EXECUTION VERSION


 


 



 


CREDIT AGREEMENT


 


dated as of July 20, 2012


 


among


 


AMERICAN REALTY CAPITAL OPERATING PARTNERSHIP
III, L.P.,

as Borrower,


 


AMERICAN REALTY CAPITAL TRUST III,
INC.,

as a Guarantor,


 


RBS CITIZENS, N.A.,

as Administrative Agent, L/C Issuer, and Swing Line Lender


 


and


 


The Lenders Party Hereto


 


RBS CITIZENS, N.A.,

as Lead Arranger and Sole Bookrunner



and


 


REGIONS BANK,

as Syndication Agent


 


 


 



    	 



    	 



    

 


TABLE
OF CONTENTS


 


	Section	 	Page
	 	 	 
	Article I. Definitions and Accounting Terms	1
	1.01	Defined Terms	1
	1.02	Other Interpretive Provisions	31
	1.03	Accounting Terms	31
	1.04	Rounding	32
	1.05	Times of Day	32
	1.06	Letter of Credit Amounts	32
	1.07	Financial Standards	32
	 	 	 
	Article II. The Commitments and Credit Extensions	33
	2.01	Committed Loans	33
	2.02	Borrowings, Conversions and Continuations of Loans	33
	2.03	Letters of Credit	35
	2.04	Swing Line Loans	44
	2.05	Prepayments	47
	2.06	Termination or Reduction of Commitments	48
	2.07	Repayment of Loans	48
	2.08	Interest	49
	2.09	Fees	49
	2.10	Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate	50
	2.11	Evidence of Debt	50
	2.12	Payments Generally; Administrative Agent’s Clawback	51
	2.13	Sharing of Payments by Lenders	53
	2.14	Extension of Maturity	54
	2.15	Increase in Commitments	55
	2.16	Cash Collateral	56
	2.17	Defaulting Lenders	57
	2.18	Guaranties	59
	 	 	 
	Article III. Taxes, Yield Protection and Illegality	59
	3.01	Taxes	59
	3.02	Illegality	63
	3.03	Inability to Determine Rates	63
	3.04	Increased Costs; Reserves on Eurodollar Rate Loans	64
	3.05	Compensation for Losses	65
	3.06	Mitigation Obligations; Replacement of Lenders	66
	3.07	Survival	67
	 	 	 
	Article IV. Borrowing Base	67
	4.01	Initial Borrowing Base	67
	4.02	Changes in Borrowing Base Calculation	67
	4.03	Requests for Admission into Borrowing Base	67


 



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	4.04	Eligibility	67
	4.05	Approval of Borrowing Base Properties	68
	4.06	Liens on Borrowing Base Properties	68
	4.07	Notice of Admission of New Borrowing Base Properties	68
	4.08	RESERVED	68
	4.09	Release of Borrowing Base Property	68
	4.10	Exclusion Events	69
	4.11	Documentation Required with Respect to Borrowing Base Properties	70
	 	 	 
	Article V. Conditions Precedent to Credit Extensions	70
	5.01	Conditions of Initial Credit Extension	70
	5.02	Conditions to all Credit Extensions	72
	 	 	 
	Article VI. Representations and Warranties	73
	6.01	Existence, Qualification and Power; Compliance with Laws	73
	6.02	Authorization; No Contravention	74
	6.03	Governmental Authorization; Other Consents	74
	6.04	Binding Effect	74
	6.05	Financial Statements; No Material Adverse Effect	74
	6.06	Litigation	75
	6.07	No Default	75
	6.08	Ownership of Property; Liens; Equity Interests	75
	6.09	Environmental Compliance	75
	6.10	Insurance	76
	6.11	Taxes	76
	6.12	ERISA Compliance	77
	6.13	Subsidiaries; Equity Interests	78
	6.14	Margin Regulations; Investment Company Act	78
	6.15	Disclosure	78
	6.16	Compliance with Laws	78
	6.17	Taxpayer Identification Number	78
	6.18	Intellectual Property; Licenses, Etc	79
	6.19	Representations Concerning Leases	79
	6.20	Solvency	79
	6.21	REIT Status of Parent	79
	6.22	Labor Matters	79
	6.23	Ground Lease Representation	80
	6.24	Borrowing Base Properties	80
	 	 	 
	Article VII. Affirmative Covenants	81
	7.01	Financial Statements	81
	7.02	Certificates; Other Information	82
	7.03	Notices	84
	7.04	Payment of Obligations	85
	7.05	Preservation of Existence, Etc	85


 



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	7.06	Maintenance of Properties	85
	7.07	Maintenance of Insurance	86
	7.08	Compliance with Laws	86
	7.09	Books and Records	86
	7.10	Inspection Rights	86
	7.11	Use of Proceeds	87
	7.12	Environmental Matters	87
	7.13	RESERVED	87
	7.14	Ground Leases	87
	7.15	Borrowing Base Properties	88
	7.16	Subsidiary Guarantor Organizational Documents	89
	 	 	 
	Article VIII. Negative Covenants	89
	8.01	Liens	89
	8.02	Investments	90
	8.03	Fundamental Changes	91
	8.04	Dispositions	92
	8.05	Restricted Payments	92
	8.06	Change in Nature of Business	93
	8.07	Transactions with Affiliates	93
	8.08	Burdensome Agreements	94
	8.09	Use of Proceeds	94
	8.10	Borrowing Base Properties; Ground Leases	94
	8.11	RESERVED	95
	8.12	Environmental Matters	95
	8.13	Negative Pledge; Indebtedness	96
	8.14	Financial Covenants	96
	 	 	 
	Article IX. Events of Default and Remedies	97
	9.01	Events of Default	97
	9.02	Remedies Upon Event of Default	100
	9.03	Application of Funds	100
	 	 	 
	Article X. Administrative Agent	101
	10.01	Appointment and Authority	101
	10.02	Rights as a Lender	102
	10.03	Exculpatory Provisions	102
	10.04	Reliance by Administrative Agent	103
	10.05	Delegation of Duties	103
	10.06	Resignation of Administrative Agent	104
	10.07	Non-Reliance on Administrative Agent and Other Lenders	105
	10.08	No Other Duties, Etc	105
	10.09	Administrative Agent May File Proofs of Claim	105
	10.10	Collateral and Guaranty Matters	106
	10.11	Administrative Agent Advances	107
	 	 	 
	Article XI.	108


 



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	Article XII. Miscellaneous	108
	12.01	Amendments, Etc	109
	12.02	Notices; Effectiveness; Electronic Communication	109
	12.03	No Waiver; Cumulative Remedies; Enforcement	111
	12.04	Expenses; Indemnity; Damage Waiver	112
	12.05	Payments Set Aside	117
	12.06	Successors and Assigns	117
	12.07	Treatment of Certain Information; Confidentiality	122
	12.08	Right of Setoff	123
	12.09	Interest Rate Limitation	123
	12.10	Counterparts; Integration; Effectiveness	123
	12.11	Survival of Representations and Warranties	124
	12.12	Severability	124
	12.13	Replacement of Lenders	124
	12.14	Governing Law; Jurisdiction; Etc.	125
	12.15	Waiver of Jury Trial	126
	12.16	No Advisory or Fiduciary Responsibility	126
	12.17	Electronic Execution of Assignments and Certain Other Documents	127
	12.18	USA PATRIOT Act	127
	12.19	ENTIRE AGREEMENT	127


 



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SCHEDULES


	2.01	Commitments and Applicable Percentages
	4.01	Initial Borrowing Base Properties
	6.06	Litigation
	6.09	Environmental Matters
	6.13	Subsidiaries and Other Equity Investments and Equity Interests in Borrower and Each Property Owner
	6.18	Intellectual Property Matters
	8.01	Existing Liens
	8.13	Indebtedness
	11.02	Administrative Agent’s Office; Certain Addresses for Notices


  


EXHIBITS


 


	Form of	 
	 	 
	A	Committed Loan Notice
	A-1	Swing Line Loan Note
	B	Note
	C	Compliance Certificate
	D-1	Assignment and Assumption
	D-2	Administrative Questionnaire
	E	Borrowing Base Report


  



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CREDIT AGREEMENT


 


This CREDIT AGREEMENT
(“Agreement”) is entered into as of July 20, 2012, among AMERICAN REALTY CAPITAL OPERATING PARTNERSHIP
III, L.P., a Delaware limited partnership (“Borrower”), AMERICAN REALTY CAPITAL TRUST III, INC., a Maryland
corporation and the sole member of the sole general partner of Borrower (“Parent”), each lender from
time to time party hereto (collectively, the “Lenders” and individually, a “Lender”),
and RBS CITIZENS, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.


 


Borrower has requested
that the Lenders provide a revolving credit facility, and the Lenders are willing to do so on the terms and conditions set forth
herein.


 


In consideration of
the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:


  


Article
I.

Definitions and Accounting Terms


 


1.01          Defined
Terms. As used in this Agreement, the following terms shall have the meanings set forth below:


 


“Acceptable
Ground Lease” means a ground lease with respect to an Acceptable Property executed by a Property Owner, as lessee,
that has a remaining lease term (including extension or renewal rights) of at least thirty-five (35) years, calculated as of the
date such Acceptable Property is admitted into the Borrowing Base, and that Administrative Agent determines, in its commercial
reasonable discretion, is a financeable ground lease.


 


“Acceptable
Property” means a Property (a) that is approved by Administrative Agent and meets the following requirements,
or (b) that is approved by Administrative Agent and the Required Lenders:


 


(i)          such
Property is wholly-owned by, or ground leased pursuant to an Acceptable Ground Lease to, Borrower or a Subsidiary Guarantor free
and clear of any Liens (other than Liens permitted by Section 8.01);


 


(ii)        such
Property is a retail, hotel, industrial and/or office property located within the United States which is one hundred percent (100%)
leased and occupied by a single tenant, with any Property which is leased to a single tenant having a lease expiration no earlier
than December 31, 2015, with any Property which is or includes a gas station being expressly excluded as an Acceptable Property;
and


 


(iii)        if
such Property is owned by, or ground leased pursuant to an Acceptable Ground Lease to, a Subsidiary Guarantor, then the Equity
Interests of such Subsidiary Guarantor are owned, directly or indirectly by Borrower, free and clear of any Liens other than Liens
permitted by Section 8.01.


 


“Accordion
Commitment” means, as applicable, that portion of any Lender’s commitment issued or increased under Section
2.15.


 



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“Accordion
Lenders” means any Lender which issues or increases its Commitment under Section 2.15.


 


“Adjusted
Borrowing Base NOI” means, with respect to any Borrowing Base Property for the prior quarter, annualized, Borrowing
Base NOI for such Borrowing Base Property less the Capital Reserve for such Borrowing Base Property.


 


“Administrative
Agent” means RBS in its capacity as administrative agent under any of the Loan Documents, or any successor administrative
agent.


 


“Administrative
Agent Advances” has the meaning specified in Section 10.11(a).


 


“Administrative
Agent’s Office” means Administrative Agent’s address and, as appropriate, account as set forth on
Schedule 11.02, or such other address or account as Administrative Agent may from time to time notify Borrower and
the Lenders.


 


“Administrative
Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit D-2 or
any other form approved by Administrative Agent.


 


“Affiliate”
means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.


 


“Aggregate
Commitments” means the Commitments of all the Lenders, which, as of the Closing Date, total One Hundred Million
Dollars ($100,000,000.00).


 


“Agreement”
means this Credit Agreement.


 


“Applicable
Percentage” means, with respect to any Lender at any time, the percentage (carried out to the ninth decimal place)
of the Aggregate Commitments represented by such Lender’s Commitment at such time, subject to adjustment as provided in Section
2.17. If the commitment of each Lender to make Loans, the Swing Line Lender to make Swing Line Loans, and the obligation
of L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 9.02 or if the Aggregate Commitments
have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender
most-recently in effect, giving effect to any subsequent assignments. The initial Applicable Percentage of each Lender is set forth
opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender
becomes a party hereto, as applicable.


 


“Applicable
Rate” means the following percentages per annum, based upon the Consolidated Leverage Ratio as set forth in the
most-recent Compliance Certificate received by Administrative Agent pursuant to Section 7.02(a):


 



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Applicable Rate


 


	Pricing 
 Level	 	Consolidated 
Leverage
 Ratio	 	Letters of 
 Credit	 	 	Eurodollar 
 Rate +	 	 	Base 
 Rate +	 
	1	 	< 40%	 	 	2.10	%	 	 	2.10	%	 	 	2.50	%
	2	 	> 40% but < 45%	 	 	2.40	%	 	 	2.40	%	 	 	2.50	%
	3	 	> 45% but < 50%	 	 	2.70	%	 	 	2.70	%	 	 	2.50	%
	4	 	> 50% but < 57.5%	 	 	3.00	%	 	 	3.00	%	 	 	3.00	%
	5	 	> 57.5%	 	 	3.50	%	 	 	3.50	%	 	 	3.00	%



 


Any increase or decrease
in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first (1st)
Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 7.02(a) provided
that if a Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request of Required
Lenders, Pricing Level 5 shall apply as of the first (1st) Business Day after the date on which such Compliance Certificate
was required to have been delivered and shall remain in effect until the date on which such Compliance Certificate is delivered.
The Applicable Rate in effect from the Closing Date until adjusted as set forth above shall be set at Pricing Level 3 (based upon
the Pro Forma Financial Statements).


 


Notwithstanding anything
to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject to the provisions
of Section 2.10(b).


 


“Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender, or (c) an
entity or an Affiliate of an entity that administers or manages a Lender.


 


“Assignee
Group” means two (2) or more Eligible Assignees that are Affiliates of one another or two (2) or more Approved
Funds managed by the same investment advisor.


 


“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent
of any party whose consent is required by Section 11.06(b)), and accepted by Administrative Agent, in substantially
the form of Exhibit D-1 or any other form approved by Administrative Agent and Borrower.


 


“Attributable
Indebtedness” means, on any date, in respect of any Capital Lease of any Person, the capitalized amount thereof
that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP.


 


“Audited Financial
Statements” means initially, the financial statements of Parent required for the fiscal year ending December 31,
2011, then after the delivery of the financial statements of Parent required pursuant to Section 7.01(a) for the
fiscal year ending December 31, 2012, the most-recent financial statements furnished pursuant to Section 7.01(a).


 


“Availability
Period” means the period from and including the Closing Date to the earliest of (a) the Maturity Date, (b) the
date of termination of the Aggregate Commitments pursuant to Section 2.06, and (c) the date of termination of the
commitment of each Lender to make Loans, the commitment of the Swing Line Lender to make Swing Line Loans, and of the obligation
of L/C Issuer to make L/C Credit Extensions pursuant to Section 9.02.


 



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“Available
Loan Amount” means, as of any date of determination, the lesser of (a) the Aggregate Commitments, and (b) the
Borrowing Base.


 


“Balloon Payments”
shall mean with respect to any loan constituting Indebtedness, any required principal payment of such loan which is payable
at the maturity of such Indebtedness, provided, however, that the final payment of a fully amortized loan shall not constitute
a Balloon Payment.


 


“Base Rate”
means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus one percent (1%)
and (b) the rate of interest in effect for such day as publicly announced from time to time by RBS as its “prime rate”
or “base rate”. The “prime rate” or “base rate” is a rate set by RBS based upon various factors
including RBS’s costs and desired return, general economic conditions and other factors, and is used as a reference point
for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate or base rate
announced by RBS shall take effect at the opening of business on the day specified in the public announcement of such change.


 


“Base Rate
Loan” means a Loan that bears interest based on the Base Rate.


 


“Borrower”
has the meaning specified in the introductory paragraph hereto.


 


“Borrower
Materials” has the meaning specified in Section 7.02.


 


“Borrowing”
means a Committed Borrowing or a Swing Line Borrowing, as the context may require.


 


“Borrowing
Base” means, as of any date of determination, the lesser of (a) the amount of Total Outstandings such that the
Borrowing Base Asset Value Ratio shall not be less than 1.67 to 1.0, and (b) the Implied Loan Amount. Notwithstanding the foregoing,
(1) the amount of the Borrowing Base attributable to any Dark Property shall not exceed five percent (5%) of the Borrowing Base,
(2) the amount of the Borrowing Base attributable to any individual Borrowing Base Property shall not exceed twenty-five percent
(25%) of the Borrowing Base, and (3) the amount of the Borrowing Base attributable to any single tenant shall not exceed thirty-five
percent (35%) of the Borrowing Base.


 


“Borrowing
Base Asset Value” means, as of any date of determination, the sum of (a) (i) the aggregate Adjusted Borrowing
Base NOI from Borrowing Base Properties owned for the entire prior quarter divided by (ii) the Capitalization Rate, plus (b) the
aggregate acquisition cost of all Borrowing Base Properties owned for a period less than the entire prior quarter; provided
that (a) the aggregate Borrowing Base Asset Value from Borrowing Base Properties owned pursuant to an Acceptable Ground 
Lease shall not exceed twenty percent (20%) of the aggregate Borrowing Base Asset Value, and (b) the aggregate Borrowing
Base Asset Value from Borrowing Base Properties which are hotels or convenience stores shall not exceed ten percent (10%) of the
aggregate Borrowing Base Asset Value.


 



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“Borrowing
Base Asset Value Ratio” means, as of any date of determination, the ratio of (a) Borrowing Base Asset Value to
(b) the aggregate of the Total Outstandings plus the aggregate unsecured Indebtedness of the Consolidated Group.


 


“Borrowing
Base Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) the aggregate Adjusted
Borrowing Base NOI with respect to the Borrowing Base Properties for the quarter most-recently ended for which financial statements
are available divided by (b) pro forma annual interest on an amount equal to Total Outstandings plus the aggregate unsecured Indebtedness
of the Consolidated Group assuming an interest rate equal to the greater of (i) seven percent (7.0%) per annum, or (ii) the sum
of (A) the most-recent rate published on such date in the United States Federal Reserve Statistical Release (H.15) for ten (10)
year Treasury Constant Maturities plus (B) three percent (3.0%).


 


“Borrowing
Base NOI” means, as of any date, the sum of (a) the aggregate NOI for the most recent fiscal quarter for which
financial results have been reported attributable to all Borrowing Base Properties owned for the entirety of such fiscal quarter
as of the last day of such fiscal quarter plus, (b) in the case of any Borrowing Base Property that was owned as of the last day
of such fiscal quarter by a Subsidiary Guarantor, but not so owned for the full fiscal quarter, the additional amount of NOI that
would have been earned if such Borrowing Base Property had been so owned for the full fiscal quarter.


 


“Borrowing
Base Properties” means each Acceptable Property that either (a) is an Initial Borrowing Base Property or (b) becomes
a Borrowing Base Property pursuant to Section 4.03, but excluding any Acceptable Properties that have been released
from the Borrowing Base pursuant to Section 4.09, and “Borrowing Base Property” means any
one of the Borrowing Base Properties, provided  that after the date that is six (6) months after a Borrowing Base
Property becomes a Dark Property, said Property shall no longer constitute a Borrowing Base Property and its Borrowing Base Asset
Value and Adjusted Borrowing Base NOI shall be excluded when calculating the Borrowing Base.


 


“Borrowing
Base Report” means a report in substantially the form of Exhibit E (or such other form approved
by Administrative Agent) certified by a Responsible Officer of Borrower.


 


“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close
under the Laws of, or are in fact closed in, the state where Administrative Agent’s Office is located or the State of New
York, and, if such day relates to any Eurodollar Rate Loan, means any such day that is also a London Banking Day.


 


“Capital Lease”
means, with respect to any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to
be classified and accounted for as capital leases on a balance sheet of such Person under GAAP.


 


“Capital Lease
Obligations” means, with respect to any Person for any period, the capitalized amount of obligations under Capital
Leases for such Person for such period as determined in accordance with GAAP.


 



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“Capital Reserve”
means a capital reserve of $0.20 per weighted average gross leasable square foot for each Property.


 


“Capitalization
Rate” means seven and 75/100 percent (7.75%).


 


“Cash Collateralize”
means to pledge and deposit with or deliver to Administrative Agent, for the benefit of Administrative Agent, Swing Line Lender,
or L/C Issuer (as applicable) and the Lenders, as collateral for L/C Obligations or Swing Line Loans or obligations of Lenders
to fund participations in respect thereof (as the context may require), cash or deposit account balances or, if L/C Issuer or Swing
Line Lender benefitting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to
documentation in form and substance reasonably satisfactory to (a) Administrative Agent and (b) L/C Issuer or the Swing Line Lender
(as applicable). The term “Cash Collateral” shall have a meaning correlative to the foregoing and shall
include the proceeds of such cash collateral and other credit support.


 


“Cash Equivalents”
means any of the following types of Investments, to the extent owned by Guarantor, Borrower or any of their Subsidiaries free
and clear of all Liens (other than Liens created under the Security Documents and other Liens permitted hereunder):


 


(a)          readily
marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality
thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and
credit of the United States of America is pledged in support thereof;


 


(b)          demand
or time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (A) is a Lender
or (B) (i) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the
principal banking subsidiary of a bank holding company organized under the laws of the United States of America, any state thereof
or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial
paper rated as described in clause (c) of this definition and
(iii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities of not more than 90 days from the
date of acquisition thereof;


 


(c)         commercial
paper in an aggregate amount of no more than $5,000,000 per issuer outstanding at any time issued by any Person organized under
the laws of any state of the United States of America and rated at least “Prime-1” (or the then equivalent grade) by
Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each case with maturities of not more
than 180 days from the date of acquisition thereof; and


 


(d)          Investments,
classified in accordance with GAAP as current assets of the REIT or any of its Subsidiaries, in money market investment programs
registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating
obtainable from either Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character,
quality and maturity described in clauses (a), (b) and (c) of this definition.


 



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“Change in
Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking
effect of any Law, rule, regulation or treaty; (b) any change in any Law, rule, regulation or treaty or in the administration,
interpretation or application thereof by any Governmental Authority; or (c) the making or issuance of any request, guideline or
directive (whether or not having the force of law) by any Governmental Authority; without limiting the foregoing, Change in Law
shall include the Dodd-Frank Act, Public Law 111-203, 12 U.S.C. 5301 et seq., enacted July 21, 2010, as well as all requests, rules,
guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or
any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III,
regardless of the date enacted, adopted or issued.


 


“Change of
Control” means an event or series of events by which:


 


(a)          any
“person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its Subsidiaries,
and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes
the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934,
except that a person or group shall be deemed to have “beneficial ownership” of all Equity Interests that such person
or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right,
an “option right”)), directly or indirectly, of thirty-five percent (35%) or more of the Equity Interests
of Parent entitled to vote for members of the board of directors or equivalent governing body of Parent on a fully-diluted basis
(and taking into account all such Equity Interests that such person or group has the right to acquire pursuant to any option right);


 


(b)          William
M. Kahane and Nicholas Schorsch shall cease to be members of the board of directors or other equivalent governing body of Parent,
unless replaced by a director acceptable to the Administrative Agent, in its sole discretion; or


 


(c)          Parent
shall cease to (i) either be the sole general partner of, or wholly own and control the general partner of, Borrower or (ii) own,
directly or indirectly, greater than fifty percent (50%) of the Equity Interests of Borrower; or


 


(d)          Borrower
shall cease to own, directly or indirectly, one hundred percent (100%) of the Equity Interests of any Subsidiary Guarantor that
owns a Borrowing Base Property free and clear of any Liens (other than Liens in favor of Administrative Agent) unless Borrower
removes the Borrowing Base Property owned by such Subsidiary Guarantor from the Borrowing Base in accordance with Section 4.09.


 


“Closing Date”
means the first date all the conditions precedent in Section 5.01 are satisfied or waived in accordance with
Section 11.01.


 


“Code”
means the Internal Revenue Code of 1986.


 



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“Collateral”
means the Equity Interest Collateral, and all other property of the Companies on which Liens have been granted to Administrative
Agent, for the benefit of the Lenders, to secure the Obligations.


 


“Committed
Borrowing” means a borrowing consisting of simultaneous Committed Loans of the same Type and, in the case of Eurodollar
Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01.


 


“Committed
Loan” has the meaning specified in Section 2.01.


 


“Committed
Loan Notice” means a notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans from one Type to
the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall
be substantially in the form of Exhibit A.


 


“Commitment”
means, as to each Lender, its obligation to (a) make Loans to Borrower pursuant to Section 2.01, (b) purchase
participations in L/C Obligations and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any
one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 or in
the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted
from time to time in accordance with this Agreement.


 


“Companies”
means, without duplication, Parent and its Consolidated Subsidiaries (including Borrower), and “Company”
means any one of the Companies.


 


“Compliance
Certificate” means a certificate substantially in the form of Exhibit C.


 


“Condemnation”
means a temporary or permanent taking by any Governmental Authority as the result, in lieu, or in anticipation, of the exercise
of the right of condemnation or eminent domain of all or any part of any Borrowing Base Property, or any interest therein or right
accruing thereto, including any right of access thereto or any change of grade affecting any Borrowing Base Property or any part
thereof.


 


“Consolidated
Adjusted EBITDA” means (a) three (3) month trailing Consolidated EBITDA of the Consolidated Group, less the Capital
Reserve, multiplied by (b) four (4).


 


“Consolidated
EBITDA” means, for any Person for any period, an amount equal to (a) Consolidated Net Income for the trailing
three months, plus (b) the sum of the following (without duplication and to the extent reflected as a charge in the statement
of such Consolidated Net Income for such period): (i) income tax expense; (ii) interest expense, amortization or write-off of debt
discount and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness; (iii) depreciation
and amortization expense; (iv) amortization of intangibles (including goodwill) and organization costs; (v) any extraordinary,
unusual or non-recurring expenses or losses (including, whether or not otherwise includable as a separate item in the statement
of such Consolidated Net Income for such period, losses on sales of assets outside of the ordinary course of business and costs
and expenses incurred during such period with respect to acquisitions consummated); (vi) any other non-cash charges, and (vii)
all commissions, guaranty fees, discounts and other fees and charges owed by such Person with respect to letters of credit and
bankers’ acceptance financing and net costs of such Person under Swap Contracts in respect of interest rates to the extent
such net costs are allocable to such period in accordance with GAAP; minus (c) the sum of the following (to the extent
included in the statement of such Consolidated Net Income for such period): (i) interest income (except to the extent deducted
in determining such Consolidated Net Income); (ii) any extraordinary, unusual or non-recurring income or gains (including, whether
or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, gains on the sales
of assets outside of the ordinary course of business); (iii) any other non-cash income; and (iv) any cash payments made during
such period in respect of items described in clause (b)(v) above subsequent to the fiscal quarter in which the relevant
non-cash expenses or losses were reflected as a charge in the statement of Consolidated Net Income.


 



    	8



    	 



    

 


“Consolidated
Fixed Charges” means, on a consolidated basis annualized, for the Consolidated Group for any period, the sum (without
duplication) of (a) Consolidated Interest Expense, (b) provision for cash income taxes made by such Person on a consolidated basis
in respect of such period, (c) scheduled principal amortization payments due during such period on account of Indebtedness of such
Person (excluding Balloon Payments), and (d) Restricted Payments paid in cash with respect to preferred Equity Interests of such
Person during such period.


 


“Consolidated
Group” means the Parent and all Persons whose financial results are consolidated with the Parent for financial
reporting purposes under GAAP.


 


“Consolidated
Interest Expense” means, for any Person for any period, the total interest expense (including that attributable
to Capital Lease Obligations) of such Person for such period with respect to all outstanding Total Funded Debt (including all commissions,
discounts and other fees and charges owed by such Person with respect to letters of credit and bankers’ acceptance financing
and net costs of such Person under Swap Contracts in respect of interest rates to the extent such net costs are allocable to such
period in accordance with GAAP). Consolidated Interest Expenses shall exclude interest rate hedge termination payments or receipts,
loan prepayment costs, and upfront loan fees, interest expense covered by an interest reserve established under a loan facility
and any interest expense under any construction loan or construction activity that under GAAP is required to be capitalized.


 


“Consolidated
Leverage Ratio” means, as of any date of determination, the quotient (expressed as a percentage) of (a) Consolidated
Total Debt, divided by (b) Total Asset Value.


 


“Consolidated
Net Income” means, for any Person for any period, the consolidated net income (or loss) of such Person for such
period, determined on a consolidated basis in accordance with GAAP; provided that in calculating Consolidated Net Income
of the Parent for any period, there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes
a Subsidiary or is merged into or consolidated with Parent or any of its Subsidiaries, (b) the income (or deficit) of any Person
(other than a Company) in which any Company has an ownership interest, except to the extent that any such income is actually received
by such Company in the form of dividends or similar distributions, and (c) the undistributed earnings of any Subsidiary of any
Company to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not at the time
permitted by the terms of any Contractual Obligation (other than under any Loan Document) or requirement of Law applicable to such
Subsidiary.


 



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“Consolidated
Subsidiary” means any Person in which Parent or Borrower has a direct or indirect Equity Interest and whose financial
results would be consolidated under GAAP with the financial results of Parent on the consolidated financial statements of Parent.


 


“Consolidated
Total Debt” means, as of any date of determination, (1) the Parent’s consolidated pro rata share of Indebtedness
which includes all GAAP Indebtedness (adjusted to eliminate increases or decreases arising from FAS-141) including recourse and
non-recourse mortgage debt, letters of credit, net obligations under uncovered interest rate contracts, contingent obligations
to the extent the obligations are binding, unsecured debt, capitalized lease obligations (including ground leases), guarantees
of indebtedness (excluding traditional carve-outs relating to non-recourse debt obligations), subordinated debt, and (2) the Parent’s
pro rata share of preferred obligations that are structurally senior to the Obligations.


 


“Construction
in Progress” means each Property that is either (a) new ground up construction which has commenced or is intended
to be under construction within twelve (12) months or (b) under renovation in which (i) greater than thirty percent (30%) of the
square footage of such Property is unavailable for occupancy due to renovation and (ii) no rents are being paid on such square
footage. A Property will cease to be classified as “Construction in Progress” on the earlier to occur of (A) the time
that such Property has an Occupancy Rate of greater than ninety percent (90%), or (B) one hundred eighty (180) days after completion
of construction or renovation of such Property, as applicable.


 


“Contamination”
means the presence of Hazardous Materials in amounts exceeding regulatory action levels.


 


“Contractual
Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement,
instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.


 


“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of
a Person, whether through the ability to exercise voting power, by contract or otherwise. The terms “Controlling”
and “Controlled” have meanings correlative thereto.


 


“Credit Extension”
means each of the following: (a) a Borrowing, and (b) an L/C Credit Extension.


 


“Customary
Recourse Exceptions” means, with respect to any Indebtedness, personal recourse that is limited to fraud, misrepresentation,
misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, and violations of single purposes entity
covenants.


 


“Daily Usage”
means, as of any date, the quotient (expressed as a percentage) of (a) the Total Outstandings on such date, divided by (b)
the Aggregate Commitments on such date.


 



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“Dark Property”
shall mean a Borrowing Base Property where one or more of the tenants previously occupying the Borrowing Base Property has
vacated the Borrowing Base Property, but the Borrowing Base Property remains 100% leased (without regard to any subleases) to a
tenant maintaining a rating of BBB-/Baa3 or better, which tenant is current on payments, has a minimum of eight (8) years left
on the applicable lease and does not have any right to terminate its lease.


 


“Debtor Relief
Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor
relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors
generally.


 


“Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time,
or both, would be an Event of Default.


 


“Default Rate”
means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to the Base Rate plus
four percent (4%) per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus
four percent (4%) per annum.


 


“Defaulting
Lender” means, subject to Section 2.17(b), any Lender that, as determined by Administrative Agent,
(a) has failed to perform any of its funding obligations hereunder, including in respect of its Loans or participations in respect
of Letters of Credit or Swing Line Loans, within three (3) Business Days of the date required to be funded by it hereunder, unless
such obligation is the subject of a good faith dispute, (b) has notified Borrower, Administrative Agent or any Lender that it will
not comply with its funding obligations or has made an express public statement to that effect with respect to its funding obligations
hereunder or under other agreements in which it commits to extend credit, unless such obligation is the subject of a good faith
dispute, (c) has failed, within three (3) Business Days after written request by Administrative Agent (based on the reasonable
belief that such Lender may not fulfill its funding obligations), to confirm in a manner reasonably satisfactory to Administrative
Agent that it will comply with its funding obligations, provided that any such Lender shall cease to be a Defaulting Lender
under this clause (c) upon receipt by Administrative Agent of such confirmation, or (d) has, or has a direct or indirect
parent company which controls such Lender that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had
a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization
or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of, or indicated its consent
to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not be a Defaulting
Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent
company thereof by a Governmental Authority.


 


“Disposition”
or “Dispose” means the sale, transfer, license, lease (other than a real estate lease entered into
in the ordinary course of business as part of Property leasing operations) or other disposition (including any sale and leaseback
transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse,
of any notes or accounts receivable or any rights and claims associated therewith but excluding any arrangement constituting a
Lien.


