Document:

Severance Agreement

 Exhibit 10.6 
 SEVERANCE AGREEMENT 
 This AMENDED AND RESTATED SEVERANCE AGREEMENT (this
“Agreement”) is effective as of the 31st day of March, 2006, by and between INNKEEPERS USA TRUST, a
Maryland Real Estate Investment Trust (the “Trust”), and DENNIS M. CRAVEN (the “Executive”). 
 RECITALS:

 WHEREAS, the Trust employs the Executive to perform various services on behalf of Trust; and 
 WHEREAS, the parties understand that Executive’s employment may at some point in the future cease for a variety of reasons and the parties
intend, pursuant to this Agreement, to provide Executive with a severance package in the event such employment ceases due to certain reasons; and 
 NOW, THEREFORE, in consideration of Executive’s employment by the Trust, the compensation that Executive shall receive during Executive’s employment, the parties’ covenants, representations and promises contained in
this Agreement and other valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree as follows: 
  

	1.	Termination Provisions 

  

	 	A.	Termination Without Cause: The Executive’s employment may be terminated without “Cause” as follows: 

  

	 	(i)	By mutual written agreement of the Trust and Executive, in which case the Executive will be paid only for the time period in which he works, and will not be entitled to any further
compensation or severance benefits; 

  

	 	(ii)	Upon written notice to the other party, as follows: 

  

	 	a.	If Executive terminates his employment without “Good Reason”, or without “Good Cause” in the context of a “change of control”, Executive shall give
thirty (30) days advance notice. Executive will be paid his compensation during the thirty (30) day notice period. The Trust (or its Successor) may elect, in its sole discretion, to dispense with the notice period and to immediately sever
Executive’s employment relationship with the Trust (or its Successor), but will pay Executive through the thirty (30) day notice period. Executive will not be entitled to any additional compensation or severance benefits.

	 	b.	If the Trust terminates Executive’s employment without “Cause”, Executive shall be entitled to severance benefits equal to (a) Fifty Percent (50%) of
Executive’s then-current annual base salary if the termination occurs on or before the first anniversary of the date of this Agreement; (b) One Hundred Percent (100%) of Executive’s then-current annual base salary if the
termination occurs after the first anniversary of the date of this Agreement and on or before the second anniversary of the date of this Agreement; or (c) One Hundred Fifty Percent (150%) of Executive’s then-current annual base salary
if the termination occurs after the second anniversary of the date of this Agreement. Any unvested share options or restricted shares granted to the Executive under any share plan will vest and become immediately exercisable; provided, however, that
any provisions of separate agreements between the Trust and Executive governing the vesting or forfeiture of share grants or options that are more favorable to the Executive shall control over the provisions of this Agreement.

  

	 	c.	If Executive terminates his employment for “Good Reason,” Executive shall be entitled to severance benefits equal to (a) Fifty Percent (50%) of Executive’s
then-current annual base salary if the termination occurs on or before the first anniversary of the date of this Agreement; (b) One Hundred Percent (100%) of Executive’s then-current annual base salary if the termination occurs after
the first anniversary of the date of this Agreement and on or before the second anniversary of the date of this Agreement; or (c) One Hundred Fifty Percent (150%) of Executive’s then-current annual base salary if the termination
occurs after the second anniversary of the date of this Agreement. Any unvested share options or restricted shares granted to the Executive under any share plan will vest and become immediately exercisable; provided, however, that any provisions of
separate agreements between the Trust and Executive governing the vesting or forfeiture of share grants or options that are more favorable to the Executive shall control over the provisions of this Agreement. “Good Reason” is defined as
(a) a change in the Executive’s status, position or responsibilities that does not represent a promotion, (b) a reduction in the Executive’s base salary or bonus, (c) a required relocation to a location more than thirty
miles away from the Trust’s principal executive offices, or (d) the failure of the Trust to continue to provide benefits (including severance) to the Executive as set forth in the Executive Compensation Plan or, if no Executive

  

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	 	  	Compensation Plan then exists, the last written Executive Compensation Plan approved by the Company’s Board of Trustees or the Compensation Committee of the Company’s
Board of Trustees. 

  

	 	(iii)	Upon the death of Executive, Executive shall be entitled to severance benefits equal to (a) Fifty Percent (50%) of Executive’s then-current annual base salary if the
termination occurs on or before the first anniversary of the date of this Agreement; (b) One Hundred Percent (100%) of Executive’s then-current annual base salary if the termination occurs after the first anniversary of the date of
this Agreement and on or before the second anniversary of the date of this Agreement; or (c) One Hundred Fifty Percent (150%) of Executive’s then-current annual base salary if the termination occurs after the second anniversary of the
date of this Agreement. Any unvested share options or restricted shares granted to the Executive under any share plan will vest and become immediately exercisable; provided, however, that any provisions of separate agreements between the Trust and
Executive governing the vesting or forfeiture of share grants or options that are more favorable to the Executive shall control over the provisions of this Agreement; or 

  

	 	(iv)	Upon the Executive becoming unable to perform the essential functions of Executive’s job, with or without reasonable accommodation, for a period of at least ninety
(90) days, Executive shall be entitled to severance benefits equal to (a) Fifty Percent (50%) of Executive’s then-current annual base salary if the termination occurs on or before the first anniversary of the date of this
Agreement; (b) One Hundred Percent (100%) of Executive’s then-current annual base salary if the termination occurs after the first anniversary of the date of this Agreement and on or before the second anniversary of the date of this
Agreement; or (c) One Hundred Fifty Percent (150%) of Executive’s then-current annual base salary if the termination occurs after the second anniversary of the date of this Agreement. Any unvested share options or restricted shares
granted to the Executive under any share plan will vest and become immediately exercisable; provided, however, that any provisions of separate agreements between the Trust and Executive governing the vesting or forfeiture of share grants or options
that are more favorable to the Executive shall control over the provisions of this Agreement. 

