiaries.

 

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(iii)       Except
as otherwise set forth on Part III of Schedule 4.01(q) hereto, neither any Loan Party nor any of its Subsidiaries is undertaking,
and has not completed, either individually or together with other potentially responsible parties, any investigation or assessment
or remedial or response action relating to any actual or threatened release, discharge or disposal of Hazardous Materials at any
site, location or operation, either voluntarily or pursuant to the order of any governmental or regulatory authority or the requirements
of any Environmental Law; all Hazardous Materials generated, used, treated, handled or stored at, or transported to or from, any
property currently or formerly owned or operated by any Loan Party or any of its Subsidiaries have been disposed of in a manner
not reasonably expected to result in a Material Adverse Effect; and, with respect to any property formerly owned or operated by
any Loan Party or any of its Subsidiaries, all Hazardous Materials generated, used, treated, handled, stored or transported by
or, to the knowledge of each Loan Party and its Subsidiaries, on behalf of any Loan Party or any of its Subsidiaries have been
disposed of in a manner that could not reasonably be expected to result in a Material Adverse Effect.

 

(r)           Compliance
with Laws. Each Loan Party and each Subsidiary is in compliance with the requirements of all laws, rules and regulations (including,
without limitation, the Securities Act and the Securities Exchange Act, and the applicable rules and regulations thereunder, state
securities law and “Blue Sky” laws) applicable to it and its business, where the failure to so comply could reasonably
be expected to result in a Material Adverse Effect.

 

(s)           Force
Majeure. Neither the business nor the Assets of any Loan Party or any of its Subsidiaries are affected by any fire, explosion,
accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy
or other casualty (whether or not covered by insurance) that could reasonably be expected to result in a Material Adverse Effect.

 

(t)            Loan
Parties’ Credit Decisions. Each Loan Party has, independently and without reliance upon the Administrative Agent or any
other Lender Party and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision
to enter into this Agreement (and in the case of the Guarantors, to give the guaranty under this Agreement) and each other Loan
Document to which it is or is to be a party, and each Loan Party has established adequate means of obtaining from each other Loan
Party on a continuing basis information pertaining to, and is now and on a continuing basis will be completely familiar with, the
business, condition (financial or otherwise), operations, performance, properties and prospects of such other Loan Party.

 

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(u)           Solvency.
Each Specified Operating Lessee is, after capital contributions by parent companies, Solvent. Each other Loan Party is, individually
and together with its Subsidiaries, Solvent. As of the Closing Date, there are no Specified Operating Lessees.

 

(v)           Sarbanes-Oxley.
No Loan Party has made any extension of credit to any of its directors or executive officers in contravention of any applicable
restrictions set forth in Section 402(a) of Sarbanes-Oxley.

 

(w)          ERISA
Matters. (i) Set forth on Schedule 4.01(w) hereto is a complete and accurate list of all Plans and Welfare Plans.

 

(ii)       No
ERISA Event has occurred within the preceding five plan years or is reasonably expected to occur with respect to any Plan that
has resulted in or is reasonably expected to result in a material liability of any Loan Party or any ERISA Affiliate.

 

(iii)       Schedule
B (Actuarial Information) to the most recent annual report (Form 5500 Series) for each Plan, copies of which have been filed with
the Internal Revenue Service, is complete and accurate and fairly presents the funding status of such Plan as of the date of such
Schedule B, and since the date of such Schedule B there has been no material adverse change in such funding status.

 

(iv)       Neither
any Loan Party nor any ERISA Affiliate has incurred or is reasonably expected to incur any Withdrawal Liability to any Multiemployer
Plan.

 

(v)       Neither
any Loan Party nor any ERISA Affiliate has been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is
in reorganization or has been terminated, within the meaning of Title IV of ERISA, and no such Multiemployer Plan is reasonably
expected to be in reorganization or to be terminated, within the meaning of Title IV of ERISA.

 

(x)           Sanctioned
Persons. None of the Loan Parties or any of their respective Subsidiaries nor, to the knowledge any Responsible Officer of
the Borrower, any director, officer, agent, employee or Affiliate of any Loan Party or any of its respective Subsidiaries is currently
subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”)
or any successor to OFAC carrying out similar function or any sanctions under similar laws or requirements administered by the
United States Department of State, the United States Treasury, the United Nations Security Council, the European Union or Her
Majesty’s Treasury (collectively, “Sanctions Laws”); and the Borrower will not directly or indirectly
use the proceeds of the Loans or otherwise make available such proceeds to any person, for the purpose of financing the activities
of any person currently subject to any U.S. sanctions administered by OFAC or other Sanctions Laws (each such person a “Designated
Person”). Neither Borrower, any Guarantor, nor any Subsidiary, director or officer of Borrower or Guarantor or,
to the knowledge of Borrower, any Affiliate, agent or employee of Borrower or any Guarantor, has engaged in any activity or conduct
which would violate any applicable anti-bribery, anti-corruption or anti-money laundering laws or regulations in any applicable
jurisdiction, including without limitation, any Sanctions Laws. 

 

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(y)           EEA
Financial Institutions. None of the Borrower, any Guarantor, nor their respective Subsidiaries is an EEA Financial Institution.

 

ARTICLE
V

COVENANTS OF THE LOAN PARTIES

 

SECTION 5.01       Affirmative
Covenants. So long as any Advance or any other Obligation of any Loan Party under any Loan Document shall remain unpaid, or
any Lender Party shall have any Commitment hereunder, each Loan Party will:

 

(a)           Compliance
with Laws, Etc. Comply, and cause each of its Subsidiaries to comply, in all material respects, with all applicable laws, rules,
regulations and orders, such compliance to include, without limitation, compliance with ERISA and the Racketeer Influenced and
Corrupt Organizations Chapter of the Organized Crime Control Act of 1970.

 

(b)           Payment
of Taxes, Etc. Pay and discharge, and cause each of its Subsidiaries to pay and discharge, before the same shall become delinquent,
(i) all taxes, assessments and governmental charges or levies imposed upon it or upon its property and (ii) all lawful claims that,
if unpaid, might by law become a Lien upon its property; provided, however, that neither the Loan Parties nor any of their
Subsidiaries shall be required to pay or discharge any such tax, assessment, charge or claim that is the subject of a Good Faith
Contest, unless and until any Lien resulting therefrom attaches to its property and becomes enforceable against its other creditors.

 

(c)           Compliance
with Environmental Laws. Comply, and cause each of its Subsidiaries and all lessees and other Persons operating or occupying
its properties to comply, in all material respects, with all applicable Environmental Laws and Environmental Permits; obtain and
renew and cause each of its Subsidiaries to obtain and renew all Environmental Permits necessary for its operations and properties;
and conduct, and cause each of its Subsidiaries to conduct, any investigation, study, sampling and testing, and undertake any cleanup,
removal, remedial or other action necessary to remove and clean up all Hazardous Materials from any of its properties in material
compliance with the requirements of all Environmental Laws; provided, however, that neither the Loan Parties nor any of
their Subsidiaries shall be required to undertake any such cleanup, removal, remedial or other action to the extent that its obligation
to do so is the subject of a Good Faith Contest.

 

(d)           Maintenance
of Insurance. Maintain, and cause each of its Subsidiaries to maintain, insurance with responsible and reputable insurance
companies or associations in such amounts and covering such risks as is usually carried by companies engaged in similar businesses
and owning similar properties in the same general areas in which such Loan Party or such Subsidiaries operate.

 

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(e)           Preservation
of Partnership or Corporate Existence, Etc. Preserve and maintain, and cause each of its Subsidiaries to preserve and maintain,
its existence (corporate or otherwise), legal structure, legal name, rights (charter and statutory), permits, licenses, approvals,
privileges and franchises, except, in the case of Subsidiaries of the Borrower that are not Loan Parties only, if in the reasonable
business judgment of such Subsidiary it is in its best economic interest not to preserve and maintain such existence, legal structure,
legal name, rights, permits, licenses, approvals, privileges and franchises and such failure is not reasonably likely to result
in a Material Adverse Effect (it being understood that the foregoing shall not prohibit, or be violated as a result of any transaction
by or involving any Loan Party or Subsidiary thereof otherwise permitted under Section 5.02(d) or (e) below).

 

(f)            Visitation
Rights. At any reasonable time and from time to time, permit any of the Administrative Agent or Lender Parties, or any agent
or representatives thereof, to examine and make copies of and abstracts from the records and books of account of, and visit the
properties of, any Loan Party (but, in each case not more frequently than one time per year unless an Event of Default shall have
occurred and be continuing), and to discuss the affairs, finances and accounts of any Loan Party and any of its Subsidiaries with
any of their general partners, managing members, officers or directors and with their independent certified public accountants.

 

(g)           Keeping
of Books. Keep, and cause each of its Subsidiaries to keep, proper books of record and account, in which full and correct entries
shall be made of all financial transactions and the assets and business of such Loan Party and each such Subsidiary in accordance
with GAAP.

 

(h)           Maintenance
of Properties, Etc. Maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all of its properties
that are used or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted and
will from time to time make or cause to be made all appropriate repairs, renewals and replacement thereof except where failure
to do so could not reasonably be expected to result in a Material Adverse Effect.

 

(i)           Transactions
with Affiliates. Conduct, and cause each of its Subsidiaries to conduct, all transactions otherwise permitted under the Loan
Documents with any of their Affiliates (other than transactions exclusively among or between the Borrower and/or one or more of
the Guarantors) on terms that are fair and reasonable and no less favorable to such Loan Party or such Subsidiary than it would
obtain in a comparable arm’s-length transaction with a Person not an Affiliate, provided however, that all transactions pursuant
to any operating leases that are in the standard form of operating lease used by the Borrower’s Subsidiaries, shall be deemed
fair and reasonable.

 

(j)            Covenant
to Guarantee Obligations. (A) Concurrently with the delivery of Unencumbered Asset Designation Package pursuant to Section
5.01(k) with respect to a Proposed Unencumbered Asset owned or leased (including pursuant to an Operating Lease) by a Subsidiary
of a Loan Party or (B) within 10 days after the formation or acquisition of any new direct or indirect Subsidiary of a Loan Party
which Subsidiary directly owns or leases an Unencumbered Asset (including pursuant to an Operating Lease), cause to be delivered
to Administrative Agent with respect to such Subsidiary and any member, manager or general partner thereof as Administrative Agent
may request the items described in Section 3.01(a)(v)-(ix) with respect to such Persons, and cause each such Subsidiary to duly
execute and deliver to the Administrative Agent a Guaranty Supplement in substantially the form of Exhibit D hereto, or such other
guaranty supplement in form and substance reasonably satisfactory to the Administrative Agent, guaranteeing the other Loan Parties’
Obligations under the Loan Documents.

 

(k)            Unencumbered
Asset Pool Additions. With the Borrower’s written notice to the Administrative Agent that any Asset (a “Proposed
Unencumbered Asset”) be added as an Unencumbered Asset, deliver (or cause to be delivered) to the Administrative
Agent, at the Borrower’s expense, an Unencumbered Asset Designation Package with respect to such Proposed Unencumbered Asset.
Provided that the Proposed Unencumbered Asset satisfies the Unencumbered Asset Pool Conditions and the Borrower, at its expense,
delivers all applicable Guarantor Deliverables, the Proposed Unencumbered Asset shall be deemed added as an Unencumbered Asset
to the Unencumbered Asset Pool.

 

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(l)            Further
Assurances.

 

(i)       Promptly
upon request by the Administrative Agent, or any Lender Party through the Administrative Agent, correct, and cause each Loan Party
to promptly correct, any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment,
filing or recordation thereof.

 

(ii)       Promptly
upon request by the Administrative Agent, or any Lender Party through the Administrative Agent, do, execute, acknowledge, deliver,
file, and re-file such certificates, assurances and take such other actions as the Administrative Agent, or any Lender Party through
the Administrative Agent, may reasonably require from time to time in order (A) to carry out more effectively the purposes of the
Loan Documents, and (B) to assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Lender
Parties the rights granted or now or hereafter intended to be granted to the Lender Parties under any Loan Document or under any
other instrument executed in connection with any Loan Document to which any Loan Party or any of its Subsidiaries is or is to be
a party, and cause each of its Subsidiaries to do so.

 

(m)           Performance
of Material Contracts. Perform and observe, and cause each of its Subsidiaries to perform and observe, all the material terms
and provisions of each Material Contract to be performed or observed by it, maintain each such Material Contract in full force
and effect, enforce each such Material Contract in material accordance with its terms, take all such action to such end as may
be from time to time reasonably requested by the Administrative Agent, and, upon reasonable request of the Administrative Agent,
make to each other party to each such Material Contract such demands and requests for information and reports or for action as
any Loan Party or any of its Subsidiaries is entitled to make under such Material Contract, and cause each of its Subsidiaries
to do so. Notwithstanding the above, nothing in this subsection (m) shall prohibit or reduce the rights of any Loan Party or any
of their Subsidiaries to enter into, terminate, modify, amend, renew or otherwise deal with any Material Contract to the extent
the same does not cause an Unencumbered Asset to not meet the Unencumbered Asset Pool Conditions and, in the aggregate, could not
be reasonably be expected to result in a Material Adverse Effect.

 

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(n)          Compliance
with Leases.

 

(i)       Make
all payments and otherwise perform all material obligations in respect of all leases of real property to which the Borrower or
any of its Subsidiaries is a party, keep such leases in full force and effect and not allow such leases to lapse or be terminated
or any rights to renew such leases to be forfeited or cancelled (except, in the case of the Borrower and Subsidiaries of the Borrower
only, if in the reasonable business judgment of such Subsidiary it is in its best economic interest not to maintain such lease
or prevent such lapse, termination, forfeiture or cancellation and such failure to maintain such lease or prevent such lapse, termination,
forfeiture or cancellation is not in respect of a Qualifying Ground Lease or an Operating Lease of an Unencumbered Asset and could
not otherwise reasonably be expected to result in a Material Adverse Effect), notify the Administrative Agent of any default by
any party with respect to such leases and cooperate with the Administrative Agent in all respects to cure any such default, and
cause each of its Subsidiaries to do so.

 

(ii)       With
respect to any Qualifying Ground Lease related to any Unencumbered Asset:

 

(A)       pay
when due the rent and other amounts due and payable thereunder (subject to applicable cure or grace periods);

 

(B)       timely
perform and observe all of the material terms, covenants and conditions required to be performed and observed by it as tenant thereunder
(subject to applicable cure or grace periods);

 

(C)       do
all things necessary to preserve and keep unimpaired such Qualifying Ground Lease and its rights thereunder;

 

(D)       diligently
and continuously enforce the material obligations of the lessor or other obligor thereunder;

 

(E)       deliver
to the Administrative Agent all default and other material notices received by it or sent by it under the applicable Qualifying
Ground Lease;

 

(F)       upon
the Administrative Agent’s reasonable written request and at reasonable intervals, unless an Event of Default shall have
occurred and be continuing, in which case, upon written request at any time, provide to the Administrative Agent any information
or materials relating to such Qualifying Ground Lease and evidencing the applicable Subsidiary Guarantor’s due observance
and performance of its material obligations thereunder;

 

(G)       in
connection with the bankruptcy or other insolvency proceedings of any ground lessor or other obligor, ratify the legality, binding
effect and enforceability of the applicable Qualifying Ground Lease within the applicable time period therefor in such proceedings,
notwithstanding any rejection by such ground lessor or obligor or trustee, custodian or receiver related thereto;

 

    	 	66	 

     

    

 

(H)       at
reasonable times and at reasonable intervals, deliver to the Administrative Agent (or, subject to the requirements of the subject
Qualifying Ground Lease, cause the applicable lessor or other obligor to deliver to the Administrative Agent), an estoppel certificate
and consent agreement in relation to such Qualifying Ground Lease in form and substance reasonably acceptable to the Administrative
Agent, in its discretion, and, in the case of the estoppel certificate, setting forth (i) the name of lessee and lessor under the
Qualifying Ground Lease (if applicable); (ii) that such Qualifying Ground Lease is in full force and effect and has not been modified
except to the extent the Administrative Agent has received notice of such modification; (iii) that no rental and other payments
due thereunder are delinquent as of the date of such estoppel; and (iv) whether such Person knows of any actual or alleged defaults
or events of default under the applicable Qualifying Ground Lease;

 

provided,
that each Loan Party hereby agrees to execute and deliver to the Administrative Agent, within ten (10) days of any request therefor,
such documents, instruments, agreements, assignments or other conveyances reasonably requested by the Administrative Agent in connection
with or in furtherance of any of the provisions set forth above or the rights granted to the Administrative Agent in connection
therewith.

 

(o)           [Intentionally
Omitted]

 

(p)           Management
Agreements. At all times cause each Unencumbered Asset to be managed and operated by an Approved Manager.

 

(q)           Franchise
Agreements. At all times cause each Hotel Asset to be subject to a franchise agreement or similar arrangement with an Approved
Franchisor.

 

(r)            Maintenance
of REIT Status. In the case of the Parent Guarantor, at all times be organized in conformity with the requirements for qualification
as a REIT under the Internal Revenue Code, and at all times continue to qualify as a REIT and elect to be treated as a REIT under
all applicable laws, rules and regulations.

 

(s)            Exchange
Listing. In the case of the Parent Guarantor, at all times (i) cause its common shares to be duly listed on the New York Stock
Exchange, NYSE MKT or NASDAQ and (ii) timely file all reports required to be filed by it in connection therewith.

 

(t)            Sarbanes-Oxley.
Comply at all times with all applicable provisions of Section 402(a) of Sarbanes-Oxley.

 

(u)           [Intentionally
Omitted].

 

(v)           [Intentionally
Omitted].

 

    	 	67	 

     

    

 

(w)          Operating
Leases. Promptly (i) perform and observe all of the covenants and agreements required to be performed and observed under the
Operating Leases and do all things necessary to preserve and to keep unimpaired the Loan Parties’ rights thereunder; (ii)
notify the Administrative Agent of any default under the Operating Leases of which any Loan Party is aware; (iii) deliver to the
Administrative Agent a copy of any notice of default or other notice received by the Loan Parties under the Operating Leases; and
(iv) enforce in all respects the performance and observance of all of the covenants and agreements required to be performed or
observed by the applicable lessor under each Operating Lease.

 

(x)            Equal
Treatment. (i) Cause the Facility to have equal support as the Existing Credit Facility and any other Unsecured Indebtedness
of any of the Loan Parties (whether as borrower, co-borrower, guarantor or otherwise). Without limiting the generality of the
foregoing, the Loan Parties shall cause any other Subsidiary or Joint Venture of any Loan Party that is a borrower or co-borrower,
guarantees, or otherwise becomes obligated in respect of any Unsecured Indebtedness of any of the Loan Parties, whether as a borrower,
co-borrower, guarantor or otherwise (including, without limitation, pursuant to the Existing Credit Agreement), to simultaneously
duly execute and deliver to Administrative Agent a Guaranty Supplement in substantially the form of Exhibit D hereto or such other
guaranty supplement in form and substance reasonably satisfactory to the Administrative Agent, guaranteeing the Loan Parties’
Obligations under the Loan Documents. Furthermore, Borrower shall cause any such Person to satisfy all other representations,
covenants and conditions in this Agreement with respect to Guarantors. Furthermore, no Lien may be granted, suffered or incurred
on any property, assets or revenue in favor of the lenders, trustees or holders under any Unsecured Indebtedness of any of the
Loan Parties (including, without limitation, the Existing Credit Agreement) without effectively providing that all Obligations
under the Loan Documents shall be secured equally and ratably with such Unsecured Indebtedness pursuant to agreements in form
and substance reasonably satisfactory to Administrative Agent.

 

(ii)       The
Borrower may request in writing that the Administrative Agent release, and upon receipt of such request the Administrative Agent
shall promptly release, a Person which has become a Guarantor solely pursuant to this Section 5.01(x) from the Guaranty so long
as: (a) no Default or Event of Default shall then be in existence or would occur as a result of such release, (b) Administrative
Agent shall receive such written request at least five (5) Business Days prior to the requested date of such release (or such shorter
period as may be acceptable to the Administrative Agent in its sole discretion), and (c) such Person is no longer required to be
a Guarantor pursuant to the terms of Section 5.01(x)(i) or any other provision of this Agreement. Delivery by the Borrower to the
Administrative Agent of any such request for a release shall constitute a representation by the Borrower that the matters set forth
in the preceding sentence (both as of the date of such request and as of the date of the effectiveness of such request) are true
and correct with respect to such request. Notwithstanding the foregoing, the foregoing provisions shall not apply to Parent Guarantor
or any owner or lessee of an Unencumbered Asset, which may only be released as otherwise provided in this Agreement.

 

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SECTION 5.02       Negative
Covenants. So long as any Advance or any other Obligation of any Loan Party under any Loan Document shall remain unpaid or
any Lender Party shall have any Commitment hereunder, no Loan Party will, at any time:

 

(a)            Liens,
Etc. Create, incur, assume or suffer to exist, or permit any of its Subsidiaries to create, incur, assume or suffer to exist,
any Lien on or with respect to any of its assets of any character (including, without limitation, accounts) whether now owned or
hereafter acquired, or sign or file or suffer to exist, or permit any of its Subsidiaries to sign or file or suffer to exist, under
the Uniform Commercial Code of any jurisdiction, a financing statement that names such Loan Party or any of its Subsidiaries as
debtor, or sign or suffer to exist, or permit any of its Subsidiaries to sign or suffer to exist, any security agreement authorizing
any secured party thereunder to file such financing statement, or assign, or permit any of its Subsidiaries to assign, any accounts
or other right to receive income, except, in the case of the Loan Parties (other than the Parent Guarantor) and their respective
Subsidiaries:

 

(i)       Liens
created under the Loan Documents;

 

(ii)       Permitted
Liens;

 

(iii)       Liens
described on Schedule 4.01(o) hereto;

 

(iv)       purchase
money Liens upon or in equipment acquired or held by such Loan Party or any of its Subsidiaries in the ordinary course of business
to secure the purchase price of such equipment or to secure Indebtedness incurred solely for the purpose of financing the acquisition
of any such equipment to be subject to such Liens, or Liens existing on any such equipment at the time of acquisition (other than
any such Liens created in contemplation of such acquisition that do not secure the purchase price), or extensions, renewals or
replacements of any of the foregoing for the same or a lesser amount; provided, however, that no such Lien shall extend
to or cover any property other than the equipment being acquired, and no such extension, renewal or replacement shall extend to
or cover any property not theretofore subject to the Lien being extended, renewed or replaced; provided further that the aggregate
principal amount of the Indebtedness secured by Liens permitted by this clause (iv) shall not exceed the amount permitted under
Section 5.02(b)(iii)(A);

 

(v)       Liens
arising in connection with Capitalized Leases permitted under Section 5.02(b)(iii)(B), provided that no such Lien shall
extend to or cover any Unencumbered Assets or assets other than the assets subject to such Capitalized Leases;

 

(vi)       Liens
on property of a Person existing at the time such Person is acquired by, merged into or consolidated with any Loan Party or any
Subsidiary of any Loan Party or becomes a Subsidiary of any Loan Party, provided that such Liens were not created in contemplation
of such merger, consolidation or acquisition and do not extend to any assets other than those of the Person so merged into or consolidated
with such Loan Party or such Subsidiary or so acquired by such Loan Party or such Subsidiary;

 

(vii)       Liens
securing Non-Recourse Debt permitted under Section 5.02(b)(iii)(E);

 

    	 	69	 

     

    

 

(viii)       the
replacement, extension or renewal of any Lien permitted by clause (iii) above upon or in the same property theretofore subject
thereto in connection with any Refinancing Debt permitted under Section 5.02(b)(iii)(C);

 

(ix)       Liens
securing Permitted Recourse Debt permitted under Section 5.02(b)(vi), which Liens do not affect any direct or indirect ownership
interest in any Unencumbered Asset; and

 

(x)       Liens
securing Debt of the Borrower and its Subsidiaries not expressly permitted by clauses (i) through (viii) above, provided
that such Liens do not affect any Unencumbered Asset and the amount of Debt secured by such Liens shall not exceed $5,000,000 in
the aggregate outstanding at any one time.

 

(b)           Indebtedness.
Create, incur, assume or suffer to exist, or permit any of its Subsidiaries to create, incur, assume or suffer to exist, any Indebtedness,
except:

 

(i)       Indebtedness
under the Loan Documents;

 

(ii)       in
the case of any Loan Party or any Subsidiary of a Loan Party, Indebtedness owed to any Loan Party or any wholly owned Subsidiary
of any Loan Party, provided that, in each case, such Indebtedness (y) shall be on terms reasonably acceptable to the Administrative
Agent and (z) shall be evidenced by promissory notes in form and substance reasonably satisfactory to the Administrative Agent,
which promissory notes shall (unless payable to the Borrower) by their terms be subordinated to the Obligations of the Loan Parties
under the Loan Documents;

 

(iii)       in
the case of each Loan Party (other than the Parent Guarantor) and its Subsidiaries,

 

(A)       Indebtedness
secured by Liens permitted by Section 5.02(a)(iv) not to exceed in the aggregate $5,000,000 at any time outstanding,

 

(B)       (1)
Capitalized Leases not to exceed in the aggregate $5,000,000 at any time outstanding, and (2) in the case of any Capitalized Lease
to which any Subsidiary of a Loan Party is a party, any Contingent Obligation of such Loan Party guaranteeing the Obligations of
such Subsidiary under such Capitalized Lease,

 

(C)       the
Existing Debt described on Schedule 4.01(n) hereto and any Refinancing Debt extending, refunding or refinancing such Existing Debt,

 

(D)       Indebtedness
in respect of Hedge Agreements entered into by the Borrower and designed to hedge against fluctuations in interest rates or foreign
exchange rates incurred as required by this Agreement or incurred in the ordinary course of business and consistent with prudent
business practices, and

 

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(E)       Non-Recourse
Debt (including, without limitation, the JV Pro Rata Share of Non-Recourse Debt of any Joint Venture) in respect of Assets, the
incurrence of which would not result in a Default under Section 5.04 or any other provision of this Agreement;

 

(iv)       in
the case of the Parent Guarantor and the Borrower, Indebtedness under Customary Carve-Out Agreements;

 

(v)       endorsements
of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business;

 

(vi)       Permitted
Recourse Debt;

 

(vii)       in
the case of the Parent Guarantor and the Borrower, any Contingent Obligations consisting of guarantees or indemnities of payment
Obligations under any Qualifying Ground Lease, any Franchise Agreements or other agreements related to franchise licenses, management
agreements or other agreements related to hotel management contracts, title insurance indemnifications or guarantees, or under
any other documents, agreements or contracts approved by the Administrative Agent; and

 

(viii)       any
other Indebtedness not to exceed $10,000,000 in the aggregate at any time outstanding in respect of all Loan Parties and their
Subsidiaries and which is not secured by any Lien on any Unencumbered Asset.

 

(c)           Change
in Nature of Business. Make, or permit any of its Subsidiaries to make, any material change in the nature of its business as
carried at the Closing Date (after giving effect to the transactions contemplated by the Loan Documents); or engage in, or permit
any of its Subsidiaries to engage in, any business other than ownership, development, licensing and management of Hotel Assets
in the United States consistent with the requirements of the Loan Documents, and other business activities incidental thereto.

 

(d)           Mergers,
Etc. Merge or consolidate with or into, or convey, transfer (except as permitted by Section 5.02(e)), lease (but not including
entry into Operating Leases between Subsidiary Guarantors and TRS Lessees) or otherwise dispose of (whether in one transaction
or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to, any Person,
or permit any of its Subsidiaries to do so; provided, however, that (i) any Subsidiary of a Loan Party may merge or consolidate
with or into, or dispose of assets to, any other Subsidiary of such Loan Party (provided that if one or more of such Subsidiaries
is also a Loan Party, a Loan Party shall be the surviving entity) or any other Loan Party other than the Parent Guarantor (provided
that such Loan Party or, in the case of any Loan Party other than the Borrower, another Loan Party shall be the surviving entity),
and (ii) any Loan Party may merge with any Person that is not a Loan Party so long as such Loan Party is the surviving entity or
(except in the case of a merger with the Borrower or the Parent Guarantor, which shall always be the surviving entity) such other
Person is the surviving party and shall promptly become a Loan Party (provided further that the Parent Guarantor shall not merge
with a Person that is not a Loan Party unless such merger is with a Person that would be in compliance with Section 5.01(r), and
which is the general partner or other owner of a Person simultaneously merging with Borrower or a Subsidiary of Borrower, and the
Parent Guarantor is the surviving entity), provided, in each case, that no Default shall have occurred and be continuing
at the time of such proposed transaction or would result therefrom and the requirements in Section 5.01(x) and Section 5.02(p)
shall still be complied with. Notwithstanding any other provision of this Agreement, (y) any Subsidiary of a Loan Party (other
than the Borrower and any Subsidiary that is the direct owner of an Unencumbered Asset) may liquidate or dissolve if the Borrower
determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and the assets or proceeds
from the liquidation or dissolution of such Subsidiary are transferred to the Borrower or a Guarantor, provided that no
Default or Event of Default shall have occurred and be continuing at the time of such proposed transaction or would result therefrom,
and (z) any Loan Party or Subsidiary of a Loan Party shall be permitted to effect any Transfer of Assets through the sale or transfer
of direct or indirect Equity Interests in the Person (other than the Borrower or the Parent Guarantor) that owns such Assets so
long as Section 5.02(e) would otherwise permit the Transfer of all Assets owned by such Person at the time of such sale or transfer
of such Equity Interests. Upon the sale or transfer of Equity Interests in any Person that is a Guarantor permitted under clause
(z) above, provided that no Default or Event of Default shall have occurred and be continuing or would result therefrom,
the Administrative Agent shall, upon the request of the Borrower, release such Guarantor from the Guaranty.

 

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(e)           Sales,
Etc. of Assets. (i) In the case of the Parent Guarantor, sell, lease, transfer or otherwise dispose of, or grant any option
or other right to purchase, lease or otherwise acquire any assets and

 

(ii)       in
the case of the Loan Parties (other than the Parent Guarantor), sell, lease (other than by entering into Tenancy Leases), transfer
or otherwise dispose of, or grant any option or other right to purchase, lease (other than any option or other right to enter into
Tenancy Leases) or otherwise acquire, or permit any of its Subsidiaries to sell, lease, transfer or otherwise dispose of, or grant
any option or other right to purchase, lease or otherwise acquire (each action described in clauses (i) and (ii) of this subsection
(e), including, without limitation, any Sale and Leaseback Transaction, being a “Transfer”), any Asset
or Assets (or any direct or indirect Equity Interests in the owner thereof), in each case other than the following Transfers, which
shall be permitted hereunder only so long as no Default or Event of Default shall exist or would result therefrom:

 

(A)       the
Transfer of any Asset or Assets, including unimproved land, that are not Unencumbered Assets from any Loan Party to another Loan
Party (other than the Parent Guarantor) or from a Subsidiary of a Loan Party to another Subsidiary of such Loan Party or any other
Loan Party (other than the Parent Guarantor),

 

(B)       the
Transfer of any Asset or Assets that are not Unencumbered Assets to any Person that is not a Loan Party, provided that the
Loan Parties shall be in compliance with the covenants contained in Section 5.04 both immediately prior to and on a pro forma
basis immediately after giving effect to such Transfer, on or prior to the date of such Transfer or designation, as the case may
be,

 

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(C)       the
Transfer of any Unencumbered Asset or Unencumbered Assets to any Person, or the designation of an Unencumbered Asset or Unencumbered
Assets as a non-Unencumbered Asset or non-Unencumbered Assets, in each case with the intention that such Unencumbered Asset or
Unencumbered Assets, upon consummation of such Transfer or designation, shall no longer constitute an Unencumbered Asset or Unencumbered
Assets, provided that:

 

(1)       immediately
after giving effect to such Transfer or designation, as the case may be, the remaining Unencumbered Assets shall continue to satisfy
the requirements set forth in clauses (a) through (k) of the definition of Unencumbered Asset Pool Conditions,

 

(2)       the
Loan Parties shall be in compliance with the covenants contained in Section 5.04 on a pro forma basis immediately after
giving effect to such Transfer or designation, and

 

(3)       on
or prior to the date of such Transfer or designation, as the case may be, the Borrower shall have delivered to the Administrative
Agent (A) a certificate signed by a Responsible Officer of the Borrower, stating that before and after giving effect to such Transfer
or designation, as the case may be, the Parent Guarantor shall be in compliance with the covenants contained in Section 5.04(b),
together with supporting information in form satisfactory to the Administrative Agent showing the computations used in determining
compliance with such covenants, and (B) a certificate of the Chief Financial Officer (or other Responsible Officer performing similar
functions) of the Borrower demonstrating compliance with the foregoing clauses (1) through (3) and confirming that no Default or
Event of Default shall exist on the date of such Transfer or will result therefrom, together with supporting information in detail
reasonably satisfactory to the Administrative Agent, or

 

(D)       the
Transfer of (1) obsolete or worn out FF&E in the ordinary course of business or (2) inventory in the ordinary course of business,
which FF&E or inventory, as the case may be, is used or held in connection with an Unencumbered Asset.

 

Following (x) a Transfer of all Unencumbered
Assets owned or leased by a Subsidiary Guarantor in accordance with Section 5.02(e)(ii)(C) or (y) the designation by a Subsidiary
Guarantor of all Unencumbered Assets owned or leased by it as non-Unencumbered Assets pursuant to Section 5.02(e)(ii)(C), the Administrative
Agent shall, upon the request of the Borrower and at the Borrower’s expense, promptly release such Subsidiary Guarantor from
the Guaranty.

 

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(f)            Investments.
Make or hold, or permit any of its Subsidiaries to make or hold, any Investment other than:

 

(i)       Investments
by the Loan Parties and their Subsidiaries in their Subsidiaries outstanding on the date hereof and additional Investments in wholly-owned
Subsidiaries and, in the case of the Loan Parties (other than the Parent Guarantor) and their Subsidiaries (and Joint Ventures
in which such Loan Parties and Subsidiaries hold any direct or indirect interest), Investments in Assets (including by asset or
Equity Interest acquisitions or investments in Joint Ventures), in each case subject, where applicable, to the limitations set
forth in Section 5.02(f)(iv);

 

(ii)       Investments
in Cash Equivalents;

 

(iii)       Investments
consisting of intercompany Indebtedness permitted under Section 5.02(b)(ii);

 

(iv)       Investments
consisting of the following items:

 

(A)       Investments
in unimproved land, Real Property that does not constitute Hotel Assets, and Development Assets (including such assets that such
Person has contracted to purchase for development with or without options to terminate the purchase agreement),

 

(B)       Investments
in Joint Ventures of any Loan Party, and

 

(C)       Loans,
advances and extensions of credit (including, without limitation, mezzanine loans) to any Person;

 

(v)       Investments
outstanding on the date hereof in Subsidiaries that are not wholly-owned by any Loan Party;

 

(vi)       Investments
by the Borrower in Hedge Agreements permitted under Section 5.02(b)(iii)(D);

 

(vii)       To
the extent permitted by applicable law, loans or other extensions of credit to officers, directors and employees of any Loan Party
or any Subsidiary of any Loan Party in the ordinary course of business, for travel, entertainment, relocation and analogous ordinary
business purposes, which Investments shall not exceed at any time $1,000,000 in the aggregate for all Loan Parties;

 

(viii)       Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit
extended in the ordinary course of business in an aggregate amount for all Loan Parties not to exceed at any time $5,000,000; and

 

(ix)       Investments
received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary
in order to prevent or limit loss.

 

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(g)           Restricted
Payments. In the case of the Parent Guarantor and the Borrower, without the prior consent of the Required Lenders, declare
or pay any dividends, purchase, redeem, retire, defease or otherwise acquire for value any of its Equity Interests now or hereafter
outstanding, return any capital to its stockholders, partners or members (or the equivalent Persons thereof) as such, make any
distribution of assets, Equity Interests, obligations or securities to its stockholders, partners or members (or the equivalent
Persons thereof) as such (collectively, “Restricted Payments”), subject to certain redemption rights
of the holders of Equity Interests in the Borrower as more particularly described in the constitutive documents of the Borrower
and certain redemption rights of the holders of certain preferred Equity Interests in the Parent Guarantor as described in the
articles supplementary that authorize the issuance of the respective classes of such preferred shares, in each case as in effect
on the date hereof; provided, however, that so long as no Default or Event of Default shall have occurred and be continuing,
the Parent Guarantor and the Borrower may make Restricted Payments without the prior consent of the Required Lenders to holders
of Equity Interests in the Parent Guarantor and the Borrower, as applicable, to the extent the same would not result in a Default
under Section 5.04(a)(iii) (calculated on a pro forma basis as of the most recent Test Date) or any other provision of this
Agreement.

 

(h)           Amendments
of Constitutive Documents. Amend, or permit any of its Subsidiaries to amend, in each case in any material respect, its limited
liability company agreement, partnership agreement, certificate of incorporation or bylaws or other constitutive documents, provided
that (1) any amendment to any such constitutive document that would be adverse to any of the Lender Parties shall be deemed “material”
for purposes of this Section; (2) any amendment to any such constitutive document that would designate such Subsidiary that is
not a Loan Party as a “special purpose entity” or otherwise confirm such Subsidiary’s status as a “special
purpose entity” shall be deemed “not material” for purposes of this Section; and (3) in the case of Subsidiaries
of the Borrower only, a Subsidiary may amend its constitutive documents if in the reasonable business judgment of such Subsidiary
it is in its best economic interest to do so and such amendment is not otherwise prohibited by this Agreement and could not reasonably
be expected to result in a Material Adverse Effect.

 

(i)            Accounting
Changes. Make or permit, or permit any of its Subsidiaries to make or permit, any change in (i) accounting policies or reporting
practices, except as required or permitted by generally accepted accounting principles, or (ii) Fiscal Year.

 

(j)            Speculative
Transactions. Engage, or permit any of its Subsidiaries to engage, in any transaction involving commodity options or futures
contracts or any similar speculative transactions.

 

(k)           Payment
Restrictions Affecting Subsidiaries. Directly or indirectly, enter into or suffer to exist, or permit any of its Subsidiaries
to enter into or suffer to exist, any agreement or arrangement limiting the ability of any of its Subsidiaries to declare or pay
dividends or other distributions in respect of its Equity Interests or repay or prepay any Indebtedness owed to, make loans or
advances to, or otherwise transfer assets to or invest in, the Borrower or any Subsidiary of the Borrower (whether through a covenant
restricting dividends, loans, asset transfers or investments, a financial covenant or otherwise), except (i) the Loan Documents,
(ii) any agreement or instrument evidencing Non-Recourse Debt or Permitted Recourse Debt, provided that the terms of such Indebtedness,
and of such agreement or instrument, do not restrict distributions in respect of Equity Interests in Subsidiaries directly or indirectly
owning Unencumbered Assets, and (iii) any agreement in effect at the time such Subsidiary becomes a Subsidiary of the Borrower,
so long as such agreement was not entered into solely in contemplation of such Person becoming a Subsidiary of the Borrower.

 

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(l)            Amendment,
Etc. of Material Contracts. Cancel or terminate any Material Contract or consent to or accept any cancellation or termination
thereof, amend or otherwise modify any Material Contract or give any consent, waiver or approval thereunder, waive any default
under or breach of any Material Contract, agree in any manner to any other amendment, modification or change of any term or condition
of any Material Contract or take any other action in connection with any Material Contract that would impair in any material respect
the value of the interest or rights of any Loan Party thereunder or that would impair or otherwise adversely affect in any material
respect the interest or rights, if any, of the Administrative Agent or any Lender Party, or permit any of its Subsidiaries to do
any of the foregoing, in each case taking into account the effect of any agreements that supplement or serve to substitute for,
in whole or in part, such Material Contract, and in the case of (i) a Material Contract not affecting any Unencumbered Asset, in
a manner that could reasonably be expected to have a Material Adverse Effect, and (ii) a Material Contract affecting any Unencumbered
Asset, in a manner that could reasonably be expected to result in a breach of the Unsecured Asset Pool Conditions.

 

(m)           Negative
Pledge. Enter into or suffer to exist, or permit any of its Subsidiaries to enter into or suffer to exist, any Negative Pledge
upon any of its property or assets, except (i) in connection with any Existing Debt, (ii) pursuant to the Loan Documents or (iii)
in connection with (A) any Non-Recourse Debt or Permitted Recourse Debt, provided that the terms of such Indebtedness, and of any
agreement entered into and of any instrument issued in connection therewith, do not provide for or prohibit or condition the creation
of any Lien on any Unencumbered Assets and are otherwise permitted by the Loan Documents (provided further that any restriction
of the type described in the proviso in the definition of “Negative Pledge” shall not be deemed to violate the foregoing
restriction), (B) any purchase money Indebtedness permitted under Section 5.02(b)(iii)(A) solely to the extent that the agreement
or instrument governing such Indebtedness prohibits a Lien on the property acquired with the proceeds of such Indebtedness, (C)
any Capitalized Lease permitted by Section 5.02(b)(iii)(B) solely to the extent that such Capitalized Lease prohibits a Lien on
the property subject thereto, or (D) any Indebtedness outstanding on the date any Subsidiary of the Borrower becomes such a Subsidiary
(so long as such agreement was not entered into solely in contemplation of such Subsidiary becoming a Subsidiary of the Borrower).

 

(n)           Parent
Guarantor as Holding Company. In the case of the Parent Guarantor, enter into or conduct any business, or engage in any activity
(including, without limitation, any action or transaction that is required or restricted with respect to the Borrower and its Subsidiaries
under Sections 5.01 and 5.02 without regard to any of the enumerated exceptions to such covenants), other than (i) the holding
of the Equity Interests of the Borrower; (ii) the performance of its duties as sole general partner of the Borrower; (iii) the
performance of its Obligations (subject to the limitations set forth in the Loan Documents) under each Loan Document to which it
is a party; (iv) the making of equity or subordinate debt Investments in the Borrower and its Subsidiaries, provided each
such Investment shall be on terms acceptable to the Administrative Agent; (v) sales of Equity Interests of the Parent Guarantor
not otherwise prohibited by this Agreement and (vi) activities incidental to each of the foregoing.

 

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(o)           Development
Assets Cap. If the aggregate budgeted costs attributable to all Development Assets exceeds 15% of Total Asset Value, commence
the development of any Development Asset as to which development has not yet commenced.

 

(p)           Subsidiary
Guarantor Requirements. Cause or permit any Subsidiary Guarantor to (i) incur Indebtedness other than trade payables in the
ordinary course of business or otherwise permitted by Section 5.02(b); or (ii) own any Real Property other than Unencumbered Assets,
provided, however, that during any period in which Summit Hospitality I, LLC is a Subsidiary Guarantor or an Additional Guarantor,
the total outstanding Non-Recourse Debt of Summit Hospitality I, LLC (A) shall consist only of Indebtedness outstanding on January
15, 2016 and (B) shall not at any time exceed $25,000,000 in the aggregate.

 

(q)           Multiemployer
Plans. Neither any Loan Party nor any ERISA Affiliate will contribute to or be required to contribute to any Multiemployer
Plan.

 

(r)            Ground
Leases. With respect to any Qualifying Ground Lease related to any Unencumbered Asset:

 

(i)       waive,
excuse or discharge any of the material obligations of the lessor or other obligor thereunder;

 

(ii)       do,
permit or suffer (1) any act, event or omission which would be likely to result in a default or permit the applicable lessor or
other obligor to terminate or exercise any other remedy with respect to the applicable Qualifying Ground Lease or (2) any act,
event or omission which, with the giving of notice or the passage of time, or both, would constitute a default or permit the lessor
or such other obligor to exercise any other remedy under the applicable Qualifying Ground Lease;

 

(iii)       cancel,
terminate, surrender, modify or amend any of the provisions of any such Qualifying Ground Lease or agree to any termination, amendment,
modification or surrender thereof without the prior written consent of the Administrative Agent;

 

(iv)       permit
or consent to the subordination of such Qualifying Ground Lease to any mortgage or other leasehold interest of the premises related
thereto; or

 

(v)       treat,
in connection with the bankruptcy or other insolvency proceedings of any ground lessor or other obligor, any Qualifying Ground
Lease as terminated, cancelled or surrendered pursuant to Bankruptcy Law without the Administrative Agent’s prior written
consent.

 

(s)           Transactions
with Affiliates. Enter into any transaction with its Affiliates except (i) with respect to Assets which are not Unencumbered
Assets, transactions occurring in the ordinary course of the business of owning and operating hotels, the Lender Parties agree
that operating leases, loans, and guaranties of indebtedness are all in the ordinary course of business and (ii) with respect to
Unencumbered Assets, subject to the consent of the Administrative Agent, not to be unreasonably withheld, transactions occurring
in the ordinary course of the business of owning and operating hotels, and in each case in accordance with Section 5.01(i).

 

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(t)            TRS
Holdco and TRS Lessees. Permit TRS Holdco to enter into or conduct any business, or engage in any activity (including, without
limitation, any action or transaction that is required or restricted with respect to the Borrower and its Subsidiaries under Sections
5.01 and 5.02 without regard to any of the enumerated exceptions to such covenants), other than (i) the holding of the Equity Interests
of the TRS Lessees; (ii) the performance of its duties as sole member of the TRS Lessees; (iii) the performance of its Obligations
(subject to the limitations set forth in the Loan Documents) under each Loan Document to which it is a party; (iv) the making of
equity or subordinate debt Investments in the TRS Lessees, provided each such Investment shall be on terms reasonably acceptable
to the Administrative Agent; and (v) activities incidental to each of the foregoing.

 

(u)           Sanctioned
Persons. Directly or indirectly use or permit or allow any of its Subsidiaries to directly or indirectly use the proceeds of
the Loans or otherwise make available such proceeds to any person, for the purpose of financing the activities of any Designated
Person or in any manner that would cause any of such persons to violate the United States Foreign Corrupt Practices Act. None of
the funds or assets of the Loan Parties that are used to pay any amount due pursuant to this Agreement or the other Loan Documents
shall constitute funds obtained from transactions with or relating to Designated Persons or countries which are themselves the
subject of territorial sanctions under applicable Sanctions Laws.

 

(v)           More
Restrictive Agreements. Enter into or modify any agreements or documents or permit or allow any of its Subsidiaries to enter
into or modify any agreements or documents in each case pertaining to any existing or future Unsecured Indebtedness of such Loan
Party or such Subsidiaries (including, without limitation, the Existing Credit Agreement), if such agreements or documents include
covenants, whether affirmative or negative (or any other provision which may have the same practical effect as any of the foregoing),
which are individually or in the aggregate more restrictive against the Loan Parties or their respective Subsidiaries than those
set forth in Sections 5.01(o), 5.02(f)(iv), 5.02(g), 5.02(m), 5.02(o) or 5.04 (and including for the purposes hereof, all definitions
used in or relating to such sections or definitions) of this Agreement, unless the Loan Parties, the Administrative Agent and the
Required Lenders shall have simultaneously amended this Agreement to include such more restrictive provisions. Each of the Loan
Parties agrees to deliver to the Administrative Agent copies of any agreements or documents (or modifications thereof) pertaining
to existing or future Unsecured Indebtedness of the Loan Parties and their respective Subsidiaries as the Administrative Agent
from time to time may request.

 

SECTION 5.03       Reporting
Requirements. So long as any Advance or any other Obligation of any Loan Party under any Loan Document shall remain unpaid
or any Lender Party shall have any Commitment hereunder, the Borrower will furnish to the Administrative Agent and the Lender
Parties in accordance with Section 9.02(b):

 

(a)           Default
Notice. As soon as possible and in any event within five Business Days after the occurrence of each Default or any event, development
or occurrence reasonably expected to result in a Material Adverse Effect continuing on the date of such statement, a statement
of the Chief Financial Officer (or other Responsible Officer) of the Parent Guarantor setting forth details of such Default or
such event, development or occurrence and the action that the Parent Guarantor has taken and proposes to take with respect thereto.

 

    	 	78	 

     

    

 

(b)          Annual
Financials. As soon as available and in any event within 90 days after the end of each Fiscal Year, a copy of the annual audit
report for such year for the Parent Guarantor and its Consolidated Subsidiaries, including therein Consolidated and consolidating
balance sheets of the Parent Guarantor and its Subsidiaries as of the end of such Fiscal Year and Consolidated and consolidating
statements of income and a Consolidated and consolidating statement of cash flows of the Parent Guarantor and its Subsidiaries
for such Fiscal Year (it being acknowledged that a copy of the annual audit report filed by the Parent Guarantor with the Securities
and Exchange Commission shall satisfy the foregoing requirements), in each case accompanied by (x) an unqualified opinion acceptable
to the Required Lenders of KPMG LLP, Ernst & Young LLP or other independent public accountants of recognized standing reasonably
acceptable to the Administrative Agent, and (y) a report of such independent public accountants as to the Borrower’s internal
controls required under Section 404 of the Sarbanes-Oxley Act of 2002, but only to the extent the Borrower is subject to Section
404, in each case certified in a manner to which the Required Lenders have not objected, together with (i) a schedule in form reasonably
satisfactory to the Administrative Agent of the computations used by such accountants in determining, as of the end of such Fiscal
Year, compliance with the covenants contained in Section 5.04, provided that in the event of any change in GAAP used in the preparation
of such financial statements, the Parent Guarantor shall also provide, if necessary for the determination of compliance with Section
5.04, a statement of reconciliation conforming such financial statements to GAAP and (ii) a certificate of the Chief Financial
Officer (or other Responsible Officer) of the Parent Guarantor stating that no Default has occurred and is continuing or, if a
Default has occurred and is continuing, a statement as to the nature thereof and the action that the Parent Guarantor has taken
and proposes to take with respect thereto.

