Document:

EX-10.1

 Exhibit 10.1 
  

 
 May 5, 2019 

Park Intermediate Holdings LLC 
 PK Domestic Property LLC 

1775 Tysons Blvd., 7th Floor 

Tysons, VA 22102 

	Attention: 	 Sean Dell’Orto, Executive Vice President, 

Chief Financial Officer and Treasurer 

Project Old Dominion 

$1,100,000,000 Senior Unsecured Delayed Draw Term Loan Facility 

Commitment Letter 
 Ladies and Gentlemen:

 You have advised Bank of America, N.A. (“Bank of America”) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (acting
directly or through a designated affiliate, “MLPFS”) that Park Intermediate Holdings LLC (the “Company”) and PK Domestic Property LLC (“Domestic Property” and together with the Company,
collectively, “you”) intend to acquire through a merger transaction directly and/or with one or more of your direct or indirect subsidiaries (the “Merger”) all of the equity interests of Chesapeake Lodging Trust
(“Target”) and its subsidiaries pursuant to the terms and provisions of that certain Agreement and Plan of Merger, dated as of the date hereof, by and among Park Hotels & Resorts Inc., Domestic Property, PK Domestic Sub LLC
and Target (including the schedules and exhibits thereto, the “Merger Agreement”). 
 You have advised the Commitment Parties (defined
below) that you intend to finance a portion of the Merger Consideration (as defined in the Summary of Terms referred to below) and costs and expenses related thereto utilizing the senior unsecured delayed draw term loan facility (the
“Facility”) described in more detail in the Summary of Terms and Conditions attached as Exhibit A hereto and incorporated herein by this reference (the “Summary of Terms”) in an aggregate principal amount of
$1,100,000,000, consisting of a $250,000,000 delayed draw two year term loan tranche and an $850,000,000 delayed draw five year term loan tranche. The Merger, the entering into and funding of the Facility and all related transactions are hereinafter
collectively referred to as the “Transaction.” Unless the context otherwise provides, capitalized terms used and not defined in this Commitment Letter have the meanings assigned thereto in the Summary of Terms. 

Bank of America is pleased to advise you of its commitment to provide the full principal amount of the Facility (in such capacity, the “Initial
Lender”), upon the terms set forth in the Summary of Terms and in this letter (this letter, together with the Summary of Terms, referred to herein collectively as this “Commitment Letter”) and subject solely to the
satisfaction of the conditions precedent set forth in Exhibit C-1 and Exhibit C-2 to the Summary of Terms. Bank of America is also pleased to advise you of its
willingness to support modification of the Existing Credit Agreement to reflect certain amendments to the Existing Credit Agreement to be entered into after the date hereof, the substance of which were disclosed to the MLPFS and Bank of America
prior to the date hereof. 

 Bank of America is also pleased to advise you of its willingness to act, and you hereby appoint Bank of
America to act, as the sole administrative agent (in such capacity, the “Administrative Agent”) for the Facility, upon the terms set forth in this Commitment Letter and subject solely to the satisfaction of the conditions precedent
set forth in Exhibit C-1 and Exhibit C-2 to the Summary of Terms. 
 MLPFS
is pleased to advise you of its willingness to act, and you hereby appoint MLPFS to act, as sole lead arranger and sole bookrunner for the Facility (in such capacities, the “Lead Arranger”), upon and subject to the terms and
conditions set forth in this Commitment Letter. The Initial Lender and the Lead Arranger are referred to herein collectively as “we,” “us” or the “Commitment Parties.” 

The Lead Arranger intends to commence syndication of the Facility promptly after your acceptance of the terms of this Commitment Letter to form a syndicate of
financial institutions and institutional lenders reasonably acceptable to you (including the Initial Lender) (collectively, the “Lenders”) for the Facility. You hereby agree that, effective upon your acceptance of this Commitment
Letter and continuing through the earlier of (a) a “Successful Syndication” (as defined in the Fee Letter referred to below) and (b) the date that is ninety (90) days following the Funding Date (such date, the
“Syndication Date”), (i) neither you nor Park Hotels & Resorts Inc. (the “Parent”) nor any of your respective subsidiaries will solicit any other bank, investment bank, financial institution, person or
entity to provide (other than as contemplated under the third succeeding paragraph), structure, arrange or syndicate any component of the Facility or any other financing similar to or as a replacement of any component of the Facility and
(ii) neither you nor the Parent nor any of your respective subsidiaries will, and you shall use commercially reasonable efforts to ensure that Target and its subsidiaries will not, permit there to exist any offering, placement or arrangement of
any debt securities or bank financing by or on behalf of you or the Parent, Target any of your respective subsidiaries (other than (i) amendments to, or the refinancing or replacement of, your Existing Credit Agreement (provided that any
such amendments, refinancings or replacements shall not result in an increase in the aggregate amount of term loans outstanding thereunder or an increase in the revolving commitments thereunder, in each case from the aggregate amount of term loans
and/or revolving commitments thereunder (as applicable) as of the date of this Commitment Letter), (ii) indebtedness permitted to be incurred by Target and its subsidiaries pursuant to the Merger Agreement, (iii) amendments to, the assumption
of or the refinancing or replacement of non-recourse mortgage, commercial mortgage backed security or other customary non-recourse property financings of the Parent,
Target, or any of their respective subsidiaries, (iv) non-recourse indebtedness incurred in the ordinary course of business, including, without limitation, refinancings of existing non-recourse indebtedness that mature prior to the date that is six (6) months after the Syndication Date, (v) purchase money indebtedness, equipment financings, working capital facilities of foreign
subsidiaries of the Company and overdraft facilities, in each case, incurred or established (as the case may be) in the ordinary course of business, (vi) any other debt financing agreed by the Lead Arranger, in each case if such offering,
placement or arrangement could reasonably be expected to materially impair the primary syndication of the Facility). Notwithstanding anything to the contrary contained in this Commitment Letter or any other agreement or undertaking concerning the
Facility, none of the foregoing obligations under this paragraph is a condition to the availability of the commitments on the Closing Date or the funding of the Facility on the Funding Date. 

  
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 The commitment of the Initial Lender hereunder and the undertaking of the Lead Arranger to provide the
services described herein are subject solely to the satisfaction of the conditions precedent set forth in Exhibit C-1 and Exhibit C-2 to the Summary of Terms (the
“Limited Condition Provisions”); it being understood and agreed that there are no other conditions (implied or otherwise) to the commitment and undertaking hereunder and the funding of the Term Loans. Notwithstanding anything to the
contrary contained in this Commitment Letter or in the Fee Letter to the contrary, neither the commencement nor the completion of any syndication of the Facility (including the Successful Syndication thereof), nor your compliance with any of the
agreements, obligations or provisions of this Commitment Letter (other than the conditions set forth in the Limited Condition Provisions) shall constitute a condition to our commitments hereunder or funding of the Term Loans on the Funding Date.

 Notwithstanding anything in this Commitment Letter, the Fee Letter, the Facility documentation or any other letter agreement or other undertaking
concerning the financing of the Transaction to the contrary, (a) the only representations the accuracy of which shall be a condition to the availability of the Facility on the Closing Date shall be the Specified Representations (defined below),
(b) the only representations the accuracy of which shall be a condition to the availability of the Facility on the Funding Date shall be such of the representations and warranties made by Target in the Merger Agreement that are material to the
interests of the Lenders, but solely to the extent that you have (or an affiliate of yours has) the right to terminate your (or your affiliates’) obligations under the Merger Agreement, or to decline to consummate the Merger pursuant to the
Merger Agreement as a result of a breach of such representations and warranties (the “Merger Agreement Representations”), and (c) the terms of the Facility documentation shall be in a form such that same does not impair the
availability of the Facility on the Funding Date if the conditions precedent thereto as set forth in Exhibit C-2 to the Summary of Terms are satisfied. For purposes hereof, “Specified
Representations” means the representations and warranties of the Loan Parties relating to organizational status and good standing in the jurisdiction of organization of such Loan Parties, organizational power and authority to enter into the
Facility documentation; due authorization, execution, delivery and enforceability of the Facility documentation; no conflicts with or consents with the Facility documentation under (i) charter documents of the Loan Parties or (ii) the
Existing Credit Agreement (including, prior to the Closing Date, agreements governing amendment, replacement or refinancing thereof); solvency (to be defined in a manner substantially the same as set forth on Annex I to Exhibit C-2 to the Summary of Terms) of the Parent and its subsidiaries on a consolidated basis after giving effect to the Transaction; Federal Reserve margin regulations; the Investment Company Act; beneficial ownership
regulations; use of proceeds of the Term Loans on the Funding Date will be used solely for the purposes set forth in the Summary of Terms and will not violate the Foreign Corrupt Practices Act, the Act (as defined below), OFAC, other anti-money
laundering or anti-terrorism laws and other laws applicable to sanctioned persons. Without limiting the Limited Condition Provisions, MLPFS will cooperate with you in good faith as reasonably requested in coordinating the timing and procedures for
the effectiveness and funding of the Facility in a manner consistent with the Merger Agreement. This paragraph and the preceding paragraph, and the provisions set forth herein and therein, shall be referred to as the “Certain Funds
Provisions.” 
 The primary syndication of the Facility by the Lead Arranger shall be made in consultation with you, and the commitment of the
Initial Lender hereunder shall be reduced dollar-for-dollar as and when corresponding commitments are received from a Lender (including, for the avoidance of doubt,
commitments received from Additional Parties (or affiliates thereof)) upon execution and delivery by such Lender and you of customary joinder documentation containing, inter alia, the terms hereinafter set forth and, thereafter, each such
Lender shall constitute an “Initial Lender” (and as such, a “Commitment Party”) under this Commitment Letter; provided, however, (i) any such proposed Lender is approved by you in writing (such approval not be
unreasonably withheld or delayed), (ii) the customary joinder documentation pursuant to which such proposed Lender agrees to become party to this Commitment Letter and extend commitments directly to you on the terms set forth herein shall not add
any conditions to the availability of the Facility or change the terms of the Facility or increase compensation payable in connection therewith except as set forth in the Commitment Letter and the Fee Letter and which shall

