Document:

Exhibit
                                         10.1

 

ONCOCYTE
CORPORATION

 

EQUITY
DISTRIBUTION AGREEMENT

 

March
20, 2020

 

PIPER
SANDLER & CO.

U.S.
Bancorp Center

800
Nicollet Mall

Minneapolis,
Minnesota 55402

 

Ladies
and Gentlemen:

 

As
further set forth in this agreement (this “Agreement”), OncoCyte Corporation, a California corporation
(the “Company”), proposes to issue and sell from time to time through Piper Sandler & Co. (the “Agent”),
as sales agent, the Company’s common stock, no par value (the “Common Stock”) (such shares of
Common Stock to be sold pursuant to this Agreement, the “Shares”) on terms set forth herein. Notwithstanding
anything to the contrary contained herein, the parties hereto agree that compliance with the limitation set forth in Section 2
of this Agreement on the number of Shares issued and sold under this Agreement shall be the sole responsibility of the Company,
and the Agent shall have no obligation in connection with such compliance.

 

The
Company hereby confirms its agreement with the Agent with respect to the sale of the Shares.

 

1.
Representations and Warranties of the Company.

 

(a)
The Company represents and warrants to, and agrees with, the Agent that as of the date of this Agreement, each Representation
Date, each date on which a Placement Notice (as defined in Section 2(a)(i) below) is given, and any date on which Shares are sold
hereunder as follows:

 

(i)
Registration Statement and Prospectus. The Company has filed, in accordance with the provisions of the Securities Act of
1933, as amended, and the rules and regulations thereunder (collectively, the “Securities Act”), with
the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-3 (File
No. 333-231980), including a base prospectus, relating to certain securities, including the Common Stock, to be issued from time
to time by the Company, and which incorporates by reference documents that the Company has filed or will file in accordance with
the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the
“Exchange Act”). The Company has prepared a prospectus supplement to the base prospectus included as
part of such registration statement specifically relating to the Shares (the “Prospectus Supplement”).
The Company has furnished to the Agent, for use by Agent, copies of the prospectus included as part of such registration statement,
as supplemented by the Prospectus Supplement, relating to the Shares. Except where the context otherwise requires, such registration
statement, as amended when it became effective, including all documents filed as part thereof or incorporated by reference therein,
and including any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to
Rule 424(b) under the Securities Act or deemed to be a part of such registration statement pursuant to Rule 430B or 462(b) (a
“Rule 462(b) Registration Statement”) of the Securities Act, is herein called the “Registration
Statement.” The base prospectus, including all documents incorporated therein by reference, included in the Registration
Statement, as it may be supplemented by the Prospectus Supplement, in the form in which such prospectus and/or Prospectus Supplement
have most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act, together with
any “issuer free writing prospectus,” as defined in Rule 433 of the Securities Act regulations (“Rule
433”), relating to the Shares, if any, that (i) is required to be filed with the Commission by the Company or (ii)
is exempt from filing pursuant to Rule 433(d)(5)(i), in each case in the form filed or required to be filed with the Commission
or, if not required to be filed, in the form retained in the Company’s records pursuant to Rule 433(g), is herein called
the “Prospectus.” Any reference herein to the Registration Statement, the Prospectus or any amendment
or supplement thereto shall be deemed to refer to and include the documents incorporated by reference therein, and any reference
herein to the terms “amend,” “amendment” or “supplement” with respect to the Registration
Statement or the Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with
the Commission deemed to be incorporated by reference therein. For purposes of this Agreement, all references to the Registration
Statement, the Prospectus or to any amendment or supplement thereto shall be deemed to include any copy filed with the Commission
pursuant the Electronic Data Gathering Analysis and Retrieval System (“EDGAR”).

 

    	 

     

    

 

(ii)
Continuing Effectiveness of Registration Statement. The Registration Statement and any Rule 462(b) Registration Statement
have been declared effective by the Commission under the Securities Act. The Company has complied, to the Commission’s satisfaction,
with all requests of the Commission for additional or supplemental information. No stop order suspending the effectiveness of
the Registration Statement or any Rule 462(b) Registration Statement is in effect and no proceedings for such purpose have been
instituted or are pending or, to the knowledge of the Company, contemplated or threatened by the Commission. The Company meets
the requirements for use of Form S-3 under the Securities Act. The sale of the Shares hereunder meets the requirements of General
Instruction I.B.1 of Form S-3.

 

(iii)
No Material Misstatements or Omissions. The Prospectus when filed complied, and as amended or supplemented, if applicable,
will comply in all material respects with the Securities Act. Each of the Registration Statement, any Rule 462(b) Registration
Statement, the Prospectus and any post-effective amendments or supplements thereto, at the time it became effective or its date,
as applicable, and as of each Settlement Date (as defined in Section 2(a)(vii) below), complied in all material respects with
the Securities Act, and as of each effective date and each Settlement Date, did not and will 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
not misleading. The Prospectus, as amended or supplemented, as of its date, did not and, as of each of the Settlement Date, will
not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set
forth in the two immediately preceding sentences do not apply to statements in or omissions from the Registration Statement, any
Rule 462(b) Registration Statement, or any post-effective amendment thereto, or the Prospectus, or any amendments or supplements
thereto, made in reliance upon and in conformity with information relating to the Agent furnished to the Company in writing by
the Agent expressly for use therein. There are no contracts or other documents required to be described in the Prospectus or to
be filed as exhibits to the Registration Statement which have not been described or filed as required.

 

(iv)
Eligible Issuer. The Company is not an “ineligible issuer” (as defined in Rule 405 under the Securities Act)
as of the eligibility determination date for purposes of Rules 164 and 433 under the Securities Act with respect to the offering
of the Shares contemplated by the Registration Statement; the parties hereto agree and understand that the content of any and
all “road shows” (as defined in Rule 433 under the Securities Act) related to the offering of the Shares contemplated
hereby is solely the property of the Company.

 

(v)
Emerging Growth Company. From the time of initial filing of the Registration Statement to the Commission through the date
hereof, the Company has been and is an “emerging growth company,” as defined in Section 2(a) of the
Securities Act.

 

(vi)
Financial Statements. The historical financial statements (including the related notes and supporting schedules) to be
included or incorporated by reference, in the Registration Statement, and the Prospectus comply as to form in all material respects
with the applicable requirements of Regulation S-X under the Securities Act (“Regulation S-X”) and present
fairly, in all material respects, the financial condition, results of operations and cash flows of the entities purported to be
shown thereby at the dates and for the periods indicated and have been prepared in conformity with generally accepted accounting
principles in the United States applied on a consistent basis throughout the periods involved. There are no financial statements
(historical or pro forma) that are required to be included in the Registration Statement or the Prospectus that are not so included
as required. The interactive data in eXtensible Business Reporting Language (“XBRL”) included or incorporated
by reference in the Registration Statement and the Prospectus fairly present the information called for in all material respects
and have been prepared in accordance with the Commission’s rules and guidelines applicable thereto.

 

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(vii)
No Off-Balance Sheet Transactions. There are no transactions, arrangements and other relationships between and/or among
the Company, and/or, to the knowledge of the Company, any of its affiliates and any unconsolidated entity, including, but not
limited to, any structural finance, special purpose or limited purpose entity (each, an “Off-Balance Sheet Transaction”)
that could reasonably be expected to affect materially the Company’s liquidity or the availability of or requirements for
its capital resources, including those Off Balance Sheet Transactions described in the Commission’s Statement about Management’s
Discussion and Analysis of Financial Conditions and Results of Operations (Release Nos. 33-8056; 34-45321; FR-61), and are required
to be described in the Prospectus, which have not been described as required.

 

(viii)
Auditor Independence. OUM & Co. LLP, who have certified certain financial statements of the Company and its consolidated
subsidiaries (the “Subsidiaries”), whose report appears in the Registration Statement and the Prospectus,
are independent public accountants as required by the Securities Act and the Public Company Accounting Oversight Board.

 

(ix)
No Material Adverse Effect. The Company and each of its Subsidiaries (a complete list of the Subsidiaries is included as
Schedule 4 hereto) has been duly organized, validly existing as a corporation and in good standing under the laws of their
respective jurisdictions of organization. The Company and each of its Subsidiaries are, and will be, duly licensed or qualified
as a foreign corporation for transaction of business and in good standing under the laws of each other jurisdiction in which their
respective ownership or lease of property or the conduct of their respective businesses requires such license or qualification,
and have all corporate power and authority necessary to own or hold their respective properties and to conduct their respective
businesses as described in the Registration Statement and the Prospectus, except where the failure to be so qualified or in good
standing or have such power or authority would not, individually or in the aggregate, have a material adverse effect or would
reasonably be expected to have a material adverse effect on or affecting the assets, business, operations, earnings, properties,
condition (financial or otherwise), prospects, stockholders’ equity or results of operations of the Company and the Subsidiaries
taken as a whole, or prevent or materially interfere with consummation of the transactions contemplated hereby (a “Material
Adverse Effect”). The Company does not own or control, directly or indirectly, any corporation, association or other
entity other than the Subsidiaries listed in Exhibit 21.1 to the Company’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2018 and Insight Genetics, Inc., except for Subsidiaries that in the aggregate would not constitute a “significant
subsidiary” (as defined in Rule 405 under the Securities Act). None of the Subsidiaries of the Company is a “significant
subsidiary” (as defined in Rule 405 under the Securities Act).

 

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(x)
Capitalization. The Company has an authorized capitalization as set forth in each of the Registration Statement and the
Prospectus, and all of the issued and outstanding shares of the Company have been duly authorized and validly issued, are fully
paid and non-assessable, conform in all material respects to the description thereof contained in the Registration Statement and
the Prospectus and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right.
All of the Company’s options, warrants and other rights to purchase or exchange any securities for shares of the Company’s
capital stock have been duly authorized and validly issued, and conform in all material respects to the description thereof contained
in the Registration Statement and the Prospectus. All of the issued shares of capital stock or other ownership interest of each
Subsidiary have been duly authorized and validly issued, are fully paid and non-assessable and are owned directly or indirectly
by the Company, free and clear of all liens, encumbrances, equities or claims, except for such liens, encumbrances, equities or
claims as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(xi)
Due Authorization, Valid Issuance and Non-Assessiblity of Shares. Except as disclosed in the Registration Statement or
the Prospectus, the Shares to be issued and sold by the Company to the Agent hereunder have been duly authorized and, upon payment
and delivery in accordance with this Agreement, will be validly issued, fully paid and non-assessable, will conform in all material
respects to the description thereof contained in the Registration Statement and the Prospectus, will be issued in compliance with
federal and state securities laws and will be free of statutory and contractual preemptive rights, rights of first refusal and
similar rights.

 

(xii)
[Reserved]

 

(xiii)
Authority to Enter into this Agreement. The Company has all requisite corporate power and authority to execute, deliver
and perform its obligations under this Agreement. This Agreement has been duly and validly authorized, executed and delivered
by the Company.

 

(xiv)
Non-Contravention. The issue and sale of the Shares, the execution, delivery and performance of this Agreement by the Company,
the consummation of the transactions contemplated hereby and the application of the proceeds from the sale of the Shares as described
under “Use of Proceeds” in the Registration Statement and the Prospectus will not (i) conflict with or result in a
breach or violation of any of the terms or provisions of, impose any lien, charge or encumbrance upon any property or assets of
the Company and its Subsidiaries, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, license,
lease or other agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any
of its Subsidiaries is bound or to which any of the property or assets of the Company or any of its Subsidiaries is subject; (ii)
result in any violation of the provisions of the articles of association, charter or by-laws (or similar organizational documents)
of the Company or any of its Subsidiaries; or (iii) result in any violation of any statute or any judgment, order, decree, rule
or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its Subsidiaries or any
of their properties or assets, except, with respect to clauses (i) and (iii), for such conflicts, breaches, violations, liens,
charges, encumbrances or defaults that would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

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(xv)
No Consent or Approval Required. No consent, approval, authorization or order of, or filing, registration or qualification
with, any court or governmental agency or body having jurisdiction over the Company or any of its Subsidiaries or any of their
properties or assets is required for the issue and sale of the Shares, the execution, delivery and performance of this Agreement
by the Company, the consummation of the transactions contemplated hereby, the application of the proceeds from the sale of the
Shares as described under “Use of Proceeds” in the Registration Statement and the Prospectus, except for (i) the registration
of the Shares under the Securities Act; (ii) such consents, approvals, authorizations, orders, filings, registrations or qualifications
as may be required under the Exchange Act, and applicable state or foreign securities laws and/or the bylaws and rules of the
Financial Industry Regulatory Authority (the “FINRA”) in connection with the sale of the Shares by the
Agent; and (iii) the inclusion of the Shares on the NYSE American (the “Exchange”).

 

(xvi)
Internal Accounting Controls. The Company and each of its Subsidiaries maintain internal accounting controls designed to
provide reasonable assurances regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles in the United States, including, but not limited
to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with
management’s general or specific authorization, (ii) transactions are recorded as necessary to permit preparation of the
Company’s financial statements in conformity with generally accepted accounting principles in the United States and to maintain
accountability for its assets, (iii) access to the Company’s assets is permitted only in accordance with management’s
general or specific authorization, (iv) the recorded accountability for the Company’s assets is compared with existing assets
at reasonable intervals and appropriate action is taken with respect to any differences, and (v) the interactive data in XBRL
included or incorporated by reference in the Registration Statement and the Prospectus fairly present the information called for
in all material respects and are prepared in accordance with the Commission’s rules and guidelines applicable thereto. Except
as disclosed in the Registration Statement or the Prospectus, as of the date of the most recent balance sheet of the Company and
its consolidated Subsidiaries reviewed by OUM & Co. LLP, there were no material weaknesses in the Company’s internal
controls.

 

(xvii)
Disclosure Controls. The Company and each of its Subsidiaries maintain disclosure controls and procedures (as such term
is defined in Rule 13a-15(e) under the Exchange Act) designed to ensure that the information required to be disclosed by the Company
and its Subsidiaries in the reports they file or submit under the Exchange Act is accumulated and communicated to management of
the Company and its Subsidiaries, including their respective principal executive officers and principal financial officers, as
appropriate, to allow timely decisions regarding required disclosure to be made, and such disclosure controls and procedures are
effective in all material respects to perform the functions for which they were established.

 

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(xviii)
Critical Accounting Policies. The section entitled “Critical Accounting Policies” incorporated by reference
in the Registration Statement and the Prospectus accurately describes in all material respects (i) the accounting policies that
the Company believes are the most important in the portrayal of the Company’s financial condition and results of operations
and that require management’s most difficult, subjective or complex judgments (“Critical Accounting Policies”);
(ii) the judgments and uncertainties affecting the application of Critical Accounting Policies; and (iii) the likelihood that
materially different amounts would be reported under different conditions or using different assumptions, and an explanation thereof.

 

(xix)
Sarbanes-Oxley Compliance. There is and has been no failure on the part of the Company or, to the knowledge of the Company,
any of the Company’s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley
Act of 2002 and the rules and regulations promulgated in connection therewith that are applicable to the Company or its directors
or officers in their capacities as directors or officers of the Company.

 

(xx)
Exceptions. Except as would not, in the aggregate, reasonably be expected to have a Material Adverse Effect, since the
date of the latest audited financial statements included in the Registration Statement and the Prospectus, and, except as disclosed
in the Registration Statement and the Prospectus, neither the Company nor any of its Subsidiaries has (i) sustained any loss or
interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any
labor dispute or court or governmental action, order or decree, (ii) issued or granted any securities (other than pursuant to
employee benefit plans, qualified stock option plans or other equity compensation plans or arrangements existing on the date hereof
and disclosed in the Registration Statement and the Prospectus (the “Specified Equity Plans”)), (iii)
incurred any material liability or obligation, direct or contingent, other than liabilities and obligations that were incurred
in the ordinary course of business, (iv) entered into any material transaction not in the ordinary course of business, or (v)
declared or paid any dividend on its share capital; and since such date, except as disclosed in the Registration Statement and
the Prospectus, there has not been any change in the share capital, long-term debt, net current assets or short-term debt of the
Company or any of its Subsidiaries or any adverse change, or any development involving a prospective adverse change, in or affecting
the condition (financial or otherwise), results of operations, shareholders’ equity, properties, management, business or
prospects of the Company and its Subsidiaries taken as a whole.

 

(xxi)
Valid Title. The Company and each of 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, that are material to the business of the Company, in each
case free and clear of all liens, encumbrances and defects, except such liens, encumbrances and defects as do not materially affect
the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company
and its Subsidiaries. All assets held under lease by the Company and its Subsidiaries, that are material to the business of the
Company, are held by them under valid, subsisting and enforceable leases, with such exceptions as do not materially interfere
with the use made and proposed to be made of such assets by the Company and its Subsidiaries.

 

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(xxii)
Intellectual Property. The Company and its Subsidiaries own or possess the valid right to use all (i) patents, patent applications,
trademarks, trademark registrations, service marks, service mark registrations, Internet domain name registrations, copyrights,
copyright registrations, licenses, trade secret rights (“Intellectual Property Rights”) and (ii) inventions,
software, works of authorships, trademarks, service marks, trade names, databases, formulae, know how, Internet domain names and
other intellectual property (including trade secrets and other unpatented and/or unpatentable proprietary confidential information,
systems, or procedures) (collectively, “Intellectual Property Assets”) necessary to conduct their respective
businesses as currently conducted, and as proposed to be conducted and described in the Prospectus, except as such failure to
own or possess such rights or assets would not reasonably be expected to, individually or in the aggregate, result in a Material
Adverse Effect. The Company and its Subsidiaries have not received any opinion from their legal counsel concluding that any activities
of their respective businesses infringe, misappropriate, or otherwise violate, valid and enforceable Intellectual Property Rights
of any other person, and have not received written notice of any challenge, which is still pending, by any other person to the
rights of the Company and its Subsidiaries with respect to any Intellectual Property Rights or Intellectual Property Assets owned
or used by the Company or its Subsidiaries. The Company and its Subsidiaries’ respective businesses as now conducted do
not give rise to any material infringement of, any material misappropriation of, or other material violation of, any valid and
enforceable Intellectual Property Rights of any other person. All licenses for the use of the Intellectual Property Rights described
in the Prospectus are valid, binding upon, and enforceable by or against the parties thereto in accordance to its terms. The Company
has complied in all material respects with, and is not in breach nor has received any asserted or threatened claim of material
breach of any Intellectual Property license, and the Company has no knowledge of any material breach or anticipated material breach
by any other person to any Intellectual Property license to which the Company is a party. No claim has been made and is currently
pending against the Company alleging the infringement by the Company of any patent, trademark, service mark, trade name, copyright,
trade secret, license in or other intellectual property right or franchise right of any person. The Company has taken all reasonable
steps to protect, maintain and safeguard its Intellectual Property Rights, including the execution of appropriate nondisclosure
and confidentiality agreements. The consummation of the transactions contemplated by this Agreement will not result in the loss
or impairment of or payment of any additional amounts with respect to, nor require the consent of any other person in respect
of, the Company’s right to own, use, or hold for use any of the Intellectual Property Rights as owned, used or held for
use in the conduct of the business as currently conducted. Notwithstanding anything to the contrary, Silicon Valley Bank, the
Company’s senior lender, has a security interest in all the Intellectual Property Assets.

 

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(xxiii)
Health Care Authorizations. The Company has submitted and possesses, or qualifies for applicable exemptions to, such valid
and current registrations, listings, approvals, clearances, licenses, certificates, authorizations or permits and supplements
or amendments thereto issued or required by the appropriate state, federal or foreign regulatory agencies or bodies necessary
to conduct their business, including, without limitation, all such certificates, authorizations and permits required by the United
States Food and Drug Administration (the “FDA”), the United States Department of Health and Human Services
(“HHS”), the United States Centers for Medicare & Medicaid Services (“CMS”),
the European Medicines Agency (“EMEA”), Health Canada or any other state, federal or foreign agencies
or bodies engaged in the regulation of medical devices (including diagnostic products), drugs or biohazardous materials, and the
Company have not received any notice of proceedings relating to the revocation or modification of, or non-compliance with, any
such license, certificate, authorization or permit, except for such registrations, listings, approvals, clearances, licenses,
certificates, authorizations or permits, the lack of which would not, individually or in the aggregate, have a Material Adverse
Effect.

 

(xxiv)
Clinical Trials. The studies, tests and preclinical and clinical trials conducted by or on behalf of, or sponsored by,
the Company, or in which the Company has participated, that are described in the Registration Statement and the Prospectus, or
the results of which are referred to in the Registration Statement and the Prospectus, were and, if still pending, are being conducted
in all material respects in accordance with protocols, procedures and controls pursuant to, where applicable, accepted professional
and scientific standards for products or product candidates comparable to those being developed by the Company and all applicable
statutes, rules and regulations of the FDA, the EMEA, Health Canada and other comparable drug and medical device (including diagnostic
product) regulatory agencies outside of the United States to which they are subject; the descriptions of the results of such studies,
tests and trials contained in the Registration Statement and the Prospectus do not contain any misstatement of a material fact
or omit a material fact necessary to make such statements not misleading; the Company has no knowledge of any studies, tests or
trials not described in the Prospectus the results of which reasonably call into question in any material respect the results
of the studies, tests and trials described in the Registration Statement and the Prospectus; and the Company has not received
any notices or other correspondence from the FDA, EMEA, Health Canada or any other foreign, state or local governmental body exercising
comparable authority or any Institutional Review Board or comparable authority requiring or threatening the termination, suspension
or material modification of any studies, tests or preclinical or clinical trials conducted by or on behalf of, or sponsored by,
the Company or in which the Company has participated, and, to the Company’s knowledge, there are no reasonable grounds for
the same. Except as disclosed in the Registration Statement and the Prospectus, there has not been any violation of law or regulation
by the Company in its respective product development efforts, submissions or reports to any regulatory authority that could reasonably
be expected to require investigation, corrective action or enforcement action.

 

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(xxv)
Compliance with Health Care Laws. The Company and, to the Company’s knowledge, its directors, employees and agents
(while acting in such capacity) are in material compliance with, all health care laws applicable to the Company, or any of its
products or activities, including, but not limited to, the federal Anti-Kickback Statute (42 U.S.C. Section 1320a-7b(b)), the
Anti-Inducement Law (42 U.S.C. Section 1320a-7a(a)(5)), the civil False Claims Act (31 U.S.C. Section 3729 et seq.), the administrative
False Claims Law (42 U.S.C. Section 1320a-7b(a)), the Stark law (42 U.S.C. Section 1395nn), the Health Insurance Portability and
Accountability Act of 1996 (42 U.S.C. Section 1320d et seq.) as amended by the Health Information Technology for Economic and
Clinical Health Act (42 U.S.C. Section 17921 et seq.), the exclusion laws (42 U.S.C. Section 1320a-7), the Federal Food, Drug,
and Cosmetic Act (21 U.S.C. Section 301 et seq.), the Controlled Substances Act (21 U.S.C. Section 801 et seq.), the Public Health
Service Act (42 U.S.C. Section 201 et seq.), the Clinical Laboratory Improvement Amendments of 1988 (42 U.S.C. Section 263a),
Medicare (Title XVIII of the Social Security Act), Medicaid (Title XIX of the Social Security Act), and the Patient Protection
and Affordable Care Act of 2010, as amended by the Health Care and Education Reconciliation Act of 2010, the regulations promulgated
pursuant to such laws, and any other state, federal or foreign law, accreditation standards, regulation, memorandum, opinion letter,
or other issuance which imposes requirements on the manufacturing, development, testing, labeling, advertising, marketing or distribution
of drugs and medical devices (including diagnostic products), kickbacks, patient or program charges, recordkeeping, claims process,
documentation requirements, medical necessity, referrals, the hiring of employees or acquisition of services or supplies from
those who have been excluded from government health care programs, quality, safety, privacy, security, licensure, accreditation
or any other aspect of providing health care, clinical laboratory or diagnostics products or services (collectively, “Health
Care Laws”). The Company has not received any notification, correspondence or any other written or oral communication,
including notification of any pending or threatened claim, suit, proceeding, hearing, enforcement, investigation, arbitration
or other action from any governmental authority, including, without limitation, the FDA, the EMEA, Health Canada, the United States
Federal Trade Commission, the United States Drug Enforcement Administration (“DEA”), CMS, HHS’s
Office of Inspector General, the United States Department of Justice and state Attorneys General or similar agencies of potential
or actual non-compliance by, or liability of, the Company under any Health Care Laws, except, with respect to any of the foregoing,
such as would not, individually or in the aggregate, have a Material Adverse Effect. To the Company’s knowledge, there are
no facts or circumstances that would reasonably be expected to give rise to material liability of the Company under any Health
Care Laws. The statements with respect to Health Care Laws and the Company’s compliance therewith included in the Registration
Statement and the Prospectus fairly summarize the matters therein described.

 

(xxvi)
Post-Market Reporting Obligations. The Company is complying in all material respects with all applicable regulatory post-market
reporting obligations, including, without limitation, the FDA’s adverse event reporting requirements at 21 CFR Parts 310,
314, 600, and 803, and, to the extent applicable, the respective counterparts thereof promulgated by governmental authorities
in countries outside the United States.

 

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(xxvii)
No Shutdowns or Prohibitions. The Company has not had any product, clinical laboratory or manufacturing site (whether Company-owned
or that of a third party manufacturer for the Company’s products) subject to a governmental authority (including FDA) shutdown
or import or export prohibition, nor received any FDA Form 483 or other governmental authority notice of inspectional observations,
“warning letters,” “untitled letters,” requests to make changes to the Company’s products, processes
or operations, or similar correspondence or notice from the FDA or other governmental authority alleging or asserting material
noncompliance with any applicable Health Care Laws. To the Company’s knowledge, neither the FDA nor any other governmental
authority is considering such action.

 

(xxviii)
No Safety Notices. (i) Except as disclosed in the Registration Statement and the Prospectus, there have been no recalls,
field notifications, field corrections, market withdrawals or replacements, warnings, “dear doctor” letters, investigator
notices, safety alerts or other notice of action relating to an alleged lack of safety, efficacy, or regulatory compliance of
the Company’s products (“Safety Notices”) and (ii) to the Company’s knowledge, there are
no facts that would be reasonably likely to result in (x) a Safety Notice with respect to the Company’s products or services,
(y) a change in labeling of any the Company’s respective products or services, or (z) a termination or suspension of marketing
or testing of any the Company’s products or services.

 

(xxix)
Compliance with Laws. The Company holds, and is operating in compliance in all material respects with, all franchises,
grants, authorizations, licenses, permits, easements, consents, certificates and orders of any Governmental Authority or self-regulatory
body required for the conduct of its business and all such franchises, grants, authorizations, licenses, permits, easements, consents,
certifications and orders are valid and in full force and effect; and the Company has not received notice of any revocation or
modification of any such franchise, grant, authorization, license, permit, easement, consent, certification or order or has reason
to believe that any such franchise, grant, authorization, license, permit, easement, consent, certification or order will not
be renewed in the ordinary course; and the Company is in compliance in all material respects with all applicable federal, state,
local and foreign laws, regulations, orders and decrees.

 

(xxx)
Absence of Settlement Agreements or Undertakings. Except as disclosed in the Registration Statement and the Prospectus,
the Company is not a party to any corporate integrity agreements, monitoring agreements, consent decrees, settlement orders, or
similar agreements with or imposed by any governmental authority.

 

(xxxi)
Absence of Legal or Governmental Proceedings. Except as disclosed in the Registration Statement and the Prospectus, there
are no legal or governmental proceedings pending to which the Company or any of its Subsidiaries is a party or of which any property
or assets of the Company or any of its Subsidiaries is the subject that, if determined adversely to the Company, would, in the
aggregate, reasonably be expected to have a Material Adverse Effect or would, in the aggregate, reasonably be expected to have
a Material Adverse Effect on the performance of this Agreement or the consummation of the transactions contemplated hereby; and
to the Company’s knowledge, no such proceedings are threatened or contemplated by governmental authorities or others.

 

    	10

     

    

 

(xxxii)
Material Contracts. There are no contracts or other documents required to be described in the Registration Statement or
filed as exhibits to the Registration Statement that are not described and filed as required. The statements made in the Registration
Statement and Prospectus, insofar as they purport to constitute summaries of the terms of the contracts and other documents described
and filed, constitute accurate summaries of the terms of such contracts and documents in all material respects. Except as disclosed
in the Registration Statement and the Prospectus, neither the Company nor any of its Subsidiaries has knowledge that any other
party to any such contract or other document has any intention not to render full performance as contemplated by the terms thereof.

 

(xxxiii)
Insurance. The Company and each of its Subsidiaries maintain insurance from nationally recognized, in the applicable country,
insurers in such amounts and covering such risks as is commercially reasonable in accordance with customary practices for companies
engaged in similar businesses and similar industries for the conduct of their respective businesses and the value of their respective
properties and as is customary for companies engaged in similar businesses in similar industries. All policies of insurance of
the Company and its Subsidiaries are in full force and effect; the Company and each of its Subsidiaries are in compliance with
the terms of such policies in all material respects; and neither the Company nor any of its Subsidiaries has received written
notice from any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to
be made in order to continue such insurance; there are no material claims by the Company or any of its Subsidiaries under any
such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause;
and neither the Company nor any such Subsidiary has any reason to believe that it will not be able to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue
its business at a cost that would not reasonably be expected to have a Material Adverse Effect.

 

(xxxiv)
Related Party Disclosure. No relationship, direct or indirect, exists between or among the Company, on the one hand, and
the directors, officers, shareholders, customers or suppliers of the Company, on the other hand, that is required to be described
in the Registration Statement or the Prospectus which is not so described, or will not be described, at such time and in such
filing as required by Commission rules.

 

(xxxv)
No Labor Dispute. No labor disturbance by or dispute with the employees of the Company or any of its Subsidiaries exists
or, to the knowledge of the Company, is imminent that could reasonably be expected to have a Material Adverse Effect.

 

    	11

     

    

 

(xxxvi)
No Default. Except as disclosed in the Registration Statement and the Prospectus, neither the Company nor any of its Subsidiaries
(i) is in violation of its articles of association, charter or by-laws (or similar organizational documents), (ii) is in default,
and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance
or observance of any term, covenant, condition or other obligation contained in any indenture, mortgage, deed of trust, loan agreement,
license or other agreement or instrument to which it is a party or by which it is bound or to which any of its properties or assets
is subject, or (iii) is in violation of any statute or any order, rule or regulation of any court or governmental agency or body
having jurisdiction over it or its property or assets or has failed to obtain any license, permit, certificate, franchise or other
governmental authorization or permit necessary to the ownership of its property or to the conduct of its business, except in the
case of clauses (ii) and (iii), to the extent any such conflict, breach, violation or default would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

(xxxvii)
Environmental Laws. Except as disclosed in the Registration Statement and the Prospectus, the Company and each of its Subsidiaries
(i) are, and at all times prior hereto were, in compliance in all material respects with all laws, regulations, ordinances, rules,
orders, judgments, decrees, permits or other legal requirements of any governmental authority, including without limitation any
international, foreign, national, state, provincial, regional, or local authority, relating to pollution, the protection of human
health or safety, the environment, or natural resources, or to use, handling, storage, manufacturing, transportation, treatment,
discharge, disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental
Laws”) applicable to such entity, which compliance includes, without limitation, obtaining, maintaining and complying
with all material permits and authorizations and approvals required by Environmental Laws to conduct their respective businesses,
and (ii) have not received written notice or otherwise have knowledge of any actual or alleged violation of Environmental Laws,
or of any actual or potential liability for or other obligation concerning the presence, disposal or release of hazardous or toxic
substances or wastes, pollutants or contaminants. Except as described in the Registration Statement and the Prospectus, (x) there
are no proceedings that are pending, or to the Company’s knowledge, threatened, against the Company or any of its Subsidiaries
under Environmental Laws in which a governmental authority is also a party, other than such proceedings regarding which it is
reasonably believed no monetary sanctions of $100,000 or more will be imposed, (y) the Company and its Subsidiaries are not aware
of any issues regarding compliance with Environmental Laws, including any pending or proposed Environmental Laws, or liabilities
or other obligations under Environmental Laws or concerning hazardous or toxic substances or wastes, pollutants or contaminants,
that could reasonably be expected to have a material effect on the capital expenditures, earnings or competitive position of the
Company and its Subsidiaries, and (z) none of the Company and its Subsidiaries anticipates material capital expenditures relating
to Environmental Laws.

 

(xxxviii)
Taxes. The Company and each of its Subsidiaries have filed all federal, state, local and foreign tax returns required to
be filed through the date hereof, subject to permitted extensions, and have paid all taxes due and no tax deficiency has been
determined adversely to the Company or any of its Subsidiaries, nor does the Company have any knowledge of any tax deficiencies
that have been, or would reasonably be expected to be asserted against the Company, that would, in the aggregate, reasonably be
expected to have a Material Adverse Effect.

 

    	12

     

    

 

(xxxix)
ERISA Compliance. (i) Each “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”)) for which the Company or any member of its “Controlled
Group” (defined as any organization which is a member of a controlled group of corporations within the meaning of Section
414 of the Internal Revenue Code of 1986, as amended (the “Code”)) would have any liability (each a
“Plan”) has been maintained in compliance in all material respects with its terms and with the requirements
of all applicable statutes, rules and regulations including ERISA and the Code; (ii) no prohibited transaction, within the meaning
of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant
to a statutory or administrative exemption; (iii) with respect to each Plan subject to Title IV of ERISA (A) no “reportable
event” (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur that would result
in a material loss to the Company, (B) no “accumulated funding deficiency” (within the meaning of Section 302 of ERISA
or Section 412 of the Code), whether or not waived, has occurred or is reasonably expected to occur, (C) the fair market value
of the assets under each Plan that is required to be funded exceeds the present value of all benefits accrued under such Plan
(determined based on those assumptions used to fund such Plan), and (D) neither the Company or any member of its Controlled Group
has incurred, or reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums
to the Pension Benefit Guaranty Corporation in the ordinary course and without default) in respect of a Plan (including a “multiemployer
plan”, within the meaning of Section 4001(c)(3) of ERISA); and (iv) each Plan that is intended to be qualified under Section
401(a) of the Code is so qualified and nothing has occurred, to the Company’s knowledge, whether by action or by failure
to act, which would reasonably be expected to cause the loss of such qualification.

 

(xl)
Accuracy of Statistical and Market Data. The statistical and market-related data included in the Registration Statement
and the Prospectus and the consolidated financial statements of the Company and its Subsidiaries included or incorporated by reference
in the Registration Statement and the Prospectus are based on or derived from sources that the Company believes to be reliable
in all material respects.

 

(xli)
Not an Investment Company. Neither the Company nor any of its Subsidiaries is, and as of the applicable Settlement Date
and, after giving effect to the offer and sale of the Shares and the application of the proceeds therefrom as described under
“Use of Proceeds” in the Registration Statement and the Prospectus, none of them will be, (i) an “investment
company” or a company “controlled” by an “investment company” within the meaning of the Investment
Company Act of 1940, as amended (the “Investment Company Act”), and the rules and regulations of the
Commission thereunder, or (ii) a “business development company” (as defined in Section 2(a)(48) of the Investment
Company Act).

 

    	13

     

    

 

(xlii)
Accuracy of Certain Summaries and Statements. The statements set forth or incorporated by reference, as applicable, in
each of the Registration Statement and the Prospectus under the captions “Description of Capital Stock,” and in the
Company’s Annual Report on Form 10-K for the year ended December 31, 2018 under the captions “Legal Proceedings”
and “Certain Relationships and Related Transactions, and Director Independence”, insofar as they purport to summarize
the provisions of the laws and documents referred to therein, are accurate summaries in all material respects.

 

(xliii)
Registration Rights. Except as disclosed in the Registration Statement and the Prospectus, there are no contracts, agreements
or understandings between the Company and any person granting such person the right to require the Company to file a registration
statement under the Securities Act with respect to any securities of the Company owned or to be owned by such person. There are
no contracts, agreements or understandings to require the Company to include any such securities in the securities proposed to
be offered pursuant to this Agreement.

 

(xliv)
No Other Brokers. Neither the Company nor any of its Subsidiaries is a party to any contract, agreement or understanding
with any person (other than this Agreement) that would give rise to a valid claim against any of them or the Agent for a brokerage
commission, finder’s fee or like payment in connection with the offering and sale of the Shares.

 

(xlv)
No Integration. The Company has not sold or issued any securities that would be integrated with the offering of the Shares
contemplated by this Agreement pursuant to the Securities Act or the interpretations thereof by the Commission.

 

(xlvi)
Absence of Stabilization or Manipulation. The Company and, to the Company’s knowledge, its affiliates have not taken,
directly or indirectly, any action designed to or that has constituted or that could reasonably be expected to cause or result
in the stabilization or manipulation of the price of any security of the Company in connection with the offering of the Shares.

 

(xlvii)
Exchange Act Registration and Listing of the Common Stock. The shares of Common Stock are registered pursuant to Section
12(b) of the Exchange Act and listed on the Exchange; the Company has taken no action designed to, or reasonably likely to have
the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from the
Exchange, nor has the Company received any notification that the Commission or FINRA is contemplating terminating such registration
or listing.

 

(xlviii)
Offering Material. The Company has not distributed and prior to any Settlement Date, will not distribute any offering material
in connection with any Placement (as defined in Section 2(a)(i) below), other than any Preliminary Prospectus, the Prospectus,
and any Permitted Free Writing Prospectus to which the Agent has consented.

 

    	14

     

    

 

(xlix)
Compliance with Labor Laws. Neither the Company nor any Subsidiary is in violation of or has received notice of any violation
with respect to any federal or state law relating to discrimination in the hiring, promotion or pay of employees, nor any applicable
federal or state wage and hour laws, nor any state law precluding the denial of credit due to the neighborhood in which a property
is situated, the violation of any of which could reasonably be expected to have a Material Adverse Effect.

 

(l)
No Unlawful Payments. Neither the Company nor any of its Subsidiaries, nor, to the knowledge of the Company, any director,
officer, agent, employee or other person associated with or acting on behalf of the Company or any of its Subsidiaries, has (i)
used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity;
(ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds;
(iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, the Organization for Economic
Co-operation and Development Convention on Bribery of Foreign Public Officials in International Business Transactions, and the
rules and regulations thereunder and any other similar foreign or domestic law or regulation; or (iv) made any bribe, rebate,
payoff, influence payment, kickback or other unlawful payment. The Company has instituted and maintains policies and procedures
designed to ensure continued compliance with the laws and regulations referenced in clause (iii) of this paragraph.

 

(li)
Anti-Money Laundering Compliance. The operations of the Company and its Subsidiaries are and have been conducted at all
times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder
and any applicable related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency
(collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court
or governmental agency, authority or body or any arbitrator involving the Company or any of its Subsidiaries with respect to the
Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

 

(lii)
OFAC Compliance. Neither the Company nor any of its Subsidiaries nor, to the knowledge of the Company, any director, officer,
agent, employee or affiliate of the Company or any of its Subsidiaries is currently subject to any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will
not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to
any Subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently
subject to any U.S. sanctions administered by OFAC.

 

    	15

     

    

 

(liii)
Not a Passive Foreign Investment Company. Subject to the qualifications and assumptions set forth in the Registration Statement,
the Company is not, and upon the sale of the Shares contemplated by this Agreement does not expect to become, a “passive
foreign investment company” (as defined in Section 1297 of the Code, and the regulations promulgated thereunder).

 

(liv)
No Taxes or Fees Due Upon Issuance. No stamp, issue, registration, documentary, transfer or other similar taxes and duties,
including interest and penalties, are payable on or in connection with the issuance and sale of the Shares by the Company or the
execution and delivery of this Agreement.

 

(lv)
No Immunity. Neither the Company nor any Subsidiary, nor any of their respective properties or assets, has any immunity
from the jurisdiction of any court or from any legal process (whether through service or notice, attachment to prior judgment,
attachment in aid of execution or otherwise) under the laws of any jurisdiction in which it is organized, headquartered or doing
business.

 

(lvi)
No Legal, Accounting or Tax Advice. The Company has not relied upon the Agent or legal counsel for the Agent for any legal,
tax or accounting advice in connection with the offering and sale of the Shares.

 

(lvii)
Certificate as Representation and Warranty. Any certificate signed by any officer of the Company and delivered to the Agent
or the Agent’s counsel in connection with the offering of the Shares shall be deemed a representation and warranty by the
Company to Agent as to the matters covered thereby.

 

2.
Purchase, Sale and Delivery of Shares.

 

(a)
At-the-Market Sales. On the basis of the representations, warranties and agreements herein contained, but subject to the
terms and conditions herein set forth, the Company agrees to issue and sell through the Agent as sales agent, and the Agent agrees
to use its commercially reasonable efforts to sell for and on behalf of the Company, the Shares on the following terms and conditions;
provided, however, that any obligation of the Agent to use such commercially reasonable efforts shall be subject
to the continuing accuracy of the representations and warranties of the Company herein, the performance by the Company of its
covenants and obligations hereunder and the continuing satisfaction of the additional conditions specified in Section 4 of this
Agreement. The Company acknowledges and agrees that (i) there can be no assurance that the Agent will be successful in selling
Shares, and (ii) the Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell
Shares for any reason other than a failure by the Agent to use its commercially reasonable efforts consistent with its normal
trading and sales practices to sell such Shares as required under this Section 2.