  

	 	B.	Termination with Cause: The Trust shall have the right to terminate the Executive with “Cause” at any time. If Executive is terminated with
“Cause”, he will be paid only for the time period in which he works, and will not be entitled to any further compensation, severance benefits, or 

  

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	 	  	other benefits, and any unvested share grants and share options will immediately become null and void; provided, however, that any provisions of separate agreements between the
Trust and Executive governing the vesting or forfeiture of share grants or options that are more favorable to the Executive shall control over this Agreement. Termination with “Cause” is defined as the occurrence of any of the following
events, as determined by the Trust’s Board of Trustees, acting in its sole discretion: 

  

	 	(i)	Executive violates any of the terms of this Agreement, including, without limitation, the terms and conditions set forth in the Non-Disclosure provision of this Severance Agreement,
or violates any company policy if such violation has a significant detrimental affect on the Trust; 

  

	 	(ii)	Executive enters a plea of nolo contendere or guilty with respect to a violation of, or is adjudicated by a court of competent jurisdiction to have violated, any law, order,
rule or regulation that constitutes a felony, a crime (that constitutes at least a misdemeanor) of dishonesty, or other crime (that constitutes at least a misdemeanor) involving moral turpitude; 

  

	 	(iii)	Executive commits an act or makes an omission, other than any traffic-related offenses and simple misdemeanors, that is fraudulent or dishonest, and that is intended to or
reasonably likely to discredit the Trust, and that results in a substantial amount of negative publicity for, or that materially damages the reputation or good standing of, the Trust or its affiliates; 

  

	 	(iv)	Executive fails to carry out specific, material and legal directives of the Trust’s Board of Trustees, or its designee, or of Executive’s supervisor, or fails to or
refuses to adequately perform duties that have been assigned to him, in each case that are consistent with Executive’s position and job responsibilities, but only after Executive has been given specific and written notice of his failure to
perform and a thirty (30) day opportunity to cure such deficiency; provided that the Executive is entitled to only one thirty (30) day cure period in any twelve (12) month period. 

  

	 	C.	Termination Upon Change in Control: 

  

	 	(i)	Upon a “change in control” of the Trust, the Trust or its successor after any transaction provided for in this subsection (hereinafter referred to as the
“Successor”) may terminate Executive’s employment by delivery of written notice to the Executive, which notice must specify an effective date of termination not less than 

  

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	 	  	thirty (30) days from the date of the notice. A “change in control” for purposes of this subsection means (a) the Trust becomes a direct or indirect subsidiary
of, or is merged or consolidated with or into, another entity, which entity is not controlled by the Trust or the Trust’s shareholders immediately after the transaction, (b) 51% or more of the voting power of shares of the Trust
immediately after the transaction are not held by persons or entities who were shareholders of the Trust immediately before the transaction, (c) substantially all of the assets of the Trust are sold or transferred, in one transaction or a
series of related transactions, to a person or entity, or two or more related people and/or entities, not owned or controlled by the Trust or its shareholders at the time of the transaction or at the time of the first in a series of related
transactions, or (d) the individuals who, as of the date of this Agreement, are members of the Board, cease for any reason to constitute a majority of the members of the Board. 

  

	 	(ii)	Executive agrees that, in the absence of such notice from the Trust or its Successor, he will continue to work for the Trust or its Successor as though a “change in
control” had not occurred, unless he terminates this Agreement (I) at any time under paragraph 1.A.(ii)a. above, (II) for “Good Cause” within eighteen months of the “change in control” occurring, as provided in this
subsection, or (III) at any time after eighteen months of the “change in control”, for “Good Reason” under paragraph 1.A.(ii)c. “Good Cause” is defined as (a) a change in the Executive’s status, position or
responsibilities that does not represent a promotion, (b) a reduction in the Executive’s base salary or bonus, (c) a required relocation to a location more than thirty miles away from the Trust’s principal executive offices,
(d) the failure of the Trust or its Successor to continue to provide severance and other benefits to the Executive substantially similar to those specified in this Agreement, or (e) the failure or refusal of the Trust or its Successor to
recognize Executive’s employment with the Trust, or to continue to provide Executive with the compensation and benefits provided for in the Executive Compensation Plan in effect during the year in which the “change in control” occurs
or, if no Executive Compensation Plan is in effect for such year, the last written Executive Compensation Plan approved by the Company’s Board of Trustees or the Compensation Committee of the Company’s Board of Trustees.

  

	 	(iii)	If the Trust or its Successor terminates Executive’s employment for any reason other than for “Cause” (as defined in paragraph 1.B, above) within eighteen months of a
“change in control” or Executive terminates this Agreement for “Good Cause” as defined in paragraph 1.C.(ii) above within eighteen months of a “change in control”, (a) Executive will receive, on the effective date
of the 

  

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	 	  	termination, severance benefits equal to one hundred fifty percent (150%) of the Executive’s (I) then-current annual base salary plus (II) the greater of (x) the
average annual bonus paid to the Executive for the three fiscal years of the Company ended immediately before the date of termination and (y) the annual bonus paid to the Executive for the fiscal year of the Company ended immediately before the
date of termination; (b) any unvested share options or restricted shares granted to the Executive under any share plan will vest and become immediately exercisable; and (c) if the excise tax on “excess parachute payments,” as
defined in Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), will be imposed on the Executive under Code Section 4999 as a result of the Executive’s receipt of the amounts or benefits referenced in
clauses (a) or (b) of this paragraph 1.C.(iii) (without regard to the “Additional Amount” described below) which the Executive receives or has the right to receive from the Company or any of its affiliates (the “Change of
Control Benefits”), the Company shall indemnify the Executive and hold him harmless against all claims, losses, damages, penalties, expenses, and excise taxes. 

  

	 	  	To effect the indemnification provided by clause (c) of this paragraph 1.C.(iii), the Company shall pay to the Executive the “Additional Amount”, which is the amount
that is sufficient to indemnify and hold the Executive harmless from the application of Code Section 280G and 4999 of the Code, including the amount of (x) the excise tax that will be imposed on the Executive under Section 4999 of the
Code with respect to the Change of Control Benefits; (y) the additional (A) excise tax under Section 4999 of the Code, (B) hospital insurance tax under Section 3111(b) of the Code, and (C) federal, state and local
income taxes for which the Executive is or will be liable on account of the payment of the amount described in item (x); and (z) the further excise, hospital insurance and income taxes for which the Executive is or will be liable on account of
the payment of the amount described in item (y) and this item (z) and any other indemnification payment hereunder. The Additional Amount shall be calculated and paid to the Executive at the time that the amount referenced in clause
(a) of this paragraph 1.C.(iii) is payable to the Executive. In calculating the Additional Amount, the highest marginal rates of federal and applicable state and local income taxes applicable to individuals and in effect for the year in which
the Change of Control occurs shall be used. 

