Document:

Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES
PURCHASE AGREEMENT (the “Agreement”), dated as of December 3, 2018, by and between ARISTA FINANCIAL CORP.,
a Nevada corporation, with headquarters located at 51 JFK Parkway, First Floor West, Short Hills, NJ 07078 (the “Company”),
and CROWN BRIDGE PARTNERS, LLC, a New York limited liability company, with its address at 1173a 2nd Avenue, Suite 126, New
York, NY 10065 (the “Buyer”).

 

WHEREAS:

 

A. The
Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded
by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”) under
the Securities Act of 1933, as amended (the “1933 Act”);

 

B. Buyer
desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement the 5%
convertible note of the Company, in the form attached hereto as Exhibit A, in the aggregate principal amount of US$121,500.00
(together with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance
with the terms thereof, the “Note”), convertible into shares of common stock of the Company (the “Common Stock”),
upon the terms and subject to the limitations and conditions set forth in such Note.

 

C. The
Buyer wishes to purchase, upon the terms and conditions stated in this Agreement, such principal amount of Note as is set forth
immediately below its name on the signature pages hereto; and

 

NOW THEREFORE,
the Company and the Buyer severally (and not jointly) hereby agree as follows:

 

1. PURCHASE
AND SALE OF NOTE.

 

a. Purchase
of Note. On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees to purchase
from the Company such principal amount of Note as is set forth immediately below the Buyer’s name on the signature pages
hereto, subject to the express terms of the Note. At the time of Holder’s funding of each tranche under the Note, the Company
shall issue to Buyer as a commitment fee, a warrant to purchase an amount of shares of its common stock equal to the face value
of each respective tranche divided by $2.00 (for illustrative purposes, the first tranche face value is equal to $40,500.00, which
resulted in the issuance of a warrant to purchase 20,250 shares of the Company’s common stock) (all warrants issuable hereunder,
including now and in the future, shall be referred to, in the aggregate, as the “Warrant”).

 

     

     

    

 

b. Form
of Payment. On or around the Closing Date (as defined below), the Buyer shall pay the purchase price of $36,500.00 (the “Purchase
Price”) for the first tranche of $40,500.00 under the Note, by wire transfer of immediately available funds, in accordance
with the Company’s written wiring instructions, against delivery of the Note, and the Company shall deliver such duly
executed Note on behalf of the Company, to the Buyer. If the Buyer decides to pay, in their sole discretion, additional amounts
(additional tranches) under the Note, as further described in the Note, then such additional amounts shall be paid in accordance
with the Company’s written wiring instructions as well.

 

c. Closing
Date. Subject to the satisfaction (or written waiver) of the conditions thereto set forth in Section 6 and Section 7 below,
the date and time of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall be 5:00
P.M., Eastern Standard Time on or about December 3, 2018, or such other mutually agreed upon time. The closing of the transactions
contemplated by this Agreement (the “Closing”) shall occur on the Closing Date at such location as may be agreed to
by the parties.

 

2. REPRESENTATIONS
AND WARRANTIES OF THE BUYER. The Buyer represents and warrants to the Company that:

 

a. Investment
Purpose. As of the date hereof, the Buyer is purchasing the Note and the shares of Common Stock issuable upon conversion of
or otherwise pursuant to the Note (including, without limitation, such additional shares of Common Stock, if any, as are issuable
(i) on account of interest on the Note or (ii) as a result of the events described in Sections 1.3 and 1.4(g) of the
Note, such shares of Common Stock being collectively referred to herein as the “Conversion Shares” and, collectively
with the Note, the “Securities”) for its own account and not with a present view towards the public sale or distribution
thereof, except pursuant to sales registered or exempted from registration under the 1933 Act; provided, however,
that by making the representations herein, the Buyer does not agree to hold any of the Securities for any minimum or other specific
term and reserves the right to dispose of the Securities at any time in accordance with or pursuant to a registration statement
or an exemption under the 1933 Act.

 

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

 

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c. Information.
The Buyer and its advisors, if any, have been, and for so long as the Note remain outstanding will continue to be, furnished with
all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of
the Securities which have been requested by the Buyer or its advisors. The Buyer and its advisors, if any, have been, and for so
long as the Note remain outstanding will continue to be, afforded the opportunity to ask questions of the Company. Notwithstanding
the foregoing, the Company has not disclosed to the Buyer any material nonpublic information and will not disclose such information
unless such information is disclosed to the public prior to or promptly following such disclosure to the Buyer. Neither such inquiries
nor any other due diligence investigation conducted by Buyer or any of its advisors or representatives shall modify, amend or affect
Buyer’s right to rely on the Company’s representations and warranties contained in Section 3 below. The Buyer understands
that its investment in the Securities involves a significant degree of risk. The Buyer is not aware of any facts that may constitute
a breach of any of the Company’s representations and warranties made herein.

 

d. Governmental
Review. The Buyer understands that no United States federal or state agency or any other government or governmental agency
has passed upon or made any recommendation or endorsement of the Securities.

 

e. Transfer
or Re-sale. The Buyer understands that (i) the sale or re-sale of the Securities has not been and is not being registered under
the 1933 Act or any applicable state securities laws, and the Securities may not be transferred unless (a) the Securities
are sold pursuant to an effective registration statement under the 1933 Act, (b) the Buyer shall have delivered to the Company,
at the cost of the Buyer, an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in
comparable transactions to the effect that the Securities to be sold or transferred may be sold or transferred pursuant to an exemption
from such registration, which opinion shall be accepted by the Company, (c) the Securities are sold or transferred to an “affiliate”
(as defined in Rule 144 promulgated under the 1933 Act (or a successor rule) (“Rule 144”)) of the Buyer who agrees
to sell or otherwise transfer the Securities only in accordance with this Section 2(e) and who is an Accredited Investor, (d) the
Securities are sold pursuant to Rule 144, or (e) the Securities are sold pursuant to Regulation S under the 1933 Act (or a
successor rule) (“Regulation S”), and the Buyer shall have delivered to the Company, at the cost of the Buyer, an opinion
of counsel that shall be in form, substance and scope customary for opinions of counsel in corporate transactions, which opinion
shall be accepted by the Company; (ii) any sale of such Securities made in reliance on Rule 144 may be made only in accordance
with the terms of said Rule and further, if said Rule is not applicable, any re-sale of such Securities under circumstances in
which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the
1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and regulations of the SEC thereunder;
and (iii) neither the Company nor any other person is under any obligation to register such Securities under the 1933 Act or any
state securities laws or to comply with the terms and conditions of any exemption thereunder (in each case). Notwithstanding the
foregoing or anything else contained herein to the contrary, the Securities may be pledged as collateral in connection with a bona
fide margin account or other lending arrangement.

 

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f. Legends.
The Buyer understands that the Note and, until such time as the Conversion Shares have been registered under the 1933 Act may be
sold pursuant to Rule 144 or Regulation S without any restriction as to the number of securities as of a particular date that can
then be immediately sold, the Conversion Shares may bear a restrictive legend in substantially the following form (and a stop-transfer
order may be placed against transfer of the certificates for such Securities):

 

“NEITHER THE ISSUANCE AND SALE
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE
FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING
THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT
SECURED BY THE SECURITIES.”

 

The legend set forth
above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security upon which it
is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for sale under an
effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to Rule 144 or Regulation S without
any restriction as to the number of securities as of a particular date that can then be immediately sold, or (b) such holder provides
the Company with an opinion of counsel, in form, substance and scope customary for opinions of counsel in comparable transactions,
to the effect that a public sale or transfer of such Security may be made without registration under the 1933 Act. The Buyer agrees
to sell all Securities, including those represented by a certificate(s) from which the legend has been removed, in compliance with
applicable prospectus delivery requirements, if any. In the event that the Company does not accept the opinion of counsel provided
by the Buyer with respect to the transfer of Securities pursuant to an exemption from registration, such as Rule 144 or Regulation
S, at the Deadline, provided that the conditions of the applicable exemption have been satisfied, it will be considered an Event
of Default pursuant to Section 3.2 of the Note.

 

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g. Authorization;
Enforcement. This Agreement has been duly and validly authorized. This Agreement has been duly executed and delivered on behalf
of the Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer enforceable in accordance with its terms.

 

h. Residency.
The Buyer is a resident of the jurisdiction set forth immediately below the Buyer’s name on the signature pages hereto.

 

3. REPRESENTATIONS
AND WARRANTIES OF THE COMPANY. The Company represents and warrants to the Buyer that:

 

a. Organization
and Qualification. The Company and each of its Subsidiaries (as defined below), if any, is a corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate
and other) to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated
and conducted. Schedule 3(a) sets forth a list of all of the Subsidiaries of the Company and the jurisdiction in which each is
incorporated. The Company and each of its Subsidiaries is duly qualified as a foreign corporation to do business and is in good
standing in every jurisdiction in which its ownership or use of property or the nature of the business conducted by it makes such
qualification necessary except where the failure to be so qualified or in good standing would not have a Material Adverse Effect.
“Material Adverse Effect” means any material adverse effect on the business, operations, assets, financial condition
or prospects of the Company or its Subsidiaries, if any, taken as a whole, or on the transactions contemplated hereby or by the
agreements or instruments to be entered into in connection herewith. “Subsidiaries” means any corporation or other
organization, whether incorporated or unincorporated, in which the Company owns, directly or indirectly, any equity or other ownership
interest.

 

b. Authorization;
Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement, the
Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms
hereof and thereof, (ii) the execution and delivery of this Agreement and the Note by the Company and the consummation by it of
the transactions contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance and reservation
for issuance of the Conversion Shares issuable upon conversion or exercise thereof) have been duly authorized by the Company’s
Board of Directors and no further consent or authorization of the Company, its Board of Directors, or its shareholders is required,
(iii) this Agreement has been duly executed and delivered by the Company by its authorized representative, and such authorized
representative is the true and official representative with authority to sign this Agreement and the other documents executed in
connection herewith and bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution and delivery by the
Company of the Note, each of such instruments will constitute, a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms.

 

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c. Capitalization.
Except as disclosed in the SEC Documents, no shares are reserved for issuance pursuant to the Company’s stock option plans,
no shares are reserved for issuance pursuant to securities (other than the Note) exercisable for, or convertible into or exchangeable
for shares of Common Stock and sufficient shares are reserved for issuance upon conversion of the Note (as required by the Note
and transfer agent share reserve letter). All of such outstanding shares of capital stock are, or upon issuance will be, duly authorized,
validly issued, fully paid and non-assessable. No shares of capital stock of the Company are subject to preemptive rights or any
other similar rights of the shareholders of the Company or any liens or encumbrances imposed through the actions or failure to
act of the Company. Except as disclosed in the SEC Documents, as of the effective date of this Agreement, (i) there are no outstanding
options, warrants, scrip, rights to subscribe for, puts, calls, rights of first refusal, agreements, understandings, claims or
other commitments or rights of any character whatsoever relating to, or securities or rights convertible into or exchangeable for
any shares of capital stock of the Company or any of its Subsidiaries, or arrangements by which the Company or any of its Subsidiaries
is or may become bound to issue additional shares of capital stock of the Company or any of its Subsidiaries, (ii) there are no
agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of its or
their securities under the 1933 Act and (iii) there are no anti-dilution or price adjustment provisions contained in any security
issued by the Company (or in any agreement providing rights to security holders) that will be triggered by the issuance of the
Note or the Conversion Shares. The Company has filed in its SEC Documents true and correct copies of the Company’s Certificate
of Incorporation as in effect on the date hereof (“Certificate of Incorporation”), the Company’s By-laws, as
in effect on the date hereof (the “By-laws”), and the terms of all securities convertible into or exercisable for Common
Stock of the Company and the material rights of the holders thereof in respect thereto. The Company shall provide the Buyer with
a written update of this representation signed by the Company’s Chief Executive on behalf of the Company as of the Closing
Date.

 

d. Issuance
of Shares. The Conversion Shares are duly authorized and reserved for issuance and, upon conversion of the Note in accordance
with its respective terms, will be validly issued, fully paid and non-assessable, and free from all taxes, liens, claims and encumbrances
with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the
Company and will not impose personal liability upon the holder thereof.

 

e. Acknowledgment
of Dilution. The Company understands and acknowledges the potentially dilutive effect to the Common Stock upon the issuance
of the Conversion Shares upon conversion of the Note. The Company further acknowledges that its obligation to issue Conversion
Shares upon conversion of the Note in accordance with this Agreement, the Note is absolute and unconditional regardless of the
dilutive effect that such issuance may have on the ownership interests of other shareholders of the Company.

 

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f. No
Conflicts. The execution, delivery and performance of this Agreement and the Note by the Company and the consummation by the
Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation for issuance
of the Conversion Shares) will not (i) conflict with or result in a violation of any provision of the Certificate of Incorporation
or By-laws, or (ii) violate or conflict with, or result in a breach of any provision of, or constitute a default (or an event which
with notice or lapse of time or both could become a default) under, or give to others any rights of termination, amendment, acceleration
or cancellation of, any agreement, indenture, patent, patent license or instrument to which the Company or any of its Subsidiaries
is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state
securities laws and regulations and regulations of any self-regulatory organizations to which the Company or its securities are
subject) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries
is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations
as would not, individually or in the aggregate, have a Material Adverse Effect). Neither the Company nor any of its Subsidiaries
is in violation of its Certificate of Incorporation, By-laws or other organizational documents and neither the Company nor any
of its Subsidiaries is in default (and no event has occurred which with notice or lapse of time or both could put the Company or
any of its Subsidiaries in default) under, and neither the Company nor any of its Subsidiaries has taken any action or failed to
take any action that would give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
indenture or instrument to which the Company or any of its Subsidiaries is a party or by which any property or assets of the Company
or any of its Subsidiaries is bound or affected, except for possible defaults as would not, individually or in the aggregate, have
a Material Adverse Effect. The businesses of the Company and its Subsidiaries, if any, are not being conducted, and shall not be
conducted so long as the Buyer owns any of the Securities, in violation of any law, ordinance or regulation of any governmental
entity. Except as specifically contemplated by this Agreement and as required under the 1933 Act and any applicable state securities
laws, the Company is not required to obtain any consent, authorization or order of, or make any filing or registration with, any
court, governmental agency, regulatory agency, self-regulatory organization or stock market or any third party in order for it
to execute, deliver or perform any of its obligations under this Agreement, the Note in accordance with the terms hereof or thereof
or to issue and sell the Note in accordance with the terms hereof and to issue the Conversion Shares upon conversion of the Note.
All consents, authorizations, orders, filings and registrations which the Company is required to obtain pursuant to the preceding
sentence have been obtained or effected on or prior to the date hereof. The Company is not in violation of the listing requirements
of the Over-the-Counter Bulletin Board (the “OTCBB”), the OTCQB or any similar quotation system, and does not reasonably
anticipate that the Common Stock will be delisted by the OTCBB, the OTCQB or any similar quotation system, in the foreseeable future.
The Company and its Subsidiaries are unaware of any facts or circumstances which might give rise to any of the foregoing.

 

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g. SEC
Documents; Financial Statements. The Company has timely filed all reports, schedules, forms, statements and other documents
required to be filed by it with the SEC pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended
(the “1934 Act”) (all of the foregoing filed prior to the date hereof and all exhibits included therein and financial
statements and schedules thereto and documents (other than exhibits to such documents) incorporated by reference therein, being
hereinafter referred to herein as the “SEC Documents”). The Company has delivered to the Buyer true and complete copies
of the SEC Documents, except for such exhibits and incorporated documents. As of their respective dates, the SEC Documents complied
in all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder
applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue
statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading. None of the statements made in any
such SEC Documents is, or has been, required to be amended or updated under applicable law (except for such statements as have
been amended or updated in subsequent filings prior the date hereof). As of their respective dates, the financial statements of
the Company included in the SEC Documents complied as to form in all material respects with applicable accounting requirements
and the published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance
with United States generally accepted accounting principles, consistently applied, during the periods involved and fairly present
in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof
and the consolidated results of their operations and cash flows for the periods then ended (subject, in the case of unaudited statements,
to normal year-end audit adjustments). Except as set forth in the financial statements of the Company included in the SEC Documents,
the Company has no liabilities, contingent or otherwise, other than (i) liabilities incurred in the ordinary course of business,
and (ii) obligations under contracts and commitments incurred in the ordinary course of business and not required under generally
accepted accounting principles to be reflected in such financial statements, which, individually or in the aggregate, are not material
to the financial condition or operating results of the Company. The Company is subject to the reporting requirements of the 1934
Act. For the avoidance of doubt, filing of the documents required in this Section 3(g) via the SEC’s Electronic Data Gathering,
Analysis, and Retrieval system (“EDGAR”) shall satisfy all delivery requirements of this Section 3(g).

 

h. Absence
of Certain Changes. Since September 30, 2018, there has been no material adverse change and no material adverse development
in the assets, liabilities, business, properties, operations, financial condition, results of operations, prospects or 1934 Act
reporting status of the Company or any of its Subsidiaries.

 

i. Absence
of Litigation. There is no action, suit, claim, proceeding, inquiry or investigation before or by any court, public board,
government agency, self-regulatory organization or body pending or, to the knowledge of the Company or any of its Subsidiaries,
threatened against or affecting the Company or any of its Subsidiaries, or their officers or directors in their capacity as such,
that could have a Material Adverse Effect. Schedule 3(i) contains a complete list and summary description of any pending or, to
the knowledge of the Company, threatened proceeding against or affecting the Company or any of its Subsidiaries, without regard
to whether it would have a Material Adverse Effect. The Company and its Subsidiaries are unaware of any facts or circumstances
which might give rise to any of the foregoing.

 

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j. Patents,
Copyrights, etc. The Company and each of its Subsidiaries owns or possesses the requisite licenses or rights to use all patents,
patent applications, patent rights, inventions, know-how, trade secrets, trademarks, trademark applications, service marks, service
names, trade names and copyrights (“Intellectual Property”) necessary to enable it to conduct its business as now operated
(and, as presently contemplated to be operated in the future); Except as disclosed in the SEC Documents, there is no claim or action
by any person pertaining to, or proceeding pending, or to the Company’s knowledge threatened, which challenges the right
of the Company or of a Subsidiary with respect to any Intellectual Property necessary to enable it to conduct its business as now
operated (and, as presently contemplated to be operated in the future); to the best of the Company’s knowledge, the Company’s
or its Subsidiaries’ current and intended products, services and processes do not infringe on any Intellectual Property or
other rights held by any person; and the Company is unaware of any facts or circumstances which might give rise to any of the foregoing.
The Company and each of its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value
of their Intellectual Property.

 

k. No
Materially Adverse Contracts, Etc. Neither the Company nor any of its Subsidiaries is subject to any charter, corporate or
other legal restriction, or any judgment, decree, order, rule or regulation which in the judgment of the Company’s officers
has or is expected in the future to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is a party
to any contract or agreement which in the judgment of the Company’s officers has or is expected to have a Material Adverse
Effect.

 

l. Tax
Status. The Company and each of its Subsidiaries has made or filed all federal, state and foreign income and all other tax
returns, reports and declarations required by any jurisdiction to which it is subject (unless and only to the extent that the Company
and each of its Subsidiaries has set aside on its books provisions reasonably adequate for the payment of all unpaid and unreported
taxes) and has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to
be due on such returns, reports and declarations, except those being contested in good faith and has set aside on its books provisions
reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations
apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the
officers of the Company know of no basis for any such claim. The Company has not executed a waiver with respect to the statute
of limitations relating to the assessment or collection of any foreign, federal, state or local tax. None of the Company’s
tax returns is presently being audited by any taxing authority.

 

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m. Certain
Transactions. Except as disclosed in the SEC Documents and except for arm’s length transactions pursuant to which the
Company or any of its Subsidiaries makes payments in the ordinary course of business upon terms no less favorable than the Company
or any of its Subsidiaries could obtain from third parties and other than the grant of stock options disclosed in the SEC Documents,
none of the officers, directors, or employees of the Company is presently a party to any transaction with the Company or any of
its Subsidiaries (other than for services as employees, officers and directors), including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring
payments to or from any officer, director or such employee or, to the knowledge of the Company, any corporation, partnership, trust
or other entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee
or partner.

 

n. Disclosure.
All information relating to or concerning the Company or any of its Subsidiaries set forth in this Agreement and provided to the
Buyer pursuant to Section 2(d) hereof and otherwise in connection with the transactions contemplated hereby is true and correct
in all material respects and the Company has not omitted to state any material fact necessary in order to make the statements made
herein or therein, in light of the circumstances under which they were made, not misleading. No event or circumstance has occurred
or exists with respect to the Company or any of its Subsidiaries or its or their business, properties, prospects, operations or
financial conditions, which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company
but which has not been so publicly announced or disclosed (assuming for this purpose that the Company’s reports filed under
the 1934 Act are being incorporated into an effective registration statement filed by the Company under the 1933 Act).

 

o. Acknowledgment
Regarding Buyer’s Purchase of Securities. The Company acknowledges and agrees that the Buyer is acting solely in the
capacity of arm’s length purchaser with respect to this Agreement and the transactions contemplated hereby. The Company further
acknowledges that the Buyer is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with
respect to this Agreement and the transactions contemplated hereby and any statement made by the Buyer or any of its respective
representatives or agents in connection with this Agreement and the transactions contemplated hereby is not advice or a recommendation
and is merely incidental to the Buyer’ purchase of the Securities. The Company further represents to the Buyer that the Company’s
decision to enter into this Agreement has been based solely on the independent evaluation of the Company and its representatives.

 

p. No
Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly
or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances that would
require registration under the 1933 Act of the issuance of the Securities to the Buyer. The issuance of the Securities to the Buyer
will not be integrated with any other issuance of the Company’s securities (past, current or future) for purposes of any
shareholder approval provisions applicable to the Company or its securities.

 

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q. No
Brokers. The Company has taken no action which would give rise to any claim by any person for brokerage commissions, transaction
fees or similar payments relating to this Agreement or the transactions contemplated hereby.

 

r. Permits;
Compliance. The Company and each of its Subsidiaries is in possession of all franchises, grants, authorizations, licenses,
permits, easements, variances, exemptions, consents, certificates, approvals and orders necessary to own, lease and operate its
properties and to carry on its business as it is now being conducted (collectively, the “Company Permits”), and there
is no action pending or, to the knowledge of the Company, threatened regarding suspension or cancellation of any of the Company
Permits. Neither the Company nor any of its Subsidiaries is in conflict with, or in default or violation of, any of the Company
Permits, except for any such conflicts, defaults or violations which, individually or in the aggregate, would not reasonably be
expected to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries has received any notification with
respect to possible conflicts, defaults or violations of applicable laws, except for notices relating to possible conflicts, defaults
or violations, which conflicts, defaults or violations would not have a Material Adverse Effect.

 

s. Environmental
Matters.

 

(i) There
are, to the Company’s knowledge, with respect to the Company or any of its Subsidiaries or any predecessor of the Company,
no past or present violations of Environmental Laws (as defined below), releases of any material into the environment, actions,
activities, circumstances, conditions, events, incidents, or contractual obligations which may give rise to any common law environmental
liability or any liability under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 or similar federal,
state, local or foreign laws and neither the Company nor any of its Subsidiaries has received any notice with respect to any of
the foregoing, nor is any action pending or, to the Company’s knowledge, threatened in connection with any of the foregoing.
The term “Environmental Laws” means all federal, state, local or foreign laws relating to pollution or protection of
human health or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface
strata), including, without limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants
contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment,
or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of
Hazardous Materials, as well as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments, licenses,
notices or notice letters, orders, permits, plans or regulations issued, entered, promulgated or approved thereunder.

 

    11

     

    

 

(ii) Other
than those that are or were stored, used or disposed of in compliance with applicable law, no Hazardous Materials are contained
on or about any real property currently owned, leased or used by the Company or any of its Subsidiaries, and no Hazardous Materials
were released on or about any real property previously owned, leased or used by the Company or any of its Subsidiaries during the
period the property was owned, leased or used by the Company or any of its Subsidiaries, except in the normal course of the Company’s
or any of its Subsidiaries’ business.

 

(iii) There
are no underground storage tanks on or under any real property owned, leased or used by the Company or any of its Subsidiaries
that are not in compliance with applicable law.

 

t. Title
to Property. Except as disclosed in the SEC Documents the Company and its Subsidiaries have good and marketable title in fee
simple to all real property and good and marketable title to all personal property owned by them which is material to the business
of the Company and its Subsidiaries, in each case free and clear of all liens, encumbrances and defects or such as would not have
a Material Adverse Effect. Any real property and facilities held under lease by the Company and its Subsidiaries are held by them
under valid, subsisting and enforceable leases with such exceptions as would not have a Material Adverse Effect.

 

u. Internal
Accounting Controls. Except as disclosed in the SEC Documents the Company and each of its Subsidiaries maintain a system of
internal accounting controls sufficient, in the judgment of the Company’s board of directors, to provide reasonable assurance
that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or
specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences.

 

v. Foreign
Corrupt Practices. Neither the Company, nor any of its Subsidiaries, nor any director, officer, agent, employee or other person
acting on behalf of the Company or any Subsidiary has, in the course of his actions for, or on behalf of, the Company, used any
corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; made
any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; violated
or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or made any bribe, rebate, payoff,
influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

 

    12

     

    

 

w. Solvency.
The Company (after giving effect to the transactions contemplated by this Agreement) is solvent (i.e., its assets have a
fair market value in excess of the amount required to pay its probable liabilities on its existing debts as they become absolute
and matured) and currently the Company has no information that would lead it to reasonably conclude that the Company would not,
after giving effect to the transaction contemplated by this Agreement, have the ability to, nor does it intend to take any action
that would impair its ability to, pay its debts from time to time incurred in connection therewith as such debts mature. The Company
did not receive a qualified opinion from its auditors with respect to its most recent fiscal year end and, after giving effect
to the transactions contemplated by this Agreement, does not anticipate or know of any basis upon which its auditors might issue
a qualified opinion in respect of its current fiscal year. For the avoidance of doubt any disclosure of the Borrower’s ability
to continue as a “going concern” shall not, by itself, be a violation of this Section 3(w).

 

x. No
Investment Company. The Company is not, and upon the issuance and sale of the Securities as contemplated by this Agreement
will not be an “investment company” required to be registered under the Investment Company Act of 1940 (an “Investment
Company”). The Company is not controlled by an Investment Company.

 

y. Insurance.
Upon written request the Company will provide to the Buyer true and correct copies of all policies relating to directors’
and officers’ liability coverage, errors and omissions coverage, and commercial general liability coverage, if any.

 

z. Breach
of Representations and Warranties by the Company. If the Company breaches any of the representations or warranties set forth
in this Section 3, and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will be considered
an Event of default under Section 3.4 of the Note.

 

4. COVENANTS.

 

a. Best
Efforts. The parties shall use their commercially reasonable best efforts to satisfy timely each of the conditions described
in Section 6 and 7 of this Agreement.

 

b. Use
of Proceeds. The Company shall use the proceeds from the sale of the Note for working capital and other general corporate purposes
and shall not, directly or indirectly, use such proceeds for any loan to or investment in any other corporation, partnership, enterprise
or other person (except in connection with its currently existing direct or indirect Subsidiaries).

 

c. Financial
Information. The Company agrees to send or make available the following reports to the Buyer until the Buyer transfers, assigns,
or sells all of the Securities: (i) within ten (10) days after the filing with the SEC, a copy of its Annual Report on Form
10-K its Quarterly Reports on Form 10-Q and any Current Reports on Form 8-K; (ii) within one (1) day after release, copies
of all press releases issued by the Company or any of its Subsidiaries; and (iii) contemporaneously with the making available
or giving to the shareholders of the Company, copies of any notices or other information the Company makes available or gives to
such shareholders. For the avoidance of doubt, filing the documents required in (i) above via EDGAR or releasing any documents
set forth in (ii) above via a recognized wire service shall satisfy the delivery requirements of this Section 4(c).

 

    13

     

    

 

d. Listing.
The Company shall promptly secure the listing of the Conversion Shares upon each national securities exchange or automated quotation
system, if any, upon which shares of Common Stock are then listed (subject to official notice of issuance) and, so long as the
Buyer owns any of the Securities, shall maintain, so long as any other shares of Common Stock shall be so listed, such listing
of all Conversion Shares from time to time issuable upon conversion of the Note. The Company will obtain and, so long as the Buyer
owns any of the Securities, maintain the listing and trading of its Common Stock on the OTCBB, OTCQB, OTC Pink or any equivalent
replacement exchange, the Nasdaq National Market (“Nasdaq”), the Nasdaq SmallCap Market (“Nasdaq SmallCap”),
the New York Stock Exchange (“NYSE”), or the NYSE MKT and will comply in all respects with the Company’s reporting,
filing and other obligations under the bylaws or rules of the Financial Industry Regulatory Authority (“FINRA”) and
such exchanges, as applicable. The Company shall promptly provide to the Buyer copies of any material notices it receives from
the OTCBB, OTCQB and any other exchanges or quotation systems on which the Common Stock is then listed regarding the continued
eligibility of the Common Stock for listing on such exchanges and quotation systems.

 

e. Corporate
Existence. So long as the Buyer beneficially owns any Note, the Company shall maintain its corporate existence and shall not
sell all or substantially all of the Company’s assets, except in the event of a merger or consolidation or sale of all or
substantially all of the Company’s assets, where the surviving or successor entity in such transaction (i) assumes the Company’s
obligations hereunder and under the agreements and instruments entered into in connection herewith and (ii) is a publicly traded
corporation whose Common Stock is listed for trading on the OTCBB, OTCQB, OTC Pink, Nasdaq, NasdaqSmallCap, NYSE or AMEX.

 

f. No
Integration. The Company shall not make any offers or sales of any security (other than the Securities) under circumstances
that would require registration of the Securities being offered or sold hereunder under the 1933 Act or cause the offering of the
Securities to be integrated with any other offering of securities by the Company for the purpose of any stockholder approval provision
applicable to the Company or its securities.

 

g. Failure
to Comply with the 1934 Act. So long as the Buyer beneficially owns the Note, the Company shall comply with the reporting requirements
of the 1934 Act; and the Company shall continue to be subject to the reporting requirements of the 1934 Act.

 

    14

     

    

 

h. Trading
Activities. Neither the Buyer nor its affiliates has an open short position (or other hedging or similar transactions) in the
common stock of the Company and the Buyer agrees that it shall not, and that it will cause its affiliates not to, engage in any
short sales of or hedging transactions with respect to the common stock of the Company.

 

i. Restriction
on Activities. Commencing as of the date first above written, and until the earlier of payment of the Note in full or full
conversion of the Note, the Company shall not, directly or indirectly, without the Buyer’s prior written consent, which consent
shall not be unreasonably withheld: (a) change the nature of its business; or (b) sell, divest, acquire, change the structure of
any material assets other than in the ordinary course of business.

 

j. Breach
of Covenants. If the Company breaches any of the covenants set forth in this Section 4, and in addition to any other remedies
available to the Buyer pursuant to this Agreement, it will be considered an event of default under Section 3.3 of the Note.

 

5. Transfer
Agent Instructions. Prior to registration of the Conversion Shares under the 1933 Act or the date on which the Conversion Shares
may be sold pursuant to Rule 144 without any restriction as to the number of Securities as of a particular date that can then be
immediately sold, all such certificates shall bear the restrictive legend specified in Section 2(f) of this Agreement.  The
Company warrants that: (i) no stop transfer instructions (in the case of the Conversion Shares, prior to registration of the Conversion
Shares under the 1933 Act or the date on which the Conversion Shares may be sold pursuant to Rule 144 without any restriction as
to the number of Securities as of a particular date that can then be immediately sold), will be given by the Company to its transfer
agent and that the Securities shall otherwise be freely transferable on the books and records of the Company as and to the extent
provided in this Agreement and the Note; (ii) it will not direct its transfer agent not to transfer or delay, impair, and/or hinder
its transfer agent in transferring (or issuing) (electronically or in certificated form) any certificate for Conversion Shares
to be issued to the Buyer upon conversion of or otherwise pursuant to the Note as and when required by the Note and this Agreement;
and (iii) it will not fail to remove (or direct its transfer agent not to remove or impair, delay, and/or hinder its transfer agent
from removing) any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for
any Conversion Shares issued to the Buyer upon conversion of or otherwise pursuant to the Note as and when required by the Note
and this Agreement.  Nothing in this Section shall affect in any way the Buyer’s obligations and agreement set forth
in Section 2(f) hereof to comply with all applicable prospectus delivery requirements, if any, upon re-sale of the Securities. 
If the Buyer provides the Company, at the cost of the Buyer, with an opinion of counsel in form, substance and scope customary
for opinions in comparable transactions, to the effect that a public sale or transfer of such Securities may be made without registration
under the 1933 Act and such sale or transfer is effected, the Company shall permit the transfer, and, in the case of the Conversion
Shares, promptly instruct its transfer agent to issue one or more certificates, free from restrictive legend, in such name and
in such denominations as specified by the Buyer. 

 

    15

     

    

 

6. CONDITIONS
PRECEDENT TO THE COMPANY’S OBLIGATIONS TO SELL. The obligation of the Company hereunder to issue and sell the Note to
the Buyer at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions thereto,
provided that these conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole
discretion:

 

a. The
Buyer shall have executed this Agreement and delivered the same to the Company.

 

b. The
Buyer shall have delivered the Purchase Price in accordance with Section 1(b) above.

 

c. The
representations and warranties of the Buyer shall be true and correct in all material respects as of the date when made and as
of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date), and
the Buyer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required
by this Agreement to be performed, satisfied or complied with by the Buyer at or prior to the Closing Date.

 

d. No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

7. CONDITIONS
PRECEDENT TO THE BUYER’S OBLIGATION TO PURCHASE. The obligation of the Buyer hereunder to purchase the Note at the Closing
is subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided that these conditions
are for the Buyer’s sole benefit and may be waived by the Buyer at any time in its sole discretion:

 

a. The
Company shall have executed this Agreement and delivered the same to the Buyer.

 

b. The
Company shall have delivered to the Buyer duly executed Note (in such denominations as the Buyer shall request) in accordance with
Section 1(b) above.

 

c. The
representations and warranties of the Company shall be true and correct in all material respects as of the date when made and as
of the Closing Date as though made at such time (except for representations and warranties that speak as of a specific date) and
the Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing Date. The Buyer
shall have received a certificate or certificates, executed by the chief executive officer of the Company, dated as of the Closing
Date, to the foregoing effect and as to such other matters as may be reasonably requested by the Buyer including, but not limited
to certificates with respect to the Company’s Certificate of Incorporation, By-laws and Board of Directors’ resolutions
relating to the transactions contemplated hereby.

 

    16

     

    

 

d. No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

e. No
event shall have occurred which could reasonably be expected to have a Material Adverse Effect on the Company including but not
limited to a change in the 1934 Act reporting status of the Company or the failure of the Company to be timely in its 1934 Act
reporting obligations.

 

f. The
Conversion Shares shall have been authorized for quotation on the OTCBB, OTCQB or any similar quotation system and trading in the
Common Stock on the OTCBB, OTCQB or any similar quotation system shall not have been suspended by the SEC or the OTCBB, OTCQB or
any similar quotation system.

 

g. The
Buyer shall have received an officer’s certificate described in Section 3(c) above, dated as of the Closing Date.

 

8. GOVERNING
LAW; MISCELLANEOUS.

 

a. Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada without regard to
principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Agreement shall be brought only in the state courts located in New York, NY or in the federal courts located in New York,
NY. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder
and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The Company
and Buyer waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s
fees and costs. In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid
or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that
it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may
prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.
Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding
in connection with this Agreement or any other Transaction Document by mailing a copy thereof via registered or certified mail
or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

    17

     

    

 

b. Counterparts;
Signatures by Facsimile. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original
but all of which shall constitute one and the same agreement and shall become effective when counterparts have been signed by each
party and delivered to the other party. This Agreement, once executed by a party, may be delivered to the other party hereto by
facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

c. Headings.
The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation of,
this Agreement.

 

d. Severability.
In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then
such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

e. Entire
Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company
nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement
may be waived or amended other than by an instrument in writing signed by the majority in interest of the Buyer.

 

f. Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, facsimile, or electronic mail addressed as set forth below or to such other address as such party shall
have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall
be deemed effective (a) upon hand delivery, delivery by facsimile, with accurate confirmation generated by the transmitting facsimile
machine, or delivery by electronic mail when sent, at the address or number designated below (if delivered on a business day during
normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other
than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following
the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing,
whichever shall first occur. The addresses for such communications shall be:

 

    18

     

    

 

If to the
Company, to:

 

ARISTA FINANCIAL CORP.

51 JFK Parkway, First Floor West

Short Hills, NJ 07078

e-mail: info@aristafinancial.com

 

If to the
Holder, to:

 

CROWN BRIDGE
PARTNERS, LLC

1173a 2nd
Avenue, Suite 126

New York,
NY 10065

e-mail:
Info@CrownBridgeCapital.com

 

Each party shall provide
notice to the other party of any change in address.

 

g. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns.
The Company shall not assign this Agreement or any rights or obligations hereunder without the prior signed written consent of
the Buyer (any such assignment or transfer shall be null and void if the Company does not obtain the prior signed written consent
of the Buyer). The Buyer may assign its rights hereunder to any person that purchases Securities in a private transaction from
the Buyer or to any of its “affiliates,” as that term is defined under the 1934 Act, without the consent of the Company.

 

h. Third
Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors
and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

i. Survival.
The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive the
closing hereunder. The Company agrees to indemnify and hold harmless the Buyer and all their officers, directors, employees and
agents for loss or damage arising as a result of or related to any breach by the Company of any of its representations, warranties
and covenants set forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement of
expenses as they are incurred.

 

j. Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

    19

     

    

 

k. No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

l. [Intentionally
Omitted].

 

m. Publicity.
The Company, and the Buyer shall have the right to review a reasonable period of time before issuance of any press releases, SEC,
OTCQB (or other applicable trading market), or FINRA filings, or any other public statements with respect to the transactions contemplated
hereby; provided, however, that the Company shall be entitled, without the prior approval of the Buyer, to make any
press release or SEC, OTCQB (or other applicable trading market) or FINRA filings with respect to such transactions as is required
by applicable law and regulations (although the Buyer shall be consulted by the Company in connection with any such press release
prior to its release and shall be provided with a copy thereof).

 

n. Piggyback
Registration Rights. The Company hereby grants the Buyer the piggyback registration rights set forth on Exhibit B hereto, with
respect to the Note, the shares of Common Stock in which the Note is convertible into, so long as the Note is outstanding.

 

[ - signature page follows - ]

 

    20

     

    

 

IN WITNESS WHEREOF,
the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above written.

 

	ARISTA FINANCIAL CORP.	 
	 	 	 
	By:	 	 
	Name:	Paul Patrizio	 
	Title:	Chief Executive Officer	 
	 	 	 
	CROWN BRIDGE PARTNERS, LLC	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

AGGREGATE SUBSCRIPTION AMOUNT:

 

	Aggregate Principal Amount of Note:	 	US$	121,500.00	 
	 	 	 	 	 
	Aggregate Purchase Price:	 	US$	109,500.00	*

 

*The purchase price of $36,500.00, relating
to the first tranche of $40,500.00, shall be paid no later than one business day after the full execution of the Note and related
transaction documents. Additional tranches may be funded by the Buyer, in Buyer’s sole discretion, in accordance with the
terms of the Note.

 

    21

     

    

 

EXHIBIT B

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT (the “Agreement”), dated as of December 3, 2018 (the “Execution Date”), is entered
into by and between ARISTA FINANCIAL CORP., a Nevada corporation, with headquarters located at 51 JFK Parkway, First Floor West,
Short Hills, NJ 07078 (the “Company”), and Crown Bridge Partners, LLC, a New York limited liability company,
with its address at 1173a 2nd Avenue, Suite 126, New York, NY 10065 (the “Investor”).

 

RECITALS

 

A. Pursuant
to the securities purchase agreement entered into by and between the Company and the Investor of this even date (the “Securities
Purchase Agreement”), the Company has agreed to issue and sell to the Investor, the 5% convertible note in the aggregate
principal amount of US$121,500.00 (the “Note”), which is convertible into an indeterminate number of shares
of the Company’s common stock (collectively the “Common Stock”);     

 

B. As
an inducement to the Investor to execute and deliver the Securities Purchase Agreement, the Company has agreed to provide certain
registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor
statute (collectively, the “1933 Act”), and applicable state securities laws, with respect to the shares of
Common Stock issuable pursuant to the conversion of the Note.

 

C. NOW
THEREFORE, in consideration of the foregoing promises and the mutual covenants contained hereinafter and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Investor hereby agree as follows:

 

SECTION
1

DEFINITIONS

 

1.1 As
used in this Agreement, the following terms shall have the following meanings:

 

“Execution Date” shall
have the meaning set forth in the preambles.

 

“Investor” shall have
the meaning set forth in the preambles.

 

“Person” means a corporation,
a limited liability company, an association, a partnership, an organization, a business, an individual, a governmental or political
subdivision thereof or a governmental agency.

 

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“Potential Material Event”
means any of the following: (i) the possession by the Company of material information not ripe for disclosure in the Registration
Statement, which shall be evidenced by determinations in good faith by the Board of Directors of the Company that disclosure of
such information in the Registration Statement would be detrimental to the business and affairs of the Company, or (ii) any material
engagement or activity by the Company which would, in the good faith determination of the Board of Directors of the Company, be
adversely affected by disclosure in the Registration Statement at such time, which determination shall be accompanied by a good
faith determination by the Board of Directors of the Company that the Registration Statement would be materially misleading absent
the inclusion of such information.

 

“Register,” “Registered,”
and “Registration” refer to the Registration effected by preparing and filing one (1) or more Registration Statements
in compliance with the 1933 Act and pursuant to Rule 415 under the 1933 Act or any successor rule providing for offering securities
on a continuous basis (“Rule 415”), and the declaration or ordering of effectiveness of such Registration Statement(s)
by the United States Securities and Exchange Commission (the “SEC”).

 

“Registrable Securities”
means (i) all shares of Common Stock issued or issuable pursuant to the Note, and (ii) any shares of capital stock issued or issuable
with respect to such shares of Common Stock, if any, as a result of any stock split, stock dividend, recapitalization, exchange
or similar event or otherwise, which have not been (x) included in the Registration Statement that has been declared effective
by the SEC, or (y) sold under circumstances meeting all of the applicable conditions of Rule 144 (or any similar provision then
in force) under the 1933 Act.

 

“Registration Statement”
means the registration statement of the Company filed under the 1933 Act covering the Registrable Securities.

 

“Transaction Documents”
shall mean this Agreement and the Securities Purchase Agreement between the Company and the Investor as of the date hereof, and
any other agreements between the Company and the Investor executed in conjunction with this transaction

 

All capitalized terms
used in this Agreement and not otherwise defined herein shall have the same meaning ascribed to them as in the Securities Purchase
Agreement.

 

SECTION
2

REGISTRATION

 

2.1 In
the event that the Company files a Registration Statement or Registration Statements (as is necessary) on Form S-1 (or, if such
form is unavailable for such a registration, on such other form as is available for such registration), at any time on or after
the issuance date of the Note to which this Agreement is an exhibit to (December 3, 2018), then such Registration Statement shall
cover the resale by the Investor of all Registrable Securities (the “Registration Amount”), and such Registration
Statement(s) shall state that, in accordance with Rule 416 promulgated under the 1933 Act, that such Registration Statement also
covers such indeterminate number of additional shares of Common Stock as may become issuable upon stock splits, stock dividends
or similar transactions..

 

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2.2 Notwithstanding
the registration obligations set forth in this Section 2.1, if the staff of the SEC (the “Staff”) or the SEC
informs the Company that all of the unregistered Registrable Securities cannot, as a result of the application of Rule 415, be
registered for resale as a secondary offering on a single Registration Statement, the Company agrees to promptly (i) inform Investor
of such fact and use its commercially reasonable efforts to file amendments to the Registration Statement as required by the SEC
and/or (ii) withdraw the Registration Statement and file a new registration statement (the “New Registration Statement”),
in either case covering the maximum number of Registrable Securities permitted to be registered by the SEC, on Form S-1 to register
for resale the Registrable Securities as a secondary offering; provided that if such Registration Statement included securities
of the Company other than the Registrable Securities, then the number of Registrable Securities included in such amended Registration
Statement or New Registration Statement shall be subject to proportionate reduction. If the Company amends the Registration Statement
or files a New Registration Statement, as the case may be, under clauses (i) or (ii) above, the Company will use its commercially
reasonable efforts to file with the SEC, as promptly as allowed by the Staff or SEC, one or more registration statements on Form
S-1 to register for resale those Registrable Securities that were not registered for resale on the Registration Statement, as amended,
or the New Registration Statement (each, an “Additional Registration Statement”). Additionally, the Company
shall have the ability to file one or more New Registration Statements to cover the Registrable Securities once the shares under
the initial Registration Statement referenced in Section 2.1 have been sold.

 

SECTION
3

RELATED OBLIGATIONS

 

If the Company decides
to file the Registration Statement with the SEC pursuant to Section 2, the Company will affect the registration of the Registrable
Securities in accordance with the intended method of disposition thereof and, with respect thereto, the Company shall have the
following obligations:

 

3.1 The
Company shall use all commercially reasonable efforts to cause such Registration Statement relating to the Registrable Securities
to become effective and shall keep such Registration Statement effective until the earlier to occur of the date on which (A) the
Investor shall have sold all the Registrable Securities; or (B) the Investor has no right to acquire any additional shares of Common
Stock under the Securities Purchase Agreement (the “Registration Period”). The Registration Statement (including
any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading. The Company shall use all commercially reasonable efforts to respond to
all SEC comments within ten (10) business days from receipt of such comments by the Company. The Company shall use all commercially
reasonable efforts to cause the Registration Statement relating to the Registrable Securities to become effective no later than
two (2) business days after notice from the SEC that the Registration Statement may be declared effective. The Investor agrees
to provide all information which is required by law to provide to the Company, including the intended method of disposition of
the Registrable Securities, and the Company’s obligations set forth above shall be conditioned on the receipt of such information.

 

    24

     

    

 

3.2 The
Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to the Registration
Statement and the prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule
424 promulgated under the 1933 Act, as may be necessary to keep such Registration Statement effective during the Registration Period,
and, during such period, comply with the provisions of the 1933 Act with respect to the disposition of all Registrable Securities
of the Company covered by such Registration Statement until such time as all of such Registrable Securities shall have been disposed
of in accordance with the intended methods of disposition by the Investor thereof as set forth in such Registration Statement.
In the event the number of shares of Common Stock covered by the Registration Statement filed pursuant to this Agreement is at
any time insufficient to cover all of the Registrable Securities, the Company shall amend such Registration Statement, or file
a new Registration Statement (on the short form available therefor, if applicable), or both, so as to cover all of the Registrable
Securities, in each case, as soon as practicable, but in any event within thirty (30) calendar days after the necessity therefor
arises. The Company shall use commercially reasonable efforts to cause such amendment and/or new Registration Statement to become
effective as soon as practicable following the filing thereof.

 

3.3 The
Company shall make available to the Investor whose Registrable Securities are included in any Registration Statement and its legal
counsel without charge (i) promptly after the same is prepared and filed with the SEC at least one (1) copy of such Registration
Statement and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference
and all exhibits, the prospectus included in such Registration Statement (including each preliminary prospectus) and, with regards
to such Registration Statement(s), any correspondence by or on behalf of the Company to the SEC or the staff of the SEC and any
correspondence from the SEC or the staff of the SEC to the Company or its representatives; (ii) upon the effectiveness of any Registration
Statement, the Company shall make available copies of the prospectus, via EDGAR, included in such Registration Statement and all
amendments and supplements thereto; and (iii) such other documents, including copies of any preliminary or final prospectus, as
the Investor may reasonably request from time to time to facilitate the disposition of the Registrable Securities.

 

    25

     

    

 

3.4 The
Company shall use commercially reasonable efforts to (i) register and qualify the Registrable Securities covered by the Registration
Statement under such other securities or “blue sky” laws of such states in the United States as the Investor reasonably
requests; (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to
such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period;
(iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during
the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities
for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition
thereto to (A) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section
3.4, or (B) subject itself to general taxation in any such jurisdiction. The Company shall promptly notify the Investor who holds
Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration or
qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction
in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose.

 

3.5 As
promptly as practicable after becoming aware of such event, the Company shall notify Investor in writing of the happening of any
event as a result of which the prospectus included in the Registration Statement, as then in effect, includes an untrue statement
of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading (“Registration Default”) and use all
diligent efforts to promptly prepare a supplement or amendment to such Registration Statement and take any other necessary steps
to cure the Registration Default (which, if such Registration Statement is on Form S-3, may consist of a document to be filed by
the Company with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the 1934 Act (as defined below) and to be incorporated
by reference in the prospectus) to correct such untrue statement or omission, and make available copies of such supplement or amendment
to the Investor. The Company shall also promptly notify the Investor (i) when a prospectus or any prospectus supplement or post-effective
amendment has been filed, and when the Registration Statement or any post-effective amendment has become effective (the Company
will prepare notification of such effectiveness which shall be delivered to the Investor on the same day of such effectiveness
and by overnight mail), additionally, the Company will promptly provide to the Investor, a copy of the effectiveness order prepared
by the SEC once it is received by the Company; (ii) of any request by the SEC for amendments or supplements to the Registration
Statement or related prospectus or related information, (iii) of the Company’s reasonable determination that a post-effective
amendment to the Registration Statement would be appropriate, (iv) in the event the Registration Statement is no longer effective,
or (v) if the Registration Statement is stale as a result of the Company’s failure to timely file its financials or otherwise

 

3.6 The
Company shall use all commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness
of the Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction
and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment
and to notify the Investor holding Registrable Securities being sold of the issuance of such order and the resolution thereof or
its receipt of actual notice of the initiation or threat of any proceeding concerning the effectiveness of the registration statement.

