Common use of Pursuant to Section 8 Clause in Contracts

Pursuant to Section 8. 1 of the Partnership Agreement but subject to the rights of holders of any Preferred Partnership Units ranking senior to the Series E Preferred Partnership Units as to the payment of distributions, Ashford OP Limited Partner LLC, in its capacity as the holder of the then outstanding Series E Preferred Partnership Units, shall be entitled to receive, when, as and if authorized by the General Partner, from the Cash Flow, cumulative quarterly preferential cash distributions in an amount per Series E Preferred Partnership Unit equal to 9.000% of the $25.00 liquidation preference per annum (equivalent to a fixed annual amount of $2.25 per Series E Preferred Partnership Unit). Distributions of Preferred Return on the Series E Preferred Partnership Units shall be cumulative from the date of original issuance, whether or not in any distribution period or periods (i) such distributions shall be authorized by the General Partner, (ii) there shall be funds legally available for the payment of such distributions or (iii) any agreement prohibits the Partnership’s payment of such distributions, and such distributions shall be payable quarterly the 15th day of January, April, July and October of each year (or, if not a Business Day, the next succeeding Business Day). Any distribution of Preferred Return payable on the Series E Preferred Partnership Units for any partial distribution period will be computed on the basis of twelve 30-day months and a 360-day year. Distributions of Preferred Return will be payable in arrears to holders of record as they appear on the records of the Partnership at the close of business on the last day of each of March, June, September and December, as the case may be, immediately preceding the applicable distribution payment date, which dates shall be the Partnership Record Dates for the Series E Preferred Partnership Units. Except for distributions in liquidation or redemption as provided in Sections D and E, respectively, holders of Series E Preferred Partnership Units will not be entitled to receive any distributions in excess of cumulative Preferred Returns accrued on the Series E Preferred Partnership Units at the rate specified in this paragraph. No interest will be paid in respect of any distribution payment or payments on the Series E Preferred Partnership Units that may be in arrears.

Pursuant to Section 8. 1 of the Partnership Agreement but subject to the rights of holders of any Preferred Partnership Units ranking senior to the Series E Preferred Partnership Units as to the payment of distributions, Ashford Braemar OP Limited Partner LLC, in its capacity as the holder of the then outstanding Series E Preferred Partnership Units, shall be entitled to receive, when, when and as and if authorized by the General Partner, from the Cash Flow, cumulative quarterly monthly preferential cash distributions in an amount per Series E Preferred Partnership Unit equal to 9.0006.5% per annum of the stated value of $25.00 liquidation preference per annum Series E Preferred Partnership Unit (the “Stated Value”) (equivalent to a fixed an annual amount distribution rate of $2.25 1.625 per Series E Preferred Partnership Unit). Distributions of Preferred Return on the Series E Preferred Partnership Units shall be cumulative from the date of original issuance, whether or not in any distribution period or periods (i) such distributions shall be authorized by the General Partner, (ii) there shall be funds legally available for the payment of such distributions or (iii) any agreement prohibits the Partnership’s payment of such distributions, and such distributions shall be payable quarterly monthly on the 15th day of January, April, July and October of each year month (or, if such payment date is not a Business Day, the next succeeding Business Day). Any , with the same force and effect as if paid on such distribution of Preferred Return payable payment date, and no interest or additional distributions or other sums shall accrue on the Series E Preferred Partnership Units for any partial amount so payable from such distribution period will be computed on the basis of twelve 30-day months and a 360-day yearpayment date to such next succeeding Business Day). Distributions of Preferred Return will shall be payable in arrears to holders of record as they appear on the records of the Partnership at the close of business on the last day Business Day of each of March, June, September and December, as the case may be, month immediately preceding the applicable distribution payment date, which dates shall be the Partnership Record Dates for the Series E Preferred Partnership Units. Any distribution of Preferred Return payable on the Series E Preferred Partnership Units for any distribution period (as defined below) will be computed on the basis of twelve 30-day months and a 360-day year. Except for distributions in liquidation or redemption as provided in Sections D and E, respectively, holders of Series E Preferred Partnership Units will not be entitled to receive any distributions in excess of full cumulative Preferred Returns accrued on the Series E Preferred Partnership Units at the distribution rate specified in this paragraph. No interest will be paid in respect of any distribution payment or payments on the Series E Preferred Partnership Units that may be in arrears.

Pursuant to Section 8. 1 of the Partnership Agreement but subject to the rights of holders of any Preferred Partnership Units ranking senior to the Series E M Preferred Partnership Units as to the payment of distributions, Ashford Braemar OP Limited Partner LLC, in its capacity as the holder of the then outstanding Series E M Preferred Partnership Units, shall be entitled to receive, when, when and as and if authorized by the General Partner, from the Cash Flow, cumulative quarterly monthly preferential cash distributions in an amount per Series E M Preferred Partnership Unit equal to 9.0007.0% per annum of the stated value of $25.00 liquidation preference per annum Series M Preferred Partnership Unit (the “Stated Value”) (equivalent to a fixed an annual amount distribution rate of $2.25 1.75 per Series E M Preferred Partnership Unit). Distributions of Preferred Return on the Series E Preferred Partnership Units shall be cumulative Beginning one year from the date of original issuance, whether or not in any distribution period or periods (i) such distributions shall be authorized by the General Partner, (ii) there shall be funds legally available for the payment issuance of such distributions or (iii) any agreement prohibits the Partnership’s payment of such distributionseach Series M Preferred Partnership Unit, and on each one year anniversary thereafter for such distributions Series M Preferred Partnership Unit, the dividend rate shall increase by 0.10% per annum for such Series M Preferred Partnership Unit; provided, however, that the dividend rate for any Series M Preferred Partnership Unit shall not exceed 7.5% per annum of the Stated Value. For purposes of this section (c)(i) only, the “date of the original issuance” of the Series M Preferred Partnership Unit shall mean the earliest date that any Series M Preferred Partnership Unit was issued during the calendar quarter in which the Series M Preferred Partnership Unit was issued. Distributions shall be payable quarterly monthly on the 15th day of January, April, July and October of each year month (or, if such payment date is not a Business Day, the next succeeding Business Day). Any , with the same force and effect as if paid on such distribution of Preferred Return payable payment date, and no interest or additional distributions or other sums shall accrue on the Series E Preferred Partnership Units for any partial amount so payable from such distribution period will be computed on the basis of twelve 30-day months and a 360-day yearpayment date to such next succeeding Business Day). Distributions of Preferred Return will shall be payable in arrears to holders of record as they appear on the records of the Partnership at the close of business on the last day Business Day of each of March, June, September and December, as the case may be, month immediately preceding the applicable distribution payment date, which dates shall be the Partnership Record Dates for the Series E M Preferred Partnership Units. Any distribution of Preferred Return payable on the Series M Preferred Partnership Units for any distribution period (as defined below) will be computed on the basis of twelve 30-day months and a 360-day year. Except for distributions in liquidation or redemption as provided in Sections D and E, respectively, holders of Series E M Preferred Partnership Units will not be entitled to receive any distributions in excess of full cumulative Preferred Returns accrued on the Series E M Preferred Partnership Units at the distribution rate specified in this paragraph. No interest will be paid in respect of any distribution payment or payments on the Series E M Preferred Partnership Units that may be in arrears.