 



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“Dollar”
and “$” mean lawful money of the United States.


 


“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 11.06(b)(iii)
and (v) (subject to such consents, if any, as may be required under Section 11.06(b)(iii)). 


 


“Environmental
Assessment” means a report of an environmental assessment of any or all Borrowing Base Properties and of such
scope so as to be compliant with the guidelines established by the ASTM (including the taking of soil borings and air and groundwater
samples and other above and below ground testing) as Administrative Agent may reasonably request to be performed by a licensed
environmental consulting firm reasonably acceptable to Administrative Agent.


 


“Environmental
Claim” means any investigative, enforcement, cleanup, removal, containment, remedial, or other private or governmental
or regulatory action at any time instituted or completed pursuant to any applicable Environmental Requirement against any Company
or against or with respect to any Real Property or any condition, use, or activity on any Real Property (including any such action
against Administrative Agent or any Lender), and any claim at any time made by any Person against any Company or against or with
respect to any Real Property or any condition, use, or activity on any Real Property (including any such claim against Administrative
Agent or any Lender), relating to damage, contribution, cost recovery, compensation, loss, or injury resulting from or in any way
arising in connection with any Hazardous Material or any Environmental Requirement.


 


“Environmental
Damages” means all liabilities (including strict liability), losses, damages (excluding consequential, special,
exemplary or punitive damages except to the extent such damages were imposed upon an Indemnitee as a result of any claims made
against such Indemnitee by a governmental entity or any other third party), judgments, penalties, fines, costs and expenses (including
fees, costs and expenses of attorneys, consultants, contractors, experts and laboratories), of any and every kind or character,
at law or in equity, contingent or otherwise, matured or unmatured, foreseeable or unforeseeable, made, incurred, suffered, brought,
or imposed at any time and from time to time, whether before or after the Release Date and arising in whole or in part from:


 


(a)          the
presence of any Hazardous Material on any Borrowing Base Property in violation of any Environmental Requirement, or any escape,
seepage, leakage, spillage, emission, release, discharge or disposal of any Hazardous Material on or from any Borrowing Base Property,
or the migration or release or threatened migration or release of any Hazardous Material to, from or through any Borrowing Base
Property, on or before the Release Date; or


 


(b)          any
act, omission, event or circumstance existing or occurring in connection with the handling, treatment, containment, removal, storage,
decontamination, clean up, transport or disposal of any Hazardous Material which is at any time on or before the Release Date present
on any Borrowing Base Property; or


 



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(c)          the
breach, in any material respect, of any representation, warranty, covenant or agreement contained in this Agreement relating to
the presence of any Hazardous Material on any Borrowing Base Property because of any event or condition occurring or existing on
or before the Release Date; or


 


(d)          any
violation on or before the Release Date, of any Environmental Requirement in connection with any Borrowing Base Property in effect
on or before the Release Date, regardless of whether any act, omission, event or circumstance giving rise to the violation constituted
a violation at the time of the occurrence or inception of such act, omission, event or circumstance; or


 


(e)          any
Environmental Claim, or the filing or imposition of any environmental Lien against any Borrowing Base Property, because of, resulting
from, in connection with, or arising out of any of the matters referred to in subparagraphs (a) through (d)
preceding;


 


and regardless of whether any of the foregoing
was caused by Borrower, any other Loan Party or their respective tenant or subtenant, or a prior owner of a Borrowing Base Property
or its tenant or subtenant, or any third party including (i) injury or damage to any person, property or natural resource occurring
on or off of a Borrowing Base Property including the cost of demolition and rebuilding of any improvements on any Real Property;
(ii) the investigation or remediation of any such Hazardous Material or violation of Environmental Requirement including the preparation
of any feasibility studies or reports and the performance of any cleanup, remediation, removal, response, abatement, containment,
closure, restoration, monitoring or similar work required by any Environmental Requirement or necessary to have full use and benefit
of Borrowing Base Properties as contemplated by the Loan Documents (including any of the same in connection with any foreclosure
action or transfer in lieu thereof); (iii) all liability to pay or indemnify any Person or Governmental Authority for costs expended
in connection with any of the foregoing; (iv) the investigation and defense of any claim, whether or not such claim is ultimately
withdrawn or defeated; and (v) the settlement of any claim or judgment. “Costs” as used in this definition
shall also include any diminution in the value of the security afforded by the Borrowing Base Property (or the Equity Interests
therein) or any future reduction of the sales price of any Borrowing Base Property (or the Equity Interests therein) by reason
of any matter set forth in Section 7.12 or Section  8.12.


 


“Environmental
Indemnity Agreement” means that certain Environmental Indemnity Agreement executed by Borrower and Parent (if
required by Administrative Agent), and each Property Owner, in favor of Administrative Agent and the Lenders.


 


“Environmental
Laws” means any and all applicable Federal, state, local, and foreign statutes, laws, regulations, ordinances,
rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions
relating to pollution and the protection of the environment or the release of any materials into the environment, including those
related to hazardous substances or wastes, air emissions and discharges to waste or public systems.


 



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“Environmental
Requirement” means any Environmental Law, agreement or restriction, as the same now exists or may be changed or
amended or come into effect in the future, which pertains to any Hazardous Material or the environment including ground or air
or water or noise pollution or contamination, and underground or aboveground tanks.


 


“Equity Interest
Collateral” means (i) one hundred percent (100%) of the Equity Interests owned by the Borrower or any Subsidiary
in each Property Owner, and (ii) one hundred percent (100%) of the Equity Interests in each Company, other than Borrower and Parent,
that owns a direct or indirect interest in a Property Owner.


 


“Equity Interests”
means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person,
all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or
other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital
stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition
from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination.


 


“Equity Issuance”
means the issuance or sale by any Person of any of its Equity Interests or any capital contribution to such Person by the holders
of its Equity Interests.


 


“Extended
Maturity Date” means July 20, 2016.


 


“ERISA”
means the Employee Retirement Income Security Act of 1974.


 


“ERISA Affiliate”
means any trade or business (whether or not incorporated) under common control with Borrower within the meaning of Section
414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section
412 of the Code).


 


“ERISA Event”
means: (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of Parent or any ERISA Affiliate from a Pension
Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer”
as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section
4062(e) of ERISA; (c) a complete or partial withdrawal by Parent or any ERISA Affiliate from a Multiemployer Plan or notification
that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan
amendment as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate
a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042(a)(1) or (2) of ERISA for
the termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the determination that any Pension Plan
is considered an at-risk plan or notification that a Multiemployer Plan is in endangered or critical status within the meaning
of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; or (h)
the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007
of ERISA, upon Parent or any ERISA Affiliate.


 



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“Eurodollar
Rate” means:


 


(a)          for
any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to (i) the British Bankers Association LIBOR
Rate (“BBA LIBOR”), as published by Reuters (or such other commercially available source providing quotations
of BBA LIBOR as may be reasonably designated by Administrative Agent from time to time) at approximately 11:00 a.m., London time,
two (2) London Banking Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day
of such Interest Period) with a term equivalent to such Interest Period or, (ii) if such rate is not available at such time for
any reason, then the rate per annum determined by Administrative Agent to be the rate at which deposits in Dollars for delivery
on the first (1st) day of such Interest Period in same day funds in the approximate amount of the Eurodollar Rate Loan
being made, continued or converted and with a term equivalent to such Interest Period would be offered by RBS’s London Branch
to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two (2) London
Banking Days prior to the commencement of such Interest Period; and


 


(b)          for
any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to (i) BBA LIBOR, at approximately
11:00 a.m., London time determined two (2) London Banking Days prior to such date for Dollar deposits being delivered in the London
interbank market for a term of one (1) month commencing that day or (ii) if such published rate is not available at such time for
any reason, then the rate per annum determined by Administrative Agent to be the rate at which deposits in Dollars for delivery
on the date of determination in same day funds in the approximate amount of the Base Rate Loan being made or maintained and with
a term equal to one (1) month would be offered by RBS’s London Branch to major banks in the London interbank Eurodollar market
at their request at the date and time of determination.


 


“Eurodollar
Rate Loan” means a Loan that bears interest at a rate based on clause (a) of the definition of “Eurodollar
Rate.”


 


“Event of
Default” has the meaning specified in Section 9.01.


 


“Excluded
Taxes” means, with respect to Administrative Agent, any Lender, L/C Issuer or any other recipient of any payment
to be made by or on account of any obligation of Borrower hereunder, (a) taxes imposed on or measured by its overall net income
(however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision
thereof) under the Laws of which such recipient is organized or in which its principal office is located or, in the case of any
Lender, in which its applicable Lending Office is located, (b) any branch profits taxes imposed by the United States or any similar
tax imposed by any other jurisdiction in which Borrower is located, (c) any backup withholding tax that is required by the Code
to be withheld from amounts payable to a Lender that has failed to comply with clause (A) of Section 3.01(e)(ii),
(d) any withholding Taxes implied by Section 501 of the Hiring Incentives to Restore Employment Act (HR284),
and (e) in the case of a Foreign Lender (other than an assignee pursuant to a request by Borrower under Section 11.13),
any withholding tax that (i) is required to be imposed on amounts payable to such Foreign Lender pursuant to the Laws in force
(including FATCA, which shall be deemed to be in force as of the date hereof) at the time such Foreign Lender becomes a party hereto
(or designates a new Lending Office) or (ii) is attributable to such Foreign Lender’s failure or inability (other than as
a result of a Change in Law) to comply with clause (B) of Section 3.01(e)(ii), except to the extent
that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment),
to receive additional amounts from Borrower with respect to such withholding tax pursuant to Section 3.01(a)(ii) or
(c).


 



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“Exclusion
Event” has the meaning specified in Section 4.10.


 


“Exclusion
Notice” has the meaning specified in Section 4.10


 


“FATCA”
means Sections 1471 through 1474 of the Code and any regulations or official interpretations thereof.


 


“FASB ASC”
means the Accounting Standards Codification of the Financial Accounting Standards Board.


 


“Federal Funds
Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal
Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business
Day, then the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so
published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, then
the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%)
charged to RBS on such day on such transactions as determined by Administrative Agent.


 


“Fee Letter”
means the letter agreement, dated March 27, 2012, among Borrower, Administrative Agent and the Lead Arranger.


 


“Foreign Lender”
means any Lender that is organized under the Laws of a jurisdiction other than that in which Borrower is resident for tax purposes
(including such a Lender when acting in the capacity of L/C Issuer). For purposes of this definition, the United States, each State
thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.


 


“FRB”
means the Board of Governors of the Federal Reserve System of the United States.


 


“Fronting
Exposure” means (a) at any time there is a Defaulting Lender, with respect to L/C Issuer, such Defaulting Lender’s
Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders, Cash Collateralized in accordance with the terms hereof, or cancelled
in accordance with the terms hereof, and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable Percentage
of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated
to other Lenders or Cash Collateralized in accordance with the terms hereof.


 



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“Fund”
means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its activities.


 


“Funds From
Operations” shall have the meaning promulgated by the National Association of Real Estate Investment Trusts at
the time of closing (or, if approved by the Borrower and the Administrative Agent, as such meaning may be updated from time to
time) which is the basis of the Parent’s publicly filed financial statements, as adjusted by (a) real estate acquisition
costs and expenses for acquisitions that were consummated and impairment of real estate assets for the Consolidated Group.


 


“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in
the United States, that are applicable to the circumstances as of the date of determination, consistently applied.


 


“Governmental
Authority” means the government of the United States or any other nation, or of any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including
any supra-national bodies such as the European Union or the European Central Bank).


 


“Guarantee”
means, as to any Person (the “guaranteeing person”), any obligation, including a reimbursement, counterindemnity
or similar obligation, of the guaranteeing person that guarantees, or which is given to induce the creation of a separate obligation
by another Person (including any bank under any letter of credit) that guarantees or in effect guarantees any Indebtedness, leases,
dividends or other obligations (the “primary obligations”) of any other third Person (the “primary
obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person,
whether or not contingent, (a) to purchase any such primary obligation or any property constituting direct or indirect security
therefor, (b) to advance or supply funds (i) for the purchase or payment of any such primary obligation or (ii) to maintain working
capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (c)
to purchase property, Equity Interests or services primarily for the purpose of assuring the owner of any such primary obligation
of the ability of the primary obligor to make payment of such primary obligation or (d) otherwise to assure or hold harmless the
owner of any such primary obligation against loss in respect thereof; provided that the term Guarantee shall not include
endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee of any guaranteeing
person shall be deemed to be the lesser of (y) an amount equal to the stated or determinable amount of the primary obligation in
respect of which such Guarantee is made and (z) the maximum amount for which such guaranteeing person may be liable pursuant to
the terms of the instrument embodying such Guarantee, unless such primary obligation and the maximum amount for which such guaranteeing
person may be liable are not stated or determinable, in which case the amount of such Guarantee shall be such guaranteeing person’s
maximum reasonably anticipated liability in respect thereof as determined by Borrower in good faith. The term “Guarantee”
as a verb has a corresponding meaning.


 



    	17



    	 



    

 


“Guaranties”
means the Parent Guaranty and the Subsidiary Guaranties, and “Guaranty” means any one of the Guaranties.


 


“Guarantors”
means, collectively, Parent and each Subsidiary Guarantor, and “Guarantor” means any one of the Guarantors.


 


“Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes
or other pollutants regulated pursuant to any Environmental Law, including petroleum or petroleum distillates, asbestos or asbestos-containing
materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature
regulated pursuant to any Environmental Law.


 


“Implied Loan
Amount” means, as of any date of determination, the amount of hypothetical Outstanding Amount plus the aggregate
unsecured Indebtedness of the Consolidated Group that would result, on a proforma basis, in a Borrowing Base Interest Coverage
Ratio as of such date of determination equal to 1.65 to 1.0.


 


“Improvements”
means any Property Owner’s interest in and to all on site improvements to the Borrowing Base Properties, together with
all fixtures, tenant improvements, and appurtenances now or later to be located on the Borrowing Base Properties and/or in such
improvements.


 


“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness
or liabilities in accordance with GAAP:


 


(a)          all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments;


 


(b)          all
direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’
acceptances, bank guaranties, surety bonds and similar instruments;


 


(c)          all
obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the
ordinary course of business and, in each case, either (i) not past due for more than one hundred and eighty (180) days or (ii)
being contested in good faith by appropriate proceedings diligently conducted);


 


(d)          Capital
Lease Obligations;


 



    	18



    	 



    

 


(e)          all
obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest
(excluding perpetual preferred Equity Interests) in such Person or any other Person, valued, in the case of a redeemable preferred
interest, at the greater of its voluntary or involuntary liquidation preference plus (without duplication and only to the
extent required to be paid) accrued and unpaid dividends;


 


(f)          all
Guarantees of such Person in respect of any of the foregoing;


 


(g)          all
obligations of the kind referred to in clauses (a) through (f) above secured by (or for which the holder of
such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on Property (including accounts and
contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation,
but limited to the lesser of (i) the fair market value of the property subject to such Lien and (ii) the aggregate amount of the
obligations so secured; and


 


(h)          for
purposes of Section 9.01(f) only, all obligations of such Person under Swap Contracts.


 


For all purposes hereof, the Indebtedness
of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner)
to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with
such entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor. The
amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of
such date. The amount of any Capital Lease Obligations on any date shall be deemed to be the amount of Attributable Indebtedness
in respect thereof as of such date.


 


“Indemnified
Taxes” means Taxes other than Excluded Taxes.


 


“Indemnitees”
has the meaning specified in Section 11.04(b).


 


“Individual
Asset Value” means, as applicable for any particular Property, (a) except as otherwise provided in this definition,
the Consolidated Group’s pro rata share of NOI for the most recent quarter from such Property, multiplied by four, and divided
by the Capitalization Rate, (b) the acquisition price paid for any Property acquired during the prior quarter, (c) vacant land
at cost, (d) mortgage notes receivable at GAAP, and (e) Construction In Process at cost.


 


“Information”
has the meaning specified in Section 11.07.


 


“Initial Borrowing
Base Properties” means the Acceptable Properties listed on Schedule 4.01, and “Initial
Borrowing Base Property” means any one of the Initial Borrowing Base Properties.


 


“Initial Maturity
Date” means July 20, 2015.


 



    	19



    	 



    

 


“Interest
Payment Date” means (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable
to such Loan and the Maturity Date; provided that if any Interest Period for a Eurodollar Rate Loan exceeds three (3) months,
then the respective dates that fall every three (3) months after the beginning of such Interest Period shall also be Interest Payment
Dates, and (b) as to any Base Rate Loan (including a Swing Line Loan), the last Business Day of each month.


 


“Interest
Period” means as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is
disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one (1), two (2), three (3), six (6) thereafter,
as selected by Borrower in its Loan Notice; provided that:


 


(i)         any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business
Day unless, in the case of a Eurodollar Rate Loan, such Business Day falls in another calendar month, in which case such Interest
Period shall end on the next preceding Business Day;


 


(ii)        any
Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end
of such Interest Period; and


 


(iii)        no
Interest Period shall extend beyond the Maturity Date.


 


“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase
or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption
of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including
any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness
of such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another
Person that constitute a business unit. For purposes of covenant compliance, the amount of any Investment shall be the amount actually
invested, without adjustment for subsequent increases or decreases in the value of such Investment.


 


“IP Rights”
has the meaning specified in Section 6.18. 


 


“IRS”
means the United States Internal Revenue Service.


 


“ISP”
means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute
of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).


 


“Issuer Documents”
means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument
entered into by L/C Issuer and Borrower (or any Subsidiary) or in favor of L/C Issuer and relating to such Letter of Credit.


 



    	20



    	 



    

 


“Laws”
means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations,
ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof
by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative
orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in
each case whether or not having the force of law.


 


“L/C Advance”
means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with
its Applicable Percentage.


 


“L/C Borrowing”
means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed or refinanced
as a Borrowing.


 


“L/C Credit
Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof,
or the increase of the amount thereof.


 


“L/C Issuer”
means RBS in its capacity as issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.


 


“L/C Obligations”
means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit
plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available
to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06.
For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount
may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding”
in the amount so remaining available to be drawn.


 


“Lead Arranger”
means RBS, in its capacity as lead arranger and sole bookrunner.


 


“Lease”
means each existing or future lease, sublease (to the extent of any Property Owner’s rights thereunder), license, or
other agreement (other than an Acceptable Ground Lease) under the terms of which any Person has or acquires any right to occupy
or use any Property, or any part thereof, or interest therein, and each existing or future guaranty of payment or performance thereunder.


 


“Lender”
has the meaning specified in the introductory paragraph hereto and, as the context requires, includes the Swing Line Lender.


 


“Lending Office”
means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire,
or such other office or offices as a Lender may from time to time notify Borrower and Administrative Agent.


 


“Letter of
Credit” means any standby letter of credit issued hereunder.


 


“Letter of
Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in
the form from time to time in use by L/C Issuer.


 



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“Letter of
Credit Expiration Date” means the day that is seven (7) days prior to the Maturity Date then in effect (or, if
such day is not a Business Day, the next preceding Business Day).


 


“Letter of
Credit Fee” has the meaning specified in Section 2.03(h).


 


“Letter of
Credit Sublimit” means, as of any date, an amount equal to 10% of the Aggregate Commitments as of such date. The
Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Commitments.


 


“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge
or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature
whatsoever (including any conditional sale or other title retention agreement and any Capital Lease having substantially the same
economic effect as any of the foregoing).


 


“Loan”
means an extension of credit by a Lender to the Borrower under Article II in the form of a Committed Loan or
a Swing Line Loan.


 


“Loan Documents”
means this Agreement, each Note, the Security Documents, each Issuer Document, any agreement creating or perfecting rights
in Cash Collateral pursuant to the provisions of Section 2.16 of this Agreement, the Fee Letter, and the Guaranties.


 


“Loan Notice”
means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Eurodollar
Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A.


 


“Loan Parties”
means, collectively, Borrower, each Guarantor, and each Pledgor, and “Loan Party” means any one of
the Loan Parties.


 


“London Banking
Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank
eurodollar market.


 


“Management
Fees” means, with respect to each Property for any period, an amount equal to the greater of (i) actual management
fees payable with respect thereto or (ii) three percent (3.0%) per annum on the aggregate base rent and percentage rent due and
payable under leases at such Property.


 


“Material
Adverse Effect” means: (a) a material adverse change in, or a material adverse effect upon, the business, assets,
operations, or financial condition of the Companies, taken as a whole; (b) a material impairment of the ability of the Loan Parties,
taken as a whole, to perform their obligations under the Loan Documents; or (c) a material adverse effect upon the legality, validity,
binding effect, or enforceability against any Loan Party of any Loan Document to which it is a party.


 


“Material
Environmental Event” means, with respect to any Borrowing Base Property, (a) a violation of any Environmental
Law with respect to such Borrowing Base Property, or (b) the presence of any Hazardous Materials on, about, or under such Borrowing
Base Property that, under or pursuant to any Environmental Law, would require remediation, if in the case of either (a) or (b),
such event or circumstance could reasonably be expected to have a Material Property Event.


 



    	22



    	 



    

 


“Material
Property Event” means, with respect to any Borrowing Base Property, the occurrence of any event or circumstance
occurring or arising after the date of this Agreement that could reasonably be expected to have a (a) material adverse effect with
respect to the financial condition or the operations of such Borrowing Base Property, (b) material adverse effect on the Borrowing
Base Asset Value of such Borrowing Base Property, or (c) material adverse effect on the ownership of such Borrowing Base Property.


 


“Material
Title Defects” means, with respect to any Borrowing Base Property, defects, Liens (other than Liens for local
real estate taxes and similar local governmental charges), and other encumbrances in the nature of easements, servitudes, restrictions,
and rights-of-way that would customarily be deemed unacceptable title exceptions for a prudent lender (i.e., a prudent lender would
reasonably determine that such exceptions, individually or in the aggregate, materially impair the value or operations of such
Borrowing Base Property, would prevent such Borrowing Base Property from being used in the manner in which it is currently being
used, or would result in a violation of any Law which would have a material and adverse effect on such Borrowing Base Property);
provided that Material Title Defects shall not include any Liens or other encumbrances that existed as of the date of this
Agreement and that are reflected in the Title Insurance Commitments or that are listed on Schedule 8.01.


 


“Maturity
Date” means (a) if the Initial Maturity Date is not extended to the Extended Maturity Date pursuant to Section 2.14,
then the Initial Maturity Date, and (b) if the Initial Maturity Date is extended to the Extended Maturity Date pursuant to Section
2.14, then the Extended Maturity Date; provided that in each case, if such date is not a Business Day, then the Maturity
Date shall be the next preceding Business Day.


 


“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.


 


“Multiemployer
Plan” means any employee benefit plan described in Section 4001(a)(3) of ERISA, to which Parent or any
ERISA Affiliate makes or is obligated to make contributions, or during the preceding five (5) plan years, has made or been obligated
to make contributions.


 


“Multiple
Employer Plan” means a Plan which has two (2) or more contributing sponsors (including Parent or any ERISA Affiliate)
at least two (2) of whom are not under common control, as such a plan is described in Section 4064 of ERISA.


 


“NOI”
means, with respect to any Property for any period, property rental and other income (as determined by GAAP) attributable to
such Property accruing for such period (adjusted to eliminate the straight lining of rents) minus the amount of all expenses (as
determined in accordance with GAAP) incurred in connection with and directly attributable to the ownership and operation of such
Property for such period, including, without limitation, Management Fees and amounts accrued for the payment of real estate taxes
and insurance premiums, but excluding any general and administrative expenses related to the operation of the Borrower or the Guarantors,
any interest expense or other debt service charges and any non-cash charges such as depreciation or amortization of financing costs.


 



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“Non-Recourse
Indebtedness” means, for any Person, any Indebtedness of such Person for the repayment of which neither Parent
or Borrower has any personal liability (other than for Customary Recourse Exceptions) or, if such Person is Parent or Borrower,
in which recourse of the applicable holder of such Indebtedness for non-payment is limited to such holder’s Liens on a particular
asset or group of assets (other than for Customary Recourse Exceptions). For the avoidance of doubt, if any Indebtedness is partially
guaranteed by Parent or Borrower, then the portion of such Indebtedness that is not so guaranteed shall still be Non-Recourse Indebtedness
if it otherwise satisfies the requirements in this definition.


 


“Note”
means a promissory note made by Borrower in favor of each Lender requesting same evidencing Loans made by such Lender, substantially
in the form of Exhibit B.


 


“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan
Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after
the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such
Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding; provided
that all references to the “Obligations” in the Subsidiary Guaranty and the Security Documents, and
any other Guaranties, security agreements, or pledge agreements delivered to Administrative Agent to Guarantee, or create or evidence
Liens securing, the Obligations shall, in addition to the foregoing, include all present and future indebtedness, liabilities,
and obligations now or hereafter owed to Administrative Agent, any Lender, or any Affiliate of Administrative Agent or any Lender
arising from, by virtue of, or pursuant to any Swap Contract that relates solely to the Obligations.


 


“Occupancy
Rate” means, for any Property, the percentage of the rentable area of such Property leased and occupied by bona
fide tenants of such Property pursuant to bona fide tenant Leases, in each case, which tenants are not more than 30 days past due
in the payment of all rent or other similar payments due under such Leases.


 


“Organization
Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws
(or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction), (b) with respect to any limited
liability company, the certificate or articles of formation or organization and operating agreement, and (c) with respect to any
partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement
of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its
formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and,
if applicable, any certificate or articles of formation or organization of such entity.


 



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“Other Taxes”
means all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising
from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise
with respect to, this Agreement or any other Loan Document.


 


“Outstanding
Amount” means (a) with respect to Committed Loans on any date, the aggregate outstanding principal amount thereof
after giving effect to any borrowings and prepayments or repayments of Loans occurring on such date, (b) with respect to Swing
Line Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments
or repayments of Swing Line Loans occurring on such date, and (c) with respect to any L/C Obligations on any date, the amount of
such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes
in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by Borrower of Unreimbursed
Amounts.


 


“Parent”
has the meaning specified in the introductory paragraph hereto.


 


“Parent Guaranty”
means the Guaranty Agreement executed by Parent in favor of Administrative Agent, for the benefit of the Lenders, in form and
substance acceptable to Administrative Agent.


 


“Parent Share”
means a share of common stock, par value $0.01 per share, of the Parent.


 


“Participant”
has the meaning specified in Section 11.06(d).


 


“PBGC”
means the Pension Benefit Guaranty Corporation.


 


“Pension Act”
means the Pension Protection Act of 2006.


 


“Pension Funding
Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment
payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension
Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter,
Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and
305 of ERISA.


 


“Pension Plan”
means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or
is contributed to by Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding
standards under Section 412 of the Code.


 


“Permitted
Distributions” means (a) for Parent for any fiscal year of Parent, Restricted Payments in an amount not to exceed
in the aggregate the greater of (i) ninety-five percent (95%) of Funds from Operations of the Parent, and (ii) the amount of distributions
required to be paid by Parent in order for Parent to qualify as a REIT, and (b) for Borrower for any fiscal year of Borrower, Restricted
Payments in an amount not to exceed in the aggregate the greater of (i) ninety-five percent (95%) of Funds from Operations of Borrower
and its Subsidiaries thereafter, and (ii) the amount of distributions required to be paid by Borrower to Parent in order for Parent
to qualify as a REIT.


 



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“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership,
Governmental Authority or other entity.


 


“Plan”
means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for
employees of Parent or any ERISA Affiliate or any such Plan to which Parent or any ERISA Affiliate is required to contribute on
behalf of any of its employees.


 


“Platform”
has the meaning specified in Section 7.02.


 


“Pledge Agreement”
means each Pledge Agreement or similarly titled document, executed by a Pledgor, to or for the benefit of Administrative Agent,
for the benefit of the Lenders, covering the Equity Interest Collateral.


 


“Pledgors”
means, collectively, each Person that owns Equity Interests in a Property Owner and the general partner of each Property Owner
that is a limited partnership; “Pledgor” means any one of the Pledgors.


 


“Pro Forma
Financial Statements” has the meaning specified in Section 6.05(c).


 


“Property”
means any Real Property which is owned or ground leased, directly or indirectly, by a Company.


 


“Property
Owners” means, collectively, each Subsidiary which owns a Borrowing Base Property, and “Property Owner”
means any one of the Property Owners.


 


“Property
Information” has the meaning specified in Section 4.03.


 


“Public Lender”
has the meaning specified in Section 7.02.


 


“RBS”
means RBS Citizens, N.A., a national banking association.


 


“Rating”
means, for any Person, its senior unsecured debt rating (or equivalent thereof, such as, but not limited to, a corporate credit
rating, issuer rating/insurance financial strength rating (for an insurance company), general obligation rating (for a governmental
entity), or revenue bond rating (for an educational institution)) from either of S&P or Moody’s.


 


“Real Property”
of any Person means all of the right, title, and interest of such Person in and to land, improvements, and fixtures.


 


“Recourse
Indebtedness” means Indebtedness that is not Non-Recourse Indebtedness; provided that personal recourse
for Customary Recourse Exceptions shall not, by itself, cause such Indebtedness to be characterized as Recourse Indebtedness.


 


“Register”
has the meaning specified in Section 11.06(c).


 



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“REIT”
means a “real estate investment trust” in accordance with Section 856 of the Code.


 


“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents,
trustees and advisors of such Person and of such Person’s Affiliates.


 


“Release Condition”
means that, after giving effect to any requested release of a Borrowing Base Property, the Borrowing Base Asset Value shall
be at least Fifty Million Dollars ($50,000,000.00).


 


“Release Date”
means the earlier of: (a) the date on which the Obligations have been paid in full and the Equity Collateral been released;
and (b) the date on which the Liens of the Equity Collateral are fully and finally foreclosed or a conveyance by deed in lieu of
such foreclosure is fully and finally effective and control of the Equity Interests of each Property Owner has been given to and
accepted by the purchaser or Administrative Agent free of occupancy and claims to occupancy by the Companies and their respective
heirs, devisees, representatives, successors, and assigns; provided that if such payment, performance, release, foreclosure,
or conveyance is challenged, in bankruptcy proceedings or otherwise, the Release Date shall be deemed not to have occurred until
such challenge is validly released, dismissed with prejudice, or otherwise barred by Law from further assertion.


 


“Reportable
Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the thirty
(30) day notice period has been waived.


 


“Request for
Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Committed Loans, a Committed
Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line
Loan, a Swing Line Loan Notice.


 


“Required
Lenders” means, as of any date of determination, Lenders having more than fifty percent (50%) of the Aggregate
Commitments or, if the commitment of each Lender to make Loans, and the obligation of L/C Issuer to make L/C Credit Extensions
have been terminated pursuant to Section 9.02, Lenders holding in the aggregate more than fifty percent (50%) of
the Total Outstandings (with the aggregate amount of each Lender’s risk participation and funded participation in Swing Line
Loans and L/C Obligations being deemed “held” by such Lender for purposes of this definition); provided that the
Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes
of making a determination of Required Lenders; provided further that at all times when two or more Lenders are party to
this Agreement, the term “Required Lenders” shall in no event mean less than two Lenders unless only two Lenders are
party to this Agreement and one of such Lenders is a Defaulting Lender.


 


“Responsible
Officer” means the chief executive officer, president, chief financial officer, chief accounting officer, treasurer,
assistant treasurer or controller of a Loan Party, and solely for purposes of the delivery of incumbency certificates pursuant
to Section 5.01, the secretary or any assistant secretary of a Loan Party and, solely for purposes of notices given
pursuant to Article II, any other officer of the applicable Loan Party so designated by any of the foregoing officers
in a notice to Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall
be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such
Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.


 



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“Restricted
Payment” means any dividend or other distribution (whether in cash, Equity Interests or other property) with respect
to any capital stock or other Equity Interest of Borrower or any Subsidiary, or any payment (whether in cash, Equity Interests
or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to Borrower’s
stockholders, partners or members (or the equivalent Person thereof).


 


“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any successor thereto.


 


“SEC”
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.


 


“Secured Debt”
means, as of any date of determination, that portion of Consolidated Total Debt which is secured by a lien on any real property
owned or leased by the Borrower or its subsidiaries.


 


“Secured Leverage
Ratio” means, as of any date of determination, the quotient (expressed as a percentage) of (a) Secured Debt, divided
by (b) Total Asset Value.


 


“Security
Documents” means:


 


(a)          the
Pledge Agreements;


 


(b)          financing
statements to be filed with the appropriate state and/or county offices for the perfection of a security interest in any of the
Collateral; and


 


(c)          all
other agreements, documents, and instruments securing the Obligations or any part thereof, as shall from time to time be executed
and delivered by Borrower, Subsidiary Guarantors, or any other Person in favor of Administrative Agent.


 


“Share”
means Borrower’s and Parent’s direct or indirect share of a Consolidated Subsidiary or an Unconsolidated Affiliate
as reasonably determined by Borrower based upon Borrower’s and Parent’s economic interest (whether direct or indirect)
in such Consolidated Subsidiary or Unconsolidated Affiliate, as of the date of such determination.