 

(c)           Quarterly
Financials. As soon as available and in any event within 45 days after the end of each of the first three quarters of each
Fiscal Year, Consolidated and consolidating balance sheets of the Parent Guarantor and its Subsidiaries as of the end of such quarter
and Consolidated and consolidating statements of income and a Consolidated and consolidating statement of cash flows of the Parent
Guarantor and its Subsidiaries for the period commencing at the end of the previous fiscal quarter and ending with the end of such
fiscal quarter and Consolidated and consolidating statements of income and a Consolidated and consolidating statement of cash flows
of the Parent Guarantor and its Subsidiaries for the period commencing at the end of the previous Fiscal Year and ending with the
end of such quarter, setting forth in each case in comparative form the corresponding figures for the corresponding date or period
of the preceding Fiscal Year, all in reasonable detail and duly certified (subject to normal year-end audit adjustments) by the
Chief Executive Officer, Chief Financial Officer or Treasurer (or other Responsible Officer performing similar functions) of the
Parent Guarantor as having been prepared in accordance with GAAP (it being acknowledged that a copy of the quarterly financials
filed by the Parent Guarantor with the Securities and Exchange Commission shall satisfy the foregoing requirements), together with
(i) a certificate of such officer stating that no Default has occurred and is continuing or, if a Default has occurred and is continuing,
a statement as to the nature thereof and the action that the Parent Guarantor has taken and proposes to take with respect thereto
and (ii) a schedule in form reasonably satisfactory to the Administrative Agent of the computations used by the Parent Guarantor
in determining compliance with the covenants contained in Section 5.04, provided that in the event of any change in GAAP used in
the preparation of such financial statements, the Parent Guarantor shall also provide, if necessary for the determination of compliance
with Section 5.04, a statement of reconciliation conforming such financial statements to GAAP.

 

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(d)           [Intentionally
Omitted].

 

(e)           Unencumbered
Asset Financials. As soon as available and in any event within 45 days after the end of each quarter, financial information
in respect of all Unencumbered Assets, in form and detail reasonably satisfactory to the Administrative Agent.

 

(f)            Annual
Budgets. As soon as available and in any event within than 45 days after the end of each Fiscal Year, forecasts prepared by
management of the Parent Guarantor, in form reasonably satisfactory to the Administrative Agent, of balance sheets, income statements
and cash flow statements on a quarterly basis for the then current Fiscal Year and on an annual basis for each Fiscal Year thereafter
until the Termination Date.

 

(g)           Material
Litigation. Promptly after the commencement thereof, notice of all actions, suits, investigations, litigation and proceedings
before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting
any Loan Party or any of its Subsidiaries of the type described in Section 4.01(f), and promptly after the occurrence thereof,
notice of any material adverse change in the status or the financial effect on any Loan Party or any of its Subsidiaries of the
Material Litigation from that described on Schedule 4.01(f) hereto.

 

(h)           [Intentionally
Omitted].

 

(i)            Real
Property. As soon as available and in any event within 45 days after the end of each fiscal quarter of each Fiscal Year, a
report supplementing Schedule 4.01(p) hereto, including an identification of all owned and leased real property acquired or disposed
of by any Loan Party or any of its Subsidiaries during such fiscal quarter and a description of such other changes in the information
included in Section 4.01(p) as may be necessary for such Schedule to be accurate and complete.

 

(j)            [Intentionally
Omitted].

 

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(k)           Environmental
Conditions. Notice to the Administrative Agent (i) promptly upon obtaining knowledge of any material violation of any Environmental
Law affecting any Asset or the operations thereof or the operations of any of its Subsidiaries, (ii) promptly upon obtaining knowledge
of any known release, discharge or disposal of any Hazardous Materials at, from, or into any Asset which it reports in writing
or is legally required to report in writing to any Governmental Authority and which is material in amount or nature or which could
reasonably be expected to materially adversely affect the value of such Asset, (iii) promptly upon its receipt of any written notice
of material violation of any Environmental Laws or of any material release, discharge or disposal of Hazardous Materials in violation
of any Environmental Laws or any matter that could reasonably be expected to result in an Environmental Action, including a notice
or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local
governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard
to (A) such Loan Party’s or any other Person’s operation of any Asset in compliance with Environmental Laws, (B) Hazardous
Materials contamination on, from or into any Asset, or (C) investigation or remediation of off-site locations at which such Loan
Party or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Materials, or (iv) upon such
Loan Party’s obtaining knowledge that any expense or loss has been incurred by such Governmental Authority in connection
with the assessment, containment, removal or remediation of any Hazardous Materials with respect to which such Loan Party or any
Joint Venture could reasonably be expected to incur material liability or for which a Lien may be imposed on any Asset, provided
that notice is required only for any of the events described in clauses (i) through (iv) above that could reasonably be expected
to result in a Material Adverse Effect, could reasonably be expected to result in a material Environmental Action with respect
to any Unencumbered Asset or could reasonably be expected to result in a Lien against any Unencumbered Asset.

 

(l)            Unencumbered
Asset Value. Promptly after discovery of any setoff, claim, withholding or defense asserted or effected against any Loan Party,
or to which any Unencumbered Asset is subject, which could reasonably be expected to (i) have a material adverse effect on the
value of an Unencumbered Asset, (ii) have a Material Adverse Effect or (iii) result in the imposition or assertion of a Lien against
any Unencumbered Asset which is not a Permitted Lien, notice to the Administrative Agent thereof.

 

(m)          Compliance
with Unencumbered Asset Conditions. Promptly after obtaining actual knowledge of any condition or event which causes any Unencumbered
Asset to fail to satisfy any of the Unencumbered Asset Pool Conditions (other than those Unencumbered Asset Pool Conditions, if
any, that have theretofore been waived by the Administrative Agent and the Required Lenders with respect to any particular Unencumbered
Asset, to the extent of such waiver), notice to the Administrative Agent thereof.

 

(n)           [Intentionally
Omitted].

 

(o)           Reconciliation
Statements. If, as a result of any change in accounting principles and policies from those used in the preparation of the audited
financial statements referred to in Section 4.01(g) and forecasts referred to in Section 4.01(h), the Consolidated and consolidating
financial statements and forecasts of the Parent Guarantor and its Subsidiaries delivered pursuant to Section 5.03(b), (c) or (f)
will differ in any material respect from the Consolidated and consolidating financial statements that would have been delivered
pursuant to such Section had no such change in accounting principles and policies been made, then (i) together with the first delivery
of financial statements or forecasts pursuant to Section 5.03(b), (c) or (f) following such change, Consolidated and consolidating
financial statements and forecasts of the Parent Guarantor and its Subsidiaries for the fiscal quarter immediately preceding the
fiscal quarter in which such change is made, prepared on a pro forma basis as if such change had been in effect during such
fiscal quarter, and (ii) if requested by Administrative Agent, a written statement of the Chief Executive Officer, Chief Financial
Officer or Treasurer (or other Responsible Officer performing similar functions) of the Parent Guarantor setting forth the differences
(including any differences that would affect any calculations relating to the financial covenants set forth in Section 5.04) which
would have resulted if such financial statements and forecasts had been prepared without giving effect to such change.

 

(p)           [Intentionally
Omitted.]

 

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(q)          Other
Information. Promptly, such other information respecting, and which is reasonably foreseeable to be material to, the business,
condition (financial or otherwise), operations, performance, properties or prospects of any Loan Party or any of its Subsidiaries
as the Administrative Agent, or any Lender Party through the Administrative Agent, may from time to time reasonably request.

 

SECTION 5.04       Financial
Covenants. So long as any Advance or any other Obligation of any Loan Party under any Loan Document shall remain unpaid or
any Lender Party shall have, at any time after the Initial Extension of Credit, any Commitment hereunder, the Parent Guarantor
will:

 

(a)           Parent
Guarantor Financial Covenants.

 

(i)       Maximum
Leverage Ratio. Maintain as of each Test Date a Leverage Ratio of not greater than 6.50:1.00; provided, however, that
on and after the date of any Leverage Ratio Increase Election, 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 Leverage Ratio Increase Election, a Leverage Ratio of not greater than 7.00:1.00; provided further that (A)
such Leverage Ratio Increase Elections may only occur (1) prior to the Termination Date and (2) not more than two times during
the term of the Facility, and (B) such Leverage Ratio Increase Elections may not be consecutive.

 

(ii)       Minimum
Consolidated Tangible Net Worth. Maintain at all times a Consolidated Tangible Net Worth of not less than the sum of (a) $1,105,342,000
plus (b) an amount equal to 75% of the net cash proceeds of all issuances or sales of Equity Interests of the Parent Guarantor
or any of its Subsidiaries consummated after the Closing Date .

 

(iii)       Maximum
Dividend Payout Ratio. Maintain as of each Test Date, a Dividend Payout Ratio of equal to or less than (A) 95% or (B) such
greater amount as may be required by applicable law to maintain status as a REIT for tax purposes or to avoid the imposition of
income or excise taxes.

 

(iv)       Minimum
Consolidated Fixed Charge Coverage Ratio. Maintain as of each Test Date a Consolidated Fixed Charge Coverage Ratio of not less
than 1.50:1.00.

 

(v)       Maximum
Secured Leverage Ratio. Maintain as of each Test Date a ratio of Secured Indebtedness to Total Asset Value equal to not more
than 45%.

 

(vi)       Maximum
Secured Recourse Leverage Ratio. Maintain as of each Test Date a ratio of Secured Recourse Indebtedness to Total Asset Value
equal to not more than 10%.

 

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(b)           Unencumbered
Asset Pool Financial Covenants.

 

(i)       Maximum
Unsecured Leverage Ratio. Maintain at all times an Unsecured Leverage Ratio equal to or less than 60%; provided, however,
that on and after the date of any Unsecured Leverage Ratio Increase Election, 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, an Unsecured Leverage Ratio equal to or less than 65%; provided
further that (A) such Unsecured Leverage Ratio Increase Elections may only occur (1) prior to the Termination Date
and (2) not more than two times during the term of the Facility, and (B) such Unsecured Leverage Ratio Increase Elections
may not be consecutive.

 

(ii)       Minimum
Unsecured Interest Coverage Ratio. Maintain as of each Test Date a ratio of Unencumbered Adjusted NOI to Assumed Unsecured
Interest Expense equal to or greater than 2.00x.

 

(iii)       Minimum
Unencumbered Properties. Maintain at all times at least twenty (20) Unencumbered Assets in the Unencumbered Asset Pool.

 

To the extent any calculations
described in Sections 5.04(a) or 5.04(b) are required to be made on any date of determination other than the last day of a fiscal
quarter of the Parent Guarantor, such calculations shall be made on a pro forma basis to account for any acquisitions or
dispositions of Assets (including in respect of revenues generated by such acquired or disposed of Assets), and the incurrence
or repayment of any Debt for Borrowed Money relating to such Assets, that have occurred since the last day of the fiscal quarter
of the Parent Guarantor most recently ended. To the extent any calculations described in Sections 5.04(a) or 5.04(b) are required
to be made on a Test Date relating to an Advance, a merger permitted under Section 5.02(d), or a Transfer permitted under Section
5.02(e)(ii)(C), such calculations shall be made on a pro forma basis after giving effect to such Advance, merger, Transfer
or such other event, as applicable. All such calculations shall be reasonably acceptable to the Administrative Agent.

 

ARTICLE
VI

EVENTS OF DEFAULT

 

SECTION 6.01       Events
of Default. If any of the following events (“Events of Default”) shall occur and be continuing:

 

(a)            Failure
to Make Payments When Due. (i) The Borrower shall fail to pay any principal of any Advance when the same shall become due and
payable, (ii) the Borrower shall fail to pay any interest on any Advance within three Business Days after the same becomes due
and payable or (iii) any Loan Party shall fail to make any other payment under any Loan Document within five Business Days after
the same becomes due and payable.

 

(b)           Breach
of Representations and Warranties. Any representation or warranty made by any Loan Party (or any of its officers or the officers
of its general partner or managing member, as applicable) under or in connection with any Loan Document shall prove to have been
incorrect in any material respect when made or deemed repeated; or

 

(c)            Breach
of Certain Covenants. (i) The Borrower shall fail to perform or observe any term, covenant or agreement contained in Section
2.14, 5.01(d), (e), (f), (i), (j), (n) (to the extent such failure would permit the lessor under the applicable Qualifying Ground
Lease or Operating Lease to terminate such lease), (r), (s), (t), (u), (v) or (x), 5.02, 5.03(a), (g), (k), (l), (m), (n), or 5.04,
or (ii) the Borrower shall fail to perform or observe any term, covenant or agreement contained in Section 5.03(b), (c), (e), (f),
(i), or (o) if such failure described in this clause (ii) shall remain unremedied for 15 days after the earlier of the date on
which (A) a Responsible Officer becomes aware of such failure or (B) written notice thereof shall have been given to the Borrower
by Administrative Agent or any Lender Party; or

 

    	 	83	 

     

    

 

(d)           Other
Defaults under Loan Documents. Any Loan Party shall fail to perform or observe any other term, covenant or agreement contained
in any Loan Document on its part to be performed or observed if such failure shall remain unremedied for 30 days after the earlier
of the date on which (i) a Responsible Officer becomes aware of such failure or (ii) written notice thereof shall have been given
to the Borrower by the Administrative Agent or any Lender Party; or

 

(e)           Cross
Defaults. (i) Any Loan Party or any Subsidiary thereof shall fail to pay any principal of, premium or interest on or any other
amount payable in respect of any Material Debt when the same becomes due and payable (whether by scheduled maturity, required prepayment,
acceleration, demand or otherwise); or (ii) any other event shall occur or condition shall exist under any agreement or instrument
relating to any such Material Debt, if (A) the effect of such event or condition is to permit the acceleration of the maturity
of such Material Debt or otherwise permit the holders thereof to cause such Material Debt to mature, and (B) only with respect
to Material Debt described in clause (a) or (b) of the definition thereof, such event or condition shall remain unremedied or otherwise
uncured for a period of 30 days; or (iii) the maturity of any such Material Debt shall be accelerated or any such Material Debt
shall be declared to be due and payable or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment
or redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Material Debt shall be required
to be made, in each case prior to the stated maturity thereof; or (iv) without limiting the foregoing, the occurrence of any
“Event of Default” (as defined in any Existing Credit Agreement) under any Existing Credit Agreement; or

 

(f)            Insolvency
Events. Any Loan Party or any Subsidiary thereof shall generally not pay its debts as such debts become due, or shall admit
in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding
shall be instituted by or against any Loan Party or any Subsidiary thereof seeking to adjudicate it a bankrupt or insolvent, or
seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts
under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief
or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property and, in
the case of any such proceeding instituted against it (but not instituted by it) that is being diligently contested by it in good
faith, either such proceeding shall remain undismissed or unstayed for a period of 60 days or any of the actions sought in such
proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee,
custodian or other similar official for, it or any substantial part of its property) shall occur; or any Loan Party or any Subsidiary
thereof shall take any corporate action to authorize any of the actions set forth above in this subsection (f); provided, however,
that, if any of the events or circumstances described in this subsection (f) occur or exist with respect to a Subsidiary of the
Borrower that is not a Loan Party (a “Debtor Subsidiary”), such event(s) or circumstance(s) shall not
constitute a Default or an Event of Default so long as (i) such Debtor Subsidiary has no other Debt other than Non-Recourse Debt,
(ii) such event(s) or circumstance(s) have not resulted in, and will not result in, any material liability, either individually
or in the aggregate, to the Parent, the Borrower or any of their Subsidiaries (exclusive of the Debtor Subsidiary), and (iii) the
total assets of such Debtor Subsidiary do not exceed $10,000,000 as of the date such event(s) occur or such circumstance(s) first
exist; and (iv) no court of competent jurisdiction has issued an order substantively consolidating the assets and liabilities of
such Debtor Subsidiary with those of any other Person; or

 

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(g)           Monetary
Judgments. Any judgments or orders, either individually or in the aggregate, for the payment of money in excess of $10,000,000
shall be rendered against any Loan Party or any Subsidiary thereof and either (i) enforcement proceedings shall have been commenced
by any creditor upon such judgment or order or (ii) there shall be any period of 30 consecutive days during which a stay of enforcement
of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; provided, however, that any
such judgment or order shall not give rise to an Event of Default under this Section 6.01(g) if and so long as (A) the amount of
such judgment or order which remains unsatisfied is covered by a valid and binding policy of insurance between the respective Loan
Party or Subsidiary and the insurer covering full payment of such unsatisfied amount and (B) such insurer, which shall be rated
at least “A” by A.M. Best Company, has been notified, and has not disputed the claim made for payment, of the amount
of such judgment or order; or

 

(h)           Non-Monetary
Judgments. Any non-monetary judgment or order shall be rendered against any Loan Party or Subsidiary thereof that could reasonably
be expected to result in a Material Adverse Effect, and there shall be any period of 30 consecutive days during which a stay of
enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or

 

(i)            Unenforceability
of Loan Documents. Any material provision of any Loan Document after delivery thereof pursuant to Section 3.01, 5.01(j) or
5.01(x) shall for any reason (other than pursuant to the terms thereof) cease to be valid and binding on or enforceable against
any Loan Party which is party to it, or any such Loan Party shall so state in writing; or

 

(j)            [Intentionally
Omitted].

 

(k)           Change
of Control. A Change of Control shall occur; or

 

(l)            ERISA
Events. Any ERISA Event shall have occurred with respect to a Plan and the sum (determined as of the date of occurrence of
such ERISA Event) of the Insufficiency of such Plan and the Insufficiency of any and all other Plans with respect to which an ERISA
Event shall have occurred and then exist (or the liability of the Loan Parties and the ERISA Affiliates related to such ERISA Event)
exceeds $10,000,000;

 

then, and in any such event, the Administrative
Agent (i) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the Commitments
of each Lender Party and the obligation of each Lender Party to make Advances to be terminated, whereupon the same shall forthwith
terminate, and (ii) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare
the Advances, all interest thereon and all other amounts payable under this Agreement and the other Loan Documents to be forthwith
due and payable, whereupon the Advances, all such interest and all such amounts shall become and be forthwith due and payable,
without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower; provided,
however, that in the event of an actual or deemed entry of an order for relief with respect to any Loan Party under any Bankruptcy
Law, (y) the Commitments of each Lender Party and the obligation of each Lender Party to make Advances shall automatically be terminated
and (z) the Advances, all such interest and all such amounts shall automatically become and be due and payable, without presentment,
demand, protest or any notice of any kind, all of which are hereby expressly waived by the Loan Parties.

 

    	 	85	 

     

    

  

SECTION 6.02         [Intentionally
Omitted].

 

ARTICLE
VII

GUARANTY

 

SECTION 7.01         Guaranty;
Limitation of Liability.

 

(a)          Each
Guarantor, jointly and severally, hereby absolutely, unconditionally and irrevocably guarantees the punctual payment when due,
whether at scheduled maturity or on any date of a required prepayment or by acceleration, demand or otherwise, of all Obligations
of each other Loan Party now or hereafter existing under or in respect of the Loan Documents (including, without limitation, any
extensions, modifications, substitutions, amendments or renewals of any or all of the foregoing Obligations), whether direct or
indirect, absolute or contingent, and whether for principal, interest, premiums, fees, indemnities, contract causes of action,
costs, expenses or otherwise, in each case exclusive of all Excluded Swap Obligations (such guaranteed Obligations being the “Guaranteed
Obligations”), and agrees to pay any and all expenses (including, without limitation, fees and expenses of counsel)
incurred by the Administrative Agent or any other Lender Party in enforcing any rights under this Agreement or any other Loan Document.
Without limiting the generality of the foregoing, each Guarantor’s liability shall extend to all amounts that constitute
part of the Guaranteed Obligations and would be owed by any other Loan Party to any Lender Party under or in respect of the Loan
Documents but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or
similar proceeding involving such other Loan Party. This Guaranty is and constitutes a guaranty of payment and not merely of collection.
Notwithstanding anything to the contrary herein, the Lender Parties shall immediately release the guaranty of any Guarantor at
such time as the Guarantor has completed Transfers and/or designations in compliance with Section 5.02(e) such that the Guarantor
does not own, directly or indirectly any one or more Unencumbered Assets.

 

(b)          Each
Guarantor, the Administrative Agent and each other Lender Party and, by its acceptance of the benefits of this Guaranty, each other
Lender Party, hereby confirms that it is the intention of all such Persons that this Guaranty and the Obligations of each Guarantor
hereunder not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance
Act, the Uniform Voidable Transactions Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to
the extent applicable to this Guaranty and the Obligations of each Guarantor hereunder. To effectuate the foregoing intention,
the Guarantors, the Administrative Agent, the other Lender Parties and, by their acceptance of the benefits of this Guaranty, the
other Lender Parties hereby irrevocably agree that the Obligations of each Guarantor under this Guaranty at any time shall be limited
to the maximum amount as will result in the Obligations of such Guarantor under this Guaranty not constituting a fraudulent transfer
or conveyance.

 

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(c)          Each
Guarantor hereby unconditionally and irrevocably agrees that in the event any payment shall be required to be made to any Lender
Party under this Guaranty or any other guaranty, such Guarantor will contribute, to the maximum extent permitted by law, such amounts
to each other Guarantor and each other guarantor so as to maximize the aggregate amount paid to the Lender Parties under or in
respect of the Loan Documents.

 

SECTION 7.02         Guaranty
Absolute. Each Guarantor guarantees that the Guaranteed Obligations will be paid
strictly in accordance with the terms of this Agreement and the other Loan Documents, regardless of any law, regulation or order
now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Administrative Agent or any other
Lender Party with respect thereto. The Obligations of each Guarantor under or in respect of this Guaranty are independent of the
Guaranteed Obligations or any other Obligations of any other Loan Party under or in respect of this Agreement or the other Loan
Documents, and a separate action or actions may be brought and prosecuted against each Guarantor to enforce this Guaranty, irrespective
of whether any action is brought against the Borrower or any other Loan Party or whether the Borrower or any other Loan Party
is joined in any such action or actions. The liability of each Guarantor under this Guaranty shall be irrevocable, absolute and
unconditional irrespective of, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire
in any way relating to, any or all of the following:

 

(a)          any
lack of validity or enforceability of any Loan Document or any agreement or instrument relating thereto;

 

(b)          any
change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations or any other
Obligations of any other Loan Party under or in respect of the Loan Documents, or any other amendment or waiver of or any consent
to departure from any Loan Document, including, without limitation, any increase in the Guaranteed Obligations resulting from the
extension of additional credit to the Borrower, any other Loan Party or any of their Subsidiaries or otherwise;

 

(c)          any
taking, exchange, release or non-perfection of any collateral, or any taking, release or amendment or waiver of, or consent to
departure from, any other guaranty, for all or any of the Guaranteed Obligations;

 

(d)          any
manner of application of collateral, or proceeds thereof, to all or any of the Guaranteed Obligations, or any manner of sale or
other disposition of any collateral for all or any of the Guaranteed Obligations or any other Obligations of any Loan Party under
the Loan Documents or any other assets of any Loan Party or any of its Subsidiaries;

 

(e)          any
change, restructuring or termination of the corporate structure or existence of any Loan Party or any of its Subsidiaries;

 

(f)          any
failure of the Administrative Agent or any other Lender Party to disclose to any Loan Party any information relating to the business,
condition (financial or otherwise), operations, performance, properties or prospects of any other Loan Party now or hereafter known
to the Administrative Agent or such other Lender Party (each Guarantor waiving any duty on the part of the Administrative Agent
and each other Lender Party to disclose such information);

 

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(g)          the
failure of any other Person to execute or deliver this Agreement, any other Loan Document, any Guaranty Supplement or any other
guaranty or agreement or the release or reduction of liability of any Guarantor or other guarantor or surety with respect to the
Guaranteed Obligations; or

 

(h)          any
other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any representation
by the Administrative Agent or any other Lender Party that might otherwise constitute a defense available to, or a discharge of,
any Loan Party or any other guarantor or surety.

 

This Guaranty shall continue to be effective
or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise
be returned by any Lender Party or any other Person upon the insolvency, bankruptcy or reorganization of the Borrower or any other
Loan Party or otherwise, all as though such payment had not been made.

 

SECTION 7.03         Waivers
and Acknowledgments.

 

(a)          Each
Guarantor hereby unconditionally and irrevocably waives promptness, diligence, notice of acceptance, presentment, demand for performance,
notice of nonperformance, default, acceleration, protest or dishonor and any other notice with respect to any of the Guaranteed
Obligations and this Guaranty and any requirement that the Administrative Agent or any other Lender Party protect, secure, perfect
or insure any Lien or any property subject thereto or exhaust any right or take any action against any Loan Party or any other
Person or any collateral.

 

(b)          Each
Guarantor hereby unconditionally and irrevocably waives any right to revoke this Guaranty and acknowledges that this Guaranty is
continuing in nature and applies to all Guaranteed Obligations, whether existing now or in the future.

 

(c)          Each
Guarantor hereby unconditionally and irrevocably waives (i) any defense arising by reason of any claim or defense based upon an
election of remedies by the Administrative Agent or any other Lender Party that in any manner impairs, reduces, releases or otherwise
adversely affects the subrogation, reimbursement, exoneration, contribution or indemnification rights of such Guarantor or other
rights of such Guarantor to proceed against any of the other Loan Parties, any other guarantor or any other Person or any collateral
and (ii) any defense based on any right of set-off or counterclaim against or in respect of the Obligations of such Guarantor hereunder.

 

(d)          Each
Guarantor acknowledges that the Administrative Agent may, without notice to or demand upon such Guarantor and without affecting
the liability of such Guarantor under this Guaranty, foreclose under any mortgage by nonjudicial sale, and each Guarantor hereby
waives any defense to the recovery by the Administrative Agent and the other Lender Parties against such Guarantor of any deficiency
after such nonjudicial sale provided that such sale is conducted in accordance with applicable law.

 

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(e)          Each
Guarantor hereby unconditionally and irrevocably waives any duty on the part of the Administrative Agent or any other Lender Party
to disclose to such Guarantor any matter, fact or thing relating to the business, condition (financial or otherwise), operations,
performance, properties or prospects of the Borrower, any other Loan Party or any of their Subsidiaries now or hereafter known
by the Administrative Agent or such other Lender Party.

 

(f)          Each
Guarantor acknowledges that it will receive substantial direct and indirect benefits from the financing arrangements contemplated
by this Agreement and the other Loan Documents and that the waivers set forth in Section 7.02 and this Section 7.03 are knowingly
made in contemplation of such benefits.

 

SECTION 7.04         Subrogation.
Each Guarantor hereby unconditionally and irrevocably agrees not to exercise any rights that it may now have or hereafter acquire
against the Borrower, any other Loan Party that arise from the existence, payment, performance or enforcement of such Guarantor’s
Obligations under or in respect of this Guaranty, this Agreement or any other Loan Document, including, without limitation, any
right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or
remedy of any Lender Party against the Borrower, any other Loan Party or any other insider guarantor or any collateral, whether
or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the
right to take or receive from the Borrower, any other Loan Party, directly or indirectly, in cash or other property or by set-off
or in any other manner, payment or security on account of such claim, remedy or right, unless and until all of the Guaranteed
Obligations and all other amounts payable under this Guaranty shall have been paid in full in cash, all Guaranteed Hedge Agreements
shall have expired or been terminated and the Commitments shall have expired or been terminated. If any amount shall be paid to
any Guarantor in violation of the immediately preceding sentence at any time prior to the latest of (a) the payment in full in
cash of the Guaranteed Obligations and all other amounts payable under this Guaranty, (b) the termination in whole of the Commitments
and (c) the latest date of expiration or termination of all Guaranteed Hedge Agreements, such amount shall be received and held
in trust for the benefit of the Lender Parties, shall be segregated from other property and funds of such Guarantor and shall
forthwith be paid or delivered to the Administrative Agent in the same form as so received (with any necessary endorsement or
assignment) to be credited and applied to the Guaranteed Obligations and all other amounts payable under this Guaranty, whether
matured or unmatured, in accordance with the terms of the Loan Documents. If (i) any Guarantor shall make payment to any Lender
Party of all or any part of the Guaranteed Obligations, (ii) all of the Guaranteed Obligations and all other amounts payable under
this Guaranty shall have been paid in full in cash, (iii) the termination in whole of the Commitments shall have occurred and
(iv) all Guaranteed Hedge Agreements shall have expired or been terminated, the Administrative Agent and the other Lender Parties
will, at such Guarantor’s request and expense, execute and deliver to such Guarantor appropriate documents, without recourse
and without representation or warranty, necessary to evidence the transfer by subrogation to such Guarantor of an interest in
the Guaranteed Obligations resulting from such payment made by such Guarantor pursuant to this Guaranty.

 

SECTION 7.05         Guaranty
Supplements. Upon the execution and delivery by any Person of a Guaranty Supplement,
(i) such Person shall be referred to as an “Additional Guarantor” and shall become and be a Guarantor
hereunder, and each reference in this Agreement to a “Guarantor” or a “Loan Party” shall also mean and
be a reference to such Additional Guarantor, and each reference in any other Loan Document to a “Guarantor” shall
also mean and be a reference to such Additional Guarantor, and (ii) each reference herein to “this Agreement”, “this
Guaranty”, “hereunder”, “hereof” or words of like import referring to this Agreement and this Guaranty,
and each reference in any other Loan Document to the “Loan Agreement”, “Guaranty”, “thereunder”,
“thereof” or words of like import referring to this Agreement and this Guaranty, shall mean and be a reference to
this Agreement and this Guaranty as supplemented by such Guaranty Supplement.

 

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SECTION 7.06         Indemnification
by Guarantors.

 

(a)          Without
limitation on any other Obligations of any Guarantor or remedies of the Administrative Agent or the Lender Parties under this Agreement,
this Guaranty or the other Loan Documents, each Guarantor shall, to the fullest extent permitted by law, indemnify, defend and
save and hold harmless the Administrative Agent, the Arrangers, each other Lender Party and each of their Affiliates and their
respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and
against, and shall pay on demand, any and all claims, damages, losses, liabilities and expenses (including, without limitation,
reasonable fees and expenses of counsel) that may be incurred by or asserted or awarded against any Indemnified Party in connection
with or as a result of any failure of any Guaranteed Obligations to be the legal, valid and binding obligations of any Loan Party
enforceable against such Loan Party in accordance with their terms.

 

(b)          Each
Guarantor hereby also agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract, tort
or otherwise) to any of the Guarantors or any of their respective Affiliates or any of their respective officers, directors, employees,
agents and advisors, and each Guarantor hereby agrees not to assert any claim against any Indemnified Party on any theory of liability,
for special, indirect, consequential or punitive damages arising out of or otherwise relating to the Facility, the actual or proposed
use of the proceeds of the Advances, the Loan Documents or any of the transactions contemplated by the Loan Documents.

 

SECTION 7.07         Subordination.
Each Guarantor hereby subordinates any and all debts, liabilities and other Obligations owed to such Guarantor by each other Loan
Party (the “Subordinated Obligations”) to the Guaranteed Obligations to the extent and in the manner
hereinafter set forth in this Section 7.07.

 

(a)          Prohibited
Payments, Etc. Except during the continuance of a Default (including the commencement and continuation of any proceeding under
any Bankruptcy Law relating to any other Loan Party), each Guarantor may receive regularly scheduled payments or payments made
in the ordinary course of business from any other Loan Party on account of the Subordinated Obligations. After the occurrence and
during the continuance of any Default (including the commencement and continuation of any proceeding under any Bankruptcy Law relating
to any other Loan Party), however, unless required pursuant to Section 7.07(d), no Guarantor shall demand, accept or take any action
to collect any payment on account of the Subordinated Obligations.

 

(b)          Prior
Payment of Guaranteed Obligations. In any proceeding under any Bankruptcy Law relating to any other Loan Party, each Guarantor
agrees that the Lender Parties shall be entitled to receive payment in full in cash of all Guaranteed Obligations (including all
interest and expenses accruing after the commencement of a proceeding under any Bankruptcy Law, whether or not constituting an
allowed claim in such proceeding (“Post Petition Interest”)) before such Guarantor receives payment of
any Subordinated Obligations.

 

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(c)          Turn-Over.
After the occurrence and during the continuance of any Default (including the commencement and continuation of any proceeding under
any Bankruptcy Law relating to any other Loan Party), each Guarantor shall, if the Administrative Agent so requests, collect, enforce
and receive payments on account of the Subordinated Obligations as trustee for the Lender Parties and deliver such payments to
the Administrative Agent on account of the Guaranteed Obligations (including all Post Petition Interest), together with any necessary
endorsements or other instruments of transfer, but without reducing or affecting in any manner the liability of such Guarantor
under the other provisions of this Guaranty.

 

(d)          Administrative
Agent Authorization. After the occurrence and during the continuance of any Default (including the commencement and continuation
of any proceeding under any Bankruptcy Law relating to any other Loan Party), the Administrative Agent is authorized and empowered
(but without any obligation to so do), in its discretion, (i) in the name of each Guarantor, to collect and enforce, and to submit
claims in respect of, Subordinated Obligations and to apply any amounts received thereon to the Guaranteed Obligations (including
any and all Post Petition Interest), and (ii) to require each Guarantor (A) to collect and enforce, and to submit claims in respect
of, Subordinated Obligations and (B) to pay any amounts received on such obligations to the Administrative Agent for application
to the Guaranteed Obligations (including any and all Post Petition Interest).

 

SECTION 7.08         Continuing
Guaranty. This Guaranty is a continuing guaranty and shall (a) remain in full force
and effect until the latest of (i) the payment in full in cash of the Guaranteed Obligations and all other amounts payable under
this Guaranty, (ii) the termination in whole of the Commitments and (iii) the latest date of expiration or termination of all
Guaranteed Hedge Agreements, (b) be binding upon the Guarantors, their successors and assigns and (c) inure to the benefit of
and be enforceable by the Administrative Agent and the other Lender Parties and their successors, transferees and assigns.

 

SECTION 7.09         Keepwell.
Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such
funds or other support as may be needed from time to time by each other Loan Party to honor all of its Guaranteed Obligations
in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section
7.09 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section
7.09, or otherwise in respect of the Guaranteed Obligations, as it relates to such other Loan Party, voidable under applicable
law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified
ECP Guarantor under this Section shall remain in full force and effect until a discharge of the Guaranteed Obligations. Each Qualified
ECP Guarantor intends that this Section 7.09 constitute, and this Section 7.09 shall be deemed to constitute, a “keepwell,
support, or other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the
Commodity Exchange Act.

 

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ARTICLE
VIII

THE
AGENTS

 

SECTION 8.01         Authorization
and Action. Each Lender Party (in its capacity as a Lender and on behalf of itself
and its Affiliates as potential Hedge Banks) hereby appoints and authorizes the Administrative Agent to take such action as agent
on its behalf and to exercise such powers and discretion under this Agreement and the other Loan Documents as are delegated to
the Administrative Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental
thereto. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection
of the Notes), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required
to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of
the Required Lenders, and such instructions shall be binding upon all Lender Parties and all holders of Notes; provided, however,
that the Administrative Agent shall not be required to take any action that exposes the Administrative Agent to personal liability
or that is contrary to this Agreement or applicable law, including without limitation, for the avoidance of doubt, any action
that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination
of property of a Defaulting Lender in violation of any Debtor Relief Law. The Administrative Agent agrees to give to each Lender
Party prompt notice of each notice given to it by the Borrower pursuant to the terms of this Agreement. Notwithstanding anything
to the contrary in any Loan Document, no Person identified as a co-syndication agent, documentation agent, senior manager, co-lead
arranger or book-running manager, in such Person’s capacity as such, shall have any obligations or duties to any Loan Party,
the Administrative Agent or any other Lender Party under any of such Loan Documents. In its capacity as the Lender Parties’
contractual representative, the Administrative Agent is a “representative” of the Lender Parties as used within the
meaning of “Secured Party” under Section 9-102 of the Uniform Commercial Code.

 

SECTION 8.02         Agents’
Reliance, Etc. Neither the Administrative Agent nor any of its directors, officers,
agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with the
Loan Documents, except for its or their own gross negligence or willful misconduct. Without limitation of the generality of the
foregoing, the Administrative Agent: (a) may treat the payee of any Note as the holder thereof until the Administrative Agent
receives and accepts an Accession Agreement entered into by an Acceding Lender as provided in Section 2.17 or an Assignment and
Acceptance entered into by the Lender that is the payee of such Note, as assignor, and an Eligible Assignee, as assignee, as provided
in Section 9.07; (b) may consult with legal counsel (including counsel for any Loan Party), independent public accountants and
other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance
with the advice of such counsel, accountants or experts; (c) makes no warranty or representation to any Lender Party and shall
not be responsible to any Lender Party for any statements, warranties or representations (whether written or oral) made in or
in connection with the Loan Documents; (d) shall not have any duty to ascertain or to inquire as to the performance, observance
or satisfaction of any of the terms, covenants or conditions of any Loan Document on the part of any Loan Party or the existence
at any time of any Default under the Loan Documents or to inspect the property (including the books and records) of any Loan Party;
(e) shall not be responsible to any Lender Party for the due execution, legality, validity, enforceability, genuineness, sufficiency
or value of, or the perfection or priority of any lien or security interest created or purported to be created under or in connection
with, any Loan Document or any other instrument or document furnished pursuant thereto; and (f) shall incur no liability under
or in respect of any Loan Document by acting upon any notice, consent, certificate or other instrument or writing (which may be
by telegram, telecopy or telex or other electronic communication) believed by it to be genuine and signed or sent by the proper
party or parties.

 

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SECTION 8.03         KeyBank
and Affiliates. With respect to its Commitments, the Advances made by it and the
Notes issued to it, KeyBank shall have the same rights and powers under the Loan Documents as any other Lender Party and may exercise
the same as though it were not an Agent; and the term “Lender Party” or “Lender Parties” shall, unless
otherwise expressly indicated, include KeyBank in its individual capacity. KeyBank and its Affiliates may accept deposits from,
lend money to, act as trustee under indentures of, accept investment banking engagements from and generally engage in any kind
of business with, any Loan Party, any Subsidiary of any Loan Party and any Person that may do business with or own securities
of any Loan Party or any such Subsidiary, all as if KeyBank were not the Administrative Agent and without any duty to account
therefor to the Lender Parties.

 

SECTION 8.04         Lender
Party Credit Decision. Each Lender Party acknowledges that it has, independently
and without reliance upon the Administrative Agent or any other Lender Party and based on the financial statements referred to
in Section 4.01 and such other documents and information as it has deemed appropriate, made its own credit analysis and decision
to enter into this Agreement. Each Lender Party also acknowledges that it will, independently and without reliance upon the Administrative
Agent or any other Lender Party and based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit decisions in taking or not taking action under this Agreement. Nothing in this Agreement or any other Loan
Document shall require the Administrative Agent or any of its respective directors, officers, agents or employees to carry out
any “know your customer” or other checks in relation to any Person on behalf of any Lender Party and each Lender Party
confirms to the Administrative Agent that it is solely responsible for any such checks it is required to carry out and that it
may not rely on any statement in relation to such checks made by the Administrative Agent or any of its respective directors,
officers, agents or employees.

 

SECTION 8.05         Indemnification
by Lender Parties.

 

(a)          Each
Lender Party severally agrees to indemnify the Administrative Agent (to the extent not promptly reimbursed by the Borrower) from
and against such Lender Party’s ratable share (determined as provided below) of any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed
on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of the Loan Documents or any
action taken or omitted by the Administrative Agent under the Loan Documents (collectively, the “Indemnified Costs”);
provided, however, that no Lender Party shall be liable for any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s gross negligence
or willful misconduct as found in a final, non-appealable judgment by a court of competent jurisdiction. Without limitation of
the foregoing, each Lender Party agrees to reimburse the Administrative Agent promptly upon demand for its ratable share of any
costs and expenses (including, without limitation, fees and expenses of counsel) payable by the Borrower under Section 9.04, to
the extent that the Administrative Agent is not promptly reimbursed for such costs and expenses by the Borrower. In the case of
any investigation, litigation or proceeding giving rise to any Indemnified Costs, this Section 8.05 applies whether any such investigation,
litigation or proceeding is brought by any Lender Party or any other Person.

 

(b)          [Intentionally
Omitted.]

 

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(c)          For
purposes of this Section 8.05, the Lender Parties’ respective ratable shares of any amount shall be determined, at any time,
according to their respective Commitments at such time. The failure of any Lender Party to reimburse the Administrative Agent promptly
upon demand for its ratable share of any amount required to be paid by the Lender Parties to the Administrative Agent as provided
herein shall not relieve any other Lender Party of its obligation hereunder to reimburse the Administrative Agent for its ratable
share of such amount, but no Lender Party shall be responsible for the failure of any other Lender Party to reimburse the Administrative
Agent for such other Lender Party’s ratable share of such amount. Without prejudice to the survival of any other agreement
of any Lender Party hereunder, the agreement and obligations of each Lender Party contained in this Section 8.05 shall survive
the payment in full of principal, interest and all other amounts payable hereunder and under the other Loan Documents.

 

SECTION 8.06         Successor
Agent. The Administrative Agent may resign at any time by giving 30 days’
prior written notice thereof to the Lender Parties and the Borrower. Upon any such resignation, the Required Lenders shall have
the right to appoint a successor Agent. If no successor Agent shall have been so appointed by the Required Lenders, and shall
have accepted such appointment, within 30 days after the retiring Agent’s giving of notice of resignation, then the retiring
Agent may, on behalf of the Lender Parties, appoint a successor Agent, which shall be a commercial bank organized under the laws
of the United States or of any State thereof and having a combined capital and surplus of at least $250,000,000. Upon the acceptance
of any appointment as an Agent hereunder by a successor Agent, such successor Agent shall succeed to and become vested with all
the rights, powers, discretion, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its
duties and obligations under the Loan Documents. If within 45 days after written notice is given of the retiring Agent’s
resignation under this Section 8.06 no successor Agent shall have been appointed and shall have accepted such appointment, then
on such 45th day (i) the retiring Agent’s resignation shall become effective, (ii) the retiring Agent shall thereupon be
discharged from its duties and obligations under the Loan Documents and (iii) the Required Lenders shall thereafter perform all
duties of the retiring Agent under the Loan Documents until such time, if any, as the Required Lenders appoint a successor Agent
as provided above. After any retiring Agent’s resignation hereunder as an Agent shall have become effective, the provisions
of this Article VIII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an Agent under
this Agreement.

 

SECTION 8.07         Relationship
of Agent and Lenders. The relationship between the Administrative Agent and the
Lenders, and the relationship among the Lenders, is not intended by the parties to create, and shall not create, any trust, joint
venture or partnership relation between them.

 

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ARTICLE
IX

MISCELLANEOUS

 

SECTION 9.01         Amendments,
Etc.

 

(a)          No
amendment or waiver of any provision of this Agreement or the Notes or any other Loan Document, nor consent to any departure by
any Loan Party therefrom, shall in any event be effective unless the same shall be in writing and signed by the Required Lenders,
and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given;
provided, however, that no amendment, waiver or consent shall, unless in writing and signed by all of the Lenders, do any
of the following at any time: (i) modify the definition of Required Lenders or otherwise change the percentage vote of the Lenders
required to take any action under this Agreement or any other Loan Document, (ii) release the Borrower with respect to the Obligations
or, except to the extent expressly permitted under this Agreement, reduce or limit the obligations of any Guarantor under Article
VII or release all or substantially all of the Guarantors or otherwise limit all or substantially all of the Guarantor’s
liability with respect to the Guaranteed Obligations, (iii) permit the Loan Parties to encumber the Unencumbered Assets, except
as expressly permitted in the Loan Documents, (iv) amend this Section 9.01, (v) increase the Commitments of the Lenders or subject
the Lenders to any additional obligations (except as set forth in Section 2.17), (vi) forgive or reduce the principal of, or interest
(other than default interest) on, the Obligations of the Loan Parties under the Loan Documents or any fees or other amounts payable
thereunder, (vii) postpone or extend any date fixed for any payment of principal of, or interest on, the Notes or any fees or other
amounts payable hereunder, or (viii) extend the Termination Date in respect of the Facility; provided further that no amendment,
waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above to
take such action, affect the rights or duties of the Administrative Agent under this Agreement or the other Loan Documents.

 

(b)          In
the event that any Lender (a “Non-Consenting Lender”) shall refuse to consent to a waiver or amendment
to, or a departure from, the provisions of this Agreement which requires the consent of all Lenders and that has been consented
to by the Administrative Agent and the Required Lenders, then the Borrower shall have the right, upon written demand to such Non-Consenting
Lender and the Administrative Agent given within 30 days after the first date on which such consent was solicited in writing from
the Lenders by the Administrative Agent (a “Consent Request Date”), to cause such Non-Consenting Lender
to assign its rights and obligations under this Agreement (including, without limitation, its Commitment or Commitments, the Advances
owing to it and the Note or Notes, if any, held by it) to an Eligible Assignee designated by the Borrower and approved by the Administrative
Agent (such approval not to be unreasonably withheld) (a “Replacement Lender”), provided that
(i) as of such Consent Request Date, no Default or Event of Default shall have occurred and be continuing, and (ii) as of the date
of the Borrower’s written demand to replace such Non-Consenting Lender, no Default or Event of Default shall have occurred
and be continuing other than a Default or Event of Default that resulted solely from the subject matter of the waiver or amendment
for which such consent was being solicited from the Lenders by the Administrative Agent. The Replacement Lender shall purchase
such interests of the Non-Consenting Lender and shall assume the rights and obligations of the Non-Consenting Lender under this
Agreement upon execution by the Replacement Lender of an Assignment and Acceptance delivered pursuant to Section 9.07. Any Lender
that becomes a Non-Consenting Lender agrees that, upon receipt of notice from the Borrower given in accordance with this Section
9.01(b) it shall promptly execute and deliver an Assignment and Acceptance with a Replacement Lender as contemplated by this Section.
If such Non-Consenting Lender does not execute and deliver to the Administrative Agent a duly completed Assignment and Acceptance
and/or any other documentation necessary to reflect such replacement within a period of time deemed reasonable by the Administrative
Agent after the later of (i) the date on which the Replacement Lender executes and delivers such Assignment and Acceptance and/or
such other documentation and (ii) the date on which the Non-Consenting Lender receives all payments required to be paid to it by
this Section 9.01(b), then such Non-Consenting Lender shall be deemed to have executed and delivered such Assignment and Acceptance
and/or such other documentation as of such date and the Borrower shall be entitled (but not obligated) to execute and deliver such
Assignment and Acceptance and/or such other documentation on behalf of such assigning Lender.

 

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SECTION 9.02         Notices,
Etc.

 

(a)          All
notices and other communications provided for hereunder shall be either (x) in writing (including telecopier communication) and
mailed, telecopied or delivered by hand or by overnight courier service, (y) as and to the extent set forth in Section 9.02(b)
and in the proviso to this Section 9.02(a), in an electronic medium and delivered as set forth in Section 9.02(b) or (z) as and
to the extent expressly permitted in this Agreement, transmitted by e-mail, provided that such e-mail shall in all cases include
an attachment (in PDF format or similar format) containing a legible signature of the person providing such notice, if to the Borrower,
at its address at 12600 Hill Country Boulevard, Suite R-100, Austin, Texas 78738, Attention: Christopher Eng and to Hagen, Wilka
& Archer, LLP, 600 South Main Avenue, Suite 102, Sioux Falls, SD 57104, Attention: Jennifer L. Larsen or, if applicable, at
ceng@shpreit.com and jlarsen@hwalaw.com (and in the case of transmission by e-mail, with a copy by U.S. mail to 12600 Hill Country
Boulevard, Suite R-100, Austin, Texas 78738, Attention: Christopher Eng and to Hagen, Wilka & Archer, LLP, 600 South Main Avenue,
Suite 102, Sioux Falls, SD 57104, Attention: Jennifer L. Larsen); if to any Initial Lender, at its Domestic Lending Office or,
if applicable, at the telecopy number or e-mail address specified opposite its name on Schedule I hereto (and in the case of a
transmission by e-mail, with a copy by U.S. mail to its Domestic Lending Office); if to any other Lender Party, at its Domestic
Lending Office or, if applicable, at the telecopy number or e-mail address specified in the Assignment and Acceptance or Accession
Agreement pursuant to which it became a Lender Party (and in the case of a transmission by e-mail, with a copy by U.S. mail to
its Domestic Lending Office); if to the Administrative Agent, at its address at 1200 Abernathy Road, Suite 1550, Atlanta, Georgia
30328, Attention: Daniel Silbert, telecopier number (770) 510-2195, or, if applicable, at Daniel_Silbert@KeyBank.com (and in the
case of a transmission by e-mail, with a copy by U.S. mail to 1200 Abernathy Road, N.E., Suite 1550, Atlanta, Georgia 30328, Attention:
Daniel Silbert) or, as to the Borrower or the Administrative Agent, at such other address as shall be designated by such party
in a written notice to the other parties and, as to each other party, at such other address as shall be designated by such party
in a written notice to the Borrower and the Administrative Agent. All notices, demands, requests, consents and other communications
described in this clause (a) shall be effective (i) if delivered by hand, including any overnight courier service, upon personal
delivery, (ii) if delivered by mail, when deposited in the mails, (iii) if delivered by posting to an Approved Electronic Platform,
an Internet website or a similar telecommunication device requiring that a user have prior access to such Approved Electronic Platform,
website or other device (to the extent permitted by Section 9.02(b) to be delivered thereunder), when such notice, demand, request,
consent and other communication shall have been made generally available on such Approved Electronic Platform, Internet website
or similar device to the class of Person being notified (regardless of whether any such Person must accomplish, and whether or
not any such Person shall have accomplished, any action prior to obtaining access to such items, including registration, disclosure
of contact information, compliance with a standard user agreement or undertaking a duty of confidentiality) and such Person has
been notified in respect of such posting that a communication has been posted to the Approved Electronic Platform, provided that
if requested by any Lender Party, the Administrative Agent shall deliver a copy of the Communications to such Lender Party by e-mail
or telecopier and (iv) if delivered by electronic mail or any other telecommunications device, when receipt is confirmed by electronic
mail as provided in this clause (a); provided, however, that notices and communications to the Administrative Agent pursuant
to Article II, III or VIII shall not be effective until received by the Administrative Agent. Delivery by telecopier of an executed
counterpart of a signature page to any amendment or waiver of any provision of this Agreement or the Notes or of any exhibit hereto
to be executed and delivered hereunder shall be effective as delivery of an original executed counterpart thereof. Each Lender
Party agrees (i) to notify the Administrative Agent in writing of such Lender Party’s e-mail address to which a notice may
be sent by electronic transmission (including by electronic communication) on or before the date such Lender Party becomes a party
to this Agreement (and from time to time thereafter to ensure that the Administrative Agent has on record an effective e-mail address
for such Lender Party) and (ii) that any notice may be sent to such e-mail address.

