Document:

Exhibit 4.1

 Exhibit 4.1 

 

	
	

  

GRANITE HOTEL PROPERTIES, INC. 
 THE COMPANY
WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS, A SUMMARY OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE COMPANY AND THE QUALIFICATIONS,
LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND RIGHTS, AND THE VARIATIONS IN RIGHTS, PREFERENCES AND LIMITATIONS DETERMINED FOR EACH SERIES, WHICH ARE DETERMINED BY THE CERTIFICATE OF INCORPORATION OF THE COMPANY, AS AMENDED, AND THE
RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE COMPANY, AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO DETERMINE VARIATIONS FOR FUTURE SERIES. SUCH REQUEST MAY BE MADE TO THE OFFICE OF THE SECRETARY OF THE COMPANY OR TO THE TRANSFER AGENT. THE COMPANY
MAY REQUIRE THE OWNER OF A LOST OR DESTROYED STOCK CERTIFICATE, OR HIS LEGAL REPRESENTATIVES, TO GIVE THE COMPANY A BOND TO INDEMNIFY IT AND ITS TRANSFER AGENTS AND REGISTRARS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST THEM ON ACCOUNT OF THE ALLEGED
LOSS OR DESTRUCTION OF ANY SUCH CERTIFICATE. 
 PURSUANT TO SECTION 4.4 AND ARTICLE V OF THE AMENDED AND RESTATED CERTIFICATION OF INCORPORATION
OF GRANITE HOTEL PROPERTIES, INC. (THE “CORPORATION”), THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND OWNERSHIP, AND THE HOLDERS OF SUCH SHARES MAY BE REQUIRED TO PROVIDE CERTAIN INFORMATION TO THE
CORPORATION. THE CORPORATION WILL FURNISH A STATEMENT ABOUT RESTRICTIONS ON TRANSFERABILITY AND OWNERSHIP AND THE REQUIREMENTS TO PROVIDE SUCH INFORMATION TO ANY STOCKHOLDER ON REQUEST TO THE COMPANY OR THE TRANSFER AGENT AND WITHOUT CHARGE.

  

																															
	 	 	  
 The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or
regulations:

	 										 
	 	 		 	TEN COM	 	-	 	as tenants in common	 		 	UNIF GIFT MIN ACT -	 	  
	 	Custodian	 	  
	 	 
	 	 		 		 		 		 		 		 	(Cust)	 		 		 		 	(Minor)	 	 
	 	 		 	TEN ENT	 	-	 	as tenants by the entireties	 		 		 	under Uniform Gifts to Minors Act	 	  
	 	 
	 	 		 		 		 		 		 		 		 		 		 		 		 	(State)	 	 
	 	 		 	JT TEN	 	-	 	 as joint tenants with right of survivorship and
 not as tenants in common
	 		 	UNIF TRF MIN ACT -	 	  
	 	 Custodian (until age
	 	  
	 	)
	 	 		 		 		 	 		 		 	(Cust)	 		 		 		 		 		 		 	 
	 	 		 		 		 	 		 		 	  
 (Minor)
	 	 under Uniform Transfers to Minors Act
	 	  
 (State)
	 	 
	 	 	 	 	 Additional abbreviations may also be used though not in the above list.

 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

			
	 	 	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
	 For value received,
                                 hereby sell, assign and transfer
unto
	 	 
		 	 

  
  

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE) 

 
  
  

 
  

			
	  
	  	Shares

 of the common stock represented by the within Certificate, and do hereby irrevocably constitute and appoint 

 

			
	  
	  	Attorney

 to transfer the said stock on the books of the within-named Company with full power of substitution in the premises.

  

															
	Dated:	 	  
	 	20	 	  
	 		  	 Signature(s) Guaranteed: Medallion Guarantee Stamp
 THE SIGNATURE(S) SHOULD BE
GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (Banks, Stockbrokers, Savings and Loan Associations and Credit Unions) WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15.

 
  

	 Signature:
	 	  
	 		  
	 Signature:
	 	  
	 		  
		 		 	     Notice:  The signature to this assignment must correspond with the name
as written upon the face of the certificate, in every particular, without alteration or enlargement, or any change whatever.
	 		  
