EX-10.2



 Exhibit 10.2 
  

LOAN AGREEMENT 
 Dated as of
April 26, 2016 
 Among 

CEDAR REALTY TRUST PARTNERSHIP, L.P. 

as Borrower 
 THE LENDERS FROM TIME
TO TIME PARTY HERETO 
 REGIONS CAPITAL MARKETS, BB&T CAPITAL MARKETS, KEYBANC CAPITAL 

MARKETS and 
 CAPITAL ONE, NATIONAL
ASSOCIATION, 
 as Joint-Lead Arrangers and Joint-Bookrunners 

REGIONS BANK, BRANCH BANKING AND TRUST COMPANY, and CAPITAL ONE, 

NATIONAL ASSOCIATION 
 as
Co-Syndication Agents 
 KEYBANK NATIONAL ASSOCIATION, 

as Administrative Agent 
  

 
  







 TABLE OF CONTENTS 

 

											
	 	 	 	 	 	  	 	  	Page	 
			
	 1.
	 	DEFINITIONS	  	 	1	  
				
		 	 1.1
	 	Defined Terms	  	 	1	  
		 	 1.2
	 	Other Interpretive Provisions	  	 	28	  
		 	 1.3
	 	Accounting Terms	  	 	29	  
		 	 1.4
	 	Rounding	  	 	29	  
		 	 1.5
	 	Times of Day	  	 	29	  
			
	 2.
	 	LOAN PROVISIONS	  	 	30	  
				
		 	 2.1
	 	General Loan Provisions	  	 	30	  
		 		 	 2.1.1
	  	Loans	  	 	30	  
		 		 	 2.1.2
	  	Procedures and Limits	  	 	31	  
		 		 	 2.1.3
	  	Funding Procedures	  	 	32	  
		 	 2.2
	 	Term of Loan	  	 	32	  
		 		 	 2.2.1
	  	Term Facility	  	 	32	  
		 		 	 2.2.2
	  	Termination of Commitments	  	 	32	  
		 	 2.3
	 	Interest Rate and Payment Terms	  	 	32	  
		 		 	 2.3.1
	  	Borrower’s Options	  	 	33	  
		 		 	 2.3.2
	  	Selection To Be Made	  	 	33	  
		 		 	 2.3.3
	  	Notice	  	 	33	  
		 		 	 2.3.4
	  	If No Notice	  	 	33	  
		 		 	 2.3.5
	  	Telephonic Notice	  	 	33	  
		 		 	 2.3.6
	  	Limits On Options	  	 	33	  
		 		 	 2.3.7
	  	Payment and Calculation of Interest	  	 	34	  
		 		 	 2.3.8
	  	Mandatory Principal Payments	  	 	34	  
		 		 	 2.3.9
	  	Prepayment	  	 	34	  
		 		 	 2.3.10
	  	Maturity	  	 	34	  
		 		 	 2.3.11
	  	Method of Payment; Date of Credit; Administrative Agent’s Clawback	  	 	35	  
		 		 	 2.3.12
	  	Billings	  	 	36	  
		 		 	 2.3.13
	  	Default Rate	  	 	37	  
		 		 	 2.3.14
	  	Late Charges	  	 	37	  
		 		 	 2.3.15
	  	Breakage Fee	  	 	37	  
		 		 	 2.3.16
	  	Borrower Information	  	 	38	  
		 	 2.4
	 	Loan Fees	  	 	38	  
		 		 	 2.4.1
	  	Loan Fees	  	 	38	  
		 		 	 2.4.2
	  	Unused Fee	  	 	38	  
		 		 	 2.4.3
	  	Payment of Fees Generally	  	 	38	  
		 	 2.5
	 	Intentionally Omitted	  	 	38	  
		 	 2.6
	 	Additional Provisions Related to Interest Rate Selection	  	 	38	  
		 		 	 2.6.1
	  	Increased Costs	  	 	38	  
		 		 	 2.6.2
	  	Capital Requirements	  	 	39	  
		 		 	 2.6.3
	  	Illegality	  	 	39	  


  
 i 









											
		 		 	 2.6.4
	  	Availability	  	 	40	  
		 		 	 2.6.5
	  	Base Rate Advances	  	 	40	  
		 		 	 2.6.6
	  	Delay in Requests	  	 	40	  
		 		 	 2.6.7
	  	Mitigation	  	 	40	  
		 		 	 2.6.8
	  	Survival	  	 	41	  
		 		 	 2.6.9
	  	Taxes	  	 	41	  
		 	 2.7
	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	41	  
		 		 	 2.7.1
	  	Application	  	 	41	  
		 		 	 2.7.2
	  	Effect	  	 	41	  
		 	 2.8
	 	Taxes	  	 	41	  
		 		 	 2.8.1
	  	Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes	  	 	41	  
		 		 	 2.8.2
	  	Payment of Other Taxes by the Borrower	  	 	42	  
		 		 	 2.8.3
	  	Tax Indemnifications	  	 	42	  
		 		 	 2.8.4
	  	Evidence of Payments	  	 	43	  
		 		 	 2.8.5
	  	Status of Lenders; Tax Documentation	  	 	43	  
		 		 	 2.8.6
	  	Treatment of Certain Refunds	  	 	45	  
		 	 2.9
	 	Defaulting Lenders	  	 	46	  
		 		 	 2.9.1
	  	Adjustments	  	 	46	  
		 		 	 2.9.2
	  	Defaulting Lender Cure	  	 	47	  
			
	 3.
	 	BORROWING BASE PROPERTIES	  	 	47	  
				
		 	 3.1
	 	Loan Documents	  	 	47	  
		 	 3.2
	 	Removal of Individual Property as a Borrowing Base Property - Borrower	  	 	47	  
		 		 	 3.2.1
	  	Borrowing Base Compliance	  	 	48	  
		 		 	 3.2.2
	  	Financial Covenant Compliance	  	 	48	  
		 		 	 3.2.3
	  	No Default Upon Release	  	 	48	  
		 		 	 3.2.4
	  	No Default Prior to Release	  	 	48	  
		 		 	 3.2.5
	  	[Reserved]	  	 	48	  
		 		 	 3.2.6
	  	Payment of Fees	  	 	48	  
		 	 3.3
	 	Removal of Individual Property as a Borrowing Base Property - Administrative Agent	  	 	48	  
		 		 	 3.3.1
	  	Removal Criteria	  	 	48	  
		 		 	 3.3.2
	  	[Reserved]	  	 	49	  
		 		 	 3.3.3
	  	Release by Administrative Agent	  	 	49	  
		 	 3.4
	 	Additional Borrowing Base Property	  	 	49	  
			
	 4.
	 	CONTINUING AUTHORITY OF AUTHORIZED OFFICERS	  	 	50	  
			
	 5.
	 	CONDITIONS PRECEDENT	  	 	50	  
				
		 	 5.1
	 	Closing Loan and Funding Initial Loan Advance	  	 	50	  
		 		 	 5.1.1
	  	Satisfactory Loan Documents	  	 	50	  
		 		 	 5.1.2
	  	Financial Information; No Material Change	  	 	50	  
		 		 	 5.1.3
	  	Representations and Warranties Accurate	  	 	51	  
		 		 	 5.1.4
	  	Lien Searches	  	 	51	  
		 		 	 5.1.5
	  	Litigation	  	 	51	  
		 		 	 5.1.6
	  	Formation Documents and Entity Agreements	  	 	51	  


  
 ii 









											
		 		 	 5.1.7
	  	Compliance With Laws	  	 	52	  
		 		 	 5.1.8
	  	Compliance With Financial Covenants	  	 	52	  
		 		 	 5.1.9
	  	Borrowing Base Property Due Diligence	  	 	52	  
		 		 	 5.1.10
	  	Condition of Property	  	 	52	  
		 		 	 5.1.11
	  	Third Party Consents and Agreements	  	 	52	  
		 		 	 5.1.12
	  	Legal and other Opinions	  	 	52	  
		 		 	 5.1.13
	  	Intentionally Omitted	  	 	52	  
		 		 	 5.1.14
	  	No Default	  	 	52	  
		 	 5.2
	 	Conditions to all Credit Extensions	  	 	53	  
		 		 	 5.2.1
	  	Financial Covenant Compliance	  	 	53	  
		 		 	 5.2.2
	  	No Default	  	 	53	  
		 		 	 5.2.3
	  	Loan Notice	  	 	53	  
			
