Document:

Exhibit 10.1

 

EXECUTION VERSION

 

CREDIT AGREEMENT

 

Dated as of October 8, 2019

 

among

 

SUMMIT JV MR 1, LLC,

 

as Borrower,

 

SUMMIT HOSPITALITY JV,
LP

 

as Parent,

 

 

CERTAIN SUBSIDIARIES OF SUMMIT JV MR 1,
LLC

FROM TIME TO TIME PARTY HERETO,

 

as Guarantors,

 

THE INITIAL LENDERS NAMED HEREIN,

 

as Initial Lenders,

 

BANK OF AMERICA, N.A.,

 

as Administrative Agent,

 

and

 

BofA SECURITIES, INC.,

 

as Sole Lead
 Arranger and as Sole Bookrunners

 

     

     

    

 

T A B L E   O F
  C O N T E N T S

 

	Section	 	Page
	 	 	 
	Article I
	DEFINITIONS AND ACCOUNTING TERMS
	 
	Section 1.01.	Certain Defined Terms	1
	Section 1.02.	Computation of Time Periods; Other Definitional Provisions	37
	Section 1.03.	Accounting Terms	38
	Section 1.04.	Rounding	38
	Section 1.05.	Times of Day	38
	Section 1.06.	Interest Rates	38
	Section 1.07.	Other Interpretative Provisions	38
	 	 	 
	Article II
	AMOUNTS AND TERMS OF THE ADVANCES
	Section 2.01.	The Advances	39
	Section 2.02.	Borrowings, Conversions and Continuations	39
	Section 2.03.	[Intentionally Omitted]	41
	Section 2.04.	Repayment of Advances	41
	Section 2.05.	Termination or Reduction of the Commitments	41
	Section 2.06.	Prepayments	42
	Section 2.07.	Interest	42
	Section 2.08.	Fees	43
	Section 2.09.	Inability to Determine Rates	44
	Section 2.10.	Increased Costs; Reserves on Eurodollar Rate Advances, Illegality; Mitigation Obligations	46
	Section 2.11.	Payments and Computations	48
	Section 2.12.	Taxes	49
	Section 2.13.	Sharing of Payments, Etc.	52
	Section 2.14.	Use of Proceeds	52
	Section 2.15.	Evidence of Debt	53
	Section 2.16.	Extension of Termination Date	53
	Section 2.17.	Increase in the Aggregate Commitments	54
	Section 2.18.	Borrowing Base Asset Provisions	57
	Section 2.19.	Reappraisal Rights	59
	 	 	 
	Article III
	CONDITIONS OF LENDING
	 
	Section 3.01.	Conditions Precedent to Initial Extensions of Credit	59
	Section 3.02.	Conditions Precedent to Each Borrowing	63
	Section 3.03.	Determinations Under Section 3.01 and 3.02	64
	 	 	 
	Article IV
	REPRESENTATIONS AND WARRANTIES
	 
	Section 4.01.	Representations and Warranties of the Loan Parties	64

 

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	Article V
	COVENANTS OF THE LOAN PARTIES
	 
	Section 5.01.	Affirmative Covenants	70
	Section 5.02.	Negative Covenants	75
	Section 5.03.	Reporting Requirements	81
	Section 5.04.	Financial Covenants	84
	 	 	 
	Article VI
	EVENTS OF DEFAULT
	 
	Section 6.01.	Events of Default	85
	Section 6.02.	Remedies Upon Event of Default	87
	Section 6.03.	Application of Funds	87
	 	 	 
	Article VII
	GUARANTY
	 
	Section 7.01.	Guaranty; Limitation of Liability	88
	Section 7.02.	Guaranty Absolute	89
	Section 7.03.	Waivers and Acknowledgments	90
	Section 7.04.	Subrogation	91
	Section 7.05.	Guaranty Supplements	91
	Section 7.06.	Indemnification by Guarantors	91
	Section 7.07.	Subordination	91
	Section 7.08.	Continuing Guaranty	92
	Section 7.09.	Keepwell	92
	 	 	 
	Article VIII
	THE ADMINISTRATIVE AGENT
	 
	Section 8.01.	Appointment and Authority	93
	Section 8.02.	Rights as a Lender	93
	Section 8.03.	Exculpatory Provisions	93
	Section 8.04.	Reliance by Administrative Agent	94
	Section 8.05.	Indemnification by Lenders	94
	Section 8.06.	Delegation of Duties	95
	Section 8.07.	Resignation of Administrative Agent	95
	Section 8.08.	Non-Reliance on the Administrative Agent, the Arranger and the Other Lenders	96
	Section 8.09.	No Other Duties, Etc.	96
	Section 8.10.	Administrative Agent May File Proofs of Claim	96
	Section 8.11.	Guaranty and Collateral Matters	97
	Section 8.12.	Guaranteed Hedge Agreements	98

 

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	Article IX
	MISCELLANEOUS
	 
	Section 9.01.	Amendments, Etc.	98
	Section 9.02.	Notices, Etc.	101
	Section 9.03.	No Waiver; Remedies	103
	Section 9.04.	Costs and Expenses; Indemnification	103
	Section 9.05.	Right of Set-off	105
	Section 9.06.	Successors and Assigns	105
	Section 9.07.	Electronic Execution of Assignments and Certain Other Documents	108
	Section 9.08.	Execution in Counterparts; Effectiveness	108
	Section 9.09.	Integration	109
	Section 9.10.	Defaulting Lenders	109
	Section 9.11.	Confidentiality	110
	Section 9.12.	Certain ERISA Matters	111
	Section 9.13.	Patriot Act Notification	112
	Section 9.14.	Jurisdiction, Etc.	112
	Section 9.15.	Governing Law	113
	Section 9.16.	WAIVER OF JURY TRIAL	113
	Section 9.17.	Acknowledgment and Consent to Bail-In of EEA Financial Institutions	113
	Section 9.18.	Acknowledgement Regarding Any Supported QFCs	113

 

	SCHEDULES	 	 
	 	 	 
	Schedule I	-	Commitments
	Schedule II	-	[reserved]
	Schedule III	-	Approved Managers
	Schedule 3.01(a)(iv)	-	Initial Borrowing Base Assets
	Schedule 4.01(b)	-	Subsidiaries
	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 Concerns
	Schedule 4.01(w)	-	Plans and Welfare Plans
	Schedule 9.02	 	Administrative Agent’s Office; Certain Addresses for Notices
	 	 	 
	EXHIBITS	 	 
	 	 	 
	Exhibit A-1	-	Form of Revolving Note
	Exhibit A-2	-	Form of Term Note
	Exhibit A-3	 	Form of Incremental Term Note
	Exhibit B	-	Form of Notice of Borrowing
	Exhibit C	-	Form of Compliance Certificate
	Exhibit D	-	Form of Guaranty Supplement
	Exhibit E-1	-	Form of Assignment and Acceptance
	Exhibit E-2	 	Form of Administrative Questionnaire
	Exhibit F	-	Form of U.S. Tax Compliance Certificate
	Exhibit G	 	Form of Notice of Loan Prepayment

 

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CREDIT AGREEMENT

 

CREDIT AGREEMENT dated
as of October 8, 2019 (this “Agreement”) among SUMMIT JV MR 1, LLC, a Delaware limited liability company
(the “Borrower”), Summit Hospitality JV, LP, certain Subsidiaries from time to time party hereto, as
Guarantors, the banks, financial institutions and other institutional lenders listed on the signature pages hereof as the initial
lenders (the “Initial Lenders”), BANK OF AMERICA, N.A., as administrative agent (together with any successor
administrative agent appointed pursuant to Article VIII, the “Administrative Agent”) for the Lenders
(as hereinafter defined).

 

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).

 

“Acquisition”
has the meaning specified in Section 2.14.

 

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

 

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

 

“Adjusted
Net Operating Income” or “Adjusted NOI” means, with respect to any Borrowing Base Asset,
(a) the Net Operating Income attributable to such Borrowing Base Asset less (b) the Deemed FF&E Reserve for
such Borrowing Base Asset, less (c) without duplication, the Deemed Management Fee for such Borrowing Base Asset, in
each case for the period of four consecutive fiscal quarters of the Parent then most recently ended for which financial statements
are required to be delivered to the Administrative Agent and the Lenders pursuant to Section 5.03(b) or (c), as the case may be.

 

“Adjustment”
has the meaning specified in Section 2.09(c).

 

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

 

“Administrative
Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on
Schedule 9.02, or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the
Lenders.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit E-2 or any other form approved
by the Administrative Agent.

 

“Advance”
means a Revolving Credit Advance, a Term Loan Advance or an Incremental Term Advance.

 

    1

     

    

 

“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.

 

“Aggregate
Borrowing Base Asset Value” means, as of any date of determination, the aggregate Borrowing Base Asset Values of
all Borrowing Base Assets at such time; provided that (i) not more than thirty five percent (35%) of Aggregate Borrowing
Base Asset Value may be in respect of a single Borrowing Base Asset, with any excess over such limit being excluded from Aggregate
Borrowing Base Asset Value for such period, (ii) not more than thirty percent (30%) of Aggregate Borrowing Base Asset Value may
be in respect of Borrowing Base Assets located in any one metropolitan statistical area, with any excess over such limit being
excluded from Aggregate Borrowing Base Asset Value for such period, provided however, that the Portland metropolitan statistical
area (“MSA”) shall be exempt from the limitation so long as no additional Borrowing Base Asset located in the Portland
MSA is added to the Borrowing Base Pool after the Closing Date, and if Borrower requests an additional Portland MSA Borrowing Base
Asset to be added to the Borrowing Base Pool, the exemption shall no longer apply, (iii) not more than thirty percent (30%) of
Aggregate Borrowing Base Asset Value for any period may be in respect of Borrowing Base Assets that are subject to Qualifying Ground
Leases, with any excess over such limit being excluded from Aggregate Borrowing Base Asset Value for such period, (iv) not more
than twenty percent (20%) of Aggregate Borrowing Base Asset Value for any period may be in respect of Borrowing Base Assets that
are not operated under a nationally recognized brand subject to a Franchise Agreement with an Approved Franchisor, with any excess
over such limit being excluded from Aggregate Borrowing Base Asset Value for such period and (v) no less than four (4) Hotel Assets
must, at all times, qualify as Borrowing Base Assets or the Aggregate Borrowing Base Asset Value shall be deemed to be zero.

 

“Aggregate
Facility Amount” means, at any date of determination, the sum of (i) the Revolving Credit Facility at such time plus
(ii) the Term Facility at such time plus (iii) all Incremental Term Loan Facilities at such time.

 

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

 

“Anti-Corruption
Laws” shall mean all laws, rules, and regulations of any jurisdiction applicable to the Parent or any of its Subsidiaries
from time to time concerning or relating to bribery, corruption or money laundering including, without limitation, the United Kingdom
Bribery Act of 2010 and the United States Foreign Corrupt Practices Act of 1977, as amended.

 

“Applicable
Law” means, as to any Person, all applicable Laws binding upon such Person or to which such a Person is subject.

 

“Applicable
Margin” means, at any date of determination, (i) for Revolving Credit Advances, a percentage per annum equal to 2.15%
for Eurodollar Rate Advances and LIBOR Floating Rate Advances, and 1.15% for Base Rate Advances, (b) for Term Loan Advances, a
percentage per annum equal to 2.10% for Eurodollar Rate Advances and LIBOR Floating Rate Advances, and 1.10% for Base Rate Advances
and (c) for Incremental Term Advances of any Type, the rate or rates per annum specified in the applicable Incremental Term Loan
Facility Amendment.

 

“Appraisal”
means an MAI appraisal that is in form and substance reasonably satisfactory to the Administrative Agent and prepared by an independent
appraisal firm that is reasonably acceptable to the Administrative Agent, setting forth the estimated “as-is” going
concern value of an Asset.

 

    2

     

    

 

“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 franchisors
shown on Part IV of Schedule 4.01(p) hereto are satisfactory to the Administrative Agent and shall be considered an Approved Franchisor.

 

“Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity
or an Affiliate of an entity that administers or manages a Lender.

 

“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 in form and substance reasonably satisfactory to the Administrative Agent. The Administrative Agent
confirms that each of the managers shown on Schedule III hereto are satisfactory to the Administrative Agent and shall be considered
an Approved Manager. 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.

 

“Arranger”
means BofA Securities, Inc., in its capacity as sole lead arranger and sole bookrunner.

 

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

 

“Assignment
and Acceptance” means an assignment and acceptance entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 9.07), and accepted by the Administrative Agent, in accordance with Section 9.07
and in substantially the form of Exhibit E-1 hereto or any other form (including electronic documentation generated by use
of an electronic platform) approved by the Administrative Agent.

 

“Assumed
Unsecured Interest Expense” means, on any date, the greater of (a) the actual Interest Expense on Unsecured Indebtedness
of the Parent and its Consolidated Subsidiaries and (b) the outstanding principal balance of all Unsecured Indebtedness of
the Parent 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 period of four
consecutive fiscal quarters of the Parent then most recently ended for which financial statements are required to be delivered
to the Administrative Agent and the Lenders pursuant to Section 5.03(b) or (c), as the case may be.

 

“Attributable
Indebtedness” means, on any date, (a) in respect of any Capitalized Lease of any Person, the capitalized amount thereof
that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any
Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear on
a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a Capitalized
Lease.

 

“Availability”
means, at any date of determination, (a) the lowest of (i) the Aggregate Facility Amount, (ii) the Aggregate Borrowing Base Asset
Value at such time multiplied by 55% and (iii) the principal amount that when outstanding under the Facilities would result
in a Borrowing Base Coverage Ratio (determined on a pro forma basis as at such date) equal to 2.00:1.00, less (b) the aggregate
principal amount of all then outstanding Advances.

 

    3

     

    

 

“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.

 

“Bank
of America” means Bank of America, N.A. and its successors.

 

“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 for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus
1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime
rate,” and (c) the Eurodollar Rate plus 1.00%; provided that in no event will the Base Rate be less than zero.
The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs
and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which
may be priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of America shall take effect
at the opening of business on the day specified in the public announcement of such change. If the Base Rate is being used as an
alternate rate of interest pursuant to Section 2.09 hereof, then the Base Rate shall be the greater of clauses (a) and (b) above
and shall be determined without reference to clause (c) above.

 

“Base
Rate Advance” means an Advance that bears interest based on the Base Rate.

 

“Beneficial
Ownership Certification” means, if the Borrower qualifies as a “legal entity customer” within the meaning
of the Beneficial Ownership Regulation, a certification of beneficial ownership as required by the Beneficial Ownership Regulation.

 

“Beneficial
Ownership Regulation” means 31 C.F.R. § 1010.230, as amended.

 

“Benefit
Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of
ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee
benefit plan” or “plan”.

 

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

 

“Borrower
Materials” has the meaning specified in Section 9.11.

 

“Borrowing”
means a borrowing consisting of simultaneous Revolving Credit Advances of the same Type, Term Loan Advances of the same Type or
Incremental Term Advances of the same Type made by the Lenders.

 

“Borrowing
Base Adjusted NOI” means aggregate Adjusted NOI for all Borrowing Base Assets.

 

“Borrowing
Base Asset” means an Eligible Asset that the Borrower has proposed to designate as a Borrowing Base Asset, which
designation has been approved by the Required Lenders in their reasonable discretion. For the avoidance of doubt, any Asset that
is not, or at any time ceases to be, an Eligible Asset is not a Borrowing Base Asset.

 

    4

     

    

 

“Borrowing
Base Asset Designation Package” means, with respect to the proposed designation of any Eligible Asset as a Borrowing
Base 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) if such Asset is then the subject of an acquisition transaction,
a copy of the purchase agreement with respect thereto and a schedule of the proposed sources and uses of funds for such transaction
and (f) such other information as reasonably requested by Administrative Agent.

 

“Borrowing
Base Asset Value” means, as of any date of determination and with respect to any Borrowing Base Asset, the sum of
the following: (a) with respect to each Borrowing Base Asset that is a New Property, an amount equal to the lesser of (i) the acquisition
price for such Borrowing Base Asset paid by the Parent or any of its Consolidated Subsidiaries to a non-affiliate and (ii) the
appraised value of such Borrowing Base Asset as reflected in an Appraisal; and (b) with respect to each Borrowing Base Asset that
is a Seasoned Property, the appraised value of such Borrowing Base Asset as reflected in an Appraisal. For the avoidance of doubt,
the Borrowing Base Asset Value of any Asset that is not, or at any time ceases to be, an Eligible Asset, is zero.

 

“Borrowing
Base Coverage Ratio” means, at any date of determination, the ratio of Borrowing Base Adjusted NOI to Assumed Unsecured
Interest Expense, in each case for the period of four consecutive fiscal quarters of the Parent then most recently ended for which
financial statements are required to be delivered to the Administrative Agent and the Lenders pursuant to Section 5.03(b) or (c),
as the case may be.

 

“Borrowing
Base Pool” means, at any time, a collective reference to the Borrowing Base Assets that are included in a calculation
of Aggregate Borrowing Base Asset Value made at such time.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under
the laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and, if such day relates
to any Eurodollar Rate Advance, means any such day that is also a London Banking Day.

 

“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 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.

 

    5

     

    

 

“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
in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking
effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration,
interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request,
rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding
anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines
or directives thereunder or issued in connection therewith or in the implementation thereof and (y) all requests, rules, guidelines
or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor
or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each
case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or implemented.

 

“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 REIT (or other securities convertible into such Voting Interests) representing 35% or more of the combined voting
power of all Voting Interests of the Parent REIT; or (b) there is a change in the composition of the Parent REIT’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 REIT; or (d) the Parent REIT ceases to be the sole member of and the direct
legal and beneficial owner (free and clear of all Liens) 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 (free and clear
of all Liens) of all of the general partnership interests in, Summit Hotel OP, LP; or (e) Summit Hotel OP, LP ceases to be the
direct or indirect beneficial owner (free and clear of all Liens) of at least 51% of the limited partnership interests in the Parent;
or (f) the Parent REIT ceases to be the sole member of and the direct legal and beneficial owner (free and clear of all Liens)
of all of the limited liability company interests in, Summit Hotel GP 2, LLC and/or Summit Hotel GP 2, LLC ceases to be the sole
general partner of and the direct legal and beneficial owner (free and clear of all Liens) of all of the general partnership interests
in, the Parent; or (g) the Parent ceases to be the sole member of and the direct legal and beneficial owner (free and clear of
all Liens) of all of the limited liability company interests in, the Borrower; or (g) any Person or two or more Persons (other
than the Parent) 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 Borrower; or (h) the Borrower ceases to be the direct or indirect
legal and beneficial owner (free and clear of all Liens other than pursuant to the Loan Documents) of all of the Equity Interests
in each direct and indirect Subsidiary that owns or leases a Borrowing Base Asset.

 

“Closing
Date” means the date hereof.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended.

 

    6

     

    

 

“Collateral”
means all of the “Collateral” or other similar term referred to in the Pledge Agreement that is required under the
terms of the Loan Documents to be subject to Liens in favor of the Administrative Agent for the benefit of the Secured Parties.

 

“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 Commitment, a Revolving Credit Commitment or an Incremental Term Loan Commitment, as the context may require.

 

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

 

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

 

“Compliance
Certificate” means a certificate substantially in the form of Exhibit C signed by a Responsible Officer of the Parent
or the Borrower.

 

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

 

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

 

“Consolidated
EBITDA” means, as of any date of determination, for the period of four consecutive fiscal quarters of the Parent
then most recently ended for which financial statements are required to be delivered to the Administrative Agent and the Lenders
pursuant to Section 5.03(b) or (c), as the case may be, without duplication, for the Parent 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 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-cash charges (including one-time non-cash impairment charges) in such period
to the extent that such non-cash charges were deducted in determining Consolidated net income or loss for such period, and (iv)
any other non-recurring charges in such period, less (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 in determining Consolidated net income or loss for such period, (iii) any non-cash
charges (including one-time non-cash impairment charges) in such period to the extent that such non-cash were deducted in determining
Consolidated net income or loss for such period, and (iv) any other non-recurring charges in such period, less (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 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 or one of its Consolidated 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 or such Consolidated 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 a Hotel Asset that shall be repositioned 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).

 

    7

     

    

 

“Consolidated
Fixed Charge Coverage Ratio” means, as of any date of determination, the ratio of (a) Adjusted Consolidated
EBITDA to (b) Consolidated Fixed Charges, in each case, of the Parent and its Subsidiaries for the period of four consecutive
fiscal quarters of the Parent then most recently ended for which financial statements are required to be delivered to the Administrative
Agent and the Lenders pursuant to Section 5.03(b) or (c), as the case may be; provided that (i) for the fiscal quarter of
the Parent ending on December 31, 2019, such ratio shall be calculated based on the ratio of Adjusted Consolidated EBITDA to Consolidated
Fixed Charges for such fiscal quarter, (ii) for the fiscal quarter of the Parent ending on March 31, 2020, such ratio shall be
calculated based on the ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges for the period of two consecutive fiscal
quarters ending on such date and (iii) for the fiscal quarter of the Parent ending on June 30, 2020, such ratio shall be calculated
based on the ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges for the period of three consecutive fiscal quarters
ending on such date.

 

“Consolidated
Fixed Charges” means, as of any date of determination, for the period of four consecutive fiscal quarters of the
Parent then most recently ended for which financial statements are required to be delivered to the Administrative Agent and the
Lenders pursuant to Section 5.03(b) or (c), as the case may be, for the Parent 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) cash
distributions on Preferred Interests payable by the Parent or a Consolidated Subsidiary for such period and distributions made
by the Parent a Consolidated Subsidiary in such period for the purpose of paying dividends on Preferred Interests issued by such
Person(s).

 

“Consolidated
Indebtedness” means, at any time, the Indebtedness of the Parent 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, as of any date of determination for the period of four consecutive fiscal quarters of the
Parent then most recently ended for which financial statements are required to be delivered to the Administrative Agent and the
Lenders pursuant to Section 5.03(b) or (c), as the case may be, the sum of (a) the aggregate cash interest expense of the Parent
and its Consolidated 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.

 

    8

     

    

 

“Consolidated
Tangible Net Worth” means, as of a given date, the stockholders’ equity of the Parent and its Subsidiaries
determined on a Consolidated basis plus accumulated depreciation and amortization, less (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.

 

“Contractual
Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument
or other undertaking to which such Person is a party or by which it or any of its property is bound.

 

“Conversion”,
“Convert” and “Converted” each refer to a conversion of Advances of one Type
into Advances of another Type.

 

“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 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 or any of its Subsidiaries during the period of four consecutive fiscal quarters
of the Parent then most recently ended for which financial statements are required to be delivered to the Administrative Agent
and the Lenders 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 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).

 

    9

     

    

 

“Deemed
FF&E Reserve” means, on any date of determinations, with respect to any Asset for the period of four consecutive
fiscal quarters of the Parent then most recently ended for which financial statements are required to be delivered to the Administrative
Agent and the Lenders pursuant to Section 5.03(b) or (c), as the case may be, an amount equal to 4% of the Gross Hotel Revenues
for such fiscal period.

 

“Deemed
Management Fee” means, on any date of determination and with respect to any Asset for the period of four consecutive
fiscal quarters of the Parent then most recently ended for which financial statements are required to be delivered to the Administrative
Agent and the Lenders pursuant to Section 5.03(b) or (c), as the case may be, 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.

 

“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 (i) with respect to Advances made under the Term Loan Facility, a rate equal to 2.00% per annum above
the rate per annum required to be paid on Base Rate Advances made under the Term Loan Facility and (ii) with respect to Advances
under the Revolving Credit Facility and any interest, fee or other amount payable under the Loan Documents, a rate equal to 2.00%
per annum above the rate per annum required to be paid on Base Rate Advances made under the Revolving Credit Facility.

 

“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 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.

 

    10

     

    

 

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

 

“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 and its Subsidiaries.

 

“Direct
Owner” means, as to any Eligible Asset that is owned by or ground leased to a Subsidiary of the Borrower, any Subsidiary
of the Borrower that directly owns or ground leases a portion of such Eligible Asset.

 

“Dividing
Person” has the meaning assigned to it in the definition of “Division.”

 

“Division”
means the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”)
among two or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include
the Dividing Person and pursuant to which the Dividing Person may or may not survive.

 

“Division
Successor” means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion
of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of
such Division. A Dividing Person which retains any of its assets, liabilities and/or obligations after a Division shall be deemed
a Division Successor upon the occurrence of such Division.

 

“Dollar”
and “$” mean lawful money of the United States.

 

“Domestic
Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the United States.

 

“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
Asset” has the meaning specified in the definition of “Eligible Asset Criteria.”

 

“Eligible
Asset Criteria” in order for any Asset to qualify as an Eligible Asset the Asset must meet and continue at all times
to satisfy each of the following criteria (each such Asset that meets such criteria being referred to as an “Eligible
Asset”):

 

    11

     

    

 

(a)               The
Asset is a Hotel Asset located in the United States of America, and is a limited service, select service or full
service hotel that is rated “upscale”, “upper midscale”, “midscale” or better by
Smith Travel Research.

 

(b)               The Asset is wholly
owned in fee simple directly by, or is ground leased pursuant to a Qualifying Ground Lease directly to, the Borrower or a
wholly owned Subsidiary of the Borrower that is a Guarantor and is leased to the applicable TRS Lessee pursuant to an
Operating Lease, provided however, that as concerns the Hampton Inn & Suites Silverthorne located in Silverthorne,
Colorado, the Asset is leased directly to the applicable Guarantor.

 

(c)               The Asset is fully
operating, open to the public, and not the subject of a Material Renovation.

 

(d)               Each Direct Owner of such Asset and each Indirect Owner of each such Direct Owner must be organized in a state within
the United States of America or in the District of Columbia.

 

(e)               No Direct Owner of
such Asset and no Indirect Owner of such Direct Owner owns any Real Property other than Borrowing Base Assets.

 

(f)               The Asset is not,
and no interest of the Borrower or any of its Subsidiaries therein is, subject to any (a) ground lease (other than an
Qualifying Ground Lease) or (b) Lien or Negative Pledge (in each case, other than pursuant to the Credit Documents and
Permitted Asset Encumbrances).

 

(g)               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) create Liens on such Asset as security for Indebtedness of the Borrower or such Subsidiary,
as applicable and (ii) 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 clauses (i) and (ii) above)).

 

(h)               The Asset 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.

 

(i)               The Asset is operated by an Approved Manager or any other property manager approved by the Administrative Agent pursuant
to a Management Agreement approved by the Required Lenders in their reasonable discretion.

 

(j)               The Equity Interests of each Direct Owner of such Asset and each Indirect Owner of each such Direct Owner constitute
Collateral and are not subject to any Liens (in each case, other than pursuant to the Credit Documents and Permitted Equity Encumbrances).

 

(k)              No Direct Owner of such Asset and no Indirect Owner of any such Direct Owner has incurred or otherwise is liable
for any outstanding Indebtedness (other than (w) Indebtedness under the Facilities, (x) trade payables incurred in the ordinary
course of business, (y) intercompany Indebtedness owed to a Loan Party and (z) in the case of an Indirect Owner, unsecured guaranties
of Non-Recourse Debt of a Subsidiary thereof for which recourse to such Indirect Owner is contractually limited to liability under
a Customary Carve-Out Agreement).

 

(l)               No Direct
Owner of such Asset and no Indirect Owner of any such Direct Owner is subject to any proceedings under any Debtor Relief
Law.

 

    12

     

    

 

(m)               The
Asset 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 the Credit Documents as one Hotel Asset, in which case, such
Hotel Asset shall be deemed to comply with this clause and such two components of such Hotel Asset shall be included in and removed
from the Borrowing Base Pool simultaneously and both must satisfy each of the Eligibility Asset Criteria for either component
to qualify as a Borrowing Base Asset.

 

“Eligible
Assignee” means with respect to the Revolving Credit Facility or the Term Loan Facility, (i) a Lender; (ii) an Affiliate
or an Approved Fund 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.

 

“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.

 

    13

     

    

 

“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 Code.

 

“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) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from
a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (g) the conditions for imposition of a lien
under Section 303(k) of ERISA shall have been met with respect to any Plan; (h) 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; or (i) the imposition of any liability
under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or
any ERISA Affiliate.

 

“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.

 

“Eurodollar
Rate” means:

 

(a)
              for any
Interest Period with respect to a Eurodollar Rate Advance, the rate per annum equal to the London Interbank Offered Rate
as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for
U.S. Dollars for a period equal in length to such Interest Period (“LIBOR”) as published on
the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be
designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior
to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with
a term equivalent to such Interest Period;

 

(b)
              for any
interest calculation with respect to a Base Rate Advance on any date, the rate per annum equal to LIBOR, at or about 11:00
a.m., London time determined two London Banking Days prior to such date for U.S. Dollar deposits with a term of one
month commencing that day; and

 

    14

     

    

 

(c)
              if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement (except
for any notional amount applicable to any portion of the Term Loan Facility that is subject to a Guaranteed Hedge Agreement; provided,
that for any such portion of the Term Loan Facility to be excluded from the application of this clause (c) on any date of determination,
the Borrower must have delivered to the Administrative Agent prior to such date of determination a written notice identifying such
Guaranteed Hedge Agreement and the portion of the Term Loan Facility subject thereto, together with such supporting documentation
as the Administrative Agent may reasonably request).

 

“Eurodollar
Rate Advance” means an Advance that bears interest at a rate based on clause (a) of the definition of “Eurodollar
Rate.”

 

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

 

“Excluded
Subsidiary” means any Subsidiary of the Borrower that is either:

 

(a)
              an Immaterial Subsidiary;

 

(b)
              prohibited from becoming a Guarantor by the terms of any agreement governing Non-Recourse Debt owed to a non-affiliate
(or by the terms of the relevant partnership agreement, limited liability company operating agreement or other governing document
of the entity that is the borrower (or the direct parent of the borrower) under any Non-Recourse Debt);

 

(c)
              a Foreign Subsidiary for which providing a Guaranty of the Obligations would (i) violate applicable laws (including
corporate benefit, financial assistance, fraudulent preference, thin capitalization rules and similar laws or regulations which
limit the ability to provide credit support on local assets or properties) or (ii) reasonably be expected to violate or conflict
with any fiduciary duties of officers or directors of such Foreign Subsidiary; or

 

(d)
              a Foreign Subsidiary that is not otherwise an “Excluded Subsidiary” with respect to which the Administrative
Agent reasonably determines that the cost of obtaining a Guaranty from such Foreign Subsidiary exceeds the practical benefit to
the Lenders afforded thereby (including in the nature of stamp duties, notarization, registration or other costs that are disproportionate
to the benefit afforded thereby, or that cause such benefit to be otherwise unavailable in a practicable manner).

 

For the avoidance
of doubt and notwithstanding anything to the contrary contained herein, any Subsidiary of the Borrower that is a borrower, guarantor
or otherwise has provided security for, or has a payment obligation under, any Unsecured Indebtedness will not be an Excluded Subsidiary
and will be a Guarantor.

 

“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.

 

    15

     

    

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its applicable Lending Office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) Taxes imposed as a result of current or former connections (other than such connections arising from
such Lender’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), (b) in the case of a Lender, U.S. federal withholding
tax imposed on amounts payable to or for the account of any Lender 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 acquires such interest in the Advance
or Commitment (other than pursuant to an assignment request by the Borrower under Sections 2.10(h) or 9.01(b)) or designates a
new Lending Office (other than pursuant to a request by the Borrower under Section 2.10(g), 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’s
assignor immediately before such Person became a party hereto or to such Lender immediately before it changed its Lending Office,
(c) any U.S. federal withholding tax imposed pursuant to FATCA and (d) Taxes attributable to such Recipient’s failure to
comply with Section 2.12(f) and (g).

 

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

 

“Extension
Date” has the meaning specified in Section 2.16.

 

“Extension
Fee” has the meaning specified in Section 2.08(d).

 

“Facility”
means the Revolving Credit Facility, the Term Loan Facility or any Incremental Term Loan Facility, as the context may require.

 

“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 Swap Termination Value
thereof.

 

“FASB
ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board.

 

“FATCA”
means sections 1471 through 1474 of the 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 Code).

 

“Federal
Funds Rate” means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such
day’s federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of
New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal
Reserve Bank of New York as the federal funds effective rate; provided that if the Federal Funds Rate as so determined would
be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Fee
Letter” means any separate letter agreement executed and delivered by the Borrower or an Affiliate of the Borrower
and to which the Administrative Agent or the Arranger is a party, as the same may be amended, restated or replaced from time to
time.

 

    16

     

    

 

“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 and its Consolidated Subsidiaries ending on December 31 in any calendar year.

 

“Foreign
Subsidiary” means a Subsidiary that is not a Domestic Subsidiary.

 

“Franchise
Agreements” means (a) on the Closing Date, the Franchise Agreements set forth on Part IV of Schedule 4.01(p) hereto,
and (b) any written franchise agreement in respect of a Hotel Asset after the Closing Date.

 

“GAAP”
means generally accepted accounting principles in the United States of America set forth in the opinions and pronouncements of
the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting
profession in the United States of America, that are applicable to the circumstances as of the date of determination, consistently
applied.

 

“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).

 

    17

     

    

 

“Grantor”
means the applicable Loan Party that is a party to the Pledge Agreement.

 

“Gross
Hotel Revenues” means, with respect to any Asset, all revenues and receipts of every kind derived from operating
such Asset 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); service charges, to the extent not distributed to the employees at such Asset as, or in lieu of,
gratuities; and proceeds, if any, from business interruption or other loss of income insurance, all as determined in accordance
with GAAP; provided, however, that Gross Hotel Revenues shall not include gratuities to employees of such Asset; 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.

 

“Guarantee”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect
of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease
property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of
the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other
financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor
to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee
in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss
in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation
of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or
otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount
equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee
is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the
guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning.

 

“Guaranteed
Hedge Agreement” means any Hedge Agreement that constitutes an interest rate swap, cap or collar agreement or an
interest rate future or option contract, in each case that is permitted under Article V and that is entered into by and between
any Loan Party and any Hedge Bank.

 

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

 

“Guarantors”
means, collectively, each Subsidiary other than Excluded Subsidiaries.

 

“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) or Section 7.05.

 

    18

     

    

 

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

 

“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 or an Affiliate of a Lender 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.

 

“Immaterial
Subsidiary” means, on any date of determination, a Subsidiary of the Parent that on such date holds no assets other
than a de minimis amount of cash, cash equivalents and other assets.

 

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

 

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

 

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

 

“Incremental
Term Advance” has the meaning specified in Section 2.01(c).

 

“Incremental
Term Loan Borrowing” means a borrowing consisting of simultaneous Incremental Term Advances of the same Type and
in the case of Eurodollar Rate Advances, having the same Interest Period made by each of the Incremental Term Loan Lenders pursuant
to the applicable Incremental Term Loan Facility Amendment.

 

“Incremental
Term Loan Commitment” means, as to each Incremental Term Loan Lender with respect to any Incremental Term Loan Facility,
its obligation to make Incremental Term Advances to the Borrower pursuant to Section 2.17 in an aggregate principal amount not
to exceed the amount set forth opposite such Incremental Term Loan Lender’s name on the applicable schedule to the Incremental
Term Loan Facility Amendment establishing such Incremental Term Loan Facility or opposite such caption in the Assignment and Acceptance
or Accession Agreement pursuant to which such Incremental Term Loan Lender becomes a party hereto, as applicable, as such amount
may be adjusted from time to time in accordance with this Agreement.

 

“Incremental
Term Loan Increase” has the meaning specified in Section 2.17(a).

 

“Incremental
Term Loan Facility Amendment” has the meaning specified in Section 2.17(g).

 

    19

     

    

 

“Incremental
Term Loan Lender” means (a) at any time prior to the applicable Increase Date, any Lender that has an Incremental
Term Loan Commitment at such time and (b) at any time after the such Increase Date, any Lender that holds Incremental Term Advances
at such time.

 

“Incremental
Term Note” means a promissory note made by the Borrower in favor of an Incremental Term Loan Lender evidencing Incremental
Term Advances made by such Lender, substantially in the form of Exhibit A-3.

 

“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness
or liabilities in accordance with GAAP:

 

(a)             
all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures,
notes, loan agreements or other similar instruments;

 

(b)             
all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial),
bankers’ acceptances and similar instruments (including bank guaranties, surety bonds, comfort letters, keep-well agreements
and capital maintenance agreements);

 

(c)             
net obligations of such Person under any Hedge Agreement;

 

(d)             
all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts
payable in the ordinary course of business and, in each case, not past due for more than 60 days after the date on which such trade
account payable was created);

 

(e)             
Capitalized Leases, Synthetic Lease Obligations, Synthetic Debt and Off-Balance Sheet Arrangements;

 

(f)             
all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any
Equity Interest in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its
voluntary or involuntary liquidation preference plus accrued and unpaid dividends (other than any such obligation of such
Person if such Person, in its sole discretion, may satisfy such obligation by delivering (or causing to be delivered) common equity
interests in the Parent or a Subsidiary thereof that is not a Loan Party);

 

(g)             
indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such
Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness
shall have been assumed by such Person or is limited in recourse; and

 

(h)             
all Guarantees of such Person in respect of any of the foregoing, excluding guarantees of Non-Recourse Debt for which
recourse is limited to liability under a Customary Carve-Out Agreement.

 

For all purposes
hereof: (a) the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint
venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer,
unless such Indebtedness is expressly made non-recourse to such Person, (b) the Indebtedness of the Parent and its Consolidated
Subsidiaries shall include, with respect to the foregoing items and components thereof attributable to Indebtedness of non-wholly
owned Subsidiaries, only the Parent’s Ownership Percentage thereof, (c) the amount of any net obligation under any Hedge
Agreement on any date shall be deemed to be the Swap Termination Value thereof as of such date and (d) the amount of any Capitalized
Lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof
as of such date.

 

    20

     

    

 

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

 

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

 

“Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account
of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.

 

“Indirect
Owner” means, as to any Eligible Asset owned by or ground leased to one or more Subsidiaries of the Borrower, each
other Subsidiary of the Borrower that owns a direct or indirect interest in the Direct Owners of such Eligible Asset.

 

“Information”
has the meaning specified in Section 9.11.

 

“Initial
Borrowing Base Assets” has the meaning specified in Section 3.01(a)(iv).

 

“Initial
Extensions of Credit” means the initial Borrowing hereunder.

 

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

 

“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 as to each Eurodollar Rate Advance, the period commencing on the date such Eurodollar Rate Advance
is disbursed or Converted to or continued as a Eurodollar Rate Advance and ending on the date one, two, three or six months thereafter
(in each case, subject to availability), as selected by the Borrower in its Notice of Borrowing, or such other period that is less
than six months requested by the Borrower and consented to by all the Lenders; provided that:

 

(i)         any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business
Day unless, in the case of a Eurodollar Rate Advance, such Business Day falls in another calendar month, in which case such Interest
Period shall end on the next preceding Business Day;

 

(ii)        any
Interest Period pertaining to a Eurodollar Rate Advance that begins on the last Business Day of a calendar month (or on a day for
which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last
Business Day of the calendar month at the end of such Interest Period; and

 

(iii)       no
Interest Period shall extend beyond the Termination Date.

