Exhibit 10.28

AMENDMENT NO. 2 TO THE

TERM LOAN AGREEMENT

Dated as of December 11, 2013

AMENDMENT NO. 2 TO THE TERM LOAN AGREEMENT (this “Amendment”) among Digital
Realty Trust, L.P., (the “Operating Partnership”), Digital Realty Datafirm, LLC,
a Delaware limited liability company (the “Initial Australia Borrower 1”),
Digital Realty Datafirm 2, LLC, a Delaware limited liability company (the
“Initial Australia Borrower 2”), Digital Luxembourg II S.À R.L., a Luxembourg
private limited liability company (société à responsabilité limitée) (the
“Initial Luxembourg Borrower 1”), Digital Luxembourg III S.À R.L., a Luxembourg
private limited liability company (société à responsabilité limitée) (the
“Initial Luxembourg Borrower 2”), Digital Realty (Redhill) S.À R.L., a
Luxembourg private limited liability company (société à responsabilité limitée)
(the “Initial Luxembourg Borrower 3”), Digital Realty (Blanchardstown) Limited,
an Irish private company limited by shares (the “Initial Irish Borrower”),
Digital Realty (Paris2) SCI, a French Société Civile Immobilière (the “Initial
French Borrower”), Digital Singapore Jurong East Pte. Ltd., a Singapore private
limited company (the “Initial Singapore Borrower”), Digital Realty (Welwyn) S.À
R.L., a Luxembourg private limited liability company (société à responsabilité
limitée) (the “Initial Luxembourg Borrower 4”) and Digital Netherlands IV B.V.,
a private company with limited liability (besloten vennootschap met beperkete
aansprakelijkheid) (the “Initial Dutch Borrower”; and collectively with the
Operating Partnership, the Initial Australia Borrower 1, the Initial Australia
Borrower 2, the Initial Luxembourg Borrower 1, the Initial Luxembourg Borrower
2, the Initial Luxembourg Borrower 3, the Initial Irish Borrower, the Initial
French Borrower, the Initial Singapore Borrower and the Initial Luxembourg
Borrower 4, the “Borrowers” and each individually a “Borrower”), Digital Realty
Trust, Inc., (the “Parent Guarantor”), the banks, financial institutions and
other institutional lenders listed on the signature pages hereof as the lenders
(the “Required Lenders”) and Citibank, N.A. (“Citibank”), as administrative
agent for the Lenders (the “Administrative Agent”).

PRELIMINARY STATEMENTS:

(1) The Borrowers, the Parent Guarantor, the subsidiaries of the Borrowers party
thereto, the Lenders, the Administrative Agent and the other financial
institutions party thereto entered into a Term Loan Agreement dated as of
April 16, 2012 (as amended by that certain Amendment No. 1 to Term Loan, dated
as of August 15, 2013, the “Existing Term Loan Agreement”). Capitalized terms
not otherwise defined in this Amendment have the same meanings as specified in
the Existing Term Loan Agreement, as amended hereby;

(2) The Administrative Agent and the Borrowers wish to amend the Existing Term
Loan Agreement to address recent changes made by the Association of Banks in
Singapore and the Singapore Foreign Exchange Market Committee to the recommended
process of determining LIBOR for borrowings in Singapore Dollars; and

(3) Subject to the terms and conditions herein, the Borrowers, the
Administrative Agent and Required Lenders have agreed to amend the Existing Term
Loan Agreement on the terms and subject to the conditions hereinafter set forth.

SECTION 1. Amendments to Existing Term Loan Agreement. The Existing Term Loan
Agreement is, upon the occurrence of the Amendment Effective Date (as defined in
Section 4 below), hereby amended as set forth below:

(a) The definition of “Interest Period” set forth in Section 1.01 of the
Existing Term Loan Agreement is hereby amended by (i) deleting the word “and” at
the end of clause (d) thereof, (ii)

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deleting the period and adding the word “; and” at the end of clause (e) thereof
and (iii) adding a new clause (f) to read in full as follows:

“(f) with respect to the Singapore Dollar Loan, the available Interest Period
durations shall be one, three and six months only.”