		 		 	 		  

  

					
	

	  	 The IRS requires that we report the cost basis of certain shares acquired after January 1, 2011. If your shares were covered by the
legislation and you have sold or transferred the shares and requested a specific cost basis calculation method, we have processed as requested. If you did not specify a cost basis calculation method, we have defaulted to the first in, first out
(FIFO) method. Please visit our website or consult your tax advisor if you need additional information about cost basis.
  
 If you do not keep in contact with us or do not have any
 activity in your account for
the time periods specified by state law, your property could become subject to state unclaimed property laws and transferred to the appropriate state.Third Amendment to Amended and Restated Senior Preferred Stock Purchase

 Exhibit 4.1 
 THIRD AMENDMENT TO AMENDED AND RESTATED 
 SENIOR PREFERRED STOCK PURCHASE
AGREEMENT 
 THIRD AMENDMENT dated as of August 17, 2012, to the AMENDED AND RESTATED SENIOR PREFERRED STOCK PURCHASE
AGREEMENT dated as of September 26, 2008, between the UNITED STATES DEPARTMENT OF THE TREASURY (“Purchaser”), and FEDERAL NATIONAL MORTGAGE ASSOCIATION (“Seller”), acting through the Federal Housing Finance
Agency (the “Agency”) as its duly appointed conservator (the Agency in such capacity, “Conservator”). 
 Background 
 A. Purchaser and Seller have heretofore entered into the
Amended and Restated Senior Preferred Stock Purchase Agreement dated as of September 26, 2008 (the “Amended and Restated Agreement”). 
 B. In the Amended and Restated Agreement, Purchaser committed itself to provide to Seller, on the terms and conditions provided in the Amended and Restated Agreement, immediately available funds in an
amount as determined from time to time as provided in the Amended and Restated Agreement, but in no event in an aggregate amount exceeding $100,000,000,000. 
 C. In consideration for Purchaser’s commitment, Seller agreed to sell, and did sell, to Purchaser 1,000,000 shares of senior preferred stock, in the form of the Variable Liquidation Preference Senior
Preferred Stock of Seller attached as Exhibit A to the Amended and Restated Agreement, with an initial liquidation preference equal to $1,000 per share. 
 D. The Amended and Restated Agreement provides that the aggregate liquidation preference of the outstanding shares of senior preferred stock shall be automatically increased by an amount equal to the
amount of each draw under Purchaser’s funding commitment, and the senior preferred stock sold by Seller to Purchaser provides that the senior preferred stock shall accrue dividends at the annual rate per share equal to 10 percent on the
then-current liquidation preference. 
 E. Purchaser and Seller have heretofore entered into the Amendment dated as of
May 6, 2009, to the Amended and Restated Agreement (the “First Amendment”). 
 F. In the First Amendment,
Purchaser increased to $200,000,000,000 the maximum aggregate amount permitted to be provided to Seller under the Amended and Restated Agreement, and amended the terms of the Amended and Restated Agreement in certain other respects. 

 G. Purchaser and Seller have heretofore entered into the Second Amendment dated as of
December 24, 2009, to the Amended and Restated Agreement (the “Second Amendment”). 
 H. In the Second
Amendment, Purchaser modified the maximum aggregate amount permitted to be provided to Seller under the Amended and Restated Agreement, as previously amended, by replacing the fixed maximum aggregate amount with the new formulaic maximum amount
specified therein, and amended the terms of the Amended and Restated Agreement, as previously amended, in certain other respects. 
 I. Purchaser and Seller are each authorized to enter into this Third Amendment to the Amended and Restated Agreement (“this Third Amendment”) that (i) includes an agreement by Seller
to modify the dividend rate provision of the senior preferred stock sold by Seller to Purchaser, and (ii) amends the terms of the Amended and Restated Agreement, as previously amended, in certain other respects. 