 

“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.

 

    21

     

    

 

 

“IRS”
means the United States Internal Revenue Service.

 

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

 

“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 Organization Documents of such Subsidiary or Joint Venture.

 

“Laws”
means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances,
codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed
duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether
or not having the force of law.

 

“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.

 

“Lending
Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative
Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent,
which office may include any Affiliate of such Lender or any domestic or foreign branch of such Lender or such Affiliate. Unless
the context otherwise requires each reference to a Lender shall include its applicable Lending Office.

 

“Leverage
Ratio” means, at any date of determination, the ratio of Total Indebtedness to Total Asset Value as at the end of
the period of four consecutive fiscal quarters of the Parent then most recently ended for which financial statements are required
to be delivered to the Administrative Agent and the Lenders pursuant to Section 5.03(b) or (c), as the case may be.

 

“LIBOR”
has the meaning specified in the definition of Eurodollar Rate.

 

“LIBOR
Daily Floating Rate” means, for any day, a fluctuating rate of interest per annum equal to LIBOR, or a comparable
or successor rate, which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or
such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to
time), at or about 11:00 a.m., London time, two (2) London Banking Days prior to such day, for U.S. dollar deposits with a term
of one (1) month commencing that day; provided that to the extent a comparable or successor rate is approved by the Administrative
Agent in connection herewith, the approved rate will be applied in a manner consistent with market practice; provided, further,
that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate will
be applied in a manner as otherwise reasonably determined by the Administrative Agent.

 

    22

     

    

 

“LIBOR
Floating Rate Loan” means a Loan that bears interest at a rate based on the LIBOR Daily Floating Rate.

 

“LIBOR
Screen Rate” means the LIBOR quote on the applicable screen page the Administrative Agent designates to determine
LIBOR (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from
time to time).

 

“LIBOR
Successor Rate” has the meaning specified in Section 2.09(c).

 

“LIBOR
Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes
to the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and
other technical, administrative or operational matters as may be appropriate, in the discretion of the Administrative Agent, to
reflect the adoption and implementation of such LIBOR Successor Rate and to permit the administration thereof by the Administrative
Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any
portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR
Successor Rate exists, in such other manner of administration as the Administrative Agent determines is reasonably necessary in
connection with the administration of this Agreement).

 

“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, (f) the Pledge Agreement, (g) each Incremental Term Loan Facility Amendment and (h) 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.

 

“Loan
Parties” means the Parent, the Borrower and the Guarantors.

 

“London
Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London
interbank eurodollar market.

 

“Management
Agreements” means (a) on the Closing Date, 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 a
Borrowing Base 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 Parent and its 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 Parent and its Subsidiaries, taken as a whole,
(b) the rights and remedies of the Administrative Agent or any Lender 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 Borrowing Base Asset.

 

    23

     

    

 

“Material
Contract” means each contract to which the Parent or any of its Subsidiaries is a party involving aggregate consideration
payable to or by the Parent or such Subsidiary in an amount of $10,000,000 or more per annum or otherwise material to the business,
condition (financial or otherwise), operations, performance, properties or prospects of the Parent 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 Indebtedness or Guarantees (other than Indebtedness hereunder) of the Parent or any of its Subsidiaries
having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors
under any combined or syndicated credit arrangement) of (a) in the case of Recourse Debt, more than $10,000,000 and (b) in the
case of Non-Recourse Debt, $50,000,000.

 

“Material
Renovation” means any renovation of a Borrowing Base 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.

 

“Minimum
Value Condition” means, at any time, the Aggregate Borrowing Base Asset Value is at least $150,000,000

 

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

 

“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 or as to which any Loan Party or any ERISA Affiliate has any obligation or liability
(whether by contract, indemnification or otherwise).

 

“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 as to which any Loan Party or any ERISA Affiliate has any obligation or liability (whether by contract, indemnification or otherwise)
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 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.

 

“Net
Operating Income” means, as of any date of determination, the amount obtained by subtracting Operating Expenses from
Operating Income, in each case for the period of four consecutive fiscal quarters of the Parent then most recently ended for which
financial statements are required to be delivered to the Administrative Agent and the Lenders pursuant to Section 5.03(b) or (c),
as the case may be.

 

    24

     

    

 

“New
Property” means each Hotel Asset acquired by the Borrower 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 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 Subsidiary, provided that such parent entity’s
assets consist solely of Equity Interests in such 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 or any Subsidiary 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.

 

“Non-Recourse
Guarantee” shall mean a Customary Carve-Out Agreement consisting of a guaranty or indemnity of Non-Recourse Debt.

 

“Note”
means a Revolving Note, a Term Note or an Incremental Term Note, as the context may require.

 

“Notice
of Borrowing” means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation
of Eurodollar Rate Advance, pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit B or such other form
as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system
as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

 

“Notice
of Loan Prepayment” means a notice of prepayment with respect to a Loan, which shall be substantially in the form
of Exhibit G or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or
electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible
Officer of the Borrower.

 

“NPL”
means the National Priorities List under CERCLA.

 

    25

     

    

 

“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, 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 the definition of Sanctions.

 

“Off-Balance
Sheet Arrangement” means any transaction, agreement or other contractual arrangement to which an entity unconsolidated
with the Parent is a party, under which a Loan Party has:

 

(a)               
any obligation under a guarantee contract that has any of the characteristics identified in FASB ASC 460-10-15-4;

 

(b)               
a retained or contingent interest in assets transferred to an unconsolidated entity or similar arrangement that serves
as credit, liquidity or market risk support to such entity for such assets;

 

(c)               
any obligation, including a contingent obligation, under a contract that would be accounted for as a derivative instrument,
except that it is both indexed to the Borrower’s own stock and classified in stockholders’ equity in the Parent’s
statement of financial position, as described in FASB ASC 815-10-15-74; or

 

(d)               
any obligation, including a contingent obligation, arising out of a variable interest (as defined in the FASB ASC
Master Glossary) in an unconsolidated entity that is held by, and material to, the Parent, where such entity provides financing,
liquidity, market risk or credit risk support to, or engages in leasing, hedging or research and development services with, the
Parent or its Subsidiaries

 

“Operating
Expenses” means, with respect to any Borrowing Base Asset for any applicable measurement period, the actual costs
and expenses of owning, operating, managing, and maintaining such Borrowing Base 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 Borrowing Base 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.

 

“Operating
Income” means, with respect to any Borrowing Base 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 Borrowing Base 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.

 

    26

     

    

 

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

 

“Organization
Documents” means, (a) with respect to any corporation, the charter or certificate or articles of incorporation and
the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to
any limited liability company, the certificate or articles of formation or organization and operating or limited liability agreement;
and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture
or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto
filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation
or organization and, if applicable, any certificate or articles of formation or organization of such entity.

 

“Other
Taxes” means all present or future stamp, court or documentary, excise, property, intangible, recording, filing or
similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of,
from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document.

 

“Ownership
Percentage” means, as to any Subsidiary of the Parent, the Parent’s relative direct and indirect economic interest
(calculated as a percentage) in such Subsidiary, in each case determined in accordance with the applicable provisions of the applicable
Organization Document of such Subsidiary.

 

“Parent”
means Summit Hospitality JV, LP, a Delaware limited partnership.

 

“Parent
REIT” means Summit Hotels Properties, Inc., a Maryland corporation.

 

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

 

“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).

 

“Pension
Funding Rules” means the rules of the Code and ERISA regarding minimum funding standards with respect to Single Employer
Plans or Multiple Employer Plans and set forth in Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and
305 of ERISA.

 

“Permitted
Asset Encumbrances” means: (a) Liens for taxes, assessments or governmental charges not yet due or which are being
contested in good faith and by appropriate proceedings diligently conducted (which actions or proceedings have the effect of preventing
the forfeiture or sale of the property or assets subject to any such Lien), if adequate reserves with respect thereto are maintained
on the books of the Borrower in accordance with GAAP; (b) easements, zoning restrictions, rights of way and similar encumbrances
on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do
not materially detract from the value of the affected property or materially interfere with the ordinary conduct of business of
the Borrower or any Subsidiary thereof; (c) carriers’, warehouseman’s, mechanics’, materialmen’s, repairmen’s
or other like Liens arising in the ordinary course of business that are not overdue for a period of more than thirty (30) days
or are being contested in good faith and by appropriate actions or proceedings diligently conducted (which actions or proceedings
have the effect of preventing the forfeiture or sale of the property of assets subject to any such Lien), if adequate reserves
with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; and (d) the rights of tenants
under Tenancy Leases; provided that (i) such Tenancy Leases contain market terms and conditions, (ii) such rights of tenants
constituting Liens do not secure any Indebtedness, and (iii) such leases and subleases do not in any case materially detract
from the value of the property subject thereto; and (e) rights of lessors under Qualifying Ground Leases.

 

    27

     

    

 

“Permitted
Equity Encumbrances” means Liens for taxes, assessments or governmental charges which are (i) immaterial to the Borrower
and its Subsidiaries, taken as a whole, (ii) not overdue for a period of more than thirty (30) days or (iii) being contested in
good faith and by appropriate actions or proceedings diligently conducted (which actions or proceedings have the effect of preventing
the forfeiture or sale of the property of assets subject to any such Lien), if adequate reserves with respect thereto are maintained
on the books of the Borrower in accordance with GAAP.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental
authority or other entity.

 

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

 

“Platform”
has the meaning specified in Section 9.11.

 

“Pledge
Agreement” has the meaning specified in Section 3.01(a)(iii).

 

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

 

“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 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.

 

    28

     

    

 

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

 

“Proposed
Borrowing Base Asset” has the meaning specified in Section 2.18(a).

 

“Pro
Rata Share” of any amount means, with respect to any Lender at any time, (a) in the case of the Revolving Credit
Facility, the product of such amount times a fraction (expressed as a percentage carried out to the ninth decimal place)
the numerator of which is the amount of such Lender’s Revolving Credit Commitment at such time (or, if the Commitments shall
have been terminated pursuant to Section 2.05 or 6.01 or have expired, such Lender’s Revolving Credit Commitment as
in effect immediately prior to such termination) and the denominator of which is the Revolving Credit Facility at such time (or,
if the Commitments shall have been terminated pursuant to Section 2.05 or 6.01 or have expired, the Revolving Credit Facility
as in effect immediately prior to such termination), (b) in the case of the Term Loan Facility, the product of such amount times
a fraction (expressed as a percentage carried out to the ninth decimal place) the numerator of which is, on or prior to the Closing
Date, the amount of such Lender’s Term Loan Commitment at such time and, thereafter, such Lender’s Facility Exposure
at such time with respect to the Term Loan Facility and the denominator of which is, on or prior to the Closing Date, the aggregate
amount of the Lenders’ Term Loan Commitments at such time and, thereafter, the aggregate Facility Exposure at such time with
respect to the Term Loan Facility and (c) in the case of any Incremental Term Loan Facility, the product of such amount times
a fraction (expressed as a percentage carried out to the ninth decimal place) the numerator of which is, on or prior to the applicable
Increase Date, the amount of such Lender’s Incremental Term Loan Commitment at such time and, thereafter, such Lender’s
Facility Exposure at such time with respect to the applicable Incremental Term Loan Facility and the denominator of which is, on
or prior to the applicable Increase Date, the aggregate amount of the Lenders’ Incremental Term Loan Commitments at such
time and, thereafter, the aggregate Facility Exposure at such time with respect to the applicable Incremental Term Loan Facility.

 

“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from
time to time.

 

“Public
Lender” has the meaning specified in Section 9.11.

 

“Purchasing
Lender” has the meaning specified in Section 2.17(e).

 

“Qualified
ECP Guarantor” means, in respect of any Swap Obligation, each Guarantor that has total assets exceeding $10,000,000
at the time such Swap Obligation is incurred or such other Person as constitutes an ECP under the Commodity Exchange Act or any
regulations promulgated thereunder.

 

“Qualifying
Ground Lease” means a ground lease of Real Property under which a wholly owned Subsidiary of the Borrower is the
lessee, which ground lease 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) 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; (b) 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; (c) 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 a Borrowing Base Asset; (d)
reasonable provisions concerning 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.

 

    29

     

    

 

“Real
Property” means all right, title and interest of the Parent 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.

 

“Recipient”
means the Administrative Agent or any Lender, as applicable.

 

“Recourse
Debt” means Indebtedness for which the Parent 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.

 

“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 and has elected to be treated for U.S. federal income tax purposes as a real estate investment
trust under Sections 856-860 of the Code.

 

“Related
Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents, trustees, administrators, managers, advisors, consultants, service providers and representatives of such Person
and of such Person’s Affiliates.

 

“Release
Conditions” means, with respect to (i) the release of any Guarantor from its obligations under the Guaranty, (ii)
the release of any Collateral consisting of the Equity Interests in a Guarantor from the Liens created under the Pledge Agreement
or (iii) the removal of any Borrowing Base Asset from the Borrowing Base Pool (each a “Release Transaction”),
each of the following:

 

(a)       the
Borrower shall have delivered to the Administrative Agent, at least three (3) Business Days prior to the date of the proposed Release
Transaction, a written notice requesting such Release Transaction (a “Release Notice”), which Release
Notice shall identify the Equity Interests of any Guarantor to be released from the Liens created under the Pledge Agreement, the
Guarantor to be released from the Guaranty, or the Borrowing Base Asset to be removed from the Borrowing Base Pool, as applicable,
as part of the proposed Release Transaction, and the date proposed for consummation of the Release Transaction;

 

(b)       immediately
before and after giving effect to such Release Transaction, no Default or Event of Default has occurred and is continuing on such
date (or would exist immediately after giving effect to the proposed Release Transaction); and

 

(c)       at
least two (2) Business Days prior to the proposed release date, the Administrative Agent shall have received:

 

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(i)       a
duly completed Compliance Certificate as of the last day of the fiscal quarter or fiscal year, as applicable, of the Parent most
recently ended prior to such date for which financial statements are required to be delivered to the Administrative Agent and the
Lenders pursuant to Section 5.03(b) or (c), as the case may be, in form and substance reasonably satisfactory to the Administrative
Agent, giving pro forma effect to the proposed Release Transaction (and any related and contemplated transactions), demonstrating
in reasonable detail that (x) the Loan Parties are in compliance with the provisions of Section 5.04, (y) the Minimum Value Condition
is satisfied and (z) that Availability is not less than zero;

 

(ii)      an
updated list of Borrowing Base Assets; and

 

(iii)     a
certificate executed by a Responsible Officer of the Borrower certifying to the Administrative Agent that the conditions in clauses
(a) and (b) above have been satisfied.

 

“Release
Notice” has the meaning specified in the definition of “Release Conditions.”

 

“Release
Transaction” has the meaning specified in the definition of “Release Conditions.”

 

“Removal
Effective Date” has the meaning specified in Section 8.07(b).

 

“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York for the purpose of recommending a
benchmark rate to replace LIBOR in loan agreements similar to this Agreement.

 

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

 

“Required
Incremental Term Loan Lenders” means, as of any time with respect to any Incremental Term Loan Facility, Incremental
Term Loan Lenders owed or holding greater than 50% of the Incremental Term Loans of the applicable Incremental Term Loan Facility;
provided that at all times when there are two or more Lenders, the term “Required Incremental Term Loan Lenders”
shall in no event mean less than two 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 Incremental Term Loan Lenders at any time.

 

“Required
Lenders” means, at any time, Lenders owed or holding greater than 50% of the sum of (a) the aggregate principal
amount of the Advances outstanding at such time and (b) the aggregate Unused Revolving Credit Commitments at such time; provided
that at all times when there are two or more Lenders, the term “Required Lenders” shall in no event mean less than
two 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.

 

“Required
Revolving Lenders” means, at any time, Lenders owed or holding greater than 50% of the sum of (a) the aggregate
principal amount of the Advances outstanding at such time under the Revolving Credit Facility and (b) the aggregate Unused Revolving
Credit Commitments at such time; provided that at all times when there are two or more Lenders, the term “Required
Revolving Lenders” shall in no event mean less than two 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 Revolving Lenders at any time.

 

“Required
Term Loan Lenders” means, as of any time, Term Loan Lenders owed or holding greater than 50% of the aggregate principal
amount of the Advances outstanding at such time under the Term Loan Facility; provided that at all times when there are
two or more Lenders, the term “Required Term Loan Lenders” shall in no event mean less than two 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
Term Loan Lenders at any time.

 

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“Resignation
Effective Date” has the meaning specified in Section 8.07(b).

 

“Responsible
Officer” means the chief executive officer, president, chief financial officer, chief investment officer, chief accounting
officer, vice president, treasurer, assistant treasurer, controller, secretary, or general counsel of a Loan Party or any entity
authorized to act on behalf of such Loan Party, solely for purposes of the delivery of incumbency certificates pursuant to Section 3.01,
any assistant secretary of a Loan Party or entity authorized to act on behalf of such Loan Party and, solely for purposes of notices
given pursuant to Article II, any other officer or employee of the applicable Loan Party, or entity authorized to act on behalf
of such Loan Party, so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer
or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative
Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party, or entity authorized to act on
behalf of such Loan Party, shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or
other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf
of such Loan Party.

 

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

 

“Revolving
Credit Advance” has the meaning specified in Section 2.01(a).

 

“Revolving
Credit 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 “Revolving Credit Commitment” or (b) if such Lender has entered into
an Accession Agreement or 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 “Revolving Credit Commitment”, as such amount may be
reduced at or prior to such time pursuant to Section 2.05. The aggregate Revolving Credit Commitments of the Lenders on the
Closing Date shall be $125,000,000.

 

“Revolving
Credit Facility” means, at any time, the aggregate amount of the Lenders’ Revolving Credit Commitments at such
time.

 

“Revolving
Lender” means a Lender having a Revolving Credit Commitment, whether funded or unfunded.

 

“Revolving
Note” shall mean a promissory note of the Borrower payable to the order of any Lender, in substantially the form
of Exhibit A-1 hereto, evidencing the indebtedness of the Borrower to such Lender under the Revolving Credit Facility.

 

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

 

“Sale
and Leaseback Transaction” shall mean any arrangement with any Person providing for the leasing by the Parent 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 or
such Subsidiary, as the case may be, to such Person.

 

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

 

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“Sanctions”
means any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”),
the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant
sanctions authority.

 

“Scheduled
Unavailability Date” has the meaning specified in Section 2.09(c).

 

“Seasoned
Date” means, with respect to each Hotel Asset acquired by the Borrower 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 Borrower 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 the Parent 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 any direct or indirect Subsidiary of the Parent
or any Joint Venture.

 

“Secured
Parties” means, collectively, the Administrative Agent, the Lenders, the Hedge Banks, each co-agent or sub-agent
appointed by the Administrative Agent from time to time pursuant to Section 8.06, and the other Persons the Obligations owing to
which are or are purported to be secured by the Collateral under the terms of the Pledge Agreement.

 

“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.

 

“Selling
Lender” has the meaning specified in Section 2.17(e).

 

“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 as
to which any Loan Party or any ERISA Affiliate has any obligation or liability (whether by contract, indemnification or otherwise)
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.

 

“SOFR”
with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s website (or
any successor source) and, in each case, that has been selected or recommended by the Relevant Governmental Body.

 

“SOFR-Based
Rate” means SOFR or Term SOFR.

 

    33

     

    

 

“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.

 

“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. Unless otherwise specified, all references herein to a “Subsidiary”
or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Parent.

 

“Supplemental
Agent” has the meaning specified in Section 8.01(b).

 

“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.

 

“Swap
Termination Value” means, in respect of any one or more Hedge Agreements, after taking into account the effect of
any legally enforceable netting agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements
have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date
prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Hedge Agreements,
as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such
Hedge Agreements (which may include a Lender or any Affiliate of a Lender).

 

“Synthetic
Debt” means, with respect to any Person as of any date of determination thereof, all obligations of such Person in
respect of transactions entered into by such Person that are intended to function primarily as a borrowing of funds (including
any minority interest transactions that function primarily as a borrowing) but are not otherwise included in the definition of
“Indebtedness” or as a liability on the consolidated balance sheet of such Person and its Subsidiaries in accordance
with GAAP.

 

“Synthetic
Lease Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or
tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance
sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of
such Person (without regard to accounting treatment).

 

    34

     

    

 

“Taxes”
means 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.

 

“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 Advance” has the meaning specified in Section 2.01(b).

 

“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” or (b) if such Lender has entered into an Accession
Agreement or 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”, 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 $75,000,000.

 

“Term
Loan Facility” means, at any time, (a) on or prior to the Closing Date, the aggregate amount of the Term Loan Commitments
at such time and (b) thereafter, the aggregate principal amount of the Term Advances of all Term Lenders outstanding at such time.

 

“Term
Loan Lender” means (a) on or prior to the Closing Date, any Lender that has a Term Loan Commitment at such time and
(b) at any time after the Closing Date, any Lender that holds Term Advances at such time.

 

“Term
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-2 hereto, evidencing the indebtedness of the Borrower to such Lender under the Term Loan Facility.

 

“Term
SOFR” means the forward-looking term rate for any period that is approximately (as determined by the Administrative
Agent) as long as any of the Interest Period options set forth in the definition of “Interest Period” and that is based
on SOFR and that has been selected or recommended by the Relevant Governmental Body, in each case as published on an information
service as selected by the Administrative Agent from time to time in its reasonable discretion.

 

“Termination
Date” means (a) with respect to the Revolving Credit Facility, the earlier of (i) October 8, 2023, subject to
the extension thereof pursuant to Section 2.16 and (ii) the date of termination in whole of the Revolving Credit Commitments pursuant
to Section 2.05 or 6.01, and (b) with respect to the Term Loan Facility, the earlier of (i) October 8, 2023, subject to the
extension thereof pursuant to Section 2.16, and (ii) the date of termination in whole of the Term Loan Commitments pursuant to
Section 6.01 and (c) with respect to any Incremental Term Loan Facility, the maturity date set forth in the Incremental Term Loan
Facility Amendment establishing such Facility; provided, however, that, in each case, if such date is not a Business
Day, the Termination Date shall be the next preceding Business Day.

 

“Test
Date” means (a) the last day of each fiscal quarter of the Parent 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 Borrowing Base Asset to the Borrowing Base Pool pursuant to Section 2.18, (d) the effective date of any merger
permitted under Section 5.02(d), (e) the effective date of any Transfer permitted under Section 5.02(e)(ii)(C), and (f) with
respect to an extension of the Termination Date pursuant to Section 2.16, the Extension Date.

 

    35

     

    

 

“Total
Asset Value” means, as of any date of determination and without duplication, the sum of: (a) the following amounts
with respect to assets owned by the Parent or any of its Subsidiaries: (i) with respect to each Asset that is a New Property, an
amount equal to the lesser of (A) the acquisition price for such Asset paid by the Parent or any of its Consolidated Subsidiaries
to a non-affiliate and (B) the appraised value of such Asset as reflected in an Appraisal; (ii) with respect to each Borrowing
Base Asset that is a Seasoned Property, the appraised value of such Asset as reflected in an Appraisal; (iii) the amount of all
Unrestricted Cash and Cash Equivalents held by the Borrower and all Guarantors; and (iv) the undepreciated book value of all Development
Assets and Unimproved Land (after any impairments); plus (b) (i) the applicable JV Pro Rata Share of any Joint Venture of
the Parent 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 (including, without limitation, mezzanine loans) to any Person permitted under the Credit Documents; 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 the Credit Agreement 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
Indebtedness” means, at any date of determination, all Consolidated Indebtedness of the Parent and its Consolidated
Subsidiaries as at the end of the most recently ended fiscal quarter of the Parent for which financial statements are required
to be delivered to the Administrative Agent and the Lenders 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.

 

“Trading
with the Enemy Act” means the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations
of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended), and any other enabling legislation or executive
order relating thereto.

 

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

 

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

 

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

 

“UCC”
means the Uniform Commercial Code as in effect in the State of New York; provided that, if perfection or the effect of perfection
or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect
in a jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect
from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection
or non-perfection or priority.

 

    36

     

    

 

“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.

 

“Unused
Fee” has the meaning specified in Section 2.08(a).

 

“Unused
Revolving Credit Commitment” means, with respect to any Lender at any date of determination, (a) such Lender’s
Revolving Credit Commitment at such time less (b) the aggregate principal amount of all Revolving Credit Advances made by
such Lender and outstanding at such time.

 

“Updated
Appraisal” has the meaning specified in Section 2.19(a).

 

“U.S.
Tax Compliance Certificate” has the meaning specified in Section 2.12(g).

 

“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. Any reference herein to a merger, transfer, consolidation, amalgamation, consolidation,
assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a Division as if it were a merger, transfer,
consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or
with a separate Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each division
of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person
or entity).

 

    37

     

    

 

Section
1.03.              
Accounting Terms. (a) Generally. All accounting terms not specifically or completely defined herein
shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required
to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect
from time to time, applied in a manner consistent with that used in preparing the financial statements referred to in Section 4.01(g),
except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with
any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Parent and its Subsidiaries
shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC
470-20 on financial liabilities shall be disregarded.

 

(b)       Changes
in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in
any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and
the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light
of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (A) such ratio or requirement
shall continue to be computed in accordance with GAAP prior to such change therein and (B) the Borrower shall provide to the Administrative
Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder
setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change
in GAAP. Without limiting the foregoing, leases shall continue to be classified and accounted for on a basis consistent with that
reflected in the Audited Financial Statements for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto,
unless the parties hereto shall enter into a mutually acceptable amendment addressing such changes, as provided for above.

 

Section
1.04.              Rounding.
Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the
appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio
is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

Section
1.05.              Times
of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or
standard, as applicable).

 

Section
1.06.              Interest
Rates. The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability
with respect to the administration, submission or any other matter related to the rates in the definition of “Eurodollar
Rate” or with respect to any rate that is an alternative or replacement for or successor to any of such rate (including,
without limitation, any LIBOR Successor Rate) or the effect of any of the foregoing, or of any LIBOR Successor Rate Conforming
Changes.

 

Section
1.07.             
Other Interpretative Provisions. The definitions of terms herein shall apply equally to the singular and plural
forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and
neuter forms. The words “include,” “includes” and “including” shall be
deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to
have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any definition
of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring
to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,”
“herein,” “hereof” and “hereunder,” and words of similar import when used
in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof,
(iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall
include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to
any law, rule or regulation shall, unless otherwise specified, refer to such law, rule or regulation as amended, modified or supplemented
from time to time, and (vi) the words “asset” and “property” shall be construed to have
the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities,
accounts and contract rights.

 

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Article
II

AMOUNTS AND TERMS OF THE ADVANCES

 

Section
2.01.              
The Advances. (a) The Revolving Credit Advances. Each Revolving Lender severally agrees, on the terms
and conditions hereinafter set forth, to make advances (each, a “Revolving Credit Advance”) to the Borrower
from time to time on any Business Day during the period from the date hereof until the Termination Date in an amount for each such
Revolving Credit Advance not to exceed such Lender’s Unused Revolving Credit Commitment at such time; provided, however,
that after giving effect to any Borrowing of Revolving Credit Advances, the aggregate amount of Revolving Credit Advances outstanding
shall not exceed the aggregate Revolving Credit Commitments. Each Borrowing shall consist of Revolving Credit Advances made simultaneously
by the Revolving Lenders ratably according to their Revolving Credit Commitments. Within the limits of each such Lender’s
Unused Revolving Credit Commitment in effect from time to time and prior to the Termination Date, and subject to the other terms
and conditions hereof, the Borrower may borrow under this Section 2.01(a), prepay pursuant to Section 2.06(a) and reborrow
under this Section 2.01(a). Revolving Credit Advances may be Base Rate Advances, Eurodollar Rate Advances or LIBOR Floating
Rate Advances, as further provided herein.

 

(b)               
The Term Loan Advances. Each Term Loan Lender severally agrees, on the terms and conditions hereinafter set
forth, to make a single advance (each, a “Term Loan Advance”) to the Borrower on the Closing Date in
an amount not to exceed such Lender’s Term Loan Commitment. The 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 Facility that is repaid
or prepaid. Term Loan Advances may be Base Rate Advances, Eurodollar Rate Advances or LIBOR Floating Rate Advances, as further
provided herein.

 

(c)               
Incremental Term Advances. Subject to the terms and conditions set forth herein and in an Incremental Term
Loan Facility Amendment, each Incremental Term Loan Lender severally agrees to make a single advance (each, an “Incremental
Term Advance”) to the Borrower on the applicable Increase Date in an amount not to exceed such Lender’s Incremental
Term Loan Commitment. Each Incremental Term Loan Borrowing shall consist of Incremental Term Advances made simultaneously by the
Incremental Term Loan Lenders ratably according to their Incremental Term Loan Commitments. The Borrower may prepay Incremental
Term Loan Advances pursuant to Section 2.06(a). The Borrower shall not have the right to reborrow any portion of any Incremental
Term Facility that is repaid or prepaid. Incremental Term Advances may be of such types as set forth in the related Incremental
Term Loan Facility Amendment.

 

Section
2.02.              
Borrowings, Conversions and Continuations. (a) Each Borrowing, each Conversion, and each continuation of Eurodollar
Rate Advances shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by (A)
telephone or (B) a Notice of Borrowing; provided that any telephonic notice must be confirmed immediately by delivery to
the Administrative Agent of a Notice of Borrowing. Each such Notice of Borrowing must be received by the Administrative Agent not
later than 12:00 noon (i) three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of
Eurodollar Rate Advances or of any conversion of Eurodollar Rate Advances to Base Rate Advances or LIBOR Floating Rate Advances,
and (ii) on the requested date of any Borrowing of Base Rate Advances or LIBOR Floating Rate Advances. Each Borrowing of, conversion
to or continuation of Eurodollar Rate Advances shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in
excess thereof. Each Borrowing of or conversion to Base Rate Advances or LIBOR Floating Rate Advances shall be in a principal amount
of $500,000 or a whole multiple of $100,000 in excess thereof. Each Notice of Borrowing shall specify (i) whether the Borrower
is requesting a Borrowing, a conversion of Advances from one Type to the other, or a continuation of Eurodollar Rate Advances,
(ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii)
the Facility to which such Borrowing relates, (iv) the principal amount of Advances to be borrowed, converted or continued, (v)
the Type of Advances to be borrowed or to which existing Advances are to be converted, and (vi) if applicable, the duration of
the Interest Period with respect thereto. If the Borrower fails to specify a Type of Advance in a Notice of Borrowing or if the
Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Advances shall be made as,
or converted to, LIBOR Floating Rate Advances. Any such automatic conversion to LIBOR Floating Rate Advances shall be effective
as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Advances. If the Borrower
requests a Borrowing of, Conversion to, or continuation of Eurodollar Rate Advances in any such Notice of Borrowing, but fails
to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.

 

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(b)               
Following receipt of a Notice of Borrowing, the Administrative Agent shall promptly notify each Lender of the amount
of its Pro Rata Share of the applicable Advances, and if no timely notice of a conversion or continuation is provided by the Borrower,
the Administrative Agent shall notify each Lender of the details of any automatic conversion to LIBOR Floating Rate Advances described
in the preceding subsection. In the case of a Borrowing, each Lender shall make the amount of its Advance available to the Administrative
Agent in immediately available funds at the Administrative Agent’s Office not later than 2:00 P.M. on the Business Day
specified in the applicable Notice of Borrowing. Upon satisfaction of the applicable conditions set forth in Section 3.02 (and,
if such Borrowing is the Initial Extensions of Credit, Section 3.01), the Administrative Agent shall make all funds so received
available to the Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of the Borrower
on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with
instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower.

 

(c)               
Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurodollar
Rate Advances for any Borrowing if the obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant
to Section 2.07(d)(ii) or 2.10 and (ii) after giving effect to all Borrowings, all Conversions, and all continuations
of Advances as the same Type, there may not be more than seven separate Interest Periods in effect hereunder at any time.

 

(d)               
Except as otherwise provided herein, a Eurodollar Rate Advance may be continued or converted only on the last day
of an Interest Period for such Eurodollar Rate Advance. During the existence of a Default, no Advances may be requested as, Converted
to or continued as Eurodollar Rate Advances without the consent of the Required Lenders.

 

(e)               
Unless the Administrative Agent shall have received notice from a Lender prior to (x) the date of any Borrowing consisting
of Eurodollar Rate Advances or (y) 1:00 P.M. on the date of any Borrowing consisting of Base Rate Advances or LIBOR Floating Rate
Advances 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,
and at the time 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 in immediately available
funds 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 greater of
the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection
with the foregoing. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping
period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such
period. 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. Any payment by the Borrower shall be without prejudice to any
claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

 

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(f)                
The obligations of the Lenders hereunder to make Advances and to make payments pursuant to Section 8.05 are several
and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing or to make any payment under
Section 8.05 on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such
date, and no Lender shall be responsible for the failure of any other Lender to make its Advance or to make its payment under Section
8.05.

 

(g)               
If any Lender makes available to the Administrative Agent funds for any Advance to be made by such Lender as provided
in the provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because
the conditions to the applicable Advance set forth in Article III are not satisfied or waived in accordance with the terms hereof,
the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

 

(h)               
Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Advance in any particular place
or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Advance in any
particular place or manner.

 

Section
2.03.              
[Intentionally Omitted].

 

Section
2.04.              
Repayment of Advances. (a) Revolving Credit Advances. The Borrower shall repay to the Administrative
Agent for the ratable account of the Revolving Lenders on the Termination Date in respect of the Revolving Credit Facility the
aggregate outstanding principal amount of the Revolving Credit Advances then outstanding.

 

(b)               
Term Loan 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.

 

(c)               
Incremental Term Advances. The Borrower shall repay to the Incremental Term Loan Lenders with respect to any
Incremental Term Loan Facility on such date or dates as shall be specified therefor in the applicable Incremental Term Loan Facility
Amendment.

 

Section
2.05.              
Termination or Reduction of the Commitments. (a)  Optional. The Borrower may, upon at least
three Business Days’ notice received by the Administrative Agent no later than 11:00 A.M. on such date, terminate in whole
or reduce in part the Unused Revolving Credit Commitments; provided, however, that each partial reduction thereof
(i) shall be in an aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof and (ii) shall
be made ratably among the Revolving Lenders in accordance with their Revolving Credit Commitments. The Administrative Agent will
promptly notify the Lenders of any such notice of termination or reduction of the Revolving Credit Facility; provided that
any notice of termination may be conditioned upon the consummation of any financing or acquisition or similar transaction and,
to the extent such condition is not satisfied by the effective date specified therein, such notice of prepayment may be revoked
or the effective date specified therein may be delayed.

 

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(b)               
Mandatory. The Term Loan Commitments shall be automatically and permanently reduced to zero on the Closing
Date after giving effect to the making of the Borrowing of Term Loan Advances. The Incremental Term Loan Commitments with respect
to an Incremental Term Loan Facility shall be automatically and permanently reduced to zero on the date of the related Borrowing
of Incremental Term Advances and after giving effect thereto.

 

Section
2.06.              
Prepayments. (a) Optional. The Borrower may, upon same day notice in the case of Base Rate Advances
or LIBOR Floating Rate Advances and three Business Days’ notice in the case of Eurodollar Rate Advances, in each case in
the form of a Notice of Loan Prepayment received by the Administrative Agent no later than 11:00 AM on such date, stating the proposed
date, aggregate principal amount of the prepayment, the Facility and the Type(s) of Advances to be prepaid and, if Eurodollar Rate
Advances are to be prepaid, the Interest Period(s) of such Advances, 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 that any notice
of prepayment in full may be conditioned upon the consummation of any financing or acquisition or similar transaction and, to the
extent such condition is not satisfied by the effective date specified therein, such notice of prepayment may be revoked or the
effective date specified therein may be delayed; provided, however, that (i) each partial prepayment of (x)
Eurodollar Rate Advances shall be in an aggregate principal amount of $1,000,000 or an integral multiple of $500,000 in excess
thereof and (y) Base Rate Advances and LIBOR Floating Rate Advances shall be in an aggregate principal amount of $500,000 or an
integral multiple of $100,000 in excess thereof or, in each case, 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). The Administrative Agent will promptly notify each
Lender of its receipt of each such notice, and of the amount of such Lender’s Pro Rata Share of such prepayment. Subject
to Section 9.10, each such prepayment shall be applied to the Advances of the Lenders in accordance with their respective Pro Rata
Shares in respect of the relevant Facility.

 

(b)               
Mandatory. (i) If for any reason Availability is less than $0, the Borrower shall prepay Advances within 15
days in an aggregate amount necessary to cause Availability to be greater than or equal to $0. Each prepayment pursuant to the
foregoing sentence shall be applied, first, to the outstanding Revolving Credit Advances then outstanding comprising part
of the same Borrowings (without any reduction of the Revolving Credit Facility) (ratably to each Revolving Lender in accordance
with such Lender’s Pro Rata Share) until paid in full, and second, to the Term Facility and each Incremental Term
Loan Facility, on a pro rata basis (and shall be applied ratably to each Term Lender and each Incremental Term Loan Lender in accordance
with each such Lender’s Pro Rata Share).

 

(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, and 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).

 

Section
2.07.              
Interest. (a) Scheduled Interest. The Borrower shall pay interest on the unpaid principal amount of
each Advance under a Facility 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:

 

(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 under such Facility in effect from time to time, payable in arrears quarterly on the last day of each March,
June, September and December during such periods, on the date such Base Rate Advance shall be Converted or paid in full, on the
applicable Termination Date and at such other times as may be specified herein.

 

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(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 under such Facility 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, on the date such Eurodollar Rate Advance shall be Converted or paid in full, on the applicable Termination
Date and at such other times as may be specified herein.

 

(iii)             
LIBOR Floating Rate Advances. During such periods as such Advance is a LIBOR Floating Rate Advance, a rate
per annum equal at all times to the sum of (A) the LIBOR Daily Floating Rate in effect from time to time plus (B) the
Applicable Margin in respect of LIBOR Floating Rate Advances under such Facility 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 LIBOR Floating Rate
Advance shall be Converted or paid in full and at such other times as may be specified herein.

 

(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 Rate. The Administrative Agent shall promptly notify the Borrower and the Lenders of the
interest rate applicable to any Interest Period for Eurodollar Rate Advances upon determination of such interest rate.

 

(d)               
Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before
and after the commencement of any proceeding under any Debtor Relief Law.