 

    	16

     

    

 

(i)
Each time that the Company wishes to issue and sell the Shares hereunder (each, a “Placement”), it will
notify the Agent by email notice (or other method mutually agreed to in writing by the parties) (a “Placement Notice”)
containing the parameters in accordance with which it desires the Shares to be sold, which shall at a minimum include the number
of Shares to be issued, the time period during which sales are requested to be made, any limitation on the number of Shares that
may be sold in any one Trading Day (as defined below) and any minimum price below which sales may not be made, a form of which
containing such minimum sales parameters necessary is attached hereto as Schedule 1. The Placement Notice shall originate
from any of the individuals from the Company set forth on Schedule 2 (with a copy to each of the other individuals from
the Company listed on such schedule), and shall be addressed to each of the individuals from the Agent set forth on Schedule
2, as such Schedule 2 may be amended from time to time. The Placement Notice shall be effective upon receipt by the
Agent unless and until (i) in accordance with the notice requirements set forth in Section 2(a)(iii) of this Agreement, the Agent
declines to accept the terms contained therein for any reason, in its sole discretion, (ii) the entire amount of the Shares have
been sold, (iii) the Company suspends or terminates the Placement Notice in accordance with the notice requirements set forth
in Section 2(a)(iii) below, (iv) the Company issues a subsequent Placement Notice with parameters superseding those on the earlier
dated Placement Notice, or (v) this Agreement has been terminated under the provisions of Section 7. The amount of any commission
or other compensation to be paid by the Company to the Agent in connection with the sale of the Shares shall be calculated in
accordance with the terms set forth in Section 2(a)(v) below. It is expressly acknowledged and agreed that neither the Company
nor the Agent will have any obligation whatsoever with respect to a Placement or any Shares unless and until the Company delivers
a Placement Notice to the Agent and the Agent does not decline such Placement Notice pursuant to the terms set forth above, and
then only upon the terms specified therein and herein. In the event of a conflict between the terms of this Agreement and the
terms of the Placement Notice, the terms of the Placement Notice will control. For the purposes hereof, “Trading Day”
means any day on which the Company’s Common Stock is purchased and sold on the principal market on which the Common
Stock is listed or quoted.

 

(ii)
The Shares are to be sold by the Agent on a daily basis or otherwise as shall be agreed to by the Company and the Agent on any
day that is a trading day for the Exchange (other than a day on which the Exchange is scheduled to close prior to its regular
weekday closing time). The gross sales price of the Shares sold under this Section 2(a) shall be the market price for the Company’s
Common Stock sold by the Agent under this Section 2(a) at the time of such sale.

 

(iii)
Notwithstanding the foregoing, the Company may instruct the Agent by telephone (confirmed promptly by email) not to sell the Shares
if such sales cannot be effected at or above the price designated by the Company in any such instruction. Furthermore, the Company
shall not authorize the issuance and sale of, and the Agent shall not be obligated to use its commercially reasonable efforts
to sell, any Shares at a price lower than the minimum price therefor designated from time to time by the Company’s Board
of Directors (or an authorized committee thereof) and notified to the Agent in writing. In addition, the Company or the Agent
may, upon notice to the other party hereto by telephone (confirmed promptly by email), suspend the offering of the Shares, whereupon
the Agent shall so suspend the offering of Shares until further notice is provided to the other party to the contrary; provided,
however, that such suspension or termination shall not affect or impair the parties’ respective obligations with
respect to the Shares sold hereunder prior to the giving of such notice. Notwithstanding any other provision of this Agreement,
during any period in which the Company is in possession of material non-public information, the Company and the Agent agree that
(i) no sale of Shares will take place, (ii) the Company shall not request the sale of any Shares, and (iii) the Agent shall not
be obligated to sell or offer to sell any Shares.

 

    	17

     

    

 

(iv)
Subject to the terms of the Placement Notice, the Agent may sell the Shares by any method permitted by law deemed to be an “at
the market offering” as defined in Rule 415(a)(4) under the Securities Act, including sales made directly on or through
an exchange. Subject to the terms of any Placement Notice, the Agent may also sell Shares in negotiated transactions at market
prices prevailing at the time of sale or at prices related to such prevailing market prices and/or any other method permitted
by law, subject to the prior written consent of the Company.

 

(v)
The compensation to the Agent for sales of the Shares, as an agent of the Company, shall be 3.0% of the gross sales price of the
Shares sold pursuant to this Section 2(a), payable in cash (the “Commission”); provided that
the combined Commission and reimbursement of the Agent for the out-of-pocket reasonable fees and disbursements of Agent’s
counsel pursuant to Section 3(g), shall not exceed 8.0% of the gross sales price of the Shares. The remaining proceeds, after
further deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales,
and reimbursement of expenses that the Agent may be entitled to pursuant to Section 3(g), shall constitute the net proceeds to
the Company for such Shares (the “Net Proceeds”).

 

(vi)
The Agent will provide written confirmation to the Company (including by email correspondence to each of the individuals of the
Company set forth on Schedule 2), no later than the opening of the Trading Day immediately following the Trading Day on
which it has made sales of Shares hereunder, setting forth the number of Shares sold on such day, the volume-weighted average
price of the Shares sold, and the Net Proceeds payable to the Company.

 

(vii)
All Shares sold pursuant to this Section 2(a) will be delivered by the Company to the Agent for the account of the Agent, against
payment of the Net Proceeds therefor, by wire transfer of same-day funds payable to the order of the Company at the offices of
Piper Sandler & Co., U.S. Bancorp Center, 800 Nicollet Mall, Minneapolis, Minnesota, or such other location as may be mutually
acceptable, at 9:00 a.m. Central Time on the second full business day following the date on which such Shares are sold, or at
such other time and date as Agent and the Company determine pursuant to Rule 15c6-1(a) under the Exchange Act, each such time
and date of delivery being herein referred to as a “Settlement Date.” If the Agent so elects, delivery
of the Shares may be made by credit through full fast transfer to an account or accounts at The Depository Trust Company designated
by the Agent. On each Settlement Date, the Agent will deliver the Net Proceeds in same day funds to an account designated by the
Company on, or prior to, such Settlement Date. The Company agrees that if the Company, or its transfer agent (if applicable),
defaults in its obligation to timely deliver duly authorized Shares on a Settlement Date, the Company agrees that in addition
to and in no way limiting the rights and obligations set forth in Section 5 hereto, it will (i) hold the Agent harmless against
any loss, claim, damage, or expense (including reasonable and documented legal fees and expenses), as incurred, arising out of
or in connection with such default by the Company, (ii) reimburse the Agent for any losses incurred by the Agent attributable,
directly or indirectly, to such default and (iii) pay to the Agent any commission or other compensation to which the Agent would
otherwise have been entitled absent such default.

 

    	18

     

    

 

(b)
Maximum Amount. Under no circumstances shall the aggregate number or aggregate value of the Shares sold pursuant to this
Agreement exceed: (i) the aggregate number and aggregate dollar amount of shares of Common Stock available for issuance under
the currently effective Registration Statement, (ii) the aggregate number of authorized but unissued shares of Common Stock that
are available for issuance under the Company’s certificate of incorporation or certificate of designation, (iii) the aggregate
dollar amount of shares of Common Stock permitted to be sold under the Company’s effective Registration Statement (including
any limit set forth in General Instruction I.B.6 thereof, if applicable) or (iv) the aggregate number of aggregate dollar amount
of shares of Common Stock for which the Company has filed any Prospectus Supplement in connection with the Shares (the lesser
of (i), (ii), (iii) and (iv) (the “Maximum Amount”).

 

(c)
No Association or Partnership. Nothing herein contained shall constitute the Agent an unincorporated association or partner
with the Company.

 

(d)
Duration. Under no circumstances shall any Shares be sold pursuant to this Agreement after the date which is three years
after the Registration Statement is first declared effective by the Commission.

 

(e)
Market Transactions by Agent. The Company acknowledges and agrees that the Agent has informed the Company that the Agent may,
to the extent permitted under the Securities Act, the Exchange Act and this Agreement, purchase and sell shares of Common Stock
for its own account while this Agreement is in effect, provided, that (i) no sale for its own account shall take place
while a Placement Notice is in effect (except to the extent the Agent may engage in sales of Shares purchased or deemed purchased
from the Company as a “riskless principal” or in a similar capacity) and (ii) the Company shall not be deemed to have
authorized or consented to any such purchases or sales by the Agent. The Company consents to the Agent trading in the Common Stock
for the account of any of its clients at the same time as sales of the Shares occur pursuant to this Agreement.

 

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3.
Covenants of the Company. The Company covenants and agrees with the Agent as follows:

 

(a)
Amendments to Registration Statement and Prospectus. After the date of this Agreement and during any period in which a
Prospectus relating to any Shares is required to be delivered by the Agent under the Securities Act (including in circumstances
where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company agrees that it will: (i) notify
the Agent promptly of the time when any subsequent amendment to the Registration Statement, other than documents incorporated
by reference or amendments not related to the Shares, has been filed with the Commission and/or has become effective or any subsequent
supplement to the Prospectus related to the Shares has been filed and of any request by the Commission for any amendment or supplement
to the Registration Statement (insofar as it relates to the transactions contemplated hereby) or Prospectus or for additional
information; (ii) prepare and file with the Commission, promptly upon the Agent’s request, any amendments or supplements
to the Registration Statement or Prospectus that, in the Agent’s reasonable opinion, may be necessary or advisable in connection
with the sale of the Shares by the Agent (provided, however, that the failure of the Agent to make such request shall not
relieve the Company of any obligation or liability hereunder, or affect the Agent’s right to rely on the representations
and warranties made by the Company in this Agreement); (iii) not file any amendment or supplement to the Registration Statement
or Prospectus, other than documents incorporated by reference, relating to the Shares or a security convertible into the Shares
unless a copy thereof has been submitted to the Agent within a reasonable period of time before the filing and the Agent has not
reasonably objected thereto (provided, however, that (A) the failure of the Agent to make such objection shall not relieve
the Company of any obligation or liability hereunder, or affect the Agent’s right to rely on the representations and warranties
made by the Company in this Agreement), (B) the Company has no obligation to provide the Agent any advance copy of such filing
or to provide the Agent an opportunity to object to such filing if the filing does not name the Agent or does not relate to a
Placement or other transaction contemplated hereunder, and (C) the only remedy that the Agent shall have with respect to the failure
by the Company to provide the Agent with such copy or the filing of such amendment or supplement despite the Agent’s objection
shall be to cease making sales under this Agreement); (iv) furnish to the Agent at the time of filing thereof a copy of any document
that upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus, except for those documents
available via EDGAR; and (iv) cause each amendment or supplement to the Prospectus, other than documents incorporated by reference,
to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act.

 

(b)
Stop Order. The Company will advise the Agent, promptly after it receives notice or obtains knowledge thereof, of the issuance
or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the
suspension of the qualification of the Shares for offering or sale in any jurisdiction, or of the initiation or threatening of
any proceeding for any such purpose, and it will promptly use its commercially reasonable efforts to prevent the issuance of any
stop order or to obtain its withdrawal if such a stop order should be issued.

 

    	20

     

    

 

(c)
Continuing Amendments. During any period in which a Prospectus relating to the Shares is required to be delivered by the
Agent under the Securities Act with respect to any Placement or pending sale of the Shares, (including in circumstances where
such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will comply with all requirements
imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective due dates all
reports (taking into account any extensions available under the Exchange Act) and any definitive proxy or information statements
required to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of
or under the Exchange Act. If during such period any event occurs as a result of which the Prospectus as then amended or supplemented
would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein,
in the light of the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement
the Registration Statement or Prospectus to comply with the Securities Act, the Company will promptly notify the Agent to suspend
the offering of Shares during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus
(at the expense of the Company) so as to correct such statement or omission or effect such compliance.

 

(d)
Qualification of the Shares. The Company shall take or cause to be taken all necessary action to qualify the Shares for
sale under the securities laws of such jurisdictions as Agent reasonably designates and to continue such qualifications in effect
so long as required for the distribution of the Shares, except that the Company shall not be required in connection therewith
to qualify as a foreign corporation or to execute a general consent to service of process in any state. The Company shall promptly
advise the Agent of the receipt by the Company of any notification with respect to the suspension of the qualification of the
Shares for offer or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.

 

(e)
Copies of Registration Statement and Prospectus. The Company will furnish to the Agent and counsel for the Agent copies
of the Registration Statement, the Prospectus and all amendments and supplements to such documents, in each case as soon as available
and in such quantities as the Agent may from time to time reasonably request, provided that the Company’s obligation to
provide such copies shall not apply to any filing available via EDGAR.

 

(f)
Section 11(a). The Company will make generally available to its security holders as soon as practicable an earnings statement
(which need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Securities Act
and Rule 158 promulgated thereunder.

 

    	21

     

    

 

(g)
Expenses. The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated,
will pay or cause to be paid (i) all expenses (including stock or transfer taxes and stamp or similar duties allocated to the
respective transferees) incurred in connection with the registration, issue, sale and delivery of the Shares, (ii) all expenses
and fees (including, without limitation, fees and expenses of the Company’s accountants and counsel) in connection with
the preparation, printing, filing, delivery, and shipping of the Registration Statement (including the financial statements therein
and all amendments, schedules, and exhibits thereto), the Shares, the Prospectus and any amendment thereof or supplement thereto,
and the producing, word-processing, printing, delivery, and shipping of this Agreement and other underwriting documents or closing
documents, including Blue Sky Memoranda (covering the states and other applicable jurisdictions) and including the cost to furnish
copies of each thereof to the Agent, (iii) all filing fees, (iv) all reasonable fees and disbursements of the Agent’s counsel
incurred in connection with the qualification of the Shares for offering and sale by the Agent or by dealers under the securities
or blue sky laws of the states and other jurisdictions which Agent shall designate, (v) the fees and expenses of any transfer
agent or registrar, (vi) the filing fees and reasonable fees and disbursements of Agent’s counsel incident to any required
review and approval by FINRA of the terms of the sale of the Shares, (vii) listing fees, if any, (viii) the cost and expenses
of the Company relating to investor presentations or any “roadshow” undertaken in connection with marketing of the
Shares, and (ix) all other reasonable costs and expenses incident to the performance of its obligations hereunder that are not
otherwise specifically provided for herein. In addition to (iv) and (vi) above, the Company shall reimburse the Agent for the
out of pocket reasonable fees and disbursements of the Agent’s counsel actually incurred in an amount which, taken together
with the fees and disbursements of Agent’s counsel in an amount not to exceed $50,000.

 

(h)
Use of Proceeds. The Company will apply the net proceeds from the sale of the Shares in the manner described in the Prospectus.

 

(i)
Restrictions on Future Sales. During the term of this Agreement, the Company will not, offer for sale, sell, contract to
sell, pledge, grant any option for the sale of, enter into any transaction which is designed to, or might reasonably be expected
to, result in the disposition of Common Stock (whether by actual disposition or effective economic disposition due to cash settlement
or otherwise) by the Company or any affiliate, or otherwise issue or dispose of, directly or indirectly (or publicly disclose
the intention to make any such offer, sale, pledge, grant, issuance or other disposition), any Common Stock or any securities
convertible into or exchangeable for, or any options or rights to purchase or acquire, Common Stock, or permit the registration
under the Securities Act of any Common Stock, such securities, options or rights, except for: (i) the registration of the Shares
and the sales through the Agent pursuant to this Agreement, (ii) the registration and sales of shares through any dividend reinvestment
and stock purchase plan of the Company, (iii) sales of shares of restricted stock, restricted stock units and options granted
pursuant to employee benefit plans existing as of the date hereof, and the Common Stock issuable upon the exercise of such outstanding
options or vesting of such restricted stock units and (iv) the issuance of shares pursuant to the exercise of warrants, in the
case of each of (ii), (iii) and (iv), without giving the Agent at least two business days’ prior written notice specifying
the nature of the proposed sale and the date of such proposed sale, so as to permit the Agent to suspend activity under this Agreement
for such period of time as requested by the Company.

 

    	22

     

    

 

(j)
No Stabilization or Manipulation. The Company has not taken and will not take, directly or indirectly, any action designed
to, or which might reasonably be expected to cause or result in, or which constitutes: (i) the stabilization or manipulation of
the price of the Common Stock or any other security of the Company to facilitate the sale or resale of the Shares, (ii) a violation
of Regulation M. The Company shall notify the Agent of any violation of Regulation M by the Company or any of its Subsidiaries
or any of their respective officers or directors promptly after the Company has received notice or obtained knowledge of any such
violation. The Company shall not invest in futures contracts, options on futures contracts or options on commodities, unless the
Company is exempt from the registration requirements of the Commodity Exchange Act, as amended (the “Commodity Act”),
or otherwise complies with the Commodity Act. The Company will not engage in any activities bearing on the Commodity Act, unless
such activities are exempt from the Commodity Act or otherwise comply with the Commodity Act.

 

(k)
No Other Broker. The Company will not incur any liability for any finder’s or broker’s fee or agent’s
commission in connection with the execution and delivery of this Agreement, or the consummation of the transactions contemplated
hereby.

 

(l)
Timely Securities Act and Exchange Act Reports. During any prospectus delivery period, the Company will use its commercially
reasonable efforts to file on a timely basis with the Commission such periodic and current reports as required by the Securities
Act and the Exchange Act.

 

(m)
Internal Controls. The Company and its Subsidiaries will maintain such controls and other procedures, including without
limitation, those required by Sections 302 and 906 of the Sarbanes-Oxley Act and the applicable regulations thereunder, that are
designed to ensure, at the reasonable assurance level, that information required to be disclosed by the Company in the reports
that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified
in the Commission’s rules and forms, including without limitation, controls and procedures designed to ensure that information
required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated
to the Company’s management, including its principal executive officer and its principal financial officer, or persons performing
similar functions, as appropriate to allow timely decisions regarding required disclosure and to ensure that material information
relating to the Company, including its Subsidiaries, is made known to them by others within those entities.

 

(n)
Permitted Free Writing Prospectus. The Company represents and agrees that, unless it obtains the prior written consent
of the Agent, and the Agent severally represents and agrees that, unless it obtains the prior written consent of the Company,
it has not made and will not make any offer relating to the Shares that would constitute an “issuer free writing prospectus,”
as defined in Rule 433 under the Securities Act, or that would otherwise constitute a “free writing prospectus,” as
defined in Rule 405 under the Securities Act, required to be filed with the Commission. Any such free writing prospectus consented
to by the Company and the Agent is hereinafter referred to as a “Permitted Free Writing Prospectus.”
The Company represents that it has treated or agrees that it will treat each Permitted Free Writing Prospectus as an “issuer
free writing prospectus,” as defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable
to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record keeping.

 

    	23

     

    

 

(o)
Representation Date and Opinions of Counsel. Prior to the date of the first Placement Notice, and thereafter during the
term of this Agreement, each time the Company (A) files an amendment to the Registration Statement or Prospectus (other than relating
solely to the offering of securities other than the Shares), (B) files an annual report on Form 10-K under the Exchange Act or
files its quarterly reports on Form 10-Q under the Exchange Act; and (C) files a report on Form 8-K containing amended financial
statements (other than an earnings release) under the Exchange Act, (each of the dates in (A), (B) and (C) are referred to herein
as a “Representation Date”), the Company shall cause:

 

(i)
Ellenoff Grossman & Schole LLP, counsel for the Company, to furnish to the Agent the opinion and negative assurance letter
of such counsel, dated as of such date and addressed to Agent, in form and substance reasonably satisfactory to the Agent; provided
however, only a negative assurance letter of such counsel shall be required for each subsequent Representation Date.

 

(ii)
Thompson Welch Soroko & Gilbert LLP, counsel for the Company, to furnish to the Agent the opinion of such counsel, dated as
of such date and addressed to Agent, in form and substance reasonably satisfactory to the Agent; provided, however,
no negative assurance letter of such counsel shall be required.

 

(iii)
Ballard Spahr, the Company’s intellectual property and patent counsel for the Company, to furnish to the Agent the opinion
of such counsel, dated as of such date and addressed to Agent, in form and substance reasonably satisfactory to the Agent; provided
however, the opinion of counsel shall only be required for the first Representation Date.

 

Notwithstanding
the foregoing, the requirement to provide counsel opinions, comfort letters and certificates under this Section 3(o) shall be
waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until
the date the Company delivers a Placement Notice to the Agent. Notwithstanding the foregoing, if the Company subsequently decides
to sell Shares following a Representation Date when the Company relied on such waiver and did not provide the Agent with opinions
under this Section 3(o), then before the Agent sells any Shares pursuant to Section 2(a), the Company shall cause the opinions
(including the opinion pursuant to Section 3(o) if not delivered on the date of the prior Form 10-K), comfort letter, certificates
and documents that would be delivered on a Representation Date to be delivered.

 

(p)
Representation Date and Comfort Letter. Prior to the date of the first Placement Notice and thereafter during the term
of this Agreement, on each Representation Date to which a waiver pursuant to Section 3(o) does not apply, the Company shall cause
OUM & Co. LLP, or other independent accountants satisfactory to the Agent (the “Accountants”), to
deliver to the Agent a letter, dated as of such date and addressed to Agent, confirming that they are independent public accountants
within the meaning of the Securities Act and are in compliance with the applicable requirements relating to the qualifications
of accountants under Rule 2-01 of Regulation S-X of the Commission, and stating the conclusions and findings of said firm with
respect to the financial information and other matters covered by its letter in form and substance satisfactory to the Agent of
the same tenor as the first such letter received hereunder.

 

    	24

     

    

 

(q)
Representation Date and Representation Certificate. Prior to the date of the First Placement Notice and thereafter during
the term of this Agreement, on each Representation Date to which a waiver pursuant to Section 3(o) does not apply, the Company
shall furnish to the Agent a certificate (the “Representation Certificate”), substantially in the form
of Schedule 3 and dated as of such date, addressed to the Agent and signed by the chief executive officer and by the chief
financial officer of the Company.

 

(r)
Disclosure of Shares Sold. The Company shall disclose in its quarterly reports on Form 10-Q and in its annual report on
Form 10-K the number of the Shares sold through the Agent under this Agreement, the net proceeds to the Company and the compensation
paid by the Company with respect to sales of the Shares pursuant to this Agreement during the relevant quarter.

 

(s)
Continued Listing of Shares. The Company shall use its commercially reasonable efforts to maintain the listing of the Common
Stock on the Exchange.

 

(t)
Notice of Changes. At any time during the term of this Agreement, as amended or supplemented from time to time, the Company
shall advise the Agent as soon as practicable after it shall have received notice or obtained knowledge thereof, of any information
or fact that would alter or affect any opinion, certificate, letter and other document provided to the Agent pursuant to this
Section 3.

 

(u)
Maximum Amount. The Company will not instruct the Agent to sell or otherwise attempt to sell Shares in excess of the Maximum
Amount.

 

4.
Conditions of Agent’s Obligations. The obligations of the Agent hereunder are subject to (i) the accuracy, as of
the Effective Time, each Representation Date and each Settlement Date (in each case, as if made at such date) of and compliance
with all representations, warranties and agreements of the Company contained herein, (ii) the performance by the Company of its
obligations hereunder and (iii) the following additional conditions:

 

(a)
Continuing Amendments; No Stop Order. If filing of the Prospectus, or any amendment or supplement thereto, or any Permitted
Free Writing Prospectus, is required under the Securities Act, the Company shall have filed the Prospectus (or such amendment
or supplement) or such Permitted Free Writing Prospectus with the Commission in the manner and within the time period so required
(without reliance on Rule 424(b)(8) or Rule 164(b)); the Registration Statement shall be effective; no stop order suspending the
effectiveness of the Registration Statement or any part thereof, any Rule 462(b) Registration Statement, or any amendment thereof,
nor suspending or preventing the use of the Prospectus shall have been issued; to the knowledge of the Company or the Agent, no
proceedings for the issuance of such an order shall have been initiated or threatened; and any request of the Commission for additional
information (to be included in the Registration Statement, the Prospectus or otherwise) shall have been complied with to the Agent’s
satisfaction.

 

    	25

     

    

 

(b)
Absence of Certain Events. None of the following events shall have occurred and be continuing: (i) receipt by the Company
or any of its Subsidiaries of any request for additional information from the Commission or any other federal or state governmental
authority during the period of effectiveness of the Registration Statement, the response to which would require any post-effective
amendments or supplements to the Registration Statement or the Prospectus; (ii) the issuance by the Commission or any other federal
or state governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation
of any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Shares for sale in any jurisdiction or the initiation or threatening of any proceeding
for such purpose; or (iv) the occurrence of any event that makes any material statement made in the Registration Statement or
the Prospectus or any material document incorporated or deemed to be incorporated therein by reference untrue in any material
respect or that requires the making of any changes in the Registration Statement, related Prospectus or such documents so that,
in the case of the Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case
of the Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading

 

(c)
No Material Misstatement or Omission. The Agent shall not have advised the Company that the Registration Statement or any
the Prospectus, contains an untrue statement of fact which, in the Agent’s opinion, is material, or omits to state a fact
which, in the Agent’s opinion, is material and is required to be stated therein or necessary to make the statements therein
not misleading.

 

(d)
No Adverse Changes. Except as contemplated in the Prospectus, subsequent to the respective dates as of which information
is given in the Prospectus, neither the Company nor any of its Subsidiaries shall have incurred any material liabilities or obligations,
direct or contingent, or entered into any material transactions, or declared or paid any dividends or made any distribution of
any kind with respect to its capital stock; and there shall not have been any material change in the capital stock (other than
a change in the number of outstanding Common Stock due to the issuance of shares upon the exercise of outstanding options or warrants),
or any material change in the short-term or long-term debt of the Company, or any issuance of options, warrants, convertible securities
or other rights to purchase the capital stock of the Company or any of its Subsidiaries, or any development involving a prospective
Material Adverse Effect (whether or not arising in the ordinary course of business), or any loss by strike, fire, flood, earthquake,
accident or other calamity, whether or not covered by insurance, incurred by the Company or any Subsidiary, the effect of which,
in any such case described above, in the Agent’s judgment, makes it impractical or inadvisable to offer or deliver the Shares
on the terms and in the manner contemplated in the Prospectus.

 

(e)
No Rating Downgrade. On or after the date of this Agreement (i) no downgrading shall have occurred in the rating accorded
any of the Company’s securities by any “nationally recognized statistical organization,” as that term is defined
by the Commission for purposes of Rule 436(g)(2) under the Securities Act, and (ii) no such organization shall have publicly announced
that it has under surveillance or review, with possible negative implications, its rating of any of the Company’s securities.

 

    	26

     

    

 

(f)
Compliance with Certain Obligations. The Company shall have performed each of its obligations under Section 3(o) –
3(q).

 

(g)
Opinion of Agent Counsel. On each Representation Date to which a waiver does not apply, there shall have been furnished
to the Agent the opinion and negative assurance letter of Goodwin Procter LLP, counsel for the Agent, dated as of such Representation
Date and addressed to Agent, in a form reasonably satisfactory to the Agent, and such counsel shall have received such papers
and information as they request to enable them to pass upon such matters; provided however, the opinion of Goodwin Procter LLP
shall only be required prior to the first Placement Notice, and thereafter, only a negative assurance letter of such counsel shall
be required for each subsequent Representation Date.

 

(h)
Representation Certificate. On or prior to the first Placement Notice, the Agent shall have received the Representation
Certificate in form and substance satisfactory to the Agent and its counsel.

 

(i)
No Objection by FINRA. The Financial Industry Regulatory Authority, Inc. shall have raised no objection to the fairness
and reasonableness of the underwriting terms and arrangements.

 

(j)
Timely Filing of Prospectus and Prospectus Supplement. All filings with the Commission required by Rule 424 under the Securities
Act to have been filed by the Settlement Date, as the case may be, shall have been made within the applicable time period prescribed
for such filing by Rule 424.

 

(k)
Additional Documents and Certificates. The Company shall have furnished to Agent and the Agent’s counsel such additional
documents, certificates and evidence as they may have reasonably requested.

 

All
opinions, certificates, letters and other documents described in this Section 4 will be in compliance with the provisions hereof
only if they are reasonably satisfactory in form and substance to Agent and the Agent’s counsel. The Company will furnish
Agent with such conformed copies of such opinions, certificates, letters and other documents as Agent shall reasonably request.

 

5.
Indemnification and Contribution.

 

(a)
Company Indemnification. The Company agrees to indemnify and hold harmless the Agent, its affiliates, directors, officers
and employees, and each person, if any, who controls the Agent within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act against any losses, claims, damages or liabilities, joint or several, to which the Agent may become subject,
under the Securities Act or otherwise (including in settlement of any litigation), insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon, in whole or in part:

 

(i)
an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including the 430B
Information and at any subsequent time pursuant to Rules 430A and 430B promulgated under the Securities Act, and any other information
deemed to be part of the Registration Statement at the time of effectiveness, and at any subsequent time pursuant to the Securities
Act or the Exchange Act, and the Prospectus, or any amendment or supplement thereto (including any documents filed under the Exchange
Act and deemed to be incorporated by reference into the Prospectus), any Permitted Free Writing Prospectus, or any roadshow as
defined in Rule 433(h) under the Securities Act (a “road show”), or an omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading,

 

    	27

     

    

 

(ii)
any inaccuracy in the representations and warranties of the Company contained herein;

 

(iii)
any investigation or proceeding by any governmental authority, commenced or threatened (whether or not Agent is a target of or
party to such investigation or proceeding);

 

(iv)
any failure of the Company to perform its respective obligations hereunder or under law;

 

and
will reimburse the Agent for any legal or other expenses reasonably incurred by it in connection with investigating or defending
against such loss, claim, damage, liability or action; provided, however, that the Company shall not be liable in any such
case of (i) through (iv) to the extent that any such loss, claim, damage, liability or action arises out of or is based upon an
untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, the Prospectus,
or any such amendment or supplement, in reliance upon and in conformity with written information furnished to the Company by Agent
specifically for use in the preparation thereof. “Rule 430B Information,” as used herein, means information
with respect to the Shares and the offering thereof permitted to be omitted from the Registration Statement when it becomes effective
pursuant to Rule 430B.

 

In
addition to its other obligations under this Section 5(a), the Company agrees that, as an interim measure during the pendency
of any claim, action, investigation, inquiry or other proceeding arising out of or based upon any statement or omission, or any
alleged statement or omission, described in this Section 5(a), it will reimburse the Agent on a monthly basis for all reasonable
and documented legal fees or other expenses incurred in connection with investigating or defending any such claim, action, investigation,
inquiry or other proceeding, notwithstanding the absence of a judicial determination as to the propriety and enforceability of
the Company’s obligation to reimburse the Agent for such expenses and the possibility that such payments might later be
held to have been improper by a court of competent jurisdiction. Any such interim reimbursement payments which are not made to
the Agent within 30 days of a request for reimbursement shall bear interest at the WSJ Prime Rate (as published from time to time
by the Wall Street Journal).

 

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(b)
Agent Indemnification. The Agent will indemnify and hold harmless the Company against any losses, claims, damages or liabilities
to which the Company may become subject, under the Securities Act or otherwise (including in settlement of any litigation, if
such settlement is effected with the written consent of the Agent), but only insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement, the Prospectus, any amendment or supplement thereto, or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement
or omission or alleged omission was made in conformity with written information furnished to the Company by the Agent specifically
for use in the preparation thereof, it being understood and agreed that the only information furnished by the Agent for use in
the Registration Statement or the Prospectus consists of the statements set forth in the second paragraph under the caption “Plan
of Distribution” in the Prospectus, and will reimburse the Company for any legal or other expenses reasonably incurred by
the Company in connection with investigating or defending against any such loss, claim, damage, liability or action.

 

(c)
Notice and Procedures. Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the
commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying
party under such subsection, notify the indemnifying party in writing of the commencement thereof; but the omission so to notify
the indemnifying party shall not relieve the indemnifying party from any liability that it may have to any indemnified party except
to the extent such indemnifying party has been materially prejudiced by such failure. In case any such action shall be brought
against any indemnified party, and it shall notify the indemnifying party of the commencement thereof, the indemnifying party
shall be entitled to participate in, and, to the extent that it shall wish, jointly with any other indemnifying party similarly
notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party, and after notice from
the indemnifying party to such indemnified party of the indemnifying party’s election so to assume the defense thereof,
the indemnifying party shall not be liable to such indemnified party under such subsection for any legal or other expenses subsequently
incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided,
however, that if, in the sole judgment of the Agent, it is advisable for the Agent to be represented by separate counsel,
the Agent shall have the right to employ a single counsel to represent the Agent, in which event the reasonable fees and expenses
of such separate counsel shall be borne by the indemnifying party or parties and reimbursed to the Agent as incurred (in accordance
with the provisions of the second paragraph in subsection (a) above).

 

The
indemnifying party under this Section 5 shall not be liable for any settlement of any proceeding effected without its written
consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to
indemnify the indemnified party against any loss, claim, damage, liability or expense by reason of such settlement or judgment.
Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for reasonable fees and expenses of counsel as contemplated by this Section 5, the indemnifying party agrees
that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered
into more than 30 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have
received notice of the terms of such settlement at least 30 days prior to such settlement being entered into, and (iii) such indemnifying
party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No
indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement, compromise or consent
to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party is
or could have been a party and indemnity was or could have been sought hereunder by such indemnified party, unless such settlement,
compromise or consent (a) includes an unconditional release of such indemnified party from all liability on claims that are the
subject matter of such action, suit or proceeding and (b) does not include a statement as to or an admission of fault, culpability
or a failure to act by or on behalf of any indemnified party.

 

    	29

     

    

 

(d)
Contribution; Limitations on Liability; Non-Exclusive Remedy. If the indemnification provided for in this Section 5 is
unavailable or insufficient to hold harmless an indemnified party under subsection (a) or (b) above, then each indemnifying party
shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities
referred to in subsection (a) or (b) above, (i) in such proportion as is appropriate to reflect the relative benefits received
by the Company on the one hand and the Agent on the other from the offering of the Shares, or (ii) if the allocation provided
by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of the Company on the one hand and the Agent on the other
in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other
relevant equitable considerations. The relative benefits received by the Company on the one hand and the Agent on the other shall
be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the
Company bear to the total commissions received by the Agent (before deducting expenses) from the sale of the Shares. The relative
fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Agent, the
intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement
or omission. The Company and the Agent agree that it would not be just and equitable if contributions pursuant to this subsection
(d) were to be determined by pro rata allocation or by any other method of allocation which does not take account of the equitable
considerations referred to in this subsection (d). The amount paid or payable by an indemnified party as a result of the losses,
claims, damages or liabilities referred to in this subsection (d) shall be deemed to include any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending against any action or claim which is the subject
of this subsection (d). Notwithstanding the provisions of this subsection (d), the Agent shall not be required to contribute any
amount in excess of the commissions received by it under this Agreement. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.

 

6.
Representations and Agreements to Survive Delivery. All representations, warranties, and agreements of the Company herein
or in certificates delivered pursuant hereto, including but not limited to the agreements of the Agent and the Company contained
in Section 5 hereof, shall remain operative and in full force and effect regardless of any investigation made by or on behalf
of the Agent or any controlling person thereof, or the Company or any of its officers, directors, or controlling persons, and
shall survive delivery of, and payment for, the Shares to and by the Agent hereunder.

 

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7.
Termination of this Agreement.

 

(a)
The Company shall have the right, by giving ten (10) days’ written notice as hereinafter specified, to terminate the provisions
of this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time. Any such termination
shall be without liability of any party to any other party except that (i) with respect to any pending sale, through the Agent
for the Company, the obligations of the Company, including in respect of compensation of the Agent, shall remain in full force
and effect notwithstanding the termination and (ii) the provisions of Section 3(g), Section 5 and Section 6 of this Agreement
shall remain in full force and effect notwithstanding such termination.

 

(b)
The Agent shall have the right, by giving ten (10) days’ written notice as hereinafter specified, to terminate the provisions
of this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time. Any such termination
shall be without liability of any party to any other party except that the provisions of Section 3(g), Section 5 and Section 6
of this Agreement shall remain in full force and effect notwithstanding such termination.

 

(c)
Unless earlier terminated pursuant to this Section 7, this Agreement shall automatically terminate upon the earlier to occur of
the issuance and sale of all of the Shares through the Agent on the terms and subject to the conditions set forth herein, except
that the provisions of Section 3(g), Section 5 and Section 6 of this Agreement shall remain in full force and effect notwithstanding
such termination.

 

(d)
This Agreement shall remain in full force and effect unless terminated pursuant to Sections 7(a), (b) or (c) above or otherwise
by mutual agreement of the parties; provided that any such termination by mutual agreement shall in all cases be deemed to provide
that Section 3(g), Section 5 and Section 6 shall remain in full force and effect.

 

(e)
Any termination of this Agreement shall be effective on the date specified in such notice of termination; provided that such termination
shall not be effective until the close of business on the date of receipt of such notice by the Agent or the Company, as the case
may be. If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle in accordance
with the provisions of Section 2(a)(vii) of this Agreement.

 

8.
Default by the Company. If the Company shall fail at any Settlement Date to sell and deliver the number of Shares which
it is obligated to sell hereunder, then this Agreement shall terminate without any liability on the part of the Agent or, except
as provided in Section 3(g) hereof, any non-defaulting party. No action taken pursuant to this Section shall relieve the Company
from liability, if any, in respect of such default, and the Company shall (A) hold the Agent harmless against any loss, claim
or damage arising from or as a result of such default by the Company and (B) pay the Agent any commission to which it would otherwise
be entitled absent such default.

 

    	31

     

    

 

9.
Notices. Except as otherwise provided herein, all communications under this Agreement shall be in writing and, if to the
Agent, shall be delivered via overnight delivery services or e-mail to (i) Piper Sandler & Co., U.S. Bancorp Center, 800 Nicollet
Mall, Minneapolis, Minnesota 55402, Attention: Equity Capital Markets, with a copy to Piper Sandler General Counsel at 800 Nicollet
Mall, Minneapolis, MN 55402 and LegalCapMarkets@psc.com; and (ii) the Company at OncoCyte Corporation, 1010 Atlantic Avenue, Suite
102, Alameda, California 94501, Attention: Chief Executive Officer; or in each case to such other address as the person to be
notified may have requested in writing. Any party to this Agreement may change such address for notices by sending to the parties
to this Agreement written notice of a new address for such purpose.

 

10.
Persons Entitled to Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective successors and assigns and the controlling persons, officers and directors referred to in Section
5(e). Nothing in this Agreement is intended or shall be construed to give to any other person, firm or corporation any legal or equitable
remedy or claim under or in respect of this Agreement or any provision herein contained. The term “successors and assigns”
as herein used shall not include any purchaser, as such purchaser, of any of the Shares from the Agent.

 

11.
Absence of Fiduciary Relationship. The Company, having been advised by counsel, acknowledges and agrees that: (a) the
Agent has been retained solely to act as a sales agent in connection with the sale of the Shares and that no fiduciary, advisory
or agency relationship between the Company (including any of the Company’s affiliates (including directors), equity holders,
creditors, employees or agents, hereafter, “Company Representatives”), on the one hand, and the Agent
on the other, has been created or will be created in respect of any of the transactions contemplated by this Agreement, irrespective
of whether the Agent has advised or is advising the Company on other matters and irrespective of the use of the defined term “Agent;”
(b) neither the Agent nor any of its affiliates (including directors), equity holders, creditors, employees or agents, hereafter,
“Agent Representatives”) shall have any duty or obligation to the Company or any Company Representative
except as set forth in this Agreement; (b) the price and other terms of any Placement executed pursuant to this Agreement, as
well as the terms of this Agreement, are deemed acceptable to the Company and its counsel, following discussions and arms-length
negotiations with the Agent; (c) the Company is capable of evaluating and understanding, and in fact has evaluated, understands
and accepts the terms, risks and conditions of any Placement to be executed pursuant to this Agreement, and any other transactions
contemplated by this Agreement; (c) the Company has been advised that the Agent and the Agent Representatives are engaged in a
broad range of transactions which may involve interests that differ from those of the Company and that the Agent and the Agent
Representatives have no obligation to disclose any such interests and transactions to the Company by virtue of any fiduciary,
advisory or agency relationship, or otherwise; (d) the Company has been advised that the Agent is acting, in respect of any Placement
and the transactions contemplated by this Agreement, solely for the benefit of the Agent, and not on behalf of the Company; and
(e) the Company and the Company Representatives waive, to the fullest extent permitted by law, any claims that they may have against
the Agent or any of the Agent Representatives for breach of fiduciary duty or alleged breach of fiduciary duty in respect of any
Placement or any of the transactions contemplated by this Agreement and agree that the Agent and the Agent Representatives shall
have no liability (whether direct or indirect, in contract, tort or otherwise) to the Company or any of the Company Representatives
in respect of any person asserting any claim of breach of any fiduciary duty on behalf of or in right of the Company or any of
the Company Representatives.