  

	 	D.	Effect of Termination: In the event Executive’s employment is terminated for any reason, the following shall occur: 

  

	 	(i)	Executive shall comply with the terms and conditions of the Non-Disclosure Agreement. 

  

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	 	(ii)	All payments due under this Agreement after the death of Executive shall be made to such person as Executive may designate in writing to the Trust prior to Executive’s death or
to Executive’s estate. 

  

	2.	NON-DISCLOSURE AGREEMENT: In connection with Executive’s employment by the Trust, the Trust will disclose or has disclosed to Executive, and Executive has been
given access to or may become acquainted with, various confidential trade secret or proprietary information and ideas, proprietary rights, and other confidential and valuable information that constitutes trade secrets belonging to the Trust, its
affiliates, vendors, and contractors. The Executive further recognizes that the Trust’s business interests require a confidential relationship between the Trust, the Trust’s management team, and the Executive and the fullest practical
protection and confidential treatment of its trade secrets, operating manuals, marketing techniques, designs, concepts, investors and potential investors, franchise operation and system management programs, potential and future acquisitions,
business models, target and focus areas for business, customer lists, marketing procedures and systems, innovations and improvements, personal information of any Trustee or member of the Trust’s management team or the management team’s
respective families (collectively referred to as “Confidential Information”) that will be conceived or learned by him in the course of his employment with the Company. The Executive represents, warrants and agrees that the Executive will
keep any and all of the Confidential Information that he is provided from being known by or disclosed to any person or entity, except for the exclusive use and benefit of the Trust. The Executive further warrants and agrees that he shall not
reproduce, or permit the reproduction, directly or indirectly, of any of the Confidential Information that he is provided by the Trust except as required by the Trust or by law, and that he shall not permit the removal of, nor remove, any of the
Confidential Information that he is provided by the Trust. The Executive further warrants that he will not make any disparaging comments about the Trust or any member of its management team to anyone outside of the Trust, and will not engage in any
conduct that would tend to disparage or cast in a negative light the Trust or any of the members of its management team. The Executive agrees, both during and after the termination of his employment, for whatever reason, to keep secret and to treat
confidentially all of the Trust’s Confidential Information and not to use or aid others in using any such Confidential Information in competition with or otherwise to the detriment of the Trust. The obligations set forth in this paragraph shall
exist during the Executive’s employment and shall continue after the termination of the Executive’s employment for whatever reason, and for so long as any of the Trust’s Confidential Information retains any confidentiality.
Confidential Information shall not include information that is or becomes part of the public domain without violation of this Agreement by Executive. 

  

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	3.	EXECUTIVE’S WARRANTIES AND INDEMNIFICATION: Executive warrants and represents the Executive is not subject to commitments or obligations that (i) are inconsistent
with this Agreement or (ii) would prevent or restrict Executive from fully performing all of Executive’s obligations under this Agreement. Executive shall indemnify the Trust and its affiliates and their respective officers, directors,
shareholders, employees and agents on demand for and against any and all judgments, losses, claims, damages, expenses and costs (including, without limitation, all legal fees and costs, even if incident to appeals) incurred or suffered as a result
of any breach of the warranties and representations made in this Section. (As used herein an “affiliate” of a person or entity means any person or entity that directly or indirectly controls, is controlled by or is under common control
with such entity or person.) 

  

	4.	ARBITRATION: Except for Trust’s specific right to seek a temporary injunction restraining any breach or threatened breach of this Agreement by Executive of the
provisions regarding Non-Disclosure, the parties hereto agree that any controversies or claims arising out of or relating to this Agreement, or the breach thereof, or that otherwise relate to Executive’s employment with, or the termination of
such employment with, the Trust, shall be settled by binding arbitration with the American Arbitration Association. This arbitration clause shall apply to all claims at law or in equity, including but not limited to claims arising under Title VII of
the Civil Rights Act of 1964, as amended; 42 U.S.C. § §1981, 1983, 1986 and 1988, the Age Discrimination in Employment Act of 1967, as amended; the Americans with Disabilities Act; the Equal Pay Act of 1963, as amended; the Fair Labor
Standards Act, as amended; Florida’s Whistleblower Act and any other laws governing the rights of whistleblowers, the Family and Medical Leave Act, federal statutory and common law; the Florida Civil Rights Act of 1992, as amended; the Florida
Equal Rights Law, as amended; Florida’s General Labor Regulations, as amended, Workers’ Compensation laws; tort claims; claims for wrongful discharge; tortious interference with contractual relations, or the common law of the State of
Florida. The parties shall arbitrate the claim or controversy in accordance with the Employment Arbitration Rules of the American Arbitration Association. Any such arbitration shall be held in Palm Beach County, Florida. Judgment upon the award
rendered by the arbitrators shall be final, binding and conclusive upon the parties and their respective successors and assigns, and may be entered in any court of competent jurisdiction. 

  

	5.	WAIVER OF JURY TRIAL: The parties agree that the right to a jury trial of any claim is waived and that neither party will have the right to request trial by jury of
any claim arising under this Agreement or that relate in any way to Executive’s employment. This waiver is intended to encompass all claims, whether at law or in equity, and whether based upon statute or common law, including but not limited to
those laws particularly referred to in paragraph 4 above. 

  

	6.	NOTICES: All notices, requests, consents and other communications required or permitted under this Agreement shall be in writing (including electronic

  

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	  	transmission) and shall be (as elected by the person giving such notice) hand delivered by messenger or courier service, electronically transmitted, or mailed (airmail if
international) by registered or certified mail (postage prepaid), return receipt requested, addressed to: 

  

			
	Trust:	  	Executive
		
	 Innkeepers USA Trust
	  	 Innkeepers USA Trust

	 Attn.: Chairman of the Board
	  	 Attn.: Chairman of the Board

	 340 Royal Poinciana Way, Suite 306
	  	 340 Royal Poinciana Way, Suite 306

	 Palm Beach, FL 33414
	  	 Palm Beach, FL 33414

  

	  	or to such other address as any party may designate by notice complying with the terms of this Section. Each such notice shall be deemed delivered (a) on the date delivered if
by personal delivery; (b) on the date of transmission with confirmed answer back if by electronic transmission; and (c) on the date upon which the return receipt is signed or delivery is refused or the notice is designated by the postal
authorities as not deliverable, as the case may be, if mailed. 