(b) The definition of “Market Disruption Event” set forth in Section 1.01 of the
Existing Term Loan Agreement is hereby amended by replacing the words “11:00
A.M. (Singapore time)” in the second line thereof with “12:00 P.M. (London
time)”.

(c) The definition of “Singapore Business Day” set forth in Section 1.01 of the
Existing Term Loan Agreement is hereby amended by inserting the words “and
London, England” immediately before the period at the end thereof.

(d) The definition of “SOR” set forth in Section 1.01 of the Existing Term Loan
Agreement is hereby deleted in its entirety and replaced with the following:

““SOR” means in relation to the Advances in respect of the Singapore Dollar
Loan, (a) the rate appearing under the caption “SGD SOR Rates” on the ABSFIX01
of the Reuters Monitor Money Rates Services at 12:00 P.M. (London time) on the
applicable Quotation Day or (b) if no such rate is available, the rate
reasonably determined by the Administrative Agent as the rate quoted to leading
banks in the Singapore interbank market as of 12:00 P.M. (London time) on the
Quotation Day for the offering of deposits in Singapore Dollars for a period
comparable to the applicable Interest Period.”

SECTION 2. Conditions of Effectiveness. This Amendment shall become effective as
of the first date (the “Amendment Effective Date”) on which, and only if, each
of the following conditions precedent shall have been satisfied:

(a) The Administrative Agent shall have received on or before the date hereof,
each dated such day (unless otherwise specified), in form and substance
satisfactory to the Administrative Agent (unless otherwise specified):

(i) Counterparts of this Amendment executed by the Borrowers and each Required
Lender or, as to any of the Lenders, advice satisfactory to the Administrative
Agent that such Lender has executed this Amendment.

(ii) The consent attached hereto (the “Consent”) executed by each of the
Guarantors.

(b) All of the accrued fees of the Administrative Agent and the Lenders and all
reasonable expenses of the Administrative Agent (including the reasonable fees
and expenses of counsel for the Administrative Agent) due and payable on the
Amendment Effective Date shall have been paid in full.

SECTION 3. Reference to and Effect on the Existing Term Loan Agreement, the
Notes and the Loan Documents. (a) On and after the effectiveness of this
Amendment, each reference in the Existing Term Loan Agreement to “this
Agreement”, “hereunder”, “hereof” or words of like import referring to the
Existing Term Loan Agreement, and each reference in the Notes and each of the
other Loan Documents to “the Loan Agreement”,

 

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“thereunder”, “thereof” or words of like import referring to the Existing Term
Loan Agreement, shall mean and be a reference to the Existing Term Loan
Agreement, as amended and modified by this Amendment.

(b) The Existing Term Loan Agreement, the Notes and each of the other Loan
Documents, as specifically amended by this Amendment, are and shall continue to
be in full force and effect and are hereby in all respects ratified and
confirmed.

(c) The execution, delivery and effectiveness of this Amendment shall not,
except as expressly provided herein, operate as a waiver of any right, power or
remedy of any Lender or the Administrative Agent under any of the Loan
Documents, nor constitute a waiver of any provision of any of the Loan
Documents.

(d) This Amendment shall not extinguish the obligations for the payment of money
outstanding under the Existing Term Loan Agreement. Nothing herein contained
shall be construed as a substitution or novation of the obligations outstanding
under the Existing Term Loan Agreement, which shall remain in full force and
effect, except to any extent modified hereby or as provided in the exhibits
hereto. Nothing implied in this Amendment or in any other document contemplated
hereby shall be construed as a release or other discharge of any of the Loan
Parties from the Loan Documents.