THEREFORE, for and in consideration of the mutual agreements herein contained and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, Purchaser and Seller agree as follows: 
 Terms and Conditions

  

	1.	Definitions. 

Capitalized terms used and not defined in this Third Amendment shall have the respective meanings given such terms in the Amended and
Restated Agreement, as amended by the First Amendment and the Second Amendment (the Amended and Restated Agreement, as amended by the First Amendment and the Second Amendment, being the “Existing Agreement”). 

  
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	2.	Amendment to Paragraph 2(a) of Senior Preferred Stock (Relating to Dividend Payment Dates and Dividend Periods). 

With respect to the Certificate of Designation of Terms of Variable Liquidation Preference Senior Preferred Stock, Series 2008-2, dated
September 7, 2008 (the “Senior Preferred Stock Certificate”), sold by Seller to Purchaser and purchased by Purchaser from Seller, Seller agrees either to amend the existing paragraph 2(a) of the Senior Preferred Stock
Certificate, or to issue a replacement Senior Preferred Stock Certificate, in either case so that, by not later than September 30, 2012, paragraph 2(a) reads as follows: 

(a) For each Dividend Period from the date of the initial issuance of the Senior Preferred Stock through and including
December 31, 2012, holders of outstanding shares of Senior Preferred Stock shall be entitled to receive, ratably, when, as and if declared by the Board of Directors, in its sole discretion, out of funds legally available therefor, cumulative
cash dividends at the annual rate per share equal to the then-current Dividend Rate on the then-current Liquidation Preference. For each Dividend Period from January 1, 2013, holders of outstanding shares of Senior Preferred Stock shall be
entitled to receive, ratably, when, as and if declared by the Board of Directors, in its sole discretion, out of funds legally available therefor, cumulative cash dividends in an amount equal to the then-current Dividend Amount. Dividends on the
Senior Preferred Stock shall accrue from but not including the date of the initial issuance of the Senior Preferred Stock and will be payable in arrears when, as and if declared by the Board of Directors quarterly on
March 31, June 30, September 30 and December 31 of each year (each, a “Dividend Payment Date”), commencing on December 31, 2008. If a Dividend Payment Date is not a “Business Day,” the related
dividend will be paid not later than the next Business Day with the same force and effect as though paid on the Dividend Payment Date, without any increase to account for the period from such Dividend Payment Date through the date of actual payment.
“Business Day” means a day other than (i) a Saturday or Sunday, (ii) a day on which New York City banks are closed, or (iii) a day on which the offices of the Company are closed. 

If declared, the initial dividend will be for the period from but not including the date of the initial issuance of the
Senior Preferred Stock through and including December 31, 2008. Except for the initial Dividend Payment Date, the “Dividend Period” relating to a Dividend Payment Date will be the period from but not including the preceding Dividend
Payment Date through and including the related Dividend Payment Date. For each Dividend Period from the date of the initial issuance of the Senior Preferred Stock through and including December 31, 2012, the amount of dividends payable on the
initial Dividend Payment Date or for any Dividend Period through and including December 31, 2012, that is not a full calendar quarter shall be computed on the basis of 30-day months, a 360-day year and the actual number of days elapsed in any
period of less than one month. For the avoidance of doubt, for each Dividend Period from the date of the initial issuance of the Senior Preferred Stock through and including December 31, 2012, in the event that the Liquidation Preference
changes in the middle of a Dividend Period, the amount of dividends payable on the Dividend Payment Date at the end of such Dividend Period shall take into account such change in Liquidation Preference and shall be computed at the Dividend Rate on
each Liquidation Preference based on the portion of the Dividend Period that each Liquidation Preference was in effect. 

  
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	3.	Amendment to Paragraph 2(c) of Senior Preferred Stock (Relating to Dividend Rate and Dividend Amount). 