 


“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a
majority of the Equity Interests having ordinary voting power for the election of directors or other governing body (other than
Equity Interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the
management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person.
Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries”
shall refer to a Subsidiary or Subsidiaries of Borrower.


 



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“Subsidiary
Guarantors” means, as of any date, all Subsidiaries of Borrower owning a direct or indirect interest in a Borrowing
Base Property (including each Property Owner), and the general partner of each Subsidiary that is a limited partnership and “Subsidiary
Guarantor” means any one of the Subsidiary Guarantors.


 


“Subsidiary
Guaranty” means the Guaranty Agreement executed by each Subsidiary Guarantor in favor of Administrative Agent,
for the benefit of the Lenders, in form and substance acceptable to Administrative Agent.


 


“Swap Contract”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity
swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign
exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate
swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any
master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and
conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any
related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master
Agreement.


 


“Swap Termination
Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally
enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been
closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to
the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts,
as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such
Swap Contracts (which may include a Lender or any Affiliate of a Lender).


 


“Swing Line
Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04.


 


“Swing Line
Lender” means RBS Citizens, N.A. in its capacity as provider of Swing Line Loans, or any successor swing line
lender hereunder.


 


“Swing Line
Loan” has the meaning specified in Section 2.04(a).


 


“Swing Line
Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which, if in
writing, shall be substantially in the form of Exhibit A -1.


 






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“Swing Line
Sublimit” means an amount equal to Fifteen Million Dollars ($15,000,000.00). The Swing Line Sublimit is part of,
and not in additional to, the Aggregate Commitments.


 


“Tangible
Net Worth” means, as of any date, (a) Total Asset Value minus (b) the sum of (i) Consolidated Total
Debt and (ii) to the extent included in the calculation of Total Asset Value, goodwill and other intangible assets (other than
deferred leasing intangibles).


 


“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.


 


“Threshold
Amount” means $20,000,000 for any Non-Recourse Indebtedness and $0 for any Recourse Indebtedness.


 


“Title Company”
means Chicago Title Insurance Company or such other title insurance company reasonably acceptable to Administrative Agent.


 


“Total Asset
Value” means the sum of (a) Consolidated Group’s pro rata share of NOI for the most recent quarter, multiplied
by four, and divided by the Capitalization Rate (excluding the Consolidated Group’s pro rata share of the NOI for any Property
not owned for the entire prior quarter), (b) the acquisition price paid for any Property acquired during the prior quarter, (c)
cash and Cash Equivalents at quarter end, (d) vacant land at cost (e) mortgage notes receivable at GAAP, and (f) Construction In
Process at cost.


 


“Total Funded
Debt” means, as of any date, Consolidated Total Debt excluding intracompany Indebtedness, deferred income taxes,
security deposits, accounts payable and accrued liabilities, and any prepaid rents, in each case determined in accordance with
GAAP.


 


“Total Outstandings”
means, as of any date, the aggregate Outstanding Amount of all Loans, Swing Line Loans, and all L/C Obligations.


 


“Type”
means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan.


 


“Unconsolidated
Affiliate” means any Person in which a Company has an Equity Interest and whose financial results would not be
consolidated under GAAP with the financial results of Parent on the consolidated financial statements of Parent.


 


“United States”
and “U.S.” mean the United States of America.


 


“Unreimbursed
Amount” has the meaning specified in Section 2.03(c)(i).


 


“Unused Rate”
means the following percentages per annum based upon the Daily Usage as set forth below:


 


	 	Daily Usage	  	Unused Rate
	 	<50%	 	0.25%
	 	>50%	 	0.15%


 



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“Variable
Rate Indebtedness” means any Indebtedness that bears interest at a variable rate without the benefit of a Swap
Contract.


 


1.02        Other
Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise
specified herein or in such other Loan Document:


 


(a)          The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase
“without limitation.” The word “will” shall be construed to have the same meaning
and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference
to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented, or otherwise modified (subject to any restrictions on
such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any
Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,”
“herein,” “hereof” and “hereunder,” and words of similar
import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular
provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer
to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference
to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and
any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified
or supplemented from time to time, and (vi) the words “asset” and “property” shall
be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including
cash, Equity Interests, accounts and contract rights.


 


(b)          In
the computation of periods of time from a specified date to a later specified date, the word “from” means
“from and including;” the words “to” and “until” each
mean “to but excluding;” and the word “through” means “to and including.”


 


(c)          Section
headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation
of this Agreement or any other Loan Document.


 


1.03        Accounting
Terms.


  


(a)          Generally.
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared
in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that
used in preparing the Pro Forma Financial Statements or the Audited Financial Statements, as applicable, except as otherwise
specifically prescribed herein.


 



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(b)          Changes
in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in
any Loan Document, and either Borrower or Required Lenders shall so request, Administrative Agent, the Lenders and Borrower shall
negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP
(subject to the approval of Required Lenders); provided that until so amended, (i) such ratio or requirement shall continue
to be computed in accordance with GAAP prior to such change therein and (ii) Borrower shall provide to Administrative Agent and
the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting
forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in
GAAP.


 


(c)          Consolidation
of Variable Interest Entities. All references herein to consolidated financial statements of the Companies or to the determination
of any amount for the Companies on a consolidated basis or any similar reference shall, in each case, be deemed to include each
variable interest entity that Parent is required to consolidate pursuant to FASB ASC 810 as if such variable interest entity were
a Subsidiary as defined herein, provided further that for all purposes in calculating consolidated covenants hereunder the Parent
shall be deemed to own one hundred percent (100%) of the equity interests in the Borrower.


 


1.04        Rounding.
Any financial ratios required to be maintained by Borrower pursuant to this Agreement shall be calculated by dividing the appropriate
component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed
herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).


 


1.05        Times
of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight
or standard, as applicable).


 


1.06        Letter
of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed
to be the undrawn amount of such Letter of Credit at such time; provided that with respect to any Letter of Credit that,
by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount
thereof, the amount of such Letter of Credit shall, for purposes of determining the Total Outstandings, be deemed to be the maximum
stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is
in effect at such time.


 


1.07      
 Financial Standards. All financial computations required of a Person under this Agreement shall be
calculated without giving effect to any election under Accounting Standards Codification 825-10-25 (or any other Accounting
Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other
liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein.


 



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Article
II.

The Commitments and Credit Extensions


 


2.01        Committed
Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such
loan, a “Committed Loan”) to Borrower from time to time, on any Business Day during the Availability
Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided
that after giving effect to any Committed Borrowing, (a) the Total Outstandings shall not exceed the Available Loan Amount,
and (b) the aggregate Outstanding Amount of the Committed Loans of any Lender plus such Lender’s Applicable Percentage
of the Outstanding Amount of all L/C Obligations plus such Lender’s Applicable Percentage of the Outstanding Amount of all
Swing Line Loans shall not exceed such Lender’s Commitment. Within the limits of each Lender’s Commitment and the
Available Loan Amount, and subject to the other terms and conditions hereof, Borrower may borrow under this Section 2.01,
prepay under Section 2.05, and reborrow under this Section 2.01. Committed Loans may be Base Rate
Loans or Eurodollar Rate Loans, as further provided herein.


 


2.02        Borrowings,
Conversions and Continuations of Loans.


 


(a)          Each
Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of Eurodollar Rate Loans
shall be made upon Borrower’s irrevocable notice to Administrative Agent, which may be given by telephone. Each such notice
must be received by Administrative Agent not later than 10:00 a.m. (i) three (3) Business Days prior to the requested date of any
Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate
Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans. Each telephonic notice by Borrower pursuant to this
Section 2.02(a) must be confirmed promptly by delivery to Administrative Agent of a written Loan Notice, appropriately
completed and signed by a Responsible Officer of Borrower. Each Borrowing of, conversion to or continuation of Eurodollar Rate
Loans shall be in a principal amount of $2,500,000 or a whole multiple of $500,000 in excess thereof. Except as provided in Sections
2.03(c) and 2.04(b), each Borrowing of or conversion to Base Rate Loans shall be in a principal amount
of $250,000 or a whole multiple of $50,000 in excess thereof. Each Committed Loan Notice (whether telephonic or written) shall
specify (i) whether Borrower is requesting a Committed Borrowing, a conversion of Committed Loans from one Type to the other, or
a continuation of Eurodollar Rate Loans, (ii) the requested date of the Committed Borrowing, conversion or continuation, as the
case may be (which shall be a Business Day), (iii) the principal amount of Committed Loans to be borrowed, converted or continued,
(iv) the Type of Committed Loans to be borrowed or to which existing Committed Loans are to be converted, and (v) if applicable,
the duration of the Interest Period with respect thereto. If Borrower fails to specify a Type of Loan in a Committed Loan Notice
or if Borrower fails to give a timely notice requesting a conversion or continuation, then (I) so long as no Event of Default exists,
the applicable Committed Loans shall be made as, or continued to, a Eurodollar Rate Loan of the same Type and with an Interest
Period of one (1) month and (II) if an Event of Default exists, then the applicable Committed Loans shall be made as, or converted
to, Base Rate Loans. If Borrower requests a Committed Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in
any such Committed Loan Notice, but fails to specify an Interest Period, then it will be deemed to have specified an Interest Period
of one (1) month.


 



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(b)          Following
receipt of a Committed Loan Notice, Administrative Agent shall promptly notify each Lender of the amount of its Applicable Percentage
of the applicable Committed Loans, and if no timely notice of a conversion or continuation is provided by Borrower, Administrative
Agent shall notify each Lender of the details of any automatic continuation described in the preceding subsection. In the case
of a Committed Borrowing, each Lender shall make the amount of its Committed Loan available to Administrative Agent in immediately
available funds at Administrative Agent’s Office not later than 12:00 noon on the Business Day specified in the applicable
Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 5.02 (and, if such Committed
Borrowing is the initial Credit Extension, Section 5.01), Administrative Agent shall make all funds so received available
to Borrower by 1:00 p.m. in like funds as received by Administrative Agent either by (i) crediting the account of Borrower on the
books of RBS with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided
to (and reasonably acceptable to) Administrative Agent by Borrower; provided that if, on the date the Committed Loan Notice
with respect to such Borrowing is given by Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing,
first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made
available to Borrower as provided above.


 


(c)          Except
as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period for
such Eurodollar Rate Loan. During the existence of an Event of Default, no Loans may be requested as, converted to or continued
as Eurodollar Rate Loans without the consent of Required Lenders.


 


(d)       
  Administrative Agent shall promptly notify Borrower and the Lenders of the
interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. At any
time that Base Rate Loans are outstanding, Administrative Agent shall notify Borrower and the Lenders of any change in
RBS’s prime rate used in determining the Base Rate promptly following the public announcement of such
change.


 


(e)          After
giving effect to all Committed Borrowings, all conversions of Committed Loans from one Type to the other, and all continuations
of Committed Loans as the same Type, there shall not be more than five (5) Interest Periods in effect with respect to Committed
Loans.


 



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2.03        Letters
of Credit.


 


(a)          The
Letter of Credit Commitment.


 


(i)           Subject
to the terms and conditions set forth herein, (A) L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in
this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until
the Letter of Credit Expiration Date, to issue Letters of Credit for the account of Borrower or its Subsidiaries, and to amend
or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings
under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of
Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension
with respect to any Letter of Credit, (x) the Total Outstandings shall not exceed the Available Loan Amount, (y) the aggregate
Outstanding Amount of the Loans of any Lender plus such Lender’s Applicable Percentage of the Outstanding Amount of
all L/C Obligations plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not
exceed such Lender’s Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit
Sublimit. Each request by Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by
Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence.
Within the foregoing limits, and subject to the terms and conditions hereof, Borrower’s ability to obtain Letters of Credit
shall be fully revolving, and accordingly Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters
of Credit that have expired or that have been drawn upon and reimbursed.


 


(ii)           L/C
Issuer shall not issue any Letter of Credit, if:


 


(A)      subject
to Section 2.03(b)(iii), the initial stated expiry date of the requested Letter of Credit (notwithstanding “evergreen”
renewal provisions) would occur more than twelve (12) months after the date of issuance or last extension, unless Required Lenders
have approved such expiry date; or


 


(B)       the
expiry date of the requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless (1) all the Lenders
have approved such expiry date, or (2) the Borrower agrees to deliver to the Administrative Agent no later than sixty (60) days
prior to the Letter of Credit Expiration Date Cash Collateral in an amount equal to the undrawn amount of such Letter of Credit,
with the Borrower hereby irrevocably requesting a Committed Borrowing of a Base Rate Loan to fund such Cash Collateral payment
in the event the Borrower does not deliver such Cash Collateral to the Administrative Agent on the due date thereof.


 


(iii)          L/C
Issuer shall not be under any obligation to issue any Letter of Credit if:


 



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(A)      any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain L/C Issuer
from issuing the Letter of Credit, or any Law applicable to L/C Issuer or any request or directive (whether or not having the force
of law) from any Governmental Authority with jurisdiction over L/C Issuer shall prohibit, or request that L/C Issuer refrain from,
the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon L/C Issuer with respect
to the Letter of Credit any restriction, reserve or capital requirement (for which L/C Issuer is not otherwise compensated hereunder)
not in effect on the Closing Date, or shall impose upon L/C Issuer any unreimbursed loss, cost or expense which was not applicable
on the Closing Date and which L/C Issuer in good faith deems material to it;


 


(B)       the
issuance of the Letter of Credit would violate one or more policies of L/C Issuer applicable to letters of credit generally;


 


(C)       except
as otherwise agreed by Administrative Agent and L/C Issuer, the Letter of Credit is in an initial stated amount less than $25,000;


 


(D)       the
Letter of Credit is to be denominated in a currency other than Dollars;


 


(E)       any
Lender is at that time a Defaulting Lender, unless such Lender or Borrower delivers Cash Collateral or enters into other arrangements
with L/C Issuer satisfactory to L/C Issuer (in its sole discretion) to eliminate L/C Issuer’s actual or potential Fronting
Exposure (after giving effect to Section 2.17(a)(iv)) with respect to the Defaulting Lender arising from either the
Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which L/C Issuer has actual
or potential Fronting Exposure, as it may elect in its sole discretion; or


 


(F)       the
Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder.


 


(iv)         L/C
Issuer shall not amend any Letter of Credit if L/C Issuer would not be permitted at such time to issue the Letter of Credit in
its amended form under the terms hereof.


 


(v)          L/C
Issuer shall be under no obligation to amend any Letter of Credit if (A) L/C Issuer would have no obligation at such time to issue
the Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit does not accept
the proposed amendment to the Letter of Credit.


 



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(vi)         L/C
Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith,
and L/C Issuer shall have all of the benefits and immunities (A) provided to Administrative Agent in Article X with respect
to any acts taken or omissions suffered by L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued
by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent”
as used in Article X included L/C Issuer with respect to such acts or omissions, and (B) as additionally provided
herein with respect to L/C Issuer.


 


(b)          Procedures
for Issuance and Amendment of Letters of Credit; Auto Extension Letters of Credit.


 


(i)           Each
Letter of Credit shall be issued or amended, as the case may be, upon the request of Borrower delivered to L/C Issuer (with a copy
to Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer
of Borrower. Such Letter of Credit Application must be received by L/C Issuer and Administrative Agent not later than 11:00 a.m.
at least two (2) Business Days (or such later date and time as Administrative Agent and L/C Issuer may agree in a particular instance
in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request
for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory
to L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount
thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by
such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in
case of any drawing thereunder; and (G) the purpose and nature of the requested Letter of Credit. In the case of a request for
an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory
to L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day);
(C) the nature of the proposed amendment; and (D) such other customary matters as L/C Issuer may require. Additionally, Borrower
shall furnish to L/C Issuer and Administrative Agent such other documents and information pertaining to such requested Letter of
Credit issuance or amendment, including any Issuer Documents, as L/C Issuer or Administrative Agent may reasonably require.


 


(ii)          Within
three (3) Business Days following receipt of any Letter of Credit Application, L/C Issuer will confirm with Administrative Agent
(by telephone or in writing) that Administrative Agent has received a copy of such Letter of Credit Application from Borrower and,
if not, L/C Issuer will provide Administrative Agent with a copy thereof. Unless L/C Issuer has received written notice from any
Lender, Administrative Agent or any Loan Party, at least one (1) Business Day prior to the requested date of issuance or amendment
of the applicable Letter of Credit, that one or more applicable conditions contained in Article V shall not then
be satisfied, then, subject to the terms and conditions hereof, L/C Issuer shall, on the requested date, issue a Letter of Credit
for the account of Borrower (or the applicable Subsidiary) or enter into the applicable amendment, as the case may be, in each
case in accordance with L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter
of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from L/C Issuer a risk
participation in such Letter of Credit in an amount equal to the product of such Lender’s Applicable Percentage times
the amount of such Letter of Credit.


 



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(iii)          If
Borrower so requests in any applicable Letter of Credit Application, then L/C Issuer shall agree to issue a Letter of Credit that
has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such
Auto-Extension Letter of Credit must permit L/C Issuer to prevent any such extension at least once in each twelve (12) month period
(commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than
a day (the “Non-Extension Notice Date”) in each such twelve (12) month period to be agreed upon at the
time such Letter of Credit is issued. Unless otherwise directed by L/C Issuer, Borrower shall not be required to make a specific
request to L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed
to have authorized (but may not require) L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date
not later than the Letter of Credit Expiration Date, or such later date (but no later than twelve (12) months after the Letter
of Credit Expiration Date) if (1) all the Lenders have approved such expiry date, or (2) the Borrower agrees to deliver to the
Administrative Agent no later than sixty (60) days prior to the Letter of Credit Expiration Date Cash Collateral in an amount equal
to the undrawn amount of such Letter of Credit, with the Borrower hereby irrevocably requesting a Committed Borrowing of a Base
Rate Loan to fund such Cash Collateral payment in the event the Borrower does not deliver such Cash Collateral to the Administrative
Agent on the due date thereof; provided that L/C Issuer shall not permit any such extension if (A) L/C Issuer has determined
that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as
extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.03(a)
or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven (7)
Business Days before the Non-Extension Notice Date (1) from Administrative Agent that Required Lenders have elected not to permit
such extension, (2) from Borrower that Borrower has elected not to permit such extension, or (3) from Administrative Agent, any
Lender or Borrower that one or more of the applicable conditions specified in Section 5.02 is not then satisfied,
and in each such case directing L/C Issuer not to permit such extension.


 


(iv)         Promptly
after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to
the beneficiary thereof, L/C Issuer will also deliver to Borrower and Administrative Agent a true and complete copy of such Letter
of Credit or amendment.


 



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(c)          Drawings
and Reimbursements; Funding of Participations.


 


(i)           Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, L/C Issuer shall exercise
commercially reasonable efforts to notify Borrower and Administrative Agent thereof within one (1) Business Day after receipt of
such notice and of the date required for payment of such drawing under such Letter of Credit. Not later than 1:00 p.m. on the date
of any payment by L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), Borrower
shall reimburse L/C Issuer through Administrative Agent in an amount equal to the amount of such drawing. If Borrower fails to
so reimburse L/C Issuer by such time, Administrative Agent shall promptly notify each Lender of the Honor Date, the amount of the
unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s Applicable
Percentage thereof. In such event, Borrower shall be deemed to have requested a Committed Borrowing of Base Rate Loans to be disbursed
on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section
2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate
Commitments and the conditions set forth in Section 5.02 (other than the delivery of a Committed Loan Notice). Any
notice given by L/C Issuer or Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone
if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness
or binding effect of such notice. If such Base Rate Loans are so disbursed to pay an Unreimbursed Amount, then no Default or Event
of Default shall be deemed to have occurred.


 


(ii)          Each
Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available (and Administrative Agent may apply
Cash Collateral provided for this purpose) for the account of L/C Issuer at Administrative Agent’s Office in an amount equal
to its Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by
Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Lender that so makes funds
available shall be deemed to have made a Base Rate Loan to Borrower in such amount. Administrative Agent shall remit the funds
so received to L/C Issuer.


 


(iii)         With
respect to any Unreimbursed Amount that is not fully refinanced by a Committed Borrowing of Base Rate Loans because the conditions
set forth in Section 5.02 cannot be satisfied or for any other reason, Borrower shall be deemed to have incurred
from L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall
be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Lender’s
payment to Administrative Agent for the account of L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment
in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its
participation obligation under this Section 2.03.


 



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(iv)         Until
each Lender funds its Committed Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse L/C Issuer for
any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage of such amount shall
be solely for the account of L/C Issuer.


 


(v)          Each
Lender’s obligation to make Committed Loans or L/C Advances to reimburse L/C Issuer for amounts drawn under Letters of Credit,
as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance,
including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against L/C Issuer, Borrower
or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event
or condition, whether or not similar to any of the foregoing; provided that each Lender’s obligation to make Committed
Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 5.02 (other
than delivery by Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation
of Borrower to reimburse L/C Issuer for the amount of any payment made by L/C Issuer under any Letter of Credit, together with
interest as provided herein.


 


(vi)         If
any Lender fails to make available to Administrative Agent for the account of L/C Issuer any amount required to be paid by such
Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii),
then, without limiting the other provisions of this Agreement, L/C Issuer shall be entitled to recover from such Lender (acting
through Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required
to the date on which such payment is immediately available to L/C Issuer at a rate per annum equal to the greater of the Federal
Funds Rate and a rate determined by L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative,
processing or similar fees customarily charged by L/C Issuer in connection with the foregoing. If such Lender pays such amount
(with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant
Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of L/C Issuer submitted
to any Lender (through Administrative Agent) with respect to any amounts owing under this clause (vi) shall be conclusive
absent manifest error. Nothing contained in this Section 2.03(c), however, shall be deemed or otherwise construed
to impose any liability upon Borrower for any default by any Lender in the performance of its obligations under this Section
2.03.


 



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(d)          Repayment
of Participations.


 


(i)           At
any time after L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such Lender’s L/C
Advance in respect of such payment in accordance with Section 2.03(c), if Administrative Agent receives for the account
of L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from Borrower or
otherwise, including proceeds of Cash Collateral applied thereto by Administrative Agent), Administrative Agent will distribute
to such Lender its Applicable Percentage thereof in the same funds as those received by Administrative Agent.


 


(ii)           If
any payment received by Administrative Agent for the account of L/C Issuer pursuant to Section 2.03(c)(i) is required
to be returned under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered
into by L/C Issuer in its discretion), each Lender shall pay to Administrative Agent for the account of L/C Issuer its Applicable
Percentage thereof on demand of Administrative Agent, plus interest thereon from the date of such demand to the date such amount
is returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of
the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.


 


(e)          Obligations
Absolute. The obligation of Borrower to reimburse L/C Issuer for each drawing under each Letter of Credit and to repay each
L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this
Agreement under all circumstances, including the following:


 


(i)           any
lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;


 


(ii)          the
existence of any claim, counterclaim, setoff, defense or other right that Borrower or any Subsidiary may have at any time against
any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee
may be acting), L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby
or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;


 


(iii)         any
draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any material respect; or any loss or delay in
the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;


 


(iv)         any
payment by L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply
with the terms of such Letter of Credit, provided that, under such circumstances, the payment by the L/C Issuer does not constitute
gross negligence of the L/C Issuer; or any payment made by L/C Issuer under such Letter of Credit to any Person purporting to be
a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative
of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding
under any Debtor Relief Law; or


 



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(v)          any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that
might otherwise constitute a defense available to, or a discharge of, Borrower or any Subsidiary.


 


Borrower shall promptly examine a copy
of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with
Borrower’s instructions or other irregularity, Borrower will promptly, and in any event within three (3) Business Days, notify
L/C Issuer. Borrower shall be conclusively deemed to have waived any such claim against L/C Issuer and its correspondents unless
such notice is given as aforesaid.


 


(f)           Role
of L/C Issuer. Each Lender and Borrower agree that, in paying any drawing under a Letter of Credit, L/C Issuer shall not have
any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter
of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing
or delivering any such document. None of L/C Issuer, Administrative Agent, any of their respective Related Parties nor any correspondent,
participant or assignee of L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith
at the request or with the approval of the Lenders or Required Lenders, as applicable; (ii) any action taken or omitted in the
absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any
document or instrument related to any Letter of Credit or Issuer Document. Borrower hereby assumes all risks of the acts or omissions
of any beneficiary or transferee with respect to its use of any Letter of Credit; provided that this assumption is not intended
to, and shall not, preclude Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee
or any other Person at law or under any other agreement. None of L/C Issuer, Administrative Agent, any of their respective Related
Parties nor any correspondent, participant or assignee of L/C Issuer shall be liable or responsible for any of the matters described
in clauses (i) through (v) of Section 2.03(e); provided that anything in such clauses to the
contrary notwithstanding, Borrower may have a claim against L/C Issuer, and L/C Issuer may be liable to Borrower, to the extent,
but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by Borrower which Borrower proves
were caused by L/C Issuer’s willful misconduct or gross negligence or L/C Issuer’s willful failure to pay under any
Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the
terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, L/C Issuer may accept documents
that appear on their face to be in order, without responsibility for further investigation, and L/C Issuer shall not be responsible
for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit
or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for
any reason.


 



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(g)          Applicability
of ISP. Unless otherwise expressly agreed by L/C Issuer and Borrower when a Letter of Credit is issued, the rules of the ISP
shall apply to each standby Letter of Credit.


 


(h)          Letter
of Credit Fees. Borrower shall pay to Administrative Agent for the account of each Lender in accordance with its Applicable
Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the
Applicable Rate times the daily amount available to be drawn under such Letter of Credit; provided that any Letter
of Credit Fees otherwise payable for the account of a Defaulting Lender with respect to any Letter of Credit as to which such Defaulting
Lender has not provided Cash Collateral satisfactory to L/C Issuer pursuant to this Section 2.03 shall be payable,
to the maximum extent permitted by applicable Law, to the other Lenders in accordance with the upward adjustments in their respective
Applicable Percentages allocable to such Letter of Credit pursuant to Section 2.17(a)(iv), with the balance of such
fee, if any, payable to L/C Issuer for its own account. For purposes of computing the daily amount available to be drawn under
any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. Letter
of Credit Fees shall be (i) due and payable on the tenth (10th) Business Day after the end of each March, June, September
and December, commencing with the first (1st) such date to occur after the issuance of such Letter of Credit, on the
Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is any change
in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed
and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding
anything to the contrary contained herein, upon the request of Required Lenders, while any Event of Default exists, all Letter
of Credit Fees shall accrue at the Default Rate.


 


(i)           Fronting
Fee and Documentary and Processing Charges Payable to L/C Issuer. Borrower shall pay directly to L/C Issuer for its own account
a fronting fee with respect to each Letter of Credit, at a rate per annum equal to one eighth of one percent (0.125%), computed
on the daily amount available to be drawn under such Letter of Credit on a quarterly basis in arrears. Such fronting fee shall
be due and payable on the tenth (10th) Business Day after the end of each March, June, September and December in respect
of the most-recently ended quarterly period (or portion thereof, in the case of the first payment), commencing with the first (1st)
such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand.
For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit
shall be determined in accordance with Section 1.06. In addition, Borrower shall pay directly to L/C Issuer for its
own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of
L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are
due and payable within five (5) Business Days of demand and are nonrefundable.


 


(j)           Conflict
with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms
hereof shall control.


 



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(k)          Letters
of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of
any obligations of, or is for the account of, a Subsidiary, Borrower shall be obligated to reimburse L/C Issuer hereunder for any
and all drawings under such Letter of Credit. Borrower hereby acknowledges that the issuance of Letters of Credit for the account
of Subsidiaries inures to the benefit of Borrower, and that Borrower’s business derives substantial benefits from the businesses
of such Subsidiaries.


 


2.04        Swing
Line Loans.


 


(a)          The
Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender, in reliance upon the agreements of
the other Lenders set forth in this Section 2.04, shall make loans (each such loan, a “Swing Line Loan”)
to the Borrower from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at
any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated
with the Applicable Percentage of the Outstanding Amount of Committed Loans and L/C Obligations of the Lender acting as Swing Line
Lender, may exceed the amount of such Lender’s Commitment; provided, however, that after giving effect to any Swing
Line Loan, (i) the Total Outstandings shall not exceed the Aggregate Commitments, and (ii) the aggregate Outstanding Amount of
the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations,
plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed
such Lender’s Commitment, and provided, further, that the Borrower shall not use the proceeds of any Swing Line Loan
to refinance any outstanding Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof,
the Borrower may borrow under this Section 2.04, prepay under Section 2.04, and reborrow under this
Section 2.04. Each Swing Line Loan shall be a Base Rate Loan. Immediately upon the making of a Swing Line Loan, each
Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation
in such Swing Line Loan in an amount equal to the product of such Lender’s Applicable Percentage times the amount
of such Swing Line Loan.


 


(b)          Borrowing
Procedures. Each Swing Line Borrowing shall be made upon the Borrower’s irrevocable notice to the Swing Line Lender and
the Administrative Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender and the Administrative
Agent not later than 11:00 a.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be
a minimum of $25,000, and (ii) the requested borrowing date, which shall be a Business Day. Each such telephonic notice must be
confirmed promptly by delivery to the Swing Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately
completed and signed by a Responsible Officer of the Borrower. Promptly after receipt by the Swing Line Lender of any telephonic
Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the
Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative
Agent (by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received notice (by telephone or in
writing) from the Administrative Agent (including at the request of any Lender) prior to 2:00 p.m. on the date of the proposed
Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth
in the first proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions
specified in Section 5.02 is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line
Lender will, not later than 3:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing
Line Loan available to the Borrower at its office by crediting the account of the Borrower on the books of the Swing Line Lender
in immediately available funds.


 



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(c)          Refinancing
of Swing Line Loans.


 


(i)            The
Swing Line Lender at any time in its sole discretion may request, on behalf of the Borrower (which hereby irrevocably authorizes
the Swing Line Lender to so request on its behalf), that each Lender make a Base Rate Committed Loan in an amount equal to such
Lender’s Applicable Percentage of the amount of Swing Line Loans then outstanding. Such request shall be made in writing
(which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the requirements
of Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of Base Rate
Loans, but subject to the unutilized portion of the Aggregate Commitments and the conditions set forth in Section 5.02.
The Swing Line Lender shall furnish the Borrower with a copy of the applicable Committed Loan Notice promptly after delivering
such notice to the Administrative Agent. Each Lender shall make an amount equal to its Applicable Percentage of the amount specified
in such Committed Loan Notice available to the Administrative Agent in immediately available funds (and the Administrative Agent
may apply Cash Collateral available with respect to the applicable Swing Line Loan) for the account of the Swing Line Lender at
the Administrative Agent’s Office not later than 1:00 p.m. on the day specified in such Committed Loan Notice, whereupon,
subject to Section 2.04(c)(ii), each Lender that so makes funds available shall be deemed to have made a Base Rate
Committed Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the Swing Line Lender.


 


(ii)           If
for any reason any Swing Line Loan cannot be refinanced by such a Committed Borrowing in accordance with Section 2.04(c)(i),
the request for Base Rate Committed Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request
by the Swing Line Lender that each of the Lenders fund its risk participation in the relevant Swing Line Loan and each Lender’s
payment to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i) shall
be deemed payment in respect of such participation.


 



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(iii)         If
any Lender fails to make available to the Administrative Agent for the account of the Swing Line Lender any amount required to
be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section
2.04(c)(i), the Swing Line Lender shall be entitled to recover from such Lender (acting through the Administrative Agent),
on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment
is immediately available to the Swing Line Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate
determined by the Swing Line Lender in accordance with banking industry rules on interbank compensation, plus any administrative,
processing or similar fees customarily charged by the Swing Line Lender in connection with the foregoing. If such Lender pays such
amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in
the relevant Committed Borrowing or funded participation in the relevant Swing Line Loan, as the case may be. A certificate of
the Swing Line Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause
(iii) shall be conclusive absent manifest error.


 


(iv)         Each
Lender’s obligation to make Committed Loans or to purchase and fund risk participations in Swing Line Loans pursuant to this
Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A)
any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lender, the Borrower
or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event
or condition, whether or not similar to any of the foregoing; provided, however,
that each Lender’s obligation to make Committed Loans pursuant to this Section 2.04(c) is subject to the conditions
set forth in Section 5.02. No such funding of risk participations shall relieve or otherwise impair the obligation
of the Borrower to repay Swing Line Loans, together with interest as provided herein.


 


(d)          Repayment
of Participations.


 


(i)           At
any time after any Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender receives
any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Lender its Applicable Percentage
thereof in the same funds as those received by the Swing Line Lender.


 


(ii)           If
any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned
by the Swing Line Lender under any of the circumstances described in Section 11.05 (including pursuant to any settlement
entered into by the Swing Line Lender in its discretion), each Lender shall pay to the Swing Line Lender its Applicable Percentage
thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned,
at a rate per annum equal to the Federal Funds Rate. The Administrative Agent will make such demand upon the request of the Swing
Line Lender. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination
of this Agreement.