 

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(b)          Notwithstanding
clause (a) (unless the Administrative Agent requests that the provisions of clause (a) be followed) and any other provision in
this Agreement or any other Loan Document providing for the delivery of any Approved Electronic Communication by any other means,
the Loan Parties shall deliver all Approved Electronic Communications to the Administrative Agent by properly transmitting such
Approved Electronic Communications in an electronic/soft medium in a format acceptable to the Administrative Agent to Daniel_Silbert@KeyBank.com
or such other electronic mail address (or similar means of electronic delivery) as the Administrative Agent may notify to the Borrower.
Nothing in this clause (b) shall prejudice the right of the Administrative Agent or any Lender Party to deliver any Approved Electronic
Communication to any Loan Party in any manner authorized in this Agreement or to request that the Borrower effect delivery in such
manner.

 

(c)          Each
of the Lender Parties and each Loan Party agrees that the Administrative Agent may, but shall not be obligated to, make the Approved
Electronic Communications available to the Lender Parties by posting such Approved Electronic Communications on IntraLinksTM
, Syndtrak or a substantially similar electronic platform chosen by the Administrative Agent to be its electronic transmission
system (the “Approved Electronic Platform”). Although the Approved Electronic Platform and its primary
web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative
Agent from time to time and the Approved Electronic Platform is secured through a single-user-per-deal authorization method whereby
each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lender Parties and each Loan Party
acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure and that there
are confidentiality and other risks associated with such distribution. In consideration for the convenience and other benefits
afforded by such distribution and for the other consideration provided hereunder, the receipt and sufficiency of which is hereby
acknowledged, each of the Lender Parties and each Loan Party hereby approves distribution of the Approved Electronic Communications
through the Approved Electronic Platform and understands and assumes the risks of such distribution.

 

(d)          THE
APPROVED ELECTRONIC PLATFORM AND THE APPROVED ELECTRONIC COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”.
NONE OF THE ADMINISTRATIVE AGENT NOR ANY OF ITS DIRECTORS, OFFICERS, AGENTS OR EMPLOYEES WARRANT THE ACCURACY, ADEQUACY OR COMPLETENESS
OF THE APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM AND EACH EXPRESSLY DISCLAIMS ANY LIABILITY FOR ERRORS
OR OMISSIONS IN THE APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED
OR STATUTORY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT
OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE ADMINISTRATIVE AGENT OR ANY OF ITS DIRECTORS,
OFFICERS, AGENTS OR EMPLOYEES IN CONNECTION WITH THE APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM.

 

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(e)          Each
of the Lender Parties and each Loan Party agrees that the Administrative Agent may, but (except as may be required by applicable
law) shall not be obligated to, store the Approved Electronic Communications on the Approved Electronic Platform in accordance
with the Administrative Agent’s generally-applicable document retention procedures and policies.

 

SECTION 9.03         No
Waiver; Remedies. No failure on the part of any Lender Party or the Administrative
Agent to exercise, and no delay in exercising, any right hereunder or under any Note shall operate as a waiver thereof; nor shall
any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right.
The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

 

SECTION 9.04         Costs
and Expenses.

 

(a)          Each
Loan Party agrees jointly and severally to pay on demand (i) all reasonable out-of-pocket costs and expenses of the Administrative
Agent in connection with the preparation, execution, delivery, administration, modification and amendment of the Loan Documents
(including, without limitation, (A) all due diligence, collateral review, syndication, transportation, computer, duplication, appraisal,
audit, insurance, consultant, search, filing and recording fees and expenses, (B) the reasonable fees and expenses of counsel for
the Administrative Agent with respect thereto (including, without limitation, with respect to reviewing and advising on any matters
required to be completed by the Loan Parties on a post-closing basis), with respect to advising the Administrative Agent as to
their rights and responsibilities, or the perfection, protection or preservation of rights or interests, under the Loan Documents,
with respect to negotiations with any Loan Party or with other creditors of any Loan Party or any of its Subsidiaries arising out
of any Default or any events or circumstances that may give rise to a Default and with respect to presenting claims in or otherwise
participating in or monitoring any bankruptcy, insolvency or other similar proceeding involving creditors’ rights generally
and any proceeding ancillary thereto and (C) the reasonable fees and expenses of counsel for the Administrative Agent with respect
to the preparation, execution, delivery and review of any documents and instruments at any time delivered pursuant to Sections
3.01, 3.02, 5.01(j), 5.01(k) or 5.01(x) and (ii) all reasonable out-of-pocket costs and expenses of the Administrative Agent, the
Arrangers and each Lender Party in connection with any work-out or the enforcement (whether through negotiations, legal proceedings
or otherwise) of the Loan Documents, whether in any action, suit or litigation, or any bankruptcy, insolvency or other similar
proceeding affecting creditors’ rights generally (including, without limitation, the reasonable fees and expenses of counsel
for the Administrative Agent and each Lender Party with respect thereto).

 

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(b)          Each
Loan Party agrees to indemnify, defend and save and hold harmless each Indemnified Party from and against, and shall pay on demand,
any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees and expenses of counsel)
that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with
or by reason of (including, without limitation, in connection with any investigation, litigation or proceeding or preparation of
a defense in connection therewith) (i) the Facility, the actual or proposed use of the proceeds of the Advances, the Loan Documents
or any of the transactions contemplated thereby or (ii) the actual or alleged presence of Hazardous Materials on any property of
any Loan Party or any of its Subsidiaries or any Environmental Action relating in any way to any Loan Party or any of its Subsidiaries,
except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of
competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct. In the case
of an investigation, litigation or other proceeding to which the indemnity in this Section 9.04(b) applies, such indemnity shall
be effective whether or not such investigation, litigation or proceeding is brought by any Loan Party, its directors, shareholders
or creditors or an Indemnified Party, whether or not any Indemnified Party is otherwise a party thereto and whether or not the
transactions contemplated by the Loan Documents are consummated. Each Loan Party also agrees not to assert any claim against the
Administrative Agent, any Lender Party or any of their Affiliates, or any of their respective officers, directors, employees, agents
and advisors, on any theory of liability, for special, indirect, consequential or punitive damages arising out of or otherwise
relating to the Facility, the actual or proposed use of the proceeds of the Advances, the Loan Documents or any of the transactions
contemplated by the Loan Documents.

 

(c)          If
any payment of principal of, or Conversion of, any Eurodollar Rate Advance is made by the Borrower to or for the account of a Lender
Party other than on the last day of the Interest Period for such Advance, as a result of a payment or Conversion pursuant to Section
2.06, 2.09(b)(i), 2.10(d) or 2.17(e), acceleration of the maturity of the Notes pursuant to Section 6.01 or for any other reason,
or if the Borrower fails to make any payment or prepayment of an Advance for which a notice of prepayment has been given or that
is otherwise required to be made, whether pursuant to Section 2.04, 2.06 or 6.01 or otherwise, the Borrower shall, upon demand
by such Lender Party (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account
of such Lender Party any amounts required to compensate such Lender Party for any additional losses, costs or expenses that it
may reasonably incur as a result of such payment or Conversion or such failure to pay or prepay, as the case may be, including,
without limitation, any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds
acquired by any Lender Party to fund or maintain such Advance.

 

(d)          If
any Loan Party fails to pay when due any costs, expenses or other amounts payable by it under any Loan Document, including, without
limitation, fees and expenses of counsel and indemnities, such amount may be paid on behalf of such Loan Party by the Administrative
Agent or any Lender Party, in its sole discretion.

 

(e)          Without
prejudice to the survival of any other agreement of any Loan Party hereunder or under any other Loan Document, the agreements and
obligations of the Borrower and the other Loan Parties contained in Sections 2.10 and 2.12, Section 7.06 and this Section 9.04
shall survive the payment in full of principal, interest and all other amounts payable hereunder and under any of the other Loan
Documents.

 

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SECTION 9.05         Right
of Set-off. Upon (a) the occurrence and during the continuance of any Event of
Default and (b) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Administrative
Agent to declare the Notes due and payable pursuant to the provisions of Section 6.01, the Administrative Agent and each Lender
Party and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted
by law, to set off and otherwise apply any and all deposits (general or special, time or demand, provisional or final) at any
time held and other indebtedness at any time owing by the Administrative Agent, such Lender Party or such Affiliate to or for
the credit or the account of the Borrower or any other party to a Loan Document against any and all of the Obligations of the
Borrower or such other party now or hereafter existing under the Loan Documents, irrespective of whether the Administrative Agent
or such Lender Party shall have made any demand under this Agreement or any Note or Notes and although such obligations may be
unmatured; provided, however, that in the event that any Defaulting Lender shall exercise any such right of set-off hereunder,
(x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with
the provisions of Section 9.10 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and
deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall promptly
provide to the Administrative Agent a written notice describing in reasonable detail the Obligations owing to such Defaulting
Lender as to which it exercised such right of setoff. The Administrative Agent and each Lender Party agrees promptly to notify
the Borrower or such other party after any such set-off and application; provided, however, that the failure to give such
notice shall not affect the validity of such set-off and application. The rights of the Administrative Agent and each Lender Party
and their respective Affiliates under this Section 9.05 are in addition to other rights and remedies (including, without limitation,
other rights of set-off) that the Administrative Agent, such Lender Party and their respective Affiliates may have. Notwithstanding
the above, the Administrative Agent and Lender Parties shall have no right to set off against deposits which are subject to a
security interest or rights of another lender, or which are held for the benefit of any Person, including any Subsidiary, that
is not party to a Loan Document.

 

SECTION 9.06         Binding
Effect. This Agreement shall become effective when it shall have been executed
by the Borrower, each Guarantor named on the signature pages hereto and the Administrative Agent shall have been notified by each
Initial Lender that such Initial Lender has executed it and thereafter shall be binding upon and inure to the benefit of the Borrower,
the Guarantors named on the signature pages hereto and the Administrative Agent and each Lender Party and their respective successors
and assigns, except that neither the Borrower nor any other Loan Party shall have the right to assign its rights hereunder or
any interest herein without the prior written consent of the Lender Parties.

 

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SECTION 9.07         Assignments
and Participations; Replacement Notes.

 

(a)          Each
Lender may (and, if demanded by the Borrower in accordance with Section 9.01(b) will) assign to one or more Eligible Assignees
all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment
or Commitments, the Advances owing to it and the Note or Notes held by it); provided, however, that (i) each such assignment
shall be of a uniform, and not a varying, percentage of all rights and obligations under and in respect of the Facility, (ii) except
in the case of an assignment to a Person that, immediately prior to such assignment, was a Lender, an Affiliate of any Lender or
a Fund Affiliate of any Lender or an assignment of all of a Lender’s rights and obligations under this Agreement, the aggregate
amount of the Commitments being assigned to such Eligible Assignee pursuant to such assignment (determined as of the date of the
Assignment and Acceptance with respect to such assignment) shall in no event be less than $5,000,000 or an integral multiple of
$1,000,000 in excess thereof (or such lesser amount as shall be approved by the Administrative Agent and, so long as no Default
shall have occurred and be continuing at the time of effectiveness of such assignment, the Borrower), (iii) each such assignment
shall be to an Eligible Assignee, (iv) each such assignment made as a result of a demand by the Borrower pursuant to Section 9.01(b)
shall be an assignment of all rights and obligations of the assigning Lender under this Agreement, (v) except in the case of an
assignment to a Person that, immediately prior to such assignment, was a Lender, an Affiliate of any Lender or a Fund Affiliate
of any Lender in which case notice of such assignment shall be provided to the Administrative Agent and the Borrower, no such assignments
shall be permitted without the consent of the Administrative Agent (which consent shall not be unreasonably withheld), provided,
however, that MLPFS may, without prior notice to the Borrower, assign its rights and obligations under this Agreement to any
other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America
Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may
be transferred following the date of this Agreement, and (vi) the parties to each such assignment shall execute and deliver to
the Administrative Agent, for its acceptance and recording in the Register, an Assignment and Acceptance, together with any Note
or Notes subject to such assignment and, except if such assignment is being made by a Lender to an Affiliate or Fund Affiliate
of such Lender, a processing and recordation fee of $3,500; provided, however, that for each such assignment made as a result
of a demand by the Borrower pursuant to Section 9.01(b), the Borrower shall pay to the Administrative Agent the applicable processing
and recordation fee.

 

(b)          Upon
such execution, delivery, acceptance and recording, from and after the effective date specified in such Assignment and Acceptance,
(i) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned
to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender hereunder and (ii) the Lender
assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment
and Acceptance, relinquish its rights (other than its rights under Sections 2.10, 2.12, 7.06, 8.05 and 9.04 to the extent any claim
thereunder relates to an event arising prior to such assignment) and be released from its obligations under this Agreement (and,
in the case of an Assignment and Acceptance covering all of the remaining portion of an assigning Lender’s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto).

 

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(c)          By
executing and delivering an Assignment and Acceptance, each Lender Party assignor thereunder and each assignee thereunder confirm
to and agree with each other and the other parties thereto and hereto as follows: (i) other than as provided in such Assignment
and Acceptance, such assigning Lender Party makes no representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with any Loan Document or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of, or the perfection or priority of any lien or security interest created or
purported to be created under or in connection with, any Loan Document or any other instrument or document furnished pursuant thereto;
(ii) such assigning Lender Party makes no representation or warranty and assumes no responsibility with respect to the financial
condition of any Loan Party or the performance or observance by any Loan Party of any of its obligations under any Loan Document
or any other instrument or document furnished pursuant thereto; (iii) such assignee confirms that it has received a copy of this
Agreement, together with copies of the financial statements referred to in Section 4.01 and such other documents and information
as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iv) such
assignee will, independently and without reliance upon the Administrative Agent, such assigning Lender Party or any other Lender
Party and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions
in taking or not taking action under this Agreement; (v) such assignee confirms that it is an Eligible Assignee; (vi) such assignee
appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion
under the Loan Documents as are delegated to the Administrative Agent by the terms hereof and thereof, together with such powers
and discretion as are reasonably incidental thereto; and (vii) such assignee agrees that it will perform in accordance with their
terms all of the obligations that by the terms of this Agreement are required to be performed by it as a Lender.

 

(d)          The
Administrative Agent shall maintain at its address referred to in Section 9.02 a copy of each Assignment and Acceptance delivered
to and accepted by it and a register for the recordation of the names and addresses of the Lender Parties and the Commitment of,
and principal amount of the Advances owing to, each Lender Party from time to time (the “Register”).
In addition, the Administrative Agent shall maintain information in the Register regarding the designation, and revocation of designation,
of any Lender as a Defaulting Lender. The entries in the Register shall be conclusive and binding for all purposes, absent manifest
error, and the Borrower, the Administrative Agent and the Lender Parties may treat each Person whose name is recorded in the Register
as a Lender Party hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower
or the Administrative Agent or any Lender Party at any reasonable time and from time to time upon reasonable prior notice.

 

(e)          Upon
its receipt of an Assignment and Acceptance executed by an assigning Lender Party and an assignee, together with any Note or Notes
subject to such assignment, the Administrative Agent shall, if such Assignment and Acceptance has been completed and is in substantially
the form of Exhibit E hereto, (i) accept such Assignment and Acceptance, (ii) record the information contained therein in the Register
and (iii) give prompt notice thereof to the Borrower. In the case of any assignment by a Lender, within five Business Days after
its receipt of such notice, the Borrower, at its own expense, shall, if requested by the applicable Lender, execute and deliver
to the Administrative Agent in exchange for the surrendered Note or Notes a substitute Note to the order of such Eligible Assignee
in an amount equal to the Commitment assumed by it under each Facility pursuant to such Assignment and Acceptance and, if any assigning
Lender has retained a Commitment hereunder under such Facility, a substitute Note to the order of such assigning Lender in an amount
equal to the Commitment retained by it hereunder. Such substitute Note or Notes, if any, shall be in an aggregate principal amount
equal to the aggregate principal amount of such surrendered Note or Notes, shall be dated the effective date of such Assignment
and Acceptance and shall otherwise be in substantially the form of Exhibit A hereto.

 

(f)          [Intentionally
Omitted.]

 

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(g)          Each
Lender Party may sell participations to one or more Persons (other than any Loan Party or any of its Affiliates or any Defaulting
Lender or any of its Affiliates) in or to all or a portion of its rights and obligations under this Agreement (including, without
limitation, all or a portion of its Commitments, the Advances owing to it and the Note or Notes (if any) held by it) in a minimum
gross amount of $5,000,000; provided, however, that (i) such Lender Party’s obligations under this Agreement (including,
without limitation, its Commitments) shall remain unchanged, (ii) such Lender Party shall remain solely responsible to the other
parties hereto for the performance of such obligations, (iii) such Lender Party shall remain the holder of any such Note for all
purposes of this Agreement, (iv) the Borrower, the Administrative Agent and the other Lender Parties shall continue to deal solely
and directly with such Lender Party in connection with such Lender Party’s rights and obligations under this Agreement, (v)
no participant under any such participation shall have any right to approve any amendment or waiver of any provision of any Loan
Document, or any consent to any departure by any Loan Party therefrom, except to the extent that such amendment, waiver or consent
would reduce the principal of, or interest on, the Notes or any fees or other amounts payable hereunder, in each case to the extent
subject to such participation, or postpone any date fixed for any payment of principal of, or interest on, the Notes or any fees
or other amounts payable hereunder, in each case to the extent subject to such participation. The Borrower agrees that each participant
shall be entitled to the benefits of Sections 2.10 and 2.12 (subject to the requirements and limitation therein, including the
requirements under Sections 2.12(f) and (g) (it being understood that the documentation required under Sections 2.12(f) and (g)
shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment,
provided that, such participant shall not be entitled to receive any greater payment under Section 2.10 or 2.12 than the applicable
Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change
in law that occurs after the participant acquired the applicable participation. Each Lender Party that sells a participation shall,
acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each
participant and the principal amounts (and stated interest) of each participant’s interest in the Loans or other obligations
under the Loan Documents (the “Participant Register”); provided that no Lender Party shall have
any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information
relating to a participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan
Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, or other
obligation is in registered form under section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant
Register shall be conclusive absent manifest error, and such Lender Party shall treat each Person whose name is recorded in the
Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.
For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for
maintaining a Participant Register.

 

(h)          Any
Lender Party may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section
9.07, disclose to the assignee or participant or proposed assignee or participant any information relating to the Loan Parties
(or any of them) furnished to such Lender Party by or on behalf of any Loan Party; provided, however, that prior to any
such disclosure, the assignee or participant or proposed assignee or participant shall agree to preserve the confidentiality of
any Information received by it from such Lender Party on the same terms as provided in Section 9.11.

 

    	 	103	 

     

    

 

(i)          Notwithstanding
any other provision set forth in this Agreement, any Lender Party may at any time create a security interest in all or any portion
of its rights under this Agreement (including, without limitation, the Advances owing to it and the Note or Notes held by it),
including in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve
System or any central bank of any other applicable jurisdiction.

 

(j)          Upon
notice to the Borrower from the Administrative Agent or any Lender of the loss, theft, destruction or mutilation of any Lender’s
Note, the Borrower will execute and deliver, in lieu of such original Note, a replacement promissory note, identical in form and
substance to, and dated as of the same date as, the Note so lost, stolen or mutilated, subject to delivery by such Lender to the
Borrower of an affidavit of lost note and indemnity in customary form. Upon the execution and delivery of the replacement Note,
all references herein or in any of the other Loan Documents to the lost, stolen or mutilated Note shall be deemed references to
the replacement Note.

 

(k)          In
connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective
unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional
payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be
outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding,
with the consent of the Borrower and the Administrative Agent, the applicable Pro Rata Share of the Defaulting Lender of Advances
not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x)
pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent and each other
Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full Pro Rata Share of all Advances
in accordance with the Defaulting Lender’s Pro Rate Share. Notwithstanding the foregoing, in the event that any assignment
of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with
the provisions of this Section 9.07(k), then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes
of this Agreement until such compliance occurs.

 

SECTION 9.08         Execution
in Counterparts. This Agreement 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 Agreement by telecopier shall be effective as delivery of an original executed counterpart of this Agreement.

 

SECTION 9.09         [Intentionally
Omitted].

 

SECTION 9.10         Defaulting
Lenders.

 

(a)          Notwithstanding
anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such
Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

 

    	 	104	 

     

    

 

(i)          such
Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall
be restricted as set forth in the definition of Required Lenders.

 

(ii)         any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender
(whether voluntary or mandatory, at maturity, pursuant to Article VI or otherwise) or received by the Administrative Agent from
a Defaulting Lender pursuant to Section 9.05 shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second,
[reserved]; third, [reserved]; fourth, as the Borrower may request (so long as no Default exists), to the funding of any Advance
in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined
by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account
and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Advances
under this Agreement; sixth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent
jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its
obligations under this Agreement; seventh, so long as no Default exists, to the payment of any amounts owing to the Borrower as
a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result
of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise
directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Advances
in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Advances were made at a time
when the conditions set forth in Section 3.01 and 3.02, as applicable, were satisfied (or waived in writing), such payment shall
be applied solely to pay the Advances of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of
any the Advances of such Defaulting Lender until such time as all Advances are held by the Lenders pro rata in accordance with
the Commitments under the Facility. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are
applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this Section 9.10(a)(ii) shall be deemed paid to and redirected
by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(iii)        No
Defaulting Lender shall be entitled to receive any Unused Fee for any period during which that Lender is a Defaulting Lender (and
the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting
Lender).

 

(iv)        [Intentionally
Omitted.]

 

(v)         [Intentionally
Omitted.]

 

    	 	105	 

     

    

 

(b)          If
the Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent
will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set
forth therein, such Lender will, to the extent applicable, purchase at par that portion of outstanding Advances of the other Lenders
or take such other actions as the Administrative Agent may determine to be necessary to cause the Advances to be held pro rata
by the Lenders in accordance with Pro Rata Share of the Commitments under the Facility, whereupon such Lender will cease to be
a Defaulting Lender; provided, however, that no adjustments will be made retroactively with respect to fees accrued or payments
made by or on behalf of the Borrower while such Lender was a Defaulting Lender; and provided further that except to the extent
otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver
or release of any claim of any party hereunder arising from such Lender having been a Defaulting Lender.

 

(c)          [Intentionally
Omitted.]

 

(d)          [Intentionally
Omitted.]

 

(e)          [Intentionally
Omitted.]

 

SECTION 9.11         Confidentiality.

 

(a)          Each
of the Administrative Agent and the Lender Parties agrees to maintain the confidentiality of the Information (as defined below),
except that Information may be disclosed (i) to its Affiliates and to its and its Affiliates’ respective managers, administrators,
trustees, partners, directors, officers, employees, agents, advisors and other representatives (it being understood that the Persons
to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential), (ii) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any
self-regulatory authority, such as the National Association of Insurance Commissioners), (iii) to the extent required by applicable
laws or regulations or by any subpoena or similar legal process, (iv) to any other party hereto, (v) in connection with the exercise
of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other
Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions at least
as restrictive as those of this Section, (vii) to any assignee of or participant in, or any prospective assignee of or participant
in, any of its rights or obligations under this Agreement, (viii) to any actual or prospective party (or its managers, administrators,
trustees, partners, directors, officers, employees, agents, advisors and other representatives) to any swap, derivative or other
transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder,
(ix) to any rating agency, (x) the CUSIP Service Bureau or any similar organization, (xi) with the consent of the Borrower or (xii)
to the extent such Information (A) becomes publicly available other than as a result of a breach of this Section or (B) becomes
available to the Administrative Agent, such Lender Party or any of their respective Affiliates on a non-confidential basis from
a source other than the Parent Guarantor or any of its Subsidiaries without the Administrative Agent, such Lender Party or any
of their respective Affiliates having knowledge that a duty of confidentiality to the Parent Guarantor or any of its Subsidiaries
has been breached. For purposes of this Section, “Information” means all information received from the
Parent Guarantor or any of its Subsidiaries (including the Fee Letter and any information obtained based on a review of the books
and records of the Parent Guarantor or any of its Subsidiaries) relating to the Parent Guarantor or any of its Subsidiaries or
any of their respective businesses. Any Person required to maintain the confidentiality of Information as provided in this Section
shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain
the confidentiality of such Information as such Person would accord to its own confidential information.

 

    	 	106	 

     

    

 

(b)          Certain
of the Lender Parties may enter into this Agreement and take or not take action hereunder or under the other Loan Documents on
the basis of information that does not contain material non-public information with respect to any of the Parent Guarantor, any
or its Subsidiaries or their respective securities (“Restricting Information”). Other Lender Parties
may enter into this Agreement and take or not take action hereunder or under the other Loan Documents on the basis of information
that may contain Restricting Information. Each Lender Party acknowledges that United States federal and state securities laws prohibit
any person from purchasing or selling securities on the basis of material, non-public information concerning the issuer of such
securities or, subject to certain limited exceptions, from communicating such information to any other Person. None of the Administrative
Agent or any of its respective directors, officers, agents or employees shall, by making any Communications (including Restricting
Information) available to a Lender Party, by participating in any conversations or other interactions with a Lender Party or otherwise,
make or be deemed to make any statement with regard to or otherwise warrant that any such information or Communication does or
does not contain Restricting Information nor shall the Administrative Agent or any of its respective directors, officers, agents
or employees be responsible or liable in any way for any decision a Lender Party may make to limit or to not limit its access to
Restricting Information. In particular, none of the Administrative Agent or any of its respective directors, officers, agents or
employees (i) shall have, and the Administrative Agent, on behalf of itself and each of its directors, officers, agents and employees,
hereby disclaims, any duty to ascertain or inquire as to whether or not a Lender Party has or has not limited its access to Restricting
Information, such Lender Party’s policies or procedures regarding the safeguarding of material, nonpublic information or
such Lender Party’s compliance with applicable laws related thereto or (ii) shall have, or incur, any liability to any Loan
Party, any Lender Party or any of their respective Affiliates, directors, officers, agents or employees arising out of or relating
to the Administrative Agent or any of its respective directors, officers, agents or employees providing or not providing Restricting
Information to any Lender Party, other than as found by a court of competent jurisdiction to have resulted from the gross negligence
or willful misconduct of the Administrative Agent or any of its respective directors, officers, agents or employees.

 

(c)          Each
Loan Party agrees that (i) all Communications it provides to the Administrative Agent intended for delivery to the Lender Parties
whether by posting to the Approved Electronic Platform or otherwise shall be clearly and conspicuously marked “PUBLIC”
if such Communications are determined by the Loan Parties in good faith not to contain Restricting Information which, at a minimum,
shall mean that the word “PUBLIC” shall appear prominently on the first page thereof, (ii) by marking Communications
“PUBLIC,” each Loan Party shall be deemed to have authorized the Administrative Agent and the Lender Parties to treat
such Communications as either publicly available information or not material information (although such Communications shall remain
subject to the confidentiality undertakings of Section 9.11(a)) with respect to such Loan Party or its securities for purposes
of United States Federal and state securities laws, (iii) all Communications marked “PUBLIC” may be delivered to all
Lender Parties and may be made available through a portion of the Approved Electronic Platform designated “Public Side Information”
and (iv) the Administrative Agent shall be entitled to treat any Communications that are not marked “PUBLIC” as Restricting
Information and may post such Communications to a portion of the Approved Electronic Platform not designated “Public Side
Information” (and shall not post such Communications to a portion of the Approved Electronic Platform designated “Public
Side Information”). Neither the Administrative Agent nor any of its Affiliates shall be responsible for any statement or
other designation by a Loan Party regarding whether a Communication contains or does not contain material non-public information
with respect to any of the Loan Parties or their securities nor shall the Administrative Agent or any of its Affiliates incur any
liability to any Loan Party, any Lender Party or any other Person for any action taken by the Administrative Agent or any of its
respective Affiliates based upon such statement or designation, including any action as a result of which Restricting Information
is provided to a Lender Party that may decide not to take access to Restricting Information. Nothing in this Section 9.11(c) shall
modify or limit a Person’s obligations under Section 9.11 with regard to Communications and the maintenance of the confidentiality
of or other treatment of Information.

 

    	 	107	 

     

    

 

(d)          Each
Lender Party acknowledges that circumstances may arise that require it to refer to Communications that might contain Restricting
Information. Accordingly, each Lender Party agrees that it will nominate at least one designee to receive Communications (including
Restricting Information) on its behalf and identify such designee (including such designee’s contact information) in writing
to the Administrative Agent. Each Lender Party agrees to notify the Administrative Agent from time to time of such Lender Party’s
designee’s e-mail address to which notice of the availability of Restricting Information may be sent by electronic transmission.

 

(e)          Each
Lender Party acknowledges that Communications delivered hereunder and under the other Loan Documents may contain Restricting Information
and that such Communications are available to all Lender Parties generally. Each Lender Party that elects not to take access to
Restricting Information does so voluntarily and, by such election, acknowledges and agrees that the Administrative Agent and other
Lender Parties may have access to Restricting Information that is not available to such electing Lender Party. Each such electing
Lender Party acknowledges the possibility that, due to its election not to take access to Restricting Information, it may not have
access to any Communications (including, without being limited to, the items required to be made available to the Administrative
Agent in Section 5.03 unless or until such Communications (if any) have been filed or incorporated into documents which have been
filed with the Securities and Exchange Commission by the Parent). None of the Loan Parties, the Administrative Agent or any Lender
Party with access to Restricting Information shall have any duty to disclose such Restricting Information to such electing Lender
Party or to use such Restricting Information on behalf of such electing Lender Party, and shall not be liable for the failure to
so disclose or use, such Restricting Information.

 

(f)          Sections
9.11(b), (c), (d) and (e) are designed to assist the Administrative Agent, the Lender Parties and the Loan Parties, in complying
with their respective contractual obligations and applicable law in circumstances where certain Lender Parties express a desire
not to receive Restricting Information notwithstanding that certain Communications hereunder or under the other Loan Documents
or other information provided to the Lender Parties hereunder or thereunder may contain Restricting Information. None of the Administrative
Agent or any of its respective directors, officers, agents or employees warrants or makes any other statement with respect to the
adequacy of such provisions to achieve such purpose nor does the Administrative Agent or any of its respective directors, officers,
agents or employees warrant or make any other statement to the effect that a Loan Party’s or Lender Party’s adherence
to such provisions will be sufficient to ensure compliance by such Loan Party or Lender Party with its contractual obligations
or its duties under applicable law in respect of Restricting Information and each of the Lender Parties and each Loan Party assumes
the risks associated therewith.

 

    	 	108	 

     

    

 

SECTION 9.12         [Intentionally
Omitted].

 

SECTION 9.13         Patriot
Act Notification. Each Lender and the Administrative Agent (for itself and not
on behalf of any Lender) hereby notifies the Loan Parties that pursuant to the requirements of the USA Patriot Act (Title III
of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain,
verify and record information that identifies each Loan Party, which information includes the name and address of such Loan Party
and other information that will allow such Lender or the Administrative Agent, as applicable, to identify such Loan Party in accordance
with the Patriot Act. The Parent Guarantor and the Borrower shall, and shall cause each of their Subsidiaries to, provide, to
the extent commercially reasonable, such information and take such actions as are reasonably requested by the Administrative Agent
or any Lender in order to assist the Administrative Agent and the Lenders in maintaining compliance with the Patriot Act.

 

SECTION 9.14         Jurisdiction,
Etc.

 

(a)          Each
of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction
of any New York State court or Federal court of the United States of America sitting in City, County and State of New York and
any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any of the other
Loan Documents to which it is a party, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined
in any such New York State court or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that
a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any party may otherwise
have to bring any action or proceeding relating to this Agreement or any of the other Loan Documents in the courts of any jurisdiction.

 

(b)          Each
of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement
or any of the other Loan Documents to which it is a party in any New York State or Federal court. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action
or proceeding in any such court.

 

SECTION 9.15         GOVERNING
LAW. THIS AGREEMENT AND THE NOTES SHALL PURSUANT TO NEW YORK GENERAL OBLIGATIONS
LAW 5-1401 BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

    	 	109	 

     

    

 

SECTION 9.16         WAIVER
OF JURY TRIAL. EACH OF THE BORROWER, THE OTHER LOAN PARTIES, THE ADMINISTRATIVE
AGENT AND THE LENDER PARTIES IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER
BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS, THE ADVANCES OR THE ACTIONS OF
THE ADMINISTRATIVE AGENT OR ANY LENDER PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

 

SECTION 9.17         ACKNOWLEDGEMENT
AND CONSENT TO BAIL-IN OF EEA FINANCIAL INSTITUTIONS. Notwithstanding anything
to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party
hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability
is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to,
and acknowledges and agrees to be bound by:

 

(a)          the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)          the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)          a
reduction in full or in part or cancellation of any such liability;

 

(ii)         a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii)        the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

[Balance of page intentionally left blank]

 

    	 	110	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement 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
	 	 	 	 	 
	 	PARENT GUARANTOR:
	 	 	 
	 	SUMMIT HOTEL PROPERTIES, INC.,
	 	a Maryland corporation,
	 	 	 	 	 
	 	By:	/s/ Christopher Eng
	 	 	Name:  Christopher Eng
	 	 	Title:  Secretary

 

Summit – Credit Agreement

 

     

     

    

 

SUBSIDIARY GUARANTORS:

 

Summit Hospitality I, LLC,

Summit Hospitality VI, LLC,

Summit Hospitality VIII, LLC,

Summit Hospitality IX, LLC,

Summit Hospitality 17, LLC,

Summit Hospitality 18, LLC,

Summit Hospitality 25, LLC,

Summit Hospitality 057, LLC,

Summit Hospitality 060, LLC,

Summit Hospitality 084, LLC,

Summit Hospitality 100, LLC,

Summit Hospitality 114, LLC,

Summit Hospitality 117, LLC,

Summit Hospitality 118, LLC,

Summit Hospitality 119, LLC,

Summit Hospitality 121, LLC,

Summit Hospitality 122, 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,

San Fran JV, LLC,

each a Delaware limited liability company

 

	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 Hotel TRS 003, LLC

Summit Hotel TRS 005, LLC

Summit Hotel TRS 023, LLC

Summit Hotel TRS 026, LLC

Summit Hotel TRS 030, LLC

Summit Hotel TRS 037, LLC

Summit Hotel TRS 044, LLC

Summit Hotel TRS 045, 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 088, LLC

Summit Hotel TRS 089, LLC

Summit Hotel TRS 090, LLC

Summit Hotel TRS 094, LLC

Summit Hotel TRS 095, LLC

Summit Hotel TRS 096, LLC

Summit Hotel TRS 099, LLC

Summit Hotel TRS 100, LLC

Summit Hotel TRS 102, LLC

Summit Hotel TRS 113, LLC

Summit Hotel TRS 114, LLC

Summit Hotel TRS 117, LLC

Summit Hotel TRS 118, LLC

Summit Hotel TRS 119, LLC

Summit Hotel TRS 121, LLC

Summit Hotel TRS 122, 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

Summit Hotel TRS 132, LLC

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

 

		By:	Summit Hotel TRS, Inc.,

a Delaware corporation, the solemember
of each of the above referencedDelaware limited liability companies

 

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

 

Summit – Credit Agreement

 

     

     

    

 

	 	ADMINISTRATIVE AGENT AND INITIAL LENDER:
	 	 
	 	KEYBANK NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/ Daniel L. Silbert
	 	Name: Daniel L. Silbert
	 	Title: Sr. Vice President

 

[Signatures Continued on Next Page]

 

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	 	INITIAL LENDERS:
	 	 
	 	DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
	 	 	 
	 	By:	/s/ Alexander Johnson
	 	Name:  Alexander Johnson
	 	Title: Managing Director
	 	 	 
	 	By:	/s/ Joanna Soliman
	 	Name:  Joanna Soliman
	 	Title: Vice President

 

[Signatures Continued on Next Page]

 

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

 

[Signatures Continued on Next Page]

 

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	 	CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender
	 	 	 
	 	By:	/s/ Yakovia Jackson
	 	Name: Yakovia Jackson
	 	Title: Vice President

 

[Signatures Continued on Next Page]

 

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	 	PNC BANK, NATIONAL ASSOCIATION, as a Lender
	 	 	 
	 	By:	/s/ Joseph J. Seroke
	 	Name:  Joseph J. Seroke
	 	Title:  Vice President

 

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

 

[Signatures Continued on Next Page]

 

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	 	ROYAL BANK OF CANADA, as a Lender
	 	 	 
	 	By:	/s/ Rina Kansagra
	 	Name: Rina Kansagra
	 	Title: Authorized Signatory

 

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	 	U.S. BANK NATIONAL ASSOCIATION, as a Lender
	 	 	 
	 	By:	/s/ Scott C. DeJong
	 	Name: Scott C. DeJong
	 	Title: Senior Vice President

 

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	 	BRANCH BANKING AND TRUST COMPANY, as a Lender
	 	 	 
	 	By:	/s/ Brad Bowen
	 	Name: Brad Bowen
	 	Title:  Senior Vice President

 

[Signatures Continued on Next Page]

 

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	 	REGIONS BANK, as a Lender
	 	 	 
	 	By:	/s/ T. Barrett Vawter
	 	Name:  T. Barrett Vawter
	 	Title:  Vice President

 

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Schedule I

 

Commitments and Applicable Lending
Offices

 

	Name of Initial Lender	 	Term Loan Commitment	 	 	Domestic Lending Office	 	Eurodollar Lending Office
	KeyBank National Association	 	$	32,500,000	 	 	1200 Abernathy Road, N.E. 
Suite 1550 
Atlanta, Georgia 30328 
Attn: Daniel
    Silbert 
Tel:         (770) 510-2096 
Fax:        (770)
    510-2195 
Email:     Daniel_Silbert@keybank.com	 	1200 Abernathy Road, N.E. 
Suite 1550 
Atlanta, Georgia 30328 
Attn: Daniel
    Silbert 
Tel:         (770) 510-2096 
Fax:        (770)
    510-2195 
Email:     Daniel_Silbert@keybank.com
	 	 	 	 	 	 	 	 	 
	Deutsche Bank AG New York Branch	 	$	32,500,000	 	 	Hanover Street Capital, LLC 
48 Wall Street, 14th Floor 
New York, NY 10005 
Attn:   
       Latisha McBurnie 
Tel:         (212) 380-9397 
Email:     Latisha.mcburnie@hanoverstcap.com	 	Hanover Street Capital, LLC 
48 Wall Street, 14th Floor 
New York, NY 10005 
Attn:    
      Latisha McBurnie 
Tel:         (212) 380-9397 
Email:     Latisha.mcburnie@hanoverstcap.com
	 	 	 	 	 	 	 	 	 
	Bank of America, N.A.	 	$	32,500,000	 	 	101 N. Tryon Street 
Charlotte, NC 28255 
Attn: John Aditya K Athamacur 
Tel:   
         (415) 436-5825, Ext. 62067 
Fax:        (214) 290-9519
    
Email:     narender.vamani@bankofamerica.com	 	101 N. Tryon Street 
Charlotte, NC 28255 
Attn: John Aditya K Athamacur 
Tel:     
       (415) 436-5825, Ext. 62067 
Fax:        (214) 290-9519 
Email:     narender.vamani@bankofamerica.com
	 	 	 	 	 	 	 	 	 
	Capital One, National Association	 	$	20,000,000	 	 	1680 Capital One Drive, 10th Floor 
McLean, VA 22102 
Attn: Yakovia Jackson 
Tel:    
        (703) 720-6764 
Fax:        (703) 720-2032 
Email:     Yakovia.Jackson@capitalone.com	 	1680 Capital One Drive, 10th Floor 
McLean, VA 22102 
Attn: Yakovia Jackson 
Tel:     
       (703) 720-6764 
Fax:        (703) 720-2032 
Email:     Yakovia.Jackson@capitalone.com
	 	 	 	 	 	 	 	 	 
	PNC Bank, National Association	 	$	20,000,000	 	 	500 First Ave. (Mailstop P7-PFSC04-V) 
Pittsburgh, PA 15219 
Attn: Melissa Krauss 
Tel: 
           (412) 807-7115 
Fax:        (888) 614-9134
    
Email:     melissa.krauss@pnc.com	 	500 First Ave. (Mailstop P7-PFSC04-V) 
Pittsburgh, PA 15219 
Attn: Melissa Krauss 
Tel:      
      (412) 807-7115 
Fax:        (888) 614-9134 
Email:     melissa.krauss@pnc.com

 

    	 	Sch. I - 1	 

     

    

 

	Name of Initial Lender	 	Term Loan Commitment	 	 	Domestic Lending Office	 	Eurodollar Lending Office
	Raymond James Bank, N.A.	 	$	20,000,000	 	 	710 Carillon Parkway 
St. Petersburg, FL 33716 
Attn: Loan Ops/CML 
Tel:    
        (727) 567-1815 or (727) 567-1922 
Fax:        (866) 597-4002
    
Email:     Faxrjbloanops@raymondrames.com	 	710 Carillon Parkway 
St. Petersburg, FL 33716 
Attn: Loan Ops/CML 
Tel:    
        (727) 567-1815 or (727) 567-1922 
Fax:        (866) 597-4002
    
Email:     Faxrjbloanops@raymondrames.com
	 	 	 	 	 	 	 	 	 
	Royal Bank of Canada	 	$	20,000,000	 	 	Global Loans Administration 
20 King St. West, 4th Floor 
Toronto, Ontario, Canada 
M5H
    1C4 
Attn: Ian LaRoche or Julie Camarra 
Tel:         (416) 974-6107 or (416)
    955-6577 
Fax:        (212) 428-2372 or (212) 428-2372 
Email:     RBCNewYorkGLA2@rbc.com	 	Global Loans Administration 
20 King St. West, 4th Floor 
Toronto, Ontario, Canada 
M5H
    1C4 
Attn: Ian LaRoche or Julie Camarra 
Tel:         (416) 974-6107 or (416)
    955-6577 
Fax:        (212) 428-2372 or (212) 428-2372 
Email:     RBCNewYorkGLA2@rbc.com
	 	 	 	 	 	 	 	 	 
	U.S. Bank National Association	 	$	20,000,000	 	 	777 E. Wisconsin Ave 
Milwaukee, WI 53202 
Attn: Scott DeJong 
Tel:     
       (414) 765-5459 
Fax:        (414)765-5547 
Email:     Scott.dejong@usbank.com	 	777 E. Wisconsin Ave 
Milwaukee, WI 53202 
Attn: Scott DeJong 
Tel:    
        (414) 765-5459 
Fax:        (414)765-5547 
Email:     Scott.dejong@usbank.com
	 	 	 	 	 	 	 	 	 
	Branch Banking and Trust Company	 	$	17,500,000	 	 	200 West Second Street, 16th Floor 
Winston Salem, NC 27101 
Attn: Shana Pask 
Tel:    
        (336) 733-2645 
Fax:        (888) 707-4162 
Email:     spask@bbandt.com	 	200 West Second Street, 16th Floor 
Winston Salem, NC 27101 
Attn: Shana Pask 
Tel:  
          (336) 733-2645 
Fax:        (888) 707-4162
    
Email:     spask@bbandt.com
	 	 	 	 	 	 	 	 	 
	Regions Bank	 	$	10,000,000	 	 	1900 5th Avenue North, 15th Flr. 
Birmingham, AL 35203 
Attn:       Jule
    Ann Martin 
Tel:         (205) 326-5651 
Fax:        (205)
    261-7939 
Email:     juleann.martin@regions.com; 

                   cast@regions.com	 	1900 5th Avenue North, 15th Flr. 
Birmingham, AL 35203 
Attn:       Jule
    Ann Martin 
Tel:         (205) 326-5651 
Fax:        (205)
    261-7939 
Email:     juleann.martin@regions.com;

                   cast@regions.com

 

    	 	Sch. I - 2	 

     

    

 

 

    Sch. II - 1

     

    

 

Schedule III - Approved Managers

 

	Count	 	Management Company
	1	 	Aimbridge Hospitality
	1	 	American Liberty Hospitality, Inc.
	1	 	Courtyard Management Corporation
	1	 	Crestline Hotels and Resorts and affiliates
	1	 	Fillmore Hospitality and affiliates
	1	 	IHG Management (Maryland), LLC
	1	 	Intercontinental Hotels Group Resources, Inc.
	1	 	Intermountain Management, LLC
	1	 	Interstate Management Company, LLC
	1	 	Kana Hotels, Inc.
	1	 	OTO Development, LLC
	1	 	Park Place Hospitality
	1	 	Pillar Hotels and Resorts, LP
	1	 	Residence Inn by Marriott, Inc.
	1	 	Sage Hospitality and affiliates
	1	 	Select Hotels Group, LLC
	1	 	Springhill SMC Corporation
	1	 	Stonebridge Realty Advisors, Inc.
	1	 	White Lodging Services  Corporation
	19	 	 

 

    Sch. III - 1

     

    

 

SCHEDULE IV

 

[RESERVED]

 

    Sch. IV - 1

     

    

 

 

    	 	Sch. 4.01(a) - 1	 

     

    

 

 

    	 	Sch. 4.01(a) - 2	 

     

    

 

 

    	 	Sch. 4.01(a) - 3	 

     

    

 

 

    	 	Sch. 4.01(a) - 4	 

     

    

 

 

    	 	Sch. 4.01(b) - 1	 

     

    

 

 

    	 	Sch. 4.01(b) - 2	 

     

    

 

 

    	 	Sch. 4.01(b) - 3	 

     

    

 

 

    	 	Sch. 4.01(b) - 4	 

     

    

 

Schedule 4.01(f) - Material Litigation

 

NONE

 

    	 	Sch. 4.01(f) - 1	 

     

    

 

 

    	 	Sch. 4.01(n) - 1	 

     

    

 

 

    	 	Sch. 4.01(o) - 1	 

     

    

 

 

    	 	Sch. 4.01(p) - 1	 

     

    

 

 

    	 	Sch. 4.01(p) - 2	 

     

    

 

 

    	 	Sch. 4.01(p) - 3	 

     

    

 

 

    	 	Sch. 4.01(p) - 4	 

     

    

 

 

    	 	Sch. 4.01(p) - 5	 

     

    

 

Schedule 4.01(q) – Environmental
Matters

 

NONE

 

    Sch. 4.01(q) - 1

     

    

  

Schedule 4.01(w) – Plans and Welfare
Plans

 

NONE

 

    Sch. 4.01(w) - 1

     

    

  

EXHIBIT A to the

CREDIT AGREEMENT

 

FORM OF NOTE

 

NOTE

 

	$___________	Dated:  _____________, _____

 

FOR VALUE RECEIVED, the
undersigned, SUMMIT HOTEL OP, LP, a Delaware limited partnership (the “Borrower”), HEREBY PROMISES TO
PAY __________________ (the “Lender”) for the account of its Applicable Lending Office (as defined in
the Credit Agreement referred to below) the aggregate principal amount of the Term Loan Advances owing to the Lender by the Borrower
pursuant to the Credit Agreement dated as of ______________, 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 Borrower, the Lender, certain other Lender Parties
party thereto, Summit Hotel Properties, Inc., the Subsidiary Guarantors party thereto, KeyBank National Association, as Administrative
Agent for the Lender and such other Lender Parties and the Arrangers party thereto, on the Termination Date.

 

The Borrower promises to
pay to the Lender interest on the unpaid principal amount of each Term Loan Advance of the Lender from the date of such Term Loan
Advance, until such principal amount is paid in full, at such interest rates, and payable at such times, as are specified in the
Credit Agreement.

 

Both principal and interest
are payable in lawful money of the United States of America to KeyBank National Association, as Administrative Agent, at 127 Public
Square, Cleveland, Ohio 44114, in same day funds. The Term Loan Advances owing to the Lender by the Borrower and the maturity thereof,
and all payments made on account of principal thereof, shall be recorded by the Lender and, prior to any transfer hereof, endorsed
on the grid attached hereto, which is part of this Note; provided, however, that the failure of the Lender to make any such
recordation or endorsement shall not affect the Obligations of the Borrower under this Note.