With respect to the Senior Preferred Stock Certificate sold by Seller to Purchaser and purchased by Purchaser from Seller, Seller agrees
either to amend the existing paragraph 2(c) of the Senior Preferred Stock Certificate, or to issue a replacement Senior Preferred Stock Certificate, in either case so that, effective September 30, 2012, paragraph 2(c) reads as follows:

 (c) For each Dividend Period from the date of the initial issuance of the Senior Preferred Stock through and
including December 31, 2012, “Dividend Rate” means 10.0%; provided, however, that if at any time the Company shall have for any reason failed to pay dividends in cash in a timely manner as required by this Certificate, then
immediately following such failure and for all Dividend Periods thereafter until the Dividend Period following the date on which the Company shall have paid in cash full cumulative dividends (including any unpaid dividends added to the Liquidation
Preference pursuant to Section 8) the “Dividend Rate” shall mean 12.0%. 
 For each Dividend
Period from January 1, 2013, through and including December 31, 2017, the “Dividend Amount” for a Dividend Period means the amount, if any, by which the Net Worth Amount at the end of the immediately preceding fiscal quarter,
less the Applicable Capital Reserve Amount, exceeds zero. For each Dividend Period from January 1, 2018, the “Dividend Amount” for a Dividend Period means the amount, if any, by which the Net Worth Amount at the end of the immediately
preceding fiscal quarter exceeds zero. In each case, “Net Worth Amount” means (i) the total assets of the Company (such assets excluding the Commitment and any unfunded amounts thereof) as reflected on the balance sheet of the Company
as of the applicable date set forth in this Certificate, prepared in accordance with GAAP, less (ii) the total liabilities of the Company (such liabilities excluding any obligation in respect of any capital stock of the Company, including this
Certificate), as reflected on the balance sheet of the Company as of the applicable date set forth in this Certificate, prepared in accordance with GAAP. “Applicable Capital Reserve Amount” means, as of any date of determination, for each
Dividend Period from January 1, 2013, through and including December 31, 2013, $3,000,000,000; and for each Dividend Period occurring within each 12-month period thereafter, $3,000,000,000 reduced by an equal amount for each such 12-month
period through and including December 31, 2017, so that for each Dividend Period from January 1, 2018, the Applicable Capital Reserve Amount shall be zero. For the avoidance of doubt, if the calculation of the Dividend Amount for a
Dividend Period does not exceed zero, then no Dividend Amount shall accrue or be payable for such Dividend Period. 

  
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	4.	Amendment to Section 3.2 (Relating to the Periodic Commitment Fee). 

Section 3.2 of the Existing Agreement is hereby amended to read as follows: 

3.2. Periodic Commitment Fee. (a) Commencing March 31, 2011, Seller shall pay to Purchaser quarterly, on
the last day of March, June, September and December of each calendar year (each a “Periodic Fee Date”), a periodic commitment fee (the “Periodic Commitment Fee”). The Periodic Commitment Fee shall accrue from January 1,
2011. 
 (b) The Periodic Commitment Fee is intended to fully compensate Purchaser for the support provided by
the ongoing Commitment following December 31, 2010. The amount of the Periodic Commitment Fee shall be set not later than December 31, 2010 with respect to the ensuing five-year period, shall be reset every five years thereafter and shall
be determined with reference to the market value of the Commitment as then in effect. The amount of the Periodic Commitment Fee shall be mutually agreed by Purchaser and Seller, subject to their reasonable discretion and in consultation with the
Chairman of the Federal Reserve; provided, that Purchaser may waive the Periodic Commitment Fee for up to one year at a time, in its sole discretion, based on adverse conditions in the United States mortgage market. 

(c) At the election of Seller, the Periodic Commitment Fee may be paid in cash or by adding the amount thereof ratably to
the liquidation preference of each outstanding share of Senior Preferred Stock so that the aggregate liquidation preference of all such outstanding shares of Senior Preferred Stock is increased by an amount equal to the Periodic Commitment Fee.
Seller shall deliver notice of such election not later than three (3) Business Days prior to each Periodic Fee Date. If the Periodic Commitment Fee is not paid in cash by 12:00 pm (New York time) on the applicable Periodic Fee Date
(irrespective of Seller’s election pursuant to this subsection), Seller shall be deemed to have elected to pay the Periodic Commitment Fee by adding the amount thereof to the liquidation preference of the Senior Preferred Stock, and the
aggregate liquidation preference of the outstanding shares of Senior Preferred Stock shall thereupon be automatically increased, in the manner contemplated by the first sentence of this section, by an aggregate amount equal to the Periodic
Commitment Fee then due. 
 (d) Notwithstanding anything to the contrary in paragraphs (a), (b), or
(c) above, and in consideration of the modification made to the Senior Preferred Stock effective September 30, 2012, for each quarter commencing January 1, 2013, and continuing for as long as paragraph 2 of the Senior Preferred Stock
remains in form and content substantially the same as the form and content of the Senior Preferred Stock in effect on September 30, 2012, no Periodic Commitment Fee shall be set, accrue, or be payable. 