 



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(e)          Interest
for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Borrower for interest on the
Swing Line Loans. Until each Lender funds its Base Rate Committed Loan or risk participation pursuant to this Section 2.04
to refinance such Lender’s Applicable Percentage of any Swing Line Loan, interest in respect of such Applicable Percentage
shall be solely for the account of the Swing Line Lender.


 


(f)           Payments
Directly to Swing Line Lender. The Borrower shall make all payments of principal and interest in respect of the Swing Line
Loans directly to the Swing Line Lender.


 


2.05        Prepayments.


 


(a)          Borrower
may, upon notice to Administrative Agent, at any time or from time to time voluntarily prepay Committed Loans in whole or in part
without premium or penalty; provided that (i) such notice must be received by Administrative Agent not later than
11:00 a.m. (A) three (3) Business Days prior to any date of prepayment of Eurodollar Rate Loans and (B) on the date of prepayment
of Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple
of $100,000 in excess thereof; and (iii) any prepayment of Base Rate Loans shall be in a principal amount of $100,000 or a whole
multiple of $25,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such
notice shall specify the date and amount of such prepayment and the Type(s) of Committed Loans to be prepaid and, if Eurodollar
Rate Loans are to be prepaid, the Interest Period(s) of such Loans. Administrative Agent will promptly notify each Lender of its
receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice
is given by Borrower, then Borrower shall make such prepayment and the payment amount specified in such notice shall be due and
payable on the date specified therein. Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on
the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Subject to Section
2.17, each such prepayment shall be applied to the Loans of the Lenders in accordance with their respective Applicable
Percentages.


 


(b)         
The Borrower may, upon notice to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from time to time,
voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that (i) such notice
must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment,
and (ii) any such prepayment shall be in a minimum principal amount of $25,000. Each such notice shall specify the date and amount
of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified
in such notice shall be due and payable on the date specified therein.


 



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(c)          If
for any reason the Total Outstandings at any time exceed the Available Loan Amount, then Borrower shall, within three (3) Business
Days, prepay Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided that
Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(b) unless
after the prepayment in full of the Loans the Total Outstandings exceed the Available Loan Amount with any prepayment hereunder
be applied first to any Base Rate Loans outstanding and then to the Eurodollar Rate Loans outstanding.


 


(d)          Upon
the occurrence of any Change of Control, the Commitment of each Lender shall automatically terminate and the Borrower shall, within
five (5) Business Days thereafter, (i) prepay in full the Outstanding Amount of Loans held by each Lender, (ii) Cash Collateralize
all outstanding L/C Obligations, and (iii) pay all fees, expenses and other amounts due to the Administrative Agent and the Lenders
hereunder.


 


2.06        Termination
or Reduction of Commitments. Borrower may,
upon notice to Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate
Commitments; provided that (i) any such notice shall be received by Administrative Agent not later than 11:00 a.m.
three (3) Business Days (or such shorter period agreed to by Administrative Agent in writing) prior to the date of termination
or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000
in excess thereof, (iii) Borrower shall not terminate or reduce the Aggregate Commitments if, after giving effect thereto and
to any concurrent prepayments hereunder, the Total Outstandings would exceed the Available Loan Amount, and (iv) if, after giving
effect to any reduction of the Aggregate Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount
of the Aggregate Commitments, then such Sublimit shall be automatically reduced by the amount of such excess. Administrative Agent
will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Commitments. Any reduction of
the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage. All fees accrued
until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination.


 


2.07        Repayment
of Loans.


 


(a)          Borrower
shall repay to the Lenders on the Maturity Date the aggregate principal amount of Committed Loans outstanding on such date.


 


(b)          The
Borrower shall repay each Swing Line Loan on the earlier to occur of (i) the date that is ten (10) Business Days after such Loan
is made and (ii) the Maturity Date; provided further that Swing Line Loans shall not be outstanding for more than fifteen (15)
days during each calendar month.


 



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2.08        Interest.


 


(a)          Subject
to the provisions of this Section 2.08 below, (i) each Eurodollar Rate Loan shall bear interest on the outstanding
principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus
the Applicable Rate; (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable
borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate; and each Swing Line Loan shall bear
interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate
plus the Applicable Rate.


 


(i)            If
any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity,
by acceleration or otherwise, then such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times
equal to the Default Rate to the fullest extent permitted by applicable Laws.


 


(ii)           If
any amount (other than principal of any Loan) payable by Borrower under any Loan Document is not paid when due (without regard
to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of Required Lenders,
such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the
fullest extent permitted by applicable Laws.


 


(iii)          Upon
the request of Required Lenders, while any Event of Default exists, Borrower shall pay interest on the principal amount of all
outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest
extent permitted by applicable Laws.


 


(iv)          Accrued
and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.


 


(b)          Interest
on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may
be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment,
and before and after the commencement of any proceeding under any Debtor Relief Law.


 


2.09        Fees.
In addition to certain fees described in subsections (h) and (i) of Section 2.03, Borrower shall pay
to Administrative Agent for the account of each Lender in accordance with its Applicable Percentage, an unused fee equal to the
Unused Rate times the actual daily amount by which the Aggregate Commitments exceed the sum of (i) the Outstanding Amount of Committed
Loans and (ii) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in Section 2.17. The
unused fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions
in Article V is not met, and shall be due and payable monthly in arrears on the tenth (10th) Business Day after
the end of each month, commencing with the first such date to occur after the Closing Date, and on the last day of the Availability
Period. The unused fee shall be calculated monthly in arrears.


 



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2.10        Computation
of Interest and Fees; Retroactive Adjustments of Applicable Rate.


 


(a)          All
computations of fees and interest shall be made on the basis of a 360 day year and actual days elapsed (which results in more fees
or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for
the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such
portion is paid; provided that any Loan that is repaid on the same day on which it is made shall, subject to Section
2.12(a), bear interest for one (1) day. Each determination by Administrative Agent of an interest rate or fee hereunder
shall be conclusive and binding for all purposes, absent manifest error.


 


(b)          If,
as a result of any restatement of or other adjustment to the financial statements of Parent or for any other reason, then Parent,
Borrower, Administrative Agent, or the Lenders determine that (i) the Consolidated Leverage Ratio as calculated by Parent and Borrower
as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in
higher pricing for such period, then Borrower shall be obligated to pay to Administrative Agent for the account of the applicable
Lenders or L/C Issuer, as the case may be, within three (3) Business Days after demand by Administrative Agent (or, after the occurrence
of an actual or deemed entry of an order for relief with respect to any Loan Party under the Bankruptcy Code of the United States,
automatically and without further action by Administrative Agent, any Lender or L/C Issuer), an amount equal to the excess of the
amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such
period. This paragraph shall not limit the rights of Administrative Agent, any Lender or L/C Issuer, as the case may be, under
Section 2.03(c)(iii), 2.03(i) or 2.08 or under Article IX. Borrower’s
obligations under this paragraph shall survive the termination of the Aggregate Commitments and the repayment of all other Obligations
hereunder.


 


2.11        Evidence
of Debt.


 


(a)          The
Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by Administrative
Agent in the ordinary course of business. The accounts or records maintained by Administrative Agent and each Lender shall be conclusive
absent manifest error of the amount of the Credit Extensions made by the Lenders to Borrower and the interest and payments thereon.
Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of Borrower hereunder
to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained
by any Lender and the accounts and records of Administrative Agent in respect of such matters, the accounts and records of Administrative
Agent shall control in the absence of manifest error. Upon the request of any Lender made through Administrative Agent, Borrower
shall execute and deliver to such Lender (through Administrative Agent) a Note, which shall evidence such Lender’s Loans
in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable),
amount and maturity of its Loans and payments with respect thereto.


 



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(b)          In
addition to the accounts and records referred to in subsection (a), each Lender and Administrative Agent shall maintain
in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in
Letters of Credit and Swing Line Loans. In the event of any conflict between the accounts and records maintained by Administrative
Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of Administrative Agent shall
control in the absence of manifest error.


 


2.12        Payments
Generally; Administrative Agent’s Clawback.


 


(a)          General.
All payments to be made by Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff.
Except as otherwise expressly provided herein, all payments by Borrower hereunder shall be made to Administrative Agent, for the
account of the respective Lenders to which such payment is owed, at Administrative Agent’s Office in Dollars and in immediately
available funds not later than 1:00 p.m. on the date specified herein. Administrative Agent will promptly distribute to each Lender
its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer
to such Lender’s Lending Office. If and to the extent Administrative Agent shall not make such payments to a Lender when
due as set forth in the preceding sentence, then such unpaid amounts shall accrue interest, payable by Administrative Agent, at
the Federal Funds Rate from the due date until (but not including) the date on which Administrative Agent makes such payments to
such Lender. All payments received by Administrative Agent after 1:00 p.m. shall be deemed received on the next succeeding Business
Day and any applicable interest or fee shall continue to accrue. If any payment to be made by Borrower shall come due on a day
other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected
in computing interest or fees, as the case may be.


 



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(b)         Clawback.


 


(i)           Funding
by Lenders; Presumption by Administrative Agent. Unless Administrative Agent shall have received notice from a Lender prior
to the proposed date of any Committed Borrowing of Eurodollar Rate Loans (or, in the case of any Committed Borrowing of Base Rate
Loans, prior to 1:00 p.m. on the date of such Borrowing) that such Lender will not make available to Administrative Agent such
Lender’s share of such Committed Borrowing, Administrative Agent may assume that such Lender has made such share available
on such date in accordance with Section 2.02 (or, in the case of a Committed Borrowing of Base Rate Loans, that such
Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance
upon such assumption, make available to Borrower a corresponding amount. The Administrative Agent shall use its best efforts to
provide the Borrower with notice (but failure to provide such notice shall not act as a waiver or limitation of any of the Administrative
Agent’s rights under this Section 2.12(b)) of its intent to so fund to the Borrower without having received all Lenders’
share of such Committed Borrowing. In such event, if a Lender has not in fact made its share of the applicable Committed Borrowing
available to Administrative Agent, then the applicable Lender and Borrower severally agree to pay to Administrative Agent forthwith
on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date
such amount is made available to Borrower to but excluding the date of payment to Administrative Agent, at (A) in the case of a
payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by Administrative Agent in accordance
with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged
by Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by Borrower, the interest
rate applicable to Base Rate Loans. If Borrower and such Lender shall pay such interest to Administrative Agent for the same or
an overlapping period, then Administrative Agent shall promptly remit to Borrower the amount of such interest paid by Borrower
for such period. If such Lender pays its share of the applicable Committed Borrowing to Administrative Agent, then the amount so
paid shall constitute such Lender’s Committed Loan included in such Committed Borrowing. Any payment by Borrower shall be
without prejudice to any claim Borrower may have against a Lender that shall have failed to make such payment to Administrative
Agent.


 


(ii)          Payments
by Borrower; Presumptions by Administrative Agent. Unless Administrative Agent shall have received notice from Borrower prior
to the date on which any payment is due to Administrative Agent for the account of the Lenders or L/C Issuer hereunder that Borrower
will not make such payment, Administrative Agent may assume that Borrower has made such payment on such date in accordance herewith
and may, in reliance upon such assumption, distribute to the Lenders or L/C Issuer, as the case may be, the amount due. In such
event, if Borrower has not in fact made such payment, then each of the Lenders or L/C Issuer, as the case may be, severally agrees
to repay to Administrative Agent forthwith on demand the amount so distributed to such Lender or L/C Issuer, in immediately available
funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date
of payment to Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by Administrative Agent in accordance
with banking industry rules on interbank compensation, within one (1) Business Day. If and to the extent Administrative Agent shall
not return such funds to a Lender when due as set forth in the preceding sentence, then such unpaid amounts shall accrue interest,
payable by Administrative Agent, at the Federal Funds Rate from the due date until (but not including) the date on which Administrative
Agent returns such funds to such Lender.


 


A notice of Administrative
Agent to any Lender or Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent
manifest error.


 



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(c)          Failure
to Satisfy Conditions Precedent. If any Lender makes available to Administrative Agent funds for any Loan to be made by such
Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to Borrower
by Administrative Agent because the conditions to the applicable Credit Extension set forth in Article V are not satisfied
or waived in accordance with the terms hereof, then Administrative Agent shall return such funds (in like funds as received from
such Lender) to such Lender, without interest.


 


(d)          Obligations
of Lenders Several. The obligations of the Lenders hereunder to make Loans, to fund participations in Swing Line Loans and/or
in Letters of Credit and to make payments pursuant to Section 11.04(d) are several and not joint. The failure of
any Lender to make any Loan, to fund any participation or to make any payment under Section 11.04(d) on any date
required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall
be responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under
Section 11.04(d).


 


(e)          Funding
Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner
or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place
or manner.


 


2.13        Sharing
of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of the Committed Loans made by it, or the participations in Swing Line
Loans or L/C Obligations held by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount
of such Committed Loans or participations and accrued interest thereon greater than its pro rata share thereof as provided herein,
then the Lender receiving such greater proportion shall (a) notify Administrative Agent of such fact, and (b) purchase (for cash
at face value) participations in the Committed Loans and subparticipations in Swing Line Loans or L/C Obligations of the other
Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the
Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Committed Loans
and other amounts owing them, provided that:


 


(i)            if
any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered,
such participations or subparticipations shall be rescinded and the purchase price immediately restored to the extent of such recovery,
without interest; and


 


(ii)           the
provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of Borrower pursuant to and
in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting
Lender), (y) the application of Cash Collateral provided for in Section 2.16, or (z) any payment obtained by a Lender
as consideration for the assignment of or sale of a participation in any of its Committed Loans or subparticipations in Swing Line
Loans or L/C Obligations to any assignee or participant, other than an assignment to Borrower or any Affiliate thereof (as to which
the provisions of this Section shall apply).


 



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Each Loan Party consents
to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation.


 


2.14        Extension
of Maturity Date.


 


(a)          Request
for Extension. Parent and Borrower may, by written notice to Administrative Agent (who shall promptly notify the Lenders) not
earlier than ninety (90) days and not later than sixty (60) days prior to the Initial Maturity Date, request that the Initial Maturity
Date be extended to the Extended Maturity Date.


 


(b)          Effectiveness
of Extension. If so extended, then the Initial Maturity Date shall be extended to the Extended Maturity Date, effective as
of the Initial Maturity Date or such earlier date that Administrative Agent shall have determined that the Borrower shall have
met the conditions set forth herein, (the “Extension Effective Date”) subject further to the Borrower’s
continued satisfaction of such conditions as of the Initial Maturity Date as set forth below. Administrative Agent, Parent, and
Borrower shall promptly confirm to the Lenders such extension. As a condition precedent to such extension, (i) Parent and Borrower
shall deliver to Administrative Agent a certificate of each Loan Party dated as of the Extension Effective Date (in sufficient
copies for each Lender) signed by a Responsible Officer of each Loan Party (A) providing evidence satisfactory to Administrative
Agent that each Loan Party has taken all necessary action to authorize such extension and (B) in the case of Parent and Borrower,
certifying that, before and after giving effect to such extension, (I) the representations and warranties contained in the Loan
Documents are true and correct in all material respects on and as of the Extension Effective Date and (as applicable) the Initial
Maturity Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case
they are true and correct in all material respects as of such earlier date, and except that for purposes of this Section 2.14,
the representations and warranties contained in Section 6.05(b) shall be deemed to refer to the most-recent statements furnished
pursuant to Section 7.01(b), and (II) no Default exists before or after giving effect to such extension; and (ii) Borrower
shall have paid to Administrative Agent, for the account of each Lender, an extension fee in an amount equal to twenty basis points
(0.20%) times such Lender’s Commitment.


 


(c)          Conflicting
Provisions. This Section shall supersede any provisions in Section 11.01 to the contrary.


 



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2.15        Increase
in Commitments.


 


(a)          Election
to Increase. Provided there exists no Default, upon notice to Administrative Agent (which shall promptly notify the Lenders),
Parent and Borrower may from time to time, request an increase in the Aggregate Commitments to an amount not exceeding $250,000,000
(less the amount of any permanent reductions in the Aggregate Commitments pursuant to Sections 2.06(a)) either by
designating another bank or financial institution not theretofore a Lender to become a Lender (such designation to be effective
only with the prior written consent of the Administrative Agent and the L/C Issuer and the Swing Line Lender, which consents will
not be unreasonably withheld, conditioned or delayed) and/or by agreeing with an existing Lender or Lenders that such Lender’s
Commitment shall be increased; provided that (i) any such election for an increase by such other bank or financial
institution not theretofore a Lender shall be in a minimum amount of $10,000,000 in any one instance, (ii) Parent and Borrower
may make a maximum of two (2) such requests, and (iii) no Lender shall have any obligation to increase its Commitment hereunder.
 Upon execution and delivery by the Borrower and such Lender or other bank or financial institution
of an instrument in form and substance reasonably satisfactory to the Administrative Agent to effect such increase, including,
as required, a new or amended Note, such existing Lender shall have a Commitment as therein set forth or such bank or financial
institution shall become a Lender with a Commitment as therein set forth and all the rights and obligations of a Lender with such
a Commitment hereunder.


 


(b)          Effective
Date. If the Aggregate Commitments are increased in accordance with this Section 2.15, then Administrative Agent,
Parent, and Borrower shall determine the effective date (the “Increase Effective Date”). Administrative
Agent shall promptly notify Parent, Borrower, and the Lenders of the Increase Effective Date.


 


(c)          Conditions
to Effectiveness of Increase. As a condition precedent to such increase, Parent and Borrower shall deliver to Administrative
Agent a certificate dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a Responsible Officer
of Parent or Borrower (on behalf of each Loan Party) (i) certifying and attaching the resolutions adopted by such Parent and Borrower
(on behalf of each Loan Party) approving or consenting to such increase, and (ii) certifying that, before and after giving effect
to such increase, (A) the representations and warranties contained in Article VI and the other Loan Documents are
true and correct in all material respects on and as of the Increase Effective Date, except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such
earlier date, and except that for purposes of this Section 2.15, the representations and warranties contained in
Section 6.05(b) shall be deemed to refer to the most-recent statements furnished pursuant to Section 7.01(b),
and (B) no Default exists. Borrower shall prepay any Loans outstanding on the Increase Effective Date (and pay any additional
amounts required pursuant to Section 3.05) to the extent necessary to keep the outstanding Loans ratable with any
revised Applicable Percentages arising from any nonratable increase in the Commitments under this Section 2.15.


 


(d)          Conflicting
Provisions. This Section shall supersede any provisions in Section 2.13 or 11.01 to the
contrary.


 



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2.16        Cash
Collateral.


 


(a)          Certain
Credit Support Events. Upon the request of Administrative Agent or L/C Issuer if (i) L/C Issuer has honored any full or partial
drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii) as of the Letter of Credit
Expiration Date, any L/C Obligation for any reason remains outstanding, Borrower shall, in each case, within two (2) Business Days
Cash Collateralize the then Outstanding Amount of all L/C Obligations. At any time that there shall exist a Defaulting Lender,
within five (5) Business Days of the request of Administrative Agent, the Swing Line Lender or L/C Issuer, Borrower shall deliver
to Administrative Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving effect to Section
2.17(a)(iv), Section 11.13, and any Cash Collateral provided by the Defaulting Lender).


 


(b)          Grant
of Security Interest. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained
in blocked, interest-bearing deposit accounts at RBS. Borrower, and to the extent provided by any Lender, such Lender, hereby grants
to (and subjects to the control of) Administrative Agent, for the benefit of Administrative Agent, L/C Issuer and the Lenders (including
the Swing Line Lender), and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances
therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security
for the obligations to which such Cash Collateral may be applied pursuant to Section 2.16(c). If at any time Administrative
Agent determines that Cash Collateral is subject to any right or claim of any Person other than Administrative Agent as herein
provided, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations
secured thereby, Borrower or the relevant Defaulting Lender will, within five (5) Business Days after demand by Administrative
Agent, pay or provide to Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.


 


(c)          Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.16
or Sections 2.03, 2.05, 2.17 or 9.02 in respect of Letters of Credit
or Swing Line Loans shall be held and applied to the satisfaction of the specific L/C Obligations, Swing Line Loans, obligations
to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such
obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property
as may be provided for herein.


 


(d)          Release.
Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall be released
promptly following:


 


(i)           the
elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting
Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with Section 11.06(b)(vi))), or


 


(ii)          Administrative
Agent’s good faith determination that there exists excess Cash Collateral; provided that (x) that Cash Collateral
furnished by or on behalf of a Loan Party shall not be released during the continuance of a Default or Event of Default (and following
application as provided in this Section 2.16 may be otherwise applied in accordance with Section 9.03),
and (y) the Person providing Cash Collateral and L/C Issuer or the Swing Line Lender may agree that Cash Collateral shall not
be released but instead held to support future anticipated Fronting Exposure or other obligations.


 



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2.17        Defaulting
Lenders.


 


(a)          Adjustments.
Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such
time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:


 


(i)           Waivers
and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in Section 11.01.


 


(ii)          Reallocation
of Payments. Any payment of principal, interest, fees or other amounts received by Administrative Agent for the account of
that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article IX or otherwise, and including
any amounts made available to Administrative Agent by that Defaulting Lender pursuant to Section 11.08), shall be
applied at such time or times as may be reasonably determined by Administrative Agent as follows: 
first, to the payment of any amounts owing by that Defaulting Lender to Administrative Agent hereunder; second,
to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to L/C Issuer or Swing Line Lender hereunder;
third, if so determined by Administrative Agent or requested by L/C Issuer or Swing Line Lender, to be held as Cash
Collateral for future funding obligations of that Defaulting Lender of any participation in any Swing Line Loan or Letter of Credit;
fourth, as Borrower may request (so long as no Event of Default exists), to the funding of any Loan in respect of
which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by Administrative
Agent; fifth, if so determined by Administrative Agent and Borrower, to be held in an interest bearing deposit account
and released in order to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement; sixth, to
the payment of any amounts owing to the Lenders, Swing Line Lender, or L/C Issuer as a result of any judgment of a court of competent
jurisdiction obtained by any Lender, Swing Line Lender, or L/C Issuer against that Defaulting Lender as a result of that Defaulting
Lender’s breach of its obligations under this Agreement; seventh, so long as no Event of Default exists, to
the payment of any amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained by Borrower
against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and
eighth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that
if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which that Defaulting
Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made at a time when the conditions
set forth in Section 5.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of and
L/C Borrowings owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of or
L/C Borrowings owed to, that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender
that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.17(a)(ii)
shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.


 



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(iii)         Certain
Fees. That Defaulting Lender (x) shall not be entitled to receive any unused fee pursuant to Section 2.09 for any period
during which that Lender is a Defaulting Lender (and Borrower shall not be required to pay any such fee that otherwise would have
been required to have been paid to that Defaulting Lender) pursuant to Section 2.09 for any period during which that Lender
is a Defaulting Lender and the Borrower shall (A) except to the extent Borrower has provided Cash Collateral with respect to such
Defaulting Lender’s Fronting Exposure, be required to pay to the Swing Line Lender, as applicable, the amount of such fee
allocable to its Fronting Exposure arising from that Defaulting Lender and (B) not be required to pay the remaining amount of such
fee that otherwise would have been required to have been paid to that Defaulting Lender, and (y) shall be limited in its right
to receive Letter of Credit Fees as provided in Section 2.03(h).


 


(iv)         Reallocation
of Applicable Percentages to Reduce Fronting Exposure. During any period in which there is a Defaulting Lender, for purposes
of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters
of Credit pursuant to Section 2.03, or Swing Line Loans pursuant to Section 2.04, the “Applicable
Percentage” of each non-Defaulting Lender shall be computed without giving effect to the Commitment of that Defaulting Lender;
provided that (i) each such reallocation shall be given effect only if, at the date the applicable Lender becomes
a Defaulting Lender, no Event of Default exists; and (ii) the aggregate obligation of each non-Defaulting Lender to acquire, refinance
or fund participations in Letters of Credit or Swing Line Loans shall not exceed the positive difference, if any, of (1) the Commitment
of that non-Defaulting Lender minus (2) the aggregate Outstanding Amount of the Committed Loans of that Lender.


 


(b)         Defaulting
Lender Cure. If Borrower, Administrative Agent, Swing Line Lender, and L/C Issuer agree in writing in their sole discretion
that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, Administrative Agent will so notify the parties
hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may
include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of
outstanding Loans of the other Lenders or take such other actions as Administrative Agent may determine to be necessary to cause
the Loans and funded and unfunded participations in Letters of Credit or Swing Line Loans to be held on a pro rata basis by the
Lenders in accordance with their Applicable Percentages (without giving effect to Section 2.17(a)(iv)), whereupon
that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to
fees accrued or payments made by or on behalf of Borrower while that Lender was a Defaulting Lender; and provided, further,
that, except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender
to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been
a Defaulting Lender.


 



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2.18        Guaranties.
Pursuant to the Parent Guaranty, Parent shall unconditionally Guarantee in favor of Administrative Agent and Lenders the full
payment and performance of the Obligations. Pursuant to the Subsidiary Guaranty or an addendum thereto in the form attached to
the Subsidiary Guaranty, Parent and Borrower shall cause each Subsidiary Guarantor to execute a Subsidiary Guaranty unconditionally
guarantying in favor of Administrative Agent and Lenders the full payment and performance of the Obligations.


 


Article
III.

Taxes, Yield Protection and Illegality


 


3.01        Taxes.


 


(a)          Payments
Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.


 


(i)           Any
and all payments by or on account of any obligation of Borrower hereunder or under any other Loan Document shall to the extent
permitted by applicable Laws be made free and clear of and without reduction or withholding for any Taxes. If, however, applicable
Laws require Borrower or Administrative Agent to withhold or deduct any Tax, such Tax shall be withheld or deducted in accordance
with such Laws as determined by Borrower or Administrative Agent, as the case may be, upon the basis of the information and documentation
to be delivered pursuant to subsection (e) below.


 


(ii)          If
Borrower or Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both United States Federal
backup withholding and withholding taxes, from any payment, then (A) Administrative Agent or Borrower, as applicable, shall withhold
or make such deductions as are determined by Administrative Agent to be required based upon the information and documentation it
has received pursuant to subsection (e) below, (B) Administrative Agent or Borrower, as applicable, shall timely
pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code, and (C) to the extent
that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by Borrower shall be
increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable
to additional sums payable under this Section) Administrative Agent, Lender or L/C Issuer, as the case may be, receives
an amount equal to the sum it would have received had no such withholding or deduction been made.


 



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(b)          Payment
of Other Taxes by Borrower. Without limiting the provisions of subsection (a) above, Borrower shall timely pay
any Other Taxes to the relevant Governmental Authority in accordance with applicable Laws.


 


(c)          Tax
Indemnifications.


 


(i)           Without
limiting the provisions of subsection (a) or (b) above, Borrower shall, and does hereby, indemnify Administrative
Agent, each Lender and L/C Issuer, and shall make payment in respect thereof within ten (10) days after demand therefor, for the
full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable
to amounts payable under this Section) withheld or deducted by Borrower or Administrative
Agent or paid by Administrative Agent, such Lender or L/C Issuer, as the case may be, and any penalties, interest and reasonable
expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. Borrower shall also, and does hereby, indemnify Administrative Agent,
and shall make payment in respect thereof within 10 days after demand therefor, for any amount which a Lender or L/C Issuer for
any reason fails to pay indefeasibly to Administrative Agent as required by clause (ii) of this subsection. A
certificate as to the amount of any such payment or liability delivered to Borrower by a Lender or L/C Issuer (with a copy to Administrative
Agent), or by Administrative Agent on its own behalf or on behalf of a Lender or L/C Issuer, shall be conclusive absent manifest
error.


 


(ii)          Without
limiting the provisions of subsection (a) or (b) above, each Lender and L/C Issuer shall, and does hereby,
indemnify Borrower and Administrative Agent, and shall make payment in respect thereof within ten (10) days after demand therefor,
against any and all Taxes and any and all related losses, claims, liabilities, penalties, interest and expenses (including the
fees, charges and disbursements of any counsel for Borrower or Administrative Agent) incurred by or asserted against Borrower or
Administrative Agent by any Governmental Authority as a result of the failure by such Lender or L/C Issuer, as the case may be,
to deliver, or as a result of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered by such Lender
or L/C Issuer, as the case may be, to Borrower or Administrative Agent pursuant to subsection (e). Each Lender and
L/C Issuer hereby authorizes Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or
L/C Issuer, as the case may be, under this Agreement or any other Loan Document against any amount due to Administrative Agent
under this clause (ii). The agreements in this clause (ii) shall survive the resignation and/or replacement
of Administrative Agent, any assignment of rights by, or the replacement of, a Lender or L/C Issuer, the termination of the Aggregate
Commitments and the repayment, satisfaction or discharge of all other Obligations.


 



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(d)         Evidence
of Payments. Upon request by Borrower or Administrative Agent, as the case may be, after any payment of Taxes by Borrower or
by Administrative Agent to a Governmental Authority as provided in this Section 3.01, Borrower shall deliver to Administrative
Agent or Administrative Agent shall deliver to Borrower, as the case may be, the original or a certified copy of a receipt issued
by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence
of such payment reasonably satisfactory to Borrower or Administrative Agent, as the case may be.


 


(e)         Status
of Lenders; Tax Documentation.


 


(i)           Each
Lender shall deliver to Borrower and to Administrative Agent, at the time or times prescribed by applicable Laws or when reasonably
requested by Borrower or Administrative Agent, such properly completed and executed documentation prescribed by applicable Laws
or by the taxing authorities of any jurisdiction and such other reasonably requested information as will permit Borrower or Administrative
Agent, as the case may be, to determine (A) whether or not payments made hereunder or under any other Loan Document are subject
to Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) such Lender’s entitlement to any available
exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such Lender by Borrower pursuant to
this Agreement or otherwise to establish such Lender’s status for withholding tax purposes in the applicable jurisdiction.


 


(ii)          Without
limiting the generality of the foregoing, if Borrower is resident for tax purposes in the United States,


 


(A)      any
Lender that is a “United States person” within the meaning of Section 7701(a)(30) of the Code shall deliver
to Borrower and Administrative Agent executed originals of Internal Revenue Service Form W-9 or such other documentation or information
prescribed by applicable Laws or reasonably requested by Borrower or Administrative Agent as will enable Borrower or Administrative
Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting requirements;
and


 


(B)       each
Foreign Lender that is entitled under the Code or any applicable treaty to an exemption from or reduction of withholding tax with
respect to payments hereunder or under any other Loan Document shall deliver to Borrower and Administrative Agent (in such number
of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the request of Borrower or Administrative Agent, but only if such Foreign Lender
is legally entitled to do so), whichever of the following is applicable:


 


(1)          executed
originals of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United
States is a party,


 



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(2)          executed
originals of Internal Revenue Service Form W-8ECI,


 


(3)          executed
originals of Internal Revenue Service Form W-8IMY and all required supporting documentation,


 


(4)          in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x)
a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A)
of the Code, (B) a “10 percent shareholder” of Borrower within the meaning of section 881(c)(3)(B) of the Code,
or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) executed originals
of  Internal Revenue Service Form W-8BEN, or


 


(5)          executed
originals of any other form prescribed by applicable Laws as a basis for claiming exemption from or a reduction in United States
Federal withholding tax together with such supplementary documentation as may be prescribed by applicable Laws to permit Borrower
or Administrative Agent to determine the withholding or deduction required to be made.


 


(iii)          Each
Lender shall promptly (A) notify Borrower and Administrative Agent of any change in circumstances which would modify or render
invalid any claimed exemption or reduction, and (B) take such steps as shall not be materially disadvantageous to it, in the reasonable
judgment of such Lender, and as may be reasonably necessary (including the re-designation of its Lending Office) to avoid any requirement
of applicable Laws of any jurisdiction that Borrower or Administrative Agent make any withholding or deduction for taxes from amounts
payable to such Lender.


 


(f)          Treatment
of Certain Refunds. Unless required by applicable Laws, at no time shall Administrative Agent have any obligation to file for
or otherwise pursue on behalf of a Lender or L/C Issuer, or have any obligation to pay to any Lender or L/C Issuer, any refund
of Taxes withheld or deducted from funds paid for the account of such Lender or L/C Issuer, as the case may be. If Administrative
Agent, any Lender or L/C Issuer determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as
to which it has been indemnified by Borrower or with respect to which Borrower has paid additional amounts pursuant to this
Section, it shall pay to Borrower an amount equal to such refund (but only to the extent of indemnity
payments made, or additional amounts paid, by Borrower under this Section with respect to the Taxes or Other Taxes giving
rise to such refund), net of all out-of-pocket expenses incurred by Administrative Agent, such Lender or L/C Issuer, as the case
may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund),
provided that Borrower, upon the request of Administrative Agent, such Lender or L/C Issuer, agrees to repay the amount
paid over to Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to Administrative
Agent, such Lender or L/C Issuer in the event Administrative Agent, such Lender or L/C Issuer is required to repay such refund
to such Governmental Authority. This subsection shall not be construed to require Administrative Agent, any Lender or L/C
Issuer to make available its tax returns (or any other information relating to its taxes that it deems confidential) to Borrower
or any other Person.