 

Section
2.08.              
Fees. (a) Unused Fee. The Borrower shall pay to the Administrative Agent for the account of the Revolving
Lenders an unused commitment fee (the “Unused Fee”), from the date hereof in the case of each Initial
Lender that is a Revolving Lender and from the effective date specified in the Assignment and Acceptance or the Accession Agreement,
as the case may be, pursuant to which it became a Revolving Lender in the case of each other Revolving Lender until the Termination
Date in respect of the Revolving Credit Facility, payable in arrears quarterly on the last day of each March, June, September and
December, commencing on the date hereof, and on the Termination Date in respect of the Revolving Credit Facility. The Unused Fee
payable for the account of each Revolving Lender shall be calculated for each period for which the Unused Fee is payable on the
actual daily Unused Revolving Credit Commitment of such Revolving Lender during such period at the per annum equal to 0.25%, subject
to adjustment as provided in Section 9.10.

 

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(b)               
Other Fees. (i) The Borrower shall pay to the Administrative Agent and the Arranger for their own respective
accounts 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 the Arranger. Such fees shall be fully earned when paid and shall not
be refundable for any reason whatsoever.

 

(ii)               
The Borrower shall pay to the Lender such fees as shall have been separately agreed upon in writing in the amounts
and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

(c)               
Extension Fee. As a condition to the extension of the term of either of the Facilities pursuant to Section
2.16, the Borrower shall pay to the Administrative Agent on or prior to the applicable Extension Date, for the ratable account
of each Lender, an extension fee (the “Extension Fee”), in an amount equal to 0.25% multiplied by
the aggregate amount of Revolving Credit Commitments (in the case of any extension of the term of the Revolving Credit Facility)
or Term Loans (in the case of an extension of the term of the Term Loan Facility) of the Lenders outstanding on the applicable
Extension Date immediately upon giving effect to such extension.

 

Section
2.09.              
Inability to Determine Rates.

 

(a)               
If in connection with any request for a Eurodollar Rate Advance or LIBOR Floating Rate Advance or a Conversion to
a Eurodollar Rate Advance or LIBOR Floating Rate Advance or a continuation of a Eurodollar Rate Advance, (i) the Administrative
Agent determines that (A) Dollar deposits are not being offered to banks in the London interbank Eurodollar market for the applicable
amount and Interest Period of such Eurodollar Rate Advance or the applicable term with respect to any LIBOR Floating Rate Advance,
or (B) (x) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with
respect to a proposed Eurodollar Rate Advance or in connection with an existing or proposed Base Rate Advance or LIBOR Floating
Rate Advance and (y) the circumstances described in Section 2.09(c)(i) do not apply (in each case with respect to this clause
(i), “Impacted Loans”), or (ii) the Administrative Agent or the Required Lenders determine that for any
reason the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Advance or LIBOR Floating
Rate Advance does not adequately and fairly reflect the cost to such Lenders of funding such Eurodollar Rate Advance or LIBOR Floating
Rate Advance, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of
the Lenders to make or maintain Eurodollar Rate Advances and/or LIBOR Floating Rate Advances shall be suspended, (to the extent
of the affected Eurodollar Rate Advance , LIBOR Floating Rate Advance or Interest Periods), and (y) in the event of a determination
described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar
Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (or, in the case of
a determination by the Required Lenders described in clause (ii) of Section 2.09(a), until the Administrative Agent upon instruction
of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing
of or Conversion to Eurodollar Rate Advance or LIBOR Floating Rate or a continuation of Eurodollar Rate Advance (to the extent
of the affected Eurodollar Rate Advance, LIBOR Floating Rate Advance or Interest Periods, as applicable) or, failing that, will
be deemed to have converted such request into a request for a Borrowing of Base Rate Advances in the amount specified therein.

 

(b)               
Notwithstanding the foregoing, if the Administrative Agent has made the determination described in clause (i) of
Section 2.09(a), the Administrative Agent, in consultation with the Borrower and affected Lenders, may establish an alternative
interest rate for the Impacted Loans, in which case, such alternative rate of interest shall apply with respect to the Impacted
Loans until (i) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (i) of the
first sentence of Section 2.09(a), (ii) the Administrative Agent or the Required Lenders notify the Administrative Agent and the
Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted
Loans, or (iii) any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it
is unlawful, for such Lender or its Lending Office to make, maintain or fund Loans whose interest is determined by reference to
such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental Authority has
imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative Agent
and the Borrower written notice thereof.

 

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(c)               
Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent
determines (which determination shall be conclusive absent manifest error), or the Borrower or Required Lenders notify the Administrative
Agent (with, in the case of the Required Lenders, a copy to Borrower) that the Borrower or Required Lenders (as applicable) have
determined, that:

 

(i)                
adequate and reasonable means do not exist for ascertaining LIBOR for any requested Interest Period, including, without
limitation, because the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely
to be temporary; or

 

(ii)               
the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Administrative
Agent has made a public statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made
available, or used for determining the interest rate of loans, provided that, at the time of such statement, there is no successor
administrator that is satisfactory to the Administrative Agent, that will continue to provide LIBOR after such specific date (such
specific date, the “Scheduled Unavailability Date”); or

 

(iii)              
syndicated loans currently being executed, or that include language similar to that contained in this Section 2.09,
are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR,

 

then, reasonably promptly
after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the
Administrative Agent and the Borrower may amend this Agreement solely for the purpose of replacing LIBOR in accordance with this
Section 2.09 with (x) one or more SOFR-Based Rates or (y) another alternate benchmark rate giving due consideration to any evolving
or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks and,
in each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then
existing convention for similar U.S. dollar denominated syndicated credit facilities for such benchmarks, which adjustment or method
for calculating such adjustment shall be published on an information service as selected by the Administrative Agent from time
to time in its reasonable discretion and may be periodically updated (the “Adjustment;” and any such
proposed rate, a “LIBOR Successor Rate”), and any such amendment shall become effective at 5:00 p.m.
on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower
unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that
such Required Lenders (A) in the case of an amendment to replace LIBOR with a rate described in clause (x), object to the Adjustment;
or (B) in the case of an amendment to replace LIBOR with a rate described in clause (y), object to such amendment; provided that
for the avoidance of doubt, in the case of clause (A), the Required Lenders shall not be entitled to object to any SOFR-Based Rate
contained in any such amendment. Such LIBOR Successor Rate shall be applied in a manner consistent with market practice; provided
that to the extent such market practice is not administratively feasible for the Administrative Agent, such LIBOR Successor Rate
shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.

 

If no LIBOR Successor
Rate has been determined and the circumstances under clause (i) above exist or the Scheduled Unavailability Date has occurred (as
applicable), the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the
Lenders to make or maintain Eurodollar Rate Advances shall be suspended, (to the extent of the affected Eurodollar Rate Advances
or Interest Periods), and (y) the Eurodollar Rate component shall no longer be utilized in determining the Base Rate. Upon receipt
of such notice, the Borrower may revoke any pending request for a Borrowing of, Conversion to or continuation of Eurodollar Rate
Advances (to the extent of the affected Eurodollar Rate Advances or Interest Periods) or, failing that, will be deemed to have
converted such request into a request for a Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the amount specified
therein.

 

    45

     

    

 

Notwithstanding anything
else herein, any definition of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate be less than
zero for purposes of this Agreement.

 

In connection with
the implementation of a LIBOR Successor Rate, the Administrative Agent will have the right to make LIBOR Successor Rate Conforming
Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing
such LIBOR Successor Rate Conforming Changes will become effective without any further action or consent of any other party to
this Agreement; provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment
implementing such LIBOR Successor Conforming Changes to the Lenders reasonably promptly after such amendment becomes effective.

 

Section
2.10.              
Increased Costs; Reserves on Eurodollar Rate Advances, Illegality; Mitigation Obligations.

 

(a)               
Increased Costs Generally. If any Change in Law shall:

 

(i)                 impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement
contemplated by Section 2.10(e));

 

(ii)                subject
any Lender to any Taxes (excluding, for purposes of this Section 2.10, any increased costs resulting from (x) Taxes described
in clauses (b) and (c) of the definition of Excluded Taxes, Indemnified Taxes or Other Taxes (as to which Section 2.12 shall
govern) and (y) 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 is organized, has its Lending Office or otherwise has current
or former connections (other than such connections arising from such Lender’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) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other
liabilities or capital attributable thereto; or

 

(iii)               impose
on any Lender or the London interbank market any other condition, cost or expense affecting this Agreement or Eurodollar Rate
Advance made by such Lender;

 

and the result of any
of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Advance (or
of maintaining its obligation to make any such Advance), or to reduce the amount of any sum received or receivable by such Lender
hereunder (whether of principal, interest or any other amount) then, upon request of such Lender, the Borrower will pay to such
Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

 

(b)               
Capital Requirements. If any Lender determines in its reasonable discretion that any Change in Law affecting
such Lender or any Lending Office of such Lender or such Lender’s holding company, if any, regarding capital or liquidity
requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such
Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Advances made
by such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such
Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with
respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender such additional amount
or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered.

 

    46

     

    

 

(c)               
Certificates for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to
compensate such Lender or its holding company as specified in clauses (a) or (b) of this Section 2.10 and delivered to the Borrower
shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within
10 days after receipt thereof.

 

(d)               
Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing
provisions of this Section 2.10 shall not constitute a waiver of such Lender’s right to demand such compensation, provided
that the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section 2.10 for any
increased costs incurred or reductions suffered more than six months prior to the date that such Lender notifies the Borrower of
the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation
therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month
period referred to above shall be extended to include the period of retroactive effect thereof).

 

(e)               
Reserves on Eurodollar Rate Loans. The Borrower shall pay to each Lender, as long as such Lender shall be
required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently
known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Advance
equal to the actual costs of such reserves allocated to such Advance by such Lender (as determined by such Lender in good faith,
which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Advance,
provided the Borrower shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such
additional interest from such Lender. If a Lender fails to give notice 10 days prior to the relevant Interest Payment Date, such
additional interest shall be due and payable 10 days from receipt of such notice.

 

(f)                
Illegality. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority
has asserted that it is unlawful, for any Lender or its Lending Office to make, maintain or fund Loans whose interest is determined
by reference to the Eurodollar Rate, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental
Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars
in the London interbank market, then, upon notice thereof by such Lender to the Borrower (through the Administrative Agent), (a)
any obligation of such Lender to make or continue Eurodollar Rate Advances or LIBOR Floating Rate Advances or to Convert Base Rate
Advances to Eurodollar Rate Advances or LIBOR Floating Rate Advances shall be suspended, and (b) if such notice asserts the illegality
of such Lender making or maintaining Base Rate Advances the interest rate on which is determined by reference to the Eurodollar
Rate component of the Base Rate, the interest rate on which Base Rate Advances of such Lender shall, if necessary to avoid such
illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in each
case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination
no longer exist. Upon receipt of such notice, (i) the Borrower shall, upon demand from such Lender (with a copy to the Administrative
Agent), prepay or, if applicable, Convert all Eurodollar Rate Advances and LIBOR Floating Rate Advances of such Lender to Base
Rate Advances (the interest rate on which Base Rate Advances of such Lender shall, if necessary to avoid such illegality, be determined
by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate), in the case of Eurodollar Rate
Advances, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar
Rate Advances to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Advances and
(ii) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Eurodollar Rate,
the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference
to the Eurodollar Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer
illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate. Upon any such prepayment or conversion,
the Borrower shall also pay accrued interest on the amount so prepaid or converted., together with any additional amounts required
pursuant to Section 9.04(c).

 

    47

     

    

 

(g)               
Designation of a Different Lending Office. Each Lender may make any Advance to the Borrower through any Lending
Office, provided that the exercise of this option shall not affect the obligation of the Borrower to repay the Advance in
accordance with the terms of this Agreement. If any Lender requests compensation under Section 2.10(a) or 2.10(b), or requires
the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of
any Lender pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 2.10(f), then at the request of the Borrower
such Lender shall use reasonable efforts to designate a different Lending Office for funding or booking its Advances hereunder
or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such
Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.12, 2.10(a) or 2.10(b),
as the case may be, in the future, or eliminate the need for the notice pursuant to Section 2.10(f), as applicable, and (ii) in
each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such
Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such
designation or assignment.

 

(h)               
Replacement of Lenders. If any Lender requests compensation under Section 2.10(a) or 2.10(b), or if the
Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account
of any Lender pursuant to Section 2.12 and, in each case, such Lender has declined or is unable to designate a different Lending
Office in accordance with Section 2.10(g), the Borrower may replace such Lender in accordance with Section 9.01(b).

 

Section
2.11.              
Payments and Computations. (a) General. All payments to be made by the Borrower shall be made free
and clear of and without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly
provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective
Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds
not later than 2:00 P.M. on the date specified herein. The Administrative Agent will promptly distribute to each Lender its
Pro Rata Share (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such
Lender’s Lending Office. All payments received by the Administrative Agent after 2:00 P.M. shall be deemed received
on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the
Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such
extension of time shall be reflected in computing interest or fees, 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.

 

(b)               
The Borrower hereby authorizes each Lender and each of its Affiliates, if and to the extent payment owed to such
Lender 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 any amount so
due.

 

(c)               
Computations of Interest and Fees. All computations of interest based on part (a) of the definition of 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, the LIBOR Daily Floating 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. Interest shall accrue
on each Advance for the day on which the Advance is made, and shall not accrue on an Advance, or any portion thereof, for the day
on which the Advance or such portion is paid, provided that any Advance that is repaid on the same day on which it is made shall,
subject to clause (a) above, bear interest for one day. 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.

 

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(d)               
Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received
notice from the Borrower prior to the date on which any payment is due to any Lender 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 in accordance herewith and the Administrative Agent may, in reliance upon such assumption, cause to be distributed
to each such Lender on such due date an amount equal to the amount then due such Lender. If and to the extent the Borrower shall
not have so made such payment in full to the Administrative Agent, each such Lender severally agrees to repay to the Administrative
Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such
amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent, at the greater
of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation.

 

A notice of the Administrative Agent to
any Lender with respect to any amount owing under this clause (d) shall be conclusive, absent manifest error.

 

Section
2.12.              
Taxes. (a) Any and all payments by any Loan Party to or for the account of any Lender 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 or withholding for any and all Taxes, except as required
by Applicable Law. If any Loan Party or the Administrative Agent shall be required by Applicable Law (as determined in the good
faith discretion of the applicable withholding agent) to deduct or withhold any Tax from or in respect of any sum payable hereunder
or under any other Loan Document to any Lender or the Administrative Agent, (i) such withholding agent shall make all such
deductions and withholding (ii) such withholding shall pay the full amount deducted or withheld to the relevant Governmental
Authority in accordance with Applicable Law and (iii) if such Tax is an Indemnified Tax, then the sum payable by the applicable
Loan Party shall be increased as may be necessary so that after such deductions and withholdings have been made (including deductions
and withholdings applicable to additional sums payable under this Section 2.12) such Lender or the Administrative Agent, as
the case may be, receives an amount equal to the sum it would have received had no such deductions or withholdings been made.

 

(b)               
In addition, each Loan Party shall timely pay to the relevant Governmental Authority in accordance with Applicable
Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

(c)               
Without duplication of Sections 2.12(a) or 2.12(b), the Loan Parties shall indemnify each Lender 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 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 (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf
of a Lender, shall be conclusive absent manifest error. This indemnification shall be made within 10 days from the date such Lender
or the Administrative Agent (as the case may be) makes written demand therefor.

 

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(d)               
Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any
Indemnified Taxes attributable to such Lender (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’s failure to comply with the provisions of Section 9.07 relating to the maintenance of a Participant Register
and (iii) any Excluded Taxes attributable to such Lender, 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 by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby
authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document
or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Agent under
this paragraph (d).

 

(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 Code.

 

(f)                
Any Lender 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, 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 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’s reasonable
judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would
materially prejudice the legal or commercial position of such Lender.

 

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(g)               
Each Lender 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, and on the date of the Assignment and Acceptance
or Accession Agreement pursuant to which it becomes a Lender in the case of each other Lender, and from time to time thereafter
as reasonably requested in writing by the Borrower or the Administrative Agent (but only so long thereafter as such Lender remains
lawfully able to do so), provide each of the Administrative Agent and the Borrower with (i) executed copies of IRS Forms W-8BEN,
W-8BEN-E or W-8ECI, as appropriate, or any successor or other form prescribed by the IRS, certifying that such Lender 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 claiming the benefit of the exemption for portfolio interest under section 881(c) of
the Code (x) a certificate reasonably acceptable to the Borrower and the Administrative Agent to the effect that such Lender is
not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder”
of any Loan Party within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation”
described in section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate” and (y) executed copies
of an IRS Form W-8BEN or W-8BEN-E, (ii) to the extent such Lender is not the beneficial owner, executed copies of IRS Form W-8IMY,
accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W 8BEN-E, a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other
certification documents from each beneficial owner, as applicable; provided that if such Lender is a partnership and one or more
direct or indirect partners of such Lender are claiming the portfolio interest exemption, such Lender may provide a U.S. Tax Compliance
Certificate on behalf of each such direct and indirect partner and (iii) executed copies of any other form prescribed by Applicable
Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary
documentation as may be prescribed by Applicable Law to permit the Borrower or the Administrative Agent to determine the withholding
or deduction required to be made. Upon the request of the Borrower or the Administrative Agent, any Lender that is a United States
person shall deliver to the Borrower and the Administrative Agent executed copies of IRS Form W-9 (or any successor form) certifying
that such Lender is exempt from U.S. federal backup withholding tax. If a payment made to a Lender under any Loan Document would
be subject to U.S. federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting
requirements of FATCA (including those contained in section 1471(b) or 1472(b) of the Code, as applicable), such Lender 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 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 has complied with such Lender’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 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.

 

(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 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 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 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 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 shall reasonably request to assist such Lender to recover such Taxes.

 

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(j)                 
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. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of the Advances made by it resulting in such Lender’s receiving
payment of a proportion of the aggregate amount of such Advance and accrued interest thereon greater than its pro rata share thereof
as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and
(b) purchase (for cash at face value) participations in the Advances of the other Lenders, or make such other adjustments
as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate
amount of principal of and accrued interest on their respective Advances and other amounts owing them, provided that:

 

(i)                 
if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto
is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such
recovery, without interest; and

 

(ii)               
the provisions of this Section 2.13 shall not be construed to apply to (x) any payment made by or on behalf of the
Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from
the existence of a Defaulting Lender) or (y) any payment obtained by a Lender as consideration for the assignment of or sale of
a participation in any of its Advances to any assignee or participant, other than an assignment to the Borrower or any Affiliate
thereof (as to which the provisions of this Section 2.13 shall apply).

 

Each Loan Party consents to the foregoing
and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to
the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation.

 

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

 

Section
2.14.              
Use of Proceeds. The proceeds of the Advances made on the Closing Date shall be available (and the Borrower
agrees that it shall use such proceeds) for (i) to fund Borrower’s acquisition of the Hilton Garden Inn - San Francisco Airport
North in San Francisco, CA, the Hilton Garden Inn - San Jose / Milpitas in Milpitas, CA, the Residence Inn - Portland Downtown
/ Riverplace in Portland, OR and the Residence Inn - Portland / Hillsboro in Hillsboro, OR (collectively, the “Acquisition”),
(ii) finance the 88-guestroom Hampton Inn & Suites - Silverthorne located in Silverthorne, CO owned by Silverthorne JV 147,
LLC, and (iii) fund the payment of fees, costs and expenses in connection with the Acquisition. Any subsequent Advances shall be
for general corporate purposes not in contravention of any law or of any Loan Document. The Borrower will not directly or indirectly
use the proceeds of the Advances, or lend, contribute or otherwise make available to any Subsidiary, joint venture partner or other
Person such extensions of credit or proceeds, (A) to fund any activities or businesses of or with any Person, or in any country
or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions, or (B) in any other manner
that would result in a violation of Sanctions by any Person (including any Person participating in the Facility, whether as underwriter,
advisor, investor, or otherwise) or any Anti-Corruption Laws.

 

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Section
2.15.              
Evidence of Debt. (a) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower to such Lender resulting from each Advance owing to such Lender from time to time,
including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. The Borrower agrees
that upon notice by any Lender 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 to evidence (whether
for purposes of pledge, enforcement or otherwise) the Advances owing to, or to be made by, such Lender, the Borrower shall promptly
execute and deliver to such Lender, with a copy to the Administrative Agent, a Note or Notes, in substantially the form of Exhibit A-1
or Exhibit A-2 (as applicable) hereto, payable to the order of such Lender in a principal amount equal to the Revolving Credit
Commitment or Term Loan Commitment, respectively, of such Lender. 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, 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 Administrative Agent shall maintain the Register in accordance with Section 9.07(d). In the event of any
conflict between the accounts and records maintained by any Lender and the Register, the Register shall control in the absence
of manifest error.

 

(c)               
Entries made in good faith by the Administrative Agent in the Register, and by each Lender 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 and, in the case of such account or
accounts, such Lender, under this Agreement, absent manifest error; provided, however, that the failure of the Administrative
Agent or such Lender 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.              
Extension of Termination Date. At least 90 days but not more than 120 days prior to the Termination Date in
respect of the Revolving Credit Facility or the Term Loan Facility, the Borrower, by written notice to the Administrative Agent,
may request, with respect to either or both Facilities, a single consecutive twelve-month extension of the applicable Termination
Date. The Administrative Agent shall promptly notify each Lender of such request and the Termination Date in respect of the Revolving
Credit Facility and/or the Term Loan Facility, as applicable, in effect at such time shall, effective as at such Termination Date
(the “Extension Date”), be extended for an additional twelve-month period, provided that the Borrower
shall have paid the Extension Fees as described in Section 2.08(d), and on the applicable Extension Date the following statements
shall be true and the Administrative Agent shall have received for the account of each Lender a certificate signed by a Responsible
Officer of the Borrower, dated the Extension Date, stating that: (i) the representations and warranties of any Loan Party contained
in Article IV or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith
or therewith, shall be true and correct in all material respects on and as of the Extension Date, both before and after giving
effect to such extension (except to the extent that any representation or warranty that is qualified by materiality shall be true
and correct in all respects) on and as of such Extension Date, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they shall be true and correct in all material respects (or, if qualified by materiality,
in all respects) as of such earlier date, and except that for purposes of this Section 2.16, the representations and warranties
contained in Section 4.01(g) shall be deemed to refer to the most recent statements furnished pursuant to Sections 5.03(b) and
(c), respectively, and (ii) no Default or Event of Default has occurred and is continuing, or would result from such extension;
and (c) the Loan Parties are in compliance with the covenants contained in Section 5.04 immediately before and, on a pro
forma basis, immediately after such extension, together with supporting information demonstrating such compliance. In the event
that an extension of the Revolving Credit Facility, the Term Loan Facility or both Facilities is effected pursuant to this Section 2.16
(but subject to the provisions of Sections 2.05, 2.06 and 6.01), the aggregate principal amount of all Revolving Credit Advances
and/or Term Loan Advances, as the case may be, shall be repaid in full ratably to the Lenders on the Termination Date of such Facility
as so extended. As of an Extension Date, any and all references in this Agreement, the Revolving Notes, if any, the Term Loan Notes,
if any, or any of the other Loan Documents to the “Termination Date” with respect to the Revolving Credit Commitments
or the Revolving Credit Facility and/or the Term Loan Facility, as applicable, shall refer to the Termination Date in respect of
the Revolving Credit Facility and/or the Term Loan Facility, as the case may be, as so extended.

 

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Section
2.17.              
Increase in the Aggregate Commitments. (a) The Borrower may, at any time, by written notice to the Administrative
Agent, request (i) an increase in the aggregate amount of the Revolving Credit Commitments (each such increase, an “Incremental
Revolving Increase”), (ii) an increase in the aggregate amount of the Term Loan Facility (each such increase, an
“Incremental Term Loan Increase”), and/or (iii) add one or more new pari passu tranches of term loans
(each an “Incremental Term Loan Facility”; each Incremental Term Loan Facility and each Incremental Revolving
Increase and Incremental Term Loan Increase are collectively referred to as a “Commitment Increase”),
in each case by not less than $25,000,000 (or such other amount as may be agreed between the Administrative Agent and the Borrower)
to be effective as of a date that is at least 90 days prior to the scheduled Termination Date then in effect (the “Increase
Date”) as specified in the related notice to the Administrative Agent; provided, however, that (i)
in no event shall the aggregate principal amount of the Facilities at any time exceed $500,000,000 in the aggregate, and (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.

 

(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 Facility to which such Commitment
Increase relates, (iii) the proposed Increase Date and (iv) 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 applicable 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.

 

(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 following conditions precedent
shall have been satisfied on or prior to such Increase Date:

 

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(i)                 
The following statements shall be true, and the Administrative Agent shall have received, for the account of each
Lender, a certificate signed by a Responsible Officer of the Borrower, dated the Increase Date, stating that:

 

(A)              
the representations and warranties of each Loan Party contained in Article IV or any other Loan Document, or which
are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in
all material respects (except to the extent that any representation or warranty that is qualified by materiality shall be true
and correct in all respects) on and as of the Increase Date, before and after giving effect to such Commitment Increase and the
application of the proceeds, if any, therefrom, as though made on and as of such date, except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or,
if qualified by materiality, in all respects) as of such earlier date, and except that for purposes of this Section 2.17(d),
the representations and warranties contained in Section 4.01(g) shall be deemed to refer to the most recent statements furnished
pursuant to subsections (b) and (c), respectively, of Section 5.03; and

 

(B)              
no Default or Event of Default has occurred and is continuing, or would result from Commitment Increase;

 

(ii)               
the Administrative Agent shall have received, each in form and substance reasonably satisfactory to the Administrative
Agent:

 

(A)              
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;

 

(B)              
confirmation from each Increasing Lender of the increase in the amount of its applicable 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;

 

(C)              
a certificate as to each Loan Party signed by a Responsible Officer of the Borrower (x) certifying and attaching
the resolutions adopted by such Loan Party approving or consenting to such increase, and (y) in the case of the Borrower, certifying
that, as of the Increase Date the conditions specified in clause (d)(i) above have been satisfied;

 

(D)              
if not previously delivered to the Administrative Agent, copies certified by the secretary or assistant secretary
(or other individual performing similar functions) of (x) all corporate, partnership, member or other necessary action taken
by the Borrower to authorize such Commitment Increase and (y) all corporate, partnership, member or other necessary action
taken by each Guarantor authorizing the guaranty of such Commitment Increase;

 

(E)              
a supplement to this Agreement executed by the Borrower and any Lender providing such Commitment Increase which supplement
may include such amendments to this Agreement as the Administrative Agent deems reasonably necessary or appropriate to implement
the transactions contemplated by this Section 2.17, together with the consent of the Guarantors thereto;

 

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(F)               
if requested by the Administrative Agent or any new Lender or Lender providing such Commitment Increase, officer’s
certificates of the type delivered on the Closing Date and opinions of counsel to the Loan Parties, addressed to the Administrative
Agent and the Lenders, covering such matters as reasonably requested by the Administrative Agent;

 

(G)              
if requested by any Incremental Term Loan Lender or any Acceding Lender, a Note executed by the Borrower, payable
to such Lender in the amount of its applicable Commitment;

 

(iii)             
upon the reasonable request of any Lender, the Borrower shall have provided to such Lender, and such Lender shall
be reasonably satisfied with, all necessary information in connection with the Patriot Act, the Beneficial Ownership Regulation
(including a Beneficial Ownership Certification), “know your customer” requirements, and other customary requirements,
not later than five (5) Business Days prior to the Increase Date to the extent such information is requested not later than ten
(10) Business Days prior to such date;

 

(iv)             
the Borrower shall pay any applicable fees as are payable in connection with such Commitment Increase;

 

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 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 each Increase Date with respect to an Incremental Revolving Increase, to the extent the Revolving Credit Advances
then outstanding and owed to any Revolving Lender immediately prior to the effectiveness of the Commitment Increase shall be less
than such Lender’s pro rata share (calculated immediately following the effectiveness of the Commitment Increase) of all
Revolving Credit Advances then outstanding and owed to all Revolving Lenders (each such Lender, including any Acceding Lender participating
in such Commitment Increase, a “Purchasing Lender”), then such Purchasing Lender, without executing an
Assignment and Acceptance, shall be deemed to have purchased an assignment of a pro rata portion of the Revolving Credit
Advances then outstanding and owed to each Revolving Lender that is not a Purchasing Lender (a “Selling Lender”)
in an amount sufficient such that following the effectiveness of all such assignments the Revolving Credit Advances outstanding
and owed to each Revolving Lender Facility shall equal such Lender’s pro rata share (calculated immediately following the
effectiveness of the Commitment Increase on the Increase Date) of all Revolving Credit Advances then outstanding and owed to all
Revolving Lenders. The Administrative Agent shall calculate the net amount to be paid by each Purchasing Lender and received by
each Selling Lender in connection with the assignments effected hereunder on the Increase Date. Each Purchasing Lender shall make
the amount of its required payment available to the Administrative Agent, in same day funds, at the office of the Administrative
Agent not later than 12:00 P.M. on the Increase Date. The Administrative Agent shall distribute on the Increase Date the proceeds
of such amount to each of the Selling Lenders entitled to receive such payments at its Lending Office. If in connection with the
transactions described in this Section 2.17 any Lender shall incur any losses, costs or expenses of the type described in
Section 9.04(c), then the Borrower shall, upon demand by such Lender (with a copy of such demand to the Administrative Agent),
pay to the Administrative Agent for the account of such Lender any amounts required to compensate such Lender for such losses,
costs or expenses reasonably incurred.

 

(f)                
On each Increase Date with respect to an Incremental Term Loan Increase, each Term Loan Lender participating in such
Incremental Term Loan Increase shall make the amount of its Term Advance available in accordance with the conditions and procedures
set forth in Section 2.02.

 

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(g)               
On each Increase Date with respect to an Incremental Term Loan Facility, each Lender participating in such Incremental
Term Loan Facility shall make the amount of its Incremental Term Advances available in accordance with the conditions and procedures
set forth in Section 2.02. Incremental Term Loan Facilities and Incremental Term Advanced may be made hereunder pursuant
to a supplement, an amendment or an amendment and restatement (an “Incremental Term Loan Facility Amendment”)
of this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, each Incremental Term Loan Lender (including
any Acceding Lender becoming a party to this Agreement as an Incremental Term Loan Lender) with respect to such Incremental Term
Loan Facility and the Administrative Agent. Notwithstanding anything to the contrary in Section 9.01, the Incremental Facility
Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents
as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section
2.17. Each Incremental Term Loan Facility and the related Incremental Term Advances will be on such terms (including as to amortization
and maturity) as are agreed to by the Borrower and each Incremental Term Loan Lender with respect to such Incremental Term Loan
Facility and, if the terms of such Incremental Term Loan Facility and the related Incremental Term Advances (other than final maturity)
are not the same as any then existing Term Facility, such terms shall be reasonably acceptable to the Administrative Agent and
each Incremental Term Loan Lender, but such Incremental Term Advances will not in any event have a maturity date earlier than the
latest Termination Date (including any extension option) of any then existing Facility.

 

(h)               
This Section shall supersede any provisions in Section 2.13 or 9.01 to the contrary.

 

Section
2.18.              
Borrowing Base Asset Provisions.

 

(a)               
Designation of Borrowing Base Assets. The Borrower may from time to time propose an Eligible Asset (a “Proposed
Borrowing Base Asset”) to be designated as a new Borrowing Base Asset. The designation of any Eligible Asset as a
Borrowing Base Asset shall be subject to the following conditions:

 

(i)                 
The receipt by the Administrative Agent of a written request to designate the Proposed Borrowing Base Asset as a
new Borrowing Base Asset accompanied by each of the following:

 

(A)              
a Borrowing Base Asset Designation Package with respect to the Proposed Borrowing Base Asset;

 

(B)              
a duly completed Compliance Certificate as of the last day of the fiscal quarter of the Borrower most recently ended
prior to the Proposed Addition Date for which financial statements are required to be delivered to the Administrative Agent and
the Lenders pursuant to Section 5.03(b) or (c), as the case may be, in form and substance reasonably satisfactory to the Administrative
Agent, giving pro forma effect to the inclusion of the Proposed Borrowing Base Asset and to the Borrowing, if any, anticipated
to be made contemporaneously with the inclusion of such Proposed Borrowing Base Asset or the proceeds of which are expected to
be used to acquire such Proposed Borrowing Base Asset, such Compliance Certificate to:

 

(I)       include
reasonably detailed calculations of the Aggregate Borrowing Base Asset Value; and

 

(II)       demonstrate
that (x) the Borrower is in compliance with the provisions of Section 5.04, (y) the Minimum Value Condition is satisfied and (z)
Availability is not less than zero (in each case, on a pro forma basis after giving effect to the inclusion of the Proposed Borrowing
Base Asset in the Borrowing Base Pool and the Borrowing, if any, anticipated to be made contemporaneously with the inclusion of
such Proposed Borrowing Base Asset);

 

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(C)              
(x) a summary report of the Gross Hotel Revenues and Borrowing Base Adjusted NOI attributable to such Proposed Borrowing
Base Asset for the period of four consecutive fiscal quarters of the Parent then most recently ended for which financial statements
are required to be delivered to the Administrative Agent and the Lenders pursuant to Section 5.03(b) or (c), as the case may be,
(y) a year-to-date profit and loss statement for such Proposed Borrowing Base Asset, and (z) except if such Proposed Borrowing
Base Asset is a New Property, an Appraisal in form and substance reasonably satisfactory to the Administrative Agent with respect
to such Proposed Borrowing Base Asset;

 

(D)              
an updated list of Borrowing Base Assets;

 

(E)              
a certificate of a Responsible Officer certifying that no Default or Event of Default has occurred and is continuing
or would result from the inclusion of such Proposed Borrowing Base Asset as a Borrowing Base Asset.

 

(ii)               
The Required Lenders, in their sole discretion, shall have approved the designation of the Proposed Borrowing Base
Asset as a Borrowing Base Asset.

 

Notwithstanding
the foregoing, prior to any Proposed Borrowing Base Asset being included in the Borrowing Base Pool, the Proposed Borrowing Base
Asset must meet, and must continue at all times thereafter that such Asset is included in the Borrowing Base Pool to satisfy, the
Eligible Asset Criteria, and no Default or Event of Default shall have occurred and be continuing or would result therefrom.

 

(b)               
Exclusion of Borrowing Base Assets. A Borrowing Base Asset shall no longer constitute an Eligible Asset and
shall be automatically removed immediately from the Borrowing Base Pool upon the occurrence of either of the following:

 

(i)                 
if such Borrowing Base Asset fails to satisfy any of the Eligible Asset Criteria; or

 

(ii)                upon
the removal of such Borrowing Base Asset pursuant to Section 2.18(c).

 

(c)               
Removal of Borrowing Base Assets and Releases of Collateral and Guarantors.

 

(i)                 
Upon satisfaction of each of the Release Conditions with respect to any proposed Release Transaction, the release
contemplated by such Release Transaction shall be effective automatically and without further action of any Person and:

 

(A)              
if the proposed Release Transaction involves release of a Guarantor from its obligations under the Guaranty, the
Administrative Agent shall, at the sole expense of the Borrower, execute and deliver such documents as the Loan Parties may reasonably
request as necessary or desirable to evidence the release of the applicable Guarantor from its obligations under the Guaranty;
and

 

(B)              
if the proposed Release Transaction involves release of the Lien of the Administrative Agent on any Equity Interest
in a Guarantor or owned, directly or indirectly by a Guarantor, the Administrative Agent shall, at the sole expense of the Borrower,
execute and deliver such documents as the Loan Parties may reasonably request as necessary or desirable to evidence the release
of the Lien of the Administrative Agent on such Equity Interest and/or the release of the applicable Guarantor from its obligations
under the Pledge Agreement (including, in the case of this clause (B) and clause (A) above, executing documents reasonably in advance
to the extent practicable in order to facilitate releases, including placing documents into escrow on terms acceptable to the Administrative
Agent).

 

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(ii)               
For the avoidance of doubt, upon a release pursuant to a Release Transaction of the type contemplated in either clause
(i)(A) or (i)(B) above, all Borrowing Base Assets owned or ground leased, directly or indirectly, by the applicable Guarantor shall
be automatically removed from the Borrowing Base Pool.

 

(iii)             
The Administrative Agent shall promptly notify the Lenders following the consummation of any proposed Release Transaction.

 

(iv)             
It is understood and agreed that no release pursuant to this Section 2.18(c) shall impair or otherwise adversely
affect the Liens, security interests, guarantees and other rights of the Administrative Agent or the Secured Parties under the
Loan Documents not being released (or as to the parties to the Loan Documents and the Collateral subject to the Loan Documents
not being released).

 

Section
2.19.              
Reappraisal Rights.

 

(a)               
Borrower’s Right to Request Appraisal. The Borrower shall have the right to furnish to the Administrative
Agent an updated appraisal (meeting the requirements set forth in the definition of “Appraisal”, an “Updated
Appraisal”) of any Asset; provided that not more than one (1) Updated Appraisal for any Asset may be so furnished
in any twelve (12) month period.

 

(b)               
Administrative Agent’s Right to Request Appraisal. On any date (each, a “Request Date”)
the Administrative Agent shall have the right to require that the Borrower furnish an Updated Appraisal with respect to any Borrowing
Base Asset that is a Seasoned Property if (i) the existing Appraisal with respect to any such Borrowing Base Asset is dated more
than twelve (12) months from the Request Date or (ii) no Appraisal has previously been provided to the Administrative Agent with
respect thereto, and the Borrower shall within thirty (30) days of each Request Date furnish same to the Administrative Agent;
provided, that not more than one (1) Updated Appraisal may be required to be furnished with respect to any Borrowing Base
Asset in any twelve (12) month period (unless an Event of Default has occurred and is continuing, in which case such limitation
shall not apply).

 

(c)               
Cost of Appraisal. For the avoidance of doubt, the cost of obtaining an Updated Appraisal (whether requested
by the Borrower or the Administrative Agent) shall be borne by the Borrower.

 

Article
III

CONDITIONS OF LENDING

 

Section
3.01.              
Conditions Precedent to Initial Extensions of Credit. The obligation of each Lender to make an Advance on
the occasion of the Initial Extensions of Credit hereunder is subject to the satisfaction of the following conditions precedent
before or concurrently with the Initial Extensions of Credit:

 

(a)               
The Administrative Agent shall have received on or before the day of the Initial Extensions of Credit the following,
each of which shall be originals or telecopies (followed promptly by originals) unless otherwise specified, each properly executed
by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental
officials, a recent date before the Closing Date) (unless otherwise specified), in form and substance satisfactory to the Administrative
Agent and each of the Lenders (unless otherwise specified) and (except for the Notes, as to which one original of each shall be
sufficient) in sufficient copies for each Lender:

 

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(i)                 
counterparts of this Agreement, executed and delivered by the Administrative Agent, the Borrower, the Guarantors
and each Lender listed on Schedule I.

 

(ii)               
a Revolving Credit Note and/or Term Note, as applicable, executed by the Borrower in favor of each applicable Lender
requesting such Note.

