Document:

Exhibit 10.10

    

    

    THIS PROMISSORY NOTE (THIS “NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED
      FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH
      REGISTRATION IS NOT REQUIRED.

    

    

    PROMISSORY NOTE

    

    

    	
            Principal Amount: Up to $2,000,000

          	
            Dated as of [●], 2021

          

    

    

    Longview Acquisition Corp. II, a Delaware corporation and blank check company (the “Maker”), promises to pay to the order of Longview Investors II LLC, a Delaware limited liability company, or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of Two Million Dollars ($2,000,000) or such lesser amount as shall have been advanced by Payee to
      Maker and shall remain unpaid under this Note on the Maturity Date (as defined below) in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of
      immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note.

    

    

    1. Principal. The
      entire unpaid principal balance of this Note shall be repayable on the consummation of the Maker’s merger, capital stock exchange, asset acquisition, stock
        purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). Payee understands that if a Business Combination is not consummated, this Note will not be repaid and all amounts owed hereunder will be forgiven
      except to the extent that the Maker has funds available to it outside of its trust account established in connection with its initial public offering.

    

    

    2. Interest. No
      interest shall accrue on the unpaid principal balance of this Note.

    

    

    3. Application of
        Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late
      charges and finally to the reduction of the unpaid principal balance of this Note.

    

    

    4. Events of Default.
      The following shall constitute an event of default (“Event of Default”):

    

    

    (a) Failure to Make Required Payments.
      Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days following the date when due.

    

    

    (b) Voluntary Bankruptcy, Etc.
      The commencement by Maker of a voluntary case under any applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver,
      liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its
      debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

    

    

    (c) Involuntary Bankruptcy, Etc.
      The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law, or appointing a receiver,
      liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and
      in effect for a period of 60 consecutive days.

    

    

    5. Remedies.

    

    

    (a) Upon the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare this
      Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of
      which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

    

    

    (b) Upon the occurrence of an Event of Default specified in Sections 4(b) or 4(c), the unpaid principal balance of this Note, and all
      other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.

    

    

    6. Conversion. Upon
      consummation of a Business Combination, the Payee shall have the option, but not the obligation, to convert the principal balance of this Note, in whole or in part at the option of the Payee, into warrants (“Warrants”) of the Maker at a price of $1.50 per Warrant, each Warrant being identical to the “private placement warrant” (as defined in Maker’s final prospectus in connection with the
      IPO). As promptly after notice by Payee to Maker to convert the principal balance of this Note, which must be made at least 24 hours prior to the consummation of the Business Combination, as reasonably practicable and after Payee’s surrender of this
      Note, Maker shall have issued and delivered to Payee, without any charge to Payee, in book-entry form or a certificate or certificates (issued in the name(s) requested by Payee) for the number of Warrants of Maker issuable upon the conversion of this
      Note.

    
      
        

    

    7. Waivers.
      Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings
      instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property,
      from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by
      virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

    

    

    8. Unconditional
        Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability
      of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications
      that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability
      hereunder.

    

    

    9. Notices. All
      notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic
      transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic
      mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if
      delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

    

    

    10. Construction.
      THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

    

    

    11. Severability.
      Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
      and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

    

    

    12. Trust Waiver.
      Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”)
      in or to any distribution of or from the trust account to be established in which the proceeds of the IPO conducted by the Maker (including the deferred underwriters discounts and commissions) and the proceeds of the sale of the warrants issued in a
      private placement to occur prior to the consummation of the IPO are to be deposited, as described in greater detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission in connection with the IPO, and
      hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

    

    

    13. Amendment; Waiver.
      Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

    

    

    14. Assignment.
      No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the
      required consent shall be void.

    

    

    [Signature page follows]

    
      
        

    

    IN WITNESS WHEREOF, Maker, intending
      to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

    

    

    	 	
            LONGVIEW ACQUISITION CORP. II,

            a Delaware corporation

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    Accepted and agreed this [●] day of [●], 2021

    

    

    	
            LONGVIEW INVESTORS II LLC,

            a Delaware limited liability company

          	 
	 	 	 
	
            By:

          	 	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    [Signature Page to Promissory Note]EX-10.1

 Exhibit 10.1 

Execution Version 

AMENDMENT NO. 3 TO THE 

CREDIT AGREEMENT 
 Dated as
of February 17, 2021 
 AMENDMENT NO. 3 TO THE 2017 CREDIT AGREEMENT (this “Amendment”) among HERSHA
HOSPITALITY LIMITED PARTNERSHIP, a Virginia limited partnership (the “Borrower”), HERSHA HOSPITALITY TRUST, a Maryland real estate investment trust (the “Parent Guarantor”), the subsidiaries of the
Borrower party hereto (the “Subsidiary Guarantors” and together with the Parent Guarantor, the “Guarantors”), CITIBANK, N.A. (“Citibank”), as administrative agent (the
“Administrative Agent”) for the Lender Parties, and the Required Lenders, with Citibank, Wells Fargo Securities, LLC, BofA Securities, Inc., BBVA USA, PNC Bank, National Association and TD Bank, as
the Arrangers. 
 PRELIMINARY STATEMENTS: 

(1)    The Borrower, the Guarantors, the Lenders, the Administrative Agent and the other financial institutions party
thereto entered into that certain Second Amended and Restated Credit Agreement dated as of August 10, 2017, as amended by that certain Amendment No. 1 to the 2017 Credit Agreement, dated as of September 10, 2019 and as further amended
by that certain Amendment No. 2 to the 2017 Credit Agreement (the “Second Amendment”) dated as of April 2, 2020 (as amended, the “2017 Credit Agreement”); 

(2)    The Guarantors, the Administrative Agent, the Borrower and certain lenders party to the 2017 Credit Agreement wish
to amend the 2017 Credit Agreement to address certain changes to the terms thereof as set forth below; and 
 (3)    The
Borrower, the Administrative Agent and the Required Lenders have agreed pursuant to Section 10.01(a) of the 2017 Credit Agreement to amend the 2017 Credit Agreement on the terms and subject to the conditions hereinafter set forth. 

SECTION 1.    Defined Terms. Unless otherwise stated in this Amendment, capitalized terms defined in the 2017
Credit Agreement have the same meanings when used in this Amendment. 
 SECTION 2.    Temporary Modifications to the
2017 Credit Agreement. From and after the Amendment Effective Date, Section 2 of the Second Amendment is null and void and of no further force and effect, other than to the extent set forth in Section 2(k) below. Except as provided in
Section 2(g) below, for the period from the Amendment Effective Date through March 31, 2022 (the “Permitted Draw Period”), the 2017 Credit Agreement (as amended pursuant to Section 5 of this Amendment)
shall be deemed modified and amended as follows: 
 (a)    Limited Waiver. The Lender Parties (and, in the case
of clause (vi) below, the Arrangers) agree to a limited waiver of the following provisions (collectively, the “Subject Provisions”), and that no Default or Event of Default shall exist or arise thereunder by virtue of
any breach of a Subject Provision: 
 (i)    any terms, conditions, representations or warranties related
to clauses (b) and (d) of the definition of Borrowing Base Conditions, and the parties agree that the COVID-19 pandemic and the general economic conditions resulting therefrom are not “material
matters” under clause (e) of the definition of Borrowing Base Conditions; 
  