 

    26

     

    

 

3.7 The
Company shall permit the Investor and one (1) legal counsel, designated by the Investor, to review and comment upon the Registration
Statement and all amendments and supplements thereto at the request of the Investor. However, any postponement of a filing of a
Registration Statement or any postponement of a request for acceleration or any postponement of the effective date or effectiveness
of a Registration Statement by written request of the Investor (collectively, the “Investor’s Delay”)
shall not act to trigger any penalty of any kind, or any cash amount due or any in-kind amount due the Investor from the Company
under any and all agreements of any nature or kind between the Company and the Investor. The event(s) of an Investor’s Delay
shall act to suspend all obligations of any kind or nature of the Company under any and all agreements of any nature or kind between
the Company and the Investor.

 

3.8 At
the request of the Investor, the Company’s counsel shall furnish to the Investor an opinion letter confirming the effectiveness
of the registration statement and the free trading status of the Registrable Securities. Such opinion letter shall be issued as
of the date of the effectiveness of the registration statement and be in a form reasonably acceptable to the Investor, Company’s
transfer agent, and Investor’s broker(s).

 

3.9 The
Company shall hold in confidence and not make any disclosure of information concerning the Investor unless (i) disclosure of such
information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary
to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered
pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv)
such information has been made generally available to the public other than by disclosure in violation of this Agreement or any
other agreement. The Company agrees that it shall, upon learning that disclosure of such information concerning the Investor is
sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to the
Investor and allow the Investor, at the Investor’s expense, to undertake appropriate action to prevent disclosure of, or
to obtain a protective order covering such information.

 

3.10 The
Company shall use all commercially reasonable efforts to maintain designation and quotation of all the Registrable Securities covered
by any Registration Statement on the principal market in which the Company’s common stock is then traded. If, despite the
Company’s commercially reasonable efforts, the Company is unsuccessful in satisfying the preceding sentence, it shall use
commercially reasonable efforts to cause all the Registrable Securities covered by any Registration Statement to be listed on each
other national securities exchange and automated quotation system, if any, on which securities of the same class or series issued
by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such
exchange or system. The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section
3.10.

 

    27

     

    

 

3.11 The
Company shall cooperate with the Investor to facilitate electronic delivery of the Registrable Securities or if requested by the
Investor, the preparation of certificates to be offered pursuant to the Registration Statement and enable such certificates to
be in such denominations or amounts, as the case may be, as the Investor may reasonably request and after any sales of such Registrable
Securities by the Investor, such certificates not bearing any restrictive legend).

 

3.12 The
Company shall provide a transfer agent for all the Registrable Securities not later than the effective date of the first Registration
Statement filed pursuant hereto.

 

3.13 If
requested by the Investor, the Company shall (i) as soon as reasonably practical incorporate in a prospectus supplement or post-effective
amendment such information as the Investor reasonably determines should be included therein relating to the sale and distribution
of Registrable Securities, including, without limitation, information with respect to the offering of the Registrable Securities
to be sold in such offering; (ii) make all required filings of such prospectus supplement or post-effective amendment as soon as
reasonably possible after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment;
and (iii) supplement or make amendments to any Registration Statement if reasonably requested by the Investor.

 

3.14 The
Company shall use all commercially reasonable efforts to cause the Registrable Securities covered by the applicable Registration
Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to facilitate
the disposition of such Registrable Securities.

 

3.15 The
Company shall otherwise use all commercially reasonable efforts to comply with all applicable rules and regulations of the SEC
in connection with any registration hereunder.

 

3.16 Within
two (2) business day after the Registration Statement which includes Registrable Securities is declared effective by the SEC, the
Company shall deliver to the transfer agent for such Registrable Securities, with copies to the Investor, confirmation that such
Registration Statement has been declared effective by the SEC.

 

3.17 The
Company shall take all other reasonable actions necessary to expedite and facilitate disposition by the Investor of Registrable
Securities pursuant to the Registration Statement.

 

    28

     

    

 

SECTION
4

OBLIGATIONS OF THE INVESTOR

 

4.1 At
least five (5) calendar days prior to the first anticipated filing date of the Registration Statement the Company shall notify
the Investor in writing of the information the Company requires from the Investor for the Registration Statement. It shall be a
condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect to the
Registrable Securities and the Investor agrees to furnish to the Company that information regarding itself, the Registrable Securities
and the intended method of disposition of the Registrable Securities as shall reasonably be required to effect the registration
of such Registrable Securities and the Investor shall execute such documents in connection with such registration as the Company
may reasonably request.

 

4.2 The
Investor, by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the
Company in connection with the preparation and filing of any Registration Statement hereunder.

 

4.3 The
Investor agrees that, upon receipt of written notice from the Company of the happening of any event of the kind described in
Section 3.6 or the first sentence of 3.5, the Investor will immediately discontinue disposition of Registrable Securities
pursuant to any Registration Statement(s) covering such Registrable Securities until the Investor’s receipt of the
copies of the supplemented or amended prospectus contemplated by Section 3.6 or the first sentence of 3.5.

 

SECTION
5

EXPENSES OF REGISTRATION

 

All legal expenses,
other as set forth in the Securities Purchase Agreement, incurred in connection with registrations including comments, filings
or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees,
and printing fees shall be paid by the Company.

 

    29

     

    

 

SECTION
6

INDEMNIFICATION

 

In the event any Registrable
Securities are included in the Registration Statement under this Agreement:

 

6.1 To
the fullest extent permitted by law, the Company, under this Agreement, will, and hereby does, indemnify, hold harmless and defend
the Investor who holds Registrable Securities, the directors, officers, partners, employees, counsel, agents, representatives of,
and each Person, if any, who controls, any Investor within the meaning of the 1933 Act or the Securities Exchange Act of 1934,
as amended (the “1934 Act”) (each, an “Indemnified Person”), against any losses, claims,
damages, liabilities, judgments, fines, penalties, charges, costs, attorneys’ fees, amounts paid in settlement or expenses,
joint or several (collectively, “Claims”), incurred in investigating, preparing or defending any action, claim,
suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative
or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a
party thereto (“Indemnified Damages”), to which any of them may become subject insofar as such Claims (or actions
or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or
alleged untrue statement of a material fact in the Registration Statement or any post-effective amendment thereto or in any filing
made in connection with the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction
in which the Investor has requested in writing that the Company register or qualify the Shares (“Blue Sky Filing”),
or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which the statements therein were made, not misleading, (ii) any untrue statement
or alleged untrue statement of a material fact contained in the final prospectus (as amended or supplemented, if the Company files
any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact
necessary to make the statements made therein, in light of the circumstances under which the statements therein were made, not
misleading, or (iii) any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any other law, including,
without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable
Securities pursuant to the Registration Statement (the matters in the foregoing clauses (i) through (iii) being, collectively,
“Violations”). Subject to the restrictions set forth in Section 6.3 the Company shall reimburse the Investor
and each such controlling person, promptly as such expenses are incurred and are due and payable, for any reasonable legal fees
or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything
to the contrary contained herein, the indemnification agreement contained in this Section 6.1: (i) shall not apply to a Claim arising
out of or based upon a Violation which is due to the inclusion in the Registration Statement of the information furnished to the
Company by any Indemnified Person expressly for use in connection with the preparation of the Registration Statement or any such
amendment thereof or supplement thereto; (ii) shall not be available to the extent such Claim is based on (a) a failure of the
Investor to deliver or to cause to be delivered the prospectus made available by the Company or (b) the Indemnified Person’s
use of an incorrect prospectus despite being promptly advised in advance by the Company in writing not to use such incorrect prospectus;
(iii) any claims based on the manner of sale of the Registrable Securities by the Investor or of the Investor’s failure to
register as a dealer under applicable securities laws; (iv) any omission of the Investor to notify the Company of any material
fact that should be stated in the Registration Statement or prospectus relating to the Investor or the manner of sale; and (v)
any amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which
consent shall not be unreasonably withheld. Such indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of the Indemnified Person and shall survive the resale of the Registrable Securities by the Investor pursuant
to the Registration Statement.

 

    30

     

    

 

6.2 Promptly
after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action or
proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall,
if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party
a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense
thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the
case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel
with the fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the Indemnified
Person or Indemnified Party, the representation by counsel of the Indemnified Person or Indemnified Party and the indemnifying
party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party
and any other party represented by such counsel in such proceeding. The indemnifying party shall pay for only one (1) separate
legal counsel for the Indemnified Persons or the Indemnified Parties, as applicable, and such counsel shall be selected by the
Investor, if the Investor is entitled to indemnification hereunder, or the Company, if the Company is entitled to indemnification
hereunder, as applicable. The Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party in connection
with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to the indemnifying party
all information reasonably available to the Indemnified Party or Indemnified Person which relates to such action or Claim. The
indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at all times as to the status of the defense
or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim
or proceeding affected without its written consent, provided, however, that the indemnifying party shall not unreasonably withhold,
delay or condition its consent. No indemnifying party shall, without the consent of the Indemnified Party or Indemnified Person,
consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person of a release from all liability
in respect to such Claim. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all
rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations relating to the
matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable
time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person
or Indemnified Party under this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend
such action.

 

6.3 The
indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party
or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject
to pursuant to the law.

 

    31

     

    

 

SECTION
7

CONTRIBUTION

 

7.1  To
the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make
the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent
permitted by law; provided, however, that: (i) no contribution shall be made under circumstances where the maker would not have
been liable for indemnification under the fault standards set forth in Section 6; (ii) no seller of Registrable Securities guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any
seller of Registrable Securities who was not guilty of fraudulent misrepresentation; and (iii) contribution by any seller of Registrable
Securities shall be limited in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities.
Notwithstanding the provisions of this Section, no Investor shall be required to contribute, in the aggregate, any amount in excess
of the amount by which the net proceeds actually received by such Investor from the applicable sale of the Registrable Securities
subject to the claim exceeds the amount of any damages that such Investor has otherwise been required to pay, or would otherwise
be required to pay under Section 6.2, by reason of such untrue or alleged untrue statement or omission or alleged omission.

 

SECTION
8

REPORTS UNDER THE 1934 ACT

 

8.1
With a view to making available to the Investor the benefits of Rule 144 promulgated under the 1933 Act or any other similar rule
or regulation of the SEC that may at any time permit the Investor to sell securities of the Company to the public without registration
(“Rule 144”), provided that the Investor holds any Registrable Securities are eligible for resale under Rule 144, the
Company agrees to:

 

(a) make
and keep public information available, as those terms are understood and defined in Rule 144;

 

(b) file
with the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act so
long as the Company remains subject to such requirements (it being understood that nothing herein shall limit the Company’s
obligations under Section 5(c) of the Securities Purchase Agreement) and the filing of such reports and other documents is required
for the applicable provisions of Rule 144; and

 

(c) furnish
to the Investor, promptly upon request, (i) a written statement by the Company that it has complied with the reporting requirements
of Rule 144, the 1933 Act and the 1934 Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other
reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Investor
to sell such securities pursuant to Rule 144 without registration.

 

    32

     

    

 

SECTION
9

MISCELLANEOUS

 

9.1 Notices.
Any notices or other communications required or permitted to be given under the terms of this Agreement must be given in accordance
with the Securities Purchase Agreement.

 

 

9.2 No
Waivers. Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising
such right or remedy, shall not operate as a waiver thereof.

 

9.3 No
Assignments. The rights and obligations under this Agreement shall not be assignable.

 

9.4 Entire
Agreement/Amendment. This Agreement and the Transaction Documents constitute the entire agreement among the parties hereto
with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than
those set forth or referred to herein and therein. This Agreement and the Transaction Documents supersede all prior agreements
and understandings among the parties hereto with respect to the subject matter hereof and thereof. The provisions of this Agreement
may be amended only with the written consent of the Company and Investor.

 

9.5 Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.
Whenever required by the context of this Agreement, the singular shall include the plural and masculine shall include the feminine.
This Agreement shall not be construed as if it had been prepared by one of the parties, but rather as if all the parties had prepared
the same.

 

9.6 Counterparts.
This Agreement may be executed in any number of counterparts and by the different signatories hereto on separate counterparts,
each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument.
This Agreement may be executed by facsimile transmission, PDF, electronic signature or other similar electronic means with the
same force and effect as if such signature page were an original thereof.

 

9.7 Further
assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

    33

     

    

 

9.8 Severability.
In case any provision of this Agreement is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid
or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent
possible, and the validity and enforceability of the remaining provisions of this Agreement will not in any way be affected or
impaired thereby.

 

9.9 Law
governing this agreement. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada
without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions
contemplated by this Agreement shall be brought only in the state courts or federal courts located in New York City, New York.
The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder
and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The parties
executing this Agreement and other agreements referred to herein or delivered in connection herewith on behalf of the Company agree
to submit to the in personam jurisdiction of such courts and hereby irrevocably waive trial by jury. The prevailing party shall
be entitled to recover from the other party its reasonable attorney’s fees and costs. In the event that any provision of
this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute
or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives personal
service of process and consents to process being served in any suit, action or proceeding in connection with this Agreement or
any other Transaction Documents by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any other manner permitted by law.

 

9.10 No
third party beneficiaries. This Agreement is intended for the benefit of the parties hereto and is not for the benefit of,
nor may any provision hereof be enforced by, any other person, except that the Company acknowledges that the rights of the Investor
may be enforced by its general partner.

 

(Signature page immediately follows)

 

    34

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed by their respective authorized representatives as of the Execution Date.

 

	ARISTA FINANCIAL CORP.	 
	 	 
	By:	 	 
	Name:	Paul Patrizio	 
	Title:	Chief Executive Officer	 
	 	 
	CROWN BRIDGE PARTNERS, LLC	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

    35Exhibit 10.1

 

Execution Version

 

CREDIT AGREEMENT

 

Dated as of December 6, 2018

 

among

 

SUMMIT HOTEL OP, LP,

 

as Borrower,

 

SUMMIT HOTEL PROPERTIES, INC.,

 

as Parent Guarantor,

 

THE OTHER GUARANTORS NAMED HEREIN,

 

as Subsidiary Guarantors,

 

THE INITIAL LENDERS, INITIAL ISSUING BANKS
AND SWING LINE BANKS NAMED HEREIN,

 

as Initial Lenders, Initial Issuing Banks and Swing Line Banks,

 

DEUTSCHE BANK AG NEW YORK BRANCH,

 

as Administrative Agent,

 

with

 

BANK OF AMERICA, N.A.,

 

REGIONS BANK,

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Co-Syndication Agents,

 

and

 

DEUTSCHE BANK SECURITIES INC.,

 

MERRILL LYNCH, PIERCE, FENNER & SMITH
INCORPORATED,

 

REGIONS CAPITAL MARKETS,

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Joint Lead Arrangers and as Joint Bookrunners

 

     

     

    

 

TABLE OF CONTENTS

 

	Section	 	Page
	 	 	 
	Article I	 
	DEFINITIONS AND ACCOUNTING TERMS	 
	 	 	 
	Section 1.01.	Certain Defined Terms	1
	Section 1.02.	Computation of Time Periods; Other Definitional Provisions	35
	Section 1.03.	Accounting Terms	35
	 	 	 
	Article II	 
	AMOUNTS AND TERMS OF THE ADVANCES AND THE LETTERS OF CREDIT	 
	 	 	 
	Section 2.01.	The Advances and the Letters of Credit	35
	Section 2.02.	Making the Advances	36
	Section 2.03.	Issuance of and Drawings and Reimbursement Under Letters of Credit	38
	Section 2.04.	Repayment of Advances	40
	Section 2.05.	Termination or Reduction of the Commitments	41
	Section 2.06.	Prepayments	41
	Section 2.07.	Interest	42
	Section 2.08.	Fees	44
	Section 2.09.	Conversion of Advances	45
	Section 2.10.	Increased Costs, Etc.	46
	Section 2.11.	Payments and Computations	47
	Section 2.12.	Taxes	49
	Section 2.13.	Sharing of Payments, Etc.	53
	Section 2.14.	Use of Proceeds	54
	Section 2.15.	Evidence of Debt	55
	Section 2.16.	Extension of Revolving Credit Facility Termination Date	55
	Section 2.17.	Increase in the Aggregate Commitments	56
	Section 2.18.	Cash Collateral Account	57
	 	 	 
	Article III	 
	CONDITIONS OF LENDING AND ISSUANCES OF LETTERS OF CREDIT	 
	 	 	 
	Section 3.01.	Conditions Precedent to Initial Extension of Credit	58
	Section 3.02.	Conditions Precedent to Each Borrowing, Issuance, Renewal, Extension and Increase	62
	Section 3.03.	Determinations Under Section 3.01 and 3.02	63
	 	 	 
	Article IV	 
	REPRESENTATIONS AND WARRANTIES	 
	 	 	 
	Section 4.01.	Representations and Warranties of the Loan Parties	63
	 	 	 
	Article V	 
	COVENANTS OF THE LOAN PARTIES	 
	 	 	 
	Section 5.01.	Affirmative Covenants	69
	Section 5.02.	Negative Covenants	74
	Section 5.03.	Reporting Requirements	83
	Section 5.04.	Financial Covenants	86

 

    	 	i	 

     

    

 

	Article VI	 
	EVENTS OF DEFAULT	 
	 	 	 
	Section 6.01.	Events of Default	87
	Section 6.02.	Actions in Respect of the Letters of Credit upon Default	89
	 	 	 
	Article VII	 
	GUARANTY	 
	 	 	 
	Section 7.01.	Guaranty; Limitation of Liability	90
	Section 7.02.	Guaranty Absolute	90
	Section 7.03.	Waivers and Acknowledgments	91
	Section 7.04.	Subrogation	92
	Section 7.05.	Guaranty Supplements	93
	Section 7.06.	Indemnification by Guarantors	93
	Section 7.07.	Subordination	93
	Section 7.08.	Continuing Guaranty	94
	Section 7.09.	Keepwell	94
	 	 	 
	Article VIII	 
	THE AGENTS	 
	 	 	 
	Section 8.01.	Authorization and Action	94
	Section 8.02.	Agents’ Reliance, Etc.	95
	Section 8.03.	DBNY and Affiliates	95
	Section 8.04.	Lender Party Credit Decision	95
	Section 8.05.	Indemnification by Lender Parties	96
	Section 8.06.	Successor Agents	97
	Section 8.07.	Relationship of Agent and Lenders	97
	 	 	 
	Article IX	 
	MISCELLANEOUS	 
	 	 	 
	Section 9.01.	Amendments, Etc.	97
	Section 9.02.	Notices, Etc.	99
	Section 9.03.	No Waiver; Remedies	100
	Section 9.04.	Costs and Expenses	101
	Section 9.05.	Right of Set-off	102
	Section 9.06.	Binding Effect	102
	Section 9.07.	Assignments and Participations; Replacement Notes	103
	Section 9.08.	Execution in Counterparts	106
	Section 9.09.	No Liability of the Issuing Banks	106
	Section 9.10.	Defaulting Lenders	107
	Section 9.11.	Confidentiality	110
	Section 9.12.	Certain ERISA Matters	112
	Section 9.13.	Patriot Act Notification	113
	Section 9.14.	Jurisdiction, Etc.	113
	Section 9.15.	Governing Law	113
	Section 9.16.	WAIVER OF JURY TRIAL	113
	Section 9.17.	Acknowledgment and Consent to Bail-In of EEA Financial Institutions	114

 

    	 	ii	 

     

    

 

	SCHEDULES	 	 
	 	 	 
	Schedule I	-	Commitments and Applicable Lending Offices
	Schedule II	-	Unencumbered Assets
	Schedule III	-	Approved Managers
	Schedule IV	-	Existing Letters of Credit
	Schedule 4.01(b)	-	Subsidiaries
	Schedule 4.01(f)	-	Material Litigation
	Schedule 4.01(n)	-	Existing Debt
	Schedule 4.01(o)	-	Existing Liens
	Schedule 4.01(p)	-	Real Property
	Part I	-	Owned Assets
	Part II	-	Leased Assets
	Part III	-	Management Agreements
	Part IV	-	Franchise Agreements
	Schedule 4.01(q)	-	Environmental Concerns
	Schedule 4.01(w)	-	Plans and Welfare Plans
	 	 	 
	EXHIBITS	 	 
	 	 	 
	Exhibit A-1	-	Form of Revolving Note
	Exhibit A-2	-	Form of Term Note
	Exhibit B	-	Form of Notice of Borrowing
	Exhibit C	-	Form of Notice of Issuance of Letter of Credit
	Exhibit D	-	Form of Guaranty Supplement
	Exhibit E	-	Form of Assignment and Acceptance
	Exhibit F-1	-	Form of Opinion of Kleinberg, Kaplan, Wolff & Cohen, P.C.
	Exhibit F-2	-	Form of Opinion of Venable LLP
	Exhibit F-3	-	Form of Opinion of Hagen, Wilka & Archer, LLP
	Exhibit G	-	Form of Section 2.12(e) U.S. Tax Compliance Certificate

 

    	 	iii	 

     

    

 

CREDIT AGREEMENT

 

CREDIT AGREEMENT dated as of December 6, 2018
(this “Agreement”) among SUMMIT HOTEL OP, LP, a Delaware limited partnership (the “Borrower”),
SUMMIT HOTEL PROPERTIES, INC., a Maryland corporation (the “Parent” or the “Parent Guarantor”),
the entities listed on the signature pages hereof as the subsidiary guarantors (together with any Additional Guarantors (as hereinafter
defined) acceding hereto pursuant to Section 5.01(j), 5.01(x) or 7.05, the “Subsidiary Guarantors”
and, together with the Parent Guarantor, the “Guarantors”), the banks, financial institutions and other
institutional lenders listed on the signature pages hereof as the initial lenders (the “Initial Lenders”),
the Swing Line Banks (as hereinafter defined), DEUTSCHE BANK AG NEW YORK BRANCH (“DBNY”), BANK OF AMERICA,
N.A., REGIONS BANK and U.S. BANK NATIONAL ASSOCIATION, as the initial issuers of Letters of Credit (as hereinafter defined) (the
“Initial Issuing Banks”), DBNY, as administrative agent (together with any successor administrative agent
appointed pursuant to Article VIII, the “Administrative Agent”) for the Lender Parties (as hereinafter
defined), BANK OF AMERICA, N.A., REGIONS BANK and U.S. BANK NATIONAL ASSOCIATION, as co-syndication agents, with DEUTSCHE BANK
SECURITIES INC., MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, REGIONS CAPITAL MARKETS and U.S. BANK NATIONAL ASSOCIATION
as joint lead arrangers (the “Arrangers”) and as joint bookrunners.

 

Article
I

DEFINITIONS AND ACCOUNTING TERMS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Administrative Agent’s
Account” means the account of the Administrative Agent maintained by the Administrative Agent at its office at 60
Wall Street, New York, New York 10005, ABA No. 021-001-033, for further credit to Commercial Loan Division, Account No. 60200119,
Reference:  Summit Hotel OP, LP, or such other account as the Administrative Agent shall specify in writing to the Lender
Parties.

 

    	 	1	 

     

    

 

“Advance”
means a Revolving Credit Advance, a Term Loan Advance, a Swing Line Advance or a Letter of Credit Advance.

 

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

 

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

 

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

 

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

 

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

 

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

 

	Pricing

                                                                                Level
	 	Leverage Ratio	 	Applicable Margin for

                                                                                Base Rate Advances
	 	 	Applicable Margin for

                                                                                Eurodollar Rate

                                                                                Advances
	 
	I	 	< 3.5:1.0	 	 	0.40	%	 	 	1.40	%
	II	 	≥ 3.5:1.0, but < 4.0:1.0	 	 	0.45	%	 	 	1.45	%
	III	 	≥ 4.0:1.0, but < 4.5:1.0	 	 	0.55	%	 	 	1.55	%
	IV	 	≥ 4.5:1.0, but < 5.0:1.0	 	 	0.65	%	 	 	1.65	%
	V	 	≥ 5.0:1.0, but < 5.5:1.0	 	 	0.75	%	 	 	1.75	%
	VI	 	≥ 5.5:1.0, but < 6.0:1.0	 	 	0.95	%	 	 	1.95	%
	VII	 	≥ 6.0:1.0	 	 	1.15	%	 	 	2.15	%

 

    	 	2	 

     

    

 

The Applicable Margin for a Term Loan Advance shall
be five basis points less than the Applicable Margin for a Revolving Credit Advance as of the applicable date of determination.

 

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

 

“Applicable Ownership
Percentage” means (i) for each Unencumbered Asset owned by the Borrower or a wholly owned Subsidiary (direct or indirect)
of the Borrower, 100% and (ii) for each Unencumbered Asset owned by a Subsidiary of the Borrower that is not wholly owned (directly
or indirectly) by the Borrower, the greater of (a) the Borrower’s relative nominal direct and indirect ownership interest
(expressed as a percentage) in such Subsidiary or (b) the Borrower’s relative direct and indirect economic interest (calculated
as a percentage) in such Subsidiary, in each case determined in accordance with the applicable provisions of the declaration of
trust, articles or certificate of incorporation, articles of organization, partnership agreement, joint venture agreement or other
applicable organizational document of such Subsidiary Guarantor.

 

    	 	3	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	4	 

     

    

 

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

 

“Available Amount”
of any Letter of Credit means, at any time, the maximum amount available to be drawn under such Letter of Credit at such time (assuming
compliance at such time with all conditions to drawing).

 

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

 

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

 

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

 

“Base Rate”
means a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times be equal to the
highest of (a) the rate of interest announced publicly by DBNY in New York, New York, from time to time, as DBNY’s
“prime rate”, (b) 1⁄2 of 1% per annum above the Federal Funds Rate and (c) the one-month Eurodollar Rate plus
1% per annum; provided, however, that for the avoidance of doubt, in no circumstance shall the Base Rate be less than zero percent
per annum (0.00%).

 

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

 

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

 

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

 

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

 

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

 

“Borrower’s
Account” means the account of the Borrower maintained by the Borrower with U.S. Bank, N.A., 777 East Wisconsin Avenue,
Milwaukee, WI 53202, ABA No. 075000022, Account No. 182380523155 or such other account as the Borrower shall specify in writing
to the Administrative Agent.

 

    	 	5	 

     

    

 

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

 

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

 

“Capitalization Rate”
means (i) 7.25% for any Assets located in the central business districts of New York, Washington D.C., San Francisco, Boston, Chicago,
Los Angeles, San Diego or Miami, and (ii) 7.75% for all other Assets.

 

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

 

“Cash Collateral Account”
means an interest-bearing account of the Borrower maintained with the Administrative Agent, in each case in the name of the Administrative
Agent and under the sole control and dominion of the Administrative Agent and subject to the terms of this Agreement.

 

“Cash Collateralize”
means, in respect of an Obligation, provide and pledge (as a first priority perfected security interest) U.S. Dollars, (a) in the
Cash Collateral Account (or with respect to a Defaulting Lender, a Defaulting Lender Cash Collateral Account) or, (b) in such other
account as may be otherwise required by the Administrative Agent, at a location and pursuant to documentation in form and substance
satisfactory to the Administrative Agent and the Issuing Bank (and “Cash Collateralization” has a corresponding
meaning).

 

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

 

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

 

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

 

    	 	6	 

     

    

 

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

 

“Closing Date”
means the date hereof.

 

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

 

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

 

“Commitment”
means a Revolving Credit Commitment, a Term Loan Commitment, a Swing Line Commitment or a Letter of Credit Commitment.

 

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

 

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

 

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

 

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

 

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

 

    	 	7	 

     

    

 

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

 

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

 

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

 

    	 	8	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	9	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	10	 

     

    

 

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

 

“Defaulting Lender
Cash Collateral Account” means the interest-bearing account of a Defaulting Lender maintained with the Administrative
Agent, in each case in the name of the Administrative Agent and under the sole control and dominion of the Administrative Agent
and subject to the terms of this Agreement.

 

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

 

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

 

“Division”
and “Divide” each refer to a division of a limited liability company into two or more newly formed or
existing limited liability companies pursuant a plan of division or otherwise.

 

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

 

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

 

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

 

    	 	11	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	12	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Eurodollar Rate”
means, for any Interest Period for all Eurodollar Rate Advances comprising part of the same Borrowing, an interest rate per annum
equal to the rate per annum obtained by dividing (a) the rate per annum (rounded upward, if necessary, to the nearest 1/100
of 1%) determined by the Administrative Agent to be the offered rate that appears on the Reuters Screen LIBOR01 Page (or any successor
thereto) as the London interbank offered rate for deposits in U.S. Dollars (for delivery on the first day of such Interest Period)
with a term equivalent to such Interest Period, determined as of approximately 11:00 A.M. (London time) two Business Days prior
to the first day of such Interest Period, or, if for any reason such rate is not available, then the “Eurodollar Rate”
for such Interest Period shall be the rate per annum determined by the Administrative Agent to be the rate at which deposits in
Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurodollar Rate
Advance being made, continued or converted by Deutsche Bank AG and with a term equivalent to such Interest Period would be offered
by Deutsche Bank AG’s principal London office to prime banks in the London or other offshore interbank market for Dollars
at their request at approximately 11:00 A.M. (London time) two Business Days before the first day of such Interest Period by (b) a
percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period; provided that in no circumstance
shall the Eurodollar Rate be less than 0% per annum.

 

    	 	13	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Existing Letters
of Credit” means the letters of credit and bank guarantees listed on Schedule IV hereto issued under the Existing
Credit Agreement.

 

“Existing Credit Agreement”
means that certain Credit Agreement, dated as of January 15, 2016, among Borrower, Parent Guarantor, the Subsidiary Guarantors
party thereto, DBNY, as administrative agent, and the other Lender Parties party thereto, as amended, supplemented or otherwise
modified to date.

 

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

 

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

 

“Facility”
means the Revolving Credit Facility, the Term Loan Facility, the Swing Line Facility or the Letter of Credit Facility.

 

    	 	14	 

     

    

 

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

 

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

 

“Federal Funds Rate”
means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the
rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as
published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank
of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such
day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected
by it.

 

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

 

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

 

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

 

    	 	15	 

     

    

 

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

 

“Fronting Exposure”
means, at any time there is a Defaulting Lender, (a) with respect to any Issuing Bank, such Defaulting Lender’s Pro Rata
Share of the outstanding Letter of Credit Exposure with respect to Letters of Credit issued by such Issuing Bank other than Letter
of Credit Exposure as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or
Cash Collateralized in accordance with Section 9.10 and (b) with respect to any Swing Line Bank, such Defaulting Lender’s
Pro Rata Share of outstanding Swing Line Advances made by such Swing Line Bank other than Swing Line Advances as to which such
Defaulting Lender’s participation obligation has been reallocated to other Lenders.

 

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

 

“GAAP”
has the meaning specified in Section 1.03.

 

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

 

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

 

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

 

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

 

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

 

    	 	16	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Information”
has the meaning specified in Section 9.11.

 

    	 	17	 

     

    

 

“Initial Extension
of Credit” means the earlier to occur of the initial Borrowing and the initial issuance of a Letter of Credit hereunder.

 

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

 

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

 

“Initial Maturity
Date” means March 31, 2023 for the Revolving Credit Facility.

 

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

 

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

 

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

 

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

 

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

 

(iii)        whenever
the last day of any such Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest
Period shall be extended to occur on the next succeeding Business Day; provided, however, that if such extension
would cause the last day of such Interest Period to occur in the next following calendar month, the last day of such Interest Period
shall occur on the next preceding Business Day; and

 

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

 

    	 	18	 

     

    

 

(b) for each Eurodollar Rate Advance
comprising part of the same Borrowing consisting of Revolving Credit Advances, the period commencing on the date of such Eurodollar
Rate Advance or the date of the Conversion of any Base Rate Advance into such Eurodollar Rate Advance, and ending on the last day
of the period selected by the Borrower pursuant to the provisions below and, thereafter, each subsequent period commencing on the
last day of the immediately preceding Interest Period and ending on the last day of the period selected by the Borrower pursuant
to the provisions below.  The duration of each such Interest Period shall be one, two, three or six months, as the Borrower
may, upon notice received by the Administrative Agent not later than 12:00 Noon (New York City time) on the third Business
Day prior to the first day of such Interest Period, select; provided, however, that:

 

(i)          the
Borrower may not select any Interest Period with respect to any such Revolving Credit Advance that ends after the Termination Date;

 

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

 

(iii)        whenever
the last day of any such Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest
Period shall be extended to occur on the next succeeding Business Day; provided, however, that if such extension
would cause the last day of such Interest Period to occur in the next following calendar month, the last day of such Interest Period
shall occur on the next preceding Business Day; and

 

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

 

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

 

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

 

“Issuing Bank”
means the Initial Issuing Banks and any other Lender approved as an Issuing Bank by the Administrative Agent and the Borrower and
any Eligible Assignee to which a Letter of Credit Commitment hereunder has been assigned pursuant to Section 9.07 so long
as each such Lender or each such Eligible Assignee expressly agrees to perform in accordance with their terms all of the obligations
that by the terms of this Agreement are required to be performed by it as an Issuing Bank and notifies the Administrative Agent
of its Applicable Lending Office and the amount of its Letter of Credit Commitment (which information shall be recorded by the
Administrative Agent in the Register) for so long as such Initial Issuing Bank, Lender or Eligible Assignee, as the case may be,
shall have a Letter of Credit Commitment.

 

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

 

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

 

    	 	19	 

     

    

 

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

 

“KeyBank Facilities”
means, collectively, the term loan facilities established pursuant to (i) that certain First Amended and Restated Credit Agreement,
dated as of February 15, 2018, among Borrower, Parent Guarantor, the other guarantors party thereto, KeyBank, as administrative
agent, and the other lenders party thereto, as amended, supplemented or otherwise modified to date, and (ii) that certain Credit
Agreement, dated as of September 26, 2017, among Borrower, Parent Guarantor, the other guarantors party thereto, KeyBank, as administrative
agent, and the other lenders party thereto, as amended, supplemented or otherwise modified to date.

 

“L/C Related Documents”
has the meaning specified in Section 2.04(b)(ii)(A).

 

“L/C Account Collateral”
has the meaning specified in Section 2.18(a).

 

“Lender Party”
means any Lender, any Swing Line Bank or any Issuing Bank.

 

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

 

“Letter of Credit
Advance” means an advance made by any Issuing Bank or any Lender pursuant to Section 2.03(c).

 

“Letter of Credit
Agreement” has the meaning specified in Section 2.03(a).

 

“Letter of Credit
Commitment” means, with respect to any Issuing Bank at any time, the amount set forth opposite such Issuing Bank’s
name on Schedule I hereto under the caption “Letter of Credit Commitment” or, if such Issuing Bank has entered
into one or more Assignment and Acceptances, set forth for such Issuing Bank in the Register maintained by the Administrative Agent
pursuant to Section 9.07(d) as such Issuing Bank’s “Letter of Credit Commitment”, as such amount may be
reduced at or prior to such time pursuant to Section 2.05.

 

“Letter of Credit
Exposure” means, at any time, the sum of (a) the aggregate Available Amount of all outstanding Letters of Credit
at such time plus (b) the aggregate amount of all payments or disbursements made by an Issuing Bank pursuant to a Letter of Credit
Advance that have not yet been reimbursed at such time.

 

“Letter of Credit
Facility” means, at any time, an amount equal to the lesser of (a) the aggregate amount of the Issuing Banks’
Letter of Credit Commitments at such time, and (b) $50,000,000, as such amount may be reduced at or prior to such time pursuant
to Section 2.05.

 

“Letters of Credit”
has the meaning specified in Section 2.01(b).

 

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

 

    	 	20	 

     

    

 

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

 

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

 

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

 

“Loan Parties”
means the Borrower and the Guarantors.

 

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

 

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

 

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

 

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

 

“Material Contract”
means each contract to which the Borrower or any of its Subsidiaries is a party involving aggregate consideration payable to or
by the Borrower or such Subsidiary in an amount of $10,000,000 or more per annum or otherwise material to the business, condition
(financial or otherwise), operations, performance, properties or prospects of the Borrower and its Subsidiaries, taken as a whole.  Without
limitation of the foregoing, the Operating Leases, the Management Agreements and the Franchise Agreements shall be deemed to comprise
Material Contracts hereunder.

 

“Material Debt”
means (a) Recourse Debt of the Borrower that is outstanding in a principal amount (or, in the case of any Hedge Agreement, an Agreement
Value) of $15,000,000 or more, either individually or in the aggregate or (b) any other Indebtedness of any Loan Party or any Subsidiary
of a Loan Party (other than Indebtedness described in clause (c) below) that is outstanding in a principal amount (or, in the case
of any Hedge Agreement, an Agreement Value) of $75,000,000 or more, either individually or in the aggregate, or (c) any Unsecured
Indebtedness of the Parent Guarantor or any of its Subsidiaries; in each case (i) whether or not the primary obligation of the
applicable obligor, (ii) whether the subject of one or more separate debt instruments or agreements, and (iii) exclusive of Indebtedness
outstanding under this Agreement; provided, however, in any case Material Debt shall not include (x) any guaranty
of Debt for Borrowed Money with an outstanding balance, individually or in the aggregate, of $15,000,000 or less, (y) Non-Recourse
Guarantees, unless and until a claim for payment has been made under any such Non-Recourse Guarantee or (z) unless and until a
claim for payment has been made thereunder, any guarantees or indemnities of payment Obligations under any Qualifying Ground Lease,
Franchise Agreements or other related agreements not constituting Debt for Borrowed Money and approved by the Administrative Agent.  For
the avoidance of doubt, Material Debt may include Refinancing Debt to the extent comprising Material Debt as defined herein.

 

    	 	21	 

     

    

 

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

 

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

 

“Minimum Collateral
Amount” means, at any time, (i) with respect to collateral consisting of cash or deposit account balances posted
or to be posted under Section 9.10, an amount equal to 105% of the Fronting Exposure of all Issuing Banks with respect to
Letters of Credit issued and outstanding at such time and (ii) otherwise, an amount determined by the Administrative Agent and
the Issuing Banks in their sole discretion.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	22	 

     

    

 

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

 

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

 

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

 

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

 

“Note”
means a Revolving Note or a Term Note.

 

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

 

“Notice of Issuance”
has the meaning specified in Section 2.03(a).

 

“Notice of Renewal”
has the meaning specified in Section 2.01(c).

 

“Notice of Swing Line
Borrowing” has the meaning specified in Section 2.02(b).

 

“Notice of Termination”
has the meaning specified in Section 2.01(c).

 

“NPL”
means the National Priorities List under CERCLA.

 

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

 

    	 	23	 

     

    

 

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

 

“OFAC”
has the meaning specified in the definition of Sanctions.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Participant”
has the meaning specified in Section 2.03(c)(i).

 

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

 

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

 

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

 

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

 

    	 	24	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	25	 

     

    

 

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

 

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

 

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

 

“Pro Rata Share”
of any amount means, with respect to any Lender at any time, (a) in the case of the Revolving Credit Facility, the product of such
amount times a fraction the numerator of which is the amount of such Lender’s Revolving Credit Commitment at such
time (or, if the Commitments shall have been terminated pursuant to Section 2.05 or 6.01, such Lender’s Revolving Credit
Commitment as in effect immediately prior to such termination) and the denominator of which is the Revolving Credit Facility at
such time (or, if the Commitments shall have been terminated pursuant to Section 2.05 or 6.01, the Revolving Credit Facility
as in effect immediately prior to such termination), and (b) in the case of the Term Loan Facility, the product of such amount
times a fraction the numerator of which is the amount of such Lender’s Term Loan Commitment at such time (or, if the Term
Loan Commitments shall have expired, been fully funded or been terminated, such Lender’s Facility Exposure at such time with
respect to the Term Loan Facility) and the denominator of which is the aggregate amount of the Lenders’ Term Loan Commitments
at such time (or, if the Term Loan Commitments shall have expired, been fully funded or been terminated, the aggregate Facility
Exposure at such time with respect to the Term Loan Facility).

 

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

 

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

 

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

 

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

 

    	 	26	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Required Lenders”
means, at any time, Lenders owed or holding greater than 50% of the sum of (a) the aggregate principal amount of the Advances
outstanding at such time, (b) the aggregate Available Amount of all Letters of Credit outstanding at such time and (c) the
aggregate Unused Revolving Credit Commitments at such time.  For purposes of this definition, (x) the aggregate principal
amount of Swing Line Advances owing to any Swing Line Bank and of Letter of Credit Advances owing to any Issuing Bank and the Available
Amount of each Letter of Credit shall be considered to be owed to the Revolving Lenders ratably in accordance with their respective
Revolving Credit Commitments and (y) any of the foregoing amounts owed to or held by any Defaulting Lender shall be disregarded
in determining Required Lenders at any time.

 

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

 

    	 	27	 

     

    

 

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

 

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

 

“Revolving Credit
Commitment” means, (a) with respect to any Lender at any time, the amount set forth opposite such Lender’s
name on Schedule I hereto under the caption “Revolving Credit Commitment” or (b) if such Lender has entered into
one or more Assignment and Acceptances, set forth for such Lender in the Register maintained by the Administrative Agent pursuant
to Section 9.07(d) as such Lender’s “Revolving Credit Commitment”, as such amount may be reduced at or prior
to such time pursuant to Section 2.05.  The aggregate Revolving Credit Commitments of the Lenders on the Closing
Date shall be $400,000,000.

 

“Revolving Credit
Facility” means, at any time, the aggregate amount of the Lenders’ Revolving Credit Commitments at such time,
and, where the context requires, shall include reference to the subfacilities thereof.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Screen Rate”
has the meaning specified in Section 2.07(d)(i).

 

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

 

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

 

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

 

    	 	28	 

     

    

 

“Secured Parties”
means the Administrative Agent and the Lender Parties.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	29	 

     

    

 

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

 

“Successor Rate Conforming
Changes” means, with respect to any proposed successor benchmark rate pursuant to clause (ii) of Section 2.07(d),
any conforming changes to (a) the definitions of Base Rate and Interest Period, (b) timing and frequency of determining rates and
making payments of interest and (c) other administrative matters as may be appropriate, in the discretion of the Administrative
Agent, to (i) reflect the adoption of such successor benchmark rate and (ii) permit the administration thereof by the Administrative
Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any
portion of such market practice is not administratively feasible or that no market practice for the administration of such successor
benchmark rate exists, in such other manner of administration as the Administrative Agent determines in consultation with the Borrower).

 

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

 

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

 

“Swing Line Advance”
means an advance made by (a) the Swing Line Banks pursuant to Section 2.01(d) or (b) any Lender pursuant to Section 2.02(b).

 

“Swing Line Bank”
means each of DBNY, Bank of America, N.A., Regions Bank and U.S. Bank National Association, in its capacity as the Lender of Swing
Line Advances, and its successors and permitted assigns in such capacity.

 

“Swing Line Borrowing”
means a borrowing consisting of a Swing Line Advance made by the Swing Line Banks pursuant to Section 2.01(d) or the Lenders pursuant
to Section 2.02(b).

 

“Swing Line Commitment”
means, with respect to (i) DBNY, $6,250,000, (ii) Bank of America, N.A., $6,250,000, (iii) U.S. Bank National Association, $6,250,000
and (iv) Regions Bank, $6,250,000, as each such amount may be reduced at or prior to such time pursuant to Section 2.05.  The
aggregate Swing Line Commitments shall not exceed $25,000,000.

 

“Swing Line Facility”
has the meaning specified in Section 2.01(d).

 

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

 

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

 

“Term Loan”
shall mean the term loan to the Borrower from the Term Loan Lenders in an aggregate principal amount equal to $200,000,000 on the
Closing Date, as the same may be increased as provided in Section 2.17.

 

    	 	30	 

     

    

 

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

 

“Term Loan Commitment”
means, (a) with respect to any Lender at any time, the amount set forth opposite such Lender’s name on Schedule I hereto
under the caption “Term Loan Commitment” or (b) if such Lender has entered into one or more Assignment and Acceptances,
set forth for such Lender in the Register maintained by the Administrative Agent pursuant to Section 9.07(d) as such Lender’s
“Term Loan Credit Commitment”, as such amount may be reduced at or prior to such time pursuant to Section 2.05.  The
aggregate Term Loan Commitments of the Lenders on the Closing Date shall be $200,000,000.

 

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

 

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

 

“Term Note”
shall mean a promissory note of the Borrower payable to the order of any Term Loan Lender, in substantially the form of Exhibit
A-2 hereto, evidencing the indebtedness of the Borrower to such Lender under the Term Loan Facility.

 

“Termination Date”
means (a) with respect to the Revolving Credit Facility, the earlier of (i) March 31, 2023, subject to the extension thereof pursuant
to Section 2.16 and (ii) the date of termination in whole of the Revolving Credit Commitments, the Swing Line Commitment and the
Letter of Credit Commitments pursuant to Section 2.05 or 6.01, and (b) with respect to the Term Loan Facility, the earlier of (i)
April 1, 2024, and (ii) the date of termination in whole of the Term Loan Commitments pursuant to Section 6.01.

 

“Test Date”
means (a) the last day of each fiscal quarter of the Parent Guarantor for which financial statements are required to be delivered
pursuant to Sections 5.03(b) or (c), as the case may be, (b) the date of each Advance or the issuance or renewal of any Letter
of Credit, (c) the date of the addition of any Proposed Unencumbered Asset to the Unencumbered Asset Pool pursuant to Section 5.01(k),
(d) the effective date of any merger permitted under Section 5.02(d), (e) the effective date of any Transfer permitted under
Section 5.02(e)(ii)(C), and (f) with respect to an extension of the Termination Date pursuant to Section 2.16, the Extension
Date.

 

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

 

    	 	31	 

     

    

 

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

 

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

 

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

 

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

 

“TRS Holdco”
means Summit Hotel TRS, Inc.

 

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

 

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

 

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

 

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

 

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

 

“Unencumbered Asset
Pool Amount” means, at any date of determination, the maximum total amount available under the Facility, which shall
at all times be the lowest of (i) the aggregate Commitments of the Lenders, (ii) the Total Unencumbered Asset Value times
60%, less all Consolidated Unsecured Indebtedness (exclusive of the Facility Exposure) and (iii) the principal amount that
when drawn under the Facility would result in Assumed Unsecured Interest Expense, calculated on a pro forma basis for the
next consecutive four fiscal quarters of the Parent Guarantor after taking such draws into account, equal to 50% of Unencumbered
Adjusted NOI.

 

    	 	32	 

     

    

 

“Unencumbered Asset
Pool Conditions” means, with respect to any Unencumbered Asset or Proposed Unencumbered Asset, that such Asset (a)
is a Hotel Asset located in the United States of America; (b) is a limited service, select service or full service hotel that is
rated “upscale”, “upper midscale”, “midscale” or better by Smith Travel Research; (c) is wholly
owned, directly or indirectly, by the Borrower or a Subsidiary of the Borrower either in fee simple absolute or subject to a Qualifying
Ground Lease and is leased to the applicable TRS Lessee (which is wholly-owned by TRS Holdco) pursuant to an Operating Lease; (d)
is fully operating, open to the public, and not under significant development, redevelopment or Material Renovation; (e) is free
of all material structural defects or architectural deficiencies, title defects, environmental or other material matters (including
a casualty event or condemnation) that could reasonably be expected to have a material adverse effect on the value, use or ability
to sell or refinance such Asset; (f) is operated by an Approved Manager or any other property manager approved by the Administrative
Agent pursuant to a Management Agreement approved by the Required Lenders; (g) other than with respect to Unencumbered Assets for
which aggregate Unencumbered Asset Value accounts for no more than 25% of Total Unencumbered Asset Value, is operated under a nationally
recognized brand subject to a Franchise Agreement with an Approved Franchisor or any other franchisor approved by the Required
Lenders; (h) is not subject to mezzanine Indebtedness financing; (i) is not, and no interest of the Borrower or any of its Subsidiaries
therein is, subject to any Lien (other than Permitted Liens) or any Negative Pledge; and (j) is 100% owned by the Borrower or a
Subsidiary Guarantor that satisfies the requirements of Section 5.02(p) and (1) none of the Borrower’s or the Parent Guarantor’s
direct or indirect Equity Interests in such Subsidiary is subject to any Lien (other than Permitted Liens) or any Negative Pledge
and (2)(x) on or prior to the date such Asset is added to the Unencumbered Asset Pool, such Subsidiary shall have become a Guarantor
hereunder, and (y) the Borrower directly, or indirectly through a Subsidiary, has the right to take the following actions without
the need to obtain the consent of any Person:  (i) to create Liens on such Asset and on the Equity Interests in such
Subsidiary as security for Indebtedness of the Borrower or such Subsidiary, as applicable, and (ii) to sell, transfer or otherwise
dispose of such Asset (provided that any restrictions of the type described in the proviso in the definition of “Negative
Pledge” shall not be deemed to cause a failure to satisfy the conditions set forth in (y)(i) and (ii) above); and (k) is
assessed for real estate tax purposes as one or more wholly independent tax lot or lots, separate from any adjoining land or improvements
not constituting a part of such lot or lots, and no other land or improvements is assessed and taxed together with such Hotel Asset
or any portion thereof; provided, however, that if two Hotel Assets are located on a single tax lot, the Borrower may elect
to treat such Hotel Assets for all purposes of this Agreement as one Hotel Asset, in which case, such Hotel Asset shall be deemed
to comply with this clause (k) and such two components of such Hotel Asset shall be included in and removed from the Unencumbered
Assets simultaneously and both must meet all Unencumbered Asset Pool Conditions for either component to qualify as an Unencumbered
Asset.

 

“Unencumbered Asset
Designation Package” means, with respect to any Proposed Unencumbered Asset, the following items, each in form and
substance satisfactory to the Administrative Agent and in sufficient copies for each Lender:  (a) a description of such
Asset in detail satisfactory to the Administrative Agent, (b) a projected cash flow analysis of such Asset, (c) a statement of
operating expenses for such Asset for the immediately preceding 36 consecutive calendar months, or such shorter period that the
Asset has been open for business, (d) an operating expense and capital expenditures budget for such Asset for the next succeeding
12 consecutive months, and (e) if such Asset is then the subject of an acquisition transaction, a copy of the purchase agreement
with respect thereto and a schedule of the proposed sources and uses of funds for such transaction.

 

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

 

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

 

    	 	33	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Unused Revolving
Credit Commitment” means, with respect to any Lender at any date of determination, (a) such Lender’s Revolving
Credit Commitment at such time minus (b) the sum of (i) the aggregate principal amount of all Revolving Credit Advances,
Swing Line Advances and Letter of Credit Advances made by such Lender (in its capacity as a Lender) and outstanding at such time
plus (ii) such Lender’s Pro Rata Share of (A) the aggregate Available Amount of all Letters of Credit outstanding
at such time, (B) the aggregate principal amount of all Letter of Credit Advances made by the Issuing Banks pursuant to Section
2.03(c) and outstanding at such time and (C) the aggregate principal amount of all Swing Line Advances made by the Swing Line Banks
pursuant to Section 2.01(c) and outstanding at such time.