	 6.
	 	REPRESENTATIONS AND WARRANTIES	  	 	53	  
				
		 	 6.1
	 	Formation	  	 	53	  
		 	 6.2
	 	Proceedings; Enforceability	  	 	54	  
		 	 6.3
	 	Conflicts	  	 	54	  
		 	 6.4
	 	Ownership and Taxpayer Identification Numbers	  	 	54	  
		 	 6.5
	 	Litigation	  	 	54	  
		 	 6.6
	 	Information	  	 	55	  
		 	 6.7
	 	Taxes	  	 	55	  
		 	 6.8
	 	Financial Information	  	 	55	  
		 	 6.9
	 	Control Provisions	  	 	55	  
		 	 6.10
	 	Formation Documents	  	 	55	  
		 	 6.11
	 	Bankruptcy Filings	  	 	55	  
		 	 6.12
	 	Investment Company	  	 	55	  
		 	 6.13
	 	[Reserved]	  	 	56	  
		 	 6.14
	 	Borrowing Base Properties	  	 	56	  
		 		 	 6.14.1
	  	Licenses and Permits	  	 	56	  
		 		 	 6.14.2
	  	Ownership	  	 	56	  
		 		 	 6.14.3
	  	Environmental Matters	  	 	56	  
		 		 	 6.14.4
	  	Leases	  	 	57	  
		 		 	 6.14.5
	  	Ground Lease	  	 	57	  
		 		 	 6.14.6
	  	Casualty/Condemnation	  	 	57	  
		 		 	 6.14.7
	  	Property Condition	  	 	58	  
		 	 6.15
	 	Margin Regulations; Use of Proceeds	  	 	58	  
		 	 6.16
	 	Insurance	  	 	58	  
		 	 6.17
	 	Deferred Compensation and ERISA	  	 	58	  
		 	 6.18
	 	Anti-Corruption; OFAC; Designated Jurisdictions	  	 	58	  
		 		 	 6.18.1
	  	Anti-Corruption	  	 	58	  
		 		 	 6.18.2
	  	OFAC; Designated Jurisdictions	  	 	58	  
		 	 6.19
	 	No Default	  	 	59	  
		 	 6.20
	 	Governmental Authorizations; Other Consents	  	 	59	  
		 	 6.21
	 	Qualification as a REIT	  	 	59	  
		 	 6.22
	 	Compliance with Laws	  	 	59	  
		 	 6.23
	 	Property Matters	  	 	59	  
		 		 	 6.23.1
	  	Major Leases	  	 	59	  


  
 iii 









											
		 		 	 6.23.2
	  	Borrowing Base Properties	  	 	59	  
		 	 6.24
	 	Solvency	  	 	60	  
		 	 6.25
	 	Regarding Representations and Warranties	  	 	60	  
			
	 7.
	 	AFFIRMATIVE COVENANTS	  	 	60	  
				
		 	 7.1
	 	Notices	  	 	61	  
		 	 7.2
	 	Financial Statements; Reports; Officer’s Certificates	  	 	61	  
		 		 	 7.2.1
	  	Annual Statements	  	 	61	  
		 		 	 7.2.2
	  	Periodic Statements	  	 	61	  
		 		 	 7.2.3
	  	Borrowing Base Property Reports	  	 	62	  
		 		 	 7.2.4
	  	SEC Reports	  	 	62	  
		 		 	 7.2.5
	  	Compliance Certificates	  	 	62	  
		 		 	 7.2.6
	  	Data Requested	  	 	63	  
		 		 	 7.2.7
	  	Tax Returns	  	 	63	  
		 		 	 7.2.8
	  	[Reserved.]	  	 	63	  
		 		 	 7.2.9
	  	[Reserved.]	  	 	63	  
		 		 	 7.2.10
	  	Entity Notices	  	 	63	  
		 		 	 7.2.11
	  	Property Acquisition or Sale	  	 	63	  
		 		 	 7.2.12
	  	Property Finance	  	 	63	  
		 		 	 7.2.13
	  	Notice of Litigation	  	 	63	  
		 	 7.3
	 	Existence	  	 	64	  
		 	 7.4
	 	Payment of Taxes	  	 	65	  
		 	 7.5
	 	Insurance	  	 	65	  
		 		 	 7.5.1
	  	Insurance	  	 	65	  
		 		 	 7.5.2
	  	Notice of Damage	  	 	65	  
		 	 7.6
	 	Inspection	  	 	65	  
		 	 7.7
	 	Loan Documents	  	 	65	  
		 	 7.8
	 	Further Assurances	  	 	65	  
		 	 7.9
	 	Books and Records	  	 	66	  
		 	 7.10
	 	Business and Operations	  	 	66	  
		 	 7.11
	 	Estoppel	  	 	66	  
		 	 7.12
	 	ERISA	  	 	67	  
		 	 7.13
	 	[Reserved]	  	 	67	  
		 	 7.14
	 	Costs and Expenses	  	 	67	  
		 	 7.15
	 	Indemnification	  	 	67	  
		 	 7.16
	 	Intentionally Omitted	  	 	68	  
		 	 7.17
	 	Leverage Ratio	  	 	68	  
		 	 7.18
	 	Fixed Charge Ratio	  	 	68	  
		 	 7.19
	 	Net Worth	  	 	68	  
		 	 7.20
	 	Secured Debt Ratio	  	 	68	  
		 	 7.21
	 	Borrowing Base Property Covenants	  	 	68	  
		 		 	 7.21.1
	  	Occupancy Ratio	  	 	68	  
		 		 	 7.21.2
	  	Retail Center	  	 	68	  
		 		 	 7.21.3
	  	Business Strategy	  	 	68	  
		 		 	 7.21.4
	  	Minimum Borrowing Base Properties	  	 	68	  
		 	 7.22
	 	Variable Rate Debt	  	 	68	  
		 	 7.23
	 	Replacement Documentation	  	 	69	  


  
 iv 









											
		 	 7.24
	 	Maintenance of REIT Status	  	 	69	  
		 	 7.25
	 	The Lenders’ Consultants	  	 	69	  
		 		 	 7.25.1
	  	Right to Employ	  	 	69	  
		 		 	 7.25.2
	  	Functions	  	 	69	  
		 		 	 7.25.3
	  	Payment	  	 	69	  
		 		 	 7.25.4
	  	Access	  	 	69	  
		 		 	 7.25.5
	  	No Liability	  	 	69	  
		 	 7.26
	 	Payment of Obligations	  	 	70	  
		 	 7.27
	 	Compliance with Laws	  	 	70	  
			
	 8.
	 	NEGATIVE COVENANTS	  	 	70	  
				
		 	 8.1
	 	No Changes to the Borrower and other Loan Parties	  	 	70	  
		 	 8.2
	 	Restrictions on Liens	  	 	70	  
		 		 	 8.2.1
	  	Permitted Debt	  	 	70	  
		 		 	 8.2.2
	  	Tax Liens	  	 	71	  
		 		 	 8.2.3
	  	Judgment Liens	  	 	71	  
		 		 	 8.2.4
	  	Personal Property Liens	  	 	71	  
		 		 	 8.2.5
	  	Intentionally Omitted	  	 	71	  
		 		 	 8.2.6
	  	Easements, etc.	  	 	71	  
		 		 	 8.2.7
	  	Title Matters	  	 	71	  
		 	 8.3
	 	Consolidations, Mergers, Sales of Assets, Issuance and Sale of Equity	  	 	72	  
		 		 	 8.3.1
	  	Transfers	  	 	72	  
		 		 	 8.3.2
	  	Non-Loan Parties	  	 	72	  
		 		 	 8.3.3
	  	Loan Parties	  	 	72	  
		 		 	 8.3.4
	  	Borrowing Base Properties	  	 	72	  
		 		 	 8.3.5
	  	Leases	  	 	72	  
		 		 	 8.3.6
	  	Property Transfers	  	 	72	  
		 		 	 8.3.7
	  	Ordinary Course	  	 	72	  
		 		 	 8.3.8
	  	With Consent	  	 	72	  
		 		 	 8.3.9
	  	Permitted Investments	  	 	73	  
		 		 	 8.3.10
	  	Equity Issuances	  	 	73	  
		 		 	 8.3.11
	  	Merger of Loan Parties	  	 	73	  
		 		 	 8.3.12
	  	Cedar-Riverview	  	 	73	  
		 		 	 8.3.13
	  	Cedar-Revere	  	 	73	  
		 	 8.4
	 	Restrictions on Debt	  	 	73	  
		 		 	 8.4.1
	  	Debt under this Agreement	  	 	73	  
		 		 	 8.4.2
	  	Unsecured Debt	  	 	73	  
		 		 	 8.4.3
	  	Individual Property Debt	  	 	73	  
		 		 	 8.4.4
	  	Nonrecourse Debt	  	 	73	  
		 		 	 8.4.5
	  	Ordinary Course	  	 	74	  
		 		 	 8.4.6
	  	Capital Leases	  	 	74	  
		 		 	 8.4.7
	  	Cross-Collateralized Debt	  	 	74	  
		 		 	 8.4.8
	  	Other Unsecured Debt	  	 	74	  
		 		 	 8.4.9
	  	Other Debt	  	 	74	  
		 	 8.5
	 	Other Business	  	 	74	  
		 	 8.6
	 	Change of Control	  	 	74	  
		 	 8.7
	 	Forgiveness of Debt	  	 	74	  


  
 v 









											
		 	 8.8
	 	Affiliate Transactions	  	 	74	  
		 	 8.9
	 	ERISA	  	 	74	  
		 	 8.10
	 	Bankruptcy Filings	  	 	74	  
		 	 8.11
	 	Investment Company	  	 	74	  
		 	 8.12
	 	[Reserved]	  	 	75	  
		 	 8.13
	 	Use of Proceeds	  	 	75	  
		 	 8.14
	 	Distributions	  	 	75	  
		 	 8.15
	 	Restrictions on Investments	  	 	75	  
		 	 8.16
	 	Negative Pledges, Etc.	  	 	75	  
		 	 8.17
	 	Swap Contracts	  	 	75	  
			