  

	7.	ENTIRE AGREEMENT: This Agreement represents the entire understanding and agreement among the parties with respect to the subject matter hereof, and supersedes all
other negotiations, understandings and representations (if any) made by and among such parties with respect to such subject matter 

  

	8.	AMENDMENTS: This Agreement may not be amended, supplemented, waived or changed orally, but only by a writing signed by the party as to whom enforcement of any such
amendment, supplement, waiver or modification is sought and making specific reference to this Agreement. 

  

	9.	ENFORCEMENT COSTS: In the event of an action or proceeding for the enforcement of this Agreement, or because of an alleged dispute, breach, default or
misrepresentation in connection with any provision of this Agreement, the successful or prevailing party or parties shall be entitled to recover reasonable attorneys’ fees, court costs and all expenses. 

  

	10.	BINDING EFFECT: The terms and provisions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the parties hereto, and their
respective purchasers, administrators, executors, legal representatives, heirs, successors and assigns. Rights, assignments, and representations made or granted by Executive in this Agreement, are assignable by the Trust and are for the benefit of
the Trust, its successors and assigns. 

  

	11.	CONSTRUCTION: If any provision of this Agreement may be construed in two or more ways, one of which would render the provision invalid or otherwise voidable or
unenforceable and another of which would render the provision valid and enforceable, such provision shall have the meaning which renders it valid and enforceable. 

  

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	12.	WAIVERS: The failure or delay of any party at any time to require performance by another party of any provision of this Agreement, even if known, shall not affect the
right of such party to require performance of that provision or to exercise any right, power or remedy hereunder. Any waiver by any party of any breach of any provision of this Agreement should not be construed as a waiver of any continuing or
succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right, power or remedy under this Agreement. No notice to or demand on any party in any case shall, of itself, entitle such party to any other or further
notice or demand in similar or other circumstances. 

  

	13.	REMEDIES CUMULATIVE: Except as otherwise expressly provided in this Agreement, no remedy in this Agreement conferred upon any party is intended to be exclusive of any
other remedy, and each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or otherwise. No single or partial exercise by any party
of any right, power or remedy hereunder shall preclude any other or further exercise thereof. 

  

	14.	GOVERNING LAW: This Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of Florida without regard to
principles of conflicts of laws. 

 WITNESS WHEREOF, the parties have executed this Severance Agreement on the day and
year first above written. 
  

			
	EXECUTIVE:
	Executive’s Signature:	 	 /s/ Dennis M. Craven

	Printed Name:	 	DENNIS M. CRAVEN

			
	
	INNKEEPERS USA TRUST:
		
	By:	 	 /s/ Jeffrey H. Fisher

	Name:	 	Jeffrey H. Fisher

  

 10First Amendment to Credit Agreement

 Exhibit 10.7 
 FIRST AMENDMENT TO CREDIT AGREEMENT 
 Dated as of September 27, 2006 
 among 
 INNKEEPERS USA TRUST

 and 
 INNKEEPERS USA
LIMITED PARTNERSHIP, 
 as Borrowers 
 WELLS FARGO BANK, N.A., 
 as Administrative Agent, Sole Lead Arranger 
 and 
 THE LENDERS NAMED HEREIN, 
 as Lenders 
 $205,000,000 
 CALYON NEW YORK BRANCH 
 and

 WACHOVIA BANK, NATIONAL ASSOCIATION 
 as Co-Syndication Agents 
 and 
 PNC BANK, NATIONAL ASSOCIATION 
 as Documentation Agent 
 First Amendment to Credit Agreement 

 FIRST AMENDMENT TO CREDIT AGREEMENT 
 THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Agreement”) is entered into as of September 27, 2006, by and among INNKEEPERS USA
TRUST, a Maryland real estate investment trust (the “Trust”), and INNKEEPERS USA LIMITED PARTNERSHIP, a Virginia limited partnership (the “Partnership”) (the Trust and the Partnership are individually
called a “Borrower” and collectively called “Borrowers”), each Lender (defined below) party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo”), a national
banking association, as Administrative Agent (in such capacity, together with its successors and permitted assigns, “Administrative Agent”). 
 R E C I T A L S 
 A. Reference is hereby made
to that certain Credit Agreement dated as of July 23, 2004, executed by Borrowers, the Lenders party thereto (“Lenders”), and Administrative Agent (as amended, the “Credit Agreement”). 

B. Capitalized terms used herein shall, unless otherwise indicated, have the respective meanings set forth in the Credit Agreement. 
 C. Borrower, Administrative Agent, and Lenders desire to (a) increase the amount of the Total Commitment in accordance with Section 2.6
of the Credit Agreement, and (b) otherwise modify certain provisions contained in the Credit Agreement, in each case 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. Amendments to the Credit Agreement. 
 (a) Recital 1. is hereby deleted in its entirety and replaced with the following: 
 1. Borrowers have requested that Lenders extend to Borrowers a revolving credit facility having a maximum principal amount of $205,000,000 (subject to the provisions of Section 2.6). 
 (b) Section 1.1 is hereby amended to delete the definitions of “Applicable Margin,” “Capitalization
Rate,” “Implied Debt Service,” and “Maturity Date” in their entirety and replace such definitions with the following: 
 “Applicable Margin” means, as of any date of determination: 
 (a) The interest margin over the Base Rate or LIBOR, as the case may be, based upon the Total Indebtedness to Implied Value Ratio, as stated in the table below: 
  

												
	 Level
	  	 Total Indebtedness to Implied Value Ratio
	  	Applicable
Margin for
LIBOR
Borrowings	 	 	Applicable
Margin for
Base Rate
Borrowings	 	 	Facility Fee per
Annum	 
	1	  	Less than or equal to 50%, but greater than 45%	  	1.75	%	 	0.00	%	 	0.10	%
	2	  	Less than or equal to 45%, but greater than 40%	  	1.55	%	 	0.00	%	 	0.10	%
	3	  	Less than or equal to 40%, but greater than 35%	  	1.40	%	 	0.00	%	 	0.10	%
	4	  	Less than or equal to 35%, but greater than 25%	  	1.25	%	 	0.00	%	 	0.10	%
	5	  	Less than or equal to 25%	  	1.15	%	 	0.00	%	 	0.10	%