 



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3.02        Illegality.
If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful,
for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the
Eurodollar Rate, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed
material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank
market, then, on notice thereof by such Lender to Borrower through Administrative Agent, (i) any obligation of such Lender to
make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and (ii) if
such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined
by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall,
if necessary to avoid such illegality, be determined by Administrative Agent without reference to the Eurodollar Rate component
of the Base Rate, in each case until such Lender notifies Administrative Agent and Borrower that the circumstances giving rise
to such determination no longer exist. Upon receipt of such notice, (x) Borrower shall, upon demand from such Lender (with a copy
to Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest
rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by Administrative Agent
without reference to the Eurodollar Rate component of the Base Rate), either on the last day of the Interest Period therefor,
if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not
lawfully continue to maintain such Eurodollar Rate Loans and (y) if such notice asserts the illegality of such Lender determining
or charging interest rates based upon the Eurodollar Rate, Administrative Agent shall during the period of such suspension compute
the Base Rate applicable to such Lender without reference to the Eurodollar Rate component thereof until Administrative Agent
is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based
upon the Eurodollar Rate. Upon any such prepayment or conversion, Borrower shall also pay accrued interest on the amount so prepaid
or converted.


 


3.03        Inability
to Determine Rates. If Required Lenders determine that for any reason in connection with any request for a Eurodollar
Rate Loan or a conversion to or continuation thereof that (a) Dollar deposits are not being offered to banks in the London interbank
eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan, (b) adequate and reasonable means
do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate
Loan or in connection with an existing or proposed Base Rate Loan, or (c) the Eurodollar Rate for any requested Interest Period
with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such
Loan, then Administrative Agent will promptly so notify Borrower and each Lender. Thereafter, (x) the obligation of the Lenders
to make or maintain Eurodollar Rate Loans shall be suspended, and (y) in the event of a determination described in the preceding
sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining
the Base Rate shall be suspended, in each case until Administrative Agent (upon the instruction of Required Lenders) revokes such
notice. Upon receipt of such notice, Borrower may revoke any pending request for a Borrowing of, conversion to or continuation
of Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into a request for a Committed Borrowing
of Base Rate Loans in the amount specified therein.


 



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3.04        Increased
Costs; Reserves on Eurodollar Rate Loans.


 


(a)          Increased
Costs Generally. If any Change in Law shall: 


 


(i)           impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated
by Section 3.04(e)) or L/C Issuer;


 


(ii)          subject
any Lender or L/C Issuer to any tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any participation
in a Letter of Credit or any Eurodollar Rate Loan made by it, or change the basis of taxation of payments to such Lender or L/C
Issuer in respect thereof (except for Indemnified Taxes or Other Taxes covered by Section 3.01 and the imposition
of, or any change in the rate of, any Excluded Tax payable by such Lender or L/C Issuer); or


 


(iii)         impose
on any Lender or L/C Issuer or the London interbank market any other condition, cost or expense affecting this Agreement or Eurodollar
Rate Loans made by such Lender or any Letter of Credit or participation therein;


 


and the result of any of the foregoing
shall be to increase the cost to such Lender of making or maintaining any Loan the interest on which is determined by reference
to the Eurodollar Rate (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or L/C
Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or
to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or L/C Issuer hereunder
(whether of principal, interest or any other amount) then, upon request of such Lender or L/C Issuer, then Borrower will pay to
such Lender or L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or L/C Issuer,
as the case may be, for such additional costs incurred or reduction suffered. 


 








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(b)           Capital
Requirements. If any Lender or L/C Issuer determines that any Change in Law affecting such Lender or L/C Issuer or any Lending
Office of such Lender or such Lender’s or L/C Issuer’s holding company, if any, regarding capital requirements has
or would have the effect of reducing the rate of return on such Lender’s or L/C Issuer’s capital or on the capital
of such Lender’s or L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such
Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by L/C
Issuer, to a level below that which such Lender or L/C Issuer or such Lender’s or L/C Issuer’s holding company could
have achieved but for such Change in Law (taking into consideration such Lender’s or L/C Issuer’s policies and the
policies of such Lender’s or L/C Issuer’s holding company with respect to capital adequacy), then from time to time
Borrower will pay to such Lender or L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender
or L/C Issuer or such Lender’s or L/C Issuer’s holding company for any such reduction suffered.


 


(c)           Certificates
for Reimbursement. A certificate of a Lender or L/C Issuer setting forth the amount or amounts necessary to compensate such
Lender or L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of
this Section and delivered to Borrower shall be conclusive absent manifest error. Borrower shall pay such Lender or L/C
Issuer, as the case may be, the amount shown as due on any such certificate within fifteen (15) days after receipt thereof.


 


(d)           Delay
in Requests. Failure or delay on the part of any Lender or L/C Issuer to demand compensation pursuant to the foregoing provisions
of this Section shall not constitute a waiver of such Lender’s or L/C Issuer’s right to demand such compensation,
provided that Borrower shall not be required to compensate a Lender or L/C Issuer pursuant to the foregoing provisions of
this Section for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that such
Lender or L/C Issuer, as the case may be, notifies Borrower of the Change in Law giving rise to such increased costs or reductions
and of such Lender’s or L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving
rise to such increased costs or reductions is retroactive, then the nine-(9-)month period referred to above shall be extended to
include the period of retroactive effect thereof).


 


(e)           Reserves
on Eurodollar Rate Loans. Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves with
respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency
liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual
costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall
be conclusive), which shall be due and payable on each date on which interest is payable on such Loan, provided that 
Borrower shall have received at least ten (10) days’ prior notice (with a copy to Administrative
Agent) of such additional interest from such Lender. If a Lender fails to give notice ten (10) days prior to the relevant Interest
Payment Date, such additional interest shall be due and payable ten (10) days from receipt of such notice.


 


3.05       Compensation
for Losses. Upon demand of any Lender (with a copy to Administrative Agent) from time to time, Borrower shall promptly
compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:


 






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(a)           any
continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);


 


(b)           any
failure by Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert
any Loan other than a Base Rate Loan on the date or in the amount notified by Borrower; or


 


(c)           any
assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request
by Borrower pursuant to Section 11.13;


 


excluding any loss of anticipated profits
and including any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or
from fees payable to terminate the deposits from which such funds were obtained. Borrower shall also pay any customary administrative
fees charged by such Lender in connection with the foregoing.


 


For purposes of calculating
amounts payable by Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each
Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank
eurodollar market for a comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so
funded.


 


3.06        Mitigation
Obligations; Replacement of Lenders.


 


(a)           Designation
of a Different Lending Office. If any Lender requests compensation under Section 3.04, or Borrower is required to
pay any additional amount to any Lender, L/C Issuer, or any Governmental Authority for the account of any Lender or L/C Issuer
pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then such Lender
or L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans
hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable
judgment of such Lender or L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant
to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or L/C Issuer, as the case may
be, to any material unreimbursed cost or expense and would not otherwise be materially disadvantageous to such Lender or L/C Issuer,
as the case may be. Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or L/C Issuer in connection
with any such designation or assignment.


 


(b)           Replacement
of Lenders. If any Lender requests compensation under Section 3.04, or if Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, then Borrower
may replace such Lender in accordance with Section 11.13.


 






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3.07           Survival.
All of Borrower’s obligations under this Article III shall survive termination of the Aggregate Commitments,
repayment of all other Obligations hereunder, and resignation of Administrative Agent.


 


Article
IV.

Borrowing Base


 


4.01           Initial
Borrowing Base. As of the Closing Date, the Borrowing Base shall consist of the Initial Borrowing Base Properties.


 


4.02           Changes
in Borrowing Base Calculation. Each change in the Borrowing Base shall be effective upon receipt of a new Borrowing
Base Report pursuant to Section 7.02(b); provided that any increase in the Borrowing Base reflected in such Borrowing
Base Report shall not become effective until (a) the first (1st) Business Day following admission of any new Borrowing
Base Property, and (b) the fifth (5th) Business Day following delivery of the new Borrowing Base Report in all other
instances, and provided, further, that any change in the Borrowing Base as a result of the admission of an
Acceptable Property into the Borrowing Base pursuant to Section 4.03 shall be effective upon the date that such
Acceptable Property is admitted into the Borrowing Base.


 


4.03           Requests
for Admission into Borrowing Base. Borrower shall provide Administrative Agent with a written request for an Acceptable
Property to be admitted into the Borrowing Base. Such request shall be accompanied by the following information regarding such
Acceptable Property (the “Property Information”) including the following, in each case reasonably acceptable
to Administrative Agent: (a) a general description of such Acceptable Property’s location, market, and amenities; (b) a
property description; (c) UCC searches related to the applicable Property Owner and the owners of the Equity Interests of such
Property Owner; (d) the documents and information with respect to such Acceptable Property listed in Section 4.11; (e)
a Borrowing Base Report setting forth in reasonable detail the calculations required to establish the amount of the Borrowing
Base with such Acceptable Property included in the Borrowing Base; (f) a Compliance Certificate setting forth in reasonable detail
the calculations required to show that the Parent and Borrower will be in compliance with the terms of this Agreement with the
inclusion of such Acceptable Property included the calculation of the Borrowing Base; and (g) such other customary information
reasonably requested by Administrative Agent as shall be necessary in order for Administrative Agent to determine whether such
Acceptable Property is eligible to be a Borrowing Base Property. Upon the reasonable request of any Lender, Administrative Agent
shall deliver to any such Lender all Property Information and other information delivered by Borrower to Administrative Agent
under this Section 4.03.


 


4.04           Eligibility.
In order for an Acceptable Property to be eligible for inclusion in the Borrowing Base, such Acceptable Property shall satisfy
the following unless otherwise approved by the Required Lenders:


 


  (a)           all
Property Information with respect to such Acceptable Property shall be reasonably acceptable to Administrative Agent; 


 






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(b)           no
Material Title Defect with respect to such Acceptable Property shall exist;


 


(c)           such
Acceptable Property shall have reasonably satisfactory access to public utilities;


 


(d)           the
admission of such Acceptable Property into the Borrowing Base shall not breach any obligation of the Borrower under any Contractual
Obligation;


 


(e)           the
Acceptable Environmental Report with respect to such Acceptable Property shall not reveal any Material Environmental Event; and


 


(f)           the
property condition report with respect to such Acceptable Property shall not reveal any material defects.


 


4.05         Approval
of Borrowing Base Properties. Each Acceptable Property shall be subject to Administrative Agent’s approval
for admission into the Borrowing Base. Administrative Agent hereby approves all Initial Borrowing Base Properties for admission
into the Borrowing Base.


 


4.06         Liens
on Borrowing Base Properties. An Acceptable Property shall not be admitted into the Borrowing Base until: (a) the
Borrower and any applicable Pledgors shall have executed and delivered (or caused to be executed and delivered) a Subsidiary Guaranty
and a Pledge Agreement covering the Equity Interests with respect to the applicable Property Owner and such Property Owner’s
general partner, if such Property Owner is a limited partnership; and (c) Borrower shall have delivered to Administrative Agent
all of the Property Information listed in Section 4.11.


 


4.07         Notice
of Admission of New Borrowing Base Properties. If, after the date of this Agreement, an Acceptable Property meets
all the requirements to be included in the Borrowing Base set forth in this Article IV, then Administrative Agent
shall notify Borrower and Lenders in writing (a) that such Acceptable Property is admitted into the Borrowing Base, and (b) of
any changes to the Borrowing Base as a result of the admission of such Acceptable Property into the Borrowing Base.


 


4.08         RESERVED.


 


4.09         Release
of Borrowing Base Property. The Borrower shall provide the Administrative Agent with no less than five (5) Business
Days written notice of any proposed sale, refinancing or other permanent disposition of any Borrowing Base Property, and in connection
therewith, Administrative Agent shall release such Borrowing Base Property from the Borrowing Base and any and all Liens in the
Equity Interests of the applicable Property Owner or individually related to such Property Owner granted pursuant to the Security
Documents and, where appropriate, release such Property Owner from the Subsidiary Guaranty; provided that no Default exists
before and after giving effect thereto (other than Defaults solely with respect to such Borrowing Base Property that would no
longer exist after giving effect to the release of such Borrowing Base Property from the Borrowing Base) and the Release Condition
shall be satisfied; provided, further, that Administrative Agent shall have no obligation to release any
such Liens or obligations without a Borrowing Base Report setting forth in reasonable detail the calculations required to establish
the amount of the Borrowing Base without such Borrowing Base Property and a Compliance Certificate setting forth in reasonable
detail the calculations required to show that Parent and Borrower are in compliance with the terms of this Agreement without the
inclusion of such Borrowing Base Property in the calculation of the Borrowing Base and the various financial covenants set forth
herein, in each case as of the date of such release and after giving effect to any such release. In addition, to the extent the
Administrative Agent has received a Subsidiary Guaranty and/or Equity Interest collateral with respect to any Company or Property
which does not own, directly or indirectly, a Borrowing Base Property, provided no Default is then in existence, the Administrative
Agent will release such Subsidiary Guaranty and/or Equity Interest collateral upon the request of the Borrower in connection with
any sale or financing not prohibited under this Agreement or the creation of any joint venture Investment not prohibited hereunder.


 






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4.10         Exclusion
Events. Each of the following events shall be an “Exclusion Event” with respect to a
Borrowing Base Property:


 


(a)           such
Borrowing Base Property suffers a Material Environmental Event after the date of this Agreement which the Administrative Agent
determines, acting reasonably and in good faith, materially impairs the Borrowing Base Asset Value or marketability of such Borrowing
Base Property;


 


(b)           Administrative
Agent determines that such Borrowing Base Property has suffered a Material Property Event after the date such Property was admitted
into the Borrowing Base (or in the case of an uninsured Casualty, in respect of such Borrowing Base Property, is reasonably likely
to become a Material Property Event) which the Administrative Agent determines, acting reasonably and in good faith, materially
impairs the Borrowing Base Asset Value or marketability of such Borrowing Base Property;


 


(c)           (i)
any default by any Property Owner, as tenant under any applicable Acceptable Ground Lease, in the observance or performance of
any material term, covenant, or condition of any applicable Acceptable Ground Lease on the part of such Property Owner to be observed
or performed and said default is not cured following the expiration of any applicable grace and notice periods therein provided,
or (ii)  the leasehold estate created by any applicable Acceptable Ground Lease shall be surrendered
or (iii)  any applicable Acceptable Ground Lease shall cease to be in full force and effect or
(iv) any applicable Acceptable Ground Lease shall be terminated or canceled for any reason or under any circumstances whatsoever,
or any of the material terms, covenants or conditions of any applicable Acceptable Ground Lease shall be modified, changed, supplemented,
altered, or amended in any manner not otherwise permitted hereunder without the consent of Administrative Agent; and


 


(d)           The
Improvements have been damaged (ordinary wear and tear excepted) and not repaired or are the subject of any pending or, to any
Loan Party’s knowledge, threatened Condemnation or adverse zoning proceeding, except as could not reasonably be expected
to cause a Material Property Event.


 






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After the occurrence
of any Exclusion Event, Administrative Agent, at the direction of Required Lenders in their sole discretion, shall have the right
at any time and from time to time to notify Borrower (the “Exclusion Notice”) that, effective ten (10)
Business Days after the giving of such notice and for so long as such circumstance exists, such Property shall no longer be considered
a Borrowing Base Property for purposes of determining the Borrowing Base. Borrowing Base Properties which have been subject to
an Exclusion Event may, at Borrower’s request, be released from the Borrowing Base; provided that such release shall
be subject to the conditions for release set forth in Section 4.09.


 


If Administrative Agent
delivers an Exclusion Notice and such Exclusion Event no longer exists, then Borrower may give Administrative Agent written notice
thereof (together with reasonably detailed evidence of the cure of such condition) and such Borrowing Base Property shall, effective
with the delivery by Borrower of the next Borrowing Base Report, be considered a Borrowing Base Property for purposes of calculating
the Borrowing Base as long as such Borrowing Base Property meets all the requirements to be included in the Borrowing Base set
forth in this Article IV. Any Property that is excluded from the Borrowing Base pursuant to this Section 4.10
may subsequently be reinstated as a Borrowing Base Property, even if an Exclusion Event exists, upon such terms and conditions
as Required Lenders may approve.


 


4.11         Documentation
Required with Respect to Borrowing Base Properties. Borrower shall deliver, or shall cause the applicable Property
Owner to deliver, each of the following with respect to each Acceptable Property to be admitted to the Borrowing Base:


 


(a)           UCC-1
financing statements which shall have been furnished for filing in all filing offices that Administrative Agent may reasonably
require;


 


(b)           if
such Acceptable Property is held pursuant to an Acceptable Ground Lease, true and correct copies of such Acceptable Ground Lease
and any Guarantees thereof; and (ii) to the extent required by Administrative Agent or the Required Lenders in their reasonable
discretion, recognition agreements and estoppel certificates executed by the lessor under such Acceptable Ground Lease, in form
and content reasonably satisfactory to Administrative Agent or the Required Lenders, as applicable;


 


(c)           a
true and correct rent roll for such Acceptable Property; and


 


(d)           a
current property conditions report performed by an engineer reasonably satisfactory to Administrative Agent.


 


Upon the reasonable request of any Lender,
Administrative Agent shall deliver to any such Lender all information delivered by Borrower, or the applicable Property Owner,
to Administrative Agent under this Section 4.11.


 


Article
V.

Conditions Precedent to Credit Extensions


 


5.01        Conditions
of Initial Credit Extension. The obligation of L/C Issuer, Swing Line Lender, and each Lender to make its initial
Credit Extension hereunder is subject to satisfaction of the following conditions precedent:


 






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(a)           Administrative
Agent’s receipt of the following, each of which shall be originals or telecopies (followed promptly by originals) unless
otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or,
in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory
to Administrative Agent and each of the Lenders:


 


(i)           executed
counterparts of this Agreement, the Guaranties, and the applicable Pledge Agreements, sufficient in number for distribution to
Administrative Agent, each Lender, and Borrower;


 


(ii)          a
Note executed by Borrower in favor of each Lender requesting a Note;


 


(iii)         such
certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each
Loan Party as Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof
authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party
is a party;


 


(iv)         such
documents and certifications as Administrative Agent may reasonably require to evidence that each Loan Party is duly organized
or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in each jurisdiction
where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the
extent that failure to do so would not have a Material Adverse Effect;


 


(v)         a
favorable opinion of legal counsel to the Loan Parties and local counsel to the Loan Parties in the jurisdictions in which the
Initial Borrowing Base Properties are located, in each case, addressed to Administrative Agent and each Lender, as to matters concerning
due formation and applicable good standing of the Loan Parties and the due execution and enforceability of the Loan Documents;


 


(vi)        a
certificate of a Responsible Officer of each Loan Party either (A) attaching copies of all consents, licenses and approvals required
in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan
Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that
no such consents, licenses or approvals are so required;


 


(vii)       a
certificate signed by a Responsible Officer of Borrower certifying (A) that the conditions specified in Sections 5.02(a)
and (b) have been satisfied, and (B) that there has been no event or circumstance since the date of the Pro Forma Financial
Statements that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect;


 






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(viii)       a
duly completed Borrowing Base Report and Compliance Certificate as of the Closing Date, signed by a Responsible Officer of Borrower;


 


(ix)           the
Property Information with respect to each of the Initial Borrowing Base Properties;


 


(x)           evidence
that all insurance required to be maintained pursuant to the Loan Documents has been obtained and is in effect; and


 


(xi)         such
other customary assurances, certificates, documents, consents or opinions as Administrative Agent, Swing Line Lender, L/C Issuer
or Required Lenders reasonably may require.


 


(b)           Any
fees required to be paid on or before the Closing Date shall have been paid.


 


(c)           Unless
waived by Administrative Agent, Borrower shall have paid all fees, charges and disbursements of counsel to Administrative Agent
(directly to such counsel if requested by Administrative Agent) to the extent invoiced prior to the Closing Date, plus such additional
amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements
incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude
a final settling of accounts between Borrower and Administrative Agent).


 


Notwithstanding anything
to the contrary set forth herein, or in any other Loan Document, the completion of the conditions to effectiveness of this Agreement
occurred on July 26, 2012. Each Loan Party, each Lender and Administrative Agent hereby acknowledge and agree that, notwithstanding
the immediately preceding sentence, this Agreement and the other Loan Documents shall be deemed to be effective as
of July 20, 2012.


 


Without limiting the
generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with
the conditions specified in this Section 5.01, each Lender that has signed this Agreement shall be deemed to have
consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to
or approved by or acceptable or satisfactory to a Lender unless Administrative Agent shall have received notice from such Lender
prior to the proposed Closing Date specifying its objection thereto.


 


5.02           Conditions
to all Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension (other than a
Committed Loan Notice requesting only a conversion of Committed Loans to the other Type, or a continuation of Eurodollar Rate
Loans) is subject to the following conditions precedent:


 






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(a)           The
representations and warranties of Borrower and each other Loan Party contained in Article VI or any other Loan Document,
or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct
in all material respects (except to the extent that any such representation and warranty is qualified as to “materiality,”
“Material Adverse Effect” or similar language, in which case it shall be true and correct in all respects (after giving
effect to any such qualification)) on and as of the date of such Credit Extension; provided, if any such representations
and warranties specifically refer to an earlier date, they shall be true and correct in all material respects (except to the extent
that any such representation and warranty is qualified as to “materiality,” “Material Adverse Effect” or
similar language, in which case it shall be true and correct in all respects (after giving effect to any such qualification)) as
of such earlier date; provided, further, that, for purposes of this Section 5.02, the representations and
warranties contained in Section 6.05(b) shall be deemed to refer to the most recent statements furnished pursuant
to Section 7.01(b).


 


(b)           No
Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof.


 


(c)           Administrative
Agent and, if applicable, Swing Line Lender or L/C Issuer shall have received a Request for Credit Extension in accordance with
the requirements hereof.


 


(d)           After
giving effect to such proposed Credit Extension, the Total Outstandings do not exceed the Available Loan Amount.


 


Each Request for Credit
Extension (other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type or a continuation
of Eurodollar Rate Loans) submitted by Borrower shall be deemed to be a representation and warranty that the conditions specified
in Sections 5.02(a), (b), and (d) have been satisfied on and as of the date of the applicable
Credit Extension.


 


Article
VI.

Representations and Warranties


 


Each of Parent and
Borrower represents and warrants to Administrative Agent and the Lenders that:


 


6.01           Existence,
Qualification and Power; Compliance with Laws. Parent, Borrower and each Subsidiary Guarantor (a) is duly organized
or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization,
(b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i)
own or lease its assets and carry on its business and (ii) in the case of the Loan Parties, execute, deliver, and perform its
obligations under the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, as applicable, in
good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its
business requires such qualification or license; except in each case referred to in clause (b)(i) or (c)
to the extent that failure to do so would not have a Material Adverse Effect.


 






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6.02        Authorization;
No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which such
Person is party, have been duly authorized by all necessary corporate or other organizational action, and do not and will not
(a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention
of, or the creation of any Lien under, or require any payment to be made under (i) any Contractual Obligation to which such Person
is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction,
writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate
any Law.


 


6.03        Governmental
Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to,
or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery
or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document except for those that have
been obtained, taken or made, as the case may be, and those specified herein.


 


6.04        Binding
Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed
and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered
will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto
in accordance with its terms, except as enforcement may be limited by Debtor Relief Laws or general equitable principles relating
to or limiting creditors’ rights generally.


 


6.05        Financial
Statements; No Material Adverse Effect.


 


(a)           The
Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby,
except as otherwise expressly noted therein; (ii) fairly present the financial condition of Parent as of the date thereof and their
results of operations for each period covered thereby in accordance with GAAP consistently applied throughout the each period covered
thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or
contingent, of Parent as of the date thereof, including liabilities for taxes, material commitments and Indebtedness.



 


(b)           The
most recent unaudited consolidated and consolidating balance sheets of Parent delivered pursuant to Section 7.01(b) (it
being acknowledged that, as of the Closing Date, no such balance sheets or statements have been so delivered), and the related
consolidated and consolidating statements of income or operations, consolidated shareholders’ equity and cash flows for the
fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered
thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition of Parent as of the date
thereof and its results of operations for the period covered thereby, subject, in the case of clauses (i) and (ii),
to the absence of footnotes and to normal year-end audit adjustments.


 






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(c)           The
consolidated and consolidating pro forma balance sheets of Parent as of the Closing Date, and the related consolidated and consolidating
pro forma statements of income for the portion of the fiscal year then ended (the “Pro Forma Financial Statements”),
certified by the chief financial officer or treasurer of Parent, copies of which have been furnished to each Lender, fairly
present the consolidated and consolidating pro forma financial condition of Parent as of such date and the consolidated and consolidating
pro forma results of operations of Parent for the period ended on such date, all in accordance with GAAP.


 


(d)           From
and after the date of the Audited Financial Statements, and thereafter, from and after the date of the most recent financial statements
delivered pursuant to Section 7.01(a) or 7.01(b), there has been no event or circumstance, either individually
or in the aggregate, that has had or would have a Material Adverse Effect.


 


6.06         Litigation.
There are no actions, suits, proceedings, claims or disputes pending or, to the actual knowledge of any Company without independent
investigation, threatened, at law, in equity, in arbitration or before any Governmental Authority, by or against any Company or
against any of their properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document,
or any of the transactions contemplated hereby, or (b) except as specifically disclosed in Schedule 6.06, either
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, and there has been no adverse
change in the status, or financial effect on any Company, of the matters described on Schedule 6.06.


 


6.07         No
Default. No Company is in default under or with respect to any Contractual Obligation that could, either individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing.


 


6.08         Ownership
of Property; Liens; Equity Interests. Each Property Owner has good record and marketable title in fee simple to,
or valid leasehold interests in, all Borrowing Base Properties necessary or used in the ordinary conduct of its business, except
for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
Each applicable Property Owner has good record and marketable fee simple title (or, in the case of Acceptable Ground Leases, a
valid leasehold) to the Borrowing Base Property owned by such Property Owner, subject only to Liens permitted by Section 8.01.
All of the outstanding Equity Interests in each Property Owner have been validly issued, are fully paid and nonassessable and
are owned by the applicable Pledgors free and clear of all Liens (other than Liens permitted by Section 8.01).


 


6.09         Environmental
Compliance. 


 


(a)           The
Companies conduct in the ordinary course of business a review of the effect of existing Environmental Laws and claims alleging
potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations and properties,
and as a result thereof Parent and Borrower have reasonably concluded that, except as specifically disclosed in Schedule 6.09,
such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.


 






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(b)           To
the best of the Borrower’s knowledge, without independent investigation, and except as otherwise may be disclosed in any
Environmental Assessment, or as may be indicated in an Environmental Report delivered to Administrative Agent and except to the
extent the same could not reasonably be expected to have a Material Adverse Effect: (i) no Borrowing Base Property has been used
(A) for landfilling, dumping, or other waste or Hazardous Material disposal activities or operations in violation of Environmental
Laws, or (B) for generation, storage, use, sale, treatment, processing, or recycling of any Hazardous Material, in violation of
Environmental Laws, or for any other use that has resulted in Contamination; (ii) there is no Hazardous Material, storage tank
(or similar vessel) whether underground or otherwise, sump or well currently on any Property; (iii) no Company has received any
written notice of, or has actual knowledge of, any Environmental Claim or any completed, pending, proposed or threatened investigation
or inquiry concerning the presence or release of any Hazardous Material on any Property or concerning whether any condition, use
or activity on any Property is in violation of any Environmental Requirement; (iv) the present conditions, uses, and activities
on each Property do not violate any Environmental Requirement and the use of any Property which any Company (and each tenant and
subtenant) makes and intends to make of any Property complies and will comply with all applicable Environmental Requirements; (v)
no Property appears on the National Priorities List, any federal or state “superfund” or “superlien” list,
or any other list or database of properties maintained by any local, state, or federal agency or department showing properties
which are known to contain or which are suspected of containing a Hazardous Material; (vi) no Company has ever applied for and
been denied environmental impairment liability insurance coverage relating to any Property; (vii) no Company has, nor, to any Company’s
knowledge, have any tenants or subtenants, obtained any permit or authorization to construct, occupy, operate, use, or conduct
any activity on any Property by reason of any Environmental Requirement; and (viii) to any Company’s knowledge, there are
no underground or aboveground storage tanks on such Property.


 


(c)           Even
though a Loan Party may have provided Administrative Agent with an Environmental Report or other environmental report or assessment
together with other relevant information regarding the environmental condition of the Borrowing Base Properties, Borrower acknowledges
and agrees that Administrative Agent is not accepting the Borrowing Base Properties hereunder based solely on that report, assessment,
or information. Rather Administrative Agent has relied on the assessments, reports, and representations and warranties of Borrower
in this Agreement and Administrative Agent is not waiving any of its rights and remedies in the environmental provisions of this
Agreement, or any other Loan Document.


 


6.10         Insurance.
The properties of the Loan Parties are insured with financially sound and reputable insurance companies not Affiliates of any
Loan Party, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in
similar businesses and owning similar properties in localities where the Loan Parties operate.


 


6.11         Taxes.
The Companies have filed all material Federal, state and other tax returns and reports required to be filed, and have paid all
material Federal, state and other taxes, assessments, fees and other governmental charges levied or imposed upon them or their
properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings
diligently conducted and for which adequate reserves have been provided in accordance with GAAP or which would not result in a
Material Adverse Effect. There is no proposed tax assessment against any Company that would, if made, have a Material Adverse
Effect.


 






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6.12        ERISA
Compliance.


 


(a)           Each
Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other Federal or state laws.
Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination
letter from the Internal Revenue Service to the effect that the form of such Plan is qualified under Section 401(a) of the
Code and the trust related thereto has been determined by the Internal Revenue Service to be exempt from federal income tax under
Section 501(a) of the Code, or an application for such a letter is currently being processed by the Internal Revenue Service.
To the best knowledge of Parent and Borrower, nothing has occurred that would prevent or cause the loss of such tax-qualified status.
Parent and each ERISA Affiliate have made all required contributions to each Plan subject to Section 412 of the Code, and
no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been
made with respect to any Plan.


 


(b)           There
are no pending or, to the best knowledge of Parent and Borrower, threatened claims, actions or  lawsuits,
or action by any Governmental Authority, with respect to any Plan that would have a Material Adverse Effect. There has been no
prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or would have
a Material Adverse Effect.


 


(c)           (i)
           No ERISA Event has occurred, and neither
Parent nor any ERISA Affiliate is aware of any fact, event or circumstance that would constitute or result in an ERISA Event with
respect to any Pension Plan; (ii) Parent and each ERISA Affiliate has met all applicable requirements under the Pension Funding
Rules in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been
applied for or obtained; (iii) as of the most-recent valuation date for any Pension Plan, the funding target attainment percentage
(as defined in Section 430(d)(2) of the Code) is 60% or higher and neither Parent nor any ERISA Affiliate knows of any facts
or circumstances that would cause the funding target attainment percentage for any such plan to drop below 60% as of the most-recent
valuation date; (iv) neither Parent nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of
premiums, and there are no premium payments which have become due that are unpaid; (v) neither Parent nor any ERISA Affiliate has
engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (vi) no Pension Plan
has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists that
would cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan, in each case, that would result
in a liability, individually, or in the aggregate, in excess of the Threshold Amount.


 






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6.13        Subsidiaries;
Equity Interests. As of the Closing Date, Parent and Borrower have no Subsidiaries other than those specifically
disclosed in Part (a) of Schedule 6.13, and all of the outstanding Equity Interests in such Subsidiaries have been validly
issued, are fully paid and nonassessable and are owned by a Company in the amounts specified on Part (a) of Schedule 6.13
free and clear of all Liens (other than Liens permitted by Section 8.01). As of the Closing Date, neither Parent nor Borrower
has any direct or indirect Equity Interests in any other Person other than those specifically disclosed in Part (b) of Schedule
6.13. All of the outstanding Equity Interests in each Property Owner have been validly issued, are fully paid and nonassessable
and are owned by the applicable holders in the amounts specified on Part (c) of Schedule 6.13 free and clear of
all Liens (other than Liens permitted by Section 8.01).


 


6.14        Margin
Regulations; Investment Company Act.


 


(a)           Neither
Parent nor Borrower is engaged and will not engage, principally or as one of their important activities, in the business of purchasing
or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing
or carrying margin stock.


 


(b)           None
of Parent, Borrower, any Person Controlling Borrower, or any other Company is or is required to be registered as an “investment
company” under the Investment Company Act of 1940.