  

					
		 		 	Hersha Hospitality – 2017 Credit Agreement Amendment No. 3

 (ii)    mandatory prepayments under subsections
2.06(b)(i)(B) and 2.06(b)(i)(C); 
 (iii)    the requirements under Section 3.02(a) that the
Borrower provide (w) an Availability Certificate, (x) a certification that the Facility Available Amount is equal to or exceeds the Facility Exposure and (y) a certificate pursuant to clause (z) thereof in connection with each
Borrowing; 
 (iv)    the covenants in each of Section 5.04(a) (Parent Guarantor Financial
Covenants) and Section 5.04(b) (Borrowing Base Financial Covenants), except that Section 5.04(b)(vii) (Maximum Borrowing Base Leverage Ratio added to the 2017 Credit Agreement pursuant to Section 5 of this Amendment), shall remain in
effect at all times; 
 (v)    the representations in each of Section 4.01(g) (Financial Condition)
and Section 4.01(s) (Force Majeure); and 
 (vi)    the requirement under subsection (d)(ii) of the
definition of Collateral Deliverables and Section 5 of the Second Amendment, that the Borrower provide Mortgage Policies with respect to the Borrowing Base Assets. 

Without limiting the generality of the provisions of Section 9.01 of the 2017 Credit Agreement, the waiver set forth in this subsection
(a) shall be limited precisely as written, and nothing herein shall be deemed to (a) constitute a waiver of compliance by the Borrower or the Parent Guarantor with respect to (i) the Subject Provisions other than during the Permitted
Draw Period or (ii) any other term, provision or condition of the Loan Documents or any other instrument or agreement referred to in any of them, or (b) prejudice any right or remedy that any Lender may now have or may have in the future
under or in connection with the 2017 Credit Agreement, the other Loan Documents or any other instrument or agreement referred to in any of them or under Applicable Laws. For the avoidance of doubt, the waiver of the Subject Provisions set forth
herein shall not extend beyond the last day of the Permitted Draw Period and such waiver shall be of no force or effect for any purpose after the last day of the Permitted Draw Period. 

(b)    Borrowings During the Permitted Draw Period. The Facility Exposure with respect to the Revolving Credit
Facility, inclusive of any Letter of Credit Exposure and Swing Line Exposure, shall not exceed $174,728,782.52 (as the same may be adjusted pursuant to Sections 2(f) and 2(i) of this Amendment and Section 2.05 of the 2017 Credit Agreement, the
“PDP Borrowing Limit”) at any time during the Permitted Draw Period. Additionally, for the avoidance of doubt, so long as the Borrower can comply with the conditions precedent under the 2017 Credit Agreement (as amended by
this Amendment) to a Borrowing during the Permitted Draw Period, the Borrower will be permitted to (i) extend, for no more than twelve months from the expiration date thereof, any Letter of Credit outstanding on the Amendment Effective Date
that is scheduled to expire during the Permitted Draw Period, (ii) provide notices of Conversion pursuant to Section 2.09 and (iii) provide notices of selection of an Interest Period. Each Notice of Borrowing delivered during the
Permitted Draw Period shall be substantially in the form of Annex A attached hereto. 
 (c)    Use of
Revolving Credit Advances. All proceeds of Revolving Credit Advances shall be used only to fund (i) operating expenses of the business of the Company and its Subsidiaries, (ii) costs and expenses included in the Forecasts (as defined
below) relating to those capital projects on the Assets commenced prior to the Amendment Effective Date and listed on Schedule I hereto, (iii) costs and expenses reasonably required to comply with applicable legal requirements (or to
cure or prevent any violation thereof), (iv) costs and expenses required on an emergency basis to avoid damage or injury to persons or property, (v) Permitted Preferred Payments (as defined below) in an aggregate amount not to exceed the lesser
of (1) $30,000,000 minus any amounts previously applied to Permitted Preferred Payments under item (3)(C) of the Junior Capital Waterfall and (2) the aggregate amount theretofore applied to repay the Obligations under the Revolving Credit
Facility pursuant to item (3)(E) of the Junior Capital Waterfall, (vi) provided that the Threshold Junior Capital has been raised, Permitted JC Swap Payments in an aggregate amount not to exceed the lesser of (A) 10% of the gross proceeds of
the Junior Capital transaction to which the Permitted JC Swap Payments relate and (B) $15,000,000 and (vii) other reasonable uses approved by the Required Lenders (“Permitted Uses”). 

  

					
		 	2	 	Hersha Hospitality – 2017 Credit Agreement Amendment No. 3

 (d)    Use of Asset Sale, Permitted Debt and Excess Refinancing Debt
Proceeds. The Borrower will pay to the Agents the following amounts to be applied as described in the applicable Mandatory Prepayments Waterfall (as defined below): 

(i)    100% of the Net Cash Proceeds of (x) the sale of any Assets, including, without limitation,
pursuant to any Sale and Leaseback Transaction (“Asset Sales”) and (y) any Permitted Debt Transaction (as defined below) other than the proceeds of Qualified Government Debt (as defined below) and Refinancing Debt; and

 (ii)    the amount of any Refinancing Debt in excess of the sum of (x) the principal amount of
the Debt being extended, refunded or refinanced and (y) the amount of any applicable premium, and fees and expenses relating thereto. 
 During the
Permitted Draw Period, proviso (b) of the definition of “Refinancing Debt” shall not apply. Nothing in this subsection (d) shall limit the negative covenants set forth in subsection (g) below. 

(e)    Junior Capital Requirement. The Borrower or the Parent Guarantor shall have raised at least $75,000,000 of
Net Cash Proceeds of Junior Capital (the “Threshold Junior Capital”) by March 31, 2021 and applied such Net Cash Proceeds (and all future Net Cash Proceeds of Junior Capital) in accordance with the Junior Capital
Waterfall below; provided, however, that any amounts applied to the Obligations under the Revolving Credit Facility pursuant to the Junior Capital Waterfall may be reborrowed in accordance with the terms of the 2017 Credit Agreement and
Section 2(b) of this Amendment. 
 All Net Cash Proceeds from Junior Capital (whether raised before or after March 31, 2021 except to the extent
applied in accordance with subsection (f) below in connection with the Shortfall Amount) shall be applied by the Borrower in the following order of priority upon receipt thereof (the “Junior Capital Waterfall”): 

(1)    of the initial $50,000,000 of such Net Cash Proceeds, (A) $37,500,000 shall be used to repay the
Obligations under the 2016 Term Loan Facility and (B) $12,500,000 shall be used to repay the Obligations under the 2017 Term Loan Facility and the 2019 Term Loan Facility on a pro rata basis based on the respective outstanding principal
amounts thereunder; 
 (2)    the next $25,000,000 shall be used to repay the Obligations under the
Revolving Credit Facility; and 
 (3)    all remaining Net Cash Proceeds from Junior Capital shall be
used, at the Borrower’s election, (A) for application in accordance with the Asset Sales Waterfall (the aggregate amount so applied being the “Excess JC Proceeds”), (B) for Permitted Uses, (C) to fund the
Permitted Preferred Payments (up to a maximum amount, including any amounts funded under clause (v) of the definition of Permitted Uses, of $30,000,000), (D) to fund the Shortfall Amount and/or (E) to repay the Revolving Credit Facility,
the other Obligations under the 2017 Facilities and/or the Other Facilities. 