  
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otherwise be reasonably satisfactory to you and us. Such joinder documentation will include (i) a provision allowing you, at your expense, to replace any such additional Lender party thereto
that has (or is controlled by or under common control with any person or entity that has) been deemed insolvent or become subject to a bankruptcy, insolvency, receivership, conservatorship or other similar proceeding, or that refuses to execute, or
materially delays in executing, the Facility documentation governing the Facility agreed with the Lead Arranger, with another financial institution selected by you in consultation with the Lead Arranger) and (ii) if such proposed Lender is a
lender under the Existing Credit Agreement, an agreement to support modification of certain amendments to the Existing Credit Agreement to be entered into after the effective date of such joinder documentation to the extent the substance of such
amendments is disclosed to such proposed Lender on or prior to such date. Unless you otherwise agree in writing, each Initial Lender shall retain exclusive control over all rights and obligations with respect to its commitments in respect of the
Facility, including all rights with respect to consents, modifications, supplements, waivers and amendments, until after the Funding Date has occurred. It is understood and agreed that Additional Parties will not be permitted to assign or conduct
any secondary sale of their commitments in respect of the Facility until the earlier of (i) the Syndication Date and (ii) such other date that the primary syndication of the Facility is terminated (as determined by the Lead Arranger). In
addition, you hereby agree that the commitment of the Initial Lender hereunder with respect to Tranche A-1 shall automatically be reduced
dollar-for-dollar by an amount equal to the proceeds of each Prepayment Receipt received prior to the Closing Date. It is hereby agreed that in any event Bank of America
and MLPFS will have “left” placement in any and all marketing materials or other documentation used in connection with the Facility (and shall hold the leading role and responsibilities conventionally associated with such “left”
placement). Until the Syndication Date, you agree to actively assist, and to use your commercially reasonable efforts to cause Target to actively assist, the Lead Arranger in achieving a Successful Syndication. Such assistance shall include your
(a) providing and causing your advisors to provide to each Commitment Party and the Lenders upon reasonable request with all information reasonably deemed necessary by the Lead Arranger to complete syndication, including, but not limited to,
information and evaluations prepared by you, Target and your and its advisors, or on your or its behalf, relating to the Transaction (including the Projections (defined below), the “Information”), (b) assisting in the preparation of
a confidential information memorandum with respect to the Facility in form and substance customary for transactions of this type and otherwise reasonably satisfactory to the Lead Arranger (the “Information Memorandum”) and other
customary marketing materials to be used in connection with the syndication of the Facility (collectively with the Summary of Terms and any additional summary of terms prepared for distribution to Public Lenders (defined below), the
“Information Materials”), (c) using commercially reasonable efforts to ensure that the syndication efforts of the Lead Arranger benefit materially from your existing banking relationships and, to the extent practical and
appropriate, the existing banking relationships of Target and (d) otherwise assisting the Lead Arranger in its syndication efforts, including by making your officers and advisors, and using your commercially reasonable efforts to make the
officers and advisors of Target, available from time to time to attend and make presentations regarding the business and prospects of you, the Parent, Target and your respective subsidiaries, as appropriate, at one or more meetings of prospective
Lenders, at times and locations to be agreed upon mutually agreed, subject to confidentiality agreements acceptable to you and the Lead Arranger. For the avoidance of doubt, nothing contained in this Commitment Letter shall require you to provide
any information to the extent that the provision thereof would violate any attorney-client privilege, law, rule or regulation, or any obligation of confidentiality binding on you, Target or your or its respective affiliates; provided that you
shall notify us if any such information is being withheld as a result of any such obligation of confidentiality (but solely if providing such notice would not violate such confidentiality obligation). 

  
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 It is understood and agreed that the Lead Arranger will, after consultation with you, manage and control all
aspects of the syndication, including decisions as to the selection of prospective Lenders and any titles offered to proposed Lenders, when commitments will be accepted and the final allocations of the commitments among the Lenders; provided
that the Lead Arranger will not syndicate to such other persons who have been identified to the Lead Arranger by you in writing prior to the date hereof. It is agreed that, you may, on or prior to the date which is fifteen (15) business days
after the date of the Commitment Effective Date (as defined in the Fee Letter), appoint up to two (2) additional lead arrangers and/or joint bookrunners for the Facility, (each such institution so appointed referred to herein as an
“Additional Party” and collectively, the “Additional Parties”). Any appointment of an Additional Party as contemplated herein shall be subject to execution and delivery by such Additional Party of customary joinder
documentation reasonably acceptable to you and us and, thereafter, each such Additional Party shall constitute a “Commitment Party”, “Initial Lender”, “Lead Arranger” and/or “Joint Bookrunner”, as applicable,
hereunder). Notwithstanding the foregoing, it is agreed that Bank of America and MLPFS will have “lead left” placement in any and all marketing materials or other documentation in connection with the Facility and shall hold the leading
role and responsibility conventionally understood to be associated with such “lead left” placement. Additionally, you may allocate without limitation such additional titles (other than lead arranger and bookrunner) to additional financial
institutions in connection with the Facility in consultation with the Lead Arranger. Except as set forth above, it is agreed that no other agents, co-agents, arrangers,
co-arrangers, bookrunners, managers or co-managers will be appointed and no other titles will be awarded, and no compensation will be paid (other than the compensation
expressly contemplated by this Commitment Letter or the Fee Letter), in each case, by you or any of your affiliates in connection with the Facility unless you and the Lead Arranger shall so agree. You also agree that the amount and distribution of
the fees among the Lenders will be at the sole and absolute discretion of the Commitment Parties. In acting as lead arranger and bookrunner, the Lead Arranger will have no responsibilities other than to use commercially reasonable efforts to arrange
the syndication as set forth herein. Notwithstanding to the contrary contained in this Commitment Letter or any other agreement or undertaking concerning the Facility, but without limiting the conditions precedent in Exhibit C-1 and Exhibit C-2 to the Summary of Terms, and without limiting your obligations to assist with syndication in the immediately preceding paragraph, none of the foregoing
obligations under this paragraph and the immediately preceding paragraph nor the commencement, conduct or completion of the syndication contemplated by this paragraph and the immediately preceding paragraph is a condition to the availability of the
commitments on the Closing Date or the funding of the Term Loans on the Funding Date. 
 You represent, warrant and covenant that (a) all financial
projections concerning any of you, the Parent or any of your respective subsidiaries that have been or are hereafter made available to any Commitment Party or the Lenders by you or any of your representatives (or on your or their behalf) (the
“Projections”) have been or will be prepared in good faith based upon reasonable assumptions that are believed by you to be reasonable at the time made and at the time such Projections are delivered to the Commitment Parties, it
being understood and agreed that such Projections are as to future events and are not to be viewed as facts, the Projections are subject to significant uncertainties and contingencies, many of which are beyond your control, and that no assurances
can be given that any particular Projections will be realized and that actual results during the period or periods covered by any such Projections may differ significantly from the projected results and such differences may be material; and
(b) all Information, other than Projections, forward-looking information and information of a general economic or industry specific nature, which has been or is hereafter made available to the Commitment Parties or the Lenders by you or any of
your representatives (or on your or their behalf) or by the Company or any of its subsidiaries or representatives (or on their behalf) in connection with any aspect of the Transaction (which representation and warranty shall be to your knowledge to
the extent it relates to Target or its subsidiaries or businesses), taken as a whole, is or will be, when furnished, complete and correct in all material respects and does not or will not, when furnished, contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements contained therein not materially 

  
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misleading in light of the circumstances under which such statements are made, when taken as a whole (giving effect to all supplements and updates provided thereto). You agree that, if at any
time prior to the Syndication Date, you become aware that any of the representations and warranties in the preceding sentence would not be accurate in any material respect (to your knowledge with respect to Information relating to Target) if the
Information and the Projections were being furnished, and such representations and warranties were being made at such time, then you will use commercially reasonable efforts to promptly supplement the Information and the Projections, as applicable,
such that such representations and warranties would be accurate in all material respects under those circumstances (with respect to the Information relating to Target, to your knowledge). The accuracy of the foregoing representations, whether or not
supplemented, shall not be a condition to the commitments or the obligations of the Commitment Parties hereunder and our agreements to perform the services described herein. In arranging and syndicating the Facility, the Commitment Parties
(i) will be entitled to use and rely on the Information and the Projections without responsibility for independent verification thereof and (ii) do not assume responsibility for the accuracy or completeness of the Information or the
Projections. 
 You acknowledge that (a) the Arranger or affiliates thereof on your behalf will make available Information Materials to the proposed
syndicate of Lenders by posting the Information Materials on IntraLinks, SyndTrak or another similar electronic system and (b) certain prospective Lenders (such Lenders, “Public Lenders”; all other Lenders, “Private
Lenders”) may have personnel that do not wish to receive material non-public information (within the meaning of the United States federal securities laws, “MNPI”) with respect to you
and your respective affiliates or any other entity, 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 entities’ securities. If requested, you will
assist us in preparing an additional version of the Information Materials not containing MNPI (the “Public Information Materials”) to be distributed to prospective Public Lenders. 

Before distribution of any Information Materials (a) to prospective Private Lenders, you shall provide us with a customary letter authorizing the
dissemination of the Information Materials and (b) to prospective Public Lenders, you shall provide us with a customary letter authorizing the dissemination of the Public Information Materials and confirming the absence of MNPI therefrom. In
addition, at our request, you shall identify Public Information Materials by clearly and conspicuously marking the same as “PUBLIC”. 
 You agree
that the Lead Arranger and/or affiliates thereof on your behalf may distribute the following documents to all prospective Lenders, unless you advise the Lead Arranger in writing (including by email) within a reasonable time prior to their intended
distributions that such material should only be distributed to prospective Private Lenders: (a) administrative materials for prospective Lenders such as lender meeting invitations and funding and closing memoranda, (b) notifications of
changes to the terms of the Facility and (c) other materials intended for prospective Lenders after the initial distribution of the Information Materials, including drafts and final versions of definitive documents with respect to the Facility.
If you advise us that any of the foregoing items should be distributed only to Private Lenders, then such materials will not be distributed by the Lead Arranger and/or its affiliates to Public Lenders without further discussions with you. You agree
(whether or not any Information Materials are marked “PUBLIC”) that Information Materials made available to prospective Public Lenders in accordance with this Commitment Letter shall not contain MNPI. 

You hereby agree to reimburse MLPFS and Bank of America from time to time on demand for all reasonable and documented out-of-pocket fees and expenses (including, but not limited to, (a) the reasonable and documented fees, disbursements and other charges of Arnold & Porter Kaye Scholer LLP, as counsel to MLPFS
and Bank of America, and, if necessary, of special and local counsel to the Lenders retained by the MLPFS or Bank of America and (b) due diligence expenses) incurred in connection with 

  
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the Facility, the syndication thereof and the preparation of the definitive documentation therefor, and with any other aspect of the Transaction and any similar transaction and any of the other
transactions contemplated thereby. You acknowledge that we may receive a benefit consisting of the provision of services from any of such counsel based on the fees such counsel may receive on account of their relationship with us including, without
limitation, fees paid pursuant hereto. 
 You hereby agree to indemnify and hold harmless each Commitment Party, each Lender and each of their respective
affiliates and the respective officers, directors, employees, agents, advisors and other representatives of each of the foregoing (each an “Indemnified Party”; provided, however, “Indemnified Party” shall not
include any such person acting solely in its capacity as a financial advisor retained by the Parent or one of its affiliates in connection with the Merger) from and against (and will reimburse each Indemnified Party as the same are incurred for) any
and all claims, damages, losses, liabilities and expenses (including, without limitation, the reasonable fees, disbursements and other charges 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) (a) any aspect of the Transaction and any
of the other transactions contemplated thereby or (b) the Facility, or any use made or proposed to be made with the proceeds thereof (IN ALL CASES, WHETHER OR NOT CAUSED 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, nonappealable judgment by a court of competent jurisdiction to have resulted from (i) such Indemnified
Party’s gross negligence, bad faith or willful misconduct, (ii) such Indemnified Party’s material breach of its obligations under this Commitment Letter or the Fee Letter, or (iii) disputes solely among Indemnified Parties not
arising from or in connection with any act or omission by you or any of your affiliates (other than any Proceedings (as hereinafter defined) against a Commitment Party in its capacity or in fulfilling its role as an administrative agent or arranger
or other similar role under the Facility). In the case of an investigation, litigation or proceeding (any of the foregoing, a “Proceeding”) to which the indemnity in this paragraph applies, such indemnity shall be effective whether
or not such investigation, litigation or proceeding is brought by you, your equityholders or creditors or an Indemnified Party, whether or not an Indemnified Party is otherwise a party thereto and whether or not any aspect of the Transaction is
consummated. You also agree that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to you or your subsidiaries or affiliates or to your or their respective equity holders or creditors
arising out of, related to or in connection with any aspect of the Transactions, except to the extent of direct, as opposed to special, indirect, consequential or punitive, damages determined in a final, nonappealable judgment by a court of
competent jurisdiction to have resulted from (x) such Indemnified Party’s gross negligence, bad faith or willful misconduct or (y) such Indemnified Party’s material breach of its obligations under this Commitment Letter or the
Fee Letter; provided, that you shall be responsible for the fees and expenses of only one counsel for all Indemnified Parties in connection with indemnification claims arising out of the same facts or circumstances and, if necessary or
advisable in the judgment of a Commitment Party, a single local counsel to the Indemnified Parties in each relevant jurisdiction and, solely in the case of an actual or perceived conflict of interest, one additional counsel in each applicable
jurisdiction to all affected Indemnified Parties or similarity situated Indemnified Parties. Notwithstanding any other provision of this Commitment Letter, no Indemnified Party shall be liable for any damages arising from the use by others of
information or other materials obtained through electronic telecommunications or other information transmission systems, other than for direct or actual damages resulting from the gross negligence, bad faith or willful misconduct of such Indemnified
Party as determined by a final and nonappealable judgment of a court of competent jurisdiction. You shall not be liable under the foregoing indemnity for any settlement of any Proceeding effected without your prior written consent (which consent
shall not be unreasonably withheld or delayed), but if settled with your prior written consent or if 