	 9.
	 	SPECIAL PROVISIONS	  	 	76	  
				
		 	 9.1
	 	Legal Requirements	  	 	76	  
		 	 9.2
	 	Limited Recourse Provisions	  	 	76	  
		 		 	 9.2.1
	  	Borrower Fully Liable	  	 	76	  
		 		 	 9.2.2
	  	Certain Non-Recourse	  	 	76	  
		 		 	 9.2.3
	  	Additional Matters	  	 	76	  
		 	 9.3
	 	Payment of Obligations	  	 	77	  
			
	 10.
	 	EVENTS OF DEFAULT	  	 	77	  
				
		 	 10.1
	 	Default and Events of Default	  	 	77	  
		 		 	 10.1.1
	  	Failure to Pay the Loan	  	 	77	  
		 		 	 10.1.2
	  	Failure to Make Other Payments	  	 	77	  
		 		 	 10.1.3
	  	Loan Documents	  	 	77	  
		 		 	 10.1.4
	  	Default under Other Agreements	  	 	78	  
		 		 	 10.1.5
	  	Representations and Warranties	  	 	78	  
		 		 	 10.1.6
	  	Affirmative Covenants	  	 	78	  
		 		 	 10.1.7
	  	Negative Covenants	  	 	78	  
		 		 	 10.1.8
	  	Financial Status and Insolvency	  	 	78	  
		 		 	 10.1.9
	  	Loan Documents	  	 	79	  
		 		 	 10.1.10
	  	Judgments	  	 	79	  
		 		 	 10.1.11
	  	ERISA	  	 	79	  
		 		 	 10.1.12
	  	Change of Control	  	 	80	  
		 		 	 10.1.13
	  	Indictment; Forfeiture	  	 	80	  
		 		 	 10.1.14
	  	Generally	  	 	80	  
		 	 10.2
	 	Grace Periods and Notice	  	 	80	  
		 		 	 10.2.1
	  	No Notice or Grace Period	  	 	80	  
		 		 	 10.2.2
	  	Nonpayment of Interest	  	 	80	  
		 		 	 10.2.3
	  	Other Monetary Defaults	  	 	80	  
		 		 	 10.2.4
	  	Nonmonetary Defaults Capable of Cure	  	 	81	  
		 		 	 10.2.5
	  	Borrowing Base Property Defaults	  	 	81	  
			
	 11.
	 	REMEDIES	  	 	81	  
				
		 	 11.1
	 	Remedies	  	 	81	  
		 		 	 11.1.1
	  	Accelerate Debt	  	 	81	  
		 		 	 11.1.2
	  	Pursue Remedies	  	 	81	  
		 	 11.2
	 	Distribution of Liquidation Proceeds	  	 	81	  


  
 vi 









											
		 	 11.3
	 	Power of Attorney	  	 	82	  
			
	 12.
	 	SECURITY INTEREST AND SET-OFF	  	 	82	  
				
		 	 12.1
	 	Security Interest	  	 	82	  
		 	 12.2
	 	Set-Off/Sharing of Payments	  	 	82	  
		 	 12.3
	 	Right to Freeze	  	 	83	  
		 	 12.4
	 	Additional Rights	  	 	83	  
			
	 13.
	 	THE ADMINISTRATIVE AGENT AND THE LENDERS	  	 	83	  
				
		 	 13.1
	 	Rights, Duties and Immunities of the Administrative Agent	  	 	83	  
		 		 	 13.1.1
	  	Appointment of Administrative Agent	  	 	83	  
		 		 	 13.1.2
	  	No Other Duties, Etc.	  	 	84	  
		 		 	 13.1.3
	  	Delegation of Duties	  	 	84	  
		 		 	 13.1.4
	  	Exculpatory Provisions	  	 	84	  
		 		 	 13.1.5
	  	Reliance by Administrative Agent	  	 	85	  
		 		 	 13.1.6
	  	Notice of Default	  	 	85	  
		 		 	 13.1.7
	  	Lenders’ Credit Decisions	  	 	85	  
		 		 	 13.1.8
	  	Administrative Agent’s Reimbursement and Indemnification	  	 	86	  
		 		 	 13.1.9
	  	Administrative Agent in its Individual Capacity	  	 	86	  
		 		 	 13.1.10
	  	Successor Administrative Agent	  	 	86	  
		 		 	 13.1.11
	  	Administrative Agent May File Proofs of Claim	  	 	87	  
		 		 	 13.1.12
	  	Guaranty Matters	  	 	88	  
		 	 13.2
	 	Respecting Loans and Payments	  	 	88	  
		 		 	 13.2.1
	  	Adjustments	  	 	88	  
		 		 	 13.2.2
	  	Setoff	  	 	88	  
		 		 	 13.2.3
	  	Distribution by the Administrative Agent	  	 	89	  
		 		 	 13.2.4
	  	Removal or Replacement of a Lender	  	 	89	  
		 		 	 13.2.5
	  	Holders	  	 	90	  
		 	 13.3
	 	Assignments by Lenders	  	 	90	  
		 		 	 13.3.1
	  	Successors and Assigns Generally	  	 	90	  
		 		 	 13.3.2
	  	Assignments by Lenders	  	 	90	  
		 		 	 13.3.3
	  	Register	  	 	92	  
		 		 	 13.3.4
	  	Participations	  	 	92	  
		 		 	 13.3.5
	  	Limitations upon Participant Rights	  	 	93	  
		 		 	 13.3.6
	  	Certain Pledges	  	 	93	  
		 	 13.4
	 	Administrative Matters	  	 	93	  
		 		 	 13.4.1
	  	Amendment, Waiver, Consent, Etc.	  	 	93	  
		 		 	 13.4.2
	  	Deemed Consent or Approval	  	 	95	  
			
	 14.
	 	RESERVED	  	 	95	  
			
	 15.
	 	GENERAL PROVISIONS	  	 	96	  
				
		 	 15.1
	 	Notices	  	 	96	  
		 	 15.2
	 	Interest Rate Limitation	  	 	98	  
		 	 15.3
	 	[Reserved]	  	 	98	  
		 	 15.4
	 	[Reserved]	  	 	98	  
		 	 15.5
	 	Parties Bound	  	 	98	  


  
 vii 









											
		 	 15.6
	 	Governing Law; Consent to Jurisdiction; Mutual Waiver of Jury Trial	  	 	98	  
		 		 	 15.6.1
	  	GOVERNING LAW	  	 	98	  
		 		 	 15.6.2
	  	SUBMISSION TO JURISDICTION	  	 	99	  
		 		 	 15.6.3
	  	WAIVER OF VENUE	  	 	99	  
		 		 	 15.6.4
	  	SERVICE OF PROCESS	  	 	99	  
		 		 	 15.6.5
	  	WAIVER OF JURY TRIAL	  	 	99	  
		 	 15.7
	 	Survival	  	 	100	  
		 	 15.8
	 	Cumulative Rights	  	 	100	  
		 	 15.9
	 	Expenses; Indemnity; Damage Waiver	  	 	100	  
		 		 	 15.9.1
	  	Costs and Expenses	  	 	100	  
		 		 	 15.9.2
	  	Indemnification by the Borrower	  	 	101	  
		 		 	 15.9.3
	  	Reimbursement by Lenders	  	 	101	  
		 		 	 15.9.4
	  	Waiver of Consequential Damages, Etc.	  	 	101	  
		 		 	 15.9.5
	  	Payments	  	 	102	  
		 		 	 15.9.6
	  	Survival	  	 	102	  
		 	 15.10
	 	Regarding Consents	  	 	102	  
		 	 15.11
	 	Obligations Absolute	  	 	102	  
		 	 15.12
	 	Table of Contents, Title and Headings	  	 	102	  
		 	 15.13
	 	Counterparts	  	 	102	  
		 	 15.14
	 	Satisfaction of Commitment Letter	  	 	103	  
		 	 15.15
	 	Time Of the Essence	  	 	103	  
		 	 15.16
	 	No Oral Change	  	 	103	  
		 	 15.17
	 	Monthly Statements	  	 	103	  
		 	 15.18
	 	No Advisory or Fiduciary Responsibility	  	 	103	  
		 	 15.19
	 	USA PATRIOT Act	  	 	104	  
		 	 15.20
	 	Treatment of Certain Information; Confidentiality	  	 	104	  