  

					
		 	3	 	Hersha Hospitality – 2017 Credit Agreement Amendment No. 3

 (f)    Asset Sales Covenant. On or prior to June 30, 2021,
the Borrower shall raise at least an aggregate amount of $150,000,000 of Net Cash Proceeds from Asset Sales and Excess JC Proceeds, which Net Cash Proceeds shall be applied in the following order of priority (the “Asset Sales
Waterfall”, and together with the Junior Capital Waterfall, the “Mandatory Prepayment Waterfalls”): 

(1)    the initial $125,000,000 of such Net Cash Proceeds (which may include capital raised in respect of
any Shortfall Amount) (the “Required Paydown Amount”) shall be applied (A) first to repay the Obligations under the 2016 Term Loan Facility until the outstanding principal amount thereunder is reduced to zero
dollars ($0), (B) second to repay the Obligations under the 2017 Term Loan Facility and the Revolving Credit Facility on a pro rata basis based on the respective outstanding principal amounts thereunder in each case until
reduced to zero dollars ($0) and (C) thereafter, to repay the Obligations under the 2019 Term Loan Facility; 

(2)    the next $25,000,000 (and no more than $25,000,000) shall be used, at the Borrower’s election,
for (x) Permitted Uses and/or (y) to fund Permitted Preferred Payments, in an aggregate amount for both (x) and (y) not to exceed the aggregate amount of Excess JC Proceeds and Asset Sales of
non-Borrowing Base Assets from the Amendment Effective Date to the date of such use; and 

(3)    all remaining Net Cash Proceeds from Asset Sales shall be used to repay the outstanding Obligations
under the 2017 Facilities and the Other Facilities on a pro rata basis based on the respective outstanding principal amounts thereunder. 
 If by
June 30, 2021, the Borrower has failed to pay to the Agents the Required Paydown Amount, then (A) the Borrower will provide, with respect to the Borrowing Base Assets located at (i) 3100 South St. NW, Washington DC, (ii) 2201 M St. NW,
Washington DC, (iii) 906 6th St. NW, Washington DC and (iv) 132-26 S. Conduit Ave., Jamaica, NY, each of the items described in Section 5 of the Second
Amendment at the times, mutatis mutandis, set forth therein but replacing references to “the date hereof” with June 30, 2021 and (B) on or prior to September 30, 2021, the Borrower shall raise Junior Capital
generating Net Cash Proceeds in an amount not less than the positive difference between (i) the Required Paydown Amount and (ii) the aggregate Net Cash Proceeds paid by the Borrower under the Asset Sales Waterfall to date (such positive
difference, the “Shortfall Amount”), which Net Cash Proceeds shall be applied in accordance with the Asset Sales Waterfall. For the avoidance of doubt, by September 30, 2021, not less than the Required Paydown Amount
(inclusive of any Net Cash Proceeds generated from Junior Capital raised after June 30, 2021) shall be applied to the repayment of the Obligations in accordance with the Asset Sales Waterfall. 

Any repayments of outstanding Obligations under the Revolving Credit Facility made pursuant to this Section 2(f) shall reduce the PDP Borrowing Limit on
a dollar-for-dollar basis. 

(g)    Enhanced Negative Covenants. Notwithstanding anything to the contrary contained in the 2017 Credit Agreement
(as amended pursuant to Section 5 of this Amendment), except as expressly provided in this Amendment or unless the Administrative Agent and the Required Lenders otherwise agree in writing, until the earlier of
(x) December 31, 2022 and (y) the date that the Parent Guarantor provides to the Administrative Agent a certificate of a Responsible Officer demonstrating pro forma compliance with the covenants in Section 5.04 of the 2017
Credit Agreement as in effect as of April 1, 2022 (such earlier date being the “Enhanced Negative Covenants Termination Date”), together with a schedule in form satisfactory to the Administrative Agent of the
computations used by the Parent Guarantor in determining such compliance, no Loan Party will: 

(i)    create, incur, or assume, or permit any of its Subsidiaries to create, incur, or assume, any
additional secured Debt, Non-Recourse Debt or senior Recourse Debt other than Qualified Government Debt, Junior Capital (and guaranties of Junior Capital) or Refinancing Debt, provided that such Refinancing
Debt constitutes Non-Recourse Debt; 
 (ii)    acquire any new
Assets or Transfer or encumber any Borrowing Base Assets (including, without limitation, pursuant to a Sale and Leaseback Transaction), or Transfer or encumber any direct or indirect Equity Interests in the fee owners and TRS Lessees of the

  

					
		 	4	 	Hersha Hospitality – 2017 Credit Agreement Amendment No. 3

 
Borrowing Base Assets, except, in each case, (x) any Asset Sale of a non-Borrowing Base Asset in accordance with Section 2(f) of this Amendment,
(y) any Asset Sale of a Borrowing Base Asset in accordance with Section 2(f) of this Amendment, subject to receipt of any consent to such Asset Sale required by Section 6 to this Amendment and (z) the granting of Collateral to
the Agents in accordance with the Loan Documents; 
 (iii)    in the case of the Parent Guarantor and the
Borrower, make or declare any Restricted Payments payable in cash, including, without limitation, cash dividends on common or preferred stock; provided, however, that (I) the Parent Guarantor may declare and pay dividends (A) that
are Permitted Preferred Payments, subject to compliance with the Mandatory Prepayment Waterfalls, (B) to the holders of common Equity Interests and Preferred Interests in the Parent Guarantor consisting of a combination of cash and Equity
Interests in the Parent Guarantor only if such dividends (1) are required to maintain the Parent Guarantor’s status as a REIT and avoid the imposition of excise taxes under Section 4981 of the Internal Revenue Code, (2) include a
cash component no greater than the minimum percentage allowed under the Internal Revenue Code and any published guidance from the United States Department of the Treasury or Internal Revenue Service with respect thereto at the time of the
declaration thereof, (3) are paid no earlier than (x) January 29, 2021, with respect to dividends for the calendar year ending December 31, 2020, and (y) January 31, 2022 with respect to dividends for the calendar year
ending December 31, 2021, and (4) are calculated based exclusively on capital gains from the sale of Assets and other items relevant to such calculations under Section 4981 of the Internal Revenue Code and (C) to the holders of
common Equity Interests at such time as (1) the Borrowing Base Leverage Ratio (as defined below) is not more than 60%, (2) the Borrowing Base Debt Service Coverage Ratio is not less than 1.20:1.00 and (3) the Borrower is in compliance, on
a pro forma basis after giving effect to such declaration and payment, with each of the financial covenants set forth in Section 5.04 of the Credit Agreement as in effect on August 10, 2017 and (II) the Borrower may pay cash
dividends or distributions (A) to the Parent Guarantor and (B) to its outside limited partners as required by the terms of the Borrower’s organizational documents as in effect on the Amendment Effective Date, in the case of both
clauses (II)(A) and (II)(B) in amounts necessary to permit the Parent Guarantor to pay cash dividends and distributions as permitted in clause (I) above; 

(iv)    make or permit any of its Subsidiaries to make new Investments (including, without limitation,
buybacks of common Equity Interests or Preferred Interests) other than (i) Investments by the Loan Parties and their Subsidiaries in their wholly-owned Subsidiaries and (ii) guaranties of Junior Capital by the Loan Parties and their
Subsidiaries; 
 (v)    engage in or consent to any action or activity that would be expressly prohibited
or restricted under Section 5.02 during a Default or Event of Default; provided, however, that for the avoidance of doubt the restriction in this subsection (v) shall not apply to any Asset Sales contemplated by
Section 2(f) of this Amendment, Restricted Payments contemplated by Section 2(g) of this Amendment or Debt incurred in the form of Junior Capital (and guaranties of Junior Capital) contemplated by Sections 2(e) and 2(f) of this Amendment;
or 
 (vi)    in the case of the Parent Guarantor and the Borrower, issue or sell any Equity Interests or
other securities of such Person except that each of the Parent Guarantor and the Borrower may issue or sell any Equity Interests or other securities in the form of Junior Capital. 