  
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there is a final judgment in any such Proceeding, you agree to indemnify and hold harmless each Indemnified Party from and against any and all losses, claims, damages, liabilities and expenses by
reason of such settlement or judgment in accordance with this paragraph. You shall not, without the prior written consent of an Indemnified Party (which consent shall not be unreasonably withheld), effect any settlement of any pending or threatened
Proceeding against an Indemnified Party in respect of which indemnity could have been sought hereunder by such Indemnified Party unless such settlement (i) includes an unconditional release of such Indemnified Party from all liability or claims
that are the subject matter of such Proceeding and (ii) does not include any statement as to any admission of fault by or on behalf of such Indemnified Party. 

This Commitment Letter, the fee letter among you, Bank of America and MLPFS of even date herewith (the Fee Letter”) and the contents hereof and
thereof are confidential and may not be disclosed by you in whole or in part to any person or entity without our prior written consent except (i) on a confidential and
need-to-know basis, to the Parent and your Subsidiaries and your and their directors, officers, employees, accountants, attorneys and other professional advisors in
connection with the Transaction, (ii) following your return of an executed counterpart of this Commitment Letter and the Fee Letter to the Lead Arranger as provided below, you may disclose this Commitment Letter and the contents hereof (but not
the Fee Letter or the contents thereof) in any offering memoranda relating to the Facility, in any syndication or other marketing materials in connection with the Facility or in connection with any public filing relating to the Transaction,
(iii) following your return of an executed counterpart of this Commitment Letter and the Fee Letter to the Lead Arranger as provided below, you may file a copy of any portion of this Commitment Letter (but not the Fee Letter) in any public
record in which it is required by law to be filed, (iv) you may disclose, on a confidential basis, the existence and contents of this Commitment Letter, including the Summary of Terms (but not the Fee Letter) to any prospective Lenders to the
extent necessary to satisfy your obligations or the conditions hereunder, (v) pursuant to the order of any court or administrative agency in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law,
compulsory legal process or to the extent requested or required by governmental and/or regulatory authorities, in each case based on the reasonable advice of your legal counsel (in which case, you agree, to the extent practicable and not prohibited
by law, (i) to notify us of the proposed disclosure in advance of such disclosure and if you are unable to notify us in advance of such disclosure, such notice shall be delivered to us promptly thereafter and (ii) to use commercially
reasonable efforts to ensure that any such information so disclosed is accorded confidential treatment), (vi) you may disclose the aggregate fee amounts contained in the Fee Letter in financial statements or as part of projections, pro forma
information or a generic disclosure of aggregate sources and uses related to fee amounts related to the Transaction to the extent customary or required in offering and marketing materials for the Facility or in any public filing relating to the
Transaction (which in the case of such public filing may indicate the existence of the Fee Letter), (vii) in connection with the exercise of any remedy or enforcement of any right under this Commitment Letter and the Fee Letter and (viii) you
may disclose this Commitment Letter and the Fee Letter, each in a redacted form acceptable to the Commitment Parties, on a confidential basis to Target and its board of directors, officers, employees, independent auditors (but only with respect to
this Commitment Letter) and attorneys, in each case, on a confidential and need-to-know basis in connection with their consideration of the Transaction. Each Commitment
Party hereby notifies you that pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “Act”), each of them is required to
obtain, verify and record information that identifies you and your subsidiaries, which information includes your name and address and other information that will allow such Commitment Party to identify you in accordance with the Act. 

  
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 Each of the Commitment Parties shall use all information provided to them by or on behalf of you hereunder
or in connection with the Merger or the related Transaction solely for the purpose of providing the services which are the subject of this Commitment Letter and otherwise in connection with the Transaction and shall treat confidentially all such
information and shall not disclose such information; provided, however, that nothing herein shall prevent any Commitment Party from disclosing any such information (i) pursuant to the order of any court or administrative agency or
in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process (in which case, we agree (except with respect to any audit or examination conducted by bank accountants or any governmental,
regulatory or self-regulatory authority exercising examination or regulatory authority), to the extent practicable and not prohibited by law, to notify you of the proposed disclosure in advance of such disclosure), (ii) upon the request or
demand of any regulatory authority having jurisdiction over such Commitment Party or any of its respective affiliates (in which case such Commitment Party shall, except with respect to any audit or examination conducted by bank accountants or any
governmental, regulatory or self-regulatory authority exercising examination or regulatory authority, promptly notify you thereof), (iii) to the extent that such information becomes publicly available other than by reason of disclosure in
violation of this paragraph by such Commitment Party or any of its affiliates, (iv) to such Commitment Party’s affiliates and to its and their respective employees, officers, directors, attorneys, independent auditors and other experts or
agents who need to know such information in connection with the Transaction and are informed of the confidential nature of such information and who are either subject to customary confidentiality obligations of employment or professional practice,
or who agree (which agreement may be oral or pursuant to company policy) to be bound by the terms of this paragraph (or language substantially similar to this paragraph); provided that the Commitment Parties shall be responsible for their
affiliates’ compliance in keeping such information confidential, (v) for purposes of establishing a “due diligence” defense, (vi) to the extent that such information is or was received by such Commitment Party from a third
party that is not to such Commitment Party’s knowledge subject to confidentiality obligations to you, (vii) in connection with the exercise of remedies to the extent relating to this Commitment Letter or the Fee Letter or (viii) to
potential Lenders, participants assignees or potential counterparties to any swap or derivative transaction relating to the Parent or any of its subsidiaries or any of their respective obligations, in each case, who agree to be bound by the terms of
this paragraph (or language substantially similar to this paragraph or as otherwise reasonably acceptable to you and the Commitment Parties, including as may be agreed in any confidential information memorandum or other marketing material). This
paragraph shall terminate on the second anniversary of the date hereof. 
 You acknowledge that the Commitment Parties or their affiliates may be providing
financing or other services to parties whose interests may conflict with yours. The Commitment Parties agree that they will not furnish confidential information obtained from you to any of their other customers and that they will treat confidential
information relating to you, Target and your and its respective affiliates with the same degree of care as they treat their own confidential information and otherwise subject to the immediately preceding paragraph. The Commitment Parties further
advise you that they will not make available to you confidential information that they have obtained or may obtain from any of their respective customers. In connection with the services and transactions contemplated hereby and subject to the
confidentiality provisions in the preceding paragraph, you agree that the Commitment Parties are permitted to access, use and share with any of their bank or non-bank affiliates, agents, advisors (legal or
otherwise) or representatives any information concerning you, Target or any of your or its respective affiliates that is or may come into the possession of any Commitment Party or any of such affiliates. 

In connection with all aspects of the Transaction, you acknowledge and agree, and acknowledge your affiliates’ understanding, that: (a) (i) the
arranging and other services described herein regarding the Facility are arm’s-length commercial transactions between you and your affiliates, on the one hand, and the Commitment Parties, on the other
hand, (ii) you have consulted your own legal, accounting, regulatory and tax advisors to the extent you have deemed appropriate, and (iii) you are capable of 

  
 9 

 
evaluating, and understand and accept, the terms, risks and conditions of the transactions contemplated hereby; (b) (i) each Commitment Party has been, is, and will be acting solely as a
principal and, except as otherwise expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for you, any of your affiliates or any other person or entity in connection with
the Transaction and (ii) no Commitment Party has any obligation to you or your affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein; and (c) the Commitment Parties and their
respective affiliates may be engaged in a broad range of transactions that involve interests that differ from yours and those of your affiliates, and the Commitment Parties have no obligation to disclose any of such interests to you or your
affiliates. To the fullest extent permitted by law, you hereby waive and release any claims that you may have against any Commitment Party with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any
transaction contemplated by this Commitment Letter. You acknowledge and agree that you will not assert any claim against any Commitment Party based on any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any
transaction contemplated by, based upon, arising out of or relating to this Commitment Letter. 
 This Commitment Letter and each of the Fee Letter shall be
governed by, and construed in accordance with, the laws of the State of New York; provided, however, that (a) the determination of the accuracy of any Merger Agreement Representations and whether as a result of any inaccuracy
thereof you (or your affiliates) have the right to terminate your (or their) obligations under the Merger Agreement or to decline to consummate the Merger pursuant to the Merger Agreement and (b) the determination of whether the Merger has been
consummated in accordance with the terms of the Merger Documents, in each case, shall be governed by, and construed and interpreted solely in accordance with, the laws of the State of Maryland without giving effect to its conflicts of laws
principles (whether the State of Maryland or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Maryland, except with respect to matters under the Delaware Limited Liability Company Act
relating to the Merger, which shall be governed by the laws of the State of Delaware. Each of you and each Commitment Party hereby irrevocably waives any and 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 this Commitment Letter, the Fee Letter, the Transaction and the other transactions contemplated hereby and thereby or the actions of any Commitment Party in the negotiation, performance or
enforcement hereof. You hereby irrevocably and unconditionally submit to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in the Borough of Manhattan in New York City in respect of any
suit, action or proceeding arising out of or relating to the provisions of this Commitment Letter, the Fee Letter and the transactions contemplated hereby and thereby and irrevocably agrees that all claims in respect of any such suit, action or
proceeding may be heard and determined in any such court. Nothing in this Commitment Letter or in the Fee Letter shall affect any right that any Commitment Party or any affiliate thereof may otherwise have to bring any claim, action or proceeding
relating to this Commitment Letter, either of the Fee Letter and/or the transactions contemplated hereby and thereby in any court of competent jurisdiction to the extent necessary or required as a matter of law to assert such claim, action or
proceeding against any of the assets of you or any of your subsidiaries or enforce any judgment arising out of any such claim, action or proceeding. You agree that service of any process, summons, notice or document by registered mail addressed to
you shall be effective service of process against you for any suit, action or proceeding relating to any such dispute. You waive, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of the
venue of any such suit, action or proceedings brought in any such court, and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. A final judgment in any such suit, action or
proceeding brought in any such court may be enforced in any other courts to whose jurisdiction you are or may be subject by suit upon judgment. 