 First Amendment to Credit Agreement 

 The Applicable Margin determined above in effect at any time (whether in the middle of an
Interest Period or otherwise) is based upon the Total Indebtedness to Implied Value Ratio as determined from the Current Financials and related Compliance Certificate then most-recently received by Administrative Agent. The change in the Applicable
Margin set forth above shall become effective on the first day of the first calendar month following Borrower’s delivery to Administrative Agent of written confirmation, in form and detail reasonably satisfactory to Administrative Agent, that
the Total Indebtedness to Implied Value Ratio has changed; provided however, the initial Applicable Margin effective on the Closing Date shall be that under Level 3 above. If Borrowers fail to timely furnish to Administrative Agent any Financial
Statements and related Compliance Certificate as required by this Agreement, then the maximum Applicable Margin applies from the date those Financial Statements and related Compliance Certificate are required to be delivered and remain in effect
until Borrowers furnish them to Administrative Agent. 
 (b) Administrative Agent shall promptly notify each Credit
Party and Borrowers of any change in the Applicable Margin, provided that the failure to provide such notice shall not affect the effective date of any such change. 
 “Capitalization Rate” means, with respect to any Hotel or any Borrowing Base Property,
an amount equal to nine and one half percent (9.50%). 
 “Implied Debt Service” means,
as of any date of determination, the annual Debt Service required to amortize the outstanding Commitment Usage as of such date assuming equal monthly payments of principal and interest over a period of thirty (30) years at an annual rate of
interest equal to the greater of (a) one and one-half of one percent (1.50%) in excess of the rate published on the last business day of the calendar quarter immediately preceding such date of determination, in the United States Federal
Reserve Statistical Release (H.15) for ten-year Treasury Constant Maturities, and (b) seven percent (7%). 
 “Maturity Date” means September 30, 2008 as such date may be extended pursuant to Section 3.21. 
  

					
	First Amendment to Credit Agreement	 	2        	 	

 (c) Section 2.6(b)(iv) is hereby deleted in its entirety and
replaced with the following: 
 (iv) After giving effect to the admission of any Subsequent Lender or the increase in
the Commitment of any Increasing Lender, the aggregate of the Total Commitment does not exceed $275,000,000 (less the amounts of any permanent reductions pursuant to Section 3.2(c)) unless all Lenders consent in writing;

 (d) Section 3.20(e) is hereby deleted in its entirety and replaced with the following: 
 (e) Extension Fees. Upon the extension of the Maturity Date, as provided in Section 3.21, Borrowers agree to pay
Administrative Agent, on or before the original Maturity Date, for the ratable account of Consenting Lenders (as defined in Section 3.21), an extension fee equal to fifteen basis points (0.15%) of the Commitment of each Consenting
Lender. 
 (e) Section 3.21 is hereby deleted in its entirety and replaced with the following: 
 3.21 Extension of Maturity Date. Borrowers may request one-year extensions of the Maturity Date by making such request in writing
(an “Extension Request”) to Administrative Agent at least thirty (30) days prior to each September 30th during the term of this Agreement (except for the September 30th that is the then-existing Maturity Date).
Administrative Agent shall promptly notify each Lender of any such Extension Request (the date Administrative Agent receives such Extension Request being the “Request Date”) and each Lender shall notify Administrative Agent
within thirty (30) days after the Request Date whether such Lender consents to such extension; provided that the failure to respond by Administrative Agent or any Lender to an Extension Request shall be deemed to be a denial of such
consent by such Person. If Lenders having a Pro Rata Share of at least sixty-six and two-thirds percent (66 2/3%)
consent to such extension (such Lenders being “Consenting Lenders” and the Lenders not consenting being “Non-Consenting Lenders”) within thirty (30) days after the Request Date (the date
Administrative Agent receives the necessary consents to such extension and receives or is deemed to have received the consent or denial of consent of all Lenders being the “Approval Date”), then the then-existing Maturity
Date shall be extended for one (1) year as to the Consenting Lenders so long as (a) no Default or Potential Default exists, (b) Borrowers, on or before ninety (90) days after the Approval Date, either (i) pays to the
Non-Consenting Lenders the Principal Debt owing to such Non-Consenting Lenders, together with all accrued unpaid interest thereon, all fees, and any Funding Loss payable under Section 3.18 owing to such Non-Consenting Lenders, in
which case the Commitment of each such Non-Consenting Lenders shall be terminated, or (ii) effect one or more assignments from the Non-Consenting Lenders to a new Lender or Lenders pursuant to Section 13.11 who shall also
consent to the extension of the then-existing Maturity Date, and (c) Borrowers pay to Administrative Agent, for the account of the Consenting Lenders, the extension fee set forth in Section 3.20(e). Any such assignment to a
new Lender or Lenders shall be subject to the payment to the assigning Lender an amount equal to the Principal Debt owing to such assigning Lender as of the effective date of such assignment, together with all accrued unpaid interest thereon, all
fees, and any Funding Loss payable under Section 3.18 as a result of such payment to the assigning Lender by the assignee Lender. Administrative Agent agrees to exercise its reasonable best efforts to assist Borrowers in
identifying prospective assignees of the Non-Consenting Lenders’ Commitments hereunder; provided, however, that Administrative Agent has no obligation to ensure that any such assignees will agree to purchase assignments from the
Non-Consenting Lenders. Any Non-Consenting Lender shall, on the effective date of the termination of such Non-Consenting Lender’s 
  