(h)    Liquidity Covenant. During the Permitted Draw Period, the Borrower and its Subsidiaries will at all times
remain in compliance with the Liquidity Covenant (as defined below). 

  

					
		 	5	 	Hersha Hospitality – 2017 Credit Agreement Amendment No. 3

 (i)    Qualified Government Debt. Notwithstanding the
restrictions in subsection (g) above, consent of the Administrative Agent and the Required Lenders shall not be required for the Loan Parties to incur Debt for borrowed money to a Governmental Authority under the CARES Act or any other federal or
state governmental program intended to mitigate the impact of the COVID-19 pandemic so long as the Borrowing Base Assets and the Equity Interests in the Initial Grantors (as defined in the Second Amendment) do
not become subject to any Liens in connection with such Debt (“Qualified Government Debt”); provided, however, that (1) 100% of the Net Cash Proceeds of any Qualified Government Debt
shall be used, in the Borrower’s discretion, only for Permitted Uses or to repay the Obligations (as such term is defined in each of the 2017 Credit Agreement and the Other Facilities) under the 2017 Facilities and the Other
Facilities and (2) the Net Cash Proceeds of such Qualified Government Debt shall reduce the PDP Borrowing Limit on a dollar-for-dollar basis unless otherwise
approved by the Required Lenders; and provided further that the Required Lenders may, at the Borrower’s request, consent to the full or partial reinstatement of previous reductions to the PDP Borrowing Limit for Qualified Government Debt
which is subsequently forgiven by the lender thereof. To the extent the aggregate Borrowings during the Permitted Draw Period (without any adjustments thereto on account of repayments thereof) exceed the PDP Borrowing Limit (as reduced by the Net
Cash Proceeds of Qualified Government Debt incurred through the date of determination under clause (2) of the immediately preceding sentence), the Borrower shall promptly make a mandatory payment of principal on the Obligations under the
Revolving Credit Facility in an amount equal to such excess Borrowings to the Administrative Agent for the benefit of the Revolving Credit Lenders in accordance with their Commitments. 

(j)    LIBOR Floor. During the Permitted Draw Period, at no time and under no circumstance shall the Eurodollar
Rate be less than 0.250% per annum with respect to any Eurodollar Rate Advance that has not been identified by the Borrower in accordance with the terms of the 2017 Credit Agreement as being subject to a Guaranteed Hedge Agreement. 

(k)    Reserve Account. Notwithstanding the first sentence of Section 2 of this Amendment, the provisions set
forth in the first sentence of the last paragraph of Section 2(e) of the Second Amendment shall not be affected by this Amendment. For the avoidance of doubt, from and after the Amendment Effective Date, the Borrower shall no longer be required
to fund the Reserve Account (as defined in the Second Amendment) and the Agents confirm that there are no funds on deposit therein as of the Amendment Effective Date. 

(l)    Definitions. 

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

“2017 Facilities” means, collectively, the Revolving Credit Facility and the Term Loan Facility. 

“Borrowing Base Leverage Ratio” means, at any date of determination, the ratio (expressed as a percentage) of
(a) all outstanding Debt under the 2017 Facilities and the Other Facilities as of such date to (b) the aggregate Appraised Value of the Borrowing Base Assets as of such date. 

“JC Subordination Terms” has the meaning set forth in the definition of Junior Capital. 

“Junior Capital” means any Debt, including debt securities convertible into Equity Interests, or Equity Interests that
satisfy the following conditions: (a) such Debt or Equity Interests are either structurally subordinate or contractually subordinate by its terms (which terms must be satisfactory to the Agents (such terms being the “JC Subordination
Terms”)) to the 2017 Facilities and the Other Facilities, (b) such Debt or Equity Interests have a maturity date (if applicable) later than September 10, 2024, (c) in the case of Debt, such Debt is unsecured and (d) if
such Debt or Equity Interests have a current pay feature, for so long 

  

					
		 	6	 	Hersha Hospitality – 2017 Credit Agreement Amendment No. 3

 
as the Borrower and its Subsidiaries do not have at least $50,000,000 of Liquid Assets, then the Borrower shall have deposited into a restricted cash account of the Borrower held by the
Administrative Agent for the benefit of the Secured Parties and subject to the Security Agreement (the “Restricted Cash Account”) an amount equal to at least six (6) months’ of the current payments required to be
made on such Junior Capital on a rolling basis. For the avoidance of doubt, if the Borrower and its Subsidiaries do not have at least $50,000,000 of Liquid Assets at any time (including, without limitation, as shown in any Liquidity Report (as
defined below)) that any outstanding Junior Capital requires such current payments, and the Borrower has not previously made such deposit, the Borrower shall make such deposit within three (3) Business Days following delivery of such report.

 “Liquid Assets” means unrestricted cash or Cash Equivalents, including available amounts under the Revolving
Credit Facility subject to Section 2(b) of this Amendment, but excluding any amounts held in the Restricted Cash Account. 
 “
Liquidity Covenant” means that the Borrower and its Subsidiaries have Liquid Assets in an aggregate amount of at least $30,000,000. 

“ Net Cash Proceeds” means, with respect to any transaction, the aggregate amount of all cash proceeds received by the
Borrower, Parent Guarantor or any of their respective Subsidiaries (including, without limitation, in the case of any issuance of Junior Capital, any cash proceeds received in connection with any sales pursuant to a related over-allotment option),
net of fees, expenses, costs (including any costs of the Permitted Junior Capital Swap Obligation, if any, incurred and paid at the time of purchase thereof), underwriting discounts and commissions incurred in connection therewith and, for the sale
of any Asset, payments made to retire any debt that is secured by such Asset and repaid in connection with the sale thereof, and net of taxes paid or reasonably estimated by the Borrower to be payable as a result thereof, in each case excluding any
fees, commissions or expenses that are payable to an Affiliate of the Borrower, the Parent Guarantor or any of their respective Subsidiaries. 

“Permitted Debt Transaction” means (i) the incurrence of Debt for borrowed money by any Loan Party consented to
under Section 2(g)(i) above, (ii) the issuance of Junior Capital or (iii) the incurrence of other Debt expressly permitted under this Amendment during the Permitted Draw Period. 