  
 viii 








 SCHEDULES 
  


			
	 Schedule 1.1(a)
	  	Lenders’ Commitment
	 Schedule 4
	  	Authorized Officers
	 Schedule 6.4
	  	Ownership Interests and Taxpayer Identification Numbers
	 Schedule 6.14.2
	  	Borrowing Base Properties
	 Schedule 6.14.3
	  	Environmental Reports
	 Schedule 6.14.5
	  	Ground Leases
	 Schedule 6.23.1
	  	Major Leases
	 Schedule 15.1
	  	Notices


  
 ix 








 EXHIBITS 
  

					
	 Exhibit A
	 	—	 	Form of Loan Notice
	 Exhibit B
	 	—	 	Form of Note
	 Exhibit C
	 	—	 	Form of Compliance Certificate
	 Exhibit D
	 	—	 	Form of Assignment and Assumption
	 Exhibit E
	 	—	 	Form of Closing Compliance Certificate
	 Exhibit F-1
	 	—	 	Form of CRT Guaranty Agreement
	 Exhibit F-2
	 	—	 	Form of Subsidiary Guaranty Agreement
	 Exhibit H
	 	—	 	Form of Cash Flow Projections


  
 x 








 LOAN AGREEMENT 

This agreement (this “Loan Agreement” or “Agreement”) is made and entered into as of April 26, 2016, by
and between CEDAR REALTY TRUST PARTNERSHIP, L.P., a Delaware limited partnership (the “Borrower”), REGIONS BANK (“Regions”), KEYBANK NATIONAL ASSOCIATION (“KeyBank”) and the several banks and other
financial institutions as are, or may from time to time become parties to this Agreement (each a “Lender” and collectively, the “Lenders”), REGIONS CAPITAL MARKETS, BB&T CAPITAL MARKETS, KEYBANC CAPITAL
MARKETS, and CAPITAL ONE, NATIONAL ASSOCIATION, as Joint Lead Arrangers and Joint Bookrunners, REGIONS BANK, BRANCH BANKING AND TRUST COMPANY, and CAPITAL ONE, NATIONAL ASSOCIATION as Co-Syndication Agents, and KEYBANK NATIONAL ASSOCIATION, as
administrative agent for the Lenders (the “Administrative Agent”). 
 WITNESSETH: 

WHEREAS, the Borrower has requested that the Lenders provide a term loan facility to the Borrower in the amount of $100,000,000.00 which the
Lenders have agreed to provide on the terms and conditions set forth herein. 
 NOW, THEREFORE, IN CONSIDERATION of the premises and
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 1.
DEFINITIONS. 
 1.1 Defined Terms. 

As used in this Loan Agreement, the following terms shall have the meanings specified below unless the context otherwise requires: 

“Act” shall have the meaning set forth in Section 15.19. 

“Additional Borrowing Base Request” shall have the meaning set forth in Section 3.4. 

“Adjusted Capitalized Value” shall mean with respect to any Borrowing Base Property, the most recent fiscal quarter Adjusted
Net Operating Income for such Borrowing Base Property, annualized, capitalized at the Capitalization Rate. 
 “Adjusted
FFO” shall mean, for CRT and its Consolidated Subsidiaries, net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from (i) debt restructurings, (ii) sales of real property, and (iii) extraordinary
and/or nonrecurring items, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures, as set forth in more detail under the definitions and interpretations thereof relative to
funds from operations promulgated by the National Association of Real Estate Investment Trusts or its successor. 







 “Adjusted Net Operating Income” shall mean, for any period of determination, for
any Individual Property, the Pro Rata Share of (i) Net Operating Income, less (ii) management fees (calculated as the greater of either three percent (3%) of total revenue or actual management expenses incurred), to the extent
not already deducted from Net Operating Income, less (iii) allowances for capital expenditures in the amount of $0.20 per annum per rentable square foot of completed improvements. 

“Administrative Agent” shall mean, KEYBANK NATIONAL ASSOCIATION, acting as agent for the Lenders, together with its
successors and assigns. 
 “Administrative Agent’s Office” shall mean the Administrative Agent’s address and, as
appropriate, account as set forth in Section 15.1, or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders 

“Administrative Questionnaire” shall mean an Administrative Questionnaire in a form supplied by the Administrative Agent.

 “Advance Date” shall have the meaning set forth in Section 2.1.2(a). 

“Affiliate” shall mean, 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. 
 “Agent Parties” shall
have the meaning set forth in Section 15.1(c). 
 “Agreement” shall have the meaning set forth in the Preamble.

 “Anti-Corruption Laws” means the FCPA, the UK Bribery Act 2010 and similar, applicable legislation in other
jurisdictions. 
 “Applicable Margin” shall mean, for any day, with respect to any LIBO Rate Advances under the Term
Facility, or Base Rate Advances under the Term Facility, as the case may be, the applicable rate per annum set forth below under the caption “LIBO Rate Advances” or “Base Rate Advances”: 

 

											
	 Level
	  	 Leverage Ratio
	  	LIBO Rate Advances
Applicable Margin	 	 	Base Rate Advances
Applicable Margin	 
	1	  	3 55% but < 60%	  	 	2.25	% 	 	 	1.25	% 
	2	  	3 50% but < 55%	  	 	1.95	% 	 	 	0.95	% 
	3	  	3 45% but < 50%	  	 	1.80	% 	 	 	0.80	% 
	4	  	< 45%	  	 	1.65	% 	 	 	0.65	% 

 Each change in the applicable LIBO Rate Advances Applicable Margin or the Base Rate Advances Applicable
Margin, as the case may be, shall apply during the period commencing on the date of the most recent Compliance Certificate delivered to the Administrative Agent and ending on the date of receipt of the next Compliance Certificate. If a Compliance
Certificate is not delivered to the Administrative Agent in accordance with the terms hereof, the Applicable Margin shall be deemed to be based on Level 1 until the required Compliance Certificate is delivered to the Administrative Agent. The
provisions of this definition shall be subject to Section 2.3.16. 

  
 2 








 “Approved Fund” shall mean 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. 

“Arranger” shall mean, collectively, Regions Capital Markets, BB&T Capital Markets, KeyBanc Capital Markets and Capital
One, National Association. 
 “Assignee Group” shall mean two or more Eligible Assignees that are Affiliates of one another
or two or more Approved Funds managed by the same investment advisor. 
 “Assignment and Assumption” shall mean an
assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 13.3, and accepted by the Administrative Agent), in substantially the form of Exhibit D or any
other form approved by the Administrative Agent. 
 “Authorized Officer” shall mean, with respect to any Loan Party, the
Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer, the Vice President of Operations and their respective successors, it being understood that one individual may hold the office of Chief Operating Officer and Vice
President of Operations. 
 “Bail-In Action” shall mean the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation”
shall mean, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is
described in the EU Bail-In Legislation Schedule. 
 “Base Rate” shall mean for any day a fluctuating rate per annum equal
to the highest of (a) the Federal Funds Rate plus one half of 1% (0.50%), or (b) the Prime Rate in effect for such day. “Prime Rate” shall mean the rate of interest in effect for such day as publicly announced from
time to time by KeyBank as its “prime rate.” The “prime rate” is a rate set by KeyBank based upon various factors including KeyBank’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 rate announced by KeyBank shall take effect at the opening of business on the day specified in the public announcement of such
change. 
 “Base Rate Advance” shall mean any principal amount outstanding under this Agreement which pursuant to this
Agreement bears interest at the Base Rate Accrual Rate. 
 “Base Rate Accrual Rate” shall mean the greater of (a) the
Base Rate plus the Applicable Margin or (b) the LIBO Rate (as specified in clause (b) of the definition thereof) plus the Applicable Margin for the corresponding LIBO Rate Advance had such advance been a LIBO Rate Advance. 

  
 3 








 “Book Value” shall mean the value of such property or asset, as determined in
accordance with GAAP. 
 “Borrower” shall have the meaning set forth in the Preamble. 