 


6.15        Disclosure.
Parent and Borrower have disclosed to Administrative Agent and the Lenders all agreements, instruments and corporate or other
restrictions to which any Company is subject, and all other matters known to them, that, individually or in the aggregate, would
have a Material Adverse Effect. The reports, financial statements, certificates or other information furnished (whether in writing
or orally) by or on behalf of any Company to Administrative Agent or any Lender in connection with the transactions contemplated
hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified
or supplemented by other information so furnished), taken as a whole, do not contain any material misstatement of fact or fail
to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading; provided that with respect to projected financial information, Parent and Borrower represent only that
such information was prepared in good faith based upon assumptions believed to be reasonable at the time made.


 


6.16        Compliance
with Laws. Each Company is in compliance in all material respects with the requirements of all Laws and all orders,
writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of
Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b)
the failure to comply therewith, either individually or in the aggregate, would not have a Material Adverse Effect.


 


6.17        Taxpayer
Identification Number. As of the date hereof, each Loan Party’s true and correct U.S. taxpayer identification
number is set forth on Schedule 11.02.


  



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6.18           Intellectual
Property; Licenses, Etc. Each Loan Party owns, or possesses the right to use, all of the trademarks, service marks,
trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights (collectively, “IP
Rights”) that are reasonably necessary for the operation of their respective businesses, without conflict with
the rights of any other Person except, in each case, where the failure to do so would not have a Material Adverse Effect. To the
best knowledge of each Loan Party, no slogan or other advertising device, product, process, method, substance, part or other material
now employed, or now contemplated to be employed, by any Loan Party infringes upon any rights held by any other Person except
where such infringement would not have a Material Adverse Effect. Except as specifically disclosed in Schedule 6.18,
no claim or litigation regarding any of the foregoing is pending or, to the best knowledge of each Loan Party, threatened,
which, either individually or in the aggregate, would have a Material Adverse Effect.


 


6.19           Representations
Concerning Leases. Borrower and the applicable Property Owners have delivered true and correct copies of each rent
roll as required by Section 4.11(c).


 


6.20           Solvency.
No Loan Party (a) has entered into the transaction or executed this Agreement or any other Loan Document with the actual intent
to hinder, delay or defraud any creditor and (b) has not received reasonably equivalent value in exchange for its obligations
under the Loan Documents. After giving effect to any Loan, the fair saleable value of each Loan Party’s assets exceeds and
will, immediately following the making of any such Loan, exceed such Loan Party’s total liabilities, including subordinated,
unliquidated, disputed and contingent liabilities. No Loan Party’s assets constitute unreasonably small capital to carry
out its business as conducted or as proposed to be conducted, nor will its assets constitute unreasonably small capital immediately
following the making of any Loan. No Loan Party intends to incur debt and liabilities (including contingent liabilities and other
commitments) beyond its ability to pay such debt and liabilities as they mature (taking into account the timing and amounts of
cash to be received by such Loan Party and the amounts to be payable on or in respect of obligations of such Loan Party). No petition
under any Debtor Relief Laws has been filed against any Loan Party in the last seven (7) years, and neither Borrower nor any other
Loan Party in the last seven (7) years has ever made an assignment for the benefit of creditors or taken advantage of any insolvency
act for the benefit of debtors. No Loan Party is contemplating either the filing of a petition by it under any Debtor Relief Laws
or the liquidation of all or a major portion of its assets or property, and no Loan Party has knowledge of any Person contemplating
the filing of any such petition against it or any other Loan Party.


 


6.21           REIT
Status of Parent. Parent elected to qualify as a REIT commencing with its taxable year ending December 31, 2011
and will maintain such status each taxable year thereafter.


 


6.22           Labor
Matters. There is (a) no significant unfair labor practice complaint pending against any Company or, to the best
of each Company’s knowledge, threatened in writing against any Company, before the National Labor Relations Board, and no
significant grievance or significant arbitration proceeding arising out of or under any collective bargaining agreement is pending
on the date hereof against any Company or, to best of any Company’s knowledge, threatened in writing against any Company
which, in either case, would result in a Material Adverse Effect, and (b) no significant strike, labor dispute, slowdown or stoppage
is pending against any Company or, to the best of any Company’s knowledge, threatened in writing against any Company which
would result in a Material Adverse Effect.


 






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6.23         Ground
Lease Representation. 


 


(a)           The
applicable Property Owner has delivered to Administrative Agent true and correct copies of each Acceptable Ground Lease as required
by Section 4.11(b).


 


(b)           Each
Acceptable Ground Lease is in full force and effect.


 


6.24         Borrowing
Base Properties. To Borrower’s knowledge and except where the failure of any of the following to be true
and correct would not have a Material Adverse Effect:


 


(a)           Each
Borrowing Base Property complies with all Laws, including all subdivision and platting requirements, without reliance on any adjoining
or neighboring property. No Loan Party has received any notice or claim from any Person that a Borrowing Base Property, or any
use, activity, operation, or maintenance thereof or thereon, is not in compliance with any Law, and has no actual knowledge of
any such noncompliance except as disclosed in writing to Administrative Agent;


 


(b)           The
Loan Parties have not directly or indirectly conveyed, assigned, or otherwise disposed of, or transferred (or agreed to do so)
any development rights, air rights, or other similar rights, privileges, or attributes with respect to a Borrowing Base Property,
including those arising under any zoning or property use ordinance or other Laws;


 


(c)           All
utility services necessary for the use of each Borrowing Base Property and the operation thereof for their intended purpose are
available at each Borrowing Base Property;


 


(d)           The
current use of each Borrowing Base Property complies in all material respects with all applicable zoning ordinances, regulations,
and restrictive covenants affecting such Borrowing Base Property, all use restrictions of any Governmental Authority having jurisdiction
have been satisfied; and


 


(e)           No
Borrowing Base Property is the subject of any pending or, to any Loan Party’s knowledge, threatened Condemnation or material
adverse zoning proceeding.


 


6.25    
    Patriot Act and Other Specified Laws.


 


(a)To
the extent applicable, each Loan Party is in compliance, in all material respects, with the (i) Trading with the Enemy Act, and
each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V) and any
other enabling legislation or executive order relating thereto, and (ii) the Act. No part of the proceeds of the Loans will be
used, directly or indirectly, in violation in any material respect of the United States Foreign Corrupt Practices Act of 1977.
No Loan Party is engaged in or has engaged in any course of conduct that could reasonably be expected to subject any of its properties
to any Lien, seizure or other forfeiture under any criminal law, racketeer influenced and corrupt organizations or other similar
criminal laws. No Loan Party is named on the list of Specially Designated Nationals and Blocked Persons maintained by the United
States Department of Treasury Office of Foreign Assets Control.


 






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(b)           No
Loan Party (i) is a Person whose property or interest in property is blocked or subject to blocking pursuant to Section 1 of Executive
Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or
Support Terrorism (66 Fed. Reg. 49079 (2001)), (ii) engages in any dealings or transactions prohibited by Section 2 of such Executive
Order, or, to the knowledge of the Borrower after due inquiry, is otherwise associated with any such Person in any manner that
violates such Section 2 and (iii) is a Person on the list of Specially Designated Nationals and Blocked Persons or subject to the
limitations or prohibitions under any other U.S. Department of Treasury’s Office of Foreign Assets Control regulation or
executive order.


 


Article
VII.

Affirmative Covenants


 


So long as any Lender
shall have any Commitment hereunder, any Loan or other Obligation hereunder (excluding contingent indemnification obligations to
the extent no unsatisfied claim giving rise thereto has been asserted) shall remain unpaid or unsatisfied, or any Letter of Credit
shall remain outstanding:


 


7.01        Financial
Statements. Each of Parent and Borrower shall deliver to Administrative Agent and each Lender, in form and detail
reasonably satisfactory to Administrative Agent and Required Lenders:


 


(a)           as
soon as available, but in any event within ninety (90) days after the end of each fiscal year of Parent (or, if earlier, fifteen
(15) days after the date required to be filed with the SEC) (commencing with the fiscal year ended December 31, 2012), a consolidated
and consolidating balance sheet of Parent as at the end of such fiscal year, and the related consolidated and consolidating statements
of income or operations, consolidated changes in shareholders’ equity, and cash flows for such fiscal year, setting forth
in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance
with GAAP, such consolidated statements to be audited and accompanied by a report and opinion of an independent certified public
accountant of nationally recognized standing reasonably acceptable to Required Lenders, which report and opinion shall be prepared
in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification
or exception or any qualification or exception as to the scope of such audit, and such consolidating statements to be certified
by the chief executive officer, chief financial officer, treasurer or controller of Parent to the effect that such statements are
fairly stated in all material respects when considered in relation to the consolidated financial statements of Parent;


 






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(b)           as
soon as available, but in any event within forty five (45) days after the end of each of the first three (3) fiscal quarters of
each fiscal year of Parent (or, if earlier, five (5) days after the date required to be filed with the SEC) (commencing with the
fiscal quarter ended June 30, 2011), a consolidated and consolidating balance sheet of Parent as at the end of such fiscal quarter,
the related consolidated and consolidating statements of income or operations for such fiscal quarter and for the portion of Parent’s
fiscal year then ended, and the related consolidated changes in shareholders’ equity, and cash flows for the portion of Parent’s
fiscal year then ended, in each case setting forth in comparative form, as applicable, the figures for the corresponding fiscal
quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail, such consolidated
statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of Parent as fairly
presenting the financial condition, results of operations, shareholders’ equity and cash flows of Parent in accordance with
GAAP, subject only to normal year-end audit adjustments and the absence of footnotes and such consolidating statements to be certified
by the chief executive officer, chief financial officer, treasurer or controller of Parent to the effect that such statements are
fairly stated in all material respects when considered in relation to the consolidated financial statements of Parent; and


 


(c)           concurrently
with the delivery of the financial statements referred to in Sections 7.01(a) and (b), (i) a
statement of all income and expenses in connection with each Borrowing Base Property, and (ii) for any Borrowing Base Property
subject to more than one (1) Lease Agreement, a rent roll, each certified in writing as true and correct by Responsible Officer
of Parent together with a status report regarding the leasing activities with respect to the Borrowing Base Properties and copies
of any leases executed during the prior calendar quarter.


 


As to any information
contained in materials furnished pursuant to Section 7.02, Parent and Borrower shall not be separately required to
furnish such information under clause (a) or (b) above, but the foregoing shall not be in derogation of the
obligation of Parent and Borrower to furnish the information and materials described in clauses (a) and (b)
above at the times specified therein.


 


7.02        Certificates;
Other Information. Each of Parent and Borrower shall deliver to Administrative Agent and each Lender, in form and
detail reasonably satisfactory to Administrative Agent and Required Lenders:


 


(a)           concurrently
with the delivery of the financial statements referred to in Sections 7.01(a) and (b), a duly completed
Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller of Borrower (which
delivery may, unless Administrative Agent or a Lender requests executed originals, be by electronic communication including fax
or email and shall be deemed to be an original authentic counterpart thereof for all purposes);


 






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(b)           concurrently
with the delivery of the financial statements referred to in Sections 7.01(a) and (b), upon the admission
of an Acceptable Property into the Borrowing Base, and upon the removal of any Property from the Borrowing Base, a duly completed
Borrowing Base Report signed by the chief executive officer, chief financial officer, treasurer or controller of Borrower (which
delivery may, unless Administrative Agent or a Lender requests executed originals, be by electronic communication including fax
or email and shall be deemed to be an original authentic counterpart thereof for all purposes);


 


(c)           promptly
after any request by Administrative Agent, copies of any detailed audit opinions or review reports submitted to the board of directors
(or the audit committee of the board of directors) of Parent by independent accountants in connection with the accounts or books
of Parent;


 


(d)           promptly
after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent
to the stockholders of Parent, and copies of all annual, regular, periodic and special reports and registration statements which
Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of
1934, and not otherwise required to be delivered to Administrative Agent pursuant hereto;


 


(e)           as
soon as reasonably practicable, but in any event not later than fifteen (15) days prior to the end of each fiscal year of Parent,
an annual budget for Parent, on a consolidated basis prepared by Parent in the ordinary course of its business;


 


(f)           promptly
after the furnishing thereof, copies of any statement or report furnished to any holder of debt securities of Parent or Borrower
pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders
pursuant to Section 7.01 or any other clause of this Section 7.02;


 


(g)           promptly,
and in any event within five (5) Business Days after receipt thereof by Parent or Borrower, copies of each notice or other correspondence
received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any material investigation or other
material inquiry by such agency regarding financial or other operational results of any Company unless restricted from doing so
by such agency;


 


(h)        
 simultaneously with any Disposition, notice of such Disposition ]; and


 


(i)           promptly,
such additional information regarding the business, financial or corporate affairs of Parent or Borrower or any Borrowing Base
Property, or compliance with the terms of the Loan Documents, as Administrative Agent or any Lender may from time to time reasonably
request.


 


Documents required
to be delivered pursuant to Section 7.01(a) or (b) or Section 7.02(d) (to the extent any such
documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be
deemed to have been delivered on the date (i) on which Parent and Borrower posts such documents, or provides a link thereto on
Parent and Borrower’s website on the Internet at the website address listed on Schedule 11.02; or (ii) on which
such documents are posted on Parent and Borrower’s behalf on an Internet or intranet website, if any, to which each Lender
and Administrative Agent have access (whether a commercial, third-party website or whether sponsored by Administrative Agent).
Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred
to above, and in any event shall have no responsibility to monitor compliance by Parent and Borrower with any such request by a
Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such
documents.


 






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Parent and Borrower
hereby acknowledge that (a) Administrative Agent and/or the Lead Arranger will make available to the Lenders and L/C Issuer materials
and/or information provided by or on behalf of Parent and Borrower hereunder (collectively, “Borrower Materials”)
by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”)
and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive
material non-public information with respect to Parent, Borrower or their Affiliates, or the respective Equity Interests of any
of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’
Equity Interests. Parent and Borrower hereby agree that (w) all Borrower Materials that are to be made available to Public Lenders
shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC”
shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” Parent and Borrower
shall be deemed to have authorized Administrative Agent, Lead Arranger, L/C Issuer and the Lenders to treat such Borrower Materials
as not containing any material non-public information with respect to Parent and Borrower or their Equity Interests for purposes
of United States Federal and state securities laws (provided that to the extent such Borrower Materials constitute Information,
they shall be treated as set forth in Section 11.07); (y) all Borrower Materials marked “PUBLIC”
are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z)
Administrative Agent and the Lead Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC”
as being suitable only for posting on a portion of the Platform not designated “Public Side Information.”


 


7.03        Notices.
Each of Parent and Borrower shall, upon becoming aware of same, promptly notify Administrative Agent who shall notify each Lender:


 


(a)           of
the occurrence of any Default;


 


(b)           of
any matter that has resulted or could reasonably be expected to have a Material Adverse Effect;


 


(c)           of
the occurrence of any ERISA Event which has resulted or would result in liabilities of any Company in an aggregate amount in excess
of the Threshold Amount;


 


(d)           of
any material litigation, arbitration or governmental investigation or proceeding instituted or threatened in writing against any
Borrowing Base Property, and which could reasonably be expected to have a Material Adverse Effect;


 


(e)           of
any actual or threatened in writing Condemnation of any portion of any Borrowing Base Property, and which could reasonably be expected
to have a Material Adverse Effect;


 






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(f)           of
any Casualty with respect to any Borrowing Base Property to the extent such notice is required pursuant to Section 7.13(b);


 


(g)           of
any material permit, license, certificate or approval required with respect to any Borrowing Base Property lapses or ceases to
be in full force and effect or claim from any person that any Borrowing Base Property, or any use, activity, operation or maintenance
thereof or thereon, is not in compliance with any Law except to the extent that the same would not result in a Material Adverse
Effect; and


 


(h)           of
any material change in accounting policies or financial reporting practices by any Company, including any determination by Borrower
referred to in Section 2.10(b).


 


Each notice pursuant
to this Section 7.03 shall be accompanied by a statement of a Responsible Officer of Parent and Borrower setting
forth details of the occurrence referred to therein and stating what action Parent and/or Borrower has taken and proposes to take
with respect thereto. Each notice pursuant to Section 7.03(a) shall describe with particularity any and all provisions
of this Agreement and any other Loan Document that have been breached.


 


7.04           Payment
of Obligations. Each of Parent and Borrower shall, and shall cause each other Loan Party to, pay and discharge
as the same shall become due and payable, all its obligations and liabilities, including: (a) all tax liabilities, assessments
and governmental charges or levies upon a Loan Party or its properties or assets, unless the same are being contested in good
faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by such
Loan Party; (b) all lawful claims which, if unpaid, would by law become a Lien upon its property other than Liens of the type
permitted under Sections 8.01(a) through (g); and (c) all Indebtedness, as and when due and payable
except, in each case, where the failure to do so would not result in a Material Adverse Effect.


 


7.05           Preservation
of Existence, Etc. Each of Parent and Borrower shall, and shall cause each other Loan Party to (a) preserve, renew
and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization
except in a transaction permitted by Section 8.03; (b) take all reasonable action to maintain all rights,
privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent
that failure to do so would not have a Material Adverse Effect; and (c) preserve or renew all of its IP Rights, the non-preservation
of which would have a Material Adverse Effect.


 


7.06           Maintenance
of Properties. Each of Parent and Borrower shall, and shall cause each other Company to (a) maintain, preserve
and protect all of its material properties and equipment necessary in the operation of its business in good working order and
condition except to the extent the failure to do so would not result in a Material Adverse Effect; (b) make all necessary repairs
thereto and renewals and replacements thereof except where the failure to do so would not have a Material Adverse Effect; (c)
use the standard of care typical in the industry in the operation and maintenance of its (i) Borrowing Base Properties, and, (ii)
as to its other Properties except where the failure to do so would not have a Material Adverse Effect; and (d) keep the Borrowing
Base Properties in good order, repair, operating condition, and appearance, causing all necessary repairs, renewals, replacements,
additions, and improvements to be promptly made, and not allow any of the Borrowing Base Properties to be misused, abused or wasted
or to deteriorate (ordinary wear and tear excepted) except where the failure to do so would not have a Material Adverse Effect.


 






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7.07           Maintenance
of Insurance. Each of Parent and Borrower shall, and shall cause each other Company to, maintain with financially
sound and reputable insurance companies not Affiliates of any Company, insurance with respect to its properties and business against
loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and
in such amounts as are customarily carried under similar circumstances by such other Persons.


 


7.08           Compliance
with Laws. Each of Parent and Borrower shall, and shall cause each other Subsidiary Guarantor to, comply in all
material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its
business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being
contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith would not have
a Material Adverse Effect.


 


7.09           Books
and Records. Each of Parent and Borrower shall, and shall cause each other Company to: (a) maintain proper books
of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all
financial transactions and matters involving the assets and business of each Company, as the case may be; and (b) maintain such
books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory
jurisdiction over any Company, as the case may be.


 


7.10           Inspection
Rights. Subject to the rights of tenants, each of Parent and Borrower shall, and shall cause each other Loan Party
to, permit representatives and independent contractors of Administrative Agent and each Lender to visit and inspect and photograph
any Borrowing Base Property and any of its other properties, to examine its corporate, financial and operating records, and all
recorded data of any kind or nature, regardless of the medium of recording including all software, writings, plans, specifications
and schematics, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its officers
all at the expense of Borrower and at such reasonable times during normal business hours, upon reasonable advance notice to the
applicable Loan Party and no more often than once in any period of twelve (12) consecutive months unless an Event of Default has
occurred and is continuing; provided that when an Event of Default has occurred and is continuing Administrative Agent
or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense
of Borrower at any time during normal business hours and without advance notice, subject to the rights of tenants. Any inspection
or audit of the Borrowing Base Properties or the books and records, including recorded data of any kind or nature, regardless
of the medium of recording including software, writings, plans, specifications and schematics of any Loan Party, or the procuring
of documents and financial and other information, by Administrative Agent on behalf of itself or on behalf of Lenders shall be
for Administrative Agent’s and Lenders’ protection only, and shall not constitute any assumption of responsibility
to any Loan Party or anyone else with regard to the condition, construction, maintenance or operation of the Borrowing Base Properties
nor Administrative Agent’s approval of any certification given to Administrative Agent nor relieve any Loan Party of Borrower’s
or any other Loan Party’s obligations.


 






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7.11         Use
of Proceeds. Each of Parent and Borrower shall, and shall cause each other Company to, use the proceeds of the
Credit Extensions (a) to refinance the obligations of the Companies under existing facilities, (b) to finance the acquisition
of Properties, (c) to pay operating and leasing expenses with respect to its Properties, and (d) for general corporate purposes,
in each case, not in contravention of any Law or of any Loan Document.


 


7.12         Environmental
Matters. Each of Parent and Borrower shall, and shall cause each other Loan Party to:


 


(a)           Violations;
Notice to Administrative Agent. Use reasonable efforts to:


 


(i)           Keep
the Borrowing Base Properties free of Contamination;


 


(ii)           Promptly
deliver to Administrative Agent a copy of each report pertaining to any Property or to any Loan Party prepared by or on behalf
of such Loan Party pursuant to a material violation of any Environmental Requirement; and


 


(iii)           As
soon as practicable advise Administrative Agent in writing of any Environmental Claim or of the discovery of any Contamination
on any Borrowing Base Property, as soon as any Loan Party first obtains knowledge thereof, including a description of the nature
and extent of the Environmental Claim and/or Hazardous Material and all relevant circumstances.


 


7.13        RESERVED


 


7.14        Ground
Leases. Solely with respect to Borrowing Base Property, each of Parent and Borrower shall, and shall cause each
other Loan Party to:


 


(a)           Diligently
perform and observe in all material respects all of the terms, covenants, and conditions of any Acceptable Ground Lease as tenant
under such Acceptable Ground Lease; and


 


(b)           Promptly
notify Administrative Agent of (i) the giving to the applicable Property Owner of any notice of any default by such Property Owner
under any Acceptable Ground Lease and deliver to Administrative Agent a true copy of each such notice within five (5) Business
Days of such Property Owner’s receipt thereof, and (ii) any bankruptcy, reorganization, or insolvency of the landlord under
any Acceptable Ground Lease or of any notice thereof, and deliver to Administrative Agent a true copy of such notice within five
(5) Business Days of the applicable Property Owner’s receipt;


 


(c)           Exercise
any individual option to extend or renew the term of an Acceptable Ground Lease upon demand by Administrative Agent made at any
time within thirty (30) days prior to the last day upon which any such option may be exercised, and each applicable Property Owner
hereby expressly authorizes and appoints Administrative Agent as its attorney-in-fact to exercise any such option in the name of
and upon behalf of such Property Owner, which power of attorney shall be irrevocable and shall be deemed to be coupled with an
interest.


 






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If the applicable Property
Owner shall default in the performance or observance of any term, covenant, or condition of any Acceptable Ground Lease on the
part of such Property Owner and shall fail to cure the same prior to the expiration of any applicable cure period provided thereunder,
then Administrative Agent shall have the right, but shall be under no obligation, to pay any sums and to perform any act or take
any action as may be appropriate to cause all of the terms, covenants, and conditions of such Acceptable Ground Lease on the part
of such Property Owner to be performed or observed on behalf of such Property Owner, to the end that the rights of such Property
Owner in, to, and under such Acceptable Ground Lease shall be kept unimpaired and free from default. If the landlord under any
Acceptable Ground Lease shall deliver to Administrative Agent a copy of any notice of default under such Acceptable Ground Lease,
then such notice shall constitute full protection to Administrative Agent for any action taken or omitted to be taken by Administrative
Agent, in good faith, in reliance thereon.


 


7.15        Borrowing
Base Properties.


 


(a)           Except
where the failure to comply with any of the following would not have a Material Adverse Effect, each of Parent and Borrower shall,
and shall use commercially reasonable efforts to cause each other Loan Party or the applicable tenant, to:


 


(b)           Pay
all real estate and personal property taxes, assessments, water rates or sewer rents, ground rents, maintenance charges, impositions,
and any other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Borrowing
Base Property, now or hereafter levied or assessed or imposed against any Borrowing Base Property or any part thereof (except those
which are being contested in good faith by appropriate proceedings diligently conducted).


 


(c)           Promptly
pay (or cause to be paid) when due all bills and costs for labor, materials, and specifically fabricated materials incurred in
connection with any Borrowing Base Property (except those which are being contested in good faith by appropriate proceedings diligently
conducted), and in any event never permit to be created or exist in respect of any Borrowing Base Property or any part thereof
any other or additional Lien or security interest other than Liens permitted by Section 8.01.


 


(d)           Operate
the Borrowing Base Properties in a good and workmanlike manner and in all material respects in accordance with all Laws in accordance
with such Loan Party’s prudent business judgment.


 


(e)           Cause
each other Loan Party to, to the extent owned and controlled by a Loan Party, preserve, protect, renew, extend and retain all material
rights and privileges granted for or applicable to each Borrowing Base Property.


 






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7.16        Subsidiary
Guarantor Organizational Documents. Each of Parent and Borrower shall, and shall cause each other Pledgor to, at
its expense, maintain the Organization Documents of each Subsidiary Guarantor in full force and effect, without any cancellation,
termination, amendment, supplement, or other modification of such Organization Documents, except as explicitly required by their
terms (as in effect on the date hereof), except for amendments, supplements, or other modifications that do not adversely affect
the interests of the Lenders under the applicable Pledge Agreement in any material respect, and except for Organization Documents
in respect of Equity Interests of partnerships or limited liability companies that have been released from the applicable Pledgor’s
Pledge Agreement.


 


Article
VIII.

Negative Covenants


 


So long as any Lender
shall have any Commitment hereunder, any Loan or other Obligation hereunder (excluding contingent indemnification obligations to
the extent no unsatisfied claim giving rise thereto has been asserted) shall remain unpaid or unsatisfied, or any Letter of Credit
shall remain outstanding:


 


8.01        Liens.
Each of Parent and Borrower shall not, nor shall it permit any other Loan Party to, directly or indirectly, create, incur, assume
or suffer to exist any Lien upon any Collateral other than, with respect to the Borrowing Base Properties, the following:


 


(a)           Liens
pursuant to any Loan Document;


 


(b)           Liens
existing on the date hereof and listed on Schedule 8.01;


 


(c)           Liens
for taxes not yet due and payable or which are being contested in good faith and by appropriate proceedings diligently conducted,
if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;


 


(d)           carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course
of business which are not overdue for a period of more than thirty (30) days or which are being contested in good faith and by
appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable
Person;


 


(e)           easements,
rights-of-way, restrictions, restrictive covenants, encroachments, protrusions and other similar encumbrances affecting real property
disclosed in the Title Insurance Policies and which, in the aggregate, are not substantial in amount, and which do not in any case
materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business
of the applicable Person;


 


(f)           Liens
securing judgments for the payment of money not constituting an Event of Default under Section 9.01(i);


 






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(g)           the
rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such Person;


 


(h)           Liens
securing obligations in the nature of personal property financing leases for furniture, furnishings or similar assets, Capital
Leases Obligations and other purchase money obligations for fixed or capital assets; provided that (i) such Liens
do not at any time encumber any property other than the property financed by such Indebtedness, (ii) the obligations secured thereby
does not exceed the cost or fair market value, whichever is lower, of the property being acquired on the date of acquisition, and
(iii) with respect to Capital Leases, such Liens do not at any time extend to or cover any assets other than the assets subject
to such Capital Leases;


 


(i)           Liens
securing obligations in the nature of the performance of bids, trade contracts and leases (other than Indebtedness), statutory
obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like
nature incurred in the ordinary course of business; 


 


(j)           such
other title and survey exceptions as Administrative Agent has approved in writing in Administrative Agent’s reasonable discretion;
and


 


(k)           and,
with respect to all other Collateral, Liens described in clauses (a) and (c) above.


 


8.02        Investments.
Neither Parent nor Borrower shall have and shall not permit the Companies’ to have any Investments other than:


 


(a)           Investments
in the form of cash or Cash Equivalents;


 


(b)           Investments
existing on the date hereof and set forth on Schedule 6.13;


 


(c)           advances
to officers, directors and employees of the Borrower and Subsidiaries for travel, entertainment, relocation and analogous ordinary
business purposes;


 


(d)           Investments
of the Guarantor and the Borrower in the form of Equity Interests and investments of the Borrower in any wholly-owned Subsidiary,
and Investments of Borrower directly in, or of any wholly-owned Subsidiary in another wholly-owned Subsidiary which owns, real
property assets which are functional retail, hotel, industrial, manufacturing, warehouse/distribution and/or office properties
located within the United States, provided in each case the Investments held by Borrower or Subsidiary are in accordance with the
provisions of this Section 8.02 other than this Section 8.02(d);


 


(e)           Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit
in the ordinary course of business;


 






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(f)           Investments
in non-wholly owned Subsidiaries and Unconsolidated Affiliates not to at any time exceed twenty (20%) of Total Asset Value;


 


(g)           Investments
in mortgages and mezzanine loans not to at any time exceed fifteen percent (15%) of Total Asset Value;


 


(h)           Investments
in unimproved land holdings not to at any time exceed five percent (5%) of Total Asset Value;


 


(i)           Investments
in Construction in Progress not to at any time exceed five percent (5%) of Total Asset Value;


 


(j)           Investments
by the Parent for the redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or other acquisition
for value, direct or indirect, of any Equity Interests of Parent or Borrower now or hereafter outstanding to the extent permitted
under Section 8.05 below; and


 


Provided, that the aggregate Investments of
the types described in clauses (f) through (i) above shall not at any time exceed twenty-five percent (25%)
of Total Asset Value.


 


8.03         Fundamental
Changes. Each of Parent and Borrower shall not, nor shall it permit any other Loan Party to, directly or indirectly,
merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series
of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person,
except that, so long as no Event of Default has occurred and is continuing or would result therefrom:


 


(a)           any
Loan Party (other Parent or Borrower) may merge with (i) Parent or Borrower, provided that Parent or Borrower, as applicable,
shall be the continuing or surviving Person, or (ii) any other Loan Party, or (iii) any other Person provided that, if it owns
a Borrowing Base Property and is not the surviving entity, then Borrower has complied with Section 4.09 to remove
such Borrowing Base Property from the Borrowing Base;


 


(b)           any
Loan Party (other than Parent or Borrower) may Dispose of all or substantially all of its assets (upon voluntary liquidation or
otherwise) to another Loan Party;


 


(c)           any
Loan Party may Dispose of a Property owned by such Loan Party in the ordinary course of business and for fair value; provided
that if such Property is a Borrowing Base Property, then Borrower shall have complied with Section 4.09; and


 


(d)           Parent
or Borrower may merge or consolidate with another Person so long as either Parent or Borrower, as the case may be, is the surviving
entity, shall remain in pro forma compliance with the covenants set forth in Section 8.14 below after giving effect
to such transaction, and Borrower obtains the prior written consent in writing of the Required Lenders in their sole discretion.


 






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Nothing in this Section
shall be deemed to prohibit the sale or leasing of Property or portions of Property in the ordinary course of business.


 


8.04         Dispositions.
Each of the Parent, the Borrower or any Loan Party shall not make any Disposition or enter into any agreement to make any Disposition,
except:


 


(a)           Dispositions
of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;


 


(b)           Dispositions
of inventory in the ordinary course of business;


 


(c)           Any
other Dispositions of Properties or other assets in an arm’s length transaction; provided that (i) if such Property is a
Borrowing Base Property, then Borrower shall have complied with Section 4.09 and (ii) the Borrower and the Parent will remain
in pro forma compliance with the covenants set forth in Section 8.14 after giving effect to such transaction; and


 


(d)           Dispositions
permitted by Section 8.03.


 


8.05         Restricted
Payments. Each of Parent and Borrower shall not, nor shall it permit any other Company to, directly or indirectly,
declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, or
issue or sell any Equity Interests, except that, so long as no Default shall have occurred and be continuing at the time of any
action described below or would result therefrom:


 


(a)           each
Subsidiary may make Restricted Payments to Parent, Borrower, and any other Person that owns an Equity Interest in such Subsidiary,
ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being
made;


 


(b)           any
Company may declare and make dividend payments or other distributions payable solely in the common Equity Interests or other Equity
Interests of such Company including (i) “cashless exercises” of options granted under any share option plan adopted
by Parent, (ii) distributions of rights or equity securities under any rights plan adopted by Borrower or Parent, and (iii) distributions
(or effect stock splits or reverse stock splits) with respect to its Equity Interests payable solely in additional shares of its
Equity Interests;


 


(c)           Borrower
and Parent may purchase, redeem or otherwise acquire Equity Interests issued by it with the proceeds
received from the substantially concurrent issue of new shares of its common Equity Interests or other Equity Interests; 


 


(d)           Parent
may and Borrower may make any Permitted Distributions;


 


(e)           Parent
or Borrower may issue or sell Equity Interests; provided that they remain in compliance with clause (a), in the case of
Parent, and clause (c), in the case of Borrower, of the definition of Change of Control;


 






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(f)           Parent,
Borrower and each Subsidiary may make cash payments in lieu of the issuance of fractional shares representing insignificant interests
in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests
of Parent, Borrower or any Subsidiary; and


 


(g)           Parent,
Borrower and each Subsidiary may make Restricted Payments in connection with the implementation of or pursuant to any retirement,
health, stock option and other benefit plans, bonus plans, performance-based incentive plans, and other similar forms of compensation
for the benefit of the directors, officers and employees of Parent, Borrower and the Subsidiaries.