 

(iii)             
in each case, solely with respect to Collateral required to be granted on the Closing Date, a pledge agreement (together
with each joinder or supplement delivered pursuant to Section 5.01, the “Pledge Agreement”), duly executed
by the applicable Grantors, together with:

 

(A)              
certificates or instruments, if any, representing the Collateral pledged thereunder accompanied by all endorsements
and/or powers required by the Pledge Agreement,

 

(B)              
evidence that (x) all proper financing statements have been or contemporaneously therewith will be duly filed under
the Uniform Commercial Code of all applicable jurisdictions and (y) all applicable perfection requirements that the Administrative
Agent reasonably may deem necessary or desirable in order to perfect the Liens created under the Pledge Agreement, covering the
Collateral described in the Pledge Agreement, and

 

(C)              
completed requests for information listing all effective financing statements filed in the jurisdictions referred
to in clause (B) above that name any Grantor as debtor, together with (x) copies of such other financing statements and (y) if
any such financing statement covers Collateral, termination statements (or similar documents) for filing in all applicable jurisdictions
as may be necessary to terminate any such effective financing statements (or equivalent filings), and

 

(D)              
evidence that all other actions, recordings and filings that the Administrative Agent may deem reasonably necessary
or desirable in order to perfect the Liens created under the Pledge Agreement have been taken;

 

(iv)             
A list (the “Borrowing Base Asset List”) of the Borrowing Base Assets in the Borrowing
Base Pool as of the Closing Date (the “Initial Borrowing Base Assets”); and the Borrowing Base Asset
List is attached hereto as Schedule 3.01(a)(iv);

 

(v)               
A Borrowing Base Asset Designation Package with respect to each Initial Borrowing Base Asset, and such other information
concerning the Initial Borrowing Base Assets as may reasonably be requested, in each case in form and substance reasonably acceptable
to the Administrative Agent, the Arranger and the Lenders.

 

(vi)             
Certified copies of the resolutions of the board of directors of the Parent, the Borrower and/or of the board of
directors or other equivalent governing body of each other Loan Party for which it is the ultimate signatory, in each case, unanimously
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, 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.

 

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(vii)           
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, 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 (1) 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, (2) such Loan Party, general partner or managing member,
as the case may be, has paid all franchise taxes to the date of such certificate 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.

 

(viii)         
Such documents and certifications as the Administrative Agent may reasonably require to evidence that in 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, 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.

 

(ix)             
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 any two of its Responsible Officers, dated
the Closing Date (the statements made in which certificate shall be true on and as of the date of the Initial Extensions 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)(vii), (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)(vi) were
adopted and on the date of the Initial Extensions 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
Extensions of Credit and (E) the absence of any event occurring and continuing, or resulting from the Initial Extensions of
Credit, that constitutes a Default.

 

(x)               
A certificate of a Responsible Officer of each Loan Party (or 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.

 

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(xi)             
A certificate of a Responsible Officer of the Borrower either (A) attaching copies of all consents, licenses
and approvals required in connection with the execution, delivery and performance by all Loan Parties and the validity against
such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force
and effect, or (B) stating that no such consents, licenses or approvals are so required.

 

(xii)           
Such financial, business and other information regarding each Loan Party and its Subsidiaries as the Lenders shall
have reasonably requested, including, without limitation, information as to possible contingent liabilities, tax matters, environmental
matters, insurance, obligations under Plans, Multiemployer Plans and Welfare Plans, collective bargaining agreements and other
arrangements with employees, historical operating statements (if any), financial statements of the Parent and/or the Initial Borrowing
Base Assets, and financial projections for the Borrower’s consolidated operations.

 

(xiii)         
Favorable opinions of (A) Kleinberg, Kaplan, Wolff & Cohen, P.C., special New York counsel to the Loan Parties
and (B) Berger Harris LLP, Delaware counsel to the Loan Parties, each addressed to the Administrative Agent and each Lender, as
to such matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request.

 

(xiv)          
A duly completed compliance certificate as of the fiscal month ended August 31, 2019:

 

(A)              certifying
that the Loan Parties are in compliance with the provisions of Sections 5.04, and that the Minimum Value Condition is satisfied,
in each case, on a pro forma basis after giving effect to the consummation of the Acquisition and the occurrence of the Initial
Extensions of Credit on the Closing Date), and including in reasonable detail the calculations thereof, and

 

(B)              
including (1) reasonably detailed calculations of Availability and Aggregate Borrowing Base (in each case, on a pro
forma basis after giving effect to the consummation of the Acquisition and the occurrence of the Initial Extensions of Credit on
the Closing Date), (2) a summary report of the Gross Hotel Revenues and Borrowing Base Adjusted NOI attributable to each Initial
Borrowing Base Asset for the then most recently ended period of four (4) consecutive fiscal quarters for which financial statements
are available, prepared on a basis consistent with the Audited Financial Statements, and (3) a year-to-date profit and loss statement
for each Initial Borrowing Base Asset.

 

(xv)            
A Notice of Borrowing relating to the Initial Extensions of Credit and, if a Borrowing of Eurodollar Rate Advances
is being requested to be made on the Closing Date, a breakage indemnity letter agreement executed by the Borrower in form and substance
satisfactory to the Administrative Agent, in each case, dated and delivered to the Administrative Agent at least three (3) Business
Days prior to the Closing Date.

 

(xvi)          
such other assurances, certificates, documents, consents or opinions as the Administrative Agent or the Required
Lenders reasonably may require.

 

(b)               
The Administrative Agent, the Arranger and the Lenders 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, and shall have completed all due diligence with respect
to the Parent and its Subsidiaries, and their respective business, operations, assets and liabilities, in scope and substance reasonably
satisfactory to the Administrative Agent, the Arranger and the Lenders.

 

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(c)               
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.

 

(d)               
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 or (ii) purports to affect the legality, validity or enforceability of any Loan Document
or the consummation of the transactions contemplated thereby.

 

(e)               
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 Lenders)
and shall remain in effect, and no law or regulation shall be applicable in the reasonable judgment of the Lenders that restrains,
prevents or imposes materially adverse conditions upon the transactions contemplated by the Loan Documents.

 

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

 

(g)               
The Borrower shall have paid all accrued fees of the Administrative Agent and the Lenders and all reasonable, out-of-pocket
expenses of the Administrative Agent.

 

(h)               
Unless waived by the Administrative Agent, the Borrower shall have paid all fees, charges and disbursements of counsel
to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to
or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable
estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided
that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).

 

(i)                 
Substantially concurrently with the Initial Extensions of Credit hereunder, the Acquisition shall have been consummated
in compliance with applicable law and regulatory approvals.

 

(j)                 
(i) The Borrower and each Guarantor shall have provided to the Administrative Agent and the Lenders the documentation
and other information requested by the Administrative Agent or any Lender to comply with its “know your customer” requirements
and to confirm compliance with all applicable Sanctions, Anti-Corruption Laws, the Trading with the Enemy Act and the Patriot Act,
and (ii) if the Borrower qualifies as a “legal entity customer” within the meaning of the Beneficial Ownership Regulation,
the Borrower shall have provided to the Administrative Agent (for further delivery by the Administrative Agent to the Lenders in
accordance with its customary practice) a Beneficial Ownership Certification for the Borrower; in each case received by each requesting
Person at least five (5) Business Days prior to the Closing Date to the extent such information is requested at least ten (10)
Business Days prior to the Closing Date.

 

Section
3.02.              
Conditions Precedent to Each Borrowing. The obligation of each Lender to make an Advance on the occasion of
each Borrowing (including the initial Borrowing), 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:

 

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(a)               
The Administrative Agent shall have received a Notice of Borrowing in accordance with the terms hereof.

 

(b)               
The following statements shall be true:

 

(i)                 
the representations and warranties of each Loan Party contained in Article IV or any other Loan Document, or which
are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in
all material respects (except to the extent that any representation or warranty that is qualified by materiality shall be true
and correct in all respects) on and as of the date of such Borrowing, before and after giving effect to such Borrowing and the
application of the proceeds therefrom, as though made on and as of such date, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or, if
qualified by materiality, in all respects) as of such earlier date, and except that for purposes of this Section 3.02, the representations
and warranties contained in Section 4.01(g) shall be deemed to refer to the most recent statements furnished pursuant to subsections
(b) and (c), respectively, of Section 5.03;

 

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

 

(iii)             
after giving effect to the proposed Borrowing, Availability equals or exceeds zero.

 

Each Notice of Borrowing (other than a
Notice of Borrowing requesting only a Conversion of Advances to another Type or a continuation of Eurodollar Rate Advances) submitted
by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 3.02(b) have been
satisfied on and as of the date of the applicable Borrowing.

 

Section
3.03.              
Determinations Under Section 3.01 and 3.02. Without limiting the generality of the provisions of the
last paragraph of Section 8.03, for purposes of determining compliance with the conditions specified in Sections 3.01 and
3.02 in connection with the Initial Extensions of Credit, each Lender that has signed this Agreement 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 Lenders unless an officer of the Administrative Agent responsible for the transactions
contemplated by the Loan Documents shall have received notice from such Lender prior to the proposed Closing Date specifying its
objection thereto.

 

Article
IV

REPRESENTATIONS AND WARRANTIES

 

Section
4.01.              
Representations and Warranties of the Loan Parties. Each Loan Party represents and warrants to the Administrative
Agent and the Lenders 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 is licensed and, as applicable, 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 (x) own or
lease and operate its properties and to carry on its business as now conducted and as proposed to be conducted and (y) execute,
deliver and perform its obligations under the Loan Documents to which it is a party.

 

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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 Guarantors 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.

 

(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, (ii) the grant by any Loan
Party of the Liens granted by it pursuant to the Pledge Agreement, (iii) the perfection or maintenance of the Liens created under
the Pledge Agreement (including the first priority nature thereof) or (iv) the exercise by the Administrative Agent or any Lender
of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Pledge Agreement; except for
(i) the filing of UCC financing statements and (ii) such 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.

 

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(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) either individually or in the aggregate,
could reasonably be expected to result in a Material Adverse Effect or (ii) purports to affect the legality, validity or enforceability
of any Loan Document or the transactions contemplated by the Loan Documents.

 

(g)               
Financial Condition. The pro forma financial statements of the Parent and its Subsidiaries as of August 31,
2019 fairly present the Consolidated financial condition of the Parent and its Subsidiaries as at such dates and the Consolidated
results of operations of the Parent and its Subsidiaries for the periods ended on such dates, all in accordance with generally
accepted accounting principles applied on a consistent basis.  Since the date of such financial statements 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 and its Subsidiaries delivered to the Lenders 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 Borrower’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 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.

 

(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.

 

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(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)             
No Default. No Default has occurred and is continuing or would result from the consummation of the transactions
contemplated by this Agreement or any other Loan Document.

 

(n)               
[Intentionally Omitted].

 

(o)               
[Intentionally Omitted].

 

(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 Closing Date, 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, Operating Leases, showing as
of the Closing Date, 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.

 

(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.

 

(i)                 
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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(ii)               
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 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.

 

(u)               
Solvency. Each Loan Party is, individually and together with its Subsidiaries, Solvent.

 

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(v)               
[Intentionally Omitted].

 

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

 

(i)                 
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.

 

(ii)               
Schedule B (Actuarial Information) to the most recent annual report (Form 5500 Series) for each Plan, copies of which
have been filed with the IRS and furnished to the Lenders, 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.

 

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

 

(iv)             
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.

 

(v)               
Each plan subject to ERISA is in compliance in all material respects with the applicable provisions of ERISA, the
Code and other Federal or state laws. Each Single Employer Plan that is intended to be a qualified plan under Section 401(a) of
the Code has received a favorable determination letter from the IRS to the effect that the form of such Plan is qualified under
Section 401(a) of the Code and the trust related thereto has been determined by the IRS to be exempt from federal income tax under
Section 501(a) of the Code, or an application for such a letter is currently being processed by the IRS. To the best knowledge
of each Loan Party, nothing has occurred that would prevent or cause the loss of such tax-qualified status.

 

(vi)             
(A) each Loan Party and each ERISA Affiliate has met all applicable requirements under the Pension Funding Rules
in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been applied
for or obtained; (B) as of the most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined
in Section 430(d)(2) of the Code) is 60% or higher and none of any Loan Party nor any ERISA Affiliate knows of any facts or circumstances
that could reasonably be expected to cause the funding target attainment percentage for any such plan to drop below 60% as of the
most recent valuation date; (C) none of any Loan Party nor any ERISA Affiliate has incurred any liability to the PBGC other than
for the payment of premiums, and there are no premium payments which have become due that are unpaid; (D) neither the Borrower
nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (E)
no Single Employer Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has
occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate
any Pension Plan that has resulted or could reasonably be expected to result in material liability to any Loan Party.

 

(vii)           
Each Loan Party represents and warrants as of the Closing Date that it is not a Benefit Plan.

 

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(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.

 

(y)               
Anti-Corruption Laws. The Loan Parties and their respective Subsidiaries and, to the knowledge of any Responsible
Officer of the Borrower, all directors, officers, employees, agents or Affiliates of any Loan Party or any of its respective Subsidiaries,
are in compliance in all material respects with applicable Anti-Corruption Laws, the Trading with the Enemy Act and the Patriot
Act.

 

(z)               
EEA Financial Institution. Neither any Loan Party nor any of its Subsidiaries nor any general partner or managing
member of any Loan Party, as applicable, is an EEA Financial Institution.

 

(aa)            
Covered Entity. No Loan Party is a Covered Entity.

 

(bb)            
REIT Status. The Borrower is a REIT.

 

(cc)            
Pledge Agreement. The provisions of the Pledge Agreement are effective to create in favor of the Administrative
Agent for the benefit of the Secured Parties a legal, valid and enforceable first priority Lien (subject to Permitted Equity Encumbrances)
on all right, title and interest of the respective Grantors in the Collateral described therein. Except as contemplated by the
Pledge Agreement, no filing or other action will be necessary to perfect or protect such Liens.

 

(dd)            
Guarantors. Each Subsidiary of the Borrower, other than Excluded Subsidiaries and other Subsidiaries that
are not yet required to become Guarantors pursuant to the terms hereof, is a Guarantor.

 

(ee)            
Borrowing Base Asset. Each Borrowing Base Asset included in any calculation of the Aggregate Borrowing Base
Asset Value is, at the time of such calculation, an Eligible Asset.

 

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 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.

 

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(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; 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 and (ii) all lawful claims that, if
unpaid, might by law become a Lien upon any Borrowing Base Asset or any Collateral (in each case, other than Permitted Equity Encumbrances
and Permitted Property Encumbrances, as applicable).

 

(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.

 

(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
Lenders, 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, 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; provided that (i) so long as no Event of Default has occurred and is continuing, (x) no more than
one (1) such visit and inspection by the Administrative Agent during any year shall be at the expense of the Borrower and (y) any
such visit and inspection by a Lender shall be at the sole expense of such Lender and (ii) when an Event of Default has occurred
and is continuing, the Administrative Agent or any Lender (or any of their respective representatives or independent contractors)
may do any of the foregoing at the expense of the Borrower at any time during normal business hours and without advance notice.

 

(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.

 

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(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 Borrowing Base Asset Designation
Package pursuant to Section 5.01(k) with respect to a Proposed Borrowing Base 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, cause each such Subsidiary that is not an Excluded 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
(collectively, the “Guarantor Deliverables”).

 

(k)               
Information Regarding Collateral. The Borrower shall, and shall cause each Grantor to, provide the Administrative
Agent not less than ten (10) Business Days’ prior written notice (in the form of certificate signed by a Responsible Officer),
or such lesser notice period agreed to by the Administrative Agent, before effecting any change (i) in any Grantor’s legal
name, (ii) in any Grantor’s identity or organizational structure, (iii) in any Grantor’s U.S. taxpayer identification
number or organizational identification number, if any, or (iv) in any Grantor’s jurisdiction of organization or incorporation
(in each case, including by a Transfer, merger with or into any other entity, reorganizing, dissolving, liquidating, reorganizing
or organizing in any other jurisdiction). Such notice shall clearly describe such change and provide such other information in
connection therewith as the Administrative Agent may reasonably request. In addition, prior to any such change, the Borrower shall,
and shall cause each Grantor to, take all action reasonably satisfactory to the Administrative Agent to maintain the perfection
and priority of the security interest of the Administrative Agent for the benefit of the Secured Parties in the Collateral, if
applicable. The Borrower hereby agrees to promptly provide the Administrative Agent with certified Organization Documents reflecting
any of the changes described above in this section. Notwithstanding the foregoing or anything else to the contrary contained herein
or in any other Loan Document, the Borrower agrees that it will, and will cause each other Grantor to, at all times maintain its
jurisdiction of organization one of the States within the United States of America or the District of Columbia.

 

(l)                 
Further Assurances. (i) Promptly upon request by the Administrative Agent, or any Lender 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 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
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, (B) to the fullest extent permitted by Applicable Law, subject any Loan Party’s or any of its Subsidiaries’
properties, assets, rights or interests to the Liens now or hereafter intended to be covered by the Pledge Agreement, (C) to perfect
and maintain the validity, effectiveness and priority of the Pledge Agreement and any of the Liens intended to be created thereunder
and (D) to assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Secured Parties the
rights granted or now or hereafter intended to be granted to the Lenders 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.

 

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(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 a Borrowing Base Asset to not continue to meet the Eligible Asset Criteria and,
in the aggregate, could not be reasonably be expected to result in a Material Adverse Effect.

 

(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 Parent 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 a Borrowing Base 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 Borrowing Base 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;

 

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(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 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;

 

(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 Borrowing Base Asset to be managed and operated by an Approved
Manager or any other property manager approved by the Administrative Agent pursuant to a Management Agreement approved by the Required
Lenders.

 

(q)               
[Intentionally Omitted].

 

(r)                
Maintenance of REIT Status. In the case of the Borrower, at all times be organized in conformity with the
requirements for qualification as a REIT under the 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)                
[Intentionally Omitted].

 

(t)                 
[Intentionally Omitted].

 

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(u)               
Sanctions and Anti-Corruption Laws. Maintain in effect policies and procedures designed to promote compliance
by the Loan Parties and their respective Subsidiaries and their respective directors, officers, employees and agents with applicable
Sanctions and Anti-Corruption Laws, the Trading with the Enemy Act and the Patriot Act, and promptly upon the written request of
the Administrative Agent, furnish to the Administrative Agent and the Lenders any information that the Administrative Agent or
any Lender deems reasonably necessary from time to time in order to ensure compliance with all applicable Sanctions and Anti-Corruption
Laws, the Trading with the Enemy Act and the Patriot Act.

 

(v)               
Beneficial Ownership. Promptly following (i) any request therefor, provide information and documentation reasonably
requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer”
and Anti-Corruption Laws, including, without limitation, the PATRIOT Act and the Beneficial Ownership Regulation and (ii) any change
in beneficial ownership of the Parent or the Borrower that would render any statement in the existing Beneficial Ownership Certification
untrue or inaccurate, furnish to the Administrative Agent (for further delivery by the Administrative Agent to the Lenders in accordance
with its customary practice) an updated Beneficial Ownership Certification for the Parent or the Borrower, as the case may be.

 

(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.

 

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 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 (i) any Borrowing Base Asset other than Permitted Asset Encumbrances,
(ii) any Collateral other than Permitted Equity Encumbrances or (iii) any income from or proceeds of any of the foregoing; or to
sign, file or authorize under the Uniform Commercial Code of any jurisdiction a financing statement that includes in its collateral
description any portion of any Borrowing Base Asset (unless such description relates to a Permitted Property Encumbrance), any
Collateral (unless such description relates to a Permitted Equity Encumbrance) or any income from or proceeds of any of the foregoing.

 

(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)               
unsecured trade payables incurred in the ordinary course of business;

 

(iii)             
unsecured Indebtedness owing to the Borrower or a Guarantor by a Subsidiary of the Borrower;

 

(iv)             
Non-Recourse Debt; provided, that, (i) no Default or Event of Default has occurred and is continuing immediately
before and after the creation, incurrence, assumption or existence of such Non-Recourse Debt and (ii) immediately after giving
effect to the creation, incurrence, assumption or existence of such Non-Recourse Debt the Parent and its Subsidiaries are, on a
pro forma basis, in compliance with the provisions of Section 5.04.

 

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(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 Guarantors and TRS Lessees) or otherwise dispose of (whether in one
transaction or in a series of transactions or pursuant to a Division) all or substantially all of its assets (whether now owned
or hereafter acquired) to, any Person, or Divide, or permit any of its Subsidiaries to do so; provided, however,
that (i) any Subsidiary may merge or consolidate with or into, or dispose of assets to (including pursuant to a Division) any other
Subsidiary (provided that if one or more of such Subsidiaries is a Loan Party, a Loan Party shall be the surviving entity)
and (ii) any Subsidiary that is not a Loan Party may merge with any Person that is not a Loan Party, in each case so long as no
Default shall have occurred and be continuing at the time of such proposed transaction or would result therefrom and the requirements
in Section 5.02(p) shall still be complied with. Notwithstanding any other provision of this Agreement, (y) any Subsidiary of the
Borrower (other than any such Subsidiary that is the direct owner of a Borrowing Base Asset) may liquidate, dissolve or Divide
if the Borrower determines in good faith that such liquidation, dissolution or Division is in the best interests of the Borrower
and the assets or proceeds from the liquidation, dissolution or Division 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) the Borrower or any Subsidiary thereof 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 any Equity Interests that constitute Collateral)
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, so long as each of the Release Conditions with respect to the release of such Guarantor shall
have been satisfied, the Administrative Agent shall, upon the request of, and at the expense of, the Borrower, release such Guarantor
from the Guaranty, release the pledge of Equity Interests in such Guarantor granted pursuant to the Pledge Agreement and execute
and deliver such documents and instruments as the Borrower may reasonably request to evidence the release of such Guarantor from
the Guaranty and the release the pledge of Equity Interests in such Guarantor granted pursuant to the Pledge Agreement, which documents
and instruments shall be reasonably satisfactory to the Administrative Agent.

 

(e)               
Sales, Etc. of Assets. Sell, lease (other than by entering into Tenancy Leases), transfer or otherwise dispose
of (including pursuant to a Division), 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 (including pursuant to a Division), or grant any option or other right to purchase, lease or otherwise acquire (each such action,
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:

 

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(A)              
the Transfer of any Asset or Assets, including unimproved land, that are not Borrowing Base Assets from any Loan
Party to another Loan Party or from a Subsidiary the Borrower to another Subsidiary of the Borrower,

 

(B)              
the Transfer of any Asset or Assets that are not Borrowing Base 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,

 

(C)              
the Transfer of any property constituting a Borrowing Base Asset or Collateral so long as each of the Release Conditions
with respect to such Transfer have been satisfied, and

 

(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 a Borrowing Base Asset.

 

Following (x) a Transfer of all
Borrowing Base Assets owned or leased by a Guarantor in accordance with Section 5.02(e)(C) or (y) the designation by a Guarantor
of all Borrowing Base Assets owned or leased by it as non-Borrowing Base Assets pursuant to Section 5.02(e)(C), upon the request
of, and at the expense of, the Borrower, so long as each of the Release Conditions with respect to the release of such Guarantor
has been satisfied, the Administrative Agent shall, release such Guarantor from the Guaranty and execute and deliver such documents
and instruments as the Borrower may reasonably request to evidence the release of such Guarantor from the Guaranty, which documents
and instruments shall be reasonably satisfactory to the Administrative Agent.

 

(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 (including
pursuant to a Division) in Subsidiaries and, in the case of the Loan Parties 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, investments in Joint Ventures or Divisions);

 

(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 (it being understood this clause
(A) shall not be interpreted to restrict Investments in 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;

 

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

 

(vi)             
[intentionally omitted];

 

(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.

 

(g)               
Restricted Payments. In the case of the Parent 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, including, in each case, by way of a Division (collectively, “Restricted Payments”);
provided, however, that so long as no Default or Event of Default shall have occurred and be continuing, the Parent
and the Borrower may make Restricted Payments without the prior consent of the Required Lenders to holders of Equity Interests
in the Parent and the Borrower, as applicable, to the extent the same would not result in a Default under any provision of this
Agreement.

 

(h)               
Amendments of Organization Documents. Amend, or permit any of its Subsidiaries to amend, in each case in any
material respect, any of its Organization Documents, provided that (1) any amendment to any such constitutive document
that would be adverse to any of the Lenders or would materially impair the rights or interests of the Administrative Agent or any
Lender in any Collateral 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 Organization 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.

 

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(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, and (ii) any agreement or instrument evidencing Non-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 other than those
that are borrowers or guarantors of such Non-Recourse Debt.

 

(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, 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 Borrowing Base Asset, in a manner that could reasonably be expected to have a Material Adverse Effect, and (ii) a Material
Contract affecting any Borrowing Base Asset, in a manner that could reasonably be expected to result in a Borrowing Base Asset
not continuing to meet all of the Eligible Asset Criteria.

 

(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) pursuant to the Loan Documents or (ii) in connection
with (A) any Non-Recourse Debt, provided that the terms of such Non-Recourse Debt, 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
Asset other than the Asset financed pursuant to such Non-Recourse Debt 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), or (B) any Capitalized Lease permitted by Section 5.02 solely to the extent that
such Capitalized Lease prohibits a Lien on the property subject thereto.

 

(n)               
[Intentionally Omitted].

 

(o)               
[Intentionally Omitted].

 

(p)               
Guarantor Requirements. Cause or permit any Guarantor to own any Real Property other than Borrowing Base Assets.

 

(q)               
Multiemployer Plans. Neither any Loan Party nor any ERISA Affiliate will contribute to or be required to contribute
to any Multiemployer Plan. No Loan Party will be or become a Benefit Plan.

 

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

 

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(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 Borrowing Base Assets, transactions occurring in the ordinary course of the business of owning and operating hotels,
the Lenders agree that operating leases, loans, and guaranties of indebtedness are all in the ordinary course of business and (ii)
with respect to Borrowing Base 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).

 

(t)                 
Parent Covenants. Notwithstanding anything to the contrary contained in any Loan Document, the Parent shall
not:

 

(i)                 
directly or indirectly enter into or conduct any business other than in connection with the ownership, acquisition
and disposition of interests in the Borrower and, if applicable, direct interests in the Borrower, and the management of the business
of the Borrower, and such activities as are incidental thereto, all of which shall be solely in furtherance of the business of
the Borrower;

 

(ii)               
own any assets other than (A) interests, rights, options, warrants or convertible or exchangeable securities of the
Borrower, (B) assets that have been distributed to the Parent by its Subsidiaries in accordance with Section 5.02 that are held
for ten (10) Business Days or less pending further distribution to equity holders of the Parent, (C) assets received by the Parent
from third parties (including the proceeds from any issuance and sale by the Parent of any its Equity Interests), that are held
for ten (10) Business Days or less pending contribution of same to the Borrower, (D) such bank accounts or similar instruments
as it deems necessary to carry out its responsibilities under the Organization Documents of the Borrower and (E) other tangible
and intangible assets that, taken as a whole, are de minimis in relation to the net assets of the Borrower and its Subsidiaries,
but which shall in no event include any Equity Interests other than those permitted in clauses (A) and (C) of this sentence;

 

(iii)             
incur any Indebtedness;

 

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(iv)             
make any Investments other than as contemplated in clause (ii) of this Section 5.02(t);

 

(v)               
permit any Liens on any of its assets other than Liens in favor of a banking or other financial institution arising
as a matter of law or under customary general terms and conditions encumbering deposits (including the right of set-off) and which
are within the general parameters customary in the banking industry.

 

Nothing in
this Section 5.02(t) shall prevent the Parent from (i) the maintenance of its legal existence (including the ability to incur fees,
costs and expenses relating to such maintenance), (ii) the performance of its obligations with respect to the Loan Documents, (iii)
any public offering of its common stock or any other issuance or sale of its Equity Interests, (iv) the payment of dividends, (v)
making contributions to the capital of the Borrower, (vi) participating in tax, accounting and other administrative matters as
a member of the consolidated group of the Parent and the Borrower, (vii) providing indemnification to officers, managers and directors
and (viii) any activities incidental to 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.

 

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 shall have any Commitment hereunder, the Borrower will furnish to the Administrative Agent and
the Lenders 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 Borrower setting forth details
of such Default or such event, development or occurrence and the action that the Borrower has taken and proposes to take with respect
thereto.

 

(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 and its Consolidated Subsidiaries, including therein Consolidated
and consolidating balance sheets of the Parent 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 and its Subsidiaries for such Fiscal
Year, in each case accompanied by 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, 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 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 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 has taken and proposes to take with respect thereto.

 

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(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 (commencing with the fiscal quarter ended March 31, 2020), Consolidated and consolidating balance
sheets of the Parent 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 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 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 as having been prepared in accordance with GAAP, 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 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
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 shall also provide, if necessary for the determination of
compliance with Section 5.04, a statement of reconciliation conforming such financial statements to GAAP.

 

(d)               
Compliance Certificate. Concurrently with the delivery of the financial statements referred to in Sections
5.03(b) and (c) (commencing with the delivery of the financial statements for the fiscal year ended December 31, 2019), a duly
completed Compliance Certificate (which delivery may, unless the Administrative Agent, or a Lender requests executed originals,
be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all
purposes) certifying that the Loan Parties are in compliance with the provisions of Sections 5.04, and that the Minimum Value Condition
is satisfied, in each case, including in reasonable detail the calculations thereof, and including (i) a summary report of the
Gross Hotel Revenues and Borrowing Base Adjusted NOI attributable to each Borrowing Base Asset, and (ii) a year-to-date profit
and loss statement for each Borrowing Base Asset.

 

(e)               
Borrowing Base Asset Financials. As soon as available and in any event within 45 days after the end of each
quarter, financial information in respect of each Borrowing Base Asset individually and in respect of the Borrowing Base Pool,
in form and detail reasonably satisfactory to the Administrative Agent and STR reports on Borrowing Base Assets.

 

(f)                
Annual Budgets. As soon as available and in any event within 45 days after the end of each Fiscal Year, (i)
a projected cash flow analysis of each Borrowing Base Asset prepared by management of the Borrower, including an operating expense
and capital expenditures budget for such Borrowing Base Asset for the next succeeding 12 consecutive months and (ii) forecasts
for the Parent and its Subsidiaries on a consolidated basis prepared by management of the Parent, 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 Events. Prompt notice to the Administrative Agent (i) promptly upon obtaining knowledge of any matter
that has resulted or could reasonably be expected to result in a Material Adverse Effect, including (i) breach or non-performance
of, or any default under, a Contractual Obligation1
of the Parent or any Subsidiary; (ii) any action, suit, dispute, litigation, investigation, proceeding or suspension involving
any Loan Party or any Subsidiary or any of their respective properties and any Governmental Authority; or (iii) the commencement
of, or any material development in, any litigation or proceeding affecting the Parent or any Subsidiary, including pursuant to
any applicable Environmental Laws.

 

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(h)               
Changed in Accounting or Financial Reporting. Prompt notice to the Administrative Agent of any material change
in accounting policies or financial reporting practices by the Parent or any Subsidiary.

 

(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)                 
ERISA. Prompt Notice to the Administrative Agent of the occurrence of any ERISA Event or of any Loan Party
becoming a Benefit Plan.

 

(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 Borrowing Base Asset or could reasonably be expected to result in a Lien
against any Borrowing Base Asset.

 

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

 

 

1 Any Contractual
Obligation the breach of which would have a Material Adverse Effect should be picked up in this clause.

 

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(m)             
Eligible Asset Criteria. Promptly after obtaining actual knowledge of any condition or event which causes
any Borrowing Base Asset to fail to continue to satisfy any of the Eligible Asset Criteria (other than those Eligible Asset Criteria,
if any, that have theretofore been waived by the Administrative Agent and the Required Lenders with respect to any particular Borrowing
Base 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 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 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 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
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)               
Material Contract. As soon as available, a copy of any Material Contract entered into with respect to any
Borrowing Base Asset after the date hereof.

 

(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, including with respect to the
Borrowing Base Assets or Collateral, or prospects of any Loan Party or any of its Subsidiaries as the Administrative Agent, or
any Lender 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 shall have, at any time after the Initial Extensions of Credit, any Commitment hereunder, the
Loan Parties will not permit:

 

(a)               
Maximum Leverage Ratio. the Leverage Ratio, as of each Test Date, to exceed 55%.

 

(b)               
Minimum Consolidated Tangible Net Worth: Consolidated Tangible Net Worth at any time to be less than the sum
of (a) $100,000,000, plus (b) an amount equal to 75% of the net cash proceeds received by the Parent or a Subsidiary
thereof from issuances or sales of Equity Interests of the Parent or any of its Subsidiaries consummated after the Closing Date.

 

(c)               
Minimum Consolidated Fixed Charge Coverage Ratio. the Consolidated Fixed Charge Coverage Ratio, as of each
Test Date, to be less than 1.50:1.00.

 

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(d)               
Maximum Secured Leverage Ratio. the ratio of Secured Indebtedness (excluding Indebtedness arising under this
Agreement) to Total Asset Value, as of each Test Date, to exceed 40%.

 

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 Borrower, 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 Borrower
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)(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. Any of the following shall constitute an event of default (“Events of Default”):

 

(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) or 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 made; or

 

(c)               
Breach of Certain Covenants. (i) Any Loan Party 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), (u) or (v), 5.02, 5.03(a), (g), (k), (l), (m),
or 5.04, or (ii) any Loan Party shall fail to perform or observe any term, covenant or agreement contained in Section 5.03(b),
(c), (e), (f), (i), (o), or (p) 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 any Agent or any Lender or (iii) any Grantor fails to perform or observe any term, covenant or agreement
contained in the Pledge Agreement to which it is a party; or

 

(d)               
Other Defaults under Loan Documents. Any Loan Party shall fail to perform or observe any other term, covenant
or agreement (not specified in subsection (a), (b) or (c) above) 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; 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 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;
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.

 

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(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 (including any Bail-In Action), 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

 

(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

 

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(i)                 
Unenforceability of Loan Documents. Any material provision of any Loan Document after delivery thereof pursuant
to Section 3.01 or 5.01(j) 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)                 
Pledge Agreement. The Pledge Agreement shall for any reason cease to create a valid and perfected first priority
Lien (subject to Permitted Equity Encumbrances) on the Collateral purported to be covered thereby; or

 

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

 

(l)                 
ERISA Events. (i) 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, (ii) an ERISA Event occurs with respect to a Plan or Multiemployer Plan which
has resulted or could reasonably be expected to result in liability of any Loan Party or any of its Subsidiaries under Title IV
of ERISA to the Plan, Multiemployer Plan or the PBGC, which liability individually or in an aggregate would reasonably be expected
to result in a Material Adverse Effect, (iii) any Loan Party or any ERISA Affiliate fails to pay when due, after the expiration
of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under
a Multiemployer Plan, which liability in the aggregate would reasonably be expected to result in a Material Adverse Effect, or
(iii) any Loan Party shall be or become a Benefit Plan; or

 

(m)             
REIT Status. The Borrower shall for any reason, fail to maintain its status as a REIT, after taking into account
any cure provisions set forth in the Code that are complied with by the Borrower.

 

Section
6.02.              
Remedies Upon Event of Default. If any Event of Default occurs and is continuing, 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 and the obligation of each Lender 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 and the obligation of each Lender 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.

 

Section
6.03.              
Application of Funds. After the exercise of remedies provided for in Section 6.02 (or after the Advances have
automatically become immediately due and payable as set forth in the proviso to Section 6.02), any amounts received on account
of the Obligations shall, subject to the provisions of Section 9.10, be applied by the Administrative Agent in the following order:

 

First, to payment
of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements
of counsel to the Administrative Agent and amounts payable under Sections 2.09, 2.10, 2.12, or 9.04(c)) payable to the Administrative
Agent in its capacity as such;

 

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Second, to payment
of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable
to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders and amounts payable under Sections
2.09, 2.10, 2.12, or 9.04(c)), ratably among them in proportion to the respective amounts described in this clause Second payable
to them;

 

Third, to payment
of that portion of the Obligations constituting accrued and unpaid interest on the Advances and other Obligations, ratably among
the Lenders in proportion to the respective amounts described in this clause Third payable to them;

 

Fourth, to payment
of that portion of the Obligations constituting unpaid principal of the Advances and Obligations then owing under Guaranteed Hedge
Agreements, ratably among the Lenders and the Hedge Banks in proportion to the respective amounts described in this clause Fourth
held by them; and

 

Last, the balance,
if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by law.

 

Notwithstanding the
foregoing, Obligations arising under Guaranteed Hedge Agreements shall be excluded from the application described above if the
Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative
Agent may request, from the applicable Hedge Bank. Each Hedge Bank not a party to the Credit Agreement that has given the notice
contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the
Administrative Agent pursuant to the terms of Article VIII hereof for itself and its Affiliates as if a “Lender” party
hereto.

 

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
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 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.

 

(b)               
Each Guarantor, the Administrative Agent and each other Lender and, by its acceptance of the benefits of this Guaranty,
each other Lender, 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 Lenders and, by their acceptance of the benefits of this Guaranty, the other
Lenders 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.

 

    88

     

    

 

(c)               
Each Guarantor hereby unconditionally and irrevocably agrees that in the event any payment shall be required to be
made to any Lender 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 Lenders 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 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 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 (each Guarantor waiving any duty on the part of the Administrative
Agent and each other Lender to disclose such information);

 

(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

 

    89

     

    

 

(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 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 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 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 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)               
[Intentionally Omitted].

 

(e)               
Each Guarantor hereby unconditionally and irrevocably waives any duty on the part of the Administrative Agent or
any other Lender 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.

 

(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.

 

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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 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 Lenders, 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 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 Lenders 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.

 

Section
7.06.              
Indemnification by Guarantors. (a) Without limitation on any other Obligations of any Guarantor or remedies
of the Administrative Agent or the Lenders 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 Arranger, each
Lender and each Related Party of any of the foregoing Persons (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
Facilities, 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.

 

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(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 Lenders 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.

 

(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 Lenders
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 Lenders 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 ADMINISTRATIVE AGENT

 

Section
8.01.              
Appointment and Authority. Each of the Lenders (in its capacities as a Lender and on behalf of itself and
its Affiliates as potential Hedge Banks) hereby irrevocably appoints Bank of America to act on its behalf as the Administrative
Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and
to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions
and powers as are reasonably incidental thereto. The provisions of this Article VIII are solely for the benefit of the Administrative
Agent and the Lenders, and neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any
of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents
(or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied
(or express) obligations arising under agency doctrine of any Applicable Law. Instead such term is used as a matter of market custom,
and is intended to create or reflect only an administrative relationship between contracting parties.