“Borrower Materials” shall have the meaning set forth in Section 7.2.13. 

“Borrower Subsidiaries” shall mean, individually and collectively, all of the Subsidiaries of the Borrower and/or CRT. 

“Borrower Termination Date” shall have the meaning set forth in Section 2.2.2. 

“Borrowing Base Property” and “Borrowing Base Properties” shall mean, the Individual Properties initially
listed in Schedule 6.14.2(i) hereto, plus any Individual Property which subsequently becomes a Borrowing Base Property in accordance with Section 3.4 hereof, but excluding (i) any Borrowing Base Property which is
determined by the Administrative Agent to no longer be a Borrowing Base Property in accordance with Section 3.3 hereof, or (ii) any Borrowing Base Property which is released in accordance with Section 3.2 hereof. 

“Borrowing Base Property Owner” and “Borrowing Base Property Owners” shall mean, from time to time, the
Wholly-Owned Subsidiary or Subsidiaries of the Borrower or CRT (or an Unconsolidated CRT Entity to the extent approved by the Administrative Agent) which is or are the owner or owners of the fee simple interest in, or the approved ground lessee of,
a Borrowing Base Property or the Borrowing Base Properties. 
 “Borrowing Base Property Requirements” shall mean the
requirements, with respect to any Individual Property, set forth below: 
 (a) The Individual Property satisfies all Eligibility Criteria or
is otherwise approved by the Required Lenders. 
 (b) Each applicable Loan Party has executed and delivered to the Administrative Agent a
Guaranty. 
 (c) The Individual Property is owned in fee simple or ground leased pursuant to a Ground Lease by a Wholly-Owned Subsidiary of
the Borrower, except as otherwise approved by the Administrative Agent. 

  
 4 








 (d) The Administrative Agent shall have received and completed a satisfactory review of such due
diligence as the Administrative Agent may reasonably require (with the Borrower delivering such diligence to the Administrative Agent for delivery to the Lenders) with respect to any Individual Property (with the Administrative Agent agreeing to use
reasonable efforts to utilize any due diligence previously submitted by the Borrower and received by the Administrative Agent pursuant to the Existing Facility), including, without limitation: 

(i) To the extent in Borrower’s files, a copy of the owner’s title insurance policy or other evidence of the status
of title to the Individual Property reasonably satisfactory to the Administrative Agent and the Administrative Agent’s counsel; and 

(ii) To the extent requested by the Administrative Agent, copies of all Major Leases; and 

(iii) To the extent in the Borrower’s files, a current environmental Phase I Site Assessment performed by a firm
reasonably acceptable to the Administrative Agent within six (6) months of submission to the Administrative Agent, which indicates the property is free from recognized hazardous materials or substances apparent from the inspection, or affected
by such environmental matters as may be reasonably acceptable to the Administrative Agent. 
 “Borrowing Base Value” shall
mean, as of the most recent Compliance Certificate or Borrowing Base Property report, as applicable, delivered to the Administrative Agent, the sum of for all Borrowing Base Properties, (a) the lesser of (i) sixty percent (60%) of the
Adjusted Capitalized Value of all such Borrowing Base Properties, or (ii) the Implied Loan Amount for all such Borrowing Base Properties, less (b) all Unsecured Debt of CRT and its Subsidiaries (excluding the Total Outstandings); provided,
however, for purposes of calculating Borrowing Base Value, (x) the Borrowing Base Value from any single Borrowing Base Property shall not exceed fifteen percent (15%) of the total Borrowing Base Value and any Borrowing Base Value from such
Borrowing Base Asset in excess of fifteen percent (15%) shall be excluded from the calculation of total Borrowing Base Value, and (y) aggregate rents from any single tenant or affiliate group of tenants may not exceed twenty five percent
(25%) of the total rents of CRT and its Subsidiaries, and any rents from such tenants or affiliated group in excess of twenty five percent (25%) shall be excluded from the calculation of total Borrowing Base Value. 

“Breakage Fee” shall have the meaning set forth in Section 2.3.15. 

“Business Day” shall mean 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, New York, New York or the state where the Administrative Agent’s Office is located and, if such day relates to any LIBO Rate Advance, shall mean any such day on which dealings in Dollar
deposits are conducted by and between banks in the London interbank eurodollar market. Further, payments shall be due on the first Business Day of each calendar month 

“Calculation Date” shall mean the last day of each calendar quarter commencing with March 31, 2016. 

“Calculation Period” shall mean for each Calculation Date, the just completed calendar quarter (inclusive of the applicable
Calculation Date). 
 “Capital Stock” shall mean (i) with respect to any Person that is a corporation, any and all
shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including without limitation, each class or series of common stock and preferred stock of such Person and (ii) with
respect to any Person that is not a corporation, any and all investment units, partnership, membership or other equity interests of such Person. 

  
 5 








 “Capitalization Rate” shall be equal to seven percent (7.00%). 

“Cash Flow Projections” shall mean a detailed schedule of all cash Distributions projected to be made to the Borrower from
the Borrower Subsidiaries, as detailed on the model delivered to the Administrative Agent prior to the Closing Date (attached hereto as Exhibit H), and subject to change as shall be detailed in the respective Officer’s Certificate to be
provided to the Administrative Agent as set forth herein, as may be requested by Administrative Agent from time to time. 
 “Change
in Law” shall mean the occurrence, after the Closing Date, 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. Notwithstanding
anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines and directives thereunder or issued in connection therewith and (ii) 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, shall in
each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 
 “Change of
Control” shall mean the occurrence of any of the following: 
 (a) The acquisition by any Person, or “group” (within the
meaning of Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended) of Persons acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities
Exchange Act of 1934, as amended), directly or indirectly, of 50% or more of the outstanding shares of voting stock of CRT, other than short term acquisitions necessary in connection with the ultimate sale or other offerings of equity interests
otherwise permitted hereunder; 
 (b) During any period of twelve (12) consecutive calendar months, individuals: 

(1) Who were directors of CRT on the first day of such period; or 

(2) Whose election or nomination for election to the board of directors of CRT was recommended or approved by at least a majority of the
directors then still in office who were directors of CRT on the first day of such period, or whose election or nomination for election was so approved, 

shall cease to constitute a majority of the board of directors of CRT; or 

(c) CRT shall cease to be the sole general partner of Borrower; or 

(d) CRT shall cease to own a minimum of 50% of the beneficial ownership interest in the Borrower, or 

  
 6 








 (e) With respect to any Borrowing Base Property Owner, the transfer of any ownership interest
therein such that such Borrowing Base Property Owner is not a Wholly-Owned Subsidiary of the Borrower or CRT. 
 “Closing Compliance
Certificate” shall have the meaning set forth in Section 5.1.2(b). 
 “Closing Date” shall have the
meaning set forth in Section 5.1. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from time
to time, and the regulations promulgated and rulings issued thereunder. Section references to the Code are to the Code, as in effect at the date of this Agreement and any subsequent provisions of the Code, amendatory thereof, supplemental
thereto or substituted therefor. 
 “Combined EBITDA” shall mean the sum of the Pro Rata Share of EBITDA for each
Consolidated CRT Entity and each Unconsolidated CRT Entity. 
 “Commitment” shall mean, with respect to each Lender, the
aggregate amount of such Lender’s Term Commitment. 
 “Commitment Letter” shall mean that certain Mandate Letter and
Confidential Summary of Terms and Conditions, dated as of April 1, 2016, by and among the Borrower and Regions. 
 “Commitment
Percentage” shall mean with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Total Commitments represented by such Lender’s Commitment at such time. If the commitment of each Lender to
make Loan Advances has been terminated pursuant to Section 11.2 or if the Term Commitments have expired, then the Commitment Percentage of each Lender shall be determined based on the Commitment Percentage of such Lender most recently in
effect, giving effect to any subsequent assignments. The initial Commitment Percentage of each Lender is set forth opposite the name of such Lender on Schedule 1.1(a) or in the Assignment and Assumption pursuant to which such Lender becomes a
party hereto, as applicable. 
 “Compliance Certificate” shall mean a compliance certificate in the form of Exhibit
C. 
 “Consolidated” or “Consolidating” shall mean consolidated or consolidating as defined in
accordance with GAAP. 
 “Consolidated CRT Entity” or “Consolidated CRT Entities” shall mean, singly and
collectively, the Borrower, CRT, and any Subsidiary of the Borrower or CRT that is Consolidated. 
 “Control” shall mean
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. “Controlling” and
“Controlled” have meanings correlative thereto. 
 “Credit Extension” shall mean a Loan Advance. 

  
 7 








 “CRT” shall mean Cedar Realty Trust, Inc., a Maryland corporation. 