 

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

 

“Voya Note”
means that certain promissory note given by Summit Hospitality I, LLC to Voya Retirement Insurance and Annuity Company in the amount
of $25,726,432.87 in connection with the Amended and Restated Loan Agreement by and among Summit Hospitality 22, LLC, Summit Hospitality
I, LLC, Summit Hospitality 116, LLC and Summit Hotel OP, LP as borrowers and Voya Retirement Insurance and Annuity Company as lender,
dated as of September, 24, 2015.

 

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

 

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

 

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

 

    	 	34	 

     

    

 

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

 

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

 

Article
II

AMOUNTS AND TERMS OF THE ADVANCES AND THE LETTERS OF CREDIT

 

Section
2.01.         The Advances and the Letters of Credit. (a) The
Revolving Credit Advances.  Each Revolving Lender severally agrees, on the terms and conditions hereinafter set forth,
to make advances (each, a “Revolving Credit Advance”) to the Borrower from time to time on any Business
Day during the period from the date hereof until the Termination Date in an amount for each such Revolving Credit Advance not to
exceed such Lender’s Unused Revolving Credit Commitment at such time.  Each Borrowing shall be in an aggregate
amount of $1,000,000 or an integral multiple of $250,000 in excess thereof and shall consist of Revolving Credit Advances made
simultaneously by the Revolving Lenders ratably according to their Revolving Credit Commitments.  Within the limits of
each such Lender’s Unused Revolving Credit Commitment in effect from time to time and prior to the Termination Date, the
Borrower may borrow under this Section 2.01(a), prepay pursuant to Section 2.06(a) and reborrow under this Section 2.01(a).

 

(b)          The
Term Loan Advances. Each Term Loan Lender severally agrees, on the terms and conditions hereinafter set forth, to
make advances (each, a “Term Loan Advance”) to the Borrower in an amount equal to such Lender’s
Term Loan Commitment.  Each Borrowing shall consist of Term Loan Advances made simultaneously by the Term Loan Lenders
ratably according to their Term Loan Commitments. The Borrower may prepay Term Loan Advances pursuant to Section 2.06(a).  Subject
to the terms and conditions of this Agreement, including Section 2.17, the Term Loan shall be funded to the Borrower on the Closing
Date.  The Borrower shall not have the right to reborrow any portion of the Term Loan that is repaid or prepaid.

 

(c)          Letters
of Credit. Each Issuing Bank severally agrees, on the terms and conditions hereinafter set forth, to issue (or cause
its Affiliate that is a commercial bank to issue on its behalf) letters of credit and to continue any Existing Letters of Credit
(set forth on Schedule IV hereto) (collectively, the “Letters of Credit”), for the account of the Borrower
from time to time on any Business Day during the period from the date hereof until 60 days before the Termination Date in an aggregate
Available Amount (i) for all Letters of Credit not to exceed at any time the Letter of Credit Facility at such time, (ii)
for all Letters of Credit issued by such Issuing Bank not to exceed such Issuing Bank’s Letter of Credit Commitment at such
time, and (iii) for each such Letter of Credit not to exceed the Unused Revolving Credit Commitments of the Lenders at such
time.  No Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary to
require renewal) later than the earlier of 60 days before the Termination Date and one year after the date of issuance thereof,
but may by its terms be renewable annually upon notice (a “Notice of Renewal”) given to the Issuing Bank
that issued such Letter of Credit and the Administrative Agent on or prior to any date for notice of renewal set forth in such
Letter of Credit but in any event at least three Business Days prior to the date of the proposed renewal of such Letter of Credit
and upon fulfillment of the applicable conditions set forth in Article III unless such Issuing Bank has notified the Borrower
(with a copy to the Administrative Agent) on or prior to the date for notice of termination set forth in such Letter of Credit
but in any event at least 30 Business Days prior to the date of automatic renewal of its election not to renew such Letter of Credit
(a “Notice of Termination”); provided, however, that the terms of each Letter of Credit
that is automatically renewable annually shall (x) require the Issuing Bank that issued such Letter of Credit to give the
beneficiary named in such Letter of Credit notice of any Notice of Termination, (y) permit such beneficiary, upon receipt
of such notice, to draw under such Letter of Credit prior to the date such Letter of Credit otherwise would have been automatically
renewed and (z) not permit the expiration date (after giving effect to any renewal) of such Letter of Credit in any event
to be extended to a date later than 60 days before the Termination Date.  If either a Notice of Renewal is not given
by the Borrower or a Notice of Termination is given by the relevant Issuing Bank pursuant to the immediately preceding sentence,
such Letter of Credit shall expire on the date on which it otherwise would have been automatically renewed; provided, however,
that even in the absence of receipt of a Notice of Renewal the relevant Issuing Bank may in its discretion, unless instructed to
the contrary by the Administrative Agent or the Borrower, deem that a Notice of Renewal had been timely delivered and in such case,
a Notice of Renewal shall be deemed to have been so delivered for all purposes under this Agreement.  Within the limits
of the Letter of Credit Facility, and subject to the limits referred to above, the Borrower may request the issuance of Letters
of Credit under this Section 2.01(c), repay any Letter of Credit Advances resulting from drawings thereunder pursuant to Section
2.04(d) and request the issuance of additional Letters of Credit under this Section 2.01(c).

 

    	 	35	 

     

    

 

(d)          Swing
Line Advances. The Borrower may request the Swing Line Banks to make, and each Swing Line Bank severally agrees
to make, on the terms and conditions hereinafter set forth, its ratable share of a Swing Line Advance to the Borrower from time
to time on any Business Day during the period from the date hereof until the Termination Date (i) in an aggregate amount not to
exceed at any time outstanding $25,000,000 (the “Swing Line Facility”) and (ii) in an amount for each
such Swing Line Borrowing not to exceed the aggregate of the Unused Revolving Credit Commitments of the Lenders at such time.  No
Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance.  Each
Swing Line Borrowing shall be in an amount of $1,000,000 or an integral multiple of $250,000 in excess thereof and shall be made
as a Base Rate Advance.  Within the limits of the Swing Line Facility and within the limits referred to in clause (ii)
above, the Borrower may borrow under this Section 2.01(d), repay pursuant to Section 2.04(c) or prepay pursuant to Section 2.06(a)
and reborrow under this Section 2.01(d).

 

Section
2.02.         Making the Advances. (a) Except
as otherwise provided in Section 2.03, each Borrowing (other than a Swing Line Borrowing) shall be made on notice, given not
later than 12:00 Noon (New York City time) on the third Business Day prior to the date of the proposed Borrowing in the case
of a Borrowing consisting of Eurodollar Rate Advances, or not later than 1:00 P.M. (New York City time) on the date one Business
Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances, by the Borrower to
the Administrative Agent, which shall give to each Lender prompt notice thereof by telex or telecopier.  Each such notice
of a Borrowing (a “Notice of Borrowing”) shall be by telephone, confirmed immediately in writing, or
telex or telecopier or e-mail, in each case in substantially the form of Exhibit B hereto, specifying therein the requested
(i) date of such Borrowing, (ii) Facility to which such Borrowing relates, (iii) Type of Advances comprising such Borrowing,
(iv) aggregate amount of such Borrowing and (v) in the case of a Borrowing consisting of Eurodollar Rate Advances, initial
Interest Period for each such Advance.  Each Lender shall, before 12:00 Noon (New York City time) on the date of such
Borrowing in the case of a Borrowing consisting of Eurodollar Rate Advances and 1:00 P.M. (New York City time) on the date of such
Borrowing in the case of a Borrowing consisting of Base Rate Advances, make available for the account of its Applicable Lending
Office to the Administrative Agent at the Administrative Agent’s Account, in same day funds, such Lender’s ratable
portion of such Borrowing in accordance with the respective Commitments in respect of such applicable Facility of such Lender and
the other Lenders.  After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable
conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower by crediting
the Borrower’s Account; provided, however, that in the case of advances under the Revolving Credit Facility,
the Administrative Agent shall first make a portion of such funds equal to the aggregate principal amount of any Swing Line Advances
and Letter of Credit Advances made by any Swing Line Bank or Issuing Bank, as the case may be, and by any other Lender and outstanding
on the date of such Borrowing, plus interest accrued and unpaid thereon to and as of such date, available to such Swing Line Bank
or Issuing Bank, as the case may be, and such other Lenders for repayment of such Swing Line Advances and Letter of Credit Advances. 

    	 	36	 

     

    

 

(b)          Each
Swing Line Borrowing shall be made on notice, given not later than 12:00 Noon (New York City time) on the date of the proposed
Swing Line Borrowing, by the Borrower to each Swing Line Bank and the Administrative Agent.  Each such notice of a Swing
Line Borrowing (a “Notice of Swing Line Borrowing”) shall be by telephone, confirmed immediately in writing
or by telecopier or e-mail, in each case specifying therein the requested (i) date of such Borrowing, (ii) amount of such Borrowing
and (iii) maturity of such Borrowing (which maturity shall be no later than the earlier of (A) the fifth Business Day after the
requested date of such Borrowing and (B) the Termination Date).  Each Swing Line Bank shall, before 1:00 P.M. (New York
City time) on the date of such Swing Line Borrowing, make its ratable share thereof available to the Administrative Agent at the
Administrative Agent’s Account, in same day funds.  After the Administrative Agent’s receipt of such funds
and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available
to the Borrower by crediting the Borrower’s Account.  Upon written demand by the Swing Line Banks, with a copy
of such demand to the Administrative Agent, each other Revolving Lender shall purchase from the Swing Line Banks on a ratable basis,
and the Swing Line Banks shall sell and assign to each such other Revolving Lender, on a ratable basis, such other Revolving Lender’s
Pro Rata Share of such outstanding Swing Line Advance as of the date of such demand, by making available for the account of its
Applicable Lending Office to the Administrative Agent for the account of the Swing Line Banks, by deposit to the Administrative
Agent’s Account, in same day funds, an amount equal to the portion of the outstanding principal amount of such Swing Line
Advance to be purchased by such Revolving Lender.  The Borrower hereby agrees to each such sale and assignment.  Each
Revolving Lender agrees to purchase its Pro Rata Share of an outstanding Swing Line Advance on (i) the Business Day on which demand
therefor is made by the Swing Line Bank, provided that notice of such demand is given not later than 12:00 Noon (New York
City time) on such Business Day or (ii) the first Business Day next succeeding such demand if notice of such demand is given after
such time.  Upon any such assignment by the Swing Line Banks to any other Revolving Lender of a portion of a Swing Line
Advance, each Swing Line Bank severally represents and warrants to such other Revolving Lender that such Swing Line Bank is the
legal and beneficial owner of such interest being assigned by it, but makes no other representation or warranty and assumes no
responsibility with respect to such Swing Line Advance, the Loan Documents or any Loan Party.  If and to the extent that
any Revolving Lender shall not have so made the amount of such Swing Line Advance available to the Administrative Agent, such Revolving
Lender agrees to pay to the Administrative Agent forthwith on demand such amount together with interest thereon, for each day from
the date of demand by the Swing Line Banks until the date such amount is paid to the Administrative Agent, at the Federal Funds
Rate.  If such Revolving Lender shall pay to the Administrative Agent such amount for the account of the Swing Line Banks
on any Business Day, such amount so paid in respect of principal shall constitute a Swing Line Advance made by such Revolving Lender
on such Business Day for purposes of this Agreement, and the outstanding principal amount of the Swing Line Advance made by the
Swing Line Banks shall be reduced by such amount on such Business Day.

 

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

 

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

 

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(e)          Unless
the Administrative Agent shall have received notice from a Lender prior to (x) the date of any Borrowing consisting of Eurodollar
Rate Advances or (y) 12:00 Noon (New York City time) on the date of any Borrowing consisting of Base Rate Advances that such Lender
will not make available to the Administrative Agent such Lender’s ratable portion of such Borrowing, the Administrative Agent
may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance
with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available
to the Borrower on such date a corresponding amount.  If and to the extent that such Lender shall not have so made such
ratable portion available to the Administrative Agent, such Lender and the Borrower severally agree to repay or pay to the Administrative
Agent forthwith on demand such corresponding amount and to pay interest thereon, for each day from the date such amount is made
available to the Borrower until the date such amount is repaid or paid to the Administrative Agent, at (i) in the case of
the Borrower, the interest rate applicable at such time under Section 2.07 to Advances comprising such Borrowing and (ii) in
the case of such Lender, the Federal Funds Rate.  If such Lender shall pay to the Administrative Agent such corresponding
amount, such amount so paid shall constitute such Lender’s Advance as part of such Borrowing for all purposes.

 

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

 

Section
2.03.         Issuance of and Drawings and Reimbursement Under Letters
of Credit. (a) Request for Issuance.  Each Letter of Credit shall be issued upon notice, given
not later than 12:00 Noon (New York City time) on the fifth Business Day prior to the date of the proposed issuance of such
Letter of Credit, by the Borrower to any Issuing Bank, which shall give to the Administrative Agent and each Lender prompt notice
thereof by telex, telecopier or e-mail or by means of the Approved Electronic Platform.  Each such notice of issuance
of a Letter of Credit (a “Notice of Issuance”) shall be by telephone, confirmed immediately in writing,
telex, telecopier or e-mail, in each case in substantially in the form of Exhibit C hereto, specifying therein the requested (i) date
of such issuance (which shall be a Business Day), (ii) Available Amount of such Letter of Credit, (iii) expiration date
of such Letter of Credit, (iv) name and address of the beneficiary of such Letter of Credit and (v) form of such Letter
of Credit, and shall be accompanied by such application and agreement for letter of credit as such Issuing Bank may specify to
the Borrower for use in connection with such requested Letter of Credit (a “Letter of Credit Agreement”).  If
(y) the requested form of such Letter of Credit is acceptable to such Issuing Bank in its sole discretion and (z) it
has not received notice of objection to such issuance from the Required Lenders, such Issuing Bank will, upon fulfillment of the
applicable conditions set forth in Article III, make such Letter of Credit available to the Borrower at its office referred
to in Section 9.02 or as otherwise agreed with the Borrower in connection with such issuance.  In the event and
to the extent that the provisions of any Letter of Credit Agreement shall conflict with this Agreement, the provisions of this
Agreement shall govern.  All Existing Letters of Credit shall be deemed to have been issued pursuant to this Section
2.03(a). 

 

(b)          Letter
of Credit Reports. Each Issuing Bank shall furnish to the Administrative Agent (i) on the first Business Day of
each month a written report summarizing issuance and expiration dates of Letters of Credit issued by such Issuing Bank during the
preceding month and drawings during such month under all Letters of Credit issued by such Issuing Bank and (ii) on the first
Business Day of each calendar quarter a written report setting forth the average daily aggregate Available Amount during the preceding
calendar quarter of all Letters of Credit issued by such Issuing Bank.  The Administrative Agent shall collect and furnish
such reports to each Lender.

 

    	 	38	 

     

    

 

(c)          Letter
of Credit Participations; Drawing and Reimbursement.

 

(i)          Immediately
upon the issuance by the Issuing Bank of any Letter of Credit, the Issuing Bank shall be deemed to have sold and transferred to
each Revolving Lender, and each Revolving Lender (in its capacity under this Section 2.03(c), a “Participant”)
shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Bank, without recourse or warranty,
an undivided interest and participation in such Letter of Credit, to the extent of such Participant’s Pro Rata Share of the
Available Amount of such Letter of Credit, each drawing or payment made thereunder and the obligations of the Borrower under this
Agreement with respect thereto, and any security therefor or guaranty pertaining thereto.  Upon any change in the Revolving
Credit Commitments or the Revolving Lenders’ respective Pro Rata Shares pursuant to Section 9.07, it is hereby agreed that,
with respect to all outstanding Letters of Credit and unpaid drawings relating thereto, there shall be an automatic adjustment
to the participations pursuant to this Section 2.03(c) to reflect the new Pro Rata Shares of the assignor and assignee Revolving
Lenders, as the case may be.

 

(ii)         In
determining whether to pay under any Letter of Credit, the Issuing Bank shall not have any obligation with respect to the other
Revolving Lenders other than to confirm that any documents required to be delivered under such Letter of Credit appear to have
been delivered and that they appear to substantially comply on their face with the requirements of such Letter of Credit.  Any
action taken or omitted to be taken by the Issuing Bank under or in connection with any Letter of Credit issued by it shall not
create for the Issuing Bank any resulting liability to the Borrower, any other Loan Party, any Revolving Lender or any other Person
unless such action is taken or omitted to be taken with gross negligence or willful misconduct on the part of the Issuing Bank
(as determined by a court of competent jurisdiction in a final non-appealable judgment).

 

(iii)        The
payment by any Issuing Bank of a draft drawn under any Letter of Credit shall constitute for all purposes of this Agreement the
making by such Issuing Bank of a Letter of Credit Advance, which shall be a Base Rate Advance, in the amount of such draft.  In
the event that the Issuing Bank makes any payment under any Letter of Credit issued by it and the Borrower shall not have reimbursed
such amount in full to the Issuing Bank pursuant to Section 2.04(c), the Issuing Bank shall promptly notify the Administrative
Agent, which shall promptly notify each Participant of such failure, and each Participant shall promptly and unconditionally pay
to the Administrative Agent for the account of the Issuing Bank the amount of such Participant’s Pro Rata Share of such unreimbursed
payment in U.S. dollars and in same day funds.  Upon such notification by the Administrative Agent to any Participant
required to fund a payment under a Letter of Credit, such Participant shall make available to the Administrative Agent for the
account of the Issuing Bank its Pro Rata Share of an outstanding Letter of Credit Advance on (i) the Business Day on which
demand therefor is made by the Issuing Bank which made such Advance, provided that notice of such demand is given not later
than 11:00 A.M. (New York City time) on such Business Day, or (ii) the first Business Day next succeeding such demand
if notice of such demand is given after such time.  If such Revolving Lender shall pay to the Administrative Agent such
amount for the account of such Issuing Bank on any Business Day, such amount so paid in respect of principal shall constitute a
Letter of Credit Advance made by such Revolving Lender on such Business Day for purposes of this Agreement, and the outstanding
principal amount of the Letter of Credit Advance made by such Issuing Bank shall be reduced by such amount on such Business Day.  If
and to the extent that any Revolving Lender shall not have so made the amount of such Letter of Credit Advance available to the
Administrative Agent, such Revolving Lender agrees to pay to the Administrative Agent forthwith on demand such amount together
with interest thereon, for each day from the date of demand by such Issuing Bank until the date such amount is paid to the Administrative
Agent, at the Federal Funds Rate for its account or the account of such Issuing Bank, as applicable.

 

    	 	39	 

     

    

 

(iv)        Whenever
the Issuing Bank receives a payment of a reimbursement obligation as to which it has received any payments from the Participants
pursuant to clause (iii) above, the Issuing Bank shall pay to the Administrative Agent for the account of each such Participant
that has paid its Pro Rata Share thereof, in same day funds, an amount equal to such Participant’s share (based upon the
proportionate aggregate amount originally funded by such Participant to the aggregate amount funded by all Participants) of the
principal amount of such reimbursement obligation and interest thereon accruing after the purchase of the respective participations.

 

(d)          Failure
to Make Letter of Credit Advances. The failure of any Revolving Lender to make the Letter of Credit Advance to be
made by it on the date specified in Section 2.03(c) shall not relieve any other Revolving Lender of its obligation hereunder to
make its Letter of Credit Advance on such date, but no Revolving Lender shall be responsible for the failure of any other Revolving
Lender to make the Letter of Credit Advance to be made by such other Revolving Lender on such date.

 

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

 

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

 

(c)          Swing
Line Advances. The Borrower shall repay to the Administrative Agent for the account of (i) the Swing Line Bank and
(ii) each other Revolving Lender that has made a Swing Line Advance by purchase from the Swing Line Bank pursuant to Section 2.02(b),
the outstanding principal amount of each Swing Line Advance made by each of them on the earlier of the maturity date specified
in the applicable Notice of Swing Line Borrowing (which maturity shall be no later than the fifth Business Day after the requested
date of such Swing Line Borrowing) and the Termination Date in respect of the Revolving Credit Facility.

 

(d)          Letter
of Credit Advances.

 

(i)          The
Borrower shall repay to the Administrative Agent for the account of each Issuing Bank and each other Revolving Lender that has
made a Letter of Credit Advance on the same day on which such Advance was made the outstanding principal amount of each Letter
of Credit Advance made by each of them.

 

(ii)         The
Obligations of the Borrower under this Agreement, any Letter of Credit Agreement and any other agreement or instrument relating
to any Letter of Credit (and the obligations of each Revolving Lender to reimburse the Issuing Bank with respect thereto) shall
be unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement, such Letter of Credit
Agreement and such other agreement or instrument under all circumstances, including, without limitation, the following circumstances:

 

(A)         any
lack of validity or enforceability of any Loan Document, any Letter of Credit Agreement, any Letter of Credit or any other agreement
or instrument relating thereto (all of the foregoing being, collectively, the “L/C Related Documents”);

 

(B)         any
change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations of the Borrower in respect
of any L/C Related Document or any other amendment or waiver of or any consent to departure from all or any of the L/C Related
Documents;

 

    	 	40	 

     

    

 

(C)         the
existence of any claim, set-off, defense or other right that the Borrower may have at any time against any beneficiary or any transferee
of a Letter of Credit (or any Persons for which any such beneficiary or any such transferee may be acting), any Issuing Bank or
any other Person, whether in connection with the transactions contemplated by the L/C Related Documents or any unrelated transaction;

 

(D)         any
statement or any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in
any respect or any statement therein being untrue or inaccurate in any respect;

 

(E)         payment
by any Issuing Bank under a Letter of Credit against presentation of a draft or certificate that does not strictly comply with
the terms of such Letter of Credit;

 

(F)         any
exchange, release or non-perfection of any collateral in any material respect, or any release or amendment or waiver of or consent
to departure from the Guaranties or any other guarantee, for all or any of the Obligations of the Borrower in respect of the L/C
Related Documents; or

 

(G)         any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including, without limitation, any
other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or any other Loan Party.

 

Section
2.05.         Termination or Reduction of the Commitments. (a) Optional. The
Borrower may, upon at least three Business Days’ notice to the Administrative Agent, terminate in whole or reduce in part
the unused portions of the Swing Line Facility, the Letter of Credit Facility and the Unused Revolving Credit Commitments; provided,
however, that each partial reduction of any such Facility (i) shall be in an aggregate amount of $5,000,000 (or, in
the case of the Swing Line Facility, $250,000) or an integral multiple of $250,000 in excess thereof and (ii) shall be made
ratably among the Lenders in accordance with their Commitments with respect to such Facility. 

 

(b)          Mandatory. (i) The
Letter of Credit Facility shall be permanently reduced from time to time on the date of each reduction in the Revolving Credit
Facility by the amount, if any, by which the amount of the Letter of Credit Facility exceeds the Revolving Credit Facility after
giving effect to such reduction of the Revolving Credit Facility.

 

(ii)         The
Swing Line Facility shall be permanently reduced from time to time on the date of each reduction in the Revolving Credit Facility
by the amount, if any, by which the amount of the Swing Line Facility exceeds the Revolving Credit Facility after giving effect
to such reduction of the Revolving Credit Facility.

 

(iii)        The
Term Loan Facility shall be permanently reduced from time to time by the amount of each payment or prepayment of principal made
in respect of such Facility.

 

Section
2.06.         Prepayments. (a) Optional. The
Borrower may, upon same day notice in the case of Base Rate Advances and two Business Days’ notice in the case of Eurodollar
Rate Advances, in each case to the Administrative Agent stating the proposed date and aggregate principal amount of the prepayment,
and if such notice is given the Borrower shall, prepay the outstanding aggregate principal amount of the Advances comprising part
of the same Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the aggregate
principal amount prepaid; provided, however, that (i) each partial prepayment shall be in an aggregate principal
amount of $2,000,000 or an integral multiple of $250,000 in excess thereof or, if less, the amount of the Advances outstanding
and (ii) if any prepayment of a Eurodollar Rate Advance is made on a date other than the last day of an Interest Period for
such Advance, the Borrower shall also pay any amounts owing pursuant to Section 9.04(c). 

 

    	 	41	 

     

    

 

(b)          Mandatory. (i) The
Borrower shall, if applicable, on each Business Day, prepay an aggregate principal amount of the Revolving Credit Advances, to
the extent applicable, and the Term Loan Advances comprising part of the same Borrowings, the Swing Line Advances and the Letter
of Credit Advances, in each case in an amount sufficient, and only to the extent necessary to cause (A) the sum of the Revolving
Credit Advances, the Swing Line Advances and the Letter of Credit Exposure not to exceed the Revolving Credit Facility on such
Business Day, (B) the Leverage Ratio not to exceed the applicable maximum Leverage Ratio set forth in Section 5.04(a)(i) on such
Business Day, (C) Consolidated Unsecured Indebtedness of the Parent Guarantor not to exceed the Unencumbered Asset Pool Amount
on such Business Day, and (D) the Facility Exposure not to exceed the aggregate Commitments of the Lenders on such Business Day.  If
all Advances have been prepaid and are not sufficient to cause the Borrower to comply with each of (A), (B), (C) and (D), the Borrower
shall make a deposit in the Cash Collateral Account in an amount sufficient to do the same.

 

(ii)         The
Borrower shall, on each Business Day, pay to the Administrative Agent for deposit in the Cash Collateral Account an amount sufficient
to cause the aggregate amount on deposit in the Cash Collateral Account to equal the amount by which the aggregate Available Amount
of all Letters of Credit then outstanding exceeds the Letter of Credit Facility on such Business Day.  To the extent
the funds on deposit in the Cash Collateral Account shall at any time exceed the total amount required to be deposited therein
pursuant to the terms of this Agreement, the Administrative Agent shall, promptly upon request by the Borrower and provided
that no Default or Event of Default shall then have occurred or be continuing or would result therefrom, return such excess amount
to the Borrower.

 

(iii)        Any
prepayments of the Facilities made pursuant to clauses (i) and (ii) above shall be first applied to prepay Letter of Credit
Advances then outstanding until such Advances are paid in full, second applied to prepay Swing Line Advances then outstanding
until such Advances are paid in full, third applied to prepay Revolving Credit Advances then outstanding comprising part
of the same Borrowings until such Advances are paid in full, fourth deposited in the Cash Collateral Account to Cash Collateralize
100% of the Available Amount of the Letters of Credit then outstanding and fifth applied to prepay the Term Loan then outstanding
until the Term Loan is paid in full.  Upon the drawing of any Letter of Credit for which funds are on deposit in the
Cash Collateral Account, such funds shall be applied to reimburse the relevant Issuing Bank or Revolving Lenders, as applicable.

 

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

 

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

 

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

 

    	 	42	 

     

    

 

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

 

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

 

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

 

(d)          Interest
Rate Determination. (i) Subject to clause (ii) below, if the Reuters Screen LIBOR01 Page (or a successor
page) (the “Screen Rate”) is unavailable and the Administrative Agent is unable to determine the Eurodollar
Rate for any Eurodollar Rate Advances, as provided in the definition of Eurodollar Rate,

 

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

 

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

 

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

 

    	 	43	 

     

    

 

(ii)         Notwithstanding
clause (a)(ii) or (d)(i) of this Section 2.07 or any other provision of this Agreement, if the Administrative Agent reasonably
determines (which determination shall be conclusive absent manifest error) or the Borrower or the Required Lenders notify the Administrative
Agent (with, in the case of the Required Lenders, a copy to the Borrower) that the Borrower or the Required Lenders (as applicable)
have reasonably determined, that (A) adequate and reasonable means do not exist for ascertaining the Screen Rate for any requested
Interest Period, including because the Screen Rate is not available or published on a current basis and such circumstances are
unlikely to be temporary; or (B) the administrator of the Screen Rate or a Governmental Authority having jurisdiction over the
Administrative Agent has made a public statement identifying a specific date after which the Screen Rate shall no longer be made
available, or be used for determining interest rates for loans; or (C) the Eurodollar Rate is no longer a widely recognized benchmark
rate for newly originated loans in U.S. dollars; or (D) syndicated loans currently being executed, or that include language similar
to that contained in this Section 2.07(d), are being executed or amended (as applicable) to incorporate or adopt a new benchmark
interest rate to replace the Eurodollar Rate, then reasonably promptly after such determination by the Administrative Agent or
receipt by the Administrative Agent of such notice, as applicable, the Administrative Agent and the Borrower shall negotiate in
good faith and endeavor to establish an alternate rate of interest to the Screen Rate (including any mathematical or other adjustments
to the benchmark (if any) incorporated therein) that gives due consideration to the then prevailing market convention for determining
a rate of interest for similar syndicated loans denominated in U.S. dollars at such time, and shall, notwithstanding anything to
the contrary in Section 9.01, enter into an amendment to this Agreement to reflect such alternate rate of interest, any proposed
Successor Rate Conforming Changes, any adjustment to the Applicable Margin and such other related changes to this Agreement as
the Administrative Agent and the Borrower may determine to be appropriate.  Such amendment shall become effective without
any further action or consent of any party to this Agreement other than the Administrative Agent and the Borrower so long as the
Administrative Agent shall not have received, within five Business Days after the date that a copy of such amendment is provided
to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment.  Until
an alternate rate of interest shall be determined in accordance with this clause (d)(ii) (but, in the case of the circumstances
described in clause (B) of the first sentence of this clause (d)(ii), only to the extent the Screen Rate is not available or published
at such time on a current basis), the interest rate applicable to all outstanding Eurodollar Loans shall be determined in accordance
with clause (a)(ii) or (d)(i) of this Section 2.07, as applicable.  Notwithstanding the foregoing, if any alternate rate
of interest established pursuant to this clause (d)(ii) shall be less than zero percent per annum (0.00%), such rate shall be deemed
to be zero percent per annum (0.00%) for the purposes of this Agreement.

 

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

 

(i)          0.25%
if the amount of the average daily aggregate Unused Revolving Credit Commitments is greater than 50% of the aggregate Revolving
Credit Commitments; or

 

(ii)         0.20%
if the amount of the average daily aggregate Unused Revolving Credit Commitments is equal to or less than 50% of the aggregate
Revolving Credit Commitments.

 

The aggregate principal amount of Swing
Line Advances then owing to any Swing Line Bank shall be considered excluded from the definition of aggregate Unused Revolving
Credit Commitments for purposes of the calculation of the Unused Fee.

 

(b)          Letter
of Credit Fees, Etc. (i) The Borrower shall pay to the Administrative Agent for the account of each Revolving
Lender a commission, payable in arrears, without duplication, (a) quarterly on the last day of each March, June, September
and December commencing December 31, 2018, (b) on the earliest to occur of the full drawing, expiration, termination or cancellation
of any Letter of Credit, and (c) on the Termination Date in respect of the Revolving Credit Facility, on such Lender’s
Pro Rata Share of the average daily aggregate Available Amount during such quarter of all Letters of Credit outstanding from time
to time for the applicable period at the rate per annum equal to the Applicable Margin for Eurodollar Rate Advances in effect from
time to time.

 

    	 	44	 

     

    

 

(ii)         The
Borrower shall pay to each Issuing Bank, for its own account, (A) a fronting fee for each Letter of Credit issued by such
Issuing Bank in an amount equal to the greater of (x) $1,500 and (y) 0.125% of the Available Amount of such Letter of Credit on
the date of issuance of such Letter of Credit, payable on such date and (B) such other commissions, issuance fees, transfer fees
and other fees and charges in connection with the issuance or administration of each Letter of Credit as the Borrower and such
Issuing Bank shall agree.

 

(c)          Other
Fees. The Borrower shall pay to the Administrative Agent and the Arrangers for their own account the fees, in the
amounts and on the dates, set forth in the Fee Letter and such other fees as may from time to time be agreed between the Borrower
and the Administrative Agent or any Arranger.

 

(d)          Extension
Fee. If the term of the Revolving Credit Facility is extended pursuant to Section 2.16, the Borrower shall pay to
the Administrative Agent on the applicable Extension Date, for the account of each Revolving Lender, a Facility extension fee (the
“Extension Fee”), in an amount equal to 0.075% of each Revolving Lender’s Revolving Credit Commitment
then outstanding.

 

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

 

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

 

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

 

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

 

    	 	45	 

     

    

 

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

 

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

 

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

 

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

 

    	 	46	 

     

    

 

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

 

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

 

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

 

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

 

    	 	47	 

     

    

 

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

 

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

 

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

 

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

 

(ii)         second,
to the payment of all of the fees, indemnification payments, costs and expenses that are due and payable to the Issuing Banks (solely
in their respective capacities as such) under or in respect of this Agreement and the other Loan Documents on such date, ratably
based upon the respective aggregate amounts of all such fees, indemnification payments, costs and expenses owing to the Issuing
Banks on such date;

 

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

 

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

 

(v)         fifth,
to the payment of all of the fees that are due and payable to the Lenders under Section 2.08(a), (b)(i) and (d) on such date, ratably
based upon the respective aggregate Commitments of the Lenders under the Facilities on such date;

 

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

 

    	 	48	 

     

    

 

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

 

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

 

(ix)         ninth,
to the payment of the principal amount of all of the outstanding Advances and any termination payments due under a Guaranteed Hedge
Agreement of which Administrative Agent has received not less than five (5) Business Days prior written notice that are due and
payable to the Administrative Agent and the Lender Parties on such date, ratably based upon the respective aggregate amounts of
all such principal and reimbursement obligations owing to the Administrative Agent and the Lender Parties on such date, and to
deposit into the Cash Collateral Account any contingent reimbursement obligations in respect of outstanding Letters of Credit to
the extent required by Section 6.02; and

 

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

 

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

 

    	 	49	 

     

    

 

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

 

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

 

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

 

    	 	50	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	52	 

     

    

 

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

 

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

 

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

 

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

 

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

 

Section
2.14.         Use of Proceeds. The proceeds of the Advances
and issuances of Letters of Credit shall be available (and the Borrower agrees that it shall use such proceeds and Letters of Credit)
for general corporate purposes of the Borrower and its Subsidiaries, including, without limitation, (i) working capital and general
corporate purposes, (ii) the payment of capital expenditures, (iii) the acquisition of Assets as permitted by this Agreement, (iv)
the repayment in full (or refinancing) of existing loans, including but not limited to those loans affecting Unencumbered Assets
that are added to the Unencumbered Asset Pool after the Closing Date, and (v) the payment of fees and expenses related to the Facilities
and the other transactions contemplated by the Loan Documents. The Borrower will not directly or indirectly use the Letters of
Credit or the proceeds of the Advances, or lend, contribute or otherwise make available to any Subsidiary, joint venture partner
or other Person such extensions of credit or proceeds, (A) to fund any activities or businesses of or with any Person, or in any
country or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions, or (B) in any other
manner that would result in a violation of Sanctions by any Person (including any Person participating in the Facility, whether
as underwriter, advisor, investor, or otherwise) or any Anti-Corruption Laws. 

 

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Section
2.15.         Evidence of Debt.  (a) Each Lender
Party shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to
such Lender Party resulting from each Advance owing to such Lender Party from time to time, including the amounts of principal
and interest payable and paid to such Lender Party from time to time hereunder. The Borrower agrees that upon notice by any Lender
Party to the Borrower (with a copy of such notice to the Administrative Agent) to the effect that one or more promissory notes
or other evidence of indebtedness is required or appropriate in order for such Lender Party to evidence (whether for purposes of
pledge, enforcement or otherwise) the Advances owing to, or to be made by, such Lender Party, the Borrower shall promptly execute
and deliver to such Lender Party, with a copy to the Administrative Agent, a Note or Notes, in substantially the form of Exhibit A-1
or Exhibit A-2 (as applicable) hereto, payable to the order of such Lender Party in a principal amount equal to the Revolving Credit
Commitment or Term Loan Commitment, respectively, of such Lender Party. All references to Notes in the Loan Documents shall mean
Notes, if any, to the extent issued hereunder. To the extent no Note has been issued to a Lender Party, this Agreement shall be
deemed to comprise conclusive evidence for all purposes of the indebtedness resulting from the Advances and extensions of credit
hereunder. 

 

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

 

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

 

Section
2.16.         Extension of Revolving Credit Facility Termination Date. At
least 90 days but not more than 120 days prior to the Termination Date in respect of the Revolving Credit Facility, the Borrower,
by written notice to the Administrative Agent, may request, with respect to the Revolving Credit Commitments then outstanding,
up to two consecutive six-month extensions of the Termination Date. The Administrative Agent shall promptly notify each Lender
of such request and the Termination Date in respect of the Revolving Credit Facility in effect at such time shall, effective as
at such Termination Date (the “Extension Date”), be extended for an additional six-month period, provided
that the Borrower shall have paid the Extension Fees as described in Section 2.08(d), and on the applicable Extension Date the
following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate
signed by a Responsible Officer of the Borrower, dated the Extension Date, stating that: (a) the representations and warranties
contained in Section 4.01 are true and correct on and as of the Extension Date, (b) no Default or Event of Default has occurred
and is continuing or would result from such extension, and (c) the Loan Parties are in compliance with the covenants contained
in Section 5.04 immediately before and, on a pro forma basis, immediately after such extension, together with supporting
information demonstrating such compliance. In the event that an extension of the Revolving Credit Facility is effected pursuant
to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01), the aggregate principal amount of all Revolving
Credit Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of an Extension Date,
any and all references in this Agreement, the Revolving Notes, if any, or any of the other Loan Documents to the “Termination
Date” with respect to the Revolving Credit Commitments or the Revolving Credit Facility, shall refer to the Termination Date
in respect of the Revolving Credit Facility as so extended. 

 

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Section
2.17.         Increase in the Aggregate Commitments. (a) The
Borrower may, at any time (but no more than once in any consecutive 12-month period), by written notice to the Administrative Agent,
request either (i) an increase in the aggregate amount of the Revolving Credit Commitments, (ii) an increase in the aggregate amount
of the Term Loan Commitments, in the form of an additional tranche within the Term Loan Facility, or (iii) an increase in the aggregate
amount of the Revolving Credit Commitments and an increase in the aggregate amount of the Term Loan Commitments, in each case by
not less than $5,000,000 (each such proposed increase, a “Commitment Increase”) to be effective as of
a date that is at least 90 days prior to the scheduled Termination Date then in effect (the “Increase Date”)
as specified in the related notice to the Administrative Agent; provided, however, that (i) in no event shall the
aggregate amount of the Commitments in respect of all Facilities at any time exceed $900,000,000 in the aggregate, (ii) on the
date of any request by the Borrower for a Commitment Increase and on the related Increase Date, the applicable conditions set forth
in Article III shall be satisfied, and (iii) with respect to any Term Loan Borrowing in connection with any Commitment Increase
consisting of Eurodollar Rate Advances, such Borrowing must occur only on the first day of an Interest Period.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
2.18.         Cash Collateral Account. (a) Grant
of Security. The Borrower hereby pledges to the Administrative Agent, as collateral agent for the ratable benefit
of the Lenders, and hereby grants to the Administrative Agent, for the ratable benefit of the Lender Parties, a security interest
in, the Borrower’s right, title and interest in and to the Cash Collateral Account and all (i) funds and financial assets
from time to time credited thereto (including, without limitation, all Cash Equivalents), interest, dividends, distributions, cash,
instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for
any or all of such funds and financial assets, and all certificates and instruments, if any, from time to time representing or
evidencing the Cash Collateral Account, (ii) promissory notes, certificates of deposit, deposit accounts, checks and other instruments
from time to time delivered to or otherwise possessed by the Administrative Agent in substitution for or in addition to any or
all of the then existing L/C Account Collateral and (iii) interest, dividends, distributions, cash, instruments and other property
from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the then existing
L/C Account Collateral, in each of the cases set forth in clauses (i), (ii) and (iii) above, whether now owned or hereafter acquired
by the Borrower, wherever located, and whether now or hereafter existing or arising (all of the foregoing, collectively, the “L/C
Account Collateral”). 

 

(b)          Maintaining
the L/C Account Collateral. So long as any Advance or any other Obligation of any Loan Party under any Loan Document
shall remain unpaid, any Letter of Credit shall be outstanding or any Lender Party shall have any Commitment:

 

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(i)          the
Borrower will maintain all L/C Account Collateral only with the Administrative Agent;

 

(ii)         the
Administrative Agent shall have the sole right to direct the disposition of funds with respect to the Cash Collateral Account subject
to the provisions of this Agreement, and it shall be a term and condition of such Cash Collateral Account that, except as otherwise
provided herein, notwithstanding any term or condition to the contrary in any other agreement relating to the Cash Collateral Account,
as the case may be, that no amount (including, without limitation, interest on Cash Equivalents credited thereto) will be paid
or released to or for the account of, or withdrawn by or for the account of, the Borrower or any other Person from the Cash Collateral
Account; and

 

(iii)        the
Administrative Agent may (with the consent of the Required Lenders and shall at the request of the Required Lenders), at any time
and without notice to, or consent from, the Borrower, transfer, or direct the transfer of, funds from the L/C Account Collateral
to satisfy the Borrower’s Obligations under the Loan Documents if an Event of Default shall have occurred and be continuing.

 

(c)          Investing
of Amounts in the Cash Collateral Account. The Administrative Agent will, from time to time (i) invest (A)
amounts received with respect to the Cash Collateral Account in such Cash Equivalents credited to the Cash Collateral Account as
the Borrower may select and the Administrative Agent may approve in its reasonable discretion, and (B) interest paid on the Cash
Equivalents referred to in clause (i)(A) above, and (ii) reinvest other proceeds of any such Cash Equivalents that may mature or
be sold, in each case in such Cash Equivalents credited in the same manner. Interest and proceeds that are not invested or reinvested
in Cash Equivalents as provided above shall be deposited and held in the Cash Collateral Account. In addition, the Administrative
Agent shall have the right at any time to exchange such Cash Equivalents for similar Cash Equivalents of smaller or larger determinations,
or for other Cash Equivalents, credited to the Cash Collateral Account.

 

(d)          Release
of Amounts. So long as no Event of Default shall have occurred and be continuing or would result therefrom, the Administrative
Agent will pay and release to the Borrower or at its order or, at the request of the Borrower, to the Administrative Agent to be
applied to the Obligations of the Borrower under the Loan Documents such amount, if any, as is then on deposit in the Cash Collateral
Account.

 

(e)          Remedies.
Upon the occurrence and during the continuance of any Event of Default, in addition to the rights and remedies available pursuant
to Article VI hereof and under the other Loan Documents, (i) the Administrative Agent may exercise in respect of the L/C Account
Collateral all the rights and remedies of a secured party upon default under the UCC (whether or not the UCC applies to the affected
L/C Account Collateral), and (ii) the Administrative Agent may, without notice to the Borrower (except as required by law) and
at any time or from time to time, charge, set-off and otherwise apply all or any part of the Obligations of the Borrower under
the Loan Documents against any funds held with respect to the L/C Account Collateral or in any other deposit account.

 

Article
III

CONDITIONS OF LENDING AND ISSUANCES OF LETTERS OF CREDIT

 

Section
3.01.         Conditions Precedent to Initial Extension of Credit. The
obligation of each Lender to make an Advance or of any Issuing Bank to issue a Letter of Credit on the occasion of the Initial
Extension of Credit hereunder is subject to the satisfaction of the following conditions precedent before or concurrently with
the Initial Extension of Credit: 

 

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

 

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

 

		(ii)	[Intentionally Omitted].

 

		(iii)	As to each Unencumbered Asset:

 

		(A)	[Intentionally Omitted],

 

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

 

(C)         [Intentionally
Omitted],

 

(D)         [Intentionally
Omitted],

 

(E)         [Intentionally
Omitted],

 

(F)         certified
copies of each Management Agreement, Franchise Agreement, and, to the extent applicable, Qualifying Ground Lease, in each case
together with all amendments thereto, entered into with respect to each of the Unencumbered Assets,

 

(G)         copies
of all leases (including, without limitation, all leases with Affiliates and Operating Leases) and Material Contracts relating
to each of the Unencumbered Assets, and

 

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

 

(v)         Certified
copies of the resolutions of the Board of Directors of the Parent Guarantor on its behalf and on behalf of each Loan Party for
which it is the ultimate signatory approving the transactions contemplated by the Loan Documents and each Loan Document to which
it or such Loan Party is or is to be a party (the “Closing Authorizing Resolution”), and of all documents
evidencing other necessary corporate action and governmental and other third party approvals and consents, if any, with respect
to the transactions under the Loan Documents and each Loan Document to which it or such Loan Party is or is to be a party.

 

(vi)        A
copy of a certificate of the Secretary of State (or equivalent authority) of the jurisdiction of incorporation, organization or
formation of each Loan Party and of each general partner or managing member (if any) of each Loan Party, dated reasonably near
the Closing Date, certifying, if and to the extent such certification is generally available for entities of the type of such Loan
Party, (A) as to a true and correct copy of the charter, certificate of limited partnership, limited liability company agreement
or other organizational document of such Loan Party, general partner or managing member, as the case may be, and each amendment
thereto on file in such Secretary’s office, (B) that (1) such amendments are the only amendments to the charter, certificate
of limited partnership, limited liability company agreement or other organizational document, as applicable, of such Loan Party,
general partner or managing member, as the case may be, on file in such Secretary’s office, (2) such Loan Party, general
partner or managing member, as the case may be, has paid all franchise taxes to the date of such certificate and (C) such
Loan Party, general partner or managing member, as the case may be, is duly incorporated, organized or formed and in good standing
or presently subsisting under the laws of the jurisdiction of its incorporation, organization or formation. Notwithstanding the
foregoing, if the information required in this subsection (vi) shall have previously been delivered to the Administrative Agent,
the Administrative Agent will accept, in lieu of such materials (other than with respect to evidence of good standing and current
payment of franchise taxes), a certificate from the applicable Loan Party that there has been no change to such materials since
the date most recently provided to the Administrative Agent.

 

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(vii)       A
copy of a certificate of the Secretary of State (or equivalent authority) of each jurisdiction in which any Loan Party or any general
partner or managing member of a Loan Party owns or leases property or in which the conduct of its business requires it to qualify
or be licensed as a foreign corporation except where the failure to so qualify or be licensed could not reasonably be expected
to result in a Material Adverse Effect, dated reasonably near (but prior to) the Closing Date, stating, with respect to each such
Loan Party, general partner or managing member, that such Loan Party, general partner or managing member, as the case may be, is
duly qualified and in good standing as a foreign corporation, limited partnership or limited liability company in such State and
has filed all annual reports required to be filed to the date of such certificate. Notwithstanding the foregoing, if the information
required in this subsection (vii) shall have previously been delivered to the Administrative Agent, the Administrative Agent will
accept, in lieu of such materials (other than with respect to evidence of good standing and current required annual reports), a
certificate from the applicable Loan Party that there has been no change to such materials since the date most recently provided
to the Administrative Agent.

 

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

 

(ix)         A
certificate of the Secretary or an Assistant Secretary of each Loan Party (or Responsible Officer of the general partner or managing
member of any Loan Party) and of each general partner or managing member (if any) of each Loan Party certifying the names and true
signatures of the officers of such Loan Party, or of the general partner or managing member of such Loan Party, authorized to sign
each Loan Document to which it is or is to be a party and the other documents to be delivered hereunder and thereunder.

 

    	 	60	 

     

    

 

(x)          Such
financial, business and other information regarding each Loan Party and its Subsidiaries as the Lender Parties shall have reasonably
requested, including, without limitation, information as to possible contingent liabilities, tax matters, environmental matters,
obligations under Plans, Multiemployer Plans and Welfare Plans, collective bargaining agreements and other arrangements with employees,
historical operating statements (if any), audited annual financial statements for the year ending December 31, 2017 of the Parent
Guarantor, interim financial statements dated the end of the most recent fiscal quarter for which financial statements are available
and for the nine months then ended and financial projections for the Parent Guarantor’s consolidated operations.

 

(xi)          Evidence
of insurance (which may consist of binders or certificates of insurance) with such responsible and reputable insurance companies
or associations, and in such amounts and covering such risks, as is satisfactory to the Lender Parties.

 

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

 

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

 

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

 

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

 

(xvi)       A
breakage indemnity letter agreement executed by the Borrower in form and substance satisfactory to the Administrative Agent and
dated and delivered to the Administrative Agent at least three (3) Business Days prior to the Closing Date.

 

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

 

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

 

(d)          Before
and after giving effect to the transactions contemplated by the Loan Documents, there shall have occurred no material adverse change
in the business, assets, properties, liabilities (actual or contingent), operations, condition (financial or otherwise) or prospects
of the Loan Parties since September 30, 2018.

 

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

 

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

 

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

 

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

 

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

 

(j)          The
Existing Credit Agreement shall have been, or substantially simultaneously with the effectiveness hereof shall be, terminated and
all Obligations thereunder paid in full.

 

Section
3.02.         Conditions Precedent to Each Borrowing, Issuance, Renewal,
Extension and Increase. The obligation of each Lender to make an Advance (other than a Letter of Credit Advance
made by an Issuing Bank or a Lender pursuant to Section 2.03(c) and a Swing Line Advance made by a Lender pursuant to Section
2.02(b)) on the occasion of each Borrowing (including the initial Borrowing) and the obligation of each Issuing Bank to issue a
Letter of Credit (including the initial issuance) or renew a Letter of Credit, the extension of Commitments pursuant to Section
2.16, and the right of the Borrower to request a Swing Line Borrowing or a Commitment Increase shall be subject to the satisfaction
of the conditions set forth in Section 3.01 (to the extent not previously satisfied pursuant to that Section) and such further
conditions precedent that on the date of such Borrowing, issuance, renewal, extension or increase (a), the following statements
shall be true and the Administrative Agent shall have received for the account of such Lender, the Swing Line Bank or such Issuing
Bank (w) a Notice of Borrowing or Notice of Issuance, as applicable, dated the date of such Borrowing, issuance, renewal, extension
or increase, (x) all items described in the definition of “Unencumbered Asset Designation Package” herein (to the extent
not previously delivered with respect to each Unencumbered Asset pursuant to Section 5.01(k) or this Section 3.02), (y)
in the case of an addition of any Person as an Additional Guarantor, all Guarantor Deliverables (to the extent not previously delivered
pursuant to Section 5.01(k), Section 5.01(x) or this Section 3.02), and (z) a certificate signed by a Responsible Officer of the
Borrower, dated the date of such Borrowing, issuance, renewal, extension or increase, stating that: 

 

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

 

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

 

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

 

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

 

In the event that there shall exist a Defaulting Lender, the
obligations of each Issuing Bank to issue a Letter of Credit and each Swing Line Bank to make a Swing Line Advance shall also be
subject to the provisions of Section 9.10.