 

Section
8.02.              
Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and
powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent
and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates
may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for
and generally engage in any kind of business with the Parent or any Subsidiary or other Affiliate thereof as if such Person were
not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 

Section
8.03.              
Exculpatory Provisions. The Administrative Agent or the Arranger, as applicable, shall not have any duties
or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative
in nature. Without limiting the generality of the foregoing, the Administrative Agent or the Arranger, as applicable:

 

(a)               
shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is
continuing;

 

(b)               shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its
opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document
or applicable law, including 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;

 

(c)               shall
not have any duty or responsibility to disclose, and shall not be liable for the failure to disclose, to any Lender, any credit
or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness
of any of the Loan Parties or any of their Affiliates, that is communicated to, obtained or in the possession of, the Administrative
Agent, Arranger or any of their Related Parties in any capacity, except for notices, reports and other documents expressly required
to be furnished to the Lenders by the Administrative Agent herein;

 

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(d)               
shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required
Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe
in good faith shall be necessary, under the circumstances as provided in Sections 9.01 and 6.02) or (ii) in the absence of its
own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment.
The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is
given in writing to the Administrative Agent by the Borrower or a Lender; and

 

(e)               
shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other
document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of
the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document
or (v) the satisfaction of any condition set forth in Article III or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent.

 

Section
8.04.              
Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur
any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including
any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been
signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to
it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying
thereon. In determining compliance with any condition hereunder to the making of a Loan, that by its terms must be fulfilled to
the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the
Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative
Agent may consult with legal counsel (who may be counsel for a Loan Party), independent accountants and other experts selected
by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants
or experts.

 

Section
8.05.              
Indemnification by Lenders. (a) Each Lender severally agrees to indemnify the Administrative Agent (to the
extent not promptly reimbursed by the Borrower) from and against such Lender’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 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 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 or any other Person.

 

(b)               
[intentionally omitted].

 

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(c)               
For purposes of this Section 8.05, the Lenders’ 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 to reimburse the Administrative
Agent promptly upon demand for its ratable share of any amount required to be paid by the Lenders to the Administrative Agent as
provided herein shall not relieve any other Lender of its obligation hereunder to reimburse the Administrative Agent for its ratable
share of such amount, but no Lender shall be responsible for the failure of any other Lender to reimburse the Administrative Agent
for such other Lender’s ratable share of such amount. Without prejudice to the survival of any other agreement of any Lender
hereunder, the agreement and obligations of each Lender 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.              
Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights
and powers hereunder or under any other Loan Document by or through any one or more sub agents appointed by the Administrative
Agent. The Administrative Agent and any such sub agent may perform any and all of its duties and exercise its rights and powers
by or through their respective Related Parties. The exculpatory provisions of this Article VIII shall apply to any such sub agent
and to the Related Parties of the Administrative Agent and any such sub agent, and shall apply to their respective activities in
connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. The
Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court
of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence
or willful misconduct in the selection of such sub-agents.

 

Section
8.07.              
Resignation of Administrative Agent.

 

(a)               
The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon receipt
of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor,
which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States.
If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days
after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required
Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not
be obligated to) on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above,
provided that in no event shall any such successor Administrative Agent be a Defaulting Lender. Whether or not a successor has
been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

 

(b)               
If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof,
the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove
such Person as Administrative Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have
been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall
be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless
become effective in accordance with such notice on the Removal Effective Date.

 

(c)               
With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the retiring or
removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and
(2) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, all payments,
communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to
each Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for
above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to
and become vested with all of the rights, powers, privileges and duties of the retiring (or removed) Administrative Agent (other
than as provided in Section 2.12(f) and (g) and other than any rights to indemnity payments or other amounts owed to the retiring
or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring
or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents
(if not already discharged therefrom as provided above in this Section 8.07). The fees payable by the Borrower to a successor Administrative
Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After
the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions
of this Article VIII and Section 9.04 shall continue in effect for the benefit of such retiring or removed Administrative Agent,
its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them (i) while
the retiring or removed Administrative Agent was acting as Administrative Agent and (ii) after such resignation or removal for
as long as any of them continues to act in any capacity hereunder or under the other Loan Documents, including in respect of any
actions taken in connection with transferring the agency to any successor Administrative Agent.

 

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Section
8.08.              
Non-Reliance on the Administrative Agent, the Arranger and the Other Lenders. Each Lender expressly acknowledges
that none of the Administrative Agent nor the Arranger has made any representation or warranty to it, and that no act by the Administrative
Agent or the Arranger hereafter taken, including any consent to, and acceptance of any assignment or review of the affairs of
any Loan Party of any Affiliate thereof, shall be deemed to constitute any representation or warranty by the Administrative Agent
or the Arranger to any Lender as to any matter, including whether the Administrative Agent or the Arranger have disclosed material
information in their (or their Related Parties’) possession. Each Lender represents to the Administrative Agent and the
Arranger that it has, independently and without reliance upon the Administrative Agent, the Arranger, any other Lender or any
of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis
of, appraisal of, and investigation into, the business, prospects, operations, property, financial and other condition and creditworthiness
of the Loan Parties and their Subsidiaries, and all applicable bank or other regulatory laws relating to the transactions contemplated
hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrower hereunder. Each Lender also
acknowledges that it will, independently and without reliance upon the Administrative Agent, the Arranger, any other Lender or
any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue
to make its own credit analysis, appraisals and decisions in taking or not taking action under or based upon this Agreement, any
other Loan Document or any related agreement or any document furnished hereunder or thereunder, and to make such investigations
as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and
creditworthiness of the Loan Parties. Each Lender represents and warrants that (i) the Loan Documents set forth the terms of a
commercial lending facility and (ii) it is engaged in making, acquiring or holding commercial loans in the ordinary course and
is entering into this Agreement as a Lender for the purpose of making, acquiring or holding commercial loans and providing other
facilities set forth herein as may be applicable to such Lender, and not for the purpose of purchasing, acquiring or holding any
other type of financial instrument, and each Lender agrees not to assert a claim in contravention of the foregoing. Each Lender
represents and warrants that it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to
provide other facilities set forth herein, as may be applicable to such Lender, and either it, or the Person exercising discretion
in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced
in making, acquiring or holding such commercial loans or providing such other facilities.

 

Section
8.09.              
No Other Duties, Etc. Anything herein to the contrary notwithstanding, neither the Bookrunner nor the Arranger
listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan
Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder.

 

Section
8.10.              
Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor
Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal
of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative
Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise

 

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(a)               
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts
due the Lenders and the Administrative Agent under Sections 2.08 and 9.04) allowed in such judicial proceeding; and

 

(b)               
to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the
same;

 

and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making
of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under Sections 2.08 and 9.04.

 

Nothing contained herein
shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any
plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize
the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 

Section
8.11.              
Guaranty and Collateral Matters. Without limiting the provisions of Section 8.10, each of the Lenders irrevocably
authorize the Administrative Agent, at its option and in its discretion,

 

(a)               
to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon
termination of the Aggregate Commitments and payment in full of all Obligations (other than (A) contingent indemnification obligations
and (B) obligations and liabilities under Guaranteed Hedge Agreements as to which arrangements satisfactory to the applicable Hedge
Bank shall have been made), (ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in
connection with any sale or other disposition permitted hereunder or under any other Loan Document to a Person that is not a Loan
Party, or (iii) if approved, authorized or ratified in writing in accordance with Section 9.01; and

 

(b)               
to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary or becomes
an Excluded Subsidiary, in each case, as a result of a transaction permitted under the Loan Documents.

 

Upon request by the
Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release
any item of Collateral or any Guarantor from its obligations under the Guaranty pursuant to this Section 8.11. In each case as
specified in this Section 8.11, the Administrative Agent will, at the Borrower’s expense, execute and deliver to the applicable
Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the
assignment and security interest granted under the Pledge Agreement or to subordinate its interest in such item, or to release
such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this
Section 8.11.

 

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The Administrative
Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence,
value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon,
or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable
to the Lenders for any failure to monitor or maintain any portion of the Collateral.

 

Section
8.12.              
Guaranteed Hedge Agreements. No Hedge Bank that obtains the benefits of Section 6.03, the Guaranty or any
Collateral by virtue of the provisions hereof or of the Guaranty or the Pledge Agreement shall have any right to notice of any
action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the
Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only
to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article VIII to the contrary,
the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made
with respect to, Obligations arising under Guaranteed Hedge Agreements unless the Administrative Agent has received written notice
of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Hedge
Bank.

 

Article
IX

MISCELLANEOUS

 

Section
9.01.              
Amendments, Etc. (a) Subject to Section 2.09(c) and the last paragraph of this
Section 9.01, 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 (or such other number or percentage of the Lenders as shall be expressly provided
for herein or in the other Loan Documents) and the applicable Loan Parties, as the case may be, and acknowledged by the Administrative
Agent, 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

 

(i)                 
no amendment, waiver or consent shall, unless in writing and signed by all of the Lenders, do any of the following
at any time:

 

(A)              
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 or any other provision hereof specifying the number or percentage of
Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder;
provided that such terms and provisions may be amended in connection with the establishment of any Incremental Term Loan
Facility, with the consent of the Administrative Agent and the Lenders providing commitments for such Incremental Term Loan Facility,
so long as such payments continue to be based on each Lender’s Pro Rata Share with respect to the Facilities in which it
participates;

 

(B)              
(i) release the Borrower with respect to the Obligations or (ii) except to the extent expressly permitted under this
Agreement, reduce or limit the obligations of any Guarantor under Article VII or release any Guarantor or otherwise limit
any Guarantor’s liability with respect to the Guaranteed Obligations,

 

(C)              
permit the Loan Parties to encumber any of the Collateral or release all or substantially all of the Collateral in
any transaction or series of related transactions, except, in each case, as expressly permitted in the Loan Documents,

 

(D)              
amend this Section 9.01,

 

(E)              
increase the Commitments of the Lenders or subject the Lenders to any additional obligations (except as set forth
in Section 2.17),

 

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(F)               
forgive or reduce the principal of, or interest on, the Obligations of the Loan Parties under the Loan Documents
or any fees or other amounts payable thereunder,

 

(G)              
postpone or extend any date fixed for any payment of principal of, or interest on, any of the Advances or any fees
or other amounts payable hereunder, or

 

(H)              
extend the Termination Date in respect of any Facility (except as provided by Section 2.16);

 

(I)                
change Section 2.13 or Section 6.03 in a manner that would alter the pro rata sharing of
payments required thereby;

 

(ii)               
only the written consent of each Lender under the applicable Facility shall be required to the extent such amendment,
waiver or consent shall change the definition of “Required Revolving Lenders,” “Required Term Loan Lenders or
“Required Incremental Term Loan Lenders”;

 

(iii)             
only the written consent of the Required Revolving Lenders shall be required to amend, waive or otherwise modify
any of the conditions precedent set forth in Section 3.02 with respect to any Borrowing under the Revolving Credit Facility;
and

 

(iv)             
only the written consent of (i) the Required Term Loan Lenders shall be required to the extent such amendment, waiver
or consent shall impose any greater restriction on the ability of any Term Lender to assign any of its rights or obligations hereunder,
(ii) the Required Incremental Term Lenders shall be required to the extent such amendment, waiver or consent shall impose any greater
restriction on the ability of any Incremental Term Lender to assign any of its rights or obligations hereunder, and (iii) the Required
Revolving Lenders shall be required to the extent such amendment, waiver or consent shall impose any greater restriction on the
ability of any Revolving Lender to assign any of its rights or obligations hereunder;

 

provided further
that (x) 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 and (y) the Fee Letter may only be amended, and the rights or privileges thereunder
may only be waived, in a writing executed by each of the parties thereto.

 

Notwithstanding the
fact that the consent of all of the Lenders is required in certain circumstances as set forth above, (x) each Lender is entitled
to vote as such Lender sees fit on any reorganization plan that affects the Advances, and each Lender acknowledges that the provisions
of Section 1126(c) of the Bankruptcy Code supersede the unanimous consent provisions set forth herein and (y) the Required
Lenders may consent to allow the Borrower to use cash collateral in the context of a bankruptcy or insolvency proceeding.

 

Notwithstanding anything
to the contrary herein,

 

(i)                 
no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment,
waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent
of the applicable Lenders other than Defaulting Lenders), except that (i) the Commitment of any Defaulting Lender may not be increased
or extended or the maturity of any of its Advances may not be extended, the rate of interest on any of its Advances may not be
reduced and the principal amount of any of its Advances may not be forgiven, in each case, without the consent of such Defaulting
Lender and (ii) any waiver, amendment, consent or modification requiring the consent of all Lenders or each affected Lender that
by its terms affects any Defaulting Lender more adversely relative to other affected Lenders shall require the consent of such
Defaulting Lender;

 

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(ii)               
the Administrative Agent and the Borrower may, with the consent of the other (but without the consent of any Lender or other
Loan Party), amend, modify or supplement this Agreement and any other Loan Document (and such amendment, modification or supplement
shall become effective without any further action or consent of any other party to this Agreement);

 

(I)                
if the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical
error or other defect in any provision of this Agreement or any other Loan Document (including the schedules and exhibits thereto),
then the Administrative Agent and the Borrower shall be permitted to amend, modify or supplement such provision to cure such ambiguity,
omission, mistake, typographical error or other defect, and such amendment shall become effective without any further action or
consent of any other party to this Agreement, or

 

(II)              
to add a “Guarantor” in accordance with the applicable provisions of this Agreement and the other Loan
Documents; and

 

(iii)             
this Agreement may be amended with the written consent of the Administrative Agent and the Borrower (i) to add one or more
Incremental Facilities to this Agreement subject to the limitations in Section 2.17 and to permit the extensions of credit and
all related obligations and liabilities arising in connection therewith from time to time outstanding to share ratably (or on a
basis subordinated to the existing Advances and Commitments hereunder) in the benefits of this Agreement and the other Loan Documents
with the obligations and liabilities from time to time outstanding in respect of the existing Advances and Commitments hereunder,
and (ii) in connection with the foregoing, to permit, as deemed appropriate by the Administrative Agent, the Lenders providing
such Incremental Facilities to participate in any required vote or action required to be approved by the Required Lenders or by
any other number, percentage or class of Lenders hereunder.

 

(b)               
In the event that the Borrower is entitled to replace a Lender pursuant to the provisions of Section 2.10(h), or
if any Lender is a Defaulting Lender or 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, at its
sole expense and effort, upon written demand to such Lender and the Administrative Agent, in the case of a Non-Consenting Lender,
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 Lender to assign, without recourse (in accordance with
and subject to the restrictions contained in, and consents required by, Section 9.06), all of its interests, rights (other than
its existing rights to payments pursuant to Sections 2.10 and 2.12) and obligations under this Agreement and the related Loan Documents
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)                 
the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 9.06(b);

 

(ii)               
such Lender shall have received payment of an amount equal to the outstanding principal of its Advances, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under
Section 9.04(c)) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower
(in the case of all other amounts);

 

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(iii)             
in the case of any such assignment resulting from a claim for compensation under Section 2.10 or payments required to be
made pursuant to Section 2.12, such assignment will result in a reduction in such compensation or payments thereafter;

 

(iv)             
such assignment does not conflict with Applicable Laws; and

 

(e)           in the case of
an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable
amendment, waiver or consent.

 

A Lender shall not
be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

Each party hereto agrees
that (a) an assignment required pursuant to this Section 9.01(b) may be effected pursuant to an Assignment and Acceptance executed
by the Borrower, the Administrative Agent and the assignee and (b) the Lender required to make such assignment need not be a party
thereto in order for such assignment to be effective and shall be deemed to have consented to an be bound by the terms thereof;
provided that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver
such documents necessary to evidence such assignment as reasonably requested by the applicable Lender, provided, further that any
such documents shall be without recourse to or warranty by the parties thereto.

 

Notwithstanding anything
in this Section 9.01(b) to the contrary, the Lender that acts as the Administrative Agent may not be replaced hereunder except
in accordance with the terms of Section 9.06.

 

Section
9.02.              
Notices, Etc. (a) Except in the case of notices and other communications expressly permitted to be given by
telephone (and except as provided in clause (b) below), all notices and other communications provided for herein shall be in writing
and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or electronic
mail as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made
to the applicable telephone number, as follows:

 

(i)                 
if to the Borrower or any other Loan Party or the Administrative Agent, to the address, facsimile number, electronic
mail address or telephone number specified for such Person on Schedule 9.02; and

 

(ii)               
if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in
its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its
Administrative Questionnaire then in effect for the delivery of notices that may contain material non-public information relating
to the Borrower).

 

Notices and other communications sent by
hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during
normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day
for the recipient). Notices and other communications delivered through electronic communications to the extent provided in sub
clause (b) below, shall be effective as provided in such clause (b).

 

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(b)               
Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication
(including e mail, FpML messaging, and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent,
provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative
Agent that it is incapable of receiving notices under such Article II by electronic communication. The Administrative Agent or
the Borrower may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.

 

Unless the Administrative Agent otherwise
prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt
of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall
be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause
(i) of notification that such notice or communication is available and identifying the website address therefor; provided that,
for both clauses (i) and (ii), if such notice, email or other communication is not sent during the normal business hours of the
recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next business
day for the recipient.

 

(c)               
THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW)
DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY
FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING 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 ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. Although the 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 Platform is secured through a single-user-per-deal authorization method whereby each user may access
the Platform only on a deal-by-deal basis, each of the Lenders 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 Lenders and each Loan
Party hereby approves distribution of communications through the Platform and understands and assumes the risks of such distribution.
In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”)
have any liability to the Borrower, any Lender or any other Person for losses, claims, damages, liabilities or expenses of any
kind (whether in tort, contract or otherwise) arising out of the Borrower's, any Loan Party's or the Administrative Agent’s
transmission of Borrower Materials or notices through the Platform, any other electronic platform or electronic messaging service,
or through the Internet.

 

(d)               
Each of the Borrower and the Administrative Agent may change its address, facsimile or telephone number for notices
and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, facsimile or
telephone number for notices and other communications hereunder by notice to the Borrower and the Administrative Agent. In addition,
each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i)
an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications
may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual
at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation
on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such
Public Lender's compliance procedures and applicable law, including United States Federal and state securities laws, to make reference
to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and
that may contain material non-public information with respect to the Parent or its securities for purposes of United States Federal
or state securities laws.

 

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(e)               
The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic
notices, Notices of Borrowing) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner
specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the
terms thereof, as understood by the recipient, varied from any confirmation thereof. The Loan Parties shall indemnify the Administrative
Agent, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the
reliance by such Person on each notice purportedly given by or on behalf of the Borrower. All telephonic notices to and other telephonic
communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby
consents to such recording.

 

Section
9.03.              
No Waiver; Remedies. No failure on the part of any Lender 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; Indemnification. (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 and the Arranger 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 or the Arranger 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 any of the Loan Documents, and (ii) all
reasonable out-of-pocket costs and expenses of the Administrative Agent, the Arranger and each Lender 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 with respect thereto).

 

(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 Facilities, 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, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE,
CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNIFIED PARTY, 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 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 Facilities, the actual or proposed use of the proceeds of the Advances,
the Loan Documents or any of the transactions contemplated by the Loan Documents.

 

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(c)               
Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall promptly
compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:

 

(i)                 
any continuation, conversion, payment or prepayment of any Advance other than a Base Rate Advance or a LIBOR Floating
Rate Advance on a day other than the last day of the Interest Period for such Advance (whether voluntary, mandatory, automatic,
by reason of acceleration, or otherwise);

 

(ii)               
any failure by the Borrower (for a reason other than the failure of such Lender to make an Advance) to prepay, borrow,
continue or convert any Advance other than a Base Rate Advance or a LIBOR Floating Rate Advance on the date or in the amount notified
by the Borrower; or

 

(iii)             
any assignment of a Eurodollar Rate Advance on a day other than the last day of the Interest Period therefor as a
result of a request by the Borrower pursuant to any provision hereof;

 

including any loss of
anticipated profits and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such
Advance or from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary
administrative fees charged by such Lender in connection with the foregoing.

 

For purposes of calculating
amounts payable by the Borrower to the Lenders under this clause (c), each Lender shall be deemed to have funded each Eurodollar
Rate Advance made by it at the Eurodollar Rate for such Advance by a matching deposit or other borrowing in the London interbank
eurodollar market for a comparable amount and for a comparable period, whether or not such Eurodollar Rate Advance was in fact
so funded.

 

(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, 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 2.09,  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 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 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 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 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 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 and their respective Affiliates may have.

 

Section
9.06.              
Successors and Assigns.

 

(a)       Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign
or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent
and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee
in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions
of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of
subsection (e) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing
in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby, Participants to the extent provided in clause (d) of this Section 9.06 and, to the extent
expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable
right, remedy or claim under or by reason of this Agreement.

 

(b)       Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitment and the Advances at the time owing to it); provided that (in each
case with respect to any Facility) any such assignment shall be subject to the following conditions:

 

(i)       Minimum
Amounts.

 

(A)       in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment under any Facility and/or the
Advances at the time owing to it (in each case with respect to any Facility) or contemporaneous assignments to related Approved
Funds (determined after giving effect to such Assignments) that equal at least the amount specified in clause (b)(i)(B) of this
Section 9.06 in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum
amount need be assigned; and

 

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(B)       in
any case not described in clause (b)(i)(A) of this Section 9.06, the aggregate amount of the Commitment (which for this purpose
includes Advances outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance
of the Advances of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Acceptance
with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment
and Acceptance, as of the Trade Date, shall not be less than $5,000,000, in the case of any assignment in respect of the Revolving
Credit Facility, or $1,000.000, in the case of any assignment in respect of the Term Facility unless each of the Administrative
Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not
to be unreasonably withheld or delayed).

 

(ii)       Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Advances or the Commitment assigned, except that this clause (ii)
shall not apply to prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities
on a non-pro rata basis

 

(iii)       Required
Consents. No consent shall be required for any assignment except to the extent required by clause (b)(i)(B) of this Section
9.06 and, in addition:

 

(A)       the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default
has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or
an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object
thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; and

 

(B)       the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments
to a Person that is not a Lender in respect of the applicable Facility, an Affiliate of such Lender or an Approved Fund with respect
to such Lender.

 

(iv)       Assignment
and Acceptance. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance,
together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative
Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee,
if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(v)       No
Assignment to Certain Persons. No such assignment shall be made (A) to the Borrower or any of the Borrower’s Affiliates
or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder,
would constitute any of the foregoing Persons described in this clause (B), or (C) to a natural Person (or a holding company, investment
vehicle or trust for, or owned and operated for the primary benefit of one or more natural Persons).

 

(vi)       Certain
Additional Payments. 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 Loans previously requested but 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 or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full
Pro Rata Share of all Advances. 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 clause (vi),
then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance
occurs.

 

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(vii)       Subject
to acceptance and recording thereof by the Administrative Agent pursuant to clause (c) of this Section 9.06, from and after the
effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party to this Agreement and, to
the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement,
and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released
from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to
the benefits of Sections 2.10, 2.12, 8.05 and 9.04 with respect to facts and circumstances occurring prior to the effective date
of such assignment; provided that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting
Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting
Lender. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or
transfer by a Lender of rights or obligations under this Agreement that does not comply with this clause (b) shall be treated for
purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with clause
(d) of this Section 9.06.

 

(c)       Register.
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower (and such agency being solely
for Tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Acceptance delivered
to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders,
and the Commitments of, and principal amounts (and stated interest) of the Advances owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest
error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection
by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(d)       Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations
to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the
primary benefit of one or more natural Persons, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or
Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations
under this Agreement (including all or a portion of its Commitment and/or the Advances owing to it); provided that (i) such Lender’s
obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the Lenders shall continue
to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.
For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 8.05 without regard to the existence
of any participation.

 

    107

     

    

 

Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement
or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or
other modification described in the first proviso to Section 9.01 that affects such Participant. The Borrower agrees that each
Participant shall be entitled to the benefits of Sections 2.10, 2.12 and 9.04 to the same extent as if it were a Lender and had
acquired its interest by assignment pursuant to clause (b) of this Section 9.06 (it being understood that the documentation required
under Section 3.01(e) shall be delivered to the Lender who sells the participation) to the same extent as if it were a Lender and
had acquired its interest by assignment pursuant to clause (b) of this Section 9.06; provided that such Participant (A) agrees
to be subject to the provisions of Sections 2.10(g) and (h) and 9.01(b) as if it were an assignee under clause (b) of this Section
9.06 and (B) shall not be entitled to receive any greater payment under Sections 2.10 or 2.12, with respect to any participation,
than the Lender from whom it acquired the applicable participation 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 that sells a participation agrees, at the Borrower's request and expense, to use reasonable efforts
to cooperate with the Borrower to effectuate the provisions of Sections 2.10(g) and (h) with respect to any Participant. To the
extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.05 as though it were a Lender; provided
that such Participant agrees to be subject to Section 2.13 as though it were a Lender. Each Lender that sells a participation shall,
acting solely for this purpose as a non-fiduciary 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 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, letter of credit 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 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.

 

(e)       Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations
to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder
or substitute any such pledgee or assignee for such Lender as a party hereto.

 

Section
9.07.              
Electronic Execution of Assignments and Certain Other Documents. The words “execute,” “execution,”
“signed,” “signature,” and words of like import in or related to any document to be signed in connection
with this Agreement and the transactions contemplated hereby (including without limitation Assignment and Acceptances, amendments
or other modifications, Notices of Borrowing, waivers and consents) shall be deemed to include electronic signatures, the electronic
matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping
of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable
Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding
anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures
in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.

 

Section
9.08.              
Execution in Counterparts; Effectiveness. 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. Except as provided
in Section 3.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and
when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of
the other parties hereto.

 

    108

     

    

 

Section
9.09.              
Integration. This Agreement and the other Loan Documents constitute the entire contract among the parties
relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating
to the subject matter hereof. Without limiting the foregoing: THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL
AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF
THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

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:

 

(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 definitions of Required Lenders, Required Revolving Lenders, Required Term Loan
Lenders and Required Incremental Term Loan 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, 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; third, 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; fourth, 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; fifth, 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 sixth, 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 of 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 applicable 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).

 

    109

     

    

 

(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 their Pro Rata Share of the Commitments under the applicable 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)               
The Borrower may terminate the Unused Revolving Credit Commitment of any Lender that is a Defaulting Lender upon
not less than five Business Days’ prior notice to the Administrative Agent (which shall promptly notify the Lenders thereof),
and in such event the provisions of Section 9.10(a)(ii) will apply to all amounts thereafter paid by the Borrower for the
account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts);
provided that (i) no Event of Default shall have occurred and be continuing, and (ii) such termination shall not be
deemed to be a waiver or release of any claim the Borrower, the Administrative Agent or any Lender may have against such Defaulting
Lender.

 

Section
9.11.              
Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of
the Information (as defined below), except that Information may be disclosed (a) to its Affiliates, its auditors and its Related
Parties (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), (b) to the extent required or requested by any regulatory authority
purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National
Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar
legal process, (d) to any other party hereto, (e) 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, (f) subject to an agreement containing provisions substantially the same as those of this Section 9.11, to (i) any
assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement
or any Eligible Assignee invited to be a Lender pursuant to Section 2.17 or (ii) any actual or prospective party (or its Related
Parties) 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, (g) on a confidential basis to (i) any rating agency in connection with rating
the Parent or its Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency
in connection with the application, issuance, publishing and monitoring of CUSIP numbers or other market identifiers with respect
to the credit facilities provided hereunder, (h) with the consent of the Borrower or (i) to the extent such Information (x) becomes
publicly available other than as a result of a breach of this Section 9.11, (y) becomes available to the Administrative Agent,
any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than a Loan Party or (z) is independently
discovered or developed by a party hereto without utilizing any Information received from a Loan Party or violating the terms of
this Section 9.11. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information
about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the
Administrative Agent and the Lenders in connection with the administration of this Agreement, the other Loan Documents, and the
Commitments.

 

    110

     

    

 

For purposes of this
Section 9.11, “Information” means all information received from the Parent or any Subsidiary relating
to the Parent or any Subsidiary or any of their respective businesses, other than any such information that is available to the
Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Parent or any Subsidiary, provided that,
in the case of information received from the Parent or any Subsidiary after the date hereof, such information is clearly identified
at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this
Section 9.11 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.

 

Each of the Administrative
Agent and the Lenders acknowledges that (a) the Information may include material non-public information concerning the Parent or
a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information
and (c) it will handle such material non-public information in accordance with applicable law, including United States Federal
and state securities laws.

 

The Borrower hereby
acknowledges that (a) the Administrative Agent and/or the Arranger may, but shall not be obligated to, make available to the Lenders
materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”)
by posting the Borrower Materials on IntraLinks, Syndtrak, ClearPar, or a substantially similar electronic transmission system
(the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may
have personnel who do not wish to receive material non-public information with respect to the Parent or its Affiliates, or the
respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect
to such Persons’ securities. The Borrower hereby agrees that (w) all Borrower Materials that are to be made available to
Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC”
shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall
be deemed to have authorized the Administrative Agent, the Arranger and the Lenders to treat such Borrower Materials as not containing
any material non-public information with respect to the Parent or its securities for purposes of United States Federal and state
securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall
be treated as set forth in Section 9.11); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available
through a portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent and the Arranger
shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on
a portion of the Platform not designated “Public Side Information.”

 

Section
9.12.              
Certain ERISA Matters. (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender,
and (y) covenants, from the date such Person became a Lender to the date such Person ceases being a Lender, for the benefit of
the Administrative Agent, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that
at least one of the following is and will be true:

 

(i)                 
such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of
one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance
of the Advances, the Commitments or this Agreement,

 

(ii)               
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions
determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving
insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate
accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class
exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance
into, participation in, administration of and performance of the Obligations of such Lender in respect of the Advances, the Commitments
and this Agreement, or

 

    111

     

    

 

(iii)             
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such
Lender to enter into, participate in, administer and perform the Obligations of such Lender in respect of the Advances, the Commitments
and this Agreement, (C) the entrance into, participation in, administration of and performance of the Obligations of such Lender
in respect of the Advances, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part
I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied
with respect to such Lender’s entrance into, participation in, administration of and performance of the Obligations of such
Lender in respect of the Advances, the Commitments and this Agreement.

 

(b)               
In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender, such
Lender further (x) represents and warrants, as of the date such Person became a Lender, and (y) covenants, from the date such Person
became a Lender to the date such Person ceases being a Lender, for the benefit of the Administrative Agent, and not, for the avoidance
of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with
respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance
of the Advances, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by
the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto).

 

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)) (as amended, 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 Borrower shall, and shall cause each of its Subsidiaries to, promptly following a request by the Administrative Agent
or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to
comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations,
including 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 exclusive 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.

 

    112

     

    

 

Section
9.15.              
Governing Law. This Agreement and the Notes shall be governed by, and construed in accordance with, the law
of the State of New York.

 

Section
9.16.              
WAIVER OF JURY TRIAL. EACH OF THE BORROWER, THE OTHER LOAN PARTIES, THE ADMINISTRATIVE AGENT AND THE LENDERS
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
IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

 

Section
9.17.              
Acknowledgment 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.

 

Section
9.18.              
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through
a guarantee or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC (such support, “QFC
Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree
as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance
Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder,
the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with
the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed
by the laws of the State of New York and/or of the United States or any other state of the United States):

 

(a)               
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”)
becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such
QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights
in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and
any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States.
In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution
Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that
may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be
exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the
United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and
remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect
to a Supported QFC or any QFC Credit Support.

 

    113

     

    

 

(b)               
As used in this Section 9.18, the following terms have the following meanings:

 

“BHC
Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party.

 

“Covered
Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. § 382.2(b).

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§
252.81, 47.2 or 382.1, as applicable.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12 U.S.C. 5390(c)(8)(D).

 

[Signature pages immediately follow]

 

    114

     

    

 

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

 

	 	BORROWER:
	 	 
	 	SUMMIT JV MR 1, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	PARENT:
	 	 
	 	SUMMIT HOSPITALITY JV, LP,
	 	a Delaware limited partnership
	 	 
	 	By: 	Summit Hotel GP 2, LLC,
	 	 	a Delaware limited liability company
	 	Its: 	general partner
	 	 	 	 
	 	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary

 

[Signature Page to Credit Agreement - Summit
JV Credit Agreement]

 

    

     

    

 

	 	GUARANTORS:
	 	 
	 	SILVERTHORNE JV BR 147, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SILVERTHORNE JV 147, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	Silverthorne JV BR 147, LLC,
	 	 	a Delaware limited liability company
	 	Its: 	sole member
	 	 	 	 
	 	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT HOTEL TRS 147-A, INC.,
	 	a Delaware corporation
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SILVERTHORNE JV BR 148, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SILVERTHORNE JV 148, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	Silverthorne JV BR 148, LLC,
	 	 	a Delaware limited liability company
	 	Its: 	sole member
	 	 	 
	 	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	HGI SAN FRAN JV BR 149, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary

 

[Signature Page to Credit Agreement - Summit
JV Credit Agreement]

 

    

     

    

 

	 	HGI SAN FRAN JV 149, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	HGI San Fran JV BR 149, LLC,
	 	 	a Delaware limited liability company
	 	Its: 	sole member
	 	 	 
	 	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT HOTEL TRS 149, INC.,
	 	a Delaware corporation
	 	 
	 	By: 	/s/ Christopher Eng
	 	Name: 	Christopher Eng
	 	Title: 	Secretary
	 	 
	 	SUMMIT HOTEL TRS 149, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	Summit Hotel TRS 149, Inc.,
	 	 	a Delaware corporation
	 	Its: 	sole member
	 	 	 	 
	 	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	HGI SAN JOSE JV BR 150, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	/s/ Christopher Eng
	 	Name: 	Christopher Eng
	 	Title: 	Secretary
	 	 	 
	 	HGI SAN JOSE JV 150, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	HGI San Jose JV BR 150, LLC,
	 	 	a Delaware limited liability company
	 	Its: 	sole member
	 	 	 
	 	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT HOTEL TRS 150, INC.,
	 	a Delaware corporation
	 	 
	 	By: 	/s/ Christopher Eng
	 	Name: 	Christopher Eng
	 	Title: 	Secretary

 

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	 	SUMMIT HOTEL TRS 150, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	Summit Hotel TRS 150, Inc.,
	 	 	a Delaware corporation
	 	Its: 	sole member
	 	 	 
	 	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	RI PORT RIVER JV BR 151, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	/s/ Christopher Eng
	 	Name: 	Christopher Eng
	 	Title: 	Secretary
	 	 
	 	RI PORT RIVER JV 151, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	RI Port River JV BR 151, LLC,
	 	 	a Delaware limited liability company
	 	Its: 	sole member
	 	 	 
	 	 	By:	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT HOTEL TRS 151, INC.,
	 	a Delaware corporation
	 	 
	 	By: 	/s/ Christopher Eng
	 	Name: 	Christopher Eng
	 	Title: 	Secretary
	 	 
	 	SUMMIT HOTEL TRS 151, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	Summit Hotel TRS 151, Inc.,
	 	 	a Delaware corporation
	 	Its: 	sole member
	 	 	 
	 	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	RI PORT HILLSBORO JV BR 152, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary

 

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	 	RI PORT HILLSBORO JV 152, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	RI Port Hillsboro JV BR 152, LLC,
	 	 	a Delaware limited liability company
	 	Its: 	sole member
	 	 	 	 
	 	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT HOTEL TRS 152, INC.,
	 	a Delaware corporation
	 	 
	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary
	 	 
	 	SUMMIT HOTEL TRS 152, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	Summit Hotel TRS 152, Inc.,
	 	 	a Delaware corporation
	 	 
	 	Its: 	sole member
	 	 	 	 
	 	 	By: 	/s/ Christopher Eng
	 	 	Name: 	Christopher Eng
	 	 	Title: 	Secretary

 

(Signatures continued on next page)

 

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	Agreed as of the date first above written:	 
	 	 
	BANK OF AMERICA, N.A., as Administrative Agent	 
	 	 
	By:	/s/ Denise Jones	 
	 	Name:	Denise Jones	 
	 	Title:	Vice President	 

 

(Signatures continued on next page)

 

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

 

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Schedule I - Commitments

  

	Name of Initial Lender / 
 Initial Issuing Bank	 	Revolving Credit 
 Commitment	 	 	Term Loan 
 Commitment	 
	Bank of America, N.A.	 	$	125,000,000	 	 	$	75,000,000	 
	Total Commitment	 	$	125,000,000	 	 	$	75,000,000	 

 

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Schedule II - [Reserved]

 

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Schedule III - Approved Managers

Count       Management Company

 

1           Aimbridge Hospitality

1           American
Liberty Hospitality, Inc.

1           Concord
Hospitality Enterprises

1           Courtyard
Management Corporation

1           Crestline
Hotels & 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           Magna
Hospitality Group

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

 

21

 

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Schedule 3.01(a)(iv) – Initial Borrowing Base Assets  

 

	OWNERSHIP
 ENTITY	 	CODE	 	PROPERTY NAME	 	CLASS	 	ROOMS	 	STREET ADDRESS	 	CITY	 	COUNTY	 	STATE	 	ZIP
 CODE	 	FRANCHISOR	 	STR CHAIN SCALE	 	TRS HOLDING
 COMPANY	 	TRS ENTITY
 "LESSEE"
	Silverthorne JV 147, LLC	 	147	 	Hampton Inn & Suites - Silverthorne	 	Acquisition	 	88	 	177 Meraly Way	 	Silverthorne	 	Summit	 	CO	 	80498	 	Hilton Worldwide	 	Upscale	 	Summit Hotel TRS 147-A, Inc.	 	Summit Hotel TRS 147-A, Inc.
	HGI San Fran JV 149, LLC	 	149	 	Hilton Garden Inn - San Francisco Airport North	 	Acquisition	 	169	 	670 Gateway Boulevard	 	San Francisco	 	San Francisco	 	CA	 	94080	 	Hilton Worldwide	 	Upscale	 	Summit Hotel TRS 149, Inc.	 	Summit Hotel TRS 149, LLC
	HGI San Jose JV 150, LLC	 	150	 	Hilton Garden Inn - San Jose / Milpitas	 	Acquisition	 	161	 	30 Ranch Drive	 	Milpitas	 	Santa Clara	 	CA	 	95035	 	Hilton Worldwide	 	Upscale	 	Summit Hotel TRS 150, Inc.	 	Summit Hotel TRS 150, LLC
	RI Port River JV 151, LLC	 	151	 	Residence Inn - Portland Downtown / Riverplace	 	Acquisition	 	258	 	2115 SW River Parkway	 	Portland	 	Multnomah	 	OR	 	97201	 	Marriott International	 	Upscale	 	Summit Hotel TRS 151, Inc.	 	Summit Hotel TRS 151, LLC
	RI Port Hillsboro JV 152, LLC	 	152	 	Residence Inn - Portland / Hillsboro	 	Acquisition	 	122	 	10555 NE Tanasbourne Drive	 	Hillsboro	 	Washington	 	OR	 	97124	 	Marriott International	 	Upscale	 	Summit Hotel TRS 152, Inc.	 	Summit Hotel TRS 152, LLC
	TOTAL	 	 	 	6 Hotels w/ 798 Guestrooms	 	 	 	798	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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	Schedule 4.01(b) - Subsidiaries
	 
