Common use of ESH REIT Clause in Contracts

ESH REIT. The ESH REIT Board shall be comprised of, (i) effective as of the Closing Date and for up to one (1) year following the Closing Date (such period, the “Initial REIT Board Period”), five (5) Directors, of whom, subject to Section 2.1(c), one (1) shall be a designee of the Centerbridge Shareholders, one (1) shall be a designee of the Blackstone Shareholders, one (1) shall be a designee of the Xxxxxxx Shareholders, one (1) shall be jointly designated by the Sponsor Shareholders, and one (1) shall be nominated by the ESH REIT Board to satisfy the requirements to qualify as an Independent Director; and (ii) following the end of the Initial REIT Board Period, seven (7) Directors, of whom, subject to Section 2.1(c), one (1) shall be a designee of the Centerbridge Shareholders, one (1) shall be a designee of the Blackstone Shareholders, one (1) shall be a designee of the Xxxxxxx Shareholders, one (1) shall be jointly designated by the Sponsor Shareholders, which designee, to the extent not an executive officer of ESH REIT and otherwise practicable, shall satisfy the requirements to qualify as an Independent Director, and three (3) shall be nominated by the ESH REIT Board and shall be Independent Directors to the extent necessary to allow ESH REIT to satisfy all obligations in respect of legal and regulatory requirements that it have independent directors.

ESH REIT. The ESH REIT Board shall be comprised of, (i) effective as of the Closing Date and for up to one (1) year following the Closing Date (such period, the “Initial REIT Board Period”), five (5) Directors, of whom, subject to Section 2.1(c), one (1) shall be a designee of the Centerbridge Shareholders, one (1) shall be a designee of the Blackstone Shareholders, one (1) shall be a designee of the Xxxxxxx Pxxxxxx Shareholders, one (1) shall be jointly designated by the Sponsor Shareholders, and one (1) shall be nominated by the ESH REIT Board to satisfy the requirements to qualify as an Independent Director; and (ii) following the end of the Initial REIT Board Period, seven (7) Directors, of whom, subject to Section 2.1(c), one (1) shall be a designee of the Centerbridge Shareholders, one (1) shall be a designee of the Blackstone Shareholders, one (1) shall be a designee of the Xxxxxxx Pxxxxxx Shareholders, one (1) shall be jointly designated by the Sponsor Shareholders, which designee, to the extent not an executive officer of ESH REIT and otherwise practicable, shall satisfy the requirements to qualify as an Independent Director, and three (3) shall be nominated by the ESH REIT Board and shall be Independent Directors to the extent necessary to allow ESH REIT to satisfy all obligations in respect of legal and regulatory requirements that it have independent directors.