  
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	5.	Amendment to Section 5.4 (Relating to Transfer of Assets). 

 Section 5.4 of the Existing Agreement is hereby amended to read as follows: 
 5.4. Transfer of Assets. Seller shall not, and shall not permit any of its subsidiaries to, in each case without prior written consent of Purchaser, sell, transfer, lease or otherwise dispose of
(in one transaction or a series of related transactions) all or any portion of its assets (including Equity Interests in other persons, including subsidiaries), whether now owned or hereafter acquired (any such sale, transfer, lease or disposition,
a “Disposition”), other than Dispositions for fair market value: 
 (a) to a limited life
regulated entity (“LLRE”) pursuant to Section 1367(i) of the FHE Act; 
 (b) of assets and
properties in the ordinary course of business, consistent with past practice; 
 (c) of assets and properties
having fair market value individually or in aggregate less than $250,000,000 in one transaction or a series of related transactions; 
 (d) in connection with a liquidation of Seller by a receiver appointed pursuant to Section 1367(a) of the FHE Act; 

(e) of cash or cash equivalents for cash or cash equivalents; or 

(f) to the extent necessary to comply with the covenant set forth in Section 5.7 below. 

 

	6.	Amendment to Section 5.7 (Relating to Owned Mortgage Assets). 

 Section 5.7 of the Existing Agreement is hereby amended to read as follows: 
 5.7. Mortgage Assets. Seller shall not own, as of any applicable date, Mortgage Assets in excess of (i) on December 31, 2012, $650 billion, or (ii) on December 31 of each year
thereafter, 85.0% of the aggregate amount of Mortgage Assets that Seller was permitted to own as of December 31 of the immediately preceding calendar year; provided, that in no event shall Seller be required under this Section 5.7
to own less than $250 billion in Mortgage Assets. 

  
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	7.	Amendment to Section 5 (Adding New Section 5.11 Relating to “Annual Risk Management Plans”). 

Section 5 of the Existing Agreement is hereby amended by inserting after section 5.10 the following: 

5.11. Annual Risk Management Plans. Not later than December 15, 2012, and not later than December 15 of each
year thereafter while Seller remains in conservatorship pursuant to Section 1367 of the FHE Act, Seller shall, under the direction of Conservator, deliver a risk management plan to Purchaser. Each annual risk management plan shall set out
Seller’s strategy for reducing its enterprise-wide risk profile and shall describe, in reasonable detail, the actions Seller will take, to reduce both the financial and operational risk associated with each reportable business segment of
Seller. Plans delivered subsequent to December 15, 2012 shall also include an assessment of Seller’s performance relative to the planned actions described in the prior year’s plan. The submission of annual risk management plans under
this section shall not in any way limit or affect the Agency in any of its capacities to carry out its statutory responsibilities, including but not limited to providing direction to and oversight of Seller.” 

 

	8.	Existing Agreement to Continue, as Amended. 

 Except as expressly modified by this Third Amendment, the Existing Agreement shall continue in full force and effect. 
  

	9.	Effective Date. 

This Third Amendment shall not become effective until it has been executed by both of Purchaser and Seller. When this Third Amendment has
been so executed, it shall become effective as of the date first above written. 

  
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	FEDERAL NATIONAL MORTGAGE ASSOCIATION, by
	
	Federal Housing Finance Agency, its Conservator
	
	 /s/ Edward J. DeMarco

	Edward J. DeMarco
	Acting Director
	
	UNITED STATES DEPARTMENT OF THE TREASURY
	
	 /s/ Timothy F. Geithner

	Timothy F. Geithner
	Secretary of the Treasury

  
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