 

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

 

Article
IV

REPRESENTATIONS AND WARRANTIES

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)          Financial
Condition. The Consolidated balance sheets of the Parent Guarantor as at December 31, 2017 and the related
Consolidated statements of income and Consolidated statements of cash flows of  the Parent Guarantor for the fiscal year
then ended, accompanied by unqualified opinions of Ernst & Young LLP, independent public accountants, and the Consolidated
balance sheets of  the Parent Guarantor as at September 30, 2018, and the related Consolidated statements of income
and Consolidated statements of cash flows of  the Parent Guarantor for the nine months then ended, copies of which
have been furnished to each Lender Party, fairly present, subject, in the case of such balance sheets as at September 30, 2018,
and such statements of income and cash flows for the nine months then ended, to year-end audit adjustments, the Consolidated
financial condition of  the Parent Guarantor as at such dates and the Consolidated results of operations of  the
Parent Guarantor for the periods ended on such dates, all in accordance with generally accepted accounting principles applied on
a consistent basis.  Since December 31, 2017 there has been no Material Adverse Change.

 

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

 

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

 

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

 

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

 

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

 

(m)         [Intentionally
Omitted].

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(aa)         Beneficial
Ownership. The Borrower is in compliance in all material respects with any applicable requirements of the Beneficial
Ownership Regulation. The information included in the most recent Beneficial Ownership Certification, if any, delivered by the
Borrower is true and correct in all respects.

 

Article
V

COVENANTS OF THE LOAN PARTIES

 

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

 

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

 

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

 

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

 

(d)          Maintenance
of Insurance. Maintain, and cause each of its Subsidiaries to maintain, insurance with responsible and reputable
insurance companies or associations in such amounts and covering such risks as is usually carried by companies engaged in similar
businesses and owning similar properties in the same general areas in which such Loan Party or such Subsidiaries operate, but in
no event shall such amounts be lower or coverages be less comprehensive than the respective insurance amounts and coverages maintained
by the Borrower and its Subsidiaries on the Closing Date approved by the Administrative Agent.

 

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

 

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

 

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

 

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

 

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

 

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(j)          Covenant
to Guarantee Obligations. (A) Concurrently with the delivery of Unencumbered Asset Designation Package pursuant
to Section 5.01(k) with respect to a Proposed Unencumbered Asset owned or leased (including pursuant to an Operating Lease) by
a Subsidiary of a Loan Party or (B) within 10 days after the formation or acquisition of any new direct or indirect Subsidiary
of a Loan Party which Subsidiary directly owns or leases an Unencumbered Asset (including pursuant to an Operating Lease), cause
each such Subsidiary to duly execute and deliver to the Administrative Agent a Guaranty Supplement in substantially the form of
Exhibit D hereto, or such other guaranty supplement in form and substance reasonably satisfactory to the Administrative Agent,
guaranteeing the other Loan Parties’ Obligations under the Loan Documents (collectively, the “Guarantor Deliverables”).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(o)          [Intentionally
Omitted].

 

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

 

(q)          [Intentionally
Omitted].

 

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

 

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

 

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

 

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

 

(v)         Beneficial
Ownership. Promptly following any change in beneficial ownership of the Borrower that would render any statement in the existing
Beneficial Ownership Certification untrue or inaccurate, furnish to the Administrative Agent (for further delivery by the Administrative
Agent to the Lenders in accordance with its customary practice) an updated Beneficial Ownership Certification for the Borrower.

 

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

 

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

 

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

 

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

 

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

 

(i)          Liens
created under the Loan Documents;

 

(ii)         Permitted
Liens;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(i)          Indebtedness
under the Loan Documents;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(vi)        Permitted
Recourse Debt;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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(ii)         Investments
in Cash Equivalents;

 

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

 

(iv)        Investments
consisting of the following items:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(v)         More
Restrictive Agreements. Enter into or modify any agreements or documents or permit or allow any of its Subsidiaries
to enter into or modify any agreements or documents in each case pertaining to any existing or future Unsecured Indebtedness of
such Loan Party or such Subsidiaries, if such agreements or documents include covenants, whether affirmative or negative (or any
other provision which may have the same practical effect as any of the foregoing), which are individually or in the aggregate more
restrictive against the Loan Parties or their respective Subsidiaries than those set forth in Section 5.01(o), 5.02(f)(iv), 5.02(g),
5.02(m), 5.02(o) or 5.04 (and including for the purposes hereof, all definitions used in or relating to such sections or definitions)
of this Agreement, unless the Loan Parties, the Administrative Agent and the Required Lenders shall have simultaneously amended
this Agreement to include such more restrictive provisions. Each of the Loan Parties agrees to deliver to the Administrative Agent
copies of any agreements or documents (or modifications thereof) pertaining to existing or future Unsecured Indebtedness of the
Loan Parties and their respective Subsidiaries as the Administrative Agent from time to time may request.

 

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

 

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

 

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

 

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

 

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(d)          [Intentionally
Omitted].

 

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

 

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

 

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

 

(h)          [Intentionally
Omitted].

 

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

 

(j)           [Intentionally
Omitted].

 

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

 

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

 

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

 

(n)          [Intentionally
Omitted].

 

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

 

(p)          Material
Contract. As soon as available, a copy of any Material Contract entered into with respect to any Unencumbered Asset
after the date hereof.

 

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

 

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

 

(a)          Parent
Guarantor Financial Covenants.

 

(i)          Maximum
Leverage Ratio. Maintain as of each Test Date a Leverage Ratio of not greater than 6.50:1.00; provided, however,
that on and after the date of any Leverage Ratio Increase Election, the Parent Guarantor shall maintain as of each Test Date occurring
during the period ending not later than the last day of the third (3rd) consecutive fiscal quarter ending after the date of such
Leverage Ratio Increase Election, a Leverage Ratio of not greater than 7.00:1.00; provided further that (A) such Leverage Ratio
Increase Elections may only occur (1) prior to the Initial Maturity Date and (2) not more than two times during the term of the
Facilities, and (B) such Leverage Ratio Increase Elections may not be consecutive.

 

(ii)         Minimum
Consolidated Tangible Net Worth: Maintain at all times a Consolidated Tangible Net Worth of not less than the sum
of (a) $1,149,979,129.00, plus (b) an amount equal to 75% of the net cash proceeds of all issuances or sales of Equity Interests
of the Parent Guarantor or any of its Subsidiaries consummated after September 30, 2018.

 

(iii)        [Intentionally
Omitted].

 

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

 

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

 

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

 

(b)          Unencumbered
Asset Pool Financial Covenants.

 

(i)          Maximum
Unsecured Leverage Ratio. Maintain at all times a ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor
to Unencumbered Asset Value equal to or less than 60%; provided, however, that on and after the date of any Unsecured Leverage
Ratio Increase Election, the Parent Guarantor shall maintain as of each Test Date occurring during the period ending not later
than the last day of the third (3rd) consecutive fiscal quarter ending after the date of such Unsecured Leverage Ratio
Increase Election, a ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor to Unencumbered Asset Value of equal
to or less than 65%; provided further that (A) such Unsecured Leverage Ratio Increase Elections may only occur (1) prior
to the Initial Maturity Date and (2) not more than two times during the term of the Facilities, and (B) such Unsecured Leverage
Ratio Increase Elections may not be consecutive.

 

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

 

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

 

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

 

Article
VI

EVENTS OF DEFAULT

 

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

 

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

 

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

 

(c)          Breach
of Certain Covenants. (i) The Borrower shall fail to perform or observe any term, covenant or agreement
contained in Section 2.14, 5.01(d), (e), (f), (i), (j), (n) (to the extent such failure would permit the lessor under the
applicable Qualifying Ground Lease or Operating Lease to terminate such lease), (r), (s), (t), (u) or (v), 5.02, 5.03(a), (g),
(k), (l), (m), (n), 5.04 or 9.10(d), or (ii) the Borrower shall fail to perform or observe any term, covenant or agreement contained
in Section 5.03(b), (c), (d), (e), (f), (h), (i), (j), (o), or (p) if such failure described in this clause (ii) shall remain unremedied
for 15 days after the earlier of the date on which (A) a Responsible Officer becomes aware of such failure or (B) written
notice thereof shall have been given to the Borrower by any Agent or any Lender Party; or

 

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

 

(e)          Cross
Defaults. (i) Any Loan Party or any Subsidiary thereof shall fail to pay any principal of, premium or
interest on or any other amount payable in respect of any Material Debt when the same becomes due and payable (whether by scheduled
maturity, required prepayment, acceleration, demand or otherwise); or (ii) any other event shall occur or condition shall exist
under any agreement or instrument relating to any such Material Debt, if (A) the effect of such event or condition is to permit
the acceleration of the maturity of such Material Debt or otherwise permit the holders thereof to cause such Material Debt to mature,
and (B) only with respect to Material Debt described in clause (a) or (b) of the definition thereof, such event or condition shall
remain unremedied or otherwise uncured for a period of 30 days; or (iii) the maturity of any such Material Debt shall be accelerated
or any such Material Debt shall be declared to be due and payable or required to be prepaid or redeemed (other than by a regularly
scheduled required prepayment or redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Material
Debt shall be required to be made, in each case prior to the stated maturity thereof.

 

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

 

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

 

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

 

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

 

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(j)          [Intentionally
Omitted].

 

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

 

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

 

then, and in any such event, the Administrative Agent (i) shall
at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the Commitments of each Lender
Party and the obligation of each Lender Party to make Advances (other than Letter of Credit Advances by an Issuing Bank or a Lender
pursuant to Section 2.03(c) and Swing Line Advances by a Lender pursuant to Section 2.02(b)) and of each Issuing Bank to issue
Letters of Credit to be terminated, whereupon the same shall forthwith terminate, and (ii) shall at the request, or may with
the consent, of the Required Lenders, (A) by notice to the Borrower, declare the Advances, all interest thereon and all other
amounts payable under this Agreement and the other Loan Documents to be forthwith due and payable, whereupon the Advances, all
such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further
notice of any kind, all of which are hereby expressly waived by the Borrower, and (B) by notice to each party required under the
terms of any agreement in support of which a Letter of Credit is issued, request that all Obligations under such agreement be declared
to be due and payable; provided, however, that in the event of an actual or deemed entry of an order for relief with
respect to any Loan Party under any Bankruptcy Law, (y) the Commitments of each Lender Party and the obligation of each Lender
Party to make Advances (other than Letter of Credit Advances by an Issuing Bank or a Lender pursuant to Section 2.03(c) and
Swing Line Advances by a Lender pursuant to Section 2.02(b)) and of each Issuing Bank to issue Letters of Credit shall automatically
be terminated and (z) the Advances, all such interest and all such amounts shall automatically become and be due and payable,
without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Loan Parties.

 

Section
6.02.         Actions in Respect of the Letters of Credit upon Default. If
any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required
Lenders, irrespective of whether it is taking any of the actions described in Section 6.01 or 2.18(e) or otherwise, make demand
upon the Borrower to, and forthwith upon such demand the Borrower will, pay to the Administrative Agent on behalf of the Lender
Parties in same day funds at the Administrative Agent’s office designated in such demand, for deposit in the Cash Collateral
Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding; provided, however,
that in the event of an actual or deemed entry of an order for relief with respect to any Loan Party under any Bankruptcy Law,
such amount shall be automatically due and payable by the Borrower to the Cash Collateral Account, without presentment, demand,
protest, or any notice of any kind. If at any time the Administrative Agent or the Issuing Bank determines that any funds held
in the Cash Collateral Account are subject to any right or claim of any Person other than the Administrative Agent and the Lender
Parties with respect to the Obligations of the Loan Parties under the Loan Documents, or that the total amount of such funds is
less than the aggregate Available Amount of all Letters of Credit, the Borrower will, forthwith upon demand by the Administrative
Agent, pay to the Administrative Agent, as additional funds to be deposited and held in the Cash Collateral Account, an amount
equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the
Cash Collateral Account that the Administrative Agent, as the case may be, determines to be free and clear of any such right and
claim. Upon the drawing of any Letter of Credit for which funds are on deposit in the Cash Collateral Account, such funds shall
be applied to reimburse the relevant Issuing Bank or Lenders, as applicable, to the extent permitted by applicable law. 

 

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Article
VII

GUARANTY

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(d)          [Intentionally
Omitted].

 

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

 

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

 

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

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Article
VIII

THE AGENTS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section
8.06.         Successor Agents. The Administrative Agent
may resign at any time by giving 30 days’ prior written notice thereof to the Lender Parties and the Borrower and may be
removed at any time with or without cause by the Required Lenders; provided, however, that any removal of the Administrative
Agent will not be effective until it has been replaced as Administrative Agent and it (or its Affiliate) has been replaced as an
Issuing Bank and released from all obligations in respect thereof. Upon any such resignation or removal, the Required Lenders shall
have the right to appoint a successor Agent. If no successor Agent shall have been so appointed by the Required Lenders, and shall
have accepted such appointment, within 30 days after the retiring Agent’s giving of notice of resignation or the Required
Lenders’ removal of the retiring Agent, then the retiring Agent may, on behalf of the Lender Parties, appoint a successor
Agent, which shall be a commercial bank organized under the laws of the United States or of any State thereof and having a combined
capital and surplus of at least $250,000,000. Upon the acceptance of any appointment as an Agent hereunder by a successor Agent,
such successor Agent shall succeed to and become vested with all the rights, powers, discretion, privileges and duties of the retiring
Agent, and the retiring Agent shall be discharged from its duties and obligations under the Loan Documents. If within 45 days after
written notice is given of the retiring Agent’s resignation or removal under this Section 8.06 no successor Agent shall
have been appointed and shall have accepted such appointment, then on such 45th day (i) the retiring Agent’s resignation
or removal shall become effective, (ii) the retiring Agent shall thereupon be discharged from its duties and obligations under
the Loan Documents and (iii) the Required Lenders shall thereafter perform all duties of the retiring Agent under the Loan
Documents until such time, if any, as the Required Lenders appoint a successor Agent as provided above. After any retiring Agent’s
resignation or removal hereunder as an Agent shall have become effective, the provisions of this Article VIII shall inure
to its benefit as to any actions taken or omitted to be taken by it while it was an Agent under this Agreement. In addition to
the foregoing, if a Lender becomes, and during any period such Lender remains, a Defaulting Lender, any Issuing Bank or Swing Line
Bank may resign at any time by giving 30 days’ prior notice to the Administrative Agent, the Lenders and the Borrower.
After the resignation of an Issuing Bank hereunder, the retiring Issuing Bank shall remain a party hereto and shall continue to
have all the rights and obligations of an Issuing Bank under this Agreement and the other Loan Documents with respect to Letters
of Credit issued by it prior to such resignation, but shall not be required to issue additional Letters of Credit or to extend,
renew or increase any existing Letter of Credit. After the resignation of a Swing Line Bank hereunder, the retiring Swing Line
Bank shall remain a party hereto and shall continue to have all the rights and obligations of a Swing Line Bank under this Agreement
and the other Loan Documents with respect to Swing Line Advances issued by it prior to such resignation, but shall not be required
to issue additional Swing Line Advances or to extend, renew or increase any existing Swing Line Advances.

 

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

 

Article
IX

MISCELLANEOUS

 

Section
9.01.          Amendments, Etc. (a) No amendment
or waiver of any provision of this Agreement or the Notes or any other Loan Document, nor consent to any departure by any Loan
Party therefrom, shall in any event be effective unless the same shall be in writing and signed by the Required Lenders, and then
such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided,
however, that no amendment, waiver or consent shall, unless in writing and signed by all of the Lenders, do any of the following
at any time: (i) modify the definition of Required Lenders or otherwise change the percentage vote of the Lenders required
to take any action under this Agreement or any other Loan Document, (ii) release the Borrower with respect to the Obligations
or, except to the extent expressly permitted under this Agreement, reduce or limit the obligations of any Guarantor under Article VII
or release such Guarantor or otherwise limit such Guarantor’s liability with respect to the Guaranteed Obligations, (iii)
permit the Loan Parties to encumber the Unencumbered Assets, except as expressly permitted in the Loan Documents, (iv) amend this
Section 9.01, (v) increase the Commitments of the Lenders or subject the Lenders to any additional obligations (except
as set forth in Section 2.17), (vi) forgive or reduce the principal of, or interest on, the Obligations of the Loan Parties
under the Loan Documents or any fees or other amounts payable thereunder, (vii) postpone or extend any date fixed for any
payment of principal of, or interest on, any of the Advances or any fees or other amounts payable hereunder, or (viii) extend
the Termination Date in respect of either Facility (except as provided by Section 2.16); provided further that (A) no amendment,
waiver or consent shall, unless in writing and signed by the Swing Line Bank or each Issuing Bank, as the case may be, in addition
to the Lenders required above to take such action, affect the rights or obligations of the Swing Line Bank or of the Issuing Banks,
as the case may be, under this Agreement; and (B) no amendment, waiver or consent shall, unless in writing and signed by the Administrative
Agent in addition to the Lenders required above to take such action, affect the rights or duties of the Administrative Agent under
this Agreement or the other Loan Documents. 

 

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

 

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Section
9.02.         Notices, Etc. (a) All
notices and other communications provided for hereunder shall be either (x) in writing (including telecopier communication) and
mailed, telecopied or delivered by hand or by overnight courier service, (y) as and to the extent set forth in Section 9.02(b)
and in the proviso to this Section 9.02(a), in an electronic medium and delivered as set forth in Section 9.02(b) or (z) as and
to the extent expressly permitted in this Agreement, transmitted by e-mail, provided that such e-mail shall in all cases
include an attachment (in PDF format or similar format) containing a legible signature of the person providing such notice, if
to the Borrower, at its address at 13215 Bee Cave Parkway, Suite B-300, Austin, Texas 78738, Attention: Christopher Eng and to
Hagen, Wilka & Archer, LLP, 600 South Main Avenue, Suite 102, Sioux Falls, SD 57104, Attention: Jennifer L. Larsen or, if
applicable, at ceng@shpreit.com and jlarsen@hwalaw.com (and in the case of transmission by e-mail, with a copy by
U.S. mail to 13215 Bee Cave Parkway, Suite B-300, Austin, Texas 78738, Attention: Christopher Eng and to Hagen, Wilka & Archer,
LLP, 600 South Main Avenue, Suite 102, Sioux Falls, SD 57104, Attention: Jennifer L. Larsen); if to any Initial Lender, at its
Domestic Lending Office or, if applicable, at the telecopy number or e-mail address specified opposite its name on Schedule I
hereto (and in the case of a transmission by e-mail, with a copy by U.S. mail to its Domestic Lending Office); if to any other
Lender Party, at its Domestic Lending Office or, if applicable, at the telecopy number or e-mail address specified in the Assignment
and Acceptance pursuant to which it became a Lender Party (and in the case of a transmission by e-mail, with a copy by U.S. mail
to its Domestic Lending Office); if to DBNY in its capacity as an Initial Issuing Bank, at its address at 60 Wall Street, 23rd
Floor, New York, New York 10005-2858, Attention: Melissa Reeves, Trade Finance & Lending—Loan Operations, Standby
Letter of Credit, telecopier number (646) 350-3183, or, if applicable, at melissa.reeves@db.com and sblc_unit_ny@list.db.com
(and in the case of a transmission by e-mail, with a copy by U.S. mail to 60 Wall Street, 23rd Floor, New York,
New York 10005-2858, Attention: Melissa Reeves, Trade Finance & Lending—Loan Operations, Standby Letter of Credit) with
a copy to DBNY at its address at 5022 Gate Parkway, Suite 200, Jacksonville, FL 32256, Attention: Sara Pelton, telecopier number
(904)746-4860, sara.pelton@db.com; if to Bank of America, N.A in its capacity as an Initial Issuing Bank, at its address
at One Fleet Way, 2nd Floor, Mail Code PA6-580-02-30, Scranton PA 18507, Attention: Global Trade Operations, telephone
number 1 (800) 370-7519, telecopier number 1 (800) 755-8743, or, if applicable, at Scranton_standby_lc@bankofamerica.com
(and in the case of a transmission by e-mail, with a copy by U.S. mail to One Fleet Way, 2nd Floor, Mail Code PA6-580-02-30,
Scranton PA 18507, Attention: Global Trade Operations); if to Regions Bank in its capacity as an Initial Issuing Bank, at its
address at 1900 5th Avenue North, 15th Floor, Birmingham, AL 35203, Attention: Jule Ann Martin, telephone
number (205) 326-5651, telecopier number (205) 261-7939, or, if applicable, at juleann.martin@regions.com or cast@regions.com
(and in the case of a transmission by e-mail, with a copy by U.S. mail to 1900 5th Avenue North, 15th
Floor, Birmingham, AL 35203, Attention: Jule Ann Martin); if to U.S. Bank National Association in its capacity as Initial Issuing
Bank, at its address at 13737 Noel Road Suite 800, Dallas, Texas 75240, Attention Patrick A. Trowbridge, telephone number (972)
581-1618, Patrick.trowbridge@usbank.com, with a copy to 1100 Abernathy Road, Suite 1250, Atlanta, GA 30328, Attention:
Charlene Anderson, telephone number (770)512-3123, charlene.anderson@usbank.com; if to the Administrative Agent with respect
to any Notice of Borrowing or DBNY in its capacity as a Swing Line Bank, agency.transactions@db.com, with a copy to DBNY
at its address at 5022 Gate Parkway, Suite 200, Jacksonville, FL 32256, Attention: Sara Pelton, telecopier number (904)746-4860,
sara.pelton@db.com; and if to the Administrative Agent with respect to any other matter, to Deutsche Bank AG New York Branch,
60 Wall Street, 2nd Floor, New York, New York 10005, Attention: Philip Tancorra, email: Philip.tancorra@db.com
and ldcm.loanmgmt@db.com; Phone No.: (212) 250-6576; or, as to the Borrower or the Administrative Agent, at such other
address as shall be designated by such party in a written notice to the other parties and, as to each other party, at such other
address as shall be designated by such party in a written notice to the Borrower and the Administrative Agent. All notices, demands,
requests, consents and other communications described in this clause (a) shall be effective (i) if delivered by hand, including
any overnight courier service, upon personal delivery, (ii) if delivered by mail, when deposited in the mails, (iii) if delivered
by posting to an Approved Electronic Platform, an Internet website or a similar telecommunication device requiring that a user
have prior access to such Approved Electronic Platform, website or other device (to the extent permitted by Section 9.02(b) to
be delivered thereunder), when such notice, demand, request, consent and other communication shall have been made generally available
on such Approved Electronic Platform, Internet website or similar device to the class of Person being notified (regardless of
whether any such Person must accomplish, and whether or not any such Person shall have accomplished, any action prior to obtaining
access to such items, including registration, disclosure of contact information, compliance with a standard user agreement or
undertaking a duty of confidentiality) and such Person has been notified in respect of such posting that a communication has been
posted to the Approved Electronic Platform, provided that if requested by any Lender Party, the Administrative Agent shall
deliver a copy of the Communications to such Lender Party by e-mail or telecopier and (iv) if delivered by electronic mail or
any other telecommunications device, when receipt is confirmed by electronic mail as provided in this clause (a); provided,
however, that notices and communications to the Administrative Agent pursuant to Article II, III or VIII shall not
be effective until received by the Administrative Agent. Delivery by telecopier of an executed counterpart of a signature page
to any amendment or waiver of any provision of this Agreement or the Notes or of any exhibit hereto to be executed and delivered
hereunder shall be effective as delivery of an original executed counterpart thereof. Each Lender Party agrees (i) to notify the
Administrative Agent in writing of such Lender Party’s e-mail address to which a notice may be sent by electronic transmission
(including by electronic communication) on or before the date such Lender Party becomes a party to this Agreement (and from time
to time thereafter to ensure that the Administrative Agent has on record an effective e-mail address for such Lender Party) and
(ii) that any notice may be sent to such e-mail address.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section
9.07.         Assignments and Participations; Replacement Notes. (a) Each
Lender may (and, if demanded by the Borrower in accordance with Section 9.01(b) will) assign to one or more Eligible Assignees
all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment
or Commitments, the Advances owing to it and the Note or Notes held by it); provided, however, that (i) each
such assignment shall be of a uniform, and not a varying, percentage of all rights and obligations under and in respect of one
or more of the Facilities, (ii) except in the case of an assignment to a Person that, immediately prior to such assignment,
was a Lender, an Affiliate of any Lender or a Fund Affiliate of any Lender or an assignment of all of a Lender’s rights and
obligations under this Agreement, the aggregate amount of the Commitments being assigned to such Eligible Assignee pursuant to
such assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment) shall in no event
be less than $5,000,000 under each Facility or an integral multiple of $1,000,000 in excess thereof (or such lesser amount as shall
be approved by the Administrative Agent and, so long as no Default shall have occurred and be continuing at the time of effectiveness
of such assignment, the Borrower), (iii) each such assignment shall be to an Eligible Assignee, (iv) each such
assignment made as a result of a demand by the Borrower pursuant to Section 9.01(b) shall be an assignment of all rights and obligations
of the assigning Lender under this Agreement, (v) except in the case of an assignment to a Person that, immediately prior to such
assignment, was a Lender, an Affiliate of any Lender or a Fund Affiliate of any Lender in which case notice of such assignment
shall be provided to the Administrative Agent, each Issuing Bank and the Borrower, no such assignments shall be permitted (A) until
the Administrative Agent shall have notified the Lender Parties that syndication of the Commitments hereunder has been completed,
without the consent of the Administrative Agent, and (B) at any other time without the consent of the Administrative Agent and
each Issuing Bank (which consent, in each case, shall not be unreasonably withheld or delayed), provided, however,
that (1) Merrill Lynch, Pierce, Fenner & Smith Incorporated may, without prior notice to the Borrower, assign its rights and
obligations under this Agreement to any other registered broker-dealer owned by Bank of America Corporation to which all or substantially
all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or
related businesses may be transferred following the date of this Agreement, and (2) each Issuing Bank confirms that its consent
(in such capacity as an Issuing Bank) shall not be required for any assignment by a Lender to Compass Bank (or any of its affiliates)
as assignee pursuant to this Section 9.07, and (vi) the parties to each such assignment shall execute and deliver to the Administrative
Agent, for its acceptance and recording in the Register, an Assignment and Acceptance, together with any Note or Notes subject
to such assignment and, except if such assignment is being made by a Lender to an Affiliate or Fund Affiliate of such Lender, a
processing and recordation fee of $3,500; provided, however, that for each such assignment made as a result of a demand
by the Borrower pursuant to Section 9.01(b), the Borrower shall pay to the Administrative Agent the applicable processing and recordation
fee. 

 

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

 

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

 

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

 

(e)          Upon
its receipt of an Assignment and Acceptance executed by an assigning Lender Party and an assignee, together with any Note or Notes
subject to such assignment, the Administrative Agent shall, if such Assignment and Acceptance has been completed and is in substantially
the form of Exhibit E hereto, (i) accept such Assignment and Acceptance, (ii) record the information contained therein
in the Register and (iii) give prompt notice thereof to the Borrower and each other Agent. In the case of any assignment by
a Lender, within five Business Days after its receipt of such notice, the Borrower, at its own expense, shall, if requested by
the applicable Lender, execute and deliver to the Administrative Agent in exchange for the surrendered Note or Notes a substitute
Note to the order of such Eligible Assignee in an amount equal to the Commitment assumed by it under each Facility pursuant to
such Assignment and Acceptance and, if any assigning Lender has retained a Commitment hereunder under such Facility, a substitute
Note to the order of such assigning Lender in an amount equal to the Commitment retained by it hereunder. Such substitute Note
or Notes, if any, shall be in an aggregate principal amount equal to the aggregate principal amount of such surrendered Note or
Notes, shall be dated the effective date of such Assignment and Acceptance and shall otherwise be in substantially the form of
Exhibit A-1 or Exhibit A-2 (as applicable) hereto.

 

(f)          Each
Issuing Bank may assign to one or more Eligible Assignees all or a portion of its rights and obligations under the undrawn portion
of its Letter of Credit Commitment at any time; provided, however, that (i) except in the case of an assignment
to a Person that immediately prior to such assignment was an Issuing Bank or an assignment of all of an Issuing Bank’s rights
and obligations under this Agreement, the amount of the Letter of Credit Commitment of the assigning Issuing Bank being assigned
pursuant to each such assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment) shall
in no event be less than $5,000,000 and shall be in an integral multiple of $1,000,000 in excess thereof, (ii) each such assignment
shall be to an Eligible Assignee and (iii) the parties to each such assignment shall execute and deliver to the Administrative
Agent, for its acceptance and recording in the Register, an Assignment and Acceptance, together with a processing and recordation
fee of $3,500, provided that such fee shall not be payable if the assigning Issuing Bank is making such assignment simultaneously
with the assignment in its capacity as a Lender of all or a portion of its Revolving Credit Commitment to the same Eligible Assignee.

 

    	 	104	 

     

    

 

(g)          Each
Lender Party may sell participations to one or more Persons (other than any Loan Party or any of its Affiliates or any Defaulting
Lender or any of its Affiliates) in or to all or a portion of its rights and obligations under this Agreement (including, without
limitation, all or a portion of its Commitments, the Advances owing to it and the Note or Notes (if any) held by it) in a minimum
gross amount of $5,000,000; provided, however, that (i) such Lender Party’s obligations under this Agreement
(including, without limitation, its Commitments) shall remain unchanged, (ii) such Lender Party shall remain solely responsible
to the other parties hereto for the performance of such obligations, (iii) such Lender Party shall remain the holder of any
such Note for all purposes of this Agreement, (iv) the Borrower, the Administrative Agent and the other Lender Parties shall
continue to deal solely and directly with such Lender Party in connection with such Lender Party’s rights and obligations
under this Agreement, (v) no participant under any such participation shall have any right to approve any amendment or waiver
of any provision of any Loan Document, or any consent to any departure by any Loan Party therefrom, except to the extent that such
amendment, waiver or consent would reduce the principal of, or interest on, the Notes or any fees or other amounts payable hereunder,
in each case to the extent subject to such participation, or postpone any date fixed for any payment of principal of, or interest
on, the Notes or any fees or other amounts payable hereunder, in each case to the extent subject to such participation. The Borrower
agrees that each participant shall be entitled to the benefits of Sections 2.10 and 2.12 (subject to the requirements and limitation
therein, including the requirements under Sections 2.12(f) and (g) (it being understood that the documentation required under Sections
2.12(f) and (g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its
interest by assignment, provided that, such participant shall not be entitled to receive any greater payment under Section 2.10
or 2.12 than the applicable Lender would have been entitled to receive, except to the extent such entitlement to receive a greater
payment results from a change in law that occurs after the participant acquired the applicable participation. To the extent permitted
by law, each Participant also shall be entitled to the benefits of Section 9.05 as though such Participant were a Lender; provided,
that such Participant shall be deemed to be subject to Section 2.13 as though it were a Lender. Each Lender Party that sells a
participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name
and address of each participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans
or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender
Party shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant
or any information relating to a participant’s interest in any commitments, loans, letters of credit or its other obligations
under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment,
loan, letter of credit or other obligation is in registered form under section 5f.103-1(c) of the United States Treasury Regulations.
The entries in the Participant Register shall be conclusive absent manifest error, and such Lender Party shall treat each Person
whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding
any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall
have no responsibility for maintaining a Participant Register.

 

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

 

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

 

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

 

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

 

Section
9.08.         Execution in Counterparts. This Agreement may
be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed
counterpart of a signature page to this Agreement by telecopier shall be effective as delivery of an original executed counterpart
of this Agreement.

 

Section
9.09.         No Liability of the Issuing Banks. The Borrower
assumes all risks of the acts or omissions of any beneficiary or transferee of any Letter of Credit with respect to its use of
such Letter of Credit. Neither any Issuing Bank nor any of its officers or directors shall be liable or responsible for: (a) the
use that may be made of any Letter of Credit or any acts or omissions of any beneficiary or transferee in connection therewith;
(b) the validity, sufficiency or genuineness of documents, or of any endorsement thereon, even if such documents should prove
to be in any or all respects invalid, insufficient, fraudulent or forged; (c) payment by such Issuing Bank against presentation
of documents that do not comply with the terms of a Letter of Credit, including failure of any documents to bear any reference
or adequate reference to the Letter of Credit; or (d) any other circumstances whatsoever in making or failing to make payment
under any Letter of Credit, except that the Borrower shall have a claim against such Issuing Bank, and such Issuing Bank shall
be liable to the Borrower, to the extent of any direct, but not consequential, damages suffered by the Borrower that the Borrower
proves were caused by (i) such Issuing Bank’s willful misconduct or gross negligence as determined in a final, non-appealable
judgment by a court of competent jurisdiction in determining whether documents presented under any Letter of Credit comply with
the terms of the Letter of Credit or (ii) such Issuing Bank’s willful failure to make lawful payment under a Letter
of Credit after the presentation to it of a draft and certificates strictly complying with the terms and conditions of the Letter
of Credit. In furtherance and not in limitation of the foregoing, such Issuing Bank may accept documents that appear on their face
to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary. 

 

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

 

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

 

(ii)         any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender
(whether voluntary or mandatory, at maturity, pursuant to Article VI or otherwise) or received by the Administrative Agent
from a Defaulting Lender pursuant to Section 9.05 shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second,
to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Bank or Swing Line Bank hereunder;
third, to Cash Collateralize the Issuing Banks’ Fronting Exposure with respect to such Defaulting Lender in accordance with
Section 9.10(d); fourth, as the Borrower may request (so long as no Default exists), to the funding of any Advance in respect
of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative
Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata
in order to (A) satisfy such Defaulting Lender’s potential future funding obligations with respect to Advances under this
Agreement and (B) Cash Collateralize the Issuing Banks’ future Fronting Exposure with respect to such Defaulting Lender with
respect to future Letters of Credit issued under this Agreement, in accordance with Section 9.10(d); sixth, to the payment
of any amounts owing to the Lenders, the Issuing Banks or the Swing Line Banks as a result of any judgment of a court of competent
jurisdiction obtained by any Lender, the Issuing Banks or the Swing Line Banks against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default exists, to the payment
of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower
against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and
eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment
is a payment of the principal amount of any Advances or drawn under any Letter of Credit in respect of which such Defaulting Lender
has not fully funded its appropriate share, and (y) such Advances were made or the related Letters of Credit were issued at a time
when the conditions set forth in Section 3.01 and 3.02, as applicable, were satisfied (or waived in writing), such payment
shall be applied solely to pay the Advances of, and amounts drawn on Letters of Credit owed to, all Non-Defaulting Lenders on a
pro rata basis prior to being applied to the payment of any the Advances of, and amounts drawn on Letters of Credit owed to, such
Defaulting Lender until such time as all Advances and funded and unfunded participations in the Letter of Credit Exposure and Swing
Line Advances are held by the Lenders pro rata in accordance with the Commitments under the applicable Facility without giving
effect to Section 9.10(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are
applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 9.10(a)(ii)
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

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

 

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(B)         Each
Defaulting Lender shall be entitled to receive its Pro Rata Share of fees to be paid pursuant to Section 2.08(b) for any period
during which that Lender is a Defaulting Lender only to the extent allocable to its Pro Rata Share of the stated amount of Letters
of Credit for which it has provided Cash Collateral pursuant to Section 9.10(d).

 

(C)         With
respect to any letter of credit fees under Section 2.08(b) not required to be paid to any Defaulting Lender pursuant to clause
(B) above, the Borrower shall (x) pay to the Administrative Agent that portion of any such fee otherwise payable to such Defaulting
Lender with respect to such Defaulting Lender’s participation in the Letter of Credit Exposure or Swing Line Advances that
has been reallocated to any Non-Defaulting Lenders pursuant to Section 9.10(a)(iv), (y) pay to each Issuing Bank and Swing
Line Bank, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such
Issuing Bank’s or Swing Line Bank’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay
the remaining amount of any such fee.

 

(iv)        all
or any part of such Defaulting Lender’s participation in Letter of Credit Exposure and Swing Line Advances shall be reallocated
among the Non-Defaulting Lenders in accordance with their respective Pro Rata Shares (calculated without regard to such Defaulting
Lender’s Commitments) but only to the extent that (x) the conditions set forth in Section in Section 3.01 and 3.02,
as applicable, are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative
Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time),
and (y) such reallocation does not cause the aggregate Facility Exposure allocable to any Non-Defaulting Lender to exceed such
Non-Defaulting Lender’s Commitments. No reallocation hereunder shall constitute a waiver or release of any claim of any party
hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting
Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)         if
the reallocation described in Section 9.10(a)(iv) cannot, or can only partially be effected, the Borrower shall, without prejudice
to any right or remedy available to it hereunder or under law, (x) first prepay Swing Line Advances in an amount equal to the Swing
Line Banks’ Fronting Exposure and (y) second, Cash Collateralize the Issuing Banks’ Fronting Exposure in accordance
with the procedures set forth in Section 9.10(d).

 

(b)          If
the Borrower, the Administrative Agent and each Issuing Bank agree in writing that a Lender is no longer a Defaulting Lender, the
Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject
to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), such Lender will, to
the extent applicable, purchase at par that portion of outstanding Advances of the other Lenders or take such other actions as
the Administrative Agent may determine to be necessary to cause the Advances and funded and unfunded participations in Letters
of Credit and Swing Line Advances to be held pro rata by the Lenders in accordance with Pro Rata Share of the Commitments under
the applicable Facility (without giving effect to Section 9.10(a)(iv)), whereupon such Lender will cease to be a Defaulting
Lender; provided, however, that no adjustments will be made retroactively with respect to fees accrued or payments made by or on
behalf of the Borrower while such Lender was a Defaulting Lender; and provided further that except to the extent otherwise expressly
agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any
claim of any party hereunder arising from such Lender having been a Defaulting Lender.

 

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(c)          So
long as any Lender is a Defaulting Lender, (i) the Swing Line Bank shall not be required to fund any Swing Line Advances unless
it is satisfied that the participation therein will be fully allocated among non-Defaulting Lenders in a manner consistent with
clause Section 9.10(a)(iv) and the Defaulting Lender shall not participate therein and (ii) no Issuing Bank shall be required
to issue, extend, renew or increase any Letter of Credit unless it is satisfied that the participations in the Letter of Credit
Exposure related to any existing Letters of Credit as well as the new, extended, renewed or increased Letter of Credit has been
or will be fully allocated among the non-Defaulting Lenders in a manner consistent with Section 9.10(a)(iv) and such Defaulting
Lender shall not participate therein except to the extent such Defaulting Lender’s participation has been or will be fully
Cash Collateralized in a Defaulting Lender Cash Collateral Account accordance with Section 9.10(d).

 

(d)          Not
in limitation of the Cash Collateralization provisions of Section 2.06(b) and Section 6.02:

 

(i)          at
any time that there shall exist a Defaulting Lender, within one Business Day following the written request of the Administrative
Agent or any Issuing Bank (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the Issuing Banks’
Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 9.10(a)(iv) and any Cash
Collateral deposited in a Defaulting Lender Cash Collateral Account by such Defaulting Lender) in an amount not less than the Minimum
Collateral Amount.

 

(ii)         the
Borrower, and to the extent provided by any Defaulting Lender in a Defaulting Lender Cash Collateral Account, such Defaulting Lender,
hereby grants to the Administrative Agent, for the benefit of the Issuing Banks, and agrees to maintain, a first priority security
interest in all such Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in respect
of the Letter of Credit Exposure, to be applied pursuant to Section 9.10(d)(iii). If at any time the Administrative Agent
determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or the Issuing
Banks as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower
will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in
an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral deposited in a Defaulting Lender
Cash Collateral Account by the Defaulting Lender).

 

(iii)        notwithstanding
anything to the contrary contained in this Agreement, Cash Collateral provided under this Section 9.10(d) or Section 9.10(a)(v)
in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations
in respect of Letters of Credit (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such
obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be
provided for herein.

 

(iv)        Cash
Collateral (or the appropriate portion thereof) provided to reduce any Issuing Bank’s Fronting Exposure shall no longer be
required to be held as Cash Collateral pursuant to this Section 9.10(d) following (1) the elimination of the applicable Fronting
Exposure (including by the termination of Defaulting Lender status of the applicable), or (2) the determination by the Administrative
Agent and the Issuing Banks that there exists excess Cash Collateral; provided, however, that, subject to Section 9.10(a)(ii),
the Person providing Cash Collateral and each Issuing Bank may agree that Cash Collateral shall not be released and shall be held
to support future anticipated Fronting Exposure or other obligations.

 

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

 

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

 

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

 

    	 	110	 

     

    

  

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

 

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

 

    	 	111	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	112	 

     

    

 

(b)          In
addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender, such Lender further (x)
represents and warrants, as of the date such Person became a Lender Party, and (y) covenants, from the date such Person became
a Lender Party to the date such Person ceases being a Lender Party, for the benefit of the Administrative Agent, and not, for the
avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary
with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and
performance of the Advances, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation
or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto
or thereto) SECTION 1.01. .

 

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

 

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

 

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

 

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

 

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

 

    	 	113	 

     

    

 

Section
9.17.         Acknowledgment and Consent to Bail-In of EEA Financial Institutions. Notwithstanding
anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each
party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such
liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents
to, and acknowledges and agrees to be bound by: 

 

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

 

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

 

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

 

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

 

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

 

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– Signature pages follow]

 

    	 	114	 

     

    

 

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

 

	 	BORROWER:
	 	 
	 	SUMMIT HOTEL OP, LP,
	 	a Delaware limited partnership
	 	 	 
	 	By:	SUMMIT HOTEL GP, LLC,
	 	 	a Delaware limited liability company, its general partner

 

	 	By:	SUMMIT HOTEL PROPERTIES, INC.,
	 	 	a Maryland corporation, its sole member

 

	 	By:	 
	 		Name:   Christopher Eng
	 		Title:     Secretary

 

	 	PARENT GUARANTOR:
	 	 
	 	SUMMIT HOTEL PROPERTIES, INC.,
	 	a Maryland corporation
	 	 	 
	 	By:	 
	 		Name:   Christopher Eng
	 		Title:     Secretary

 

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SUBSIDIARY GUARANTORS:

  

Summit Hotel TRS 003, LLC

Summit Hotel TRS 005, LLC

Summit Hotel TRS 030, LLC

Summit Hotel TRS 037, LLC

Summit Hotel TRS 044, LLC

Summit Hotel TRS 045, LLC

Summit Hotel TRS 052, LLC

Summit Hotel TRS 053, LLC

Summit Hotel TRS 057, LLC

Summit Hotel TRS 060, LLC

Summit Hotel TRS 062, LLC

Summit Hotel TRS 065, LLC

Summit Hotel TRS 066, LLC

Summit Hotel TRS 084, LLC

Summit Hotel TRS 086, LLC

Summit Hotel TRS 087, LLC

Summit Hotel TRS 094, LLC

Summit Hotel TRS 099, LLC

Summit Hotel TRS 100, LLC

Summit Hotel TRS 102, LLC

Summit Hotel TRS 113, LLC

Summit Hotel TRS 114, LLC

Summit Hotel TRS 117, LLC

Summit Hotel TRS 118, LLC

Summit Hotel TRS 119, LLC

Summit Hotel TRS 120, LLC

Summit Hotel TRS 121, LLC

Summit Hotel TRS 122, LLC

Summit Hotel TRS 123, LLC

Summit Hotel TRS 126, LLC

Summit Hotel TRS 127, LLC

Summit Hotel TRS 128, LLC

Summit Hotel TRS 129, LLC

Summit Hotel TRS 130, LLC

Summit Hotel TRS 131, LLC

Summit Hotel TRS 132, LLC

Summit Hotel TRS 134, LLC

Summit Hotel TRS 135, LLC

Summit Hotel TRS 136, LLC

Summit Hotel TRS 137, LLC

Summit Hotel TRS 138, LLC

Summit Hotel TRS 139, LLC

Summit Hotel TRS 140, LLC

Summit Hotel TRS 141, LLC

Summit Hotel TRS 142, LLC

Summit Hotel TRS 143, LLC

Summit Hotel TRS 144, LLC

Summit Hotel TRS 145, LLC

Summit Hotel TRS 146, LLC

 

	By:	Summit Hotel TRS, Inc., a Delaware corporation, the sole member of each of the above referenced Delaware limited liability companies

  

	 	By:	 	 

	 	Name:	Christopher Eng	 
	 	Title:	Secretary	 

 

	Summit Hospitality I, LLC,	 
	a Delaware limited liability company

 

	By:	 	 

	 	Name:	Christopher Eng	 
	 	Title:	Secretary	 

 

	Summit Hospitality VI, LLC,	 
	a Delaware limited liability company

 

	By:	 	 

	 	Name:	Christopher Eng	 
	 	Title:	Secretary	 

 

	San Fran JV, LLC,	 
	a Delaware limited liability company

 

	By:	 	 

	 	Name:	Christopher Eng	 
	 	Title:	Secretary	 

 

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	Summit Group of Scottsdale, Arizona, LLC, 

a South Dakota limited liability company	 	Summit Hospitality 084, LLC,

a Delaware limited liability company
	 	 	 
	By: 	 	 	By:	 
	 	Name:   Christopher Eng	 	 	Name:   Christopher Eng
	 	Title:     Secretary	 	 	Title:      Secretary

 

	Summit Hospitality 057, LLC,

a Delaware limited liability company	 	Carnegie Hotels, LLC,

a Georgia limited liability company
	 	 	 
	By: 	 	 	By:	 
	 	Name:   Christopher Eng	 	 	Name:    Christopher Eng
	 	Title:     Secretary	 	 	Title:       Secretary

 

	Summit Hospitality 060, LLC, 

a Delaware limited liability company	 	Summit Hospitality 100, LLC, 

a Delaware limited liability company
	 	 	 
	By: 	 	 	By:	 
	 	Name:   Christopher Eng	 	 	Name:    Christopher Eng
	 	Title:     Secretary	 	 	Title:       Secretary

 

	Summit Hospitality 18, LLC, 

a Delaware limited liability company	 	Summit Hospitality 25, LLC, 

a Delaware limited liability company
	 	 	 
	By: 	 	 	By:	 
	 	Name:   Christopher Eng	 	 	Name:   Christopher Eng
	 	Title:     Secretary	 	 	Title:     Secretary

 

	Summit Hospitality 17, LLC, 

a Delaware limited liability company	 	Summit Hospitality 114, LLC, 

a Delaware limited liability company
	 	 	 
	By: 	 	 	By:	 
	 	Name:   Christopher Eng	 	 	Name:    Christopher Eng
	 	Title:     Secretary	 	 	Title:      Secretary

 

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	Summit Hospitality 117, LLC,

a Delaware limited liability company	 	Summit Hospitality 122, LLC,

a Delaware limited liability company
	 	 	 
	By: 	 	 	By: 	 
	 	Name:   Christopher Eng	 	 	Name:   Christopher Eng
	 	Title:     Secretary	 	 	Title:      Secretary

 

	Summit Hospitality 118, LLC,

a Delaware limited liability company	 	Summit Hospitality 123, LLC, 

a Delaware limited liability company
	 	 	 
	By: 	 	 	By: 	 
	 	Name:   Christopher Eng	 	 	Name:   Christopher Eng
	 	Title:     Secretary	 	 	Title:     Secretary

 

	Summit Hospitality 119, LLC, 

a Delaware limited liability company	 	Summit Hospitality 126, LLC, 

a Delaware limited liability company
	 	 	 
	By:	 	 	By: 	 
	 	Name:   Christopher Eng	 	 	Name:   Christopher Eng
	 	Title:     Secretary	 	 	Title:     Secretary

 

	Summit Hospitality 120, LLC, 

a Delaware limited liability company	 	Summit Hospitality 127, LLC, 

a Delaware limited liability company
	 	 	 
	By: 	 	 	By: 	 
	 	Name:   Christopher Eng	 	 	Name:    Christopher Eng
	 	Title:     Secretary	 	 	Title:      Secretary
	 	 	 	 	 
	Summit Hospitality 121, LLC,

a Delaware limited liability company	 	 	 
	 	 	 	 	 
	By:		 	 	 
	 	Name:   Christopher Eng	 	 	 
	 	Title:     Secretary	 	 	 

 

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	Summit Hospitality 128, LLC,

a Delaware limited liability company	 	Summit Hospitality 134, LLC,

a Delaware limited liability company
	 	 	 
	By: 	 	 	By: 	 
	 	Name:   Christopher Eng	 	 	Name:   Christopher Eng
	 	Title:     Secretary	 	 	Title:     Secretary

 

	Summit Hospitality 129, LLC,

a Delaware limited liability company	 	Summit Hospitality 135, LLC, 

a Delaware limited liability company
	 	 	 
	By: 	 	 	By: 	 
	 	Name:   Christopher Eng	 	 	Name:   Christopher Eng
	 	Title:     Secretary	 	 	Title:      Secretary

 

	Summit Hospitality 130, LLC, 

a Delaware limited liability company	 	Summit Hospitality 136, LLC, 

a Delaware limited liability company
	 	 	 
	By: 	 	 	By: 	 
	 	Name:   Christopher Eng	 	 	Name:   Christopher Eng
	 	Title:     Secretary	 	 	Title:     Secretary

 

	Summit Hospitality 131, LLC, 

a Delaware limited liability company	 	Summit Hospitality 137, LLC, 

a Delaware limited liability company
	 	 	 
	By: 	 	 	By: 	 
	 	Name:   Christopher Eng	 	 	Name:   Christopher Eng
	 	Title:     Secretary	 	 	Title:      Secretary
	 	 	 	 	 
	Summit Hospitality 132, LLC, 

a Delaware limited liability company	 	 	 
	 	 	 	 
	By:	 	 	 	 
		Name:   Christopher Eng	 	 	 
	 	Title:     Secretary	 	 	 

 

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	Summit Hospitality 138, LLC,

a Delaware limited liability company	 	Summit Hospitality 143, LLC,

a Delaware limited liability company
	 	 	 
	By: 	 	 	By: 	 
	 	Name:   Christopher Eng	 	 	Name:   Christopher Eng
	 	Title:     Secretary	 	 	Title:      Secretary

 

	Summit Hospitality 139, LLC,

a Delaware limited liability company	 	Summit Hospitality 144, LLC, 

a Delaware limited liability company
	 	 	 
	By: 	 	 	By: 	 
	 	Name:   Christopher Eng	 	 	Name:   Christopher Eng
	 	Title:     Secretary	 	 	Title:      Secretary

 

	Summit Hospitality 140, LLC, 

a Delaware limited liability company	 	Summit Hospitality 145, LLC, 

a Delaware limited liability company
	 	 	 
	By: 	 	 	By: 	 
	 	Name:   Christopher Eng	 	 	Name:   Christopher Eng
	 	Title:      Secretary	 	 	Title:     Secretary

 

	Summit Hospitality 141, LLC, 

a Delaware limited liability company	 	BP Watertown Hotel, LLC, 

a Massachusetts limited liability company
	 	 	 
	By: 	 	 	By: 	 
	 	Name:   Christopher Eng	 	 	Name:   Christopher Eng
	 	Title:     Secretary	 	 	Title:     Secretary
	 	 	 	 	 
	Summit Hospitality 142, LLC,

a Delaware limited liability company	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	Name:   Christopher Eng	 	 	 
	 	Title:     Secretary	 	 	 

 

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Agreed as of the date first above written:

 

	DEUTSCHE BANK AG NEW YORK BRANCH,	 
	as Administrative Agent, Lender, Initial Issuing Bank, 

and Swing Line Bank	 
	 	 
	By:	 	 
	 	Name:   Virginia Cosenza	 
	 	Title:     Vice President	 
	 	 	 
	By:	 	 
		Name:    Ming K. Chu	 
	 	Title:      Director	 

 

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	BANK OF AMERICA, N.A.,	 
	as a Lender, Initial Issuing Bank,

Swing Line Bank	 
	 	 
	By:	 	 
	 	Name:    Kyle Pearson	 
	 	Title:      Vice President	 

 

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	BRANCH BANKING AND TRUST COMPANY,	 
	as a Lender	 
	 	 
	By:	 	 
	 	Name:   Ahaz Armstrong	 
	 	Title:     Senior Vice President	 

 

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	U.S. BANK NATIONAL ASSOCIATION,	 
	as a Lender, Initial Issuing Bank,

Swing Line Bank	 
	 	 
	By:	 	 
	 	Name:   Patrick Trowbridge	 
	 	Title:     Senior Vice President	 

 

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	BMO HARRIS BANK, NA,	 
	as a Lender	 
	 	 
	By:	 	 
	 	Name:   Gwendolyn Gatz	 
	 	Title:     Director	 

 

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

 

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	KEYBANK NATIONAL ASSOCIATION,	 
	as a Lender	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:       Senior Vice President	 

 

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	PNC BANK, NATIONAL ASSOCIATION,	 
	as a Lender	 
	 	 
	By:	 	 
	 	Name:    Sarah V. Montgomery	 
	 	Title:      Vice President	 

 

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	ROYAL BANK OF CANADA,	 
	as a Lender	 
	 	 
	By:	 	 
	 	Name:   Sheena Lee	 
	 	Title:     Authorized Signatory	 

 

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

 

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	REGIONS BANK,	 
	as a Lender, Initial Issuing Bank.