 

    	32

     

    

 

12.
Governing Law and Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the laws
of the State of New York. The Company (on its own behalf and on behalf of its stockholders
and affiliates) hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury
in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

 

13.
Submission to Jurisdiction, Etc. Each party hereby submits to the exclusive jurisdiction of the U.S. federal and New York
state courts sitting in the Borough of Manhattan, City of New York, in any suit or proceeding arising out of or relating to this
Agreement or the transactions contemplated hereby. The parties hereby irrevocably and unconditionally waive any objection to the
laying of venue of any lawsuit, action or other proceeding in such courts, and hereby further irrevocably and unconditionally
waive and agree not to plead or claim in any such court that any such lawsuit, action or other proceeding brought in any such
court has been brought in an inconvenient forum.

 

14.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and
all of which together shall constitute one and the same instrument. Delivery of an executed Agreement or counterpart thereto by
one party to the other may be made by e-mail transmission.

 

15.
Construction. The section and exhibit headings herein are for convenience only and shall not affect the construction
hereof. References herein to any law, statute, ordinance, code, regulation, rule or other requirement of any governmental authority
shall be deemed to refer to such law, statute, ordinance, code, regulation, rule or other requirement of any governmental authority
as amended, reenacted, supplemented or superseded in whole or in part and in effect from time to time and also to all rules and
regulations promulgated thereunder

 

[Signature
Page Follows]

 

    	33

     

    

 

Please
sign and return to the Company the enclosed duplicates of this letter whereupon this letter will become a binding agreement between
the Company and the Agent in accordance with its terms.

 

	 	Very
    truly yours,
	 	 
	 	ONCOCYTE
    CORPORATION
	 	 	
	 	By:	/s/ Mitch Levine            
	 	Name:	Mitch Levine
	 	Title:	CFO

 

    	 	 	 

    	 

    

 

Confirmed
as of the date first

above
mentioned.

 

	PIPER
    SANDLER & CO.	 
	 	 	 
	By:	/s/ Neil Riley	 
	Name:	Neil  Riley	 
	Title:	Managing
    Director	 

 

    	 	 	 

    	 

    

 

SCHEDULE
1

 

FORM
OF PLACEMENT NOTICE

 

No
Facsimile and No Voicemail

 

	From:	OncoCyte
    Corporation
	 	 
	To:	Piper
                                         Sandler & Co.

         

        Attention:

         

        Neil
        A. Riley

        Neil.Riley@psc.com

         

        Connor
        N. Anderson

        Connor.Anderson@psc.com

         

        Tom
        Wright

        Thomas.Wright@psc.com

         

        Jay
        A. Hershey

        Jay.Hershey@psc.com

	 	 
	Date:	[●],
    20[●]
	 	 
	Subject:	Equity
    Distribution Agreement – Placement Notice
	 	 
	Gentlemen:	 

 

Pursuant
to the terms and subject to the conditions contained in the Equity Distribution Agreement between OncoCyte Corporation ( “Company”),
and Piper Sandler & Co. ( “Agent”) dated March 20, 2020 [(the “Agreement”), the Company
hereby requests that Agent sell up to ]\ shares of the Company’s common stock, no par value, at a minimum market price of
$[●] per share. Sales should begin on the date of this Placement Notice and shall continue until [●] /[all shares
are sold].

 

    	 	 	 

    	 

    

 

SCHEDULE
2

 

NOTICE
PARTIES

 

OncoCyte
Corporation

 

Mitch
Levine, CFO, mlevine@oncocyte.com

Ronnie
Andrews, CEO, randrews@oncocyte.com

Al
Parker, COO, aparker@oncocyte.com

 

Piper
Sandler & Co.

 

Neil
A. Riley

Neil.Riley@psc.com

 

Connor
N. Anderson

Connor.Anderson@psc.com

 

Tom
Wright

Thomas.Wright@psc.com

 

Jay
A. Hershey

Jay.Hershey@psc.com

 

    	 	 	 

    	 

    

 

SCHEDULE
3

 

FORM
OF REPRESENTATION CERTIFICATE

PURSUANT
TO SECTION 3(q) OF THE AGREEMENT

 

[Date]

 

Piper
Sandler & Co.

800
Nicollet Mall

Minneapolis,
MN 55402

 

Sir:

 

The
undersigned, the duly qualified and elected [●], of OncoCyte Corporation, a Delaware corporation (the “Company”),
does hereby certify in such capacity and on behalf of the Company, pursuant to Section 3(q) of the Equity Distribution
Agreement, dated March 20, 2020 (the “Equity Distribution Agreement”), between the Company and Piper Sandler
& Co., that to the best of the knowledge of the undersigned:

 

(i)
The representations and warranties of the Company in this Agreement are true and correct, in all material respects, as if made
at and as of the date of the certificate, and the Company has complied with all the agreements and satisfied all the conditions
on its part to be performed or satisfied at or prior to the date of the certificate;

 

(ii)
No stop order or other order suspending the effectiveness of the Registration Statement or any part thereof or any amendment thereof
or the qualification of the Shares for Registration Statement, nor suspending or preventing the use of the base prospectus, the
Prospectus or any Permitted Free Writing Prospectus, has been issued, and no proceeding for that purpose has been instituted or,
to the best of the Company’s knowledge, is contemplated by the Commission or any state or regulatory body;

 

(iii)
The Shares have been duly and validly authorized by the Company and that all corporate action required to be taken for the authorization,
issuance and sale of the Shares has been validly and sufficiently taken;

 

(iv)
The signers of this certificate have carefully examined the Registration Statement, the base prospectus, the Prospectus and any
Permitted Free Writing Prospectus, and any amendments thereof or supplements thereto (including any documents filed under the
Exchange Act and deemed to be incorporated by reference into the base prospectus, the Prospectus and any Permitted Free Writing
Prospectus),

 

    	 	 	 

    	 

    

 

(A)
each part of the Registration Statement and the Prospectus, and any amendments thereof or supplements thereto (including any documents
filed under the Exchange Act and deemed to be incorporated by reference into the Prospectus) contain, and contained when such
part of the Registration Statement (or such amendment) became effective, all statements and information required to be included
therein, each part of the Registration Statement, or any amendment thereof, does not contain, and did not contain, when such part
of the Registration Statement (or such amendment) became effective, any untrue statement of a material fact or omit to state,
and did not omit to state when such part of the Registration Statement (or such amendment) became effective, any material fact
required to be stated therein or necessary to make the statements therein not misleading, and the Prospectus, as amended or supplemented,
does not include and did not include as of its date, or the time of first use within the meaning of the Securities Act Regulations,
any untrue statement of a material fact or omit to state and did not omit to state as of its date, or the time of first use within
the meaning of the Securities Act Regulations, a material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading,

 

(B)
at no time during the period that begins on the earlier of the date of such base prospectus, Prospectus, or Permitted Free Writing
Prospectus and the date such base prospectus, Prospectus, or Permitted Free Writing Prospectus was filed with the Commission and
ends on the date of this certificate did such base prospectus, Prospectus, or Permitted Free Writing Prospectus, as then amended
or supplemented, include an untrue statement of a material fact or omit to state any material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading,

 

(C)
since the date of the Equity Distribution Agreement, there has occurred no event required to be set forth in an amended or supplemented
prospectus which has not been so set forth, and there has been no document required to be filed under the Exchange Act that upon
such filing would be deemed to be incorporated by reference into the base prospectus, the Prospectus or any Permitted Free Writing
Prospectus that has not been so filed,

 

(D)
except as stated in the Prospectus or any Permitted Free Writing Prospectus, the Company has not incurred any material liabilities
or obligations, direct or contingent, or entered into any material transactions, not in the ordinary course of business, or declared
or paid any dividends or made any distribution of any kind with respect to its capital stock, and except as disclosed in the base
prospectus, the Prospectus, and any Permitted Free Writing Prospectus, there has not been any change in the capital stock (other
than a change in the number of outstanding Common Stock due to sales of Shares pursuant to the Equity Distribution Agreement and
the issuance of shares of Common Stock upon the exercise of equity awards or warrants), or any material change in the short term
or long term debt, or any Material Adverse Effect or any development involving a prospective Material Adverse Effect (whether
or not arising in the ordinary course of business), or any loss by strike, fire, flood, earthquake, accident or other calamity,
whether or not covered by insurance, incurred by the Company, and

 

(E)
except as stated in the base prospectus, the Prospectus, and any Permitted Free Writing Prospectus, there is not pending, or,
to the knowledge of the Company, threatened or contemplated, any action, suit or proceeding to which the Company is a party before
or by any court or governmental agency, authority or body, or any arbitrator, which might result in a Material Adverse Effect.

 

Capitalized
terms used herein without definition shall have the meanings given to such terms in the Equity Distribution Agreement.

 

	 	OncoCyte
    Corporation
	 	 	 
	 	By:
    	       
	 	Name:	 
	 	Title:
    	 

 

    	 	 	 

    	 

    

 

SCHEDULE
4

 

SUBSIDIARIES

 

Insight
Genetics, Inc.Exhibit 10.1

 

FOURTH AMENDMENT TO CREDIT AGREEMENT

 

THIS FOURTH AMENDMENT
TO CREDIT AGREEMENT (this “Amendment”) is executed on March 19, 2020, among ASHFORD HOSPITALITY HOLDINGS
LLC, a Delaware limited liability company (“Borrower”), ASHFORD INC., a Nevada corporation (“Parent”),
each lender party hereto (collectively, “Lenders”), certain of their respective Subsidiaries party hereto
as Guarantors, and BANK OF AMERICA, N.A., as Administrative Agent (“Administrative Agent”).

 

R E C I T A L S

 

1.       Borrower,
Parent, Administrative Agent, and Lenders are parties to that certain Credit Agreement (as modified, amended, renewed, extended,
and/or restated, the “Credit Agreement”) dated as of March 1, 2018.

 

2.       The
parties hereto desire to amend the Credit Agreement, subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.       Terms
and References. Unless otherwise stated in this Amendment (a) terms defined in the Credit Agreement have the same meanings
when used in this Amendment, and (b) references to “Sections” are to the Credit Agreement’s sections.

 

2.       Amendments
to the Credit Agreement. On and as of the date hereof, the Credit Agreement is hereby amended in its entirety (including schedules
and exhibits thereto) as set forth in Exhibit A attached hereto.

 

3.       Amendments
to other Loan Documents.

 

(a)       All
references in the Loan Documents to the Credit Agreement shall henceforth include references to the Credit Agreement, as modified
and amended hereby, and as may, from time to time, be further amended, modified, extended, renewed, and/or increased.

 

(b)       Any
and all of the terms and provisions of the Loan Documents are hereby amended and modified wherever necessary, even though not specifically
addressed herein, so as to conform to the amendments and modifications set forth herein.

 

4.       Conditions
Precedent. This Amendment shall not be effective unless and until:

 

(a)       Administrative
Agent receives an original of this Amendment executed by Borrower, Parent, Guarantors, Administrative Agent, and Lenders;

 

(b)        at
least three (3) days prior to the Fourth Amendment Effective Date, any Loan Party that qualifies as a “legal entity customer”
under the Beneficial Ownership Regulation shall have delivered, to each Lender that so requests, a Beneficial Ownership Certification
in relation to such Loan Party;

 

(c)       Administrative
Agent receives a certificate of Responsible Officers of each Loan Party evidencing formation and organization of such Loan
Parties, evidencing identity, authority and capacity of each Responsible Officer thereof in connection with this Amendment
and the other Loan Documents, and certificates of resolutions or other action, incumbency certificates and/or other
certificates of Responsible Officers of each Loan Party as Administrative Agent may require;

 

Fourth Amendment and
Consent to Credit Agreement

 

     

     

    

 

(d)       Administrative
Agent receives evidence dated within 30 days as of the date hereof that each Loan Party is validly existing, in good standing and
qualified to engage in business in its jurisdiction of formation and each jurisdiction where its ownership, lease or operation
of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not
reasonably be expected to have a Material Adverse Effect;

 

(e)       Administrative
Agent receives a favorable opinion of Winston & Strawn LLP, counsel to the Loan Parties, addressed to Administrative Agent
and each Lender, as to the matters set forth in the Credit Agreement, as amended hereby;

 

(f)       
Administrative Agent receives a fully executed copy of that certain Fourth Amendment to Intercompany Agreement dated as of the
date hereof, by and between Borrower and Advisor (the “Fourth Intercompany Amendment”); and

 

(g)       the
representations and warranties in the Credit Agreement, as amended by this Amendment, and each other Loan Document are true and
correct in all material respects (without duplication of any materiality qualifiers set forth therein) on and as of the date of
this Amendment as though made as of the date of this Amendment except to the extent that (i) any of them speak to a different specific
date or (ii) the facts on which any of them were based have been changed by transactions contemplated or permitted by the
Credit Agreement.

 

5.       Ratifications.
Each of Borrower and Parent (a) ratifies and confirms all provisions of the Loan Documents as amended by this Amendment, (b) ratifies
and confirms that all guaranties, assurances, and Liens granted, conveyed, or assigned to Administrative Agent for the benefit
of Lenders under the Loan Documents are not released, reduced, or otherwise adversely affected by this Amendment and continue to
guarantee, assure, and secure full payment and performance of the present and future obligations of Borrower, Parent and each Guarantor
under the Credit Agreement and the Loan Documents, and (c) agrees to perform such acts and duly authorize, execute, acknowledge,
deliver, file, and record such additional documents, and certificates as Administrative Agent may request in order to create, perfect,
preserve, and protect those guaranties, assurances, and Liens.

 

6.       Representations.
Each of Borrower and Parent represents and warrants to Administrative Agent and Lenders that as of the date of this Amendment:
(a) this Amendment has been duly authorized, executed, and delivered by Borrower, Parent, and each Guarantor; (b) no
action of, or filing with, any governmental authority is required to authorize, or is otherwise required in connection with, the
execution, delivery, and performance by Borrowers, Parent, or Guarantors of this Amendment; (c) the Loan Documents, as amended
by this Amendment, are valid and binding upon Borrower, Parent, and Guarantors and are enforceable against Borrower, Parent, and
Guarantors in accordance with their respective terms, except as limited by Debtor Relief Laws; (d) the execution, delivery,
and performance by Borrower, Parent, and Guarantors of this Amendment does not require the consent of any other Person and do not
and will not constitute a violation of any laws, agreements, or understandings to which Borrower, Parent, or any Guarantor is a
party or by which Borrower, Parent, or any Guarantor is bound; (e) all representations and warranties in the Loan Documents
are true and correct in all material respects (without duplication of any materiality qualifiers set forth therein) except (i)
to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true
and correct as of such earlier date or (ii) the facts on which any of them were based have been changed by transactions contemplated
or permitted by the Credit Agreement; and (f) no Default exists.

 

Fourth Amendment and
Consent to Credit Agreement

 

    -2-

     

    

 

7.       Continued
Effect. Except to the extent amended hereby, all terms, provisions and conditions of the Credit Agreement and the other Loan
Documents, and all documents executed in connection therewith, shall continue in full force and effect and shall remain enforceable
and binding in accordance with their respective terms.

 

8.       Miscellaneous.
Unless stated otherwise (a) the singular number includes the plural and vice versa and words of any gender include each
other gender, in each case, as appropriate, (b) headings and captions may not be construed in interpreting provisions, (c) this
Amendment shall be subject to the provisions regarding choice of law, submission to jurisdiction, waiver of venue, service of process,
and waiver of jury trial set forth in Section 11.14 and 11.15 of the Credit Agreement, and such provisions
are incorporated herein by this reference, mutatis mutandis, (d) if any part of this Amendment is for any reason found to
be unenforceable, all other portions of it nevertheless remain enforceable, and (e) this Amendment may be executed in any number
of counterparts (originals or facsimile copies followed by original executed counterparts within two (2) Business Days, but the
failure to deliver original executed counterparts shall not affect the validity, enforceability, and binding effect of this Amendment)
with the same effect as if all signatories had signed the same document, and all of those counterparts must be construed together
to constitute the same document. Borrower shall pay the reasonable fees and expenses of counsel for Administrative Agent incurred
in connection with this Amendment in accordance with Section 11.04 of the Credit Agreement.

 

9.       Release.
The Loan Parties hereby acknowledge that, as of the date hereof, the Obligations under the Credit Agreement and under the other
Loan Documents are absolute and unconditional without any right of rescission, setoff, counterclaim, defense, offset, cross-complaint,
claim or demand of any kind or nature from Administrative Agent. Borrower and Parent hereby voluntarily and knowingly release and
forever discharge agents, employees, successors, and assigns (collectively, the “Released Parties”) from all
possible claims, demands, actions, causes of action, damages, costs, expenses, and liabilities whatsoever arising from or whether
known or unknown, anticipated or unanticipated, suspected or unsuspected, fixed, contingent, or conditional, at law or in equity,
originating in whole or in part on or before the date hereof which any Loan Party may now or hereafter have against the Released
Parties, if any, and irrespective of whether any such claims arise out of contract, tort, violation of law or regulations, or otherwise,
including, without limitation, any contracting for, charging, taking, reserving, collecting, or receiving interest in excess of
the highest lawful rate applicable.

 

10.       Entireties.
The Credit Agreement as amended by this Amendment represents the final agreement among the parties about the subject matter of
the Credit Agreement as amended by this Amendment and may not be contradicted by evidence of prior, contemporaneous, or subsequent
oral agreements of the parties. There are no unwritten oral agreements among the parties.

 

11.       Parties.
 This Amendment binds and inures to Borrower, Parent, Administrative Agent, each Lender, and their respective successors and
permitted assigns.

 

12.       Consent
to Inter-Company Loan Agreement Amendment. Administrative Agent acknowledges receipt of the Fourth Intercompany Amendment and
hereby consents to the execution thereof and the consummation of the transactions contemplated thereby.

 

[Remainder of Page Intentionally Left
Blank; Signature Pages to Follow]

 

Fourth Amendment and
Consent to Credit Agreement

 

    -3-

     

    

 

EXECUTED as of the date first stated above.

 

 

BORROWER:

 

ASHFORD HOSPITALITY HOLDINGS LLC, a Delaware limited
liability company

 

	By:	Ashford OAINC Inc., its manager	 
	 	 
	 	 
	By:	 /s/  Robert G. Haiman	 
	 	Name: Robert G. Haiman	 
	 	Title: Executive Vice President, General Counsel, and Secretary	 

 

PARENT:

 

ASHFORD INC., a Nevada corporation

 

 

	By:	/s/  Robert G. Haiman	 
	 	Name: Robert G. Haiman	 
	 	Title: Executive Vice President, General Counsel, and Secretary	 

 

Signature Page to

Fourth Amendment and Consent to Credit Agreement

 

    

     

    

 

ADMINISTRATIVE AGENT:

 

	BANK OF AMERICA, N.A., as Administrative Agent	 
	 	 
	 	 
	By:	/s/  Suzanne E. Pickett	 
	 	Suzanne E. Pickett	 
	 	Senior Vice President	 

 

Signature Page to

Fourth Amendment and Consent to Credit Agreement

 

    

     

    

 

LENDER:

 

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

 

Signature Page to

Fourth Amendment and Consent to Credit Agreement

 

    

     

    

 

 

To induce the Administrative Agent and
Lenders to enter into this Amendment, the undersigned (a) consents and agrees to the Amendment’s execution and delivery,
(b) ratifies and confirms that all guaranties, assurances, and liens granted, conveyed, or assigned to Administrative Agent and
Lenders under the Loan Documents are not released, diminished, impaired, reduced, or otherwise adversely affected by the Amendment
and continue to guarantee, assure, and secure the full payment and performance of all present and future Obligations, (c) agrees
to perform such acts and duly authorize, execute, acknowledge, deliver, file, and record such additional guaranties, assignments,
security agreements, deeds of trust, mortgages, and other agreements, documents, instruments, and certificates as Administrative
Agent may reasonably deem necessary or appropriate in order to create, perfect, preserve, and protect those guaranties, assurances,
and liens, (d) waives notice of acceptance of this consent and agreement, which consent and agreement binds the undersigned and
its successors and permitted assigns and inures to the Administrative Agent and Lenders and their respective successors and permitted
assigns, and (e) ratifies and confirms the release contained in Section 9 herein.

 

GUARANTORS: 

 

ASHFORD ADVISORS, INC., a Delaware
corporation

 

	By:	/s/  Robert G. Haiman 	
	 	Name: Robert G. Haiman	 
	 	Title: President	 

 

ASHFORD HOSPITALITY ADVISORS LLC,
a Delaware limited liability company

 

	By:	/s/  Deric Eubanks 	 
	 	Name: Deric Eubanks	 
	 	Title: Chief Financial Officer	 

 

ASHFORD LENDING CORPORATION, a Delaware
corporation

 

	By:	/s/  Deric Eubanks	 
	 	Name: Deric Eubanks	 
	 	Title: President	 

 

     

     

    

 

LISMORE CAPITAL LLC, a Delaware
limited liability company

 

	By:	/s/  Deric Eubanks	 
	 	Name: Deric Eubanks	 
	 	Title: President	 

 

AINC KALIBRI HOLDCO LLC, a Delaware
limited liability company

 

	By:	/s/  Robert G. Haiman	 
	 	Name: Robert G. Haiman	 
	 	Title: Executive Vice President and Secretary	 

 

ASHFORD OAINC II INC., a Maryland
corporation

 

	By:	/s/  Robert G. Haiman	 
	 	Name: Robert G. Haiman	 
	 	Title: Executive Vice President, General Counsel and Secretary	 

 

ASHFORD OAINC, INC., a Maryland
corporation

 

	By:	/s/  Robert G. Haiman	 
	 	Name: Robert G. Haiman	 
	 	Title: Executive Vice President, General Counsel and Secretary	 

 

PREMIER PROJECT MANAGEMENT LLC,
a Maryland limited liability company

 

	By:	/s/  Robert G. Haiman	 
	 	Name: Robert G. Haiman	 
	 	Title: Executive Vice President and Secretary	 

 

     

     

    

 

 

 

 

CREDIT AGREEMENT

 

Dated as of March 1, 2018

 

among

 

ASHFORD HOSPITALITY HOLDINGS LLC,

as the Borrower,

 

ASHFORD INC.,

as the Parent,

 

BANK OF AMERICA, N.A.,

as Administrative Agent,

 

and

 

The Other Lenders Party Hereto

 

MERRILL LYNCH, PIERCE, FENNER & SMITH,
INCORPORATED,

as Sole Lead Arranger and Sole Bookrunner

 

 

 

     

     

    

 

TABLE OF
CONTENTS

 

	Section 	Page
	 	 
	Article I. Definitions and Accounting Terms	1
	1.01	Defined Terms	1
	1.02	Other Interpretive Provisions	25
	1.03	Accounting Terms.	26
	1.04	Rounding	27
	1.05	Times of Day; Interest Rates	27
	Article II. The Commitments and Credit Extensions	27
	2.01	The Loans	27
	2.02	Borrowings, Conversions and Continuations of Loans	27
	2.03	[Reserved]	28
	2.04	Prepayments	29
	2.05	Termination or Reduction of Commitments	29
	2.06	Repayment of Loans	29
	2.07	Interest	30
	2.08	Fees	30
	2.09	Computation of Interest and Fees; Retroactive Adjustments of Applicable Margin	31
	2.10	Evidence of Debt.	31
	2.11	Payments Generally; Administrative Agent’s Clawback	32
	2.12	 Sharing of Payments by Lenders	33
	2.13	[Reserved]	34
	2.14	[Reserved]	34
	2.15	[Reserved]	34
	2.16	Defaulting Lenders	34
	 	 	 
	Article III. Taxes, Yield Protection and Illegality	35
	3.01	Taxes	35
	3.02	Illegality	40
	3.03	Inability to Determine Rates	40
	3.04	Increased Costs; Reserves on Eurodollar Rate Loans	42
	3.05	Compensation for Losses	43
	3.06	Mitigation Obligations; Replacement of Lenders	44
	3.07	Survival	44
	 	 	 
	Article IV. Conditions Precedent To Credit Extensions	45
	4.01	Conditions of Initial Credit Extension	45
	4.02	Conditions to All Credit Extensions	47
	 	 	 
	Article V. Representations and Warranties	48
	5.01	Existence, Qualification and Power	48
	5.02	Authorization; No Contravention	48
	5.03	Governmental Authorization; Other Consents	48
	5.04	Binding Effect	48
	5.05	Financial Statements; No Material Adverse Effect	48
	5.06	Litigation	49
	5.07	No Default	49
	5.08	Ownership of Property; Liens; Investments	49

 

    i 

     

    

 

	5.09	Environmental Compliance	50
	5.10	Insurance	50
	5.11	Taxes	50
	5.12	ERISA Compliance	51
	5.13	Subsidiaries; Equity Interests; Loan Parties	52
	5.14	Margin Regulations; Investment Company Act	52
	5.15	Disclosure	52
	5.16	Compliance with Laws	53
	5.17	Taxpayer Identification Number	53
	5.18	Intellectual Property; Licenses, Etc	53
	5.19	Solvency	53
	5.20	Casualty, Etc	53
	5.21	Labor Matters	53
	5.22	Collateral Documents	53
	5.23	OFAC	53
	5.24	Nature of Business	54
	5.25	Anti-Corruption Laws	54
	5.26	EEA Financial Institutions	54
	5.27	Advisory Agreements	54
	5.28	Covered Entities	54
	 	 	 
	Article VI. Affirmative Covenants	55
	6.01	Financial Statements	55
	6.02	Certificates; Other Information	55
	6.03	Notices	57
	6.04	Payment of Obligations	58
	6.05	Preservation of Existence, Etc	58
	6.06	Maintenance of Properties	58
	6.07	Maintenance of Insurance	58
	6.08	Compliance with Laws	58
	6.09	Books and Records	59
	6.10	Inspection Rights	59
	6.11	Use of Proceeds	59
	6.12	Covenant to Guarantee Obligations and Give Security	59
	6.13	Compliance with Environmental Laws	60
	6.14	Further Assurances	60
	6.15	Compliance with Terms of Leaseholds	60
	6.16	Lien Searches	61
	6.17	Material Contracts	61
	6.18	[Reserved]	61
	6.19	Maintenance of Listing	61
	6.20	Anti-Corruption Laws; Sanctions	61
	6.21	Inter-Company Debt Documents	61
	6.22	Advisory Agreements	61
	6.23	Deposit Accounts	61
	6.24	Advisory Agreement Escrow Account	62
	 	 	 
	Article VII. Negative Covenants	62
	7.01	Liens	62
	7.02	Indebtedness	63
	7.03	Investments	64

 

    ii 

     

    

 

	7.04	Fundamental Changes	64
	7.05	Dispositions	65
	7.06	Restricted Payments	66
	7.07	Change in Nature of Business	66
	7.08	Transactions with Affiliates	66
	7.09	Burdensome Agreements	66
	7.10	Use of Proceeds	66
	7.11	Financial Covenants	66
	7.12	Amendments of Organization Documents	67
	7.13	Accounting Changes	67
	7.14	Sanctions	67
	7.15	Anti-Corruption Laws	67
	7.16	Advisory Agreements	67
	7.17	Amendments or Modifications of Preferred Interests	67
	 	 	 
	Article VIII. Events of Default and Remedies	67
	8.01	Events of Default	67
	8.02	Remedies Upon Event of Default	70
	8.03	Application of Funds	70
	 	 	 
	Article IX. Administrative Agent	71
	9.01	Appointment and Authority	71
	9.02	Rights as a Lender	72
	9.03	 Exculpatory Provisions	72
	9.04	Reliance by Administrative Agent	72
	9.05	Delegation of Duties	73
	9.06	Resignation of Administrative Agent	73
	9.07	Non-Reliance on Administrative Agent and Other Lenders	74
	9.08	No Other Duties, Etc	74
	9.09	Administrative Agent May File Proofs of Claim	74
	9.10	Collateral and Guaranty Matters	75
	9.11	Releases	76
	9.12	Secured Hedge Agreements	76
	9.13	ERISA	77
	 	 	 
	Article X. Continuing Guaranty	79
	10.01	Guaranty	79
	10.02	Rights of Lenders	79
	10.03	Certain Waivers	79
	10.04	Obligations Independent	79
	10.05	Subrogation	79
	10.06	Termination; Reinstatement	80
	10.07	Subordination	80
	10.08	Stay of Acceleration	80
	10.09	Condition of Borrower	80
	 	 	 
	Article XI. Miscellaneous	80
	11.01	Amendments, Etc	80
	11.02	Notices; Effectiveness; Electronic Communication	82
	11.03	No Waiver; Cumulative Remedies; Enforcement	83
	11.04	Expenses; Indemnity; Damage Waiver	84

 

    iii 

     

    

 

	11.05	Payments Set Aside	86
	11.06	Successors and Assigns	86
	11.07	Treatment of Certain Information; Confidentiality	90
	11.08	Right of Setoff	91
	11.09	Interest Rate Limitation	91
	11.10	Counterparts; Integration; Effectiveness	91
	11.11	Survival of Representations and Warranties	92
	11.12	Severability	92
	11.13	Replacement of Lenders	92
	11.14	Governing Law; Jurisdiction; Etc.	93
	11.15	Waiver of Jury Trial	94
	11.16	No Advisory or Fiduciary Responsibility	94
	11.17	Electronic Execution of Assignments and Certain Other Documents	95
	11.18	USA PATRIOT Act	95
	11.19	Time of the Essence	95
	11.20	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	95
	11.21	ENTIRE AGREEMENT	96
	11.22	Acknowledgement Regarding Any Supported QFCs	96

 

SCHEDULES

 

	2.01	Commitments and Applicable Percentage
	5.06	Litigation
	5.08(b)	Existing Liens
	5.08(c)	Owned and Ground Leased Real Property
	5.08(d)	Existing Investments
	5.09	Environmental Matters
	5.12(d)	ERISA Matters
	5.13	Subsidiaries and Other Equity Investments; Loan Parties
	5.18	Intellectual Property Matters
	7.092	Existing Indebtedness
	7.09	Burdensome Agreements
	11.02	Administrative Agent’s Office, Certain Addresses for Notices

 

EXHIBITS

 

Form of

 

	A	Committed Loan Notice
	B	Note
	C	Compliance Certificate
	D-1	Assignment and Assumption
	D-2	Administrative Questionnaire
	E	Guaranty
	F	Pledge and Security Agreement
	G	Opinion Matters – Counsel to Loan Parties
	H	U.S. Tax Compliance Certificates
	I	Solvency Certificate

 

    iv 

     

    

 

 

CREDIT AGREEMENT

 

This CREDIT AGREEMENT
(“Agreement”) is entered into as of March 1, 2018, among ASHFORD HOSPITALITY HOLDINGS LLC, a Delaware
limited liability company (the “Borrower”), Ashford Inc.,
a Nevada corporation, formerly known as Ashford Nevada Holding Corp., a Nevada corporation (the “Parent”),
each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”),
and BANK OF AMERICA, N.A., as Administrative Agent.

 

Preliminary
Statements

 

In consideration of
the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 

Article
I.

Definitions and Accounting Terms

 

1.01          
Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below:

 

“Act”
has the meaning specified in Section 11.18.

 

“Administrative
Agent” means Bank of America (as hereafter defined) in its capacity as administrative agent under any of the Loan
Documents, or any successor administrative agent.

 

“Administrative
Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on
Schedule  11.02, or such other address or account as the Administrative Agent may from time to time notify to
the Borrower and the Lenders.

 

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

 

“Advisor”
means Ashford Hospitality Advisors LLC, a Delaware limited liability company, and its successors and assigns.

 

“Advisory
Agreements” means, collectively, the Braemar Advisory Agreement, the Hospitality Trust Advisory Agreement, and any
similar agreements for advisory services executed by Parent or any of its Subsidiaries, and “Advisory Agreement”
means any one of the Advisory Agreements.

 

“Advisory
EBITDA” means Consolidated EBITDA, excluding any Consolidated EBITDA derived from, or attributable to, any Ancillary
Service Business.

 

“Advisory
Leverage Ratio” means, without duplication, as of any date of determination, the ratio of (a) Consolidated
Funded Indebtedness that is recourse to Parent or any other Loan Party less Unrestricted Cash held by Parent or any other
Loan Party, each as of such date to (b) Advisory EBITDA for the period of the four (4) fiscal quarters most recently ended.
For the avoidance of doubt, the Inter-Company Debt shall not be included in the calculation of the Advisory Leverage Ratio.

 

“Advisory
Subsidiary” means any Subsidiary of Parent that is not an Ancillary Service Subsidiary and, for the avoidance of
doubt, shall always include Advisor and each other Subsidiary of Parent that is party to an Advisory Agreement.

 

     

     

    

 

“Affected
Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affiliate”
means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or
is Controlled by or is under common Control with the Person specified.

 

“Aggregate
Commitments” means the Commitments of all the Lenders, which on the Fourth Amendment Effective Date equal $35,000,000.

 

“Agreement”
means this Credit Agreement.

 

“AHT”
means Ashford Hospitality Trust, Inc., a Maryland corporation.

 

“Amortization
Amount” means, for any Payment Date, an amount equal to one and one quarter percent (1.25%) of the Outstanding Amount
as of the last day of the Availability Period (after giving effect to any Loans advanced on such last day); provided, however,
that if the Consolidated Fixed Charge Coverage Ratio as of the last day of the most recently ended fiscal quarter for which financial
statements have been delivered hereunder preceding such Payment Date is less than the Required Consolidated Fixed Charge Coverage
Ratio, then the Amortization Amount for such Payment Date shall be an amount equal to five percent (5.0%) of the Outstanding Amount
as of the last day of the Availability Period (after giving effect to any Loans advanced on such last day).

 

“Ancillary
Service Business” means any Investment or business held by Ashford Hospitality Services, LLC or any Person that is,
or is expected to be, a Subsidiary of Ashford Hospitality Services, LLC.

 

“Ancillary
Service Subsidiary” means any of Ashford Hospitality Services, LLC, any of its Subsidiaries, or any other Subsidiary
that provides or is expected to provide services, as an independent contractor, to a Person qualifying for treatment as a “real
estate investment trust” under the Code (or any of its Subsidiaries, including any taxable REIT subsidiary of such Person).

 

“Applicable
Percentage” means, with respect to any Lender at any time, the percentage (carried out to the ninth decimal place)
of the Aggregate Commitments represented by (a) at any time during the Availability Period, such Lender’s Commitment at such
time, as any such Applicable Percentage may be adjusted as provided in Section 2.16 and (b) thereafter, the
principal amount of such Lender’s outstanding Loans at such time. The initial Applicable Percentage of each Lender is set
forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which
such Lender becomes a party hereto, as applicable.

 

“Applicable
Margin” means the applicable percentage per annum set forth below determined by reference to the Advisory Leverage
Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a):

 

	Applicable Margin
	Pricing

 Level	 	Advisory Leverage 

Ratio	 	 	Eurodollar

 Rate	 	Base Rate	 
	1	 	 	<1.50x	 	 	3.00	%	 	2.00	%
	2	 	 	31.50x	 	 	3.25	%	 	2.25	%

 

    2

     

    

 

Any increase or decrease
in the Applicable Margin resulting from a change in the Advisory Leverage Ratio shall become effective as of the first Business
Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); provided,
however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request
of the Required Lenders, Pricing Level 2 shall apply as of the first Business Day after the date on which such Compliance Certificate
was required to have been delivered and in each case shall remain in effect until the date on which such Compliance Certificate
is delivered. The Applicable Margin in effect from the Fourth Amendment Effective Date until adjusted as set forth above shall
be set at Pricing Level 1.

 

Notwithstanding anything
to the contrary contained in this definition, the determination of the Applicable Margin for any period shall be subject to the
provisions of Section 2.09(b).

 

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

 

“Arranger”
means Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer wholly-owned by Bank of
America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’
investment banking, commercial lending services or related businesses may be transferred following the date of this Agreement),
in its capacity as sole lead arranger and sole bookrunner.

 

“Assignee
Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed
by the same investment advisor or by investment advisors that are Affiliates.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially
the form of Exhibit D-1 or any other form (including electronic documentation generated by use of an electronic
platform) approved by the Administrative Agent.

 

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

 

“Audited
Financial Statements” means the audited consolidated balance sheet of the Parent and its Subsidiaries for the fiscal
year ended December 31, 2016, and the related consolidated statements of income or operations, shareholders’ equity and cash
flows for such fiscal year of the Parent and its Subsidiaries, including the notes thereto.

 

“Availability
Period” means the period from and including the Fourth Amendment Effective Date to the earliest of
(a) June 18, 2020, and (b) the date of termination of the commitment of each Lender to make Loans pursuant to Section
8.02.

 

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

 

    3

     

    

 

“Bail-In
Legislation” means, (a) 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, rule, regulation or requirement for
such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to
the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation
or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial
institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

 

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

 

“Base Rate”
means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1⁄2 of 1%, (b)
the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,”
and (c) the Eurodollar Rate plus 1.00%. The “prime rate” is a rate set by Bank of America based upon various factors
including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference
point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by
Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change.

 

“Base Rate
Loan” means a Loan that bears interest based on the Base Rate.

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership
Regulation.

 

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

 

“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”.

 

“BHC Act
Affiliate” has the meaning specified in Section 11.22(b).

 

“Borrower”
has the meaning specified in the introductory paragraph hereto.

 

“Borrower
Materials” has the meaning specified in Section 6.02.

 

“Borrowing”
means a borrowing consisting of simultaneous Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same
Interest Period made by each of the Lenders pursuant to Section 2.01.

 

“Braemar”
means Braemar Hotels & Resorts Inc., a Maryland corporation, formerly known as Ashford Hospitality Prime, Inc., a Maryland
corporation.

 

“Braemar
Advisory Agreement” means that certain Fifth Amended and Restated Advisory Agreement dated as of April 23, 2018,
by and among Advisor and Braemar, as amended by that certain Enhanced Return Funding Program Agreement and Amendment No. 1 to the
Fifth Amended and Restated Advisory Agreement dated as of January 15, 2019, and as may be further amended, modified, renewed, extended,
restated, or replaced from time to time.

 

    4

     

    

 

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

 

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

 

“Cash Equivalents”
means any of the following types of Investments, to the extent owned by the Borrower or any of its Subsidiaries:

 

(a)       readily
marketable obligations issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality
thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and
credit of the United States is pledged in support thereof;

 

(b)       time
deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i)(A) is a Lender
or (B) is organized under the laws of the United States, any state thereof or the District of Columbia or is the principal
banking subsidiary of a bank holding company organized under the laws of the United States, any state thereof or the District of
Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated
as described in clause (c) of this definition and (iii) has combined capital and surplus of at least $1,000,000,000,
in each case with maturities of not more than 180 days from the date of acquisition thereof;

 

(c)       commercial
paper issued by any Person 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 at least “A-1” (or the then equivalent grade) by S&P, in
each case with maturities of not more than 180 days from the date of acquisition thereof; and

 

(d)       Investments,
classified in accordance with GAAP as current assets of the Borrower or any of its Subsidiaries, in money market investment programs
registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating
obtainable from either Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character,
quality and maturity described in clauses (a), (b) and (c) of this definition.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation and Liability Act of 1980.

 

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

 

“CFC”
means a Person that is a controlled foreign corporation under Section 957 of the Code.

 

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

 

    5

     

    

 

“Change
of Control” means an event or series of events by which:

 

(a)       any
 “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting
in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be
deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire, whether
such right is exercisable immediately or only after the passage of time (such right, an “option right”)),
other than Monty Bennett or Archie Bennett or a trust limited partnership, limited liability company or other similar entity established
or owned by Monty Bennett or Archie Bennett to hold equity securities of the Parent (so long as, in each case and after giving
effect to any such transaction, at least one (1) class of common shares of Parent are publicly traded on a national exchange described
in Section 6.19) directly or indirectly, of 35% or more of the equity securities of the Parent entitled to vote for
members of the board of directors or equivalent governing body of the Parent on a fully-diluted basis (and taking into account
all such securities that such “person” or “group” has the right to acquire pursuant to any option right);

 

(b)       during
any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent governing
body of the Parent cease to be composed of individuals (i) who were members of that board or equivalent governing body on
the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by
individuals referred to in clause (i) above constituting at the time of such election or nomination at least
a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent
governing body was approved by individuals referred to in clauses (i) and (ii) above constituting
at the time of such election or nomination at least a majority of that board or equivalent governing body; or

 

(c)       the
Parent shall cease, directly or indirectly, to Control the Borrower.

 

“Closing
Date” means the first date all the conditions precedent in Section 4.01 are satisfied or waived in
accordance with Section 11.01.

 

“Code”
means the Internal Revenue Code of 1986.

 

“Collateral”
means all of the “Collateral” referred to in the Collateral Documents and all of the other property that is
or is intended under the terms of the Collateral Documents to be subject to Liens in favor of the Administrative Agent for the
benefit of the Secured Parties.

 

“Collateral
Documents” means, collectively, the Security Agreement, the Inter-Company Assignment, each of the collateral assignments,
security agreements, pledge agreements, any amendments or supplements thereto or other similar agreements delivered to the Administrative
Agent pursuant to Section 6.12, and each of the other agreements, instruments or documents that relates to
any of the foregoing or creates or purports to create a Lien in favor of the Administrative Agent for the benefit of the Secured
Parties.