 

This Note is one of the
Notes referred to in, and is entitled to the benefits of, the Credit Agreement. The Credit Agreement, among other things, (a) provides
for the making of one or more Term Loan Advances by the Lender to or for the benefit of the Borrower in an aggregate amount not
to exceed at any time outstanding the U.S. dollar amount first above mentioned, the indebtedness of the Borrower resulting from
the Term Loan Advances being evidenced by this Note, and (b) contains provisions for acceleration of the maturity hereof upon the
happening of an Event of Default and also for prepayments on account of principal hereof prior to the Termination Date upon the
terms and conditions therein specified.

 

[REMAINDER OF THE PAGE
INTENTIONALLY LEFT BLANK]

 

    	 	Exh. A - 1	 

     

    

  

THIS NOTE SHALL, PURSUANT
TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK.

 

	 	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:

 

    	 	Exh. A - 2	 

     

    

  

TERM LOAN ADVANCES AND

PAYMENTS OF PRINCIPAL

 

	
         

        Date
	 	Amount of 

Term Loan 

Advance	 	Amount of 

Principal Paid 

or Prepaid	 	Unpaid 

Principal 

Balance	 	Notation 

Made By
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	 	Exh. A - 3	 

     

    

  

EXHIBIT B to the

CREDIT AGREEMENT

 

FORM OF NOTICE

OF BORROWING

 

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 __________, 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:

 

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

 

		(ii)	[Reserved]

 

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

 

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

 

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

 

 

1
For Eurodollar Rate Advances only.

 

    	 	Exh. B - 1	 

     

    

  

The undersigned hereby
certifies that the following statements are true on the date hereof, and will be true on the date of the Proposed Borrowing:

 

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

 

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

 

		(C)	(1) the Total Unencumbered Asset Value equals or exceeds Consolidated Unsecured Indebtedness of
the Parent Guarantor, and (2) before and after giving effect to the Proposed Borrowing, the Parent Guarantor shall be in compliance
with the covenants contained in Section 5.04, and

 

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

 

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:	 

 

    	 	Exh. B - 2	 

     

    

  

SCHEDULE A

 

[ATTACH FINANCIAL COVENANT CALCULATIONS]

 

    	 	Exh. B - 3	 

     

    

  

EXHIBIT C to the

CREDIT AGREEMENT

 

[RESERVED]

 

    	 	Exh. C - 1	 

     

    

  

EXHIBIT D to the

CREDIT AGREEMENT

 

FORM OF

GUARANTY SUPPLEMENT

 

GUARANTY SUPPLEMENT

 

___________, ____

 

KeyBank National Association,

as Administrative Agent

under the Credit Agreement

referred to below

1200 Abernathy Road, N.E., Suite 1550

Atlanta, Georgia 30328

Attention: Daniel Silbert

 

Credit Agreement dated as of ___________,
2017 (as in effect on the date hereof and as it may hereafter be amended, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Summit Hotel OP, LP, as Borrower, 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.

 

Ladies and Gentlemen:

 

Reference is made to the
above-captioned Credit Agreement and to the Guaranty set forth in Article VII thereof (such Guaranty, as in effect on the date
hereof and as it may hereafter be amended, supplemented or otherwise modified from time to time, together with this Guaranty Supplement,
being the “Guaranty”). Capitalized terms not otherwise defined herein shall have their respective meanings
set forth in the Credit Agreement.

 

Section 1.        Guaranty;
Limitation of Liability.

 

(a)       The
undersigned hereby absolutely, unconditionally and irrevocably guarantees the punctual payment when due, whether at scheduled maturity
or on any date of a required prepayment or by acceleration, demand or otherwise, of all Obligations of the Borrower and each other
Loan Party now or hereafter existing under or in respect of the Loan Documents (including, without limitation, any extensions,
modifications, substitutions, amendments or renewals of any or all of the foregoing Obligations), whether direct or indirect, absolute
or contingent, and whether for principal, interest, premiums, fees, indemnities, contract causes of action, costs, expenses or
otherwise in each case exclusive of all Excluded Swap Obligations (such guaranteed Obligations being the “Guaranteed
Obligations”), and agrees to pay any and all expenses (including, without limitation, fees and expenses of counsel)
incurred by the Administrative Agent or any other Lender Party in enforcing any rights under this Guaranty Supplement, the Guaranty,
the Credit Agreement or any other Loan Document. Without limiting the generality of the foregoing, the undersigned’s liability
shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed by any other Loan Party to any
Lender Party under or in respect of the Loan Documents but for the fact that they are unenforceable or not allowable due to the
existence of a bankruptcy, reorganization or similar proceeding involving such other Loan Party.

 

    	 	Exh. D - 1	 

     

    

  

(b)       The
undersigned, and by its acceptance of the benefits of this Guaranty Supplement, the Administrative Agent and each other Lender
Party, hereby confirms that it is the intention of all such Persons that this Guaranty Supplement, the Guaranty and the Obligations
of the undersigned hereunder and thereunder not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law,
the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act, the Uniform Voidable Transactions Act, or any similar
foreign, federal or state law to the extent applicable to this Guaranty Supplement, the Guaranty and the Obligations of the undersigned
hereunder and thereunder. To effectuate the foregoing intention, the Administrative Agent, the other Lender Parties and the undersigned
hereby irrevocably agree that the Obligations of the undersigned under this Guaranty Supplement and the Guaranty at any time shall
be limited to the maximum amount as will result in the Obligations of the undersigned under this Guaranty Supplement and the Guaranty
not constituting a fraudulent transfer or conveyance.

 

(c)       The
undersigned hereby unconditionally and irrevocably agrees that in the event any payment shall be required to be made to any Lender
Party under this Guaranty Supplement, the Guaranty or any other guaranty, the undersigned will contribute, to the maximum extent
permitted by law, such amounts to each other Subsidiary Guarantor and each other guarantor so as to maximize the aggregate amount
paid to the Lender Parties under or in respect of the Loan Documents.

 

Section 2.        Obligations
Under the Guaranty. The undersigned hereby agrees, as of the date first above written, to be bound as a Subsidiary Guarantor
by all of the terms and conditions of the Credit Agreement and the Guaranty to the same extent as each of the other Subsidiary
Guarantors thereunder. The undersigned further agrees, as of the date first above written, that each reference in the Credit Agreement
to an “Additional Guarantor”, a “Loan Party” or a “Subsidiary Guarantor”
shall also mean and be a reference to the undersigned, and each reference in any other Loan Document to a “Subsidiary
Guarantor” or a “Loan Party” shall also mean and be a reference to the undersigned.

 

Section 3.        Representations
and Warranties. The undersigned hereby makes each representation and warranty set forth in Section 4.01 of the Credit Agreement
to the same extent as each other Subsidiary Guarantor; provided, however, that, to the extent there have been any changes
in factual matters related to the addition of the undersigned as a Subsidiary Guarantor or the addition of any Asset owned by the
undersigned as an Unencumbered Asset warranting updated Schedules to the Credit Agreement (so long as such changes in factual matters
shall in no event comprise a Default or an Event of Default under the Credit Agreement), such updated Schedules are attached as
Exhibit A hereto.

 

Section 4.        Delivery
by Telecopier. Delivery of an executed counterpart of a signature page to this Guaranty Supplement 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 Guaranty Supplement.

 

    	 	Exh. D - 2	 

     

    

 

Section 5.           Governing
Law; Jurisdiction; Waiver of Jury Trial, Etc.

 

(a)       THIS GUARANTY SUPPLEMENT
SHALL PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401 BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK.

 

(b)       The
undersigned hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any
New York State court or any federal court of the United States of America sitting in City, County, and State of New York, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this Guaranty Supplement, the Guaranty,
the Credit Agreement or any of the other Loan Documents to which it is or is to be a party, or for recognition or enforcement of
any judgment, and the undersigned hereby irrevocably and unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in any such New York State court or, to the extent permitted by law, in such federal court.
The undersigned agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Guaranty Supplement or the Guaranty
or the Credit Agreement or any other Loan Document shall affect any right that any party may otherwise have to bring any action
or proceeding relating to this Guaranty Supplement, the Credit Agreement, the Guaranty thereunder or any of the other Loan Documents
to which it is or is to be a party in the courts of any other jurisdiction.

 

(c)       The
undersigned irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that
it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Guaranty
Supplement, the Credit Agreement, the Guaranty or any of the other Loan Documents to which it is or is to be a party in any New
York State or federal court. The undersigned hereby irrevocably waives, to the fullest extent permitted by law, the defense of
an inconvenient forum to the maintenance of such suit, action or proceeding in any such court.

 

(d)       THE
UNDERSIGNED HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS, THE ADVANCES OR THE ACTIONS OF ANY LENDER PARTY IN
THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

 

	 	Very truly yours,
	 	[NAME OF ADDITIONAL GUARANTOR]
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

    	 	Exh. D - 3	 

     

    

 

EXHIBIT E to the

CREDIT AGREEMENT

 

FORM OF

ASSIGNMENT AND ACCEPTANCE

 

ASSIGNMENT AND ACCEPTANCE

 

Reference is made to the
Credit Agreement dated as of ___________, 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 Summit Hotel OP, LP, a Delaware limited partnership, as Borrower, 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.

 

Each “Assignor”
referred to on Schedule 1 hereto (each, an “Assignor”) and each “Assignee”
referred to on Schedule 1 hereto (each, an “Assignee”) agrees severally with respect to all information
relating to it and its assignment hereunder and on Schedule 1 hereto as follows:

 

1.       Such
Assignor hereby sells and assigns, without recourse except as to the representations and warranties made by it herein, to such
Assignee, and such Assignee hereby purchases and assumes from such Assignor, an interest in and to such Assignor’s rights
and obligations under the Credit Agreement as of the date hereof equal to the percentage interest specified on Schedule 1 hereto
of all outstanding rights and obligations under the Facility specified on Schedule 1 hereto. After giving effect to such sale and
assignment, such Assignee’s Commitments and the amount of the Advances owing to such Assignee will be as set forth on Schedule
1 hereto.

 

2.       Such
Assignor (a) represents and warrants that its name set forth on Schedule 1 hereto is its legal name, that it is the legal and beneficial
owner of the interest or interests being assigned by it hereunder and that such interest or interests are free and clear of any
adverse claim; (b) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties
or representations made in or in connection with any Loan Document or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of, or the perfection or priority of any lien or security interest created or purported to be created under
or in connection with, any Loan Document or any other instrument or document furnished pursuant thereto; (c) makes no representation
or warranty and assumes no responsibility with respect to the financial condition of any Loan Party or the performance or observance
by any Loan Party of any of its obligations under any Loan Document or any other instrument or document furnished pursuant thereto;
and (d) attaches the Note or Notes (if any) held by such Assignor and requests that the Administrative Agent exchange such Note
or Notes for a new Note or Notes payable to the order of such Assignee in an amount equal to the Commitments assumed by such Assignee
pursuant hereto or new Notes payable to the order of such Assignee in an amount equal to the Commitments assumed by such Assignee
pursuant hereto and such Assignor in an amount equal to the Commitments retained by such Assignor under the Credit Agreement, respectively,
as specified on Schedule 1 hereto.

 

    	 	Exh. E - 1	 

     

    

 

3.       Such
Assignee (a) represents and warrants that it is legally authorized to enter into this Assignment and Acceptance; (b) confirms that
it has received a copy of the Credit Agreement, together with copies of the financial statements referred to in Section 4.01 thereof
and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into
this Assignment and Acceptance; (c) agrees that it will, independently and without reliance upon the Administrative Agent, any
Assignor or any other Lender Party and based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit decisions in taking or not taking action under the Credit Agreement; (d) represents and warrants that its
name set forth on Schedule 1 hereto is its legal name; (e) confirms that it is an Eligible Assignee; (f) appoints and authorizes
the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Loan Documents
as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental
thereto; (g) agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Credit
Agreement are required to be performed by it as a Lender Party; and (h) attaches any U.S. Internal Revenue Service forms required
under Section 2.12 of the Credit Agreement.

 

4.       Following
the execution of this Assignment and Acceptance, it will be delivered to the Administrative Agent for acceptance and recording
by the Administrative Agent. The effective date for this Assignment and Acceptance (the “Effective Date”)
shall be the date of acceptance hereof by the Administrative Agent, unless otherwise specified on Schedule 1 hereto.

 

5.       Upon
such acceptance by the Administrative Agent and, if applicable, the Borrower and recording by the Administrative Agent, as of the
Effective Date, (a) such Assignee shall be a party to the Credit Agreement and, to the extent provided in this Assignment and Acceptance,
have the rights and obligations of a Lender Party thereunder and (b) such Assignor shall, to the extent provided in this Assignment
and Acceptance, relinquish its rights and be released from its obligations under the Credit Agreement (other than its rights and
obligations under the Loan Documents that are specified under the terms of such Loan Documents to survive the payment in full of
the Obligations of the Loan Parties under the Loan Documents to the extent any claim thereunder relates to an event arising prior
to the Effective Date of this Assignment and Acceptance) and, if this Assignment and Acceptance covers all of the remaining portion
of the rights and obligations of such Assignor under the Credit Agreement, such Assignor shall cease to be a party thereto.

 

6.       Upon
such acceptance by the Administrative Agent and, if applicable, the Borrower and recording by the Administrative Agent, from and
after the Effective Date, the Administrative Agent shall make all payments under the Credit Agreement and the Notes in respect
of the interest assigned hereby (including, without limitation, all payments of principal, interest and commitment fees with respect
thereto) to such Assignee. Such Assignor and such Assignee shall make all appropriate adjustments in payments under the Credit
Agreement and the Notes for periods prior to the Effective Date directly between themselves.

 

7.       THIS
ASSIGNMENT AND ACCEPTANCE SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

8.       This
Assignment and Acceptance 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 Schedule 1 to this Assignment and Acceptance by telecopier or e-mail (which e-mail
shall include an attachment in PDF format or similar format containing the legible signature of the person executing this Assignment
and Acceptance) shall be effective as delivery of an original executed counterpart of this Assignment and Acceptance.

 

IN WITNESS WHEREOF, each
Assignor and each Assignee have caused Schedule 1 to this Assignment and Acceptance to be executed by their officers thereunto
duly authorized as of the date specified thereon.

 

    	 	Exh. E - 2	 

     

    

 

SCHEDULE 1

 

to

 

ASSIGNMENT AND ACCEPTANCE

 

	ASSIGNORS:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Term Loan Facility	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percentage interest assigned	 	 		%	 	 		%	 	 		%	 	 		%	 	 		%
	Term Loan Commitment assigned	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	Aggregate outstanding principal amount of Term Loan Advances assigned	 	$		 	 	$		 	 	$		 	 	$			 	$		 
	Principal amount of Note payable to Assignor	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 

 

	ASSIGNEES:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Term Loan Facility	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percentage interest assumed	 	 		%	 	 		%	 	 		%	 	 		%	 	 		%
	Term Loan Commitment assumed	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	Aggregate outstanding principal amount of Term Loan Advances assumed	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	Principal amount of Note payable to Assignee	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 

  

    	 	Exh. E - 3	 

     

    

  

Effective Date (if other than date of acceptance
by Administrative Agent):

1__________, ____

 

	 	Assignors
	 	 
	 	____________________________, as Assignor
	 	[Type or print legal name of Assignor]
	 	 
	 	By	 
	 	Title:
	 	 
	 	Dated: __________ __, ________
	 	 
	 	____________________________, as Assignor
	 	[Type or print legal name of Assignor]
	 	 
	 	By	 
	 	Title:
	 	 
	 	Dated: __________ __, ________
	 	 
	 	____________________________, as Assignor
	 	[Type or print legal name of Assignor]
	 	 
	 	By	 
	 	Title:
	 	 
	 	Dated: __________ __, ________
	 	 
	 	____________________________, as Assignor
	 	[Type or print legal name of Assignor]
	 	 
	 	By	 
	 	Title:
	 	 
	 	Dated: __________ __, ________
	 	 
	 	____________________________, as Assignor
	 	[Type or print legal name of Assignor]
	 	 
	 	By	 
	 	Title:
	 	 
	 	Dated: __________ __, ________

 

 

1
This date should be no earlier than five Business Days after the delivery of this Assignment and Acceptance to the Administrative
Agent and, if applicable, the Borrower.

 

    	 	Exh. E - 4	 

     

    

  

	 	Assignees
	 	 
	 	____________________________, as Assignee
	 	[Type or print legal name of Assignor]
	 	 
	 	By	 
	 	Title:
	 	 
	 	Dated: __________ __, ________
	 	E-mail address for notices
	 	 
	 	Domestic Lending Office:
	 	 
	 	Eurodollar Lending Office:
	 	 
	 	____________________________, as Assignee
	 	[Type or print legal name of Assignor]
	 	 
	 	By	 
	 	Title:
	 	Dated: __________ __, ________
	 	E-mail address for notices
	 	 
	 	Domestic Lending Office:
	 	 
	 	Eurodollar Lending Office:
	 	 
	 	____________________________, as Assignee
	 	[Type or print legal name of Assignor]
	 	 
	 	By	 
	 	Title:
	 	Dated: __________ __, ________
	 	E-mail address for notices
	 	 
	 	Domestic Lending Office:
	 	 
	 	Eurodollar Lending Office:
	 	 
	 	____________________________, as Assignee
	 	[Type or print legal name of Assignor]
	 	 
	 	By	 
	 	Title:
	 	Dated: __________ __, ________
	 	E-mail address for notices

 

    	 	Exh. E - 5	 

     

    

 

	Accepted [and Approved] this _____	 
	day of ______________, _____	 
	 	 	 	 	 
	KEYBANK NATIONAL ASSOCIATION,	 
	as Administrative Agent	 
	 	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 	 
	Approved this ____ day	 
	of _____________, _____	 
	 	 	 
	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:	 	 

 

    	 	Exh. E - 6	 

     

    

 

EXHIBIT F-1 to the

CREDIT AGREEMENT

 

FORM OF

OPINION OF KLEINBERG, KAPLAN, WOLFF &
COHEN, P.C.

 

(See Attached)

 

    Exh. F-1 - 1

     

    

  

EXHIBIT F-2 to the

CREDIT AGREEMENT

 

FORM OF

OPINION OF VENABLE LLP

 

(See Attached)

 

    Exh. F-2 - 1

     

    

  

EXHIBIT F-3 to the

CREDIT AGREEMENT

 

FORM OF

OPINION OF HAGEN, WILKA & ARCHER, LLP

 

(See Attached)

 

    Exh. F-3 - 1

     

    

  

EXHIBIT F-4 to the

CREDIT AGREEMENT

 

FORM OF

DELAWARE OPINION

 

(See Attached)

 

    Exh. F-4 - 1

     

    

  

EXHIBIT G to the

CREDIT AGREEMENT

 

FORM OF

SECTION 2.12(g) U.S. TAX COMPLIANCE CERTIFICATE

 

Reference is hereby made
to the Credit Agreement dated as of ___________, 2017 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Summit Hotel OP, LP, as borrower, and KeyBank National Association, as administrative agent, and
the other parties party thereto.

 

Pursuant to the provisions
of Section 2.12(g) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner
of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is
not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within
the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as
described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this
certificate, the undersigned agrees that if the information provided on this certificate changes, the undersigned shall promptly
so inform the Borrower and the Administrative Agent.

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF LENDER PARTY]	 
	 	 	 
	By:	 	 
	Name:	 
	Title:	 
	 	 	 
	Date: ______________, 20___	 

 

    Exh. G - 1EX-10.1

 Exhibit 10.1 
  

 
  

LIMITED PARTNERSHIP AGREEMENT 
 OF

 FIVE POINT OPERATING COMPANY, LP 

a Delaware limited partnership 
  

 
 THE SECURITIES EVIDENCED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS THE
TRANSFEROR DELIVERS TO THE COMPANY AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT THE PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE
SECURITIES OR “BLUE SKY” LAWS AND IS IN COMPLIANCE WITH THE OTHER RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN. 
 Dated as of
October 1, 2017 
  
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINED TERMS
	  	 	1	 
		
	 ARTICLE 2 ORGANIZATIONAL MATTERS
	  	 	15	 
			
	 Section 2.1
	 	 Formation
	  	 	15	 
	 Section 2.2
	 	 Name
	  	 	15	 
	 Section 2.3
	 	 Principal Office and Resident Agent
	  	 	16	 
	 Section 2.4
	 	 Power of Attorney
	  	 	16	 
	 Section 2.5
	 	 Term
	  	 	17	 
		
	 ARTICLE 3 PURPOSE
	  	 	17	 
			
	 Section 3.1
	 	 Purpose and Business
	  	 	17	 
	 Section 3.2
	 	 Powers
	  	 	17	 
	 Section 3.3
	 	 Limits on Partner Relationship
	  	 	17	 
	 Section 3.4
	 	 Representations and Warranties by the Partners
	  	 	17	 
		
	 ARTICLE 4 CAPITAL CONTRIBUTIONS
	  	 	19	 
			
	 Section 4.1
	 	 Capital Contributions of the Partners
	  	 	19	 
	 Section 4.2
	 	 Issuances of Additional Partnership Interests
	  	 	19	 
	 Section 4.3
	 	 Additional Funds and Capital Contributions
	  	 	20	 
	 Section 4.4
	 	 Share Option Plans
	  	 	21	 
	 Section 4.5
	 	 Dividend Reinvestment Plan, Share Incentive Plan or Other Plan
	  	 	23	 
	 Section 4.6
	 	 No Interest; No Return
	  	 	23	 
	 Section 4.7
	 	 Conversion or Redemption of Shares
	  	 	23	 
	 Section 4.8
	 	 Other Contribution Provisions
	  	 	24	 
	 Section 4.9
	 	 Transactions Effected Through a Special Partner
	  	 	24	 
		
	 ARTICLE 5 DISTRIBUTIONS
	  	 	24	 
			
	 Section 5.1
	 	 Requirement and Characterization of Distributions
	  	 	24	 
	 Section 5.2
	 	 Tax Distributions
	  	 	24	 
	 Section 5.3
	 	 Management Tax Distributions
	  	 	24	 
	 Section 5.4
	 	 Distributions in Kind
	  	 	25	 
	 Section 5.5
	 	 Amounts Withheld
	  	 	25	 
	 Section 5.6
	 	 Distributions upon Liquidation
	  	 	25	 
	 Section 5.7
	 	 Distributions to Reflect Additional Units
	  	 	25	 
	 Section 5.8
	 	 Calculation of Distributions
	  	 	25	 
	 Section 5.9
	 	 Restricted Distributions
	  	 	25	 
		
	 ARTICLE 6 ALLOCATIONS
	  	 	25	 
			
	 Section 6.1
	 	 Timing and Amount of Allocations of Net Income and Net Loss
	  	 	25	 
	 Section 6.2
	 	 General Allocations
	  	 	25	 
	 Section 6.3
	 	 Additional Allocation Provisions
	  	 	26	 
	 Section 6.4
	 	 Tax Allocations
	  	 	28	 
		
	 ARTICLE 7 MANAGEMENT AND OPERATIONS OF BUSINESS
	  	 	28	 
			
	 Section 7.1
	 	 Management
	  	 	28	 
	 Section 7.2
	 	 Certificate of Limited Partnership
	  	 	29	 
	 Section 7.3
	 	 Restrictions on the Managing General Partner’s Authority
	  	 	29	 
	 Section 7.4
	 	 Reimbursement of the Managing General Partner and the Parent
	  	 	32	 
	 Section 7.5
	 	 Meetings of the General Partners
	  	 	33	 
	 Section 7.6
	 	 Duties and Obligations of the Non-Managing General
Partners
	  	 	33	 
	 Section 7.7
	 	 Outside Activities of the Managing General Partner and the Parent
	  	 	33	 
	 Section 7.8
	 	 Transactions with Affiliates
	  	 	34	 
	 Section 7.9
	 	 Indemnification
	  	 	34	 
	 Section 7.10
	 	 Liability of the Managing General Partner
	  	 	36	 
	 Section 7.11
	 	 Title to Partnership Assets
	  	 	37	 
	 Section 7.12
	 	 Reliance by Third Parties
	  	 	37	 

  
 i 

							
	 ARTICLE 8 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	 	38	 
			
	 Section 8.1
	 	 Limitation of Liability
	  	 	38	 
	 Section 8.2
	 	 Management of Business
	  	 	38	 
	 Section 8.3
	 	 Outside Activities of Limited Partners
	  	 	38	 
	 Section 8.4
	 	 Return of Capital
	  	 	38	 
	 Section 8.5
	 	 Rights of Limited Partners Relating to the Partnership
	  	 	39	 
	 Section 8.6
	 	 Partnership Right to Call Partnership Interests
	  	 	39	 
	 Section 8.7
	 	 Certificates Evidencing Units
	  	 	39	 
		
	 ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	 	40	 
			
	 Section 9.1
	 	 Records and Accounting
	  	 	40	 
	 Section 9.2
	 	 Partnership Year
	  	 	40	 
	 Section 9.3
	 	 Reports
	  	 	40	 
		
	 ARTICLE 10 TAX MATTERS
	  	 	40	 
			
	 Section 10.1
	 	 Preparation of Tax Returns
	  	 	40	 
	 Section 10.2
	 	 Tax Elections
	  	 	41	 
	 Section 10.3
	 	 Tax Matters Partner
	  	 	41	 
	 Section 10.4
	 	 Withholding
	  	 	42	 
	 Section 10.5
	 	 Organizational Expenses
	  	 	42	 
		
	 ARTICLE 11 PARTNER TRANSFERS AND WITHDRAWALS
	  	 	42	 
			
	 Section 11.1
	 	 Transfer
	  	 	42	 
	 Section 11.2
	 	 Transfer by Managing General Partner
	  	 	43	 
	 Section 11.3
	 	 Transfers by Limited Partners and Non-Managing General
Partners
	  	 	43	 
	 Section 11.4
	 	 Substituted Limited Partners
	  	 	45	 
	 Section 11.5
	 	 Assignees
	  	 	45	 
	 Section 11.6
	 	 General Provisions
	  	 	45	 
	 Section 11.7
	 	 Restrictions on Termination Transactions
	  	 	46	 
		
	 ARTICLE 12 ADMISSION OF PARTNERS
	  	 	47	 
			
	 Section 12.1
	 	 Admission of Successor Managing General Partner
	  	 	47	 
	 Section 12.2
	 	 Admission or Withdrawal of Non-Managing General
Partners
	  	 	47	 
	 Section 12.3
	 	 Admission of Additional Limited Partners
	  	 	48	 
	 Section 12.4
	 	 Amendment of Agreement and Certificate of Limited Partnership
	  	 	48	 
	 Section 12.5
	 	 Limit on Number of Partners
	  	 	48	 
	 Section 12.6
	 	 Admission
	  	 	49	 
		
	 ARTICLE 13 DISSOLUTION, LIQUIDATION AND TERMINATION
	  	 	49	 
			
	 Section 13.1
	 	 Dissolution
	  	 	49	 
	 Section 13.2
	 	 Winding Up
	  	 	49	 
	 Section 13.3
	 	 Deemed Contribution and Distribution
	  	 	50	 
	 Section 13.4
	 	 Rights of Holders
	  	 	50	 
	 Section 13.5
	 	 Notice of Dissolution
	  	 	50	 
	 Section 13.6
	 	 Reasonable Time for Winding-Up
	  	 	51	 
	 Section 13.7
	 	 Cancellation of Certificate of Limited Partnership
	  	 	51	 
		
	 ARTICLE 14 AMENDMENTS; MEETINGS; CONSENTS; MERGER, CONSOLIDATION OR
CONVERSION
	  	 	51	 
			
	 Section 14.1
	 	 Amendments
	  	 	51	 
	 Section 14.2
	 	 Meetings and Consents of the Partners
	  	 	51	 
	 Section 14.3
	 	 Merger, Consolidation or Conversion
	  	 	52	 
		
	 ARTICLE 15 GENERAL PROVISIONS
	  	 	53	 
			
	 Section 15.1
	 	 Redemption Rights of Qualifying Parties
	  	 	53	 
	 Section 15.2
	 	 Addresses and Notice
	  	 	57	 

  
 ii 

							
	 Section 15.3
	 	 Titles and Captions
	  	 	57	 
	 Section 15.4
	 	 Pronouns and Plurals
	  	 	57	 
	 Section 15.5
	 	 Further Action
	  	 	57	 
	 Section 15.6
	 	 Binding Effect
	  	 	57	 
	 Section 15.7
	 	 Waiver
	  	 	57	 
	 Section 15.8
	 	 Counterparts
	  	 	58	 
	 Section 15.9
	 	 Applicable Law; Consent to Jurisdiction; Jury Trial
	  	 	58	 
	 Section 15.10
	 	 Entire Agreement
	  	 	58	 
	 Section 15.11
	 	 Invalidity of Provisions
	  	 	58	 
	 Section 15.12
	 	 No Partition
	  	 	58	 
	 Section 15.13
	 	 No Third-Party Rights Created Hereby
	  	 	58	 
	 Section 15.14
	 	 Delivery by Electronic Transmission
	  	 	59	 
	 Section 15.15
	 	 No Rights as Shareholders
	  	 	59	 
			
	 Exhibit A
	 	 EXAMPLES REGARDING ADJUSTMENT FACTOR
	  	 	A-1	 
			
	 Exhibit B
	 	 NOTICE OF REDEMPTION
	  	 	B-1	 

  
 iii 

 LIMITED PARTNERSHIP AGREEMENT OF 

FIVE POINT OPERATING COMPANY, LP 

THIS LIMITED PARTNERSHIP AGREEMENT (as amended from time to time, the “Agreement”) of FIVE POINT OPERATING COMPANY, LP, dated
as of October 1, 2017, is entered into by and among FIVE POINT HOLDINGS, LLC, a Delaware limited liability company (the “Parent”), FIVE POINT OPCO GP, LLC, a Delaware limited liability company (“Five Point
GP”), LENFIVE OPCO GP, LLC, a Delaware limited liability company (“LenFive GP”), LENFIVE SUB OPCO GP, LLC, a Delaware limited liability company (“LenFive Sub GP”), and the other Partners (as defined below).

 WHEREAS, a certificate of formation (as amended from time to time, the “Certificate of Formation”) was filed in the
office of the Delaware Secretary of State on July 21, 2009, relating to the formation of a limited liability company pursuant to the Delaware Limited Liability Company Act (the “LLC Act”) with the name “Newhall
Intermediary Holding Company, LLC” (the “Company”); 
 WHEREAS, a limited liability company agreement of the Company
dated as of July 31, 2009, was previously entered into by the Company, the Parent and the members listed on Schedule I thereto; 

WHEREAS, a Certificate of Amendment of the Certificate of Formation was filed in the office of the Delaware Secretary of State on May 2,
2016, changing the name of the Company to “Five Point Operating Company, LLC”; 
 WHEREAS, an Amended and Restated Limited
Liability Agreement of Five Point Operating Company, LLC, dated as of May 2, 2016 (the “Amended LLC Agreement”), was entered into by the Parent and the members listed on Schedule I thereto; 

WHEREAS, Section 14.3 of the Amended LLC Agreement provides that the Company may be converted into a limited partnership pursuant to a
plan of conversion that has been approved by the Operating Managing Member (as defined in the Amended LLC Agreement) upon the satisfaction of the conditions set forth therein; 

WHEREAS, the conditions to conversion set forth in Section 14.3 of the Amended LLC Agreement have been satisfied and a plan of conversion
relating to the conversion of the Company to a limited partnership (the “Plan of Conversion”) was approved and adopted by the Operating Managing Member of the Company on September 29, 2017; and 

WHEREAS, pursuant to the Plan of Conversion, the Company was converted (the “Conversion”) to Five Point Operating Company,
LP, a Delaware limited partnership (the “Partnership”), at 12:01 a.m. (the “Effective Time”) on October 1, 2017, in accordance with Section 17-217 of the Delaware
Revised Uniform Limited Partnership Act, as amended, pursuant to the filing with the Delaware Secretary of State on September 29, 2017 of a Certificate of Conversion (the “Certificate of Conversion”) and a Certificate of
Limited Partnership (as amended from time to time, the “Certificate of Limited Partnership”); and 
 WHEREAS, the Plan of
Conversion provides that, at the Effective Time, the Partnership shall be governed by this Agreement, which shall be executed and delivered by the Parent, Five Point GP, as the Managing General Partner, and by LenFive GP and LenFive Sub GP, as Non-Managing General Partners. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE 1 
 DEFINED TERMS 

The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this
Agreement: 
 “Acquired Percentage” has the meaning set forth in Section 15.1(b) hereof. 

  
 1 

 “Act” means the Delaware Revised Uniform Limited Partnership Act, 6 Del. C. § 17-101 et. seq., as it may be amended from time to time, and any successor to such statute. 

“Actions” has the meaning set forth in Section 7.9 hereof. 

“Additional Funds” has the meaning set forth in Section 4.3(a) hereof. 

“Additional Limited Partner” means a Person who is admitted to the Partnership as a Limited Partner pursuant to the Act and
Section 12.3 hereof, who is shown as such on the books and records of the Partnership, and who has not ceased to be a Limited Partner pursuant to the Act and this Agreement. 

“Adjusted Capital Account Deficit” means, with respect to any Partner, the deficit balance, if any, in such Partner’s
Capital Account as of the end of the relevant Partnership Year, after giving effect to the following adjustments: 

(i)    decrease such deficit by any amounts that such Partner is obligated to restore pursuant to this
Agreement or by operation of law upon liquidation of such Partner’s Partnership Interest or that such Partner is deemed to be obligated to restore pursuant to the penultimate sentence of each of Regulations
Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 

(ii)    increase such deficit by the items described in Regulations
Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 
 The foregoing definition of “Adjusted Capital Account
Deficit” is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Adjustment Factor” means 1.0; provided, however, that in the event that: 

(i)    the Parent (a) declares or pays a dividend on its outstanding Class A Common Shares wholly
or partly in Class A Common Shares or makes a distribution to all holders of its outstanding Class A Common Shares wholly or partly in Class A Common Shares, (b) splits or subdivides its outstanding Class A Common Shares or
(c) effects a reverse share split or otherwise combines its outstanding Class A Common Shares into a smaller number of Class A Common Shares, the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor previously in
effect by a fraction, (i) the numerator of which shall be the number of Class A Common Shares issued and outstanding on the record date for such dividend, distribution, split, subdivision, reverse split or combination (assuming for such
purposes that such dividend, distribution, split, subdivision, reverse split or combination has occurred as of such time) and (ii) the denominator of which shall be the actual number of Class A Common Shares (determined without the above
assumption) issued and outstanding on the record date for such dividend, distribution, split, subdivision, reverse split or combination; 

(ii)    the Parent distributes any rights, options or warrants to all holders of its Class A Common
Shares to subscribe for or to purchase or to otherwise acquire Class A Common Shares, or other securities or rights convertible into, exchangeable for or exercisable for Class A Common Shares (other than Class A Common Shares issuable
pursuant to a Qualified DRIP), at a price per share less than the Value of a Class A Common Share on the record date for such distribution (each a “Distributed Right”), then, as of the distribution date of such Distributed
Rights or, if later, the time such Distributed Rights become exercisable, the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor previously in effect by a fraction (a) the numerator of which shall be the number of
Class A Common Shares issued and outstanding on the record date (or, if later, the date such Distributed Rights become exercisable) plus the maximum number of Class A Common Shares purchasable under such Distributed Rights and (b) the
denominator of which shall be the number of Class A Common Shares issued and outstanding on the record date (or, if later, the date such Distributed Rights become exercisable) plus a fraction (1) the numerator of which is the maximum
number of Class A Common Shares purchasable under such Distributed Rights, multiplied by the minimum purchase price per Class A Common Share under such Distributed Rights and (2) the denominator of which is the Value of a Class A
Common Share as of the record date (or, if later, the date such Distributed Rights become exercisable); provided, however, that, if any such Distributed Rights expire or become no longer exercisable, then the Adjustment Factor shall be
adjusted, effective retroactive to the date of distribution (or, if later, the time the Distributed Rights become exercisable) of the Distributed Rights, to reflect a reduced maximum number of Class A Common Shares or any change in the minimum
purchase price for the purposes of the above fraction; and 

  
 2 

 (iii)    the Parent shall, by dividend or otherwise,
distribute to all holders of its Class A Common Shares evidences of its indebtedness or assets (including securities, but excluding any dividend or distribution referred to in subsection (i) or (ii) above), which evidences of
indebtedness or assets relate to assets not received by the Parent and/or any Special Partner pursuant to a pro rata distribution by the Partnership, then the Adjustment Factor shall be adjusted to equal the amount determined by multiplying the
Adjustment Factor in effect immediately prior to the close of business as of the record date fixed for the determination of shareholders entitled to receive such distribution by a fraction (a) the numerator of which shall be such Value of a
Class A Common Share on such record date and (b) the denominator of which shall be the Value of a Class A Common Share as of such record date less the then fair market value (as determined by the Managing General Partner, whose
determination shall be conclusive) of the portion of the evidences of indebtedness or assets so distributed applicable to one Class A Common Share. 

Notwithstanding the foregoing, if any of the events in clause (i), (ii) or (iii) above occur, no adjustments will be made to the
Adjustment Factor for any class or series of Partnership Interests to the extent that the Partnership concurrently makes or effects a correlative distribution or payment to all of the Partners holding Partnership Interests of such class or series,
or effects a correlative split, subdivision, reverse split or combination in respect of the Partnership Interests of such class or series. If the Parent effects a dividend that allows holders of Class A Common Shares to elect to receive cash or
additional Class A Common Shares, the Partnership may effect a correlative distribution by distributing to all Partners holding Partnership Interests of such class or series a combination of cash and additional Partnership Interests in the same
ratio as the ratio of cash and Class A Common Shares paid by the Parent, without offering Partners an opportunity to elect to receive cash or additional Partnership Interests. Any adjustments to the Adjustment Factor shall become effective
immediately after such event, retroactive to the record date, if any, for such event. For illustrative purposes, examples of adjustments to the Adjustment Factor are set forth on Exhibit A attached hereto. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling or controlled by or under
common control with such Person. For the purposes of this definition, “control” when used with respect to any Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agreement” has the meaning set forth in the preamble hereto. 

“Amended LLC Agreement” has the meaning set forth in the recitals hereto. 

“Annual Income Tax Liability” means, for each Partner, such Partner’s annual federal and state income tax obligations
for the applicable calendar year (and reasonably estimated for each quarter for purposes of any quarterly estimated income tax obligations) arising from the allocation to such Partner of income recognized by the Partnership based on the assumption
that such Partner is a California corporation subject to the maximum federal and California state income tax rates applicable to corporations and assuming state taxes are fully deductible for federal income tax purposes. The computation of Annual
Income Tax Liability shall not take into account (i) any allocation of taxable income, gain, deduction, or loss pursuant to Code Section 704(c), (ii) recovery of a basis accruing to any Partner pursuant to Code Section 743, and
(iii) for the avoidance of doubt, any income, gain, loss or deduction relating to any payments made by the Partnership or Parent pursuant to the Tax Receivable Agreement that are treated as guaranteed payments within the meaning of Code
Section 707(c) (including amounts arising in respect of such guaranteed payments that are required to be capitalized). For the avoidance of doubt, the computation of Annual Income Tax Liability is hypothetical and does not take into account any
Partner’s tax attributes or status. 
 “Assignee” means a Person to whom a Partnership Interest has been Transferred
but who has not become a Partner, and who has the rights set forth in Section 11.5 hereof. 
 “Board of
Directors” means the Board of Directors of the Parent. 
 “Business Day” means any day except a Saturday, Sunday
or other day on which commercial banks in New York, New York are authorized or required by law to close. 

  
 3 

 “Business Plan” means an annual or multiyear business plan or budget for the
Partnership and its Subsidiaries (which may be in the form of a cash flow projection) that the Managing General Partner proposes to present to the Board of Directors for a formal review. 

“Capital Account” means, with respect to any Partner, the Capital Account maintained by the Managing General Partner for such
Partner on the Partnership’s books and records in accordance with the provisions of Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such provisions, the following provisions:

 (i)    To each Partner’s Capital Account, there shall be added such Partner’s Capital
Contributions, such Partner’s distributive share of Net Income and any items in the nature of income or gain that are specially allocated pursuant to Section 6.3 hereof, and the amount of any Partnership liabilities
assumed by such Partner or that are secured by any property distributed to such Partner. 
 (ii)    From
each Partner’s Capital Account, there shall be subtracted the amount of cash and the Gross Asset Value of any property distributed to such Partner pursuant to any provision of this Agreement, such Partner’s distributive share of Net Losses
and any items in the nature of expenses or losses that are specially allocated pursuant to Section 6.3 hereof, and the amount of any liabilities of such Partner assumed by the Partnership or that are secured by any property
contributed by such Partner to the Partnership (except to the extent already reflected in the amount of such Partner’s Capital Contribution). 

(iii)    In the event any interest in the Partnership is Transferred in accordance with the terms of this
Agreement, the transferee shall succeed to the Partner’s Capital Account of the transferor to the extent that it relates to the Transferred interest. 

(iv)    In determining the amount of any liability for purposes of subsections (a) and
(b) hereof, there shall be taken into account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 

(v)    The provisions of this Agreement relating to the maintenance of Capital Accounts are intended to
comply with Regulations promulgated under Code Section 704, and shall be interpreted and applied in a manner consistent with such Regulations. The Managing General Partner may modify the manner in which the Capital Accounts are maintained in
order to comply with such Regulations, provided that the Managing General Partner determines that such modification is not reasonably likely to have a material effect on the amounts distributable to any Partner without such Person’s
consent. 
 “Capital Contribution” means, with respect to any Partner, the amount of money and the initial Gross Asset
Value of any Contributed Property that such Partner contributes or is deemed to have contributed to the Partnership or is deemed to contribute pursuant to Article 4 hereof. 

“Capital Share” means a share of any class or series of shares of the Parent now or hereafter authorized, other than a
Class A Common Share or Class B Common Share. 
 “Cash Amount” means an amount of cash equal to the product of
(i) the Value of a Class A Common Share and (ii) the Class A Common Shares Amount, determined as of the applicable Valuation Date. 

“Certificate of Conversion” has the meaning set forth in the recitals hereto. 

“Certificate of Formation” has the meaning set forth in the recitals hereto. 

“Certificate of Limited Partnership” has the meaning set forth in the recitals hereto. 

“Charity” means an entity described in Code Section 501(c)(3), or any trust all the beneficiaries of which are such
entities. 
 “Class A Common Shares” means the Parent’s Class A common shares. 

“Class A Common Shares Amount” means a number of Class A Common Shares equal to (i) the product
of (a) the number of Tendered Units and (b) the Adjustment Factor, minus (ii) the quotient of (x) the aggregate amount of Excess Distributions with respect to such Tendered Units, divided by (y) the Value of a Class A
Common Share as of 

  
 4 

 
the applicable Valuation Date; provided, however, that, in the event that the Parent issues to all holders of Class A Common Shares as of a certain record date rights, options,
warrants or convertible or exchangeable securities entitling the Parent’s stockholders to subscribe for or purchase Class A Common Shares, or any other securities or property (collectively, the “Rights”), with the record
date for such Rights issuance falling within the period starting on the date of the Notice of Redemption and ending on the day immediately preceding the Specified Redemption Date, which Rights will not be distributed before the relevant Specified
Redemption Date, then the Class A Common Shares Amount shall also include such Rights that a holder of that number of Class A Common Shares would be entitled to receive, expressed, where relevant hereunder, as a number of Class A
Common Shares determined by the Managing General Partner. 
 “Class B Common Shares” means the
Parent’s Class B common shares. 
 “Class A Unit” means a unit of Partnership Interest
designated as a “Class A Common Unit.” 
 “Class B Unit” means a unit of Partnership
Interest designated as a “Class B Common Unit.” 
 “Code” means the Internal Revenue Code of 1986, as
amended and in effect from time to time or any successor statute thereto, as interpreted by the applicable Regulations thereunder. Any reference herein to a specific Section or sections of the Code shall be deemed to include a reference to any
corresponding provision of future law. 
 “Common Share” means a Class A Common Share or a Class B Common Share.

 “Common Unit” means a Class A Unit or a Class B Unit. 

“Company” shall have the meaning set forth in the recitals hereto. 

“Consent” means the consent to, approval of, or vote in favor of a proposed action by a Partner given in accordance with
Article 14 hereof. 
 “Consent of the Limited Partners and
Non-Managing General Partners” means the Consent of a Majority in Interest of the Limited Partners and Non-Managing General Partners, with all of the Limited
Partners and Non-Managing General Partners voting together as a single class, which Consent shall be obtained before the taking of any action for which it is required by this Agreement and, except as otherwise
provided in this Agreement, may be given or withheld by the Limited Partners and Non-Managing General Partners in their discretion. 

“Consent of the Partners” means the Consent of a Majority in Interest of the Partners, with all of the Partners voting
together as a single class, which Consent shall be obtained before the taking of any action for which it is required by this Agreement and, except as otherwise provided in this Agreement, may be given or withheld by Partners in their discretion.

 “Contributed Property” means each Property or other asset, in such form as may be permitted by the Act, but excluding
cash, contributed or deemed contributed to the Partnership. 
 “Controlled Entity” means, as to any Person, (a) any
corporation more than fifty percent (50%) of the outstanding voting stock of which is owned by such Person or such Person’s Family Members or Affiliates, (b) any trust, whether or not revocable, of which such Person or such Person’s
Family Members or Affiliates are the sole beneficiaries, (c) any partnership of which such Person or an Affiliate of such Person is the managing partner and in which such Person or such Person’s Family Members or Affiliates hold
partnership interests representing at least twenty-five percent (25%) of such partnership’s capital and profits and (d) any limited liability company of which such Person or an Affiliate of such Person is the manager or managing member and
in which such Person or such Person’s Family Members or Affiliates hold membership interests representing at least twenty-five percent (25%) of such limited liability company’s capital and profits. 

“Conversion” shall have the meaning set forth in the recitals hereto. 

“Cut-Off Date” means the tenth
(10th) Business Day after the Managing General Partner’s receipt of a Notice of Redemption. 

  
 5 

 “Debt” means, as to any Person, as of any date of determination, (i) all
indebtedness of such Person for borrowed money or for the deferred purchase price of property or services; (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of credit, surety
bonds and other similar instruments guaranteeing payment or other performance of obligations by such Person; (iii) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien on any
property owned by such Person, to the extent attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof; and (iv) lease obligations of such Person that, in
accordance with generally accepted accounting principles, should be capitalized. 
 “Declination” has the meaning set forth
in Section 15.1(a) hereof. 
 “Depreciation” means, for each Partnership Year or other applicable
period, an amount equal to the federal income tax depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from its
adjusted basis for federal income tax purposes at the beginning of such year or period, Depreciation shall be in an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other
cost recovery deduction for such year or other period bears to such beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year or period is
zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Managing General Partner. 

“DGCL” means the General Corporation Law of the State of Delaware, 8 Del. C. Section 101, et seq., as amended,
supplemented or restated from time to time, and any successor to such statute. 
 “Distributed Right” has the meaning set
forth in the definition of “Adjustment Factor.” 
 “Effective Time” shall have the meaning set forth in the
recitals hereto. 
 “Equity Plan” means any share or equity purchase plan, restricted share or equity plan or other similar
equity compensation plan now or hereafter adopted by the Partnership, the Managing General Partner or the Parent. 
 “Equivalent
Units” means, with respect to any class or series of Capital Shares, Units with preferences, conversion and other rights (other than voting rights), restrictions, limitations as to dividends and other distributions, qualifications and terms
and conditions of redemption that are substantially the same as (or correspond to) the preferences, conversion and other rights, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption of such Capital
Shares as appropriate to reflect the relative rights and preferences of such Capital Shares as to the Class A Common Shares and the other classes and series of Capital Shares as such Equivalent Units would have as to Class A Units and the
other classes and series of Units corresponding to the other classes of Capital Shares, but not as to matters such as voting for members of the Board of Directors that are not applicable to the Partnership. For the avoidance of doubt, the voting
rights, redemption rights and rights to Transfer Equivalent Units need not be similar to the rights of the corresponding class or series of Capital Shares, provided, however, with respect to redemption rights, the terms of Equivalent
Units must be such that the Partnership complies with Section 4.7(b) of this Agreement. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Event of Withdrawal” has the meaning set forth in Section 12.2(b) hereof. 

“Excess Distributions” means, as of any date and with respect to any Management Unit owned by a Management Partner,
(i) the aggregate amount of distributions paid to such Management Partner pursuant to Section 5.3 as of such date, minus the aggregate amount of all reductions in distributions pursuant to
Sections 5.1 and 5.2 as a result of Section 5.3(b) as of such date, divided by (ii) the aggregate amount of Management Units owned by such Management Partner as of such date. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor statute thereto, and the rules and
regulations of the SEC promulgated thereunder. 
 “Existing LLC Agreement” has the meaning set forth in the recitals
hereto. 

  
 6 

 “Family Members” means, as to a Person that is an individual, such Person’s
spouse, ancestors, descendants (whether by blood or by adoption), brothers and sisters and inter vivos or testamentary trusts of which only such Person and his spouse, ancestors, descendants (whether by blood or by adoption), brothers and
sisters are beneficiaries. 
 “Funding Debt” means any Debt incurred by or on behalf of the Parent or any Special Partner
for the purpose of providing funds to the Partnership. 
 “General Partner” means a Managing General Partner or a Non-Managing General Partner. 
 “Gross Asset Value” means, with respect to any asset,
the asset’s adjusted basis for federal income tax purposes, except as follows: 
 (i)    The initial
Gross Asset Value of any asset contributed by a Partner to the Partnership shall be the gross fair market value of such asset as determined by the Managing General Partner using such reasonable method of valuation as it may adopt. 