  
 10 

 The provisions of this paragraph and the immediately preceding seven paragraphs shall remain in full force
and effect regardless of whether any definitive documentation for the Facility shall be executed and delivered, and notwithstanding the termination of this Commitment Letter or any commitment or undertaking of Bank of America or MLPFS hereunder (but
subject to the final sentence of the fourth preceding paragraph relating to automatic termination of the obligations of the Commitment Parties under such paragraph); provided, that if the Facility closes and the Facility documentation shall
be executed and delivered, the provisions under the immediately preceding fourth and sixth paragraphs shall be superseded and deemed replaced by the terms of the Facility documentation to the extent covered thereby. 

This Commitment Letter and each Fee Letter may be executed in counterparts which, taken together, shall constitute an original. Delivery of an executed
counterpart of this Commitment Letter or either of the Fee Letters by telecopier, facsimile, electronic mail or other electronic transmission (e.g., a “pdf” or “tif”) shall be effective as delivery of a manually executed
counterpart thereof. 
 This Commitment Letter and the Fee Letter embody the entire agreement and understanding among the Commitment Parties, you and your
affiliates with respect to the Facility and supersedes all prior agreements and understandings relating to the specific matters hereof. Without limiting the foregoing, THIS COMMITMENT LETTER AND THE FEE LETTER 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. No party has been authorized by any Commitment Party to make
any oral or written statements that are inconsistent with this Commitment Letter. Those matters that are not covered or made clear herein or in the Summary of Terms or the Fee Letter are subject to mutual agreement of the parties. Neither this
Commitment Letter nor the Fee Letter may be amended or waived except by an instrument in writing signed by each of the parties hereto or thereto, as the case may be. Neither this Commitment Letter nor the Fee Letter is assignable by you without our
prior written consent and is intended to be solely for the benefit of the parties hereto and the Indemnified Parties. For the avoidance of doubt, and notwithstanding anything to the contrary contained herein, the parties hereto agree that MLPFS may,
without notice to any other party hereto, assign its rights and obligations under this Commitment Letter and the Fee Letter to any other registered broker-dealer wholly-owned by MLPFS’s ultimate parent company to which all or substantially all
of such parent company’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date hereof. 

This Commitment Letter and all undertakings of the Commitment Parties hereunder will expire at 5:00 p.m. (New York City time) on May 6, 2019 unless
this Commitment Letter and the Fee Letter have been executed by all parties hereto and thereto and returned to us prior to that time. Upon execution and delivery of this Commitment Letter and the Fee Letter by each of the parties hereto and thereto
in accordance with the terms hereof and thereof, this Commitment Letter and the Fee Letter shall become a binding and enforceable agreements (subject to the effects of bankruptcy, insolvency, fraudulent transfer, fraudulent conveyance,
reorganization and other similar laws relating to or affecting creditors’ rights generally) with respect to the subject matter contained herein, including the good faith negotiation of the Facility documentation by the parties hereto in a
manner consistent with this Commitment Letter; it being acknowledged and agreed that the availability of the commitments on the Closing Date and the funding of the Term Loans on the Funding Date are subject only to the applicable conditions
precedent set forth in Exhibit C-1 and Exhibit C-2 to the Summary of Terms. The commitments (or any portion thereof) and undertakings of the Commitment Parties hereunder
may be terminated by you at any time upon written notice to us. In any event, subject to the provisions of the fourth from last paragraph of this Commitment Letter, all undertakings of you and the Commitment Parties hereunder will expire on the
earliest to occur of (a) execution and delivery of the Facility documentation, (b) the Outside Date (as defined in the 

  
 11 

 
Merger Agreement, as in effect on the date hereof) unless the Closing Date occurs on or prior thereto, (c) the closing of the Merger without the use of the Facility and (d) the date
that the Merger Agreement is validly terminated by you (or any of your affiliates) or expires in accordance with the terms thereof. 
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BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  
 12 

 We are pleased to have the opportunity to work with you in connection with this important financing. 

 

					
	Very truly yours,
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Suzanne E. Pickett

		 	Name:	 	Suzanne E. Pickett
		 	Title:	 	Vice President
	
	MERILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
		
	By:	 	 /s/ Philip Bearden

		 	Name:	 	Philip Bearden
		 	Title:	 	Managing Director

  

					
	 ACCEPTED AND AGREED TO 
 AS OF THE
DATE FIRST ABOVE WRITTEN:

	
	 PARK INTERMEDIATE HOLDINGS LLC,

a Delaware limited liability company

		
	By:	 	 /s/ Thomas J. Baltimore

		 	Name:	 	Thomas J. Baltimore
		 	Title:	 	President and Chief Executive Officer
	
	 PK DOMESTIC PROPERTY LLC,
 a
Delaware limited liability company

		
	By:	 	 Park Intermediate Holdings LLC,
 its
managing member

		
	By:	 	 /s/ Thomas J. Baltimore

		 	Name:	 	Thomas J. Baltimore
		 	Title:	 	President and Chief Executive Officer

 Signature Page to Project Old Dominion Commitment Letter 

 EXHIBIT A 

Summary of Terms 

(See attached) 

 

 
 Summary of Terms and Conditions1 

Park Intermediate Holdings LLC and PK Domestic Property LLC 

$1,100,000,000 Senior Unsecured Delayed Draw Term Loan Facility 

 

			
	DATE:	  	May 5, 2019.
		
	BORROWERS:	  	Park Intermediate Holdings LLC, a Delaware limited liability company (the “Company”), which is the operating limited liability company of Park Hotels & Resorts Inc. (the “Parent” or
“REIT”), PK Domestic Property LLC, a Delaware limited liability company, f/k/a Hilton Domestic Property LLC (“Domestic Property”), a Wholly Owned Subsidiary of the Company, and either (x) certain Wholly Owned
Subsidiaries of the Company that are designated by the Company as co-borrowers pursuant to the definitive documentation or (y) to the extent applicable, are designated as
co-borrowers pursuant to the Existing Credit Agreement (the “Subsidiary Borrowers”, and together with the Company and Domestic Property, the “Borrowers”). The Company,
Domestic Property and the other domestic Subsidiary Borrowers will be jointly and severally liable for all obligations under the Facility (as defined below) and any foreign Subsidiary Borrowers will be liable for the obligations under the Facility
consistent with the Existing Credit Agreement.
		
	GUARANTORS:	  	To be the same as the “Guarantors” under (and as defined in ) the Existing Credit Agreement (and including joinder requirements and release provisions that correspond to those set forth in the Existing Credit Agreement).
The Borrowers and the Guarantors will guarantee all obligations of the Subsidiary Borrowers under the Facility documentation to the extent required in connection with the Existing Credit Agreement. All guarantees of the Facility will be
unconditional guaranties of payment. As used herein, Subsidiaries of the Company that are guarantors under the Facility are sometimes referred to as “Subsidiary Guarantors” and individually as a “Subsidiary
Guarantor” and the Subsidiary Guarantors, together with the Parent, if the Parent guarantee has been provided consistent with the provisions in the Existing Credit Agreement, are sometimes referred to herein collectively as the
“Guarantors” and individually, as a “Guarantor”).

 

	1 	 Capitalized terms not otherwise defined herein have the same meanings as specified therefor in the Commitment
Letter to which this Exhibit A is attached. 

			
		
	DOCUMENTATION	  	
	PRINCIPLES:	  	Effectiveness of the Facility will be subject to the execution and delivery of mutually acceptable documentation, which will be consistent with this Summary of Terms and the Commitment Letter to which this Summary of Terms is
attached (the “Commitment Letter”) and consistent with the Limited Condition Provisions, and will contain representations and warranties, covenants, events of default and other provisions which shall be in substantially identical
form as corresponding provisions of the Existing Credit Agreement (including the Permitted Amendments) and the “Loan Documents” (as defined thereunder), as applicable, except to the extent necessary to reflect (a) the terms and
conditions described herein (including, without limitation, modifications to reflect the nature of the Facility as a multi-tranche delayed draw term loan facility and the absence of a revolving credit facility, related
sub-facilities, multicurrency credit extensions, incremental facilities and maturity extensions), (b) changes in law or accounting standards since the date of the Existing Credit Agreement, (c) the
Administrative Agent’s current documentation standards for credit facilities similar to the Facility relating to (i) mechanics of funding and prepaying loans, including mechanics to permit the Borrowers to use the Administrative
Agent’s CashPro credit portal and (ii) methods of determining and calculating interest rates and related matters, (iii) administrative agency, (d) the inclusion of a representation and warranty that no Loan Party is an EEA
Financial Institution, (e) inclusion of ERISA-related representations by the Lenders to the Administrative Agent in form substantially consistent with the most recent guidance provided by the LSTA, (f) such other changes as are mutually
agreeable to the Company, the Administrative Agent and the Lead Arranger and (g) subject to the foregoing clauses, an “auto-amend” provision with respect to automatic amendment of the Facility documentation to reflect changes to
corresponding provisions in the Existing Credit Agreement made after the Closing Date in connection with the contemplated amendment or restatement of the Existing Credit Facilities, in each case, such changes to be mutually agreed (collectively, the
“Documentation Principles”). Capitalized terms used but not defined in Exhibit B attached hereto or otherwise defined herein shall have the meanings assigned to them in the Existing Credit Facilities documentation (or, where
appropriate, have meanings that are consistent with the

  

			
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		  	corresponding terms defined in the Existing Credit Facilities documentation taking into account modifications of the sort contemplated in the prior sentence).
		
	RECOURSE:	  	The Facility shall be fully recourse to the Borrowers and Guarantors (collectively, the “Loan Parties”).
		
	COLLATERAL:	  	None; provided, that if any Loan Party or subsidiary thereof pledges an asset or property as collateral to secure the Existing Credit Facilities, such Loan Party shall contemporaneously pledge to the Administrative Agent (for the
ratable benefit of the Lenders (defined below)) a lien on such asset or property as collateral to secure the Facility. All such liens shall be pari passu, and the secured parties under the Existing Credit Facilities (or an agent or trustee on their
behalf) and the Administrative Agent shall enter into intercreditor arrangements setting forth the relative rights of the parties in respect of the collateral, which intercreditor arrangements shall be reasonably satisfactory to the Administrative
Agent (any and all agreements and documents evidencing such intercreditor arrangements being referred to herein as “Intercreditor Agreements”). For clarity, no such Intercreditor Agreement shall be required as a condition to the
initial funding of the Facility.
		
	GUARANTOR/	  	
	COLLATERAL RELEASE:	  	The Facility documentation (and, as to collateral, the Intercreditor Agreements) will provide that Subsidiary Guarantors and collateral will be released contemporaneously with the corresponding release under the Existing Credit
Facilities on consistent terms.
		
	LEAD ARRANGER	  	
	& BOOKRUNNER:	  	Merrill Lynch, Pierce, Fenner & Smith Incorporated (acting directly or through is designated affiliate) (the “Lead Arranger”) will act as lead arranger for the Facility.
		
	ADMINISTRATIVE	  	
	AGENT:	  	Bank of America, N.A. (“Bank of America” or “Administrative Agent” or “Agent”).
		
	LENDERS:	  	A syndicate of banks, financial institutions and other entities (including Bank of America) (collectively the “Lenders”) acceptable to Lead Arranger and the Company in accordance with the Commitment
Letter.

  

			
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	REQUISITE LENDERS:	  	Lenders having greater than 50% of the aggregate amount of loans and commitments under the Facility; provided that (i) in determining such percentage at any given time, all then existing defaulting lenders will be disregarded
and excluded, and the pro rata shares of the Lenders shall be redetermined, for voting purposes only, to exclude the pro rata shares of such defaulting lenders, and (ii) at all times when two or more Lenders are party to the Facility
documentation, the term “Requisite Lenders” shall in no event mean less than two Lenders.
		