	Summit-GIC JV Entities	 	State of
 Origination	 	Taxpayer
 Identification #	 	Owner	 	% Interest	 	# Shares
 Authorized	 	# Shares
 Outstanding	 	# Shares 

Covered by
 Options, 

Warrants, etc.
	Summit JV MR 1, LLC (1)	 	Delaware	 	84-2564262	 	Summit Hospitality JV, LP	 	100%	 	1	 	1	 	-
	Silverthorne JV BR 147, LLC (1)	 	Delaware	 	84-2514308	 	Summit JV MR 1, LLC	 	100%	 	1	 	1	 	-
	Silverthorne JV 147, LLC	 	Delaware	 	Disregarded	 	Silverthorne JV BR 147, LLC	 	100%	 	-	 	-	 	-
	Summit Hotel TRS 147-A, Inc. (2)	 	Delaware	 	Disregarded	 	Silverthorne JV BR 147, LLC	 	100%	 	100	 	100	 	-
	Silverthorne JV BR 148, LLC (1)	 	Delaware	 	84-3098296	 	Summit JV MR 1, LLC	 	100%	 	1	 	1	 	-
	Silverthorne JV 148, LLC	 	Delaware	 	Disregarded	 	Silverthorne JV BR 148, LLC	 	100%	 	-	 	-	 	-
	HGI San Fran JV BR 149, LLC (1)	 	Delaware	 	84-3134461	 	Summit JV MR 1, LLC	 	100%	 	1	 	1	 	-
	HGI San Fran JV 149, LLC	 	Delaware	 	Disregarded	 	HGI San Fran JV BR 149, LLC	 	100%	 	-	 	-	 	-
	Summit Hotel TRS 149, Inc. (2)	 	Delaware	 	84-3035019	 	HGI San Fran JV BR 149, LLC	 	100%	 	100	 	100	 	-
	Summit Hotel TRS 149, LLC	 	Delaware	 	Disregarded	 	Summit Hotel TRS 149, Inc.	 	100%	 	-	 	-	 	-
	HGI San Francisco F&B Trust	 	Delaware	 	Disregarded	 	Summit Hotel TRS 149, LLC	 	100%	 	-	 	-	 	-
	HGI San Jose JV BR 150, LLC (1)	 	Delaware	 	84-3144666	 	Summit JV MR 1, LLC	 	100%	 	1	 	1	 	-
	HGI San Jose JV 150, LLC	 	Delaware	 	Disregarded	 	HGI San Jose JV BR 150, LLC	 	100%	 	-	 	-	 	-
	Summit Hotel TRS 150, Inc. (2)	 	Delaware	 	84-3067562	 	HGI San Jose JV BR 150, LLC	 	100%	 	100	 	100	 	-
	Summit Hotel TRS 150, LLC	 	Delaware	 	Disregarded	 	Summit Hotel TRS 150, Inc.	 	100%	 	-	 	-	 	-
	HGI Milpitas F&B Trust	 	Delaware	 	Disregarded	 	Summit Hotel TRS 150, LLC	 	100%	 	-	 	-	 	-
	RI Port River JV BR 151, LLC (1)	 	Delaware	 	84-3158864	 	Summit JV MR 1, LLC	 	100%	 	1	 	1	 	-
	RI Port River JV 151, LLC	 	Delaware	 	Disregarded	 	RI Port River JV BR 151, LLC	 	100%	 	-	 	-	 	-
	Summit Hotel TRS 151, Inc. (2)	 	Delaware	 	84-3084474	 	RI Port River JV BR 151, LLC	 	100%	 	100	 	100	 	-
	Summit Hotel TRS 151, LLC	 	Delaware	 	Disregarded	 	Summit Hotel TRS 151, Inc.	 	100%	 	-	 	-	 	-
	RI Port Hillsboro JV BR 152, LLC (1)	 	Delaware	 	84-3173796	 	Summit JV MR 1, LLC	 	100%	 	1	 	1	 	-
	RI Port Hillsboro JV 152, LLC	 	Delaware	 	Disregarded	 	RI Port Hillsboro JV BR 152, LLC	 	100%	 	-	 	-	 	-
	Summit Hotel TRS 152, Inc. (2)	 	Delaware	 	84-3047802	 	RI Port Hillsboro JV BR 152, LLC	 	100%	 	100	 	100	 	-
	Summit Hotel TRS 152, LLC	 	Delaware	 	Disregarded	 	Summit Hotel TRS 152, Inc.	 	100%	 	-	 	-	 	-

 

	 	 	 	 	 	 	 	 
	(1)  Classes of shares authorized include:
	- 1 Common Share / Unit
	(2)  Classes of shares authorized include:
	- 100 Common Shares / Units

 

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Schedule 4.01(p) Part I – Real Property Owned Assets  

 

	OWNERSHIP
 ENTITY	 	CODE	 	PROPERTY NAME	 	CLASS	 	ROOMS	 	STREET ADDRESS	 	CITY	 	COUNTY	 	STATE	 	ZIP
 CODE	 	FRANCHISOR	 	STR
 CHAIN
 SCALE	 	TRS HOLDING
 COMPANY	 	TRS ENTITY
 "LESSEE"
	Silverthorne JV 147, LLC	 	147	 	Hampton Inn & Suites - Silverthorne	 	Acquisition	 	88	 	177 Meraly Way	 	Silverthorne	 	Summit	 	CO	 	80498	 	Hilton Worldwide	 	Upscale	 	Summit Hotel TRS 147-A, Inc.	 	Summit Hotel TRS 147-A, Inc.
	Silverthorne JV 148, LLC	 	148	 	Vacant Land Parcels	 	 	 	 	 	 	 	Silverthorne	 	Summit	 	CO	 	80498	 	 	 	 	 	 	 	 
	HGI San Fran JV 149, LLC	 	149	 	Hilton Garden Inn - San Francisco Airport North	 	Acquisition	 	169	 	670 Gateway Boulevard	 	San Francisco	 	San Francisco	 	CA	 	94080	 	Hilton Worldwide	 	Upscale	 	Summit Hotel TRS 149, Inc.	 	Summit Hotel TRS 149, LLC
	HGI San Jose JV 150, LLC	 	150	 	Hilton Garden Inn - San Jose / Milpitas	 	Acquisition	 	161	 	30 Ranch Drive	 	Milpitas	 	Santa Clara	 	CA	 	95035	 	Hilton Worldwide	 	Upscale	 	Summit Hotel TRS 150, Inc.	 	Summit Hotel TRS 150, LLC
	RI Port River JV 151, LLC	 	151	 	Residence Inn - Portland Downtown / Riverplace	 	Acquisition	 	258	 	2115 SW River Parkway	 	Portland	 	Multnomah	 	OR	 	97201	 	Marriott International	 	Upscale	 	Summit Hotel TRS 151, Inc.	 	Summit Hotel TRS 151, LLC
	RI Port Hillsboro JV 152, LLC	 	152	 	Residence Inn - Portland / Hillsboro	 	Acquisition	 	122	 	10555 NE Tanasbourne Drive	 	Hillsboro	 	Washington	 	OR	 	97124	 	Marriott International	 	Upscale	 	Summit Hotel TRS 152, Inc.	 	Summit Hotel TRS 152, LLC
	TOTAL	 	 	 	6 Hotels w/ 798 Guestrooms	 	 	 	798	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

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Schedule 4.01(p) Part II – Real Property Leased Assets

 

	OWNERSHIP
 ENTITY	 	CODE	 	PROPERTY NAME	 	TRS HOLDING 
 COMPANY	 	TRS ENTITY 
 “LESSEE”	 	INITIAL 
 PERIOD 
 BASE
 RENT	 	ANNUAL
 BASE
 RENT	 	ADDT’L 
 RENT
 %	 	INITIAL PERIOD 
 REVENUE
 BREAKPOINT	 	ANNUAL 
 REVENUE
 BREAKPOINT	 	LEASE
 COMMENCE	 	LEASE
 EXPIRATION
	Silverthorne JV 147, LLC	 	147	 	Hampton Inn & Suites - Silverthorne	 	Summit Hotel TRS 147-A, Inc.	 	Summit Hotel TRS 147-A, Inc.	 	382,000	 	994,000	 	45%	 	1,158,000	 	2,762,000	 	08/06/2019	 	12/31/2022
	Silverthorne JV 148, LLC	 	148	 	Vacant Land Parcels	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	HGI San Fran JV 149, LLC	 	149	 	Hilton Garden Inn - San Francisco Airport North	 	Summit Hotel TRS 149, Inc.	 	Summit Hotel TRS 149, LLC	 	TBD	 	TBD	 	TBD	 	TBD	 	TBD	 	10/08/2019	 	12/31/2022
	HGI San Jose JV 150, LLC	 	150	 	Hilton Garden Inn - San Jose / Milpitas	 	Summit Hotel TRS 150, Inc.	 	Summit Hotel TRS 150, LLC	 	TBD	 	TBD	 	TBD	 	TBD	 	TBD	 	10/08/2019	 	12/31/2022
	RI Port River JV 151, LLC	 	151	 	Residence Inn - Portland Downtown / Riverplace	 	Summit Hotel TRS 151, Inc.	 	Summit Hotel TRS 151, LLC	 	TBD	 	TBD	 	TBD	 	TBD	 	TBD	 	10/08/2019	 	12/31/2022
	RI Port Hillsboro JV 152, LLC	 	152	 	Residence Inn - Portland / Hillsboro	 	Summit Hotel TRS 152, Inc.	 	Summit Hotel TRS 152, LLC	 	TBD	 	TBD	 	TBD	 	TBD	 	TBD	 	10/08/2019	 	12/31/2022
	TOTAL	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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Schedule 4.01(p) Part III – Management Agreements

 

	OWNERSHIP
 ENTITY	 	CODE	 	PROPERTY NAME	 	ROOMS	 	STREET ADDRESS	 	ZIP
 CODE	 	STR 
 CHAIN
 SCALE	 	MGMT COMPANY	 	MGMT
 TERM DATE	 	TRS HOLDING
 COMPANY	 	TRS ENTITY
 "LESSEE"
	Silverthorne JV 147, LLC	 	147	 	Hampton Inn & Suites - Silverthorne	 	88	 	177 Meraly Way	 	80498	 	Upscale	 	Crestline Hotels & Resorts, LLC	 	06/07/2020	 	Summit Hotel TRS 147-A, Inc.	 	Summit Hotel TRS 147-A, Inc.
	HGI San Fran JV 149, LLC	 	149	 	Hilton Garden Inn - San Francisco Airport North	 	169	 	670 Gateway Boulevard	 	94080	 	Upscale	 	Stonebridge Realty Advisors, Inc.	 	10/08/2020	 	Summit Hotel TRS 149, Inc.	 	Summit Hotel TRS 149, LLC
	HGI San Jose JV 150, LLC	 	150	 	Hilton Garden Inn - San Jose / Milpitas	 	161	 	30 Ranch Drive	 	95035	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS 150, Inc.	 	Summit Hotel TRS 150, LLC
	RI Port River JV 151, LLC	 	151	 	Residence Inn - Portland Downtown / Riverplace	 	258	 	2115 SW River Parkway	 	97201	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS 151, Inc.	 	Summit Hotel TRS 151, LLC
	RI Port Hillsboro JV 152, LLC	 	152	 	Residence Inn - Portland / Hillsboro	 	122	 	10555 NE Tanasbourne Drive	 	97124	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS 152, Inc.	 	Summit Hotel TRS 152, LLC
	TOTAL	 	 	 	5 Hotels w/ 798 Guestrooms	 	798	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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Schedule
4.01(p), Part IV - Franchise Agreements

 

	OWNERSHIP 
 ENTITY	 	CODE	 	PROPERTY NAME	 	ROOMS	 	STREET ADDRESS	 	ZIP
 CODE	 	STR
 CHAIN
 SCALE	 	FRANCHISOR	 	FRANCHISOR
 TERM DATE	 	TRS HOLDING 
 COMPANY	 	TRS ENTITY 
 "LESSEE"
	Silverthorne JV 147, LLC	 	147	 	Hampton Inn & Suites - Silverthorne	 	88	 	177 Meraly Way	 	80498	 	Upscale	 	Hilton Worldwide	 	02/28/2036	 	Summit Hotel TRS 147-A, Inc.	 	Summit Hotel TRS 147-A, Inc.
	HGI San Fran JV 149, LLC	 	149	 	Hilton Garden Inn - San Francisco Airport North	 	169	 	670 Gateway Boulevard	 	94080	 	Upscale	 	Hilton Worldwide	 	10/08/2034	 	Summit Hotel TRS 149, Inc.	 	Summit Hotel TRS 149, LLC
	HGI San Jose JV 150, LLC	 	150	 	Hilton Garden Inn - San Jose / Milpitas	 	161	 	30 Ranch Drive	 	95035	 	Upscale	 	Hilton Worldwide	 	10/08/2034	 	Summit Hotel TRS 150, Inc.	 	Summit Hotel TRS 150, LLC
	RI Port River JV 151, LLC	 	151	 	Residence Inn - Portland Downtown / Riverplace	 	258	 	2115 SW River Parkway	 	97201	 	Upscale	 	Marriott International	 	10/08/2034	 	Summit Hotel TRS 151, Inc.	 	Summit Hotel TRS 151, LLC
	RI Port Hillsboro JV 152, LLC	 	152	 	Residence Inn - Portland / Hillsboro	 	122	 	10555 NE Tanasbourne Drive	 	97124	 	Upscale	 	Marriott International	 	10/08/2029	 	Summit Hotel TRS 152, Inc.	 	Summit Hotel TRS 152, LLC
	TOTAL	 	 	 	5 Hotels w/ 798 Guestrooms	 	798	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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Schedule 4.01(q) - Environmental
Concerns

 

None.

 

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Schedule
4.01(w) - Plans Welfare Plans

 

 

None.

 

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Schedule 9.02 - Administrative Agent’s
Office; Certain Addresses for Notices

 

BORROWER AND OTHER LOAN PARTIES:

 

c/o Summit JV MR 1, LLC

13215 Bee Cave Parkway, Suite
B-300

Austin, TX 78738

Attention: Jonathan P. Stanner

Executive Vice President,

Chief Financial Officer and Treasurer

Telephone:  (512) 538-2300

Facsimile: (512) 538-2333

Electronic Mail: jstanner@shpreit.com

Website Address: www.shpreit.com

Taxpayer Identification Number: 
84-2564262

 

ADMINISTRATIVE AGENT:

 

Administrative Agent’s Office

(for payments and Requests for Credit Extensions):

Bank of America, N.A.

900 W Trade St.

Charlotte, NC 28255

Mail Code: NC1-026-06-04

Attention: Libby Russell

Telephone:  980-386-8451

Facsimile: 704-409-0004

Electronic
Mail:  libby.russell@bofa.com

Account No.:  1366072250600

Ref:  Summit JV MR 193871

ABA# 026009593

 

Other Notices as Administrative Agent:

Bank of America, N.A.

Agency Management

135 S. LaSalle St.

Chicago, IL 60103

Attention:  Lisa Colbert

Telephone:  312-904-8435

Facsimile: 312-537-6609

Electronic
Mail:  lisa.colbert@bofa.com

 

    Sch. 9.02-1

     

    

 

EXHIBIT A-1 to the

CREDIT AGREEMENT

 

FORM OF REVOLVING NOTE

 

REVOLVING NOTE

 

Dated:_______ __, ____ 

 

FOR VALUE RECEIVED, the
undersigned (the “Borrower”), hereby promises to pay [_________________] (the “Lender”),
in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Revolving Credit Advance
from time to time made by the Lender to the Borrower under that certain Credit Agreement dated as of October 8, 2019 (as amended,
amended and restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement”;
the terms defined therein being used herein as therein defined) among the Borrower, the Lenders party thereto, Summit Hospitality
JV, LP, the Guarantors party thereto, and Bank of America, N.A., as Administrative Agent for the Lenders.

 

The Borrower promises
to pay interest on the unpaid principal amount of each Revolving Credit Advance from the date of such Revolving Credit Advance
until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments
of principal and interest shall be made to the Administrative Agent for the account of the Lender in Dollars in immediately available
funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall
bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after
judgment) computed at the per annum rate set forth in the Agreement.

 

This Revolving Note is
one of the Revolving Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in
part subject to the terms and conditions provided therein. Upon the occurrence and continuation of one or more of the Events of
Default specified in the Agreement, all amounts then remaining unpaid on this Revolving Note shall become, or may be declared to
be, immediately due and payable all as provided in the Agreement. Revolving Credit Advances made by the Lender shall be evidenced
by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach
schedules to this Revolving Note and endorse thereon the date, amount and maturity of its Revolving Credit Advances and payments
with respect thereto.

 

The Borrower, for itself,
its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and
non-payment of this Revolving Note.

 

[REMAINDER OF THE PAGE INTENTIONALLY LEFT
BLANK]

 

    Exh. A-1-1

     

    

 

THIS REVOLVING NOTE SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

	 	SUMMIT JV MR 1, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	 	Name:  [Type Signatory Name]
	 	 	Title:  [Type Signatory Title]

 

    Exh. A-1-2

     

    

 

REVOLVING CREDIT ADVANCES AND

PAYMENTS OF PRINCIPAL

 

	Date	 	Type of
 Revolving 
 Credit 
 Advance 
 Made	 	Amount of
 Revolving 
 Credit 
 Advance 
 Made	 	End of 
 Interest 
 Period	 	Amount of 
 Principal 
 or Interest 
 Paid This 
 Date	 	Outstanding 
 Principal 
 Balance 
 This Date	 	Notation 
 Made By
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Exh. A-1-3

     

    

 

EXHIBIT A-2 to the

CREDIT AGREEMENT

 

FORM OF TERM NOTE

 

TERM NOTE

 

Dated:_______ __, ____ 

 

FOR VALUE RECEIVED, the
undersigned (the “Borrower”), hereby promises to pay [_________________] (the “Lender”),
in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Term Loan Advance from
time to time made by the Lender to the Borrower under that certain Credit Agreement dated as of October 8, 2019 (as amended, amended
and restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement”;
the terms defined therein being used herein as therein defined) among the Borrower, the Lenders party thereto, Summit Hospitality
JV, LP, the Guarantors party thereto, and Bank of America, N.A., as Administrative Agent for the Lenders.

 

The Borrower promises
to pay interest on the unpaid principal amount of each Term Loan Advance from the date of such Term Loan Advance until such principal
amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest
shall be made to the Administrative Agent for the account of the Lender in Dollars in immediately available funds at the Administrative
Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid
upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the
per annum rate set forth in the Agreement.

 

This Term Note is one
of the Term Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject
to the terms and conditions provided therein. Upon the occurrence and continuation of one or more of the Events of Default specified
in the Agreement, all amounts then remaining unpaid on this Term Note shall become, or may be declared to be, immediately due and
payable all as provided in the Agreement. Term Loan Advances made by the Lender shall be evidenced by one or more loan accounts
or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Term Note
and endorse thereon the date, amount and maturity of its Term Loan Advances and payments with respect thereto.

 

The Borrower, for itself,
its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and
non-payment of this Term Note.

 

[REMAINDER OF THE PAGE INTENTIONALLY LEFT
BLANK]

 

    Exh. A-2-1

     

    

 

THIS TERM NOTE SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

	 	SUMMIT JV MR 1, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	 	Name:  [Type Signatory Name]
	 	 	Title:  [Type Signatory Title]

 

    Exh. A-2-2

     

    

 

TERM LOAN ADVANCES AND

PAYMENTS OF PRINCIPAL

 

	Date	 	Type of
 Term 
 Loan 
 Advance 
 Made	 	Amount of
 Term 
 Loan 
 Advance 
 Made	 	End of 
 Interest 
 Period	 	Amount of 
 Principal 
 or Interest 
 Paid This 
 Date	 	Outstanding 
 Principal 
 Balance 
 This Date	 	Notation 
 Made By
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Exh. A-2-3

     

    

 

EXHIBIT A-3 to the

CREDIT AGREEMENT

 

FORM OF INCREMENTAL TERM NOTE

 

INCREMENTAL TERM NOTE

 

Dated:_______ __, ____ 

 

FOR VALUE RECEIVED, the
undersigned (the “Borrower”), hereby promises to pay [_________________] (the “Lender”),
in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Incremental Term Advance
from time to time made by the Lender to the Borrower under that certain Credit Agreement dated as of October 8, 2019 (as amended,
amended and restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement”;
the terms defined therein being used herein as therein defined) among the Borrower, the Lenders party thereto, Summit Hospitality
JV, LP, the Guarantors party thereto, and Bank of America, N.A., as Administrative Agent for the Lenders.

 

The Borrower promises
to pay interest on the unpaid principal amount of each Incremental Term Advance from the date of such Incremental Term Advance
until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments
of principal and interest shall be made to the Administrative Agent for the account of the Lender in Dollars in immediately available
funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall
bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after
judgment) computed at the per annum rate set forth in the Agreement.

 

This Incremental Term
Note is one of the Incremental Term Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid
in whole or in part subject to the terms and conditions provided therein. Upon the occurrence and continuation of one or more of
the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Incremental Term Note shall become,
or may be declared to be, immediately due and payable all as provided in the Agreement. Incremental Term Advances made by the Lender
shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender
may also attach schedules to this Incremental Term Note and endorse thereon the date, amount and maturity of its Incremental Term
Advances and payments with respect thereto.

 

The Borrower, for itself,
its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and
non-payment of this Incremental Term Note.

 

[REMAINDER OF THE PAGE INTENTIONALLY LEFT
BLANK]

 

    Exh. A-3-1

     

    

 

THIS INCREMENTAL TERM
NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

	 	SUMMIT JV MR 1, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	 	Name:  [Type Signatory Name]
	 	 	Title:  [Type Signatory Title]

 

    Exh. A-3-2

     

    

 

TERM LOAN ADVANCES AND

PAYMENTS OF PRINCIPAL

 

	Date	 	Type of
 Incremental 
 Term 
 Advance 
 Made	 	Amount of

Incremental 
 Term 
 Advance 
 Made	 	End of 
 Interest 
 Period	 	Amount of 
 Principal 
 or Interest 
 Paid This 
 Date	 	Outstanding 
 Principal 
 Balance 
 This Date	 	Notation 
 Made By
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Exh. A-3-3

     

    

 

EXHIBIT B to the

CREDIT AGREEMENT

 

FORM OF NOTICE

OF BORROWING

 

NOTICE OF BORROWING

 

_________ __, ____1

 

	To:	Bank of America, N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to that certain Credit
Agreement, dated as of October 8, 2019 (as amended, restated, extended, supplemented or otherwise modified in writing from time
to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Summit
JV MR 1, LLC, a Delaware limited liability company (the “Borrower”), Summit Hospitality JV, LP, certain
Subsidiaries from time to time party thereto, as Guarantors, the banks, financial institutions and other institutional lenders
listed on the signature pages thereof as the initial lenders, and Bank of America, N.A., as Administrative Agent.

 

The undersigned hereby requests on [INSERT
REQUESTED FUNDING DATE] (a Business Day) (select one):2

 

Revolving Credit Facility

 

	
        Indicate: 

        Borrowing 

        or 

        Conversion 

        or 

        Continuation
	Indicate:

 Requested 

Amount	
        Indicate: 

        Base Rate Advance 

        or 

        Eurodollar Rate Advance

        or

        LIBOR Floating Rate Loan
	
        For Eurodollar 

        Rate Advances 

        Indicate: 

        Interest Period

        (1, 2, 3 or 6 months)

	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

 

1 Note
to Borrower. All requests submitted under a single Loan Notice must be effective on the same date. If multiple effective
dates are needed, multiple Loan Notices will need to be prepared and signed.

 

2 Note to Borrower.
For multiple borrowings, conversions and/or continuations for a particular facility, fill out a new row for each
borrowing/conversion and/or continuation

 

    Exh. B-1

     

    

 

Term Loan Facility

 

	
        Indicate: 

        Borrowing 

        or 

        Conversion 

        or 

        Continuation
	Indicate:

                                                                                Requested

                                                                                Amount
	
        Indicate: 

        Base Rate Advance 

        or 

        Eurodollar Rate Advance

        or

        LIBOR Floating Rate Loan
	
        For Eurodollar 

        Rate Advances 

        Indicate: 

        Interest Period

        (1, 2, 3 or 6 months)

	 	 	 	 
	 	 	 	 
	 	 	 	 

 

The Revolving Credit
Advance, if any, requested herein complies with the provisos to the first sentence of Section 2.01(a) of the Agreement.

 

	 	SUMMIT JV MR 1, LLC
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	 	Name:  [Type Signatory Name]
	 	 	Title:  [Type Signatory Title]

 

    Exh. B-2

     

    

 

 

 

 

EXHIBIT C to the

CREDIT AGREEMENT

 

FORM OF

COMPLIANCE CERTIFICATE

 

COMPLIANCE CERTIFICATE

  

	 	
         

        Check for distribution to PUBLIC and Private
        side Lenders1

         

 

Financial Statement Date:                    ,

 

		To:	Bank of America, N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to
that certain Credit Agreement, dated as of October 8, 2019 (as amended, restated, extended, supplemented or otherwise modified
in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein
defined), among Summit JV MR 1, LLC, a Delaware limited liability company (the “Borrower”), Summit Hospitality
JV, LP, certain Subsidiaries from time to time party thereto, as Guarantors, the banks, financial institutions and other institutional
lenders listed on the signature pages thereof as the initial lenders, and Bank of America, N.A., as Administrative Agent.

 

The undersigned Responsible
Officer hereby certifies as of the date hereof that he/she is the [chief executive officer chief financial officer, chief accounting
officer, treasurer or controller] of the [Parent] / [Borrower], and that, as such, he/she is authorized to execute and deliver
this Certificate to the Administrative Agent on the behalf of the [Parent] / [Borrower], and that:

 

[Use following paragraph
1 for fiscal year-end financial statements]

 

1.       The
Borrower has delivered the year-end audited financial statements required by Section 5.03(b) of the Agreement for the
fiscal year of the Parent ended as of the above date, together with the report and opinion of an independent certified public accountant
required by such section.

 

[Use following paragraph 1 for fiscal
quarter-end financial statements]

 

1.       The
Borrower has delivered the unaudited financial statements required by Section 5.03(c) of the Agreement for the fiscal quarter
of the Parent ended as of the above date. Such financial statements fairly present the financial condition, results of operations
and cash flows of the Parent and its Consolidated Subsidiaries in accordance with GAAP as at such date and for such period, subject
only to normal year-end audit adjustments and the absence of footnotes.

 

2.       The
undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made under his/her supervision,
a detailed review of the transactions and condition (financial or otherwise) of the Parent and its Consolidated Subsidiaries during
the accounting period covered by such financial statements.

 

 

 

1       If
this is not checked, this certificate will only be posted to Private side Lenders.

 

    Exh. C-1

     

    

 

3.       A
review of the activities of the Loan Parties such fiscal period has been made under the supervision of the undersigned with a view
to determining whether during such fiscal period the Loan Parties performed and observed all its Obligations under the Loan Documents,
and

 

[select one:]

 

[to the best knowledge
of the undersigned, during such fiscal period the Loan Parties performed and observed each covenant and condition of the Loan Documents
applicable to it, and no Default has occurred and is continuing.]

 

--or--

 

[to the best knowledge
of the undersigned, during such fiscal period the following covenants or conditions have not been performed or observed and the
following is a list of each such Default and its nature and status:]

 

4.       The
representations and warranties of the Loan Parties contained in Article IV of the Agreement, and any representations and
warranties of any Loan Party that are contained in any document furnished at any time under or in connection with the Loan Documents,
are true and correct on and as of the date hereof, except to the extent that such representations and warranties specifically refer
to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Compliance
Certificate, the representations and warranties contained in Section 4.01(g) shall be deemed to refer to the most recent statements
furnished pursuant to Sections 5.03(b) and (c), respectively, of the Agreement, including the statements in connection with which
this Compliance Certificate is delivered.

 

5.       The
financial covenant analyses and information set forth on Schedule 1 attached hereto are true and accurate on and as of the
date of this Certificate.

 

6.       The
Aggregate Borrowing Base Asset Value as of the Financial Statement Date is $__________________, Availability is $_________________
and the Minimum Value Condition [is] / [is not] satisfied. Schedule 2 attached hereto includes a true and accurate calculation
of the Aggregate Borrowing Base Asset Value and Availability.

 

7.       
Attached as Schedule 3 is a summary report of the Gross Hotel Revenues and Borrowing Base Adjusted NOI attributable to each
Borrowing Base Asset as of the Financial Statement Date.

 

8.       Attached
as Schedule 4 is a year-to-date profit and loss statement for each Borrowing Base Asset.

  

    Exh. C-2

     

    

  

IN WITNESS WHEREOF,
the undersigned has executed this Certificate as of                                ,               .

 

	 	SUMMIT JV MR 1, LLC
	 	 
	 	By:  	           
	 		Name: [Type Signatory Name]
	 		Title: [Type Signatory Title]

 

    Exh. C-3

     

    

  

EXHIBIT D to the

CREDIT AGREEMENT

 

FORM OF

GUARANTY SUPPLEMENT

 

GUARANTY SUPPLEMENT

 

________ __, ____

 

Bank of America, N.A.,

as Administrative Agent

under the Credit Agreement

referred to below

[address]

[city, state zip]

Attention: [________]

 

Credit Agreement dated as of October
8, 2019 (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 JV MR 1, LLC, a Delaware limited liability company
(the “Borrower”), Summit Hospitality JV, LP, certain Subsidiaries from time to time party thereto, as Guarantors,
the banks, financial institutions and other institutional lenders listed on the signature pages thereof as the initial lenders,
and Bank of America, N.A., as Administrative Agent for the Lenders 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 Lender 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 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 Lenders shall immediately
release the guaranty of the undersigned at such time as the undersigned has completed Transfers and/or designations in compliance
with Section 5.02(e) of the Credit Agreement such that the undersigned does not own, directly or indirectly any one or more Borrowing
Base Assets.

 

    Exh. D-1

     

    

 

(b)       The
undersigned, and by its acceptance of the benefits of this Guaranty Supplement, the Administrative Agent and each Lender, 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 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 Lenders 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
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 Guarantor and each other guarantor so as to maximize the aggregate amount paid to the Lenders
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 Guarantor by all of
the terms and conditions of the Credit Agreement and the Guaranty to the same extent as each of the other 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 “Guarantor” shall also mean and be a reference to the undersigned,
and each reference in any other Loan Document to a “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 Guarantor; provided, however, that, to the extent there have been any changes in factual matters
related to the addition of the undersigned as a 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.

 

Section 5.Governing
Law; Jurisdiction; Waiver of Jury Trial, Etc. (a) This Guaranty Supplement shall 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 New York City, 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.

 

    Exh. D-2

     

    

 

(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 IN THE NEGOTIATION,
ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

 

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

 

    Exh. D-3

     

    

 

EXHIBIT E-1 to the

CREDIT AGREEMENT

 

FORM OF

ASSIGNMENT AND ACCEPTANCE

 

ASSIGNMENT AND ACCEPTANCE

 

This Assignment and
Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered
into by and between [the][each] Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]
Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights
and obligations of [the Assignors][the Assignees] hereunder are several and not joint.] Capitalized terms used but not defined
herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”),
receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions set forth in Annex
1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as
if set forth herein in full.

 

For an agreed consideration,
[the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee
hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard
Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below
(i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective
capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto in the amount[s]
and equal to the percentage interest[s] identified below of all the outstanding rights and obligations under the respective facilities
identified below (including, without limitation, the Letters of Credit and the Swing Line Loans included in such facilities ) and
(ii) to the extent permitted to be assigned under Applicable Law, all claims, suits, causes of action and any other right of [the
Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person,
whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered
pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including,
but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity
related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned
by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an]
“Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as
expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor.

 

	1.	Assignor[s]:		 
	 	 	 	 
	 	 		 
	 	 
	 	[Assignor [is] [is not] a Defaulting Lender]
	 	 
	2.	Assignee[s]:	 	 
	 	 
	 	 	 	 
	 	 
	 	[for each Assignee, indicate [Affiliate][Approved
Fund] of [identify Lender]]
	 	 
	3.	Borrower:	 	 
	 	 

  

    Exh. E-1-1

     

    

 

4.             Administrative Agent:
Bank of America, N.A., as the administrative agent under the Credit Agreement

 

5.             Credit Agreement:Credit Agreement,
dated as of October 8, 2019, among Summit JV MR 1, LLC, a Delaware limited liability company, Summit Hospitality JV, LP, certain
Subsidiaries from time to time party thereto, as Guarantors, the banks, financial institutions and other institutional lenders
listed on the signature pages thereof as the initial lenders, and Bank of America, N.A., as Administrative Agent

 

6.             Assigned
Interest[s]:

 

	Assignor[s]1	Assignee[s]2	
        Facility

        Assigned3
	
        Aggregate

        Amount of

        Commitment

        for all Lenders4
	
        Amount of

        Commitment

        Assigned
	
         

        Percentage

        Assigned of

        Commitment5
	
         

         

        CUSIP

        Number

	 	 	 	 	 	 	 
	 	 	____________	$________________	$_________	____________

%	 
	 	 	____________	$________________	$_________	____________

%	 
	 	 	____________	$________________	$_________	____________

%	 

 

[7.             Trade Date:__________________]

 

Effective Date: __________________, 20__
[TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

 

5

		1	List each Assignor, as appropriate.

 

		2	List each Assignee and, if available, its market entity
identifier, as appropriate.

 

		3	Fill in the appropriate terminology for the types of
facilities under the Credit Agreement that are being assigned under this Assignment.

 

		4	Amounts in this column and in the column immediately
to the right to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date
and the Effective Date.

 

		5	Set forth, to at least 9 decimals, as a percentage of
the Commitment/Advances of all Lenders thereunder.

 

    Exh. E-1-2

     

    

 

The terms set forth in this Assignment
and Assumption are hereby agreed to:

 

	 	ASSIGNOR[S]6
	 	[NAME OF ASSIGNOR]
	 	 
	 	By:	                                                  	 
	 	 	Name: [Type Signatory Name]
	 	 	Title: [Type Signatory Title]
	 	 
	 	[NAME OF ASSIGNOR]
	 	 
	 	By: 	   	 
	 	 	Name: [Type Signatory Name]
	 	 	Title: [Type Signatory Title]
	 	 
	 	ASSIGNEE[S]7
	 	[NAME OF ASSIGNEE]
	 	 
	 	By:	   	 
	 	 	Name: [Type Signatory Name]
	 	 	Title: [Type Signatory Title]
	 	 
	 	 
	 	[NAME OF ASSIGNEE]
	 	 
	 	By:	    	 
	 	 	Name: [Type Signatory Name]
	 	 	Title: [Type Signatory Title]

 

 

 

		6	Add additional signature blocks as needed. Include both
Fund/Pension Plan and manager making the trade (if applicable).

 

		7	Add additional signature blocks as needed. Include both
Fund/Pension Plan and manager making the trade (if applicable).

 

    Exh. E-1-3

     

    

  

	[Consented to and]8 Accepted:	 
	 	 
	BANK OF AMERICA, N.A., as	 
	Administrative Agent	 
	 	 
	By: 	                                                          	 	 
	 	Name: [Type Signatory Name]	 
	 	Title: [Type Signatory Title]	 
	 	 
	[Consented to:]9	 
	 	 
	[SUMMIT JV MR 1, LLC, as Borrower]	 
	 	 
	By:	     	 	 
	 	Name: [Type Signatory Name]	 
	 	Title: [Type Signatory Title]	 

 

 

 

		8	To be added only if the consent of the Administrative
Agent is required by the terms of the Credit Agreement.

 

		9	To
be added only if the consent of the Borrower is required by the terms of the Credit Agreement.

 

    Exh. E-1-4

     

    

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

 

STANDARD TERMS AND CONDITIONS FOR

 

ASSIGNMENT AND ASSUMPTION

 

1.       Representations
and Warranties.

 

1.1.       Assignor[s].
[The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the relevant] Assigned
Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full
power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate
the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect
to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document,
(ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents [or any collateral
thereunder], (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated
in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or
any other Person of any of their respective obligations under any Loan Document.

 

1.2.       Assignee.

 

(1)       [The][Each]
Assignee represents and warrants that:

 

(i) it has
full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate
the transactions contemplated hereby and to become a Lender under the Credit Agreement;

 

(ii) it meets
all the requirements to be an assignee under Section 9.06(b)(iii) and (v) of the Credit Agreement (subject to
such consents, if any, as may be required under Section 9.06(b)(iii) of the Credit Agreement);

 

(iii) from
and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent
of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder;

 

(iv) it is
sophisticated with respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it,
or the Person exercising discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring
assets of such type;

 

(v) it has
received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent
financial statements delivered pursuant to Section 5.03(b) or (c) thereof, as applicable, and such other documents
and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption
and to purchase [the][such] Assigned Interest;

 

(vi) it has,
independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information
as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase
[the][such] Assigned Interest; and

 

    Exh. E-1-5

     

    

 

(vii) if it
is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement,
duly completed and executed by [the][such] Assignee;

 

(2)       [The][Each]
Assignee agrees that:

 

(i) it will,
independently and without reliance upon the Administrative Agent, [the][any] Assignor or any other Lender, 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 Loan Documents; and

 

(ii) it will
perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed
by it as a Lender.

 

2.       Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest
(including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued
to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the Effective
Date. Notwithstanding the foregoing, the Administrative Agent shall make all payments of interest, fees or other amounts paid or
payable in kind from and after the Effective Date to [the][the relevant] Assignee.

 

3.       General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together
shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy
shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption
shall be governed by, and construed in accordance with, the law of the State of New York.

 

    Exh. E-1-6

     

    

 

EXHIBIT E-2 to the

CREDIT AGREEMENT

 

FORM OF

ADMINISTRATIVE QUESTIONNAIRE

 

ADMINISTRATIVE
QUESTIONNAIRE

 

(see attached)

 

    Exh. E-2-1

     

    

 

 

  

LSTA/LMA Standard Administrative
Details Form

 

	
        The Loan Market Association ("LMA")
        and Loan Syndications & Trading Association ("LSTA") consent to the use and reproduction of this document for
        the preparation and documentation of agreements relating to transactions or potential transactions in the loan markets. 

         

        © Loan Market Association, Loan
        Syndications & Trading Association. All rights reserved.