Swing Line Bank	 
	 	 
	By:	 	 
	 	Name:    T. Barret Vawter	 
	 	Title:      Vice President	 

 

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SCHEDULE I

COMMITMENTS AND APPLICABLE LENDING OFFICES

 

	Name of 
 Initial 
 Lender/
	 	Commitments	 	 	 	 	 
	Initial 
 Issuing Bank
	 	Revolving 
 Credit
	 	 	Term Loan	 	 	Swing Line	 	 	Letter of 
 Credit
	 	 	Domestic Lending Office	 	Eurodollar Lending Office
	Deutsche Bank AG New York Branch	 	$	80,000,000	 	 	$	0	 	 	$	6,250,000	 	 	$	12,500,000	 	 	60 Wall Street, 2nd Floor
 New York, NY 10005
 Attn:  Philip Tancorra

    Tel:  212-250-6576
 Email:  Philip.tancorra@db.com	 	60 Wall Street, 2nd Floor
 New York, NY 10005
 Attn:  Philip Tancorra

    Tel:  212-250-6576
 Email:  Philip.tancorra@db.com
	Bank of America, N.A.	 	$	49,000,000	 	 	$	31,000,000	 	 	$	6,250,000	 	 	$	12,500,000	 	 	901 Main Street, 64th
    Stree
 Dallas, TX 75202

    Attn:  Kyle Pearson
 Tel:  (214)
    209-0931
 Fax:  (214) 209-0995

    Email:  kyle.pearson@baml.com 	 	901 Main Street, 64th
    Stree
 Dallas, TX 75202

    Attn:  Kyle Pearson
 Tel:  (214)
    209-0931
 Fax:  (214) 209-0995

    Email:  kyle.pearson@baml.com 
	Regions Bank	 	$	49,000,000	 	 	$	31,000,000	 	 	$	6,250,000	 	 	$	12,500,000	 	 	1717 McKinney Avenue, Suite 1200.
 Dallas, TX  75202
 Attn:  Brett
    Vawter
 Tel:  (469) 608-2787
 Fax:  (469) 608-2942
 Email:  barret.vawter@regions.com	 	1717 McKinney Avenue, Suite 1200.
 Dallas, TX  75202
 Attn:  Brett
    Vawter
 Tel:  (469) 608-2787
 Fax:  (469) 608-2942
 Email:  barret.vawter@regions.com
	U.S. Bank National Association	 	$	49,000,000	 	 	$	31,000,000	 	 	$	6,250,000	 	 	$	12,500,000	 	 	13737 Noel Road
 Dallas, Texas 75240
 Attn:  Patrick Trowbridge
 Tel:  (972)
    581-1618
 Email:  Patrick.trowbridge@usbank.com	 	13737 Noel Road
 Dallas, Texas 75240
 Attn:  Patrick Trowbridge
 Tel:  (972)
    581-1618
 Email:  Patrick.trowbridge@usbank.com

 

    	 	Sch. I-1	 

     

    

 

	Name of 
 Initial 
 Lender/
	 	Commitments	 	 	 	 	 
	Initial 
 Issuing Bank
	 	Revolving 
 Credit
	 	 	Term Loan	 	 	Swing Line	 	 	Letter of 
 Credit
	 	 	Domestic Lending Office	 	Eurodollar Lending Office
	Royal Bank of Canada	 	$	25,000,000	 	 	$	15,000,000	 	 	 	—	 	 	 	—	 	 	Global
    Loans Administration
 20 King St. West,
    4th Floor
 Toronto, Ontario,
    Canada
 M5H 1C4
 Attn:  Ian
    LaRoche or Julie Camarra
 Tel:  (416)
    974-6107 or (416) 955-6577
 Fax:  (212)
    428-2372 or (212) 428-2372
 Email:  RBCNewYorkGLA2@rbc.com
    	 	Global
    Loans Administration
 20 King St. West,
    4th Floor
 Toronto, Ontario,
    Canada
 M5H 1C4
 Attn:  Ian
    LaRoche or Julie Camarra
 Tel:  (416)
    974-6107 or (416) 955-6577
 Fax:  (212)
    428-2372 or (212) 428-2372
 Email:  RBCNewYorkGLA2@rbc.com
    
	PNC Bank, National Association	 	$	25,000,000	 	 	$	15,000,000	 	 	 	—	 	 	 	—	 	 	1200 Smith Street, Suite 830
 Houston, TX 77002-4313
 Attn:  Sarah V. Montgomery

    Tel:  (713) 658-3953
 Email:  sarah.montgomery@pnc.com	 	1200 Smith Street, Suite 830
 Houston, TX 77002-4313
 Attn:  Sarah V. Montgomery

    Tel:  (713) 658-3953
 Email:  sarah.montgomery@pnc.com
	KeyBank, National Association	 	$	25,000,000	 	 	$	15,000,000	 	 	 	—	 	 	 	—	 	 	AVP - Closer
 2390 East Camelback Rd Ste 220
 Phoenix AZ 85016
 Attn:  Michael
    Colbert
 Tel:  (770) 510-2155
 Email:  michael_colbert@keybank.com	 	AVP - Closer
 2390 East Camelback Rd Ste 220
 Phoenix AZ 85016
 Attn:  Michael
    Colbert
 Tel:  (770) 510-2155
 Email:  michael_colbert@keybank.com
	Capital One, National Association	 	$	25,000,000	 	 	$	15,000,000	 	 	 	—	 	 	 	—	 	 	1680 Capital One Drive, 9th Floor
 McLean, VA 22102
 Attention:  Jessica W. Schneickert

    Tel:  (703) 720-6526
 Email:  Jessica.schneickert@capitalone.com	 	1680 Capital One Drive, 9th Floor
 McLean, VA 22102
 Attention:  Jessica W. Schneickert

    Tel:  (703) 720-6526
 Email:  Jessica.schneickert@capitalone.com

 

    	 	Sch. I-2	 

     

    

 

	Name of 
 Initial 
 Lender/
	 	Commitments	 	 	 	 	 
	Initial 
 Issuing Bank
	 	Revolving 
 Credit
	 	 	Term Loan	 	 	Swing Line	 	 	Letter of 
 Credit
	 	 	Domestic Lending Office	 	Eurodollar Lending Office
	BMO Harris Bank, N.A.	 	$	25,000,000	 	 	$	15,000,000	 	 	 	—	 	 	 	—	 	 	115 S. LaSalle Street
 36th Floor
 Chicago, IL 60603
 Attention:  Gwendolyn Gatz
 Tel:  312-461-2238
 Email:  312-461-2238	 	115 S. LaSalle Street
 36th Floor
 Chicago, IL 60603
 Attention:  Gwendolyn Gatz
 Tel:  312-461-2238
 Email:  312-461-2238
	Raymond James Bank, N.A.	 	$	23,000,000	 	 	$	17,000,000	 	 	 	—	 	 	 	—	 	 	710 Carillon Parkway
 St. Petersburg, FL 33716
 Attn:  Loan Ops/CML
 Tel:  (727)
    567-1815 or (727) 567-1922
 Fax:  (866) 597-4002
 Email:  Fax-rjbloanops@raymondrames.com	 	710 Carillon Parkway
 St. Petersburg, FL 33716
 Attn:  Loan Ops/CML
 Tel:  (727)
    567-1815 or (727) 567-1922
 Fax:  (866) 597-4002
 Email:  Fax-rjbloanops@raymondrames.com
	Branch Banking and Trust Company	 	$	25,000,000	 	 	$	15,000,000	 	 	 	—	 	 	 	—	 	 	200 West Second Street, 16th Floor
 Winston Salem, NC 27101
 Attn:  Shana Pask

    Tel:  (336) 733-2645
 Fax:  (888) 707-4162
 Email:  spask@bbandt.com	 	200 West Second Street, 16th Floor
 Winston Salem, NC 27101
 Attn:  Shana Pask

    Tel:  (336) 733-2645
 Fax:  (888) 707-4162
 Email:  spask@bbandt.com
	Totals	 	$	400,000,000	 	 	$	200,000,000	 	 	$	25,000,000	 	 	$	50,000,000	 	 	 	 	 

 

    	 	Sch. I-3	 

     

    

 

Schedule II - Unencumbered Assets

 

	OWNERSHIP
        

        ENTITY
	CODE	PROPERTY
    NAME	CLASS	ROOMS	STREET 

        ADDRESS
	CITY	COUNTY	STATE	ZIP 

        CODE
	FRANCHISOR	STR 

        CHAIN 

        SCALE
	TRS 

        HOLDING 

        COMPANY
	TRS 

        ENTITY 

        “LESSEE”

	Summit
    Hospitality VI, LLC	003	SpringHill Suites -
    Minneapolis/St. Paul Airport/Mall of America	Same
    Store	113	2870
    Metro Drive	Bloomington	Hennepin	MN	55425	Marriott
    International	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 003, LLC
	Summit
    Hospitality VI, LLC	005	Hampton Inn & Suites
    - Minneapolis/St. Paul Airport/Mall of America	Same
    Store	146	2860
    Metro Drive	Bloomington	Hennepin	MN	55425	Hilton
    Worldwide	Upper
    Midscale 	Summit
    Hotel TRS, Inc.	Summit
    Hotel TRS 005, LLC
	San
    Fran JV, LLC	030	Holiday Inn Express
    & Suites - San Francisco/Fisherman’s Wharf	Same
    Store	252	550
    North Point Street	San
    Francisco	San
    Francisco	CA	94133	IHG	Upper
    Midscale 	Summit
    Hotel TRS, Inc.	Summit
    Hotel TRS 030, LLC
	Summit
    Hospitality I, LLC	037	Residence Inn - Dallas/Arlington
    South	Same
    Store	96	801
    Highlander Boulevard	Arlington	Tarrant	TX	76015	Marriott
    International	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 037, LLC
	Summit
    Hotel OP, LP	044	Country Inn & Suites
    - Charleston South, WV	Same
    Store	64	105
    Alex Lane	Charleston	Kanawha	WV	25304	Carlson
    Hospitality	Upper
    Midscale	Summit
    Hotel TRS, Inc.	Summit
    Hotel TRS 044, LLC
	Summit
    Hotel OP, LP	045	Holiday Inn Express
    - Charleston/Kanawha City	Same
    Store	66	107
    Alex Lane	Charleston	Kanawha	WV	25304	Upper
    Midscale 	IHG	Summit
    Hotel TRS, Inc.	Summit
    Hotel TRS 045, LLC
	SGS,
    AZ, LLC	052	Courtyard - Scottsdale
    North	Same
    Store	153	17010
    North Scottsdale Road	Scottsdale	Maricopa	AZ	85255	Marriott
    International	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 052, LLC
	SGS,
    AZ, LLC	053	Springhill Suites -
    Scottsdale North	Same
    Store	121	17020
    North Scottsdale Road	Scottsdale	Maricopa	AZ	85255	Marriott
    International	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 053, LLC
	Summit
    Hospitality 057, LLC	057	Hyatt Place - Minneapolis/Downtown	Same
    Store	213	425
    7th Street South	Minneapolis	Hennepin	MN	55415	Hyatt
    Hotel Corp.	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 057, LLC
	Summit
    Hospitality 060, LLC	060	Springhill Suites -
    Nashville MetroCenter	Same
    Store	78	250
    Athens Way	Nashville	Davidson	TN	37228	Marriott
    International	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 060, LLC
	Summit
    Hospitality 18, LLC	062	Hilton Garden Inn -
    Minneapolis/Eden Prairie	Same
    Store	97	6330
    Point Chase	Eden
    Prairie	Hennepin	MN	55344	Hilton
    Worldwide	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 062, LLC
	Summit
    Hospitality 17, LLC	065	Holiday Inn Express
    & Suites - Minneapolis/Minnetonka	Same
    Store	93	10985
    Red Circle Drive	Minnetonka	Hennepin	MN	55343	IHG	Upper
    Midscale 	Summit
    Hotel TRS, Inc.	Summit
    Hotel TRS 065, LLC
	Summit
    Hospitality I, LLC	066	Courtyard - New Orleans
    Downtown Near the French Quarter	Same
    Store	140	124
    St. Charles Avenue	New
    Orleans	Orleans
    Parish	LA	70130	Marriott
    International	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 066, LLC
	Summit
    Hospitality 084, LLC	084	Hyatt Place - Portland
    Airport/Cascade Station	Same
    Store	136	9750
    Northeast Cascades Parkway	Portland	Multnomah	OR	97220	Hyatt
    Hotel Corp. 	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 084, LLC
	Summit
    Hotel OP, LP	086	Hilton Garden Inn -
    Birmingham/Lakeshore Drive	Same
    Store	95	520
    Wildwood Circle Drive North	Birmingham	Jefferson	AL	35209	Hilton
    Worldwide	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 086, LLC
	Summit
    Hotel OP, LP	087	Hilton Garden Inn -
    Birmingham SE/Liberty Park	Same
    Store	130	2090
    Urban Center Parkway	Birmingham	Shelby	AL	35242	Hilton
    Worldwide	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 087, LLC
	Summit
    Hospitality I, LLC	094	Staybridge Suites -
    Denver/Cherry Creek	Same
    Store	121	4220
    East Virginia Avenue	Glendale	Denver	CO	80246	IHG	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 094, LLC
	Carnegie
    Hotels, LLC	099	Courtyard - Atlanta
    Downtown	Same
    Store	150	133
    Carnegie Way	Atlanta	Fulton	GA	30303	Marriott
    International	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 099, LLC
	Summit
    Hospitality 100, LLC	100	Hyatt Place - Garden
    City	Same
    Store	122	5
    North Avenue	Garden
    City	Nassau	NY	11530	Hyatt
    Hotel Corp. 	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 100, LLC

 

    	 	Sch. II-1	 

     

    

 

	OWNERSHIP
        

        ENTITY
	CODE	PROPERTY
    NAME	CLASS	ROOMS	STREET
        

        ADDRESS
	CITY	COUNTY	STATE	ZIP 

        CODE
	FRANCHISOR	STR 

        CHAIN 

        SCALE
	TRS
        

        HOLDING
        

        COMPANY
	TRS
        

        ENTITY
        

        “LESSEE”

	Summit
    Hospitality I, LLC	102	Courtyard - New Orleans
    Downtown/Convention Center	Same Store	202	300 Julia Street	New
    Orleans	Orleans
    Parish	LA	70130	Marriott
    International	Upscale	Summit Hotel TRS, Inc.
    	Summit Hotel TRS 102,
    LLC
	Summit
    Hospitality 25, LLC	113	Hilton Garden Inn -
    Houston/Galleria Area	Same Store	182	3201 Sage Road	Houston	Harris	TX	77056	Hilton
    Worldwide	Upscale	Summit Hotel TRS, Inc.
    	Summit Hotel TRS 113,
    LLC
	Summit
    Hospitality 114, LLC	114	DoubleTree - San Francisco
    Airport North	Same Store	210	5000 Sierra Point Parkway	Brisbane	San
    Mateo	CA	94005	Hilton
    Worldwide	Upscale	Summit Hotel TRS, Inc.
    	Summit Hotel TRS 114,
    LLC
	Summit
    Hospitality 117, LLC	117	Hampton Inn & Suites
    - Austin/Downtown/Convention Center	Same Store	209	200 San Jacinto Boulevard	Austin	Travis	TX	78701	Hilton
    Worldwide	Upper
    Midscale 	Summit Hotel TRS, Inc.	Summit Hotel TRS 117,
    LLC
	Summit
    Hospitality 118, LLC	118	Hampton Inn & Suites
    - Minneapolis/Downtown	Same Store	211	19 North 8th Street	Minneapolis	Hennepin	MN	55403	Hilton
    Worldwide	Upper
    Midscale 	Summit Hotel TRS, Inc.	Summit Hotel TRS 118,
    LLC
	Summit
    Hospitality 119, LLC	119	Residence Inn - Bridgewater/Branchburg	Same Store	101	3241 Route 22 East	Branchburg	Somerset	NJ	08876	Marriott
    International	Upscale	Summit Hotel TRS, Inc.
    	Summit Hotel TRS 119,
    LLC
	Summit
    Hospitality 120, LLC	120	Hyatt House - Orlando/Universal	Development	168	5915 Caravan Court	Orlando	Orange	FL	32819	Hyatt
    Hotel Corp. 	Upscale	Summit Hotel TRS, Inc.
    	Summit Hotel TRS 120,
    LLC
	Summit
    Hospitality 121, LLC	121	Residence Inn - Baltimore/Hunt
    Valley	Same Store	141	45 Schilling Rd	Hunt
    Valley	Baltimore	MD	21031	Marriott
    International	Upscale	Summit Hotel TRS, Inc.
    	Summit Hotel TRS 121,
    LLC
	Summit
    Hospitality 122, LLC	122	Hampton Inn - Boston/Norwood	Same Store	139	434 Providence Highway
    (Rt. 1)	Norwood	Norfolk	MA	02062	Hilton
    Worldwide	Upper
    Midscale 	Summit Hotel TRS, Inc.	Summit Hotel TRS 122,
    LLC
	Summit
    Hospitality 123, LLC	123	Hotel Indigo - Asheville
    Downtown	Same Store	115	151 Haywood Street	Asheville	Buncombe	NC	28801
    IHG	Upper	Upscale
    	Summit Hotel TRS, Inc.	Summit Hotel TRS 123,
    LLC
	Summit
    Hospitality 126, LLC	126	Courtyard - Atlanta
    Decatur Downtown/Emory	Same Store	179	130 Clairemont Avenue	Decatur	De
    Kalb	GA	30030	Marriott
    International	Upscale	Summit Hotel TRS, Inc.
    	Summit Hotel TRS 126,
    LLC
	Summit
    Hospitality 127, LLC	127	Courtyard - Nashville
    Vanderbilt/West End	Same Store	226	1901 West End Avenue	Nashville	Davidson	TN	37203	Marriott
    International	Upscale	Summit Hotel TRS, Inc.
    	Summit Hotel TRS 127,
    LLC
	Summit
    Hospitality 128, LLC	128	Residence Inn - Atlanta
    Midtown/Peachtree at 17th	Same Store	160	1365 Peachtree Street
    Northeast	Atlanta	Fulton	GA	30309	Marriott
    International	Upscale	Summit Hotel TRS, Inc.
    	Summit Hotel TRS 128,
    LLC
	Summit
    Hospitality 129, LLC	129	Homewood Suites - Aliso
    Viejo/Laguna Beach	Acquisition	129	110 Vantis Dr	Aliso
    Viejo	Orange	CA	92656	Hilton
    Worldwide	Upscale	Summit Hotel TRS, Inc.
    	Summit Hotel TRS 129,
    LLC
	Summit
    Hospitality 130, LLC	130	Hyatt House - Miami
    Airport	Same Store	163	5710 Blue Lagoon Drive	Miami	Miami-Dade	FL	33126	Hyatt
    Hotel Corp. 	Upscale	Summit Hotel TRS, Inc.
    	Summit Hotel TRS 130,
    LLC
	Summit
    Hospitality 131, LLC	131	Marriott - Boulder	Same Store	165	2660 Canyon Boulevard	Boulder	Boulder	CO	80302	Marriott
    International	Upper
    Upscale	Summit Hotel TRS, Inc.	Summit Hotel TRS 131,
    LLC
	Summit
    Hospitality 132, LLC	132	Hyatt Place - Chicago/Downtown-The
    Loop	Same Store	206	28 North Franklin Street	Chicago	Cook	IL	60606	Hyatt
    Hotel Corp.	Upscale	Summit Hotel TRS, Inc.
    	Summit Hotel TRS 132,
    LLC
	Summit
    Hospitality 134, LLC	134	Courtyard - Fort Lauderdale
    Beach	Acquisition	261	440 Seabreeze Boulevard	Fort
    Lauderdale	Broward	FL	33316	Marriott
    International	Upscale	Summit Hotel TRS, Inc.
    	Summit Hotel TRS 134,
    LLC
	Summit
    Hospitality 135, LLC	135	Courtyard - Charlotte
    City Center	Acquisition	181	237 South Tryon Street	Charlotte	Mecklenburg	NC	28202	Marriott
    International	Upscale	Summit Hotel TRS, Inc.
    	Summit Hotel TRS 135,
    LLC
	Summit
    Hospitality 136, LLC	136	Hampton Inn & Suites
    - Baltimore Inner Harbor	Acquisition	116	131 East Redwood Street	Baltimore	Baltimore	MD	21202	Hilton
    Worldwide	Upper
    Midscale 	Summit Hotel TRS, Inc.	Summit Hotel TRS 136,
    LLC
	Summit
    Hospitality 137, LLC	137	Residence Inn - Baltimore
    Downtown/Inner Harbor	Acquisition	189	17 Light Street	Baltimore	Baltimore	MD	21202	Marriott
    International	Upscale	Summit Hotel TRS, Inc.
    	Summit Hotel TRS 137,
    LLC

 

    	 	Sch. II-2	 

     

    

 

	OWNERSHIP
                                         

        ENTITY
	CODE	PROPERTY
    NAME	CLASS	ROOMS	STREET
                                         

        ADDRESS
	CITY	COUNTY	STATE	ZIP
                                         

        CODE
	FRANCHISOR	STR
                                         

        CHAIN 

        SCALE
	TRS
                                         

        HOLDING 

        COMPANY
	TRS
                                         

        ENTITY 

        “LESSEE”

	Summit
    Hospitality 138, LLC	138	Courtyard - Kansas
    City Country Club Plaza	Acquisition	123	4600 JC Nichols Parkway	Kansas
    City	Jackson	MO	64112	Marriott International	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 138, LLC
	Summit
    Hospitality 139, LLC	139	Courtyard - Pittsburgh
    Downtown	Acquisition	182	945 Penn Avenue	Pittsburgh	Allegheny	PA	15222	Marriott International	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 139, LLC
	Summit
    Hospitality 140, LLC	140	Courtyard - Fort Worth
    Downtown/Blackstone	Acquisition	203	601 Main Street	Fort
    Worth	Tarrant	TX	76102	Marriott International	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 140, LLC
	Summit
    Hospitality 141, LLC	141	AC Hotel - Atlanta
    Downtown	Acquisition	255	101 Andrew J.Young
    International Boulevard	Atlanta	Fulton	GA	30303	Marriott International	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 141, LLC
	Summit
    Hospitality 142, LLC	142	Homewood Suites - Tucson/St.
    Philip’s Plaza University	Acquisition	122	4250 North Campebell
    Avenue	Tucson	Pima	AZ	85718	Hilton Worldwide	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 142, LLC
	Summit
    Hospitality 143, LLC	143	Hilton Garden Inn -
    Waltham	Acquisition	148	450 Totten Pond Road	Waltham	Middlesex	MA	02451	Hilton Worldwide	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 143, LLC
	Summit
    Hospitality 144, LLC	144	Residence Inn - Cleveland
    Downtown	Acquisition	175	527 Prospect Avenue
    East	Cleveland	Cuyahoga	OH	44115	Marriott International	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 144, LLC
	Summit
    Hospitality 145, LLC	145	Courtyard - New Haven
    at Yale	Acquisition	207	30 Whalley Avenue	New
    Haven	New
    Haven	CT	06511	Marriott International	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 145, LLC
	BP
    Watertown Hotel, LLC	146	Residence Inn - Boston/Watertown	Acquisition	150	570 Arsenal Street	Watertown	Middlesex	MA	02472	Marriott International	Upscale	Summit
    Hotel TRS, Inc. 	Summit
    Hotel TRS 146, LLC
	TOTAL	 	49 Hotels w/ 7,604
    Guestrooms	 	7,604	 	 	 	 	 	 	 	 	 

 

Note: Ownership Entity SGS, AZ, LLC is Summit Group of Scottsdale,
AZ, LLC.

 

    	 	Sch. II-3	 

     

    

 

Schedule III - Approved Managers

 

	Count	Management Company
	1	Aimbridge Hospitality
	1	American Liberty Hospitality, Inc.
	1	Concord Hospitality
	1	Courtyard Management Corporation
	1	Crestline Hotels & Resorts and affiliates
	1	Enterprises Company, LLC
	1	Fillmore Hospitality and affiliates
	1	IHG Management (Maryland), LLC
	1	Intercontinental Hotels Group Resources, Inc.
	1	Intermountain Management, LLC
	1	Interstate Management Company, LLC and affiliates
	1	Kana Hotels, Inc.
	1	LBA Hospitality
	1	OTO Development, LLC
	1	Park Place Hospitality
	1	Pillar Hotels and Resorts, LP
	1	Residence Inn by Marriott, Inc.
	1	Sage Hospitality and affiliates
	1	Select Hotels Group, LLC
	1	Springhill SMC Corporation
	1	Stonebridge Realty Advisors, Inc. and affiliates
	1	TPG Hotels & Resorts, Inc.
	1	White Lodging Services Corporation
	23	 

 

    	 	Sch. III-1	 

     

    

 

SCHEDULE IV

EXISTING LETTERS OF CREDIT

 

None.

 

    	 	Sch. IV-1	 

     

    

 

Schedule 4.01(b) – Subsidiaries

 

	Summit Entity	 	State of 
 Origination
	 	Owner	 	% Interest	 	 	# Shares 
 Authorized
	 	 	# Shares 
 Outstanding
	 	 	# Shares 
 Covered by 
 Options, 
 Warrants,
 etc.
	 
	Summit Hotel Properties, Inc (1)	 	Maryland	 	Public Stockholders	 	 	100	%	 	 	600,000,000	 	 	 	104,760,836	 	 	 	235,000	 
	Summit Hotel GP, LLC	 	Delaware	 	Summit Hotel Properties, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel OP, LP	 	Delaware	 	Summit Hotel Properties, Inc.	 	 	99	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel OP, LP	 	Delaware	 	Unaffiliated limited partners	 	 	1	%	 	 	297,552	 	 	 	297,552	 	 	 	-	 
	Norwood Hotel Operator, LLC	 	Delaware	 	Summit Hospitality 122, LLC	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Arlington CTY License, LLC	 	Delaware	 	Summit Hotel TRS 036, LLC	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Fort Worth HGI License, LLC	 	Delaware	 	Summit Hotel TRS 080, LLC	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality of Texas, LLC	 	Texas	 	Summit Hotel Properties, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Licensing 121, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Licensing 137, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Licensing Ft Worth CTY Holding, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Licensing Ft Worth CTY, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Meta 2017, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality I, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality V, LLC	 	South Dakota	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality VI, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality VII, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality VIII, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality IX, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality XI, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality XII, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality XIII, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality XIV, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality XV, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Group of Scottsdale, Arizona LLC	 	South Dakota	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit IHG JV, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	99	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit IHG JV, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	1	%	 	 	-	 	 	 	-	 	 	 	-	 
	San Fran JV, LLC	 	Delaware	 	Summit IHG JV, LLC	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 17, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 18, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 19,LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 20, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 21, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 22, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 23, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 24, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 25, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 26, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 026 AZ, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 009, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 036, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 039, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 057, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 

 

    	 	Sch. 4.01(b)-1	 

     

    

 

	Summit Entity	 	State of 
 Origination
	 	Owner	 	% Interest	 	 	# Shares 
 Authorized
	 	 	# Shares 
 Outstanding
	 	 	# Shares 
 Covered by 
 Options, 
 Warrants,
 etc.
	 
	Summit Hospitality 060, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 066, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 084, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 085, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 099, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 100, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 102, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 104, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 110, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 111, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 114, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 115, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 116, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 117, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 118, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 119, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 120, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 121, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 122, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 123, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 126, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 127, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 128, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 129, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 130, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 131, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 132, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 133, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 134, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 135, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 136, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 137, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 

 

    	 	Sch. 4.01(b)-2	 

     

    

 

	Summit Entity	 	State of 
 Origination
	 	Owner	 	% Interest	 	 	# Shares 
 Authorized
	 	 	# Shares 
 Outstanding
	 	 	# Shares 
 Covered by 
 Options, 
 Warrants,
 etc.
	 
	Summit Hospitality 138, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 139, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 140, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 141, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 142, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 143, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 144, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hospitality 145, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	BP Watertown Hotel, LLC	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS, Inc	 	Delaware	 	Summit Hotel OP, LP	 	 	100	%	 	 	100	 	 	 	100	 	 	 	-	 
	Summit Hotel TRS 003, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 005, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 007, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 008, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 009, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 010, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 013, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 014, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 023, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 024, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 026, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 027, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 030, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 031, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 034, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 036, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 037, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 039, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 044, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 045, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 048, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 051, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 052, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 053, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 

 

    	 	Sch. 4.01(b)-3	 

     

    

 

	Summit Entity	 	State of 
 Origination
	 	Owner	 	% Interest	 	 	# Shares 
 Authorized
	 	 	# Shares 
 Outstanding
	 	 	# Shares 
 Covered by 
 Options, 
 Warrants,
 etc.
	 
	Summit Hotel TRS 057, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 060, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 062, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 065, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 066, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 080, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 081, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 082, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 084, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 085, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 086, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 087, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 088, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 089, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 090, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 092, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 094, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 095, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 096, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 098, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 099, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Carnegie Hotels, LLC	 	Georgia	 	Summit Hotel OP, LP	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 100, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 101, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 102, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 103, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 104, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 105, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 106, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 107, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 108, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 109, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 110, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 

 

    	 	Sch. 4.01(b)-4	 

     

    

 

	Summit Entity	 	State of 
 Origination
	 	Owner	 	% Interest	 	 	# Shares 
 Authorized
	 	 	# Shares 
 Outstanding
	 	 	# Shares 
 Covered by 
 Options, 
 Warrants,
 etc.
	 
	Summit Hotel TRS 111, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 112, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 113, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 114, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 115, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 116, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 117, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 118, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 119, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 120, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 121, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 122, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 123, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 126, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 127, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 128, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 129, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 130, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 131, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 132, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 133, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 134, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 135, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 136, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 137, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 138, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 139, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 140, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 141, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 142, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 143, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 

 

    	 	Sch. 4.01(b)-5	 

     

    

 

	Summit Entity	 	State of 
 Origination
	 	Owner	 	% Interest	 	 	# Shares 
 Authorized
	 	 	# Shares 
 Outstanding
	 	 	# Shares 
 Covered by 
 Options, 
 Warrants,
 etc.
	 
	Summit Hotel TRS 144, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 145, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 
	Summit Hotel TRS 146, LLC	 	Delaware	 	Summit Hotel TRS, Inc.	 	 	100	%	 	 	-	 	 	 	-	 	 	 	-	 

 

		(1)	Classes of shares authorized include:

		-	500,000,000 Common Shares

		-	100,000,000 Preferred Shares, which are currently comprised
of:

		-	3,000,000 shares of 6.45% Series D Cumulative Redeemable
Preferred Stock

		-	6,400,000 shares of 6.25% Series E Cumulative Redeemable
Preferred Stock

 

    	 	Sch. 4.01(b)-6	 

     

    

 

Schedule 4.01(f) – Material Litigation

 

None.

 

     

     

    

 

Schedule 4.01(n) - Existing Debt

 

	Borrower	 	Lender	 	Note
                                         
 Reference
                                         
	 	Interest
    Rate (1)	 	Amort.
                                         
 Period
                                         
 (Years)
                                         
	 	Maturity Date	 	Number
                                         of 
 Properties
                                         
 Encumbered
                                         
 at
                                         09/30/18
	 	Principal
                                         
 Amount
                                         
 Outstanding
                                         
 (000s)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Senior Unsecured Credit Facility	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Deutsche Bank AG New York Branch	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Summit Hotel OP, LP	 	$400 Million Revolver	 	(a)	 	30L +165 bps	 	n/a	 	March 31, 2023	 	n/a	 	$	15,000	 
	Summit Hotel OP, LP	 	$200 Million Term Loan	 	(a)	 	30L +160 bps	 	n/a	 	April 1, 2024	 	n/a	 	 	200,000	 
	 	 	Total Senior Unsecured Credit Facility	 	 	 	 	 	 	 	 	 	 	 	 	215,000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Unsecured Term Loans	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Summit Hotel OP, LP	 	KeyBank National Association	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	7-Year $225 Million Term Loan	 	(b)	 	4.09% Variable (2)	 	n/a	 	February 14, 2025	 	n/a	 	 	225,000	 
	Summit Hotel OP, LP	 	KeyBank National Association	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	5-Year $225 Million Term Loan	 	(c)	 	3.79% Variable (3)	 	n/a	 	November 25, 2022	 	n/a	 	 	225,000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Mortgage Loans	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Summit Hospitality 116, LLC	 	 	 	(d)	 	5.18% Fixed	 	20	 	March 1, 2019	 	1	 	 	15,270	 
	Summit Hospitality 22, LLC	 	Voya (f.k.a. ING Life Ins. and Annuity)	 	(d)	 	5.18% Fixed	 	20	 	March 1, 2019	 	2	 	 	38,985	 
	Summit Hospitality I, LLC	 	 	 	(d)	 	5.18% Fixed	 	20	 	March 1, 2019	 	2	 	 	22,535	 
	Summit Hotel OP, LP	 	 	 	(d)	 	5.18% Fixed	 	20	 	March 1, 2019	 	3	 	 	31,253	 
	Summit Hospitality 085, LLC	 	Bank of Cascades	 	(e)	 	4.09% Variable	 	25	 	December 19, 2024	 	1	 	 	8,823	 
	Summit Hospitality 085, LLC	 	 	 	(e)	 	4.30% Fixed	 	25	 	December 19, 2024	 	-	 	 	8,823	 
	Summit Meta 2017, LLC	 	Metabank	 	(f)	 	4.44% Fixed	 	25	 	July 1, 2027	 	3	 	 	47,640	 
	Summit Hospitality XIII, LLC	 	KeyBank National Association	 	 	 	4.46% Fixed	 	30	 	February 1, 2023	 	4	 	 	26,503	 
	Summit Hospitality XIV, LLC	 	 	 	 	 	4.52% Fixed	 	30	 	April 1, 2023	 	3	 	 	20,555	 
	Summit Hospitality 19, LLC	 	 	 	 	 	4.30% Fixed	 	30	 	April 1, 2023	 	3	 	 	19,888	 
	Summit Hospitality 21, LLC	 	 	 	 	 	4.95% Fixed	 	30	 	August 1, 2023	 	2	 	 	35,586	 
	Summit Hospitality 26, LLC	 	U.S. Bank, NA	 	 	 	6.13% Fixed	 	25	 	November 11, 2021	 	1	 	 	10,795	 
	Summit Hospitality 036, LLC,	 	Compass Bank	 	(g)	 	4.49% Variable	 	25	 	May 6, 2020	 	3	 	 	22,306	 
	Summit Hospitality 110, LLC,	 	co-borrower	 	(g)	 	 	 	 	 	 	 	 	 	 	 	 
	Summit Hospitality 111, LLC	 	co-borrower	 	(g)	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Total Mortgage Loans	 	28	 	 	308,962	 
	 	 	 	 	 	 	 	 	 	 	Total Debt	 	28	 	$	973,962	 

 

     

     

    

 

Schedule 4.01(n) - Existing Debt

 

		(1)	The interest rates at September 30, 2018, above give effect to our use of interest rate derivatives, where applicable.

 

		(2)	We entered into an interest rate derivative to effectively produce a fixed interest rate on 44%, or $100 million of the 7-yr
$225 million term loan; however, the interest rate spread over LIBOR may change based upon our Leverage Ratio, as defined in the
term loan documents. At September 30, 2018, the termination value of this interest rate derivative was $3.8 million.

 

		(3)	We entered into an interest rate derivative to effectively produce a fixed interest rate on 44%, or $100 million of the 5-yr
$225 million term loan; however, the interest rate spread over LIBOR may change based upon our Leverage Ratio, as defined in the
term loan documents. At September 30, 2018, the termination value of this interest rate derivative was $3.8 million.

 

		(a)	The Senior Unsecured Credit Facility requires that no less than 20 of our hotel properties remain unencumbered, as defined
in the credit facility documentation, and also requires compliance with covenants customary among our industry peers. The $400
Million Revolver matures in March 2023 and can be extended to March 2024 at our option, subject to certain conditions. The $200
Million Term Loan matures in April 2024.

 

		(b)	The 7-yr Unsecured Term Loan requires that no less than 20 of our hotel properties remain unencumbered, as defined in the credit
facility documentation, and also requires compliance with covenants customary among our industry peers. The KeyBank 7-yr Unsecured
Term Loan matures on February 14, 2025, replaced the existing $140 Million 7-Yr Unsecured Term Loan, and had $225 million outstanding
as of September 30, 2018.

 

		(c)	The KeyBank 5-yr Unsecured Term Loan requires that no less than 20 of our hotel properties remain unencumbered, as defined
in the credit facility documentation, and also requires compliance with covenants customary among our industry peers. The KeyBank
5-yr Unsecured Term Loan matures on November 25, 2022.

 

		(d)	The four term loans with Voya have a fixed interest rates of 5.18% and a first call date of March 1, 2019. The loans are cross-collateralized
and have cross-default provisions. March 1, 2019, represents the first call date for the specified loans. We have delivered a payoff
notice to Voya for payment in full on December 31, 2018.

 

		(e)	The Bank of the Cascades financing consists of two notes. Note A carries a variable interest rate of 30-day LIBOR plus 200
basis points, and Note B carries a fixed interest rate of 4.30%. Both notes have an amortization periods of 25 years and maturity
dates of December 19, 2024. These two loans are secured by one hotel and are cross-defaulted.

 

		(f)	On June 30, 2017, we entered into a $47.6 million secured, non-recourse loan with Metabank which includes a delayed draw feature,
a 4.44% fixed interest rate, and interest-only payments for 18 months following the closing date. The loan was fully drawn by December
31, 2017. Summit Hospitality XII, Summit Hospitality 115, LLC, and Summit Hospitality 133, LLC, have each granted a mortgage, security
agreement, and related documents to Metabank as security for the loan.

 

     

     

    

 

		(g)	The Compass Bank loan carries a variable rate of 30-day LIBOR plus 240 basis points, amortizes over 25 years, and has a May
6, 2020 maturity date. The loan is secured by first mortgage liens on the Hampton Inn & Suites in San Diego (Poway), CA, and
Ventura (Camarillo), CA and the Courtyard in Arlington, TX.

 

		(4)	Represents oustanding balances as of September 30, 2018. Assumes the incremental Term Loan amount of $50 million used to reduce
outstandings on the Revolver.

 

Summit Hotel OP, LP indemnifies numerous lenders for environmental
and other issues, and provides guaranties and indemnifications for numerous hotel management agreements, franchise agreements,
title policy indemnifications, and ground leases. Summit Hotel OP, LP guaranties carve outs on US Bank (Summit Hospitality 26,
LLC), Bank of the Cascades, Compass Bank, Voya, KeyBank (Summit Hospitality XIII, LLC, Summit Hospitality XIV, LLC, Summit Hospitality
19, LLC, Summit Hospitality 21, LLC) loans, and Metabank loan.

 

Summit Hotel Properties, Inc. guaranties carve outs on its US
Bank (Summit Hospitality 26, LLC) loan.

 

The Senior Unsecured Credit Facility and the Unsecured Term
Loans are both guaranteed by Summit Hotel Properties, Inc., each unencumbered asset ownership entity, and each Taxable REIT Subsidiary
lessee.

 

     

     

    

 

Schedule 4.01(o) - Existing Liens

 

	Borrower	 	Lender	 	Encumbered Assets	 	Note
                                         
 Reference
	 	Number
                                         of 
 Properties
                                         
 Encumbered
                                         
 at
                                         09/30/18
	 	Principal
                                         
 Amount
                                         
 Outstanding
                                         
 at
                                         09/30/18 
 (000s)
	 	 	Mortgage(s)	 	Assignment
                                         of 
 Leases
                                         / Rents
	 	UCC
                                         
 Financing
                                         
 Statement

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Mortgage Loans	 	Property Name	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Summit Hospitality 116, LLC	 	 	 	Hilton Garden Inn Houston Energy Corridor	 	(a)	 	1	 	 	15,270	 	 	YES	 	YES	 	YES
	Summit Hospitality 22, LLC	 	Voya (f.k.a. ING Life Ins. and Annuity)	 	Courtyard & SpringHill Suites Indianapolis	 	(a)	 	2	 	 	38,985	 	 	YES	 	YES	 	YES
	Summit Hospitality I, LLC	 	 	 	Hilton Garden Inn Greenville & SpringHill Suites New Orleans	 	(a)	 	2	 	 	22,535	 	 	YES	 	YES	 	YES
	Summit Hotel OP, LP	 	 	 	Hampton Inn & Suites Tampa, Courtyard & Residence Inn Metairie	 	(a)	 	3	 	 	31,253	 	 	YES	 	YES	 	YES
	Summit Hospitality 085, LLC	 	Bank of Cascades	 	Residence Inn Portland	 	(b)	 	1	 	 	8,823	 	 	YES	 	YES	 	YES
	Summit Hospitality 085, LLC	 	 	 	Residence Inn Portland	 	(b)	 	-	 	 	8,823	 	 	YES	 	YES	 	YES
	Summit Meta 2017, LLC	 	Metabank	 	 	 	(c)	 	 	 	 	47,640	 	 	NO	 	NO	 	NO
	Summit Hospitality XII, LLC	 	 	 	Residence Inn Salt Lakes City	 	 	 	1	 	 	 	 	 	YES	 	YES	 	YES
	Summit Hospitality 115, LLC	 	 	 	Four Points San Francisco	 	 	 	1	 	 	 	 	 	YES	 	YES	 	YES
	Summit Hospitality 133, LLC	 	 	 	Hyatt Place Mesa	 	 	 	1	 	 	 	 	 	YES	 	YES	 	YES
	Summit Hospitality XIII, LLC	 	KeyBank National Association	 	Hyatt Place:  Lombard, Arlington, Park Meadows, and Denver	 	 	 	4	 	 	26,503	 	 	YES	 	YES	 	YES
	Summit Hospitality XIV, LLC	 	 	 	Hyatt Place:  Owings Mills & Scottsdale & Hyatt
    House Denver	 	 	 	3	 	 	20,555	 	 	YES	 	YES	 	YES
	Summit Hospitality 19, LLC	 	 	 	Hyatt Place:  Hoffman estates, Orlando Universal &
    Orlando Convention	 	 	 	3	 	 	19,888	 	 	YES	 	YES	 	YES
	Summit Hospitality 21, LLC	 	 	 	Fairfield Inn & Suites & SpringHill Suites Louisville	 	 	 	2	 	 	35,586	 	 	YES	 	YES	 	YES
	Summit Hospitality 26, LLC	 	U.S. Bank, NA	 	Hampton Inn Santa Barbara	 	 	 	1	 	 	10,795	 	 	YES	 	YES	 	YES
	Summit Hospitality 036, LLC,	 	Compass Bank	 	Courtyard Arlington	 	(d)	 	1	 	 	22,306	 	 	YES	 	YES	 	YES
	Summit Hospitality 110, LLC,	 	co-borrower	 	Hampton Inn & Suites Poway	 	(d)	 	1	 	 	 	 	 	YES	 	YES	 	YES
	Summit Hospitality 111, LLC	 	co-borrower	 	Hampton Inn & Suites Camarillo	 	(d)	 	1	 	 	 	 	 	YES	 	YES	 	YES
	 	 	 	 	Total Mortgage Properties	 	 	 	28	 	 	308,962	 	 	 	 	 	 	 

 

		(a)	The four term loans with Voya have a fixed interest rates of 5.18% and a first call date of March 1, 2019. The loans are cross-collateralized
and have cross-default provisions. March 1, 2019, represents the first call date for the specified loans. We have delivered a payoff
notice to Voya for payment in full on December 31, 2018.

 

		(b)	The Bank of the Cascades financing consists of two notes. Note A carries a variable interest rate of 30-day LIBOR plus 200
basis points, and Note B carries a fixed interest rate of 4.30%. Both notes have an amortization periods of 25 years and maturity
dates of December 19, 2024. These two loans are secured by one hotel and are cross-defaulted.

 

		(c)	On June 30, 2017, we entered into a $47.6 million secured, non-recourse loan with Metabank which includes a delayed draw feature,
a 4.44% fixed interest rate, and interest-only payments for 18 months following the closing date. The loan was fully drawn by December
31, 2017. Summit Hospitality XII, Summit Hospitality 115, LLC, and Summit Hospitality 133, LLC, have each granted a mortgage, security
agreement, and related documents to Metabank as security for the loan.

 

		(d)	The Compass Bank loan carries a variable rate of 30-day LIBOR plus 240 basis points, amortizes over 25 years, and has a May
6, 2020 maturity date. The loan is secured by first mortgage liens on the Hampton Inn & Suites in San Diego (Poway), CA, and
Ventura (Camarillo), CA and the Courtyard in Arlington, TX.