(ii)    The Gross Asset Values of all Partnership assets immediately prior to the occurrence of any event
described below shall be adjusted to equal their respective gross fair market values, as determined by the Managing General Partner using such reasonable method of valuation as it may adopt, as of the following times: 

(1)    the acquisition of an additional interest in the Partnership (other than in connection with the
execution of this Agreement but including, without limitation, acquisitions pursuant to Section 4.2 hereof or contributions or deemed contributions by the Parent pursuant to Section 4.2 hereof) by
a new or existing Partner in exchange for more than a de minimis Capital Contribution, if the Managing General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the
Partners in the Partnership; 
 (2)    the distribution by the Partnership to a Partner of more than a
de minimis amount of Partnership property as consideration for an interest in the Partnership if the Managing General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of
the Partners in the Partnership; 
 (3)    the liquidation of the Partnership within the meaning of
Regulations Section 1.704-1(b)(2)(ii)(g) (other than a liquidation caused by a termination of the Partnership under Code Section 708(b)(1)(B)); and 

(4)    at such other times as the Managing General Partner shall reasonably determine necessary or
advisable in accordance with Regulations Sections 1.704-1(b) and 1.704-2. 

(iii)    The Gross Asset Value of any Partnership asset distributed to a Partner shall be the gross fair
market value of such asset on the date of distribution as determined by the Managing General Partner using such reasonable method of valuation as it may adopt. 

(iv)    The Gross Asset Values of Partnership assets shall be increased (or decreased) to reflect any
adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values shall not be adjusted pursuant to this subsection (iv) to the extent that the Managing General Partner reasonably
determines that an adjustment pursuant to subsection (ii) above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (iv). 

(v)    The Gross Asset Values of Partnership assets shall be increased (or decreased) to reflect any
adjustments made pursuant to the exercise of a noncompensatory option, but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations
Section 1.704-1(b)(2)(iv)(s); provided, however, that Gross Asset Values shall not be adjusted pursuant to this subsection (v) to the extent that the Managing General Partner reasonably
determines that an adjustment pursuant to subsection (ii) above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (v). 

  
 7 

 (vi)    If the Gross Asset Value of a Partnership asset has
been determined or adjusted pursuant to subsection (i), subsection (ii), subsection (iv), or subsection (v) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such
asset for purposes of computing Net Income and Net Losses. 
 “Holder” means either (a) a Partner or (b) an
Assignee that owns a Unit. 
 “Imputed Underpayment Amount” has the meaning set forth in
Section 10.4 hereof. 
 “Incapacity” or “Incapacitated” means, (i) as to
any Partner who is an individual, death, total physical disability or entry by a court of competent jurisdiction adjudicating such Partner incompetent to manage his or her person or his or her estate; (ii) as to any Partner that is a
corporation or limited liability company, the filing of a certificate of dissolution, or its equivalent, for the corporation or the revocation of its certificate of incorporation; (iii) as to any Partner that is a partnership, the dissolution
and commencement of winding up of the partnership; (iv) as to any Partner that is an estate, the distribution by the fiduciary of the estate’s entire interest in the Partnership; (v) as to any trustee of a trust that is a Partner, the
termination of the trust (but not the substitution of a new trustee); or (vi) as to any Partner, the bankruptcy of such Partner. For purposes of this definition, bankruptcy of a Partner shall be deemed to have occurred when (a) the Partner
commences a voluntary proceeding seeking liquidation, reorganization or other relief of or against such Partner under any bankruptcy, insolvency or other similar law now or hereafter in effect, (b) the Partner is adjudged as bankrupt or
insolvent, or a final and nonappealable order for relief under any bankruptcy, insolvency or similar law now or hereafter in effect has been entered against the Partner, (c) the Partner executes and delivers a general assignment for the benefit
of the Partner’s creditors, (d) the Partner files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Partner in any proceeding of the nature described in clause (b)
above, (e) the Partner seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator for the Partner or for all or any substantial part of the Partner’s properties, (f) any proceeding seeking liquidation,
reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect has not been dismissed within one hundred twenty (120) days after the commencement thereof, (g) the appointment without the
Partner’s consent or acquiescence of a trustee, receiver or liquidator has not been vacated or stayed within ninety (90) days of such appointment, or (h) an appointment referred to in clause (g) above is not vacated within ninety
(90) days after the expiration of any such stay. 
 “Indemnitee” means (i) any Person made, or threatened to be
made, a party to a proceeding by reason of its status as (a) a General Partner, the Parent or a Special Partner, or (b) a manager, member, director, officer, employee, agent or representative of any General Partner, the Parent, any Special
Partner or the Partnership and (ii) such other Persons (including Affiliates, employees or agents of any General Partner, the Parent, any Special Partner or the Partnership) as the Managing General Partner may designate from time to time
(whether before or after the event giving rise to potential liability). 
 “IRS” means the United States Internal Revenue
Service. 
 “Junior Unit” means a fractional share of the Partnership Interests of a particular class or series that the
Managing General Partner has authorized pursuant to Section 4.2 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are inferior or junior to the Common Units. 

“Lead Tendering Party” has the meaning set forth in Section 15.1(f) hereof. 

“LenFive” means LenFive, LLC, a Delaware limited liability company. 

“LenFive GP” has the meaning set forth in the preamble hereto. 

“LenFive Sub GP” has the meaning set forth in the preamble hereto. 

“Limited Partner” means any Person that is, from time to time, admitted to the Partnership as a limited partner pursuant to
the Act and this Agreement, and any Substituted Limited Partner or Additional Limited Partner, each shown as such in the books and records of the Partnership, in each case, that has not ceased to be a limited partner of the Partnership pursuant to
the Act and this Agreement, in such Person’s capacity as a limited partner of the Partnership. 
 “Liquidating Event”
has the meaning set forth in Section 13.1 hereof. 

  
 8 

 “Liquidator” has the meaning set forth in
Section 13.2(a) hereof. 
 “LLC Act” has the meaning set forth in the recitals hereto. 

“Majority in Interest of the General Partners” means General Partners entitled to vote on or consent to any matter holding
more than fifty percent (50%) in number of all outstanding Class A Units held by all General Partners entitled to vote on or consent to such matter. For this purpose, the Managing General Partner shall be deemed to hold all Class A Units
held by any Special Partner. 
 “Majority in Interest of the Partners” means Partners (including the Parent, any Special
Partner, the Managing General Partner and any Controlled Entity of any of them) entitled to vote on or consent to any matter holding more than fifty percent (50%) in number of all outstanding Class A Units held by all Partners (including the
Parent, any Special Partner, the Managing General Partner and any Controlled Entity of any of them) entitled to vote on or consent to such matter. 

“Majority in Interest of the Limited Partners and Non-Managing General Partners”
means the Limited Partners and Non-Managing General Partners entitled to vote on or consent to any matter holding more than fifty percent (50%) in number of all outstanding Class A Units held by all
Limited Partners and Non-Managing General Partners entitled to vote on or consent to such matter. For this purpose, the Managing General Partner shall be deemed to hold all Class A Units held by any
Special Partner. 
 “Management Partner” means Doni, Inc. and such additional Partners which shall be designated as such
from time to time by the Managing General Partner. 
 “Management Income Tax Liability” means, for each Management Partner,
such Management Partner’s federal and state income tax obligations for the calendar year (and reasonably estimated for each quarter for purposes of any quarterly estimated income tax obligations) arising from the allocation to such Management
Partner of income or gain recognized by the Partnership based on the assumptions that (i) such Management Partner is an individual, trust or S corporation (whichever is subject to the greatest income and/or franchise tax rate) resident of
or domiciled in California subject to the maximum federal and applicable California state income and/or franchise tax rates, and (ii) until such time as a Management Partner notifies the Partnership to the contrary, (x) state taxes are
fully deductible for federal income tax purposes and (y) such income or gain is not “net investment income” for purposes of Code Section 1411. At such time as a Management Partner notifies the Partnership that the assumptions
made in clause (ii) above are inaccurate, the calculation of the Management Income Tax Liability with respect to such Management Partner shall be made by taking into account such Management Partner’s tax position with respect to items
listed in clause (ii), provided, however, that such Management Partner shall promptly notify the Partnership of any material change in such tax position. The computation of the Management Income Tax Liability shall take into
account any allocation of taxable income, gain, deduction, or loss pursuant to Code Section 704(c) to such Management Partner, but shall not take into account, for the avoidance of doubt, any income, gain, loss or deduction relating to any
payments made by the Partnership or Parent pursuant to the Tax Receivable Agreement that are treated as guaranteed payments within the meaning of Code Section 707(c) (including amounts arising in respect of such guaranteed payments that are
required to be capitalized). For the avoidance of doubt, the computation of Management Income Tax Liability is hypothetical and, to the extent not specifically provided herein, does not take into account any Management Partner’s tax attributes
or status. 
 “Management Units” means Units issued to a Management Partner and any Units issued pursuant to a split,
subdivision, reverse split or combination in respect of any such Units. As to any particular Management Unit, such Unit shall cease to be a Management Unit when it has been redeemed or exchanged pursuant to Section 15.1 or
otherwise acquired by the Parent. 
 “Managing General Partner” means Five Point GP or any other Person that is, from time
to time, admitted to the Partnership as a Managing General Partner pursuant to the Act and this Agreement, and, in each case, that has not ceased to be a Managing General Partner pursuant to the Act and this Agreement, in such Person’s capacity
as a Managing General Partner of the Partnership. 
 “Net Income” or “Net Loss” means, for each
Partnership Year, an amount equal to the Partnership’s taxable income or loss for such year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, 

  
 9 

 
gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 

(i)    any income of the Partnership that is exempt from federal income tax and not otherwise taken into
account in computing Net Income (or Net Loss) pursuant to this definition of “Net Income” or “Net Loss” shall be added to (or subtracted from, as the case may be) such taxable income (or loss); 

(ii)    any expenditure of the Partnership described in Code Section 705(a)(2)(B) or treated as a Code
Section 705(a)(2)(B) expenditure pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income (or Net Loss) pursuant to this definition of
“Net Income” or “Net Loss,” shall be subtracted from (or added to, as the case may be) such taxable income (or loss); 

(iii)    in the event the Gross Asset Value of any Partnership asset is adjusted pursuant to
subsection (ii) or subsection (iii) of the definition of “Gross Asset Value,” the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Income or
Net Loss; 
 (iv)    gain or loss resulting from any disposition of property with respect to which gain
or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 

(v)    in lieu of the depreciation, amortization and other cost recovery deductions that would otherwise be
taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such Partnership Year; 

(vi)    to the extent that an adjustment to the adjusted tax basis of any Partnership asset pursuant to
Code Section 734(b) or Code Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a
distribution other than in liquidation of a Partner’s interest in the Partnership, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the
basis of the asset) from the disposition of the asset and shall be taken into account for purposes of computing Net Income or Net Loss; and 

(vii)    notwithstanding any other provision of this definition of “Net Income” or “Net
Loss,” any item that is specially allocated pursuant to Section 6.3 hereof shall not be taken into account in computing Net Income or Net Loss. The amounts of the items of Partnership income, gain, loss or deduction
available to be specially allocated pursuant to Section 6.3 hereof shall be determined by applying rules analogous to those set forth in this definition of “Net Income” or “Net Loss.” 

“Net Proceeds” has the meaning set forth in Section 15.1(f) hereof. 

“New Partnership Audit Procedures” means Subchapter C of Chapter 63 of Subtitle F of the Code, as modified by
Section 1101 of the Bipartisan Budget Act of 2015, Pub. L. No. 114-74, and any successor statutes thereto or Regulations promulgated or official guidance issued thereunder. 

“New Securities” means (i) any rights, options, warrants or convertible or exchangeable securities that entitle the
holder thereof to subscribe for or purchase, convert such securities into or exchange such securities for, Common Shares or Preferred Shares, excluding Preferred Shares and grants under the Share Option Plans, or (ii) any Debt issued by the
Parent that provides any of the rights described in clause (i). 
 “Non-Managing
General Partner” means LenFive GP, LenFive Sub GP or any other Person that is, from time to time, admitted to the Partnership as a Non-Managing General Partner pursuant to the Act and this Agreement
and, in each case, that has not ceased to be a Non-Managing General Partner pursuant to the Act and this Agreement, in such Person’s capacity as a Non-Managing
General Partner. 
 “Nonrecourse Deductions” has the meaning set forth in Regulations
Section 1.704-2(b)(1), and the amount of Nonrecourse Deductions for a Partnership Year shall be determined in accordance with the rules of Regulations
Section 1.704-2(c). 

  
 10 

 “Nonrecourse Liability” has the meaning set forth in Regulations Section 1.752-1(a)(2). 
 “Notice of Redemption” means a Notice of Redemption
substantially in the form of Exhibit B attached to this Agreement. 
 “Offered Shares” has the
meaning set forth in Section 15.1(f) hereof 
 “Offering Units” has the meaning set forth in
Section 15.1(f) hereof. 
 “Optionee” means a Person to whom a share option is granted under any
Share Option Plan. 
 “Parent” has the meaning set forth in the preamble hereto. 

“Parent LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of the Parent, as now or hereafter
amended, restated, modified, supplemented or replaced. 
 “Partner” means any Person that is at the date of this Agreement,
or that is subsequently admitted to the Partnership as, a General Partner or a Limited Partner in accordance with the terms of this Agreement and the Act, including any Substituted Limited Partner or Additional Limited Partner, each shown as such in
the Register, in each case, that has not ceased to be either a General Partner or a Limited Partner pursuant to the Act and this Agreement, in such Person’s capacity as a General Partner or a Limited Partner, as the case may be. 

“Partner Minimum Gain” means an amount, with respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain
that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3). 

“Partner Nonrecourse Debt” has the meaning set forth in Regulations
Section 1.704-2(b)(4). 
 “Partner Nonrecourse Deductions” has the meaning set
forth in Regulations Section 1.704-2(i)(1), and the amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a Partnership Year shall be determined in accordance with the
rules of Regulations Section 1.704-2(i)(1). 
 “Partnership” has the meaning
set forth in the recitals hereto. 
 “Partnership Employee” means an employee of the Partnership or an employee of a
Subsidiary of the Partnership, if any. 
 “Partnership Interest” means an ownership interest in the Partnership held by a
General Partner or a Limited Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and
provisions of this Agreement. There may be one or more classes or series of Partnership Interests; however, notwithstanding that any General Partner, any Special Partner and any other Limited Partner may have different rights and privileges as
specified in this Agreement (including differences in rights and privileges with respect to their Partnership Interests), the Partnership Interest held by any General Partner, any Special Partner or any other Limited Partner and designated as being
of a particular class or series shall not be deemed to be a separate class or series of Partnership Interest from a Partnership Interest having the same designation as to class and series that is held by any other Partner solely because such
Partnership Interest is held by a General Partner, a Special Partner or any other Limited Partner having different rights and privileges as specified under this Agreement. A Partnership Interest may be expressed as a number of Class A Units,
Preferred Units or other Units. 
 “Partnership Minimum Gain” has the meaning set forth in Regulations Section 1.704-2(b)(2), and the amount of Partnership Minimum Gain, as well as any net increase or decrease in Partnership Minimum Gain, for a Partnership Year shall be determined in accordance with the rules of
Regulations Section 1.704-2(d). 
 “Partnership Record Date” means the record
date established by the Managing General Partner for the purpose of determining the Partners entitled to notice of or to vote at any meeting of Partners or to consent to any matter, or to receive any distribution or the allotment of any other
rights, or in order to make a determination of Partners for any other proper purpose, which, in the case of a record date fixed for the determination of Partners entitled to receive any distribution, shall (unless otherwise determined by the
Managing General Partner) generally be the same as the record date established by the Parent for a dividend or distribution to its shareholders. 

  
 11 

 “Partnership Year” means the fiscal year of the Partnership, which shall be the
calendar year. 
 “Percentage Interest” means, with respect to each Partner, as to any class or series of Units, a
fraction, expressed as a percentage, the numerator of which is the aggregate number of Units of such class or series held by such Partner and the denominator of which is the total number of Units of such class or series held by all Partners. If not
otherwise specified, “Percentage Interest” shall be deemed to refer only to Class A Units. A Partner’s Percentage Interest in Common Units means a fraction, expressed as a percentage, the numerator of which is the sum of
(i) the aggregate number of Class A Units held by such Partner and (ii) 0.0003 multiplied by the aggregate number of Class B Units held by such Partner, and the denominator of which is the sum of (a) the aggregate number of
Class A Units held by all Partners, and (b) 0.0003 multiplied by the aggregate number of Class B Units held by all Partners. 

“Permitted Lender Transferee” has the meaning set forth in the definition of Permitted Transferee. 

“Permitted Transfer” means (i) a Transfer by a Partner of all or part of its Partnership Interest to the Parent, the
Partnership, any Family Member, Controlled Entity or Affiliate of such Partner, a Charity, or another Partner, (ii) a Pledge and any Transfer of a Partnership Interest to a Permitted Transferee pursuant to the exercise of remedies under a
Pledge, or (iii) a Transfer of Units by FPC-HF Venture I, LLC, in a single transaction or a series of related transactions, to any Persons that, directly or indirectly, own an interest in such entity.

 “Permitted Transferee” means (i) any transferee of a Partner’s Partnership Interest in a Permitted Transfer,
(ii) any lender or lenders secured by a Pledge, or agents acting on their behalf, to whom any Partnership Interest is transferred pursuant to the exercise of remedies under a Pledge and any special purpose entities owned and used by such
lenders or agents for the purpose of holding any such Partnership Interest (each a “Permitted Lender Transferee”), and (iii) any Person, including any Third-Party Pledge Transferee designated by any lender or lenders secured by
a Pledge, or agents acting on their behalf, to whom a Partnership Interest is transferred pursuant to the exercise of remedies under a Pledge, whether before or after one or more Permitted Lender Transferees take title to such Partnership Interest.

 “Person” means an individual or a corporation, partnership, trust, unincorporated organization, association, limited
liability company or other entity. 
 “Plan of Conversion” has the meaning set forth in the recitals hereto. 

“Pledge” means a pledge by a Partner of all or any portion of its Partnership Interest to one or more banks or lending
institutions, or agents acting on their behalf, which are not Affiliates of such Partner, as collateral or security for a bona fide loan or other extension of credit. 

“Preferred Share” means a share of the Parent now or hereafter authorized, designated or reclassified that has dividend
rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the Common Shares. 
 “Preferred
Unit” means a fractional share of the Partnership Interests of a particular class or series that the Managing General Partner has authorized pursuant to Section 4.1, Section 4.2 or
Section 4.3 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the Common Units. 

“Pricing Agreements” has the meaning set forth in Section 15.1(f) hereof. 

“Properties” means any assets and property of the Partnership such as, but not limited to, interests in real property and
personal property, including, without limitation, fee interests, interests in ground leases, easements and rights of way, interests in limited liability companies, joint ventures or partnerships, interests in mortgages, and Debt instruments as the
Partnership may hold from time to time and “Property” means any one such asset or property. 
 “Qualified
DRIP” means a dividend reinvestment plan of the Parent that permits participants to acquire Class A Common Shares using the proceeds of dividends paid by the Parent; provided, however, that if such shares are offered at a
discount, such discount must (i) be designed to pass along to the shareholders of the Parent the savings enjoyed by the Parent in connection with the avoidance of share issuance costs, and (ii) not exceed 5% of the value of a Class A
Common Share as computed under the terms of such dividend reinvestment plan. 

  
 12 

 “Qualified Transferee” means an “accredited investor,” as defined in
Rule 501 promulgated under the Securities Act. 
 “Qualifying LenFive Entity” means an entity that is: (i) a direct or
indirect wholly owned Subsidiary of LenFive; (ii) a single member limited liability company that is disregarded as separate from its owner for U.S. federal income tax purposes and which owns no assets (including contribution obligations within
the meaning of Regulations Section 1.752-2(k)(2)(i)(A)) other than (x) Class A Units and (y) other assets (1) contributed to it by its owner if the contribution is followed immediately
by a contribution of equal net value by it to the Partnership or (2) distributed by the Partnership to it if the distribution is followed immediately by a distribution of equal net value by it to its owner(s); and (iii) owns Class A
Units that, together with Class A Units owned by LenFive and its other direct and indirect wholly owned Subsidiaries, exceed ten percent (10%) of the total number of all outstanding Class A Units; provided, however, that any
such entity shall cease to be a Qualifying LenFive Entity if (A) LenFive fails to make a representative (which may be an employee of an Affiliate) available for election to the Board of Directors; (B) Lennar Corporation and Stuart Miller,
together with any Family Members of Stuart Miller, cease to own, directly or indirectly, equity securities of LenFive that represent, in the aggregate, at least twenty-five percent (25%) of the aggregate voting power of all equity securities of
LenFive, unless the Managing General Partner has given its prior written consent (which may be given or withheld in its sole and absolute discretion) to such event; or (C) any Person or group (as such term is defined under Section 13(d)(3)
of the Exchange Act) directly or indirectly own equity securities of LenFive that represent a percentage of the aggregate voting power of LenFive in excess of that owned, directly or indirectly, by Lennar Corporation or Stuart Miller, together with
any Family Members of Stuart Miller, unless the Managing General Partner has given its prior written consent (which may be given or withheld in its sole and absolute discretion) to such event. 

“Qualifying Parent Entity” means an entity that is a single member limited liability company that (i) is disregarded as
separate from Parent for U.S. federal income tax purposes, (ii) is wholly owned by Parent and (iii) owns no assets (including contribution obligations within the meaning of Regulations
Section 1.752-2(k)(2)(i)(A)) other than (x) Class A Units or Class B Units, and (y) other assets (1) contributed to it by its owner if the contribution is followed immediately by
a contribution of equal net value by it to the Partnership or (2) distributed by the Partnership to it if the distribution is followed immediately by a distribution of equal net value by it to its owner. 

“Qualifying Party” means (a) a Partner, (b) an Additional Limited Partner, (c) an Assignee who is the
transferee of a Partner’s Partnership Interest in a Permitted Transfer, or (d) a Person, including a lending institution as the pledgee of a Pledge, who is the transferee of a Partner’s Partnership Interest in a Permitted Transfer;
provided, however, that a Qualifying Party shall not include the Managing General Partner or any Special Partner. 

“Redemption” has the meaning set forth in Section 15.1(a) hereof. 

“Register” has the meaning set forth in Section 4.1 hereof. 

“Regulations” means the income tax regulations under the Code, whether such regulations are in proposed, temporary or final
form, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Regulatory Allocations” has the meaning set forth in Section 6.3(b)(viii) hereof. 

“Rights” has the meaning set forth in the definition of “Class A Common Shares Amount.” 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Share Offering Funding” has the meaning set forth in Section 15.1(f) hereof. 

“Share Offering Funding Amount” has the meaning set forth in Section 15.1(f) hereof. 

“Share Option Plans” means any share option plan now or hereafter adopted by the Partnership or the Parent. 

“Single Funding Notice” has the meaning set forth in Section 15.1(f) hereof. 

  
 13 

 “Special Partner” means the Parent, Five Point GP and any other Partner that is
a wholly owned Subsidiary of the Parent. 
 “Special Redemption” has the meaning set forth in
Section 15.1(a) hereof. 
 “Specified Redemption Date” means the tenth (10th) Business Day after
the receipt by the Managing General Partner of a Notice of Redemption; provided, however, that no Specified Redemption Date with respect to any Class A Units shall occur during the Twelve-Month Period applicable to such
Class A Units (except pursuant to a Special Redemption); and provided, further, that, if the Parent and the Managing General Partner elect a Share Offering Funding pursuant to Section 15.1(f), such
Specified Redemption Date shall be deferred until the next Business Day following the date of the closing of the Share Offering Funding. 

“Specified Threshold” means, as of any date, twenty percent (20%) of the total assets of the Partnership and its consolidated
subsidiaries as of the end of the most recently completed fiscal quarter. 
 “Subsidiary” means, with respect to any
Person, any corporation, partnership, limited liability company, joint venture, trust or other legal entity of which such Person (either directly or through or together with another direct or indirect Subsidiary of such Person) (i) owns a
majority of the equity interests having ordinary voting power for the election of directors or trustees or other governing body, or (ii) otherwise controls the management, including through a Person’s status as general partner, manager or
managing member of the entity. 
 “Substituted Limited Partner” means a Person who is admitted to the Partnership as a
Limited Partner pursuant to Section 11.4 hereof. 
 “Surviving Partnership” has the meaning set
forth in Section 11.7 hereof. 
 “Tax Items” has the meaning set forth in
Section 6.4(a) hereof. 
 “Tax Receivable Agreement” means the Tax Receivable Agreement, dated as
of May 2, 2016, by and among the Parent, the Partnership, and the other Persons named therein. 
 “Tendered Units” has
the meaning set forth in Section 15.1(a) hereof. 
 “Tendering Party” has the meaning set forth
in Section 15.1(a) hereof. 
 “Termination Transaction” means (i) any Transfer of all or any
portion of the Partnership Interest of the Parent or any Special Partner, other than (x) a Transfer to the Partnership, the Parent or a Special Partner, or (y) a Transfer permitted by Section 11.2, (ii) a
merger, consolidation or other combination involving the Parent or any Special Partner, on the one hand, and any other Person, on the other, (iii) a sale, lease, exchange or other transfer of all or substantially all of the assets of the Parent
not in the ordinary course of its business, whether in a single transaction or a series of related transactions, (iv) a reclassification, recapitalization or change of the outstanding Class A Common Shares (other than as a result of a
share split, share dividend or similar subdivision), or (v) the adoption of any plan of liquidation or dissolution of the Parent. 

“Third-Party Pledge Transferee” means a Qualified Transferee, other than a Permitted Lender Transferee, that acquires a
Partnership Interest pursuant to the exercise of remedies by Permitted Lender Transferees under a Pledge and that agrees to be bound by the terms and conditions of this Agreement. 

“Transaction Consideration” has the meaning set forth in Section 11.7 hereof. 

“Transfer” means any sale, assignment, bequest, conveyance, devise, gift (outright or in trust), Pledge, encumbrance,
hypothecation, mortgage, exchange, transfer or other disposition or act of alienation, whether voluntary or involuntary or by operation of law; provided, however, that when the term is used in Article 11
hereof, “Transfer” does not include (a) any Redemption of Class A Units by the Partnership, or acquisition of Class A Units by the Parent, pursuant to Section 15.1 hereof, or (b) any redemption
of Units pursuant to any Unit Designation. The terms “Transferred” and “Transferring” have correlative meanings. 

“Twelve-Month Period” means, as to any Partnership Interest, a twelve-month period ending on the later of (i) the day
before the first (1st) anniversary of a Qualifying Party’s first becoming a Holder of such Partnership Interest 

  
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or (ii) May 1, 2017; provided, however, that if such Qualifying Party acquired Class A Units in exchange for a membership interest in The Shipyard Communities, LLC,
then such Qualifying Party shall be deemed to have acquired such Class A Units when the Qualifying Party acquired such membership interest in The Shipyard Communities, LLC; and provided, further, that the Managing General Partner
may, by written agreement with a Qualifying Party, shorten or lengthen the Twelve-Month Period applicable to such Qualifying Party. 

“Unit” means a Common Unit, a Preferred Unit, a Junior Unit or any other fractional share of the Partnership Interests that
the Managing General Partner has authorized pursuant to Section 4.1, Section 4.2 or Section 4.3 hereof. 

“Unit Designation” has the meaning set forth in Section 4.2 hereof. 

“Valuation Date” means the date of receipt by the Managing General Partner of a Notice of Redemption pursuant to
Section 15.1 herein, or such other date as specified herein, or, if such date is not a Business Day, the immediately preceding Business Day. 

“Value” means, on any Valuation Date, the average of the daily Market Prices of a Class A Common Share for ten
(10) consecutive trading days immediately preceding the Valuation Date (except that, in lieu of such average of daily market prices, for purposes of Section 4.4 hereof (i) in the case of an exercise of a share
option under any Share Option Plans, the Market Price for the trading day immediately preceding the date of exercise shall be used, and (ii) in the case of delivery of Class A Common Shares pursuant to restricted share units or other
equity compensation plans, the Market Price on the date of such delivery shall be used). The term “Market Price” on any date means, with respect to any Class A Common Shares, the last sale price for such Class A Common
Shares, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for such Class A Common Shares, in either case, as reported in the principal consolidated transaction reporting
system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if the Class A Common Shares are not listed or admitted to trading on the New York Stock Exchange, as reported on the principal consolidated
transaction reporting system with respect to securities listed on the principal national securities exchange on which the Class A Common Shares are listed or admitted to trading or, if the Class A Common Shares are not listed or admitted
to trading on any national securities exchange, the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter
market, as reported by the principal automated quotation system that may then be in use or, if the Class A Common Shares are not quoted by any such system, the average of the closing bid and asked prices as furnished by a professional market
maker making a market in the Class A Common Shares selected by the Managing General Partner or, in the event that no trading price is available for the Class A Common Shares, the fair market value of the Class A Common Shares, as
determined in good faith by the Managing General Partner. In the event that the Class A Common Shares Amount includes Rights (as defined in the definition of “Class A Common Shares Amount”) that a holder of Class A Common
Shares would be entitled to receive, then the Value of such Rights shall be determined by the Managing General Partner acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment,
appropriate. 
 “Vesting Date” has the meaning set forth in Section 4.4 hereof. 

“Withdrawing Partners” has the meaning set forth in Section 15.1(f) hereof. 

ARTICLE 2 
 ORGANIZATIONAL
MATTERS 
 Section 2.1    Formation. The Partnership is the result of the conversion of the Company to a
Delaware limited partnership at the Effective Time in accordance with Section 17-217 of the Act pursuant to the Certificate of Conversion and the Certificate of Limited Partnership which were filed with
the Delaware Secretary of State on September 29, 2017. Except as expressly provided herein to the contrary, the rights and obligations of the Partners and the administration and termination of the Partnership shall be governed by the Act. The
Partnership Interest of each Partner shall be personal property for all purposes. 
 Section 2.2    Name.
The name of the Partnership is “Five Point Operating Company, LP.” The Partnership’s business may be conducted under any other name or names deemed advisable by the Managing General Partner, including the name of the Managing General
Partner or any Affiliate thereof. The words “Limited Partnership,” “L.P.,” “LP” or similar words or letters shall be included in the Partnership’s name where necessary for the purposes of complying with the laws of
any jurisdiction that so requires. The Managing General Partner may change the name of the Partnership at any time and from time to time without the consent or approval of any other Partner. 

  
 15 

 Section 2.3    Principal Office and Resident Agent. The address
of the principal office of the Partnership in the State of Delaware is located at 1209 Orange Street, Wilmington, County of New Castle, Delaware 19801, and the name and address of the resident agent of the Partnership in the State of Delaware are
The Corporation Trust Company, 1209 Orange Street, Wilmington, County of New Castle, Delaware 19801, or such other principal office and resident agent as the Managing General Partner may from time to time designate. The Partnership may maintain
offices at such other place or places within or outside the State of Delaware as the Managing General Partner may approve. 

Section 2.4    Power of Attorney. 

(a)    Each Partner and Assignee hereby irrevocably constitutes and appoints the Managing General Partner, any Liquidator,
and authorized officers and attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead to: 

(i)    execute, swear to, seal, acknowledge, deliver, file and record in the appropriate public offices
(a) all certificates, documents and other instruments (including, without limitation, this Agreement and the Certificate of Limited Partnership and all amendments, supplements or restatements thereof) that the Managing General Partner or the
Liquidator deems appropriate or necessary to form, qualify or continue the existence or qualification of the Partnership as a limited partnership in the State of Delaware and in all other jurisdictions in which the Partnership may conduct business
or own property; (b) all instruments that the Managing General Partner or any Liquidator deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms; (c) all
conveyances and other instruments or documents that the Managing General Partner or the Liquidator deems appropriate or necessary to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement, including,
without limitation, a certificate of cancellation; (d) all conveyances and other instruments or documents that the Managing General Partner or the Liquidator deems appropriate or necessary to reflect the distribution or exchange of assets of
the Partnership pursuant to the terms of this Agreement; (e) all instruments relating to the admission, acceptance, withdrawal, removal or substitution of any Partner pursuant to the terms of this Agreement or the Capital Contribution of any
Partner; and (f) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges relating to Partnership Interests; and 

(ii)    execute, swear to, acknowledge and file all ballots, consents, approvals, waivers, certificates
and other instruments the Managing General Partner or any Liquidator determines are necessary or desirable to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given by the Partners
hereunder or is consistent with the terms of this Agreement. 
 Nothing contained herein shall be construed as authorizing the Managing General Partner or
any Liquidator to amend this Agreement except in accordance with Section 14.1 hereof or as may be otherwise expressly provided for in this Agreement. 

(b)    The foregoing power of attorney is hereby declared to be irrevocable and a special power coupled with an interest,
in recognition of the fact that each of the Partners and Assignees will be relying upon the power of the Managing General Partner or the Liquidator to act as contemplated by this Agreement in any filing or other action by it on behalf of the
Partnership, and it shall survive and not be affected by the subsequent Incapacity of any Partner or Assignee and the Transfer of all or any portion of such Person’s Units or Partnership Interest (as the case may be) and shall extend to such
Person’s heirs, successors, assigns and personal representatives. Each such Partner and Assignee hereby agrees to be bound by any representation made by the Managing General Partner or the Liquidator, acting in good faith pursuant to such power
of attorney; and each such Partner and Assignee hereby waives any and all defenses that may be available to contest, negate or disaffirm the action of the Managing General Partner or the Liquidator, taken in good faith under such power of attorney.
Each Partner and Assignee shall execute and deliver to 

  
 16 

 
the Managing General Partner or the Liquidator, within fifteen (15) days after receipt of the Managing General Partner’s or the Liquidator’s request therefor, such further
designation, powers of attorney and other instruments as the Managing General Partner or the Liquidator (as the case may be) deems necessary to effectuate this Agreement and the purposes of the Partnership. Notwithstanding anything else set forth in
this Section 2.4(b), no Partner shall incur any personal liability for any action of the Managing General Partner or the Liquidator taken under such power of attorney. 

Section 2.5    Term. The Partnership shall continue indefinitely unless the Partnership is dissolved pursuant
to the provisions of Article 13 hereof or as otherwise provided by law. 
 ARTICLE 3 

PURPOSE 

Section 3.1    Purpose and Business. The purpose and nature of the Partnership is to conduct any business,
enterprise or activity permitted by or under the Act, including, but not limited to, (i) to conduct the business of ownership, construction, reconstruction, development, redevelopment, alteration, improvement, maintenance, operation, sale,
leasing, transfer, encumbrance, conveyance and exchange of the Properties, (ii) to acquire and invest in any securities and/or loans relating to the Properties, (iii) to enter into any partnership, joint venture, business trust
arrangement, limited liability company or other similar arrangement to engage in any business permitted by or under the Act, or to own interests in any entity engaged in any business permitted by or under the Act, (iv) to conduct the business
of providing property and asset management and brokerage services, whether directly or through one or more partnerships, joint ventures, Subsidiaries, business trusts, limited liability companies or similar arrangements, and (v) to do anything
necessary or incidental to the foregoing. The Partnership shall have all powers necessary or desirable to accomplish the purposes enumerated. In connection with the foregoing, the Partnership shall have full power and authority to enter into,
perform and carry out contracts of any kind, to borrow and lend money and to issue evidence of indebtedness, whether or not secured by mortgage, deed of trust, pledge or other lien and, directly or indirectly, to acquire and construct additional
Properties necessary, useful or desirable in connection with its business. 
 Section 3.2    Powers. The
Partnership shall have the power to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and business described herein and for the protection and
benefit of the Partnership, including, without limitation, full power and authority, directly or through its ownership interest in other entities, to enter into, perform and carry out contracts of any kind, to borrow and lend money and to issue
evidence of indebtedness, whether or not secured by mortgage, deed of trust, pledge or other lien, to acquire, own, manage, improve and develop real property and lease, sell, transfer and dispose of real property. 

Section 3.3    Limits on Partner Relationship. Except as otherwise provided in this Agreement, no Partner
shall have any authority to act for, bind, commit or assume any obligation or responsibility on behalf of the Partnership, its properties or any other Partner. No Partner, in its capacity as a Partner under this Agreement, shall be responsible or
liable for any indebtedness or obligation of another Partner, nor shall the Partnership be responsible or liable for any indebtedness or obligation of any Partner, incurred either before or after the execution and delivery of this Agreement by such
Partner, except as to those responsibilities, liabilities, indebtedness or obligations incurred pursuant to and as limited by the terms of this Agreement and the Act. 

Section 3.4    Representations and Warranties by the Partners. 

(a)    Each Partner that is an individual (including, without limitation, each Additional Limited Partner or Substituted
Limited Partner as a condition to becoming an Additional Limited Partner or a Substituted Limited Partner) represents and warrants to, and covenants with, each other Partner that (i) the consummation of the transactions contemplated by this
Agreement to be performed by such Partner will not result in a breach or violation of, or a default under, any material agreement by which such Partner or any of such Partner’s property is bound, or any statute, regulation, order or other law
to which such Partner is subject, (ii) such Partner is neither a “foreign person,” within the meaning of Code Section 1445(f) nor a “foreign partner,” within the meaning of Code Section 1446(e), and (iii) this
Agreement is binding upon, and enforceable against, such Partner in accordance with its terms. 
 (b)    Each Partner
that is not an individual (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to becoming an Additional Limited Partner or a 

  
 17 

 
Substituted Limited Partner) represents and warrants to, and covenants with, each other Partner that (i) all transactions contemplated by this Agreement to be performed by it have been duly
authorized by all necessary action, including, without limitation, that of its partner(s), committee(s), trustee(s), beneficiaries, directors and/or shareholder(s)(as the case may be) as required, (ii) the consummation of such transactions
shall not result in a breach or violation of, or a default under, its partnership or operating agreement, trust agreement, certificate of incorporation or bylaws (as the case may be), any material agreement by which such Partner or any of such
Partner’s properties or any of its partners, members, beneficiaries, trustees or shareholders (as the case may be) is or are bound, or any statute, regulation, order or other law to which such Partner or any of its partners, members, trustees,
beneficiaries or shareholders (as the case may be) is or are subject, (iii) such Partner is neither a “foreign person,” within the meaning of Code Section 1445(f), nor a “foreign partner,” within the meaning of Code
Section 1446(e), and (iv) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms. 

(c)    Each Partner (including, without limitation, each Substituted Limited Partner, as a condition to becoming a
Substituted Limited Partner) represents and warrants that it is an “accredited investor,” as defined in Rule 501 promulgated under the Securities Act, and represents, warrants and agrees that it has acquired and, as of the date hereof,
continues to hold its interest in the Partnership for its own account for investment purposes only and not for the purpose of, or with a view toward, the resale or distribution of all or any part thereof, and not with a view toward selling or
otherwise distributing such interest or any part thereof at any particular time or under any predetermined circumstances. Each Partner further represents and warrants that it is a sophisticated investor, able and accustomed to handling sophisticated
financial matters for itself, particularly real estate investments, and that it has a sufficiently high net worth that it does not anticipate a need for the funds that it has invested in the Partnership in what it understands to be a highly
speculative and illiquid investment. Notwithstanding the foregoing, the representations and warranties contained in the first sentence of this Section 3.4(c) shall not apply to any Permitted Lender Transferee, it being
understood that a Permitted Lender Transferee may be subject to a legal obligation to sell, distribute or otherwise dispose of any Partnership Interest acquired pursuant to the exercise of remedies under a Pledge; provided, however,
that any such Permitted Lender Transferee must be a Qualified Transferee. 
 (d)    Each Partner (including, without
limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to becoming an Additional Limited Partner or a Substituted Limited Partner) represents and warrants to the Partnership, the Managing General Partner and each
other Partner that (i) to its knowledge, it is in compliance with the requirements of the Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) (the “Order”) and other similar requirements contained in the
rules and regulations of the Office of Foreign Assets Control, Department of the Treasury (“OFAC”) and in any enabling legislation or other Executive Orders or regulations in respect thereof (the Order and such other rules,
regulations, legislation or orders are collectively called the “Orders”); and (ii) neither such Partner nor any of its Affiliates (A) is listed on the Specially Designated Nationals and Blocked Person List maintained by
OFAC pursuant to the Order and/or on any other list of terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Orders (such lists are collectively referred to as the
“Lists”), (B) is a Person (as defined in the Order) who has been determined by competent authority to be subject to the prohibitions contained in the Orders; or (C) is owned or controlled by (including without limitation
by virtue of such Person being a director or owning voting shares or interests), or acts for or on behalf of, any person on the Lists or any other Person who has been determined by competent authority to be subject to the prohibitions contained in
the Orders. 
 (e)    The representations and warranties contained in Sections 3.4(a),
3.4(b), 3.4(c) and 3.4(d) hereof shall survive the execution and delivery of this Agreement by the Managing General Partner and the Non-Managing General Partner (and, in the case of an
Additional Limited Partner or a Substituted Limited Partner, the admission of such Additional Limited Partner or Substituted Limited Partner as a Partner in the Partnership) and the dissolution, liquidation and termination of the Partnership. 

(f)    Each Partner (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a
condition to becoming an Additional Limited Partner or a Substituted Limited Partner) hereby acknowledges that no representations as to potential profit, cash flows, funds from operations or yield, if any, in respect of the Partnership or the Parent
have been made by the Parent, the Partnership, the Managing General Partner, any Partner or any employee or representative or Affiliate of any of them, and that projections and any other information, including, without limitation, financial and
descriptive information and documentation, that may have been in any manner submitted to such Partner shall not constitute any representation or warranty of any kind or nature, express or implied. 

  
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 (g)    Notwithstanding the foregoing, the Managing General Partner may
permit the modification of any of the representations and warranties contained in Sections 3.4(a), 3.4(b), 3.4(c) and 3.4(d) above as applicable to any Partner (including, without limitation any
Additional Limited Partner or Substituted Limited Partner or any transferee of either) provided that such representations and warranties, as modified, shall be set forth in either (i) a Unit Designation applicable to the Units held by
such Partner or (ii) a separate writing addressed to the Partnership and the Managing General Partner. 
 ARTICLE 4 

CAPITAL CONTRIBUTIONS 

Section 4.1    Capital Contributions of the Partners. The existing Partners (or their predecessors in
interest) have previously made Capital Contributions to the Partnership (or to the Company prior to Conversion). Except as provided by law or in Section 4.2, Section 4.3 or
Section 10.4 hereof, the Partners shall have no obligation or, except with the prior written consent of the Managing General Partner, right to make any Capital Contributions or loans to the Partnership. The Managing General
Partner shall cause to be maintained in the principal business office of the Partnership, or such other place as may be determined by the Managing General Partner, the books and records of the Partnership, which shall include, among other things, a
register containing the name, address, and number of Units of each Partner, and such other information as the Managing General Partner may deem necessary or desirable (the “Register”). The Register shall not be deemed part of this
Agreement. The Managing General Partner shall from time to time update the Register as necessary to accurately reflect the information therein, including as a result of any sales, exchanges or other Transfers, or any redemptions, issuances or
similar events involving Units. Any reference in this Agreement to the Register shall be deemed a reference to the Register as in effect from time to time. Subject to the terms of this Agreement, the Managing General Partner may take any action
authorized hereunder in respect of the Register without any need to obtain the consent of any other Partner. No action of any Partner shall be required to amend or update the Register. Except as required by law, no Partner shall be entitled to
receive a copy of the information set forth in the Register relating to any Partner other than itself. 

Section 4.2    Issuances of Additional Partnership Interests. Subject to the rights of any Holder of any
Partnership Interest set forth in a Unit Designation: 
 (a)    General. Partnership Interests shall be
represented by Units. Initially, all Units shall be designated as either “Class A Common Units” or “Class B Common Units.” At the Effective Time, each Class A Common Unit of the Company was automatically converted
into a Class A Common Unit of the Partnership, and each Class B Common Unit of the Company was automatically converted into a Class B Common Unit of the Partnership. Class A Units and Class B Units may be held by a General
Partner or a Limited Partner. Except as expressly provided herein, Class A Units and Class B Units shall entitle the holders thereof to equal rights under this Agreement. The Partners, and the number and class of Units held by each
Partner, as of the effectiveness of this Agreement is set forth in the Register. The Managing General Partner is hereby authorized to cause the Partnership to issue additional Partnership Interests, in the form of Units, for any Partnership purpose,
at any time or from time to time, to the Partners (including the Parent or any other Special Partner) or to other Persons, and to admit such Persons as Additional Limited Partners, for such consideration and on such terms and conditions as shall be
established by the Managing General Partner, all without the approval of any Partner or any other Person. Without limiting the foregoing, the Managing General Partner is expressly authorized to cause the Partnership to issue Units (i) upon the
conversion, redemption or exchange of any Debt, Units or other securities issued by the Partnership, (ii) to The Shipyard Communities, LLC or its members in connection with a redemption or exchange of Class A Units of The Shipyard
Communities, LLC pursuant to the limited liability company agreement of such entity, (iii) for less than fair market value, (iv) for no consideration, (v) in connection with any merger of any other Person into the Partnership, or
(vi) upon the contribution of property or assets to the Partnership. Any additional Partnership Interests may be issued in one or more classes, or one or more series of any of such classes, with such designations, preferences, conversion or
other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption (including, without limitation, rights that may be senior or otherwise entitled to preference over existing Partnership
Interests) as shall be determined by the Managing General Partner, without the approval of any Partner or any other Person, and set forth in a written document thereafter attached to and made an exhibit to this Agreement, which exhibit shall be an
amendment to this Agreement and shall be incorporated herein by this reference (each, a “Unit Designation”). Without limiting the generality of the foregoing, the Managing General Partner shall have authority to specify the
allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests. Except to the extent specifically set forth in any Unit Designation, a Partnership Interest of any

  
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class or series, other than a Class A Unit, shall not entitle the holder thereof to vote on, or consent to, any matter. Upon the issuance of any additional Partnership Interest, the Managing
General Partner shall amend the Register and the books and records of the Partnership as appropriate to reflect such issuance. 

(b)    Issuances to the Parent or any Special Partner. No additional Units shall be issued to the Parent or any
Special Partner unless (i) the additional Units are issued to all Partners holding Class A Units in proportion to their respective Percentage Interests in the Class A Units, (ii) (a) the additional Units are
(x) Class A Units issued in connection with an issuance of Class A Common Shares, (x) Class B Units issued in connection with an issuance of Class B Common Shares, or (z) Equivalent Units issued in connection with
an issuance of Preferred Shares, New Securities or other interests in the Parent (other than Common Shares), and (b) the Parent contributes to the Partnership the net cash proceeds or other consideration received in connection with the issuance
of such Class A Common Shares, Class B Common Shares, Preferred Shares, New Securities or other interests in the Parent, (iii) the additional Units are issued upon the conversion, redemption or exchange of Debt, Units or other
securities issued by the Partnership, or (iv) the additional Units are issued pursuant to Section 4.3(b), Section 4.3(e), Section 4.4 or
Section 4.5. 
 (c)    No Preemptive Rights. Except as expressly provided in this
Agreement or in any Unit Designation, no Person, including, without limitation, any Partner or Assignee, shall have any preemptive, preferential, participation or similar right or rights to subscribe for or acquire any Partnership Interest. 

Section 4.3    Additional Funds and Capital Contributions. 

(a)    General. The Managing General Partner may, at any time and from time to time, determine that the Partnership
requires additional funds (“Additional Funds”) for the acquisition or development of additional Properties, for the redemption of Units or for such other purposes as the Managing General Partner may determine. Additional Funds may
be obtained by the Partnership, at the election of the Managing General Partner, in any manner provided in, and in accordance with, the terms of this Section 4.3 without the approval of any Partner or any other Person. 

(b)    Additional Capital Contributions. The Managing General Partner, on behalf of the Partnership, may obtain
any Additional Funds by accepting Capital Contributions from any Partners or other Persons. In connection with any such Capital Contribution (of cash or property), the Managing General Partner is hereby authorized to cause the Partnership from time
to time to issue additional Units (as set forth in Section 4.2 above) in consideration therefor, and the Percentage Interests of the Managing General Partner and the Partners shall be adjusted to reflect the issuance of
such additional Units. 
 (c)    Loans by Third Parties. The Managing General Partner, on behalf of the
Partnership, may obtain any Additional Funds by causing the Partnership to incur Debt to any Person (other than, except as contemplated in Section 4.3(d), the Managing General Partner or any Special Partner) upon such terms
as the Managing General Partner determines appropriate, including making such Debt convertible, redeemable or exchangeable for Units; provided, however, that the Partnership shall not incur any such Debt which is subject to
Section 7.3(d)(ii) without complying with Section 7.3, and the Partnership shall not incur any such Debt if any Limited Partner would be personally liable for the repayment of such Debt (unless
such Limited Partner otherwise agrees). 
 (d)    Managing General Partner and Special Partner Loans. The
Managing General Partner, on behalf of the Partnership, may obtain any Additional Funds by causing the Partnership to incur Debt with the Managing General Partner and/or any Special Partner if (i) such Debt is, to the extent permitted by law,
on substantially the same terms and conditions (including interest rate, repayment schedule, and conversion, redemption, repurchase and exchange rights) as Funding Debt incurred by the Managing General Partner or any Special Partner, as applicable,
the net proceeds of which are loaned to the Partnership to provide such Additional Funds, or (ii) such Debt is on terms and conditions no less favorable to the Partnership than would be available to the Partnership from any third party;
provided, however, that the Partnership shall not incur any such Debt which is subject to Section 7.3(d)(ii) without complying with Section 7.3, and the Partnership shall not incur
any such Debt if any Partner would be personally liable for the repayment of such Debt (unless such Partner otherwise agrees). 