“Permitted Junior Capital Swap Obligations” means Swap Obligations of the Parent Guarantor in connection with, and
prior to or concurrently with, the issuance of any Junior Capital pursuant to which the Parent Guarantor acquires a call or a capped call option requiring the counterparty thereto to deliver to the Parent Guarantor common shares of the Parent
Guarantor, the cash value of such shares or a combination of such shares and cash from time to time upon exercise of such option; provided that the terms, conditions and covenants of each such Swap Obligation shall be such as are typical and
customary for Swap Obligations of such type (as determined by the Parent Guarantor in good faith). 
 “Permitted JC Swap
Payments” means payments for, in respect of or in connection with, the Permitted Junior Capital Swap Obligations to the extent such payments are not paid and deducted from Net Cash Proceeds at the time of purchase of such Permitted
Junior Capital Swap Obligations; provided, however, that no such payments shall be permitted prior to satisfaction of the PPP Condition (except, for the avoidance of doubt, as deducted from Net Cash Proceeds). 

“Permitted Preferred Payments” means accrued and unpaid cash dividends payable by the Parent Guarantor to the holders
of Preferred Interests; provided, however, that no such payments shall be permitted prior to satisfaction of the PPP Condition. 

“PPP Condition” means that, except to the extent waived by the Required Lenders, items (1) and (2) of the Junior
Capital Waterfall have been fully funded and item (1) of the Asset Sale Waterfall has been fully funded. 

  

					
		 	7	 	Hersha Hospitality – 2017 Credit Agreement Amendment No. 3

 (ii)    During the Permitted Draw Period, the definition
of “Equity Interests” in Section 1.01 of the 2017 Credit Agreement shall be amended by adding the following language to the end thereof: 

“; provided, however, that for purposes of this definition, neither Junior Capital (prior to conversion thereof)
nor Permitted Junior Capital Swap Obligations shall constitute Equity Interests of the Borrower or Parent Guarantor.” 

(iii)    During the Permitted Draw Period, the definition of “Restricted Payments” in
Section 1.01 of the 2017 Credit Agreement shall be amended by adding the following sentence to the end thereof: 

“Notwithstanding the foregoing, provided that the Borrower is in compliance with the reserve requirements set forth in the
definition of Junior Capital, (i) payment of current pay obligations for, in respect of or in connection with Junior Capital (prior to conversion thereof) and the Permitted Junior Capital Swap Obligations shall not constitute Restricted
Payments and (ii) the conversion of any Junior Capital to Equity Interests pursuant to the terms of the Junior Capital shall not constitute Restricted Payments. Capitalized terms not defined in the preceding sentence have the meanings set forth
in the Third Amendment.” 
 Any breach by any Loan Party of subsections (c) through (h) of this Section 2 shall be an immediate Event of
Default under the 2017 Credit Agreement. Any waiver of the provisions of subsection (f) relating to the Borrower’s obligation to generate at least the Required Paydown Amount by September 30, 2021 and any agreement of forbearance with
respect to such failure will require the written consent of each Lender; provided, however, that if the Administrative Agent shall request any such consent of the Lenders and any Lender shall fail to respond to such consent request
within ten (10) Business Days after delivery of such request, then the Lender that has failed to respond shall be deemed to have consented to such request. 

SECTION 3.    Reporting. Section 3 of the Second Amendment is null and void and of no further force and
effect. Notwithstanding the limited waiver of the Subject Provisions pursuant to Section 2(a) above, nothing in this Amendment shall modify, affect or waive the Borrower’s continuing obligation to comply with the reporting requirements set
forth in Section 5.03 of the 2017 Credit Agreement during the Permitted Draw Period (as if the Subject Provisions had not been waived) or otherwise (including, without limitation, the Borrower’s obligation to provide a schedule of the
computations used by the Parent Guarantor in determining compliance with the covenants contained in Section 5.04 (as if the Subject Provisions had not been waived) under Section 5.03(c)); provided, however, that the Borrower shall
not be required to furnish to the Administrative Agent and the Lender Parties notice of Defaults relating to the Section 5.04 financial covenants during the Permitted Draw Period. In addition to the existing reporting requirements in the 2017
Credit Agreement, during the Permitted Draw Period the Borrower will furnish to the Administrative Agent and the Lender Parties, (a) on or before the last day of each calendar quarter, (i) forecasted balance sheets and statements of cash
flows of the Parent Guarantor and its Subsidiaries for the immediately following three month period (the “Forecasts”) and (ii) historical balance sheets and statements of cash flows of the Parent Guarantor and its
Subsidiaries for the immediately prior twelve calendar month period, (b) as soon as available and in any event within five (5) Business Days following the end of each calendar month, a report, in a form acceptable to the Agents, evidencing
compliance with the Liquidity Covenant (each, a “Liquidity Report”) and (c) upon request by the Administrative Agent from time to time, a report showing, in detail reasonably satisfactory to the Administrative Agent, the
amounts applied pursuant to date to each item under each Mandatory Prepayment Waterfall and the amounts applied to Permitted Preferred Payments and to Permitted JC Swap Payments. Further, together with the Forecasts, balance sheets and cash flow
statements furnished pursuant to clause (a) of the immediately preceding sentence, the Borrower will provide to the Administrative Agent and the Lender Parties summary reports of (i) any application made by the Borrower, the Parent
Guarantor or their respective Subsidiaries for funding under the CARES Act or any other federal or state governmental program intended to mitigate the impact of the COVID-19 pandemic (each, a
“Stimulus Program”) and (ii) amounts received by the Borrower, the Parent Guarantor or their respective Subsidiaries under any Stimulus Program, and reasonably detailed accountings of the uses
thereof. 

  

					
		 	8	 	Hersha Hospitality – 2017 Credit Agreement Amendment No. 3

 SECTION 4.    Technical Correction. The definition of
“Borrowing Base Debt Service Coverage Ratio” in Section 1.01 of the 2017 Credit Agreement is hereby amended to replace the words “(including, without limitation, the Facility Exposure)” with the words “(including,
without limitation, the Facility Exposure and the Facility Exposure (under and as defined in the loan documentation for the Other Facilities) whether or not, in each case, the same constitute unsecured Debt)”. 

SECTION 5.    Financial Covenant Calculations and Amendments. 

(a)    Commencing with the second quarter of 2022, to the extent that any of the Section 5.04 financial covenants are
calculated based on a four-quarter period, such financial covenants shall be amended to instead refer to: (1) for the second quarter of 2022, such quarter, annualized, (2) for the third quarter of 2022, such quarter and the immediately
preceding quarter, annualized, (3) for the fourth quarter of 2022, such quarter and the two immediately preceding quarters, annualized, and (4) for the first quarter of 2023 and thereafter, such quarters shall be consistent with the 2017
Credit Agreement, without giving effect to this Amendment. 
 (b)    Notwithstanding anything to the contrary in the
2017 Credit Agreement, for the second quarter of 2022 only, the Borrower shall maintain as of each Test Date (A) a Leverage Ratio of not greater than 65% and (B) a Fixed Charge Coverage Ratio of not less than 1.20:1.00. 

(c)    The following definitions are added to Section 1.01 of the 2017 Credit Agreement in appropriate alphabetical
order: 
 “Collateral Party” means each (a) TRS Lessee, (b) direct and indirect owner of a TRS Lessee,
(c) direct or indirect owner of a Borrowing Base Asset, (d) Pledgor and (e) direct or indirect owner of a Pledgor; in each case other than the Parent Guarantor. 