 

     

     

    

 

Schedule 4.01(p) - Part I - Real Property:
Owned Assets

 

	OWNERSHIP

    ENTITY	 	CODE	 	PROPERTY
    NAME	 	STREET
    ADDRESS	 	CITY	 	STATE	 	ZIP
    
 CODE	 	TRS
    HOLDING 
 COMPANY	 	TRS
    ENTITY
 “LESSEE”	 	GAAP
    
 GROSS 
 BOOK 
 VALUE 
 09/30/2018	 	 	NOTE
	LAND	 	001	 	LAND	 	 	 	 	 	 	 	 	 	 	 	 	 	 	8,104,942	 	 	
	Summit Hospitality VI, LLC	 	003	 	SpringHill Suites - Minneapolis/St. Paul Airport/Mall of America	 	2870 Metro Drive	 	Bloomington	 	MN	 	55425	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 003, LLC	 	 	19,123,914	 	 	 
	Summit Hospitality VI, LLC	 	005	 	Hampton Inn & Suites - Minneapolis/St. Paul Airport/Mall of
    America	 	2860 Metro Drive	 	Bloomington	 	MN	 	55425	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 005, LLC	 	 	19,879,915	 	 	 
	Summit Hospitality XIV, LLC	 	007	 	Hyatt Place - Baltimore/Owings Mills	 	4730 Painters Mill Road	 	Owings Mills	 	MD	 	21117	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 007, LLC	 	 	12,006,985	 	 	 
	Summit Hospitality XIII, LLC	 	008	 	Hyatt Place - Chicago/Lombard/Oak Brook	 	2340 South Fountain Square Drive	 	Lombard	 	IL	 	60148	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 008, LLC	 	 	19,025,098	 	 	 
	Summit Hospitality XII, LLC	 	010	 	Residence Inn - Salt Lake City Downtown	 	285 West Broadway	 	Salt Lake City	 	UT	 	84101	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 010, LLC	 	 	27,738,319	 	 	 
	Summit Hospitality XIII, LLC	 	013	 	Hyatt Place - Dallas/Arlington	 	2380 East Road to Six Flags Street	 	Arlington	 	TX	 	76011	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 013, LLC	 	 	10,925,919	 	 	 
	Summit Hospitality XIII, LLC	 	014	 	Hyatt Place - Denver South/Park Meadows	 	9030 East Westview Road	 	Lone Tree	 	CO	 	80124	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 014, LLC	 	 	13,151,044	 	 	 
	Summit Hospitality XIII, LLC	 	024	 	Hyatt Place - Denver Tech Center	 	8300 East Crescent Parkway	 	Englewood	 	CO	 	80111	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 024, LLC	 	 	14,067,285	 	 	 
	Summit Hospitality XIV, LLC	 	027	 	Hyatt Place - Scottsdale/Old Town	 	7300 East Third Avenue	 	Scottsdale	 	AZ	 	85251	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 027, LLC	 	 	11,812,732	 	 	 
	San Fran JV, LLC	 	030	 	Holiday Inn Express & Suites - San Francisco/Fisherman’s
    Wharf	 	550 North Point Street	 	San Francisco	 	CA	 	94133	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 030, LLC	 	 	65,770,578	 	 	 
	Summit Hospitality 19, LLC	 	034	 	Hyatt Place - Chicago/Hoffman Estates	 	2750 Greenspoint Parkway	 	Hoffman Estates	 	IL	 	60169	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 034, LLC	 	 	10,885,053	 	 	 
	Summit Hospitality 036, LLC	 	036	 	Courtyard - Dallas/Arlington South	 	711 Highlander Boulevard	 	Arlington	 	TX	 	76015	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 036, LLC	 	 	17,305,132	 	 	 
	Summit Hospitality I, LLC	 	037	 	Residence Inn - Dallas/Arlington South	 	801 Highlander Boulevard	 	Arlington	 	TX	 	76015	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 037, LLC	 	 	18,032,354	 	 	 
	Summit Hotel OP, LP	 	044	 	Country Inn & Suites - Charleston South, WV	 	105 Alex Lane	 	Charleston	 	WV	 	25304	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 044, LLC	 	 	7,080,880	 	 	 
	Summit Hotel OP, LP	 	045	 	Holiday Inn Express - Charleston/Kanawha City	 	107 Alex Lane	 	Charleston	 	WV	 	25304	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 045, LLC	 	 	6,870,121	 	 	 
	Summit Hospitality 19, LLC	 	048	 	Hyatt Place - Orlando/Convention Center	 	8741 International Drive	 	Orlando	 	FL	 	32819	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 048, LLC	 	 	14,768,246	 	 	 
	Summit Hospitality 19, LLC	 	051	 	Hyatt Place - Orlando/Universal	 	5895 Caravan Court	 	Orlando	 	FL	 	32819	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 051, LLC	 	 	17,096,689	 	 	 
	SGS, AZ, LLC	 	052	 	Courtyard - Scottsdale North	 	17010 North Scottsdale Road	 	Scottsdale	 	AZ	 	85255	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 052, LLC	 	 	18,558,036	 	 	(1)
	SGS, AZ, LLC	 	053	 	Springhill Suites - Scottsdale North	 	17020 North Scottsdale Road	 	Scottsdale	 	AZ	 	85255	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 053, LLC	 	 	13,530,371	 	 	(1)
	Summit Hospitality 057, LLC	 	057	 	Hyatt Place - Minneapolis/Downtown	 	425 7th Street South	 	Minneapolis	 	MN	 	55415	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 057, LLC	 	 	35,009,552	 	 	 
	Summit Hospitality 060, LLC	 	060	 	Springhill Suites - Nashville MetroCenter	 	250 Athens Way	 	Nashville	 	TN	 	37228	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 060, LLC	 	 	8,011,103	 	 	 
	Summit Hospitality 18, LLC	 	062	 	Hilton Garden Inn - Minneapolis/Eden Prairie	 	6330 Point Chase	 	Eden Prairie	 	MN	 	55344	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 062, LLC	 	 	13,310,690	 	 	 
	Summit Hospitality 17, LLC	 	065	 	Holiday Inn Express & Suites - Minneapolis/Minnetonka	 	10985 Red Circle Drive	 	Minnetonka	 	MN	 	55343	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 065, LLC	 	 	9,024,552	 	 	 
	Summit Hospitality I, LLC	 	066	 	Courtyard - New Orleans Downtown Near the French Quarter	 	124 St. Charles Avenue	 	New Orleans	 	LA	 	70130	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 066, LLC	 	 	30,823,695	 	 	 
	Summit Hospitality 084, LLC	 	084	 	Hyatt Place - Portland Airport/Cascade Station	 	9750 Northeast Cascades Parkway	 	Portland	 	OR	 	97220	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 084, LLC	 	 	19,189,686	 	 	(2)
	Summit Hospitality 085, LLC	 	085	 	Residence Inn - Portland Airport at Cascade Station	 	9301 Northeast Cascades Parkway	 	Portland	 	OR	 	97220	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 085, LLC	 	 	19,437,800	 	 	(2)
	Summit Hotel OP, LP	 	086	 	Hilton Garden Inn - Birmingham/Lakeshore Drive	 	520 Wildwood Circle Drive North	 	Birmingham	 	AL	 	35209	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 086, LLC	 	 	10,945,184	 	 	 
	Summit Hotel OP, LP	 	087	 	Hilton Garden Inn - Birmingham SE/Liberty Park	 	2090 Urban Center Parkway	 	Birmingham	 	AL	 	35242	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 087, LLC	 	 	14,678,211	 	 	 
	Summit Hotel OP, LP	 	092	 	Courtyard - New Orleans/Metairie	 	2 Galleria Boulevard	 	Metairie	 	LA	 	70001	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 092, LLC	 	 	27,293,251	 	 	 
	Summit Hospitality I, LLC	 	094	 	Staybridge Suites - Denver/Cherry Creek	 	4220 East Virginia Avenue	 	Glendale	 	CO	 	80246	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 094, LLC	 	 	13,015,424	 	 	 
	Summit Hospitality XIV, LLC	 	098	 	Hyatt House - Denver Tech Center	 	9280 East Costilla Avenue	 	Englewood	 	CO	 	80112	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 098, LLC	 	 	20,720,597	 	 	 
	Carnegie Hotels, LLC	 	099	 	Courtyard - Atlanta Downtown	 	133 Carnegie Way	 	Atlanta	 	GA	 	30303	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 099, LLC	 	 	30,162,751	 	 	 
	Summit Hospitality 100, LLC	 	100	 	Hyatt Place - Garden City	 	5 North Avenue	 	Garden City	 	NY	 	11530	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 100, LLC	 	 	32,724,708	 	 	(2)
	Summit Hotel OP, LP	 	101	 	Hampton Inn & Suites - Tampa/Ybor City/Downtown	 	1301 East 7th Avenue	 	Tampa	 	FL	 	33605	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 101, LLC	 	 	24,552,792	 	 	 
	Summit Hospitality I, LLC	 	102	 	Courtyard - New Orleans Downtown/Convention Center	 	300 Julia Street	 	New Orleans	 	LA	 	70130	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 102, LLC	 	 	37,715,569	 	 	 
	Summit Hotel OP, LP	 	103	 	Residence Inn - New Orleans/Metairie	 	3 Galleria Boulevard	 	Metairie	 	LA	 	70001	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 103, LLC	 	 	25,816,333	 	 	 
	Summit Hospitality I, LLC	 	104	 	SpringHill Suites - New Orleans Downtown	 	301 St. Joseph Street	 	New Orleans	 	LA	 	70130	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 104, LLC	 	 	42,705,945	 	 	 
	Summit Hospitality I, LLC	 	105	 	Hilton Garden Inn - Greenville	 	108 Carolina Point Parkway	 	Greenville	 	SC	 	29605	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 105, LLC	 	 	19,851,736	 	 	 
	Summit Hospitality 21, LLC	 	106	 	Fairfield Inn & Suites - Louisville Downtown	 	100 East Jefferson Street	 	Louisville	 	KY	 	40202	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 106, LLC	 	 	27,933,732	 	 	 
	Summit Hospitality 21, LLC	 	107	 	SpringHill Suites - Louisville Downtown	 	132 East Jeffferson Street	 	Louisville	 	KY	 	40202	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 107, LLC	 	 	43,403,454	 	 	 
	Summit Hospitality 22, LLC	 	108	 	SpringHill Suites - Indianapolis Downtown	 	601 West Washington Street	 	Indianapolis	 	IN	 	46204	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 108, LLC	 	 	32,717,493	 	 	 
	Summit Hospitality 22, LLC	 	109	 	Courtyard - Indianapolis Downtown	 	601 West Washington Street	 	Indianapolis	 	IN	 	46204	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 109, LLC	 	 	62,899,265	 	 	 
	Summit Hospitality 110, LLC	 	110	 	Hampton Inn & Suites - San Diego/Poway	 	14068 Stowe Drive	 	Poway	 	CA	 	92064	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 110, LLC	 	 	18,656,931	 	 	 
	Summit Hospitality 111, LLC	 	111	 	Hampton Inn & Suites - Camarillo	 	50 West Daily Drive	 	Camarillo	 	CA	 	93010	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 111, LLC	 	 	19,966,259	 	 	 
	Summit Hospitality 26, LLC	 	112	 	Hampton Inn - Santa Barbara/Goleta	 	5665 Hollister Avenue	 	Goleta	 	CA	 	93117	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 112, LLC	 	 	31,828,114	 	 	 
	Summit Hospitality 25, LLC	 	113	 	Hilton Garden Inn - Houston/Galleria Area	 	3201 Sage Road	 	Houston	 	TX	 	77056	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 113, LLC	 	 	41,688,241	 	 	(2)
	Summit Hospitality 114, LLC	 	114	 	DoubleTree - San Francisco Airport North	 	5000 Sierra Point Parkway	 	Brisbane	 	CA	 	94005	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 114, LLC	 	 	45,317,573	 	 	 
	Summit Hospitality 115, LLC	 	115	 	Four Points - San Francisco Airport	 	264 South Airport Boulevard	 	San Francisco	 	CA	 	94080	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 115, LLC	 	 	23,508,677	 	 	 
	Summit Hospitality 116, LLC	 	116	 	Hilton Garden Inn - Houston/Energy Corridor	 	12245 Katy Freeway	 	Houston	 	TX	 	77079	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 116, LLC	 	 	37,743,230	 	 	 

 

     

     

    

 

	OWNERSHIP

    ENTITY	 	CODE	 	PROPERTY
    NAME	 	STREET
    ADDRESS	 	CITY	 	STATE	 	ZIP
    
 CODE	 	TRS
    HOLDING 
 COMPANY	 	TRS
    ENTITY
 “LESSEE”	 	GAAP
    
 GROSS 
 BOOK 
 VALUE 
 09/30/2018	 	 	NOTE
	Summit Hospitality 117, LLC	 	117	 	Hampton Inn & Suites - Austin/Downtown/Convention
    Center	 	200 San Jacinto Boulevard	 	Austin	 	TX	 	78701	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 117, LLC	 	 	57,580,107	 	 	(2)
	Summit Hospitality 118, LLC	 	118	 	Hampton Inn & Suites - Minneapolis/Downtown	 	19 North 8th Street	 	Minneapolis	 	MN	 	55403	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 118, LLC	 	 	39,103,386	 	 	 
	Summit Hospitality 119, LLC	 	119	 	Residence Inn - Bridgewater/Branchburg	 	3241 Route 22 East	 	Branchburg	 	NJ	 	08876	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 119, LLC	 	 	27,976,638	 	 	 
	Summit Hospitality 120, LLC	 	120	 	Hyatt House - Orlando/Universal	 	5915 Caravan Court	 	Orlando	 	FL	 	32819	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 120, LLC	 	 	35,504,182	 	 	 
	Summit Hospitality 121, LLC	 	121	 	Residence Inn - Baltimore/Hunt Valley	 	45 Schilling Rd	 	Hunt Valley	 	MD	 	21031	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 121, LLC	 	 	33,516,187	 	 	(2)
	Summit Hospitality 122, LLC	 	122	 	Hampton Inn - Boston/Norwood	 	434 Providence Highway (Rt. 1)	 	Norwood	 	MA	 	02062	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 122, LLC	 	 	27,117,276	 	 	 
	Summit Hospitality 123, LLC	 	123	 	Hotel Indigo - Asheville Downtown	 	151 Haywood Street	 	Asheville	 	NC	 	28801	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 123, LLC	 	 	38,562,455	 	 	 
	Summit Hospitality 126, LLC	 	126	 	Courtyard - Atlanta Decatur Downtown/Emory	 	130 Clairemont Avenue	 	Decatur	 	GA	 	30030	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 126, LLC	 	 	45,644,175	 	 	 
	Summit Hospitality 127, LLC	 	127	 	Courtyard - Nashville Vanderbilt/West End	 	1901 West End Avenue	 	Nashville	 	TN	 	37203	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 127, LLC	 	 	72,929,638	 	 	 
	Summit Hospitality 128, LLC	 	128	 	Residence Inn - Atlanta Midtown/Peachtree at 17th	 	1365 Peachtree Street Northeast	 	Atlanta	 	GA	 	30309	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 128, LLC	 	 	38,667,535	 	 	 
	Summit Hospitality 129, LLC	 	129	 	Homewood Suites - Aliso Viejo/Laguna Beach	 	110 Vantis Dr	 	Aliso Viejo	 	CA	 	92656	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 129, LLC	 	 	38,534,585	 	 	 
	Summit Hospitality 130, LLC	 	130	 	Hyatt House - Miami Airport	 	5710 Blue Lagoon Drive	 	Miami	 	FL	 	33126	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 130, LLC	 	 	48,562,721	 	 	 
	Summit Hospitality 131, LLC	 	131	 	Marriott - Boulder	 	2660 Canyon Boulevard	 	Boulder	 	CO	 	80302	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 131, LLC	 	 	61,037,870	 	 	 
	Summit Hospitality 132, LLC	 	132	 	Hyatt Place - Chicago/Downtown-The Loop	 	28 North Franklin Street	 	Chicago	 	IL	 	60606	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 132, LLC	 	 	75,654,193	 	 	 
	Summit Hospitality 133, LLC	 	133	 	Hyatt Place - Phoenix/Mesa	 	1422 West Bass Pro Drive	 	Mesa	 	AZ	 	85201	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 133, LLC	 	 	22,780,531	 	 	 
	Summit Hospitality 134, LLC	 	134	 	Courtyard - Fort Lauderdale Beach	 	440 Seabreeze Boulevard	 	Fort Lauderdale	 	FL	 	33316	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 134, LLC	 	 	85,568,469	 	 	 
	Summit Hospitality 135, LLC	 	135	 	Courtyard - Charlotte City Center	 	237 South Tryon Street	 	Charlotte	 	NC	 	28202	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 135, LLC	 	 	56,769,664	 	 	 
	Summit Hospitality 136, LLC	 	136	 	Hampton Inn & Suites - Baltimore Inner Harbor	 	131 East Redwood Street	 	Baltimore	 	MD	 	21202	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 136, LLC	 	 	18,570,190	 	 	 
	Summit Hospitality 137, LLC	 	137	 	Residence Inn - Baltimore Downtown/Inner Harbor	 	17 Light Street	 	Baltimore	 	MD	 	21202	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 137, LLC	 	 	39,370,945	 	 	 
	Summit Hospitality 138, LLC	 	138	 	Courtyard - Kansas City Country Club Plaza	 	4600 JC Nichols Parkway	 	Kansas City	 	MO	 	64112	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 138, LLC	 	 	25,034,527	 	 	 
	Summit Hospitality 139, LLC	 	139	 	Courtyard - Pittsburgh Downtown	 	945 Penn Avenue	 	Pittsburgh	 	PA	 	15222	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 139, LLC	 	 	42,815,109	 	 	 
	Summit Hospitality 140, LLC	 	140	 	Courtyard - Fort Worth Downtown/Blackstone	 	601 Main Street	 	Fort Worth	 	TX	 	76102	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 140, LLC	 	 	41,316,499	 	 	 
	Summit Hospitality 141, LLC	 	141	 	AC Hotel - Atlanta Downtown	 	101 Andrew J.Young International Boulevard	 	Atlanta	 	GA	 	30303	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 141, LLC	 	 	59,151,677	 	 	 
	Summit Hospitality 142, LLC	 	142	 	Homewood Suites - Tucson/St. Philip’s Plaza University	 	4250 North Campebell Avenue	 	Tucson	 	AZ	 	85718	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 142, LLC	 	 	25,607,766	 	 	 
	Summit Hospitality 143, LLC	 	143	 	Hilton Garden Inn - Waltham	 	450 Totten Pond Road	 	Waltham	 	MA	 	02451	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 143, LLC	 	 	32,677,018	 	 	 
	Summit Hospitality 144, LLC	 	144	 	Residence Inn - Cleveland Downtown	 	527 Prospect Avenue East	 	Cleveland	 	OH	 	44115	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 144, LLC	 	 	43,780,484	 	 	 
	Summit Hospitality 145, LLC	 	145	 	Courtyard - New Haven at Yale	 	30 Whalley Avenue	 	New Haven	 	CT	 	06511	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 145, LLC	 	 	63,799,179	 	 	 
	BP Watertown Hotel, LLC	 	146	 	Residence Inn - Boston/Watertown	 	570 Arsenal Street	 	Watertown	 	MA	 	02472	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 146, LLC	 	 	71,185,195	 	 	 
	TOTAL	 	 	 	77 Hotels	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,435,204,360	 	 	 

 

(1)       Ownership Entity
SGS, AZ, LLC is Summit Group of Scottsdale, AZ, LLC.

(2)       Subject to a ground
lease or PILOT as described in Schedule 4.01(p) - Part II - Leased Assets B.

 

     

     

    

 

Schedule 4.01(p) - Part II - Leased Assets
A

 

	OWNERSHIP
    ENTITY	 	CODE	 	PROPERTY
    NAME	 	TRS
                                         HOLDING 
 COMPANY
	 	TRS
                                         ENTITY 
 “LESSEE”
	 	INITIAL
                                         
 PERIOD
                                         BASE 
 RENT
	 	 	ANNUAL
                                         BASE 
 RENT
	 	 	ADDT’L
                                         RENT 
 %
	 	 	INITIAL
                                         
 PERIOD
                                         
 REVENUE
                                         
 BREAKPOINT
	 	 	ANNUAL
                                         
 REVENUE
                                         
 BREAKPOINT
	 	 	LEASE
                                         
 COMMENCE
	 	LEASE
                                         
 EXPIRATION

	Summit Hospitality VI, LLC	 	003	 	SpringHill Suites - Minneapolis/St. Paul Airport/Mall
    of America	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 003, LLC	 	 	-	 	 	 	952,000	 	 	 	38.0	%	 	 	-	 	 	 	2,403,000	 	 	01/01/2018	 	12/31/2020
	Summit Hospitality VI, LLC	 	005	 	Hampton Inn & Suites - Minneapolis/St. Paul Airport/Mall of
    America	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 005, LLC	 	 	-	 	 	 	1,124,000	 	 	 	38.0	%	 	 	-	 	 	 	3,059,000	 	 	01/01/2018	 	12/31/2020
	Summit Hospitality XIV, LLC	 	007	 	Hyatt Place - Baltimore/Owings Mills	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 007, LLC	 	 	231,000	 	 	 	1,634,000	 	 	 	55.0	%	 	 	860,000	 	 	 	4,300,000	 	 	10/05/2015	 	12/31/2018
	Summit Hospitality XIII, LLC	 	008	 	Hyatt Place - Chicago/Lombard/Oak Brook	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 008, LLC	 	 	307,000	 	 	 	2,003,000	 	 	 	55.0	%	 	 	1,160,000	 	 	 	5,460,000	 	 	10/05/2015	 	12/31/2018
	Summit Hospitality XII, LLC	 	010	 	Residence Inn - Salt Lake City Downtown	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 010, LLC	 	 	-	 	 	 	3,208,000	 	 	 	55.0	%	 	 	-	 	 	 	7,560,000	 	 	01/01/2016	 	12/31/2018
	Summit Hospitality XIII, LLC	 	013	 	Hyatt Place - Dallas/Arlington	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 013, LLC	 	 	181,000	 	 	 	1,371,000	 	 	 	55.0	%	 	 	790,000	 	 	 	3,980,000	 	 	10/05/2015	 	12/31/2018
	Summit Hospitality XIII, LLC	 	014	 	Hyatt Place - Denver South/Park Meadows	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 014, LLC	 	 	268,000	 	 	 	1,827,000	 	 	 	57.0	%	 	 	990,000	 	 	 	4,780,000	 	 	10/05/2015	 	12/31/2018
	Summit Hospitality XIII, LLC	 	024	 	Hyatt Place - Denver Tech Center	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 024, LLC	 	 	282,000	 	 	 	1,915,000	 	 	 	56.0	%	 	 	940,000	 	 	 	4,690,000	 	 	10/05/2015	 	12/31/2018
	Summit Hospitality XIV, LLC	 	027	 	Hyatt Place - Scottsdale/Old Town	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 027, LLC	 	 	310,000	 	 	 	2,057,000	 	 	 	54.0	%	 	 	1,090,000	 	 	 	5,480,000	 	 	10/05/2015	 	12/31/2018
	San Fran JV, LLC	 	030	 	Holiday Inn Express & Suites - San Francisco/Fisherman’s
    Wharf	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 030, LLC	 	 	-	 	 	 	3,701,000	 	 	 	36.0	%	 	 	-	 	 	 	9,693,000	 	 	01/01/2017	 	12/31/2019
	Summit Hospitality 19, LLC	 	034	 	Hyatt Place - Chicago/Hoffman Estates	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 034, LLC	 	 	1,062,000	 	 	 	1,164,000	 	 	 	59.0	%	 	 	3,400,000	 	 	 	3,700,000	 	 	01/22/2016	 	12/31/2019
	Summit Hospitality 036, LLC	 	036	 	Courtyard - Dallas/Arlington South	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 036, LLC	 	 	956,000	 	 	 	1,766,000	 	 	 	48.0	%	 	 	2,180,000	 	 	 	3,790,000	 	 	05/16/2015	 	12/31/2018
	Summit Hospitality I, LLC	 	037	 	Residence Inn - Dallas/Arlington South	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 037, LLC	 	 	844,000	 	 	 	1,897,000	 	 	 	54.0	%	 	 	1,970,000	 	 	 	4,160,000	 	 	07/02/2015	 	12/31/2018
	Summit Hotel OP, LP	 	044	 	Country Inn & Suites - Charleston South, WV	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 044, LLC	 	 	-	 	 	 	296,000	 	 	 	33.0	%	 	 	-	 	 	 	963,000	 	 	01/01/2018	 	12/31/2020
	Summit Hotel OP, LP	 	045	 	Holiday Inn Express - Charleston/Kanawha City	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 045, LLC	 	 	-	 	 	 	352,000	 	 	 	34.0	%	 	 	-	 	 	 	1,084,000	 	 	01/01/2018	 	12/31/2020
	Summit Hospitality 19, LLC	 	048	 	Hyatt Place - Orlando/Convention Center	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 048, LLC	 	 	2,216,000	 	 	 	2,536,000	 	 	 	55.0	%	 	 	5,740,000	 	 	 	6,390,000	 	 	01/22/2016	 	12/31/2019
	Summit Hospitality 19, LLC	 	051	 	Hyatt Place - Orlando/Universal	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 051, LLC	 	 	449,000	 	 	 	1,268,000	 	 	 	39.0	%	 	 	1,482,000	 	 	 	3,297,000	 	 	07/01/2017	 	12/31/2020
	SGS, AZ, LLC	 	052	 	Courtyard - Scottsdale North	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 052, LLC	 	 	-	 	 	 	1,680,000	 	 	 	46.0	%	 	 	-	 	 	 	3,195,000	 	 	01/01/2018	 	12/31/2020
	SGS, AZ, LLC	 	053	 	Springhill Suites - Scottsdale North	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 053, LLC	 	 	-	 	 	 	873,000	 	 	 	41.0	%	 	 	-	 	 	 	2,134,000	 	 	01/01/2018	 	12/31/2020
	Summit Hospitality 057, LLC	 	057	 	Hyatt Place - Minneapolis/Downtown	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 057, LLC	 	 	-	 	 	 	2,026,000	 	 	 	39.0	%	 	 	-	 	 	 	4,559,000	 	 	01/01/2017	 	12/31/2019
	Summit Hospitality 060, LLC	 	060	 	Springhill Suites - Nashville MetroCenter	 	Summit Hotel TRS, Inc.	 	 Summit Hotel TRS 060, LLC	 	 	-	 	 	 	1,035,000	 	 	 	49.0	%	 	 	-	 	 	 	2,202,000	 	 	01/01/2018	 	12/31/2020
	Summit Hospitality 18, LLC	 	062	 	Hilton Garden Inn - Minneapolis/Eden Prairie	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 062, LLC	 	 	-	 	 	 	795,000	 	 	 	36.0	%	 	 	-	 	 	 	1,959,000	 	 	01/01/2017	 	12/31/2019
	Summit Hospitality 17, LLC	 	065	 	Holiday Inn Express & Suites - Minneapolis/Minnetonka	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 065, LLC	 	 	-	 	 	 	536,000	 	 	 	34.0	%	 	 	-	 	 	 	1,588,000	 	 	01/01/2017	 	12/31/2019
	Summit Hospitality I, LLC	 	066	 	Courtyard - New Orleans Downtown Near the French Quarter	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 066, LLC	 	 	409,000	 	 	 	1,399,000	 	 	 	40.0	%	 	 	1,322,000	 	 	 	3,230,000	 	 	07/01/2017	 	12/31/2020
	Summit Hospitality 084, LLC	 	084	 	Hyatt Place - Portland Airport/Cascade Station	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 084, LLC	 	 	-	 	 	 	1,758,000	 	 	 	48.0	%	 	 	-	 	 	 	3,516,000	 	 	01/01/2018	 	12/31/2020
	Summit Hospitality 085, LLC	 	085	 	Residence Inn - Portland Airport at Cascade Station	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 085, LLC	 	 	-	 	 	 	1,728,000	 	 	 	49.0	%	 	 	-	 	 	 	3,632,000	 	 	01/01/2018	 	12/31/2020
	Summit Hotel OP, LP	 	086	 	Hilton Garden Inn - Birmingham/Lakeshore Drive	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 086, LLC	 	 	943,000	 	 	 	1,264,000	 	 	 	64.0	%	 	 	2,610,000	 	 	 	3,300,000	 	 	02/27/2015	 	12/31/2018
	Summit Hotel OP, LP	 	087	 	Hilton Garden Inn - Birmingham SE/Liberty Park	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 087, LLC	 	 	1,123,000	 	 	 	1,366,000	 	 	 	63.0	%	 	 	2,920,000	 	 	 	3,520,000	 	 	02/27/2015	 	12/31/2018
	Summit Hotel OP, LP	 	092	 	Courtyard - New Orleans/Metairie	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 092, LLC	 	 	2,385,000	 	 	 	2,837,000	 	 	 	65.0	%	 	 	5,000,000	 	 	 	6,000,000	 	 	03/11/2016	 	12/31/2019
	Summit Hospitality I, LLC	 	094	 	Staybridge Suites - Denver/Cherry Creek	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 094, LLC	 	 	-	 	 	 	870,000	 	 	 	37.0	%	 	 	-	 	 	 	3,448,000	 	 	01/01/2018	 	12/31/2020
	Summit Hospitality XIV, LLC	 	098	 	Hyatt House - Denver Tech Center	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 098, LLC	 	 	405,000	 	 	 	2,400,000	 	 	 	55.0	%	 	 	1,180,000	 	 	 	5,820,000	 	 	10/05/2015	 	12/31/2018

 

     

     

    

 

	OWNERSHIP
    ENTITY	 	CODE	 	PROPERTY
    NAME	 	TRS
                                         HOLDING 
 COMPANY
	 	TRS
                                         ENTITY 
 “LESSEE”
	 	INITIAL
                                         
 PERIOD
                                         BASE 
 RENT
	 	 	ANNUAL
                                         BASE 
 RENT
	 	 	ADDT’L
                                         RENT 
 %
	 	 	INITIAL
                                         
 PERIOD
                                         
 REVENUE
                                         
 BREAKPOINT
	 	 	ANNUAL
                                         
 REVENUE
                                         
 BREAKPOINT
	 	 	LEASE
                                         
 COMMENCE
	 	LEASE
                                         
 EXPIRATION

	Carnegie Hotels, LLC	 	099	 	Courtyard - Atlanta Downtown	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 099, LLC	 	 	562,000	 	 	 	1,721,000	 	 	 	49.0	%	 	 	1,456,000	 	 	 	3,837,000	 	 	08/01/2016	 	12/31/2019
	Summit Hospitality 100, LLC	 	100	 	Hyatt Place - Garden City	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 100, LLC	 	 	15,000	 	 	 	3,145,000	 	 	 	55.0	%	 	 	50,000	 	 	 	6,270,000	 	 	12/27/2015	 	12/31/2018
	Summit Hotel OP, LP	 	101	 	Hampton Inn & Suites - Tampa/Ybor City/Downtown	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 101, LLC	 	 	18,000	 	 	 	2,633,000	 	 	 	58.0	%	 	 	50,000	 	 	 	5,660,000	 	 	12/27/2015	 	12/31/2018
	Summit Hospitality I, LLC	 	102	 	Courtyard - New Orleans Downtown/Convention Center	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 102, LLC	 	 	720,000	 	 	 	2,053,000	 	 	 	41.0	%	 	 	1,763,000	 	 	 	4,268,000	 	 	07/01/2017	 	12/31/2020
	Summit Hotel OP, LP	 	103	 	Residence Inn - New Orleans/Metairie	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 103, LLC	 	 	1,770,000	 	 	 	2,437,000	 	 	 	70.0	%	 	 	4,000,000	 	 	 	5,250,000	 	 	03/11/2016	 	12/31/2019
	Summit Hospitality I, LLC	 	104	 	SpringHill Suites - New Orleans Downtown	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 104, LLC	 	 	568,000	 	 	 	1,824,000	 	 	 	40.0	%	 	 	1,835,000	 	 	 	4,433,000	 	 	07/01/2017	 	12/31/2020
	Summit Hospitality I, LLC	 	105	 	Hilton Garden Inn - Greenville	 	Summit Hotel TRS, Inc.	 	 Summit Hotel TRS 105, LLC	 	 	-	 	 	 	1,261,000	 	 	 	45.0	%	 	 	-	 	 	 	1,947,000	 	 	01/01/2017	 	12/31/2019
	Summit Hospitality 21, LLC	 	106	 	Fairfield Inn & Suites - Louisville Downtown	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 106, LLC	 	 	520,000	 	 	 	1,181,000	 	 	 	44.0	%	 	 	1,152,000	 	 	 	2,460,000	 	 	07/01/2017	 	12/31/2020
	Summit Hospitality 21, LLC	 	107	 	SpringHill Suites - Louisville Downtown	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 107, LLC	 	 	717,000	 	 	 	1,828,000	 	 	 	45.0	%	 	 	1,585,000	 	 	 	3,531,000	 	 	07/01/2017	 	12/31/2020
	Summit Hospitality 22, LLC	 	108	 	SpringHill Suites - Indianapolis Downtown	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 108, LLC	 	 	783,000	 	 	 	1,474,000	 	 	 	37.0	%	 	 	1,259,000	 	 	 	2,193,000	 	 	05/23/2016	 	12/31/2019
	Summit Hospitality 22, LLC	 	109	 	Courtyard - Indianapolis Downtown	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 109, LLC	 	 	1,542,000	 	 	 	2,865,000	 	 	 	52.0	%	 	 	3,264,000	 	 	 	5,664,000	 	 	05/23/2016	 	12/31/2019
	Summit Hospitality 110, LLC	 	110	 	Hampton Inn & Suites - San Diego/Poway	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 110, LLC	 	 	-	 	 	 	872,000	 	 	 	39.0	%	 	 	-	 	 	 	2,256,000	 	 	01/01/2017	 	12/31/2019
	Summit Hospitality 111, LLC	 	111	 	Hampton Inn & Suites - Camarillo	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 111, LLC	 	 	-	 	 	 	1,213,000	 	 	 	42.0	%	 	 	-	 	 	 	2,890,000	 	 	01/01/2017	 	12/31/2019
	Summit Hospitality 26, LLC	 	112	 	Hampton Inn - Santa Barbara/Goleta	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 112, LLC	 	 	2,441,000 2,651,000	 	 	 	50.0	%	 	 	5,120,000	 	 	 	5,480,000	 	 	 	 	 	 	01/10/2014	 	12/31/2021
	Summit Hospitality 25, LLC	 	113	 	Hilton Garden Inn - Houston/Galleria Area	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 113, LLC	 	 	-	 	 	 	1,483,000	 	 	 	40.0	%	 	 	-	 	 	 	2,822,000	 	 	01/01/2017	 	12/31/2019
	Summit Hospitality 114, LLC	 	114	 	DoubleTree - San Francisco Airport North	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 114, LLC	 	 	-	 	 	 	2,963,000	 	 	 	35.0	%	 	 	-	 	 	 	6,172,000	 	 	01/01/2017	 	12/31/2019
	Summit Hospitality 115, LLC	 	115	 	Four Points - San Francisco Airport	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 115, LLC	 	 	-	 	 	 	1,282,000	 	 	 	40.0	%	 	 	-	 	 	 	2,806,000	 	 	01/01/2017	 	12/31/2019
	Summit Hospitality 116, LLC	 	116	 	Hilton Garden Inn - Houston/Energy Corridor	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 116, LLC	 	 	533,000	 	 	 	1,132,000	 	 	 	42.0	%	 	 	1,288,000	 	 	 	2,634,000	 	 	07/01/2016	 	12/31/2019
	Summit Hospitality 117, LLC	 	117	 	Hampton Inn & Suites - Austin/Downtown/Convention Center	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 117, LLC	 	 	-	 	 	 	3,346,000	 	 	 	50.0	%	 	 	-	 	 	 	6,146,000	 	 	01/01/2018	 	12/31/2020
	Summit Hospitality 118, LLC	 	118	 	Hampton Inn & Suites - Minneapolis/Downtown	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 118, LLC	 	 	940,000	 	 	 	1,526,000	 	 	 	38.0	%	 	 	2,094,000	 	 	 	3,886,000	 	 	07/01/2017	 	12/31/2020
	Summit Hospitality 119, LLC	 	119	 	Residence Inn - Bridgewater/Branchburg	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 119, LLC	 	 	1,077,000 2,666,000	 	 	 	49.0	%	 	 	2,150,000	 	 	 	5,050,000	 	 	 	 	 	 	07/24/2015	 	12/31/2018
	Summit Hospitality 120, LLC	 	120	 	Hyatt House - Orlando/Universal	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 120, LLC	 	 	339,000	 	 	 	2,200,000	 	 	 	40.0	%	 	 	1,586,000	 	 	 	3,875,000	 	 	06/27/2018	 	12/31/2021
	Summit Hospitality 121, LLC	 	121	 	Residence Inn - Baltimore/Hunt Valley	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 121, LLC	 	 	1,259,000	 	 	 	3,270,000	 	 	 	31.0	%	 	 	2,570,000	 	 	 	6,340,000	 	 	07/24/2015	 	12/31/2018
	Summit Hospitality 122, LLC	 	122	 	Hampton Inn - Boston/Norwood	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 122, LLC	 	 	1,337,000	 	 	 	2,352,000	 	 	 	40.0	%	 	 	3,380,000	 	 	 	5,750,000	 	 	06/18/2015	 	12/31/2018
	Summit Hospitality 123, LLC	 	123	 	Hotel Indigo - Asheville Downtown	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 123, LLC	 	 	1,889,000	 	 	 	3,220,000	 	 	 	51.0	%	 	 	4,020,000	 	 	 	7,000,000	 	 	06/30/2015	 	12/31/2018
	Summit Hospitality 126, LLC	 	126	 	Courtyard - Atlanta Decatur Downtown/Emory	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 126, LLC	 	 	628,000	 	 	 	4,460,000	 	 	 	53.0	%	 	 	1,370,000	 	 	 	8,050,000	 	 	10/20/2015	 	12/31/2018
	Summit Hospitality 127, LLC	 	127	 	Courtyard - Nashville Vanderbilt/West End	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 127, LLC	 	 	6,949,000	 	 	 	6,426,000	 	 	 	84.0	%	 	 	12,490,000	 	 	 	11,800,000	 	 	01/19/2016	 	12/31/2019
	Summit Hospitality 128, LLC	 	128	 	Residence Inn - Atlanta Midtown/Peachtree at 17th	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 128, LLC	 	 	2,797,000	 	 	 	3,458,000	 	 	 	70.0	%	 	 	6,000,000	 	 	 	6,700,000	 	 	01/20/2016	 	12/31/2019
	Summit Hospitality 129, LLC	 	129	 	Homewood Suites - Aliso Viejo/Laguna Beach	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 129, LLC	 	 	1,349,000	 	 	 	1,840,000	 	 	 	46.0	%	 	 	2,898,000	 	 	 	3,595,000	 	 	03/01/2017	 	12/31/2020
	Summit Hospitality 130, LLC	 	130	 	Hyatt House - Miami Airport	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 130, LLC	 	 	664,000	 	 	 	1,517,000	 	 	 	37.0	%	 	 	1,939,000	 	 	 	4,046,000	 	 	07/01/2017	 	12/31/2020
	Summit Hospitality 131, LLC	 	131	 	Marriott - Boulder	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 131, LLC	 	 	1,050,000	 	 	 	3,094,000	 	 	 	49.0	%	 	 	1,453,000	 	 	 	4,637,000	 	 	08/09/2016	 	12/31/2019
	Summit Hospitality 132, LLC	 	132	 	Hyatt Place - Chicago/Downtown-The Loop	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 132, LLC	 	 	682,000	 	 	 	3,852,000	 	 	 	48.0	%	 	 	1,055,000	 	 	 	7,058,000	 	 	10/28/2016	 	12/31/2019
	Summit Hospitality 133, LLC	 	133	 	Hyatt Place - Phoenix/Mesa	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 133, LLC	 	 	378,000	 	 	 	1,032,000	 	 	 	33.0	%	 	 	1,863,000	 	 	 	3,040,000	 	 	03/30/2017	 	12/31/2020
	Summit Hospitality 134, LLC	 	134	 	Courtyard - Fort Lauderdale Beach	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 134, LLC	 	 	1,369,000	 	 	 	4,069,000	 	 	 	43.0	%	 	 	3,629,000	 	 	 	7,294,000	 	 	05/23/2017	 	12/31/2020

  

     

     

    

 

	OWNERSHIP
    ENTITY	 	CODE	 	PROPERTY
    NAME	 	TRS
                                         HOLDING 
 COMPANY
	 	TRS
                                         ENTITY 
 “LESSEE”
	 	INITIAL
                                         
  PERIOD
                                         BASE
 RENT
	 	 	ANNUAL
 BASE
 RENT
	 	 	ADDT’L
 RENT
 %
	 	 	INITIAL
                                         
 PERIOD
                                         
 REVENUE
                                         
 BREAKPOINT
	 	 	ANNUAL
                                         
 REVENUE
                                         
 BREAKPOINT
	 	 	LEASE
                                         
 COMMENCE
	 	LEASE
                                         
 EXPIRATION

	Summit Hospitality 135, LLC	 	135	 	Courtyard - Charlotte City Center	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 135, LLC	 	 	1,370,000	 	 	 	2,413,000	 	 	 	51.0	%	 	 	2,378,000	 	 	 	4,335,000	 	 	06/09/2017	 	12/31/2020
	Summit Hospitality 136, LLC	 	136	 	Hampton Inn & Suites - Baltimore Inner Harbor	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 136, LLC	 	 	494,000	 	 	 	949,000	 	 	 	37.0	%	 	 	1,317,000	 	 	 	2,548,000	 	 	06/21/2017	 	12/31/2020
	Summit Hospitality 137, LLC	 	137	 	Residence Inn - Baltimore Downtown/Inner Harbor	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 137, LLC	 	 	1,203,000	 	 	 	1,963,000	 	 	 	46.0	%	 	 	1,894,000	 	 	 	3,637,000	 	 	06/21/2017	 	12/31/2020
	Summit Hospitality 138, LLC	 	138	 	Courtyard - Kansas City Country Club Plaza	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 138, LLC	 	 	608,000	 	 	 	1,229,000	 	 	 	42.0	%	 	 	1,553,000	 	 	 	2,984,000	 	 	06/21/2017	 	12/31/2020
	Summit Hospitality 139, LLC	 	139	 	Courtyard - Pittsburgh Downtown	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 139, LLC	 	 	1,079,000	 	 	 	1,792,000	 	 	 	43.0	%	 	 	1,990,000	 	 	 	3,514,000	 	 	06/21/2017	 	12/31/2020
	Summit Hospitality 140, LLC	 	140	 	Courtyard - Fort Worth Downtown/Blackstone	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 140, LLC	 	 	833,000	 	 	 	1,905,000	 	 	 	44.0	%	 	 	1,962,000	 	 	 	4,025,000	 	 	06/21/2017	 	12/31/2020
	Summit Hospitality 141, LLC	 	141	 	AC Hotel - Atlanta Downtown	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 141, LLC	 	 	877,000	 	 	 	2,742,000	 	 	 	41.0	%	 	 	1,829,000	 	 	 	5,049,000	 	 	07/13/2017	 	12/31/2020
	Summit Hospitality 142, LLC	 	142	 	Homewood Suites - Tucson/St. Philip’s Plaza University	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 142, LLC	 	 	124,000	 	 	 	1,101,000	 	 	 	43.0	%	 	 	317,000	 	 	 	2,549,000	 	 	11/14/2017	 	12/31/2020
	Summit Hospitality 143, LLC	 	143	 	Hilton Garden Inn - Waltham	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 143, LLC	 	 	20,000	 	 	 	1,789,000	 	 	 	42.0	%	 	 	267,000	 	 	 	3,480,000	 	 	11/14/2017	 	12/31/2020
	Summit Hospitality 144, LLC	 	144	 	Residence Inn - Cleveland Downtown	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 144, LLC	 	 	133,000	 	 	 	2,091,000	 	 	 	46.0	%	 	 	348,000	 	 	 	3,636,000	 	 	11/14/2017	 	12/31/2020
	Summit Hospitality 145, LLC	 	145	 	Courtyard - New Haven at Yale	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 145, LLC	 	 	255,000	 	 	 	2,955,000	 	 	 	46.0	%	 	 	469,000	 	 	 	4,609,000	 	 	11/14/2017	 	12/31/2020
	BP Watertown Hotel, LLC	 	146	 	Residence Inn - Boston/Watertown	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 146, LLC	 	 	898,000	 	 	 	3,284,000	 	 	 	55.0	%	 	 	1,667,000	 	 	 	5,743,000	 	 	09/12/2018	 	12/31/2021
	TOTAL	 	 	 	77 Hotels	 	 	 	 	 	 	53,161,000	 	 	 	156,197,000	 	 	 	 	 	 	 	 	 	 	 	120,944,000	 	 	333,841,000	 	 

  

		Note:	Ownership Entity SGS, AZ, LLC is Summit Group of Scottsdale, AZ, LLC. Refer to 4.01(p) Part I for street address, city, and
state of the listed assets.

 

     

     

    

 

Schedule 4.01(p) - Part II - Leased Assets
B

 

Ground Lease Agreements

 

Five of our hotels are subject to ground lease agreements that
cover all of the land underlying the respective hotel property.

 

		(1)	The Residence Inn by Marriott located at 9301 NE Cascades Parkway in Portland, OR is subject to a ground lease with an initial
lease termination date of June 30, 2084 with one option to extend for an additional 14 years. Ground rent for the initial lease
term was prepaid in full at the time we acquired the leasehold interest. If the option to extend is exercised, monthly ground rent
will be charged based on a formula established in the ground lease. (Lessee - Summit Hospitality 085, LLC) (Lessor - The Port Of
Portland)

 

		(2)	The Hyatt Place located at 9750 NE Cascades Parkway in Portland, OR is subject to a ground lease with a lease termination date
of June 30, 2084 with one option to extend for an additional 14 years. Ground rent for the initial lease term was prepaid in full
at the time we acquired the leasehold interest. If the option to extend is exercised, monthly ground rent will be charged based
on a formula established in the ground lease. (Lessee - Summit Hospitality 084, LLC) (Lessor - The Port of Portland)

 

		(3)	The Hilton Garden Inn located at 3201 Sage Road in Houston (Galleria Area), Texas is subject to a ground lease with an initial
lease termination date of April 20, 2053 with one option to extend for an additional 10 years. Annual ground rent currently is
estimated to be $0.6 million for 2018. Annual rent is increased every five years with the next adjustment coming in 2018. (Lessee
- Summit Hospitality 25, LLC) (Lessor - Community-Sage, L.P.)

 

		(4)	The Hampton Inn & Suites located at 200 San Jacinto Boulevard in Austin, TX is subject to a ground lease with an initial
lease termination date of May 31, 2050. Annual ground rent currently is estimated to be $0.4 million for 2018. Annual rent is increased
every five years with the next adjustment coming in 2020. (Lessee - Summit Hospitality 117, LLC) (Lessor - Finley Company)

 

		(5)	The Residence Inn located at 45 Schilling Road in Baltimore (Hunt Valley), MD is subject to a ground lease with a lease termination
date of December 31, 2079, including all extension options. Annual rent is approximately $0.4 million and the lease stipulates
a 12.5% increase every five years. (Lessee - Summit Hospitality 121, LLC) (Lessor - Schilling Pepper Lot 27 Business Trust)

 

These ground leases generally require us to make rental payments
and payments for our share of charges, costs, expenses, assessments and liabilities, including real property taxes and utilities.
Furthermore, these ground leases generally require us to obtain and maintain insurance covering the subject property.

 

In addition, the Hyatt Place located at 5 North Avenue in Garden
City, NY is subject to a PILOT (payment in lieu of taxes) lease with the Town of Hempstead Industrial Development Authority, or
the IDA, as lessor. The lease expires on December 31, 2019. Upon expiration of the lease, Summit Hospitality 100, LLC (“Lessee”)
expects to exercise its right to acquire a fee simple interest in the Garden City hotel property from the IDA for nominal consideration.