SECTION 4. Costs and Expenses. The Borrowers agrees to pay on demand all
reasonable out-of-pocket costs and expenses of the Administrative Agent in
connection with the preparation, execution, delivery and administration,
modification and amendment of this Amendment and the other instruments and
documents to be delivered hereunder (including, without limitation, the
reasonable fees and expenses of counsel for the Administrative Agent) in
accordance with the terms of Section 9.04 of the Existing Term Loan Agreement.

SECTION 5. Execution in Counterparts. This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute but one and the same agreement. Delivery
of an executed counterpart of a signature page to this Amendment by facsimile
shall be effective as delivery of a manually executed counterpart of this
Amendment.

SECTION 6. Governing Law. This Amendment shall be governed by, and construed in
accordance with, the laws of the State of New York.

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by their respective officers thereunto duly authorized, as of the date first
above written.

 

BORROWERS:

DIGITAL REALTY TRUST, L.P.,

a Maryland limited partnership

    By:  

DIGITAL REALTY TRUST, INC.,

its sole general partner

 

By:

 

/s/ A. William Stein

    Name: A. William Stein     Title: Chief Financial Officer and Chief
Investment Officer

DIGITAL REALTY DATAFIRM, LLC,

a Delaware limited liability company

    By:  

DIGITAL REALTY TRUST, L.P.,

        its sole member and manager

    By:  

DIGITAL REALTY TRUST, INC.,

        its sole general partner

 

By:

 

/s/ A. William Stein

    Name: A. William Stein     Title: Chief Financial Officer and Chief
Investment Officer

DIGITAL REALTY DATAFIRM 2, LLC,

a Delaware limited liability company

    By:  

DIGITAL REALTY TRUST, L.P.,

its sole member and manager

    By:  

DIGITAL REALTY TRUST, INC.,

its sole general partner

 

By:

 

/s/ A. William Stein

    Name: A. William Stein     Title: Chief Financial Officer and    
          Chief Investment Officer

 

Signature Page

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DIGITAL LUXEMBOURG II S.À R.L., a Luxembourg Société à responsabilité limitée

Registered office: 11, Boulevard du Prince Henri, L-1724,

Luxembourg

Share capital: EUR 1,600,500 R.C.S. Luxembourg: B110.214     By:  

/s/ A. William Stein

  Name: A. William Stein, Authorized Signatory

DIGITAL LUXEMBOURG III S.À R.L.,

a Luxembourg Société à responsabilité limitée

Registered office: 11, Boulevard du Prince Henri L-1724 Luxembourg Share
capital: £ 25,823 R.C.S. Luxembourg: B 141.552     By:  

/s/ A. William Stein

  Name: A. William Stein, Authorized Signatory

DIGITAL REALTY (REDHILL) S.À R.L.,

a Luxembourg Société à responsabilité limitée

Registered office: 11, Boulevard du Prince Henri L-1724, Luxembourg Share
capital: £ 12,000 R.C.S. Luxembourg: B 125.912     By:  

/s/ A. William Stein

  Name: A. William Stein, Authorized Signatory

DIGITAL REALTY (PARIS2) SCI,

a French Société civile immobiliere

    By:  

/s/ A. William Stein

  Name: A. William Stein, duly authorized

 

Signature Page

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DIGITAL SINGAPORE JURONG EAST PTE. LTD., a Singapore private company limited by
shares By:  

/s/ A. William Stein

  Name: A. William Stein, Authorized Person

DIGITAL REALTY (WELWYN) S.À R.L.

a Luxembourg Société à responsabilité limitée

Registered office: 11, Boulevard du Prince Henri L-1724, Luxembourg Share
capital: £ 12,000 R.C.S. Luxembourg: B 125.239 By:  

/s/ A. William Stein

  Name: A. William Stein, Authorized Signatory

DIGITAL REALTY (BLANCHARDSTOWN) LIMITED,

an Irish private company limited by shares

By:  