					
	First Amendment to Credit Agreement	 	3        	 	

 Commitment or the assignment to another Lender described above, cease to be a “Lender”
for purposes of this Agreement; provided that Borrowers shall continue to be obligated to such Lender under Section 7.12 with respect to Indemnified Liabilities (as defined in
Section 7.12) arising prior to such date. If Borrowers fail to effect assignments from the Non-Consenting Lenders to a new Lender or Lenders within ninety (90) days after the Approval Date, then Borrowers may
elect to not extend the then-existing Maturity Date, as provided herein, by giving Administrative Agent written notice thereof within ninety-five (95) days after the Approval Date. In such event, Borrowers shall not be required to pay the
extension fee set forth in Section 3.20(e). 
 (f) Section 4.1(b) is
hereby deleted in its entirety and replaced with the following: 
 (b) Intentionally Deleted. 
 (g) Section 4.4(a) is hereby deleted in its entirety and replaced with the following: 
 (a) Debt Service Coverage. Borrowers shall not permit, as of any date of determination, the ratio of (i) Adjusted NOI for the
Borrowing Base Properties in the Borrowing Base as of such date for the twelve (12) month period ending on the date of determination, to (ii) Implied Debt Service, to be less than 1.90 to 1.0; provided however, that solely for the
purpose of calculating the financial ratio referenced in this Section 4.4(a), for any Borrowing Base Property in service as a Qualified Property for less than twelve months (but for at least one full calendar
quarter), the Adjusted NOI from such Borrowing Base Property shall be equal to the product of (x) the Adjusted NOI for such Borrowing Base Property for the calendar quarter immediately preceding the date of determination times
(y) four (4); and provided, further, that such annualization in the aggregate may not constitute more than twenty percent (20%) of total Adjusted NOI. 
 (h) Section 13.11(c) is amended to delete the reference to $3,500 for administrative fee for processing
assignments, and substitute in its place a reference to $4,500. 
 (i) Section 13.11(f) is hereby
deleted in its entirety and replaced with the following: 
 (f) Administrative Agent. Notwithstanding anything
contained herein to the contrary, if Administrative Agent (i) fails to maintain a minimum Commitment of $25,000,000 (or, if approved by Borrowers, $15,000,000), and (ii) no longer has a Commitment greater than or equal to the Commitment
held by any other Lender, then Borrowers and Required Lenders (excluding Administrative Agent) may remove Wells Fargo as Administrative Agent and appoint a successor Administrative Agent as set forth in Section 12.8. 
 (j) Section 13 is hereby amended to add the following new Section 13.14: 
 13.14 USA Patriot Act Notice: The USA Patriot Act of 2001 (Public Law 107-56) and federal regulations issued with respect thereto
require all financial institutions to obtain, verify and record certain information that identifies individuals or business entities which open an “account” with such financial institution. Consequently, Administrative Agent (for itself
and/or as Administrative Agent for all Lenders hereunder) may from time-to-time request, and Borrower shall provide to Administrative Agent, Borrower’s name, address, tax identification number and/or such other identification information as
shall be necessary for Administrative Agent and Lenders to 
  

					
	First Amendment to Credit Agreement	 	4        	 	

 comply with federal law. An “account” for this purpose may include, without limitation, a
deposit account, cash management service, a transaction or asset account, a credit account, a loan or other extension of credit, and/or other financial services product. 
 (k) Section 13 is hereby amended to add the following new Section 13.15: 
 13.15 Electronic Document Deliveries: Documents required to be delivered pursuant to the Loan Documents shall be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet
websites to which Administrative Agent and each Lender have access (including a commercial, third-party website such as www.Edgar.com or a website sponsored or hosted by Administrative Agent or Borrower) provided that (A) the foregoing shall
not apply to notices to any Lender pursuant to Section 2.2 and (B) the Lender has not notified Administrative Agent or Borrower that it cannot or does not want to receive electronic communications. Administrative Agent or
Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or communications. Documents or notices delivered
electronically shall be deemed to have been delivered twenty-four (24) hours after the date and time on which Administrative Agent or Borrower posts such documents or the documents become available on a commercial website and Administrative
Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to
have commenced as of 9:00 a.m. on the opening of business on the next business day for the recipient. Notwithstanding anything contained herein, in every instance Borrower shall be required to provide paper copies of the Compliance Certificate
required by Section 7.1 to Administrative Agent and shall deliver paper copies of any documents to Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is
given by the Administrative Agent or such Lender. Except for the Compliance Certificate required by Section 7.1, Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents
delivered electronically, and in any event shall have no responsibility to monitor compliance by Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its
paper or electronic documents. 
 (I) Schedule 1 is hereby deleted in its entirety and replaced with
Schedule 1 attached hereto. 
 2. Lenders and Commitments. 
 (a) The Lenders hereby agree that, as of the date hereof, each Lender’s Commitment is as set forth on Schedule 1
attached hereto. 
 (b) By their execution of this Amendment, each Lender that is an Increasing Lender pursuant to
Section 2.6 hereby acknowledges and agrees to the increase in its Commitment set forth on Schedule 1 attached hereto. 
  

					
	First Amendment to Credit Agreement	 	5        	 	

 3. Amendments to Credit Agreement and 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 by this Agreement, and as may, from time to time, be further modified, amended, restated, 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. Ratifications. Each Borrower (a) ratifies and confirms all provisions of the Loan Documents as amended by this
Agreement, (b) ratifies and confirms that all guaranties and assurances, granted, conveyed, or assigned to the Credit Parties under the Loan Documents are not released, reduced, or otherwise adversely affected by this Agreement and continue to
guarantee and assure full payment and performance of the present and future Obligation, 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 reasonably request in order to create, preserve and protect those guaranties and assurances. 
 5.
Representations. Each Borrower represents and warrants to Lenders that as of the date of this Agreement: (a) this Agreement has been duly authorized, executed, and delivered by each Borrower and each Subsidiary 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 of this Agreement other than the reporting and filing of this Agreement pursuant to
Governmental Requirements regarding securities; (c) the Loan Documents, as amended by this Agreement, are valid and binding upon each Borrower and each Subsidiary Guarantor and are enforceable against each Borrower and each Subsidiary Guarantor
in accordance with their respective terms, except as limited by Debtor Relief Laws and general principles of equity; (d) the execution, delivery, and performance of this Agreement does not require the consent of any other Person and do not and
will not constitute a violation of any Governmental Requirements, order of any Governmental Authority, or material agreements to which any Borrower, Subsidiary Guarantor, or any of their respective Subsidiaries, is a party or by which any Borrower,
Subsidiary Guarantor, or any of their respective Subsidiaries is bound; (e) all representations and warranties in the Loan Documents are true and correct in all material respects on and as of the date of this Agreement, 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; and (f) both before and after giving
effect to this Agreement, no Potential Default or Default exists. 
 6. Conditions. This Agreement shall not be effective
unless and until: 
 (a) this Agreement is executed by each Borrower, each Subsidiary Guarantor, Administrative Agent, and each Lender
under the Credit Agreement; 
 (b) the representations and warranties in this Agreement are true and correct in all material respects
on and as of the date of this Agreement, 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; and 
 (c) both before and after giving effect to this Agreement, no Default or Potential Default exists;