 

     

     

    

 

Schedule 4.01(p) - Part III - Management
Agreements

 

	OWNERSHIP ENTITY	 	CODE	 	PROPERTY NAME	 	ROOMS	 	STREET 

        ADDRESS
	 	ZIP 

        CODE
	 	FRANCHISOR	 	STR

    CHAINSCALE	 	MGMT

                                                                                COMPANY
	 	MGMT

        TERM

        DATE
	 	TRS HOLDING 

        COMPANY
	 	TRS ENTITY 

        “LESSEE”

	Summit Hospitality VI, LLC	 	003	 	SpringHill Suites - Minneapolis/St. Paul
    Airport/Mall of America	 	113	 	2870 Metro Drive	 	55425	 	Marriott International	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 003, LLC
	Summit Hospitality VI, LLC	 	005	 	Hampton Inn & Suites - Minneapolis/St.
    Paul Airport/Mall of America	 	146	 	2860 Metro Drive	 	55425	 	Hilton Worldwide	 	Upper Midscale Interstate 	 	Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 005, LLC
	San Fran JV, LLC	 	030	 	Holiday Inn Express & Suites - San Francisco/Fisherman’s
    Wharf	 	252	 	550 North Point Street	 	94133 I	 	HG	 	Upper Midscale 	 	Intercontinental Hotel Group Resources,
    Inc.	 	12/31/2033	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 030, LLC
	Summit Hospitality I, LLC	 	037	 	Residence Inn - Dallas/Arlington South	 	96	 	801 Highlander Boulevard	 	76015	 	Marriott International	 	Upscale	 	Pillar Hotels & Resorts	 	01/31/2019	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 037, LLC
	Summit Hotel OP, LP	 	044	 	Country Inn & Suites - Charleston South,
    WV	 	64	 	105 Alex Lane	 	25304	 	Carlson Hospitality 	 	Upper Midscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 044, LLC
	Summit Hotel OP, LP	 	045	 	Holiday Inn Express - Charleston/Kanawha
    City	 	66	 	107 Alex Lane	 	25304	 	IHG	 	Upper Midscale 	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 045, LLC
	SGS, AZ, LLC	 	052	 	Courtyard - Scottsdale North	 	153	 	17010 North Scottsdale Road	 	85255	 	Marriott International	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 052, LLC
	SGS, AZ, LLC	 	053	 	Springhill Suites - Scottsdale North	 	121	 	17020 North Scottsdale Road	 	85255	 	Marriott International	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 053, LLC
	Summit Hospitality 057, LLC	 	057	 	Hyatt Place - Minneapolis/Downtown	 	213	 	425 7th Street South	 	55415	 	Hyatt Hotel Corp. 	 	Upscale	 	Select Hotels Group, LLC	 	12/31/2033	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 057, LLC
	Summit Hospitality 060, LLC	 	060	 	Springhill Suites - Nashville MetroCenter	 	78	 	250 Athens Way	 	37228	 	Marriott International	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 060, LLC
	Summit Hospitality 18, LLC	 	062	 	Hilton Garden Inn - Minneapolis/Eden Prairie	 	97	 	6330 Point Chase	 	55344	 	 Hilton Worldwide	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 062, LLC
	Summit Hospitality 17, LLC	 	065	 	Holiday Inn Express & Suites - Minneapolis/Minnetonka	 	93	 	10985 Red Circle Drive	 	55343	 	IHG	 	Upper Midscale 	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 065, LLC
	Summit Hospitality I, LLC	 	066	 	Courtyard - New Orleans Downtown Near the
    French Quarter	 	140	 	124 St. Charles Avenue	 	70130	 	 Marriott International	 	Upscale	 	Courtyard Management Corporation	 	12/31/2028	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 066, LLC
	Summit Hospitality 084, LLC	 	084	 	Hyatt Place - Portland Airport/Cascade Station	 	136	 	9750 Northeast Cascades Parkway	 	97220	 	Hyatt Hotel Corp	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 084, LLC
	Summit Hotel OP, LP	 	086	 	Hilton Garden Inn - Birmingham/Lakeshore
    Drive	 	95	 	520 Wildwood Circle Drive North	 	35209	 	Hilton Worldwide	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 086, LLC
	Summit Hotel OP, LP	 	087	 	Hilton Garden Inn - Birmingham SE/Liberty
    Park	 	130	 	2090 Urban Center Parkway	 	35242	 	Hilton Worldwide	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 087, LLC
	Summit Hospitality I, LLC	 	094	 	Staybridge Suites - Denver/Cherry Creek	 	121	 	4220 East Virginia Avenue	 	80246	 	IHG	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 094, LLC
	Carnegie Hotels, LLC	 	099	 	Courtyard - Atlanta Downtown	 	150	 	133 Carnegie Way	 	30303	 	Marriott International	 	Upscale	 	Courtyard Management Corporation	 	12/31/2036	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 099, LLC
	Summit Hospitality 100, LLC	 	100	 	Hyatt Place - Garden City	 	122	 	5 North Avenue	 	11530	 	 Hyatt Hotel Corp. 	 	Upscale	 	OTO Development, LLC	 	01/31/2019	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 100, LLC
	Summit Hospitality I, LLC	 	102	 	Courtyard - New Orleans Downtown/Convention
    Center	 	202	 	300 Julia Street	 	70130	 	Marriott International	 	Upscale	 	Courtyard Management Corporation	 	12/31/2028	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 102, LLC
	Summit Hospitality 25, LLC	 	113	 	Hilton Garden Inn - Houston/Galleria Area	 	182	 	3201 Sage Road	 	77056	 	Hilton Worldwide	 	Upscale	 	American Liberty Hospitality, Inc.	 	01/09/2019	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 113, LLC
	Summit Hospitality 114, LLC	 	114	 	DoubleTree - San Francisco Airport North	 	210	 	5000 Sierra Point Parkway	 	94005	 	Hilton Worldwide	 	Upscale	 	Stonebridge Realty Advisors, Inc.	 	03/14/2019	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 114, LLC
	Summit Hospitality 117, LLC	 	117	 	Hampton Inn & Suites - Austin/Downtown/Convention
    Center	 	209	 	200 San Jacinto Boulevard	 	78701	 	Hilton Worldwide	 	Upper Midscale 	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 117, LLC
	Summit Hospitality 118, LLC	 	118	 	Hampton Inn & Suites - Minneapolis/Downtown	 	211	 	19 North 8th Street	 	55403	 	Hilton Worldwide	 	Upper Midscale 	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 118, LLC
	Summit Hospitality 119, LLC	 	119	 	Residence Inn - Bridgewater/Branchburg	 	101	 	3241 Route 22 East	 	08876	 	Marriott International	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 119, LLC
	Summit Hospitality 120, LLC	 	120	 	Hyatt House - Orlando/Universal	 	168	 	5915 Caravan Court	 	32819	 	 Hyatt Hotel Corp. 	 	Upscale	 	Select Hotels Group, LLC	 	06/27/2038	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 120, LLC
	Summit Hospitality 121, LLC	 	121	 	Residence Inn - Baltimore/Hunt Valley	 	141	 	45 Schilling Rd	 	21031	 	Marriott International 	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 121, LLC
	Summit Hospitality 122, LLC	 	122	 	Hampton Inn - Boston/Norwood	 	139	 	434 Providence Highway (Rt. 1)	 	02062	 	Hilton Worldwide	 	Upper Midscale 	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 122, LLC
	Summit Hospitality 123, LLC	 	123	 	Hotel Indigo - Asheville Downtown	 	115	 	151 Haywood Street	 	28801	 	IHG	 	Upper Upscale 	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 123, LLC
	Summit Hospitality 126, LLC	 	126	 	Courtyard - Atlanta Decatur Downtown/Emory	 	179	 	130 Clairemont Avenue	 	30030	 	Marriott International 	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 126, LLC
	Summit Hospitality 127, LLC	 	127	 	Courtyard - Nashville Vanderbilt/West End	 	226	 	1901 West End Avenue	 	37203	 	Marriott International 	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 127, LLC
	Summit Hospitality 128, LLC	 	128	 	Residence Inn - Atlanta Midtown/Peachtree
    at 17th	 	160	 	1365 Peachtree Street Northeast	 	30309	 	Marriott International 	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 128, LLC
	Summit Hospitality 129, LLC	 	129	 	Homewood Suites - Aliso Viejo/Laguna Beach	 	129	 	110 Vantis Dr	 	92656	 	Hilton Worldwide	 	Upscale	 	Stonebridge Realty Advisors, Inc.	 	03/01/2020	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 129, LLC

 

     

     

    

 

	OWNERSHIP ENTITY	 	CODE	 	PROPERTY NAME	 	ROOMS	 	STREET 

        ADDRESS
	 	ZIP 

        CODE
	 	FRANCHISOR	 	STR

    CHAINSCALE	 	MGMT COMPANY	 	MGMT 

        TERM DATE
	 	TRS HOLDING 

        COMPANY
	 	TRS ENTITY

        “LESSEE”

	Summit Hospitality 130, LLC	 	130	 	Hyatt House - Miami Airport	 	163	 	5710 Blue Lagoon Drive	 	33126	 	 Hyatt Hotel Corp. 	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 130, LLC
	Summit Hospitality 131, LLC	 	131	 	Marriott - Boulder	 	165	 	2660 Canyon Boulevard	 	80302	 	Marriott International 	 	Upper Upscale	 	Stonebridge Realty Advisors, Inc.	 	08/09/2019	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 131, LLC
	Summit Hospitality 132, LLC	 	132	 	Hyatt Place - Chicago/Downtown-The Loop	 	206	 	28 North Franklin Street	 	60606	 	 Hyatt Hotel Corp. 	 	Upscale	 	OTO Development, LLC	 	10/28/2019	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 132, LLC
	Summit Hospitality 134, LLC	 	134	 	Courtyard - Fort Lauderdale Beach	 	261	 	440 Seabreeze Boulevard	 	33316	 	Marriott International 	 	Upscale	 	Fillmore Hospitality	 	05/23/2019	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 134, LLC
	Summit Hospitality 135, LLC	 	135	 	Courtyard - Charlotte City Center	 	181	 	237 South Tryon Street	 	28202	 	Marriott International 	 	Upscale	 	OTO Development, LLC	 	06/09/2019	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 135, LLC
	Summit Hospitality 136, LLC	 	136	 	Hampton Inn & Suites - Baltimore Inner
    Harbor	 	116	 	131 East Redwood Street	 	21202	 	Hilton Worldwide	 	Upper Midscale 	 	OTO Development, LLC	 	06/21/2019	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 136, LLC
	Summit Hospitality 137, LLC	 	137	 	Residence Inn - Baltimore Downtown/Inner
    Harbor	 	189	 	17 Light Street	 	21202	 	Marriott International 	 	Upscale	 	OTO Development, LLC	 	06/21/2019	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 137, LLC
	Summit Hospitality 138, LLC	 	138	 	Courtyard - Kansas City Country Club Plaza	 	123	 	4600 JC Nichols Parkway	 	64112	 	Marriott International 	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 138, LLC
	Summit Hospitality 139, LLC	 	139	 	Courtyard - Pittsburgh Downtown	 	182	 	945 Penn Avenue	 	15222	 	Marriott International 	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 139, LLC
	Summit Hospitality 140, LLC	 	140	 	Courtyard - Fort Worth Downtown/Blackstone	 	203	 	601 Main Street	 	76102	 	Marriott International 	 	Upscale	 	Courtyard Management Corporation	 	12/31/2018	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 140, LLC
	Summit Hospitality 141, LLC	 	141	 	AC Hotel - Atlanta Downtown	 	255	 	101 Andrew J.Young International Boulev	 	30303	 	Marriott International 	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 141, LLC
	Summit Hospitality 142, LLC	 	142	 	Homewood Suites - Tucson/St. Philip’s
    Plaza University	 	122	 	4250 North Campebell Avenue	 	85718	 	Hilton Worldwide	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 142, LLC
	Summit Hospitality 143, LLC	 	143	 	Hilton Garden Inn - Waltham	 	148	 	450 Totten Pond Road	 	02451	 	 Hilton Worldwide	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc. 	 	Summit Hotel TRS 143, LLC
	Summit Hospitality 144, LLC	 	144	 	Residence Inn - Cleveland Downtown	 	175	 	527 Prospect Avenue East	 	44115	 	Marriott International 	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 144, LLC
	Summit Hospitality 145, LLC	 	145	 	Courtyard - New Haven at Yale	 	207	 	30 Whalley Avenue	 	06511	 	 Marriott International 	 	Upscale	 	Interstate Management Company, LLC	 	12/31/2020	 	Summit Hotel TRS, Inc.	 	Summit Hotel TRS 145, LLC
	BP Watertown
    Hotel, LLC	 	146	 	Residence
    Inn - Boston/Watertown	 	150	 	570 Arsenal
    Street	 	02472	 	Marriott
    International 	 	Upscale	 	365 Management
    Company, LLC	 	09/12/2023	 	Summit Hotel
    TRS, Inc.	 	Summit Hotel
    TRS 146, LLC
	TOTAL	 	 	 	49 Hotels
    w/ 7,604 Guestrooms	 	7,604	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

		Note:	Ownership Entity SGS, AZ, LLC is Summit Group of Scottsdale, AZ, LLC.

Refer to 4.01(p) Part I for street address, city, and state of the listed assets.

Pillar Hotels & Resorts was bought by Aimbridge Hospitality.

 

     

     

    

 

Schedule 4.01(p) - Part IV - Franchise
Agreements

 

	OWNERSHIP
    ENTITY	 	CODE	 	PROPERTY
    NAME	 	ROOMS	 	STREET
    ADDRESS	 	ZIP

                                                                                                                                                 CODE
	 	FRANCHISOR	 	STR

                                                                                CHAINSCALE
	 	NOTES
	Summit Hospitality VI, LLC	 	003	 	SpringHill Suites - Minneapolis/St. Paul Airport/Mall of America	 	113	 	2870 Metro Drive	 	55425	 	Marriott International 	 	Upscale	 	 
	Summit Hospitality VI, LLC	 	005	 	Hampton Inn & Suites - Minneapolis/St. Paul Airport/Mall
    of America	 	146	 	2860 Metro Drive	 	55425	 	Hilton Worldwide	 	Upper Midscale	 	 
	San Fran JV, LLC	 	030	 	Holiday Inn Express & Suites - San Francisco/Fisherman’s
    Wharf	 	252	 	550 North Point Street	 	94133	 	IHG	 	Upper Midscale	 	(1)
	Summit Hospitality I, LLC	 	037	 	Residence Inn - Dallas/Arlington South	 	96	 	801 Highlander Boulevard	 	76015	 	Marriott International 	 	Upscale	 	 
	Summit Hotel OP, LP	 	044	 	Country Inn & Suites - Charleston South, WV	 	64	 	105 Alex Lane	 	25304	 	Carlson Hospitality 	 	Upper Midscale	 	 
	Summit Hotel OP, LP	 	045	 	Holiday Inn Express - Charleston/Kanawha City	 	66	 	107 Alex Lane	 	25304	 	IHG	 	Upper Midscale	 	 
	SGS, AZ, LLC	 	052	 	Courtyard - Scottsdale North	 	153	 	17010 North Scottsdale Road	 	85255	 	Marriott International 	 	Upscale	 	 
	SGS, AZ, LLC	 	053	 	Springhill Suites - Scottsdale North	 	121	 	17020 North Scottsdale Road	 	85255	 	Marriott International 	 	Upscale	 	 
	Summit Hospitality 057, LLC	 	057	 	Hyatt Place - Minneapolis/Downtown	 	213	 	425 7th Street South	 	55415	 	Hyatt Hotel Corp.	 	Upscale	 	(1)
	Summit Hospitality 060, LLC	 	060	 	Springhill Suites - Nashville MetroCenter	 	78	 	250 Athens Way	 	37228	 	Marriott International 	 	Upscale	 	 
	Summit Hospitality 18, LLC	 	062	 	Hilton Garden Inn - Minneapolis/Eden Prairie	 	97	 	6330 Point Chase	 	55344	 	Hilton Worldwide 	 	Upscale	 	 
	Summit Hospitality 17, LLC	 	065	 	Holiday Inn Express & Suites - Minneapolis/Minnetonka	 	93	 	10985 Red Circle Drive	 	55343	 	IHG	 	Upper Midscale	 	 
	Summit Hospitality I, LLC	 	066	 	Courtyard - New Orleans Downtown Near the French Quarter	 	140	 	124 St. Charles Avenue	 	70130	 	Marriott International 	 	Upscale	 	(1)
	Summit Hospitality 084, LLC	 	084	 	Hyatt Place - Portland Airport/Cascade Station	 	136	 	9750 Northeast Cascades Parkway	 	97220	 	Hyatt Hotel Corp.	 	Upscale	 	 
	Summit Hotel OP, LP	 	086	 	Hilton Garden Inn - Birmingham/Lakeshore Drive	 	95	 	520 Wildwood Circle Drive North	 	35209	 	Hilton Worldwide	 	Upscale	 	 
	Summit Hotel OP, LP	 	087	 	Hilton Garden Inn - Birmingham SE/Liberty Park	 	130	 	2090 Urban Center Parkway	 	35242	 	Hilton Worldwide	 	Upscale	 	 
	Summit Hospitality I, LLC	 	094	 	Staybridge Suites - Denver/Cherry Creek	 	121	 	4220 East Virginia Avenue	 	80246	 	IHG	 	Upscale	 	 
	Carnegie Hotels, LLC	 	099	 	Courtyard - Atlanta Downtown	 	150	 	133 Carnegie Way	 	30303	 	Marriott International 	 	Upscale	 	(1)
	Summit Hospitality 100, LLC	 	100	 	Hyatt Place - Garden City	 	122	 	5 North Avenue	 	11530	 	Hyatt Hotel Corp.	 	Upscale	 	 
	Summit Hospitality I, LLC	 	102	 	Courtyard - New Orleans Downtown/Convention Center	 	202	 	300 Julia Street	 	70130	 	Marriott International 	 	Upscale	 	(1)
	Summit Hospitality 25, LLC	 	113	 	Hilton Garden Inn - Houston/Galleria Area	 	182	 	3201 Sage Road	 	77056	 	Hilton Worldwide	 	Upscale	 	 
	Summit Hospitality 114, LLC	 	114	 	DoubleTree - San Francisco Airport North	 	210	 	5000 Sierra Point Parkway	 	94005	 	Hilton Worldwide	 	Upscale	 	 
	Summit Hospitality 117, LLC	 	117	 	Hampton Inn & Suites - Austin/Downtown/Convention Center	 	209	 	200 San Jacinto Boulevard	 	78701	 	Hilton Worldwide	 	Upper Midscale	 	 
	Summit Hospitality 118, LLC	 	118	 	Hampton Inn & Suites - Minneapolis/Downtown	 	211	 	19 North 8th Street	 	55403	 	Hilton Worldwide	 	Upper Midscale	 	 
	Summit Hospitality 119, LLC	 	119	 	Residence Inn - Bridgewater/Branchburg	 	101	 	3241 Route 22 East	 	08876	 	Marriott International 	 	Upscale	 	 
	Summit Hospitality 120, LLC	 	120	 	Hyatt House - Orlando/Universal	 	168	 	5915 Caravan Court	 	32819	 	Hyatt Hotel Corp.	 	Upscale	 	 
	Summit Hospitality 121, LLC	 	121	 	Residence Inn - Baltimore/Hunt Valley	 	141	 	45 Schilling Rd	 	21031	 	Marriott International 	 	Upscale	 	 
	Summit Hospitality 122, LLC	 	122	 	Hampton Inn - Boston/Norwood	 	139	 	434 Providence Highway (Rt. 1)	 	02062	 	Hilton Worldwide	 	Upper Midscale	 	 
	Summit Hospitality 123, LLC	 	123	 	Hotel Indigo - Asheville Downtown	 	115	 	151 Haywood Street	 	28801	 	IHG	 	Upper Upscale	 	 
	Summit Hospitality 126, LLC	 	126	 	Courtyard - Atlanta Decatur Downtown/Emory	 	179	 	130 Clairemont Avenue	 	30030	 	Marriott International 	 	Upscale	 	 
	Summit Hospitality 127, LLC	 	127	 	Courtyard - Nashville Vanderbilt/West End	 	226	 	1901 West End Avenue	 	37203	 	Marriott International 	 	Upscale	 	 
	Summit Hospitality 128, LLC	 	128	 	Residence Inn - Atlanta Midtown/Peachtree at 17th	 	160	 	1365 Peachtree Street Northeast	 	30309	 	Marriott International 	 	Upscale	 	 
	Summit Hospitality 129, LLC	 	129	 	Homewood Suites - Aliso Viejo/Laguna Beach	 	129	 	110 Vantis Dr	 	92656	 	Hilton Worldwide	 	Upscale	 	 
	Summit Hospitality 130, LLC	 	130	 	Hyatt House - Miami Airport	 	163	 	5710 Blue Lagoon Drive	 	33126	 	Hyatt Hotel Corp.	 	Upscale	 	 
	Summit Hospitality 131, LLC	 	131	 	Marriott - Boulder	 	165	 	2660 Canyon Boulevard	 	80302	 	Marriott International 	 	Upper Upscale	 	 
	Summit Hospitality 132, LLC	 	132	 	Hyatt Place - Chicago/Downtown-The Loop	 	206	 	28 North Franklin Street	 	60606	 	Hyatt Hotel Corp.	 	Upscale	 	 
	Summit Hospitality 134, LLC	 	134	 	Courtyard - Fort Lauderdale Beach	 	261	 	440 Seabreeze Boulevard	 	33316	 	Marriott International 	 	Upscale	 	 
	Summit Hospitality 135, LLC	 	135	 	Courtyard - Charlotte City Center	 	181	 	237 South Tryon Street	 	28202	 	Marriott International 	 	Upscale	 	 
	Summit Hospitality 136, LLC	 	136	 	Hampton Inn & Suites - Baltimore Inner Harbor	 	116	 	131 East Redwood Street	 	21202	 	Hilton Worldwide	 	Upper Midscale	 	 
	Summit Hospitality 137, LLC	 	137	 	Residence Inn - Baltimore Downtown/Inner Harbor	 	189	 	17 Light Street	 	21202	 	Marriott International 	 	Upscale	 	 
	Summit Hospitality 138, LLC	 	138	 	Courtyard - Kansas City Country Club Plaza	 	123	 	4600 JC Nichols Parkway	 	64112	 	Marriott International 	 	Upscale	 	 
	Summit Hospitality 139, LLC	 	139	 	Courtyard - Pittsburgh Downtown	 	182	 	945 Penn Avenue	 	15222	 	Marriott International 	 	Upscale	 	 
	Summit Hospitality 140, LLC	 	140	 	Courtyard - Fort Worth Downtown/Blackstone	 	203	 	601 Main Street	 	76102	 	Marriott International 	 	Upscale	 	(1)
	Summit Hospitality 141, LLC	 	141	 	AC Hotel - Atlanta Downtown	 	255	 	101 Andrew J.Young International Boule	 	30303	 	Marriott International 	 	Upscale	 	 
	Summit Hospitality 142, LLC	 	142	 	Homewood Suites - Tucson/St. Philip’s Plaza University	 	122	 	4250 North Campebell Avenue	 	85718	 	Hilton Worldwide	 	Upscale	 	 
	Summit Hospitality 143, LLC	 	143	 	Hilton Garden Inn - Waltham	 	148	 	450 Totten Pond Road	 	02451	 	Hilton Worldwide	 	Upscale	 	 
	Summit Hospitality 144, LLC	 	144	 	Residence Inn - Cleveland Downtown	 	175	 	527 Prospect Avenue East	 	44115	 	Marriott International 	 	Upscale	 	 
	Summit Hospitality 145, LLC	 	145	 	Courtyard - New Haven at Yale	 	207	 	30 Whalley Avenue	 	06511	 	Marriott International 	 	Upscale	 	 
	BP Watertown Hotel, LLC	 	146	 	Residence Inn - Boston/Watertown	 	150	 	570 Arsenal
    Street	 	02472	 	Marriott
    International 	 	Upscale	 	 
	TOTAL	 	 	 	49 Hotels w/ 7,604 Guestrooms	 	7,604	 	 	 	 	 	 	 	 	 	 

  

		(1)	Hotel is subject to a combined management and franchise agreement.

 

     

     

    

 

Schedule 4.01(q) - Environmental Concerns

 

None.

 

     

     

    

 

Schedule 4.01(w) - Plans Welfare Plans

 

None.

 

     

     

    

 

EXHIBIT A-1 to the

CREDIT AGREEMENT

 

FORM OF REVOLVING NOTE

 

REVOLVING NOTE

 

	$__________	Dated:_______ __, ____

 

FOR VALUE RECEIVED, the undersigned, SUMMIT
HOTEL OP, LP, a Delaware limited partnership (the “Borrower”), HEREBY PROMISES TO PAY          (the
“Lender”) for the account of its Applicable Lending Office (as defined in the Credit Agreement referred
to below) the aggregate principal amount of the Revolving Credit Advances, the Letter of Credit Advances and the Swing Line Advances
(each as defined below) owing to the Lender by the Borrower pursuant to the Credit Agreement dated as of December 6, 2018 (as amended,
amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized
terms not otherwise defined herein shall have their respective meanings set forth in the Credit Agreement) among the Borrower,
the Lender, certain other Lender Parties party thereto, Summit Hotel Properties, Inc., the Subsidiary Guarantors party thereto,
Deutsche Bank AG New York Branch, as Administrative Agent for the Lender and such other Lender Parties party thereto, on the Termination
Date.

 

The Borrower promises to pay to the Lender
interest on the unpaid principal amount of each Revolving Credit Advance, Letter of Credit Advance and Swing Line Advance from
the date of such Revolving Credit Advance, Letter of Credit Advance or Swing Line Advance, as the case may be, until such principal
amount is paid in full, at such interest rates, and payable at such times, as are specified in the Credit Agreement.

 

Both principal and interest are payable in
lawful money of the United States of America to Deutsche Bank AG New York Branch, as Administrative Agent, at 60 Wall Street, New
York, New York 10005, in same day funds. Each Revolving Credit Advance, Letter of Credit Advance and Swing Line Advance owing to
the Lender by the Borrower and the maturity thereof, and all payments made on account of principal thereof, shall be recorded by
the Lender and, prior to any transfer hereof, endorsed on the grid attached hereto, which is part of this Revolving Note; provided,
however, that the failure of the Lender to make any such recordation or endorsement shall not affect the Obligations of the Borrower
under this Revolving Note.

 

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

 

     

     

    

 

This Revolving Note shall be governed by,
and construed in accordance with, the law of the State of New York.

 

	 	SUMMIT HOTEL OP, LP,
	 	a Delaware limited partnership
	 	 
	 	By:	SUMMIT HOTEL GP, LLC,
	 	 	a Delaware limited liability company,
	 	 	its general partner
	 	 	 
	 	By:	SUMMIT HOTEL PROPERTIES, INC.,
	 	 	a Maryland corporation,
	 	 	its sole member
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	Exh. A-1-2	 

     

    

 

REVOLVING CREDIT ADVANCES AND

PAYMENTS OF PRINCIPAL

 

	Date	Amount of 

Revolving Credit 

Advance	Amount of 

Principal Paid or 

Prepaid	Unpaid

Principal

Balance	Notation

Made By
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 	Exh. A-1-3	 

     

    

 

EXHIBIT A-2 to the

CREDIT AGREEMENT

 

FORM OF TERM NOTE

 

TERM NOTE

 

	$__________	Dated:_______ __, ____

 

FOR VALUE RECEIVED, the undersigned, SUMMIT
HOTEL OP, LP, a Delaware limited partnership (the “Borrower”), HEREBY PROMISES TO PAY____________________
(the “Lender”) for the account of its Applicable Lending Office (as defined in the Credit Agreement referred
to below) the aggregate principal amount of the Term Loan Advances owing to the Lender by the Borrower pursuant to the Credit Agreement
dated as of December 6, 2018 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”; capitalized terms not otherwise defined herein shall have their respective meanings set forth in the
Credit Agreement) among the Borrower, the Lender, certain other Lender Parties party thereto, Summit Hotel Properties, Inc., the
Subsidiary Guarantors party thereto, Deutsche Bank AG New York Branch, as Administrative Agent for the Lender and such other Lender
Parties party thereto, on the Termination Date.

 

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

 

Both principal and interest are payable in
lawful money of the United States of America to Deutsche Bank AG New York Branch, as Administrative Agent, at 60 Wall Street, New
York, New York 10005, in same day funds. The Term Loan Advances owing to the Lender by the Borrower and the maturity thereof, and
all payments made on account of principal thereof, shall be recorded by the Lender and, prior to any transfer hereof, endorsed
on the grid attached hereto, which is part of this Term Note; provided, however, that the failure of the Lender to make any such
recordation or endorsement shall not affect the Obligations of the Borrower under this Term Note.

 

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

 

[REMAINDER OF THE PAGE INTENTIONALLY LEFT
BLANK]

 

    	 	Exh. A-2-1	 

     

    

 

This Term Note shall be governed by, and construed
in accordance with, the law of the State of New York.

 

	 	SUMMIT HOTEL OP, LP,
	 	a Delaware limited partnership
	 	 
	 	By:	SUMMIT HOTEL GP, LLC,
	 	 	a Delaware limited liability company,
	 	 	its general partner
	 	 	 
	 	By:	SUMMIT HOTEL PROPERTIES, INC.,
	 	 	a Maryland corporation, its sole member
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	Exh. A-2-2	 

     

    

 

TERM LOAN ADVANCES AND

PAYMENTS OF PRINCIPAL

 

	Date	
        Amount of Term 

        Loan Advance
	
        Amount of 

        Principal Paid or 

        Prepaid
	Unpaid

Principal

Balance	Notation Made By
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 	Exh. A-2-3	 

     

    

 

EXHIBIT B to the

CREDIT AGREEMENT

 

FORM OF NOTICE

OF BORROWING

 

NOTICE OF [SWING LINE] BORROWING

 

_________ __, ____

 

Deutsche Bank AG New York Branch,

as Administrative Agent

under the Credit Agreement

referred to below

60 Wall Street

New York, New York 10005

Attention: [________]

 

Ladies and Gentlemen:

 

The undersigned, SUMMIT HOTEL OP, LP,
a Delaware limited partnership, refers to the Credit Agreement dated as of December 6, 2018 (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms not
otherwise defined herein shall have their respective meanings set forth in the Credit Agreement), among the undersigned, Summit
Hotel Properties, Inc., the Subsidiary Guarantors party thereto, the Lender Parties party thereto, Deutsche Bank AG New York Branch,
as Administrative Agent for the Lender Parties party thereto, and hereby gives you notice, irrevocably, pursuant to Section 2.02
of the Credit Agreement that the undersigned hereby requests a Borrowing under the Credit Agreement, and in that connection sets
forth below the information relating to such Borrowing (the “Proposed Borrowing”) as required by Section
[2.02(a)]1 [2.02(b)]2
of the Credit Agreement:

 

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

 

		(ii)	The Facility under which the Proposed Borrowing is requested is the [Revolving Credit][Swing Line][Term Loan] Facility.

 

		(iii)	[The Type of Advances comprising the Proposed Borrowing
is [Base Rate Advances] [Eurodollar Rate Advances].]3

 

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

 

		(v)	[The initial Interest Period for each Eurodollar Rate Advance
made as part of the Proposed Borrowing is ________ month[s].]4
[The maturity of such Borrowing is ________.]5

 

 

1
For Revolving Credit or Term Loan Advances.

2
For Swing Line Borrowings.

3
For Revolving Credit or Term Loan Advances.

4
For Eurodollar Rate Advances only.

5
For Swing Line Borrowings only. The maturity must be no later than the earlier of (A) the fifth Business Day after
the requested date of the Borrowing and (B) the Termination Date.

 

    	 	Exh. B-1	 

     

    

 

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

 

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

 

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

 

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

 

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

 

Delivery of an executed
counterpart of this Notice of Borrowing by telecopier or e-mail (which e-mail shall include an attachment in PDF format or similar
format containing the legible signature of the undersigned) shall be effective as delivery of an original executed counterpart
of this Notice of Borrowing.

 

	 	SUMMIT HOTEL OP, LP,
	 	a Delaware limited partnership
	 	 
	 	By:	SUMMIT HOTEL GP, LLC,
	 	 	a Delaware limited liability company,
	 	 	its general partner
	 	 	 
	 	By:	SUMMIT HOTEL PROPERTIES, INC.,
	 	 	a Maryland corporation,
	 	 	its sole member
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	Exh. B-2	 

     

    

 

EXHIBIT C to the

CREDIT AGREEMENT

 

FORM OF

NOTICE OF ISSUANCE OF LETTER OF CREDIT

 

[                          ],
20[ ]

 

Deutsche Bank AG New York Branch,

as Administrative Agent

under the Credit Agreement

referred to below

60 Wall Street

New York, New York 10005

Attention: [__________]

 

[Issuing Bank]

[Letter of Credit Issuing Office]

 

Re:  Notice of Issuance of
Letter of Credit

 

Ladies and Gentlemen:

 

Reference is made to
the Credit Agreement dated as of December 6, 2018 (as amended, amended and restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”; capitalized terms not otherwise defined herein shall have their respective
meanings set forth in the Credit Agreement) among Summit Hotel OP, LP, a Delaware limited partnership, as Borrower, Summit Hotel
Properties, Inc., the Subsidiary Guarantors party thereto, the Lender Parties party thereto, Deutsche Bank AG New York Branch,
as Administrative Agent for the Lender Parties party thereto. Capitalized terms used herein without definition shall have the respective
meanings given in the Credit Agreement.

 

Pursuant to Section
2.03 of the Credit Agreement, the Borrower desires a Letter of Credit to be issued in accordance with the terms and conditions
of the Credit Agreement on [________] (the “Funding Date”) in an aggregate face amount or maximum aggregate
liability, as applicable, of $[_________] (the “Proposed Issuance”).

 

Attached hereto for such Letter of Credit
are the following:

 

		(i)	the name and address of the beneficiary;

 

		(ii)	the expiration date; and

 

		(iii)	either (i) the verbatim text of such proposed Letter of Credit or (ii) a description of the proposed
terms and conditions of such Letter of Credit, including a precise description of any documents and the verbatim text of any certificates
to be presented by the beneficiary which, if presented by the beneficiary prior to the expiration date of such Letter of Credit,
would require the Issuing Bank to make payment under such Letter of Credit.

 

The Borrower hereby certifies that:

 

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

 

    	 	Exh. C-1	 

     

    

 

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

 

		(C)	(1) the Total Unencumbered Asset Value equals or exceeds Consolidated Unsecured Indebtedness of
the Parent Guarantor that will be outstanding after giving effect to the Proposed Issuance, and (2) before and after giving effect
to the Proposed Issuance, the Parent Guarantor shall be in compliance with the covenants contained in Section 5.04 of the Credit
Agreement, and attached hereto is supporting information showing the computations used in determining compliance with such covenants.

 

	 	SUMMIT HOTEL OP, LP,
	 	a Delaware limited partnership
	 	 
	 	By:	SUMMIT HOTEL GP, LLC,
	 	 	a Delaware limited liability company,
	 	 	its general partner
	 	 	 
	 	By:	SUMMIT HOTEL PROPERTIES, INC.,
	 	 	a Maryland corporation,
	 	 	its sole member
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	Exh. C-2	 

     

    

 

EXHIBIT D to the

CREDIT AGREEMENT

 

FORM OF

GUARANTY SUPPLEMENT

 

GUARANTY SUPPLEMENT

 

________ __, ____

 

Deutsche Bank AG New York Branch,

as Administrative Agent

under the Credit Agreement

referred to below

60 Wall Street

New York, New York 10005

Attention: [________]

 

Credit Agreement dated as of December
6, 2018 (as in effect on the date hereof and as it may hereafter be amended, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Summit Hotel OP, LP, as Borrower, Summit Hotel Properties,
Inc., the Subsidiary Guarantors party thereto, the Lender Parties party thereto, Deutsche Bank AG New York Branch, as Administrative
Agent for the Lender Parties and the Arrangers party thereto.

 

Ladies and Gentlemen:

 

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

 

Section 1.          Guaranty;
Limitation of Liability. (a) The undersigned hereby absolutely, unconditionally and irrevocably guarantees the punctual payment
when due, whether at scheduled maturity or on any date of a required prepayment or by acceleration, demand or otherwise, of all
Obligations of the Borrower and each other Loan Party now or hereafter existing under or in respect of the Loan Documents (including,
without limitation, any extensions, modifications, substitutions, amendments or renewals of any or all of the foregoing Obligations),
whether direct or indirect, absolute or contingent, and whether for principal, interest, premiums, fees, indemnities, contract
causes of action, costs, expenses or otherwise in each case exclusive of all Excluded Swap Obligations (such guaranteed Obligations
being the “Guaranteed Obligations”), and agrees to pay any and all expenses (including, without limitation,
fees and expenses of counsel) incurred by the Administrative Agent or any other Lender Party in enforcing any rights under this
Guaranty Supplement, the Guaranty, the Credit Agreement or any other Loan Document. Without limiting the generality of the foregoing,
the undersigned’s liability shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed
by any other Loan Party to any Lender Party under or in respect of the Loan Documents but for the fact that they are unenforceable
or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving such other Loan Party. This
Guaranty is and constitutes a guaranty of payment and not merely of collection. Notwithstanding anything to the contrary herein,
the Lender Parties shall immediately release the guaranty of the undersigned at such time as the undersigned has completed Transfers
and/or designations in compliance with Section 5.02(e) of the Credit Agreement such that the undersigned does not own, directly
or indirectly any one or more Unencumbered Assets.

 

    	 	Exh. D-1	 

     

    

 

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

 

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

 

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

 

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

 

Section 4.          Delivery
by Telecopier. Delivery of an executed counterpart of a signature page to this Guaranty Supplement by telecopier or e-mail (which
e-mail shall include an attachment in PDF format or similar format containing the legible signature of the undersigned) shall be
effective as delivery of an original executed counterpart of this Guaranty Supplement.

 

Section 5.          Governing
Law; Jurisdiction; Waiver of Jury Trial, Etc. (a) This Guaranty Supplement shall be governed by, and construed in accordance with,
the law of the State of New York.

 

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

 

    	 	Exh. D-2	 

     

    

 

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

 

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

 

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

 

    	 	Exh. D-3	 

     

    

 

EXHIBIT E to the

CREDIT AGREEMENT

 

FORM OF

ASSIGNMENT AND ACCEPTANCE

 

ASSIGNMENT AND ACCEPTANCE

 

Reference is made to
the Credit Agreement dated as of December 6, 2018 (as amended, amended and restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”; capitalized terms not otherwise defined herein shall have their respective
meanings set forth in the Credit Agreement) among Summit Hotel OP, LP, a Delaware limited partnership, as Borrower, Summit Hotel
Properties, Inc., the Subsidiary Guarantors party thereto, the Lender Parties party thereto, Deutsche Bank AG New York Branch,
as Administrative Agent for the Lender Parties party thereto.

 

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

 

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

 

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

 

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

 

    	 	Exh. E-1	 

     

    

 

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

 

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

 

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

 

7.          This
Assignment and Acceptance shall be governed by, and construed in accordance with, the law of the State of New York.

 

8.          This
Assignment and Acceptance may be executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of Schedule 1 to this Assignment and Acceptance by telecopier or e-mail (which e-mail
shall include an attachment in PDF format or similar format containing the legible signature of the person executing this Assignment
and Acceptance) shall be effective as delivery of an original executed counterpart of this Assignment and Acceptance.

 

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

 

    	 	Exh. E-2	 

     

    

 

SCHEDULE 1

to

ASSIGNMENT AND ACCEPTANCE

 

	ASSIGNORS:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revolving Credit Facility	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percentage interest assigned	 	 		%	 	 		%	 	 		%	 	 		%	 	 		%
	Percentage interest retained	 	 		%	 	 		%	 	 		%	 	 		%	 	 		%
	Revolving Credit Commitment assigned	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	Revolving Credit Commitment retained	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	Aggregate outstanding principal amount of Revolving Credit Advances assigned	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	Aggregate outstanding principal amount of Revolving Credit Advances retained	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	Principal amount of Revolving Note payable to Assignor	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	Letter of Credit Facility	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Letter of Credit Commitment assigned	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	Letter of Credit Commitment retained	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	Term Loan Facility	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percentage interest assigned	 	 		%	 	 		%	 	 		%	 	 		%	 	 		%
	Percentage interest retained	 	 		%	 	 		%	 	 		%	 	 		%	 	 		%
	Term Loan Commitment assigned	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	Term Loan Commitment retained	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	Aggregate outstanding principal amount of the Term Advance assigned	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	Aggregate outstanding principal amount of	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	the Term Advance retained	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Principal amount of Term Note payable to Assignor	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ASSIGNEES:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revolving Credit Facility	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percentage interest assumed	 	 		%	 	 		%	 	 		%	 	 		%	 	 		%
	Revolving Credit Commitment assumed	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	Aggregate outstanding principal amount of Revolving Credit Advances assumed	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	Principal amount of Revolving Note payable to Assignee	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	Letter of Credit Facility	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Letter of Credit Commitment assumed	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	Term Loan Facility	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percentage interest assumed	 	 		%	 	 		%	 	 		%	 	 		%	 	 		%
	Term Loan Commitment assumed	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	Aggregate outstanding principal amount of the Term Advance assumed	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 
	Principal amount of Term Note payable to Assignee	 	$		 	 	$		 	 	$		 	 	$		 	 	$		 

  

    	 	Exh. E-3	 

     

    

 

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

6_________ __, ____

 

	 	Assignors
	 	 
	 	______________________, as Assignor
	 	[Type or print legal name of Assignor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Dated:  __________ __, ____
	 	 
	 	______________________, as Assignor
	 	[Type or print legal name of Assignor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Dated:  __________ __, ____
	 	 
	 	______________________, as Assignor
	 	[Type or print legal name of Assignor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Dated:  __________ __, ____

 

	 	______________________, as Assignor
	 	[Type or print legal name of Assignor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Dated:  __________ __, ____

 

 

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

 

    	 	Exh. E-4	 

     

    

 

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

 

    	 	Exh. E-5	 

     

    

 

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

 

    	 	Exh. E-6	 

     

    

 

	Accepted [and Approved] this _____	 
	day of _________, ____	 
	 	 
	DEUTSCHE BANK AG NEW YORK BRANCH,	 
	as Administrative Agent	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	[Approved this _____ day	 
	of ___________, _____	 
	 	 
	SUMMIT HOTEL OP, LP,	 
	a Delaware limited partnership	 
	 	 	 
	By:	SUMMIT HOTEL GP, LLC,	 
	 	a Delaware limited liability company,	 
	 	its general partner	 
	 	 	 
	By:	SUMMIT HOTEL PROPERTIES, INC.,	 
	 	a Maryland corporation,	 
	 	its sole member	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	 	Exh. E-7	 

     

    

 

EXHIBIT F-1 to the

CREDIT AGREEMENT

 

FORM OF

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

 

See Attached.

 

     

     

    

 

December 6, 2018

 

Secured Parties under the Credit Agreement listed on Schedule
A hereto

and Deutsche Bank AG New York Branch,

as Administrative Agent

60 Wall Street

New York, New York 10005

 

		Re:	Credit Agreement, dated as of the date hereof (the “Credit
Agreement”), among Summit Hotel OP, LP, as borrower (“Borrower”), Summit Hotel Properties, Inc. (“Parent
Guarantor”) and the subsidiary guarantors party thereto set forth on Schedule B attached hereto (each, a “Subsidiary
Guarantor”, and, collectively, the “Subsidiary Guarantors”), as guarantors), the Initial Lenders,
the Initial Issuing Bank and Swing Line Banks (as such capitalized terms are defined in the Credit Agreement), Deutsche Bank AG
New York Branch (“DBAG”), as administrative agent (in such capacity, the “Administrative Agent”)
for the Lender Parties, and as Lender (as such capitalized terms are defined in the Credit Agreement), Bank of America, N.A.,
DBAG, Regions Bank and U.S. Bank National Association as Co-Syndication Agents (as defined in the Credit Agreement), and Deutsche
Bank Securities Inc. as Arranger (as defined in the Credit Agreement), and Deutsche Bank Securities Inc., Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Regions Capital Markets and U.S. Bank National Association as Joint Bookrunners (as such capitalized
terms are defined in the Credit Agreement)

 

Ladies and Gentlemen:

 

We have acted as special
New York counsel to Borrower, Parent Guarantor and Subsidiary Guarantors (referred to herein, collectively, as the “Clients,”
and each as a “Client”) solely with respect to the following documents (collectively, the “Loan Documents”):

 

		(a)	the Credit Agreement;

 

		(b)	(i) the Revolving Note, dated as of the date hereof,
made by Borrower in favor of PNC Bank, National Association, in the original principal amount of $25,000,000, (ii) the Revolving
Note, dated as of the date hereof, made by Borrower in favor of Regions Bank, in the original principal amount of $49,000,000,
and (iii) the Revolving Note, dated as of the date hereof, made by Borrower in favor of U.S. Bank National Association, in the
original principal amount of $49,000,000, and (iv) the Secured Parties under the Credit Agreement listed on Schedule A hereto
and Deutsche Bank AG New York Branch, as Administrative Agent December 6, 2018 Revolving Note, dated as of the date hereof, made
by Borrower in favor of Royal Bank of Canada, in the original principal amount of $25,000,000, and (v) the Revolving Note, as
of the date hereof, made by Borrower in favor of KeyBank National Association, in the original principal amount of $25,000,000,
and (vi) the Revolving Note, dated as of the date hereof, made by Borrower in favor of Branch Banking and Trust Company, in the
original principal amount of $25,000,000, and (vii); the Revolving Note, dated as of the date hereof, made by Borrower in favor
of Capital One, National Association, in the original principal amount of $25,000,000, and (viii); the Revolving Note, dated as
of the date hereof, made by Borrower in favor of Deutsche Bank AG New York Branch, in the original principal amount of $80,000,000,
and (ix) the Revolving Note, dated as of the date hereof, made by Borrower in favor of BMO Harris Bank N.A, in the original principal
amount of $25,000,000.

 

     

    Secured Parties under the Credit Agreement listed on Schedule A hereto
 and Deutsche Bank AG New York Branch,
 as Administrative Agent
 December 6, 2018
 Page 2

    

		(c)	(i) the Term Note, dated as of the date hereof, made
by Borrower in favor of Capital One, National Association, in the original principal amount of $15,000,000, (ii) the Term Note,
dated as of the date hereof, made by Borrower in favor of U.S. National Bank National Association in the original principal amount
of $31,000,000, and (iii) the Term Note, dated as of the date hereof, made by Borrower in favor of Regions Bank, in the original
principal amount of $31,000,000, and (iv) the Term Note, dated as of the date hereof, made by Borrower in favor of BMO Harris
Bank N.A., in the original principal amount of $15,000,000, and (v) the Term Note dated as of the date hereof, made by Borrower
in favor of PNC Bank National Association, in the original principal amount of $15,000,000, and (vi) the Term Note, dated as of
the date hereof, made by Borrower in favor of KeyBank National Association, in the original principal amount of $15,000,000, and
(vii) the Term Note, dated as of the date hereof, made by Borrower in favor of Royal Bank of Canada, in the original principal
amount of $15,000,000, and (vii) the Term Note, dated as of the date hereof, made by Borrower in favor of Branch Banking and Trust
Company, in the original principal amount of $15,000,000.

 

For purposes of this opinion letter (this
“Opinion”), we have examined execution counterparts of the Loan Documents.

 

With respect to all
such examinations we have assumed without investigation (i) the authenticity of all Loan Documents furnished to us as originals
and the genuineness of all signatures (including of the Clients) on all such original Loan Documents, (ii) the conformity to original
Loan Documents of all Loan Documents furnished to us as photostatic or conformed copies of original Loan Documents, and (iii) the
legal capacity of natural persons.

 

We have also assumed
(i) the due authorization, execution and delivery of the Loan Documents by each of the parties thereto (including the Clients),
(ii) that each such party has all Secured Parties under the Credit Agreement listed on Schedule A hereto and Deutsche Bank AG New
York Branch, as Administrative Agent December 6, 2018 requisite power and authority to perform its respective obligations under
each Loan Document to which it is a party, (iii) the enforceability of the Loan Documents with respect to each party thereto (except
the Clients), and (iv) the compliance with all applicable laws by each party to a Loan Document (other than as set forth in paragraphs
1, 2 and 3 below). We have been informed, and we further assume, that no collateral described and/or otherwise encumbered by any
Loan Document is located in the State of New York.

 

We have assumed that
all parties to the Loan Documents are, on the date hereof, in compliance with all of their obligations and undertakings arising
thereunder. As to certain matters of fact, we have examined and relied upon the representations and warranties contained in the
Loan Documents, and we have assumed the accuracy of all such representations and warranties without any independent investigation
or verification of such facts. As to any other facts material to this Opinion which we did not independently establish or verify,
we have relied upon statements, representations and/or certificates of the Clients. We have assumed that the Lenders have knowledge
of all of the information and disclosures contained in or referred to in the Loan Documents and in the schedules and exhibits thereto,
and each opinion and statement herein is qualified by such information and disclosures. We are not opining on Maryland or Delaware
law (and certain other matters covered by other legal opinions) to which we understand you are relying on the following: (a) the
opinion of Venable LLP, as Maryland counsel to Parent Guarantor and (b) the opinion of Hagen, Wilka & Archer, LLP, as special
counsel to the Clients, each dated as of the date hereof (collectively, the “Other Opinions”), and have assumed the
accuracy and completeness of all matters set forth therein (other than as to the matters set forth in paragraphs 1, 2 and 3 below,
subject to the other assumptions and exclusions in this Opinion).

 

     

    Secured Parties under the Credit Agreement listed on Schedule A hereto
 and Deutsche Bank AG New York Branch,
 as Administrative Agent
 December 6, 2018
 Page 3

    

We call the Lenders’
attention to the fact that our engagement by the Clients has been limited to such specific matters as to which we are consulted
or which are referred to us by the Clients, and there may exist matters of a legal nature which could have a bearing on the Clients’
obligations, commitments, legal status or financial condition with respect to which we have not been consulted or retained.

 

Based upon and subject
to the foregoing, and subject further to all of the other assumptions, disclaimers, exceptions, qualifications and limitations
hereinafter described, it is our opinion as of the date of this Opinion that:

 

1.          The
execution and delivery by each Client of each Loan Document to which it is a party do not, and the performance by such Client of
its applicable obligations thereunder and the consummation of the transactions contemplated by the Loan Documents in accordance
with their terms will not, violate any New York law, rule or regulation which in our experience is typically applicable to borrowers,
guarantors or persons granting security interests in the types of collateral described in the Loan Documents generally, assuming
the correctness of Secured Parties under the Credit Agreement listed on Schedule A hereto and Deutsche Bank AG New York Branch,
Borrower’s, Parent Guarantor’s and/or any Subsidiary Guarantor’s statements made as representations and warranties
in Section 4.01 and other provisions of the Credit Agreement, as applicable to Borrower, Parent Guarantor and/or any Subsidiary
Guarantor.

 

2.          No
authorization or approval or other action by, and no notice to or filing with, any New York governmental authority or regulatory
body is required which in our experience is typically applicable to borrowers, guarantors or persons entering into similar transactions
for (a) the due execution, delivery or performance by each Client of any Loan Document to which it is a party or the consummation
of the transactions contemplated by the Loan Documents, or (b), to our knowledge, the exercise by the Administrative Agent or any
Secured Party of its rights under the Loan Documents, in accordance with their terms.

 

3.          Assuming
the due authorization, execution and delivery by each Client under Applicable Organizational Law (as hereinafter defined) of the
Loan Documents to which such Client is party, each applicable Loan Document to which such Client is party is valid, binding and
enforceable under New York law against such Client in accordance with its terms, except as such enforceability may be limited by
(i) applicable bankruptcy, insolvency, reorganization, moratorium, debtor relief or similar laws, including those affecting the
rights and remedies of creditors generally, (ii) the application of general equitable principles (whether such enforcement is sought
by proceedings in equity or at law), and/or (iii) the application of principles of public policy. For purposes of this paragraph
3, “Applicable Organizational Law” shall mean, with respect to each Client, the relevant laws of the state of incorporation,
formation, or other organization of such Client. With respect to each Loan Document, in the event the choice of New York law therein
is not respected by a court acting under the laws of a state other than the State of New York or otherwise, we render no opinion
whatsoever as to the enforceability of such Loan Document (or the terms contained therein).

 

The foregoing opinions
are subject to the following further exceptions, qualifications and limitations:

 

A.           We
express no opinion as to the legality, validity, binding effect or enforceability of any provisions of the Loan Documents that
purport to permit the Lenders to increase the rate of interest or to collect a late charge or similar fee in the event of delinquency
or default to the extent a court may find the same to constitute a penalty or to be unreasonable under the circumstances.

 

B.           Our
opinions do not include, nor shall they be deemed to include, any opinion or supporting factual investigation as to any of the
following (the term “laws” as used below includes all applicable rules, regulations, requirements, and judicial and
agency decisions):

 

     

    Secured Parties under the Credit Agreement listed on Schedule A hereto
 and Deutsche Bank AG New York Branch,
 as Administrative Agent
 December 6, 2018
 Page 4

    

		a.	compliance with state securities laws;

		 	 

		b.	any and all matters relating to state or local income
taxation, or related income taxation questions, including all laws with respect thereto;

		 	 

		c.	federal and state laws governing financial institutions;

		 	 

		d.	pension and employee benefit laws;

		 	 

		e.	state antitrust and unfair competition laws;

		 	 

		f.	state laws concerning filing requirements;

		 	 

		g.	compliance with fiduciary duty laws;

		 	 

		h.	state and local environmental laws;

		 	 

		i.	any real property law, including state and local zoning,
development and development or air rights, planning and land use laws, and any laws relating to the leasing of real property;

		 	 

		J.	state criminal and civil forfeiture laws;

		 	 

		k.	state laws concerning patents, trademarks, and copyrights;

		 	 

		l.	state labor and safety laws;

		 	 

		m.	federal or state civil rights, equal opportunity, anti-discrimination
and similar laws;

		 	 

		n.	fraudulent transfer and fraudulent conveyance laws;

		 	 

		o.	racketeering laws and regulations (e.g., RICO);

		 	 

		p.	laws, regulations, and policies concerning (A) national
and local emergency and (B) possible judicial deference to acts of sovereign states;

		 	 

		q.	health and safety laws and regulations;

		 	 

		r.	federal and state criminal laws and other statutes of
general application to the extent they provide for criminal prosecution (e.g. mail fraud and wire fraud statutes);

		 	 

		s.	Foreign Corrupt Practices Act and similar laws and treaties;

		 	 

		t.	the USA Patriot ACT (Title III of Public L. 107-56) or
other anti-money laundering laws or regulations;

		 	 

		u.	the Trading with the Enemy Act of 1917, 50 U.S.C.A. app.
§1 et seq., of the United States;

 

     

    Secured Parties under the Credit Agreement listed on Schedule A hereto
 and Deutsche Bank AG New York Branch,
 as Administrative Agent
 December 6, 2018
 Page 5

    

		v.	the International Emergency Economic Powers Act, 50 U.S.C.A.
§1701 et seq., of the United States;

 

		w.	all United States Executive Orders (including the September
24, 2001 Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or support
Terrorism), rules, regulations (including regulations of the Office of Foreign Assets Control of the U.S. Department of the Treasury),
and other official acts promulgated under any of the foregoing;

 

		x.	any provision of any Loan Document purporting to apply
or be interpreted by the laws of a state other than the State of New York.