	FACILITY:	  	A senior unsecured, multi-tranche delayed draw term loan facility (the “Facility”) consisting of the following two tranches:
		
		  	 (a)   Tranche A-1 of $250 million,
maturing two years after the Closing Date (“Tranche A-1”); and

		
		  	 (b)   Tranche A-2 Term
Loan of $850 million, maturing five years after the Closing Date (“Tranche A-2” and together with Tranche A-1, the “Tranches” and
each individually, a “Tranche”).

		
		  	The loans made by the Lenders under Tranche A-1 are referred to herein collectively as the “Tranche A-1 Loans.” Tranche A-1 Loans may be drawn in up to two draws, at any time the Borrowers elect on or prior to the later of (a) the 90th day following the Closing Date (defined
below) and (b) the Outside Date (as defined in the Merger Agreement, as in effect on the date of the acceptance of the Commitment Letter). The Lenders’ unfunded commitments under Tranche A-1 shall be
automatically and permanently reduced to zero on the earliest to occur of (the “Tranche A-1 Commitment Termination Date”) (a) the later of (i) the 90th day following the Closing Date (defined below) and (ii) the Outside Date, (b) the date the Borrowers make a second draw under such Tranche (after giving effect thereto) and (c) the
date (if any) that the commitments under such Tranche are terminated in accordance with the Facility documentation.
		
		  	The loans made by the Lenders under Tranche A-2 are referred to herein collectively as the “Tranche A-2 Loans” and together with the
Tranche A-1 Loans, collectively, the “Term Loan.” Tranche A-2 Loans may be drawn in up to two draws, at any time the Borrowers elect on or prior to the
later of (a) the 90th day following the Closing Date and (b) the Outside Date. The

  

			
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		  	Lenders’ unfunded commitments under Tranche A-2 shall be automatically and permanently reduced to zero on the earliest to occur of (the “Tranche
A-2 Commitment Termination Date”) (a) the later of (i) the 90th day following the Closing Date and (ii) the Outside Date,
(b) the date the Borrowers make a second draw under such Tranche (after giving effect thereto) and (c) the date (if any) that the commitments under such Tranche are terminated in accordance with the Facility documentation.
		
		  	No portion of the Term Loan may be reborrowed once repaid or prepaid.
		
		  	Each tranche of the Facility (including, without limitation, any Incremental TL Tranche (defined below)) will be pari passu with each other tranche thereof.
		
	ACCORDION	  	
	FEATURE:	  	At any time on or after the Funding Date, the Borrowers will have the right to increase the principal amount of Tranche A-1 Term Loans and/or increase the principal amount of Tranche A-2 Term Loans and/or add new pari passu term loan tranches (“Incremental TL Tranches”), such that the maximum aggregate amount of the Facility does not exceed $1,500,000,000 in the aggregate
after giving effect to all such increases and Incremental TL Tranches, upon Borrower’s request and the satisfaction of the following conditions: (a) the absence of any default or event of default under the Facility, (b) the provision
of sufficient additional commitments by Lenders for such increased amounts, (c) all representations and warranties being true and correct in all material respects, except to the extent that such representations and warranties specifically refer
to an earlier date, in which case they are true and correct in all material respects as of such earlier date (in each case, without duplication of materiality qualifiers set forth in such representations and warranties), (d) payment of applicable
fees, (e) all incremental commitments and loans provided as part of Tranche A-1, Tranche A-2 or a then existing Incremental TL Tranche shall be on the same terms as
the class of the Facility being increased, (f) all incremental commitments and loans provided as part of a newly established Incremental TL Tranche shall be on terms agreed to by the Borrowers and the lenders providing such Incremental TL
Tranche, provided, that (i) the final maturity date therefor may not be earlier than the latest maturity date of any

  

			
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		  	then existing class of the Facility and (ii) if the terms of such Incremental TL Tranche (other than final maturity) are not the same as the terms of Tranche A-1, Tranche A-2 or a then existing Incremental TL Tranche, such new Incremental TL Tranche shall be on terms reasonably acceptable to the Administrative Agent and the lenders providing such Incremental TL Tranche and
(g) receipt by the Administrative Agent of reasonably satisfactory certificates, opinions (to the extent requested by the Administrative Agent) and other documents as are customary or otherwise appropriate for such increase.
		
	PURPOSE:	  	Proceeds of the Term Loan shall be used to (a) fund, in full or in part, the payment of cash consideration payable by Domestic Property under the Merger Agreement, (b) repay certain outstanding indebtedness of Target and
(c) to pay fees and expenses in connection with the closing of the Facility and the Merger.
		
	MATURITY:	  	The Tranche A-1 Loans shall be due and payable in full on the second anniversary of the Closing Date.
		
		  	The Tranche A-2 Loans shall be due and payable in full on the fifth anniversary of the Closing Date.
		
	AMORTIZATION:	  	Interest-only.
		
	MANDATORY	  	
	PREPAYMENTS	  	
	AND COMMMITMENT	  	
	REDUCTIONS:	  	On or prior to the Funding Date, the commitments of the Lenders under Tranche A-1 will be permanently reduced by the amount of each Prepayment Receipt (defined below).
		
		  	After the Funding Date, the following (each, a “Prepayment Receipt”) shall be applied to prepay the Tranche A-1 Loans (or, in the event the Tranche A-1 has been partially funded, the Borrowers may in their discretion elect to reduce the remaining commitments of the Lenders under Tranche A-1 in lieu of prepaying the
Tranche A-1 Loans):
		
		  	(a) 100% of all net cash proceeds from sales of properties and assets on or after the Closing Date by any Group Member or sales of equity interests of any Group Member (excluding
net

  

			
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		  	cash proceeds from: (i) sales of personal property; (ii) proceeds from any casualty or condemnation event that are reinvested (or committed to be reinvested) within 360 days in replacement assets; (iii) that are held
in escrow in connection with an exchange or swap of real property assets in a transaction covered by Section 1031 of the Internal Revenue Code; (iv) any intercompany transfer; (v) any dispositions of, or dispositions of equity
interests in any Subsidiary that owns, foreign properties and assets; and (vi) other dispositions that do not, when taken together, exceed $15,000,000);
		
		  	(b) 100% of all net cash proceeds from the issuance on or after the Closing Date of equity interests (including, without limitation, any securities convertible or exchangeable into or exercisable for equity securities, other
equity-linked securities or hybrid debt-equity securities, any forward sale of equity securities or similar transaction) in any Group Member to any Person that is not a Group Member to the extent that such net cash proceeds, when taken together with
the net cash proceeds of all such issuances, exceeds $15,000,000, subject to exceptions for equity-based employee compensation plans, including employee stock option plans (for the avoidance of doubt, the issuance of equity to shareholders and
option holders of Target and its subsidiaries pursuant to the Merger Agreement is not subject to the requirements of this clause (b)); and
		
		  	(c) 100% of all net cash proceeds from the issuance or incurrence on or after the Closing Date of Specified Indebtedness (defined below) of any Group Member owing to any Person that is not a Group Member.
		
		  	As used herein, “Specified Indebtedness” means any Indebtedness for borrowed money of a Group Member issued or incurred after the Closing Date (excluding: (i) any such Indebtedness which, taken together with
all other such Indebtedness issued or incurred after the Closing Date, does not exceed $15,000,000; (ii) revolving credit loans borrowed under the Existing Credit Facilities (as it may be amended or restated, including pursuant to the Permitted
Amendments) in amounts not in excess of the revolving commitments thereunder as in effect on the Commitment Effective Date; (iii) Indebtedness incurred pursuant to the refinancing of any Indebtedness existing on the Commitment Effective Date,
in each case only to the

  

			
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		  	extent that such refinancing does not result in an increase of more than $15,000,000 in the aggregate principal amount of such Indebtedness being refinanced (other than in respect of accrued interest, fees, premiums and expenses
with respect thereto); (iv) purchase money indebtedness, equipment financings, working capital facilities of foreign subsidiaries of the Company and overdraft facilities; (v) the assumption of indebtedness in connection with the Merger or any
other acquisition by any Group Member; and (vi) any other Indebtedness for borrowed money that is mutually agreed to be excluded).
		
		  	For purposes hereof, “net cash proceeds” shall (i) with respect to any Subsidiary of the Parent that is not a Wholly Owned Subsidiary thereof, be limited to a percentage of such net cash proceeds that corresponds to
the Parent’s Ownership Share (as defined in the Existing Credit Agreement as in effect on the Commitment Effective Date) of such Subsidiary (or, if less, the amount permitted by the organizational documents of such Subsidiary as in effect on
the Commitment Effective Date), (ii) with respect to any property or asset sold subject to Secured Indebtedness, be limited to the actual cash proceeds received by the seller entity after such seller entity repays such Secured Indebtedness, and
(iii) be defined in a customary manner for facilities similar to the Facility, consistent with the Documentation Principles, and shall net, among other things, amounts required to be paid as taxes and an amount approximately equal to the
taxable gain or net income from a sale of real property assets to be distributed to shareholders of the Parent and, without duplication, any subsidiary REIT of the Parent, in order to avoid income or excise tax.
		
		  	Mandatory prepayments of the Tranche A-1 Term Loans will be made without penalty or premium (except for customary LIBOR “breakage costs”).
		
	OPTIONAL	  	
	PREPAYMENT AND	  	
	COMMITMENT	  	
	REDUCTIONS:	  	Tranche A-1 Term Loans and Tranche A-2 Term Loans may be prepaid in whole (and commitments may be reduced by the Borrowers) or in part at any time
without penalty or premium (except for customary LIBOR “breakage costs”).

  

			
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	INTEREST RATES:	  	As specified on Exhibit A attached hereto.
		
	FEES:	  	As set forth on Exhibit A attached hereto and in the Fee Letters.
		
	FINANCIAL COVENANTS:	  	The financial covenants shall be the same as the financial covenants in the Existing Credit Agreement, subject to the Documentation Principles, which on the Commitment Effective Date are:
		
		  	1. Maximum Leverage Ratio < 7.25:1.00.
		
		  	Leverage Ratio:
		
		  	Indebtedness (net of the amount of Unrestricted Cash and Cash Equivalents in excess of $100,000,000) divided by Consolidated EBITDA as at the end of the most recent Test Period.
		
		  	For purposes of determining the Leverage Ratio, Consolidated EBITDA shall be calculated on a pro forma basis for acquisitions and dispositions during such period, such that (i) in the case of a Hotel Property acquired during
the calculation period, Consolidated EBITDA attributable thereto for the entire period shall be included in the determination of Consolidated EBITDA and (ii) in the case of a Hotel Property disposed of during the calculation period,
Consolidated EBITDA attributable thereto for the entire period shall be excluded in the determination of Consolidated EBITDA for such period.
		
		  	2. Minimum Fixed Charge Coverage Ratio > 1.50:1.00.
		
		  	Consolidated Reserve Adjusted EBITDA as at the end of each Test Period to Consolidated Fixed Charges as at the end of such period.
		
		  	3. Maximum Secured Indebtedness < 45.0%.
		
		  	Secured Indebtedness to Total Asset Value.
		
		  	4. Maximum Unencumbered Leverage Ratio < 60.0%.
		
		  	Unsecured Indebtedness (net of the amount of Unrestricted Cash and Cash Equivalents in excess of $100,000,000) to Unencumbered Asset Value.
		