  

					
	First Amendment to Credit Agreement	 	6        	 	

 (d) Administrative Agent shall have received a replacement Note payable to the order of each
Lender, executed by Borrower in the amount of such Lender’s respective Commitment as set forth on Schedule 1 attached hereto; 
 (e) Administrative Agent receives a certificate executed by Responsible Officer of each Borrower certifying (i) the name of each of its officers who are authorized to sign this Amendment and the other
documents executed in connection herewith, (ii) a true and correct copy of the Resolutions of each Borrower that authorize the execution, delivery, and performance of this Amendment and the other documents executed in connection herewith, and
(iii) that the Constituent Documents of each such Borrower have not been amended since July 23, 2004, and that the same are still in effect; 
 (f) Administrative Agent receives an opinion of counsel of Borrower in form and substance acceptable to Administrative Agent; 
 (g) Borrower shall have paid Administrative Agent all fees required to be paid by Borrower under the Loan Documents (including that certain Fee
Letter dated August 18, 2006, by and among Administrative Agent and the Trust); and 
 (h) Administrative Agent receives notice
addresses and federal tax identification numbers for each Subsidiary Guarantor. 
 7. Continued Effect. Except to the extent amended
hereby or by any documents executed in connection herewith, 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 Agreement shall be construed — and its performance enforced — under Georgia law, (d) if any part of this Agreement is for any reason found to be unenforceable, all other portions of it nevertheless remain enforceable,
and (e) this Agreement may be executed in any number of counterparts 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.

 9. Parties. This Agreement binds and inures to each of the parties hereto and their respective successors and permitted
assigns. 
 10. ENTIRETIES. THE CREDIT AGREEMENT AND
THE OTHER LOAN DOCUMENTS, AS AMENDED BY THIS AGREEMENT, REPRESENT THE
FINAL AGREEMENT BETWEEN THE PARTIES ABOUT THE SUBJECT MATTER OF THE
CREDIT AGREEMENT AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
 [Remainder of Page Intentionally Left Blank; Signature Pages to Follow.] 
  

					
	First Amendment to Credit Agreement	 	7        	 	

 EXECUTED as of the day and year first mentioned. 
  

					
	INNKEEPERS USA TRUST, a Maryland real estate investment trust, as a Borrower
		
	By:	 	 /s/ Mark Murphy

		 	Mark Murphy
		 	General Counsel and Secretary
	
	 INNKEEPERS USA LIMITED PARTNERSHIP,
 a
Virginia limited partnership, as a Borrower

		
	By:	 	 INNKEEPERS FINANCIAL CORPORATION, a
 Virginia corporation, General Partner

			
		 	By:	 	 /s/ Mark Murphy

		 		 	 Mark Murphy
 Vice President and
Secretary

 Signature Page to First Amendment to Credit Agreement 

			
	 WELLS FARGO BANK, N.A.,
 as
Administrative Agent and a Lender

		
	By:	 	 /s/ Edwin S. Poole, III

	Name:	 	Edwin S. Poole, III
	Title:	 	Vice President

 Signature Page to First Amendment to Credit Agreement 

			
	 CALYON NEW YORK BRANCH,
 as a Lender
and Syndication Agent

		
	By:	 	 /s/ Joseph A. Asciolla

	Name:	 	Joseph A. Asciolla
	Title:	 	Managing Director
		
	By:	 	 /s/ David Bowers

	Name:	 	David Bowers
	Title:	 	Managing Director

 Signature Page to First Amendment to Credit Agreement 

			
	 WACHOVIA BANK, NATIONAL ASSOCIATION,
 as a Lender and Syndication Agent

		
	By:	 	 /s/ Dean Whitehill

	Name:	 	Dean Whitehill
	Title:	 	Vice President

 Signature Page to First Amendment to Credit Agreement 

			
	 PNC BANK, NATIONAL ASSOCIATION,
 as a
Lender and Documentation Agent

		
	By:	 	 /s/ Wayne Robertson

	Name:	 	Wayne Robertson
	Title:	 	Senior Vice President

 Signature Page to First Amendment to Credit Agreement 

 To induce Administrative Agent and Lenders to enter into this Amendment, the undersigned jointly and severally
(a) consent and agree to the Amendment’s execution and delivery, (b) ratify and confirm 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 Obligation, (c) agree 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, and (d) waive notice of acceptance of this consent and agreement, which consent and agreement binds the
undersigned and their successors and permitted assigns and inures to the Administrative Agent and Lenders and their respective successors and permitted assigns. 
  

					
	SUBSIDIARY GUARANTORS:
	
	 INNKEEPERS RI GENERAL, L.P.,
 a Virginia
limited partnership

		
	By:	 	 INNKEEPERS RI GENERAL, INC.,
 a Virginia
corporation, General Partner

			
		 	By:	 	 /s/ Mark A. Murphy

		 		 	Mark A. Murphy
		 		 	Vice President and Secretary
	
	 INNKEEPERS RESIDENCE PORTLAND, L.P., a
 Virginia limited partnership

		
	By:	 	 INNKEEPERS RESIDENCE PORTLAND, INC., a
 Virginia corporation, General Partner

			
		 	By:	 	 /s/ Mark A. Murphy

		 		 	Mark A. Murphy
		 		 	Vice President and Secretary

 Signature Page to First Amendment to Credit Agreement 

					
	INNKEEPERS SUNRISE TINTON FALLS, L.P., a
Virginia limited partnership
		
	By:	 	 INNKEEPERS FINANCIAL CORPORATION
 IV, a Virginia corporation, General Partner

			
		 	By:	 	 /s/ Mark A. Murphy

		 		 	Mark A. Murphy
		 		 	Vice President and Secretary
	
	 INNKEEPERS RESIDENCE EAST LANSING,
 L.P., a Virginia limited partnership

		
	By:	 	 INNKEEPERS RESIDENCE EAST LANSING,
 INC., a Virginia corporation, General Partner

			
		 	By:	 	 /s/ Mark A. Murphy

		 		 	Mark A. Murphy
		 		 	Vice President and Secretary
	
	 INNKEEPERS RESIDENCE GRAND RAPIDS, L.P.,
 a Virginia limited partnership

		
	By:	 	 INNKEEPERS RESIDENCE GRAND RAPIDS,
 INC., a Virginia corporation, General Partner