 

		y.	the statutes and ordinances, the administrative decisions,
and the rules and regulations of counties, towns, municipalities, and special political subdivisions (whether created or enabled
through legislative action at the federal, state, or regional level);

 

		z.	federal and state laws concerning ownership filing requirements
(such as Exon-Florio);

 

		aa.	state and local zoning, development or air rights, planning
and land use laws;

 

		bb.	any other statute, rule, regulation, ordinance, decree
or decisional law relating to land use, fiduciary duty, bankruptcy, insolvency, antiterrorism, labor and employment, or criminal
and civil forfeiture, laws governing the legality of investments for regulated entities, Regulations T, U or X of the Board of
Governors of the Federal Reserve System, the International Investment and Trade in Services Survey Act or the implementing regulations
therefor; or

 

		cc.	judicial decisions to the extent that they deal with
any of the foregoing.

 

C.           We
have assumed that all laws, statutes, and judicial decisions constituting the law of the State of New York are generally available
(i.e., in terms of access and distribution following publication thereof) to lawyers practicing in the State of New York, and are
in a format that makes legal research reasonably feasible.

 

     

    Secured Parties under the Credit Agreement listed on Schedule A hereto
 and Deutsche Bank AG New York Branch,
 as Administrative Agent
 December 6, 2018
 Page 6

    

D.           The
opinions expressed herein are qualified to reflect that enforceability may be limited by any unconscionable or inequitable conduct
on the part of the Lenders (including, without limitation, any requirement that a lender and its agents act in a commercially reasonable
manner and by restrictions on the rights of the Lenders to exercise rights and remedies under the Loan Documents, if it is determined,
in substance, by a court of competent jurisdiction, that such exercise is not in good faith or commercially reasonable, or that
a default is not material, or it cannot be demonstrated that enforcement is reasonably necessary for the protection of the Lenders),
by defenses arising as a consequence of the passage of time, and by defenses arising as a result of the Lenders’ failure
to act promptly, in a commercially reasonable manner, reasonably or in good faith. Notwithstanding anything expressly or by implication
contained in this Opinion, we express no opinion as to the enforceability of (a) restrictive covenants, non-competition agreements
or similar restrictions, (b) indemnity or contribution agreements under United States federal and New York State laws or under
public policies underlying such laws, or (c) provisions in any of the Loan Documents (i) requiring the waiver of procedural, judicial
or substantive rights, (ii) permitting modification of any of the Loan Documents only in writing, or (iii) stating that provisions
in any of the Loan Documents are severable.

 

E.           We
express no op1mon as to the legality, validity, binding effect or enforceability of any provision of the Loan Documents that purports
to grant any power of attorney or constitute any person as an agent, proxy or attorney in fact of any of Borrower or any Guarantor,
or any other person or entity, as applicable, or to create any trust or other fiduciary relationship.

 

F.          We
express no opinion as to any potential conflict oflaws.

 

G.          We
express no opinion as to the effect of suretyship defenses, or defenses in the nature thereof with respect to the obligations of
any applicable guarantor, joint obliger, surety, accommodation party or other secondary obliger.

 

H.          We
express no opinion as to the ability of the Clients to repay the obligations reflected in the Loan Documents or as to the present
or future value of any security that may be realized by your exercise of any remedy under the Loan Documents.

 

I.           We
express no opinion with respect to the enforceability of the terms of any agreement or instrument (other than the terms of the
Loan Documents) notwithstanding the fact that such other agreements or instruments may be referred to, or incorporated by reference,
in the Loan Documents.

 

J.           We
express no opinion as to the availability of the remedy of specific performance, or of injunctive relief, or any opinion with respect
to the willingness of a court to enforce the Loan Documents in the event of a non-material breach thereof.

 

K.          We
express no opinion concerning the validity or enforceability of the Loan Documents to the extent such validity or enforceability
may be impaired or affected by any conduct of the Lenders that gives rise to claims based on allegations of lender liability. We
express no opinion as to the creation, perfection or priority of any liens or security interests, including, without limitation,
with respect to Section 2.18 of the Credit Agreement.

 

     

    Secured Parties under the Credit Agreement listed on Schedule A hereto
 and Deutsche Bank AG New York Branch,
 as Administrative Agent
 December 6, 2018
 Page 7

    

L.          We
express no opinion as to the enforceability of any provision of any Loan Document: (a) that purports to establish (or may be construed
to establish) evidentiary standards; (b) that constitutes a waiver which is prohibited under the Uniform Commercial Code of the
State of New York; (c) under which a party waives any notices, rights, defenses or offsets afforded to it under law or constitutional
provision, or by which a party waives any right afforded to it by applicable law or under principles of equity after a default,
including, without limitation, any waiver of notices and/or the statute of limitations, a right to cause a marshaling of assets
or a right to trial by jury; (d) purporting to preserve and maintain the liability of any party to any guaranty despite the fact
that the guaranteed obligation is unenforceable due to illegalities; (e) under which a party may be obligated to pay legal and
other professional fees incurred by or on behalf of a secured party or the cost of collection following a default, to the extent
a court may conclude that such fees or costs are unreasonable or uncollectible; (f) under which a party disclaims liability or
responsibility to any person for, or claims a right of indemnity for, any loss, claim, cause of action, indebtedness, damage or
injury arising from such party’s actions or omissions; (g) purporting to give a right of self help, without legal process,
to a secured party; or (h) pursuant to which a party consents to the jurisdiction of any federal court insofar as such provision
relates to the subject matter jurisdiction of such court to adjudicate any controversy related to the Loan Documents; (i) purporting
to establish or satisfy certain factual standards or conditions to be met by a lender to satisfy applicable law, or to define what
is commercially reasonable behavior, or to establish any standard as the measure of any party’s obligation of good faith,
diligence or reasonableness of care; G) purporting to sever unenforceable provisions from such Loan Document, to the extent that
the enforcement of the remaining provisions would frustrate the fundamental intent of the parties to such documents; (k) purporting
to provide for a waiver of Lender’s obligation to elect among remedies available pursuant to the Loan Documents or applicable
law; (1) restricting access to legal or equitable remedies, to the extent a court deems such restriction against public policy;
(m) providing that decisions or determinations by any person are conclusive without consent of such person subject to such provision;
(n) purport to waive vaguely or broadly stated rights or unknown future rights; (o) [omitted]; (p) purporting to establish liability
limitations with respect to third parties or rights of third parties to enforce provisions of any Loan Documents; or (q) purporting
to establish rights of or to setoff (beyond those established by statutory law), penalties in respect of breach or prepayment or
liquidated damages.

 

M.         We
express no opinion with respect to any prov1s1on of any Loan Document (a) constituting an agreement to agree, (b) requiring a Client
to act in contravention of other agreements, or (c) providing for the accrual of interest upon interest.

 

N.          We
express no opinion with respect to any issue arising out of or related to the identity or status of any transferee of a Loan Document
or participant under the Loan Documents.

 

In giving the opinions
herein, the knowledge and awareness of this firm is expressly limited to acts, events and facts of which we presently have actual
knowledge or awareness and to documents which we have actually examined; and no implied, apparent or constructive knowledge or
awareness is to be attributed to or imputed to this firm, as counsel to the Clients or otherwise, by the Lenders in interpreting
or relying upon the opinions herein expressed. In basing the opinions and other matters set forth herein on our “knowledge”
or “awareness,” the word “knowledge” or “awareness” or similar language used herein signifies
that, in the course of our representation of the Clients in matters with respect to which we have been engaged by the Clients as
counsel, no information has come to our attention that would give us actual knowledge or actual awareness or actual notice that
any such opinions or other matters are not accurate or that any of the foregoing documents, certificates, reports and information
on which we have relied are not accurate and complete. Except as otherwise stated herein, we have undertaken no independent investigation
or verification of such matters. The word “knowledge,” “awareness” and similar language used herein is
intended to be limited to the knowledge or awareness of the lawyers within our firm who have worked on matters on behalf of the
Clients in connection with the transactions contemplated by the Loan Documents.

 

Excluding the principles
of conflict of laws, this Opinion is limited to the laws (to the extent in our experience typically applicable to transactions
of the type contemplated by the Loan Documents) of the State of New York applicable thereto. In particular, no opinion is rendered
hereunder with respect to any federal laws of the United States of America or on any matters for which an opinion or opinions have
been rendered under any of the Other Opinions. We are not members of the bar of any jurisdiction other than the State of New York.

 

We note that the American
Bar Association has indicated that law firms rendering opinions should not be considered financial guarantors of related transactions,
and we expressly disclaim such a role.

 

[the rest of this page is blank]

 

     

    Secured Parties under the Credit Agreement listed on Schedule A hereto
 and Deutsche Bank AG New York Branch,
 as Administrative Agent
 December 6, 2018
 Page 8

    

This Opinion is being
rendered, and signed and released from our possession within the State of New York on the date hereof. By the Administrative Agent’s
acceptance of this Opinion on behalf of the Lenders, the Administrative Agent (for itself and on behalf of the Lenders) irrevocably
agrees that no action or proceeding may be brought against us in connection with or relating to this Opinion except in the federal
and state courts located in the City, County and State of New York, and irrevocably consents to the exclusive jurisdiction of such
courts for those purposes and waives any claims of forum non conveniens.

 

By accepting this Opinion,
you agree that where, in rendering an opinion, we have made certain assumptions or limited the scope of our inquiry and review,
we have done so with your consent.

 

We disclaim any undertaking
to advise the Lenders about matters not specifically opined to herein. The opinions expressed in this Opinion are limited to the
matters set forth in this Opinion, and no other opinions should be inferred beyond the matters expressly stated. The opinions
expressed herein are subject to the qualifications and assumptions described herein and may be relied upon solely by the addressees
hereof and by any assigns or successors thereof permitted under the Loan Documents (including banks subsequently added via syndication
in accordance with the terms of the Loan Documents) for the purpose set forth above, and by no other persons and for no other purpose.
The Lenders are not authorized to release, publish, communicate or otherwise divulge the contents of this Opinion to any third
party (other than (1) successors and permitted assigns of the Secured Parties and (2) participants or assignees of the Loan Documents)
without the prior written consent of Kleinberg, Kaplan, Wolff & Cohen, P.C.; except that the Lenders may (a) divulge this Opinion
in litigation to the extent (i) not inconsistent with the second preceding paragraph (beginning with “This Opinion is being
rendered”), (ii) required by legal process and (iii) we have been given reasonable advance written notice of such use and
a reasonable opportunity to object and (b) provide copies to independent accountants, attorneys and other professional advisors
acting on their behalf in connection with the Credit Agreement and the transaction contemplated thereby and governmental regulators
if the Administrative Agent (on behalf of the Lenders) notifies us in writing within five (5) business days of doing so. We assume
no obligation to supplement or amend this Opinion if any applicable laws change after the date hereof or if we become aware of
any facts that might change the opinions expressed herein after the date hereof.

 

	 	Very truly yours,

  

     

     

    

 

SCHEDULE A

Secured Parties

 

Deutsche Bank AG New York Branch

 

Bank of America, N.A.

 

Regions Bank

 

Royal Bank of Canada

 

U.S. Bank National Association

 

PNC Bank, National Association

 

KeyBank National Association

 

Raymond James Bank, N.A.

 

Branch Banking and Trust Company

 

Capital One, National Association

 

BMO Harris Bank, N.A.

 

     

     

    

 

SCHEDULE B

List of Guarantors

 

Summit Hotel TRS 003, LLC

Summit Hotel TRS 005, LLC

Summit Hotel TRS 030, LLC

Summit Hotel TRS 037, LLC

Summit Hotel TRS 044, LLC

Summit Hotel TRS 045, LLC

Summit Hotel TRS 052, LLC

Summit Hotel TRS 053, LLC

Summit Hotel TRS 057, LLC

Summit Hotel TRS 060, LLC

Summit Hotel TRS 062, LLC

Summit Hotel TRS 065, LLC

Summit Hotel TRS 066, LLC

Summit Hotel TRS 084, LLC

Summit Hotel TRS 086, LLC

Summit Hotel TRS 087, LLC

Summit Hotel TRS 094, LLC

Summit Hotel TRS 099, LLC

Summit Hotel TRS 100, LLC

Summit Hotel TRS 102, LLC

Summit Hotel TRS 113, LLC

Summit Hotel TRS 114, LLC

Summit Hotel TRS 117, LLC

Summit Hotel TRS 118, LLC

Summit Hotel TRS 119, LLC

Summit Hotel TRS 120, LLC

Summit Hotel TRS 121, LLC

Summit Hotel TRS 122, LLC

Summit Hotel TRS 123, LLC

Summit Hotel TRS 126, LLC

Summit Hotel TRS 127, LLC

Summit Hotel TRS 128, LLC

Summit Hotel TRS 129, LLC

Summit Hotel TRS 130, LLC

Summit Hotel TRS 131, LLC

Summit Hotel TRS 132, LLC

Summit Hotel TRS 134, LLC

Summit Hotel TRS 135, LLC

Summit Hotel TRS 136, LLC

Summit Hotel TRS 137, LLC

Summit Hotel TRS 138, LLC

Summit Hotel TRS 139, LLC

Summit Hotel TRS 140, LLC

Summit Hotel TRS 141, LLC

Summit Hotel TRS 142, LLC

Summit Hotel TRS 143, LLC

Summit Hotel TRS 144, LLC

Summit Hotel TRS 145, LLC

Summit Hotel TRS 146, LLC

 

     

     

    

 

BP Watertown Hotel, LLC

Carnegie Hotels, LLC

San Fran N, LLC

Summit Group of Scottsdale, AZ LLC

Summit Hospitality 057, LLC

Summit Hospitality 060, LLC

Summit Hospitality 084, LLC

Summit Hospitality 100, LLC

Summit Hospitality 114, LLC

Summit Hospitality 117, LLC

Summit Hospitality 118, LLC

Summit Hospitality 119, LLC

Summit Hospitality 120, LLC

Summit Hospitality 121, LLC

Summit Hospitality 122, LLC

Summit Hospitality 123, LLC

Summit Hospitality 126, LLC

Summit Hospitality 127, LLC

Summit Hospitality 128, LLC

Summit Hospitality 129, LLC

Summit Hospitality 130, LLC

Summit Hospitality 131, LLC

Summit Hospitality 132, LLC

Summit Hospitality 134, LLC

Summit Hospitality 135, LLC

Summit Hospitality 136, LLC

Summit Hospitality 137, LLC

Summit Hospitality 138, LLC

Summit Hospitality 139, LLC

Summit Hospitality 141, LLC

Summit Hospitality 142, LLC

Summit Hospitality 143, LLC

Summit Hospitality 144, LLC

Summit Hospitality 145, LLC

Summit Hospitality 18, LLC

Summit Hospitality 25, LLC

Summit Hospitality I, LLC

Summit Hospitality VI, LLC

 

     

     

    

 

EXHIBIT F-2 to the

CREDIT AGREEMENT

 

FORM OF

OPINION OF VENABLE LLP

 

See Attached.

 

     

     

    

 

December 6, 2018

 

Deutsche Bank AG New York Branch,

as Administrative Agent and Lender and on behalf of the secured
parties under the Credit Agreement (as defined herein)

Bank of America, N,A.

Regions Bank

Royal Bank of Canada

U.S. Bank National Association

PNC Bank, National Association

KeyBank National Association Raymond James Bank, N.A.

Branch Banking and Trust Company

Capital One, National Association

BMO Harris Banlc, N.A.

 

c/o Deutsche Bank AG New York Branch

60 Wall Street

New York, NY 10005

 

		Re:	Summit Hotel Properties, Inc.

 

Ladies and Gentlemen:

 

We have served as Maryland counsel to Summit
Hotel Properties, Inc., a Maryland corporation (the “Company”), in connection with certain matters of Maryland law
arising out of the Credit Agreement, dated as of the date hereof (the “Credit Agreement”), by and among the Company,
Summit Hotel OP, LP, a Delaware limited liability company (the “Borrower”), the entities listed on the signature pages
thereof as the subsidiary guarantors (together with any additional guarantors acceding thereto pursuant to Sections 5.0l(i), 5.0l(x)
or 7.05), the banks, financial institutions and other institutional lenders listed on the signature pages thereof as the initial
lenders (the “Initial Lenders” and, together with each acceding lender that shall become a party thereto pursuant to
Section 2.17 and each person that shall become a lender pursuant to Section 9.07, the “Lenders”), Deutsche Bank AG
New York Branch (“DBNY”), Bank of America, N.A., Regions Bank and U.S. Bank National Association, as the initial issuers
of letters of credit, DBNY, as administrative agent (the “Administrative Agent”), Bank of America, N.A., Regions Bank
and U.S. Bank National Association, as co-syndication agents, and Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner
& Smith Incorporated, Regions Capital Markets and U.S. Bank National Association, as joint lead arrangers and as joint bookrunners.
This firm did not participate in the negotiation or drafting of the Credit Agreement or the other Transaction Documents (as defined
herein).

 

In connection with our representation of the
Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified
to our satisfaction, of the following documents (hereinafter collectively referred to as the “Documents”):

 

1.          The
charter of the Company (the “Charter”), certified by the State Department of Assessments and Taxation of Maryland (the
“SDAT”);

 

2.          The
Bylaws of the Company (the “Bylaws”), certified as of the date hereof by an officer of the Company;

 

3.          Resolutions
adopted by the Board of Directors of the Company, relating to, among other matters, the execution, delivery and performance of
the Transaction Documents, certified as of the date hereof by an officer of the Company;

 

    	 	1	 

    
Deutsche Bank AG New York Branch, et al.
 December 6, 2018
Page 2

    

 

4.          The
Credit Agreement;

 

5.          Eight
Revolving Notes, each dated as of the date hereof (the “Revolving Notes”), made by the Borrower in favor of the Lender
named therein;

 

6.          Seven
Term Notes, each dated as of the date hereof (the “Term Notes” and, together with the Credit Agreement and the Revolving
Notes, the “Transaction Documents”), made by the Borrower in favor of the Lender named therein;

 

7.          A
certificate of the SDAT as to the good standing of the Company, dated as of a recent date;

 

8.          A
certificate executed by an officer of the Company, dated as of the date hereof; and

 

9.          Such
other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.

 

As used herein, the term “Affiliated
Capacity” shall mean the Company’s capacity as the sole member of Summit Hotel GP, LLC, a Delaware limited liability
company (“Summit GP”), acting in Summit GP’s capacity as general partner of the Borrower.

 

In expressing the opinion set forth below,
we have assumed the following:

 

1.          Each
individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.

 

2.          Each
individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.

 

3.          Each
of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the
Documents to which such party is a signatory, and such party’s obligations set forth therein are legal, valid and binding
and are enforceable in accordance with all stated terms.

 

4.          All
Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts
do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All
Documents submitted to us as certified or photostatic copies conform to the original Documents. All signatures on all Documents
are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties,
statements and information contained in the Documents are true and complete. There has been no oral or written modification of
or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission
of the parties or otherwise.

 

The phrase “known to us” is limited
to the actual knowledge, without independent inquiry, of the lawyers at our firm who have performed legal services in connection
with the issuance of this opinion.

 

Based upon the foregoing, and subject to the
assumptions, limitations and qualifications stated herein, it is our opinion that:

 

1.          The
Company is a corporation duly incorporated and validly existing under the laws of the State of Maryland and is in good standing
with the SDAT.

 

     

    
Deutsche Bank AG New York Branch, et al.
 December 6, 2018
Page 3

    

 

2.          The
Company has the corporate power to enter into and perform its obligations, in its own capacity and in its Affiliated Capacity,
as applicable, under the Transaction Documents, and to consummate the transactions contemplated by the Transaction Documents.

 

3.          The
execution and delivery by the Company, in its own capacity and in its Affiliated Capacity, as applicable, and the performance by
the Company, in its own capacity and in its Affiliated Capacity, as applicable, of its obligations under the Transaction Documents
and the consummation of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate
action on the part of the Company.

 

4.          The
Transaction Documents have been duly executed and, so far as is known to us, delivered by the Company, in its own capacity and
in its Affiliated Capacity, as applicable.

 

5.          The
execution and delivery by the Company, in its own capacity and in its Affiliated Capacity, as applicable, of the Transaction Documents,
and the performance by the Company, in its own capacity and in its Affiliated Capacity, as applicable, of its obligations thereunder
and the consummation of the transactions contemplated by the Transaction Documents, do not violate (a) the Charter or the Bylaws,
or (b) any Maryland statutes, rules or regulations or, so far as is known to us, any decrees or orders, of any Maryland governmental
authority applicable to the Company, in its own capacity or in its Affiliated Capacity, as applicable.

 

6.          No
consent, approval, authorization or other action by or order of, or notice to or filing, registration or qualification with, any
Maryland court or governmental authority in the State of Maryland in respect of the Company is required in connection with the
execution, delivery or performance of the Transaction Documents by the Company, in its own capacity or in its Affiliated Capacity,
as applicable, or the consummation by the Company, in its own capacity or in its Affiliated Capacity, as applicable, of the transactions
contemplated thereby.

 

The foregoing opinion is limited to the substantive
laws of the State of Maryland, and we do not express any opinion herein concerning federal law or the laws of any other jurisdiction.
We express no opinion as to the applicability or effect of federal or state securities laws, including the securities laws of the
State of Maryland, or as to federal or state laws· regarding fraudulent transfers or the laws, codes or regulations of any
municipality or other local jurisdiction. We express no opinion with respect to the actions which may be required for the Borrower
or Summit GP to authorize, execute, deliver or perform any document. To the extent that any matter as to which our opinion is expressed
herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such
matter. Our opinion expressed in paragraph 5(b) above is based upon our consideration of only those Maryland statutes, rules or
regulations, if any, and those decrees or orders of governmental authorities of the State of Maryland, if any, which, in our experience,
are normally applicable to transactions of the type referred to in such paragraph. Our opinion expressed in paragraph 6 above is
based upon our consideration of only those consents, approvals, authorizations, actions, orders of, notices to, or filings, registrations
or qualifications with, any Maryland court or governmental authority of the State of Maryland, if any, which, in our experience,
are normally applicable to transactions of the type referred to in such paragraph. The opinion expressed herein is subject to the
effect of any judicial decision which may permit the introduction of parol evidence to modify the terms or the interpretation of
agreements.

 

The opinion expressed herein is limited to
the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume
no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact
that might change the opinion expressed herein after the date hereof.

 

     

    
Deutsche Bank AG New York Branch, et al.
 December 6, 2018
Page 4

    

 

This opinion is being furnished to you solely
for your benefit in connection with the execution delivery and performance of the Transaction Documents. Accordingly, it may not
be relied upon by, quoted in any manner to or delivered to any other person or entity without, in each instance, our prior written
consent. Notwithstanding the foregoing sentence, a copy of this opinion may be delivered to (i) Hagen, Wilka & Archer, LLP,
counsel to the Company, in connection with its opinion of even date herewith in connection with the Transaction Documents and (ii)
any person that becomes a Lender in accordance with the Credit Agreement and such parties may rely on this opinion as if it were
addressed to it and had been delivered to it on the date hereof. Notwithstanding the foregoing sentence, a copy of this opinion
may be delivered (but may not be relied upon by any recipient pursuant to this sentence) by you to your accountants, auditors and
attorney and to any regulatory authorities or as otherwise required by law, in each case, for informational purposes only.

 

	 	Very truly yours,

   

     

     

    

 

EXHIBIT F-3 to the

CREDIT AGREEMENT

 

FORM OF

OPINION OF HAGEN, WILKA & ARCHER, LLP

 

See Attached.

 

     

     

    

 

December 6, 2018

 

Deutsche Bank AG New York Branch,

as Administrative Agent and Lender and on behalf of the secured parties

under the Credit Agreement (as defined herein)

Bank of America, N.A.

Regions Bank

U.S. Bank National Association

Royal Bank of Canada

PNC Bank, National Association

KeyBank National Association

Capital One, National Association

BMO Harris Bank, N.A.

Raymond James Bank, N.A.

Branch Banking and Trust Company

 

c/o Deutsche Bank AG New York Branch 60 Wall Street

New York, NY 10005

Summit Hotel OP, LP

Credit Agreement, Dated as of December 6, 2018

 

Ladies and Gentlemen:

 

We have acted as local counsel to Summit
Hotel OP, LP, a Delaware limited partnership (the “Borrower”), and each of the subsidiary guarantors listed
on the signature pages to the Credit Agreement (as defined below) (the “Subsidiary Guarantors”) in connection
with the execution and delivery by the Borrower and the Subsidiary Guarantors of that certain Credit Agreement, dated as of December
6, 2018 (the “Credit Agreement”), by and among the Borrower, Summit Hotel Properties, Inc., a Maryland corporation,
as Parent Guarantor, the Subsidiary Guarantors and the Lenders thereto. This opinion is being delivered at the request of the Borrower
and the Subsidiary Guarantors pursuant to Section 3.01(a)(xiii)(B) of the Credit Agreement. Capitalized terms used herein but not
otherwise defined shall have the meanings ascribed to such terms in the Credit Agreement.

 

In connection with the foregoing, we have
examined the following documents:

 

		i.	the Credit Agreement;

 

		ii.	the Revolving Notes of the Borrower identified on
Schedule 1 attached hereto (collectively, the “Revolving Notes”);

 

		iii.	the Term Notes of the Borrower identified on Schedule
1 attached hereto (collectively, the “Term Notes”);

 

		iv.	the Certificate of Formation of Summit Hotel GP, LLC,
a Delaware limited liability company (the “General Partner”), as certified by the Secretary of the General
Partner on the date hereof;

 

		v.	the Limited Liability Company Agreement of the General
Partner as certified by the Secretary of the General Partner on the date hereof;

 

		vi.	the certificate of good standing issued by the Secretary
of State of the State of Delaware (“DSOS”) with respect to the General Partner on November 7, 2018 (the “General
Partner Good Standing Certificate”);

 

     

    December 6, 2018
Page 2

    

		vii.	the Certificate of Limited Partnership of the Borrower
and all amendments thereto, as certified by the Secretary of the General Partner on the date hereof;

 

		viii.	the First Amended and Restated Agreement of Limited
Partnership of the Borrower, together with all amendments thereto through the date hereof, as certified by the Secretary of the
General Partner on the date hereof;

 

		ix.	the certificate of good standing issued by the DSOS
with respect to the Borrower on November 7, 2018 (the “Borrower Good Standing Certificate”);

 

		x.	the Certificate of Incorporation of Summit Hotel TRS,
Inc., a Delaware corporation (“TRS Holdco”), as certified by the Secretary of TRS Holdco on the date hereof;

 

		xi.	the Bylaws of TRS Holdco as certified by the Secretary
of TRS Holdco on the date hereof;

 

		xii.	the certificate of good standing issued by the DSOS
with respect to TRS Holdco on November 7, 2018 (the “TRS Holdco Good Standing Certificate”);

 

		xiii.	with respect to each Subsidiary Guarantor listed on
Schedule 2 attached hereto that has been referred to on such schedule as an “Ownership Entity,” the Certificate
of Formation and Limited Liability Company Agreement, each as certified by the Secretary of such Subsidiary Guarantor on the date
hereof;

 

		xiv.	with respect to each Subsidiary Guarantor listed on
Schedule 2 attached hereto that has been referred to on such schedule as an “Ownership Entity,” the certificate
of good standing issued by the DSOS (the “Ownership Entity Good Standing Certificates”);

 

		xv.	with respect to each Subsidiary Guarantor listed on
Schedule 2 attached hereto that has been referred to on such schedule as a “TRS Lessee,” the Certificate of
Formation and Limited Liability Company Agreement, each as certified by the Secretary of TRS Holdco on the date hereof;

 

		xvi.	with respect to each Subsidiary Guarantor listed on
Schedule 2 attached hereto that has been referred to on such schedule as a “TRS Lessee,” the certificate of
good standing issued by the DSOS (the “TRS Lessee Good Standing Certificates,” and collectively with the General
Partner Good Standing Certificate, the Borrower Good Standing Certificate, the TRS Holdco Good Standing Certificate and Ownership
Entity Good Standing Certificates, the “Good Standing Certificates”);

 

		xvii.	with respect to Summit Group of Scottsdale, Arizona,
LLC (“Summit of Scottsdale”), the Second Amended and Restated Operating Agreement, the Articles of Organization,
each as certified by the Secretary of Summit Group of Scottsdale, Arizona, LLC on the date hereof;

 

		xviii.	with respect to Summit of Scottsdale, the certificate
of good standing issued by the Secretary of State of the State of South Dakota (the “Scottsdale Good Standing Certificate”);

 

		xix.	with respect to BP Watertown Hotel, LLC (“BP
Watertown”), (i) the certificate of formation issued by the Secretary of State of the State of Massachusetts (the “BP
Certificate of Formation”) and (ii) the certificate of good standing issued by the Secretary of State of the State of
Massachusetts (the “BP Watertown Good Standing Certificate”);

 

		xx.	with respect to Carnegie Hotels, LLC (“Carnegie
Hotels”), (i) the certificate of formation issued by the Secretary of State of the State of Georgia (the “Carnegie
Certificate of Formation”) and (ii) the certificate of good standing issued by the Secretary of State of the State of
Georgia (the “Carnegie Good Standing Certificate”);

 

     

    December 6, 2018
Page 3

    

		xxi.	the resolutions identified on Schedule 3 attached
hereto; and

 

		xxii.	such other documents, certificates and matters as
we have deemed necessary or appropriate to express the opinions set forth below, subject to the assumptions, limitations and qualifications
stated herein.

 

The Borrower, the General Partner, TRS
Holdco, the Subsidiary Guarantors and Summit of Scottsdale are referred to collectively as the “Opinion Parties.” The
Opinion Parties, BP Watertown and Carnegie Hotels are referred to collectively as the “Loan Parties”. With respect
to each Opinion Party, the documents in items (iv) and (v), items (vii) and (viii), items (x) and (xi), item (xiii), item (xiv)
and item (xvii) above are referred to as such Opinion Party’s “Organizational Documents,” as applicable.

 

For purposes of the opinions expressed
below, we have assumed (i) the authenticity of all documents, submitted to us as originals, (ii) the conformity to the originals
of all documents submitted as certified, electronic or photostatic copies and the authenticity of the originals of such documents,
(iii) the due authorization, execution and delivery of all documents by all parties thereto, except as expressly set forth in paragraph
2 below, and the legality, validity, binding effect and enforceability thereof against all parties thereto, (iv) the legal capacity
of all natural persons and (v) the genuineness of all signatures.

 

As to factual matters, we have relied upon
the accuracy of the representations and warranties made in the Credit Agreement, on certificates of officers of the Opinion Parties
and on certificates of public officials. Certain matters of New York law are addressed in a separate opinion, addressed to you
and dated the date hereof, of Kleinberg, Kaplan, Wolff & Cohen, P.C. and we express no opinion with respect to those matters.
Certain matters of Maryland law are addressed in a separate opinion, addressed to you and dated the date hereof, of Venable LLP
and we express no opinion with respect to those matters.

 

Based upon the foregoing and such other
information and documents as we have considered necessary for the purposes hereof, we are of the opinion that:

 

		1.	Each of the Opinion Parties is a limited partnership,
limited liability company or corporation, as applicable, duly formed or incorporated, as applicable, and validly existing under
the laws of the State of Delaware or the State of South Dakota, as applicable, with the limited partnership, limited liability
company or corporate power and authority, as applicable, to execute and deliver and to perform its obligations under each Loan
Document to which it is a party. Based solely on the applicable Good Standing Certificate, each Opinion Party is in good standing
in the State of Delaware or South Dakota, as applicable.

 

		2.	The execution, delivery and performance of each of
the Loan Documents to which each Loan Party is a party has been duly authorized by all necessary limited partnership, limited
liability company or corporate action, as applicable, and has been duly executed and delivered by such Loan Party.

 

		3.	The execution and delivery by each Loan Party of each
Loan Document to which it is a party do not, and the borrowings and issuances of letters of credit thereunder and the performance
by each Loan Party of its respective obligations thereunder will not, violate (i) such Loan Party’s Organizational Documents,
and (ii) with respect to each Opinion Party, the South Dakota Limited Liability Company Act (the “SDLLCA”), the Delaware
Revised Uniform Limited Partnership Act (the “DRULPA”), the Delaware General Corporation Law (the “DGCL”)
or the Delaware Limited Liability Company Act (the “DLLCA”).

 

     

    December 6, 2018
Page 4

    

		4.	No filing with, notice to, or consent, approval, authorization
or order of any court or governmental agency or body or official, not already made or obtained, is required to be made or obtained
by any Opinion Party under the SDLLCA, the DRULPA, the DGCL or the DLLCA in connection with the execution and delivery by such
Opinion Party of each Loan Document to which it is a party, the borrowings and issuances of letters of credit thereunder and the
performance by such Opinion Party of its respective obligations thereunder.

 

		5.	Based solely on the BP Certificate of Formation, BP
Watertown is duly formed and validly existing under the laws of the State of Massachusetts. Based solely on the BP Watertown Good
Standing Certificate, BP Watertown Hotel LLC is in good standing in the State of Massachusetts. Based solely on the Carnegie Certificate
of Formation, Carnegie Hotels is duly formed and validly existing under the laws of the State of Georgia. Based solely on the
Carnegie Good Standing Certificate, Carnegie Hotels, LLC is in good standing in the State of Georgia. Each of BP Watertown and
Carnegie Hotels has the limited liability company power and authority to execute and deliver and to perform its obligations under
each Loan Document to which it is a party.

 

		6.	Each Loan Party is duly qualified and in good standing
as a foreign corporation, limited partnership or limited liability company, respectively, in each other jurisdiction, as set forth
opposite such Person’s name in Schedule 2 hereto, in which it owns or leases property or in which the conduct of its business
requires it to so qualify or be licensed.

 

		7.	None of the Loan Parties are required to register
as an investment company under the Investment Company Act of 1940, as amended.

 

The opinion expressed in paragraph 1 as
to the good standing of each Opinion Party is given as of the date of issuance by the Secretary of State of the State of Delaware
or Secretary of State of the State of South Dakota, respectively, of the Good Standing Certificate with respect to such Opinion
Party.

 

We have assumed for purposes of the opinion
expressed in paragraph 3 and 4 above that: (i) other than as required to be made or obtained under the SDLLCA, the DRULPA, the
DGCL and the DLLCA, the Loan Parties and Opinion Parties, as applicable will obtain all permits and governmental approvals required
in the future, and take all actions similarly required, relevant to subsequent consummation of the transactions contemplated by
the Loan Documents or performance of the Loan Documents; and (ii) all parties to the Loan Documents will act in accordance with,
and will refrain from taking any action that is forbidden by, the terms and conditions of the Loan Documents.

 

We do not express any opinion with respect
to any accounting, financial or economic matters or the accuracy as to factual matters or any representation, warranty, data or
other information, whether oral or written, that may have been made by any entity involved in the transaction described above,
whether named herein or otherwise.

 

We do not purport to express any opinion
as to the effect of any laws other than the SDLLCA, the DRULPA, the DLLCA and the DGCL.

 

The opinions set forth herein are rendered
to the addressees hereof and their successors and permitted assigns (including any Person who becomes a Lender under the Credit
Agreement pursuant to the terms of Section 9.07 of the Credit Agreement) in connection with the transactions referred to in this
letter, are solely for the benefit of the addressees and their successors and permitted assigns (including any Person who becomes
a Lender under the Credit Agreement pursuant to the terms of Section 9.07 of the Credit Agreement) and may not be distributed to
or relied upon by any other Person or relied upon by the addressees in any other context, or quoted in whole or in part or otherwise
reproduced in any other document, nor is this opinion to be filed with any governmental entity, except that the addressees and
their successors and permitted assigns may disclose this opinion to their respective counsel, accountants, auditors, other consultants
and advisors and regulatory agencies having jurisdiction over them or to the extent otherwise required by applicable law. This
opinion speaks as of its date or, in the case of the opinion expressed in paragraph 1 as to the good standing of each Opinion Party,
as of the date of issuance by the Secretary of State of the State of Delaware or Secretary of State of the State of South Dakota,
respectively, of the Good Standing Certificate with respect to such Opinion Party, and this opinion does not purport to address
matters which may arise after such date. We expressly disclaim any obligation to advise you of any changes of law or facts that
may hereafter come or be brought to our attention which would alter the opinions herein set forth.

 

Finally, our opinions set forth herein
are limited to the matters expressly set forth herein, and no opinion is implied or may be inferred beyond the matters expressly
so stated.

 

	 	Very truly yours,

  

     

     

    

 

SCHEDULE 1

 

Revolving Notes

 

Revolving Note of the Borrower, dated as
of December 6, 2018, payable to the order of Deutsche Bank AG New York Branch, evidencing the indebtedness of the Borrower to Deutsche
Bank AG New York Branch under the Revolving Credit Facility.

 

Revolving Note of the Borrower, dated as
of December 6, 2018, payable to the order of Branch Banking and Trust Company, evidencing the indebtedness of the Borrower to Branch
Banking and Trust Company under the Revolving Credit Facility.

 

Revolving Note of the Borrower, dated as
of December 6, 2018, payable to the order of KeyBank National Association, evidencing the indebtedness of the Borrower to KeyBank
National Association under the Revolving Credit Facility.

 

Revolving Note of the Borrower, dated as
of December 6, 2018, payable to the order of PNC Bank, National Association, evidencing the indebtedness of the Borrower to PNC
Bank, National Association under the Revolving Credit Facility.

 

Revolving Note of the Borrower, dated as
of December 6, 2018, payable to the order of Regions Bank, evidencing the indebtedness of the Borrower to Regions Bank under the
Revolving Credit Facility.

 

Revolving Note of the Borrower, dated as
of December 6, 2018, payable to the order of Capital One, National Association, evidencing the indebtedness of the Borrower to
Capital One, National Association under the Revolving Credit Facility.

 

Revolving Note of the Borrower, dated as
of December 6, 2018, payable to the order of BMO Harris Bank, N.A., evidencing the indebtedness of the Borrower to BMO Harris Bank,
N.A. under the Revolving Credit Facility.

 

Revolving Note of the Borrower, dated as
of December 6, 2018, payable to the order of U.S. Bank National Association, evidencing the indebtedness of the Borrower to U.S.
Bank National Association under the Revolving Credit Facility.

 

Term Notes

 

Term Note of the Borrower, dated as of
December 6, 2018, payable to the order of Branch Banking and Trust Company, evidencing the indebtedness of the Borrower to Branch
Banking and Trust Company under the Term Credit Facility.

 

Term Note of the Borrower, dated as of
December 6, 2018, payable to the order of KeyBank National Association, evidencing the indebtedness of the Borrower to KeyBank
National Association under the Term Credit Facility.

 

Term Note of the Borrower, dated as of
December 6, 2018, payable to the order of PNC Bank, National Association, evidencing the indebtedness of the Borrower to PNC Bank,
National Association under the Term Credit Facility.

 

Term Note of the Borrower, dated as of
December 6, 2018, payable to the order of Regions Bank, evidencing the indebtedness of the Borrower to Regions Bank under the Term
Credit Facility.

 

     

    December 6, 2018
Page 2

    

Term Note of the Borrower, dated as of
December 6, 2018, payable to the order of Capital One, National Association, evidencing the indebtedness of the Borrower to Capital
One, National Association under the Term Credit Facility.

 

Term Note of the Borrower, dated as of
December 6, 2018, payable to the order of BMO Harris Bank, N.A., evidencing the indebtedness of the Borrower to BMO Harris Bank,
N.A. under the Term Credit Facility.

 

Term Note of the Borrower, dated as of
December 6, 2018, payable to the order of U.S. Bank National Association, evidencing the indebtedness of the Borrower to U.S. Bank
National Association under the Term Credit Facility.

 

     

    December 6, 2018
Page 1

    

SCHEDULE 2

 

Subsidiary Guarantors

 

	
         

        Ownership Entity
	State of

                                                                                Formation
	Good Standing Certificate

                                                                                Issuance
	Foreign

                                                                                Qualification

	San Fran JV, LLC	Delaware	November 7, 2018	California
	Summit Hospitality 057, LLC	Delaware	November 7, 2018	Minnesota
	Summit Hospitality 060, LLC	Delaware	November 7, 2018	Tennessee
	Summit Hospitality 084, LLC	Delaware	November 7, 2018	Oregon
	Summit Hospitality 100, LLC	Delaware	November 7, 2018	New York
	Summit Hospitality 114, LLC	Delaware	November 13, 2018	California
	Summit Hospitality 117, LLC	Delaware	November 7, 2018	Texas
	Summit Hospitality 118, LLC	Delaware	November 7, 2018	Minnesota
	Summit Hospitality 119, LLC	Delaware	November 7, 2018	New Jersey
	Summit Hospitality 120, LLC	Delaware	December 3, 2018	Florida
	Summit Hospitality 121, LLC	Delaware	November 7, 2018	Maryland
	Summit Hospitality 122, LLC	Delaware	November 7, 2018	Massachusetts
	Summit Hospitality 123, LLC	Delaware	November 7, 2018	North Carolina
	Summit Hospitality 126, LLC	Delaware	November 7, 2018	Georgia
	Summit Hospitality 127, LLC	Delaware	November 7, 2018	Tennessee
	Summit Hospitality 128, LLC	Delaware	November 13, 2018	Georgia
	Summit Hospitality 129, LLC	Delaware	November 13, 2018	California
	Summit Hospitality 130, LLC	Delaware	November 13, 2018	Florida
	Summit Hospitality 131, LLC	Delaware	November 13, 2018	Colorado
	Summit Hospitality 132, LLC	Delaware	November 13, 2018	Illinois
	Summit Hospitality 134, LLC	Delaware	November 13, 2018	Florida
	Summit Hospitality 135, LLC	Delaware	November 13, 2018	North Carolina
	Summit Hospitality 136, LLC	Delaware	November 13, 2018	Maryland
	Summit Hospitality 137, LLC	Delaware	November 13, 2018	Maryland
	Summit Hospitality 138, LLC	Delaware	November 13, 2018	Missouri
	Summit Hospitality 139, LLC	Delaware	November 13, 2018	Pennsylvania
	Summit Hospitality 140, LLC	Delaware	November 13, 2018	Texas
	Summit Hospitality 141, LLC	Delaware	November 13, 2018	Georgia
	Summit Hospitality 142, LLC	Delaware	November 13, 2018	Arizona
	Summit Hospitality 143, LLC	Delaware	November 13, 2018	Massachusetts
	Summit Hospitality 144, LLC	Delaware	November 13, 2018	Ohio
	Summit Hospitality 145, LLC	Delaware	November 13, 2018	Connecticut
	Summit Hospitality 17, LLC	Delaware	November 7, 2018	Minnesota
	Summit Hospitality 18, LLC	Delaware	November 7, 2018	Minnesota
	Summit Hospitality 25, LLC	Delaware	November 13, 2018	Texas
	Summit Hospitality I, LLC	Delaware	November 7, 2018	Colorado, Louisiana, Texas
	Summit Hospitality VI, LLC	Delaware	November 7, 2018	Minnesota

 

     

    December 6, 2018
Page 2

    

	TRS Lessees	State of

                                                                                Formation
	Good Standing Certificate

                                                                                Issuance
	 
	Summit Hotel TRS 003, LLC	Delaware	November 7, 2018	Minnesota
	Summit Hotel TRS 005, LLC	Delaware	November 7, 2018	Minnesota
	Summit Hotel TRS 030, LLC	Delaware	November 7, 2018	California
	Summit Hotel TRS 037, LLC	Delaware	November 7, 2018	Texas
	Summit Hotel TRS 044, LLC	Delaware	November 7, 2018	West Virginia
	Summit Hotel TRS 045, LLC	Delaware	November 7, 2018	West Virginia
	Summit Hotel TRS 052, LLC	Delaware	November 13, 2018	Arizona
	Summit Hotel TRS 053, LLC	Delaware	November 13, 2018	Arizona
	Summit Hotel TRS 057, LLC	Delaware	November 7, 2018	Minnesota
	Summit Hotel TRS 060, LLC	Delaware	November 7, 2018	Tennessee
	Summit Hotel TRS 062, LLC	Delaware	November 7, 2018	Minnesota
	Summit Hotel TRS 065, LLC	Delaware	November 7, 2018	Minnesota
	Summit Hotel TRS 066, LLC	Delaware	November 13, 2018	Louisiana
	Summit Hotel TRS 084, LLC	Delaware	November 13, 2018	Oregon
	Summit Hotel TRS 086, LLC	Delaware	November 13, 2018	Alabama
	Summit Hotel TRS 087, LLC	Delaware	November 13, 2018	Alabama
	Summit Hotel TRS 094, LLC	Delaware	November 13, 2018	Colorado
	Summit Hotel TRS 099, LLC	Delaware	November 13, 2018	Georgia
	Summit Hotel TRS 100, LLC	Delaware	November 13, 2018	New York
	Summit Hotel TRS 102, LLC	Delaware	November 13, 2018	Louisiana
	Summit Hotel TRS 113, LLC	Delaware	November 13, 2018	Texas
	Summit Hotel TRS 114, LLC	Delaware	November 13, 2018	California
	Summit Hotel TRS 117, LLC	Delaware	November 7, 2018	Texas
	Summit Hotel TRS 118, LLC	Delaware	November 7, 2018	Minnesota
	Summit Hotel TRS 119, LLC	Delaware	November 7, 2018	New Jersey
	Summit Hotel TRS 120, LLC	Delaware	December 3, 2018	Florida
	Summit Hotel TRS 121, LLC	Delaware	November 7, 2018	Maryland
	Summit Hotel TRS 122, LLC	Delaware	November 7, 2018	Massachusetts
	Summit Hotel TRS 123, LLC	Delaware	November 13, 2018	North Carolina
	Summit Hotel TRS 126, LLC	Delaware	November 13, 2018	Georgia
	Summit Hotel TRS 127, LLC	Delaware	November 13, 2018	Tennessee
	Summit Hotel TRS 128, LLC	Delaware	November 13, 2018	Georgia
	Summit Hotel TRS 129, LLC	Delaware	November 13, 2018	California
	Summit Hotel TRS 130, LLC	Delaware	November 13, 2018	Florida
	Summit Hotel TRS 131, LLC	Delaware	November 13, 2018	Colorado
	Summit Hotel TRS 132, LLC	Delaware	November 13, 2018	Illinois
	Summit Hotel TRS 134, LLC	Delaware	November 13, 2018	Florida
	Summit Hotel TRS 135, LLC	Delaware	November 13, 2018	North Carolina
	Summit Hotel TRS 136, LLC	Delaware	November 13, 2018	Maryland
	Summit Hotel TRS 137, LLC	Delaware	November 13, 2018	Maryland
	Summit Hotel TRS 138, LLC	Delaware	November 13, 2018	Missouri
	Summit Hotel TRS 139, LLC	Delaware	November 13, 2018	Pennsylvania
	Summit Hotel TRS 140, LLC	Delaware	November 13, 2018	Texas
	Summit Hotel TRS 141, LLC	Delaware	November 13, 2018	Georgia
	Summit Hotel TRS 142, LLC	Delaware	November 13, 2018	Arizona
	Summit Hotel TRS 143, LLC	Delaware	November 13, 2018	Massachusetts
	Summit Hotel TRS 144, LLC	Delaware	November 13, 2018	Ohio
	Summit Hotel TRS 145, LLC	Delaware	November 13, 2018	Connecticut
	Summit Hotel TRS 146, LLC	Delaware	December 3, 2018	Massachusetts
	Summit Group of Scottsdale, Arizona, LLC	South Dakota	November 16, 2018	Arizona
	BP Watertown Hotel LLC	Massachusetts	November 16, 2018	N/A
	Carnegie Hotels, LLC	Georgia	November 16, 2018	N/A

 

     

     

    

 

SCHEDULE 3

 

		1.	Resolutions adopted on December 6, 2018 by the Board
of Directors of Summit Hotel Properties, Inc. on behalf of Summit Hotel Properties, Inc. in its own capacity and in its capacity
as the sole member of Summit Hotel GP, LLC, a Delaware limited liability company and the general partner of Summit Hotel OP, LP,
a Delaware limited partnership.

 

		2.	Resolutions adopted on December 6, 2018 by the Board
of Managers of each Subsidiary Guarantor listed on Schedule 2 attached hereto and referred to in such schedule as an “Ownership
Entity.”

 

		3.	Resolutions adopted on December 6, 2018 by the Board
of Directors of TRS Holdco on behalf of each Subsidiary Guarantor listed on Schedule 2 attached hereto and referred to in such
schedule as a “TRS Lessee.”

 

     

     

    

 

EXHIBIT G to the

CREDIT AGREEMENT

 

FORM OF

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

 

Reference is hereby made
to the Credit Agreement dated as of December 6, 2018 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Summit Hotel OP, LP, as borrower, and Deutsche Bank AG New York Branch, as administrative agent, and the
other parties party thereto.

 

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

 

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

 

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

 

[NAME OF LENDER PARTY]

 

	By:	 	 
	 	Name:	 
	 	Title:	 

  

Date:__________, __

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