		  	Company may elect, concurrently with or prior to delivery of a compliance certificate for any fiscal period and provided that no default or event of default under the Facility has occurred and
is

  

			
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		  	continuing (other than as a result of the maximum Unencumbered Leverage Ratio as of the end of such fiscal quarter being greater than 60.0% but less than or equal to 65.0%), that the maximum Unencumbered Leverage Ratio be increased
to 65.0% for such fiscal period and the next succeeding fiscal period (the “Unencumbered Leverage Increase Period”); provided that (i) the Company may elect not more than three Unencumbered Leverage Increase Periods during the
term of the Facility and (ii) any such Unencumbered Leverage Increase Periods shall be non-consecutive.
		
		  	5. Minimum Unsecured Interest Coverage Ratio > 2.00:1.00.
		
		  	The ratio of Unencumbered Adjusted NOI for any Test Period to the actual Consolidated Interest Expense on Unsecured Indebtedness for such period.
		
		  	6. Dividend Payout/Distributions.
		
		  	Consistent with the Documentation Principles
		
	UNENCUMBERED 	  	
	PROPERTIES:	  	Consistent with the Documentation Principles, only Eligible Properties (collectively, the “Unencumbered Pool”) shall be included in the calculation of Unencumbered Asset Value.
		
		  	A Hotel Property shall be excluded from the Unencumbered Pool if at any time such Hotel Property shall cease to be an Eligible Property.
		
	OTHER COVENANTS:	  	Consistent with the Documentation Principles and subject to the Limited Condition Provisions
		
	REPORTING	  	
	REQUIREMENTS:	  	Consistent with the Documentation Principles
		
	INDEMNIFICATION:	  	Consistent with the Documentation Principles

  

			
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	CONDITIONS	  	
	PRECEDENT	  	
	TO LOANS MADE	  	
	ON THE	  	
	FUNDING DATE:	  	Effectiveness of the Facility (the date upon which the Facility becomes effective being referred to herein as the “Closing Date”) shall be conditioned solely upon the conditions precedent set forth in Exhibit C-1 attached hereto. Availability of the initial loans under the Facility (the date upon which the initial loans under the Facility are funded being referred to herein as the “Funding Date”) shall
be conditioned solely upon the conditions precedent set forth in Exhibit C-2 attached hereto.

  

			
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	CONDITIONS	  	
	PRECEDENT	  	
	TO LOANS MADE AFTER	  	
	THE FUNDING DATE:	  	Consistent with the Documentation Principles with respect to loans under the Facility made or continued after the Funding Date.
		
	REPRESENTATIONS:	  	Consistent with the Documentation Principles and subject to the Limited Condition Provisions
		
	EVENTS OF	  	
	DEFAULT:	  	Consistent with the Documentation Principles and subject to the Limited Condition Provisions
		
	DEFAULTING	  	
	LENDERS:	  	Consistent with the Documentation Principles
		
	ASSIGNMENTS/	  	
	PARTICIPATIONS:	  	Subject to the consents described below (which consents will not be unreasonably withheld or delayed), each Lender will be permitted to make assignments in acceptable minimum amounts to one or more assignees. The consent of the
Company, on behalf of itself and the other Borrowers, will be required for any assignment unless (i) a payment or bankruptcy event of default exists or (ii) the assignment is to a Lender, an affiliate of a Lender or an approved fund (as
such term is defined in the Facility documentation). The consent of the Administrative Agent will be required for any assignment in respect of any portion of the Term Loan to an entity that is not a Lender with a commitment in respect of the
applicable Facility, an affiliate of such Lender or an approved fund in respect of such Lender. Lenders will be permitted to sell participations with voting rights limited to significant matters otherwise requiring the approval of all affected
lenders such as changes in amount, rate and maturity date and releases of all or substantially all of value of the Guarantors other than as expressly permitted under the Facility documentation. An assignment fee of $4,500 ($7,500 (or such lesser
amount as the Administrative Agent shall agree, but in no event less than $4,500) for any Defaulting Lender) shall be payable by any assigning Lender to the Administrative Agent upon the effectiveness of any such assignment (including, but not
limited to, an assignment by a Lender to another Lender). Lenders shall have the right to disclose information to prospective participants and assignees subject to the confidentiality requirements of the Facility
documentation.

  

			
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	WAIVERS AND	  	
	AMENDMENTS:	  	Amendments and waivers of the provisions of the Facility documentation will require the approval of Requisite Lenders, except that (a) the consent of each Lender directly affected thereby shall be required with respect to
(i) reductions of principal payments, interest, or fees (other than a waiver of default interest and changes to financial covenant calculations and definitions that may indirectly affect pricing), (ii) extensions of scheduled maturities or
times for payment, and (iii) releases of all or substantially all of the value of the Guarantors or the Collateral other than as expressly permitted under the Facility documentation and (b) the consent of the Lenders holding more than 50%
of the aggregate amount of the extensions of credit and unused commitments under a particular tranche of the Facility shall be required with respect to certain matters specific to that tranche only (and not affecting any other tranche or the funding
or availability of another tranche). Notwithstanding the foregoing, modifications to provisions setting forth pro rata shares of the Lenders and reallocation of pro rata payments among the Lenders that are made in connection with the establishment
of Incremental TL Tranches shall require approval only of the Administrative Agent and such Lenders as are providing commitments for such Incremental TL Tranches so long as such payments continue to be based on each Lender’s pro rata share of
all commitments and/or outstandings, as appropriate, under the tranches in which it participates in the Facility. In addition, the Facility will contain customary lender replacement provisions for, among other things,
non-consenting lenders, defaulting lenders, increased cost lenders or the illegality or suspension asserted by any Lender to fund or maintain Eurodollar Rate loans. The Facility documentation will also permit
amendments and/or supplements jointly agreed to by the Company and the Administrative Agent to cure any ambiguity, omission, mistake or defect in any provision of the Facility documentation.
		
	EXPENSES:	  	Consistent with the Documentation Principles
		
	GOVERNING LAW:	  	The Facility documentation shall be governed by the laws of the State of New York.
		
	CONFIDENTIALITY:	  	The Facility documentation will contain confidentiality provisions with respect to the Lenders that are consistent with the Documentation Principles.

  

			
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 EXHIBIT A 

INTEREST RATES 
  

			
	INTEREST OPTIONS:	  	The Facility will bear interest at either (a) the Base Rate plus the Applicable Margin for Base Rate loans (determined in accordance with the Pricing Grid set forth below) or (b) the Eurodollar Rate for the applicable
interest period plus the Applicable Margin for Eurodollar Rate loans (determined in accordance with the Pricing Grid set forth below).
		
		  	As used herein:
		
		  	“Eurodollar Rate” means:
		
		  	 (a) for any Interest Period with respect to a Eurodollar Rate loan, 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 U.S. 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 loan on any date, the rate per annum equal to LIBOR, at or
about 11:00 a.m., London time determined two Business Days prior to such date for U.S. dollar deposits with a term of one month commencing that day; and

		
		  	(c) if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.
		
		  	“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 for an interest period of one month, plus 1.00%.

  

			
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		  	“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published by the Federal
Reserve Bank of New York on the business day next succeeding such day; provided that (a) if such day is not a business day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding business day as
so published on the next succeeding business day, and (b) if no such rate is so published on such next succeeding business day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of
1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the Administrative Agent.
		
	LIBOR SUCCESOR	  	
	RATE:	  	If the Administrative Agent determines, or the Company or Requisite Lenders notify the Administrative Agent that: (a) adequate and reasonable means do not exist for ascertaining LIBOR and such circumstances are unlikely to
be temporary, or (b) the administrator of LIBOR or a governmental authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which LIBOR shall no longer be made available, or used
for determining the interest rate of loans, or (c) syndicated loans are being executed or amended to incorporate or adopt a new benchmark interest rate to replace LIBOR, then the Administrative Agent and the Company, on behalf of itself and the
other Borrowers, may enter into an amendment to replace LIBOR with an alternate benchmark rate (including any applicable mathematical adjustments) (“Successor Rate”), giving due consideration to any evolving or existing convention,
together with any proposed Successor Rate conforming changes. Any such amendment shall become effective unless Required Lenders object to such amendment within five (5) business days. In no event shall the Successor Rate be less than
zero.

  

			
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	COST AND YIELD	  	
	PROTECTION, ETC.:	  	The Facility documentation will include customary provisions consistent with the Documentation Principles, including replacement rights with respect to affected lenders, (a) protecting the Lenders against increased costs or
loss of yield resulting from changes in reserve, tax, capital adequacy, liquidity and other requirements of law (including reflecting that the Dodd-Frank Wall Street Reform and Consumer Protection Act and Basel III and all requests, rules,
guidelines or directives thereunder or issued in connection therewith shall be deemed to be a change of law regardless of the date enacted, adopted or issued) (which shall be subject to a customary retroactive look-back period of not more than 180
days); provided that any such determination shall be made in good faith (and not on an arbitrary or capricious basis) and consistent with such Lender’s general practices under similar circumstances in respect of similarly situated customers (it
being agreed that a Lender shall not be required to disclose any confidential or proprietary information in connection with such determination or the making of such claim), and (b) indemnifying the Lenders for breakage costs incurred in
connection with among other things, any failure to borrow a Eurodollar Rate loan, or any repayment of a Eurodollar Rate loan on a day other than the last day of an interest period with respect thereto.
		
	DEFAULT INTEREST:	  	While any event of default under the Facility exists, the Borrowers shall pay interest (a) in respect of the Term Loan that is not paid when due, at the rate otherwise applicable plus an additional 2.0% per annum and
(b) with respect to any other obligation that is not paid when due at a rate per annum equal to the Base Rate plus the Applicable Margin for Base Rate loans plus 2.0%.
		
	PAYMENT OF	  	
		
	INTEREST:	  	All accrued interest on advances shall be payable monthly in arrears on the first day of each month and on any date on which the principal balance of an advance is due and payable in full, except that interest on Eurodollar Rate
loans shall be payable at the end of the interest period applicable thereto (but in any event not less frequently than every three months). Interest payable at the default rate shall be payable on
demand.

  

			
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	PRICING GRID:	  	Each interest rate margin with respect to the Facility shall be determined based on the Leverage Ratio pursuant to the Pricing Grid set forth below.2

  

							
	 Pricing

Level
	  	 Ratio of Indebtedness to

Consolidated EBITDA
	  	Eurodollar Rate
Interest Margin	 
	 I
	  	Less than 3.50 to 1.00	  	 	1.35	% 
	 II
	  	Greater than or equal to 3.50 to 1.00 but less than 4.00 to 1.00	  	 	1.40	% 
	 III
	  	Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00	  	 	1.50	% 
	 IV
	  	Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00	  	 	1.70	% 
	 V
	  	Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00	  	 	1.85	% 
	 VI
	  	Greater than or equal to 6.00 to 1.00 but less than 6.50 to 1.00	  	 	2.10	% 
	 VII
	  	Greater than or equal to 6.50 to 1.00 but less than 7.00 to 1.00	  	 	2.35	% 
	 VIII
	  	Greater than or equal to 7.00 to 1.00	  	 	2.65	% 

  
  

	2 	 The interest rate margin for any Base Rate loan under the Facility at any Pricing Level set forth in this
pricing grid will be 100 basis points (1.00%) lower than the interest rate margin for Eurodollar Rate loans at the same Pricing Level (but in no event will the interest rate margin with respect to any loan be less than zero). 

  

			
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 EXHIBIT B 

CERTAIN DEFINED TERMS 
  

			
	Existing Credit Agreement:	  	means the Credit Agreement, dated as of December 28, 2016, as amended prior to the Closing Date (as contemplated by the Documentation Principles), by and among the Parent, the Company, the subsidiaries of the Company party
thereto, the lenders thereunder, Wells Fargo Bank, National Association, as Administrative Agent and the other parties thereto.
		