“Debt” shall mean, with respect to any Person, without duplication, (i) all indebtedness of such Person for borrowed
money, (ii) all indebtedness of such Person for the deferred purchase price of property or services (other than property and services purchased, and expense accruals and deferred compensation items arising, in the ordinary course of business),
(iii) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments (other than performance, surety and appeal bonds arising in the ordinary course of business), (iv) all indebtedness of such Person
created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited
to repossession or sale of such property), (v) all obligations of such Person under leases which have been, or should be, in accordance with generally accepted accounting principles, recorded as capital leases, to the extent required to be so
recorded, (vi) all reimbursement, payment or similar obligations of such Person, contingent or otherwise, under acceptance, letter of credit or similar facilities (other than letters of credit in support of trade obligations or in connection
with workers’ compensation, unemployment insurance, old-age pensions and other social security benefits in the ordinary course of business), (vii) any Guarantee of any indebtedness or other obligation of any Person, either directly or
indirectly, of indebtedness described in clauses (i) through (vi), and (viii) all Debt referred to in clauses (i) through (vii) above secured by (or for which the holder of such Debt has an existing right, contingent or
otherwise, to be secured by) any Lien, security interest or other charge or encumbrance upon or in property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable
for the payment of such Debt. For the purposes of the calculation of the Financial Covenants, Debt of any entity in which a Person owns an ownership interest shall be calculated on its Pro Rata Share of such Debt, unless such Person has delivered a
guaranty or other indemnity in connection with such Debt creating a greater proportionate liability, in which event, such greater liability shall apply. 

“Debtor Relief Laws” shall mean 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” shall have the meaning set forth in Section 10.1. 

“Default Rate” shall mean an interest rate equal to (i) the Base Rate plus (ii) the Applicable Margin, if any,
applicable to Base Rate Advances plus (iii) four percent (4.0%) per annum; provided, however, that with respect to a LIBO Rate Advance, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Margin)
otherwise applicable to such Loan plus four percent (4.0%) per annum. 
 “Defaulting Lender” shall mean Lender that
(a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans or participations were required to be funded hereunder unless such Lender notifies the Administrative Agent and the
Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions 

  
 8 








 
precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the
Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two (2) Business Days of the date when due, (b) has notified the Borrower or the Administrative Agent in writing that it does not intend
to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such
Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed,
within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its funding obligations hereunder (provided
that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has,
(i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization
or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-in Action; 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 so long as such ownership interest does not
result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such governmental authority) to reject,
repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under clauses (a) through (d) above shall be conclusive and binding
absent manifest error, and such Lender shall be deemed to be a Defaulting Lender upon delivery of written notice of such determination to the Borrower and each Lender. 

“Designated Jurisdiction” shall mean any country or territory to the extent that such country or territory itself is the
subject of any Sanction (including, as of the date of this Agreement, Cuba, Iran, North Korea, Sudan and Syria). 
 “Development
Assets” shall mean Individual Properties as to which construction of the associated or contemplated improvements has commenced (either new construction or substantial renovation) but has not yet been completed such that a certificate of
occupancy (or the local equivalent) for a substantial portion of the intended improvements has not yet been issued or, for any completed project, until one hundred eighty (180) days after completion. 

“Distribution” shall mean, with respect to any Person, that such Person has paid a dividend or returned any equity capital to
its stockholders, members or partners or made any other distribution, payment or delivery of property (other than common stock or partnership or membership interests of such Person) or cash to its stockholders, members or partners as such, or
redeemed, retired, purchased or otherwise acquired, directly or indirectly, for a consideration any shares of any class of its capital stock or any membership or partnership interests (or any options or warrants issued by such Person with respect to
its capital stock or membership or partnership 

  
 9 








 
interests), or shall have permitted any of its Subsidiaries to purchase or otherwise acquire for a consideration any shares of any class of the capital stock or any membership or partnership
interests of such Person (or any options or warrants issued by such Person with respect to its capital stock or membership or partnership interests). Without limiting the foregoing, “Distributions” with respect to any Person shall
also include all payments made by such Person with respect to any stock appreciation rights, plans, equity incentive or achievement plans or any similar plans. 

“Dollars” shall mean lawful money of the United States. 

“EBITDA” shall mean for any Person the sum of (i) net income (or loss), plus (ii) actual interest paid or
payable respecting all Debt to the extent included as an expense in the calculation of net income (or loss), plus (iii) total Tax Expenses to the extent included as an expense in the calculation of net income (or loss), plus
(iv) total depreciation and amortization expense, to the extent included as an expense in the calculation of net income (or loss), plus (v) losses from extraordinary items, nonrecurring items, asset sales, write-ups or forgiveness
of debt, to the extent included as an expense in the calculation of net income, minus (vi) gains from extraordinary items, nonrecurring items, asset sales, write-ups or forgiveness of debt, to the extent included as income in the
calculation of net income, minus (vii) allowances for capital expenditures in the amount of $0.20 per annum per rentable square foot of improvements, adjusted (viii) for the elimination of straight line rents, all of the
foregoing as determined in accordance with GAAP, as appropriate, minus (ix) to the extent not deducted in calculating net income (or loss), Ground Lease Payments (except to the extent of any portion of such payment which is treated as a
payment under a capital lease in accordance with GAAP). Without limiting the generality of the foregoing, in determining EBITDA, net income shall include as income, Rent Loss Proceeds. 

“EEA Financial Institution” shall mean (a) any credit institution or investment firm established in any EEA Member
Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial
institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” shall mean any public administrative authority or any person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Eligibility Criteria” shall mean the following criteria which must be satisfied in a manner acceptable to the Administrative
Agent for each Borrowing Base Property: 
 (a) The Borrowing Base Property is a completed retail center located within the contiguous United
States within one of CRT’s then current core markets, and being owned by a Borrowing Base Property Owner and managed by the Borrower; 

  
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 (b) The Borrowing Base Property is of a scope and of an asset quality consistent with CRT’s
other grocery-anchored properties or such other retail center-related assets as is approved by the Administrative Agent; 
 (c) The Borrower
provides reasonably acceptable historical operating and leasing information; 
 (d) The Borrower provides a certification as to the absence
of any material environmental issues; 
 (e) The Borrower provides certification as to the absence of any material structural issues; and

 (f) No security interests, liens or other encumbrances shall exist on the Borrowing Base Property upon its inclusion as a Borrowing Base
Property, other than Permitted Liens. 
 “Eligible Assignee” shall mean any Person that meets the requirements to be an
assignee under Section 13.3.2 (including the requirements or limitations set forth in Sections 13.3.2(c), (e) and (f)), subject to such consents, if any, as may be required under Section 13.3.2(c).

 “Environmental Report” shall mean, each of the environmental reports listed on Schedule 6.14.3 hereto, plus
any environmental report delivered to Administrative Agent in connection with the addition of a Borrowing Base Property in accordance with Section 3.4 hereof. 

“Environmental Legal Requirements” shall mean any and all applicable Federal, state and local 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, 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. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated and rulings issued thereunder. Section references to ERISA are to ERISA, as in effect at the date of this Agreement and any subsequent provisions of ERISA, amendatory thereof, supplemental thereto or substituted therefor. 

“ERISA Affiliate” shall mean each person (as defined in Section 3(9) of ERISA) which together with either Borrower or a
Loan Party would be deemed to be a “single employer” (i) within the meaning of Section 414(b), (c), (m) or (o) of the Code or (ii) as a result of either Borrower or a Loan Party being or having been a general
partner of such Person. 
 “EU Bail-In Legislation Schedule” shall mean the EU Bail-In Legislation Schedule published by
the Loan Market Association (or any successor Person), as in effect from time to time. 

  
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 “Event of Default” shall have the meaning set forth in Section 10.1.

 “Event of Loss” shall mean, with respect to any Borrowing Base Property, any of the following: (a) any loss or
destruction of, or damage to, such Borrowing Base Property; or (b) any actual condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, of such Borrowing Base Property, or confiscation of such Borrowing Base
Property or the requisition of such Borrowing Base Property by a Governmental Agency or any Person having the power of eminent domain, or any voluntary transfer of such Borrowing Base Property or any portion thereof in lieu of any such condemnation,
seizure or taking. 
 “Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender, or any other
recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) taxes imposed on or measured by its overall gross or net income (however denominated), and franchise taxes or similar 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 or with which it has a present of former connection (other than any such connection resulting from its having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other
Loan Document), (b) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which the 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 Sections 2.8.5(b)(i), (d) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 13.2.4), any United States
withholding tax that (i) is required to be imposed on amounts payable to such Foreign Lender pursuant to the Laws in force 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 (ii) of Section 2.8.5(b), 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 the Borrower with respect to such withholding tax pursuant to Sections 2.8.5(b) or (c), (e) any tax attributable to a failure
or inability to comply with Section 2.8.5(c), and (f) any U.S. federal withholding taxes imposed under FATCA. 