(e)    Issuance of Securities by the Parent. The Parent shall not issue any additional Class A Common Shares,
Class B Common Shares, Preferred Shares or New Securities unless the Parent contributes the cash proceeds or other consideration received from the issuance of such additional Class A Common Shares, Class B Common Shares, Preferred
Shares or New Securities (as the case may be), and from the exercise of the rights 

  
 20 

 
contained in any such additional New Securities, to the Partnership in exchange for (x) in the case of an issuance of Class A Common Shares, Class A Units, (y) in the case of
an issuance of Class B Common Shares, Class B Units, or (z) in the case of an issuance of Preferred Shares or New Securities, Equivalent Units; provided, however, that notwithstanding the foregoing, the Parent may issue
Class A Common Shares, Class B Common Shares, Preferred Shares or New Securities (a) pursuant to Section 4.4 or Section 15.1(b) hereof, (b) pursuant to a dividend or
distribution (including any share split) of Class A Common Shares, Class B Common Shares, Preferred Shares or New Securities to all holders of Class A Common Shares, Class B Common Shares, Preferred Shares or New Securities (as
the case may be), (c) upon a conversion, redemption or exchange of Preferred Shares, (d) upon a conversion, redemption, exchange or exercise of New Securities, or (e) in connection with an acquisition of Units or a property or other
asset to be owned, directly or indirectly, by the Parent. In the event of any issuance of additional Class A Common Shares, Class B Common Shares, Preferred Shares or New Securities by the Parent, and the contribution to the Partnership,
by the Parent, of the cash proceeds or other consideration received from such issuance, the Partnership shall pay the Parent’s expenses associated with such issuance, including any underwriting discounts or commissions. In the event that the
Parent issues any additional Class A Common Shares or Class B Common Shares, and contributes the cash proceeds or other consideration received from the issuance thereof to the Partnership, the Partnership is authorized to issue a number of
Class A Units or Class B Units (as the case may be) to the Parent equal to the number of Class A Common Shares or Class B Common Shares so issued, divided by the Adjustment Factor then in effect, in accordance with
this Section 4.3(e) without any further act, approval or vote of any Partner or any other Persons. In the event that the Parent issues any Capital Shares or New Securities and contributes the cash proceeds or other
consideration received from the issuance thereof to the Partnership, the Partnership is authorized to issue to the Parent an equal number of Equivalent Units that correspond to the class or series of Capital Shares or New Securities so issued, in
accordance with this Section 4.3(e) without any further act, approval or vote of any Partner or any other Persons. 

Section 4.4    Share Option Plans. 

(a)    Options Granted to Persons other than Partnership Employees. If at any time or from time to time, in
connection with any Share Option Plan, an option to purchase Class A Common Shares granted to a Person other than a Partnership Employee is duly exercised: 

(i)    The Parent, shall, as soon as practicable after such exercise, make a Capital Contribution to the
Partnership in an amount equal to the exercise price paid to the Parent by such exercising party in connection with the exercise of such share option. 

(ii)    Notwithstanding the amount of the Capital Contribution actually made pursuant to
Section 4.4(a)(i) hereof, the Parent shall be deemed to have contributed to the Partnership as a Capital Contribution an amount equal to the Value of a Class A Common Share as of the date of exercise, multiplied
by the number of Class A Common Shares then being issued in connection with the exercise of such share option. In exchange for such Capital Contribution, the Partnership shall issue a number of Class A Units to the Parent equal to
the quotient of (a) the number of Class A Common Shares issued in connection with the exercise of such share option, divided by (b) the Adjustment Factor then in effect. 

(b)    Options Granted to Partnership Employees. If at any time or from time to time, in connection with any Share
Option Plan, an option to purchase Class A Common Shares granted to a Partnership Employee is duly exercised: 

(i)    The Parent shall sell to the Partnership, and the Partnership shall purchase from the Parent, the
number of Class A Common Shares as to which such share option is being exercised. The purchase price per Class A Common Share for such sale of Class A Common Shares to the Partnership shall be the Value of a Class A Common Share
as of the date of exercise of such share option. 
 (ii)    The Partnership shall sell to the Optionee
(or if the Optionee is an employee of a Subsidiary of the Partnership, the Partnership shall sell to such Subsidiary of the Partnership, which in turn shall sell to the Optionee), for a cash price per share equal to the Value of a Class A
Common Share at the time of the exercise, a number of Class A Common Shares equal to (a) the exercise price paid to the Parent by the exercising party in connection with the exercise of such share option, divided by
(b) the Value of a Class A Common Share at the time of such exercise. 

  
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 (iii)    The Partnership shall transfer to the Optionee (or
if the Optionee is an employee of a Subsidiary of the Partnership, the Partnership shall transfer to such Subsidiary of the Partnership, which in turn shall transfer to the Optionee) at no additional cost, as additional compensation, a number of
Class A Common Shares equal to the number of Class A Common Shares described in Section 4.4(b)(i) hereof, less the number of Class A Common Shares described in
Section 4.4(b)(ii) hereof. 
 (iv)    The Parent shall, as soon as practicable
after such exercise, make a Capital Contribution to the Partnership of an amount equal to all proceeds received (from whatever source, but excluding any payment in respect of payroll taxes or other withholdings) by the Parent in connection with the
exercise of such share option. In exchange for such Capital Contribution, the Partnership shall issue a number of Class A Units to the Parent equal to the quotient of (a) the number of Class A Common Shares issued in connection with
the exercise of such share option, divided by (b) the Adjustment Factor then in effect. 

(c)    Restricted Shares Granted to Partnership Employees. If at any time or from time to time, in connection with
any Equity Plan (other than a Share Option Plan), any Class A Common Shares are issued to a Partnership Employee (including any Class A Common Shares that are subject to forfeiture in the event such Partnership Employee’s employment
with the Partnership or a Subsidiary of the Partnership is terminated and any Class A Common Shares issued in settlement of a restricted stock unit or similar award) in consideration for services performed for the Partnership or a Subsidiary of
the Partnership: 
 (i)    the Parent shall issue such number of Class A Common Shares as are to be
issued to the Partnership Employee in accordance with the Equity Plan; 
 (ii)    the following events
will be deemed to have occurred: (a) the Parent shall be deemed to have sold such shares to the Partnership (or if the Partnership Employee is an employee or other service provider of a Subsidiary of the Partnership, to such Subsidiary of the
Partnership) for a purchase price equal to the Value of such shares, (b) the Partnership (or such Subsidiary of the Partnership) shall be deemed to have delivered the shares to the Partnership Employee, (c) the Parent shall be deemed to
have contributed the purchase price to the Partnership as a Capital Contribution, and (d) if the Partnership Employee is an employee of a Subsidiary of the Partnership, the Partnership shall be deemed to have contributed such amount to the
capital of the Subsidiary of the Partnership; and 
 (iii)    the Partnership shall issue to the Parent
a number of Class A Units equal to the number of newly issued Class A Common Shares, divided by the Adjustment Factor then in effect, in consideration for a deemed Capital Contribution in an amount equal to (x) the
number of newly issued Class A Units, multiplied by (y) a fraction the numerator of which is the Value of a Class A Common Share, and the denominator of which is the Adjustment Factor then in effect. 

(d)    Restricted Shares Granted to Persons other than Partnership Employees. If at any time or from time to time,
in connection with any Equity Plan (other than a Share Option Plan), any Class A Common Shares are issued to a Person other than a Partnership Employee in consideration for services performed for the Parent, the Managing General Partner, the
Partnership or a Subsidiary of the Partnership: 
 (i)    the Parent shall issue such number of
Class A Common Shares as are to be issued to such Person in accordance with the Equity Plan; and 

(ii)    the Parent shall be deemed to have contributed the Value of such Class A Common Shares to the
Partnership as a Capital Contribution, and the Partnership shall issue to the Parent a number of newly issued Class A Units equal to the number of newly issued Class A Common Shares, divided by the Adjustment Factor then in
effect. 
 (e)    Future Share Incentive Plans. Nothing in this Agreement shall be construed or applied to
preclude or restrain the Parent, the Managing General Partner or the Partnership from adopting, modifying or terminating share incentive plans for the benefit of employees, directors or other business associates of the Parent, the Managing General
Partner, the Partnership or any of their Affiliates. The Partners acknowledge and agree that, in the 

  
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event that any such plan is adopted, modified or terminated by the Parent, the Managing General Partner shall have the power, without the Consent of the Limited Partners and Non-Managing General Partners, to amend this Section 4.4 in accordance with Section 7.3(e). 

(f)    Issuance of Class A Units. The Partnership is expressly authorized to issue Class A
Units in the numbers specified in this Section 4.4 without any further act, approval or vote of any Partner or any other Persons. 

Section 4.5    Dividend Reinvestment Plan, Share Incentive Plan or Other Plan. Except as may otherwise be
provided in this Article 4, all amounts received by the Parent in respect of any dividend reinvestment plan, share incentive or other share or subscription plan or agreement, either (a) shall be utilized by the Parent
to effect open market purchases of Class A Common Shares, or (b) if the Parent elects instead to issue new Class A Common Shares with respect to such amounts, shall be contributed by the Parent to the Partnership in exchange for
additional Class A Units. Upon such contribution, the Partnership will issue to the Parent a number of Class A Units equal to the number of newly issued Class A Common Shares, divided by the Adjustment Factor then in
effect. 
 Section 4.6    No Interest; No Return. No Partner shall be entitled to interest on its Capital
Contribution or on such Partner’s Capital Account. Except as provided herein or by law, no Partner shall have any right to demand or receive the return of its Capital Contribution from the Partnership. 

Section 4.7    Conversion or Redemption of Shares. 

(a)    Conversion of Preferred Shares. If, at any time, any Preferred Shares are converted into Class A Common
Shares, in whole or in part, then an equal number of Equivalent Units held by the Parent that correspond to the class or series of Preferred Shares so converted shall automatically be converted into a number of Class A Units equal to the
quotient of (i) the number of Class A Common Shares issued upon such conversion, divided by (ii) the Adjustment Factor then in effect. 

(b)    Redemption of Preferred Shares. If, at any time, any Preferred Shares are redeemed, repurchased or
otherwise acquired (whether by exercise of a put or call, automatically or by means of another arrangement) by the Parent for cash, then, immediately prior to such redemption of Preferred Shares, the Partnership shall redeem an equal number of
Equivalent Units held by the Parent that correspond to the class or series of Preferred Shares so redeemed, repurchased or acquired upon the same terms and for the same price per Equivalent Unit, as such Preferred Shares are redeemed, repurchased or
acquired. 
 (c)    Redemption, Repurchase or Forfeiture of Class A Common Shares. If, at any
time, any Class A Common Shares are redeemed, repurchased or otherwise acquired (whether by exercise of a put or call, upon forfeiture of any award granted under any Equity Plan, automatically or by means of another arrangement) by the Parent,
then, immediately prior to such redemption, repurchase or acquisition of Class A Common Shares, the Partnership shall redeem a number of Class A Units held by the Parent equal to the quotient of (i) the number of Class A Common
Shares so redeemed, repurchased or acquired, divided by (ii) the Adjustment Factor then in effect, such redemption, repurchase or acquisition to be upon the same terms and for the same price per Class A Unit (after giving
effect to application of the Adjustment Factor) as such Class A Common Shares are redeemed, repurchased or acquired. 

(d)    Redemption, Repurchase or Forfeiture of Class B Common Shares. If, at any time, any
Class B Common Shares are redeemed, repurchased or otherwise acquired by the Parent, then, immediately prior to such redemption, repurchase or acquisition of Class B Common Shares, the Partnership shall redeem a number of Class B
Units held by the Parent equal to the quotient of (i) the number of Class B Common Shares so redeemed, repurchased or acquired, divided by (ii) the Adjustment Factor then in effect, such redemption, repurchase or
acquisition to be upon the same terms and for the same price per Class B Unit (after giving effect to application of the Adjustment Factor) as such Class B Common Shares are redeemed, repurchased or acquired. 

(e)    Conversion of Class B Common Shares. If, at any time, any Class B Common Shares are
converted into Class A Common Shares, in whole or in part, then an equal number of Class B Units held by the Parent shall automatically be converted into a number of Class A Units equal to the number of Class A Common Shares
issued in such conversion. 

  
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 (f)    Noncompensatory Options. The tax treatment of the Partnership
and the recipient or holder of an interest in the Partnership that is a noncompensatory option, within the meaning of Regulations Section 1.721-2(f), upon the issuance or exercise of such option, shall be
determined in accordance with Regulations Section 1.721-2. 

Section 4.8    Other Contribution Provisions. In the event that any Partner is admitted to the Partnership and
is given a Capital Account in exchange for services rendered to the Partnership, such transaction shall be treated by the Partnership and the affected Partner as if the Partnership had compensated such Partner in cash and such Partner had
contributed the cash to the capital of the Partnership, and received Class A Units with a Value equal to the sum contributed to the Partnership. In addition, with the consent of the Managing General Partner, one or more Partners (including any
Special Partner) may enter into a contribution agreement with the Partnership which has the effect of providing a guarantee of certain obligations of the Partnership. 

Section 4.9    Transactions Effected Through a Special Partner. If the Parent is obligated or permitted to
sell securities to the Partnership or make a capital contribution to the Partnership, or entitled to receive Units from the Partnership, under this Agreement, including without limitation under Section 4.2(b),
Section 4.3(e) and Section 4.4, in lieu of the Parent, any other Special Partner may effect such transaction. 

ARTICLE 5 
 DISTRIBUTIONS 

Section 5.1    Requirement and Characterization of Distributions. Subject to
Section 5.2, Section 5.3(b) and the terms of any Unit Designation that provides for a class or series of Preferred Units with a preference with respect to the payment of distributions, from time to
time, as determined by the Managing General Partner, the Managing General Partner shall cause the Partnership to pay distributions, in such amounts as the Managing General Partner shall determine, to the Holders of Common Units in accordance with
their respective Percentage Interests of Common Units on the applicable Partnership Record Date. If the Managing General Partner determines that any distribution is a regular quarterly distribution, then the portion of such distribution payable with
respect to any Units that were not outstanding during the entire quarterly period in respect of which such distribution is made (other than any Units issued to the Parent in connection with the issuance of Common Shares or Capital Shares by the
Parent) shall be prorated based on the portion of the quarterly period that such Units were outstanding. 

Section 5.2    Tax Distributions. Subject to Section 5.3(b) but otherwise
notwithstanding any provision in this Agreement to the contrary, for each calendar year, the Managing General Partner shall make quarterly cash distributions to the Partners such that each Partner receives an amount (after taking into account all
distributions previously received by such Partner during the calendar year pursuant to Sections 5.1 and 5.2) that is at least equal to its Annual Income Tax Liability (as reasonably estimated for such quarter). All
distributions made to Partners pursuant to this Section 5.2 shall be treated as advance distributions and shall be taken into account in determining the amount subsequently distributable to Partners under
Section 5.1 and Section 13.2(a)(ii). All distributions made pursuant to this Section 5.2 shall be made on a pro rata basis in accordance with Percentage Interests. 

Section 5.3    Management Tax Distributions. 

(a)    Notwithstanding any provision in this Agreement to the contrary, for each calendar year, the Managing General
Partner shall make quarterly cash distributions to the Management Partners pursuant to this Section 5.3 such that each Management Partner receives an amount (after taking into account all distributions previously received
by such Management Partner during the calendar year pursuant to Sections 5.1, 5.2 and 5.3) that is at least equal to such Management Partner’s Management Income Tax Liability (as reasonably estimated for
such quarter). 
 (b)    All distributions made in respect of Management Units pursuant to this
Section 5.3 shall be treated as advance distributions and shall be taken into account in determining the amount subsequently distributable to the Holder of such Management Units under Sections 5.1,
5.2 and 13.2(a)(ii). 
 (c)    To the extent quarterly distributions made pursuant to this
Section 5.3 during the calendar year are less than the Management Income Tax Liability of the Management Partner as calculated for the entire calendar year, the Partnership shall distribute any shortfall to the Management
Partner no later than 90 days after the close of the calendar year. 

  
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 Section 5.4    Distributions in Kind. No Holder may demand to
receive property other than cash as provided in this Agreement. The Managing General Partner may cause the Partnership to make a distribution in kind of Partnership assets or Partnership Interests to the Holders, and such assets or Partnership
Interests shall be distributed in such a fashion as to ensure that the Value, or if other than Class A Shares, the fair market value is distributed and allocated in accordance with Articles 5, 6 and 10
hereof. 
 Section 5.5    Amounts Withheld. All amounts withheld pursuant to the Code or any provisions of
any state or local tax law and Section 10.4 hereof with respect to any allocation, payment or distribution to any Holder shall be treated as amounts paid or distributed to such Holder pursuant to
Section 5.1 hereof for all purposes under this Agreement. 

Section 5.6    Distributions upon Liquidation. Notwithstanding the other provisions of this
Article 5, upon the occurrence of a Liquidating Event, the assets of the Partnership shall be distributed to the Holders in accordance with Section 13.2 hereof. 

Section 5.7    Distributions to Reflect Additional Units. In the event that the Partnership issues additional
Units pursuant to the provisions of Article 4 hereof, subject to the rights of any Holder of any Partnership Interest set forth in a Unit Designation, the Managing General Partner is hereby authorized to make such revisions
to this Article 5 and to Article 6 as it determines are necessary or desirable to reflect the issuance of such additional Units, including, without limitation, making preferential distributions to
certain classes of Units. 
 Section 5.8    Calculation of Distributions. In calculating all distributions
payable to any holders of Units, the Managing General Partner shall round the amount per unit to the nearest whole cent ($0.01), with one-half cent rounded upward. 

Section 5.9    Restricted Distributions. Notwithstanding any provision to the contrary contained in this
Agreement, neither the Partnership nor the Managing General Partner, on behalf of the Partnership, shall make a distribution to any Holder if such distribution would violate the Act or other applicable law. 

ARTICLE 6 
 ALLOCATIONS 

Section 6.1    Timing and Amount of Allocations of Net Income and Net Loss. Net Income and Net Loss of the
Partnership shall be determined and allocated with respect to each Partnership Year as of the end of each such year. Except as otherwise provided in this Article 6, and subject to Section 11.6(c)
and Section 12.3(c) hereof, an allocation to a Holder of a share of Net Income or Net Loss shall be treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken into account in
computing Net Income or Net Loss. 
 Section 6.2    General Allocations. 

(a)    In General. Subject to Section 11.6(c) and
Section 12.3(c) hereof, Net Income and Net Loss shall be allocated to each of the Holders as follows: 

(i)    Net Income will be allocated to Holders of Preferred Units in accordance with and subject to the
terms of the Unit Designation applicable to such Preferred Units; 
 (ii)    remaining Net Income will
be allocated to the Holders of Common Units in accordance with their respective Percentage Interests at the end of each Partnership Year; 

(iii)    subject to the terms of any Unit Designation, Net Loss will be allocated to the Holders of Common
Units in accordance with their respective Percentage Interests at the end of each Partnership Year; and 

  
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 (iv)    for purposes of this
Section 6.2(a), the Percentage Interests of the Holders of Common Units shall be determined using the numbers of Class A Units and Class B Units outstanding as of the date of determination. 

Section 6.3    Additional Allocation Provisions. Notwithstanding the foregoing provisions of this
Article 6: 
 (a)    Special Allocations Regarding Preferred Units. If any Preferred
Units are redeemed pursuant to Section 4.7(b) hereof (treating a full liquidation of the Partnership Interest of any Special Partner for purposes of this Section 6.3(a) as including a redemption of
any then outstanding Preferred Units pursuant to Section 4.7(b) hereof), for the Partnership Year that includes such redemption (and, if necessary, for subsequent Partnership Years) (a) gross income and gain (in such
relative proportions as the Managing General Partner shall determine) shall be allocated to the holder(s) of such Preferred Units to the extent that the Redemption Amounts paid or payable with respect to the Preferred Units so redeemed (or treated
as redeemed) exceeds the aggregate Capital Account Balances (net of liabilities assumed or taken subject to by the Partnership) per Preferred Unit allocable to the Preferred Units so redeemed (or treated as redeemed) and (b) deductions and
losses (in such relative proportions as the Managing General Partner shall determine) shall be allocated to the holder(s) of such Preferred Units to the extent that the aggregate Capital Account Balances (net of liabilities assumed or taken subject
to by the Partnership) per Preferred Unit allocable to the Preferred Units so redeemed (or treated as redeemed) exceeds the Redemption Amount paid or payable with respect to the Preferred Units so redeemed (or treated as redeemed). 

(b)    Regulatory Allocations. 

(i)    Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(f), notwithstanding the provisions of Section 6.2 hereof, or any other provision of this Article 6, if there is a net decrease in Partnership
Minimum Gain during any Partnership Year, each Holder shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder’s share of the net decrease in
Partnership Minimum Gain, as determined under Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated
to each Holder pursuant thereto. The items to be allocated shall be determined in accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This
Section 6.3(b)(i) is intended to qualify as a “minimum gain chargeback” within the meaning of Regulations Section 1.704-2(f) and shall be interpreted consistently
therewith. 
 (ii)    Partner Minimum Gain Chargeback. Except as otherwise provided in
Regulations Section 1.704-2(i)(4) or in Section 6.3(b)(i) hereof, if there is a net decrease in Partner Minimum Gain attributable to a Partner Nonrecourse Debt during any
Partnership Year, each Holder who has a share of the Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially
allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder’s respective share of the net decrease in Partner Minimum Gain attributable to such Partner Nonrecourse Debt,
determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Holder
pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). This
Section 6.3(b)(ii) is intended to qualify as a “chargeback of partner nonrecourse debt minimum gain,” within the meaning of Regulations Section 1.704-2(i), and shall be
interpreted consistently therewith. 
 (iii)    Nonrecourse Deductions and Partner Nonrecourse
Deductions. Any Nonrecourse Deductions for any Partnership Year shall be specially allocated to the Holders in accordance with their respective Percentage Interests. Any Partner Nonrecourse Deductions for any Partnership Year shall be specially
allocated to the Holder(s) who bears the economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable, in accordance with Regulations
Section 1.704-2(i). 
 (iv)    Qualified Income
Offset. If any Holder unexpectedly receives an adjustment, allocation or distribution described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or

  
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(6), items of Partnership income and gain shall be allocated, in accordance with Regulations Section 1.704-1(b)(2)(ii)(d), to such Holder in an amount
and manner sufficient to eliminate, to the extent required by such Regulations, the Adjusted Capital Account Deficit of such Holder as quickly as possible, provided that an allocation pursuant to this
Section 6.3(b)(iv) shall be made if and only to the extent that such Holder would have an Adjusted Capital Account Deficit after all other allocations provided in this Article 6 have been
tentatively made as if this Section 6.3(b)(iv) were not in the Agreement. It is intended that this Section 6.3(b)(iv) qualify and be construed as a “qualified income offset,” within the
meaning of Regulations Section 1.704-1(b)(2)(ii)(d), and shall be interpreted consistently therewith. 

(v)    Gross Income Allocation. If any Holder has a deficit Capital Account at the end of any
Partnership Year that is in excess of the sum of (1) the amount (if any) that such Holder is obligated to restore to the Partnership upon complete liquidation of such Holder’s Partnership Interest, and (2) the amount that such Holder
is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Holder shall be
specially allocated items of Partnership income and gain in the amount of such excess to eliminate such deficit as quickly as possible, provided that an allocation pursuant to this Section 6.3(b)(v) shall be made if
and only to the extent that such Holder would have a deficit Capital Account in excess of such sum after all other allocations provided in this Article 6 have been tentatively made as if this
Section 6.3(b)(v) and Section 6.3(b)(iv) hereof were not in the Agreement. 

(vi)    Limitation on Allocation of Net Loss. To the extent that any allocation of Net Loss (or
items of loss or deduction) would cause or increase an Adjusted Capital Account Deficit as to any Holder, such allocation of Net Loss (or items of loss or deduction) shall be reallocated (x) first, among the other Holders of Common Units in
accordance with their respective Percentage Interests, and (y) thereafter, among the Holders of other Units, as determined by the Managing General Partner, subject to the limitations of this Section 6.3(b)(vi). 

(vii)    Section 754 Adjustment. To the extent that an adjustment to the
adjusted tax basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result of a distribution to a Holder of Units in complete liquidation of its interest in the Partnership, the
amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially allocated to
(i) the Holders of Units in accordance with their respective Percentage Interests in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, in the same manner in which the unrealized
gain or loss that is displaced by such adjustment would have been allocated if the property, the basis of which is adjusted, were sold immediately prior to such adjustment for its recomputed tax basis or (ii) to the Holder(s) to whom such
distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies. 

(viii)    Curative Allocations. The allocations set forth in
Sections 6.3(b)(i), (ii), (iii), (iv), (v), (vi) and (vii) hereof (the “Regulatory Allocations”) are intended to comply with certain regulatory requirements,
including the requirements of Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding the provisions of Section 6.1 hereof, the
Regulatory Allocations shall be taken into account in allocating other items of income, gain, loss and deduction among the Holders of Units so that, to the extent possible without violating the requirements giving rise to the Regulatory Allocations,
the net amount of such allocations of other items and the Regulatory Allocations to each Holder of a Unit shall be equal to the net amount that would have been allocated to each such Holder if the Regulatory Allocations had not occurred. 

(c)    Special Allocations to Effect the Tax Receivable Agreement. For U.S. federal income tax purposes, all
amounts described in clause (y) of the Tax Receivable Agreement’s definition of Imputed Interest shall be treated as obligations of the Partnership. Each person who receives any such amount shall be treated as receiving a guaranteed
payment (within the meaning of Code Section 707(c)) from the Partnership, and the deduction for such amounts shall be specially allocated to the Parent. 

  
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 (d)    Special Allocations Upon Liquidation. Notwithstanding any
provision in this Article 6 to the contrary, if the Partnership disposes of all or substantially all of its assets in a transaction that will lead to a liquidation of the Partnership pursuant to
Article 13 hereof, then any Net Income or Net Loss realized in connection with such transaction and thereafter (and, if necessary, constituent items of income, gain, loss and deduction) shall be specially allocated for such
Partnership Year (and to the extent permitted by the Code, for all preceding Partnership Years) among the Holders as required so as to cause liquidating distributions pursuant to Section 13.2(a)(i) hereof to be made in the
same amounts and proportions as would have resulted had such distributions instead been made pursuant to Article 5 hereof. 

(e)    Allocation of Excess Nonrecourse Liabilities. For purposes of determining a Holder’s proportional
share of the “excess nonrecourse liabilities” of the Partnership within the meaning of Regulations Section 1.752-3(a)(3), each Holder’s respective interest in Partnership profits shall be
equal to such Holder’s Percentage Interest with respect to Common Units. 
 Section 6.4    Tax
Allocations. 
 (a)    In General. Except as otherwise provided in this
Section 6.4, for income tax purposes under the Code and the Regulations, each Partnership item of income, gain, loss and deduction (collectively, “Tax Items”) shall be allocated among the Holders in the
same manner as its correlative item of “book” income, gain, loss or deduction is allocated pursuant to Sections 6.2 and 6.3 hereof. 

(b)    Section 704(c) Allocations. Notwithstanding Section 6.4(a)
hereof, Tax Items with respect to Property that is contributed to the Partnership with a Gross Asset Value that varies from its basis in the hands of the contributing Partner immediately preceding the date of contribution shall be allocated among
the Holders for income tax purposes pursuant to Regulations promulgated under Code Section 704(c) so as to take into account such variation. The Partnership shall account for such variation under the traditional method, as described in
Regulations Section 1.704-3(b). If the Gross Asset Value of any Partnership asset is adjusted pursuant to subsection (b) of the definition of “Gross Asset Value,” subsequent allocations of
Tax Items with respect to such asset shall take account of the variation, if any, between the adjusted basis of such asset and its Gross Asset Value in the same manner as under Code Section 704(c) and the applicable Regulations and using the
traditional method, as described in Regulations Section 1.704-3(b). 
 ARTICLE 7 

MANAGEMENT AND OPERATIONS OF BUSINESS 

Section 7.1    Management. 

(a)    Except as otherwise expressly provided in this Agreement, including Section 7.3 hereof
and any Unit Designation, all management powers over the business and affairs of the Partnership are and shall be exclusively vested in the Managing General Partner, and no other Partner shall have any right to participate in or exercise control or
management power over the business and affairs of the Partnership. No Managing General Partner may be removed by the Partners, with or without cause, except with the consent of the Managing General Partner. The Managing General Partner, subject to
the other provisions hereof, including Section 7.3 and the terms of any Unit Designation, shall have full and exclusive power and authority, without the consent of any other Partner, to conduct or authorize the conduct of
the business of the Partnership, to exercise or direct the exercise of all powers of the Partnership under the Act and this Agreement and to effectuate the purposes of the Partnership, including, without limitation, to cause the Partnership to enter
into agreements or engage in transactions with affiliates of the Partnership or the Managing General Partner, issue additional Partnership Interests, make distributions, sell, pledge, lease, mortgage or otherwise dispose of its assets, form and
conduct all or any portion of its business and affairs through subsidiaries or joint ventures of any form, incur or guarantee debt for any purpose and obtain and maintain casualty, liability and other insurance on the Properties and liability
insurance for the Indemnitees hereunder. Subject to Section 7.3(d), the Managing General Partner is authorized to cause or effect a merger, consolidation or conversion of the Partnership, or a sale or transfer of all or
substantially all its assets, in accordance with Section 14.3. 
 (b)    Except as provided
in Section 7.3 hereof and subject to the rights of any Holder of any Partnership Interest set forth in a Unit Designation, the Managing General Partner is authorized to execute and deliver any affidavit, agreement,
certificate, consent, instrument, notice, power of attorney, waiver or other writing or 

  
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document in the name and on behalf of the Partnership and to otherwise exercise any power of the Managing General Partner under this Agreement and the Act without any further act, approval or
vote of the Partners or any other Persons and, in the absence of any specific action on the part of the Managing General Partner to the contrary, the taking of any action or the execution of any such document or writing by a manager, member,
director or officer of the Managing General Partner, in the name and on behalf of the Managing General Partner, in its capacity as a Managing General Partner of the Partnership, shall conclusively evidence (1) the approval thereof by the
Managing General Partner, in its capacity as the Managing General Partner of the Partnership, (2) the Managing General Partner’s determination that such action, document or writing is necessary or desirable to conduct the business and
affairs of the Partnership, exercise the powers of the Partnership under the Act and this Agreement or effectuate the purposes of the Partnership, or any other determination by the Managing General Partner required by this Agreement in connection
with the taking of such action or execution of such document or writing, and (3) the authority of such manager, member, director or officer of the Managing General Partner with respect thereto. 

(c)    The Managing General Partner may, from time to time as it deems advisable, appoint officers of the Partnership and
assign titles (including, without limitation, Chief Executive Officer, President, Vice President, Secretary and Treasurer) to any such person. The Managing General Partner may delegate to such officers such power and authority as the Managing
General Partner deems advisable, including the power, acting individually or jointly, to represent and bind the Partnership in all matters, in accordance with the scope of their respective duties. Each officer shall hold office until his successor
is designated by the Managing General Partner or until his earlier death, resignation or removal. Any officer may resign at any time upon written notice to the Managing General Partner. Any officer may be removed by the Managing General Partner with
or without cause at any time. A vacancy in any office occurring because of death, resignation, removal or otherwise, may, but need not, be filled by the Managing General Partner. 

(d)    The determination as to any of the following matters, made by or at the direction of the Managing General Partner
consistent with the Act and this Agreement, shall be final and conclusive and shall be binding upon the Partnership and every Partner: the amount of assets at any time available for distribution or the redemption of Common Units or Preferred Units;
the amount and timing of any distribution; any determination to redeem Tendered Units; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any
obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged); the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by the
Partnership; any matter relating to the acquisition, holding and disposition of any assets by the Partnership; or any other matter relating to the business and affairs of the Partnership or required or permitted by applicable law, this Agreement or
otherwise to be determined by the Managing General Partner. 
 (e)    At all times from and after the date hereof, the
Managing General Partner may cause the Partnership to establish and maintain working capital and other reserves in such amounts as the Managing General Partner, in its sole and absolute discretion, deems appropriate and reasonable from time to time.

 Section 7.2    Certificate of Limited Partnership. To the extent that such action is determined by the
Managing General Partner to be reasonable and necessary or appropriate, the Managing General Partner shall file amendments to and restatements of the Certificate of Limited Partnership and do all the things to maintain the Partnership as a limited
partnership under the laws of the State of Delaware and each other state, the District of Columbia or any other jurisdiction, in which the Partnership may elect to do business or own property. Subject to the terms of
Section 8.5(a) hereof, the Managing General Partner shall not be required, before or after filing, to deliver or mail a copy of the Certificate of Limited Partnership or any amendment thereto to any Partner. The Managing
General Partner shall use all reasonable efforts to cause to be filed such statements, certificates or documents as may be reasonable and necessary or appropriate for the formation, continuation, qualification and operation of a limited partnership
in the State of Delaware and any other state, or the District of Columbia or other jurisdiction, in which the Partnership may elect to do business or own property. 

Section 7.3    Restrictions on the Managing General Partner’s Authority. 

(a)    Before any Business Plan is presented to the Board of Directors for formal review, management of the Partnership
shall prepare the Business Plan and submit it for review by the General Partners. If a Majority in Interest of the General Partners approves such Business Plan, it shall be presented to the Board of Directors. It is expressly acknowledged and agreed
by each Partner that nothing herein shall require the Parent to prepare, present to the Board of Directors for a formal review or adopt a Business Plan for any period. 

  
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 (b)    The Managing General Partner may not take any action in contravention
of this Agreement, including, without limitation: 
 (i)    any action that would make it impossible to
carry on the ordinary business of the Partnership (including through its subsidiaries), except as otherwise provided in this Agreement; 

(ii)    admitting a Person as a Partner, except as otherwise provided in this Agreement; 

(iii)    performing any act that would subject a Limited Partner to liability, except as provided herein
or under the Act; 
 (iv)    entering into any contract, mortgage, loan or other agreement that
expressly prohibits or restricts (a) the Parent or the Partnership from performing its specific obligations under Section 15.1 hereof, or (b) a Partner from exercising its rights under
Section 15.1 hereof to effect a Redemption, except, in either case, with the written consent of such Partner affected by the prohibition or restriction. 

(c)    The Managing General Partner shall not, without the Consent of the Limited Partners and Non-Managing General Partners, if there are any, undertake on behalf of the Partnership, or enter into any transaction that would have the effect of, any of the following actions: 

(i)    except as provided in Section 7.3(e) hereof, amend, modify or terminate
this Agreement; 
 (ii)    except as otherwise permitted by this Agreement, including
Section 11.2, Section 12.1 and Section 14.3(b), or in connection with a Termination Transaction effected in accordance with Section 11.7,
voluntarily withdraw as a general partner of the Partnership or admit into the Partnership any additional or successor Managing General Partner; 

(iii)    make a general assignment for the benefit of creditors or appoint or acquiesce in the appointment
of a custodian, receiver or trustee for all or any part of the assets of the Partnership; 

(iv)    institute any proceeding for bankruptcy on behalf of the Partnership; 

(v)    effect a merger or consolidation of the Partnership with or into any corporation, limited liability
company, partnership or other Person, or a conversion of the Partnership into a corporation, limited liability company or any other type of entity, other than as permitted in Section 14.3(b); or 

(vi)    effect a sale, lease, exchange or other transfer of all or substantially all of the assets of the
Partnership not in the ordinary course of business, whether in a single transaction or a series of related transactions, other than as permitted in Section 14.3(b); provided, however, that the foregoing will not limit the ability
of the Managing General Partner to authorize the Partnership to mortgage, pledge, hypothecate or grant a security interest in all or substantially all of the assets of the Partnership without the approval of any Partner. 

  
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 (d)    The Managing General Partner shall not, without the approval of the
General Partners in accordance with Section 7.5(c), undertake on behalf of the Partnership, or enter into any transaction that would have the effect of, any of the following actions: 

(i)    effect an acquisition or disposition of assets, whether in a single transaction or a series of
related transactions with the same counterparty or group of counterparties acting in concert, for consideration in excess of the Specified Threshold; 

(ii)    incur indebtedness for borrowed money, whether in a single transaction or a series of related
transactions with the same group of lenders, in an aggregate amount that exceeds the Specified Threshold; 

(iii)    undertake to engage in a development project, other than Newhall Ranch, Great Park Neighborhoods,
Candlestick Point or San Francisco Shipyard, that would reasonably be expected to involve a total investment by the Partnership in excess of the Specified Threshold; or 

(iv)    effect a merger or consolidation of the Partnership with or into any corporation, limited
liability company, partnership or other Person, or a conversion of the Partnership into a corporation, limited liability company or any other type of entity, other than as permitted in Section 14.3(b). 

(e)    Notwithstanding Section 7.3(c) hereof but subject to the rights of any Holder of any
Partnership Interest set forth in a Unit Designation and Section 7.3(f), the Managing General Partner shall have the power, without the Consent of the Limited Partners and
Non-Managing General Partners, to amend this Agreement as may be required to facilitate or implement any of the following purposes: 

(i)    to add to the obligations of the Managing General Partner or surrender any right or power granted
to the Managing General Partner or any Affiliate of the Managing General Partner for the benefit of the Partners; 

(ii)    to reflect the admission, substitution or withdrawal of Partners, the Transfer of any Partnership
Interest or the termination of the Partnership in accordance with this Agreement, and to amend the Register in connection with such admission, substitution, withdrawal or Transfer; 

(iii)    to reflect a change that is of an inconsequential nature or does not adversely affect the
Partners in any material respect, or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other provisions, or make other changes with respect to matters arising under this Agreement that
will not be inconsistent with law or with the provisions of this Agreement; 
 (iv)    to satisfy any
requirements, conditions or guidelines contained in any order, directive, opinion, ruling or regulation of a Federal or state agency or contained in Federal or state law; 

(v)    to modify either or both of the manner in which items of Net Income or Net Loss are allocated
pursuant to Article 6 or the manner in which Capital Accounts are adjusted, computed or maintained (but in each case only to the extent set forth in the definition of “Capital Account” or
Section 5.7 or as contemplated by the Code or the Regulations); 
 (vi)    to
reflect the issuance of additional Partnership Interests in accordance with Article 4; 

(vii)    to set forth or amend the designations, preferences, conversion or other rights, voting powers,
restrictions, limitations as to distributions, qualifications or terms or conditions of redemption of any additional Units issued pursuant to Article 4; 

(viii)    if the Partnership is the Surviving Partnership in any Termination Transaction,
to modify Section 15.1 or any related definitions to provide the holders of interests in such Surviving Partnership rights that are consistent with Section 11.7(c)(v); 

  
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 (ix)    to modify Section 4.4 as
the Managing General Partner, in its sole discretion, deems necessary or desirable as a result of the Parent, the Managing General Partner or the Partnership adopting, modifying or terminating any share incentive plan for the benefit of employees,
directors or other business associates of the Parent, the Managing General Partner, the Partnership or any of their Affiliate; 

(x)    to reflect any other modification to this Agreement that is reasonably necessary for the business
or operations of the Partnership or the Parent and that does not violate Section 7.3(f); and 

(xi)    to implement the New Partnership Audit Procedures and make additional changes that the Managing
General Partner, in its reasonable discretion (taking into account the interests of all of the Partners), deems necessary or desirable as a result of the New Partnership Audit Procedures; provided that (A) the Managing General Partner
has consulted with the General Partners in accordance with Section 10.2(b) and (B) the changes do not modify clauses (B) or (C) of the proviso in Section 10.2(a). The Partners hereby
acknowledge that any such amendment may have a disproportionate impact on some Partners or an adverse impact on some Partners but not other Partners. 

(f)    Notwithstanding Sections 7.3(c), 7.3(e) and Article 14
hereof, this Agreement shall not be amended, and no action may be taken by the Managing General Partner, without the consent of each Partner, if any, adversely affected thereby, if such amendment or action would (i) modify the limited liability
of a Limited Partner, (ii) adversely alter the rights of any Partner to receive the distributions to which such Partner is entitled pursuant to Article 5 or Section 13.2(a)(i) hereof, or alter
the allocations specified in Article 6 hereof (except, in any case, as permitted pursuant to Sections 4.2, 5.7 and 7.3(e) hereof), (iii) alter or modify in a manner that
adversely affects any Partner the Redemption rights, Cash Amount or Class A Common Shares Amount as set forth in Section 15.1 hereof, or amend or modify any related definitions (except for amendments to this Agreement
or other actions that provide rights consistent with Section 11.7(c)), or (iv) amend this Section 7.3(f); provided, however, that the consent of any individual Partner adversely
affected shall not be required for any amendment or action that affects all Partners holding the same class or series of Units on a uniform or pro rata basis, if approved by Partners holding a majority of the outstanding Units of such class or
series. Further, no amendment may alter the restrictions on the Managing General Partner’s authority set forth elsewhere in this Section 7.3 without the consent specified therein. Any such amendment or action consented
to by any Partner shall be effective as to that Partner, notwithstanding the absence of such consent by any other Partner. 

(g)    This Agreement shall not be amended, and no action may be taken by the Managing General Partner, to cause any Non-Managing General Partner to cease to be a General Partner without the consent of such Non-Managing General Partner, unless the
Non-Managing General Partner experiences an Event of Withdrawal. 

Section 7.4    Reimbursement of the Managing General Partner and the Parent. 

(a)    The Managing General Partner shall not be compensated for its services as manager of the Partnership except as
provided in this Agreement (including the provisions of Articles 5 and 6 hereof regarding distributions, payments and allocations to which it may be entitled in its capacity as the Managing General Partner). 

(b)    Subject to Section 7.4(c) and Section 15.13, the Partnership
shall be liable for, and shall reimburse the Managing General Partner and the Parent on a monthly basis, or such other basis as the Managing General Partner may determine, for all sums expended in connection with the Partnership’s business,
including, without limitation, (i) expenses relating to the ownership of interests in and management and operation of, or for the benefit of, the Partnership, (ii) compensation of officers and employees, including, without limitation,
payments under future compensation plans of the Parent, the Managing General Partner or the Partnership that may provide for share units, or phantom shares, pursuant to which employees of the Parent, the Managing General Partner or the Partnership
will receive payments based upon dividends on or the value of Class A Common Shares, (iii) director fees and expenses, (iv) all costs and expenses associated with any action, suit, proceeding, claim, dispute, arbitration, inquiry,
examination, inspection or investigation pending by or before any governmental entity, arbitrator, mediator, agency, court, tribunal or other jurisdictional body, foreign or domestic, and (v) all costs and expenses of the Parent being a public
company, including costs of filings with the SEC, public reporting obligations, proxy statements and shareholder meetings, stock exchange fees, transfer agent fees, SEC and FINRA filing fees and offering expenses; provided, however,
that the 

  
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amount of any reimbursement shall be reduced by any interest earned by the Parent or the Managing General Partner with respect to bank accounts or other instruments or accounts held by it on
behalf of the Partnership as permitted pursuant to Section 7.7. Such reimbursements shall be in addition to any reimbursement of the Parent or the Managing General Partner as a result of indemnification pursuant to
Section 7.9 hereof. 
 (c)    To the extent practicable, Partnership expenses shall be billed
directly to and paid by the Partnership and, subject to Section 15.13 hereof, reimbursements to the Parent, the Managing General Partner or any of their respective Affiliates by the Partnership pursuant to this
Section 7.4 shall be treated as “guaranteed payments,” within the meaning of Code Section 707(c) (unless otherwise required by the Code and the Regulations) and shall not be treated as distributions
hereunder. 
 Section 7.5    Meetings of the General Partners. 

(a)    Each General Partner (other than the Managing General Partner) shall designate an individual as its representative
for purposes of this Section 7.5 and shall notify the Managing General Partner of such designation; provided, however, that (i) if an employee of such General Partner or one of its Affiliates is serving
on the Board of Directors, such employee (or if more than one employee is serving on the Board of Directors, one of such employees) shall be the representative and (ii) if no employee of such General Partner or one of its Affiliates is serving
on the Board of Directors, such representative shall be an individual that is reasonably acceptable to the Managing General Partner. 

(b)    The General Partners shall meet to discuss and review the management of the affairs of the Partnership, including
any material developments or actions since the last meeting and any reasonably anticipated material developments or material plans or proposals. Such meetings shall be at such time or times, but no less often than quarterly, and at such locations as
the General Partners may agree. Following any such meeting, the General Partners may make recommendations to the Board of Directors, including with respect to any changes to the Business Plan, upon the affirmative vote of a Majority in Interest of
the General Partners. 
 (c)    The Managing General Partner shall give prior written notice to the other General
Partners of any of the actions set forth in Section 7.3(d) and, if requested by any other General Partner within three (3) days of such notice, shall meet with the other General Partners to discuss and approve such
action, at such time and at such location as the General Partners may agree. Any approval shall be by the affirmative vote of a Majority in Interest of the General Partners. If a meeting is not requested by any of the General Partners within the
specified time frame, such action shall be deemed approved by the General Partners. 
 (d)    The General Partners may
participate in a meeting of the General Partners by means of a conference telephone or other communications equipment by means of which all Persons participating in the meeting can hear each other, and participation in a meeting pursuant to this
Section 7.5(d) shall constitute presence in person at such meeting. 

Section 7.6    Duties and Obligations of the Non-Managing General
Partners. 
 (a)    Except as otherwise expressly provided in this Agreement or required by the Act, (i) the
duties and obligations owed to the Partnership by a Non-Managing General Partner shall be the duty of care and the duty of loyalty owed to a corporation organized under the DGCL by its directors, and
(ii) the duty of care and the duty of loyalty owed to the Partners by a Non-Managing General Partner shall be the same as the duty of care and the duty of loyalty owed to the stockholders of a corporation
under the DGCL by its directors. 
 (b)    From time to time, at the request of the Managing General Partner, each Non-Managing General Partner shall execute and deliver to the Managing General Partner such agreements with the Partnership relating to confidentiality or other matters as the Managing General Partner may reasonably
request. 
 Section 7.7    Outside Activities of the Managing General Partner and the Parent. The Parent and
the Managing General Partner shall cause the Managing General Partner to be a Qualifying Parent Entity. Neither the Parent nor the Managing General Partner shall directly or indirectly enter into or conduct any business, other than in connection
with, (a) the ownership, acquisition and disposition of Partnership Interests, (b) the management of the business of the Partnership and its Subsidiaries, (c) the Parent’s operation as a reporting company with a class (or
classes) of securities registered under the Exchange Act, (d) the offering, sale, syndication, private placement or public 

  
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offering of shares, bonds, securities or other interests, (e) financing or refinancing of any type related to the Partnership or its assets or activities, and (f) such activities as are
incidental thereto; provided, however, that each of the Parent and the Managing General Partner may from time to time hold or acquire assets in its own name or otherwise other than through the Partnership so long as each of the Parent
and the Managing General Partner takes commercially reasonable measures to insure that the economic benefits and burdens of such Property are otherwise vested in the Partnership, whether through assignment, mortgage loan or otherwise or, if it is
not commercially reasonable to vest such economic interests in the Partnership, the Partners shall negotiate in good faith to amend this Agreement, including, without limitation, the definition of “Adjustment Factor,” to reflect such
activities and the direct ownership of assets by the Parent or the Managing General Partner, as applicable. Nothing contained herein shall be deemed to prohibit the Parent or the Managing General Partner from executing guarantees of Partnership
debt. Subject to Section 7.3(c) hereof, the Parent, the Managing General Partner and their respective wholly owned Subsidiaries shall not own any assets or take title to assets (other than temporarily in connection with an
acquisition prior to contributing such assets to the Partnership) other than (i) interests in wholly owned Subsidiaries, (ii) Partnership Interests, and (iii) such cash and cash equivalents, bank accounts or similar instruments or
accounts as such group deems reasonably necessary, taking into account Section 7.1(e) hereof and for the Parent and the Managing General Partner to carry out their respective responsibilities contemplated under this
Agreement and the Parent LLC Agreement. The Parent, the Managing General Partner and any of their Affiliates may acquire Partnership Interests and shall be entitled to exercise all rights of a Partner relating to such Partnership Interests. 

Section 7.8    Transactions with Affiliates. 

(a)    The Partnership may lend or contribute funds or other assets to the Parent and its Subsidiaries (including the
Managing General Partner and any other Special Partner) or other Persons in which the Parent has an equity investment, and such Persons may borrow funds from the Partnership, on terms and conditions no less favorable to the Partnership in the
aggregate than would be available from unaffiliated third parties, as determined by the Managing General Partner. The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other Person. It is expressly
acknowledged and agreed by each Partner that the Parent may (i) borrow funds from the Partnership in order to redeem, at any time or from time to time, options or warrants previously or hereafter issued by the Parent, (ii) put to the
Partnership, for cash, any rights, options, warrants or convertible or exchangeable securities that the Parent may desire or be required to purchase or redeem, or (iii) borrow funds from the Partnership to acquire assets that will be
contributed to the Partnership for Units. 
 (b)    Except as provided in Section 7.7 hereof
and subject to Section 3.1 hereof, the Partnership may transfer assets to joint ventures, limited liability companies, partnerships, corporations, business trusts or other business entities in which it is or thereby becomes
a participant upon such terms and subject to such conditions consistent with this Agreement and applicable law. 