	Existing Credit Facilities:	  	means the credit facilities provided pursuant to the Existing Credit Agreement.
		
	Consolidated Group:	  	means the Parent and its consolidated Subsidiaries.
		
	Group Member:	  	means a member of the Consolidated Group.
		
	Merger Agreement:	  	means the Agreement and Plan of Merger dated as of May 5, 2019 by and among Parent, Domestic Property, PK Domestic Sub LLC and Target, including all schedules and exhibits thereto.
		
	Permitted Amendments:	  	means certain amendments to the Existing Credit Agreement to be entered into after the Commitment Effective Date, the substance of which were disclosed to the Lead Arranger and the Administrative Agent prior to the Commitment
Effective Date.

  

			
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 EXHIBIT C-1 

CONDITIONS PRECEDENT TO EFFECTIVNESS OF THE FACILITY 

Capitalized terms not otherwise defined herein have the same meanings as specified therefor in the Commitment Letter to which this Exhibit C-1 is attached. 
 Effectiveness of the Facility will be subject to the following conditions precedent: 

Subject to the Limited Condition Provisions and the Documentation Principles, the execution and delivery of the Facility
documentation by the Borrowers as of the Closing Date, the Guarantors as of the Closing Date and the Administrative Agent, which shall be consistent, in each case, with the Commitment Letter. 

The Lead Arranger shall have received a fully executed copy of the Merger Agreement. 

There shall not have been occurred on or after the Commitment Effective Date any amendments, modifications or waivers by the
Company or any of its affiliates of, or consents by the Company or any of its affiliates under, the Merger Agreement that are materially adverse to the Lenders or the Lead Arranger in their respective capacities without the consent of the Lead
Arranger, such consent not to be unreasonably withheld, delayed or conditioned (it being understood and agreed that (a) any (i) increase in the aggregate cash consideration to be paid under the Merger Agreement (the “Cash Merger
Consideration”), if funded with equity shall not be deemed to be materially adverse to the interests of the Lenders and the Lead Arranger and shall not require the consent of the Lead Arranger to the extent funded by equity only and
(ii) any decrease in the Cash Merger Consideration shall not be deemed to be materially adverse to the interests of the Lenders and the Lead Arranger if such decrease shall reduce
dollar-for-dollar the commitments in respect of the Facility (allocated first to Tranche A-1 and second to Tranche A-2) and (b) any (i) amendment or modification to the definition of “Company Material Adverse Effect” (as such term is defined in the Merger Agreement), (ii) consent or waiver given by the Company or
any affiliate thereof as to any matter that would but for such consent constitute a “Company Material Adverse Effect”, or (iii) action or omission taken at the request of the Company or any affiliate thereof that would but for such
request constitute a “Company Material Adverse Effect”, shall in each case be deemed to be materially adverse to the Lenders. 

The Specified Representations shall be true and correct in all material respects as of the Closing Date. 

The Lead Arranger shall have received (a) GAAP audited consolidated balance sheets and related statements of income,
changes in equity and cash flows of the Parent for the fiscal years ended December 31, 2016, December 31, 2017 and December 31, 2018 (each of which the 

  

			
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Lead Arranger acknowledges have been received) and (b) GAAP unaudited consolidated balance sheets and related statements of income, changes in equity and cash flows of the Parent for each
subsequent fiscal quarter ending after December 31, 2018 and at least 45 days prior to the Closing Date; provided that the Parent’s public filing of any required financial statements with the SEC shall constitute delivery of such
financial statements to the Lead Arranger. 
 There shall exist no event of default under the Facility documentation
corresponding to the following provisions of the Existing Credit Agreement as in effect on the Commitment Effective Date: Section 11.1(e) (voluntary bankruptcy proceeding) (solely with respect to the Parent and the Borrowers) and
Section 11.1(f) (involuntary bankruptcy proceeding) (solely with respect to the Parent and the Borrowers). 
 The
Administrative Agent shall have received (a) customary opinions of counsel to the Loan Parties and (b) customary closing certificates, certificates of good standing, charter documents, incumbency certificates and evidences of authority.

 The receipt by the Lead Arranger of all necessary information in connection with the USA Patriot Act, “know your
customer” requirements, beneficial ownership regulations and other customary requirements, in each case to be delivered by the Loan Parties not later than five (5) business days prior to the Closing Date to the extent such information is
requested not later than ten (10) business days prior to the Closing Date. 
 The Administrative Agent shall have
received a solvency certificate of the chief financial officer of the Parent in substantially the form of Annex I to this Exhibit C. 

To the extent invoiced at least one (1) business day prior to the Closing Date, all accrued costs, fees and expenses
(including legal fees and expenses and the fees and expenses of any other advisors required to be reimbursed under the Commitment Letter) and other compensation due and payable to the Administrative Agent, the Lead Arranger and the Lenders on the
Closing Date shall have been paid. 

  

			
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 EXHIBIT C-2 

CONDITIONS PRECEDENT TO INITIAL LOANS UNDER THE FACILITY 

Capitalized terms not otherwise defined herein have the same meanings as specified therefor in the Commitment Letter to which this Exhibit C-2 is attached. 
 The obligation of the Lenders to fund the initial loans under the Facility shall be subject solely
to the following conditions precedent: 
  

	1.	 The Facility shall have become effective. 

 

	2.	 The Merger shall have been consummated, or substantially simultaneously with the funding of the initial loans
under the Facility shall be consummated, in accordance with the Merger Agreement, without giving effect to any amendments, modifications or waivers by the Company or any of its affiliates of, or consents by the Company or any of its affiliates
under, the Merger Agreement that are materially adverse to the Lenders or the Lead Arranger in their respective capacities without the consent of the Lead Arranger, such consent not to be unreasonably withheld, delayed or conditioned (it being
understood and agreed that (a) any (i) increase in the aggregate cash consideration to be paid under the Merger Agreement (the “Cash Merger Consideration”), if funded with equity shall not be deemed to be materially adverse to
the interests of the Lenders and the Lead Arranger and shall not require the consent of the Lead Arranger to the extent funded by equity only and (ii) any decrease in the Cash Merger Consideration shall not be deemed to be materially adverse to
the interests of the Lenders and the Lead Arranger if such decrease shall reduce dollar-for-dollar the commitments in respect of the Facility (allocated first to Tranche
A-1 and second to Tranche A-2) and (b) any (i) amendment or modification to the definition of “Company Material Adverse Effect” (as such term is defined
in the Merger Agreement), (ii) consent or waiver given by the Company or any affiliate thereof as to any matter that would but for such consent constitute a “Company Material Adverse Effect”, or (iii) action or omission taken at the
request of the Company or any affiliate thereof that would but for such request constitute a “Company Material Adverse Effect”, shall in each case be deemed to be materially adverse to the Lenders. 

 

	3.	 Since the date of the Merger Agreement, there shall not have been an Event (as such term is defined in the
Merger Agreement) that has had or would reasonably be expected to have, individually or in the aggregate, a “Company Material Adverse Effect”. 

  

	4.	 The Specified Representations shall be true and correct in all material respects as of the Funding Date.

  

	5.	 The Merger Agreement Representations shall be true and correct in all respects as of the

  

			
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Funding Date except to the extent that neither the Company nor any affiliate thereof would not have the right to terminate its obligations under the Merger Agreement as a result of a breach of
such representations. 

  

	6.	 There shall exist no event of default under the Facility documentation corresponding to the following
provisions of the loan agreement for the Existing Credit Facilities as in effect on the Commitment Effective Date: Section 11.1(e) (voluntary bankruptcy proceeding) (solely with respect to the Parent and the Borrowers) and Section 11.1(f)
(involuntary bankruptcy proceeding) (solely with respect to the Parent and the Borrowers). 

  

	7.	 The Administrative Agent shall have received a solvency certificate of the chief financial officer of the
Parent in substantially the form of Annex I to this Exhibit C-2. 

  

	8.	 To the extent invoiced at least one (1) business day prior to the Funding Date (or at least three
(3) business days prior to the Funding Date in the case of costs and expenses required to be reimbursed under the Commitment Letter), all accrued costs, fees and expenses (including legal fees and expenses and the fees and expenses of any other
advisors) and other compensation due and payable to the Administrative Agent, the Lead Arranger and the Lenders on the Funding Date shall have been paid. 

  

	9.	 The Administrative Agent shall have received a written notice of borrowing at least three (3) business
days prior to the Funding Date if the initial loans under the Facility are funded as Eurodollar Rate loans, or one (1) business day prior to the Funding Date if the initial loans under the Facility are funded as Base Rate loans.

  

			
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 Annex I to Exhibit C-2 

FORM OF 
 SOLVENCY
CERTIFICATE 
 [                 ], 2019 

This Solvency Certificate is delivered pursuant to Section [ ] of the Delayed Draw Term Loan Agreement dated as of
[                ], 2019, among [                ] (the “Term Loan
Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Term Loan Agreement. 

The undersigned hereby certifies, solely in his capacity as an officer of the Parent and not in his individual capacity, as follows: 

1.    I am the Chief Financial Officer of the Parent. I am familiar with the Transaction and the business and assets
of the Parent and its subsidiaries and have reviewed the Loan Agreement, financial statements referred to in Section [__] of the Term Loan Agreement and such documents and made such investigation as I deemed relevant for the purposes of this
Solvency Certificate and I am duly authorized to execute this Solvency Certificate on behalf of the Parent pursuant to the Term Loan Agreement.

2.    As of the date hereof, immediately after giving effect to the consummation of the Transaction, on and as of such
date (i) the fair value and the fair saleable value of the assets of the Parent and its subsidiaries (excluding any Indebtedness due from any Affiliate of the Parent), on a consolidated basis, are each in excess of the fair valuation of its
total existing debts and liabilities (including all contingent liabilities), as such value and such liabilities are determined in accordance with Sections 101 of the Bankruptcy Code or Sections 1 and 2 of the Uniform Fraudulent Transfer
Act; (ii) the Parent and its subsidiaries, on a consolidated basis, are able to generally pay their debts or other obligations in the ordinary course as they mature; and (iii) the Parent and its subsidiaries on a consolidated basis have
capital not unreasonably small to carry on its business and all business in which it proposes to be engaged. For purposes hereof, the amount of any contingent liability at any time shall be computed as the amount that, in light of all the facts and
circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial
Accounting Standard No. 5). 
 This Solvency Certificate is being delivered by the undersigned officer only in his capacity as Chief
Financial Officer of the Parent. 

  

			
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 IN WITNESS WHEREOF, the undersigned has executed this Solvency Certificate on the date first
written above. 
  

			
	 PARK HOTELS & RESORTS INC.

		
	By:	 	  

	 	 	Name:
	 	 	Title:

  

			
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 Exhibit 10.1 

CITY OFFICE REIT, INC. 

AMENDMENT TO THE 
 CITY
OFFICE REIT, INC. EQUITY INCENTIVE PLAN 
 This Amendment (the “Amendment”) to the City Office REIT, Inc. Equity Incentive
Plan (the “Plan”) is adopted by the Board of Directors of City Office REIT, Inc. (the “Company”) on March 7, 2019, to be effective as of January 1, 2019 upon approval of the Amendment by the Company’s stockholders
of common stock. 
 1. Capitalized terms used herein but not otherwise defined shall have the meaning given to such terms in the Plan. 