“Third Amendment” means that certain Amendment No. 3 to the 2017 Credit Agreement among the Borrower, the Parent
Guarantor, the Subsidiary Guarantors, the Administrative Agent and certain Lenders dated as of the Third Amendment Date. 

“Third Amendment Date” means February 17, 2021. 

(d)    The definition of “Appraised Value” in Section 1.01 of the 2017 Credit Agreement is hereby amended
and restated to read in its entirety as follows: 
 “Appraised Value” means, for any Borrowing Base Asset, the “as-is” fair market value of such Borrowing Base Asset, determined by the Administrative Agent in its reasonable discretion based on an Appraisal of such Borrowing Base Asset, after discretionary
adjustments of the value shown in such Appraisal following a review by the Administrative Agent’s appraisal review department; provided ,however, that for purposes of the definition of Borrowing Base Leverage Ratio, the “Appraised
Value” for the Borrowing Base Assets in existence as of the Third Amendment Date shall be the “as-stabilized” values listed on Schedule II to the Third Amendment. 

(e)    Section 5.02(f) of the 2017 Credit Agreement is hereby amended by adding the following clause (x) to the
end thereof: “(x) guaranties of Junior Capital permitted by the Third Amendment by the Loan Parties and their Subsidiaries.” 

(f)    Section 5.02(k) of the 2017 Credit Agreement is hereby amended by (a) deleting the “and”
immediately before “(iii),” (b) changing the “.” at the end of clause (iii) to a “,” and (c) adding the 

  

					
		 	9	 	Hersha Hospitality – 2017 Credit Agreement Amendment No. 3

 
following new clause (iv): “(iv) any agreement or instrument evidencing Junior Capital permitted by the Third Amendment; provided that the terms of such Junior Capital, and of such agreement
or instrument, do not restrict distributions in respect of Equity Interests in any Collateral Party or restrict the ability of any Collateral Party to repay or prepay any Debt owed to, make loans or advances to, or otherwise transfer assets to or
invest in, the Borrower or any Subsidiary of the Borrower.” 
 (g)    Section 5.02(l) of the 2017 Credit
Agreement is hereby amended by adding the following to the end: “and, with respect to any such Loan Party or Subsidiary that is not a Collateral Party, any agreement or instrument evidencing Junior Capital permitted by the Third
Amendment.” 
 (h)    A new Section 5.03(u) is hereby added to the 2017 Credit Agreement, to read in its
entirety as follows: 
 “(u) Junior Capital. Copies to the Administrative Agent promptly, and in any case not later than five
(5) Business Days following the effectiveness thereof (or such longer period as may be agreed by the Administrative Agent), (i) of any amendment, amendment and restatement, modification or supplement to any indenture, note purchase agreement or
other document or instrument evidencing or governing Junior Capital (collectively, “Junior Capital Documents”) and (ii) of any notice received by any Loan Party or Subsidiary of a Loan Party with respect to any change of
identity, name or address of the trustee, administrative agent, or similar authorized representative of the holders of any Junior Capital (or, if no such representative exists, the holder of Junior Capital) for purposes of notices under any Junior
Capital Document.” 
 (i)    A new Section 5.04(b)(vii) is hereby added to the 2017 Credit Agreement, to read
in its entirety as follows: 
 “(vii) Maximum Borrowing Base Leverage Ratio. Not permit the Borrowing Base Leverage
Ratio to exceed 60% at any time.” 
 (j)    A new Section 6.01(m) is hereby added to the 2017 Credit Agreement,
to read in its entirety as follows: 
 “or (m) Junior Capital Documents. Prior to the Enhanced Negative Covenants
Termination Date (as defined in the Third Amendment), any Loan Party or affiliate thereof shall agree to a modification, waiver or termination of the JC Subordination Terms (as defined in the Third Amendment) without the prior written consent of the
Administrative Agent;” 
 SECTION 6.    Consent to Asset Sales. The Administrative Agent and the Required
Lenders hereby consent to the sales of Borrowing Base Assets described on Schedule III attached hereto, provided that (a) each such sale shall be consummated on or prior to June 30, 2021, (b) each such sale shall generate
gross “Proceeds” (in an amount not less than the amount set forth for such property in the “Proceeds” column on Schedule III) and (c) the Net Cash Proceeds of each such sale shall be applied in accordance with
Section 2(f) of this Amendment. In addition, the Administrative Agent and the Required Lenders hereby consent to the sales of the Borrowing Base Assets known as Pan Pacific, Ritz Georgetown and NU Hotel, provided that (i) each such
sale shall generate gross sales proceeds in an amount not less than 90% of the “as-stabilized” values listed on Schedule II and (ii) the Net Cash Proceeds of each such sale shall be applied in
accordance with Section 2(f) of this Amendment. Except as provided in the two immediately preceding sentences, any sale of a Borrowing Base Asset during the Permitted Draw Period will require the written consent of the Administrative Agent and
the Required Lenders; provided, however, that if the Administrative Agent shall request any such consent of the Lenders and any Lender shall fail to respond to such consent request within ten (10) Business Days after delivery of such
request, then the Lender that has failed to respond shall be deemed to have consented to such request. 

  

					
		 	10	 	Hersha Hospitality – 2017 Credit Agreement Amendment No. 3

 SECTION 7.    Representations and Warranties. Each Loan Party
hereby represents and warrants that: 
 (a)    The representations and warranties contained in each of the Loan
Documents (as amended or supplemented to date, including pursuant to this Amendment) to which it is a party are, other than with respect to the Subject Provisions, true and correct in all material respects on and as of the Amendment Effective Date,
before and after giving effect to this Amendment, as though made on and as of such date (except for any such representation and warranty that, by its terms, refers to an earlier date, in which case as of such earlier date). 

(b)    Such Loan Party has taken all necessary corporate and other organizational action to authorize the execution,
delivery and performance of this Amendment. 
 (c)    This Amendment has been duly executed and delivered by such Loan
Party and constitutes such Loan Party’s legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or
transfer, moratorium or similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 

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

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

SECTION 8.    Conditions of Effectiveness. This Amendment shall become effective as of the first date (the
“Amendment Effective Date”) on which, and only if, each of the following conditions precedent shall have been satisfied; provided, however, that if the following conditions precedent have not been satisfied on or
before March 31, 2021, this Amendment shall be null and void: 
 (a)    The Administrative Agent shall have
received, in form and substance satisfactory to the Administrative Agent, counterparts of this Amendment executed by each of the Loan Parties and those Lenders comprising Required Lenders. 

(b)    The Borrower shall have priced or entered into a binding commitment providing for the issuance of Junior Capital in
an aggregate amount sufficient to generate at least $75,000,000 of Net Cash Proceeds. 
 (c)    The Administrative Agent
shall have received, in form and substance satisfactory to the Administrative Agent, a supplement to the Security Agreement, executed by each of the parties thereto. 

(d)    The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent,
(i) an amendment to the 2019 Term Loan Agreement and (ii) an amendment to the 2016 Term Loan Agreement, in each case modifying the underlying agreement to account for the terms herein and making certain other corresponding modifications
(including, without limitation, an extension of the maturity date under the 2016 Term Loan Agreement to August 10, 2022). 