         

 

    Exh. E-2-2

     

    

 

 

LSTA/LMA
Standard Administrative Details Form BORROWER DETAILS Borrower Name Name Lender's name as it appears on tax/registration documentation.
MEI Markit Entity ID GIIN FATCA Global Intermediary Identification Number (Optional) CRN UK Company Registration Number (Optional)
LEI Legal Entity ID (Optional) Entity Type Type of lender. If lender/entity type does not appear in list, you may provide your
own value. Address (of Lending Office): Registered address of lending office, including country of domicile. Signature Block:
Signature Block as it would appear on settlement documentation. E.g. (for separately managed account): ABC Fund by 123 Asset Management
as Advisor Fund Manager Name of fund/asset manager, as would be referenced in the sig. block. MEI Markit Entity ID Lender Parent
Name of legal parent if different from lender entity. (Optional) MEI Markit Entity ID NOTICE/SERVICING MESSAGE DELIVERY INSTRUCTIONS
Firm Name of Company Fax Fax Number Email Email Address Email Pfd. Firm Name of Company Fax Fax Number Email Email Address Email
Pfd. STANDARD SETTLEMENT INSTRUCTIONS / WIRING INSTRUCTIONS Currency Applicable Currency. Account With Institution Name of Beneficiary's
Bank (usually custodian/trustee) SWIFT BIC 8/11-Character BIC of Beneficiary's Bank ABA # Routing # or UK Sort Code of Beneficiary's
Bank (optional) Beneficiary Customer Name of Ultimate Beneficiary (Lender) Beneficiary Account # Account # of Ult. Beneficiary
IBAN IBAN of Ultimate Beneficiary (opt) Payment Reference (Remittance Info) Use Standard Wire Reference Format*: [Borrower Name]
[Facility Name/Abbr.] [Facility/Deal CUSIP/ISIN] [Payment Purpose(s)] [Transaction Reference ID] Special Instructions Template
above can be used for wire instructions where receiving bank is custodian/trustee, and lender has dedicated account. Additional
templates provided at Appendix A.

 

    Exh. E-2-3

     

    

 

 

 

SERVICE
PROVIDERS & THIRD-PARTY DATA ACCESS Doc. Delivery Recon & Inventory Role Custodian/Trustee Name Name of Company MEI Markit
Entity ID Role Relationship to lender. Name Name of Company MEI Markit Entity ID

 

    Exh. E-2-4

     

    

 

 

 

CREDIT
CONTACTS (LEGAL DOCUMENTATION, AMENDMENTS & WAIVERS) Name Name of group
or individual. Select group or Individual Firm Firm with which contact is affiliated. Address: Registered
address of contact’s office (if different than the lender’s office), including country of domicile. Phone Fax
Email ☐ Data
Room Access Pfd. Contact Method Preferred contact method for inquiries. Copy and paste section above to add any additional
contacts. It is recommended that at least one of the contacts be a group. OPERATIONS CONTACTS (INQUIRIES ONLY) Name
Name of group or individual. Select group or Individual Firm Firm with which contact is affiliated. Address:
Registered address of contact’s office (if different than the lender’s office), including country of domicile.
Phone Fax Email ☐ Settlements
☐ Servicing
☐ SSI
Verification ☐ KYC
Pfd. Contact Method Preferred contact method for inquiries. Copy and paste section above to add any additional contacts.
It is recommended that at least one of the contacts be a group. OPERATIONS CLOSER CONTACTS Name Name of group
or individual. Select group or Individual Firm Firm with which contact is affiliated. Address: Registered
address of contact’s office (if different than the lender’s office), including country of domicile. Phone Fax
Email ☐ Settlements
☐ Servicing
☐ SSI
Verification ☐ KYC
Pfd. Contact Method Preferred contact method for inquiries. Copy and paste section above to add any additional contacts.
It is recommended that at least one of the contacts be a group. LETTER OF CREDIT CONTACTS 

 

    Exh. E-2-5

     

    

 

 

 

Name
Name of group or individual. Select group or Individual Firm Firm with which contact is affliated. Address: Registered address
of contact's office (if different than the lender's office), including country of domicile. Phone Phone Number (opt. for groups)
Fax Fax Number Email Email Address Pfd. Contact Method Preferred contact method for inquiries. Copy and paste section above to
add any additional contacts. It is recommended that at least one of the contacts be a group. ADDITIONAL ENTITY DETAILS & KYC
INFORMATION Country of Incorporation Country of Incorporation of lender Country of Tax Residence Country of Residence of lender
for tax purposes EIN US Employee ID Number UK Treaty Passport # UK Treaty Passport # US Tax Form Type of tax form used/attached
UK Treaty Passport Expiry Date UK Treaty Passport Expiry Date Entity Referenced As Primary Entity CURRENCIES AND JURISDICTIONS
FOR MULTICURRENCY TRANSACTIONS INFORMATION PLEASE CHECK BOX OF THE CURRENCIES YOUR INSTITUTION CAN FUND UNDER THIS TRANSACTION:
0 0 0 0 0 0 0 0 0 0 0 0 PLEASE CHECK BOX IF YOUR INSTITUTION IS LICENSED TO FUND TO BORROWERS LOCATED IN THE FOLLOWING COUNTRIES:
0 0 0 0 0 0 0 0 0 0 0 0

 

    Exh. E-2-6

     

    

 

 

Appendix
A: Additional Wire Instruction Templates and Bank of America USD / FX Wire Instructions: Template below can be used for wire instructions
where recipient is intermediary bank with nostro account for custodian and the Lender does not have a dedicated account. Lender
may copy and paste the template below as many times as necessary to capture various currency remittance instructions. Currency
Applicable Currency. Correspondent Bank Name of Receiver’s Correspondent Bank (SWIFT 54a) SWIFT BIC 8/11-Character SWIFT
BIC of Correspondent Bank Intermediary Bank Name of Intermediary Bank (SWIFT 56a) SWIFT BIC 8/11-Character SWIFT BIC of Intermediary
Bank ABA # ABA/Routing # or UK Sort Code of Intermediary Bank (optional) Account With Institution Name of Beneficiary’s
Bank – usually custodian (SWIFT 57a) SWIFT BIC 8/11-Character SWIFT BIC of Beneficiary’s Bank IBAN IBAN of Beneficiary’s
Bank at Intermediary Beneficiary Customer Name of Ultimate Beneficiary (Lender) (SWIFT 59a) Beneficiary Account # Account #/Code
of Ult. Beneficiary Payment Reference (Remittance Info) Use Standard Wire Reference Format*: [Borrower Name] [Facility Name/Abbr.]
[Facility/Deal CUSIP/ISIN] [Payment Purpose(s)] [Transaction Reference ID] Special Instructions Lender’s Payment Instructions:
Please input payment instructions for each respective currency referenced in CURRENCIES AND JURISDICTIONS FOR MULTICURRENCY TRANSACTIONS
INFORMATION section above. If your respective institution is unable to fund any of the currencies noted, please notify Administrative
Agent immediately. Bank of America’s Payment Instructions: USD Payment Instructions: Pay to: Bank of America, N.A. ABA #
026009593 New York, NY Account #: 1366072250600 Attn: Wire Clearing Acct for Syn Loans - LIQ Ref: Summit JV MR1, LLC Foreign Currency
Payment Instructions:

 

    Exh. E-2-7

     

    

 

Appendix B: Lender’s Organizational Structure and Tax
Status:

Please refer to the enclosed withholding tax instructions below
and then complete this section accordingly.

Lender Taxpayer Identification Number (TIN):    

Tax Withholding Form Delivered to Bank of America (circle applicable
one):

W-9        W-8BEN       
W-8BEN-E     W-8ECI        W-8EXP      W-8IMY     

Tax Contact:            

	First:       	MI:      	Last:      
	Title:	 	 
	Street Address:	 	 
	Suite/ Mail Code:	 	 
	City: 	State:	 
	Postal Code:	Country:	 
	Telephone:	Facsimile:	 
	E-Mail Address:	 	 
	SyndTrak E-Mail Address:	 	 

  

NON–U.S. LENDER INSTITUTIONS

 

		1.	Corporations:

   

If your institution is organized outside of the United
States, is classified as a Corporation or other non-flow through entity for U.S. federal income tax purposes, and is the beneficial
owner of the interest and other income it receives, you must complete one of the following three tax forms, as applicable to your
institution: a.) Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting
(and a U.S. Tax Compliance Certificate if applicable)) or Form W-8BEN-E, b.) Form W-8ECI (Certificate of Foreign Person’s
Claim that Income is Effectively Connected with the Conduct of a Trade or Business in the United States), or c.) Form W-8EXP (Certificate
of Foreign Government or Other Foreign Organization for United States Tax Withholding and Reporting).

  

A U.S. taxpayer identification number is required
for any institution submitting a Form W-8 ECI.  It is also required on Form W-8BEN or Form W-8BEN-E for certain institutions
claiming the benefits of a tax treaty with the U.S.  Please refer to the instructions when completing the form applicable
to your institution.

  

		2.	Flow-Through Entities

 

If your institution is organized outside the U.S.,
and is classified for U.S. federal income tax purposes as either a Partnership, Trust, Qualified or Non-Qualified Intermediary,
or other non-U.S. flow-through entity, an original Form  W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through
Entity, or Certain U.S. branches for United States Tax Withholding and Reporting) must be completed by the intermediary together
with a withholding statement.  Flow-through entities other than Qualified Intermediaries are required to include tax forms
for each of the underlying beneficial owners.

 

    Exh. E-2-8

     

    

 

Please refer to the instructions when completing
this form

 

U.S. LENDER INSTITUTIONS:

 

If your institution is incorporated or organized
within the United States, you must complete and return Form W-9 (Request for Taxpayer Identification Number and Certification).  

 

Pursuant to the language contained in the tax
section of the Credit Agreement, the applicable tax form for your institution must be completed and returned on or prior to the
date on which your institution becomes a lender under this Credit Agreement.  Failure to provide the proper tax form when
requested will subject your institution to U.S. tax withholding. 

 

*Additional guidance and instructions as to where
to submit this documentation can be found at this link:

 

 

 

    Exh. E-2-9

     

    

 

EXHIBIT F-1 to the

CREDIT AGREEMENT

 

FORM OF

U.S. TAX COMPLIANCE CERTIFICATE

 

U.S.
TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is made to
that certain Credit Agreement, dated as of October 8, 2019 (as amended, restated, extended, supplemented or otherwise modified
in writing from time to time, the “Credit Agreement”), among Summit JV MR 1, LLC, a Delaware limited
liability company (the “Borrower”), Summit Hospitality JV, L.P., certain Subsidiaries from time to time
party thereto, as Guarantors, the banks, financial institutions and other institutional lenders listed on the signature pages thereof
as the initial lenders, and Bank of America, N.A., as Administrative Agent.

 

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 Advance(s) (as well as any Note(s) evidencing such Advance(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-E (or W-8BEN,
as applicable). By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have
at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate
in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments.

 

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]
	 
	By: _______________________

                                                                                Name: [Type Signatory Name]

                                                                                Title: [Type Signatory Title]

                                                                                Date: ________ __, 20[   ]

 

 

    Exh. F-1-1

     

    

 

EXHIBIT F-2 to the

CREDIT AGREEMENT

 

FORM OF

U.S. TAX COMPLIANCE CERTIFICATE

 

U.S.
TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is made to
that certain Credit Agreement, dated as of October 8, 2019 (as amended, restated, extended, supplemented or otherwise modified
in writing from time to time, the “Credit Agreement”), among Summit JV MR 1, LLC, a Delaware limited
liability company (the “Borrower”), Summit Hospitality JV, L.P., certain Subsidiaries from time to time
party thereto, as Guarantors, the banks, financial institutions and other institutional lenders listed on the signature pages thereof
as the initial lenders, and Bank of America, N.A., as Administrative Agent.

 

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 participation 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 its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN-E (or W-8BEN, as applicable).
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned,
or in either of the two calendar years preceding such payments.

 

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 PARTICIPANT]

  

	By: _______________________
	Name: [Type Signatory Name]
	Title: [Type Signatory Title]
	Date: ________ __, 20[   ]

  

    Exh. F-2-1

     

    

 

 

EXHIBIT F-3 to the

CREDIT AGREEMENT

 

FORM OF

U.S. TAX COMPLIANCE CERTIFICATE

 

U.S.
TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is made to
that certain Credit Agreement, dated as of October 8, 2019 (as amended, restated, extended, supplemented or otherwise modified
in writing from time to time, the “Credit Agreement”), among Summit JV MR 1, LLC, a Delaware limited
liability company (the “Borrower”), Summit Hospitality JV, L.P., certain Subsidiaries from time to time
party thereto, as Guarantors, the banks, financial institutions and other institutional lenders listed on the signature pages thereof
as the initial lenders, and Bank of America, N.A., as Administrative Agent.

 

Pursuant to the provisions
of Section 2.12(g) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the
participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial
owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect
partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business
within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder
of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members
is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has
furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN-E (or W-8BEN, as applicable) or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN-E (or W-8BEN, as applicable) from each of such partner’s/member’s beneficial owners
that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information
provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at
all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which
each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

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 PARTICIPANT]

  

	By: _______________________
	Name: [Type Signatory Name]
	Title: [Type Signatory Title]
	Date: ________ __, 20[   ]

  

    Exh. F-3-1

     

    

 

EXHIBIT F-4 to the

CREDIT AGREEMENT

 

FORM OF

U.S. TAX COMPLIANCE CERTIFICATE

 

U.S.
TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is made to
that certain Credit Agreement, dated as of October 8, 2019 (as amended, restated, extended, supplemented or otherwise modified
in writing from time to time, the “Credit Agreement”), among Summit JV MR 1, LLC, a Delaware limited
liability company (the “Borrower”), Summit Hospitality JV, L.P., certain Subsidiaries from time to time
party thereto, as Guarantors, the banks, financial institutions and other institutional lenders listed on the signature pages thereof
as the initial lenders, and Bank of America, N.A., as Administrative Agent.

 

Pursuant to the provisions
of Section 2.12(g) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the
Advance(s) (as well as any Note(s) evidencing such Advance(s)) in respect of which it is providing this certificate, (ii) its direct
or indirect partners/members are the sole beneficial owners of such Advance(s) (as well as any Note(s) evidencing such Advance(s)),
(iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned
nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the
ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect
partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none
of its direct or indirect partners/members is 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 IRS Form W-8IMY accompanied by one of the following forms from each of
its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN-E (or W-8BEN, as applicable) or
(ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN-E (or W-8BEN, as applicable) from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative
Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed
and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either
of the two calendar years preceding such payments.

 

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]

 

	By: _______________________
	Name: [Type Signatory Name]
	Title: [Type Signatory Title]
	Date: ________ __, 20[   ]

 

    Exh. F-4-1

     

    

 

EXHIBIT G to the

CREDIT AGREEMENT

 

FORM OF

NOTICE OF LOAN PREPAYMENT

 

NOTICE OF LOAN PREPAYMENT

  

Date: ___________, _____14

	To:	Bank of America, N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to
that certain Credit Agreement, dated as of October 8, 2019 (as amended, restated, extended, supplemented or otherwise modified
in writing from time to time, the “Credit Agreement”), among Summit JV MR 1, LLC, a Delaware limited
liability company (the “Borrower”), Summit Hospitality JV, L.P., certain Subsidiaries from time to time
party thereto, as Guarantors, the banks, financial institutions and other institutional lenders listed on the signature pages thereof
as the initial lenders, and Bank of America, N.A., as Administrative Agent.

 

The Borrower hereby requests to prepay15:

 

[Revolving Facility] [Term Loan Facility]

 

	Indicate: 

Requested 

Amount	
        Indicate: 

        Base Rate 

        Advance or

        Eurodollar Rate 

        Advance or

        LIBOR Floating 

Rate Loan
	
        For Eurodollar

        Rate Loans 

        Indicate: 

        Interest Period

        (1, 2, 3 or 6 months)

	 	 	 
	 	 	 
	 	 	 

 

 

14
Note to Borrower. All prepayments submitted under a single Notice of Loan Prepayment must be effective on the same date.
If multiple effective dates are needed, multiple Notice of Loan Prepayment will need to be prepared and signed.

 

15
Note to Borrower. Complete a new row for each Advance being prepaid.

 

    Exh. G-1Exhibit 10.1

  

SECURITIES PURCHASE AGREEMENT

 

THIS SECURITIES
PURCHASE AGREEMENT (this “Agreement”), dated as of October 11, 2019, is between Q BIOMED INC., a
company incorporated under the laws of the State of Nevada, with headquarters located at 366 Madison
Ave, 3rd Floor, New York, NY, 10022 (the “Company”), and each of the investors listed on the
Schedule of Buyers attached hereto (individually, a “Buyer” and collectively the “Buyers”).

 

WITNESSETH

 

WHEREAS, the
Company and each Buyer desire to enter into this transaction for the Company to sell and the Buyers to purchase the Convertible
Debentures (as defined below) pursuant to an exemption from registration pursuant to Section 4(2) and/or Rule 506 of Regulation
D (“Regulation D”) as promulgated by the U.S. Securities and Exchange Commission (the “SEC”)
under the Securities Act of 1933, as amended (the “Securities Act”);

 

WHEREAS, the
parties desire that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell to the Buyer(s),
as provided herein, and the Buyer(s) shall purchase convertible debentures in the principal amount of up to $750,000 in the form
attached hereto as “Exhibit A” (the “Convertible Debentures”), which shall be convertible
into shares of the Company’s common stock, par value $0.001 (the “Common Stock”) (as converted, the “Conversion
Shares”), of which $500,000 shall be purchased upon the signing this agreement (the “First Closing”),
and $250,000 shall be purchased on or about the date 30 days after the date hereof (the “Second Closing”) (individually
referred to as a “Closing” and collectively referred to as the “Closings”), for a total purchase
price of up to $750,000 (the “Purchase Price”) in the respective amounts set forth opposite each Buyer(s) name
on Schedule I (the “Subscription Amount”);

 

WHEREAS, the
Convertible Debentures and the Conversion Shares are collectively referred to herein as the “Securities.”

 

AGREEMENT

  

NOW, THEREFORE,
in consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and each Buyer hereby agree as follows:

 

		1.	PURCHASE AND SALE OF CONVERTIBLE DEBENTURES.

 

(a)           
Purchase of Convertible Debentures. Subject to the satisfaction (or waiver) of the conditions set forth in Sections
6 and 7 below, the Company shall issue and sell to each Buyer, and each Buyer severally, but not jointly, agrees to purchase from
the Company at each Closing the Convertible Debentures in amounts corresponding with the Subscription Amount set forth opposite
each Buyer’s name on Schedule of Buyers attached as Schedule I hereto.

 

    

     

    

 

(b)           
Closing Date. Each Closing of the purchase of Convertible Debentures by the Buyers shall occur at the offices Yorkville
Advisors Global, LP, 1012 Springfield Avenue, Mountainside, NJ 07092. The date and time of each Closing shall be as follows: (i)
the First Closing shall be 10:00 a.m., New York time, on the first (1st) Business Day on which the conditions to the Closing set
forth in Sections 6 and 7 below are satisfied or waived (or such other date as is mutually agreed to by the Company and each Buyer)
(the “First Closing Date”), and (ii) the Second Closing shall be 10:00 a.m., New York time, on the first (1st)
Business Day on the date that is 30 days from the date hereof provided that the conditions to the Closing set forth in Sections
6 and 7 below are satisfied or waived (or such other date as is mutually agreed to by the Company and each Buyer) (the “Second
Closing Date” and collectively along with the First Closing Date, the “Closing Dates”). As used herein
 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York,
New York are authorized or required by law to remain closed.

 

(c)            
Form of Payment; Deliveries. Subject to the satisfaction of the terms and conditions of this Agreement, on
the Closing Dates, (i) the Buyers shall deliver to the Company such aggregate proceeds for the Convertible Debentures to be issued
and sold to such Buyer at such Closing, minus the fees to be paid directly from the proceeds of such Closing as set forth herein,
and (ii) the Company shall deliver to each Buyer, Convertible Debentures which such Buyer is purchasing at such Closing in
amounts indicated opposite such Buyer’s name on Schedule I, duly executed on behalf of the Company.

 

		2.	BUYER’S REPRESENTATIONS AND WARRANTIES.

 

Each Buyer, severally
and not jointly, represents and warrants to the Company with respect to only itself that, as of the date hereof and as of the First
Closing Date and the Second Closing Date:

 

(a)            
Investment Purpose. The Buyer is acquiring the Securities for its own account for investment only and not with a
view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered or
exempted under the Securities Act; provided, however, that by making the representations herein, such Buyer reserves the right
to dispose of the Securities at any time in accordance with or pursuant to an effective registration statement covering such Securities
or an available exemption under the Securities Act. Such Buyer does not presently have any agreement or understanding, directly
or indirectly, with any Person to distribute any of the Securities.

 

(b)             Accredited Investor Status. The Buyer is an “Accredited Investor” as that term is defined in Rule 501(a)(3)
of Regulation D.

 

(c)           
Reliance on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance on
specific exemptions from the registration requirements of United States federal and state securities laws and that the Company
is relying in part upon the truth and accuracy of, and such Buyer’s compliance with, the representations, warranties, agreements,
acknowledgments and understandings of such Buyer set forth herein in order to determine the availability of such exemptions and
the eligibility of such Buyer to acquire the Securities.

 

    2

     

    

 

(d)           
Information. The Buyer and its advisors (and his or, its counsel), if any, have been furnished with all materials
relating to the business, finances and operations of the Company and information he deemed material to making an informed investment
decision regarding his purchase of the Securities, which have been requested by such Buyer. The Buyer and its advisors, if any,
have been afforded the opportunity to ask questions of the Company and its management. Neither such inquiries nor any other due
diligence investigations conducted by such Buyer or its advisors, if any, or its representatives shall modify, amend or affect
such Buyer’s right to rely on the Company’s representations and warranties contained in Section 3 below. The Buyer
understands that its investment in the Securities involves a high degree of risk. The Buyer has sought such accounting, legal
and tax advice, as it has considered necessary to make an informed investment decision with respect to its acquisition of the
Securities.

 

(e)           
Transfer or Resale. The Buyer understands that: (i) the Securities have not been registered under the Securities
Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (A) subsequently registered
thereunder, (B) such Buyer shall have delivered to the Company an opinion of counsel, in a generally acceptable form, to the effect
that such Securities to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such
registration requirements, or (C) such Buyer provides the Company with reasonable assurances (in the form of seller and broker
representation letters) that such Securities can be sold, assigned or transferred pursuant to Rule 144 promulgated under the Securities
Act, as amended (or a successor rule thereto) (collectively, “Rule 144”), in each case following the applicable
holding period set forth therein; and (ii) any sale of the Securities made in reliance on Rule 144 may be made only in accordance
with the terms of Rule 144 and further, if Rule 144 is not applicable, any resale of the Securities under circumstances in which
the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the
Securities Act) may require compliance with some other exemption under the Securities Act or the rules and regulations of the
SEC thereunder.

 

(f)            
Legends. The Buyer agrees to the imprinting, so long as its required by this Section 2(f), of a restrictive legend
on the Securities in substantially the following form:

 

THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES
HAVE BEEN ACQUIRED SOLELY FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TOWARD RESALE AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED
OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED
UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS.

 

    3

     

    

 

Certificates evidencing the Conversion
Shares shall not contain any legend (including the legend set forth above), (i) while a registration statement covering the resale
of such security is effective under the Securities Act, (ii) following any sale of such Conversion Shares pursuant to Rule 144,
(iii) if such Conversion Shares are eligible for sale under Rule 144, or (iv) if such legend is not required under applicable requirements
of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the SEC). The Buyer agrees
that the removal of restrictive legend from certificates representing Securities as set forth in this Section 3(f) is predicated
upon the Company’s reliance that the buyer will sell any Securities pursuant to either the registration requirements of the
Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if Securities are
sold pursuant to a registration statement, they will be sold in compliance with the plan of distribution set forth therein.

 

(g)           
Organization; Authority. Such Buyer is an entity duly organized, validly existing and in good standing under
the laws of the jurisdiction of its organization with the requisite power and authority to enter into and to consummate the transactions
contemplated by the Transaction Documents (as defined below) to which it is a party and otherwise to carry out its obligations
hereunder and thereunder.

 

(h)           
Authorization, Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf
of such Buyer and shall constitute the legal, valid and binding obligations of such Buyer enforceable against such Buyer in accordance
with its terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable
creditors' rights and remedies.

 

(i)            
No Conflicts. The execution, delivery and performance by such Buyer of this Agreement and the consummation by such
Buyer of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of such Buyer,
(ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under,
or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which such Buyer is a party or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including
federal and state securities laws) applicable to such Buyer, except, in the case of clauses (ii) and (iii) above, for such conflicts,
defaults, rights or violations which could not, individually or in the aggregate, reasonably be expected to have a material adverse
effect on the ability of such Buyer to perform its obligations hereunder.

 

(j)           
Certain Trading Activities. The Buyer hereby agrees that it shall not directly or indirectly, engage in any Short
Sales involving the Company’s securities during the period commencing on the date hereof and ending when no Convertible
Debentures remain outstanding. "Short Sales" means all "short sales" as defined in Rule 200 promulgated under
Regulation SHO under the 1934 Act (as defined below). The Buyer is aware that Short Sales and other hedging activities may be
subject to applicable federal and state securities laws, rules and regulations and the Buyer acknowledges that the responsibility
of compliance with any such federal or state securities laws, rules and regulations is solely the responsibility of the Buyer.

 

    4

     

    

 

		3.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

Except as set forth
under the corresponding section of the Disclosure Schedules which Disclosure Schedules shall be deemed a part hereof and to qualify
any representation or warranty otherwise made herein to the extent of such disclosure, the Company hereby makes the representations
and warranties set forth below to the Buyer as of the First Closing Date and the Second Closing Date:

 

(a)           
Organization and Qualification. The Company and each of its Subsidiaries are entities duly formed, validly existing
and in good standing under the laws of the jurisdiction in which they are formed, and have the requisite power and authority to
own their properties and to carry on their business as now being conducted and as presently proposed to be conducted. The Company
and each of its Subsidiaries is duly qualified as a foreign entity to do business and is in good standing in every jurisdiction
in which its ownership of property or the nature of the business conducted by it makes such qualification necessary, except to
the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a Material Adverse
Effect (as defined below). As used in this Agreement, “Material Adverse Effect” means any material adverse
effect on (i) the business, properties, assets, liabilities, operations (including results thereof), condition (financial or otherwise)
or prospects of the Company and its Subsidiary, taken as a whole, (ii) the transactions contemplated hereby or in any of the other
Transaction Documents or any other agreements or instruments to be entered into by the Company in connection herewith or therewith
or (iii) the authority or ability of the Company to perform any of its obligations under any of the Transaction Documents (as
defined below). “Subsidiaries” means any Person in which the Company, directly or indirectly, owns a majority
of the outstanding capital stock having voting power or holds a majority of the equity or similar interest of such Person, and
each of the foregoing, is individually referred to herein as a “Subsidiary”.

 

(b)           
Authorization; Enforcement; Validity. The Company has the requisite power and authority to enter into
and perform its obligations under this Agreement and the other Transaction Documents and to issue the Securities in accordance
with the terms hereof and thereof. The execution and delivery of this Agreement and the other Transaction Documents by the Company
and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance
of the Convertible Debentures, the reservation for issuance and issuance of the Conversion Shares issuable upon conversion of
the Convertible Debentures, have been duly authorized by the Company's board of directors and no further filing, consent or authorization
is required by the Company, its board of directors or its stockholders or other governmental body. This Agreement has been, and
the other Transaction Documents to which the Company is a party will be prior to the Closing, duly executed and delivered by the
Company, and each constitutes the legal, valid and binding obligations of the Company, enforceable against the Company in accordance
with its respective terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable
creditors' rights and remedies and except as rights to indemnification and to contribution may be limited by federal or state
securities law. “Transaction Documents” means, collectively, this Agreement, the Convertible Debentures, and
each of the other agreements and instruments entered into by the Company or delivered by the Company in connection with the transactions
contemplated hereby and thereby, as may be amended from time to time.

 

    5

     

    

 

(c)            
Issuance of Securities. The issuance of the Convertible Debentures are duly authorized and, upon issuance and payment
in accordance with the terms of the Transaction Documents the Convertible Debentures shall be validly issued, fully paid and non-assessable
and free from all preemptive or similar rights, mortgages, defects, claims, liens, pledges, charges, taxes, rights of first refusal,
encumbrances, security interests and other encumbrances (collectively “Liens”) with respect to the issuance
thereof. As of the Closing Date, the Company shall have reserved from its duly authorized capital stock not less than (i) 300%
of the maximum number of shares of Common Stock issuable upon conversion of all Convertible Debentures (assuming for purposes
hereof that (x) such Convertible Debentures are convertible at the Conversion Price (as defined therein) as of the date of determination,
(y) any such conversion shall not take into account any limitations on the conversion of the Convertible Debentures set forth
therein, including the Floor Price). Upon issuance or conversion in accordance with the Convertible Debentures, the Conversion
Shares, when issued, will be validly issued, fully paid and nonassessable and free from all preemptive or similar rights or Liens
with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder of Common Stock.

 

(d)             No
Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the
Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Convertible Debentures,
the Conversion Shares, and the reservation for issuance of the Conversion Shares) will not (i) result in a violation of the Articles
of Incorporation (as defined below), Bylaws (as defined below), certificate of formation, memorandum of association, articles
of association, bylaws or other organizational documents of the Company or any of its Subsidiaries, or any capital stock or other
securities of the Company or any of its Subsidiaries, (ii) conflict with, or constitute a default under, or give to others any
rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company
or any of its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree
(including, without limitation, U.S. federal and state securities laws and regulations, the securities laws of the jurisdictions
of the Company's incorporation or in which it or its subsidiaries operate and the rules and regulations of the OTC QB (the “Principal
Market”) and including all applicable laws, rules and regulations of the State of Nevada) applicable to the Company
or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected, except
in the case of (ii) and (iii) for any conflict, default, right or violation that would not reasonably be expected to result in
a Material Adverse Effect.

 

    6

     

    

 

(e)            
Consents. The Company is not required to obtain any material consent from, authorization or order of, or make any
filing or registration with (other than any filings as may be required by any state securities agencies and any filings as may
be required by the Principal Market), any Governmental Entity (as defined below) or any regulatory or self-regulatory agency or
any other Person in order for it to execute, deliver or perform any of its obligations under or contemplated by the Transaction
Documents, in each case, in accordance with the terms hereof or thereof. All consents, authorizations, orders, filings and registrations
which the Company or any Subsidiary is required to obtain pursuant to the preceding sentence have been or will be obtained or
effected on or prior to the Closing Dates, and neither the Company nor any of its Subsidiaries are aware of any facts or circumstances
which might prevent the Company or any of its Subsidiaries from obtaining or effecting any of the registration, application or
filings contemplated by the Transaction Documents. The Company is not in violation of the requirements of the Principal Market
and has no knowledge of any facts or circumstances which could reasonably lead to delisting or suspension of the Common Stock
in the foreseeable future. The Company has notified the Principal Market of the issuance of all of the Securities hereunder, which
does not require obtaining the approval of the stockholders of the Company or any other Person or Governmental Entity, and the
Principal Market has completed its review of the related Listing of Additional Share form. “Governmental Entity”
means any nation, state, county, city, town, village, district, or other political jurisdiction of any nature, federal, state,
local, municipal, foreign, or other government, governmental or quasi-governmental authority of any nature (including any governmental
agency, branch, department, official, or entity and any court or other tribunal), multi-national organization or body; or
body exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory, or taxing
authority or power of any nature or instrumentality of any of the foregoing, including any entity or enterprise owned or controlled
by a government or a public international organization or any of the foregoing.

 

(f)            
Acknowledgment Regarding Buyer's Purchase of Securities. The Company acknowledges and agrees that each Buyer is
acting solely in the capacity of an arm's length purchaser with respect to the Transaction Documents and the transactions contemplated
hereby and thereby and that no Buyer is (i) an officer or director of the Company or any of its Subsidiaries, (ii) to its knowledge,
an "affiliate" (as defined in Rule 144 promulgated under the 1933 Act (or a successor rule thereto) (collectively, “Rule
144”)) of the Company or any of its Subsidiaries or (iii) to its knowledge, a “beneficial owner” of more
than 10% of the shares of Common Stock (as defined for purposes of Rule 13d-3 of the 1934 Act). The Company further acknowledges
that no Buyer is acting as a financial advisor or fiduciary of the Company or any of its Subsidiaries (or in any similar capacity)
with respect to the Transaction Documents and the transactions contemplated hereby and thereby, and any advice given by a Buyer
or any of its representatives or agents in connection with the Transaction Documents and the transactions contemplated hereby
and thereby is merely incidental to such Buyer's purchase of the Securities. The Company further represents to each Buyer that
the Company's decision to enter into the Transaction Documents to which it is a party has been based solely on the independent
evaluation by the Company and its representatives.

 

    7

     

    

 

(g)           
No Integrated Offering. None of the Company, its Subsidiaries or any of their affiliates, nor any Person acting
on their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security,
under circumstances that would cause this offering of the Securities to require approval of stockholders of the Company under
any applicable stockholder approval provisions, including, without limitation, under the rules and regulations of any exchange
or automated quotation system on which any of the securities of the Company are listed or designated for quotation. None of the
Company, its Subsidiaries, their affiliates nor any Person acting on their behalf will take any action or steps that would cause
the offering of any of the Securities to be integrated with other offerings of securities of the Company.

 

(h)           
Dilutive Effect. The Company understands and acknowledges that the number of Conversion Shares will increase in
certain circumstances. The Company further acknowledges its obligation to issue the Conversion Shares upon conversion of the Convertible
Debentures in accordance with this Agreement and the Convertible Debentures is, absolute and unconditional regardless of the dilutive
effect that such issuance may have on the ownership interests of other stockholders of the Company.

 

(i)            
Application of Takeover Protections; Rights Agreement. The Company and its board of directors have taken all
necessary action, if any, in order to render inapplicable any control share acquisition, interested stockholder, business combination,
poison pill (including, without limitation, any distribution under a rights agreement), stockholder rights plan or other similar
anti-takeover provision under the Articles of Incorporation, Bylaws or other organizational documents or the laws of the jurisdiction
of its incorporation or otherwise which is or could become applicable to any Buyer as a result of the transactions contemplated
by this Agreement, including, without limitation, the Company's issuance of the Securities and any Buyer's ownership of the Securities.

 

    8

     

    

 

(j)            
 SEC Documents; Financial Statements. During the two (2) years prior to the date hereof, the Company has timely
filed all reports, schedules, forms, proxy statements, statements and other documents required to be filed by it with the SEC
pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “1934 Act”)
(all of the foregoing filed prior to the date hereof and all exhibits and appendices included therein and financial statements,
notes and schedules thereto and documents incorporated by reference therein being hereinafter referred to as the “SEC
Documents”). The Company has delivered or has made available to the Buyers or their respective representatives true,
correct and complete copies of each of the SEC Documents not available on the EDGAR system. As of their respective dates, the
SEC Documents complied in all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC
promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC,
contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. As of their
respective dates, the financial statements of the Company included in the SEC Documents complied in all material respects with
applicable accounting requirements and the published rules and regulations of the SEC with respect thereto as in effect as of
the time of filing. Such financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”),
consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial statements or the
notes thereto, or (ii) in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed
or summary statements) and fairly present in all material respects the financial position of the Company as of the dates thereof
and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to
normal year-end audit adjustments which will not be material, either individually or in the aggregate). The reserves, if any, established
by the Company or the lack of reserves, if applicable, are reasonable based upon facts and circumstances known by the Company
on the date hereof and there are no loss contingencies that are required to be accrued by the Statement of Financial Accounting
Standard No. 5 of the Financial Accounting Standards Board which are not provided for by the Company in its financial statements
or otherwise. No other information provided by or on behalf of the Company to any of the Buyers which is not included in the SEC
Documents (including, without limitation, information in the disclosure schedules to this Agreement) contains any untrue statement
of a material fact or omits to state any material fact necessary in order to make the statements therein not misleading, in the
light of the circumstance under which they are or were made. The Company is not currently contemplating to amend or restate any
of the financial statements (including, without limitation, any notes or any letter of the independent accountants of the Company
with respect thereto) included in the SEC Documents (the “Financial Statements”), nor is the Company currently
aware of facts or circumstances which would require the Company to amend or restate any of the Financial Statements, in each case,
in order for any of the Financials Statements to be in compliance with GAAP and the rules and regulations of the SEC. The Company
has not been informed by its independent accountants that they recommend that the Company amend or restate any of the Financial
Statements or that there is any need for the Company to amend or restate any of the Financial Statements.

 

    9

     

    

 

(k)            
Absence of Certain Changes. Since the date of the Company's most recent audited financial statements contained in
a Form 10-K, there has been no material adverse change and no material adverse development in the business, assets, liabilities,
properties, operations (including results thereof), condition (financial or otherwise) or prospects of the Company or any of its
Subsidiaries. Since the date of the Company's most recent audited financial statements contained in a Form 10-K, neither the Company
nor any of its Subsidiaries has (i) declared or paid any dividends, (ii) sold any material assets, individually or in the aggregate,
outside of the ordinary course of business or (iii) made any material capital expenditures, individually or in the aggregate,
outside of the ordinary course of business. Neither the Company nor any of its Subsidiaries has taken any steps to seek protection
pursuant to any law or statute relating to bankruptcy, insolvency, reorganization, receivership, liquidation or winding up, nor
does the Company or any Subsidiary have any knowledge or reason to believe that any of their respective creditors intend to initiate
involuntary bankruptcy proceedings or any actual knowledge of any fact which would reasonably lead a creditor to do so.

 

(l)             
No Undisclosed Events, Liabilities, Developments or Circumstances. No event, liability, development or circumstance
has occurred or exists, or is reasonably expected to exist or occur specific to the Company, any of its Subsidiaries or any of
their respective businesses, properties, liabilities, prospects, operations (including results thereof) or condition (financial
or otherwise), that has not been publicly disclosed and would reasonably be expected to have a Material Adverse Effect.