(c)    The Parent, the Managing General Partner and their respective Affiliates may sell, transfer or convey any property
to the Partnership, directly or indirectly, on terms and conditions no less favorable to the Partnership, in the aggregate, than would be available from unaffiliated third parties, as determined by the Managing General Partner. 

(d)    The Parent or the Managing General Partner, without the approval of the Partners or any of them or any other
Persons, may propose and adopt, on behalf of the Partnership, employee benefit plans funded by the Partnership for the benefit of employees of the Managing General Partner, the Partnership, Subsidiaries of the Partnership or any Affiliate of any of
them in respect of services performed, directly or indirectly, for the benefit of the Parent, the Managing General Partner, the Partnership or any of the Partnership’s Subsidiaries. 

(e)    The Managing General Partner shall not be excluded or recused from any vote or decision by the General Partners
with respect to an interested transaction, including a transaction involving the Parent, the Managing General Partner or any of their respective Affiliates. 

Section 7.9    Indemnification. 

(a)    To the fullest extent permitted by applicable law, the Partnership shall indemnify each Indemnitee from and against
any and all losses, claims, damages, liabilities, joint or several, expenses (including, without limitation, attorney’s fees and other legal fees and expenses), judgments, fines, settlements and other amounts arising from any and all claims,
demands, actions, suits or proceedings, civil, criminal, administrative or investigative, 

  
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that relate to the operations of the Partnership (“Actions”), as set forth in this Agreement, in which such Indemnitee may be involved, or is threatened to be involved, as a
party or otherwise; provided, however, that the Partnership shall not indemnify (i) a General Partner, other than the Managing General Partner, for any Action if it is established by a final judgment of a court of competent
jurisdiction that the General Partner breached its duty of loyalty to the Partnership or the Partners, or did not act in good faith or engaged in intentional misconduct or a knowing violation of law, or (ii) an Indemnitee for an Action
initiated by the Indemnitee (other than an Action to enforce such Indemnitee’s rights to indemnification or advance of expenses under this Section 7.9). Without limitation, the foregoing indemnity shall extend to any
liability of any Indemnitee, pursuant to a loan guaranty or otherwise, for any indebtedness of the Partnership or any Subsidiary of the Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the
Partnership has assumed or taken subject to), and the Managing General Partner is hereby authorized and empowered, on behalf of the Partnership, to enter into one or more indemnity agreements consistent with the provisions of this
Section 7.9 in favor of any Indemnitee having or potentially having liability for any such indebtedness. It is the intention of this Section 7.9(a) that, except as specifically provided in this
Section 7.9, the Partnership shall indemnify each Indemnitee to the fullest extent permitted by law. The termination of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did
not meet the requisite standard of conduct set forth in this Section 7.9(a). The termination of any proceeding by conviction of an Indemnitee or upon a plea of nolo contendere or its equivalent by an Indemnitee, or an entry
of an order of probation against an Indemnitee prior to judgment, does not create a presumption that such Indemnitee acted in a manner contrary to that specified in this Section 7.9(a) with respect to the subject matter of
such proceeding. Any indemnification pursuant to this Section 7.9 shall be made only out of the assets of the Partnership, and neither the Managing General Partner nor any other Holder shall have any obligation to
contribute to the capital of the Partnership or otherwise provide funds to enable the Partnership to fund its obligations under this Section 7.9. 

(b)    To the fullest extent permitted by law, expenses incurred by an Indemnitee who is a party to a proceeding or
otherwise subject to or the focus of or is involved in any Action shall be paid or reimbursed by the Partnership as incurred by the Indemnitee in advance of the final disposition of the Action upon receipt by the Partnership of (i) a written
affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership, as authorized in Section 7.9(a), has been met, and (ii) a written
undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met, provided that such undertaking need not be secured and shall be without reference to the
financial ability for repayment. 
 (c)    The indemnification provided by this Section 7.9
shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to
serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnitee unless otherwise provided in a written agreement with such Indemnitee or in the writing pursuant to which such Indemnitee is
indemnified. 
 (d)    The Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf
of any of the Indemnitees and such other Persons as the Managing General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s
activities, regardless of whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement. 

(e)    Any liabilities which an Indemnitee incurs as a result of acting on behalf of the Partnership, the Managing
General Partner or the Parent (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form of
excise taxes assessed by the IRS, penalties assessed by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise) shall
be treated as liabilities or judgments or fines under this Section 7.9 
 (f)    In no event
may an Indemnitee subject any of the Holders to personal liability by reason of the indemnification provisions set forth in this Agreement. 

(g)    An Indemnitee shall not be denied indemnification in whole or in part under this
Section 7.9 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

  
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 (h)    The provisions of this Section 7.9 are for
the benefit of the Indemnitees, their heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons. Any amendment, modification or repeal of this
Section 7.9 or any provision hereof shall be prospective only and shall not in any way affect the Partnership’s liability to any Indemnitee under this Section 7.9 as in effect immediately
prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 

(i)    It is the intent of the parties that any amounts paid by the Partnership to the Managing General Partner or any
Special Partner pursuant to this Section 7.9 shall be treated as “guaranteed payments,” within the meaning of Code Section 707(c). 

Section 7.10    Liability of the Managing General Partner. 

(a)    To the maximum extent permitted under the Act, the only duties that the Managing General Partner owes to the
Partnership, any Partner or any other Person (including any creditor of any Partner or assignee of any Partnership Interest) are to perform its contractual obligations as expressly set forth in this Agreement. The Managing General Partner, in its
capacity as such, shall have no other duty, fiduciary or otherwise, to the Partnership, any Partner or any other Person (including any creditor of any Partner or any assignee of a Partnership Interest). The provisions of this Agreement shall create
contractual obligations of the Managing General Partner only, and no such provisions shall be interpreted to create any fiduciary duties of the Managing General Partner. 

(b)    The Partners agree that: (i) the Managing General Partner is acting for the benefit of the Partnership, the
Partners, the Parent and the Parent’s shareholders, collectively; and (ii) in the event of a conflict between the interests of the Partnership or any Partner, on the one hand, and the separate interests of the Parent or its shareholders,
on the other hand, the Managing General Partner may give priority to the separate interests of the Parent and its shareholders (including, without limitation, with respect to the tax consequences to Partners, Assignees or the Parent’s
shareholders) and, in the event of such a conflict, the Managing General Partner may give priority to the separate interests of the Parent or its shareholders if such action or failure to act does not result in a violation of the contract rights of
the Partners under this Agreement. 
 (c)    In exercising its authority under this Agreement, the Managing General
Partner may, but shall be under no obligation to, take into account the tax consequences to any Partner of any action taken (or not taken) by it. Except as otherwise agreed by the Partnership, the Managing General Partner and the Partnership shall
not have liability to a Partner under any circumstances as a result of any income tax liability incurred by such Partner as a result of an action (or inaction) by the Managing General Partner or the Partnership pursuant to the Managing General
Partner’s authority under this Agreement. 
 (d)    Subject to its obligations and duties as Managing General
Partner set forth in this Agreement and applicable law, the Managing General Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its
employees or agents. The Managing General Partner shall not be responsible to the Partnership or any Partner for any misconduct or negligence on the part of any such employee or agent appointed by it in good faith. 

(e)    In performing its duties under this Agreement and the Act, the Managing General Partner shall be entitled to rely
on the provisions of this Agreement and on any information, opinion, report or statement, including any financial statement or other financial data or the records or books of account of the Partnership or any subsidiary of the Partnership, prepared
or presented by an officer, employee or agent of the Managing General Partner or the Partnership or any such subsidiary, or by a lawyer, certified public accountant, appraiser or other person engaged by the Partnership as to any matter within such
person’s professional or expert competence, and any act taken or omitted to be taken in reliance upon any such information, opinion, report or statement as to matters that the Managing General Partner reasonably believes to be within such
Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. The Managing General Partner shall be entitled to rely on the advice of legal counsel,
independent public accountants and other experts, including financial advisors, and any act of or failure to act by the Managing General Partner in reliance on such advice shall not subject the Managing General Partner to liability to the
Partnership or any Partner. The Managing General Partner may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture
or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

  
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 (f)    Notwithstanding anything herein to the contrary, except pursuant to
any express indemnities given to the Partnership by the Managing General Partner pursuant to any other written instrument, the Managing General Partner shall not have any personal liability whatsoever, to the Partnership or to the other Partners,
for any action or omission taken in its capacity as the Managing General Partner or, to the fullest extent permitted by the Act, for the debts or liabilities of the Partnership or the Partnership’s obligations hereunder. Without limitation of
the foregoing, and except pursuant to any such express indemnity, no property or assets of the Managing General Partner, other than its interest in the Partnership, shall be subject to levy, execution or other enforcement procedures for the
satisfaction of any judgment (or other judicial process) in favor of any other Partner(s) and arising out of, or in connection with, this Agreement. The foregoing is not intended to limit any liability or obligations of the Parent pursuant to
Section 15.1. 
 (g)    No manager, member, director, officer, employee, agent or
representative of the Managing General Partner or the Parent, and no officer of the Partnership (in their respective capacities as such), shall have any duties to the Partnership or any Partner. No manager, member, director, officer, employee, agent
or representative of the Managing General Partner or the Parent, and no officer of the Partnership, shall be liable to the Partnership or any Partner for money damages by reason of their service as such. 

(h)    Subject to Section 7.10(a), but notwithstanding any other provision of this Agreement or
otherwise applicable provision of law or equity, whenever in this Agreement the Managing General Partner is permitted or required to make a decision or take an action (a) in its “sole discretion” or “discretion” or under a
similar grant of authority or latitude, or without any express standard, in making such decisions, the Managing General Partner shall be entitled to take into account such interests and factors as it desires (including its own interests) or
(b) in “good faith” or under another expressed standard, the Managing General Partner shall act under such standard and shall not be subject to any other or different standards. 

(i)    Any amendment, modification or repeal of this Section 7.10 or any provision hereof shall
be prospective only and shall not in any way affect the limitations on the liability of the Managing General Partner, or its managers, members, directors, officers or agents, or officers of the Partnership, to the Partnership and the Partners under
this Section 7.10, as in effect immediately prior to such amendment, modification or repeal, with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification
or repeal, regardless of when such claims may arise or be asserted. 
 Section 7.11    Title to Partnership
Assets. All Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be beneficially owned by the Partnership as an entity, and no Partner, individually or collectively with other Partners or
Persons, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the Managing General Partner or one or more nominees, as the
Managing General Partner may determine, including Affiliates of the Managing General Partner. The Managing General Partner hereby declares and warrants that any Partnership assets for which legal title is held in the name of the Managing General
Partner or any nominee or Affiliate of the Managing General Partner shall be held by the Managing General Partner for the use and benefit of the Partnership in accordance with the provisions of this Agreement. All Partnership assets shall be
recorded as the property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. 

Section 7.12    Reliance by Third Parties. Notwithstanding anything to the contrary in this Agreement, any
Person dealing with the Partnership shall be entitled to assume that the Managing General Partner has full power and authority, without the consent or approval of any other Partner, or Person, to encumber, sell or otherwise use in any manner any and
all assets of the Partnership and to enter into any contracts on behalf of the Partnership, and take any and all actions on behalf of the Partnership, and such Person shall be entitled to deal with the Managing General Partner as if it were the
Partnership’s sole party in interest, both legally and beneficially. Each Partner hereby waives any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm any action of the Managing General
Partner in connection with any such dealing. In no event shall any Person dealing with the Managing General Partner or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the
necessity or expediency of any act or action of the Managing General Partner or its representatives. Each and every certificate, document or other instrument executed on behalf of the Partnership by the Managing General Partner or its
representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming in good faith thereunder that (i) at the time of the execution and delivery of such certificate, document or instrument, this Agreement
was in full force and effect, (ii) the Person executing and delivering such 

  
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certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership, and (iii) such certificate, document or instrument was duly executed and
delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership. 
 ARTICLE 8 

RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 

Section 8.1    Limitation of Liability. No Limited Partner, in its capacity as such, shall have any duties or
liability under this Agreement except as expressly provided in this Agreement (including, without limitation, Section 10.4 and Section 15.1 hereof) or under the Act. To the maximum extent permitted
by law, no Limited Partner shall have any personal liability whatsoever to the Partnership, the other Partners or any other Persons for any action or omission taken in its capacity as a limited partner or for the debts or liabilities of the
Partnership or the Partnership’s obligations hereunder, except pursuant to any express indemnities given to the Partnership by such Limited Partner pursuant to any other written instrument, and except for liabilities of the Parent pursuant to
Section 15.1 hereof. Without limitation of the foregoing, and except pursuant to any such express indemnity (and, in the case of the Parent, pursuant to Section 15.1 hereof), no property or assets
of a Limited Partner, other than its interest in the Partnership, shall be subject to levy, execution or other enforcement procedures for the satisfaction of any judgment (or other judicial process) in favor of any other Partner(s) and arising out
of, or in connection with, this Agreement. 
 Section 8.2    Management of Business. No Limited Partner or
Assignee (other than in its separate capacity as the Managing General Partner, any of its Affiliates or any officer, director, manager, member, employee, partner, agent, representative or trustee of the Managing General Partner, the Partnership or
any of their Affiliates, in their capacity as such) shall take part in the operations, management or control of the Partnership’s business, transact any business in the Partnership’s name or have the power to sign documents for or
otherwise bind the Partnership. The transaction of any such business by the Managing General Partner, any of its Affiliates or any officer, director, manager, member, employee, partner, agent, representative or trustee of the Managing General
Partner, the Partnership or any of their Affiliates, in their capacity as such, shall not affect, impair or eliminate the limitations on the liability of the Limited Partners or Assignees under this Agreement. 

Section 8.3    Outside Activities of Limited Partners. Subject to any agreements entered into pursuant to
Section 7.8 hereof and any other agreements entered into by a Limited Partner or any of its Affiliates, or by an Affiliate of a Non-Managing General Partner that is not a Subsidiary
of Parent (a “Non-Managing GP Affiliate”), with the Managing General Partner, the Partnership or a Subsidiary (including, without limitation, any employment agreement), any Limited Partner or Non-Managing GP Affiliate and any Assignee, officer, director, employee, agent, representative, trustee, Affiliate, manager, member or shareholder of any Limited Partner or
Non-Managing GP Affiliate shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities
that are in direct or indirect competition with the Partnership or that are enhanced by the activities of the Partnership. Neither the Partnership nor any Partner shall have any rights by virtue of this Agreement in any business ventures of any
Limited Partner or Assignee or Non-Managing GP Affiliate. Subject to such agreements, none of the Partners nor any other Person shall have any rights by virtue of this Agreement in any business ventures of any
other Person (other than the Parent to the extent expressly provided herein), and such Person shall have no obligation pursuant to this Agreement, subject to Section 7.8 hereof and any other agreements entered into by a
Limited Partner or its Affiliates or a Non-Managing GP Affiliate with the Managing General Partner, the Partnership or a Subsidiary, to offer any interest in any such business ventures to the Partnership, any
Partner, or any such other Person, even if such opportunity is of a character that, if presented to the Partnership, any Partner or such other Person, could be taken by such Person. 

Section 8.4    Return of Capital. Except pursuant to the rights of Redemption set forth in
Section 15.1 hereof or in any Unit Designation, no Limited Partner shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent of distributions made pursuant to this Agreement or upon
dissolution of the Partnership as provided herein. Except to the extent provided in Article 5 or Article 6 hereof or otherwise expressly provided in this Agreement or in any Unit Designation, no
Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee either as to the return of Capital Contributions or as to profits, losses or distributions. 

  
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 Section 8.5    Rights of Limited Partners Relating to the
Partnership. 
 (a)    In addition to other rights provided by this Agreement or by the Act, and subject to
Section 8.5(c), the Managing General Partner shall deliver to each Limited Partner a copy of any information mailed to all of the common shareholders of the Parent as soon as practicable after such mailing. 

(b)    The Partnership shall notify any Limited Partner that is a Qualifying Party, on request, of the then current
Adjustment Factor or any change made to the Adjustment Factor. 
 (c)    Notwithstanding any other provision of this
Section 8.5, the Managing General Partner may keep confidential from the Limited Partners, or from all the Partners (or any of them), for such period of time as the Managing General Partner determines to be reasonable, any
information that (i) the Managing General Partner believes to be in the nature of trade secrets or other information the disclosure of which the Managing General Partner in good faith believes is not in the best interests of the Partnership or
the Parent or (ii) the Partnership or the Managing General Partner is required by law or by agreement to keep confidential. 

Section 8.6    Partnership Right to Call Partnership Interests. Notwithstanding any other provision of this
Agreement, but subject to the rights of any Holder of any Partnership Interest set forth in a Unit Designation, on and after the date on which the aggregate Percentage Interests of the Partners (other than the Special Partners) are less than one
percent (1%), the Partnership shall have the right, but not the obligation, from time to time and at any time to redeem any and all outstanding Class A Units (other than Class A Units held by any Special Partner) by treating any Partner as
a Tendering Party who has delivered a Notice of Redemption pursuant to Section 15.1 hereof for the amount of Class A Units to be specified by the Managing General Partner by notice to such Partner that the Partnership
has elected to exercise its rights under this Section 8.6. Such notice given by the Managing General Partner to a Partner pursuant to this Section 8.6 shall be treated as if it were a Notice of
Redemption delivered to the Managing General Partner by such Partner. For purposes of this Section 8.6, (a) any Partner (whether or not otherwise a Qualifying Party) may be treated as a Qualifying Party that is a
Tendering Party and (b) the provisions of Sections 15.1(c)(i), 15.1(d)(i) and 15.1(d)(ii) hereof shall not apply, but the remainder of Section 15.1 hereof shall apply,
mutatis mutandis. 
 Section 8.7    Certificates Evidencing Units. The Managing General
Partner may, at any time, determine that ownership of any class of Units shall be evidenced by a certificate in such form as the Managing General Partner adopts from time to time, which certificate may be imprinted with a legend setting forth such
restrictions placed on the Units as specified in this Agreement and such restrictions will be binding upon all holders of the certificate along with the terms and conditions set forth in this Agreement. If the Managing General Partner elects to
issue certificates to evidence any class of Units, the following provisions shall apply: (a) the certificate shall state that the Partnership is a limited partnership formed under the laws of the State of Delaware, the name of the Partner to
whom such certificate is issued and that the certificate represents a Partnership Interest, within the meaning of Section 17-702(b) of the Act; (b) each certificate shall be signed by the Managing
General Partner of the Partnership by either manual or facsimile signature; (c) the certificates shall be numbered and registered in the Register as they are issued; (d) when certificates are presented to the Partnership with a request to
register a transfer, if the transfer is permitted by this Agreement, the Partnership shall register the transfer or make the exchange on the Register or transfer books of the Partnership; provided, that any certificates presented or
surrendered for registration of transfer or exchange must be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Partnership, duly executed by the holder thereof or his attorney duly authorized in writing;
(e) before due presentment for registration of transfer of a certificate in compliance with and in accordance with this Agreement, the Partnership shall be entitled to treat the individual or entity in whose name any certificates issued by the
Partnership stand on the books of the Partnership as the absolute owner of the Units evidenced thereby, and shall not be bound to recognize any equitable or other claim to, or interest in, such Units on the part of any other individual or entity;
(f) if any mutilated certificate is surrendered to the Partnership, or the Partnership receives evidence to its satisfaction of the destruction, loss or theft of any certificate, the Partnership shall issue a replacement certificate if the
requirements of Section 8-405 of the Uniform Commercial Code are met. If required by the Managing General Partner, an indemnity and/or the deposit of a bond in such form and in such sum, and with such
surety or sureties as the Managing General Partner may direct, must be supplied by the holder of such lost, destroyed or stolen certificate that is sufficient in the judgment of the Managing General Partner to protect the Partnership from any loss
that it may suffer if a certificate is replaced. The Partnership may charge for its expenses incurred in connection with replacing a certificate. 

  
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 ARTICLE 9 

BOOKS, RECORDS, ACCOUNTING AND REPORTS 

Section 9.1    Records and Accounting. 

(a)    The Managing General Partner shall keep or cause to be kept at the principal business office of the Partnership
those records and documents, if any, required to be maintained by the Act and other books and records deemed by the Managing General Partner to be appropriate with respect to the Partnership’s business, including, without limitation, all books
and records necessary to provide to the Partners any information, lists and copies of documents required to be provided pursuant to Section 17-305 of the Act or Section 8.5(a),
Section 9.3 or Article 13 hereof. Any records maintained by or on behalf of the Partnership in the regular course of its business may be kept on any information storage device, provided that
the records so maintained are convertible into clearly legible written form within a reasonable period of time. 

(b)    The books of the Partnership shall be maintained, for financial and tax reporting purposes, on an accrual basis in
accordance with generally accepted accounting principles, or on such other basis as the Managing General Partner determines to be necessary or appropriate. To the extent permitted by sound accounting practices and principles, the Partnership and the
Managing General Partner may operate with integrated or consolidated accounting records, operations and principles. 

Section 9.2    Partnership Year. The Partnership Year shall be the calendar year.

 Section 9.3    Reports. 

(a)    As soon as practicable, but in no event later than 120 days after the close of each Partnership Year, the Managing
General Partner shall cause to be mailed to each Partner of record as of the close of the Partnership Year, financial statements of the Partnership, or of the Parent if such statements are prepared solely on a consolidated basis with the Parent, for
such Partnership Year, presented in accordance with generally accepted accounting principles, such statements to be audited by a nationally recognized firm of independent public accountants selected by the Managing General Partner. 

(b)    As soon as practicable, but in no event later than 90 days after the close of each calendar quarter (except the
last calendar quarter of each year), the Managing General Partner shall cause to be mailed to each Partner of record as of the last day of the calendar quarter, a report containing unaudited financial statements of the Partnership, or of the Parent
if such statements are prepared solely on a consolidated basis with the Parent, for such calendar quarter, and such other information as may be required by applicable law or regulation or as the Managing General Partner determines to be appropriate.

 (c)    The Managing General Partner may satisfy its obligations under Section 9.3(a) and
Section 9.3(b) by posting or making available the reports specified in such sections on a website maintained by the Managing General Partner or the Parent, or through the Parent’s filing of annual and quarterly reports
with the SEC. 
 (d)    The Managing General Partner will provide each Partner with any additional financial
information reasonably requested by such Partner in connection with the preparation of financial statements or reports for the Partner or its parent corporation. 

ARTICLE 10 
 TAX MATTERS 

Section 10.1    Preparation of Tax Returns. The Managing General Partner shall arrange for the preparation and
timely filing of all returns with respect to Partnership income, gains, deductions, losses and other items required of the Partnership for Federal and state income tax purposes and shall use all reasonable effort to furnish, within ninety
(90) days of the close of each taxable year, the tax information reasonably required by Partners and for Federal and state income tax and any other tax reporting purposes, including a completed IRS
Schedule K-1. The Partners shall promptly provide the Managing General Partner with such information relating to the Contributed Properties, including tax basis and other relevant information, and any
other information relevant to tax status or tax reporting of the Partnership or its Subsidiaries as may be reasonably requested by the Managing General Partner from time to time. 

  
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 Section 10.2    Tax Elections. 

(a)    Except as otherwise provided herein, the Managing General Partner (i) shall determine whether to make any
available election pursuant to the Code, including, but not limited to, the election under Code Section 754 for any Partnership Year and (ii) shall have the right to seek to revoke any such election; provided, however, that
(A) no election under Code Section 754 shall be made by the Partnership for any tax year ending on or before December 31, 2016, (B) no election shall be made to apply the New Partnership Audit Procedures prior to the effective date of
the New Partnership Audit Procedures and (C) an election shall be made to not apply the New Partnership Audit Procedures to the extent the Partnership is eligible to make such an election. 

(b)    The Managing General Partner agrees to consult with the Non-Managing
General Partners prior to making any amendment to this Agreement pursuant to Section 7.3(e)(xi). 

Section 10.3    Tax Matters Partner. 

(a)    The Managing General Partner shall be the “tax matters partner” and “partnership
representative” of the Partnership for federal income tax purposes (collectively, the “Tax Matters Partner”). The Tax Matters Partner shall receive no compensation for its services. All third-party costs and expenses incurred
by the Tax Matters Partner in performing its duties as such (including legal and accounting fees and expenses) shall be borne by the Partnership in addition to any reimbursement pursuant to Section 7.4 hereof. Nothing
herein shall be construed to restrict the Partnership from engaging an accounting firm or other qualified tax advisor to assist the Tax Matters Partner in discharging its duties hereunder. At the request of any Partner, the Managing General Partner
agrees to inform such Partner regarding the preparation and filing of any returns and with respect to any subsequent audit or litigation relating to such returns; provided, however, that the Managing General Partner shall have the
exclusive power to determine whether to file, and the content of, such returns. 
 (b)    The Tax Matters Partner is
authorized, but not required: 
 (i)    to enter into any settlement with the IRS with respect to any
administrative or judicial proceedings for the adjustment of Partnership items required to be taken into account by the Partnership or a Partner for income tax purposes (such administrative proceedings being referred to as a “tax
audit” and such judicial proceedings being referred to as “judicial review”), and in the settlement agreement the Tax Matters Partner may expressly state that such agreement shall bind all Partners, except that such
settlement agreement shall not bind any Partner (i) who (within the time prescribed pursuant to the Code and Regulations) files a statement with the IRS providing that the Tax Matters Partner shall not have the authority to enter into a
settlement agreement on behalf of such Partner (as the case may be) or (ii) who is a “notice partner” (as defined in Code Section 6231) or a member of a “notice group” (as defined in Code Section 6223(b)(2)), in
each case to the extent permitted by law; 
 (ii)    in the event that a notice of a final
administrative adjustment at the Partnership level of any item required to be taken into account by the Partnership or a Partner for tax purposes (a “final adjustment”) is mailed to the Tax Matters Partner, to seek judicial review
of such final adjustment, including the filing of a petition for readjustment with the United States Tax Court or the United States Claims Court, or the filing of a complaint for refund with the District Court of the United States for the district
in which the Partnership’s principal place of business is located; 
 (iii)    to intervene in any
action brought by any other Partner for judicial review of a final adjustment; 
 (iv)    to file a
request for an administrative adjustment with the IRS at any time and, if any part of such request is not allowed by the IRS, to file an appropriate pleading (petition or complaint) for judicial review with respect to such request; 

(v)    to enter into an agreement with the IRS to extend the period for assessing any tax that is
attributable to any item required to be taken into account by the Partnership or a Partner for tax purposes, or an item affected by such item; and 

  
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 (vi)    to take any other action on behalf of the
Partnership or the Partners or any of them in connection with any tax audit or judicial review proceeding to the extent permitted by applicable law or regulations. 

The taking of any action and the incurring of any expense by the Tax Matters Partner in connection with any such proceeding, except to the extent required by
law, is a matter in the sole and absolute discretion of the Tax Matters Partner and the provisions relating to indemnification of the Managing General Partner set forth in Section 7.9 hereof shall be fully applicable to the
Tax Matters Partner in its capacity as such. 
 Section 10.4    Withholding. Each Partner hereby authorizes
the Partnership to withhold from or pay on behalf of or with respect to such Partner any amount of Federal, state, local or foreign taxes that the Managing General Partner determines that the Partnership is required to withhold or pay with respect
to (a) any amount distributable or allocable to such Partner pursuant to this Agreement, including, without limitation, any taxes required to be withheld or paid by the Partnership pursuant to Code Section 1441, Code Section 1442,
Code Section 1445 or Code Section 1446 and (b) any “imputed underpayment” within the meaning of the New Partnership Audit Procedures attributable to such Partner and paid by the Partnership (or by any Subsidiary of the
Partnership but only to the extent such payment is allocated to the Partnership) as a result of an adjustment with respect to any item of the Partnership or such Subsidiary, including any interest or penalties with respect to any such adjustment
(collectively, an “Imputed Underpayment Amount”). Any Imputed Underpayment Amount that the Managing General Partner cannot attribute to a Partner shall be treated as an expense of the Partnership. Any amount described in the first
sentence of this Section 10.4 that is paid on behalf of or with respect to a Partner shall constitute a loan by the Partnership to such Partner, which loan shall be repaid by such Partner within fifteen (15) days after
notice from the Managing General Partner that such payment must be made unless (i) the Partnership withholds such payment from a distribution that would otherwise be made to the Partner or (ii) the Managing General Partner determines that
such payment may be satisfied out of the cash of the Partnership that would, but for such payment, be distributed to the Partner. Each Partner hereby unconditionally and irrevocably grants to the Partnership a security interest in such
Partner’s Partnership Interest to secure such Partner’s obligation to pay to the Partnership any amounts required to be paid pursuant to this Section 10.4. In the event that a Partner fails to pay any amounts owed
to the Partnership pursuant to this Section 10.4 when due, the Managing General Partner may elect to make the payment to the Partnership on behalf of such defaulting Partner, and in such event shall be deemed to have loaned
such amount to such defaulting Partner and shall succeed to all rights and remedies of the Partnership as against such defaulting Partner (including, without limitation, the right to receive distributions). Any amounts payable by a Partner hereunder
shall bear interest at the base rate on corporate loans at large United States money center commercial banks, as published from time to time in the Wall Street Journal, plus four (4) percentage points (but not higher than the maximum lawful
rate) from the date such amount is due (i.e., fifteen (15) days after demand) until such amount is paid in full. Each Partner shall take such actions as the Partnership or the Managing General Partner shall request in order to perfect or
enforce the security interest created hereunder. 
 Section 10.5    Organizational Expenses. The Managing
General Partner may cause the Partnership to elect to deduct expenses, if any, incurred by it in organizing the Partnership ratably over a 180-month period as provided in Code Section 709. 

ARTICLE 11 
 PARTNER TRANSFERS
AND WITHDRAWALS 
 Section 11.1    Transfer. 

(a)    No part of the interest of a Partner shall be subject to the claims of any creditor, to any spouse for alimony or
support, or to legal process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in this Agreement. 

(b)    No Partnership Interest shall be Transferred, in whole or in part, except in accordance with the terms and
conditions set forth in this Article 11. Any Transfer or purported Transfer of a Partnership Interest not made in accordance with this Article 11 shall be null and void ab initio. 

(c)    No Transfer of any Partnership Interest may be made to a lender to the Partnership or any Person who is related
(within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a Nonrecourse Liability, without the consent of the Managing General Partner; provided
that as a 

  
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condition to such consent, the lender will be required to enter into an arrangement with the Partnership and the Managing General Partner to redeem or exchange for the Class A Common Shares
Amount any Units in which a security interest is held by such lender simultaneously with the time at which such lender would be deemed to be a member in the Partnership for purposes of allocating liabilities to such lender under Code
Section 752. 
 Section 11.2    Transfer by Managing General Partner. 

(a)    Except as provided in Section 11.2(b), and subject to the rights of any Holder of any
Partnership Interest set forth in a Partnership Unit Designation, the Managing General Partner may not Transfer all or any portion of its Partnership Interest without the Consent of the Partners. 

(b)    Subject to compliance with the other provisions of this Article 11, the Managing General
Partner may Transfer all or any portion of its Partnership Interest at any time to a Special Partner or any Person that is, at the time of such Transfer, a direct or indirect wholly owned Subsidiary of the Managing General Partner, without the
Consent of any Partner, and, if the transferee is a Qualifying Parent Entity, may designate the transferee to become the new Managing General Partner under Section 12.1. 

(c)    The Managing General Partner may not voluntarily withdraw as a general partner of the Partnership without the
Consent of the Limited Partners and Non-Managing General Partners, except in connection with a Transfer of the Managing General Partner’s entire Partnership Interest permitted in this
Article 11 and the admission of the transferee as a successor Managing General Partner of the Partnership pursuant to the Act and this Agreement. 

(d)    It is a condition to any Transfer of the entire Partnership Interest of a Managing General Partner otherwise
permitted hereunder that, coincident or prior to such Transfer, (i) the transferee assumes by operation of law or express agreement all of the obligations of the transferor Managing General Partner under this Agreement with respect to such
Transferred Partnership Interest; (ii) the transferee has executed such instruments as may be necessary to effectuate the admission of the transferee as a Managing General Partner, and to confirm the agreement of such transferee to be bound by
all the terms and provisions of this Agreement applicable to a Managing General Partner; and (iii) the transferee is a Qualifying Parent Entity. 

Section 11.3    Transfers by Limited Partners and Non-Managing General
Partners. 
 (a)    General. Prior to the end of the Twelve-Month Period applicable to any Partnership
Interest and except as provided below and in Section 11.1(c) hereof, no Limited Partner or Non-Managing General Partner shall Transfer all or any portion of such Partnership Interest
to any transferee (other than a Permitted Transferee) without the consent of the Managing General Partner. After the expiration of the Twelve-Month Period applicable to any Partnership Interest, and subject to
Section 11.3(d) hereof, each Limited Partner, each Non-Managing General Partner, and each transferee of its Partnership Interest or Assignee pursuant to a Permitted Transfer, shall
have the right to Transfer all or any portion of such Partnership Interest to any Person. Notwithstanding the foregoing, any Limited Partner or Non-Managing General Partner may, at any time, without the
consent of the Managing General Partner, Transfer all or any portion of its Partnership Interest pursuant to a Permitted Transfer (including, in the case of a Partner that is a Permitted Lender Transferee, any Transfer of a Partnership Interest to a
Third-Party Pledge Transferee). Any Transfer of a Partnership Interest by a Limited Partner, a Non-Managing General Partner or an Assignee is subject to Section 11.4 and to
satisfaction of the following conditions: 
 (i)    Parent Right of First Refusal. The
transferring Partner (or the Partner’s estate in the event of the Partner’s death) shall give written notice of the proposed Transfer to the Managing General Partner and the Parent, which notice shall state (i) the identity and
address of the proposed transferee and (ii) the amount and type of consideration proposed to be received for the Transferred Units. The Parent shall have ten (10) Business Days upon which to give the Transferring Partner notice of its
election to acquire the Units on the terms set forth in such notice (or, if the terms provide for non-cash consideration, for cash equal to the Value, or if other than Class A Shares, the fair market
value, as determined in good faith by the Parent, of such non-cash consideration). If it so elects, the Parent shall purchase the Units on such terms within ten (10) Business Days after giving notice of
such election; provided, however, that in the event that the proposed terms involve a purchase for cash (including cash in lieu of non-cash consideration), the Parent may at its election deliver
in lieu of all or any portion of such cash a note from the Parent payable to the Transferring 

  
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Partner at a date as soon as reasonably practicable, but in no event later than one hundred eighty (180) days after such purchase, and bearing interest at an annual rate equal to the
Applicable Federal Short-Term Rate, as published monthly by the IRS, as of the closing of such purchase; provided, further, that such closing may be deferred to the extent necessary to effect compliance with the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, if applicable, and any other applicable requirements of law. If the Parent does not elect to acquire the Units, the Transferring Partner may Transfer such Units to a third party, on terms no more favorable to the
transferee than the originally proposed terms, subject to the other conditions of this Section 11.3. 

(ii)    Qualified Transferee. Any Transfer of a Partnership Interest shall be made only to a single
Qualified Transferee; provided, however, that, for such purposes, all Qualified Transferees that are Affiliates, or that comprise investment accounts or funds managed by a single Qualified Transferee and its Affiliates, shall be
considered together to be a single Qualified Transferee; provided, further, that each Transfer meeting the minimum Transfer restriction of Section 11.3(a)(iv) hereof may be to a separate Qualified Transferee.

 (iii)    Opinion of Counsel. The Transferor shall deliver or cause to be delivered to the
Managing General Partner an opinion of counsel reasonably satisfactory to it to the effect that the proposed Transfer may be effected without registration under the Securities Act and will not otherwise violate the registration provisions of the
Securities Act and the regulations promulgated thereunder or violate any state securities laws or regulations applicable to the Partnership or the Partnership Interests Transferred; provided, however, that the Managing General Partner
may waive this condition upon the request of the Transferor. If, in the opinion of such counsel, a Transfer would require the filing of a registration statement under the Securities Act or would otherwise violate any Federal or state securities laws
or regulations applicable to the Partnership or the Units, the Managing General Partner may prohibit such Transfer of Partnership Interests even if it is otherwise permitted under this Section 11.3. 

(iv)    Minimum Transfer Restriction. A Transferring Partner may not Transfer less than all of the
Units then owned by such Transferring Partner without the consent of the Managing General Partner, which may be withheld in its sole discretion; provided, however, that, for purposes of determining compliance with the foregoing
restriction, all Units owned by Affiliates of a Partner shall be considered to be owned by such Partner. 

(v)    No Further Transfers. The transferee shall not be permitted to effect any further Transfer
of the Units, other than to the Parent or the Partnership. 
 (vi)    Exception for Permitted
Transfers. The conditions of Section 11.3(a) hereof shall not apply in the case of a Permitted Transfer to a Qualified Transferee, or a Transfer to the Partnership or the Parent. 

It is a condition to any Transfer otherwise permitted hereunder (whether or not such Transfer is effected during or after the applicable Twelve-Month Period)
that the transferee assumes by operation of law or express agreement all of the obligations of the transferor Partner under this Agreement with respect to such Transferred Partnership Interest, and no such Transfer (other than pursuant to a
statutory merger or consolidation wherein all obligations and liabilities of the transferor Partner are assumed by a successor corporation by operation of law) shall relieve the transferor Partner of its obligations under this Agreement without the
approval of the Managing General Partner. Any transferee, whether or not admitted as a Substituted Limited Partner, shall take subject to the obligations of the transferor hereunder. Unless admitted as a Substituted Limited Partner, no transferee,
whether by a voluntary Transfer, by operation of law or otherwise, shall have any rights hereunder, other than the rights of an Assignee as provided in Section 11.5 hereof. 

(b)    Incapacity. If a Partner is subject to Incapacity, the executor, administrator, trustee, committee,
guardian, conservator or receiver of such Partner’s estate shall have all the rights of a Limited Partner, but not more rights than those enjoyed by other Limited Partners, for the purpose of settling or managing the estate, and such power as
the Incapacitated Partner possessed to Transfer all or any part of its Partnership Interest. The Incapacity of a Partner, in and of itself, shall not dissolve or terminate the Partnership. 

  
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 (c)    Adverse Tax Consequences. No Transfer by a Partner of its
Partnership Interests (including any Redemption, any other acquisition of Units by the Parent or the Partnership and including any Permitted Transfer) may be made to or by any Person if in the opinion of legal counsel or other qualified tax advisor
for the Partnership, such Transfer would create a material risk of the Partnership being treated as an association taxable as a corporation or would result in a termination of the Partnership under Code Section 708. 

(d)    Management Units. No Management Partner shall Transfer all or any portion of its Management Units to any
transferee (other than a Permitted Transferee) without the consent of the Managing General Partner. 

Section 11.4    Substituted Limited Partners. 

(a)    No Limited Partner or Non-Managing General Partner shall have the right to
substitute a transferee, other than a Permitted Transferee, as a Limited Partner in its place. A transferee of the interest of a Limited Partner or Non-Managing General Partner may be admitted as a Substituted
Limited Partner only with the consent of the Managing General Partner; provided, however, that a Permitted Transferee may be admitted as a Substituted Limited Partner pursuant to a Permitted Transfer without the consent of the Managing
General Partner. The failure or refusal by the Managing General Partner to permit a transferee of any such interests to become a Substituted Limited Partner shall not give rise to any cause of action against the Partnership or the Managing General
Partner. Subject to the foregoing, an Assignee shall not be admitted as a Substituted Limited Partner unless and until it furnishes to the Managing General Partner (i) evidence of acceptance, in form and substance satisfactory to the Managing
General Partner, of all the terms, conditions and applicable obligations of this Agreement (which may be a counterpart signature page to this Agreement executed by such Assignee), and (ii) such other documents and instruments as the Managing
General Partner may require to effect such Assignee’s admission as a Substituted Limited Partner. 

(b)    Concurrently with, and as evidence of, the admission of a Substituted Limited Partner, the Managing General
Partner shall amend the Register and the books and records of the Partnership to reflect the name, address, and number of Units of such Substituted Limited Partner and to eliminate or adjust, if necessary, the name, address and number of Units of
the predecessor of such Substituted Limited Partner. 
 (c)    A transferee who has been admitted as a Substituted
Limited Partner in accordance with this Article 11 shall have all the rights and powers and be subject to all the restrictions and liabilities of a Limited Partner under this Agreement. 

Section 11.5    Assignees. If the Managing General Partner’s consent is required for the admission of any
transferee under Section 11.4 hereof as a Substituted Limited Partner, as described in Section 11.4 hereof, and the Managing General Partner withholds such consent, such transferee shall be
considered an Assignee for purposes of this Agreement. An Assignee shall be entitled to all the rights of an assignee of a partnership interest under the Act, including the right to receive distributions from the Partnership and the share of Net
Income, Net Losses and other items of income, gain, loss, deduction and credit of the Partnership attributable to the Units assigned to such transferee, and the rights to Transfer the Units provided in this Article 11, but
shall not be deemed to be a holder of Units for any other purpose under this Agreement (other than as expressly provided in Section 15.1 hereof with respect to a Qualifying Party that becomes a Tendering Party), and shall
not be entitled to effect a Consent or vote with respect to such Units on any matter presented to the Partners or any subset of the Partners for approval (such right to Consent or vote, to the extent provided in this Agreement or under the Act,
fully remaining with the transferor Partner). In the event that any such transferee desires to make a further assignment of any such Units, such transferee shall be subject to all the provisions of this Article 11 to the
same extent and in the same manner as any Limited Partner desiring to make an assignment of Units. 

Section 11.6    General Provisions. 

(a)    No Limited Partner may withdraw from the Partnership other than: (i) as a result of a permitted Transfer of
all of such Limited Partner’s Partnership Interest in accordance with this Article 11 with respect to which the transferee becomes a Substituted Limited Partner; (ii) pursuant to a redemption (or acquisition by
the Parent or the Partnership) of all of its Partnership Interest pursuant to a Redemption under Section 15.1 hereof and/or pursuant to any Unit Designation; or (iii) as a result of the acquisition by the Partnership,
the Parent or any other Special Partner of all of such Limited Partner’s Partnership Interest, whether or not pursuant to Section 15.1(b) hereof. 

  
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 (b)    Any Limited Partner or
Non-Managing General Partner who shall Transfer all of its Units in a Transfer (i) permitted pursuant to this Article 11 where such transferee was admitted as a Substituted
Limited Partner, (ii) pursuant to the exercise of its rights to effect a redemption of all of its Units pursuant to a Redemption under Section 15.1 hereof and/or pursuant to any Unit Designation, or (iii) to the
Parent or any other Special Partner, whether or not pursuant to Section 15.1(b) hereof, shall cease to be a Partner. 

(c)    If any Unit is Transferred in compliance with the provisions of this Article 11, or is
redeemed by the Partnership, or acquired by the Parent pursuant to Section 15.1 hereof, on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items of
income, gain, loss, deduction and credit attributable to such Unit for such Partnership Year shall be allocated to the transferor Partner or the Tendering Party (as the case may be) and, in the case of a Transfer or assignment other than a
Redemption, to the transferee Partner, by taking into account their varying interests during the Partnership Year in accordance with Code Section 706(d), using the “interim closing of the books” method or another permissible method
selected by the Managing General Partner. Solely for purposes of making such allocations, each of such items for the calendar month in which a Transfer occurs shall be allocated to the transferee Partner and none of such items for the calendar month
in which a Transfer or a Redemption occurs shall be allocated to the transferor Partner, or the Tendering Party (as the case may be) if such Transfer occurs on or before the fifteenth (15th) day of the month, otherwise such items shall be allocated
to the transferor. All distributions attributable to such Unit with respect to which the Partnership Record Date is before the date of such Transfer, assignment or Redemption shall be made to the transferor Partner or the Tendering Party (as the
case may be) and, in the case of a Transfer other than a Redemption, all distributions thereafter attributable to such Unit shall be made to the transferee Partner. 

(d)    In addition to any other restrictions on Transfer herein contained, and notwithstanding any provision to the
contrary herein, in no event may any Transfer or assignment of a Partnership Interest by any Partner (including any Redemption, any acquisition of Units by the Parent or any other Special Partner, or any other acquisition of Units by the
Partnership) be made (i) to any person or entity who lacks the legal right, power or capacity to own a Partnership Interest; (ii) in violation of applicable law; (iii) of any component of a Partnership Interest, such as the Capital
Account, or rights to distributions, separate and apart from all other components of a Partnership Interest; (iv) if such Transfer would, in the opinion of counsel or other qualified tax advisor to the Partnership or the Managing General
Partner, cause a termination of the Partnership for Federal or state income tax purposes (except as a result of the Redemption (or acquisition by the Parent) of all Units held by all Limited Partners and
Non-Managing General Partners); (v) if such Transfer would, in the opinion of legal counsel or other qualified tax advisor to the Partnership, cause the Partnership to cease to be classified as a
partnership for federal income tax purposes (except as a result of the Redemption (or acquisition by the Parent) of all Units held by all Limited Partners and Non-Managing General Partners (other than the
Parent and any other Special Partner)); (vi) if such Transfer would cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA, a
“party-in-interest” (as defined in ERISA Section 3(14)) or a “disqualified person” (as defined in Code Section 4975(c)); (vii) if such
Transfer would, in the opinion of legal counsel or other qualified tax advisor to the Partnership, cause any portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant to Department of Labor Regulations Section 2510.2-101; (viii) if such Transfer requires the registration of such Partnership Interest pursuant to any applicable Federal or state securities laws; (ix) if such Transfer would create a
material risk that the Partnership would become a “publicly traded partnership,” as such term is defined in Code Section 469(k)(2) or Code 7704(b); (x) if such Transfer would cause the Partnership to have more than one hundred
(100) partners (within the meaning of Regulations Section 1.7704-1(h), including the look-through rule in Regulations Section 1.7704-1(h)(3));
(xi) if such Transfer causes the Partnership to become a reporting company under the Exchange Act; or (xii) if such Transfer subjects the Partnership to regulation under the Investment Company Act of 1940, the Investment Advisors Act of
1940 or ERISA, each as amended; provided that the Managing General Partner may waive any of the foregoing restrictions in its sole discretion. 

(e)    Transfers pursuant to this Article 11, other than a Permitted Transfer to a Permitted
Transferee pursuant to the exercise of remedies under a Pledge, may only be made on the first day of a fiscal quarter of the Partnership, unless the Managing General Partner otherwise agrees. 

Section 11.7    Restrictions on Termination Transactions. The Parent shall not engage in, or cause or permit,
a Termination Transaction, unless: 
 (a)    the Consent of the Limited Partners and
Non-Managing General Partners is obtained; 

  
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 (b)    in connection with any such Termination Transaction, each holder of
Class A Units (other than the Parent and its wholly owned Subsidiaries) will receive, or will have the right to elect to receive, for each Class A Unit, an amount of cash, securities or other property equal to the product of the Adjustment
Factor and the greatest amount of cash, securities or other property paid to a holder of one Class A Common Share in consideration of one Class A Common Share pursuant to the terms of such Termination Transaction; provided, that if,
in connection with such Termination Transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders of a majority of the outstanding Class A Common Shares, each holder of Class A Units (other than the
Parent and its wholly owned subsidiaries) will receive, or will have the right to elect to receive, the greatest amount of cash, securities or other property which such holder of Class A Units would have received had it exercised its right to
Redemption pursuant to Article 15 hereof and received Class A Common Shares in exchange for its Class A Units immediately prior to the expiration of such purchase, tender or exchange offer and had thereupon
accepted such purchase, tender or exchange offer and then such Termination Transaction shall have been consummated (the Value, at the time of the Termination Transaction, of the amount specified herein with respect to each Class A Unit is
referred to as the “Transaction Consideration”); or 
 (c)    all of the following conditions are met:
(i) substantially all of the assets directly or indirectly owned by the Partnership prior to the announcement of the Termination Transaction are, immediately after the Termination Transaction, owned directly or indirectly by the Partnership or
another limited partnership which is the survivor of a merger, consolidation or combination of assets with the Partnership (in each case, the “Surviving Partnership”); (ii) the Surviving Partnership is classified as a
partnership for U.S. federal income tax purposes; (iii) the Partners (other than the Parent and its wholly owned Subsidiaries) that held Class A Units immediately prior to the consummation of such Termination Transaction own a percentage
interest of the Surviving Partnership based on the relative fair market value of the net assets of the Partnership and the other net assets of the Surviving Partnership immediately prior to the consummation of such transaction; (iv) the
Partners will have the right to redeem their interests in the Surviving Partnership at any time for cash in an amount equal to the Transaction Consideration; and (v) the Managing General Partner determines, in good faith, that (A) the
other rights of the Limited Partners with respect to the Surviving Partnership, in the aggregate, are not materially less favorable than those of Limited Partners holding Class A Units immediately prior to the consummation of such transaction
and (B) the rights of the Non-Managing General Partners with respect to the Surviving Partnership, in the aggregate, are not materially less favorable than those of
Non-Managing General Partners immediately prior to the consummation of such transaction. 