(e)    The Borrowing Base Leverage Ratio shall not be more than 60%. 

  

					
		 	11	 	Hersha Hospitality – 2017 Credit Agreement Amendment No. 3

 (f)    (i) The fees (if any) provided for in this Amendment and
(ii) all of the reasonable out-of-pocket expenses of the Administrative Agent (including the reasonable fees and expenses of counsel for the Administrative Agent)
due and payable on the Amendment Effective Date shall have been paid in full. 
 SECTION 9.    Reference to and
Effect on the 2017 Credit Agreement, the Notes and the Loan Documents. 
 (a)    This Amendment is a Loan Document.
On and after the effectiveness of this Amendment, each reference in the 2017 Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the 2017 Credit Agreement, and each reference
in the Notes and each of the other Loan Documents to “the Loan Agreement”, “thereunder”, “thereof” or words of like import referring to the 2017 Credit Agreement, shall mean and be a reference to the 2017 Credit
Agreement, as amended and modified by this Amendment. 
 (b)    The execution, delivery and effectiveness of this
Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan
Documents. 
 (c)    This Amendment shall not extinguish the obligations for the payment of money outstanding under the
2017 Credit Agreement. Nothing herein contained shall be construed as a substitution or novation of the obligations outstanding under the 2017 Credit Agreement, which shall remain in full force and effect, except to any extent modified hereby or as
provided in the exhibits hereto. Nothing implied in this Amendment or in any other document contemplated hereby shall be construed as a release or other discharge of any of the Loan Parties from the Loan Documents. 

SECTION 10.    Ratification; Release. 

The 2017 Credit Agreement (as amended by this Amendment) and each of the other Loan Documents are and shall continue to be in full force and
effect and are hereby in all respects ratified and confirmed. Each Guarantor hereby reaffirms its obligations under the Loan Documents and this Amendment. Except as expressly provided in this Amendment, the execution, delivery and effectiveness of
this Amendment shall not operate as a waiver of any right, power or remedy of any Secured Party or the Administrative Agent under the 2017 Credit Agreement or any of the other Loan Documents, nor constitute a waiver of any provision of the 2017
Credit Agreement or any of the other Loan Documents. Except as otherwise specified in the last sentence of Section 2 of this Amendment, any breach by any of the Loan Parties of the covenants or requirements in this Amendment shall be an Event
of Default under the 2017 Credit Agreement if such breach is not cured within five (5) Business Days after the Borrower’s receipt of notice from the Administrative Agent or any Lender of such breach. 

Each Loan Party, on its own behalf and on behalf of each of its respective predecessors, successors, assigns, and past and present equity
holders, other principals, affiliates, managers, employees, officers, directors, attorneys, agents, other representatives, insurers and any other individuals and entities claiming or acting by, through, under or in concert with any of the Loan
Parties, hereby fully and forever releases, relinquishes, discharges and acquits each Indemnified Party of and from and against any and all claims, demands, obligations, duties, liabilities, damages (including, without limitation, special, punitive,
indirect or consequential damages), expenses, claims of offset, indebtedness, debts, breaches of contract, duty or relationship, acts, omissions, misfeasance, malfeasance, causes of action, sums of money, accounts, compensation, contracts,
controversies, promises, damages, costs, losses and remedies therefor, choses in action, rights of indemnity or liability of any kind whatsoever, arising, directly or indirectly, in any manner from and/or out of (i) the Advances, the Letters of
Credit and/or the Loan Documents, (ii) the Indemnified Parties’ acts, statements, conduct, representations and omissions made in connection therewith and (iii) any fact, matter, transaction or event relating thereto, whether known or
unknown, suspected or unsuspected, 

  

					
		 	12	 	Hersha Hospitality – 2017 Credit Agreement Amendment No. 3

 
whether now existing or hereafter arising, which may be claimed to exist, whether liquidated or unliquidated; provided, however, that the foregoing release shall not apply to any future breach of
any of the obligations, covenants or agreements of any of Indemnified Party that are expressly set forth in the Loan Documents. 
 SECTION
11.    Costs and Expenses. The Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of the Administrative Agent in
connection with the preparation, execution, delivery and administration, modification and amendment of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses
of counsel for the Administrative Agent) in accordance with the terms of Section 10.04 of the 2017 Credit Agreement. 
 SECTION
12.    Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and
all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by telecopier, facsimile or as a .pdf, .jpeg, .TIF, .TIFF attachment to an electronic mail message
or similar electronic format shall be effective as delivery of a manually executed counterpart of this Amendment. 
 SECTION
13.    Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York. 

[Balance of page intentionally left blank.] 

  

					
		 	13	 	Hersha Hospitality – 2017 Credit Agreement Amendment No. 3

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

			
	BORROWER:
	
	HERSHA HOSPITALITY LIMITED PARTNERSHIP,
	a Virginia limited partnership
		
	By:	 	HERSHA HOSPITALITY TRUST, a Maryland real estate investment trust, its general partner
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   CFO
	
	PARENT GUARANTOR:
	
	HERSHA HOSPITALITY TRUST,
	a Maryland real estate investment trust
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   CFO

  
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	SUBSIDIARY GUARANTORS:
	
	HHLP DC CONVENTION CENTER ASSOCIATES, LLC,
	a Delaware limited liability company
		
	By:	 	HHLP DC CONVENTION CENTER MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager
	
	HHLP BULFINCH ASSOCIATES, LLC,
	a Delaware limited liability company
		
	By:	 	HHLP BULFINCH MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager
	
	44 CAMBRIDGE ASSOCIATES, LLC,
	a Massachusetts limited liability company
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager

  
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on the next page] 
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	RISINGSAM HOSPITALITY, LLC,
	a New York limited liability company
		
	By:	 	HERHSA CONDUIT ASSOCIATES, LLC,
		 	a New York limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager
	
	AFFORDABLE HOSPITALITY ASSOCIATES, L.P.,
	a Pennsylvania limited partnership
		
	By:	 	RACE STREET, LLC, a Pennsylvania limited
		 	liability company, its general partner
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager
	
	HHLP RITTENHOUSE ASSOCIATES, LLC,
	a Delaware limited liability company
	
	By: HHLP RITTENHOUSE MANAGER, LLC,
	a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager
	
	HHLP COCONUT GROVE ASSOCIATES, LLC,
	a Delaware limited liability company
		
	By:	 	HHLP COCONUT GROVE MANAGER, LLC,
		 	a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager

  
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on the next page] 
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	HHLP BLUE MOON ASSOCIATES, LLC,
	 a Delaware limited liability company

		
	By:	 	HHLP BLUE MOON MANAGER, LLC,
		 	a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager
	
	HHLP WINTER HAVEN ASSOCIATES, LLC,
	a Delaware limited liability company
		
	By:	 	HHLP WINTER HAVEN MANAGER, LLC,
		 	a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager

  
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	 HHLP SMITH STREET ASSOCIATES, LLC,

a New York limited liability company

		
	By:	 	 HHLP SMITH STREET HOLDING, LLC,
 a New
York limited liability company, its manager

		
	By:	 	HHLP SMITH STREET MANAGING MEMBER, LLC, a New York limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R, Parikh
		 	Title:   Manager
	