 

    6

     

    

 

“Commitment”
means, as to each Lender, its obligation to make Loans to the Borrower pursuant to Section 2.01 in an aggregate
principal amount not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 under the
caption “Commitment.”

 

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

 

“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.

 

“Compliance
Certificate” means a certificate substantially in the form of Exhibit C or in such other form
as may be agreed by Borrower and Administrative Agent.

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes.

 

“Consolidated
EBITDA” means, with respect to the Consolidated Parties on a consolidated basis for any period (without duplication),
Consolidated Net Income (loss) for such period determined on a consolidated basis, in accordance with GAAP, exclusive of the following
(but only to the extent included in the determination of such Consolidated Net Income (loss)): (a) depreciation and amortization
(but as to Capitalized Leases included as an asset, only depreciation in accordance with GAAP in effect as of the Closing Date);
(b) Consolidated Interest Charges; (c) income tax expense; (d) extraordinary or non-recurring gains and losses and unrealized gains
and losses; and (e) other non-cash items, including without limitation, non-cash impairment charges, any changes in the fair market
value of any Swap Contracts and deferred compensation expense for officers and employees, severance, and amortization of equity-based
compensation.

 

“Consolidated
Debt Service Coverage Ratio” means, at any date of determination, the ratio of (a) Consolidated EBITDA to
(b) the sum of (i) Consolidated Interest Charges and (ii) the aggregate principal amount of all regularly scheduled principal
payments or redemptions or similar acquisitions for value of outstanding Consolidated Funded Indebtedness (including, for purposes
hereof, scheduled reductions in commitments (but not the termination of the Commitments under the Inter-Company Loan Agreement),
but excluding any regularly scheduled principal payments on any such Consolidated Funded Indebtedness which pays such Consolidated
Funded Indebtedness in full, but only to the extent that the amount of such final payment is greater than the scheduled principal
payment immediately preceding such final payment), in each case, of or by Consolidated Parties on a consolidated basis for the
period of the four (4) fiscal quarters most recently ended. For the avoidance of doubt, no payments of principal on account of
the Inter-Company Debt shall be included in the calculation of Consolidated Debt Service Coverage Ratio.

 

“Consolidated
Fixed Charge Coverage Ratio” means, at any date of determination, the ratio of (a)(i) Consolidated
EBITDA, plus (ii) rentals payable under leases of real or personal, or mixed, property, less (iii) the
aggregate amount of all recurring maintenance capital expenditures to (b) the sum of (i) Consolidated Interest
Charges, (ii) the aggregate principal amount of all regularly scheduled principal payments or redemptions or similar
acquisitions for value of outstanding Consolidated Funded Indebtedness (including, for purposes hereof, scheduled reductions
in commitments (but not the termination of the Commitments under the Inter-Company Loan Agreement), but excluding any
regularly scheduled principal payments on any such Consolidated Funded Indebtedness which pays such Consolidated Funded
Indebtedness in full, but only to the extent that the amount of such final payment is greater than the scheduled principal
payment immediately preceding such final payment), (iii) rentals payable under leases of real or personal, or mixed,
property, other than lease payments under the Marietta Lease, (iv) the aggregate amount of all Restricted Payments
(including, without limitation, with respect to the Preferred Interests) and (v) the aggregate amount of Federal, state,
local and foreign income taxes paid in cash, in each case, of or by Consolidated Parties on a consolidated basis for the
period of the four (4) fiscal quarters most recently ended. For the avoidance of doubt, no payments of principal on account
of the Inter-Company Debt shall be included in the calculation of Consolidated Fixed Charge Coverage Ratio.

 

    7

     

    

 

“Consolidated
Funded Indebtedness” means, as of any date of determination, without duplication, the sum of (a) the outstanding
principal amount of all obligations of the Consolidated Parties on a consolidated basis (other than trade debt incurred in the
ordinary course of business not past due for more than ninety (90) days), whether current or long-term, for borrowed money (including
all obligations hereunder and under the other Loan Documents) and all obligations of the Consolidated Parties on a consolidated
basis evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b) all purchase money Indebtedness
of the Consolidated Parties on a consolidated basis, (c) all obligations of the Consolidated Parties on a consolidated basis arising
under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar
instruments, (d) all obligations of the Consolidated Parties on a consolidated basis in respect of forward purchase agreements
or the deferred purchase price of any property or services (other than trade accounts payable in the ordinary course of business),
in each case evidenced by a binding agreement, (e) Attributable Indebtedness of the Consolidated Parties on a consolidated basis
in respect of Capitalized Leases and Synthetic Lease Obligations (the amount of a Capitalized Lease is the capitalized amount of
such obligation as would be required to be reflected on a balance sheet prepared in accordance with GAAP, as GAAP is in effect
as of the Closing Date), (f) obligations (which will increase Consolidated Funded Indebtedness) and assets (which will decrease
Consolidated Funded Indebtedness) under any Swap Contract or foreign currency hedge, in an amount equal to the Swap Termination
Value thereof (net of any cash or Cash Equivalents posted as collateral for such Swap Contracts), (g) without duplication, all
Guarantees of the Consolidated Parties on a consolidated basis with respect to outstanding Consolidated Funded Indebtedness of
the types specified in clauses (a) through (f) above of Persons other than the Parent or any Subsidiary
(or Subsidiary thereof), and (h) all Indebtedness of the types referred to in clauses (a) through (g)
above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company)
in which the Parent or a Subsidiary is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse
to the Parent or such Subsidiary. For the avoidance of doubt, Consolidated Funded Indebtedness shall not include any Indebtedness
owed by any Consolidated Party to another Consolidated Party (including the Inter-Company Debt).

 

“Consolidated
Interest Charges” means, for any period, the sum of (a) all interest, premium payments, debt discount, fees, charges
and related expenses of the Consolidated Parties on a consolidated basis, in connection with borrowed money (including capitalized
interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance
with GAAP, and (b) the portion of rent expense of the Consolidated Parties on a consolidated basis with respect to such period
under Capitalized Leases that is treated as interest in accordance with GAAP, as GAAP is in effect as of the Closing Date. For
the avoidance of doubt, no interest attributable to the Inter-Company Debt shall be included in the calculation of Consolidated
Interest Charges.

 

“Consolidated
Leverage Ratio” means, without duplication, as of any date of determination, the ratio of (a) Consolidated
Funded Indebtedness as of such date to (b) Consolidated EBITDA for the period of the four (4) fiscal quarters most recently
ended. For the avoidance of doubt, the Inter-Company Debt shall not be included in the calculation of the Consolidated Leverage
Ratio.

 

    8

     

    

 

“Consolidated
Net Income” means, for any period, the net income of the Consolidated Parties on a consolidated basis (excluding
extraordinary gains and extraordinary losses and excluding gains and losses from the sale of assets and any net income derived
from the Inter-Company Debt) for such period, calculated in accordance with GAAP.

 

“Consolidated
Net Worth” means, as of any date of determination, for the Consolidated Parties on a consolidated basis, Shareholders’
Equity on that date; provided, however, that there shall be excluded from the calculation of “Consolidated
Net Worth” (i) any effects resulting from the application of FASB ASC No. 715: Compensation – Retirement
Benefits, including any change in value from time to time of any deferred compensation plans, (ii) the effects of any offsetting
liability to contingent consideration obligations arising out of an acquisition and (iii) the effects of any Indebtedness
owed by any Consolidated Party to another Consolidated Party (including the Inter-Company Debt) to the extent not otherwise eliminated
in the consolidated financial statements of the Consolidated Parties. Consolidated Net Worth shall be adjusted to remove any impact
from straight line rent leveling adjustments required under GAAP and amortization of intangibles pursuant to Statement of Financial
Accounting Standards number 141.

 

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

 

“Consolidated
Parties” means a collective reference to the Parent and its consolidated Subsidiaries; and “Consolidated
Party” means any one of them.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling”
and “Controlled” have meanings correlative thereto. Advisor shall not Control or be deemed to Control
AHT or Braemar by reason of the Advisory Agreements.

 

“Covered
Entity” has the meaning specified in Section 11.22(b).

 

“Covered
Party” has the meaning specified in Section 11.221.01(a).

 

“Credit
Extension” means a Borrowing.

 

“Debtor
Relief Laws” means the Bankruptcy Code of the United States, 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.

 

“Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time,
or both, would be an Event of Default.

 

“Default
Rate” means an interest rate equal to (a) the Base Rate plus (b) the Applicable Margin, if any,
applicable to Base Rate Loans plus (c) 2% per annum; provided, however, that with respect to a Eurodollar
Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Margin) otherwise applicable
to such Loan plus 2% per annum.

 

“Default
Right” has the meaning specified in Section 11.22(b).

 

    9

     

    

 

“Defaulting
Lender” means, subject to Section 2.16(b), any Lender that (a) has failed to fund all
or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless
such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such
Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together
with any applicable default, shall be specifically identified in such writing) has not been satisfied, (b) has notified
the Borrower and the Administrative Agent in writing that it does not intend to comply with its funding obligations
hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such
Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s
determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall
be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3)
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, (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) to
reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the
Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d)
above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall
be deemed to be a Defaulting Lender (subject to Section 2.16(b)) as of the date established therefor by
the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to
the Borrower and each other Lender promptly following such determination.

 

“Designated
Jurisdiction” means any country or territory to the extent that such country or territory itself is the subject of
any Sanction.

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (in one transaction or in
a series of transactions and whether effected pursuant to a Division or otherwise) (including any sale and leaseback transaction)
of any property by any Person (or the granting of any option or other right to do any of the foregoing), including any sale, assignment,
transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

 

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

 

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

 

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

 

“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.

 

    10

     

    

 

“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 any Person that meets the requirements to be an assignee under Sections  11.06(b)(iii)
and (v) (subject to such consents, if any, as may be required under Section 11.06(b)(iii)).

 

“Environmental
Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments,
orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution
and the protection of the environment or the release of any materials into the environment, including those related to hazardous
substances or wastes, air emissions and discharges to waste or public systems.

 

“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of the Borrower, any other Loan Party or any of their respective Subsidiaries directly
or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling,
transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the
release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual
arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

 

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

 

“Equity
Interests” means, with respect to any Person, all of the shares of capital stock (or other ownership or profit interests)
in such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital
stock (or other ownership or profit interests) in such Person, all of the securities convertible into or exchangeable for shares
of capital stock (or other ownership or profit interests) in such Person or warrants, rights or options for the purchase or acquisition
from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, and the rules and regulations promulgated thereunder.

 

“ERISA
Affiliate” means any trade or business (whether or not incorporated) under common control with the Borrower or the
Parent within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o)
of the Code for purposes of provisions relating to Section 412 of the Code).

 

    11

     

    

 

“ERISA
Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the
Borrower, the Parent or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan
year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of
ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA;
(c) a complete or partial withdrawal by the Borrower, the Parent or any ERISA Affiliate from a Multiemployer Plan or
notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the
treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the
institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event or condition which constitutes grounds
under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension
Plan; (g) the determination that any Pension Plan is considered an at-risk plan or a plan in endangered or critical
status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304
and 305 of ERISA; or (h) the imposition of any liability under Title IV of ERISA, other than for
PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower, the Parent or any ERISA
Affiliate.

 

“Eurodollar
Rate” means:

 

(a)               
for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered
Rate (“LIBOR”) or a comparable or successor rate, which rate is approved by the Administrative Agent,
as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as
may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two (2) Business
Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first (1st) day
of such Interest Period) with a term equivalent to such Interest Period;

 

(b)               
for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about
11:00 a.m., London time determined two (2) Business Days prior to such date for U.S. Dollar deposits with a term of one
(1) month commencing that day; and

 

(c)               
if the Eurodollar Rate shall be less than zero (0), such rate shall be deemed zero (0) for purposes of this Agreement.

 

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

 

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

 

“Event
of Default” has the meaning specified in Section 8.01.

 

“Excluded
Subsidiary” means any Subsidiary of Parent that (a) holds title to or beneficially owns assets which have an
aggregate fair market value of less than $10,000, (b) is an Ancillary Service Subsidiary, (c) is, or is expected to
be, prohibited from guaranteeing the Indebtedness of any other Person, or prohibited from having its Equity Interests
pledged, as applicable, pursuant to any document, instrument, or agreement of such Subsidiary, or its organizational
documents, solely in connection with any Key Money Investment or pursuant to the terms of any Indebtedness of such
Subsidiary, (d) Kylemore Holdings LLC, a Delaware limited liability company, and Ashford Securities LLC, a Delaware limited
liability company, so long as they are, or are expected to be, prohibited from (or rendered unable to carry on their business
in the ordinary course by) guaranteeing Indebtedness of another Person, or prohibited from (or rendered unable to carry on
their business in the ordinary course by) having their Equity Interests pledged, as applicable, pursuant to applicable Laws
(including FINRA), or (e) is a Subsidiary of any of the foregoing. A Subsidiary shall no longer be considered an
Excluded Subsidiary when it ceases to be subject to the circumstances or restrictions which caused it to be an Excluded
Subsidiary. Notwithstanding anything in this definition to the contrary, in no event will Borrower, Advisor, or any Advisory
Subsidiary that is party to an Advisory Agreement ever be considered an Excluded Subsidiary.

 

    12

     

    

 

“Excluded
Swap Obligation” means, with respect to any Guarantor (other than the Parent), any Swap Obligation if, and to the
extent that, all or a portion of the Subsidiary Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest
or lien 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 to constitute an “eligible contract participant” as defined
in the Commodity Exchange Act (determined after giving effect to Sections 22 and 24 of the Subsidiary Guaranty, as
applicable, and any other “keepwell, support or other agreement” for the benefit of such Guarantor and any and all
guarantees of such Guarantor’s Swap Obligations by other Loan Parties) at the time the Subsidiary Guaranty, or a grant by
such Guarantor of a security interest or lien, becomes effective with respect to such Swap Obligation. If a Swap Obligation arises
under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that
is attributable to swaps for which such Guaranty, security interest, or lien is or becomes excluded in accordance with the first
sentence of this definition. A Swap Obligation that is an Excluded Swap Obligation with respect to a particular Guarantor shall
not be an Excluded Swap Obligation with respect to any other Loan Party unless that Swap Obligation is an Excluded Swap Obligation
with respect to such other Loan Party pursuant to the first sentence of this definition.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or
deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes,
and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having
its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes
imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment
pursuant to a Law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than
pursuant to an assignment request by the Borrower under Section 11.13), or (ii) such Lender changes its Lending
Office, except in each case to the extent that, pursuant to Section 3.01(a)(ii), (a) (iii) or
(c), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such
Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to
such Recipient’s failure to comply with Section 3.01(e) and (d) any U.S. federal withholding Taxes
imposed pursuant to FATCA.

 

“Existing
Advisory Agreements” means, collectively, the Braemar Advisory Agreement and the Hospitality Trust Advisory Agreement,
and “Existing Advisory Agreement” means any one of the Existing Advisory Agreements.

 

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

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or
official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal
or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental
Authorities entered into in connection with the implementation of the foregoing.

 

    13

     

    

 

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

 

“Fee Letter”
means that certain Arrangement and Agency Fee Letter, dated as of March 1, 2018, among the Borrower, the Administrative Agent,
and the Arranger.

 

“FINRA”
means the Financial Industry Regulatory Authority, and its successors.

 

“Fourth
Amendment Effective Date” means March 19, 2020.

 

“Foreign
Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the
Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which
the Borrower is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District
of Columbia shall be deemed to constitute a single jurisdiction.

 

“FRB”
means the Board of Governors of the Federal Reserve System of the United States.

 

“Fund”
means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its activities.

 

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

 

“Governmental
Authority” means the government of the United States 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).

 

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

 

    14

     

    

 

“Guarantors”
means, collectively, (a) the Parent, (b) all Subsidiaries of the Parent that have executed the Subsidiary Guaranty (or an addendum
thereto in the form attached to the Subsidiary Guaranty) or any Collateral Document; provided that “Guarantors”
shall not include (i) all Subsidiaries of the Borrower that have been released from the Subsidiary Guaranty or that are not required
to execute a Guaranty pursuant to the terms of this Agreement, (ii) Excluded Subsidiaries, and (iii) any CFC or a Subsidiary that
is held directly or indirectly by a CFC.

 

“Guaranties”
means, collectively, (a) the Subsidiary Guaranty, (b) the Guarantee provided by the Parent pursuant to Article
X, and (c) each other guaranty and guaranty supplement delivered pursuant to Section 6.12; and “Guaranty”
means any one of the Guaranties.

 

“Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes
or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls,
radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental
Law.

 

“Hedge
Bank” means any Person that, at the time it enters into a Swap Contract with any Loan Party permitted under Article
VI and Article VII, is a Lender or an Affiliate of a Lender, in its capacity as a party to such Swap Contract.

 

“Hospitality
Trust Advisory Agreement” means that certain Amended and Restated Advisory Agreement dated as of June 10, 2015, by
and among Advisor and AHT, as amended by that certain Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended
and Restated Advisory Agreement dated as of June 26, 2018, and as may be further amended, modified, renewed, extended, restated,
or replaced from time to time.

 

“Impacted
Loans” has the meaning specified in Section 3.03(a).

 

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

 

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

 

(b)       the
maximum amount of all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial),
bankers’ acceptances, bank guaranties, surety bonds and similar instruments;

 

(c)       net
obligations of such Person under any Swap Contract;

 

(d)       all
obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the
ordinary course of business and not past due for more than ninety (90) days);

 

    15

     

    

 

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

 

(f)       all
Attributable Indebtedness in respect of Capitalized Leases and Synthetic Lease Obligations of such Person;

 

(g)       all
obligations of such Person to purchase, redeem, retire, defease or otherwise make any return of capital payment in respect of any
Equity Interest in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its
voluntary or involuntary liquidation preference plus accrued and unpaid dividends, but excluding any such obligations (i)
to the extent the obligation may be satisfied by the issuance of any Equity Interests in such Person or any other Person or (ii)
constituting an Investment, including any purchase agreement to acquire a new Subsidiary; and

 

(h)       all
Guarantees of such Person in respect of any of the foregoing (other than Guarantees limited to customary non-recourse carve-outs,
environmental related indemnities, and completion of capital replacements or repairs).

 

For all purposes hereof,
the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that
is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such
Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date
shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any capital lease or Synthetic Lease Obligation
as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date.

 

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

 

“Indemnitees”
has the meaning specified in Section 11.04(b).

 

“Information”
has the meaning specified in Section 11.07.

 

“Intangible
Assets” means assets that are considered to be intangible assets under GAAP, including customer lists, goodwill,
computer software, copyrights, trade names, trademarks, patents, franchises, licenses, unamortized deferred charges, unamortized
debt discount and capitalized research and development costs.

 

“Inter-Company
Assignment” means the Assignment of Note and Liens dated the date hereof, executed by Borrower, Advisor, and Administrative
Agent.

 

“Inter-Company
Loan Agreement” means the Credit Agreement dated the date hereof, by and between Advisor, as borrower, and Borrower,
as lender.

 

“Inter-Company
Debt” means the obligations, indebtedness, and liabilities of Advisor as evidenced by the Inter-Company Debt Documents.

 

    16

     

    

 

“Inter-Company
Debt Documents” means the Inter-Company Loan Agreement and all other “Loan Documents” as defined
in the Inter-Company Loan Agreement.

 

“Inter-Company
Note” means the Note dated the date hereof, executed by Advisor, as borrower, and payable to the order of Borrower,
as lender, in the maximum principal amount of $35,000,000.

 

“Interest
Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable
to such Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds
three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest
Payment Dates; and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the
Maturity Date.

 

“Interest
Period” means, as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed
or converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six months thereafter (in each
case, subject to availability), as selected by the Borrower in its Committed Loan Notice or as automatically continued pursuant
to the provisions of Section 2.02(a) hereof; provided that:

 

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

 

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

 

(c)       no
Interest Period shall extend beyond the Maturity Date.

 

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase
or other acquisition of capital stock or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee
or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person,
including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees
Indebtedness of such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of
assets of another Person that constitute a business unit. For purposes of covenant compliance, the amount of any Investment shall
be the amount of equity actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.

 

“IP Rights”
has the meaning specified in Section 5.18.

 

“IRS”
means the United States Internal Revenue Service.

 

“Key Money
Investment” means (a) with respect to AHT and its Subsidiaries, an “Enhanced Return Investment” as defined
in the Hospitality Trust Advisory Agreement, (b) with respect to Braemar and its Subsidiaries, a “Enhanced Return Investment”
as defined in the Braemar Advisory Agreement, and (c) with respect to any other Person for which Advisor or its Affiliate externally
advises pursuant to an Advisory Agreement executed after the date hereof, a “Key Money Investment” or an “Enhanced
Return Investment” as defined substantially similar to the definition of “Key Money Investment” or "Enhanced
Return Investment" in the Existing Advisory Agreements as of the Third Amendment Effective Date.

 

    17

     

    

 

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

 

“Lender”
has the meaning specified in the introductory paragraph hereto.

 

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

 

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

 

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

 

“LIBOR
Successor Rate” has the meaning specified in Section 3.03(c).

 

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

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or
preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or
nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance
on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing).

 

“Loan”
means an extension of credit by a Lender to the Borrower under Article II .

 

“Loan Documents”
means, collectively, (a) this Agreement, (b) the Notes, (c) the Guaranties, (d) the Collateral Documents, and (e) the Fee Letter.

 

“Loan Parties”
means, collectively, the Borrower and each Guarantor.

 

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

 

    18

     

    

 

“Marietta
Lease” means that certain Lease dated as of March 1, 2008, by and between The City of Marietta, Georgia, as agent
for Downtown Marietta Development Authority and Marietta Leasehold, L.P., as amended.

 

“Material
Adverse Effect” means (a)  a material adverse effect upon the operations, performance, business, properties
or condition (financial or otherwise) of the Parent and its Subsidiaries taken as a whole; (b) a material impairment of the
ability of the Borrower or any other Loan Party taken as a whole to perform its obligations under any Loan Document to which it
is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan
Party of any material provision of any Loan Document to which it is a party.

 

“Material
Contract” means, with respect to any Person, each contract to which such Person is a party as to which the breach,
nonperformance, cancellation or failure to renew by any party thereto could reasonably be expected to have a Material Adverse Effect.

 

“Maturity
Date” means March 19, 2024 provided, however, that if such date is not a Business Day, then the Maturity
Date shall be the next succeeding Business Day, unless such Business Day falls in another calendar month, in which case the Maturity
Date shall be the next preceding Business Day.

 

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

 

“Multiemployer
Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which
the Borrower, the Parent or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan
years, has made or been obligated to make contributions.

 

“Multiple
Employer Plan” means a Plan which has two or more contributing sponsors (including the Borrower, the Parent or any
ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of
ERISA.

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval
of all Lenders or all affected Lenders in accordance with the terms of Section 11.01 and (b) has been
approved by the Required Lenders.

 

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

 

“Note”
means a promissory note made by the Borrower in favor of a Lender evidencing Loans made by such Lender, substantially in the form
of Exhibit B.

 

“NPL”
means the National Priorities List under CERCLA.

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document
or otherwise with respect to any Loan or Secured Hedge Agreement, in each case whether direct or indirect (including those acquired
by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees
that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief
Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such
proceeding; provided that the “Obligations” shall exclude any Excluded Swap Obligations.

 

    19

     

    

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

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

 

“Other
Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed,
delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest
under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan
or Loan Document).

 

“Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other
Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.06).

 

“Outstanding
Amount” means on any date the aggregate outstanding principal amount of the Loans after giving effect to any borrowings
and prepayments or repayments of Loans occurring on such date.

 

“Parent”
has the meaning specified in the introductory paragraph hereto.

 

“Participant”
has the meaning specified in Section 11.06(d).

 

“Participant
Register” has the meaning specified in Section 11.06(d).

 

“Payment
Date” means the last Business Day of each March, June, September and December.

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

“Pension
Act” means the Pension Protection Act of 2006.

 

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

 

“Pension
Plan” means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is
maintained or is contributed to by the Borrower, the Parent and any ERISA Affiliate or with respect to which the Borrower, the
Parent or any ERISA Affiliate has any liability and is either covered by Title IV of ERISA or is subject to the minimum
funding standards under Section 412 of the Code.

 

    20

     

    

 

 

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

 

“Plan”
means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained
for employees of the Borrower, the Parent or any ERISA Affiliate or any such Plan to which the Borrower, the Parent or any ERISA
Affiliate is required to contribute on behalf of any of its employees.

 

“Platform”
has the meaning specified in Section 6.02.

 

“Pledged
Equity” means the Pledged Equity as defined in Section 1 of the Security Agreement.

 

“Preferred
Interests” means the Series D Convertible Preferred Stock, par value $0.001 per share of Parent, together with any
other preferred Equity Interests issued in connection therewith or in substitution thereof.

 

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

 

“Public
Lender” has the meaning specified in Section 6.02.

 

“QFC Credit
Support” has the meaning specified in Section 11.22.

 

“QFC”
has the meaning specified in Section 11.22(b).

 

“Recipient”
means the Administrative Agent, any Lender, or any other recipient of any payment to be made by or on account of any obligation
of any Loan Party hereunder.

 

“Register”
has the meaning specified in Section 11.06(c).

 

“Regulation
U” means Regulation U of the FRB, as in effect from time to time and all official rulings and interpretations thereunder
or thereof.

 

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

 

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

 

“Reportable
Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the
thirty (30) day notice period has been waived.

 

“Request
for Credit Extension” means with respect to a Borrowing, conversion or continuation of Loans, a Committed Loan Notice.

 

“Required
Consolidated Fixed Charge Coverage Ratio” means a Consolidated Fixed Charge Coverage Ratio (a) commencing with
the fiscal quarter ending September 30, 2021 through and including the fiscal quarter ending December 31, 2021, greater than
or equal to 1.00 to 1.00, (b) commencing with the fiscal quarter ending March 31, 2022 through and including the fiscal
quarter ending December 31, 2022, greater than or equal to 1.05 to 1.00, and (c) commencing with the fiscal quarter ending
March 31, 2023 and at all times thereafter, greater than or equal to 1.10 to 1.00.

 

    21

     

    

 

“Required
Lenders” means, at any time, Lenders having more than fifty percent (50%) of the sum of the (a) Outstanding
Amount and (b) unused Aggregate Commitments. The Outstanding Amount and unused Commitments of any Defaulting Lender shall
be disregarded in determining Required Lenders at any time.

 

“Resolution
Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Responsible
Officer” means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer, controller
or other executive officer of a Loan Party, solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01,
the secretary or any assistant secretary of a Loan Party and, solely for purposes of notices given pursuant to Article II,
any other officer or employee of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative
Agent or any other officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable
Loan Party and the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party
shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part
of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

 

“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property, but excluding dividends
and distributions payable in equity interests) with respect to any capital stock or other Equity Interest of the Parent, or any
payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account
of any return of capital to the Parent’s shareholders, partners or members (or the equivalent Person thereof).

 

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

 

“Sanction(s)”
means any sanction administered or enforced by the United States Government (including without limitation, OFAC), the United Nations
Security Council, the European Union, Her Majesty’s Treasury (“HMT”) or other relevant sanctions
authority.

 

“Scheduled
Unavailability Date” has the meaning specified in Section 3.03(c).

 

“SEC”
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Second
Amendment Effective Date” means June 26, 2018.

 

“Secured
Hedge Agreement” means any Swap Contract permitted under Article VI and Article VII that
is entered into by and between any Loan Party and any Hedge Bank that expressly provides that it is secured by the Collateral.

 

“Secured
Parties” means, collectively, the Administrative Agent, the Lenders, the Hedge Banks under any Secured Hedge Agreement,
each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.05,
and the other Persons the Obligations owing to which are or are purported to be secured by the Collateral under the terms of the
Collateral Documents.

 

    22

     

    

 

“Security
Agreement” has the meaning specified in Section 4.01(a)(iii).

 

“Shareholders’
Equity” means, as of any date of determination, the consolidated shareholders’ equity of the Consolidated Parties
as of that date determined in accordance with GAAP.

 

“Solvent”
and “Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the
fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of
such Person, (b) the present fair salable value of the assets of such Person 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, (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, and (e) such Person is able to pay
its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. 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, represents the amount that can reasonably be expected to become an actual or matured liability.

 

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

 

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

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority
of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body
(other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially
owned, or the management of which is otherwise Controlled, directly, or indirectly through one or more intermediaries, or both,
by such Person. As used in this Agreement, the Borrower shall be deemed a Subsidiary of Parent. Unless otherwise specified, all
references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of
the Borrower.

 

“Subsidiary
Guaranty” means the Guaranty made by the Guarantors (other than the Parent) in favor of the Secured Parties, substantially
in the form of Exhibit E.

 

“Supported
QFC” has the meaning specified in Section 11.22.

 

“Swap
Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions,
forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or
options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index
transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any
other similar transactions or any combination of any of the foregoing (including any options to enter into any of the
foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all
transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by,
any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International
Foreign Exchange Master Agreement, or any other netting or master agreement (any such netting or master agreement, together
with any related schedules, a “Master Agreement”), including any such obligations or liabilities
under any Master Agreement.

 

    23

     

    

 

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

 

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

 

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

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

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

 

“Third
Amendment Effective Date” means January 15, 2019.

 

“Threshold
Amount” means $5,000,000.

 

“Type”
means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan.

 

“UCC”
means the Uniform Commercial Code as in effect in the State of New York or any other applicable jurisdiction.

 

“UK Financial
Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to
time) promulgated by the United Kington Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook
(as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions
and investment firms, and certain affiliates of such credit institutions or investment firms.

 

“UK Resolution
Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution
of any UK Financial Institution.

 

“United
States” and “U.S.” mean the United States of America.

 

    24

     

    

 

“Unrestricted
Cash” means, as of any date of determination, without duplication, all “cash and cash equivalents”, but
specifically excluding any amounts representing “restricted cash”, each as set forth on the consolidated balance sheet
of the Parent.

 

“Unused
Rate” means a percentage rate per annum equal to 0.40%.

 

“U.S.
Loan Party” means any Loan Party that is organized under the laws of one of the states of the United States
and that is not a CFC.

 

“U.S. Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

“U.S. Special
Resolution Regimes” has the meaning specified in Section 11.22.

 

“U.S. Tax
Compliance Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(3) or (4).

 

“Write-Down
and Conversion Powers” means, (a) 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, and (b) with respect
to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify
or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises,
to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide
that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in
respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those
powers.

 

1.02          
Other Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless
otherwise specified herein or in such other Loan Document:

 

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

 

    25

     

    

 

   (b)            
In the computation of periods of time from a specified date to a later specified date, the word “from” means
 “from and including;” the words “to” and “until” each mean “to but excluding;”
and the word “through” means “to and including.”

 

   (c)            
Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect
the interpretation of this Agreement or any other Loan Document.

 

1.03          
Accounting Terms.

 

   (a)           
Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with,
and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this
Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time. Notwithstanding
the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained
herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount
thereof, and the effects of FASB ASC 825 on financial liabilities shall be disregarded.

 

   (b)            
Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement
set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the
Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof
in light of such change in GAAP (subject to the approval of the Required Lenders except as otherwise provided in Section
11.01(d)); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in
accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the
Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth
a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.
Without limiting the foregoing and notwithstanding anything to the contrary in the Loan Documents, leases that would have constituted
operating leases or capital leases in accordance with GAAP prior to the adoption of FASB ASC Topic 842 (Leases) (as adopted on
February 25, 2016) shall be considered operating leases or capital leases, respectively, for all purposes of the Loan Documents,
notwithstanding any classification under GAAP in effect on the Closing Date or any change in GAAP relating thereto, unless the
Borrower and other requisite parties hereto shall enter into a mutually acceptable amendment addressing such changes, as provided
for above. The Marietta Lease shall not be included in Consolidated Funded Indebtedness, nor shall the Marietta Lease or rental
payments made in accordance with the terms thereof be included in Consolidated Interest Charges.

 

   (c)             
Effects of Inter-Company Debt. Notwithstanding anything to the contrary contained herein, the parties hereto acknowledge
and agree that the Inter-Company Debt (and all effects thereof) shall be excluded for purposes of all financial calculations made
under this Agreement or any other Loan Document.

 

    26

     

    

 

   (d)             Consolidated
Leverage Ratio Calculation Conventions. Notwithstanding the above, the parties hereto acknowledge and agree that, for
purposes of all calculations made under the financial covenants set forth in Section 7.11(b) and (d),
(i) after consummation of any Disposition (A) income statement items (whether income or expense) attributable to the property
Disposed of or removed shall, to the extent not otherwise excluded in such income statement items for the Consolidated
Parties in accordance with GAAP or in accordance with any defined terms set forth in Section 1.01, be excluded
as of the first day of the applicable period and (B) Indebtedness which is retired shall be excluded and deemed to have been
retired as of the first day of the applicable period and (ii) after consummation of any Investment or acquisition (A) income
statement items (whether positive or negative) attributable to the Investment or property acquired shall, to the extent not
otherwise included in such income statement items for the Consolidated Parties in accordance with GAAP or in accordance with
any defined terms set forth in Section 1.01, be included to the extent relating to any period applicable in
such calculations, (B) to the extent not retired in connection with such acquisition, Indebtedness of the Person or property
acquired shall be deemed to have been incurred as of the first day of the applicable period, (iii) in connection with any
incurrence of Indebtedness, any Indebtedness which is retired in connection with such incurrence shall be excluded and deemed
to have been retired as of the first day of the applicable period and (iv) pro forma adjustments may be included to the
extent that such adjustments would give effect to items that are (1) directly attributable to the relevant transaction, (2)
expected to have a continuing impact on the Consolidated Parties, and (3) factually supportable (in Administrative
Agent’s reasonable judgment).

 

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

 

1.05          
Times of Day; Interest Rates. Unless otherwise specified, all references herein to times of day shall
be references to Eastern time (daylight or standard, as applicable). The Administrative Agent does not warrant, nor accept responsibility,
nor shall the Administrative Agent have any liability with respect to the administration, submission or any other matter related
to the rates in the definition of “Eurodollar Rate” or with respect to any rate that is an alternative or replacement
for or successor to any of such rate (including, without limitation, any LIBOR Successor Rate) or the effect of any of the foregoing,
or of any LIBOR Successor Rate Conforming Changes.

 

Article
II.

The Commitments and Credit Extensions

 

2.01           The
Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to make term loans from
time to time, on any Business Day during the Availability Period (each such loan, a “Loan” and all
Loans are collectively, “Loans”) to the Borrower in up to three (3) separate Borrowings in an
aggregate amount not to exceed the amount of such Lender’s Commitment. Amounts borrowed under this Section
2.01, and repaid or prepaid under Section 2.04, may not be reborrowed. Loans may be Base Rate
Loans or Eurodollar Rate Loans, as further provided herein. Borrower and each Lender hereby acknowledge and agree that, as of
the Fourth Amendment Effective Date, all “Revolving Credit Loans” (as defined in this Agreement prior to the
Fourth Amendment Effective Date) shall be converted and consolidated into Loans made under this Section 2.01
on the Fourth Amendment Effective Date, and all such Loans converted on the Fourth Amendment Effective Date shall not be
considered a separate Borrowing for purposes of this Section 2.01.

 

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2.02          
Borrowings, Conversions and Continuations of Loans.

 

(a)                Request
for Borrowing. Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurodollar
Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by (A)
telephone, or (B) a Committed Loan Notice; provided that any telephonic notice must be confirmed promptly by delivery
to Administrative Agent of a Committed Loan Notice. Each such Committed Loan Notice must be received by the Administrative
Agent not later than 11:00 a.m. (i) three (3) Business Days prior to the requested date of any Borrowing of, conversion
to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and
(ii) on the requested date of any Borrowing of Base Rate Loans. Each Borrowing of, conversion to or continuation of
Eurodollar Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. Each
Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in
excess thereof. Each Committed Loan Notice shall specify (i) whether the Borrower is requesting a Borrowing, a
conversion of Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of
the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal
amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Loans
are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrower
fails to specify a Type of Loan in a Committed Loan Notice for a Borrowing, then the applicable Loans shall be made as a Base
Rate Loan. Notwithstanding anything contained herein to the contrary, if the Borrower fails to give a timely notice
requesting a conversion or continuation of a Eurodollar Rate Loan, then the Eurodollar Rate Loan shall be automatically
continued as a Eurodollar Rate Loan with an Interest Period of one month. If the Borrower requests a Borrowing of, conversion
to, or continuation of Eurodollar Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it
will be deemed to have specified an Interest Period of one month.

 

   (b)           
Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of
its Applicable Percentage of the applicable Loans. In the case of a Borrowing, each Lender shall make the amount of its Loan available
to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m.
on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth
in Section 4.02, the Administrative Agent shall make all funds so received available to the Borrower in like
funds as received by the Administrative Agent either by (i) crediting the account of the Borrower on the books of Bank of
America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided
to (and reasonably acceptable to) the Administrative Agent by the Borrower.

 

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

 

   (d)             
The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest
Period for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the
Administrative Agent shall notify the Borrower and the Lenders of any change in Bank of America’s prime rate used in determining
the Base Rate promptly following the public announcement of such change.

 

   (e)            
After giving effect to all Borrowings, all conversions of Loans from one Type to the other, and all continuations of Loans
as the same Type, there shall not be more than five Interest Periods in effect with respect to Loans.

 

    28

     

    

 

   (f)             
Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all of the portion
of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of
this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative Agent, and such Lender.

 

2.03          
[Reserved].

 

2.04           
Prepayments.

 

(a)               
The Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Loans in
whole or in part without premium or penalty; provided that (i) such notice must be received by the Administrative Agent
not later than 11:00 a.m. (A) one (1) Business Day prior to any date of prepayment of Eurodollar Rate Loans and (B) on
the date of prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal amount of
$1,000,000 or a whole multiple of $500,000 in excess thereof; and (iii) any prepayment of Base Rate Loans shall be in a principal
amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof
then outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid
and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify
each Lender of its receipt of each such notice, and of the amount of such prepayment. If such notice is given by the Borrower,
the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified
therein. Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together
with any additional amounts required pursuant to Section 3.05. Subject to Section 2.16,
each such prepayment shall be applied to the Loans of the Lenders in accordance with their respective Applicable Percentages.

 

(b)               
If at any time there is any default under the terms of any Advisory Agreement, after giving effect to any applicable cure
or grace periods, or any termination of any Advisory Agreement, by its terms or otherwise, the Borrower shall immediately prepay
the unpaid principal amount of all outstanding Loans and all interest thereon in full.

 

(c)               
If the Borrower shall receive any payment of principal with respect to the Inter-Company Debt, the Borrower shall immediately
prepay the unpaid principal amount of the Loans in the same amount, together with all outstanding interest thereon.

 

2.05          
Termination or Reduction of Commitments. The Aggregate Commitments shall be automatically and permanently
reduced on: (a) the date of each advance of the Loans pursuant to Section 2.01 by the amount of such advance;
and (b) the last day of the Availability Period (to the extent any of the Aggregate Commitments remain outstanding and after
giving effect to any Borrowing on such date for which a Committed Loan Notice has been delivered pursuant to the terms of this
Agreement), to zero.

 

2.06          
Repayment of Loans.

 

(a)               
Payments of the Amortization Amount on the Loan shall be due and payable on each Payment Date, each in an amount equal to
the Amortization Amount, commencing June 30, 2020 and on each Payment Date thereafter.

 

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(b)               
The Borrower shall repay to the Lenders on the Maturity Date the remaining Outstanding Amount then unpaid, together with
all interest accrued and unpaid thereon.

 

2.07           
Interest.

 

(a)               
Subject to the provisions of Section 2.07(b), (i) each Eurodollar Rate Loan shall bear interest
on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such
Interest Period plus the Applicable Margin, and (ii) each Base Rate Loan shall bear interest on the outstanding principal
amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Margin.

 

(b)          
(i)                If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether
at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per
annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(ii)              
If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without
regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the
Required Lenders such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the
Default Rate to the fullest extent permitted by applicable Laws.

 

(iii)            
Upon the request of the Required Lenders, while any Event of Default exists (other than as set forth in clauses (b)(i)
and (b)(ii) above), the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder
at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(iv)             
Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon
demand.

 

(c)               
Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other
times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after
judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

 

2.08          
Fees.

 

(a)               
Unused Fee. The Borrower shall pay to the Administrative Agent, for the account of each Lender in accordance with
its Applicable Percentage, an unused fee equal to the Unused Rate times the actual daily amount of the undrawn Aggregate Commitments.
The unused fee shall accrue at all times during the Availability Period, including at any time during which one or more of the
conditions in Article IV is not met, and shall be due and payable in arrears on the last day of the Availability
Period.

 

(b)               
Other Fees.

 

(i)                 The
Borrower shall pay to the Arranger and the Administrative Agent for their own respective accounts fees in the amounts and at
the times specified in the Fee Letter and such other fees in the amounts and at the times agreed between the Borrower,
Arranger, and Administrative Agent. Such fees shall be fully earned when paid and shall not be refundable for any reason
whatsoever.