 


Notwithstanding the
foregoing, notwithstanding the existence of any Default or Event of Default, any Company may make such dividends and payments to
the Parent required in order for the Parent to be able to make, and the Parent shall be permitted to make, any Permitted Distributions
described in clause (a) (ii) and (b)(ii) of the definition of Permitted Distributions.


 


8.06         Change
in Nature of Business. Except for Investments permitted under Section 8.02, each of Parent and Borrower
shall not, nor shall it permit any other Loan Party to, directly or indirectly, engage in any material line of business substantially
different from those lines of business conducted by the Companies on the date hereof or any business substantially related or
incidental thereto.


 


8.07         Transactions
with Affiliates. Each of Parent and Borrower shall not, nor shall it permit any other Loan Party to, directly or
indirectly, enter into any transaction of any kind with any Affiliate of a Company, whether or not in the ordinary course of business,
other than on fair and reasonable terms substantially as favorable to such Loan Party as would be obtainable by such Company at
the time in a comparable arm’s length transaction with a Person other than an Affiliate, except:


 


(a)           reasonable
and customary fees paid to, and indemnification arrangements with, members of the board of directors (or similar governing body)
of any of the Loan Parties or the issuance of directors’ or nominees’ qualifying shares;


 


(b)           compensation
and indemnification arrangements for directors (or equivalent), officers and employees of Parent, Borrower and the Subsidiaries,
including retirement, health, option and other benefit plans, bonuses, performance-based incentive plans, and other similar forms
of compensation, the granting of Equity Interests to directors (or equivalent), officers and employees of Parent, Borrower and
the Subsidiaries in connection with the implementation of any such arrangement, and the funding of any such arrangement;


 


(c)           Restricted
Payments permitted under Section 8.05;


 


(d)           Investments
permitted under Section 8.02(f);


 


(e)           transactions
between or among the Borrower and the Subsidiaries permitted under Section 8.03 not involving any other Affiliate.


 






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8.08        Burdensome
Agreements. Each of Parent and Borrower shall not, nor shall it permit any other Loan Party to, directly or indirectly,
enter into any Contractual Obligation (other than this Agreement or any other Loan Document) that directly or indirectly prohibits
any Company from (a) creating or incurring any Lien on any Borrowing Base Property unless simultaneously therewith, such Borrowing
Base Property is released from the Borrowing Base pursuant to Section 4.09, or (b) subject to rights of tenants
under leases (i) that are approved in writing by Administrative Agent, or (ii) that do not materially and adversely affect Administrative
Agent’s Liens on the applicable Borrowing Base Property or Administrative Agent’s ability to exercise its rights and
remedies with respect to such Liens, transferring ownership of any Borrowing Base Property.


 


8.09        Use
of Proceeds. Each of Parent and Borrower shall not, nor shall it permit any other Company to, directly or indirectly,
use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately,
to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose
of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.


 


8.10        Borrowing
Base Properties; Ground Leases. Each of Parent and Borrower shall not, nor shall it permit any other Loan Party
to, directly or indirectly:


 


(a)           Use
or occupy or conduct any activity on, or knowingly permit the use or occupancy of or the conduct of any activity on any Borrowing
Base Properties by any tenant, in any manner which violates any Law or which constitutes a public or private nuisance in any manner
which would have a Material Adverse Effect or which makes void, voidable, or cancelable any insurance then in force with respect
thereto or makes the maintenance of insurance in accordance with Section 7.07 commercially unreasonable (including by way
of increased premium);


 


(b)           Without
the prior written consent of Administrative Agent (which consent shall not be unreasonably withheld or delayed), initiate or permit
any zoning reclassification of any Borrowing Base Property or seek any variance under existing zoning ordinances applicable to
any Borrowing Base Property or use or knowingly permit the use of any Borrowing Base Property in such a manner which would result
in such use becoming a nonconforming use under applicable zoning ordinances or other Laws;


 


(c)           Without
the prior written consent of Administrative Agent (which consent shall not be unreasonably withheld or delayed), (i) impose any
material easement, restrictive covenant, or encumbrance upon any Borrowing Base Property, (ii) execute or file any subdivision
plat or condominium declaration affecting any Borrowing Base Property, or (iii) consent to the annexation of any Borrowing Base
Property to any municipality;


 


(d)           Do
any act, or suffer to be done any act by any Company or any of its Affiliates, which would reasonably be expected to materially
decrease the value of any Borrowing Base Property (including by way of negligent act);


 






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(e)           Without
the prior written consent of all the Lenders (which consent shall not be unreasonably withheld or delayed), permit any drilling
or exploration for or extraction, removal or production of any mineral, hydrocarbon, gas, natural element, compound or substance
(including sand and gravel) from the surface or subsurface of any Borrowing Base Property regardless of the depth thereof or the
method of mining or extraction thereof;


 


(f)           Allow
there to be less than ten (10) Borrowing Base Properties;


 


(g)           Allow
Borrowing Base Properties leased to tenants maintaining a rating of BBB-/Baa3 or better to be less than twenty percent (40%) of
the aggregate Borrowing Base;


 


(h)           Without
the prior consent of the Lenders (which consent shall not be unreasonably withheld or delayed), surrender the leasehold estate
created by any Acceptable Ground Lease or terminate or cancel any Acceptable Ground Lease or materially modify, change, supplement,
alter, or amend any Acceptable Ground Lease, either orally or in writing; 


 


(i)           Enter
into any Contractual Obligations related to any Borrowing Base Property providing for the payment a management fee (or any other
similar fee) to anyone other than a Company if, with respect thereto, the Administrative Agent has reasonably required that such
fee be subordinated to the Obligations in a manner satisfactory to Administrative Agent, and an acceptable subordination agreement
has not yet been obtained; or


 


(j)           Allow
the Borrowing Base Asset Value to be less than Fifty Million Dollars ($50,000,000.00).


 


8.11         RESERVED.



 


8.12         Environmental
Matters. Each of Parent and Borrower shall not knowingly directly or indirectly:


 


(a)           Cause,
commit, permit, or allow to continue (i) any violation of any Environmental Requirement by or with respect to any Borrowing Base
Property or any use of or condition or activity on any Borrowing Base Property, or (ii) the attachment of any environmental Liens
on any Borrowing Base Property, in each case, that could reasonably be expected to have a Material Adverse Effect; and


 


(b)           Place,
install, dispose of, or release, or cause, permit, or allow the placing, installation, disposal, spilling, leaking, dumping, or
release of, any Hazardous Material on any Borrowing Base Property in any manner that could reasonably be expected to have a Material
Adverse Effect. Any Hazardous Material disclosed in the Acceptable Environmental Report or otherwise permitted pursuant to any
Lease affecting any Borrowing Base Property shall be permitted on any Borrowing Base Property so long as such Hazardous Material
is maintained in compliance in all material respects with all applicable Environmental Requirements.


 






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(c)           Place
or install, or allow the placing or installation of any storage tank (or similar vessel) on any Borrowing Base Property except
that any storage tank (or similar vessel or any replacement thereof) disclosed in the Acceptable Environmental Report or otherwise
permitted pursuant to any Lease affecting any Borrowing Base Property shall be permitted on any Borrowing Base Property so long
as such storage tank (or similar vessel) is maintained in compliance in all material respects with all applicable Environmental
Requirements.


 


(d)           Use
any Hazardous Material on any Borrowing Base Property except: (i) as reasonably necessary in the ordinary course of business; (ii)
in compliance with applicable Environmental Requirements; and (iii) in such a manner which could not reasonably be expected to
have a Material Adverse Effect.


 


8.13         Negative
Pledge; Indebtedness. Each of Parent and Borrower shall not permit:


 


(a)           The
Equity Interests of Borrower held by Parent to be subject to any Lien.


 


(b)           Any
Subsidiary (other than Parent or Borrower) that directly or indirectly owns Equity Interests in any Subsidiary Guarantor to (i)
incur any Indebtedness (whether Recourse Indebtedness or Non-Recourse Indebtedness) (other than Indebtedness listed on Schedule
8.13), (ii) provide Guarantees to support Indebtedness (other than Indebtedness listed on Schedule 8.13), or (iii) have
its Equity Interests subject to any Lien or other encumbrance (other than in favor of the Administrative Agent).


 


(c)           Any
Property Owner that owns a Borrowing Base Property to (i) incur any Indebtedness (whether Recourse Indebtedness or Non-Recourse
Indebtedness) or (ii) provide Guarantees to support Indebtedness (other than, in each case, Indebtedness secured by Liens permitted
by Section 8.01).


 


(d)           The
Borrower to incur any Indebtedness (other than pursuant to this Agreement) secured by any Lien on any Borrowing Base Property or
Equity Interest Collateral.


 


8.14         Financial
Covenants. Parent shall not, directly or indirectly, permit:


 


(a)           Maximum
Leverage Ratio. The Consolidated Leverage Ratio to exceed, from the Closing Date through January 30, 2014, sixty-five percent
(65%), at any time thereafter, sixty percent (60%).


 


(b)           Maximum
Recourse Indebtedness. Recourse Indebtedness of the Parent and the Borrower (excluding Indebtedness under this Agreement) to
exceed twenty percent (20%) of Total Asset Value of the Companies.


 


(c)           Minimum
Fixed Charge Ratio.  The ratio of the Parent’s Consolidated Adjusted EBITDA to Consolidated
Fixed Charges, for the fiscal quarter then ended, to be equal to or less than 1.50 to 1.0.


 






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(d)           Minimum
Borrowing Base Interest Coverage Ratio. The Borrowing Base Interest Coverage Ratio, for the fiscal quarter then ended, to be
less than 1.65 to 1.0.


 


(e)           Secured
Leverage Ratio. The Secured Leverage Ratio to exceed fifty percent (50%).


 


(f)           Borrowing
Base Asset Value Ratio. The Borrowing Base Asset Value Ratio to be less than 1.67 to 1.0.


 


(g)           Minimum
Tangible Net Worth. Tangible Net Worth of Parent, on a consolidated basis, to be less than the sum of (i) $455,000,000.00,
plus (ii) eighty-five percent (85%) of net proceeds of any Equity Issuances received by Parent or Borrower after the Closing Date
(other than proceeds received within ninety (90) days after the redemption, retirement or repurchase of ownership or equity interests
in Borrower or Parent, up to the amount paid by Borrower or Parent in connection with such redemption, retirement or repurchase,
where, for the avoidance of doubt, the net effect is that neither Borrower nor Parent shall have increased its Net Worth as a result
of any such proceeds).


 


(h)           Variable
Rate Indebtedness. The aggregate pro rata amount of the Indebtedness (including the Obligations) of the Consolidated Group
which is Variable Rate Indebtedness shall not exceed twenty (20%) percent of the Total Asset Value.


 


Article
IX.

Events of Default and Remedies


 


9.01         Events
of Default. Any of the following shall constitute an Event of Default:


 


(a)           Non-Payment.
Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan or
any L/C Obligation, or (ii) within five (5) days after the same becomes due, any interest on any Loan or on any L/C Obligation
due hereunder, except that there shall be no grace period for interest due on the Maturity Date, or (iii) within ten (10) days
after notice from Administrative Agent, any other amount payable to Administrative Agent, L/C Issuer, or any Lender hereunder or
under any other Loan Document except that there shall be no grace period for any amount due the Maturity Date; or


 


(b)           Specific
Covenants. Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of Section 7.11
or Article VIII (other than Sections 8.10 (a), (b), and (d), or 8.12)
or Parent fails to perform or observe any term, covenant or agreement contained in the Parent Guaranty or any Subsidiary Guarantor
fails to perform or observe any term, covenant or agreement contained in the Subsidiary Guaranty; or


 


(c)           Other
Covenants. Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of Section 7.01,
7.02, 7.03, or 7.10 and such failure continues unremedied for ten (10) Business Days
after such failure has occurred; or


 






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(d)           Other
Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in subsection (a),
(b), or (c) above) contained in any Loan Document on its part to be performed or observed and such failure
continues unremedied for thirty (30) days after the earlier of notice from Administrative Agent or the actual knowledge of the
Loan Party, and in the case of a default that cannot be cured within such thirty (30) day period despite Borrower’s diligent
efforts but is susceptible of being cured within ninety (90) days of Borrower’s receipt of Administrative Agent’s original
notice, then Borrower shall have such additional time as is reasonably necessary to effect such cure, but in no event in excess
of ninety (90) days from Borrower’s receipt of Administrative Agent’s original notice; or


 


(e)           Representations
and Warranties.  Any representation, warranty, certification or statement of fact made or
deemed made by or on behalf of Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered
in connection herewith or therewith shall be incorrect or misleading in any material respect when made or deemed made and shall
not be cured or remedied so that such representation, warranty, certification or statement of fact is no longer incorrect or misleading
in any material respect within ten (10) days after the earlier of notice from Administrative Agent or the actual knowledge of any
Loan Party thereof; or


 


(f)           Cross-Default.
(i) Any Company (A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand,
or otherwise), after the expiration of any applicable grace periods, in respect of any Indebtedness or Guarantee (other than Indebtedness
hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including amounts owing to all creditors
under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform any
other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing,
securing or relating thereto, or any other event occurs, the effect of which default or other event is to permit the holder or
holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder
or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or
to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay,
defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral
in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap
Contract) resulting from (A) any event of default under such Swap Contract as to which any Company is the Defaulting Party (as
defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which any Company is
an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by such Company as a result thereof is
greater than the Threshold Amount; or


 






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(g)           Insolvency
Proceedings, Etc. Any Loan Party institutes or consents to the institution of any proceeding under any Debtor Relief Law, or
makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian,
conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver,
trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of
such Person and the appointment continues undischarged or unstayed for sixty (60) calendar days; or any proceeding under any Debtor
Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such
Person and continues undismissed or unstayed for sixty (60) calendar days, or an order for relief is entered in any such proceeding;
or


 


(h)           Inability
to Pay Debts; Attachment. (i) Parent or Borrower becomes unable to pay its debts as they become due, or any Loan Party admits
in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution
or similar process is issued or levied against all or any material part of the property of any such Loan Party and is not released,
vacated or fully bonded within thirty (30) days after its issue or levy; or


 


(i)           Judgments.
There is entered against any Loan Party (i) one or more final judgments or orders for the payment of money in an aggregate amount
(as to all such judgments or orders) exceeding $35,000,000.00 (to the extent not covered by independent third-party insurance as
to which the insurer does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or would have,
individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any
creditor upon such judgment or order, or (B) there is a period of sixty (60) consecutive days during which a stay of enforcement
of such judgment, by reason of a pending appeal or otherwise, is not in effect; or


 


(j)           ERISA.
(i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or would result in liability
of any Company  under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in
an aggregate amount in excess of the Threshold Amount, or (ii) Parent or any ERISA Affiliate fails to pay when due, after the expiration
of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of
ERISA under a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or


 


(k)           Invalidity
of Loan Documents. Any Loan Document at any time after its execution and delivery and for any reason other than as expressly
permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect in all
material effects, or any Lien on a material portion of the Collateral granted under any Security Document, at any time after its
execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of
all the Obligations, ceases to be in full force and effect and as to any such Lien, such Lien remains outstanding for thirty (30)
days’ notice from Administrative Agent; or any Loan Party or any other Person contests in any manner the validity or enforceability
of any Loan Document or any Lien granted under any Security Document; or any Loan Party denies that it has any or further liability
or obligation under any Loan Document, or purports to revoke, terminate or rescind any  Loan
Document or any Lien granted under any Security Document; or


 






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(l)           Environmental
Matters. The failure by the Consolidated Group to remediate within the time period permitted by law or governmental order (or
within a reasonable time give the nature of the problem if no specific time period has been given) material environmental problems
related to properties whose aggregate book values are in excess of $10,000,000 after all administrative hearings and appeals have
been concluded; or


 


(m)           REIT
Status of Parent. Parent ceases to be treated as a REIT in any taxable year after December 31, 2012; or


 


(n)           Change
of Control. There occurs any Change of Control.


 


9.02         Remedies
Upon Event of Default. If any Event of Default occurs and is continuing, Administrative Agent shall, at the request
of, or may, with the consent of, Required Lenders, take any or all of the following actions:


 


(a)           declare
the commitment of each Lender (including the Swing Line Lender) to make Loans and any obligation of L/C Issuer to make L/C Credit
Extensions to be terminated, whereupon such commitments and obligation shall be terminated;


 


(b)           declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable
hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice
of any kind, all of which are hereby expressly waived by Borrower;


 


(c)           require
that Borrower Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and


 


(d)           exercise
on behalf of itself, the Lenders and L/C Issuer all rights and remedies available to it, the Lenders and L/C Issuer under the Loan
Documents;


 


provided that upon the occurrence
of an actual or deemed entry of an order for relief with respect to Borrower under the Bankruptcy Code of the United States, the
obligation of each Lender to make Loans and any obligation of L/C Issuer to make L/C Credit Extensions shall automatically terminate,
the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become
due and payable, and the obligation of Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically become
effective, in each case without further act of Administrative Agent or any Lender.


 


9.03         Application
of Funds. After the exercise of remedies provided for in Section 9.02 (or after the Loans have automatically
become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth
in the proviso to Section 9.02), any amounts received on account of the Obligations shall, subject to the provisions
of Sections 2.16 and 2.17, be applied by Administrative Agent in the following order:


 






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First,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including reasonable
fees, charges and disbursements of counsel to Administrative Agent and amounts payable under Article III) payable
to Administrative Agent in its capacity as such;


 


Second,
to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest
and Letter of Credit Fees) payable to the Lenders, Swing Line Lender, and L/C Issuer (including fees, charges and disbursements
of counsel to the respective Lenders, Swing Line Lender, and L/C Issuer and amounts payable under Article III), ratably
among them in proportion to the respective amounts described in this clause Second payable to them;


 


Third,
to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans,
L/C Borrowings, Administrative Agent Advances, and other Obligations, ratably among the Lenders, and L/C Issuer in proportion to
the respective amounts described in this clause Third payable to them;


 


Fourth,
to payment of that portion of the Obligations constituting unpaid principal of the Loans, Administrative Agent Advances, Swing
Line Loans, and L/C Borrowings, ratably among the Lenders, Swing Line Lender, and L/C Issuer in proportion to the respective amounts
described in this clause Fourth held by them;


 


Fifth,
to Administrative Agent for the account of L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the
aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by Borrower pursuant to Sections
2.03 and 2.16; and


 


Last,
the balance, if any, after all of the Obligations have been paid in full, to Borrower or as otherwise required by Law.


 


Subject to Sections 2.03(c) and
2.16, amounts used to Cash Collateralize the aggregate undrawn amount of Swing Line Loans and/or Letters of Credit
pursuant to clause Fifth above shall be applied to satisfy drawings under such Swing Line Loans and/or Letters of
Credit as they occur. If any amount remains on deposit as Cash Collateral after all Swing Line Loans and/or Letters of Credit have
either been fully drawn or expired, such remaining amount shall be promptly applied to the other Obligations, if any, in the order
set forth above.


 


Article
X.

Administrative Agent


 


10.01       Appointment
and Authority. Each of the Lenders, Swing Line Lender, and L/C Issuer hereby irrevocably appoints RBS Citizens,
N.A. to act on its behalf as Administrative Agent hereunder and under the other Loan Documents and authorizes Administrative Agent
to take such actions on its behalf and to exercise such powers as are delegated to Administrative Agent by the terms hereof or
thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are
solely for the benefit of Administrative Agent, the Lenders, Swing Line Lender, and L/C Issuer, and neither Borrower nor any other
Company shall have rights as a third party beneficiary of any of such provisions other than with respect to Section 10.06.


 






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10.02       Rights
as a Lender. The Person serving as Administrative Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not Administrative Agent and the term “Lender”
or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include
the Person serving as Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits
from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business
with any Company or other Affiliate thereof as if such Person were not Administrative Agent hereunder and without any duty to
account therefor to the Lenders.


 


10.03       Exculpatory
Provisions. Administrative Agent shall not have any duties or obligations except those expressly set forth herein
and in the other Loan Documents. Without limiting the generality of the foregoing, Administrative Agent:


 


(a)           shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;


 


(b)           shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that Administrative Agent is required to exercise as directed in writing
by Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other
Loan Documents), provided that Administrative Agent shall not be required to take any action that, in its opinion or the
opinion of its counsel, may expose Administrative Agent to liability or that is contrary to any Loan Document or applicable Law;
and


 


(c)           shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for
the failure to disclose, any information relating to Parent, Borrower or any of their respective Affiliates that is communicated
to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity.


 


Administrative Agent
shall not be liable for any action taken or not taken by it (i) with the consent or at the request of Required Lenders (or such
other number or percentage of the Lenders as shall be necessary, or as Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 11.01 and 9.02) or (ii) in the absence of
its own gross negligence or willful misconduct. Administrative Agent shall be deemed not to have knowledge of any Default unless
and until notice describing such Default is given to Administrative Agent by Borrower, a Lender or L/C Issuer.


 


Administrative Agent
shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in
or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in Article V or elsewhere herein, other than to confirm receipt of items
expressly required to be delivered to Administrative Agent.


 






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10.04       Reliance
by Administrative Agent. Administrative Agent shall be entitled to rely upon, and shall not incur any liability
for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic
message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent
or otherwise authenticated by the proper Person. Administrative Agent also may rely upon any statement made to it orally or by
telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In
determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its
terms must be fulfilled to the satisfaction of a Lender or L/C Issuer, Administrative Agent may presume that such condition is
satisfactory to such Lender or L/C Issuer unless Administrative Agent shall have received notice to the contrary from such Lender
or L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. Administrative Agent may consult with
legal counsel (who may be counsel for Borrower), independent accountants and other experts selected by it, and shall not be liable
for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.


 


10.05       Delegation
of Duties. Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder
or under any other Loan Document by or through any one or more sub-agents appointed by Administrative Agent. Administrative Agent
and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective
Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties
of Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication
of the credit facilities provided for herein as well as activities as Administrative Agent.


 






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10.06       Resignation
of Administrative Agent.


 


(a)           Administrative
Agent may at any time give notice of its resignation to the Lenders, L/C Issuer, Parent and Borrower, and shall give such notice
upon the request of the Borrower if the Administrative Agent, in its capacity as a Lender, is a Defaulting Lender. Upon receipt
of any such notice of resignation, Required Lenders shall have the right, with the consent of Parent and Borrower (such consent
not to be unreasonably withheld or delayed) so long as no Event of Default exists, to appoint a successor, which shall be a bank
with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor
shall have been so appointed by Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring
Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders, the
Swing Line Lender, and L/C Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above; provided
that if Administrative Agent shall notify Parent, Borrower and the Lenders that no qualifying Person has accepted such appointment,
then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Administrative Agent
shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any
collateral security held by Administrative Agent on behalf of the Lenders, the Swing Line Lender, or L/C Issuer under any of the
Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor
Administrative Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through
Administrative Agent shall instead be made by or to each Lender the Swing Line Lender, and L/C Issuer directly, until such time
as Required Lenders appoint a successor Administrative Agent as provided for above in this Section. Upon the acceptance
of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all
of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative
Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged
therefrom as provided above in this Section). The fees payable by Borrower to a successor Administrative Agent shall be
the same as those payable to its predecessor unless otherwise agreed between Borrower and such successor. After the retiring Administrative
Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 11.04
shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents
and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative
Agent was acting as Administrative Agent.


 


(b)           Any
resignation by RBS as Administrative Agent pursuant to this Section10.6(a) shall also constitute its resignation
as L/C Issuer and Swing Line Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder,
(a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C
Issuer and Swing Line Lender, (b) the retiring L/C Issuer and Swing Line Lender shall be discharged from all of their respective
duties and obligations hereunder or under the other Loan Documents, and (c) unless all outstanding Letters of Credit are returned
to the L/C Issuer, the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding
at the time of such succession or make other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations
of the retiring L/C Issuer with respect to such Letters of Credit.


 


(c)           Administrative
Agent may be removed at the written direction of the Required Lenders (which, at any time that there exists more than two Lenders,
shall be calculated without consideration to the Commitments of Administrative Agent) to the extent the Administrative Agent is
conclusively shown to be grossly negligent in the performance of its material obligations and/or duties hereunder or to have engaged
in willful misconduct in the performance of such obligations and/or duties.


 






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10.07       Non-Reliance
on Administrative Agent and Other Lenders. Each Lender and L/C Issuer acknowledges that it has, independently and
without reliance upon Administrative Agent or any other Lender or any of their Related Parties and based on such documents and
information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender
and L/C Issuer also acknowledges that it will, independently and without reliance upon Administrative Agent or any other Lender
or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue
to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related
agreement or any document furnished hereunder or thereunder.


 


10.08       No
Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Syndication Agent, Lead Arranger
listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan
Documents, except in its capacity, as applicable, as Administrative Agent, a Lender or L/C Issuer hereunder.


 


10.09       Administrative
Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other
judicial proceeding relative to any Loan Party, Administrative Agent (irrespective of whether the principal of any Loan or L/C
Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether Administrative
Agent shall have made any demand on Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:


 


(a)           to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders, L/C Issuer and Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders, L/C Issuer and Administrative Agent and their respective agents and counsel and all
other amounts due the Lenders, L/C Issuer and Administrative Agent under Sections 2.03(i) and (j), 2.09
and 11.04) allowed in such judicial proceeding; and


 


(b)           to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;


 


and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender, the Swing
Line Lender, and L/C Issuer to make such payments to Administrative Agent and, in the event that Administrative Agent shall consent
to the making of such payments directly to the Lenders, the Swing Line Lender, and L/C Issuer, to pay to Administrative Agent any
amount due for the reasonable compensation, expenses, disbursements and advances of Administrative Agent and its agents and counsel,
and any other amounts due Administrative Agent under Sections 2.09 and 11.04.


 


Nothing contained herein shall be deemed to
authorize Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender, the Swing Line Lender, or
L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender,
the Swing Line Lender, or L/C Issuer to authorize Administrative Agent to vote in respect of the claim of any Lender, the Swing
Line Lender, or L/C Issuer in any such proceeding.


 






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10.10       Collateral
and Guaranty Matters. The Lenders, the Swing Line Lender, and L/C Issuer irrevocably authorize Administrative Agent,
at its option and in its discretion,


 


(a)           to
transfer or release any Lien on any Collateral (i) upon termination of the Aggregate Commitments and payment and satisfaction in
full of all Obligations (other than contingent indemnification obligations) and the expiration or termination of all Letters of
Credit (other than Letters of Credit as to which other arrangements satisfactory to Administrative Agent, the Swing Line Lender,
and L/C Issuer shall have been made), (ii) that is sold or to be sold as part of or in connection with any sale permitted hereunder
or under any other Loan Document, (iii) subject to Section 11.01, if approved, authorized or ratified in writing
by Required Lenders, (iv) in accordance with the provisions of Section 4.09, or (v) after foreclosure or other acquisition
of title if approved by Required Lenders;


 


(b)           to
release any Subsidiary Guarantor from its obligations under any Subsidiary Guaranty if such Person, or the limited partnership
in which such Person is the general partner, ceases to own a Borrowing Base Property; and


 


(c)           if
all or any portion of the Collateral is acquired by foreclosure or by deed in lieu of foreclosure, Administrative Agent shall take
title to the collateral in its name or by an Affiliate of Administrative Agent, but for the benefit of all Lenders in their Applicable
Percentages on the date of the foreclosure sale or recordation of the deed in lieu of foreclosure. Administrative Agent and all
Lenders hereby expressly waive and relinquish any right of partition with respect to any Collateral so acquired.


 


Upon request by Administrative
Agent at any time, Required Lenders will confirm in writing Administrative Agent’s authority to release or subordinate its
interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant
to this Section 10.10.


 


In its capacity, the
Administrative Agent is a “representative” of the Lenders within the meaning of the term “secured party”
as defined in the New York Uniform Commercial Code. Each Lender authorizes the Administrative Agent to enter into each of the Security
Documents to which it is a party and to take all action contemplated by such documents. Each Lender agrees that no Lender (other
than the Administrative Agent) shall have the right individually to seek to realize upon the security granted by any Security Document,
it being understood and agreed that such rights and remedies may be exercised solely by the Administrative Agent for the benefit
of the Lenders upon the terms of the Security Documents. In the event that any Collateral is hereafter pledged by any Person as
collateral security for the Obligations, the Administrative Agent is hereby authorized, and hereby granted a power of attorney,
to execute and deliver on behalf of the Lenders any Loan Documents necessary or appropriate to grant and perfect a Lien on such
Collateral in favor of the Administrative Agent on behalf of the Lenders.


 






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           Upon
any sale or transfer of assets constituting Collateral which is permitted pursuant to Section 10.10, or consented to in
writing by the Required Lenders or all of the Lenders, as applicable, and upon at least five (5) Business Days’ prior written
request by the Borrower to the Administrative Agent, the Administrative Agent shall (and is hereby irrevocably authorized by the
Lenders to) execute such documents as may be necessary to evidence the release of the Liens granted to the Administrative Agent
for the benefit of the Lenders herein or pursuant hereto upon the Collateral that was sold or transferred; provided, however, that
(i) the Administrative Agent shall not be required to execute any such document on terms which, in the Administrative Agent’s
opinion, would expose the Administrative Agent to liability or create any obligation or entail any consequence other than the release
of such Liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Obligations
or any Liens upon (or obligations of the Borrower or any Subsidiary in respect of) all interests retained by the Borrower or any
Subsidiary, including (without limitation) the proceeds of the sale, all of which, if applicable, shall continue to constitute
part of the Collateral.


 


10.11       Administrative
Agent Advances. 


 


(a)           Administrative
Agent is hereby authorized by Parent, Borrower, and Lenders, from time to time, in Administrative Agent’s sole discretion,
to make advances under this Agreement, or otherwise expend funds, on behalf of Lenders (“Administrative Agent Advances”),
(i)  to pay any costs, fees, and expenses as described in Section 11.04(a),
(ii) when Administrative Agent reasonably deems necessary to preserve or protect the Collateral or any portion thereof
(including with respect to property taxes and insurance premiums) and (iii) to pay any costs, fees, or expenses in connection with
the operation, management, improvements, maintenance, repair, sale, or disposition of any Borrowing Base Property, (A) after the
occurrence of an Event of Default, or (B) subject to Section 10.10, after acquisition of all or a portion of the
Collateral by foreclosure or otherwise; provided that Administrative Agent Advances (other than to pay taxes and insurance
with respect to the Borrowing Base Properties) shall not exceed $5,000,000 in the aggregate without the prior consent of Required
Lenders.


 


(b)           Administrative
Agent advances shall constitute obligatory advances of Lenders under this Agreement, shall be
repayable by Borrower within ten (10) Business Days after demand, secured by the Collateral, and shall bear interest as provided
for herein. Administrative Agent shall notify each Lender in writing of each Administrative Agent Advance. Upon receipt of notice
from Administrative Agent of its making of an Administrative Agent Advance, each Lender shall make the amount of such Lender’s
Applicable Percentage of the outstanding principal amount of such Administrative Agent Advance available to Administrative Agent,
in same day funds, to such account of Administrative Agent as Administrative Agent may designate, (i) on or before 4:00 p.m. on
the day Administrative Agent provides Lenders with notice of the making of such Administrative Agent Advance if Administrative
Agent provides such notice on or before 1:00 p.m., or (ii) on or before 1:00 p.m. on the Business Day immediately following the
day Administrative Agent provides Lenders with notice of the making of such advance if Administrative Agent provides notice after
1:00 p.m. 


 






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Article
XI.