			
		 	By:	 	 /s/ Mark A. Murphy

		 		 	Mark A. Murphy
		 		 	Vice President and Secretary
	
	 INNKEEPERS MORRISTOWN, LLC,
 a Virginia
limited liability company

			
		 	By:	 	 /s/ Mark A. Murphy

		 		 	Mark A. Murphy
		 	Title:	 	Vice President

 Signature Page to First Amendment to Credit Agreement 

			
	 KPA LOUISVILLE, LLC, a
 Virginia limited
liability company

		
	By:	 	 /s/ Mark A. Murphy

		 	Mark A. Murphy
	Title:	 	Vice President

 Signature Page to First Amendment to Credit Agreement 

 SCHEDULE 1 
 PARTIES, ADDRESSES, COMMITMENTS, AND WIRING INFORMATION 
  

					
	Borrowers	  		  	
			
	 Innkeepers USA Trust
	  		  	
	 Innkeepers USA Limited Partnership
	  		  	
	 340 Royal Poinciana Way, Suite 306
 Palm Beach, Florida 33480
	  		  	
	 Attention: Mr. Dennis Craven
 Fax: 561-835-0457
	  		  	
			
	Administrative Agent	  		  	
			
	 Wells Fargo Bank, National Association
	  		  	
	 401 East Jackson Street, Suite 1450
	  		  	
	 Tampa, FL 33602
	  		  	
	 Attention: Edwin S. Poole III
	  		  	
	 Fax: 813-202-7201
	  		  	
			
	 Wiring Instructions:
	  		  	
			
	 Wells Fargo Bank, National Association
	  		  	
	 ABA: 121000248
	  		  	
	 Name: Wells Fargo Bank
	  		  	
	 Account: 278250720
	  		  	
	 Account Name: Wires-In-Process-DOC
	  		  	
	 Address: 2120 E. Park Place Ste 100
                 El Segundo, CA
90245
	  		  	
	 OBI/BBI: Innkeepers USA Trust
                  Loan 100725
	  		  	
	 Attention: Joel T. Padilla 310-335-9439
	  		  	
	
	Special Instructions: Please forward all notices to the attention of Ed Poole at Fax No. 813-202-7201 and Joel T. Padilla at Fax No. 310-615-1014

 Schedule 1 to First Amendment to Credit Agreement 

							
	 Lenders
	  	Commitment	  	Pro Rata Share of
the Commitments	 
	 Wells Fargo Bank, National Association
	  	 	$75,000,000	  	36.58536585	%
	 401 East Jackson Street, Suite 1450
	  			  		
	 Tampa, FL 33602
	  			  		
	 Attention: Edwin S. Poole III
	  			  		
	 Fax: 813-202-7201
	  			  		
			
	 Wiring Instructions:
	  			  		
			
	Wells Fargo Bank, National Association	  			  		
	ABA: 121000248	  			  		
	Name: Wells Fargo Bank	  			  		
	Account: 278250720	  			  		
	Account Name: Wires-In-Process-DOC	  			  		
	Address: 2120 E. Park Place Ste 100	  			  		
	                 El Segundo, CA 90245	  			  		
	 OBI/BBI: Innkeepers USA Trust
                  Loan 100725
	  			  		
	Attention: Joel T. Padilla 310-335-9439	  			  		
	
	 Special Instructions: Please forward all notices to the
 attention of Ed Poole at Fax No. 813-202-7201 and
 Geraldine Joel T. Padilla at Fax
No. 310-615-1014
	  
  
  

			
	Calyon New York Branch	  	$	40,000,000	  	19.51219512	%
	1301 Avenue of the Americas	  			  		
	18th Floor Lodging Group	  			  		
	New York, NY 10019	  			  		
	Attention: David Bowers	  			  		
	E-mail: david.bowers@us.calyon.com	  			  		
	Telephone: 212-261-7831	  			  		
	Fax: 212-261-7532	  			  		
			
	Wiring Instructions:	  			  		
			
	Calyon New York Branch	  			  		
	City: New York	  			  		
	ABA No. 026008073	  			  		
	Account No. 0188179370100	  			  		
	Account Name: Client Banking Services	  			  		
	Reference: Innkeepers	  			  		
			
	Wachovia Bank, National Association	  	$	55,000,000	  	26.82926829	%
	301 South College Street	  			  		
	Charlotte, NC 28288	  			  		
	Attention: David Blackman	  			  		
	E-mail: david.blackman@wachovia.com	  			  		
	Telephone: 704-374-6272	  			  		
	Fax: 704-383-6205	  			  		
			
	Wiring Instructions:	  			  		
			
	Wachovia Bank National Association	  			  		
	City: Charlotte, N.C.	  			  		
	ABA No.: 053000219	  			  		
	Account No. 01459168116011	  			  		
	Account Name: REIT	  			  		
	Reference: Innkeepers USA Trust	  			  		
	Attn: Taylor Ahlstrom	  			  		

 Schedule 1 to First Amendment to Credit Agreement 

							
	 PNC Bank, National Association
	  	$	35,000,000	  	17.07317073	%
	 One PNC Plaza
	  			  		
	 PI-POPP-19-2
	  			  		
	 Pittsburgh, PA 15222
	  			  		
	 Attention: Wayne Robertson
	  			  		
	 E-mail: wayne.robertson@pnc.com
	  			  		
	 Telephone: 412-762-8452
	  			  		
	 Fax: 412-762-6500
	  			  		
			
	 Wiring Instructions:
	  			  		
			
	 PNC Bank, National Association
	  			  		
	 City: Pittsburgh, PA
	  			  		
	 ABA No. 043000096
	  			  		
	 Account No. GL No. 130760016803
	  			  		
	 Account Name: Innkeepers USA Trust and Innkeepers
	  			  		
	 USA Ltd. Part.
	  			  		
	 Phone Advise: Victoria Dixon X 8-4279
 victoria.dixon@pnc.com
	  			  		
		  	 	 	  	 	 
	 Total Commitments
	  	$	205,000,000	  	100.00000000	%
		  	 	 	  	 	 

 Schedule 1 to First Amendment to Credit Agreement

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