	 HHLP KEY WEST ONE ASSOCIATES LLC,

a Delaware limited liability company

		
	By:	 	HHLP KEY WEST ONE MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager
	
	HHLP KEY WEST ONE MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager

  
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	 44 BROOKLINE HOTEL, LLC,
 a
Delaware limited liability company

		
	By:	 	44 BROOKLINE MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager
	
	44 BROOKLINE MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager
	
	 HHLP MIAMI BEACH ASSOCIATES, LLC, 

a Delaware limited liability company

		
	By:	 	HHLP MIAMI BEACH MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager
	
	 HHLP GEORGETOWN ASSOCIATES, LLC,

a Delaware limited liability company

		
	By:	 	HERSHA GEORGETOWN MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager

  
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	 HHLP GEORGETOWN II ASSOCIATES, LLC,

a Delaware limited liability company

		
	By:	 	HHLP GEORGETOWN II MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager
	
	 HHLP SUNNYVALE TPS ASSOCIATES, LLC,

a Delaware limited liability company

		
	By:	 	HHLP SUNNYVALE TPS MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager
	
	 SEAPORT HOSPITALITY LLC,
 a
New York limited liability company

		
	By:	 	 320 PEARL STREET, INC. a New York

corporation, its managing member

		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Vice President

  
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	HHLP SAN DIEGO ASSOCIATES, LLC, a Delaware limited liability company
		
	By:	 	 HHLP SAN DIEGO MANAGER, LLC, a

Delaware limited liability company, its manager

		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager

  
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	METRO JFK ASSOCIATES, LLC, a New York limited liability company
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager
	
	5444 ASSOCIATES, a Pennsylvania limited partnership
		
	By:	 	44 DUANE STREET, LLC, a Delaware limited liability company, its General Partner
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager

  
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	HHLP WHITE PLAINS ASSOCIATES, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager
	
	BRISAM MANAGEMENT (DE) LLC, a Delaware limited liability company
		
	By:	 	HHLP BRISAM 29 MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager
	
	HHLP BOSTON SEAPORT ASSOCIATES,LLC, a Delaware limited liability company
		
	By:	 	HHLP BOSTON SEAPORT MANAGER,LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager
	
	HHLP AMBROSE ASSOCIATES, LLC, a Delaware limited liability company
		
	By:	 	HHLP AMBROSE MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager

  
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	EXIT 88 HOTEL, LLC, a Connecticut limited liability company
		
	By:	 	EXIT 88 HOTEL MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager
	
	HHLP SEATTLE ASSOCIATES, LLC, a Delaware limited liability company
		
	By:	 	HHLP SEATTLE MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager
	
	CHIMES OF FREEDOM, LLC, a Delaware limited liability company
		
	By:	 	OF FREEDOM I, LLC, a Delaware limited liability company, its managing member
		
	By:	 	HHLP LIBERTY ASSOCIATES, LLC, a Delaware limited liability company, its sole member
		
	By:	 	 /s/ Ashish R. Parikh

		 	Name: Ashish R. Parikh
		 	Title:   Manager

  
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 Acknowledged and Agreed as of the date first above written: 

 

					
	CITIBANK, N.A., as Administrative Agent, Lender and Arranger
		
	By:	 	 /s/ Tina Lin

		 	Name:	 	Tina Lin
		 	Title:	 	Vice President

  
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	WELLS FARGO BANK, N.A., as Lender
		
	By:	 	 /s/ Anand J. Jobanputra

		 	Name: Anand J. Jobanputra
		 	Title:   Managing Director

  
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	WELLS FARGO SECURITIES, LLC, as Arranger
		
	By:	 	 /s/ Amit Khimji

		 	Name: Amit Khimji
		 	Title:   Managing Director

  
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	BANK OF AMERICA, N.A., as Lender
		
	By:	 	 /s/ Suzanne E. Pickett

		 	Name: Suzanne E. Pickett
		 	Title:   Senior Vice President

  
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	BOFA SECURITIES, INC., as Arranger
		
	By:	 	 /s/ Jeffrey Holmes

		 	Name: Jeffrey Holmes
		 	Title:   Director

  
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	BBVA USA, an Alabama banking corporation, f/k/a/ Compass Bank, as Lender and Arranger
		
	By:	 	 /s/ Scott Place

		 	Name: Scott Place
		 	Title:   SVP

  
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	TD BANK, N.A., as Lender and Arranger
		
	By:	 	 /s/ Brian Gallagher

		 	Name: Brian Gallagher
		 	Title:   Vice President

  
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	PNC BANK, NATIONAL ASSOCIATION, as Lender and Arranger
		
	By:	 	 /s/ Shari L. Reams-Henofer

		 	Name: Shari L. Reams-Henofer
		 	Title:   Senior Vice President

  
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	BMO HARRIS BANK N.A., as Lender
		
	By:	 	 /s/ Gwendolyn Gatz

		 	Name: Gwendolyn Gatz
		 	Title:   Director

  
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	FIFTH THIRD BANK, NATIONAL ASSOCIATION, as Lender
		
	By:	 	 /s/ Scott Quinn

		 	Name: Scott Quinn
		 	Title:   VP

  
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	MANUFACTURERS AND TRADERS TRUST COMPANY, as Lender
		
	By:	 	 /s/ Peter J. Kemerer

		 	Name: Peter J. Kemerer
		 	Title:   Vice President

  
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	 THE PROVIDENT BANK, as Lender

		
	By:	 	 /s/ Vincent S. Vita

		 	 Name: Vincent S. Vita

		 	 Title:   Senior Vice President

  
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	WILMINGTON SAVINGS FUND SOCIETY, FSB, as Lender
		
	By:	 	 /s/ Paul E. Glanville

		 	Name: Paul E. Glanville
		 	Title:   SVP

  
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	FIRST COMMERCIAL BANK, LTD., NEW YORK BRANCH, as Lender
		
	By:	 	 /s/ Terry Y. G. Ju

		 	Name: Terry Y. G. Ju
		 	Title:   Senior Vice President & General Manager

  
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	RAYMOND JAMES BANK, N.A., as Lender
		
	By:	 	 /s/ Dennis Szczesuil

		 	Name: Dennis Szczesuil
		 	Title:   SVP, CRE Lending

  
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	GOLDMAN SACHS BANK USA, as Lender
		
	By:	 	 /s/ Dan Martis

		 	Name: Dan Martis
		 	Title:   Authorized Signatory

  
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	LAND BANK OF TAIWAN, NY BRANCH, as Lender
		
	By:	 	 /s/ Kuang Wei Chang

		 	Name: Kuang Wei Chang
		 	Title:   General Manager

  
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	U.S. BANK NATIONAL ASSOCIATION, as Lender
		
	By:	 	 /s/ Andrew Stredoe

		 	Name: Andrew Stredoe
		 	Title:   VP

  
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	THE HUNTINGTON NATIONAL BANK, as Initial Lender
		
	By:	 	 /s/ Rebecca Stirnkorb

		 	Name: Rebecca Stirnkorb
		 	Title:   AVP

  
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	MORGAN STANLEY BANK, N.A., as Lender
		
	By:	 	 /s/ Jack Kuhns

		 	Name: Jack Kuhns
		 	Title:   Vice President

  
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