 

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

 

2.09           
Computation of Interest and Fees; Retroactive Adjustments of Applicable Margin.

 

   (a)            
All computations of interest for Base Rate Loans shall be made on the basis of a year of 365 or 366 days, as the case may
be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and
actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day
year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion
thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on
which it is made shall, subject to Section 2.11(a), bear interest for one day. Each determination by the Administrative
Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

   (b)           
If, as a result of any restatement of or other adjustment to the financial statements of the Parent or for any other reason,
the Borrower, the Parent or the Lenders determine that (i) the Advisory Leverage Ratio as calculated by the Parent as of
any applicable date was inaccurate and (ii) a proper calculation of the Advisory Leverage Ratio would have resulted in higher
pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for
the account of the applicable Lenders promptly on demand by the Administrative Agent (or, after the occurrence of an actual or
deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, automatically
and without further action by the Administrative Agent or any Lender), an amount equal to the excess of the amount of interest
and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This paragraph
shall not limit the rights of the Administrative Agent or any Lender, as the case may be, under Section 2.07(b)
or under Article VIII. The Borrower’s obligations under this paragraph shall survive the termination of the
Aggregate Commitments and the repayment of all other Obligations hereunder.

 

2.10           
Evidence of Debt.

 

   (a)            
The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender
and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent
and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower
and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise
affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict
between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect
of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the
request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the
Administrative Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender
may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments
with respect thereto.

 

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   (b)            
In addition to the accounts and records referred to in Section 2.10(a), each Lender and the Administrative
Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender
of participations in Letters of Credit. In the event of any conflict between the accounts and records maintained by the Administrative
Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent
shall control in the absence of manifest error.

 

2.11           
Payments Generally; Administrative Agent’s Clawback.

 

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

 

   (b)            
(i)        Funding by Lenders; Presumption by Administrative Agent. Unless
the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing of Eurodollar Rate
Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender
will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may
assume that such Lender has made such share available on such date in accordance with Section 2.02 (or, in
the case of a Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time
required by Section 2.02) and may, in reliance upon such assumption, make available to the Borrower a corresponding
amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative
Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such
corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount
is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of
a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily
charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the
Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative
Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such
interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative
Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower
shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to
the Administrative Agent.

 

    32

     

    

 

     (ii)       
Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received
notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders
that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such
date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event,
if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent
forthwith on demand the amount so distributed to such Lender in immediately available funds with interest thereon, for each day
from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent,
at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation.

 

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

 

   (c)            
Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any
Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not
made available to the Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth
in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return
such funds (in like funds as received from such Lender) to such Lender, without interest.

 

   (d)            
Obligations of Lenders Several. The obligations of the Lenders hereunder to make Loans and to make payments pursuant
to Section 11.04(c) are several and not joint. The failure of any Lender to make any Loan, to fund any such
participation or to make any payment under Section 11.04(c) on any date required hereunder shall not relieve
any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of
any other Lender to so make its Loan, to purchase its participation or to make its payment under Section 11.04(c).

 

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

 

   (f)            
Insufficient Funds. If at any time insufficient funds are received by and available to the Administrative Agent
to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, toward
payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of
interest and fees then due to such parties and (ii) second, toward payment of principal then due hereunder, ratably among
the parties entitled thereto in accordance with the amounts of principal then due to such parties.

 

2.12          
Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim
or otherwise, obtain payment in respect of any principal of or interest on any of the Loans made by it resulting in such Lender’s
receiving payment of a proportion of the aggregate amount of such Loans and accrued interest thereon greater than its pro rata
share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent
of such fact, and (b) purchase (for cash at face value) participations in the Loans of the other Lenders, or make such other
adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance
with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them, provided
that:

 

    33

     

    

 

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

 

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

 

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

 

2.13          
[Reserved].

 

2.14          
[Reserved].

 

2.15          
[Reserved].

 

2.16           
Defaulting Lenders.

 

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

 

     (i)        
Waivers and Amendments. 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” and in Section 11.01.

 

     (ii)       
Defaulting Lender Waterfall. 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 VIII
or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 11.08, shall
be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of
any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, as the Borrower may request
(so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has
failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if
so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to satisfy
such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement; fourth,
to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by
any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement;
fifth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result
of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to such Defaulting Lender or as otherwise
directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount
of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share and (y) such Loans were made
at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied
solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of
such Defaulting Lender until such time as all Loans are held by the Lenders pro rata in accordance with their Commitments hereunder.
Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed
by a Defaulting Lender pursuant to this Section 2.16(a)(ii) shall be deemed paid to and redirected by such
Defaulting Lender, and each Lender irrevocably consents hereto.

 

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     (iii)      
Certain Fees. No Defaulting Lender shall be entitled to receive any fee payable under Section 2.08(a)
for any period during which such 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 such Defaulting Lender).

 

   (b)            
Defaulting Lender Cure. If the Borrower and the Administrative Agent agree in writing that a Lender is no longer
a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified
in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that
portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary
to cause the Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages, whereupon such
Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees
accrued or payments made by or on behalf of the Borrower while that 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 that Lender’s having been a Defaulting
Lender.

 

Article
III.

Taxes, Yield Protection and Illegality

 

3.01          
Taxes.

 

   (a)            
Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.

 

     (i)        
Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without
deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good
faith discretion of the Administrative Agent) require the deduction or withholding of any Tax from any such payment by the Administrative
Agent or a Loan Party, then the Administrative Agent or such Loan Party shall be entitled to make such deduction or withholding,
upon the basis of the information and documentation to be delivered pursuant to subsection (e) below.

 

    35

     

    

 

     (ii)       
If any Loan Party or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including
both United States Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent
shall withhold or make such deductions as are determined by the Administrative Agent to be required based upon the information
and documentation it has received pursuant to subsection  (e) below, (B) the Administrative Agent shall
timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code, and (C) to
the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party
shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions
applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount
equal to the sum it would have received had no such withholding or deduction been made.

 

     (iii)      
If any Loan Party or the Administrative Agent shall be required by any applicable Laws other than the Code to withhold
or deduct any Taxes from any payment, then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall
withhold or make such deductions as are determined by it to be required based upon the information and documentation it has received
pursuant to subsection  (e) below, (B) such Loan Party or the Administrative Agent, to the extent required
by such Laws, shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with
such Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable
by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required
deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable
Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.

 

(b)            
Payment of Other Taxes by the Borrower. Without limiting the provisions of subsection  (a) above,
the Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of
the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

(c)            
Tax Indemnifications.

 

     (i)         
Each of the Loan Parties shall, and does hereby, jointly and severally indemnify each Recipient, and shall make payment
in respect thereof within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified
Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) payable or paid by
such Recipient or required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable
expenses arising therefrom or with respect thereto, whether or not such Indemnified 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
Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf
of a Lender, shall be conclusive absent manifest error. Each of the Loan Parties shall, and does hereby, jointly and severally
indemnify the Administrative Agent, and shall make payment in respect thereof within ten (10) days after demand therefor, for
any amount which a Lender for any reason fails to pay indefeasibly to the Administrative Agent as required pursuant to Section 3.01(c)(ii) below.

 

    36

     

    

 

     (ii)       
Each Lender shall, and does hereby, severally indemnify, and shall make payment in respect thereof within ten (10) days
after demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender (but only to
the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting
the obligation of the Loan Parties to do so), (y) the Administrative Agent and the Loan Parties, as applicable, against any
Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.06(d) relating
to the maintenance of a Participant Register and (z) the Administrative Agent and the Loan Parties, as applicable, against
any Excluded Taxes attributable to such Lender that are payable or paid by the Administrative Agent or a Loan Party in connection
with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby
authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement
or any other Loan Document against any amount due to the Administrative Agent under this clause  (ii).

 

(d)            
Evidence of Payments. Upon request by any Loan Party or the Administrative Agent, as the case may be, after any
payment of Taxes by such Loan Party or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, such Loan Party shall deliver to the Administrative Agent or the Administrative Agent shall deliver to such Loan
Party, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory
to such Loan Party or the Administrative Agent, as the case may be.

 

(e)               
Status of Lenders; Tax Documentation.

 

     (i)        
Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower
or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative
Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender,
if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable
law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent
to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other
than such documentation set forth in Section 3.01(e)(ii)(A), 3.01(e)(ii)(B) and 3.01(e)(ii)(D)
below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject
such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such
Lender.

 

     (ii)       
Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person,

 

    37

     

    

 

  (A)           
any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which
such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower
or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding
tax;

 

 (B)           
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), whichever of the following is applicable:

 

    (1)            
in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with
respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BENE (or W-8BEN, as applicable) establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” Article of such tax treaty
and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BENE (or W-8BEN, as applicable)
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or
 “other income” Article of such tax treaty;

 

    (2)           
executed copies of IRS Form W-8ECI;

 

    (3)            
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c)
of the Code, (x) a certificate substantially in the form of Exhibit H-1 to the effect that such Foreign
Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder”
of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed
copies of IRS Form W-8BENE (or W-8BEN, as applicable); or

 

    (4)            
to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form
W-8ECI, IRS Form W-8BENE (or W-8BEN, as applicable), a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-2
or Exhibit H-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable;
provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender
are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially
in the form of Exhibit H-4 on behalf of each such direct and indirect partner;

 

    38

     

    

 

 (C)            any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a
Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from
or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be
prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction
required to be made; and

 

  (D)           
if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA
if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b)
or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time
or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional
documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative
Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause 
(D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

     (iii)      
Each Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01
expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify
the Borrower and the Administrative Agent in writing of its legal inability to do so.

 

(f)                
Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have
any obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of
Taxes withheld or deducted from funds paid for the account of such Lender. If any Recipient determines, in its sole discretion
exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by any Loan Party or with
respect to which any Loan Party has paid additional amounts pursuant to this Section 3.01, it shall pay to
the Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by
a Loan Party under this Section 3.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund), provided that the Loan Party, upon the request of the Recipient, agrees to repay
the amount paid over to the Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority)
to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything
to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to the Loan Party pursuant
to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient
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 Recipient to make available its tax returns (or any other information relating to its taxes that
it deems confidential) to any Loan Party or any other Person.

 

    39

     

    

 

   (g)           
Survival. Each party’s obligations under this Section 3.01 shall survive the resignation
or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of
the Commitments and the repayment, satisfaction or discharge of all other Obligations.

 

3.02          
Illegality. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority
has asserted that it is unlawful, for any Lender or its Lending Office to perform any of its obligations hereunder or make, maintain
or fund or charge interest with respect to any Credit Extension or to determine or charge interest rates based upon the Eurodollar
Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or
to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower through the
Administrative Agent, any obligation of such Lender to issue, make, maintain, fund or charge interest with respect to any such
Credit Extension or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended until
such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer
exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent),
prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest
Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such
Lender may not lawfully continue to maintain such Eurodollar Rate Loans. Upon any such prepayment or conversion, the Borrower
shall also pay accrued interest on the amount so prepaid or converted.

 

3.03          
Inability to Determine Rates.

 

   (a)            
If in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof, (a) the Administrative
Agent determines that (i) Dollar deposits are not being offered to banks in the applicable offshore interbank market for such
currency for the applicable amount and Interest Period of such Eurodollar Rate Loan, or (ii) adequate and reasonable means
do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan
(in each case with respect to clause (a) above, “Impacted Loans”), or (b) the Administrative
Agent or the Required Lenders determine that for any reason the Eurodollar Rate for any requested Interest Period with respect
to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Eurodollar Rate
Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, the obligation of the Lenders
to make or maintain Eurodollar Rate Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans or Interest Periods)
until the Administrative Agent upon the instruction of the Required Lenders revokes such notice. Upon receipt of such notice, the
Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent
of the affected Eurodollar Rate Loans or Interest Periods), or, failing that, will be deemed to have converted such request into
a request for a Borrowing of Base Rate Loans in the amount specified therein

 

   (b)             Notwithstanding
the foregoing, if the Administrative Agent has made the determination described in clause (a) of the first
sentence of this section, the Administrative Agent, in consultation with the Borrower and the affected Lenders, may establish
an alternative interest rate for the Impacted Loans, in which case, such alternative rate of interest shall apply with
respect to the Impacted Loans until (1) the Administrative Agent revokes the notice delivered with respect to the Impacted
Loans under clause (a) of the first sentence of this section, (2) the Administrative Agent or the Required
Lenders notify the Administrative Agent and the Borrower that such alternative interest rate does not adequately and fairly
reflect the cost to such Lenders of funding the Impacted Loans, or (3) any Lender determines that any Law has made it
unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable Lending
Office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to
determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions on
the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written notice
thereof.

 

    40

     

    

 

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

 

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

 

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

 

     (iii)     
syndicated loans currently being executed, or that include language similar to that contained in this Section 3.03,
are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR,

 

then, reasonably
promptly after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable,
the Administrative Agent and the Borrower may amend this Agreement solely for the purpose of replacing LIBOR in accordance with
this Section 3.03 with (x) one or more SOFR-Based Rates or (y) another alternate benchmark rate giving
due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities
for such alternative benchmarks and, in each case, including any mathematical or other adjustments to such benchmark giving due
consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for
such benchmarks, which adjustment or method for calculating such adjustment shall be published on an information service as selected
by the Administrative Agent from time to time in its reasonable discretion and may be periodically updated (the “Adjustment;”
and any such proposed rate, a “LIBOR Successor Rate”), and any such amendment shall become effective
at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders
and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent
written notice that such Required Lenders (A) in the case of an amendment to replace LIBOR with a rate described in clause (x),
object to the Adjustment; or (B) in the case of an amendment to replace LIBOR with a rate described in clause (y),
object to such amendment; provided that for the avoidance of doubt, in the case of clause (A), the Required
Lenders shall not be entitled to object to any SOFR-Based Rate contained in any such amendment. Such LIBOR Successor Rate shall
be applied in a manner consistent with market practice; provided that to the extent such market practice is not administratively
feasible for the Administrative Agent, such LIBOR Successor Rate shall be applied in a manner as otherwise reasonably determined
by the Administrative Agent.

 

    41

     

    

 

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

 

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

 

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

 

3.04          
Increased Costs; Reserves on Eurodollar Rate Loans.

 

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

 

     (i)         
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve
requirement contemplated by Section 3.04(e));

 

     (ii)       
subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through
(d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit,
commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

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

 

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

 

    42

     

    

 

 

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

 

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

 

(d)               
Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions
of this Section 3.04 shall not constitute a waiver of such Lender’s right to demand such compensation,
provided that the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section
for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender notifies the Borrower
of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation
therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month
period referred to above shall be extended to include the period of retroactive effect thereof).

 

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

 

3.05          
Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time
to time, the Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred
by it as a result of:

 

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

 

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

 

    43

     

    

 

(c)               
any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of
a request by the Borrower pursuant to Section 11.13;

 

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

 

For purposes of calculating amounts
payable by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded
each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London
interbank eurodollar market for a comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in
fact so funded.

 

3.06          
Mitigation Obligations; Replacement of Lenders.

 

(a)               
Designation of a Different Lending Office. Each Lender may make any Credit Extension to the Borrower through any
Lending Office, provided that the exercise of this option shall not affect the obligation of the Borrower to repay the Credit Extension
in accordance with the terms of this Agreement. If any Lender requests compensation under Section 3.04, or requires
the Borrower to pay any Indemnified Taxes or additional amounts to any Lender, or any Governmental Authority for the account of
any Lender pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02,
then at the request of the Borrower such Lender use reasonable efforts to designate a different Lending Office for funding or booking
its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in
the judgment of such Lender such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01
or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02,
as applicable, and (ii) in each case, would not subject such Lender as the case may be, to any unreimbursed cost or expense
and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses
incurred by any Lender in connection with any such designation or assignment.

 

(b)               
Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower
is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any
Lender pursuant to Section 3.01, and, in each case, such Lender has declined or is unable to designate a different
lending office in accordance with Section 3.06(a), the Borrower may replace such Lender in accordance with
Section 11.13.

 

3.07          
Survival. All of the Borrower’s obligations under this Article III shall survive
termination of the Aggregate Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative
Agent.

 

    44

     

    

 

Article
IV.

Conditions Precedent To Credit Extensions

 

4.01          
Conditions of Initial Credit Extension. The obligation of each Lender to make its initial Credit Extension
hereunder is subject to satisfaction of the following conditions precedent either prior to or substantially contemporaneously
with such initial Credit Extension:

 

(a)               
The Administrative Agent’s receipt of the following, each of which shall be originals or telecopies (followed promptly
by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated
the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in
form and substance satisfactory to the Administrative Agent and each of the Lenders:

 

(i)              
executed counterparts of this Agreement and the Subsidiary Guaranty, in each case sufficient in number for distribution
to the Administrative Agent, each Lender, and the Borrower;

 

(ii)             
a Note executed by the Borrower in favor of each Lender requesting a Note;

 

(iii)            
a security and pledge agreement, in substantially the form of Exhibit F (together with each other security
agreement and supplement delivered pursuant to Section 6.12, in each case as amended, the “Security
Agreement”), and the Inter-Company Assignment, in each case duly executed by each applicable Loan Party, together
with:

 

(A)           
the certificates, if any, representing the Pledged Equity referred to therein that is represented by a certificate (within
the meaning of Section 8-102(4) of the UCC) accompanied by undated stock powers executed in blank;

 

(B)             
proper Financing Statements in form appropriate for filing under the Uniform Commercial Code of all jurisdictions that the
Administrative Agent may deem necessary or desirable in order to perfect the Liens created under the Collateral Documents, covering
the Collateral described in the Collateral Documents;

 

(C)           
evidence of the completion of all other actions, recordings and filings of or with respect to the Collateral Documents that
the Administrative Agent may deem necessary or desirable in order to perfect the Liens created thereby;

 

(D)            
the deposit account control agreements and the securities account control agreements, if any, in each case as referred to
in the Security Agreement and duly executed by the appropriate parties; and

 

(E)            
evidence that all other actions, recordings, and filings that the Administrative Agent may deem necessary or desirable in
order to create a perfected first-priority Lien (subject to Liens permitted by Section 7.01) in the Collateral
has been taken (including receipt of duly executed payoff letters, UCC-3 termination statements and landlords’ and bailees’
waiver and consent agreements);

 

(iv)           
lien searches in the name of each Loan Party, and any other name(s) as Administrative Agent may deem appropriate in such
Loan Party’s jurisdiction of formation and each state or jurisdiction where such Loan Party maintains an office or has real
property, showing no financing statements or other Lien instruments of record except for Liens created or permitted by the Loan
Documents or Liens being released on the Closing Date;

 

    45

     

    

 

(v)            
such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers
of each Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible
Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which
such Loan Party is a party;

 

(vi)             
such documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is
duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in
its jurisdiction of formation and each jurisdiction where its ownership, lease or operation of properties or the conduct of its
business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material
Adverse Effect;

 

(vii)           
certificates attesting to the Solvency of each Loan Party before and after giving effect to this Agreement, from its chief
financial officer substantially in the form of Exhibit I;

 

(viii)         
a favorable opinion of Winston & Strawn LLP, counsel to the Loan Parties, addressed to the Administrative Agent and
each Lender, as to the matters set forth in Exhibit G and such other matters concerning the Loan Parties and
the Loan Documents as the Required Lenders may reasonably request;

 

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

 

(x)               
a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 
4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date
of the Audited Financial Statements that has had or could be reasonably expected to have, either individually or in the aggregate,
a Material Adverse Effect, and (C) a pro forma calculation of the Advisory Leverage Ratio and the Consolidated Leverage Ratio as
of the Closing Date;

 

(xi)             
a duly completed Compliance Certificate prepared on a pro forma basis as of the last day of the fiscal quarter of the Borrower
ended September 30, 2017, signed by a Responsible Officer of the Parent and the Borrower;

 

(xii)           
fully executed originals of the Inter-Company Debt Documents together with an allonge endorsing the Inter-Company Note to
Administrative Agent;

 

(xiii)         
estoppel agreements dated the date hereof, executed by AHT with respect to the Hospitality Trust Advisory Agreement and
Braemar with respect to the Braemar Advisory Agreement, each for the benefit of Administrative Agent and form and substance reasonably
acceptable to Administrative Agent; and

 

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

 

    46

     

    

 

(b)               
(i) All fees required to be paid to the Administrative Agent and the Arranger on or before the Closing Date shall have
been paid and (ii) all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.

 

(c)               
The Administrative Agent and each Lender shall have received all documentation and other information that the Administrative
Agent and such Lender require in order to comply with its ongoing obligations under applicable “know your customer”
and anti-money laundering rules and regulations, including the Act (as hereafter defined).

 

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

 

Without limiting the
generality of the provisions of the last paragraph of Section 9.03, for purposes of determining compliance with
the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to
have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented
to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such
Lender prior to the proposed Closing Date specifying its objection thereto.

 

4.02          
Conditions to All Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension
(other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurodollar Rate
Loans) is subject to the following conditions precedent:

 

(a)               
The representations and warranties of the Borrower and each other Loan Party contained in Article V or any
other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith,
shall be true and correct on and as of the date of such Credit Extension, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and except for changes
in factual circumstances not prohibited under the Loan Documents, and except that for purposes of this Section 4.02,
the representations and warranties contained in Sections  5.05(a) and (b) shall be deemed to refer
to the most recent statements furnished pursuant to Sections  6.01(a) and (b), respectively.

 

(b)               
No Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof.

 

(c)               
The Administrative Agent shall have received a Request for Credit Extension in accordance with the requirements hereof.

 

Each Request for Credit
Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Eurodollar
Rate Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 
4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension.

 

    47

     

    

 

Article
V.

Representations and Warranties

 

Each of the Parent
and the Borrower represents and warrants to the Administrative Agent and the Lenders that:

 

5.01          
Existence, Qualification and Power. Each Loan Party and each of its Subsidiaries (a) is duly organized
or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization,
(b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals
to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under
the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, as applicable, in good standing
under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires
such qualification or license; except in each case referred to in clause (b)(i) or (c), to the
extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

5.02          
Authorization; No Contravention. The execution, delivery and performance by each Loan Party of each Loan
Document to which such Person is party have been duly authorized by all necessary corporate or other organizational action, and
do not and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with
or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any
Material Contract or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which
such Person or its property is subject; or (c) violate any Law.

 

5.03          
Governmental Authorization; Other Consents. No approval, consent, exemption, authorization, or other
action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection
with (a) the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other
Loan Document, (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the
perfection or maintenance of the Liens created under the Collateral Documents (including the first priority (or second priority,
if applicable) nature thereof) or (d) the exercise by the Administrative Agent or any Lender of its rights under the Loan
Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, except as may be required by securities
laws generally or as may be provided in any “transfer” or “change of control” provision or other similar
change in ownership provision in any Advisory Agreement or in the organizational documents of the Subsidiaries, Equity Interests
in which are included in the Pledged Equity, that would apply to the exercise by Administrative Agent or any Lender of any rights
or remedies with respect to such Pledged Equity and, in each case referred to in clauses (a) through (d)
above, except for such approvals, consents, exemptions, authorizations or other actions, notices or filings that have
been duly obtained, taken or made.

 

5.04          
Binding Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will
have been, duly executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan
Document when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each
Loan Party that is party thereto in accordance with its terms, subject to Debtor Relief Laws and principles of equity, whether
applied in a court of law or equity.

 

5.05           
Financial Statements; No Material Adverse Effect.

 

(a)                The
Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period
covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the
Consolidated Parties as of the date thereof and their results of operations for the period covered thereby in accordance with
GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and
(iii) show all material indebtedness and other liabilities, direct or contingent, of the Consolidated Parties as of the
date thereof, including liabilities for taxes, material commitments and Indebtedness.

 

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(b)               
The unaudited consolidated balance sheet of the Consolidated Parties dated September 30, 2017, and the related consolidated
statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter ended on that date (i) were
prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein, and (ii) fairly present the financial condition of the Consolidated Parties as of the date thereof and their results
of operations, cash flows and changes in shareholders’ equity for the period covered thereby, subject, in the case of clauses (i)
and (ii), to the absence of footnotes and to normal year-end audit adjustments.

 

(c)               
Since the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in the
aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

 

5.06           Litigation.
There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Parent and the Borrower
after due and diligent investigation, threatened or contemplated, at law, in equity, in arbitration or before any
Governmental Authority, by or against any Loan Party or any of its Subsidiaries or against any of their properties or
revenues that (a) purport to affect or pertain to this Agreement, any other Loan Document or any of the transactions
contemplated hereby or thereby, or (b) except as specifically disclosed in Schedule 5.06, either
individually or in the aggregate, if determined adversely, could reasonably be expected to have a Material Adverse Effect,
and there has been no adverse change in the status, or financial effect on any Loan Party or any Subsidiary thereof, of the
matters described in Schedule 5.06.

 

5.07          
No Default. Neither any Loan Party nor any Subsidiary thereof is in default under or with respect to
any Material Contract. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated
by this Agreement or any other Loan Document.

 

5.08          
Ownership of Property; Liens; Investments.

 

(a)               
Each Loan Party and each of its Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests
in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(b)               
As of the Fourth Amendment Effective Date, Schedule 5.08(b) sets forth a complete and accurate list
of all Liens on the property or assets of each Loan Party and each of its Advisory Subsidiaries securing Indebtedness in excess
of $1,000,000 in outstanding principal amount, showing as of the Fourth Amendment Effective Date the lienholder thereof, the principal
amount of the obligations secured thereby and the property or assets of such Loan Party or such Advisory Subsidiary subject thereto.
The property of each Loan Party and each of its Advisory Subsidiaries is subject to no Liens, other than Liens set forth on Schedule 
5.08(b), or as otherwise permitted by Section 7.01.

 

(c)                As
of the Fourth Amendment Effective Date, Schedule 5.08(c) sets forth a complete and accurate list of all
real property owned or ground leased by each Loan Party and each of its Advisory Subsidiaries, showing as of the Fourth
Amendment Effective Date the street address, county or other relevant jurisdiction, state, and record owner. Each Loan Party
and each of its Advisory Subsidiaries has good, marketable and insurable fee simple or ground leasehold title to the real
property owned by such Loan Party or such Advisory Subsidiary, free and clear of all Liens, other than Liens created or
permitted by the Loan Documents.

 

    49

     

    

 

(d)               
As of the Fourth Amendment Effective Date, Schedule  5.08(d) sets forth a complete and accurate list
of all Investments constituting loans held by any Loan Party or any Advisory Subsidiary on the Fourth Amendment Effective Date
(other than the Inter-Company Debt), showing as of the Fourth Amendment Effective Date the amount, obligor or issuer and maturity,
if any, thereof.

 

5.09          
Environmental Compliance.

 

(a)               
The Loan Parties and their respective Subsidiaries conducted in the ordinary course of business a review of the effect of
existing Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on
their respective businesses, operations and properties, and as a result thereof the Parent and the Borrower have reasonably concluded
that, except as specifically disclosed in Schedule 5.09, such Environmental Laws and claims could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(b)               
Except as otherwise set forth in Schedule 5.09, none of the properties currently or formerly owned or
operated by any Loan Party or any of its Subsidiaries is listed or proposed for listing on the NPL or on the CERCLIS or any analogous
foreign, state or local list or is adjacent to any such 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 treated, stored or disposed in
violation of any Environmental Law 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
in violation of any Environmental Law; and Hazardous Materials have not been released, discharged or disposed of in violation of
any Environmental Law on any property currently owned or operated by any Loan Party or any of its Subsidiaries.

 

(c)               
Except as otherwise set forth on Schedule 5.09, 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 Authority or the requirements
of any Environmental Law; and 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 material liability to any Loan Party or any of its Subsidiaries.

 

5.10          
Insurance. The properties of the Loan Parties and their respective Subsidiaries are insured with financially
sound and reputable insurance companies not Affiliates of any Loan Party, in such amounts, with such deductibles and covering
such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where
the applicable Loan Party or the applicable Subsidiary operates.

 

5.11          
Taxes. The Loan Parties and their respective Subsidiaries have filed all Federal, state and other material
tax returns and reports required to be filed, and have paid all Federal, state and other material taxes, assessments, fees and
other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except
those which are being disputed or contested in good faith by appropriate proceedings diligently conducted and for which adequate
reserves have been provided in accordance with GAAP. There is no proposed tax assessment against any Loan Party or any Subsidiary
that would, if made, have a Material Adverse Effect. Neither any Loan Party nor any Subsidiary thereof is party to any tax sharing
agreement.

 

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5.12          
ERISA Compliance.

 

(a)               
Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other Federal
or state Laws. Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received
a favorable determination letter from the Internal Revenue Service to the effect that the form of such Plan is qualified under
Section 401(a) of the Code and the trust related thereto has been determined by the Internal Revenue Service to be
exempt from federal income tax under Section 501(a) of the Code, or an application for such a letter is currently being
processed by the Internal Revenue Service. To the best knowledge of the Parent and the Borrower, nothing has occurred that would
prevent, or cause the loss of, such tax-qualified status. The Parent, the Borrower and each ERISA Affiliate have made all required
contributions to each Plan subject to Section 412 of the Code, and no application for a funding waiver or an extension
of any amortization period pursuant to Section 412 of the Code has been made with respect to any Plan.

 

(b)               
There are no pending or, to the best knowledge of the Parent and the Borrower, threatened claims, actions or lawsuits, or
action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect.
There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted
or could reasonably be expected to result in a Material Adverse Effect.

 

(c)               
Except as could not reasonably be expected to result in a Material Adverse Effect, (i) No ERISA Event has occurred
and neither the Parent, nor Borrower nor any ERISA Affiliate is aware of any fact, event, or circumstance that could reasonably
be expected to constitute or result in an ERISA Event with respect to any Pension Plan; (ii)  the Parent, the Borrower and
each ERISA Affiliate has met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan, and no
waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; (iii) as of the
most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2)
of the Code) is 60% or higher, and neither the Parent, nor the Borrower nor any ERISA Affiliate knows of any facts or circumstances
that could reasonably be expected to cause the funding target attainment percentage for any such plan to drop below 60% as of the
most recent valuation date; (iv) neither the Parent, nor Borrower nor any ERISA Affiliate has incurred any liability to the
PBGC other than for the payment of premiums, and there are no premium payments which have become due that are unpaid; (v) neither
the Parent, nor the Borrower nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069
or 4212(c) of ERISA; and (vi) no Pension Plan has been terminated by the plan administrator thereof nor by the PBGC,
and no event or circumstance has occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings
under Title IV of ERISA to terminate any Pension Plan.

 

(d)               
Neither the Parent, nor the Borrower nor any ERISA Affiliate maintains or contributes to, or has any unsatisfied obligation
to contribute to, or liability under, any active or terminated Pension Plan other than (A) on the Fourth Amendment Effective
Date, those listed on Schedule 5.12(d) hereto and (B) thereafter, Pension Plans not otherwise prohibited
by this Agreement.

 

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(e)               
As of the Fourth Amendment Effective Date, the Borrower is not and will not be using “plan assets” (within the
meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the
Loans, the Letters of Credit or the Commitments.

 

5.13          
Subsidiaries; Equity Interests; Loan Parties. As of the Fourth Amendment Effective Date, no Loan Party
has any Subsidiaries other than those specifically disclosed in Part (a) of Schedule 5.13. All of the
outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and non-assessable and are owned by
a Loan Party (or a Subsidiary thereof) in the amounts specified on Part (a) of Schedule 5.13 and, with
respect to any Equity Interests pledged under this Agreement, free and clear of all Liens except those created under the Collateral
Documents, and with respect to all other Equity Interests owned by any Loan Party or any Advisory Subsidiary, free and clear of
all Liens except those permitted under this Agreement. As of the Fourth Amendment Effective Date, no Loan Party has any equity
investments in any other corporation or entity other than those specifically disclosed in Part (b) of Schedule 5.13.
All of the outstanding Equity Interests in each Loan Party have been validly issued, are fully paid and non-assessable and are
owned in the amounts specified on Part (c) of Schedule 5.13 and, with respect to any Equity Interests
pledged under this Agreement, free and clear of all Liens except those created under the Collateral Documents, and with respect
to all other Equity Interests, free and clear of all Liens except those permitted under this Agreement. Set forth on Part (d)
of Schedule 5.13 is a complete and accurate list of all Loan Parties as of the Fourth Amendment Effective Date,
showing as of the Fourth Amendment Effective Date (as to each Loan Party) the jurisdiction of its incorporation, the address of
its principal place of business and its U.S. taxpayer identification number or, in the case of any non-U.S. Loan Party that does
not have a U.S. taxpayer identification number, its unique identification number issued to it by the jurisdiction of its incorporation.

 

5.14          
Margin Regulations; Investment Company Act.

 

(a)               
The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing
or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing
or carrying margin stock.

 

(b)               
None of the Borrower, any Person Controlling the Borrower, or any Subsidiary is or is required to be registered as an “investment
company” under the Investment Company Act of 1940, other than Ashford Investment Management, LLC.

 

5.15          
Disclosure.

 

(a)               
The Parent and the Borrower have disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate
or other restrictions to which it or any of its Subsidiaries or any other Loan Party is subject, and all other matters known to
it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. No report, financial
statement, certificate or other information furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender
in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any
other Loan Document (in each case as modified or supplemented by other information so furnished) contains any material misstatement
of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading; provided that, with respect to projected financial information, the Parent and the Borrower
represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.

 

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(b)               
As of the Fourth Amendment Effective Date, the information included in the Beneficial Ownership Certification, if applicable,
is true and correct in all respects.

 

5.16          
Compliance with Laws. Each Loan Party and each Subsidiary thereof is in compliance in all material respects
with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except
in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being disputed or contested
in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually
or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

5.17          
Taxpayer Identification Number. The Borrower’s true and correct U.S. taxpayer identification number
is set forth on Schedule 11.02.

 

5.18          
Intellectual Property; Licenses, Etc.. Each Loan Party and each of its Subsidiaries own, or possess the
right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and
other intellectual property rights (collectively, “IP Rights”) that are reasonably necessary for the
operation of their respective businesses, without conflict with the rights of any other Person except to the extent the absence
of any such IP Rights could not reasonably be expected to have a Material Adverse Effect. To the best knowledge of the Parent
and the Borrower, no slogan or other advertising device, product, process, method, substance, part or other material now employed,
or now contemplated to be employed, by any Loan Party or any of its Subsidiaries infringes upon any rights held by any other Person.
Except as specifically disclosed in Schedule 5.18, no claim or litigation regarding any of the foregoing is
pending or, to the best knowledge of the Parent and the Borrower, threatened, which, either individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect.

 

5.19          
Solvency. Each Loan Party is, individually and together with its Subsidiaries on a consolidated basis,
Solvent.

 

5.20          
Casualty, Etc. Neither the businesses nor the properties 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), condemnation or eminent domain proceeding
that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

5.21          
Labor Matters. There are no collective bargaining agreements or Multiemployer Plans covering the employees
of the Parent, the Borrower or any of their respective Subsidiaries as of the Fourth Amendment Effective Date and neither the
Parent, nor the Borrower nor any of their respective Subsidiaries has suffered any strikes, walkouts, work stoppages or other
material labor difficulty within the last five years.

 

5.22          
Collateral Documents. The provisions of the Collateral Documents are effective to create in favor of
the Administrative Agent for the benefit of the Secured Parties a legal, valid and enforceable first priority Lien on all right,
title and interest of the respective Loan Parties in the Collateral described therein. Except for filings completed prior to the
Fourth Amendment Effective Date and as contemplated hereby and by the Collateral Documents, no filing or other action will be
necessary to perfect or protect such Liens.

 

5.23          
OFAC. Neither Parent, the Borrower, nor any of their respective Subsidiaries, nor, to the knowledge of
Parent, the Borrower and their respective Subsidiaries, any director, officer, employee, agent, affiliate or representative thereof,
is an individual or entity that is, or is owned or controlled by one or more individuals or entities that are (a) currently the
subject or target of any Sanctions, (b) included on OFAC’s List of Specially Designated Nationals or HMT’s Consolidated
List of Financial Sanctions Targets, or any similar list enforced by any other relevant sanctions authority or (c) located, organized
or resident in a Designated Jurisdiction. The Borrower and its Subsidiaries have conducted their businesses in compliance in all
material respects with all applicable Sanctions and have instituted and maintained policies and procedures designed to promote
and achieve compliance with such Sanctions.

 

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5.24          
Nature of Business. As of the Fourth Amendment Effective Date, the Consolidated Parties are engaged in
the business of providing advisory and other services to hotel properties, together with other business activities incidental
thereto.

 

5.25          
Anti-Corruption Laws. The Parent, the Borrower or each of their respective Subsidiaries have conducted
their businesses in compliance with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other
similar anti-corruption legislation in other jurisdictions, and have instituted and maintained policies and procedures designed
to promote and achieve compliance with such laws.

 

5.26          
EEA Financial Institutions. No Loan Party is an EEA Financial Institution.

 

5.27          
Advisory Agreements.

 

(a)               
Each Advisory Agreement contains the entire agreements of the parties thereto with respect to the subject matter thereof.

 

(b)               
Each Advisory Agreement is in full force and effect, and is scheduled to expire as described in each Advisory Agreement.
There are no options to extend any Advisory Agreement except as described in such Advisory Agreement. Except as expressly set forth
in each Advisory Agreement, there are no rights to terminate such Advisory Agreement.

 

(c)               
To the Parent’s, the Borrower’s and Advisor’s knowledge, no breach or default or event that with the giving
of notice or passage of time would constitute a breach or default of or under any provision of any Advisory Agreement (an “Advisory
Default”) exists or has occurred as to any obligations under any Advisory Agreement. Neither the Borrower nor Advisor
has received any written notice under any Advisory Agreement alleging that an Advisory Default has occurred or exists.

 

(d)       Advisor
has not assigned, transferred, or encumbered its interest in, to, or under any Advisory Agreement, except in favor of Administrative
Agent pursuant to the Loan Documents or pursuant to the Inter-Company Debt Documents.

 

5.28          
Covered Entities. No Loan Party is a Covered Entity.

 

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Article
VI.

Affirmative Covenants

 

So long as any Lender
shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied (other than contingent
indemnification and reimbursement obligations for which no claim has been asserted), each of the Parent and the Borrower shall,
and shall (except in the case of the covenants set forth in Sections 6.01, 6.02 and 6.03)
cause each other Loan Party and each Advisory Subsidiary to:

 

6.01          
Financial Statements. Deliver to the Administrative Agent (who will deliver same to each Lender), in
form and detail satisfactory to the Administrative Agent:

 

(a)               
as soon as available, but in any event within ninety (90) days after the end of each fiscal year of the Parent (or, if earlier,
fifteen (15) days from the date required to be filed with the SEC (without giving effect to any extension permitted by the SEC))
(commencing with the fiscal year ended December 31, 2017), a consolidated balance sheet of the Consolidated Parties as of the end
of such fiscal year, the related consolidated statements of income or operations of the Parent for such fiscal year, and the related
consolidated statements of changes in shareholders’ equity and cash flows of the Parent for such fiscal year, setting forth
in each case in comparative form, as applicable, the figures for the previous fiscal year, together with unaudited proforma versions
of each such statement revised to show the entity specific results used to calculate the financial covenants as set forth in the
Compliance Certificate delivered together with such statements as required in Section 6.02(a), all in reasonable
detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of an independent certified public
accountant of nationally recognized standing reasonably acceptable to the Required Lenders, which report and opinion shall be prepared
in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification
or exception or any qualification or exception as to the scope of such audit; and

 

(b)               
as soon as available, but in any event within forty-five (45) days after the end of each of the first three fiscal quarters
of each fiscal year of the Parent (or, if earlier, fifteen (15) days after the date required to be filed with the SEC (without
giving effect to any extension permitted by the SEC)) (commencing with the fiscal quarter ended March 1, 2018), a consolidated
balance sheet of the Consolidated Parties as at the end of such fiscal quarter, the related consolidated statements of income or
operations for such quarter and for the portion of the Parent’s fiscal year then ended, and the related statements of changes
in shareholders’ equity and cash flows of the Parent for such fiscal quarter and for the portion of the Parent’s fiscal
year then ended, setting forth in each case in comparative form, as applicable, the figures for the corresponding fiscal quarter
of the previous fiscal year and the corresponding portion of the previous fiscal year, together with proforma versions of each
such statement revised to show the entity specific results used to calculate the financial covenants as set forth in the Compliance
Certificate delivered together with such statements as required in Section 6.02(a), all in reasonable detail, certified
by the chief executive officer, chief financial officer, treasurer or controller of the Parent as fairly presenting the financial
condition, results of operations, shareholders’ equity and cash flows of the Consolidated Parties in accordance with GAAP,
subject only to normal year-end audit adjustments and the absence of footnotes.

 

As to any information contained
in materials furnished pursuant to Section 6.02(c), the Parent and the Borrower shall not be separately required
to furnish such information under Section 6.01(a) or (b) above, but the foregoing shall not be
in derogation of the obligation of the Parent and the Borrower to furnish the information and materials described in Sections 
6.01(a) and (b) above at the times specified therein.