“Existing Borrowing Base Properties” shall mean the Individual Properties that are qualified as Borrowing Base Properties
under the Existing Facility as of the Closing Date. 
 “Existing Facility” shall mean, collectively, (a) the revolving
and term loan credit facility provided to Borrower pursuant to the Existing Credit Agreement, and various documents and instruments executed in connection therewith, and (b) the term loan credit facility provided to Borrower pursuant to the
Existing Term Agreement, and various documents and instruments executed in connection therewith. 
 “Existing Credit
Agreement” shall mean the Third Amended and Restated Loan Agreement dated February 5, 2015, entered into by and among Borrower, various lenders and KeyBank National Association as administrative agent. 

  
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 “Existing Term Agreement” shall mean the Amended and Restated Term Loan
Agreement dated February 5, 2015 entered into by and among Borrower, various lenders and KeyBank National Association as administrative agent. 

“Facility Term” shall have the meaning set forth in Section 2.2.1. 

“FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof. 

“FCPA” means the United States Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.

 “Federal Funds Rate” shall mean, 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; provided that (a) if such day is not a Business Day, the Federal Funds
Rate for such day shall be such rate on such transactions in effect 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, 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 KeyBank on such day on such transactions as determined by the Administrative Agent. 

“Fee Letter” shall mean that certain fee letter dated April 1, 2016 by and among the Borrower and Regions. 

“Financial Covenants” shall mean those covenants of the Borrower set forth in Sections 7.16, 7.17, 7.18, 7.19, 7.20
and 7.22. 
 “Fiscal Year” shall mean each twelve month period commencing on January 1 and ending on
December 31. 
 “Fixed Charges” shall mean, without duplication, the aggregate of the Pro Rata Share of all
(a) Interest Expenses (excluding any interest expenses required to be capitalized under GAAP), (b) regularly scheduled principal amortization payments (other than any final “balloon” payments due at maturity) on all Debt of the
Consolidated CRT Entities and the Unconsolidated CRT Entities, (c) preferred dividend payments or required Distributions (other than Distributions by the Borrower to holders of operating partnership units and Distributions by CRT to common
equity holders) paid or payable by the Consolidated CRT Entities and the Unconsolidated CRT Entities, (d) any portion of a payment under a lease which is treated as a payment under a capital lease in accordance with GAAP), and (e) Tax
Expenses for the Consolidated CRT Entities and the Unconsolidated CRT Entities, all of the foregoing as determined in accordance with GAAP. 

“Fixed Charge Ratio” shall mean, for each Calculation Period, the ratio of (a) Combined EBITDA to (b) Fixed
Charges. 

  
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 “Foreign Lender” shall mean any Lender that is not a United States person within
the meaning of Section 7701(a)(30) of the Code. 
 “Formation Documents” shall mean, singly and collectively, the
partnership agreements, joint venture agreements, limited partnership agreements, limited liability company or operating agreements and certificates of limited partnership and certificates of formation, articles (or certificate) of incorporation and
by-laws and any similar agreement, document or instrument of any Person, as amended subject to the terms and provisions hereof. 

“Fund” shall mean 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. 
 “Funding
Evidence” shall mean, in connection with the Borrower raising the funds necessary to make any Mandatory Principal Payment to be made pursuant to Section 2.3.8, evidence in connection with (i) the sale of any asset, that the
Borrower has entered into a sales agreement, letter of intent, or listed the asset for sale with a recognized broker or (ii) the financing or refinancing of an asset, that the Borrower has obtained a commitment for such financing or submitted a
loan application to a recognized financial institution, the proceeds of which together with such other funds as are available to the Borrower will be sufficient to make the required payment. 

“GAAP” shall mean generally accepted accounting principles in the United States of America. 

“Governmental Authority” shall mean 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). 
 “Ground
Leases” shall mean, from time to time, any ground lease relative to an Individual Property and with respect to “Ground Leases” covering Borrowing Base Properties, for which the Administrative Agent has given its prior written
approval. 
 “Ground Lease Payments” shall mean the sum of the Pro Rata Share of (i) payments made by the Consolidated
CRT Entities under Ground Leases and (ii) payments made under Ground Leases by Unconsolidated CRT Entities. 

“Guarantee” shall mean, as to any Person, any (a) any obligation, contingent or otherwise, of such Person guaranteeing
or having the economic effect of guaranteeing any Debt or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person,
direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in
respect of such Debt or other obligation of the payment or performance of such Debt or other obligation, (iii) to maintain working capital, equity capital or any other 

  
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financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Debt or other obligation, or (iv) entered
into for the purpose of assuring in any other manner the obligee in respect of such Debt or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien
on any assets of such Person securing any Debt or other obligation of any other Person, whether or not such Debt or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Debt to obtain any such
Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the
maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Guaranty” shall have the meaning set forth in Section 3.1, as such agreements may be amended, restated,
supplemented or otherwise updated or modified from time to time. 
 “Guarantor” or “Guarantors” shall mean
CRT and those certain single-purpose Subsidiaries of the Borrower that have entered into a Guaranty, including without limitation, each Borrowing Base Property Owner and each Wholly-Owned Subsidiary of the Borrower or CRT which owns a direct or
indirect ownership interest in a Borrowing Base Property Owner. 
 “Hazardous Materials” shall mean and include asbestos,
mold, flammable materials, explosives, radioactive substances, polychlorinated biphenyls, radioactive substances, other carcinogens, oil and other petroleum products, pollutants or contaminants that could be a detriment to the environment, and any
other hazardous or toxic materials, wastes, or substances which are defined, determined or identified as such in any past, present or future federal, state or local laws, rules, codes or regulations, or any judicial or administrative interpretation
of such laws, rules, codes or regulations. 
 “Implied Debt Service” shall mean the greater of (a) the annual amount
of principal and interest payable on a hypothetical loan in an amount equal to the Implied Loan Amount, based upon a thirty (30) year direct reduction monthly amortization schedule and a per annum interest rate equal to the actual blended
interest rate for the Loan, or (b) an annual debt service constant of seven and nineteen one- hundredths percent (7.19%) on such hypothetical loan amount. 

“Implied Debt Service Coverage Ratio” shall mean as of each Calculation Date, the ratio of (i) the aggregate of
(a) Adjusted Net Operating Income for all Borrowing Base Properties for the most recent fiscal quarter, annualized, to (ii) Implied Debt Service; such calculation and results to be as verified by the Administrative Agent. 

“Implied Loan Amount” shall mean a principal amount which would generate as of any Calculation Date an Implied Debt Service
Coverage Ratio of 1.70 to 1.00, which Implied Loan Amount may be revised by the Administrative Agent after the Closing Date or as of the most recent Compliance Certificate or Borrowing Base Property report, as applicable, delivered to the
Administrative Agent, to reflect additions, removals and other adjustments to the Borrowing Base Properties since the Closing Date or the most recent Compliance Certificate or Borrowing Base Property report, as applicable, delivered to the
Administrative Agent. 

  
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 “Increase Effective Date” shall have the meaning set forth in
Section 2.1.1(b). 
 “Indemnified Taxes” shall mean Taxes other than Excluded Taxes. 

“Indemnitee” shall have the meaning set forth in Section 15.9.2. 

“Individual Property” and “Individual Properties” shall mean, from time to time, all real estate property
owned or ground leased by any Consolidated CRT Entity or any Unconsolidated CRT Entity, together with all improvements, fixtures, equipment, and personalty relating to such property. 

“Information” shall have the meaning set forth in Section 15.20. 

“Interest Expense” shall mean the sum of the Pro Rata Share of the aggregate actual interest expense (whether expensed or
capitalized) paid or payable respecting all Debt by the Consolidated CRT Entities and the Unconsolidated CRT Entities. 
 “Interest
Period” shall mean, as to each LIBO Rate Advance, the period commencing on the date such LIBO Rate Advance is disbursed or converted to or continued as a LIBO Rate Advance and ending on the numerically corresponding day in the first,
second, third or sixth month thereafter, as selected by the 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 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” shall mean the acquisition of any real property or tangible personal property or of any stock or other security,
any loan, advance, bank deposit, money market fund, contribution to capital, extension of credit (except for accounts receivable arising in the ordinary course of business and payable in accordance with customary terms), or purchase or commitment or
option to purchase or otherwise acquire real estate or tangible personal property or stock or other securities of any party or any part of the business or assets comprising such business, or any part thereof. 

“Joinder Agreement” shall have the meaning set forth in Section 2.1.1(c). 