/s/ Joshua A. Mills

  Name: Joshua A. Mills,   Title: Director

DIGITAL NETHERLANDS IV, B.V.,

a Dutch private company with limited liability

By:  

/s/ A. William Stein

  Name: A. William Stein, Authorized Person

 

Signature Page

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PARENT GUARANTOR:

DIGITAL REALTY TRUST, INC.,

a Maryland corporation

            By:  

/s/ A. William Stein

  Name: A. William Stein   Title: Chief Financial Officer and             Chief
Investment Officer

 

Signature Page

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ADMINISTRATIVE AGENT:         CITIBANK, N.A.         By:  

        /s/ John C. Rowland

  Name: John C. Rowland   Title: Vice President

 

Signature Page

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CITIBANK, N.A., as a Lender By:  

        /s/ John C. Rowland

  Name: John C. Rowland   Title: Vice President

 

Signature Page

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CITIBANK, N.A., SINGAPORE BRANCH,

as a Lender

By:  

/s/ Ajay Sharma

  Name: Ajay Sharma   Title: Managing Director

 

Signature Page

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CITIBANK INTERNATIONAL PLC, as a Lender By:  

/s/ Mark Lightbown

  Name: Mark Lightbown   Title: Vice President

 

Signature Page

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CITIBANK N.A., SYDNEY BRANCH,

as a Lender

By:  

/s/ Michael Reid

  Name: Michael Reid   Title: Managing Director By:  

/s/ Stephen Daly

  Name: Stephen Daly   Title: Director

 

Signature Page

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BANK OF AMERICA, N.A. as a Lender By:  

/s/ William P. Foley

  Name: William P. Foley   Title: Vice President

 

Signature Page

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JPMORGAN CHASE BANK, N.A. as a Lender By:  

/s/ Kimberly Turner

  Name: Kimberly Turner   Title: Executive Director

 

Signature Page

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BARCLAYS BANK PLC, as a Lender By:  

/s/ Noam Azachi

  Name: Noam Azachi   Title: Vice President

 

Signature Page

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CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH as a Lender By:  

/s/ Mikhail Faybusovich

  Name: Mikhail Faybusovich   Title: Authorized Signatory By:  

/s/ Jean-Marc Vauclair

  Name: Jean-Marc Vauclair   Title: Authorized Signatory

 

Signature Page

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DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender By:  

/s/ David Naranjo

  Name: David Naranjo   Title: Vice President By:  

/s/ Joanna Soliman

  Name: Joanna Soliman   Title: Vice President

 

Signature Page

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DEUTSCHE BANK AG SINGAPORE BRANCH, as a Lender By:  

/s/ David Cheng Chi-Jian

  Name: Cheng Chi-Jian, David   Title: Director By:  

/s/ Steffen Alexander Johann Friedrich Limbach

  Name: Limbach, Steffen Alexander Johann Friedrich   Title: Director

 

Signature Page

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Goldman Sachs Bank USA, as a Lender By:  

/s/ Michelle Latzoni

  Name: Michelle Latzoni   Title: Authorized Signatory

 

Signature Page

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ROYAL BANK OF CANADA, as a Lender By:  

/s/ Brian Gross

  Name: Brian Gross   Title: Authorized Signatory

 

Signature Page

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender By:  

/s/ Kevin A. Stacker

  Name: Kevin A. Stacker   Title: Vice President

 

Signature Page

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COMPASS BANK, as a Lender By:  

/s/ Brian Tuerff

  Name: Brian Tuerff   Title: Senior Vice President

 

Signature Page

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HSBC BANK USA, N.A. as a Lender By:  

/s/ Adriana Collins

  Name: Adrianna Collins   Title: Vice President

 

Signature Page

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LLOYDS BANK PLC, formerly known as Lloyds TSB Bank plc as a Lender By:  

/s/ Stephen Giacolone

  Name: Stephen Giacolone   Title: Assistant Vice President G011 By:  