 

(m)          
Conduct of Business; Regulatory Permits. Neither the Company nor any of its Subsidiaries is in violation of
any term under its Articles of Incorporation, any certificate of designation, preferences or rights of any other outstanding series
of preferred stock of the Company or any of its Subsidiaries or Bylaws or their organizational charter, certificate of formation,
memorandum of association, articles of association, Articles of Incorporation or certificate of incorporation or bylaws, respectively.
Neither the Company nor any of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule
or regulation applicable to the Company or any of its Subsidiaries, and neither the Company nor any of its Subsidiaries will conduct
its business in violation of any of the foregoing, except in all cases for violations which would not reasonably be expected to
have a Material Adverse Effect. Without limiting the generality of the foregoing, the Company is not in violation of any of the
rules, regulations or requirements of the Principal Market and has no knowledge of any facts or circumstances that could reasonably
lead to delisting or suspension of the Common Stock by the Principal Market in the foreseeable future. During the one year prior
to the date hereof, (i) the Common Stock has been listed or designated for quotation on the Principal Market, (ii) trading in
the Common Stock has not been suspended by the SEC or the Principal Market and (iii) the Company has received no communication,
written or oral, from the SEC or the Principal Market regarding the suspension or delisting of the Common Stock from the Principal
Market, which has not been publicly disclosed. The Company and each of its Subsidiaries possess all certificates, authorizations
and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the
failure to possess such certificates, authorizations or permits would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, and neither the Company nor any of its Subsidiaries has received any notice of proceedings
relating to the revocation or modification of any such certificate, authorization or permit. There is no agreement, commitment,
judgment, injunction, order or decree binding upon the Company or any of its Subsidiaries or to which the Company or any of its
Subsidiaries is a party which has or would reasonably be expected to have the effect of prohibiting or materially impairing any
business practice of the Company or any of its Subsidiaries, any acquisition of property by the Company or any of its Subsidiaries
or the conduct of business by the Company or any of its Subsidiaries as currently conducted other than such effects, individually
or in the aggregate, which have not had and would not reasonably be expected to have a Material Adverse Effect on the Company
or any of its Subsidiaries.

 

    10

     

    

 

(n)            
Foreign Corrupt Practices. Neither the Company nor any of its Subsidiaries nor any director, officer, agent, employee,
nor any other person acting for or on behalf of the Company or any of its Subsidiaries (individually and collectively, a “Company
Affiliate”) have violated the U.S. Foreign Corrupt Practices Act (the “FCPA) or any other applicable anti-bribery
or anti- corruption laws, nor has any Company Affiliate offered, paid, promised to pay, or authorized the payment of any money,
or offered, given, promised to give, or authorized the giving of anything of value, to any officer, employee or any other person
acting in an official capacity for any Governmental Entity to any political party or official thereof or to any candidate for
political office (individually and collectively, a “Government Official”) or to any person under circumstances
where such Company Affiliate knew or was aware of a high probability that all or a portion of such money or thing of value would
be offered, given or promised, directly or indirectly, to any Government Official, for the purpose, in violation of applicable
law, of: (i) (A) influencing any act or decision of such Government Official in his/her official capacity, (B) inducing such Government
Official to do or omit to do any act in violation of his/her lawful duty, (C) securing any improper advantage, or (D) inducing
such Government Official to influence or affect any act or decision of any Governmental Entity, or (ii) assisting the Company
or its Subsidiaries in obtaining or retaining business for or with, or directing business to, the Company or its Subsidiaries.

 

(o)            
Equity Capitalization.

 

(i)          
Definitions:

 

(A)            
“Common Stock” means (x) the Company's shares of common stock, par value $0.001 per share, and (y) any
capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification of such
common stock.

 

(B)             
“Preferred Stock” means (x) the Company's blank check preferred stock, par value $0.001 per share, the
terms of which may be designated by the board of directors of the Company in a statement of designations and (y) any capital stock
into which such preferred stock shall have been changed or any share capital resulting from a reclassification of such preferred
stock (other than a conversion of such preferred stock into Common Stock in accordance with the terms of such Certificate of Designations).

 

(ii)         
Authorized and Outstanding Capital Stock. As of the date hereof, the authorized capital stock of the Company consists
of (A) 250,000,000 shares of Common Stock, of which, 16,720,871 are issued and outstanding and (B) 100,000,000 shares of Preferred
Stock, none of which are issued and outstanding.

 

(iii)        
Valid Issuance; Available Shares. All of such outstanding shares are duly authorized and have been validly
issued and are fully paid and nonassessable.

 

    11

     

    

 

(iv)        
Existing Securities; Obligations. Except as disclosed in the SEC Documents: (A) none of the Company's or any
Subsidiary's shares, interests or capital stock is subject to preemptive rights or any other similar rights or Liens suffered
or permitted by the Company or any Subsidiary; (B) there are no outstanding options, warrants, scrip, rights to subscribe
to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, or exercisable or
exchangeable for, any shares, interests or capital stock of the Company or any of its Subsidiaries, or contracts, commitments,
understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to issue additional shares,
interests or capital stock of the Company or any of its Subsidiaries or options, warrants, scrip, rights to subscribe to, calls
or commitments of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable
for, any shares, interests or capital stock of the Company or any of its Subsidiaries; (C) there are no agreements or arrangements
under which the Company or any of its Subsidiaries is obligated to register the sale of any of their securities under the 1933
Act (except pursuant to this Agreement); (D) there are no outstanding securities or instruments of the Company or any of
its Subsidiaries which contain any redemption or similar provisions, and there are no contracts, commitments, understandings or
arrangements by which the Company or any of its Subsidiaries is or may become bound to redeem a security of the Company or any
of its Subsidiaries; (E) there are no securities or instruments containing anti-dilution or similar provisions that will be
triggered by the issuance of the Securities; and (G) neither the Company nor any Subsidiary has any stock appreciation rights
or "phantom stock" plans or agreements or any similar plan or agreement.

 

(v)         
Organizational Documents. The Company has furnished to the Buyers or filed on EDGAR true, correct and complete copies
of the Company's Articles of Incorporation, as amended and as in effect on the date hereof (the “Articles of Incorporation”),
and the Company's bylaws, as amended and as in effect on the date hereof (the “Bylaws”), and the terms of all
Convertible Securities and the material rights of the holders thereof in respect thereto.

 

(p)           
Litigation. Except as disclosed in the SEC Documents, there is no action, suit, arbitration, proceeding, inquiry
or investigation before or by the Principal Market, any court, public board, other Governmental Entity, self-regulatory organization
or body pending or, to the knowledge of the Company, threatened against or affecting the Company or any of its Subsidiaries, the
Common Stock or any of the Company's or its Subsidiaries' officers or directors, whether of a civil or criminal nature or otherwise,
in their capacities as such, which would reasonably be expected to result in a Material Adverse Effect. After reasonable inquiry
of its employees, the Company is not aware of any event which might result in or form the basis for any such action, suit, arbitration,
investigation, inquiry or other proceeding. Without limitation of the foregoing, there has not been, and to the knowledge of the
Company, there is not pending or contemplated, any investigation by the SEC involving the Company, any of its Subsidiaries or
any current or former director or officer of the Company or any of its Subsidiaries. Neither the Company nor any of its Subsidiaries
is the subject of any order, writ, judgment, injunction, decree, determination or award of any Governmental Entity that would
reasonably be expected to result in a Material Adverse Effect.

 

    12

     

    

 

(q)            Insurance.
The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and
risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company
and its Subsidiaries are engaged. In accordance with the previous sentence, the Company currently maintains no insurance policies.
Neither the Company nor any such Subsidiary has been refused any insurance coverage sought or applied for, and neither the Company
nor any such Subsidiary has any reason to believe that it will be unable to renew its existing insurance coverage as and when
such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost
that would not have a Material Adverse Effect.

 

(r)             Manipulation
of Price. Neither the Company nor any of its Subsidiaries has, and, to the knowledge of the Company, no Person acting on their
behalf has, directly or indirectly, (i) taken any action designed to cause or to result in the stabilization or manipulation of
the price of any security of the Company or any of its Subsidiaries to facilitate the sale or resale of any of the Securities,
(ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed
to pay to any Person any compensation for soliciting another to purchase any other securities of the Company or any of its Subsidiaries.

 

(s)             Registration
Eligibility. The Company is eligible to register the resale of the Conversion Shares by the Buyers using Form S-1 promulgated
under the 1933 Act.

 

(t)             Shell
Company Status. The Company is not, but was until January 8, 2016, an issuer identified in, or subject to, Rule 144(i).

 

(u)          Money
Laundering. The Company and its Subsidiaries are in compliance with, and have not previously violated, the USA Patriot Act
of 2001 and all other applicable U.S. and non-U.S. anti-money laundering laws and regulations, including, but not limited to, the
laws, regulations and Executive Orders and sanctions programs (“Sanctions Programs”) administered by the U.S.
Office of Foreign Assets Control (“OFAC”), including, without limitation, (i) Executive Order 13224 of September
23, 2001 entitled, "Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support
Terrorism" (66 Fed. Reg. 49079 (2001)); and any regulations contained in 31 CFR, Subtitle B, Chapter V.

 

    	 	13	 

     

    

 

(v)            Disclosure.
The Company confirms that neither it nor any other Person acting on its behalf has provided any of the Buyers or their agents
or counsel with any information that constitutes or could reasonably be expected to constitute material, non-public information
concerning the Company or any of its Subsidiaries, other than the existence of the transactions contemplated by this Agreement
and the other Transaction Documents. The Company understands and confirms that each of the Buyers will rely on the foregoing representations
in effecting transactions in securities of the Company. All disclosure provided to the Buyers regarding the Company and its Subsidiaries,
their businesses and the transactions contemplated hereby, including the schedules to this Agreement, furnished by or on behalf
of the Company or any of its Subsidiaries, taken as a whole, is true and correct and does not contain any untrue statement of
a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the
circumstances under which they were made, not misleading. All of the written information furnished after the date hereof by or
on behalf of the Company or any of its Subsidiaries to each Buyer pursuant to or in connection with this Agreement and the other
Transaction Documents, taken as a whole, will be true and correct in all material respects as of the date on which such information
is so provided and will not contain any untrue statement of a material fact or omit to state any material fact necessary in order
to make the statements made therein, in the light of the circumstances under which they were made, not misleading. No event or
circumstance has occurred or information exists with respect to the Company or any of its Subsidiaries or its or their business,
properties, liabilities, prospects, operations (including results thereof) or conditions (financial or otherwise), which, under
applicable law, rule or regulation, requires public disclosure at or before the date hereof or announcement by the Company but
which has not been so publicly disclosed. All financial projections and forecasts that have been prepared by or on behalf of the
Company or any of its Subsidiaries and made available to the Buyers have been prepared in good faith based upon reasonable assumptions
and represented, at the time each such financial projection or forecast was delivered to each Buyer, the Company's best estimate
of future financial performance (it being recognized that such financial projections or forecasts are not to be viewed as facts
and that the actual results during the period or periods covered by any such financial projections or forecasts may differ from
the projected or forecasted results). The Company acknowledges and agrees that no Buyer makes or has made any representations
or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 2.

 

(w)            No
General Solicitation. Neither the Company, nor any of its affiliates, nor any Person acting on its or their behalf, has engaged
in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities Act) in connection
with the offer or sale of the Securities.

 

(x)            Private
Placement. Assuming the accuracy of the Buyers’ representations and warranties set forth in Section 2, no registration
under the Securities Act is required for the offer and sale of the Securities by the Company to the Buyers as contemplated hereby.
The issuance and sale of the Securities hereunder does not contravene the rules and regulations of the Primary Market.

 

		4.	COVENANTS.

 

(a)           Reporting
Status. Until the date on which the Buyers shall have sold all of the Underlying Securities, as defined below, (the “Reporting
Period”), the Company shall timely file all reports required to be filed with the SEC pursuant to the 1934 Act, and
the Company shall not terminate its status as an issuer required to file reports under the 1934 Act even if the 1934 Act or the
rules and regulations thereunder would no longer require or otherwise permit such termination.

 

    	 	14	 

     

    

 

(b)          Use of Proceeds. The Company will use the proceeds from the sale of the Securities hereunder for working capital
and other general corporate purposes. Neither the Company nor any Subsidiary will, directly or indirectly, use the proceeds of
the transactions contemplated herein, or lend, contribute, facilitate or otherwise make available such proceeds to any Person
(i) to fund, either directly or indirectly, any activities or business of or with any Person that is identified on the list of
Specially Designated Nationals and Blocker Persons maintained by OFAC, or in any country or territory, that, at the time of such
funding, is, or whose government is, the subject of Sanctions Programs, or (ii) in any other manner that will result in a violation
of Sanctions Programs.

 

(c)           Listing. The Company shall promptly secure the listing or designation for quotation (as the case may be) of all of
the Underlying Securities (as defined below) upon each national securities exchange and automated quotation system, if any, upon
which the Common Stock is then listed or designated for quotation (as the case may be) (subject to official notice of issuance)
and shall maintain such listing or designation for quotation (as the case may be) of all Underlying Securities from time to time
issuable under the terms of the Transaction Documents on such national securities exchange or automated quotation system. The Company
shall maintain the Common Stock’s listing or authorization for quotation (as the case may be) on the Principal Market, The
New York Stock Exchange, the NYSE MKT, the Nasdaq Global Market, the Nasdaq Global Select Market, the OTCQX or the OTCQB (each,
an “Eligible Market”). Neither the Company nor any of its Subsidiaries shall take any action which could be
reasonably expected to result in the delisting or suspension of the Common Stock on an Eligible Market. The Company shall pay all
fees and expenses in connection with satisfying its obligations under this Section 4(i). “Underlying Securities”
means the (i) the Conversion Shares, and (ii) any common stock of the Company issued or issuable with respect to the Conversion
Shares, including, without limitation, (1) as a result of any stock split, stock dividend, recapitalization, exchange or similar
event or otherwise and (2) shares of capital stock of the Company into which the shares of Common Stock are converted or exchanged
without regard to any limitations on conversion of the Convertible Debentures.

 

(d)          Fees.
The Company shall pay to YA Global II SPV, LLC, an affiliate of the lead Buyer (the “Subsidiary Fund”) a monitoring
fee in the amount of 2.5% of the Purchase Price of each Closing (collectively, the “Monitoring Fees”) as compensation
for the monitoring and managing of the purchase and investments made by the Buyers described.

 

(e)           Pledge of Securities. Notwithstanding anything to the contrary contained in this Agreement, the Company acknowledges
and agrees that the Securities may be pledged by an Investor in connection with a bona fide margin agreement or other loan or financing
arrangement that is secured by the Securities. The pledge of Securities shall not be deemed to be a transfer, sale or assignment
of the Securities hereunder, and no Investor effecting a pledge of Securities shall be required to provide the Company with any
notice thereof or otherwise make any delivery to the Company pursuant to this Agreement or any other Transaction Document. The
Company hereby agrees to execute and deliver such documentation as a pledgee of the Securities may reasonably request in connection
with a pledge of the Securities to such pledgee by a Buyer.

 

    	 	15	 

     

    

 

(f)           Disclosure
of Transactions and Other Material Information. The Company shall, on or before 9:30 a.m., New York time, on the first (1st)
Business Day after the date of this Agreement, issue a press release (the “Press Release”) reasonably acceptable
to the Buyers disclosing all the material terms of the transactions contemplated by the Transaction Documents. On or before 9:30
a.m., New York time, on the first (1st) Business Day after the date of this Agreement, the Company shall file a Report of Foreign
Issuer on Form 8-K describing all the material terms of the transactions contemplated by the Transaction Documents in the form
required by the 1934 Act and attaching all the material Transaction Documents (including, without limitation, this Agreement (and
all schedules to this Agreement) and the form of Statement of Designations) (including all attachments, the “8-K Filing”).
From and after the filing of the 8-K Filing, the Company shall have disclosed all material, non-public information (if any) provided
to any of the Buyers by the Company or any of its Subsidiaries or any of their respective officers, directors, employees or agents
in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the filing of the 8-K
Filing, the Company acknowledges and agrees that any and all confidentiality or similar obligations with respect to the transactions
contemplated by the Transaction Documents under any agreement, whether written or oral, between the Company, any of its Subsidiaries
or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and any of the Buyers or any
of their affiliates, on the other hand, shall terminate. The Company shall not, and the Company shall cause each of its Subsidiaries
and each of its and their respective officers, directors, employees and agents not to, provide any Buyer with any material, non-public
information regarding the Company or any of its Subsidiaries from and after the date hereof without the express prior written
consent of such Buyer (which may be granted or withheld in such Buyer's sole discretion).

 

(g)          Reservation
of Shares. So long as any of the Convertible Debentures remain outstanding, the Company shall take all action necessary to
at all times have authorized, and reserved for the purpose of issuance, no less than 300% of the maximum number of shares of Common
Stock issuable upon conversion of all the Convertible Debentures then outstanding (assuming for purposes hereof that (x) the Convertible
Debentures are convertible at the Conversion Price then in effect, and (y) any such conversion shall not take into account any
limitations on the conversion of the Convertible Debentures, including the Floor Price) (the “Required Reserve Amount”);
provided that at no time shall the number of shares of Common Stock reserved pursuant to this Section 4(g) be reduced other than
proportionally in connection with any conversion and/or redemption, or reverse stock split. If at any time the number of shares
of Common Stock authorized and reserved for issuance is not sufficient to meet the Required Reserved Amount, the Company will
promptly take all corporate action necessary to authorize and reserve a sufficient number of shares, including, without limitation,
calling a special meeting of stockholders to authorize additional shares to meet the Company's obligations pursuant to the Transaction
Documents, in the case of an insufficient number of authorized shares, and obtain stockholder approval of an increase in such
authorized number of shares, and voting the management shares of the Company in favor of an increase in the authorized shares
of the Company to ensure that the number of authorized shares is sufficient to meet the Required Reserved Amount.

 

    	 	16	 

     

    

 

(h)          Conduct of Business. The business of the Company and its Subsidiaries shall not be conducted in violation of any
law, ordinance or regulation of any Governmental Entity, except where such violations would not reasonably be expected to result,
either individually or in the aggregate, in a Material Adverse Effect.

 

(i)           From
the date hereof until the first date on which the closing price of the Common Stock during each of the five (5) consecutive prior
Trading Days shall exceed 200% of the Floor Price (as defined in the Debentures), and provided that at such time no Event of Default
(as defined in the Debentures) shall have occurred, unless the holders of at least 67% in principal amount of the then outstanding
Convertible Debentures shall have given prior written consent, the Company shall not, and shall not permit any of its subsidiaries
(whether or not a subsidiary on the date hereof) to, directly or indirectly (i) other
than Permitted Indebtedness, enter into, create, incur, assume, guarantee or suffer to exist any indebtedness for borrowed money
of any kind, including, but not limited to, a guarantee, on or with respect to any of its property or assets now owned or hereafter
acquired or any interest therein or any income or profits therefrom, (ii) other than Permitted Liens, enter into, create, incur,
assume or suffer to exist any lien, security interest, option or other charge or encumbrance (each, a “Lien”)
of any kind, on or with respect to any of its property or assets now owned or hereafter
acquired or any interest therein or any income or profits therefrom, or (iii) amend its charter documents, including, without
limitation, its certificate of incorporation and bylaws, in any manner that materially and adversely affects any rights of the
holders of the Convertible Debentures. 

 

“Permitted
Indebtedness” shall mean: (i) indebtedness evidenced by the Convertible Debentures; (ii) indebtedness described on a
Disclosure Schedule attached hereto; (iii) indebtedness incurred solely for the purpose of financing the acquisition or lease of
any equipment, including capital lease obligations with no recourse other than to such equipment; (iv) indebtedness (A) the repayment
of which has been subordinated to the payment of the Convertible Debentures on terms and conditions acceptable to the Buyers, including
with regard to interest payments and repayment of principal, (B) which does not mature or otherwise require or permit redemption
or repayment prior to or on the 91st day after the maturity date of any Convertible Debentures then outstanding; and (C) which
is not secured by any assets of the Company or its subsidiaries; (v) indebtedness associated with acquiring new intellectual property
assets and licenses, so long as the proceeds are going to the party(ies) from which the Company is acquiring the assets, licenses,
and other properties and (vi) any indebtedness (other than the indebtedness set out in (i) – (v) above) incurred after the
date hereof, provided that such indebtedness does not exceed $20,000 at any given time.

 

    	 	17	 

     

    

 

“Permitted
Liens” shall mean (1) any security interest granted to the Buyers to secure the obligations under the Convertible Debentures,
(2) any prior security interest granted to the Buyers, (3) existing Liens disclosed by the Company on a Disclosure Schedule attached
hereto; (4) inchoate Liens for taxes, assessments or governmental charges or levies not yet due, as to which the grace period,
if any, related thereto has not yet expired, or being contested in good faith and by appropriate proceedings for which adequate
reserves have been established in accordance with GAAP; (5) Liens of carriers, materialmen, warehousemen, mechanics and landlords
and other similar Liens which secure amounts which are not yet overdue by more than 60 days or which are being contested in good
faith by appropriate proceedings for which adequate reserves have been established in accordance with GAAP; (6) licenses, sublicenses,
leases or subleases granted to other persons not materially interfering with the conduct of the business of the Company; (7) Liens
securing capitalized lease obligations and purchase money indebtedness incurred solely for the purpose of financing an acquisition
or lease; (8) easements, rights-of-way, restrictions, encroachments, municipal zoning ordinances and other similar charges or encumbrances,
and minor title deficiencies, in each case not securing debt and not materially interfering with the conduct of the business of
the Company and not materially detracting from the value of the property subject thereto; (9) Liens arising out of the existence
of judgments or awards which judgments or awards do not constitute an Event of Default; (10) Liens incurred in the ordinary course
of business in connection with workers compensation claims, unemployment insurance, pension liabilities and social security benefits
and Liens securing the performance of bids, tenders, leases and contracts in the ordinary course of business, statutory obligations,
surety bonds, performance bonds and other obligations of a like nature (other than appeal bonds) incurred in the ordinary course
of business (exclusive of obligations in respect of the payment for borrowed money); (11) Liens in favor of a banking institution
arising by operation of law encumbering deposits (including the right of set-off) and contractual set-off rights held by such banking
institution and which are within the general parameters customary in the banking industry and only burdening deposit accounts or
other funds maintained with a creditor depository institution; (12) usual and customary set-off rights in leases and other contracts;
(13) escrows in connection with acquisitions and dispositions and (14) royalties and other rights to revenue derived from the sale
of the Company’s products that are granted in the ordinary course of business.

 

		5.	REGISTER; TRANSFER AGENT INSTRUCTIONS; LEGEND.

 

(a)            Register. The Company shall maintain at its principal executive offices or with the Transfer Agent (or at such other
office or agency of the Company as it may designate by notice to each holder of Securities), a register for the Convertible Debentures
in which the Company shall record the name and address of the Person in whose name the Convertible Debentures have been issued
(including the name and address of each transferee), the amount of Convertible Debentures held by such Person, and the number of
Conversion Shares issuable upon conversion of the Convertible Debentures held by such Person. The Company shall keep the register
open and available at all times during business hours for inspection of any Buyer or its legal representatives.

 

(b)            Transfer
Restrictions. The Securities may only be disposed of in compliance with state and federal securities laws. In connection with
any transfer of Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate
of a Buyer or in connection with a pledge as contemplated herein, the Company may require the transferor thereof to provide to
the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance
of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration
of such transferred Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing
to be bound by the terms of this Agreement and shall have the rights and obligations of a Buyer under this Agreement.

 

    	 	18	 

     

    

 

		6.	CONDITIONS TO THE COMPANY’S OBLIGATION TO SELL.

 

The obligation of
the Company hereunder to issue and sell the Convertible Debentures to each Buyer at each Closing is subject to the satisfaction,
at or before the Closing Dates, of each of the following conditions, provided that these conditions are for the Company's sole
benefit and may be waived by the Company at any time in its sole discretion by providing each Buyer with prior written notice thereof:

 

(a)            Such
Buyer shall have executed each of the Transaction Documents to which it is a party and delivered the same to the Company.

 

(b)            Such Buyer and each other Buyer shall have delivered to the Company the Purchase Price (less, in the case of any Buyer,
the amounts withheld pursuant to Section 4(d)) for the Convertible Debentures being purchased by such Buyer at the Closing by wire
transfer of immediately available funds in accordance with the Closing Statement.

 

(c)            The
representations and warranties of such Buyer shall be true and correct in all material respects as of the date when made and as
of the Closing Dates as though originally made at that time (except for representations and warranties that speak as of a specific
date, which shall be true and correct as of such specific date), and such Buyer shall have performed, satisfied and complied in
all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied
with by such Buyer at or prior to the Closing Dates.

 

		7.	CONDITIONS TO EACH BUYER'S OBLIGATION TO PURCHASE.

 

The obligation of each Buyer hereunder
to purchase its Convertible Debentures at each Closing is subject to the satisfaction, at or before the Closing Dates, of each
of the following conditions, provided that these conditions are for each Buyer's sole benefit and may be waived by such Buyer at
any time in its sole discretion by providing the Company with prior written notice thereof:

 

(a)            The Company shall have duly executed and delivered to such Buyer each of the Transaction Documents to which it is a party
and the Company shall have duly executed and delivered to such Buyer such aggregate principal amount of Convertible Debentures
as is set forth opposite such Buyer's name in column (b) of the Schedule of Buyers for each Closing.

 

(b)            Such Buyer shall have received the opinion of Ortoli Rosenstadt LLP, the Company's counsel, dated as of the Closing Date,
in the form reasonably acceptable to such Buyer.

 

(c)            The
Company shall have delivered to such Buyer a certificate evidencing the incorporation and good standing of the Company issued
by the Registrar for the State of the Nevada as of a date within ten (10) days of the Closing Date.

 

    	 	19	 

     

    

 

(d)            Each
and every representation and warranty of the Company shall be true and correct in all material respects (other than representations
and warranties qualified by materiality, which shall be true and correct in all respects) as of the date when made and as of the
Closing Dates as though originally made at that time (except for representations and warranties that speak as of a specific date,
which shall be true and correct as of such specific date) and the Company shall have performed, satisfied and complied in all
respects with the covenants, agreements and conditions required to be performed, satisfied or complied with by the Company at
or prior to the Closing Dates, as set forth in section 3 and 4.

 

(e)            The
Common Stock (A) shall be designated for quotation or listed (as applicable) on the Principal Market and (B) shall not have been
suspended, as of the Closing Dates, by the SEC or the Principal Market from trading on the Principal Market nor shall suspension
by the SEC or the Principal Market have been threatened, as of the Closing Dates, either (I) in writing by the SEC or the Principal
Market or (II) by falling below the minimum maintenance requirements of the Principal Market.

 

(f)             The Company shall have obtained all governmental, regulatory or third-party consents and approvals, if any, necessary for
the sale of the Securities, including without limitation, those required by the Principal Market, if any.

 

(g)            No
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or Governmental Entity of competent jurisdiction that prohibits the consummation of any of the transactions contemplated
by the Transaction Documents.

 

(h)            Since the date of execution of this Agreement, no event or series of events shall have occurred that has resulted in or
would reasonably be expected to result in a Material Adverse Effect.

 

(i)             The
Company shall have obtained approval of the Principal Market to list or designate for quotation (as the case may be) the Conversion
Shares, if applicable.

 

(j)              Such Buyer shall have received a letter, duly executed by an officer of the Company, setting forth the wire amounts of each
Buyer and the wire transfer instructions of the Company (the “Closing Statement”).

 

(k)             The
following conditions shall be satisfied: (i) from the date hereof up to the applicable Closing Date, trading in the Common Stock
shall not have been suspended by the SEC or the Principal Market (except for any suspension of trading of limited duration agreed
to by the Company, which suspension shall be terminated prior to the Closing), (ii) the closing price of the Common Stock during
each of the five (5) consecutive Trading Days immediately prior to the applicable Closing Date shall be at least 120% of the Floor
Price (as defined in the Debentures), and (iii) from the date hereof to the applicable Closing Date, trading in securities generally
as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities
whose trades are reported by such service, or on the Principal Market, nor shall a banking moratorium have been declared either
by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities
or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial
market which, in each case, in the reasonable judgment of each Buyer, makes it impracticable or inadvisable to purchase the Securities
at the Closing.

 

    	 	20	 

     

    

 

(l)             The
Company and its Subsidiaries shall have delivered to such Buyer such other documents, instruments or certificates relating to
the transactions contemplated by this Agreement as such Buyer or its counsel may reasonably request.

 

(m)            Solely
with respect to the Second Closing, between the date hereof and the Second Closing Date, the outstanding principal balance owed
pursuant to the convertible debentures issued pursuant to the Securities Purchase Agreement between the Company and YA II PN,
Ltd. Dated September 21, 2018 shall have been reduced by at least $250,000.

 

		8.	TERMINATION.

 

In the
event that the First Closing shall not have occurred with respect to a Buyer within five (5) days of the date hereof, then such
Buyer shall have the right to terminate its obligations under this Agreement with respect to itself at any time on or after the
close of business on such date without liability of such Buyer to any other party; provided, however, (i) the right to terminate
this Agreement under this Section 8 shall not be available to such Buyer if the failure of the transactions contemplated by this
Agreement to have been consummated by such date is the result of such Buyer's breach of this Agreement and (ii) the abandonment
of the sale and purchase of the Convertible Debentures shall be applicable only to such Buyer providing such written notice, provided
further that no such termination shall affect any obligation of the Company under this Agreement to reimburse such Buyer for the
expenses described herein. Nothing contained in this Section 8 shall be deemed to release any party from any liability for any
breach by such party of the terms and provisions of this Agreement or the other Transaction Documents or to impair the right of
any party to compel specific performance by any other party of its obligations under this Agreement or the other Transaction Documents.

 

		9.	MISCELLANEOUS.

 

(a)             Governing
Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law
or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder
or in connection herewith or under any of the other Transaction Documents or with any transaction contemplated hereby or thereby,
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that
the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address
for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process
and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted
by law. Nothing contained herein shall be deemed or operate to preclude any Buyer from bringing suit or taking other legal action
against the Company in any other jurisdiction to collect on the Company's obligations to such Buyer or to enforce a judgment or
other court ruling in favor of such Buyer. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT OR IN CONNECTION WITH
OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.

 

    	 	21	 

     

    

 

(b)          Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that
any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an
executed signature page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf
such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

(c)          Headings;
Gender. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation
of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine,
feminine, neuter, singular and plural forms thereof. The terms "including," "includes," "include"
and words of like import shall be construed broadly as if followed by the words "without limitation." The terms "herein,"
 "hereunder," "hereof" and words of like import refer to this entire Agreement instead of just the provision
in which they are found.

 

(d)          Entire Agreement, Amendments. This Agreement supersedes all other prior oral or written agreements between the Buyer,
the Company, their affiliates and persons acting on their behalf with respect to the matters discussed herein, and this Agreement
and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein
and therein and, except as specifically set forth herein or therein, neither the Company nor any Buyer makes any representation,
warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be waived or amended other than
by an instrument in writing signed by the party to be charged with enforcement.

 

    	 	22	 

     

    

 

(e)          Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms
of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally;
(ii) upon receipt, when sent by email (provided confirmation of transmission is electronically generated and kept on file by the
sending party); or (iii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified,
in each case, properly addressed to the party to receive the same. The addresses and e-mail addresses for such communications shall
be:

 

	If to the Company, to:	Q Biomed Inc.
	 	
        c/o Ortoli Rosenstadt

        366 Madison Avenue, 3rd Floor

        New York, NY 10017

        Telephone:  212-588-0022

        Attention:  William Rosenstadt

        E-Mail:  wsr@orllp.legal

         

	With Copy to:	
        Denis Corin

        10 Market Street

        Suite 427

        Grand Cayman

        KY1-9006

        Cayman Islands

        Email: dcorin@qbiomed.com

 

If to a Buyer, to its address and e-mail address set forth on the Schedule of Buyers, with copies to such Buyer's representatives as set forth on the Schedule of Buyers,

 

	With copy to:	
        David Gonzalez, Esq.

        c/o Yorkville Advisors Global, LP

        1012 Springfield Avenue

        Mountainside, NJ 07092

        Email: legal@yorkvilleadvisors.com

 

or to such other address,
e-mail address and/or to the attention of such other Person as the recipient party has specified by written notice given to each
other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient
of such notice, consent, waiver or other communication, (B) electronically generated by the sender's e-mail service provider containing
the time, date, recipient e-mail address or (C) provided by an overnight courier service shall be rebuttable evidence of personal
service, receipt by facsimile or receipt from an overnight courier service in accordance with clause (i), (ii) or (iii) above,
respectively

 

(f)           Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns, including any purchasers of any of the Convertible Debentures (but excluding any purchasers of Underlying
Securities, unless pursuant to a written assignment by such Buyer). The Company shall not assign this Agreement or any rights or
obligations hereunder without the prior written consent of the Buyers. In connection with any transfer of any or all of its Securities,
a Buyer may assign all, or a portion, of its rights and obligations hereunder in connection with such Securities without the consent
of the Company, in which event such assignee shall be deemed to be a Buyer hereunder with respect to such transferred Securities.

 

    	 	23	 

     

    

 

(g)          Indemnification.

 

(i)               In
consideration of each Buyer's execution and delivery of the Transaction Documents and acquiring the Securities thereunder and
in addition to all of the Company's other obligations under the Transaction Documents, the Company shall defend, protect, indemnify
and hold harmless each Buyer and each holder of any Securities and all of their stockholders, partners, members, officers, directors,
employees and direct or indirect investors and any of the foregoing Persons' agents or other representatives (including, without
limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the “Indemnitees”)
from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages,
and expenses in connection therewith (irrespective of whether any such Indemnitee is a party to the action for which indemnification
hereunder is sought), and including reasonable attorneys' fees and disbursements (the “Indemnified Liabilities”),
incurred by any Indemnitee as a result of, or arising out of, or relating to (i) any misrepresentation or breach of any representation
or warranty made by the Company in any of the Transaction Documents, (ii) any breach of any covenant, agreement or obligation
of the Company or any Subsidiary contained in any of the Transaction Documents or (iii) any cause of action, suit, proceeding
or claim brought or made against such Indemnitee by a third party (including for these purposes a derivative action brought on
behalf of the Company or any Subsidiary) or which otherwise involves such Indemnitee that arises out of or results from (A) the
execution, delivery, performance or enforcement of any of the Transaction Documents, (B) any transaction financed or to be financed
in whole or in part, directly or indirectly, with the proceeds of the issuance of the Securities, or (C) any disclosure properly
made by such Buyer pursuant to Section 4(f), or (D) the status of such Buyer or holder of the Securities either as an investor
in the Company pursuant to the transactions contemplated by the Transaction Documents or as a party to this Agreement (including,
without limitation, as a party in interest or otherwise in any action or proceeding for injunctive or other equitable relief).
To the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum
contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law.

 

(ii)             
Promptly after receipt by an Indemnitee under this Section 9(g) of notice of the commencement of any action or proceeding
(including any governmental action or proceeding) involving an Indemnified Liability, such Indemnitee shall, if a claim in respect
thereof is to be made against the Company under this Section 9(g), deliver to the Company a written notice of the commencement
thereof, and the Company shall have the right to participate in, and, to the extent the Company so desires, to assume control of
the defense thereof with counsel mutually reasonably satisfactory to the Company and the Indemnitee; provided, however, that
an Indemnitee shall have the right to retain its own counsel with the fees and expenses of such counsel to be paid by the Company
if: (A) the Company has agreed in writing to pay such fees and expenses; (B) the Company shall have failed promptly to assume
the defense of such Indemnified Liability and to employ counsel reasonably satisfactory to such Indemnitee in any such Indemnified
Liability; or (C) the named parties to any such Indemnified Liability (including any impleaded parties) include both such
Indemnitee and the Company, and such Indemnitee shall have been advised by counsel that a conflict of interest is likely to exist
if the same counsel were to represent such Indemnitee and the Company (in which case, if such Indemnitee notifies the Company in
writing that it elects to employ separate counsel at the expense of the Company, then the Company shall not have the right to assume
the defense thereof and such counsel shall be at the expense of the Company), provided further, that in the case of clause (C)
above the Company shall not be responsible for the reasonable fees and expenses of more than one (1) separate legal counsel for
the Indemnitees. The Indemnitee shall reasonably cooperate with the Company in connection with any negotiation or defense of any
such action or Indemnified Liability by the Company and shall furnish to the Company all information reasonably available to the
Indemnitee which relates to such action or Indemnified Liability. The Company shall keep the Indemnitee reasonably apprised at
all times as to the status of the defense or any settlement negotiations with respect thereto. The Company shall not be liable
for any settlement of any action, claim or proceeding effected without its prior written consent, provided, however, that the Company
shall not unreasonably withhold, delay or condition its consent. The Company shall not, without the prior written consent of the
Indemnitee, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such Indemnitee of a release from all liability in respect to such Indemnified
Liability or litigation, and such settlement shall not include any admission as to fault on the part of the Indemnitee. Following
indemnification as provided for hereunder, the Company shall be subrogated to all rights of the Indemnitee with respect to all
third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written
notice to the Company within a reasonable time of the commencement of any such action shall not relieve the Company of any liability
to the Indemnitee under this Section 9(g), except to the extent that the Company is materially and adversely prejudiced in its
ability to defend such action.

 

    	 	24	 

     

    

 

(iii)           
The indemnification required by this Section 9(g) shall be made by periodic payments of the amount thereof during the course
of the investigation or defense, within ten (10) days after bills supporting the Indemnified Liabilities are received by the Company.

 

(iv)            
The indemnity agreement contained herein shall be in addition to (A) any cause of action or similar right of the Indemnitee
against the Company or others, and (B) any liabilities the Company may be subject to pursuant to the law.

 

(h)            No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties
to express their mutual intent, and no rules of strict construction will be applied against any party.

 

 

[REMAINDER
PAGE INTENTIONALLY LEFT BLANK]

 

    	 	25	 

     

    

 

 

IN WITNESS WHEREOF,
each Buyer and the Company have caused their respective signature page to this Securities Purchase Agreement to be duly executed
as of the date first written above.

 

	 	COMPANY:
	 	
	 	Q BIOMED INC. 
	 	 	 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	26	 

     

    

 

IN WITNESS WHEREOF,
each Buyer and the Company have caused their respective signature page to this Securities Purchase Agreement to be duly executed
as of the date first written above.

  

	 	BUYER:	 
	 	 	 
	 	YA II PN, LTD.	 

 

	 	By:	Yorkville Advisors Global, LP
	 	Its:	Investment Manager

 

	 	By:	Yorkville Advisors Global II, LLC
	 	Its: 	General Partner
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	Member

 

    	 	27	 

     

    

 

LIST OF EXHIBITS:

  

    	 	28	 

     

    

 

EXHIBIT A

 

FORM OF CONVERTIBLE DEBENTURES

 

    	 	29	 

     

    

 

SCHEDULE OF BUYERS

 

	(a)	 	(b)	(c)
	Buyer 	 	Principal
    Amount 

of Convertible
  Debentures	Purchase Price

 (100% of Face

 Value)
	 	 	 	 
	YA II PN, Ltd.	 	 	 
	1012 Springfield Avenue	First Closing:	$500,000.00	$500,000.00
	Mountainside, NJ 07092	Second Closing	$250,000.00	$250,000.00
	Email: Legal@yorkvilleadvisors.com	 	 
	 	Aggregate:	$750,000.00 	$750,000.00 
	 	 	 	 
	 	 	 
	Legal Representative’s Address and E-Mail Address	 
	David Gonzalez, Esq.	 	 	 
	1012 Springfield Avenue	 	 	 
	Mountainside, NJ 07092	 	 	 
	Email: Legal@yorkvilleadvisors.com

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