ARTICLE 12 
 ADMISSION OF
PARTNERS 
 Section 12.1    Admission of Successor Managing General Partner. At any time, the Managing
General Partner or the Parent may designate any direct or indirect wholly owned subsidiary of the Parent that is a Qualifying Parent Entity to replace the incumbent Managing General Partner as Managing General Partner of the Partnership. The Person
so designated to become a successor Managing General Partner shall be admitted to the Partnership as the Managing General Partner, effective immediately upon the successor Managing General Partner executing and delivering to the Partnership a
counterpart signature page to this Agreement or other written evidence of such successor Managing General Partner’s acceptance of all of the terms and conditions of this Agreement. Upon any such admission of any such successor Managing General
Partner in accordance with this Section 12.1, (i) the predecessor Managing General Partner shall be relieved of its obligations under this Agreement and shall cease to be a General Partner of the Partnership (and, to
the extent that it retains an interest in the Partnership, shall automatically become a Limited Partner) without any separate Consent of the Partners or the consent or approval of any Partner, and (ii) the successor Managing General Partner
shall promptly notify the Partners in writing of such replacement. Any such successor Managing General Partner shall carry on the business of the Partnership without dissolution. If the Managing General Partner resigns from the Partnership in
violation of this Agreement, or otherwise dissolves or terminates or ceases to be the Managing General Partner of the Partnership, and the Parent does not replace the Managing General Partner within thirty (30) days, then the Parent shall cause
the Partnership to promptly notify the Partners in writing of the same and a Majority in Interest of the Partners may select a successor Managing General Partner. 

Section 12.2    Admission or Withdrawal of Non-Managing General
Partners. 
 (a)    The Managing General Partner shall admit as a
Non-Managing General Partner any Qualifying LenFive Entity that so requests, if such entity has executed such instruments as are necessary to confirm its 

  
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agreement to assume the obligations, and be bound by all the terms and provisions, of this Agreement applicable to a Non-Managing General Partner, and has
executed such other agreements or instruments as the Managing General Partner reasonably determines to be necessary to effectuate its admission as a Non-Managing General Partner. 

(b)    An event of withdrawal shall occur with respect to a Non-Managing General
Partner, and such Person shall immediately cease to be a Non-Managing General Partner if (i) the Person notifies the Managing General Partner in writing that it desires to withdraw as a General Partner
and become a Limited Partner, (ii) the Person ceases to be a Qualifying LenFive Entity, or (iii) the Person suffers any event of withdrawal described in § 17-402 of the Act (each of
clauses (i) – (iii), an “Event of Withdrawal”). A Person that ceases to be a Non-Managing General Partner shall immediately become a Limited Partner if it retains an interest in the
Partnership. 
 (c)    Upon the admission or withdrawal of any Non-Managing
General Partner, the Managing General Partner shall take all steps necessary and appropriate under the Act to amend the Register and the books and records of the Partnership and, if necessary, to prepare as soon as practical an amendment of this
Agreement and, if required by law, shall prepare and file an amendment to the Certificate of Limited Partnership and may for this purpose exercise the power of attorney granted pursuant to Section 2.4 hereof. 

Section 12.3    Admission of Additional Limited Partners. 

(a)    A Person (other than an existing Partner) who makes a Capital Contribution to the Partnership in exchange for Units
and in accordance with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the Managing General Partner (i) evidence of acceptance, in form and substance satisfactory to the Managing
General Partner, of all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in Section 2.4 hereof (which may be a counterpart signature page to this Agreement executed
by such Person), and (ii) such other documents or instruments as may be required by the Managing General Partner in order to effect such Person’s admission as an Additional Limited Partner. Concurrently with, and as evidence of, the
admission of an Additional Limited Partner, the Managing General Partner shall amend the Register and the books and records of the Partnership to reflect the name, address, number and type of Units of such Additional Limited Partner. 

(b)    Notwithstanding anything to the contrary in this Section 12.3, no Person shall be
admitted as an Additional Limited Partner without the consent of the Managing General Partner. The admission of any Person as an Additional Limited Partner shall become effective on the date upon which the name of such Person is recorded on the
books and records of the Partnership, following the consent of the Managing General Partner to such admission and the satisfaction of all the conditions set forth in Section 12.3(a). 

(c)    If any Additional Limited Partner is admitted to the Partnership on any day other than the first day of a
Partnership Year, then Net Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction and credit allocable among Holders for such Partnership Year shall be allocated among such Additional Limited Partner and all other
Holders by taking into account their varying interests during the Partnership Year in accordance with Code Section 706(d), using the “interim closing of the books” method or another permissible method selected by the Managing General
Partner. Solely for purposes of making such allocations, each of such items for the calendar month in which an admission of any Additional Limited Partner occurs shall be allocated among all the Holders including such Additional Limited Partner, in
accordance with the principles described in Section 11.6(c) hereof. All distributions with respect to which the Partnership Record Date is before the date of such admission shall be made solely to Partners and Assignees
other than the Additional Limited Partner, and all distributions thereafter shall be made to all the Partners and Assignees including such Additional Limited Partner. 

Section 12.4    Amendment of Agreement and Certificate of Limited Partnership. For the admission to the
Partnership of any Partner, the Managing General Partner shall take all steps necessary and appropriate under the Act to amend the Register and the books and records of the Partnership and, if necessary, to prepare as soon as practical an amendment
of this Agreement and, if required by law, shall prepare and file an amendment to the Certificate of Limited Partnership and may for this purpose exercise the power of attorney granted pursuant to Section 2.4 hereof. 

Section 12.5    Limit on Number of Partners. Notwithstanding any provision in this Agreement to the contrary,
unless otherwise permitted by the Managing General Partner, no Person shall be admitted to the Partnership as an Additional Limited Partner if the effect of such admission would be to cause the Partnership to have a

  
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number of Partners (including as Partners for this purpose those Persons indirectly owning an interest in the Partnership through another company, a limited liability company, a subchapter S
corporation or a grantor trust) that would cause the Partnership to become a reporting company under the Exchange Act. 

Section 12.6    Admission. A Person shall be admitted as a Partner of the Partnership only upon strict
compliance, and not upon substantial compliance, with the requirements set forth in this Agreement for admission to the Partnership as a Partner. 

ARTICLE 13 
 DISSOLUTION,
LIQUIDATION AND TERMINATION 
 Section 13.1    Dissolution. The Partnership shall not be dissolved by the
admission of Substituted Limited Partners or Additional Limited Partners, or by the admission of a successor Managing General Partner in accordance with the terms of this Agreement. Upon the resignation of the Managing General Partner, any successor
Managing General Partner shall continue the business of the Partnership without dissolution. However, the Partnership shall dissolve, and its affairs shall be wound up, upon an election to dissolve the Partnership made by the Managing General
Partner (a “Liquidating Event”); provided, that if the number of Class A Units then outstanding represent more than 1% of the total number of Common Units outstanding as of the date hereof, then the Managing General
Partner shall not make an election to dissolve the Partnership without first obtaining the Consent of the Limited Partners and Non-Managing General Partners. The Partners hereby waive their right to seek a
judicial dissolution of the Partnership pursuant to the provisions of the Act. 
 Section 13.2    Winding
Up. 
 (a)    Upon the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of
winding up its affairs in an orderly manner, liquidating its assets and satisfying the claims of its creditors and the Holders. After the occurrence of a Liquidating Event, no Holder shall take any action that is inconsistent with, or not necessary
to or appropriate for, the winding up of the Partnership’s business and affairs. The Managing General Partner (or, in the event that there is no remaining Managing General Partner or the Managing General Partner has dissolved, become bankrupt
or ceased to operate, any General Partner, of if there is no General Partner, any Person, elected by a Majority in Interest of the Partners (the Managing General Partner or such General Partner or other Person being referred to herein as the
“Liquidator”)) shall be responsible for overseeing the winding up and dissolution of the Partnership and shall take full account of the Partnership’s liabilities and property, and the Partnership property shall be liquidated as
promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom (which may, to the extent determined by the Managing General Partner, include shares in the Parent) shall be applied and distributed in the following order:

 (i)    First, to the satisfaction of all of the Partnership’s debts and liabilities to
creditors, including the Managing General Partner, the Parent and any other Special Partner (whether by payment or the making of reasonable provision for payment thereof), including, but not limited to, amounts due as reimbursements under
Section 7.4 hereof; and 
 (ii)    Second, subject to the terms of any Unit
Designation, the balance, if any, to the Holders in accordance with and in proportion to their positive Capital Account balances, after giving effect to all contributions, distributions and allocations for all periods. Liquidating distributions
shall be made by the end of the taxable year of such liquidation (or, if later, within ninety (90) days after the date of such liquidation) in accordance with Regulations
Section 1.704-1(b)(2)(ii)(b)(2). 
 The Managing General Partner shall not receive any compensation for any
services performed pursuant to this Article 13. 
 (b)    Notwithstanding the provisions of
Section 13.2(a) hereof that require liquidation of the assets of the Partnership, but subject to the order of priorities set forth therein, if prior to or upon dissolution of the Partnership, the Liquidator determines that
an immediate sale of part or all of the Partnership’s assets would be impractical or would cause undue loss to the Holders, the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any assets
except those necessary to satisfy liabilities of the Partnership (including 

  
 49 

 
liabilities to Holders as creditors) and/or distribute to the Holders, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.2(a)
hereof, undivided interests in such Partnership assets as the Liquidator deems not suitable for liquidation. Any such distributions in kind shall be made only if, in the good faith judgment of the Liquidator, such distributions in kind are in the
best interest of the Holders, and shall be subject to such conditions relating to the disposition and management of such properties as the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at
such time. The Liquidator shall determine the fair market value of any property distributed in kind using such reasonable method of valuation as it may adopt. 

(c)    In the event that the Partnership is “liquidated,” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article 13 to the Holders that have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2) to the extent of, and in proportion to, positive Capital Account balances. If any Holder has a deficit balance in its Capital Account (after giving effect to all contributions,
distributions and allocations for all taxable years, including the year during which such liquidation occurs), such Holder shall have no obligation to make any contribution to the capital of the Partnership with respect to such deficit, and such
deficit shall not be considered a debt owed to the Partnership or to any other Person for any purpose whatsoever. In the sole and absolute discretion of the Managing General Partner or the Liquidator, a pro rata portion of the distributions that
would otherwise be made to the Holders pursuant to this Article 13 may be: 

(i)    distributed to a trust established for the benefit of the Managing General Partner and the Holders
for the purpose of liquidating Partnership assets, collecting amounts owed to the Partnership, and paying any contingent or unforeseen liabilities or obligations of the Partnership or of the Managing General Partner arising out of or in connection
with the Partnership and/or Partnership activities. The assets of any such trust shall be distributed to the Holders, from time to time, in the reasonable discretion of the Managing General Partner, in the same proportions and amounts as would
otherwise have been distributed to the Holders pursuant to this Agreement; or 
 (ii)    withheld or
escrowed to provide a reasonable reserve for Partnership liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Partnership, provided that such withheld or escrowed amounts shall
be distributed to the Holders in the manner and order of priority set forth in Section 13.2(a) hereof as soon as practicable. 

Section 13.3    Deemed Contribution and Distribution. Notwithstanding any other provision of this
Article 13, in the event that the Partnership is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), but no Liquidating Event has occurred, the
Partnership’s Properties shall not be liquidated, the Partnership’s liabilities shall not be paid or discharged and the Partnership’s affairs shall not be wound up. Instead, for federal income tax purposes the Partnership shall be
deemed to have contributed all of its assets and liabilities to a new limited partnership in exchange for an interest in the new limited partnership; and immediately thereafter, distributed Units to the Partners in the new limited partnership (which
will be the same as the Units in the Partnership held by them) in accordance with their respective Capital Accounts in liquidation of the Partnership, and the new limited partnership is deemed to continue the business of the Partnership. Nothing in
this Section 13.3 shall be deemed to have constituted any Assignee as a Substituted Limited Partner without compliance with the provisions of Section 11.4 hereof. 

Section 13.4    Rights of Holders. Except as otherwise provided in this Agreement and subject to the rights of
any Holder of any Partnership Interest set forth in a Unit Designation, (a) each Holder shall look solely to the assets of the Partnership for the return of its Capital Contribution, (b) no Holder shall have the right or power to demand or
receive property other than cash from the Partnership, and (c) no Holder shall have priority over any other Holder as to the return of its Capital Contributions, distributions or allocations. 

Section 13.5    Notice of Dissolution. In the event that a Liquidating Event occurs, the Liquidator shall,
within thirty (30) days thereafter, provide written notice thereof to each of the Holders and, in the sole and absolute discretion of the Liquidator, or as required by the Act, to all other parties with whom the Partnership regularly conducts
business (as determined in the sole and absolute discretion of the Liquidator), and the Liquidator may, or, if required by the Act, shall, publish notice thereof in a newspaper of general circulation in each place in which the Partnership regularly
conducts business (as determined in the sole and absolute discretion of the Liquidator). 

  
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 Section 13.6    Reasonable Time for
Winding-Up. A reasonable time shall be allowed for the orderly winding-up of the business and affairs of the Partnership and the liquidation of its assets pursuant
to Section 13.2 hereof, in order to minimize any losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall remain in effect between and among the
Partners during the period of liquidation. 
 Section 13.7    Cancellation of Certificate of Limited
Partnership. Upon the dissolution and completion of the winding up of the Partnership, the Partnership shall be terminated, a certificate of cancellation shall be filed with the State of Delaware, all qualifications of the Partnership as a
foreign limited partnership or association in jurisdictions other than the State of Delaware shall be cancelled, and such other actions as may be necessary to terminate the Partnership shall be taken. 

ARTICLE 14 
 AMENDMENTS;
MEETINGS; CONSENTS; MERGER, 
 CONSOLIDATION OR CONVERSION 

Section 14.1    Amendments. Except as otherwise required or permitted by this Agreement (including
Section 7.3 and Section 4.4(e)), amendments to this Agreement must be approved by the Consent of the Managing General Partner and the Consent of the Limited Partners and Non-Managing General Partners, and may be proposed only by (a) the Managing General Partner, or (b) Limited Partners and Non-Managing General Partners holding a
majority of the Class A Units then held by all of the Limited Partners (excluding Special Partners) and Non-Managing General Partners. Following such proposal, the Managing General Partner shall submit to
the Partners any proposed amendment that, pursuant to the terms of this Agreement, requires the Consent of the Partners. The Managing General Partner shall seek the Consent of the Partners entitled to vote thereon on any such proposed amendment in
accordance with Section 14.2 hereof. Upon obtaining any such Consent, or any other Consent required by this Agreement, and without further action or execution by any other Person, including any Partner, (i) any
amendment to this Agreement may be implemented and reflected in a writing executed solely by the Managing General Partner, and (ii) all of the Partners shall be deemed a party to and bound by such amendment of this Agreement. Within thirty days
after the effectiveness of any amendment to this Agreement that does not receive the Consent of all Partners, the Managing General Partner shall deliver a copy of such amendment to all Partners that did not Consent to such amendment. For the
avoidance of doubt, notwithstanding anything to the contrary in this Agreement, this Agreement may not be amended without the Consent of the Managing General Partner. 

Section 14.2    Meetings and Consents of the Partners. 

(a)    The actions requiring Consent of any Partner pursuant to this Agreement, including
Section 7.3 and Section 14.3 hereof, or otherwise pursuant to applicable law, are subject to the procedures set forth in this Section 14.2. 

(b)    Meetings of the Partners may be called only by the Managing General Partner. The call shall state the nature of
the business to be transacted. Notice of any such meeting shall be given to all Partners entitled to act at the meeting not less than ten (10) days nor more than ninety (90) days prior to the date of such meeting. Partners may vote in
person or by proxy at such meeting. Unless approval by a different number or proportion of the Partners is required by this Agreement, or any Unit Designation, the affirmative vote of a Majority in Interest of the Partners shall be sufficient to
approve such proposal at a meeting of the Partners. Whenever the Consent of any Partners is permitted or required under this Agreement, such Consent may be given at a meeting of Partners or in accordance with the procedure prescribed in
Section 14.2(f) hereof. 
 (c)    Each Partner entitled to act at a meeting of Partners may
authorize any Person or Persons to act for it by proxy on all matters in which a Partner is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Each proxy must be signed by the Partner or its attorney-in-fact. No proxy shall be valid after the expiration of eleven (11) months from the date thereof unless otherwise provided in the proxy (or there is receipt of
a proxy authorizing a later date). Every proxy shall be revocable at the pleasure of the Partner executing it, such revocation to be effective upon the Partnership’s receipt of written notice of such revocation from the Partner executing such
proxy, unless such proxy states that it is irrevocable and is coupled with an interest. 
 (d)    The Managing General
Partner may set, in advance, a record date for the purpose of determining the Partners (i) entitled to Consent to any action, (ii) entitled to receive notice of or vote at any meeting of 

  
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the Partners or (iii) in order to make a determination of Partners for any other proper purpose. Such date, in any case, shall not be prior to the close of business on the day the record
date is fixed and shall be not more than ninety (90) days and, in the case of a meeting of the Partners, not less than ten (10) days, before the date on which the meeting is to be held. If no record date is fixed, the record date for the
determination of Partners entitled to notice of or to vote at a meeting of the Partners shall be at the close of business on the day on which the notice of the meeting is sent, and the record date for any other determination of Partners shall be the
effective date of such Partner action, distribution or other event. When a determination of the Partners entitled to vote at any meeting of the Partners has been made as provided in this section, such determination shall apply to any adjournment
thereof. 
 (e)    Each meeting of Partners shall be conducted by the Managing General Partner or such other Person as
the Managing General Partner may appoint pursuant to such rules for the conduct of the meeting as the Managing General Partner or such other Person deems appropriate in its sole and absolute discretion. Without limitation, meetings of Partners may
be conducted in the same manner as meetings of the Parent’s shareholders and may be held at the same time as, and as part of, the meetings of the Parent’s shareholders. 

(f)    Any action requiring the Consent of any Partner or a group of Partners pursuant to this Agreement, or that is
required or permitted to be taken at a meeting of the Partners, may be taken without a meeting if a Consent in writing or by electronic transmission setting forth the action so taken or consented to is given by Partners whose affirmative vote would
be sufficient to approve such action or provide such Consent at a meeting of the Partners. Such Consent may be in one instrument or in several instruments, and shall have the same force and effect as the affirmative vote of such Partner at a meeting
of the Partners. Such Consent shall be filed with the Managing General Partner. An action so taken shall be deemed to have been taken at a meeting held on the effective date so certified. For purposes of obtaining a Consent in writing or by
electronic transmission, the Managing General Partner may require a response within a reasonable specified time, but not less than fifteen (15) days, and failure to respond in such time period shall constitute a Consent that is consistent with
the Managing General Partner’s recommendation with respect to the proposal; provided, however, that an action shall become effective at such time as requisite Consents are received even if prior to such specified time. 

Section 14.3    Merger, Consolidation or Conversion. 

(a)    The Partnership may merge or consolidate with or into another limited partnership, a limited liability company, a
corporation or any “other business entity,” as defined in Section 17-211 of the Delaware Act, or convert into a limited liability company, a corporation or other business entity, whether such
entity is formed under the laws of the State of Delaware or any other state of the United States of America, pursuant to a written agreement of merger or consolidation (“Merger Agreement”) or a written plan of conversion
(“Plan of Conversion”), as the case may be, that has been approved by the Managing General Partner after obtaining the Consent of the Limited Partners and Non-Managing General Partners (except
as provided in Section 14.3(b)). Any such Merger Agreement or Plan of Conversion shall provide that (i) all holders of Class A Units shall be entitled to receive the same consideration pursuant to such transaction
with respect to each of their Class A Units, and (ii) all holders of Class B Units shall be entitled to receive the same consideration pursuant to such transaction with respect to their Class B Units. Notwithstanding any such
Consent of the Limited Partners and Non-Managing General Partners, at any time prior to the effectiveness of such merger, consolidation or conversion, the Managing General Partner may terminate or abandon such
transaction subject to any provisions therefor set forth in such Merger Agreement or Plan of Conversion. 

(b)    Notwithstanding anything else contained in this Section 14.3 or in this Agreement, the
Managing General Partner is authorized to effect a merger, consolidation or conversion of the Partnership, or a sale or transfer of all or substantially all of the Partnership’s assets, without the Consent of the Limited Partners and Non-Managing General Partners, if: (i) such transaction is effected in connection with a Termination Transaction in accordance with Section 11.7; or (ii) such transaction is either a conversion
or is effected with another entity that is newly formed and has no assets, liabilities or operations prior to such merger, consolidation, sale or transfer, and (v) the Managing General Partner has received an opinion of counsel that the merger,
consolidation, conversion, sale or transfer would not result in the loss of the limited liability of any Limited Partner, other than a Limited Partner that becomes a general partner of a partnership into which the Partnership is converted or with
which it is merged; (w) the Managing General Partner has received an opinion of counsel or other qualified tax advisor, or a private letter ruling from the IRS to the extent not addressed in the opinion, that the merger, consolidation,
conversion, sale or transfer would neither be taxable to any Partner nor cause the Partnership to be treated as an association taxable as a corporation or otherwise to be taxed as an entity for federal income tax purposes (to the extent not
previously treated as such); (x) the sole purpose of such merger, consolidation, conversion, sale or transfer is to effect a mere change in the legal form or jurisdiction of 

  
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organization of the Partnership; (y) the governing instruments of the new entity provide the Partners and the Managing General Partner (or other governing body) with substantially similar
rights and obligations as are herein contained; and (z) such transaction would not effect any other change to the rights of Limited Partners or Non-Managing General Partners that, if effected as an
amendment to this Agreement, would require the consent of each Partner adversely affected pursuant to Section 7.3(f). 

(c)    If a merger, consolidation or conversion of the Partnership has been approved as set forth in this
Section 14.3, and such transaction has not been terminated or abandoned, the Managing General Partner is authorized to execute and file any and all documents to effect such transaction, including a certificate of merger or
certificate of conversion, as applicable, in conformity with the requirements of the Act and any other applicable law. 

(d)    Partners are not entitled to dissenters’ rights of appraisal in the event of a merger, consolidation or
conversion of the Partnership, or a sale or transfer of all or substantially all of the assets of the Partnership or the Partnership’s Subsidiaries, or any other similar transaction or event. 

(e)    It is the intent of the parties hereto that a merger, consolidation or conversion effected pursuant to this
Section 14.3 shall not be deemed to result in a transfer or assignment of assets or liabilities from one entity to another. 

ARTICLE 15 
 GENERAL
PROVISIONS 
 Section 15.1    Redemption Rights of Qualifying Parties. 

(a)    After the Twelve-Month Period applicable to such Class A Units, a Qualifying Party shall have the right
(subject to the terms and conditions set forth herein) to require the Partnership to redeem all or a portion of the Class A Units held by such Tendering Party (Class A Units that have in fact been tendered for redemption being hereafter
referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion,
redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided that, unless waived
by the Parent, the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1(e) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of
Redemption delivered to the Managing General Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be
binding against the Partnership (i) unless and until the Parent declines or fails to exercise its purchase rights pursuant to Section 15.1(b) hereof following receipt of a Notice of Redemption (a
“Declination”) and (ii) until the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the
Tendering Party or, in the Managing General Partner’s sole and absolute discretion, or if the Cash Amount exceeds $1 million, in immediately available funds via a federal wire transfer on or before the Specified Redemption Date. 

(b)    Notwithstanding the provisions of Section 15.1(a) hereof, on or before the close of
business on the Cut-Off Date, the Parent may, in its sole and absolute discretion, elect to acquire some or all (such percentage being referred to as the “Acquired Percentage”) of the Tendered
Units from the Tendering Party in exchange for the Class A Common Shares Amount calculated based on the portion of Tendered Units it elects to acquire in exchange for Class A Common Shares. If the Parent so elects, on the Specified
Redemption Date the Tendering Party shall sell such number of the Tendered Units to the Parent in exchange for a number of Class A Common Shares equal to the product of the Class A Common Shares Amount and the Acquired Percentage. The
Tendering Party shall submit such written representations, investment letters, legal opinions or other instruments necessary, in the Parent’s view, to effect compliance with the Securities Act. In the event of a purchase of the Tendered Units
by the Parent pursuant to this Section 15.1(b), the Tendering Party shall no longer have the right to cause the Partnership to effect a Redemption of such Tendered Units, and, upon notice to the Tendering Party by the
Parent, given on or before the close of business on the Cut-Off Date, that the Parent has elected to acquire some or all of the Tendered Units pursuant to this Section 15.1(b), the
obligation of the Partnership to effect a Redemption of the Tendered Units as to which the Parent’s notice relates shall not accrue or arise. A number of Class A Common Shares equal to the product of the Acquired Percentage and the
Class A Common Shares Amount, if applicable, shall be delivered by the Parent as duly authorized, validly issued, fully paid and non-assessable Class A Common Shares and, if applicable, Rights, free
of any pledge, 

  
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lien, encumbrance or restriction, other than any restrictions provided in the Parent LLC Agreement, the Securities Act and relevant state securities or “blue sky” laws. Neither any
Tendering Party whose Tendered Units are acquired by the Parent pursuant to this Section 15.1(b), any Partner, any Assignee nor any other interested Person shall have any right to require or cause the Parent to register,
qualify or list any Class A Common Shares owned or held by such Person, whether or not such Class A Common Shares are issued pursuant to this Section 15.1(b), with the SEC, with any state securities commissioner,
department or agency, under the Securities Act or the Exchange Act or with any stock exchange; provided, however, that this limitation shall not be in derogation of any registration or similar rights granted pursuant to any other
written agreement between the Parent and any such Person. Notwithstanding any delay in such delivery, the Tendering Party shall be deemed the owner of such Class A Common Shares and Rights for all purposes, including, without limitation, rights
to vote or consent, receive dividends, and exercise rights, as of the Specified Redemption Date. Class A Common Shares issued upon an acquisition of the Tendered Units by the Parent pursuant to this Section 15.1(b) may
contain such legends regarding restrictions under the Securities Act and applicable state securities laws as the Parent in good faith determines to be necessary or advisable in order to ensure compliance with such laws. 

(c)    In the event of a Declination: 

(i)    The Parent shall give notice of such Declination to the Tendering Party on or before the close of
business on the Cut-Off Date. The failure of the Parent to give notice of such Declination by the close of business on the Cut-Off Date shall be deemed to be an election
by the Parent to acquire the Tendered Units in exchange for Class A Common Shares. 
 (ii)    The
Partnership shall raise funds for the payment of the Cash Amount by requiring that the Parent contribute to the Partnership funds from (i) the proceeds of a registered public offering by the Parent of Class A Common Shares sufficient to
purchase the Tendered Units or (ii) any other sources available to the Parent or its Subsidiaries, unless such requirement is waived by the Tendering Party, in which case the Partnership may fund such payment from any available sources
(including, but not limited to, the sale of any Property and the incurrence of additional Debt). 

(iii)    If the Cash Amount is not paid on or before the Specified Redemption Date, interest shall accrue
with respect to the Cash Amount from the day after the Specified Redemption Date to and including the date on which the Cash Amount is paid at a rate equal to the Applicable Federal Short-Term Rate as published monthly by the IRS. 

(d)    Notwithstanding anything herein to the contrary, with respect to any Redemption (or any tender of Class A
Units for Redemption if the Tendered Units are acquired by the Parent pursuant to Section 15.1(b) hereof) pursuant to this Section 15.1: 

(i)    Without the Consent of the Managing General Partner, no Tendering Party may effect a Redemption for
less than 200,000 Class A Units or, if such Tendering Party holds less than 200,000 Class A Units, all of the Class A Units held by such Tendering Party. 

(ii)    If (i) a Tendering Party surrenders Tendered Units during the period after the Partnership
Record Date with respect to a distribution payable to Holders of Class A Units, and before the record date established by the Parent for a dividend to its shareholders of some or all of its portion of such Partnership distribution, and
(ii) the Parent elects to acquire any of such Tendered Units in exchange for Class A Common Shares pursuant to Section 15.1(b), then such Tendering Party shall pay to the Parent on the Specified Redemption Date an
amount in cash equal to the Partnership distribution paid or payable in respect of such Tendered Units. 

(iii)    The consummation of such Redemption (or an acquisition of Tendered Units by the Parent pursuant
to Section 15.1(b) hereof, as the case may be) shall be subject to the expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 

(iv)    The Tendering Party shall continue to own (subject, in the case of an Assignee, to the provisions
of Section 11.5 hereof) all Class A Units subject to any Redemption, 

  
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and be treated as a Partner or an Assignee, as applicable, with respect to such Class A Units for all purposes of this Agreement, until the Specified Redemption Date and until such Tendered
Units are either paid for by the Partnership pursuant to Section 15.1(a) hereof or transferred to the Parent and paid for by the issuance of Class A Common Shares pursuant to Section 15.1(b).
Until a Specified Redemption Date and an acquisition of the Tendered Units by the Parent pursuant to Section 15.1(b) hereof, the Tendering Party shall have no rights as a shareholder of the Parent with respect to the
Class A Common Shares issuable in connection with such acquisition. 
 (e)    In connection with any Special
Redemption, unless waived by the Parent, the Tendering Party shall submit to the Parent, in addition to the Notice of Redemption, an opinion of counsel reasonably satisfactory to it to the effect that the proposed Special Redemption will not cause
the Partnership or the Managing General Partner to violate any Federal or state securities laws or regulations applicable to the Special Redemption or the issuance and sale of Class A Common Shares to the Tendering Party pursuant to
Section 15.1(b) of this Agreement. 
 (f)    Share Offering Funding Option 

(i)    (1) Notwithstanding Sections 15.1(a) or 15.1(b) hereof, if
(i) a Partner has delivered to the Managing General Partner a Notice of Redemption with respect to a number of Class A Units that, together with any other Tendered Units from other Partners (collectively, the “Offering
Units”), exceeds $25,000,000 gross value, based on a Class A Unit price equal to the Value of a Class A Common Share, and (ii) the Parent is eligible to file a registration statement under Form
S-3 (or any successor form similar thereto), then either: (x) the Managing General Partner and the Parent may cause the Partnership to redeem the Offering Units with the proceeds of an offering, whether
registered under the Securities Act or exempt from such registration, underwritten, offered and sold directly to investors or through agents or other intermediaries, or otherwise distributed (a “Share Offering Funding”) of a number
of Class A Common Shares (“Offered Shares”) equal to the Class A Common Shares Amount with respect to the Offering Units pursuant to the terms of this Section 15.1(f); (y) the Partnership
shall pay the Cash Amount with respect to the Offering Units pursuant to the terms of Section 15.1(a); or (z) the Parent shall acquire the Offering Units in exchange for the Class A Common Shares Amount pursuant
to the terms of Section 15.1(b). The Managing General Partner and the Parent must provide notice of their exercise of the election described in clause (x) above to purchase the Tendered Units through a Share Offering
Funding on or before the Cut-Off Date. 
 (2)    If the Managing
General Partner and the Parent elect a Share Offering Funding with respect to a Notice of Redemption, the Managing General Partner may give notice (a “Single Funding Notice”) of such election to all Partners and require that all
Partners elect whether or not to effect a Redemption to be funded through such Share Offering Funding. If a Partner elects to effect such a Redemption, it shall give notice thereof and of the number of Class A Units to be made subject thereto
in writing to the Managing General Partner within ten (10) Business Days after receipt of the Single Funding Notice, and such Partner shall be treated as a Tendering Party for all purposes of this Section 15.1(f). 

(ii)    If the Managing General Partner and the Parent elect a Share Offering Funding, on the Specified
Redemption Date, the Partnership shall redeem each Offering Unit that is still a Tendered Unit on such date for cash in immediately available funds in an amount (the “Share Offering Funding Amount”) equal to the net proceeds per
Offered Share received by the Parent from the Share Offering Funding, determined after deduction of underwriting discounts and commissions but no other expenses of the Parent or any other Partner related thereto, including without limitation, legal
and accounting fees and expenses, SEC registration fees, state blue sky and securities laws fees and expenses, printing expenses, FINRA filing fees, exchange listing fees and other out of pocket expenses (the “Net Proceeds”). 

(iii)    If the Managing General Partner and the Parent elect a Share Offering Funding, the following
additional terms and conditions shall apply: 
 (1)    As soon as practicable after the Managing General
Partner and the Parent elect to effect a Share Offering Funding, the Parent shall use its reasonable 

  
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efforts to effect as promptly as possible a registration, qualification or compliance (including, without limitation, the execution of an undertaking to file post-effective amendments,
appropriate qualifications under applicable blue sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act and any other governmental requirements or regulations) as would permit or
facilitate the sale and distribution of the Offered Shares; provided, that, if the Parent shall deliver a certificate to the Tendering Party stating that the Parent has determined in the good faith judgment of the Board of Directors that such
filing, registration or qualification would require disclosure of material non-public information, the disclosure of which would have a material adverse effect on the Parent, then the Parent may delay making
any filing or delay the effectiveness of any registration or qualification for the shorter of (a) the period ending on the date upon which such information is disclosed to the public or ceases to be material or (b) an aggregate period of
ninety (90) days in connection with any Share Offering Funding. 
 (2)    The Parent shall advise
each Tendering Party, regularly and promptly upon any request, of the status of the Share Offering Funding process, including the timing of all filings, the selection of and understandings with underwriters, agents, dealers and brokers, the nature
and contents of all communications with the SEC and other governmental bodies, the expenses related to the Share Offering Funding as they are being incurred, the nature of marketing activities, and any other matters reasonably related to the timing,
price and expenses relating to the Share Offering Funding and the compliance by the Parent with its obligations with respect thereto. The Parent will have reasonable procedures whereby the Tendering Party with the largest number of Offering Units
(the “Lead Tendering Party”) may represent all the Tendering Parties in connection with the Share Offering Funding by allowing it to participate in meetings with the underwriters of the Share Offering Funding. In addition, the
Parent and each Tendering Party may, but shall be under no obligation to, enter into understandings in writing (“Pricing Agreements”) whereby the Tendering Party will agree in advance as to the acceptability of a Net Proceeds amount
at or below a specified amount. Furthermore, the Parent shall establish pricing notification procedures with each such Tendering Party, such that the Tendering Partner will have the maximum opportunity practicable to determine whether to become a
Withdrawing Partner pursuant to Section 15.1(f)(iii)(3) below. 
 (3)    The
Parent will permit the Lead Tendering Party to participate in the pricing discussions for the Share Offering Funding and, upon notification of the price per Class A Common Share in the Share Offering Funding from the managing underwriter(s), in
the case of a registered public offering, or lead placement agent(s), in the event of an unregistered offering, engaged by the Special Limited Party in order to sell the Offered Shares, shall immediately use its reasonable efforts to notify each
Tendering Party of the price per Class A Common Share in the Share Offering Funding and resulting Net Proceeds. Each Tendering Party shall have one hour from the receipt of such written notice (as such time may be extended by the Parent) to
elect to withdraw its Redemption (a Tendering Party making such an election being a “Withdrawing Partner”), and Class A Units with a Class A Common Shares Amount equal to such excluded Offered Shares shall be considered to
be withdrawn from the related Redemption; provided, however, that the Parent shall keep each of the Tendering Parties reasonably informed as to the likely timing of delivery of its notice. If a Tendering Party, within such time period,
does not notify the Parent of such Tendering Party’s election not to become a Withdrawing Partner, then such Tendering Party shall, except as otherwise provided in a Pricing Agreement, be deemed not to have withdrawn from the Redemption,
without liability to the Parent. To the extent that the Parent is unable to notify any Tendering Party, such unnotified Tendering Party shall, except as otherwise provided in any Pricing Agreement, be deemed not to have elected to become a
Withdrawing Partner. Each Tendering Party whose Redemption is being funded through the Share Offering Funding who does not become a Withdrawing Partner shall have the right, subject to the approval of the managing underwriter(s) or placement
agent(s) and restrictions of any applicable securities laws, to submit for Redemption additional Class A Units in a number no greater than the number of Class A Units withdrawn. If more than one Tendering Party so elects to redeem
additional Class A Units, then such Class A Units shall be redeemed on a pro rata basis, based on the number of additional Class A Units sought to be so redeemed. 

  
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 (4)    The Parent shall take all reasonable action in order
to effectuate the sale of the Offered Shares including, but not limited to, the entering into of an underwriting or placement agreement in customary form with the managing underwriter(s) or placement agent(s) selected for such underwriting.
Notwithstanding any other provision of this Agreement, if the managing underwriter(s) or placement agent(s) advises the Parent in writing that marketing factors require a limitation of the number of shares to be offered, then the Parent shall so
advise all Tendering Parties and the number of Class A Units to be sold to the Parent pursuant to the Redemption shall be allocated among all Tendering Parties in proportion, as nearly as practicable, to the respective number of Class A
Units as to which each Tendering Party elected to effect a Redemption. Notwithstanding anything to the contrary in this Agreement, if the Parent is also offering to sell shares for purposes other than to fund the redemption of Offering Units and to
pay related expenses, then those other shares may in the Parent’s sole discretion be given priority over any shares to be sold in the Share Offering Funding, and any shares to be sold in the Share Offering Funding shall be removed from the
offering prior to removing shares the proceeds of which would be used for other purposes of the Parent. No Offered Shares excluded from the underwriting by reason of the managing underwriter’s or placement agent’s marketing limitation
shall be included in such offering. 
 Section 15.2    Addresses and Notice. Any notice, demand, request or
report required or permitted to be given or made to a Partner or Assignee under this Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written
or electronic communication (including by telecopy, facsimile, electronic mail or commercial courier service) to the Partner, or Assignee at the address for such Partner set forth in the Register, or such other address of which the Partner shall
notify the Managing General Partner in accordance with this Section 15.2. 

Section 15.3    Titles and Captions. All article or Section titles or captions in this Agreement are for
convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references to “Articles” or
“Sections” are to Articles and Sections of this Agreement. 
 Section 15.4    Pronouns and
Plurals. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 

Section 15.5    Further Action. The parties shall execute and deliver all documents, provide all information
and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 

Section 15.6    Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns. 

Section 15.7    Waiver. 

(a)    No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this
Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 

(b)    The restrictions, conditions and other limitations on the rights and benefits of the Partners contained in this
Agreement, and the duties, covenants and other requirements of performance or notice by the Partners, are for the benefit of the Partnership and, except for an obligation to pay money to the Partnership, may be waived or relinquished by the Managing
General Partner, in its sole and absolute discretion, on behalf of the Partnership in one or more instances from time to time and at any time; provided, however, that any such waiver or relinquishment may not be made if it would have
the effect of (i) creating liability for any other Partners, (ii) causing the Partnership to cease to qualify as a limited partnership, (iii) reducing the amount of cash otherwise distributable to the Partners (other than any such
reduction that affects all of the Partners holding the same class or series of Units on a uniform or pro rata basis, if approved by a Majority in Interest of the Partners holding such class or series of Units), (iv) resulting in the
classification of the Partnership as an association or publicly traded partnership taxable as a corporation, or (v) violating the Securities Act, the Exchange Act or any state “blue sky” or other securities laws. 

  
 57 

 Section 15.8    Counterparts. This Agreement may be executed in
counterparts, all of which together shall constitute one agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement
immediately upon affixing its signature hereto. 
 Section 15.9    Applicable Law; Consent to Jurisdiction; Jury
Trial. 
 (a)    This Agreement shall be construed and enforced in accordance with and governed by the laws of the
State of Delaware, without regard to the principles of conflicts of law. In the event of a conflict between any provision of this Agreement and any non-mandatory provision of the Act, the provisions of this
Agreement shall control and take precedence. 
 (b)    Each Partner hereby (i) submits to the non-exclusive jurisdiction of any state or federal court sitting in the State of Delaware (collectively, the “Delaware Courts”), with respect to any dispute arising out of this Agreement or any
transaction contemplated hereby to the extent such courts would have subject matter jurisdiction with respect to such dispute, (ii) irrevocably waives, and agrees not to assert by way of motion, defense, or otherwise, in any such action, any
claim that it is not subject personally to the jurisdiction of any of the Delaware Courts, that its property is exempt or immune from attachment or execution, that the action is brought in an inconvenient forum, or that the venue of the action is
improper, (iii) agrees that notice or the service of process in any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby shall be properly served or delivered if delivered to such
Partner at such Partner’s last known address as set forth in the Partnership’s books and records, and (iv) IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 15.10    Entire Agreement. This Agreement contains all of
the understandings and agreements between and among the Partners with respect to the subject matter of this Agreement and the rights, interests and obligations of the Partners with respect to the Partnership. Notwithstanding any provision in this
Agreement or any Unit Designation to the contrary, including any provisions relating to amending this Agreement, the Partners hereby acknowledge and agree that the Managing General Partner, without the approval of any Partner, may enter into side
letters or similar written agreements with Partners that are not Affiliates of the Managing General Partner, executed contemporaneously with the admission of such Partner to the Partnership, which may have the effect of establishing rights under, or
altering or supplementing the terms of, this Agreement or any Unit Designation, as negotiated with such Partner and which the Managing General Partner in its sole discretion deems necessary, desirable or appropriate. The parties hereto agree that
any terms, conditions or provisions contained in such side letters or similar written agreements with a Partner shall govern with respect to such Partner notwithstanding the provisions of this Agreement. 

Section 15.11    Invalidity of Provisions. If any provision of this Agreement is or becomes invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. 

Section 15.12    No Partition. No Partner nor any successor-in-interest to a Partner shall have the right while this Agreement remains in effect to have any property of the Partnership partitioned, or to file a complaint or institute any proceeding at law or
in equity to have such property of the Partnership partitioned, and each Partner, on behalf of itself and its successors and assigns hereby waives any such right. It is the intention of the Partners that the rights of the parties hereto and their successors-in-interest to Partnership property, as among themselves, shall be governed by the terms of this Agreement, and that the rights of the Partners and their respective
successors-in-interest shall be subject to the limitations and restrictions as set forth in this Agreement. 

Section 15.13    No Third-Party Rights Created Hereby. The provisions of this Agreement are solely for the
purpose of defining the interests of the Holders, inter se; and no other person, firm or entity (i.e., a party who is not a signatory hereto or a permitted successor to such signatory hereto) shall have any right, power, title
or interest by way of subrogation or otherwise, in and to the rights, powers, title and provisions of this Agreement, except as provided in Section 7.9. No creditor or other third party having dealings with the Partnership
(other than as expressly set forth herein with respect to Indemnitees) shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans to the Partnership or to pursue any other right or remedy hereunder
or at law or in equity. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the 

  
 58 

 
Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may any such rights or obligations be sold, Transferred or assigned by the
Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or any of the Partners. 

Section 15.14    Delivery by Electronic Transmission. This Agreement and any signed agreement or instrument
entered into in connection with this Agreement or contemplated hereby, and any amendments hereto or thereto, to the extent signed and delivered by means of an electronic transmission, including by a facsimile machine or via email, shall be treated
in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such
agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the
use of electronic transmission by a facsimile machine or via email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through such electronic transmission as a defense to the formation of
a contract and each such party forever waives any such defense. 
 Section 15.15    No Rights as
Shareholders. Nothing contained in this Agreement shall be construed as conferring upon the Holders of Units any rights whatsoever as shareholders of the Partnership, including without limitation any right to receive dividends or other
distributions made to shareholders of the Parent or to vote or to consent or receive notice as shareholders in respect of any meeting of shareholders for the election of directors of the Parent or any other matter. 

[Signature Pages Follow] 

  
 59 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above. 

 

					
	FIVE POINT HOLDINGS, LLC
		
	By:	 	 /s/ Michael Alvarado

		 	Name:	 	Michael Alvarado
		 	Title:	 	Vice President and Secretary
	
	 FIVE POINT OPCO GP, LLC,
 as
Managing General Partner

		
	By:	 	 FIVE POINT HOLDINGS, LLC,
 its
Sole Member

		
	By:	 	 /s/ Michael Alvarado

		 	Name:	 	Michael Alvarado
		 	Title:	 	Vice President and Secretary

  
 [Signature page to
Limited Partnership Agreement of Five Point Operating Company, LP] 

 
					
	LENFIVE OPCO GP, LLC,
	as Non-Managing General Partner
		
	        By:	 	LenFive, LLC,
		 	Its Sole Member
		
	        By:	 	 Lennar Homes of California, Inc.,

Its Sole Member

			
		 	By:	 	 /s/ Mark Sustana

		 	Name:	 	Mark Sustana
		 	Title:	 	Vice President
	
	 LENFIVE SUB OPCO GP, LLC,
 as Non-Managing General Partner

		
	        By:	 	LenFive Sub, LLC,
		 	Its Sole Member
		
	        By:	 	LenFive, LLC,
		 	Its Sole Member
		
	        By:	 	Lennar Homes of California, Inc.,
		 	Its Sole Member
			
		 	By:	 	 /s/ Mark Sustana

		 	Name:	 	Mark Sustana
		 	Title:	 	Vice President

  
 [Signature page to
Limited Partnership Agreement of Five Point Operating Company, LP] 

 EXHIBIT A: EXAMPLES REGARDING ADJUSTMENT FACTOR 

For purposes of the following examples, it is assumed that (a) the Adjustment Factor in effect on December 31, 2017 is 1.0 and (b) on
January 1, 2018 (the “Partnership Record Date” for purposes of these examples), prior to the events described in the examples, there are 100 Class A Common Shares issued and outstanding. 

Example 1 
 On the Partnership Record Date, the Parent
declares a dividend on its outstanding Class A Common Shares in Class A Common Shares. The amount of the dividend is one Class A Common Share paid in respect of each Class A Common Share owned. Pursuant to Paragraph (i) of
the definition of “Adjustment Factor,” the Adjustment Factor shall be adjusted on the Partnership Record Date, effective immediately after the share dividend is declared, as follows: 

1.0 * 200/100 = 2.0 
 Accordingly, the
Adjustment Factor after the share dividend is declared is 2.0. 
 Example 2 

On the Partnership Record Date, the Parent distributes options to purchase Class A Common Shares to all holders of its Class A Common Shares. The
amount of the distribution is one option to acquire one Class A Common Share in respect of each Class A Common Share owned. The strike price is $4.00 a share. The Value of a Class A Common Share on the Partnership Record Date is $5.00
per share. Pursuant to Paragraph (ii) of the definition of “Adjustment Factor,” the Adjustment Factor shall be adjusted on the Partnership Record Date, effective immediately after the options are distributed, as follows: 

1.0 * (100 + 100)/(100 + [100 * $4.00/$5.00]) = 1.1111 

Accordingly, the Adjustment Factor after the options are distributed is 1.1111. If the options expire or become no longer exercisable, then the retroactive
adjustment specified in Paragraph (ii) of the definition of “Adjustment Factor” shall apply. 
 Example 3 

On the Partnership Record Date, the Parent distributes assets to all holders of its Class A Common Shares. The amount of the distribution is one asset
with a fair market value (as determined by the Managing General Partner) of $1.00 in respect of each Class A Common Share owned. It is also assumed that the assets do not relate to assets received by the Managing General Partner pursuant to a
pro rata distribution by the Partnership. The Value of a Class A Common Share on the Partnership Record Date is $5.00 a share. Pursuant to Paragraph (iii) of the definition of “Adjustment Factor,” the Adjustment Factor shall be
adjusted on the Partnership Record Date, effective immediately after the assets are distributed, as follows: 
 1.0 * $5.00/($5.00 - $1.00)
= 1.25 
 Accordingly, the Adjustment Factor after the assets are distributed is 1.25. 

  
 1 

 EXHIBIT B: NOTICE OF REDEMPTION 

 

	To:	Five Point Opco GP, LLC 

 c/o Five Point Holdings, LLC 

25 Enterprise 
 Aliso Viejo, CA
92656 
 The undersigned Partner or Assignee hereby irrevocably tenders for Redemption Class A Units in Five Point Operating Company,
LP in accordance with the terms of the Limited Partnership Agreement of Five Point Operating Company, LP, dated as of [                    ], 2017
(the “Agreement”), and the Redemption rights referred to therein. All capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to them in the Agreement. The undersigned Partner or Assignee:

 (a) undertakes (i) to surrender such Class A Units at the closing of the Redemption and (ii) to furnish to the
Parent, prior to the Specified Redemption Date, the documentation, instruments and information required under Section 15.1 of the Agreement; 

(b) directs that the certified check representing the Cash Amount, or the Class A Common Shares Amount, as applicable, deliverable
upon the closing of such Redemption be delivered to the address specified below; 
 (c) if the Cash Amount is eligible to be paid by
wire transfer, directs that it be paid in accordance with the instructions below; 
 (d) represents, warrants, certifies and agrees
that: (i) the undersigned Partner or Assignee is a Qualifying Party; (ii) the undersigned Partner or Assignee has, and at the closing of the Redemption will have, good, marketable and unencumbered title to such Class A Units, free and
clear of the rights or interests of any other person or entity; (iii) the undersigned Partner or Assignee has, and at the closing of the Redemption will have, the full right, power and authority to tender and surrender such Class A Units
as provided herein; (iv) the undersigned Partner or Assignee, and the tender and surrender of such Class A Units for Redemption as provided herein complies with all conditions and requirements for redemption of Class A Units set forth
in the Agreement; and (v) the undersigned Partner or Assignee has obtained the consent or approval of all persons and entities, if any, having the right to consent to or approve such tender and surrender; and 

(e) acknowledges that the undersigned will continue to own such Class A Units unless and until either (1) such Class A
Units are acquired by the Parent pursuant to Section 15.1(b) of the Agreement or (2) such redemption transaction closes. 
 Dated:
                     
  

	
	  

	Name of Partner or Assignee:
	
	  

	Signature of Partner or Assignee
	
	  

	Street Address
	
	  

	City, State and Zip Code
	
	  

	Social security or identifying number
	
	Signature Medallion Guaranteed by:
	
	  

  
 1 

 
	
	Issue Check Payable to (or shares in the name of):
	
	  

	
	Wire Transfer Instructions:
	
	  

	
	  

	
	  

	
	  

  
 2

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