 

6.02          
Certificates; Other Information. Deliver to the Administrative Agent (who will deliver same to each Lender),
in form and detail satisfactory to the Administrative Agent:

 

(a)                concurrently
with the delivery of the financial statements referred to in Sections 6.01(a) and (b), a
duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller
of the Parent (which delivery may, unless the Administrative Agent requests executed originals, be by electronic
communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all
purposes);

 

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(b)               
promptly after any request by the Administrative Agent or any Lender, copies of any detailed audit reports, management letters
or recommendations submitted to the board of directors (or the audit committee of the board of directors) of any Loan Party by
independent accountants in connection with the accounts or books of any Loan Party or any of its Advisory Subsidiaries, or any
audit of any of them;

 

(c)               
promptly after the same are available, copies of each annual report, proxy or financial statement or other report or communication
sent to the stockholders of the Parent, and copies of all annual, regular, periodic and special reports and registration statements
which the Parent may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange
Act of 1934, or with any national securities exchange, and in any case not otherwise required to be delivered to the Administrative
Agent pursuant hereto;

 

(d)               
promptly after the furnishing thereof, copies of any statement or report furnished to any holder of debt securities of any
Loan Party or of any of its Advisory Subsidiaries pursuant to the terms of any indenture, loan or credit or similar agreement and
not otherwise required to be furnished to the Lenders pursuant to Section 6.01 or any other clause of this Section
6.02;

 

(e)               
as soon as available, and after any request by the Administrative Agent or any Lender within thirty (30) days after the
end of each fiscal year of the Parent, a report summarizing the insurance coverage (specifying type, amount and carrier) in effect
for each Loan Party and its Advisory Subsidiaries and containing such additional information as the Administrative Agent, or any
Lender through the Administrative Agent, may reasonably specify;

 

(f)                
promptly, and in any event within five (5) Business Days after receipt thereof by any Loan Party or any Subsidiary thereof,
copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction)
concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational
results of any Loan Party or any Subsidiary thereof;

 

(g)               
not later than five (5) Business Days after receipt thereof by any Loan Party or any Advisory Subsidiary thereof, copies
of all notices, requests and other documents (including amendments, waivers and other modifications) so received under or pursuant
to any instrument, indenture, loan or credit or similar agreement regarding or related to any breach or default by any party thereto
or any other event that could materially impair the value of the interests or the rights of any Loan Party or otherwise have a
Material Adverse Effect and, from time to time upon request by the Administrative Agent, such information and reports regarding
such instruments, indentures and loan and credit and similar agreements as the Administrative Agent may reasonably request;

 

(h)               
promptly after the assertion or occurrence thereof, notice of any action or proceeding against or of any noncompliance by
any Loan Party or any of its Subsidiaries with any Environmental Law or Environmental Permit that could reasonably be expected
to have a Material Adverse Effect;

 

(i)                
promptly following any request therefor, provide information and documentation reasonably requested by the Administrative
Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money-laundering rules
and regulations, including, without limitation, the PATRIOT Act and the Beneficial Ownership Regulation; and

 

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(j)                
promptly, such additional information regarding the business, financial, legal or corporate affairs of any Loan Party or
any Advisory Subsidiary thereof, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender
may from time to time reasonably request.

 

Documents required
to be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(c) (to
the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so
delivered, shall be deemed to have been delivered on the date (i) on which the Parent or the Borrower posts such documents,
or provides a link thereto on the Parent’s or the Borrower’s website on the Internet at the website address listed
on Schedule  11.02; or (ii) on which such documents are posted on the Parent’s or the Borrower’s
behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial,
third-party website or whether sponsored by the Administrative Agent). Notwithstanding anything contained herein, in every instance
the Parent and the Borrower shall be required to provide paper or emailed copies of the Compliance Certificates required by Section 6.02(a)
to the Administrative Agent. Except for such Compliance Certificate, the Administrative Agent shall have no obligation to request
the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to
monitor compliance by the Parent and the Borrower with any such request by a Lender for delivery, and each Lender shall be solely
responsible for requesting delivery to it or maintaining its copies of such documents.

 

The Parent and the
Borrower hereby acknowledge that (a) the Administrative Agent and/or the Arranger may, but shall not be obligated to, make
available to the Lenders materials and/or information provided by or on behalf of the Parent or the Borrower hereunder (collectively,
 “Borrower Materials”) by posting the Borrower Materials on IntraLinks, Syndtrak, ClearPar, or a substantially
similar electronic transmission system (the “Platform”) and (b) certain of the Lenders (each, a
 “Public Lender”) may have personnel who do not wish to receive material non-public information with respect
to the Parent, the Borrower or their respective Affiliates, or the respective securities of any of the foregoing, and who may be
engaged in investment and other market-related activities with respect to such Persons’ securities. The Parent and the Borrower
hereby agree that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously
marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the
first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Parent and the Borrower shall be deemed to
have authorized the Administrative Agent, the Arranger, and the Lenders to treat such Borrower Materials as not containing any
material non-public information with respect to the Parent, the Borrower or their respective securities for purposes of United
States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute
Information, they shall be treated as set forth in Section 11.07); (y) all Borrower Materials marked “PUBLIC”
are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the
Administrative Agent and the Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC”
as being suitable only for posting on a portion of the Platform not designated “Public Side Information.”

 

6.03          
Notices. Promptly notify the Administrative Agent:

 

(a)               
of the occurrence of any Default;

 

(b)                of
any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including as a result of
(i) any breach or non-performance of, or any default under, a Material Contract of the Parent, the Borrower or any of
their respective Subsidiaries; (ii) any dispute, litigation, investigation, proceeding or suspension between the Parent,
the Borrower or any of their respective Subsidiaries and any Governmental Authority; or (iii) the commencement of, or
any material development in, any litigation or proceeding affecting the Parent, the Borrower or any of their respective
Subsidiaries, including pursuant to any applicable Environmental Laws;

 

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(c)               
of the occurrence of any ERISA Event; and

 

(d)               
of any material change in accounting policies or financial reporting practices by any Loan Party or any Advisory Subsidiary
thereof, including any determination by the Parent or the Borrower referred to in Section 2.09(b).

 

Each notice pursuant
to this Section 6.03 shall be accompanied by a statement of a Responsible Officer of the Parent and the Borrower
setting forth details of the occurrence referred to therein and stating what action the Parent and the Borrower has taken and propose
to take with respect thereto. Each notice pursuant to Section 6.03(a) shall describe with particularity any
and all provisions of this Agreement and any other Loan Document that have been breached.

 

6.04          
Payment of Obligations. Pay and discharge (or bond or insure against) as the same shall become due and
payable, all obligations and liabilities of any Loan Party or Advisory Subsidiary, including (a) all tax liabilities, assessments
and governmental charges or levies upon it or its properties or assets, unless the same are being disputed or contested in good
faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the
Parent, the Borrower or such Advisory Subsidiary; and (b) all lawful claims of materialmen and mechanics, for labor, materials
and supplies which, if unpaid, would by law become a Lien upon its property, unless the same are being disputed or contested in
good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained
by the Parent, the Borrower or such Advisory Subsidiary.

 

6.05          
Preservation of Existence, Etc. (a) Preserve, renew and maintain in full force and effect its legal
existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section
7.04 or 7.05 or to the extent that failure to do so could not reasonably be expected to have a Material
Adverse Effect; (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary
or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected
to have a Material Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names and service
marks, the non-preservation of which could reasonably be expected to have a Material Adverse Effect.

 

6.06          
Maintenance of Properties. (a) Maintain, preserve and protect all of its material properties and
equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted; (b) make
all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably be
expected to have a Material Adverse Effect; and (c) use the standard of care typical in the industry in the operation and
maintenance of its facilities.

 

6.07          
Maintenance of Insurance. Maintain with financially sound and reputable insurance companies not Affiliates
of the Parent or the Borrower, insurance with respect to its properties and business against loss or damage of the kinds customarily
insured against by Persons engaged in the same or similar business, of such types and in such amounts (and including deductibles
and exclusions) as are customarily carried under similar circumstances by such other Persons.

 

6.08          
Compliance with Laws. Comply in all material respects with the requirements of all Laws and all orders,
writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such
requirement of Law or order, writ, injunction or decree is being disputed or contested in good faith by appropriate proceedings
diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse
Effect.

 

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6.09          
Books and Records. (a) Maintain proper books of record and account, in which full, true and correct
entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets
and business of the Parent, the Borrower or such Subsidiary, as the case may be; and (b) maintain such books of record and
account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over
the Parent, the Borrower or such Subsidiary, as the case may be.

 

6.10          
Inspection Rights. Permit representatives and independent contractors of the Administrative Agent and
each Lender to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies
thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent
public accountants, all at the expense of the Parent and the Borrower and at such reasonable times during normal business hours
and as often as may be reasonably desired, upon reasonable advance notice to the Parent and the Borrower; provided, however,
that when an Event of Default exists the Administrative Agent or any Lender (or any of their respective representatives or independent
contractors) may do any of the foregoing at the expense of the Parent and the Borrower at any time during normal business hours
and without advance notice.

 

6.11          
Use of Proceeds. Use the proceeds of the Credit Extensions for working capital, capital expenditures
and other general corporate purposes (including, without limitation, property acquisitions) not in contravention of any Law or
of any Loan Document; provided, however, that no proceeds of the Credit Extensions shall be used for (a) Investments in Ancillary
Service Subsidiaries or (b) any Restricted Payment.

 

6.12          
Covenant to Guarantee Obligations and Give Security.

 

(a)               
Upon the formation or acquisition of any new direct or indirect Subsidiary (other than an Excluded Subsidiary, any CFC or
a Subsidiary that is held directly or indirectly by a CFC) by any Loan Party, or, should any Subsidiary no longer qualify as an
Excluded Subsidiary, then the Borrower shall, within thirty (30) days after such formation, acquisition, or change to non-Excluded
Subsidiary (unless the Administrative Agent grants additional time therefor in Administrative Agent’s sole discretion), at
the Borrower’s expense:

 

(i)                
cause such Subsidiary, and cause each direct and indirect parent of such Subsidiary (if it has not already done so), to
duly execute and deliver to the Administrative Agent a guaranty or guaranty supplement, in form and substance satisfactory to the
Administrative Agent, guaranteeing the Obligations;

 

(ii)              
cause such Subsidiary and each direct and indirect parent of such Subsidiary (if it has not already done so) to duly execute
and deliver to the Administrative Agent supplements to the Security Agreement and other security and pledge agreements, as specified
by and in form and substance satisfactory to the Administrative Agent (including delivery of all instruments specified in Section 4.01(a)(iii)); provided, that no Loan Party shall be required to pledge any Equity Interests issued by an Excluded
Subsidiary, and no such supplements to the Security Agreement or other pledge agreements shall be required with respect to any
Equity Interests issued by an Excluded Subsidiary;

 

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(iii)             cause
such Subsidiary and each direct and indirect parent of such Subsidiary (if it has not already done so) to take whatever
action (including the filing of Uniform Commercial Code financing statements, the giving of notices and the endorsement of
notices on title documents) may be necessary or advisable in the opinion of the Administrative Agent to vest in the
Administrative Agent (or in any representative of the Administrative Agent designated by it) valid and subsisting Liens on
the properties purported to be subject to supplements to the Security Agreement and security and pledge agreements delivered
pursuant to this Section 6.12, enforceable against all third parties in accordance with their terms;
and

 

(iv)             
deliver to the Administrative Agent, upon the request of the Administrative Agent in its sole discretion, a signed copy
of a favorable opinion, addressed to the Administrative Agent and the other Secured Parties, of counsel for the Loan Parties acceptable
to the Administrative Agent as to the matters contained in clauses (i), (ii) and (iii)
above, and as to such other matters as the Administrative Agent may reasonably request.

 

(b)               
At any time upon request of the Administrative Agent, promptly execute and deliver any and all further instruments and documents
and take all such other action as the Administrative Agent may deem necessary or desirable in obtaining the full benefits of, or
(as applicable) in perfecting and preserving the Liens of, such guaranties, supplements to the Security Agreement, and other security
and pledge agreements.

 

6.13          
Compliance with Environmental Laws. Comply, and cause 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 all Environmental Permits necessary for its operations and properties; and 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 accordance with the requirements of all Environmental Laws; provided, however, that
neither the Parent, nor the Borrower nor any of their respective Subsidiaries shall be required to undertake any such cleanup,
removal, remedial or other action to the extent that its obligation to do so is being disputed or contested in good faith and
by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP.

 

6.14          
Further Assurances. Promptly upon the reasonable request by the Administrative Agent, or any Lender through
the Administrative Agent, (a) correct any material defect or error that may be discovered in any Loan Document or in the
execution, acknowledgment, filing or recordation thereof, and (b) do, execute, acknowledge, deliver, record, re-record, file,
re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the
Administrative Agent, or any Lender through the Administrative Agent, may reasonably require from time to time in order to (i) carry
out more effectively the purposes of the Loan Documents, (ii) to the fullest extent permitted by applicable law, subject
any Loan Party’s or any of its Advisory Subsidiaries’ properties, assets, rights or interests to the Liens now or
hereafter intended to be covered by any of the Collateral Documents, (iii) perfect and maintain the validity, effectiveness
and priority of any of the Collateral Documents and any of the Liens intended to be created thereunder and (iv) assure, convey,
grant, assign, transfer, preserve, protect and confirm more effectively unto the Secured Parties the rights granted or now or
hereafter intended to be granted to the Secured 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 Advisory Subsidiaries is or is to be a party, and cause each of its
Advisory Subsidiaries to do so.

 

6.15          
Compliance with Terms of Leaseholds. Make all payments and otherwise perform all obligations in respect
of all leases of real property to which the Parent, the Borrower or any of their respective Advisory 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, 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 Advisory Subsidiaries to do so,
except, in any case, where the failure to do so, either individually or in the aggregate, could not be reasonably likely to have
a Material Adverse Effect.

 

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6.16          
Lien Searches. Promptly following receipt of the acknowledgment copy of any financing statements filed
under the Uniform Commercial Code in any jurisdiction by or on behalf of the Secured Parties, deliver to the Administrative Agent
completed requests for information listing such financing statement and all other effective financing statements filed in such
jurisdiction that name any Loan Party as debtor, together with copies of such other financing statements.

 

6.17          
Material Contracts. Perform and observe all the material terms and provisions of each Material Contract
to be performed or observed by it and, except where either a replacement for such Material Contract has been or is being obtained
or such Material Contract is being terminated in connection with a breach or reasonable uncertainty concerning ongoing performance
by the counterparty thereunder, maintain each such Material Contract in full force and effect.

 

6.18          
[Reserved].

 

6.19          
Maintenance of Listing. Maintain at least one class of common shares of the Parent having trading privileges
on the New York Stock Exchange, NYSE American or which is the subject of price quotations in the over-the-counter market as reported
by the National Association of Securities Dealers Automated Quotation System.

 

6.20          
Anti-Corruption Laws; Sanctions. Conduct its businesses in compliance in all material respects with
the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other applicable anti-corruption legislation
in other jurisdictions and with all applicable Sanctions, and maintain policies and procedures designed to promote and achieve
compliance with such laws and Sanctions.

 

6.21          
Inter-Company Debt Documents. The Parent and the Borrower shall enforce the Inter-Company Debt Documents
in accordance with their terms and shall not waive any default thereunder or forebear from the exercise of any remedies thereunder
without the prior written consent of Administrative Agent. The Parent and the Borrower shall cause the Inter-Company Debt Document
to not be amended, modified, terminated, canceled, renewed, extended, cancelled, or surrendered without the prior written consent
of Administrative Agent. The Borrower shall record in its books and records each loan or advance made under the Inter-Company
Loan Agreement and shall furnish evidence thereof to Administrative Agent upon request.

 

6.22          
Advisory Agreements.

 

(a)               
Observe and perform, or cause Advisor to observe and perform, as and when due, in all material respects, each and all of
their obligations under each Advisory Agreement in accordance with the terms of each Advisory Agreement.

 

(b)               
Promptly notify, or cause Advisor to promptly notify, Administrative Agent of the giving of any notice of any default under
any Advisory Agreement and deliver to Administrative Agent a true copy of each such notice.

 

6.23          
Deposit Accounts. The Parent and the Borrower shall, and shall cause each of the other Loan Parties to,
(a) use Administrative Agent as its principal depository bank, (b) maintain Administrative Agent as its principal depository bank,
including for the maintenance of business, cash management, operating and administrative deposit accounts, and (c) move all such
accounts to Administrative Agent within ninety (90) days of the date hereof (or such later date as Administrative Agent may approve
in its sole discretion).

 

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6.24          
Advisory Agreement Escrow Account. As soon as required pursuant to the terms of the Advisory Agreement,
the Parent and the Borrower shall, and shall cause each of the other Loan Parties to, open and maintain any “Termination
Fee Escrow Account” (as defined in each Advisory Agreement), or any other account serving a similar purpose to any Termination
Fee Escrow Account, either (a) at Bank of America or (b) at another institution, in which case each such account shall be subject
to a duly executed control agreement, each in form and substance satisfactory to the Administrative Agent.

 

Article
VII.

Negative Covenants

 

So long as any Lender
shall have any Commitment hereunder or any Loan or other Obligation hereunder shall remain unpaid or unsatisfied (other than contingent
indemnification and reimbursement obligations for which no claim has been asserted), each of the Parent and the Borrower shall
not, nor shall it permit any Loan Party or any Advisory Subsidiary to (except that Section 7.04 shall only apply
to the Parent, the Borrower, Advisor and Ashford Advisors, Inc.), directly or indirectly:

 

7.01          
Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues,
whether now owned or hereafter acquired, or sign or file or suffer to exist under the Uniform Commercial Code of any jurisdiction
a financing statement that names the Parent, the Borrower or any of their respective Advisory Subsidiaries as debtor, or assign
any accounts or other right to receive income, other than the following:

 

(a)               
Liens pursuant to any Loan Document;

 

(b)               
Liens existing on the date hereof and listed on Schedule  5.08(b) and any renewals, amendments, modifications
or extensions thereof;

 

(c)               
Liens for taxes not yet due or which are being disputed or contested in good faith and by appropriate proceedings diligently
conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

 

(d)               
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising
in the ordinary course of business which are not overdue for a period of more than thirty (30) days or which are being disputed
or contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained
on the books of the applicable Person, or which are otherwise subject to a bond or insured against;

 

(e)               
pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance
and other social security legislation, other than any Lien imposed by ERISA;

 

(f)                
deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations,
surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

 

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(g)            
easements, leases, rights-of-way, restrictions and other encumbrances affecting real property which could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect;

 

(h)            
Liens securing the Inter-Company Debt;

 

(i)             
Liens securing judgments for the payment of money not constituting an Event of Default under Section 8.01(h);

 

(j)             
Liens (i) of a collecting bank arising under Section 4-210 of the UCC on items in the course of collection, and (ii) in
favor of a banking institution arising as a matter of law encumbering deposits (including the right of setoff) that are customary
in the banking industry;

 

(k)            
any interest or title of a lessor, sublessor, licensor or sublicensor under leases or licenses permitted by this Agreement
that are entered into in the ordinary course of business;

 

(l)             
leases, licenses, subleases or sublicenses granted to others in the ordinary course of business that do not (i) interfere
in any material respect with the ordinary conduct of the business of the Borrower and its Advisory Subsidiaries, or (ii) secure
any Indebtedness;

 

(m)           
Liens solely with respect to assets leased to the counterparty of a Key Money Investment transaction and granted in connection
therewith; and

 

(n)            
Liens granted by an Excluded Subsidiary to secure Indebtedness permitted under Section 7.02(g) below.

 

7.02       
Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except:

 

(a)            
Indebtedness under the Loan Documents;

 

(b)           
Indebtedness outstanding on the date hereof and listed on Schedule  7.02 and any refinancings,
refundings, renewals or extensions thereof; provided that the amount of such Indebtedness is not increased at the time of such
refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid,
and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments
unutilized thereunder;

 

(c)            
Guarantees of the Borrower or any other Loan Party in respect of Indebtedness otherwise permitted hereunder of the Borrower
or any other Loan Party;

 

(d)            
obligations (contingent or otherwise) of the Borrower or any Subsidiary existing or arising under any Swap Contract, provided
that (i) such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose
of directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated
by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation or taking a “market
view;” and (ii) such Swap Contract does not contain any provision exonerating the non-defaulting party from its
obligation to make payments on outstanding transactions to the defaulting party;

 

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(e)             
the Inter-Company Debt;

 

(f)            
Indebtedness that is recourse to Borrower or Parent in an aggregate principal amount not to exceed $5,000,000 at any time
outstanding; and

 

(g)            
Indebtedness of any Excluded Subsidiary, subject to Section 7.02(f) above if any such Indebtedness is
recourse to Borrower or Parent.

 

For all purposes hereof,
the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that
is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such
Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date
shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any capital lease or Synthetic Lease Obligation
as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date.

 

7.03       
Investments. Make any Investments, except:

 

(a)            
Investments held by the Parent, the Borrower or such Advisory Subsidiary in the form of cash equivalents;

 

(b)            
the Inter-Company Debt;

 

(c)            
advances to officers, directors and employees of the Parent, the Borrower and Advisory Subsidiaries in an aggregate amount
not to exceed $100,000 at any time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes;

 

(d)            
Investments of the Parent, the Borrower or any Subsidiary in any Subsidiary that is not an Excluded Subsidiary and Investments
of any Subsidiary in the Parent, the Borrower or in another Subsidiary;

 

(e)            
Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the
grant of trade credit in the ordinary course of business, and 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;

 

(f)             
Guarantees permitted by Section 7.02; and

 

(g)             Investments
of the Parent, the Borrower or any Subsidiary in Excluded Subsidiaries (or in any other Person with respect to equity Investments
that do not result in the Control of such Person), so long as immediately prior to making such Investment, and immediately thereafter
and after giving effect thereto, no Default or Event of Default has occurred and is continuing or would result therefrom.

 

7.04       
Fundamental Changes. Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose
of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter
acquired) to or in favor of any Person (including, in each case, pursuant to a Division), except that, so long as no Default exists
or would result therefrom:

 

(a)            
any Advisory Subsidiary or Loan Party may merge with (i) the Borrower, provided that the Borrower shall be
the continuing or surviving Person, or (ii) any one or more other Advisory Subsidiaries or Loan Party;

 

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(b)            
any Loan Party may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower
or to another Loan Party (other than the Parent);

 

(c)            
any Subsidiary that is not a Loan Party may Dispose of all or substantially all its assets (including any Disposition that
is in the nature of a liquidation) to any other Person;

 

(d)            
the Parent, the Borrower and any Advisory Subsidiary may make Dispositions not prohibited by Section 7.05;

 

(e)            
the Parent, Borrower or any other Loan Party or Advisory Subsidiary may merge or consolidate with any other Person, so
long as the Parent, the Borrower, or such other Loan Party or Advisory Subsidiary, as the case may be, shall be the surviving
entity and no Change of Control shall have occurred; and

 

(f)             
any Subsidiary of Borrower may dissolve, liquidate or wind up its affairs if it owns no material assets, engages in no
business and otherwise has no activities other than activities related to the maintenance of its existence and good standing;

 

provided, however,
that (x) in the case of any such merger or consolidation in which the Parent or the Borrower is a party, the Parent or Borrower,
as the case may be, shall be the surviving entity, and (y) in no event shall Parent or Borrower dissolve or liquidate or Dispose
of all or substantially all of its assets.

 

7.05       
Dispositions. Make any Disposition or enter into any agreement to make any Disposition, except:

 

(a)            
Dispositions of obsolete or worn out property or property determined by Borrower to no longer be necessary in the business
or operations of Borrower or its Subsidiaries, whether now owned or hereafter acquired, in the ordinary course of business;

 

(b)            
Dispositions of inventory and Investments in the ordinary course of business;

 

(c)            
Dispositions of equipment or personal property to the extent that (i) such property is replaced with similar replacement
property or exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such
Disposition are reasonably promptly applied to the purchase price of such replacement property;

 

(d)            
Dispositions not prohibited by Section 7.04 or 7.06;

 

(e)            
leases, licenses, subleases or sublicenses (including the provision of open source software under an open source license)
granted in the ordinary course of business and on ordinary commercial terms that do not interfere in any material respect with
the business of the Borrower and its Subsidiaries;

 

(f)             
Dispositions with respect to a Key Money Investment; and

 

(g)            
Dispositions of property for no less than the fair market value of such property at the time of such Disposition; provided
that as to any Dispositions by a Loan Party, the amount of any non-cash or non-cash equivalent proceeds received shall not
exceed in value $10,000,000 in any twelve (12) month period for all such Dispositions by Loan Parties; provided, further
that at the time of any such Disposition no Default shall exist or would result from such Disposition.

 

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7.06       
Restricted Payments. Declare or make any Restricted Payment, provided, that so long as no Default
or Event of Default has occurred and is continuing or would result therefrom, the Parent may (a) declare or pay cash dividends
to its stockholders and (b) repurchase its Equity Interests, in each case, solely out of cash available for distribution of the
Parent and its Subsidiaries. Notwithstanding the prior sentence, in no event shall any Restricted Payment be made with respect
to the common stock of Parent unless, both before and after giving effect to any such payment, Borrower shall have demonstrated
to Administrative Agent’s satisfaction that the Consolidated Fixed Charge Coverage Ratio is greater than 1.0 to 1.0.

 

7.07       
Change in Nature of Business. Engage in any material line of business substantially different from those
lines of business conducted by the Borrower and its Subsidiaries on the date hereof or any business substantially related or incidental
thereto.

 

7.08       
Transactions with Affiliates. Enter into any transaction of any kind with any Affiliate of the Borrower,
whether or not in the ordinary course of business, other than on fair and reasonable terms as would be obtainable by the Borrower
or such Subsidiary at the time in a comparable arm’s length transaction with a Person other than an Affiliate; provided
that the foregoing restriction shall not apply to (a) transactions between or among the Loan Parties or between or among
Subsidiaries that are not Loan Parties, (b) Restricted Payments permitted by Section 7.06, or (c) transactions
associated with Key Money Investments.

 

7.09       
Burdensome Agreements. With respect to Borrower or any Guarantor, enter into or permit to exist any Contractual
Obligation (other than this Agreement, any other Loan Document, or the Inter-Company Debt Documents, or any document relating
to a Key Money Investment) that (a) limits the ability (i) of such Person to make Restricted Payments to the Borrower
or any Guarantor or to otherwise transfer property to or invest in the Borrower or any Guarantor, except for any agreement in
effect (A) on the date hereof and set forth on Schedule 7.09 or (B) at the time any such Person 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, (ii) of such Person to Guarantee the Indebtedness of the Borrower or (iii) of the Borrower
or any Guarantor to create, incur, assume or suffer to exist Liens on property of such Person; provided, however,
that this clause (iii) shall not prohibit any negative pledge incurred or provided in favor of any holder of
Indebtedness permitted hereunder solely to the extent any such negative pledge relates to the property financed by or the subject
of such Indebtedness; or (b) requires the grant of a Lien to secure an obligation of such Person if a Lien is granted to
secure another obligation of such Person.

 

7.10       
Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly, and whether
immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or
to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred
for such purpose.

 

7.11       
Financial Covenants.

 

(a)            
Consolidated Net Worth. Permit Consolidated Net Worth, at any time, to be less than the sum of (i) $23,217,750,
and (ii) an amount equal to seventy five percent (75%) of the net equity proceeds received by the Parent after December 31,
2019 by reason of the issuance and sale of Equity Interests in the Parent.

 

(b)            
Advisory Leverage Ratio. Permit the Advisory Leverage Ratio as of the end of any fiscal quarter of the Parent to
be greater than 2.00 to 1.0.

 

(c)            
Consolidated Debt Service Coverage Ratio. Permit the Consolidated Debt Service Coverage Ratio as of the end of any
fiscal quarter of the Parent to be less than 1.50 to 1.0.

 

(d)            
Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the end of any fiscal quarter of the Parent
to be greater than 3.00 to 1.0.

 

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7.12       
Amendments of Organization Documents. Amend any of its Organization Documents in any manner that would
adversely affect any Loan Party’s ability to pay its Obligations hereunder or materially and adversely impairs any rights
or remedies of Administrative Agent or any Lender under the Loan Documents or applicable Laws.

 

7.13       
Accounting Changes. Make any change in (a) accounting policies or reporting practices, except as
required by GAAP, or (b) fiscal year.

 

7.14       
Sanctions. Directly or indirectly, use the proceeds of any Credit Extension, or lend, contribute or otherwise
make available such proceeds to any Subsidiary, joint venture partner or other individual or entity, to fund any activities of
or business with any individual or entity, or in any Designated Jurisdiction, that, at the time of such funding, is the subject
of Sanctions, or in any other manner that will result in a violation by any individual or entity (including any individual or
entity participating in the transaction, whether as Lender, Arranger, Administrative Agent, or otherwise) of Sanctions.

 

7.15       
Anti-Corruption Laws. Directly
or indirectly use the proceeds of any Credit Extension for any purpose which would breach the United States Foreign Corrupt Practices
Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions.

 

7.16      
Advisory Agreements. Cause,
join in, or suffer to occur any material modification, or amendment to, or assignment or surrender of any Advisory Agreement,
and shall not materially modify, or amend, or assign or surrender any Advisory Agreement, in each case without the prior written
consent of Administrative Agent.

 

7.17      
Amendments or Modifications of Preferred Interests.
Without the prior written consent of Administrative Agent, make or approve any material amendment, modification, or change to
the terms of any Preferred Interests.

 

Article
VIII.

Events of Default and Remedies

 

8.01       
Events of Default. Any of the following shall constitute an Event of Default:

 

(a)            
Non-Payment. The Borrower or any other Loan Party fails to (i) pay when and as required to be paid herein,
any amount of principal of any Loan or (ii) pay within three (3) Business Days after the same becomes due, any interest on
any Loan or any fee due hereunder, or (iii) pay within five (5) Business Days after the same becomes due, any other amount
payable hereunder or under any other Loan Document; or

 

(b)            
Specific Covenants. The Borrower fails in any material respect to perform or observe any term, covenant or agreement
contained in any of Section 6.05, 6.10, 6.11, 6.16, 6.21,
or Article VII; or

 

(c)             Other
Defaults. (i) The Borrower fails in any material respect to perform or observe any term, covenant or agreement contained
in any of Sections 6.01, 6.02, and 6.03 and such failure continues for thirty (30)
days, or (ii) any Loan Party fails to perform or observe any other covenant or agreement (not specified in Section 8.01(a), (b), or (c)(i) above) contained in any Loan Document on its part to be performed or observed
and such failure continues for thirty (30) days or such longer period, which longer period shall not exceed sixty (60) days
(and the aggregate period shall not exceed ninety (90) days), as shall be reasonably necessary to effectuate a cure of such
failure so long as Borrower acts with diligence and in good faith to cure such failure; or

 

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(d)           
Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed
made by or on behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered
in connection herewith or therewith shall be incorrect or misleading in any material respect when made or deemed made; or

 

(e)            
Cross-Default. (i) Any Loan Party or any Advisory Subsidiary thereof (A) fails to make any payment when
due, after giving effect to any applicable cure or grace periods, (whether by scheduled maturity, required prepayment, acceleration,
demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap
Contracts) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing
to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to
observe or perform any other agreement or condition relating to any Indebtedness or Guarantee (other than Indebtedness hereunder
and Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn committed or available amounts
and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount
or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, after giving
effect to any applicable cure or grace periods, the effect of which default or other event is to cause, or to permit the holder
or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such
holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded
or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase,
prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash
collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as
defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which a Loan Party
or any Advisory Subsidiary thereof is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event
(as so defined) under such Swap Contract as to which a Loan Party or any Advisory Subsidiary thereof is an Affected Party (as
so defined) and, in either event, the Swap Termination Value owed by such Loan Party or such Advisory Subsidiary, as a result
thereof is greater than the Threshold Amount; or

 

(f)            
Insolvency Proceedings, Etc. Any Loan Party or any Advisory Subsidiary thereof institutes or consents to the institution
of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents
to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for
all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar
officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed
for sixty (60) calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material
part of its property is instituted without the consent of such Person and continues undismissed or unstayed for sixty (60) calendar
days, or an order for relief is entered in any such proceeding; or

 

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(g)            
Inability to Pay Debts; Attachment. (i) Any Loan Party becomes unable or admits in writing its inability or
fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process
is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully
bonded within thirty (30) days after its issue or levy; or

 

(h)           
Judgments. There is entered against any Loan Party(i) one or more final judgments or orders for the payment
of money in an aggregate amount (as to all such judgments and orders) exceeding the Threshold Amount (to the extent not covered
by independent third-party insurance as to which the insurer is rated at least “A” by A.M. Best Company, has been
notified of the potential claim and does not dispute coverage) that remains unpaid, stayed or dismissed for more than sixty (60)
days, or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor
upon such judgment or order, or (B) there is a period of ten (10) consecutive days during which a stay of enforcement of
such judgment, by reason of a pending appeal or otherwise, is not in effect; or

 

(i)             
ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or
could reasonably be expected to result in liability of the Borrower or the Parent under Title IV of ERISA to the Pension Plan,
Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) the Borrower, the Parent
or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with
respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount
in excess of the Threshold Amount; or

 

(j)             
Invalidity of Loan Documents. Any provision of any Loan Document, at any time after its execution and delivery and
for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases
to be in full force and effect; or any Loan Party or any other Person disputes or contests in any manner the validity or enforceability
of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any provision
of any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan Document; or

 

(k)            
Change of Control. There occurs any Change of Control; or

 

(l)             
Collateral Documents. Any Collateral Document after delivery thereof pursuant to Section 4.01
or 6.12 shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected first
priority Lien (subject to Liens permitted by Section 7.01) on the Collateral purported to be covered thereby;
or

 

(m)           
Failure to Pre-Pay upon Default Under or Termination of Advisory Agreement. Any default under the terms of any Advisory
Agreement shall occur and be continuing, after giving effect to any applicable cure or grace periods, or any Advisory Agreement
shall be terminated by its terms or otherwise and, in any such case, Borrower shall have failed to prepay the unpaid principal
amount of all outstanding Loans and all interest thereon in full, as required by Section 2.04(b); or

 

(n)           
Default Under Inter-Company Loan. Any “Event of Default” under and as defined in the Inter-Company Loan
Agreement shall occur and be continuing.

 

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8.02      
Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative
Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:

 

(a)           
declare the commitment of each Lender to make Loans to be terminated, whereupon such commitments and obligation shall be
terminated;

 

(b)            
declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts
owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest
or other notice of any kind, all of which are hereby expressly waived by the Borrower; and

 

(c)            
exercise on behalf of itself, the Lenders all rights and remedies available to it, the Lenders under the Loan Documents,
at law, in equity, or otherwise;

 

provided, however, that upon
the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the
United States, the obligation of each Lender to make Loans shall automatically terminate and the unpaid principal amount of all
outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, in each case without
further act of the Administrative Agent or any Lender.

 

8.03      
Application of Funds. After the exercise of remedies provided for in Section 8.02
(or after the Loans have become immediately due and payable), any amounts received on account of the Obligations shall, subject
to the provisions of Section 2.16 be applied by the Administrative Agent in the following order:

 

First, to payment
of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest,
but including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III)
payable to the Administrative Agent in its capacity as such;

 

Second, to payment
of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable
to the Lenders arising under the Loan Documents and amounts payable under Article III, ratably among them in proportion
to the respective amounts described in this clause Second payable to them;

 

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

 

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

 

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

 

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

 

Excluded Swap Obligations with respect
to any Guarantor shall not be paid with amounts received from such Guarantor or its assets, and, to the extent possible, appropriate
adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation to Obligations otherwise
set forth above in this Section.

 

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Article
IX.

Administrative Agent

 

9.01        
Appointment and Authority.

 

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

 

(b)            
The Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the
Lenders (including in its capacities as a potential Hedge Bank). In this connection, the Administrative Agent, as “collateral
agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 9.05
for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral
Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent, shall be entitled
to the benefits of all provisions of this Article IX and Article X (including Section 11.04(c),
as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as
if set forth in full herein with respect thereto.

 

9.02       
Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights
and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative
Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context
otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and
its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory
capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if
such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 

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9.03       
Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those
expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without
limiting the generality of the foregoing, the Administrative Agent:

 

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

 

(b)           
shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights
and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise
as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided
for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action
that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any
Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay
under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in
violation of any Debtor Relief Law; and

 

(c)            
shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not
be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated
to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

The Administrative
Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders
(or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good
faith shall be necessary, under the circumstances as provided in Sections 11.01 and 8.02) or (ii) in
the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by a final and
non-appealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice
describing such Default is given in writing to the Administrative Agent by the Borrower or a Lender.

 

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

 

9.04       
Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall
not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other
writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine
and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any
statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any
liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, the Administrative
Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice
to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who
may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action
taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

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9.05       
Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its
rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative
Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers
by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any
such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative
Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent
that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with
gross negligence or willful misconduct in the selection of such sub-agents.

 

9.06       
Resignation of Administrative Agent.

 

(a)            
The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon receipt of
any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower (unless an Event
of Default has occurred and is continuing), to appoint a successor, which shall be a bank with an office in the United States
that has capital, surplus and undivided profits aggregating at least $100,000,000 (as of the date of such bank’s most recent
financial reports), or an Affiliate of any such bank with an office in the United States. If no such successor shall have been
so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative
Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation
Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders,
appoint a successor Administrative Agent meeting the qualifications set forth above; provided that in no event shall any
such successor Administrative Agent be a Defaulting Lender. Whether or not a successor has been appointed, such resignation shall
become effective in accordance with such notice on the Resignation Effective Date.

 

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

 

(c)            With
effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed
Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except
that in the case of any Collateral held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents,
the retiring or removed Administrative Agent shall continue to hold such Collateral until such time as a successor
Administrative Agent is appointed) and (ii) except for any indemnity payments or other amounts then owed to the retiring
or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the
Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required Lenders
appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as
Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges
and duties of the retiring (or removed) Administrative Agent (other than as provided in Section 3.01(g)
and other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of
the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative
Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already
discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor
Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and
such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the
other Loan Documents, the provisions of this Article and Section 11.04 shall continue
in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related
Parties in respect of any actions taken or omitted to be taken by any of them (i) while the retiring or removed
Administrative Agent was acting as Administrative Agent and (ii) after such resignation or removal for as long as any of them
continues to act in any capacity hereunder or under the other Loan Documents, including (a) acting as collateral agent
or otherwise holding any Collateral on behalf of any of the Lenders and (b) in respect of any actions taken in
connection with transferring the agency to any successor Administrative Agent.

 

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9.07       
Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges that it has, independently
and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender
also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of
their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to
make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related
agreement or any document furnished hereunder or thereunder.

 

9.08      
No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Bookrunners or Arrangers
listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan
Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder.

 

9.09       
Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor
Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the
principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether
the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such
proceeding or otherwise

 

(a)            
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and
all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to
have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the
Lenders and the Administrative Agent under Sections 2.08 and 11.04) allowed in such judicial proceeding;
and

 

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

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under Sections 2.08 and 11.04.

 

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

 

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9.10      
Collateral and Guaranty Matters. Without limiting the provisions of Section 9.09, each
of the Lenders (including in its capacities as a potential Hedge Bank) irrevocably authorize the Administrative Agent, at its
option and in its discretion,

 

(a)            
to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon
termination of the Aggregate Commitments and payment in full of all Obligations (other than (A) contingent indemnification
obligations and (B) obligations and liabilities under Secured Hedge Agreements as to which arrangements satisfactory to the
applicable Hedge Bank shall have been made to the extent not expressly provided in the Secured Hedge Agreements), (ii) pursuant
to Section 9.11, or (iii) subject to Section 11.01, if approved, authorized or ratified
in writing by the Required Lenders;

 

(b)            
to release any Guarantor (other than the Parent) from its obligations under the Subsidiary Guaranty and the Collateral
Documents pursuant to Section 9.11; and

 

(c)            
to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder
of any Lien on such property that is permitted hereunder.

 

Upon request by the
Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release
or subordinate its interest in particular types or items of property, or to release any Guarantor (other than the Parent) from
its obligations under the Subsidiary Guaranty and the Collateral Documents pursuant to this Section 9.10. In
each case as specified in this Section 9.10, the Administrative Agent will, at the Borrower’s expense,
execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release
of such item of Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its
interest in such item, or to release such Guarantor from its obligations under the Subsidiary Guaranty and the Collateral Documents,
in each case in accordance with the terms of the Loan Documents and this Section 9.10.

 

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

 

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9.11       
Releases.

 

(a)            
The Borrower may request in writing that the Administrative Agent release, and upon receipt of such request the Administrative
Agent shall release, any Person (other than the Parent) from any of the Subsidiary Guaranty and the Collateral Documents so long
as: (i) such Person qualifies, or will qualify at the time of its release from the Subsidiary Guaranty and the Collateral
Documents, as an Excluded Subsidiary; (ii) no Default shall then be in existence or would occur as a result of such release, (iii)
such Person is not a party to any Swap Contract by virtue of which any other Person is a Hedge Bank and (iv) the Administrative
Agent shall have received such written request at least seven (7) Business Days prior to the requested date of release. Delivery
by the Borrower to the Administrative Agent of any such request shall constitute a representation by the Borrower that the matters
set forth in the preceding sentence (both as of the date of the giving of such request and as of the date of the effectiveness
of such request) are true and correct with respect to such request.