/s/ Karen Weich

  Name: Karen Weich   Title: Vice President W011

 

Signature Page

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SUNTRUST BANK, as a Lender By:  

/s/ Nancy B. Richards

  Name: Nancy B. Richards   Title: Senior Vice President

 

Signature Page

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THE ROYAL BANK OF SCOTLAND PLC, as a Lender By:  

/s/ Jeannine Pascal

  Name: Jeannine Pascal   Title: Vice President

 

Signature Page

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THE BANK OF NOVA SCOTIA, SINGAPORE BRANCH, as a Lender By:  

/s/ Gabriel Low Boon Tiong

  Name: Gabriel Low Boon Tiong   Title: Director, Head of Operations

 

Signature Page

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SCOTIABANK EUROPE PLC, as a Lender By:  

/s/ John O’Connor

  Name: John O’Connor   Title: Head of Credit Risk Control By:  

/s/ Steve Caller

  Name: Steve Caller   Title: Manager, Credit Risk Control

 

Signature Page

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TD Bank, N.A.,

as a Lender

By:  

/s/ Michael J. Pappas

  Name: Michael J. Pappas   Title: Vice President

 

Signature Page

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MORGAN STANLEY BANK, N.A., as a Lender By:  

/s/ Nick Zangari

  Name: Nick Zangari   Title: Authorized Signatory

 

Signature Page

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SUMITOMO MISUI BANKING CORPORATION, as a Lender By:  

/s/ William G. Karl

  Name: William G. Karl   Title: General Manager

 

Signature Page

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US BANK NATIONAL ASSOCIATION, a national banking association, as a Lender By:  

/s/ Michael Diemer

  Name: Michael Diemer   Title: Vice President

 

Signature Page

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UNION BANK, N.A., as a Lender By:  

/s/ Amit Shah

  Name: Amit Shah   Title: Vice President

 

Signature Page

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AUSTRALIAN AND NEW ZEALAND BANKING GROUP, as a Lender By:  

/s/ Grace Irvin

  Name: Grace Irvin   Title: Director

 

Signature Page

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BRANCH BANKING AND TRUST COMPANY, as a Lender By:  

/s/ Ahaz A. Armstrong

  Name: Ahaz A. Armstrong   Title: Assistant Vice President

 

Signature Page

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RAYMOND JAMES BANK, N.A., as a Lender By:  

/s/ Thomas G. Scott

  Name: Thomas G. Scott   Title: Senior Vice President

 

Signature Page

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CITY NATIONAL BANK, a national banking association as a Lender By:  

/s/ John Finnigan

  Name: John Finnigan   Title: Senior Vice President

 

Signature Page

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CONSENT

Dated as of December 11, 2013

Each of the undersigned, as a Guarantor under the Existing Term Loan Agreement
referred to in the foregoing Amendment, hereby consents to such Amendment and
hereby confirms and agrees that notwithstanding the effectiveness of such
Amendment, the Guaranty contained in the Existing Term Loan Agreement is and
shall continue to be, in full force and effect and is hereby ratified and
confirmed in all respects, except that, on and after the effectiveness of such
Amendment, each reference in the Loan Documents to “Loan Agreement”,
“thereunder”, “thereof” or words of like import shall mean and be a reference to
the Existing Term Loan Agreement, as amended and modified by such Amendment.

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GUARANTORS:

DIGITAL REALTY TRUST, L.P.,

a Maryland limited partnership

    By:   DIGITAL REALTY TRUST, INC.,   its sole general partner   By:  

/s/ A. William Stein

    Name: A. William Stein     Title: Chief Financial Officer and Chief    
          Investment Officer

DIGITAL REALTY TRUST, INC.,

a Maryland corporation

  By:  

/s/ A. William Stein

    Name: A. William Stein    

Title: Chief Financial Officer and Chief

          Investment Officer

 

Signature Page to Consent