2. Section 2(b) of the Plan is hereby modified as follows: 

“[Reserved]” 
 3. Section 2(e) of the
Plan is hereby modified as follows: 
 ““Cause” shall mean, unless otherwise provided in the Grantee’s Agreement,
(i) engaging in (A) willful or gross misconduct or (B) willful or gross neglect, (ii) repeatedly failing to adhere to the directions of superiors or the Board or the written policies and practices of the Company, the Subsidiaries
or any of their respective affiliates, (iii) the Grantee’s conviction of, or plea of nolo contendere to, a felony or a crime of moral turpitude, or any crime involving the Company, the Subsidiaries or any of their respective affiliates,
(iv) fraud, misappropriation, embezzlement or material or repeated insubordination, (v) a material breach of the Grantee’s employment agreement (if any) with the Company, the Subsidiaries or any of their respective affiliates (other
than a termination of employment by the Grantee), or (vi) any illegal act detrimental to the Company, the Subsidiaries or any of their respective affiliates, all as determined by the Committee.” 

4. Section 2(g) of the Plan is hereby modified as follows: 

““Committee” shall mean the Compensation Committee of the Company as appointed by the Board in accordance with Section 4
of the Plan; provided, however, that the Committee shall at all times consist solely of persons who, at the time of their appointment, are qualified as a “Non-Employee Director” under Rule 16b-3(b)(3)(i) promulgated under the Exchange Act.” 
 5. Section 2(x) of the Plan is hereby modified as follows:

 ““Participating Companies” shall mean the Company, the Subsidiaries and any of their respective affiliates, which, with
the consent of the Board participates in the Plan.” 
 6. Section 3 of the Plan is hereby modified as follows: 

“The effective date of the Plan is January 1, 2019.” 

 

 7. Section 6 of the Plan is hereby modified as follows: 

“Subject to adjustments pursuant to Section 16, Grants with respect to an aggregate of no more than 1,263,580 Shares may be granted
under the Plan (all of which may be issued as Options); provided, however, that effective January 1, 2019, Grants with respect to an aggregate of no more than 2,263,580 Shares may be granted under the Plan (all of which may be issued as
Options). (i) The maximum number of Shares with respect to which any Options may be granted in any one year to any Grantee shall not exceed 150,000, and (ii) the maximum number of Shares that may underlie Grants, other than Grants of
Options, in any one year to any Grantee shall not exceed 150,000. Notwithstanding the first sentence of this Section 6, (i) Shares that have been granted as Restricted Stock or that have been reserved for distribution in payment for
Options, Restricted Stock Units or Phantom Shares but are later forfeited or for any other reason are not payable under the Plan; and (ii) Shares as to which an Option is granted under the Plan that remains unexercised at the expiration,
forfeiture or other termination of such Option, may be the subject of the issue of further Grants. Shares of Common Stock issued hereunder may consist, in whole or in part, of authorized and unissued shares, or treasury shares. The certificates for
Shares issued hereunder may include any legend which the Committee deems appropriate to reflect any restrictions on transfer hereunder or under the Agreement, or as the Committee may otherwise deem appropriate. For the avoidance of doubt, Shares
subject to DERs shall be subject to the limitation of this Section 6. Notwithstanding the limitations above in this Section 6, there shall be no limit on the number of Phantom Shares or DERs to the extent they are paid out in cash that may
be granted under the Plan. If any Phantom Shares or DERs are paid out in cash, the underlying Shares may again be made the subject of Grants under the Plan, notwithstanding the first sentence of this Section 6. A Grant of LTIP Units under
Section 13 hereof shall be treated for purposes of the limits in this Section 6 as a Grant covering Shares on a 1 Share for 1 LTIP Unit basis.” 

8. Section 9(a) of the Plan is hereby modified as follows: 

“Vesting Periods. In connection with the grant of Restricted Stock, the Committee shall establish one or more vesting periods with
respect to the shares of Restricted Stock granted, the length of which shall be determined in the discretion of the Committee. Subject to the provisions of this Section 9, the applicable Agreement and the other provisions of the Plan,
restrictions on Restricted Stock shall lapse if the Grantee satisfies all applicable employment or other service requirements through the end of the applicable vesting period.” 

9. Section 9(c)(i) of the Plan is hereby modified as follows: 

Each Grantee of Restricted Stock shall be issued a certificate in respect of Shares of Restricted Stock awarded under the Plan. Such
certificate shall be registered in the name of the Grantee. Without limiting the generality of Section 6, in addition to any legend that might otherwise be required by the Board or the Company’s charter, bylaws or other applicable
documents, the certificates for Shares of Restricted Stock issued hereunder may include any legend which the Committee deems appropriate to reflect any restrictions on transfer hereunder or under the applicable Agreement, or as the Committee may
otherwise deem appropriate, and, without limiting the generality of the foregoing, shall bear a legend referring to the terms, conditions, and restrictions applicable to such Grant, substantially in the following form: 

  
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 THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT TO THE
TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE CITY OFFICE REIT, INC. EQUITY INCENTIVE PLAN, AND AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND CITY OFFICE REIT, INC. COPIES OF SUCH PLAN AND AWARD AGREEMENT ARE ON FILE IN THE OFFICES
OF CITY OFFICE REIT, INC. AT 666 BURRARD STREET, SUITE 3210, VANCOUVER, BRITISH COLUMBIA, V6C 2X8. 
 10. Section 10(a)(i) of the Plan is hereby modified as
follows: 
 “In connection with the grant of Restricted Stock Units, the Committee shall establish one or more vesting periods with
respect to the Restricted Stock Units, the length of which shall be determined in the discretion of the Committee.” 
 11. Section 12(a) of the Plan is
hereby modified as follows: 
 “Grant of DERs. Subject to the other terms of the Plan, the Committee shall, in its discretion as
reflected by the terms of the Agreements, authorize the granting of DERs to Eligible Persons based on the dividends declared on Common Stock, to be credited as of the dividend payment dates, during the period between the date a Grant is issued, and
the date such Grant is exercised, vests or expires, as determined by the Committee. Such DERs shall be converted to cash or additional Shares by such formula and at such time and subject to such limitation as may be determined by the Committee. If a
DER is granted in respect of another Grant hereunder, then, unless otherwise stated in the Agreement, or, in the appropriate case, as determined by the Committee, in no event shall the DER be in effect for a period beyond the time during which the
applicable related portion of the underlying Grant has been exercised or otherwise settled, or has expired, been forfeited or otherwise lapsed, as applicable. With respect to DERs granted with respect to Grants that vest upon satisfaction of
criteria other than solely continued service, payment in settlement of the DERs shall not be made to the Grantee prior to the date on which, and only to the extent that, the related Grant vests and the DERs shall be forfeited in the event, and to
the extent, the related Grant is forfeited.” 
 12. Section 14 of the Plan is hereby modified as follows: 

“[Reserved]” 
 13. Section 15 of the
Plan is hereby modified as follows: 
 “Term of Plan. Grants may be granted pursuant to the Plan until the expiration of 10
years from the effective date of the Plan, as amended by the Amendment.” 
 14. Section 16(a) of the Plan is hereby modified as follows: 

“(a) Subject to any required action by stockholders and to the specific provisions of Section 17, if (i) the Company shall at
any time be involved in a merger, consolidation, dissolution, liquidation, reorganization, exchange of shares, sale of all or substantially all of the assets or stock of the Company or a transaction similar thereto, (ii) any stock dividend,
stock split, reverse stock split, stock combination, reclassification, recapitalization or other similar 

  
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change in the capital structure of the Company, or any distribution to holders of Common Stock other than ordinary cash dividends, shall occur or (iii) any other event shall occur which in
the judgment of the Committee necessitates action by way of adjusting the terms of the outstanding Grants, then: 
 (i) the maximum
aggregate number of Shares which may be made subject to Options and DERs under the Plan, the maximum aggregate number and kind of Shares of Restricted Stock and Restricted Stock Units that may be granted under the Plan, the maximum aggregate number
of Phantom Shares and other Grants which may be granted under the Plan may be appropriately adjusted by the Committee in its discretion; and 

(ii) the Committee shall take any such action as in its discretion shall be necessary to maintain each Grantees’ rights hereunder
(including under their applicable Agreements) so that they are, in their respective Grants, substantially proportionate to the rights existing in such Grants prior to such event, including, without limitation, adjustments in (A) the number and
kind of shares or other property to be distributed in respect of the Grant, (B) the Exercise Price, Purchase Price and Phantom Share Value, and (C) performance-based criteria established in connection with Grants; provided that, in
the discretion of the Committee, the foregoing clause (C) may also be applied in the case of any event relating to a Subsidiary if the event would have been covered under this Section 16(a) had the event related to the Company. In
addition, the Committee may provide a cash bonus in lieu of adjustment if it determines such a bonus is appropriate. 
 To the extent that
such action shall include an increase or decrease in the number of Shares (or units of other property then available) subject to all outstanding Grants, the number of Shares (or units) available under Section 6 above shall be increased or
decreased, as the case may be, proportionately.” 
 15. Section 16(j) of the Plan is hereby modified as follows: 

““Change of Control” shall mean the occurrence of any one of the following events: 

(i) any “person,” including a “group,” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but
excluding the Company, any entity controlling, controlled by or under common control with the Company, any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any such entity,
and, with respect to any particular Eligible Employee, the Eligible Employee and any “group,” (as such term is used in Section 13(d)(3) of the Exchange Act) of which the Eligible Employee is a member), is or becomes the
“beneficial owner,” (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of either (A) the combined voting power of the Company’s then outstanding
securities or (B) the then outstanding Shares; or 
 (ii) members of the Board at the beginning of any consecutive 12-calendar-month period (the “Incumbent Directors”) cease for any reason other than due to death to constitute at least a majority of the members of the Board; provided that any Director whose election,
or nomination for election by the Company’s stockholders, was approved or ratified by a vote of at least a majority of the members of the Board then still in office who were members of the Board at the beginning of such 12-calendar-month period, shall be deemed to be an Incumbent Director; or 

  
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 (iii) there shall occur (A) any consolidation or merger of the Company or any
Subsidiary where the stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule
13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the voting securities of the corporation issuing cash or securities in the consolidation or merger (or
of its ultimate parent corporation, if any), (B) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of
the Company or (C) the liquidation or dissolution of the Company. 
 Notwithstanding the foregoing, a “Change of Control”
shall not be deemed to have occurred for purposes of the foregoing clause (i) solely as the result of an acquisition of securities by the Company which, by reducing the number of Shares or other voting securities outstanding, increases
(x) the proportionate number of Shares beneficially owned by any person to 50% or more of the Shares then outstanding or (y) the proportionate voting power represented by the voting securities beneficially owned by any person to 50% or
more of the combined voting power of all then outstanding voting securities; provided, however, that, if any person referred to in clause (x) or (y) of this sentence shall thereafter become the beneficial owner of
any additional Shares or other voting securities (other than pursuant to a stock split, stock dividend, or similar transaction), then a “Change of Control” shall be deemed to have occurred for purposes of this subsection (j). 

Notwithstanding the foregoing, no event or condition shall constitute a Change of Control to the extent that, if it were, an excise tax would
be imposed upon or with respect to any Grant under Section 409A of the Code; provided that, in such a case, the event or condition shall continue to constitute a Change of Control to the maximum extent possible (e.g., if applicable, in respect
of vesting without an acceleration of distribution) without causing the imposition of such excise tax.” 
 16. Exhibit A of the Plan is hereby modified
as follows: 
 “[RESERVED]” 
 17.
This Amendment shall be effective as of January 1, 2019 when it is approved by the Company’s stockholders. 

  
 5

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