 

(b)           
The Borrower may request in writing that the Administrative Agent release, and upon receipt of such request the Administrative
Agent shall release, the Equity Interests in a Person from the Lien of the Security Agreement so long as: (i) such Person
qualifies, or will qualify at the time of the release of its Equity Interests, as an Excluded Subsidiary; (ii) no Default
shall then be in existence or would occur as a result of such release; and (iii) the Administrative Agent shall have received
such written request at least seven (7) Business Days prior to the requested date of release. Delivery by the Borrower to the
Administrative Agent of any such request shall constitute a representation by the Borrower that the matters set forth in the preceding
sentence (both as of the date of the giving of such request and as of the date of the effectiveness of such request) are true
and correct with respect to such request.

 

(c)            
Promptly after written request from Borrower and receipt of such supporting documentation as Administrative Agent may request,
Administrative Agent will confirm (subject to the terms hereof) in writing that a specified Person is as of the date of such confirmation
an Excluded Subsidiary so long as such Person qualifies as an Excluded Subsidiary, but subject to such Person thereafter being
subject to the lien of the Collateral Documents if it is no longer an Excluded Subsidiary. Delivery by the Borrower to the Administrative
Agent of any such request shall constitute a representation by the Borrower that the matters set forth in the preceding sentence
(both as of the date of the giving of such request and as of the date of the effectiveness of such request) are true and correct
with respect to such request. Administrative Agent may rely solely on the representations of Borrower. Notwithstanding the foregoing,
if such representations of Borrower are not true and correct, then to the full extent possible under applicable law, such confirmation
by Administrative Agent shall not release, diminish or impair any Lien pursuant to the Collateral Documents or other rights under
the Loan Documents.

 

9.12      
Secured Hedge Agreements. Except as otherwise expressly set forth herein or in any Guaranty or any Collateral
Document, no Hedge Bank that obtains the benefits of Section 8.03, any Guaranty or any Collateral by virtue of the
provisions hereof or of any Guaranty or any Collateral Document shall have any right to notice of any action or to consent to,
direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including
the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly
provided in the Loan Documents. Notwithstanding any other provision of this Article IX to the contrary, the Administrative
Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to,
Obligations arising under Secured Hedge Agreements unless the Administrative Agent has received written notice of such Obligations,
together with such supporting documentation as the Administrative Agent may request, from the applicable Hedge Bank

 

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9.13       
ERISA.

 

(a)             Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, Administrative
Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of Borrower, Operating Lessee, 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 29 CFR § 2510.3-101, as modified by Section 3(42) of
ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments;

 

(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 Loans, the Commitments and this Agreement;

 

(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 Loans, the Commitments and this Agreement, (C) the entrance into, participation in,
administration of and performance of the Loans, 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 Loans, the Commitments and this Agreement; or

 

(iv)    such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion,
and such Lender.

 

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(b)             In
addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such
Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto,
to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party
hereto, for the benefit of, Administrative Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit
of Borrower, Operating Lessee, or any other Loan Party, that:

 

(i)       none
of the Administrative Agent or its Affiliates is a fiduciary with respect to the assets of such Lender (including in connection
with the reservation or exercise of any rights by Administrative Agent under this Agreement, any Loan Document or any documents
related to hereto or thereto);

 

(ii)      the
Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Loans, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21)
and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management
or control, total assets of at least $50 million, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E);

 

(iii)     the
Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Loans, the Commitments and this Agreement is capable of evaluating investment risks independently, both
in general and with regard to particular transactions and investment strategies (including in respect of the Obligations);

 

(iv)     the
Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Loans, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect
to the Loans, the Commitments and this Agreement and is responsible for exercising independent judgment in evaluating the transactions
hereunder; and

 

(v)      no
fee or other compensation is being paid directly to Administrative Agent or any of its Affiliates for investment advice (as opposed
to other services) in connection with the Loans, the Commitments or this Agreement.

 

(c)              Administrative
Agent and its Affiliates hereby informs the Lenders that each such Person is not undertaking to provide impartial investment advice,
or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a
financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest
or other payments with respect to the Loans, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans
or the Commitments for an amount less than the amount being paid for an interest in the Loans or the Commitments by such Lender
or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise,
including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency
fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees,
deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage
or other early termination fees or fees similar to the foregoing.

 

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Article
X.

Continuing Guaranty

 

10.01    
Guaranty. The Parent hereby absolutely and unconditionally guarantees, as a guaranty of payment and performance
and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon
acceleration, demand or otherwise, and at all times thereafter, of any and all of the Obligations, whether for principal, interest,
premiums, fees, indemnities, damages, costs, expenses or otherwise, of the Borrower to the Secured Parties, and whether arising
hereunder or under any other Loan Document, or any Secured Hedge Agreement (including all renewals, extensions, amendments, refinancings
and other modifications thereof and all costs, attorneys’ fees and expenses incurred by the Secured Parties in connection
with the collection or enforcement thereof). The Administrative Agent’s books and records showing the amount of the Obligations
shall be admissible in evidence in any action or proceeding, and shall be binding upon the Parent, and conclusive for the purpose
of establishing the amount of the Obligations. This Guaranty shall not be affected by the genuineness, validity, regularity or
enforceability of the Obligations or any instrument or agreement evidencing any Obligations, or by the existence, validity, enforceability,
perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Obligations which
might otherwise constitute a defense to the obligations of the Parent under this Guaranty, and the Parent hereby irrevocably waives
any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing.

 

10.02     
Rights of Lenders. The Parent consents and agrees that the Secured Parties may, at any time and from
time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend,
extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Obligations or any
part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security
for the payment of this Guaranty or any Obligations; (c) apply such security and direct the order or manner of sale thereof
as the Administrative Agent and the Lenders in their sole discretion may determine; and (d) release or substitute one or
more of any endorsers or other guarantors of any of the Obligations. Without limiting the generality of the foregoing, the Parent
consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of the Parent
under this Guaranty or which, but for this provision, might operate as a discharge of the Parent.

 

10.03    
Certain Waivers. The Parent waives (a) any defense arising by reason of any disability or other
defense of the Borrower or any other guarantor, or the cessation from any cause whatsoever (including any act or omission of any
Secured Party) of the liability of the Borrower; (b) any defense based on any claim that the Parent’s obligations exceed
or are more burdensome than those of the Borrower; (c) the benefit of any statute of limitations affecting the Parent’s
liability hereunder; (d) any right to proceed against the Borrower, proceed against or exhaust any security for the Obligations,
or pursue any other remedy in the power of any Secured Party whatsoever; (e) any benefit of and any right to participate
in any security now or hereafter held by any Secured Party; and (f) to the fullest extent permitted by law, any and all other
defenses or benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors
or sureties. The Parent expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance,
notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of
any kind or nature whatsoever with respect to the Obligations, and all notices of acceptance of this Guaranty or of the existence,
creation or incurrence of new or additional Obligations.

 

10.04     
Obligations Independent. The obligations of the Parent hereunder are those of primary obligor, and not
merely as surety, and are independent of the Obligations and the obligations of any other guarantor, and a separate action may
be brought against the Parent to enforce this Guaranty whether or not the Borrower or any other person or entity is joined as
a party.

 

10.05    
Subrogation. The Parent shall not exercise any right of subrogation, contribution, indemnity, reimbursement
or similar rights with respect to any payments it makes under this Guaranty until all of the Obligations and any amounts payable
under this Guaranty have been indefeasibly paid and performed in full and the Commitments are terminated. If any amounts are paid
to the Parent in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Secured
Parties and shall forthwith be paid to the Secured Parties to reduce the amount of the Obligations, whether matured or unmatured.

 

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10.06    
Termination; Reinstatement. This Guaranty is a continuing and irrevocable guaranty of all Obligations
now or hereafter existing and shall remain in full force and effect until all Obligations and any other amounts payable under
this Guaranty are indefeasibly paid in full in cash (other than contingent indemnification and reimbursement obligations for which
no claim has been asserted) and the Commitments with respect to the Obligations are terminated. Notwithstanding the foregoing,
this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of the
Borrower or the Parent is made, or any of the Secured Parties exercises its right of setoff, in respect of the Obligations and
such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential,
set aside or required (including pursuant to any settlement entered into by any of the Secured Parties in their discretion) to
be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise,
all as if such payment had not been made or such setoff had not occurred and whether or not the Secured Parties are in possession
of or have released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations
of the Parent under this paragraph shall survive termination of this Guaranty.

 

10.07    
Subordination. The Parent hereby subordinates the payment of all obligations and indebtedness of the
Borrower owing to the Parent, whether now existing or hereafter arising, including but not limited to any obligation of the Borrower
to the Parent as subrogee of the Secured Parties or resulting from the Parent’s performance under this Guaranty, to the
indefeasible payment in full in cash of all Obligations. If the Secured Parties so request, any such obligation or indebtedness
of the Borrower to the Parent shall be enforced and performance received by the Parent as trustee for the Secured Parties and
the proceeds thereof shall be paid over to the Secured Parties on account of the Obligations, but without reducing or affecting
in any manner the liability of the Parent under this Guaranty.

 

10.08    
Stay of Acceleration. If acceleration of the time for payment of any of the Obligations is stayed, in
connection with any case commenced by or against the Parent or the Borrower under any Debtor Relief Laws, or otherwise, all such
amounts shall nonetheless be payable by the Parent immediately upon demand by the Secured Parties.

 

10.09    
Condition of Borrower. The Parent acknowledges and agrees that it has the sole responsibility for, and
has adequate means of, obtaining from the Borrower and any other guarantor such information concerning the financial condition,
business and operations of the Borrower and any such other guarantor as the Parent requires, and that none of the Secured Parties
has any duty, and the Parent is not relying on the Secured Parties at any time, to disclose to the Parent any information relating
to the business, operations or financial condition of the Borrower or any other guarantor (the Parent waiving any duty on the
part of the Secured Parties to disclose such information and any defense relating to the failure to provide the same).

 

Article
XI.

Miscellaneous

 

11.01    
Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document,
and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed
by the Required Lenders and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative
Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which
given; provided, however, that no such amendment, waiver or consent shall:

 

(a)             
waive any condition set forth in Section 4.01 (other than Section 4.01(b)(i)),
or, in the case of the initial Credit Extension, Section 4.02, without the written consent of each Lender;

 

(b)            
extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section
8.02) without the written consent of such Lender;

 

(c)            
postpone any date fixed by this Agreement or any other Loan Document for any payment of principal, interest, fees or other
amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender
directly affected thereby;

 

(d)            
reduce the principal of, or the rate of interest specified herein on, any Loan, or (subject to clause (iv) of
the second proviso to this Section 11.01) any fees or other amounts payable hereunder or under any other Loan
Document, or change the manner of computation of any financial ratio (including any change in any applicable defined term) used
in determining the Applicable Margin that would result in a reduction of any interest rate on any Loan or any fee payable hereunder
without the written consent of each Lender directly affected thereby; provided, however, that only the consent of
the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation
of the Borrower to pay interest at the Default Rate;

 

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(e)            
change the definition of “Applicable Percentage” or Sections  8.03, 2.11(a),
or 2.12 in a manner that would alter the pro rata sharing of payments required thereby without the written consent
of each Lender;

 

(f)             
change any provision of this Section 11.01 or the definition of “Required Lenders”
or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any
rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender;

 

(g)            
release all or substantially all of the Collateral in any transaction or series of related transactions other than releases
as permitted by Section 9.11 hereof, without the written consent of each Lender; or

 

(h)            
release all or substantially all of the value of any Guaranty, without the written consent of each Lender, except to the
extent the release of any Subsidiary from the Subsidiary Guaranty is permitted pursuant to Section 9.10 (in
which case such release may be made by the Administrative Agent acting alone);

 

and provided, further, that
(i) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders
required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (ii) the
Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender
may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment
of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment
or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender disproportionately
adversely relative to other affected Lenders shall require the consent of such Defaulting Lender.

 

If any Lender does
not consent to a proposed amendment, waiver, consent or release with respect to any Loan Document that requires the consent of
each Lender and that has been approved by the Required Lenders, the Borrower may replace such non-consenting Lender in accordance
with Section 11.13; provided that such amendment, waiver, consent or release can be effected as a result
of the assignment contemplated by such Section (together with all other such assignments required by the Borrower to be made pursuant
to this paragraph).

 

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11.02     
Notices; Effectiveness; Electronic Communication.

 

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

 

(i)      
if to the Borrower or any other Loan Party or the Administrative Agent, to the address, facsimile number, electronic mail
address or telephone number specified for such Person on Schedule 11.02; and

 

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

 

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

 

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

 

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

 

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(c)                The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED
BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY
DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR
STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY
RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR
THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent
Parties”) have any liability to the Borrower, any other Loan Party, any Lender, or any other Person for losses,
claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the
Borrower’s, any Loan Party’s or the Administrative Agent’s transmission of Borrower Materials or notices
through the Platform, any other electronic platform or electronic messaging service, or through the Internet.

 

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

 

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

 

11.03       
No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender or the Administrative Agent to
exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan
Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights,
remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law.

 

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Notwithstanding anything
to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under
the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings
at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance
with Section 8.02 for the benefit of all the Lenders; provided, however, that the foregoing shall
not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit
(solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising
setoff rights in accordance with Section 11.08 (subject to the terms of Section 2.12), or
(c) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding
relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person
acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the
rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to
the matters set forth in clauses (b), (c) and (d) of the preceding proviso and
subject to Section 2.12, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies
available to it and as authorized by the Required Lenders.

 

11.04       
Expenses; Indemnity; Damage Waiver.

 

(a)               
Costs and Expenses. The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative
Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent), in
connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery
and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all out-of-pocket
expenses incurred by the Administrative Agent or any Lender (including the fees, charges and disbursements of any counsel for the
Administrative Agent or any Lender), and shall pay all reasonable fees and time charges for attorneys who may be employees of the
Administrative Agent or any Lender, in connection with the enforcement or protection of its rights (A) in connection with
this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with
the Loans made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations
in respect of such Loans.

 

(b)                Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender, and each
Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses
(including the reasonable fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold
harmless each Indemnitee from all reasonable fees and time charges and disbursements for attorneys who may be employees of
any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower or any
other Loan Party) arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement,
any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto
of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby,
or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of
this Agreement and the other Loan Documents (including in respect of any matters addressed in Section 3.01),
(ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release
of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any
Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other
theory, whether brought by a third party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee
is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE,
CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity shall not, as to any Indemnitee,
be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a
court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful
misconduct of such Indemnitee or (y) result from a claim brought by the Borrower or any other Loan Party against an
Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the
Borrower or such Loan Party has obtained a final and non-appealable judgment in its favor on such claim as determined by a
court of competent jurisdiction. Without limiting the provisions of Section 3.01(c), this Section
11.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc.
arising from any non-Tax claim.

 

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(c)               
Reimbursement by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required
under subsection (a) or (b) of this Section to be paid by it to the Administrative
Agent (or any sub-agent thereof), or any Related Party of any of the foregoing (and without limiting its obligation to do so),
each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), or such Related Party, as the case may
be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment
is sought based on each Lender’s share of the Outstanding Amount at such time) of such unpaid amount (including any such
unpaid amount in respect of a claim asserted by such Lender), provided that the unreimbursed expense or indemnified loss,
claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or
any such sub-agent), or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent).
The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.11(d).

 

(d)               
Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, the Borrower shall not assert,
and hereby waive, and acknowledge that no other Person shall have, any claim against any Indemnitee, on any theory of liability,
for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions
contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No Indemnitee referred to in subsection (b)
above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed
to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems
in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for
direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final
and nonappealable judgment of a court of competent jurisdiction.

 

(e)               
Payments. All amounts due under this Section shall be payable not later than ten (10) Business Days
after demand therefor accompanied by an invoice setting forth in reasonable detail the calculation of the amount of such demand.

 

(f)                 Survival.
The agreements in this Section and the indemnity provisions of Section 11.02(e) shall
survive the resignation of the Administrative Agent, the replacement of any Lender, the termination of the Aggregate
Commitments and the repayment, satisfaction or discharge of all the other Obligations.

 

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11.05       
Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Administrative
Agent or any Lender, or the Administrative Agent, or any Lender exercises its right of setoff, and such payment or the proceeds
of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid
to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to
the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued
in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally
agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from
or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made
at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under clause (b)
of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

 

11.06       
Successors and Assigns.

 

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

 

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

 

(i)                
Minimum Amounts.

 

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

 

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(B)             
in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount
of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the
principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the
Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date”
is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000, unless each of the Administrative
Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not
to be unreasonably withheld or delayed); provided, however, that concurrent assignments to members of an Assignee
Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and
members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has
been met.

 

(ii)              
Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned;

 

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

 

(A)             
the consent of the Borrower (such consent not to be unreasonably withheld or delayed; provided that it is understood
that it shall be reasonable for the Borrower to withhold consent to a new assignee Lender if such new assignee Lender is a hedge
fund, private equity fund or any entity that is a direct competitor of the Borrower and is in the hotel business or provides advisory
services to the hotel business) shall be required unless (1) an Event of Default has occurred and is continuing at the time
of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that
the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative
Agent within ten (10) Business Days after having received notice thereof; and

 

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

 

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

 

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

 

(vi)             
Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender
hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein,
the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient,
upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations,
or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable
pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee
and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting
Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate)
its full pro rata share of all Loans in accordance with its Applicable Percentage. 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 paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender
for all purposes of this Agreement until such compliance occurs.

 

Subject to acceptance and recording
thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after
the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and,
to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption,
be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to
be entitled to the benefits of Sections 3.01, 3.04, 3.05 and 11.04
with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except
to the extent otherwise expressly agreed by the affected parties no assignment by a Defaulting Lender will constitute a waiver
or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Upon request,
the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of
rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes
of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 11.06(d).

 

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

 

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(d)               
Participations. Any Lender may at any time, with the consent of the Borrower (such consent not to be unreasonably
withheld or delayed; provided that it is understood that it shall be reasonable for the Borrower to withhold consent to
a new participant if such new participant is a hedge fund, private equity fund or any entity that is a direct competitor of the
Borrower and is in the hotel business or provides advisory services to the hotel business) and the Administrative Agent (such consent
not to be unreasonably withheld or delayed), sell participations to any Person (other than a natural Person, or a holding company,
investment vehicle or trust for, or owned and operated for the primary benefit of a natural Person, a Defaulting Lender, or the
Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or
a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or
the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the
Borrower, the Administrative Agent, the Lenders shall continue to deal solely and directly with such Lender in connection with
such Lender’s rights and obligations under this Agreement, (iv) the consent of the Borrower and the Administrative Agent
shall not be required if such participation is sold to a Lender, an Affiliate of a Lender or an Approved Fund, (v) the consent
of the Borrower shall not be required if an Event of Default has occurred and is continuing at the time of such sale of a participation,
and (vi) the Borrower shall be deemed to have consented to any such sale of a participation unless it shall object thereto by written
notice to the Administrative Agent within ten (10) Business Days after having received notice thereof. For the avoidance of doubt,
each Lender shall be responsible for the indemnity under Sections  11.04(c) without regard to the existence
of any participation.

 

Any agreement or
instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right
to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided
that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, waiver or other modification described in the first proviso to Section 11.01 that affects such
Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04
and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection
(b) of this Section (it being understood that the documentation required under Section 3.01(e)
shall be delivered to the Lender who sells the participation) to the same extent as if it were a Lender and had acquired its
interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be
subject to the provisions of Sections 3.06 and 11.13 as if it were an assignee under paragraph
(b) of this Section and (B) shall not be entitled to receive any greater payment under Sections 3.01 or 3.04,
with respect to any participation, than the Lender from whom it acquired the applicable participation would have been
entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that
occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the
Borrower’s request, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section
3.06 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the
benefits of Section 11.08 as though it were a Lender; provided that such Participant agrees to be
subject to Section 2.12 as though it were a Lender. Each Lender that sells a participation shall, acting solely
for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of
each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other
obligations under the Loan Documents (the “Participant Register”); provided that no Lender
shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any
Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its
other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish
that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of
the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error,
and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation
for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative
Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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

 

11.07       
Treatment of Certain Information; Confidentiality. Each of the Administrative Agent and the Lenders
agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to
its Affiliates, its auditors and to Related Parties (it being understood that the Persons to whom such disclosure is made will
be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to
the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties
(including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in
connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to
this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement
containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant
in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or any Eligible Assignee
invited to be a Lender pursuant to Section 11.01 or (ii) any actual or prospective party (or its Related Parties)
to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations,
this Agreement or payments hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating
the Borrower or its Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar
agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit
facilities provided hereunder, (h) with the consent of the Borrower or (i) to the extent such Information (A) becomes
publicly available other than as a result of a breach of this Section or (B) becomes available to the Administrative
Agent, any Lender, or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower. 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 Agents 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 any Loan Party or any
Subsidiary thereof relating to any Loan Party or any Subsidiary thereof or their respective businesses, other than any such
information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by any
Loan Party or any Subsidiary thereof, provided that, in the case of information received from a Loan Party or any such
Subsidiary after the Closing Date, such information is clearly identified at the time of delivery as confidential. Any Person
required to maintain the confidentiality of Information as provided in this Section 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.

 

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

 

11.08       
Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of
their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable
law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency)
at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for
the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such
Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or their respective Affiliates,
irrespective of whether or not such Lender or Affiliate shall have made any demand under this Agreement or any other Loan Document
and although such obligations of the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch, office
or Affiliate of such Lender different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness;
provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (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 2.16 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in
trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to
the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which
it exercised such right of setoff. The rights of each Lender and their respective Affiliates under this Section
are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates
may have. Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application,
provided that the failure to give such notice shall not affect the validity of such setoff and application.

 

11.09       
Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the
interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted
by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest
in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds
such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the
Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize
any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments
and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest
throughout the contemplated term of the Obligations hereunder.

 

11.10       
Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and
by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken
together shall constitute a single contract. This Agreement, the other Loan Documents, and any separate letter agreements with
respect to fees payable to the Administrative Agent, constitute the entire contract among the parties relating to the subject
matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter
hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed
by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together,
bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement
by facsimile or other electronic imaging means (e.g., “pdf” or “tif”) shall be effective as delivery
of a manually executed counterpart of this Agreement.

 

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11.11       
Survival of Representations and Warranties. All representations and warranties made hereunder
and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall
survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by
the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on
their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at
the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder
shall remain unpaid or unsatisfied.

 

11.12       
Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal,
invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and
the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations
to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close
as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions
of this Section 11.12, if and to the extent that the enforceability of any provisions in this Agreement relating
to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, then such
provisions shall be deemed to be in effect only to the extent not so limited.

 

11.13       
Replacement of Lenders. If the Borrower is entitled to replace a Lender pursuant to the provisions
of Section 3.06, if any Lender is a Defaulting Lender or a Non-Consenting Lender or if any other circumstance
exists hereunder that gives the Borrower the right to replace a Lender as a party hereto, then the Borrower may, at its sole expense
and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse
(in accordance with and subject to the restrictions contained in, and consents required by, Section 11.06),
all of its interests, rights (other than its existing rights to payments pursuant to Sections 3.01 and 3.04)
and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender accepts such assignment), provided that:

 

(a)               
the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 11.06(b);

 

(b)               
such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon,
accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all
other amounts);

 

(c)               
in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments
required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation
or payments thereafter;

 

(d)               
such assignment does not conflict with applicable Laws; and

 

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

 

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

 

11.14       
Governing Law; Jurisdiction; Etc.

 

(a)               
GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION
(WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
(EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b)               
SUBMISSION TO JURISDICTION. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT
WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT
OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS
OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK,
AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION
OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN
SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO
AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION 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 OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT
ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(c)                WAIVER
OF VENUE. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH  (b) OF
THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

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(d)               
SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES
IN SECTION 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY
OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

11.15       
Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT
OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

11.16       
No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated
hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of
the Borrower and each other Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i)(A) the
arranging and other services regarding this Agreement provided by the Administrative Agent and the Arranger, and the Lenders are
arm’s-length commercial transactions between the Borrower, each other Loan Party and their respective Affiliates, on the
one hand, and the Administrative Agent and the Arranger, and the Lenders, on the other hand, (B) each of the Borrower and
each other Loan Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate,
and (C) each of the Borrower and each other Loan Party is capable of evaluating, and understands and accepts, the terms,
risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii)(A) the Administrative
Agent and the Arranger and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing
by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower, any
other Loan Party, or any of their respective Affiliates, or any other Person and (B) neither the Administrative Agent nor
the Arranger nor any Lender has any obligation to the Borrower, any other Loan Party, or any of their respective Affiliates with
respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents;
and (iii) the Administrative Agent, the Arranger and the Lenders and their respective Affiliates may be engaged in a broad
range of transactions that involve interests that differ from those of the Borrower, the other Loan Parties and their respective
Affiliates, and neither the Administrative Agent nor the Arranger nor any Lender has any obligation to disclose any of such interests
to the Borrower, any other Loan Party or any of their respective Affiliates. To the fullest extent permitted by law, each of the
Borrower and each other Loan Party hereby waives and releases any claims that it may have against the Administrative Agent and
the Arranger or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect
of any transaction contemplated hereby.

 

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11.17       
Electronic Execution of Assignments and Certain Other Documents. The words “execute,”
 “execution,” “signed,” “signature,” and words of like import in or related to any document
to be signed in connection with this Agreement and the transactions contemplated hereby (including without limitation Assignment
and Assumptions, amendments or other modifications, Committed Loan Notices, waivers and consents) shall be deemed to include electronic
signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative
Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided
that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to
accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures
approved by it.

 

11.18       
USA PATRIOT Act. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative
Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required
to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each
Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan
Party in accordance with the Act. The Borrower shall, promptly following a request by the Administrative Agent or any Lender,
provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with
its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including
the Act.

 

11.19       
Time of the Essence.  Time is of the essence of the Loan Documents.

 

11.20       
Acknowledgement and Consent to Bail-In of Affected 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 Lender that is an Affected 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 the applicable
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 the applicable Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any Lender that is an Affected 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 Affected
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 the applicable Resolution Authority.

 

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11.21       
ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

11.22       
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide
support, through a guarantee or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC (such support,
 “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge
and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit
Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated
thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support
(with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be
governed by the laws of the State of New York and/or of the United States or any other state of the United States):

 

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

 

(b)               
As used in this Section 10.23, the following terms have the following meanings:

 

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

 

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

 

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

 

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

 

    96

     

    

 

 

[Signature
Pages Follow]

 

    97

     

    

 

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	ASHFORD
    HOSPITALITY HOLDINGS LLC, a
    Delaware limited liability company
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 

 

Signature Page to Credit Agreement

 

     

     

    

 

	 	Ashford
    Inc., a
    Nevada corporation
	 	 
	 	By:	 
	 		Name:	 
	 	 	Title:	 

 

Signature Page to Credit Agreement

 

     

     

    

 

	 	bank
of america, n.a., AS

                                                                                Administrative Agent

	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

Signature Page to Credit Agreement

 

     

     

    

 

	 	bank
    of america, n.a., as a Lender
	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

Signature Page to Credit
Agreement 

 

     

     

    

 

SCHEDULE 2.01

 

COMMITMENTS

AND APPLICABLE PERCENTAGES

 

	Lender	Commitment	Applicable Percentage
	Bank of America, N.A.	$35,000,000.00	100.000000000%
	Total	$35,000,000.00	100.000000000%

 

     

     

    

 

SCHEDULE 5.06

 

Litigation

 

None.

 

     

     

    

 

SCHEDULE 5.08(b)

 

EXISTING
LIENS

 

loan
parties and advisory subsidiaries

 

The following Personal Property Leases constitute leases of
personal property under a Key Money Investment transaction. Each Advisory Subsidiary has granted a Lien in the personal property
to the lender of the counterparty.

 

	Hotel / Advisory Subsidiary 	Personal Property Lease
	
        Hotel: Embassy Suites New York

         

        Advisory Subsidiary: Ashford New York Leasing LLC

         
	Personal Property Lease dated May 29, 2019, by and between Ashford New York Leasing LLC and Ashford TRS New York LLC 
	
        Hotel: Hilton Alexandria

         

        Advisory Subsidiary: Ashford Alexandria Leasing LLC

         
	Personal Property Lease dated December 31, 2018, by and between Ashford Alexandria Leasing LLC and Ashford TRS Alexandria LLC 
	
        Hotel: Hilton Boston Back Bay

         

        Advisory Subsidiary: Ashford Boston Leasing LLC

         
	Personal Property Lease dated December 31, 2018, by and between Ashford Boston Leasing LLC and PIM TRS Boston Back Bay LLC
	
        Hotel: Hilton Scotts Valley California

         

        Advisory Subsidiary: Ashford Scotts Valley Leasing LLC

         
	Personal Property Lease dated March 18, 2019, by and between Ashford Scotts Valley Leasing LLC and Ashford TRS Scotts Valley LLC
	
        Hotel: Indigo Atlanta

         

        Advisory Subsidiary: Ashford Atlanta Leasing LLC

         
	Personal Property Lease dated December 31, 2018, by and between Ashford Atlanta Leasing LLC and Ashford TRS Atlanta Peachtree LLC
	
        Hotel: La Posada Santa Fe

         

        Advisory Subsidiary: Ashford Posada Leasing LLC

         
	Personal Property Lease dated March 28, 2019, by and between Ashford Posada Leasing LLC and Ashford TRS Posada LLC
	
        Hotel: W-Minneapolis

         

        Advisory Subsidiary: Ashford Minneapolis Leasing LLC

         
	Personal Property Lease dated December 11, 2018, by and between Ashford Minneapolis Leasing LLC and Ashford TRS Chambers LLC
	
        Hotel: W-Minneapolis

         

        Advisory Subsidiary: Ashford Minneapolis Leasing LLC

         
	Personal Property Lease dated March 11, 2019, by and between Ashford Minneapolis Leasing LLC and Ashford TRS Chambers LLC
	
        Hotel: Le Pavillon New Orleans

         

        Advisory Subsidiary: Ashford Pav Leasing LLC

         
	Personal Property Lease dated February 22, 2017, by and between Ashford Pav Leasing LLC and Ashford TRS Le Pavillon LLC

 

Schedule 5.08(b)

 

     

     

    

 

 

	Hotel / Advisory Subsidiary 	Personal Property Lease
	
        Hotel: Renaissance Nashville

         

        Advisory Subsidiary: Ashford Nashville Leasing LLC

         
	Personal Property Lease dated December 31, 2018, by and between Ashford Nashville Leasing LLC and Ashford TRS Nashville LLC
	
        Hotel: Westin Princeton

         

        Advisory Subsidiary: Ashford Princeton Leasing LLC

         
	Personal Property Lease dated December 31, 2018, by and between Ashford Princeton Leasing LLC and HHC TRS Princeton LLC
	
        Hotel: Hotel Yountville

         

        Advisory Subsidiary: Ashford Yountville II LLC

         
	Personal Property Lease dated June 26, 2019, by and between Ashford Yountville II Leasing LLC and Ashford TRS Yountville II LLC
	
        Hotel: Ritz-Carlton Sarasota

         

        Advisory Subsidiary: Ashford Sarasota Leasing LLC

         
	Personal Property Lease dated July 1, 2019, by and between Ashford Sarasota Leasing LLC and Ashford TRS Sarasota LLC

 

Schedule 5.08(b) 

 

     

     

    

 

SCHEDULE 5.08(c)

 

Owned
OR GROUND LEASED Real Property

 

		1.	The Marietta Lease.

 

Schedule 5.08(c)

 

     

     

    

 

SCHEDULE 5.08(d)

 

EXISTING
INVESTMENTS

 

None.

 

Schedule 5.08(d)

 

     

     

    

 

SCHEDULE 5.09

 

ENVIRONMENTAL
MATTERS

 

None.

 

Schedule 5.09

 

     

     

    

 

SCHEDULE 5.12(d)

 

ERISA
MATTERS

 

None.

 

Schedule 5.12(d)

 

     

     

    

 

 

 

SCHEDULE
5.13

 

SUBSIDIARIES
AND OTHER EQUITY INVESTMENTS;

LOAN PARTIES

  

Part (a) - Subsidiaries:

 

	Entity Name	State 	Tax ID #	Subsidiary

 Designation	Equity Interests Owned By	Equity

 % of

 Owner	Equity

 Entity 

Type

	AIM General Partner, LLC	DE	47-1586199	Excluded Subsidiary	Ashford Hospitality Advisors LLC	100%	Member
	AIM Management Holdco, LLC	DE	
        47-1766920

         
	Excluded Subsidiary	Ashford Hospitality Advisors LLC	100%	Member
	AIM Performance Holdco, LP	DE	47-1767047	Excluded Subsidiary	
        AIM General Partner, LLC

         

        Ashford Hospitality Advisors LLC

         

        Monty Bennett

         

        Rob Hays

         
	
        0.01%

         

        59.99%

         

        25%

         

        15%

         
	
        GP

         

        LP

         

        LP

         

        LP

         

	AIM REHE Funds GP, LP	DE	47-1736613	Excluded Subsidiary	
        AIM General Partner, LLC

         

        AIM Performance Holdco, LP

         
	
        0.01%

         

        99.99%

         
	
        GP

         

        LP

         

	AINC Bar Draught LLC	DE	84-2183917	Excluded Subsidiary	Ashford Hospitality Services LLC	55%	Member
	AINC Kalibri Holdco LLC	DE	47-4115100	Loan Party	Ashford Hospitality Advisors LLC	100%	Member
	Ashford Advisors, Inc.	DE	47-5064999	Loan Party 	Ashford Hospitality Holdings, LLC	100%	Stock
	Ashford Alexandria Leasing LLC	DE	83-2761202	Excluded Subsidiary	Ashford Hospitality Advisors LLC	100%	Member
	Ashford Atlanta II Junior Leasing LLC	DE	84-3452776	Excluded Subsidiary	Ashford Hospitality Advisors LLC	100%	Member 
	Ashford Atlanta II Leasing LLC	DE	84-3427898	Excluded Subsidiary	Ashford Atlanta II Senior Leasing LLC	100%	Member 
	Ashford Atlanta II Senior Leasing LLC	DE	84-3452685	Excluded Subsidiary	Ashford Atlanta II Junior Leasing LLC	100%	Member 
	Ashford Atlanta Leasing LLC	DE	83-2795378	Excluded Subsidiary	Ashford Hospitality Advisors LLC	100%	Member

 

Schedule 5.13

 

     

     

    

 

 

	Entity Name	State 	Tax ID #	Subsidiary

 Designation	Equity Interests Owned By	Equity

 % of

 Owner	Equity

 Entity 

Type
	Ashford Boston Leasing LLC	DE	83-2779114	Excluded Subsidiary	Ashford Hospitality Advisors LLC	100%	Member
	Ashford Hospitality Advisors LLC	DE	46-2496748	Loan Party	
        Ashford Advisors, Inc.
	100%	Member
	Ashford Hospitality Holdings LLC 	DE	82-1144434	Borrower	
        Ashford OAINC, Inc.

         

        Unitholders

         

        Ashford Inc.

         

        Ashford OAINC II Inc.