Miscellaneous


 


11.01       Amendments,
Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any
departure by Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by Required Lenders and Borrower
or the applicable Loan Party, as the case may be, and acknowledged by Administrative Agent, and each such waiver or consent shall
be effective only in the specific instance and for the specific purpose for which given; provided that no such amendment,
waiver or consent shall:


 


(a)           waive
any condition set forth in Section 5.01(a) without the written consent of each Lender;


 


(b)           extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 9.02) without
the written consent of such Lender;


 


(c)           postpone
any date fixed by this Agreement or any other Loan Document for any payment or mandatory prepayment of principal, interest, fees
or other amounts due to a Lender or any scheduled or mandatory reduction of the Aggregate Commitments hereunder or under any other
Loan Document without the written consent of each Lender directly affected thereby;


 


(d)           reduce
or forgive the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iii)
of the second proviso to this Section 11.01) any fees or other amounts payable hereunder or under any other Loan
Document, or change the manner of computation of any financial ratio (including any change in any applicable defined term) used
in determining the Applicable Rate that would result in a reduction of any interest rate on any Loan or any fee payable hereunder
without the written consent of each Lender directly affected thereby; provided that only the consent of Required Lenders
shall be necessary  to amend the definition of “Default Rate” or to
waive any obligation of Borrower to pay interest or Letter of Credit Fees at the Default Rate;


 


(e)           change
Section 9.03 in a manner that would alter the pro rata sharing of payments required thereby without the written consent
of each Lender;


 


(f)           change
any provision of this Section or the definition of “Required Lenders” or any other provision hereof
specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination
or grant any consent hereunder, without the written consent of each Lender;


 


(g)           release
all or substantially all of the value of the Collateral without the written consent of each Lender, except to the extent the release
of such Collateral is permitted pursuant to Sections 4.09 or 10.10 (in which case such release may
be made by Administrative Agent acting alone); or


 






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(h)           release
all or substantially all of the value of the Guaranties without the written consent of each Lender, except to the extent the release
of any Guarantor is permitted pursuant to Sections 4.09 or 10.10 (in which case such release may be
made by Administrative Agent acting alone);


 


and, provided, further,
that (i) no amendment, waiver or consent shall, unless in writing and signed by L/C Issuer in addition to the Lenders required
above, affect the rights or duties of L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued
or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the Swing Line Lender in addition
to the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; and (iii) no amendment,
waiver or consent shall, unless in writing and signed by Administrative Agent in addition to the Lenders required above, affect
the rights or duties of Administrative Agent under this Agreement or any other Loan Document; and (iv) the Fee Letter may be amended,
or rights or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary
herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any
amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with
the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may
not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent
of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders
shall require the consent of such Defaulting Lender.


 


11.02       Notices;
Effectiveness; Electronic Communication.


 


(a)           Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing
and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows,
and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable
telephone number, as follows:


 


(i)           if
to Borrower, Administrative Agent, Swing Line Lender or L/C Issuer, to the address, telecopier number, electronic mail address
or telephone number specified for such Person on Schedule 11.02; and 


 


(ii)           if
to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its Administrative
Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire
then in effect for the delivery of notices that may contain material non-public information relating to Borrower).


 


Notices and other communications sent by
hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during
normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day
for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection
(b) below, shall be effective as provided in such subsection (b).


 






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(b)           Electronic
Communications. Notices and other communications to the Lenders and L/C Issuer hereunder may be delivered or furnished by electronic
communication (including e-mail and Internet or intranet websites) pursuant to procedures approved
by Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or L/C Issuer pursuant to
Article II if such Lender or L/C Issuer, as applicable, has notified Administrative Agent that it is incapable of
receiving notices under such Article by electronic communication. Administrative Agent or Borrower may, in its discretion, agree
to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it;
provided that approval of such procedures may be limited to particular notices or communications.


 


Unless Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during
the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business
on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall
be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause
(i) of notification that such notice or communication is available and identifying the website address therefor.


 


(c)           The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW)
DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY
FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE
DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall Administrative
Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to Borrower,
any Lender, L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract
or otherwise) arising out of Borrower’s or Administrative Agent’s transmission of Borrower Materials through the Internet,
except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction
by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided
that in no event shall any Agent Party have any liability to Borrower, any Lender, L/C Issuer or any other Person for indirect,
special, incidental, consequential or punitive damages (as opposed to direct or actual damages) resulting therefrom.


 






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(d)           Change
of Address, Etc. Each of Borrower, Administrative Agent, Swing Line Lender and L/C Issuer may change its address, telecopier
or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may
change its address, telecopier or telephone number for notices and other communications hereunder by notice to Borrower, Administrative
Agent, Swing Line Lender and L/C Issuer. In addition, each Lender agrees to notify Administrative Agent from time to time to ensure
that Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic
mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore,
each Public Lender agrees to cause at least one (1) individual at or on behalf of such Public Lender to at all times have selected
the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to
enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law,
including United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available
through the “Public Side Information” portion of the Platform and that may contain material non-public information
with respect to Borrower or its Equity Interests for purposes of United States Federal or state securities laws.


 


(e)           Reliance
by Administrative Agent, L/C Issuer, Swing Line Lender and Lenders.  
Administrative Agent, L/C Issuer, Swing Line Lender and the Lenders shall be entitled to rely and act upon any notices (including
telephonic Committed Loan Notices and Swing Line Loan Notices) purportedly given by or on behalf of Borrower even if (i) such notices
were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified
herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. Borrower shall indemnify
Administrative Agent, L/C Issuer, Swing Line Lender, each Lender and the Related Parties of each of them from all losses, costs,
expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of Borrower.
All telephonic notices to and other telephonic communications with Administrative Agent may be recorded by Administrative Agent,
and each of the parties hereto hereby consents to such recording.


 


11.03       No
Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, L/C Issuer or Administrative Agent to exercise,
and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof;
nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided
are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law.


 






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Notwithstanding anything
to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under
the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings
at law in connection with such enforcement shall be instituted and maintained exclusively by, Administrative Agent in accordance
with Section 9.02 for the benefit of all the Lenders and L/C Issuer; provided that the foregoing shall not
prohibit (a) Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in
its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer or the Swing Line Lender
from exercising the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer or Swing Line Lender, as
the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with
Section 11.08 (subject to the terms of Section 2.13), or (d) any Lender from filing proofs of claim
or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor
Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder
and under the other Loan Documents, then (i) Required Lenders shall have the rights otherwise ascribed to Administrative Agent
pursuant to Section 9.02 and (ii) in addition to the matters set forth in clauses (b), (c)
and (d) of the preceding proviso and subject to Section 2.13, any Lender may, with the consent of Required
Lenders, enforce any rights and remedies available to it and as authorized by Required Lenders.


 


11.04       Expenses;
Indemnity; Damage Waiver.


 


(a)           Costs
and Expenses. Each Loan Party shall jointly and severally pay (i) all reasonable out-of-pocket expenses incurred by Administrative
Agent and its Affiliates (including (a) the reasonable fees, charges and disbursements of counsel for Administrative Agent; (b)
fees and charges of each consultant, inspector, and engineer; (c) title search or examination costs, including abstracts, abstractors’
certificates and uniform commercial code searches; (d) judgment and tax lien searches for Borrower and each Guarantor; (e) escrow
fees; (f) recordation taxes, documentary taxes and transfer taxes; and (g) filing and recording fees), in connection with the initial
syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration
of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses
incurred by L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for
payment thereunder and (iii) all reasonable out-of-pocket expenses incurred by Administrative Agent, any Lender or L/C Issuer (including
the reasonable fees, charges and disbursements of any counsel for Administrative Agent, any Lender (only if a Default shall be
in existence) or L/C Issuer), in connection with the enforcement or protection of its rights (A) in connection with this Agreement
and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or
Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations
in respect of such Loans or Letters of Credit.


 






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(b)           Indemnification.
Parent and Borrower shall jointly and severally indemnify Administrative Agent (and any sub-agent thereof), each Lender and L/C
Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including
the reasonable fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against
any Indemnitee by any third party or by Borrower or any other Loan Party resulting from any action, suit, or proceeding relating
to (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby
or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of
the transactions contemplated hereby or thereby, or, in the case of Administrative Agent (and any subagent
thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect
of any matters addressed in Section 3.01), (ii) any Loan or Letter of Credit or the use or proposed use of
the proceeds therefrom (including any refusal by L/C Issuer to honor a demand for payment under a Letter of Credit if the documents
presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged
presence or release of Hazardous Materials on or from any property owned or operated by Borrower or any of its Subsidiaries, or
any Environmental Damages related in any way to Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought
by a third party or by Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities
or related expenses (w) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted
from the gross negligence or willful misconduct of such Indemnitee or (x) result from a claim brought by Borrower or any other
Loan Party against an Indemnitee for material breach in bad faith of such Indemnitee’s obligations hereunder or under any
other Loan Document, if Borrower or such other Loan Party has obtained a final and nonappealable judgment in its favor on such
claim as determined by a court of competent jurisdiction. or (y) for which an Indemnitee has been compensated pursuant to the terms
of this Agreement, the Fee Letter or the Mandate Letter, or (z) to the extent based upon contractual obligations of such Indemnitee
owing by such Indemnitee to any third party which are not expressly set forth in this Agreement.


 






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(c)           Environmental
Indemnity. Each Loan Party hereby, jointly and severally, assumes liability for, and covenants and agrees at its sole cost
and expense to protect, defend (at trial and appellate levels), indemnify and hold the Indemnitees harmless from and against, and,
if and to the extent paid, reimburse them on demand for, any and all Environmental Damages. WITHOUT LIMITATION, THE FOREGOING INDEMNITY
SHALL APPLY TO EACH INDEMNITEE WITH RESPECT TO ENVIRONMENTAL DAMAGES WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF, OR
ARE CLAIMED TO BE CAUSED BY OR ARISE OUT OF, THE NEGLIGENCE OR STRICT LIABILITY OF SUCH (AND/OR ANY OTHER) INDEMNITEE. HOWEVER,
SUCH INDEMNITY SHALL NOT APPLY TO A PARTICULAR INDEMNITEE TO THE EXTENT THAT THE SUBJECT OF THE INDEMNIFICATION IS (W) CAUSED BY
OR ARISES OUT OF THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THAT PARTICULAR INDEMNITEE OR ANY RELATED PARTY OF SUCH INDEMNITEE
AS DETERMINED IN A NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION, (X) INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY
DAMAGES UNLESS SUCH DAMAGES WERE IMPOSED UPON SUCH INDEMNITEE AS A RESULT OF ANY CLAIMS MADE AGAINST SUCH INDEMNITEE BY A GOVERNMENTAL
ENTITY OR ANY OTHER THIRD PARTY (Y) RESULTS FROM ANY CLAIMS RELATED TO ANY REMEDIAL WORK PERFORMED BY OR ON BEHALF OF ANY PERSON
(OTHER THAN BORROWER OR ANOTHER LOAN PARTY) SO INDEMNIFIED TO THE EXTENT THAT SUCH REMEDIAL WORK WAS NOT REQUIRED UNDER ANY APPLICABLE
ENVIRONMENTAL LAW OR (Z)  AFTER THE RELEASE DATE, ANY ENVIRONMENTAL DAMAGES OR ENVIRONMENTAL
CLAIM THAT ARE (A) BASED ON AN EVENT THAT OCCURS SOLELY AFTER SUCH RELEASE DATE, AND (B) THAT IS IN NO WAY RESULTING FROM ANY STATE
OF FACTS OR CONDITION THAT EXISTED ON OR BEFORE SUCH RELEASE DATE. Upon demand by Administrative Agent, L/C Issuer or any Lender,
the applicable Loan Party shall diligently defend any Environmental Claim which affects a Borrowing Base Property or is made or
commenced against Administrative Agent, L/C Issuer or Lenders, whether alone or together with any other Loan Party or any other
person, all at the Loan Parties’ own cost and expense and by counsel to be approved by Administrative Agent in the exercise
of its reasonable judgment which shall not be unreasonably withheld or delayed. Notwithstanding the foregoing, if the defendants
in a claim include any Loan Party and any Indemnitee shall have reasonably concluded that (a) there are legal defenses available
to it that are materially different from those available to such Loan Party, (b) the use of the counsel engaged by Parent and Borrower
would present such counsel with a conflict of interest, or (c) the counsel engaged by Parent and Borrower are not properly representing
the Indemnitee’s interests or were not promptly provided, any Indemnitee may, at the sole
cost and expense of Parent and Borrower, engage its own counsel to assume its legal defenses and to defend or assist it, and, at
the option of such Indemnitee, its counsel may act as co-counsel in connection with the resolution of any Indemnified Claim; provided,
however, that no compromise or settlement, which would impose upon any Loan Party any liabilities, obligations, losses, damages,
and/or penalties, shall be entered into without the consent of Parent and Borrower, which consent shall not be unreasonably withheld
and, provided, further, that Parent and Borrower shall not be liable for the expenses of more than one separate counsel
for all Indemnitees unless an Indemnitee shall have reasonably concluded that there may be legal defenses available to it that
are different from or additional to those available to another Indemnitee and which legal defenses raise ethical and/or legal considerations
which warrant separate counsel, provide that such Indemnitee shall make reasonable attempts to ensure that any environmental disbursements
and legal expenses are not duplicative. Notwithstanding anything to the contrary contained above:


 






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(i)           The
Indemnitees will endeavor to give Borrower notice of any Environmental Damage within thirty (30) days after an Indemnitee receives
written notice of that Environmental Damage. However, if the Indemnitees fail to give Borrower timely notice of such Environmental
Damage or otherwise default in their obligations under this Section 11.04(c) or Section 7.12, the Indemnitees
shall retain the right to defend and control the settlement of the Environmental Damage. The Loan Parties’ sole remedy for
such a default by the Indemnitees shall be to offset against the indemnification liability otherwise payable by the Loan Parties
to the Indemnitees the amount of damages actually suffered by the  Loan Parties as a result of
the late notice or other default by the Indemnitees under this Section 11.04(c).


 


(ii)           The
Loan Parties shall have the right to elect to defend and control the settlement of any Environmental Damage if each of the following
conditions is satisfied:


 


(A)           The
Environmental Damage seeks only monetary damages and does not seek any injunction or other equitable relief against the Indemnitees;


 


(B)           The
Loan Parties unconditionally acknowledge in writing, in a notice of election to contest or defend the Environmental Damage given
to the Indemnitees within ten (10) days after the Indemnitees give the Borrower notice of the Environmental Damage, that the Loan
Parties are obligated to indemnify the Indemnitees in full, but subject to the limitations, as set forth in this Section 11.04(c)
above with respect to the Environmental Damage;


 


(C)           No
Event of Default is then in existence under the Loan Documents;


 


(D)           The
counsel chosen by the Loan Parties to defend the Environmental Damage is reasonably satisfactory to the Administrative Agent; and


 


(E)           If
reasonably requested by the Administrative Agent, the Loan Parties furnish the Indemnitees with a letter of credit, surety bond,
or similar security in form and substance satisfactory to the Indemnitees in an amount sufficient to secure the Loan Parties’
potential indemnity liability to the Indemnitees in the full amount of the Environmental Damage.


 


(iii)         If
the Loan Parties elect to defend against an Environmental Damage, the Indemnitees shall, at their own expense, be entitled to participate
in (but not control) the defense of, and receive copies of all pleadings and other papers in connection with, such Environmental
Damage. If the Loan Parties do not, or are not entitled to, elect to defend an Environmental Damage in conformity with the requirements
of this Section, the Indemnitees shall be entitled to defend or settle (or both), with the reasonable approval of the Borrower
unless an Event of Default is in existence, that Environmental Damage on such terms as the Indemnitees for that Environmental Damage
shall be satisfied in the manner provided for in this Section 11.04(c).


 






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(iv)           The
Indemnitees will permit the Loan Parties to control the settlement of an Environmental Damage only if: (A) the terms of the settlement
require no more than the payment of money - that is, the settlement does not require the Indemnitees to admit any wrongdoing or
take or refrain from taking any action; (B) the full amount of the monetary settlement will be paid by the Loan Parties; and (C)
the Indemnitees receive, as part of the settlement, a legally binding and enforceable unconditional satisfaction or release, which
is in form and substance reasonably satisfactory to the Indemnitees, providing that the Environmental Damage and any claimed liability
of the Indemnitees with respect to it being fully satisfied because of the settlement and that the Indemnitees are being released
from any and all obligations or liabilities they may have with respect to the Environmental Damage.


 


(d)           Reimbursement
by Lenders. To the extent that the Loan Parties for any reason fails to indefeasibly pay any amount required under subsection
(a), (b) or (c) of this Section to be paid by the Loan Parties to Administrative
Agent (or any sub-agent thereof), L/C Issuer or any Related Party of any of the foregoing (and without limiting their obligation
to do so), each Lender severally agrees to pay to Administrative Agent (or any such sub-agent), L/C Issuer or such Related Party,
as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense
or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted against Administrative Agent (or any such
sub-agent) or L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for Administrative
Agent (or any such sub-agent) or L/C Issuer in connection with such capacity. The obligations of the Lenders under this subsection
(d) are subject to the provisions of Section 2.12(d).


 


(e)           Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, no Loan Party shall assert, and each Loan
Party hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other
Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or
Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable
for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended
recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with
this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages
resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment
of a court of competent jurisdiction.


 


(f)           Payments.
All amounts due under this Section shall be payable not later than thirty (30) days after demand therefor.


 






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(g)           Survival.
The agreements in this Section shall survive the resignation of Administrative Agent, Swing Line Lender and L/C Issuer,
the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all
the other Obligations.


 


11.05  
    Payments Set Aside. To the extent that any
payment by or on behalf of Borrower is made to Administrative Agent, L/C Issuer or any Lender, or Administrative Agent, L/C
Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is
subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any
settlement entered into by Administrative Agent, L/C Issuer or such Lender in its discretion) to be repaid to a trustee,
receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the
extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in
full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and L/C
Issuer severally agrees to pay to Administrative Agent upon demand its applicable share (without duplication) of any
amount so recovered from or repaid by Administrative Agent, plus interest thereon from the date of such demand to the date
such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the
Lenders and L/C Issuer under clause (b) of the preceding sentence shall survive the payment in full of the
Obligations and the termination of this Agreement.


 


11.06       Successors
and Assigns.


 


(a)           Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby, except that neither Borrower nor any other Loan Party may assign
or otherwise transfer any of its rights or obligations hereunder without the prior written consent of Administrative Agent and
each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee
in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation
in accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment
of a security interest subject to the restrictions of subsection (f) of this Section (and any other attempted
assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed
to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants
to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated
hereby, the Related Parties of each of Administrative Agent, L/C Issuer and the Lenders) any legal or equitable right, remedy or
claim under or by reason of this Agreement.


 


(b)           Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b),
participations in L/C Obligations or Swing Line Loans) at the time owing to it); provided that any such assignment shall
be subject to the following conditions:


 






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(i)           Minimum
Amounts.


 


(A)           in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing
to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned;
and


 


(B)           in
any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment
(which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding
balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption
with respect to such assignment is delivered to Administrative Agent or, if “Trade Date” is specified in the Assignment
and Assumption, as of the Trade Date, shall not be less than $5,000,000 and the amount assigned to the Eligible Assignee shall
not be less than $5,000,000, unless each of Administrative Agent and, so long as no Event of Default has occurred and is continuing,
Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided that concurrent assignments
to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or
to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether
such minimum amount has been met.


 


(ii)           Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Loans or the Commitment assigned except that this clause (ii) shall
not apply to rights in respect of the Swing Line Lender’s rights and obligations in respect of Swing Line Loans.


 


(iii)           Required
Consents. No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of
this Section and, in addition:


 


(A)           the
consent of Borrower (such consent not to be unreasonably withheld) shall be required unless (1) an Event of Default has occurred
and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved
Fund; provided that Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by
written notice to Administrative Agent within ten (10) Business Days after having received notice thereof;


 


(B)           the
consent of Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment
is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender;


 






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(C)           the
consent of L/C Issuer (such consent not to be unreasonably withheld or delayed) shall be required for any assignment that increases
the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding);
and


 


(D)           the
consent of the Swing Line Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment.


 


(iv)          Assignment
and Assumption. The parties to each assignment shall execute and deliver to Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee in the amount of $3,500; provided that Administrative Agent may, in its sole
discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender,
shall deliver to Administrative Agent an Administrative Questionnaire.


 


(v)          No
Assignment to Certain Persons. No such assignment shall be made (A) to Parent or Borrower or any of their Affiliates or Subsidiaries,
or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute
any of the foregoing Persons described in this clause (B), or (C) to a natural person.


 


(vi)         Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such
assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the
assignment shall make such additional payments to Administrative Agent in an aggregate amount sufficient, upon distribution thereof
as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating
actions, including funding, with the consent of Borrower and Administrative Agent, the applicable pro rata share of Loans previously
requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent),
to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to Administrative Agent or any Lender
hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations
in Letters of Credit and Swing Line Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event
that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without
compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender
for all purposes of this Agreement until such compliance occurs.


 






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Subject to
acceptance and recording thereof by Administrative Agent pursuant to subsection (c) of this Section, from
and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement
and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under
this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption,
be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to
be entitled to the benefits of Sections 3.01, 3.04, 3.05, and 11.04 with
respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request, Borrower (at its expense)
shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under
this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale
by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section.


 


(c)           Register.
Administrative Agent, acting solely for this purpose as an agent of Borrower (and such agency being solely for tax purposes), shall
maintain at Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations
owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in
the Register shall be conclusive absent manifest error, and Borrower, Administrative Agent and the Lenders may treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding
notice to the contrary. In addition, Administrative Agent shall maintain on the Register information regarding the designation,
and revocation of designation, of any Lender as a Defaulting Lender. The Register shall be available for inspection by Borrower
and any Lender, at any reasonable time and from time to time upon reasonable prior notice.


 


(d)           Participations.
Any Lender may at any time, without the consent of, or notice to, Borrower or Administrative Agent, sell participations to any
Person (other than a natural person, a Defaulting Lender or Parent or Borrower or any of their Affiliates or Subsidiaries) (each,
a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement
(including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations
and Swing Line Loans) owing to it); provided that (i) such Lender’s obligations under this Agreement shall
remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations
and (iii) Borrower, Administrative Agent, the Lenders and L/C Issuer shall continue to deal solely and directly with such Lender
in connection with such Lender’s rights and obligations under this Agreement.


 






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Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement
or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or
other modification described in the first proviso to Section 11.01 that affects such Participant. Subject to subsection
(e) of this Section, Borrower agrees that each Participant shall be entitled to the benefits of Sections
3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest
by assignment pursuant to subsection (b) of this Section. To the extent permitted by Law, each Participant
also shall be entitled to the benefits of Section 11.08 as though it were a Lender, provided such Participant
agrees to be subject to Section 2.13 as though it were a Lender.


 


(e)           Limitations
upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Section 3.01 or
3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such
Participant, unless the sale of the participation to such Participant is made with Borrower’s prior written consent. A Participant
that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless Borrower
is notified of the participation sold to such Participant and such Participant agrees, for the benefit of Borrower, to comply with
Section 3.01(e) as though it were a Lender.


 


(f)           Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations
to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.


 


(g)           Resignation
as L/C Issuer/Swing Line Lender after Assignment. Notwithstanding anything to the contrary contained herein, if at any time
RBS assigns all of its Commitment and Loans pursuant to subsection (b) above, RBS may, upon 30 days’ notice
to Borrower and the Lenders, resign as L/C Issuer and Swing Line Lender. In the event of any such resignation as L/C Issuer and
Swing Line Lender, Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer and Swing Line Lender hereunder;
provided that no failure by Borrower to appoint any such successor shall affect the resignation of RBS as L/C Issuer and
Swing Line Lender. If RBS resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of L/C Issuer hereunder
with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations
with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed
Amounts pursuant to Section 2.03(c)). If RBS resigns as Swing Line Lender, it shall retain all the rights of the
Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of
such resignation, including the right to require the Lenders to make Base Rate Committed Loans or fund risk participations in outstanding
Swing Line Loans pursuant to Section 2.04(c). Upon the appointment of a successor L/C Issuer and/or Swing Line Lender,
(a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C
Issuer and Swing Line Lender and (b) unless all outstanding Letters of Credit are returned to the L/C Issuer, the successor L/C
Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession
or make other arrangements satisfactory to RBS to effectively assume the obligations of RBS with respect to such Letters of Credit.


 






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11.07       Treatment
of Certain Information; Confidentiality. Each of Administrative Agent, the Lenders and L/C Issuer agrees to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and
to its and its Affiliates’ respective partners, directors, officers, employees, agents, trustees, advisors and representatives
actively involved in the origination, syndication, closing, administration or enforcement of the Loans, (it being understood that
the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to
keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over
it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required
by applicable Laws or regulations or by any subpoena or similar legal process so long as Administrative Agent, LC Issuer and any
Lender, as the case may be, requests confidential treatment of such Information to the extent permitted by Law (provided that
the requesting Administrative Agent, L/C Issuer or Lender shall not be responsible for the failure by any such party to keep the
Information confidential), (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under
any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of
rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same or at least as restrictive
as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant
in, any of its rights or obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section
2.14(e), or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to Borrower
and its obligations hereunder, (g) with the consent of Borrower or (h) to the extent such Information (x) becomes publicly available
other than as a result of a breach of this Section or (y) becomes available to Administrative Agent, any Lender, L/C Issuer
or any of their respective Affiliates on a nonconfidential basis from a source other than Borrower provided that the source of
such information was not at the time known by Administrative Agent, any Lender, L/C Issuer or any of their respective Affiliates
to be bound by a confidentiality agreement or other legal or contractual obligation of confidentiality with respect to such Information.
For purposes of this Section, “Information” means all information received from any Company relating
to any Company or any of their respective businesses, other than any such information that is available to Administrative Agent,
any Lender or L/C Issuer on a nonconfidential basis prior to disclosure by any Company, provided that in the case of information
received from any Company after the date hereof, such information is clearly identified at the time of delivery as confidential.
Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have
complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of
such Information as such Person would accord to its own confidential information.


 


Each of Administrative
Agent, the Lenders and L/C Issuer acknowledges that (a) the Information may include material non-public information concerning
Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public
information and (c) it will handle such material non-public information in accordance with applicable Law, including United States
Federal and state securities Laws.


 






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11.08       Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and L/C Issuer is hereby authorized
at any time and from time to time, after obtaining the prior written consent of Administrative Agent, to the fullest extent permitted
by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever
currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or L/C Issuer to or for
the credit or the account of Borrower or any other Loan Party against any and all of the obligations of Borrower or such Loan
Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or L/C Issuer, irrespective of
whether or not such Lender or L/C Issuer shall have made any demand under this Agreement or any other Loan Document and although
such obligations of Borrower or such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender
or L/C Issuer different from the branch or office holding such deposit or obligated on such indebtedness; provided that in
the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately
to Administrative Agent for further application in accordance with the provisions of Section 2.17 and, pending such
payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of Administrative
Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to Administrative Agent a statement describing in
reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of
each Lender and L/C Issuer under this Section are in addition to other rights and remedies (including other rights of setoff)
that such Lender and L/C Issuer may have. Each Lender and L/C Issuer agrees to notify Borrower and Administrative Agent promptly
after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such
setoff and application.


 


11.09       Interest
Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or
agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable
Law (the “Maximum Rate”). If Administrative Agent or any Lender shall receive interest in an amount
that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid
principal, refunded to Borrower. In determining whether the interest contracted for, charged, or received by Administrative Agent
or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment
that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof,
and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated
term of the Obligations hereunder.


 


11.10       Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single
contract. This Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject
matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter
hereof. Except as provided in Section 5.01, this Agreement shall become effective when it shall have been executed
by Administrative Agent and when Administrative Agent shall have received counterparts hereof that, when taken together, bear
the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement
by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement.


 






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11.11       Survival
of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document
or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and
delivery hereof and thereof. Such representations and warranties have been or will be relied upon by Administrative Agent and
each Lender, regardless of any investigation made by Administrative Agent or any Lender or on their behalf and notwithstanding
that Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and
shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied
or any Letter of Credit shall remain outstanding.


 


11.12       Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction. Without limiting the foregoing provisions of this Section 11.12, if and to the extent
that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws,
as determined in good faith by Administrative Agent or L/C Issuer or Swing Line Lender then such provisions shall be deemed to
be in effect only to the extent not so limited.


 


11.13       Replacement
of Lenders. If any Lender requests compensation under Section 3.04, or if Borrower is required to
pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01,
if any Lender is a Defaulting Lender or if any other circumstance exists hereunder that gives Borrower the right to replace a
Lender as a party hereto, then Borrower may, at its sole expense and effort, upon notice to such Lender and Administrative Agent,
require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in,
and consents required by, Section 11.06), all of its interests, rights and obligations under this Agreement and
the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender
accepts such assignment), provided that:


 


(a)           Borrower
shall have paid to Administrative Agent the assignment fee specified in Section 11.06(b);


 


(b)           such
Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Loans and L/C Advances, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (excluding, in
the case of any Defaulting Lender, any amounts under Section 3.05) from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or Borrower (in the case of all other amounts);


 






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(c)           in
the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to
be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;
and


 


(d)           such
assignment does not conflict with applicable Laws.


 


A Lender shall not
be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling Borrower to require such assignment and delegation cease to apply.


 


11.14       Governing
Law; Jurisdiction; Etc.


 


(a)           GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.


 


(b)           SUBMISSION
TO JURISDICTION. EACH OF PARENT, BORROWER, AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND
ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED
STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND
EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL
BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.
EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED
IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER
LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ADMINISTRATIVE AGENT, ANY LENDER OR L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES
IN THE COURTS OF ANY JURISDICTION AS NECESSARY TO ENFORCE ITS RIGHTS AND REMEDIES HEREUNDER.


 


(c)           WAIVER
OF VENUE. EACH OF PARENT, BORROWER, AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF
THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.


 






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(d)           SERVICE
OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW.


 


11.15        Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.


 


11.16       No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof or of any other Loan Document), Parent, Borrower, and each
other Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i)(A) the arranging and
other services regarding this Agreement provided by Administrative Agent and Lead Arranger are arm’s-length commercial transactions
between Parent, Borrower, each other Loan Party and their respective Affiliates, on the one hand, and Administrative Agent and
Lead Arranger, on the other hand, (B) each of Parent, Borrower, and the other Loan Parties has consulted its own legal, accounting,
regulatory and tax advisors to the extent it has deemed appropriate, and (C) Borrower and each other Loan Party is capable of
evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other
Loan Documents; (ii)(A) Administrative Agent, each Lender and Lead Arranger is and has been acting solely as a principal and,
except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent
or fiduciary for Parent, Borrower, any other Loan Party, or any of their respective Affiliates, or any other Person and (B) neither
Administrative Agent, any Lender nor Lead Arranger has any obligation to Parent, Borrower, any other Loan Party, or any of their
respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein
and in the other Loan Documents; and (iii) Administrative Agent, each Lender and the Lead Arranger and their respective Affiliates
may be engaged in a broad range of transactions that involve interests that differ from those of Parent, Borrower, the other Loan
Parties, and their respective Affiliates, and neither Administrative Agent, any Lender nor any Lead Arranger has any obligation
to disclose any of such interests to Parent, Borrower, any other Loan Party, or any of their respective Affiliates. To the fullest
extent permitted by Law, each of Parent, Borrower, and the other Loan Parties hereby waives and releases any claims that it may
have against Administrative Agent, each Lender and the Lead Arranger with respect to any breach or alleged breach of agency or
fiduciary duty in connection with any aspect of any transaction contemplated hereby.


 






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11.17       Electronic
Execution of Assignments and Certain Other Documents. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Assumption or in any amendment or other modification hereof
(including waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form,
each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar
state laws based on the Uniform Electronic Transactions Act.


 


11.18       USA
PATRIOT Act. Each Lender that is subject to the Act (as hereinafter defined) and Administrative Agent (for itself
and not on behalf of any Lender) hereby notifies Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III
of Pub. L. 10756 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and
record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other
information that will allow such Lender or Administrative Agent, as applicable, to identify each Loan Party in accordance with
the Act. Borrower or such Loan Party shall, promptly following a request by Administrative Agent or any Lender, provide all documentation
and other information that Administrative Agent or such Lender requests in order to comply with its ongoing obligations under
applicable “know your customer” and anti-money laundering rules and regulations, including the Act.


 


11.19       ENTIRE
AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY
NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN
ORAL AGREEMENTS AMONG THE PARTIES.


 


[Signature Pages Follow]


 






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IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the date first above written.





 


	 	BORROWER:
	 	 
	 	
        AMERICAN REALTY CAPITAL OPERATING

        PARTNERSHIP III, L.P., a Delaware limited

        partnership

	 	 	 
	 	By:	/s/ Jesse C. Galloway
	 	 	Name:  Jesse C/ Galloway
	 	 	Title:    Authorized Signatory
	 	 	 
	 	PARENT:
	 	 
	 	
        AMERICAN REALTY CAPITAL TRUST III, INC.,

        a Maryland corporation

	 	 	 
	 	By:	/s/ Jesse C. Galloway
	 	 	Name:  Jesse C/ Galloway
	 	 	Title:    Authorized Signatory


 






    	 



    	 



    



 


	 	
        RBS CITIZENS, N.A., as Administrative Agent,

        Lender, Swing Line Lender and L/C Issuer

	 	 	 
	 	By:	/s/ Donald W. Woods
	 	Name:	Donald W. Woods
	 	Title:	Senior Vice President


 






    	 



    	 



    



 


	 	REGIONS BANK, as Lender
	 	 	 
	 	By:	/s/ Michael R. Mellot
	 	Name:	Michael R. Mellott
	 	Title:	Director