         
	
        99.8%

         

        0.2%

         

        0%

         

        0%

         
	
        Member

         

        Member

         

        Pref Units

         

        Pref Units

         

	Ashford Hospitality Select Limited Partnership	DE	47-3103285	Excluded Subsidiary	
        Ashford Select OP General Partner LLC

         

        Ashford Select OP Limited Partner LLC

         
	
        0%

         

        100%

         
	
        GP

         

        LP

         

	Ashford Hospitality Select, Inc.	MD	47-2914626	Excluded Subsidiary	Ashford Hospitality Advisors LLC	100%	Shareholder
	Ashford Hospitality Services LLC	DE	81-5414279	Excluded Subsidiary	Ashford Advisors, Inc.	100%	Member
	Ashford Inc.  	NV	84-2331507	Parent	Public company	 	 
	Ashford Investment Management, LLC	DE	47-1530987	Excluded Subsidiary	AIM Management Holdco, LLC	100%	Member
	Ashford Lending Corporation	DE	47-1296460	Loan Party	Ashford Hospitality Advisors LLC	100%	Member
	Ashford Minneapolis Leasing LLC	DE	83-2795424	Excluded Subsidiary	Ashford Hospitality Advisors LLC	100%	Member
	Ashford Nashville Leasing LLC	DE	83-2812145	Excluded Subsidiary	Ashford Hospitality Advisors LLC	100%	Member
	Ashford New York Leasing LLC	DE	83-4340928	Excluded Subsidiary	Ashford Hospitality Advisors LLC	100%	Member
	Ashford OAINC II Inc.	MD	82-5237353	Loan Party	Ashford Inc.	100%	Stock
	Ashford OAINC, Inc.  	MD	46-5292553	Loan Party	Ashford OAINC II Inc.	100%	Stock
	Ashford Palm Springs Junior Leasing LLC	DE	84-3981037	Excluded Subsidiary	Ashford Hospitality Advisors LLC	100%	Member 
	Ashford Palm Springs Leasing LLC	DE	84-3980963	Excluded Subsidiary	Ashford Palm Springs Senior Leasing LLC	100%	Member 
	Ashford Palm Springs Senior Leasing LLC	DE	84-3997923	Excluded Subsidiary	Ashford Palm Springs Junior Leasing LLC	100%	Member 

 

Schedule 5.13

 

     

     

    

 

	Entity Name	State 	Tax ID #	Subsidiary

 Designation	Equity Interests Owned By	Equity

 % of

 Owner	Equity

 Entity 

Type
	Ashford Pav Leasing LLC	DE	81-4953181	Excluded Subsidiary	Ashford Hospitality Advisors LLC	100%	Member
	Ashford Posada Leasing LLC	DE	83-3750343	Excluded Subsidiary	Ashford Hospitality Advisors LLC	100%	Member
	Ashford Princeton Leasing LLC	DE	83-2761287	Excluded Subsidiary	Ashford Hospitality Advisors LLC	100%	Member
	Ashford Sarasota Leasing LLC	DE	84-1985584	Excluded Subsidiary	Ashford Hospitality Advisors LLC	100%	Member 
	Ashford Scotts Valley Leasing LLC	DE	83-3700119	Excluded Subsidiary	Ashford Hospitality Advisors LLC	100%	Member
	Ashford Securities LLC	DE	84-2665678	Excluded Subsidiary	Kylemore Holdings LLC	100%	Member
	Ashford Select OP Limited Partner LLC	DE	47-3096747	Excluded Subsidiary	Ashford Hospitality Select, Inc.	100%	Member
	Ashford Select OP General Partner LLC	DE	47-3096666	Excluded Subsidiary	Ashford Hospitality Select, Inc.	100%	Member
	Ashford Select TRS Corporation	DE	47-3103212	Excluded Subsidiary	Ashford Hospitality Select Limited Partnership	100%	Stockholder
	Ashford Yountville II Leasing LC	DE	84-1985542	Excluded Subsidiary	Ashford Hospitality Advisors LLC	100%	Member 
	Entrava	 	 	Excluded Subsidiary	OpenKey, Inc.	100%	 
	Island Time Watersports (Carribean) LLC	USVI	82-3180552	Excluded Subsidiary	
        Red Management, LLC

         

        Troy Neill

         
	
        95%

         

        5%

         
	
        Member

         

        Member

         

	J&S Audio Visual Communications LLC	TX	75-2106422	Excluded Subsidiary	Presentation Technologies, LLC	100%	Member
	J&S Audio Visual Dominican Republic L.P.	TX	26-4189576	Excluded Subsidiary	
        J&S DR GP, LLC

         

        PT DR Holdings, LLC

         
	
        1% GP

         

        99% LP

         
	
        GP

         

        LP

         

	J&S Audio Visual Mexico S. de R.L.	Mex	 	Excluded Subsidiary	
        J&S Audio Visual communications LLC

         

        Presentation Technologies, LLC

         
	
        97.05%

         

        2.95%

         
	
        Member

         

        Member

         

	J&S DR GP, LLC	DE	82-3180636	Excluded Subsidiary	Presentation Technologies, LLC	100%	Member
	Kylemore Holdings LLC	DE	84-2283011	Excluded Subsidiary	Ashford Hospitality Advisors LLC	100%	Member

 

Schedule 5.13

 

     

     

    

 

	Entity Name	State 	Tax ID #	Subsidiary

 Designation	Equity Interests Owned By	Equity

 % of

 Owner	Equity

 Entity 

Type
	Lady Lynsey Catamaran, LLC	DE	84-3270228	Excluded Subsidiary	Island Time Watersports (Caribbean) LLC	100%	Member
	Lismore Capital LLC	DE	 	Loan Party	Ashford Hospitality Advisors LLC	100%	Member
	Marietta Leasehold GP LLC	DE	20-4651153	Excluded Subsidiary	Ashford Hospitality Advisors LLC	100%	Member
	Marietta Leasehold L.P.	DE	20-4651250	Excluded Subsidiary	
        Marietta Leasehold GP LLC

         

        Ashford Hospitality Advisors LLC

         
	
        0.1%

         

        99.9%

         
	
        GP

         

        LP

         

	OpenKey, Inc.	DE	81-0759100	Excluded Subsidiary	Ashford Lending Corporation	44%	Stock
	Original Lismore LLC	DE	82-1927994	Excluded Subsidiary	Ashford Hospitality Services LLC	100%	Member
	PRE Opco, LLC	DE	
        81-4780296

         

         
	Excluded Subsidiary	
        Ashford Hospitality Services LLC

         

        PAFR, LLC (third party)

         

        Brault Enterprises, LLC (third party)

         
	
        70%

         

        20%

         

        10%

         
	
        Member

         

        Member

         

        Member

         

	Premier Project Management LLC	MD	32-0569521	Loan Party	Ashford Hospitality Advisors LLC	100%	Member
	Presentation Technologies, LLC	DE	75-2335357	Excluded Subsidiary	
        PT Holdco, LLC

         

        PT Intermediate, LLC (third party)

         
	
        85%

         

        15%

         
	
        Member

         

        Member

         

	PT DR Holdings, LLC	 	82-3157267	Excluded Subsidiary	Presentation Technologies, LLC	100%	Member
	PT Holdco, LLC	DE	82-2190164	Excluded Subsidiary	Ashford Hospitality Services LLC	100%	
        Member

         

	Real Estate Advisory Holdings LLC	DE	83-2986795	Excluded Subsidiary	Original Lismore LLC	30%	Member
	RED Catamaran One, LLC	DE	83-0808939	Excluded Subsidiary	Island Time Watersports (Carribean) LLC	100%	Member
	RED Catamaran Two LLC	DE	83-0863543	Excluded Subsidiary	Island Time Watersports (Caribbean) LLC	100%	Member
	RED Ferry Services LLC	DE	82-5337970	Excluded Subsidiary	Island Time Watersports (Caribbean) LLC	100%	Member
	RED Hospitality & Leisure Key West, LLC	DE	RED H&L	Excluded Subsidiary	RED Hospitality & Leisure LLC	100%	Member

 

Schedule 5.13

 

     

     

    

 

	Entity Name	State 	Tax ID #	Subsidiary

 Designation	Equity Interests Owned By	Equity

 % of

 Owner	Equity

 Entity 

Type
	RED Hospitality & Leisure LLC 	DE	82-3199024	Excluded Subsidiary	
        Ashford Hospitality Services LLC

         

        Chris Batchelor (third party)
	
        85%

         

        15%
	
        Member

         

        Member

	RED Island Dinghy Vessel LLC	DE	82-3225118	Excluded Subsidiary	Island Time Watersports (Caribbean) LLC	100%	Member
	RED Island Soul Vessel LLC	DE	82-3225074	Excluded Subsidiary	Island Time Watersports (Caribbean) LLC	100%	Member
	RED Island Time Vessel LLC	DE	82-3199094	Excluded Subsidiary	Island Time Watersports (Caribbean) LLC	100%	Member
	RED Marine Key West, LLC	DE	 	Excluded Subsidiary	RED Hospitality & Leisure Key West, LLC	100%	Member
	REM Steamboat LLC	DE	84-3798568	Excluded Subsidiary	Remington Holdings, L.P.	100% 	Member
	Remington Alexandria Employers, LLC	DE	84-2961529	Excluded Subsidiary	Remington Holdings, L.P.	100% 	Member
	Remington Anchorage Employers, LLC	DE	27-1859437	Excluded Subsidiary	Remington Holdings, L.P.	100% 	Member
	Remington Boston Employers, LLC	DE	45-2843783	Excluded Subsidiary	Remington Holdings, L.P.	100% 	Member
	Remington Costa Mesa Employers, LLC	DE	27-3710593	Excluded Subsidiary	Remington Holdings, L.P.	100% 	Member
	Remington Holdings GP, LLC	DE	26-4058388	Excluded Subsidiary	Ashford Hospitality Services LLC	100%	Member 
	Remington Holdings, L.P.	DE	26-4058564	Excluded Subsidiary	
        Remington Holdings GP, LLC

         

        Ashford Hospitality Services LLC

         
	
        0.1%

         

        99.9%

         
	
        GP

         

        LP

         

	Remington Hotels, LLC	DE	20-0558870	Excluded Subsidiary	Remington Holdings, L.P.	100% 	Member
	Remington Lodging & Hospitality – Annapolis LLC	DE	27-5012587	Excluded Subsidiary	Remington Holdings, L.P.	98% 	Member
	Remington Lodging & Hospitality – Linthicum, LLC	DE	27-5012646	Excluded Subsidiary	Remington Holdings, L.P.	98% 	Member
	Remington Lodging & Hospitality, LLC	DE	20-0111553	Excluded Subsidiary	Remington Holdings, L.P.	100% 	Member
	Remington Long Island Employers, LLC	DE	35-2460537	Excluded Subsidiary	Remington Holdings, L.P.	100% 	Member

 

Schedule 5.13

 

     

     

    

 

	Entity Name	State 	Tax ID #	Subsidiary

 Designation	Equity Interests Owned By	Equity

 % of

 Owner	Equity

 Entity 

Type
	Remington Midtown Manhattan Employers, LLC	DE	83-2908204	Excluded Subsidiary	Remington Holdings, L.P.	100% 	Member
	Remington Parsippany Employers, LLC	DE	27-4704952	Excluded Subsidiary	Remington Holdings, L.P.	100% 	Member
	Remington Philly Employers, LLC	DE	27-1943504	Excluded Subsidiary	Remington Holdings, L.P.	100% 	Member
	Remington Tarrytown Employers, LLC	DE	84-3711234	Excluded Subsidiary	Remington Holdings, L.P.	100%	Member
	WQ Hotel Management, LLC	DE	20-4862034	Excluded Subsidiary	Remington Holdings, L.P.	100% 	Member

 

Part (b) – Other Equity Investments of Loan Parties:

 

In addition to those disclosed in Part (a) above, AINC Kalibri
Holdco LLC owns an approximately 2.3085% equity interest in Kalibri Labs, LLC.

 

Part (c) – Equity Interests in Loan Parties:

 

	Loan Party	Equity Interests Owned By	Equity % 

of Owner	Equity Interest 

Type
	AINC Kalibri Holdco LLC	Ashford Hospitality Advisors LLC 	100%	Member
	Ashford Advisors, Inc.	Ashford Hospitality Holdings LLC	100%	Stock
	Ashford Hospitality Advisors LLC	
        Ashford Advisors, Inc.

         
	100%	Member
	Ashford Hospitality Holdings LLC 	
        Ashford OAINC, Inc.

         

        Unitholders

         

        Ashford Inc.

         

        Ashford OAINC II Inc.

         
	
        99.8%

         

        0.2%

         

        0%

         

        0%

         
	
        Member

         

        Member

         

        Preferred Member

         

        Preferred Member

         

	Ashford Lending Corporation	Ashford Hospitality Advisors LLC 	100%	Member
	Ashford OAINC II Inc.	
        Ashford Inc.

         

        Ashford Inc.

         
	
        100%

         

        0%

         
	
        Stock

         

        Preferred Stock

         

	Ashford OAINC, Inc.	Ashford OAINC II Inc.	100%	Stock
	Ashford Inc.	Public shareholders	100%	Stock
	Lismore Capital LLC	Ashford Hospitality Advisors LLC	100%	Member
	Premier Project Management LLC	Ashford Hospitality Advisors LLC	100%	Member

 

Schedule 5.13

 

     

     

    

 

Part (d) – Loan Party Information:

 

	Loan Party	State	Tax ID #.	Chief Executive Office/

Sole Place of Business
	AINC Kalibri Holdco LLC	DE	47-4115100	14185 Dallas Parkway, STE 1100

Dallas, TX  75254
	Ashford Advisors, Inc.	DE	47-5064999	14185 Dallas Parkway, STE 1100

Dallas, TX  75254
	Ashford Hospitality Advisors LLC	DE	46-2496748	14185 Dallas Parkway, STE 1100

Dallas, TX  75254
	Ashford Hospitality Holdings LLC 	DE	82-1144434	14185 Dallas Parkway, STE 1100

Dallas, TX  75254
	Ashford Lending Corporation	DE	47-1296460	14185 Dallas Parkway, STE 1100

Dallas, TX  75254
	Ashford OAINC, Inc.	MD	46-5292553	14185 Dallas Parkway, STE 1100

Dallas, TX  75254
	Ashford OAINC II Inc.	MD	82-5237353	14185 Dallas Parkway, STE 1100

Dallas, TX  75254
	Premier Project Management LLC	MD	32-0569521	14185 Dallas Parkway, STE 1100

Dallas, TX  75254
	Ashford Inc.	NV	84-2331507	14185 Dallas Parkway, STE 1100

Dallas, TX  75254
	Lismore Capital LLC	DE	 	14185 Dallas Parkway, STE 1100

Dallas, TX  75254

 

Schedule 5.13

 

     

     

    

 

SCHEDULE 5.18

 

INTELLECTUAL
PROPERTY MATTERS

 

None.

 

Schedule 5.18

 

     

     

    

 

SCHEDULE 7.02

 

indebtedness

 

loan
parties and advisory subsidiaries

 

The following Personal Property Leases
constitute leases of personal property under a Key Money Investment transaction. Each Advisory Subsidiary has granted a Lien in
the personal property to the lender of the counterparty.

 

	Hotel / Advisory Subsidiary 	Personal Property Lease
	
        Hotel: Embassy Suites New York

         

        Advisory Subsidiary: Ashford New York Leasing LLC

         
	Personal Property Lease dated May 29, 2019, by and between Ashford New York Leasing LLC and Ashford TRS New York LLC 
	
        Hotel: Hilton Alexandria

         

        Advisory Subsidiary: Ashford Alexandria Leasing LLC

         
	Personal Property Lease dated December 31, 2018, by and between Ashford Alexandria Leasing LLC and Ashford TRS Alexandria LLC 
	
        Hotel: Hilton Boston Back Bay

         

        Advisory Subsidiary: Ashford Boston Leasing LLC

         
	Personal Property Lease dated December 31, 2018, by and between Ashford Boston Leasing LLC and PIM TRS Boston Back Bay LLC
	
        Hotel: Hilton Scotts Valley California

         

        Advisory Subsidiary: Ashford Scotts Valley Leasing LLC

         
	Personal Property Lease dated March 18, 2019, by and between Ashford Scotts Valley Leasing LLC and Ashford TRS Scotts Valley LLC
	
        Hotel: Indigo Atlanta

         

        Advisory Subsidiary: Ashford Atlanta Leasing LLC

         
	Personal Property Lease dated December 31, 2018, by and between Ashford Atlanta Leasing LLC and Ashford TRS Atlanta Peachtree LLC
	
        Hotel: La Posada Santa Fe

         

        Advisory Subsidiary: Ashford Posada Leasing LLC

         
	Personal Property Lease dated March 28, 2019, by and between Ashford Posada Leasing LLC and Ashford TRS Posada LLC
	
        Hotel: W-Minneapolis

         

        Advisory Subsidiary: Ashford Minneapolis Leasing LLC

         
	Personal Property Lease dated December 11, 2018, by and between Ashford Minneapolis Leasing LLC and Ashford TRS Chambers LLC

 

Schedule 7.02

 

     

     

    

 

	Hotel / Advisory Subsidiary 	Personal Property Lease
	
        Hotel: W-Minneapolis

         

        Advisory Subsidiary: Ashford Minneapolis Leasing LLC

         
	Personal Property Lease dated March 11, 2019, by and between Ashford Minneapolis Leasing LLC and Ashford TRS Chambers LLC
	
        Hotel: Le Pavillon New Orleans

         

        Advisory Subsidiary: Ashford Pav Leasing LLC

         
	Personal Property Lease dated February 22, 2017, by and between Ashford Pav Leasing LLC and Ashford TRS Le Pavillon LLC
	
        Hotel: Renaissance Nashville

         

        Advisory Subsidiary: Ashford Nashville Leasing LLC

         
	Personal Property Lease dated December 31, 2018, by and between Ashford Nashville Leasing LLC and Ashford TRS Nashville LLC
	
        Hotel: Westin Princeton

         

        Advisory Subsidiary: Ashford Princeton Leasing LLC

         
	Personal Property Lease dated December 31, 2018, by and between Ashford Princeton Leasing LLC and HHC TRS Princeton LLC
	
        Hotel: Hotel Yountville

         

        Advisory Subsidiary: Ashford Yountville II LLC

         
	Personal Property Lease dated June 26, 2019, by and between Ashford Yountville II Leasing LLC and Ashford TRS Yountville II LLC
	
        Hotel: Ritz-Carlton Sarasota

         

        Advisory Subsidiary: Ashford Sarasota Leasing LLC

         
	Personal Property Lease dated July 1, 2019, by and between Ashford Sarasota Leasing LLC and Ashford TRS Sarasota LLC

 

Schedule 7.02

 

     

     

    

 

SCHEDULE 7.09

 

BURDENSOME
AGREEMENTS

 

None.

 

Schedule 7.09

 

     

     

    

 

SCHEDULE
11.02

 

ADMINISTRATIVE
AGENT’S OFFICE,

CERTAIN ADDRESSES FOR NOTICES

 

BORROWER:

 

Ashford
Hospitality Holdings LLC

14185 Dallas Parkway, Suite 1100

Dallas, TX 75254

Attention:  Deric Eubanks

Telephone:  972-778-9451

Telecopier: 972-490-9605

Electronic Mail:  deubanks@ashfordinc.com

Website Address:  http://www.ashfordinc.com/  

U.S. Taxpayer Identification Number:  82-1144434

 

PARENT:

 

Ashford
Inc. 

14185 Dallas Parkway, Suite 1100

Dallas, TX 75254

Attention:  Deric Eubanks

Telephone:  972-778-9451

Telecopier: 972-490-9605

Electronic Mail:  deubanks@ashfordinc.com

Website Address:  http://www.ashfordinc.com/      

U.S. Taxpayer Identification Number:  84-2331507

 

In
each case, with a copy to:

 

Winston
 & Strawn LLP

2121
North Pearl Street, Suite 900

Dallas,
TX 75201

Attention:
Jordan Klein; Brian Jansen

Telephone:
214-453-6426

Electronic
Mail: jmklein@winston.com

 

ADMINISTRATIVE
AGENT:

 

Administrative
Agent’s Office

(for payments):

Bank of America, N.A.

2380 Performance Drive, Building C

Mail Code: TX2-984-03-23

Richardson, TX 75082

Attention: Kesha Martinez

Telephone: 469-201-8836

Telecopier: 214-290-9416

Electronic Mail:  kesha.martinez@bankofamerica.com

 

Schedule 11.02 – Page 1 

 

     

     

    

 

Account
No.: 1366072250600

Ref:  Wire Clearing Acct for Syn Loans - LIQ

ABA# 026009593

 

Other
Notices as Administrative Agent: (for Credit Extensions) 

Bank of America, N.A.

901 Main Street

Mail Code:  TX1-492-64-01

Dallas, TX  75202

Attention:  Suzanne Pickett

Telephone: 214-209-0936

Telecopier: 

Electronic Mail:  Suzanne.pickett@baml.com

 

Schedule 11.02 – Page 2

 

     

     

    

 

EXHIBIT A

 

FORM
OF COMMITTED LOAN NOTICE

 

Date: ___________, _____

 

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

 

Ladies and Gentlemen:

 

Reference is made to
that certain Credit Agreement, dated as of March 1, 2018 (as amended, restated, extended, supplemented or otherwise modified in
writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined),
among Ashford Hospitality Holdings LLC, a Delaware limited liability company (the “Borrower”), certain
Affiliates of the Borrower from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A.,
as Administrative Agent. Capitalized terms used but not defined herein shall have the meanings ascribed to them by the Credit Agreement.

 

	 	The
    undersigned hereby requests (select one):
	 	 
	 	 ̈	A
    Borrowing of Loans
	 	 
	 	 ̈	A
    conversion or continuation of Loans
	 	 
	 	1.	On
                                                                   
    (a Business Day).
	 	 
	 	2.	In
    the amount of $                                                           
	 	 
	 	3.	Comprised
    of                                                                          
	 	 	                                       [Type
    of Loan requested]
	 	 
	 	4.	For
    Eurodollar Rate Loans: with an Interest Period of                 
      months.

 

[Signature page follows]

 

Exhibit A – Page 1

 

     

     

    

 

The Borrower hereby represents and warrants
that the conditions specified in Sections 4.02(a) and (b) shall be satisfied on and as of the
date of the Borrowing.

 

	 	ASHFORD
    HOSPITALITY holdings llc
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Exhibit A – Page 2

 

     

     

    

 

 

EXHIBIT B

 

FORM
OF NOTE

 

___________, ____

 

FOR VALUE RECEIVED,
the undersigned (the “Borrower”), hereby promises to pay to _____________________ or registered assigns
(the “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal
amount of each Loan from time to time made by the Lender to the Borrower under that certain Credit Agreement, dated as of March
1, 2018 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;”
the terms defined therein being used herein as therein defined), among the Borrower, certain Affiliates of the Borrower from time
to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent. Capitalized
terms used but not defined herein shall have the meanings ascribed to them by the Credit Agreement.

 

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

 

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

 

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

 

Exhibit B – Page 1

 

     

     

    

 

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

 

	 	ASHFORD
    HOSPITALITY holdings llc
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature Page to

Form of Note

 

     

     

    

 

LOANS AND PAYMENTS WITH RESPECT THERETO

 

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

 

     

     

    

 

EXHIBIT C

 

FORM
OF COMPLIANCE CERTIFICATE

 

Financial Statement Date: ________, ____

 

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

 

Ladies and Gentlemen:

 

Reference is made to
that certain Credit Agreement, dated as of March 1, 2018 (as amended, restated, extended, supplemented or otherwise modified in
writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined),
among Ashford Hospitality Holdings LLC, a Delaware limited liability company (the “Borrower”), Ashford
Inc., a Nevada corporation (the “Parent”), the Lenders from time to time party thereto, and Bank of America,
N.A., as Administrative Agent. Capitalized terms used but not defined herein shall have the meanings ascribed to them by the Credit
Agreement.

 

The undersigned Responsible
Officer hereby certifies as of the date hereof that he/she is the ___________________________________ of the Parent, and that,
as such, he/she is authorized to execute and deliver this compliance certificate (this “Certificate”)
to the Administrative Agent on the behalf of the Parent, for itself and on behalf of Borrower, and that:

 

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

 

1.       The
Parent has delivered the year-end audited financial statements required by Section 6.01(a) of the Agreement
for the fiscal year of the Parent ended as of the above date, together with the report and opinion of an independent certified
public accountant required by such section.

 

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

 

1.       The
Parent has delivered the unaudited financial statements required by Section 6.01(b) of the Agreement for the
fiscal quarter of the Parent ended as of the above date. Such consolidated financial statements fairly present the financial condition,
results of operations and cash flows of the Consolidated Parties in accordance with GAAP as at such date and for such period, subject
only to normal year-end audit adjustments and the absence of footnotes.

 

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

 

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

 

[select one:]

 

Exhibit C – Page 1

 

     

     

    

 

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

 

--or--

 

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

 

4.       The
representations and warranties of the Borrower and the Parent contained in Article V of the Agreement and all
representations and warranties of any Loan Party that are contained in any document furnished at any time under or in connection
with the Loan Documents, are true and correct on and as of the date hereof, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that
for purposes of this Certificate, the representations and warranties contained in subsections (a) and (b)
of Section 5.05 of the Agreement shall be deemed to refer to the most recent statements furnished pursuant to
clauses (a) and (b), respectively, of Section 6.01 of the Agreement, including
the statements in connection with which this Certificate is delivered.

 

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

 

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

 

 

	 	PARENT:
	 	 
	 	ASHFORD, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	BORROWER:
	 	 
	 	ASHFORD
    HOSPITALITY holdings llc
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Exhibit C – Page 2

 

     

     

    

 

 

For the Quarter/Year ended ___________________,
____ (“Statement Date”)

 

SCHEDULE 1

to the Compliance Certificate

($ in 000’s)

 

	I.	Section 7.11(a) – Consolidated Net Worth.
	 	 	 	 	 
	 	A.	Actual Consolidated Net Worth at Statement Date:
	 	 	 	 	 
	 	 	1.	Shareholders’ Equity:	$______
	 	 	 	 	 
	 	 	2.	Reversal of (i) any effects of the application of FASB ASC No. 715: Compensation—Retirement Benefits, including any change in value from time to time of any deferred compensation plans, (ii) any effects of any offsetting liability to contingent consideration obligations arising out of an acquisition and (iii) the effects of any Indebtedness effects of any Indebtedness owed by any Consolidated Party to another Consolidated Party (including the Inter-Company Debt) to the extent not otherwise eliminated in the consolidated financial statements of the Consolidated Parties:	$______
	 	 	 	 	 
	 	 	3.	Reversal of impact from (i) straight line rent leveling adjustments required under GAAP and (ii) amortization of intangibles pursuant to FASB Statement No. 141:	$______
	 	 	 	 	 
	 	 	4.	Consolidated Net Worth (Line I.A1 plus or minus, as applicable, Line I.A.2, plus or minus, as applicable, Line I.A.3):	$______
	 	 	 	 	 
	 	B.	$23,217,750	 
	 	 	 	 	 
	 	C.	75% of net equity proceeds received by the Parent after December 31, 2019 from issuance and sale of Equity Interests of the Parent:	$______
	 	 	 	 	 
	 	D.	Minimum required Consolidated Net Worth (Lines I.B plus I.C):	$______
	 	 	 	 	 
	 	E.	[Excess][Deficiency] for covenant compliance (Line I.A.4 minus I.D):	$______
	 	 	 	 	 
	II.	Section 7.11 (b) – Advisory Leverage Ratio.
	 	 	 	 	 
	 	A.	Consolidated Funded Indebtedness that is recourse to Parent or any other Loan Party at Statement Date:	$______
	 	 	 	 
	 	B.	Unrestricted Cash held by Parent or any other Loan Party:	$______
	 	 	 	 
	 	C.	
        Advisory EBITDA for the four (4) fiscal quarters ending on the

        Statement Date (the “Calculation Period”):
	$______
	 	 	 	 	 
	 	D.	Advisory Leverage Ratio ((Line II.A minus Line II.B) divided by Line II.C):	____ to 1
	 	 	 	 	 

 

Schedule 1 to

Compliance Certificate

 

     

     

    

 

	 	 	Maximum permitted Advisory Leverage Ratio as of the end of any fiscal quarter of the Borrower:                    	
         

        2.00 to 1.0

	 	 
	III.	Section 7.11(c) – Consolidated Debt Service Coverage Ratio.
	 	 	 	 	 
	 	A.	Consolidated EBITDA for Calculation Period:	$______
	 	 	 	 	 
	 	B.	Consolidated Interest Charges and aggregate principal amount of all regularly scheduled principal payments or redemptions or similar acquisitions for value of outstanding Consolidated Funded Indebtedness for Calculation Period:	$______
	 	 	 	 	 
	 	C.	Consolidated Debt Service Coverage Ratio (Line III.A divided by Line III.B):	______ to 1
	 	 	 	 	 
	 	 	Minimum required Consolidated Debt Service Charge Coverage Ratio as of the end of any fiscal quarter of the Borrower:	1.50 to 1.0
	 	 	 	 

 

	IV.	Section 7.11 (d) – Consolidated Leverage Ratio. 
	 	 	 	 	 
	 	A.	Consolidated Funded Indebtedness at Statement Date:	$______
	 	 	 	 
	 	B.	Consolidated EBITDA for the Calculation Period:	$______
	 	 	 	 	 
	 	C.	Consolidated Leverage Ratio (Line IV.A divided by Line IV.B):	____ to 1
	 	 	 	 	 
	 	 	Maximum permitted Consolidated Leverage Ratio at any time during any period of four fiscal quarters of the Borrower:                    	
         

        3.00 to 1.0

         

	V.	Consolidated Fixed Charge Coverage Ratio - Amortization Amount and Restricted Payments  
	 	 	 	 	 
	 	A.	Consolidated EBITDA for the Calculation Period plus (ii) rentals payable under leases of real or personal, or mixed, property, less (iii) the aggregate amount of all recurring maintenance capital expenditures:	$______
	 	 	 	 

 

Schedule 1 to

Compliance Certificate

 

     

     

    

 

	 	B.	The sum of (i) Consolidated Interest Charges, (ii) the aggregate principal amount of all regularly scheduled principal payments or redemptions or similar acquisitions for value of outstanding Consolidated Funded Indebtedness (including, for purposes hereof, scheduled reductions in commitments (but not the termination of the Commitments under the Inter-Company Loan Agreement), but excluding any regularly scheduled principal payments on any such Consolidated Funded Indebtedness which pays such Consolidated Funded Indebtedness in full, but only to the extent that the amount of such final payment is greater than the scheduled principal payment immediately preceding such final payment), (iii) rentals payable under leases of real or personal, or mixed, property, other than lease payments under the Marietta Lease, (iv) the aggregate amount of all Restricted Payments (including, without limitation, with respect to the Preferred Interests) and (v) the aggregate amount of Federal, state, local and foreign income taxes paid in cash, in each case, of or by Consolidated Parties on a consolidated basis for the period of the four (4) fiscal quarters most recently ended for the Calculation Period:	$______
	 	 	 	 	 
	 	C.	Consolidated Fixed Charge Coverage Ratio (Line V.A divided by Line V.B):	____ to 1
	 	 	 	 	 

 

Schedule 1 to

Compliance Certificate

 

     

     

    

 

 

EXHIBIT D-1

 

ASSIGNMENT
AND ASSUMPTION

 

This Assignment and
Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [the][each]1 Assignor identified in item 1 below
([the][each, an] “Assignor”) and [the][each]2 Assignee
identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights
and obligations of [the Assignors][the Assignees]3 hereunder are several and
not joint.]4 Capitalized terms used but not defined herein shall have the meanings
given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt
of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1
attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as
if set forth herein in full.

 

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

 

		1.	Assignor[s]:         ______________________________

 

______________________________

 

[Assignor [is] [is not] a Defaulting
Lender]

 

 

		1	For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment
is from a single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose the second
bracketed language.
		2	For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment
is to a single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the second bracketed
language.
		3	Select as appropriate.
		4	Include bracketed language if there are either multiple Assignors or multiple Assignees.

 

Exhibit D-1 – Page 1

 

     

     

    

 

		2.	Assignee[s]:         ______________________________

 

______________________________

 

[for each
Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]

 

		3.	Borrower:        Ashford Hospitality Holdings LLC, a Delaware limited liability company

 

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

 

		5.	Credit Agreement:        Credit Agreement, dated as of March 1, 2018, among the Borrower, certain
Affiliates of the Borrower party thereto from time to time, the Lenders from time to time party thereto, and Bank of America, N.A.,
as Administrative Agent

 

		6.	Assigned Interest[s]:

 

	Assignor[s]5	 	 	Assignee[s]6	 	 	 	Aggregate
 Amount of
 Commitment/Loans 
 for all Lenders7	 	 	 	Amount of
 Commitment/Loans
 Assigned	 	 	 	Percentage
 Assigned of
 Commitment/Loans8	 	 	 	CUSIP
 Number	 
	 	 	 	 	 	 	 	$	 	 	 	$	 	 	 	%	 	 	 	 	 
	 	 	 	 	 	 	 	$	 	 	 	$	 	 	 	%	 	 	 	 	 
	 	 	 	 	 	 	 	$	 	 	 	$	 	 	 	%	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

		[7.	Trade Date:      __________________]9

 

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

 

 

	 	5	List each Assignor, as appropriate.
		6	List each Assignee, as appropriate.
		7	Amounts in this column and in the column immediately to the right to be adjusted by the counterparties
to take into account any payments or prepayments made between the Trade Date and the Effective Date.
		8	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.
		9	To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to
be determined as of the Trade Date.

 

Exhibit D-1 – Page 2

 

     

     

    

 

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

 

 

 

 

 

	 	ASSIGNOR[S]
	 	 	 
	 	[NAME OF ASSIGNOR]
	 	 	 
		By:	
	 	 	Title:
	 	 	 
	 	ASSIGNEE[S]
	 	 	 
	 	[NAME OF ASSIGNEE]
	 	 	 
		By:	
	 	 	Title:

 

Signature Page to

Form of Assignment and Assumption

 

    

     

    

 

	[Consented to and]10 Accepted:	 
	 	 
	BANK OF AMERICA,
N.A., as
	 
	Administrative Agent	 
	 	 
	 	 
	By:	 	 
	 	Title:	 
	 	 
	[Consented to:]11	 
	 	 
	ASHFORD HOSPITALITY Holdings LLC	 
	 	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

 

	10	To be added only if the consent of the Administrative Agent is required by the terms of the Credit
Agreement.
	11	To
be added only if the consent of the Borrower and/or other parties is required by the terms of the Credit Agreement.

 

Signature Page to

Form of Assignment and Assumption

 

    

     

    

 

 

ANNEX
1 TO ASSIGNMENT AND ASSUMPTION

 

STANDARD
TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

 

1.       Representations
and Warranties.

 

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

 

(b) Each of Assignor
and Administrative Agent hereby informs Assignee that each such Person is not undertaking to provide impartial investment advice,
or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby or by the Credit Agreement,
and that such Person has a financial interest in the transactions contemplated hereby or by the Credit Agreement in that such Person
or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Commitments and the Credit Agreement,
(ii) may recognize a gain if it extended the Loans or the Commitments for an amount less than the amount being paid for an interest
in the Loans or the Commitments by Assignee or (iii) may receive fees or other payments in connection with the transactions contemplated
hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront
fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage
fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s
acceptance fees, breakage or other early termination fees or fees similar to the foregoing.

 

Annex 1 to

Assignment and Assumption

 

     

     

    

 

1.2.       Assignee.
[The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and
to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Sections 11.06(b)(iii) and (v)
of the Credit Agreement (subject to such consents, if any, as may be required under Section 11.06(b)(iii) of
the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit
Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a
Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by
[the][such] Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire
[the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit
Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements
delivered pursuant to Section 6.01 thereof, as applicable, and such other documents and information as it
deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase
[the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any
other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is
a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit
Agreement, duly completed and executed by [the][such] Assignee; (b) agrees that (i) it will, independently and
without reliance upon the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking
action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by
the terms of the Loan Documents are required to be performed by it as a Lender; (c) (x) represents and warrants, as of the
Effective Date, to, and (y) covenants, from the Effective Date to the date such Person ceases being a Lender party to the
Credit Agreement, for the benefit of, Assignor, the Administrative Agent and their respective Affiliates, and not, for the
avoidance of doubt, to or for the benefit of Borrower or any Guarantor, that at least one of the following is and will be
true: (i) Assignee is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by
Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans or the Commitments; (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
Assignee’s entrance into, participation in, administration of and performance of the Loans, the Commitments and the
Credit Agreement and acquisition and holding of the Assigned Interest; (iii) (A) Assignee 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 [the][such] Assignee to enter into, participate in,
administer and perform the Loans, the Commitments and the Credit Agreement and acquire and hold the Assigned Interest, (C)
the entrance into, participation in, administration of and performance of the Loans, the Commitments and the Credit Agreement
and the acquisition and holding of the Assigned Interest satisfies the requirements of sub-sections (b) through (g) of Part I
of PTE 84-14 and (D) to the best knowledge of Assignee, the requirements of subsection (a) of Part I of PTE 84-14 are
satisfied with respect to Assignee’s entrance into, participation in, administration of and performance of the Loans,
the Commitments and the Credit Agreement and acquisition and holding of the Assigned Interest, or (iv) such other
representation, warranty and covenant as may be agreed in writing between the Assignor, in its sole discretion, the
Administrative Agent, in its sole discretion, and Assignee; and (d) unless sub-clause (i) in the immediately preceding clause
(c) is true with respect to Assignee or Assignee has not provided another representation, warranty and covenant as provided
in sub-clause (iv) in the immediately preceding clause (a), Assignee further (x) represents and warrants, as of the Effective
Date, to, and (y) covenants, from the Effective Date to the date such Person ceases being a Lender party to the Credit
Agreement, for the benefit of, Assignor, the Administrative Agent and their respective Affiliates, and not, for the avoidance
of doubt, to or for the benefit of Borrower or any Guarantor, that: (i) none of Assignor, the Administrative Agent or any of
their respective Affiliates is a fiduciary with respect to the assets of [Assignee (including in connection with the
reservation or exercise of any rights by the Administrative Agent under the Credit Agreement, any Loan Document or any
documents related to thereto); (ii) the Person making the investment decision on behalf of Assignee with respect to the
entrance into, participation in, administration of and performance of the Loans, the Commitments and the Credit Agreement and
the acquisition and holding of the Assigned Interest is independent (within the meaning of 29 CFR § 2510.3-21) and is a
bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or
control, total assets of at least $50 million, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E); (iii)
the Person making the investment decision on behalf of Assignee with respect to the entrance into, participation in,
administration of and performance of the Loans, the Commitments and the Credit Agreement and the acquisition and holding of
the Assigned Interest is capable of evaluating investment risks independently, both in general and with regard to particular
transactions and investment strategies (including in respect of the Obligations); (iv) the Person making the investment
decision on behalf of Assignee with respect to the entrance into, participation in, administration of and performance of the
Loans, the Commitments and the Credit Agreement and the acquisition and holding of the Assigned Interest is a fiduciary under
ERISA or the Code, or both, with respect to the Assigned Interest, the Loans, the Commitments and the Credit Agreement and is
responsible for exercising independent judgment in evaluating the transactions hereunder and thereunder; and (v) no fee or
other compensation is being paid directly to Assignor, the Administrative Agent or any their respective Affiliates for
investment advice (as opposed to other services) in connection with the Assigned Interest, the Loans, the Commitments or the
Credit Agreement.

 

Annex 1 to

Assignment and Assumption

 

     

     

    

 

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

 

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

 

Annex 1 to

Assignment and Assumption

 

     

     

    

 

EXHIBIT D-2

 

FORM
OF ADMINISTRATIVE QUESTIONNAIRE

 

(see attached)

 

Exhibit D-2 – Page 1

 

     

     

    

 

EXHIBIT E

 

FORM
OF GUARANTY AGREEMENT

 

(see attached)

 

Exhibit E – Page 1

 

     

     

    

 

EXHIBIT F

 

FORM
OF SECURITY and pledge AGREEMENT

 

(see attached)

 

Exhibit F – Page 1

 

     

     

    

 

EXHIBIT G

 

OPINION
MATTERS

COUNSEL TO LOAN PARTIES

 

The matters contained
in the following Sections of the Credit Agreement should be covered by the legal opinion:

 

Sections 5.01(a),
(b)(ii) and (c) (as to identified jurisdictions only)

 

Section 5.02
(in the case of Section 5.02(b), as to identified Material Contracts and orders only)

 

Section 5.03

 

Section 5.04

 

Section 5.14(b)

 

Exhibit G – Page 1

 

     

     

    

 

EXHIBIT H-1

 

Form
of

 

U.S.
TAX COMPLIANCE CERTIFICATE

 

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

 

Reference is hereby
made to the Credit Agreement dated as of March 1, 2018 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Ashford Hospitality Holdings LLC, a Delaware limited liability company (the “Borrower”),
certain Affiliates of the Borrower from time to time party thereto, Bank of America, N.A., as Administrative Agent, and each lender
from time to time party thereto.

 

Pursuant to the provisions
of Section 3.01(e) 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-E (or W-8BEN,
as applicable). By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall
have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate
in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments.

 

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

 

	[NAME OF LENDER]	 
	By: 		 
	 	Name:	 	 
	 	Title:	 	 

 

Date: ________ __, 20[ ]

 

Exhibit H-1

 

     

     

    

 

EXHIBIT H-2

 

Form
of

 

U.S.
TAX COMPLIANCE CERTIFICATE

 

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

 

Reference is hereby
made to the Credit Agreement dated as of March 1, 2018 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Ashford Hospitality Holdings LLC, a Delaware limited liability company (the “Borrower”),
certain Affiliates of the Borrower from time to time party thereto, Bank of America, N.A., as Administrative Agent, and each lender
from time to time party thereto.

 

Pursuant to the provisions
of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within
the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within
the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to
the Borrower as described in Section 881(c)(3)(C) of the Code.

 

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

 

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

  

	[NAME
    OF PARTICIPANT]	 
	By: 		 
	 	Name:	 	 
	 	Title:	 	 

 

Date: ________ __, 20[ ]

 

Exhibit H-2

 

     

     

    

 

EXHIBIT H-3

 

Form
of

 

U.S.
TAX COMPLIANCE CERTIFICATE

 

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

 

Reference is hereby
made to the Credit Agreement dated as of March 1, 2018 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Ashford Hospitality Holdings LLC, a Delaware limited liability company (the “Borrower”),
certain Affiliates of the Borrower from time to time party thereto, Bank of America, N.A., as Administrative Agent, and each lender
from time to time party thereto.

 

Pursuant to the provisions
of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members
are the sole beneficial owners of such participation, (iii) with respect to such participation, neither the undersigned nor
any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary
course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct
or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B)
of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower
as described in Section 881(c)(3)(C) of the Code.

 

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

 

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

  

	[NAME
    OF PARTICIPANT]	 
	By: 		 
	 	Name:	 	 
	 	Title:	 	 

 

Date: ________ __, 20[ ]

 

Exhibit H-3

 

     

     

    

 

EXHIBIT H-4

 

FORM
OF

 

U.S.
TAX COMPLIANCE CERTIFICATE

 

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

 

Reference is hereby
made to the Credit Agreement dated as of March 1, 2018 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Ashford Hospitality Holdings LLC, a Delaware limited liability company (the “Borrower”),
certain Affiliates of the Borrower from time to time party thereto, Bank of America, N.A., as Administrative Agent, and each lender
from time to time party thereto.

 

Pursuant to the provisions
of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
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)
its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such
Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither
the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered
into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none
of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B)
of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower
as described in Section 881(c)(3)(C) of the Code.

 

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

 

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

  

	[NAME
    OF LENDER]	 
	By: 		 
	 	Name:	 	 
	 	Title:	 	 

 

Date: ________ __, 20[ ]

 

Exhibit H-4

 

     

     

    

 

EXHIBIT I

 

FORM
OF

 

solvency
certificate

 

ashford
inc.

ASHFORD
hospitality holdings llc

ASHFORD
advisors, inc.

Ashford
Hospitality Advisors LLC 

Lismore
Capital LLC

AINC
Kalibri Holdco LLC

Ashford
LENDING CORPORATION

Ashford oainc ii, inc.

Premier Project management llc

 

March 1, 2018

 

THE UNDERSIGNED HEREBY CERTIFIES AS
FOLLOWS:

 

1.                  
I am the Chief Financial Officer of Ashford Inc., a Maryland corporation (“Parent”), which is
the member Ashford Hospitality Holdings LLC, a Delaware limited liability company (“Borrower”). Borrower
is the sole stockholder of Ashford Advisors, Inc., a Delaware corporation (“Advisors”). Advisors is the
sole member of Ashford Hospitality Advisors LLC, a Delaware limited liability company (“Hospitality Advisors”).
Hospitality Advisors is the sole member of Ashford Lending Corporation, a Delaware corporation (“Lending”),
Lismore Capital LLC, a Delaware limited liability company (“Lismore”), Ashford OAINC II, Inc., a Delaware
corporation (“OAINC”), Premier Project Management LLC, a Delaware limited liability company (“Project”)
and AINC Kalibri Holdco LLC, a Delaware limited liability company (together with the Parent, Borrower, Advisors, Hospitality Advisors,
Lending, Lismore, OAINC and Project the “Loan Parties”).

 

2.                  
This Solvency Certificate (this “Certificate”) is delivered in connection with that certain Credit
Agreement dated as of March 1, 2018 (as amended, modified, supplemented, renewed or extended, and all restatements thereof and
any agreement that refinances the indebtedness thereunder, the “Credit Agreement”), among Borrower, Parent,
the Lenders then or thereafter party thereto, and Bank of America, N.A., as Administrative Agent.

 

3.                  
I have reviewed the terms of Sections 4.01(a)(vii) of the Credit Agreement and the term “Solvent”
as defined in the Credit Agreement and the other definitions and provisions contained in the Credit Agreement and the other Loan
Documents relating thereto and, in my opinion, I have made, or have caused to be made under my supervision, such examination or
investigation as is necessary to enable me to express an informed opinion as to the matters referred to herein.

 

4.                  
I, solely in my capacity as Chief Financial Officer of the Parent, and not in my individual capacity, hereby certify that
each of the Loan Parties is Solvent on the date hereof and will be Solvent immediately after giving effect to the Credit Agreement.

 

5.                  
Terms not otherwise defined herein have the meanings assigned to them in the Credit Agreement.

 

[Signature page follows.]

 

Exhibit I

 

     

     

    

 

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

 

	 	ASHFORD INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Exhibit I

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