“KeyBank” shall mean KEYBANK NATIONAL ASSOCIATION and its successors and assigns. 

  
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 “Knowledge” or “knowledge” shall mean, with respect to any Loan
Party, the actual knowledge of any Authorized Officer of such Loan Party. Notwithstanding the foregoing, such named parties and their successors are not parties to this Agreement and shall have no liability for a breach of any representation,
warranty, covenant or agreement deemed to be made to their actual knowledge. 
 “Land Assets” shall mean Individual
Properties constituting raw or undeveloped land as to which construction of contemplated improvements has not commenced or which does not generate rental revenues under a Ground Lease. 

“Late Charge” shall have the meaning set forth in Section 2.3.14. 

“Laws” shall mean, collectively, all 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 having the force of law. 

“Lease” shall mean any lease relative to all or any portion of a Borrowing Base Property. 

“Lenders” shall have the meaning set forth in the Preamble. 

“Lenders’ Consultant” shall have the meaning set forth in Section 7.25. 

“Lending Office” shall mean, 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 the Borrower and the Administrative Agent. 

“Leverage Ratio” shall mean the quotient (expressed as a percentage) resulting from dividing (i) the aggregate of all
Debt of the Consolidated CRT Entities and the Unconsolidated CRT Entities by (ii) the Total Asset Value. 
 “LIBO Rate” shall mean:

 (a) For any Interest Period with respect to a LIBO Rate Advance, the rate per annum equal to (A) the LIBOR Rate as published by
Reuters (or other commercially available source providing quotations of LIBOR as designated by the Administrative Agent from time to time) (“LIBOR”), at approximately 11:00 a.m., London time, two (2) Business 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 (B) if such published rate is not available at such time for any reason, the
rate determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the LIBO Rate Advance being made, continued or converted by
KeyBank and with a term equivalent to such Interest Period would be offered to major banks, including KeyBank, in the London interbank Eurodollar market at their request at approximately 11:00 a.m. (London time) two Business Days prior to the
commencement of such Interest Period; 

  
 17 








 
provided however, if the LIBOR Rate for any Interest Period shall be less than zero (0), such rate shall be deemed to be zero (0) for such Interest Period for all purposes of this Agreement.

 (b) For any interest rate calculation with respect to a Base Rate Advance, the rate per annum equal to (i) LIBOR, at approximately
11:00 a.m., London time on the date of determination (provided that if such day is not a London Business Day, the next preceding London Business Day) for Dollar deposits being delivered in the London interbank market for a term of one month
commencing that day or (ii) if such published rate is not available at such time for any reason, the rate determined by the 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 subject Base Rate Advance being made, continued or converted by KeyBank and with a term equal to one month would be offered to major banks, including KeyBank, in the London interbank Eurodollar market at their
request at the date and time of determination; provided however, if the LIBOR Rate as determined under this clause (b) shall be less than zero (0), such rate shall be deemed to be zero (0) for all purposes of this Agreement. 

“LIBO Rate Advance” shall mean any principal outstanding under this Agreement which pursuant to this Agreement bears interest
at the LIBO Rate plus the Applicable Margin. 
 “Lien” shall mean any mortgage, deed of trust, lien, pledge, hypothecation,
assignment, security interest, or any other encumbrance, charge or transfer, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the
foregoing, and mechanic’s, materialmen’s and other similar liens and encumbrances. 
 “Licenses and Permits”
shall mean all licenses, permits, authorizations and agreements issued by or agreed to by any governmental authority or by a private party, and including, but not limited to, building permits, occupancy permits and such special permits, variances
and other relief as may be required pursuant to Laws which may be applicable to any Borrowing Base Property. 
 “Line Fee”
shall have the meaning set forth in Section 2.4.2. 
 “Line Percentage” shall mean (i) 0.15% per
annum, to the extent the total amounts advanced under the Term Facility are greater than or equal to fifty percent (50%) of the Term Commitments, and 0.25% per annum, to the extent the total amounts advanced under the Term Facility are
less than fifty percent (50%) of the Term Commitments. 
 “Liquidation Proceeds” shall mean amounts received by the
Administrative Agent and/or the Lenders in the exercise of the rights and remedies under the Loan Documents. 
 “Loan”
shall mean, individually or collectively, as the context so requires, any extension of credit by a Lender to the Borrower under Article 2 in the form of a Base Rate Advance or a LIBO Rate Advance. 

“Loan Advance” or “Loan Advances” shall mean any advance of any proceeds of the Term Facility, as the case
may be. 

  
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 “Loan Agreement” shall have the meaning set forth in the Preamble. 

“Loan Documents” shall have the meaning set forth in Section 3.1. 

“Loan Notice” shall have the meaning set forth in Section 2.1.2(b). 

“Loan Party” and “Loan Parties” shall mean, singly and collectively, the Borrower, the Guarantors and each
Borrowing Base Property Owner. 
 “Major Event of Loss” shall mean, with respect to any Borrowing Base Property, any of the
following: (a) any loss or destruction of, or damage to, such Borrowing Base Property such that either (x) the repairs and restoration thereof cannot be completed, in the judgment of the Lenders’ Consultant and if there is no
Lenders’ Consultant, an independent architect or engineer retained by the Borrower, within six (6) months after the occurrence of such loss, damage or destruction or (y) rendering more than fifty percent (50%) of the Borrowing
Base Property unusable for the purposes conducted thereon immediately prior to such loss, destruction or damage, as determined by the applicable Lenders’ Consultant and if there is no Lenders’ Consultant, an independent architect or
engineer retained by the Borrower; or (b) any actual condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, of such Borrowing Base Property, or confiscation of such Borrowing Base Property or the requisition
of such Borrowing Base Property by a Governmental Agency or any Person having the power of eminent domain, or any voluntary transfer of such Borrowing Base Property or any portion thereof in lieu of any such condemnation, seizure or taking,
rendering more than fifty percent (50%) of the leaseable area of such Borrowing Base Property unusable for the purposes conducted thereon immediately prior to action, as determined by the Lenders’ Consultant and if there is no
Lenders’ Consultant, an independent architect or engineer retained by the Borrower. 
 “Major Lease” shall mean
(i) any Lease for space in any Borrowing Base Property (x) in excess of 25,000 rentable square feet, or (y) in excess of 15,000 rentable square feet and in excess of ten percent (10%) of the rentable square footage of such
Borrowing Base Property, or (ii) any Lease with a tenant who is a tenant in more than one Borrowing Base Property and who leases 25,000 or more rentable square feet, in the aggregate, in all Borrowing Base Properties. 

“Mandatory Principal Payment” shall have the meaning set forth in Section 2.3.8. 

“Material Adverse Effect” shall mean a material adverse effect on (i) the business, assets, operations or financial or
other condition of any of the Borrower, CRT, or, taken as a whole, the Loan Parties, (ii) the ability of any of the Borrower, CRT, or, taken as a whole, the Loan Parties to perform any material Obligations or to pay any Obligations which it is
or they are obligated to pay in accordance with the terms hereof or of any other Loan Document, or (iii) the rights of, or benefits available to, the Administrative Agent and/or any of the Lenders under any Loan Document. 

“Maturity Date” shall have the meaning set forth in Section 2.2.1. 

“Maximum Loan Amount” shall have the meaning set forth in Section 2.1.1(a). 

“Maximum Rate” shall have the meaning set forth in Section 15.2. 

  
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 “Net Operating Income” shall mean, for any period of determination, (i) net
operating income generated by an Individual Property for such period (i.e., gross operating income, inclusive of any rent loss insurance, less expenses (including Ground Lease Payments (except to the extent of any portion of such payment which is
treated as a payment under a capital lease in accordance with GAAP) and exclusive of debt service, capital expenditures and vacancy allowances and before depreciation and amortization), determined in accordance with GAAP, as generated by, through or
under Leases, and (ii) all other income arising from direct operations of or licenses or operating agreements for any part of the Individual Property determined on a GAAP basis. For purposes hereof, all rental income shall be adjusted for
straight line rents. Borrower shall provide the Administrative Agent with all information and materials required by the Administrative Agent necessary for the determination of Net Operating Income. If any Leases are scheduled to expire during such
period of determination, no rents or other amounts payable under such Leases with respect to any portion of such period occurring after such scheduled expiration date shall be included in the determination of Net Operating Income for such period. If
any Leases are scheduled to commence (and rent and occupancy pursuant thereto are also scheduled to commence) during such period of determination, the rents and other amounts payable under such Leases with respect to any period occurring after the
scheduled commencement date shall be included in the determination of Net Operating Income for such period. 
 “Net Worth”
shall mean (a) the sum of (i) total CRT shareholders’ equity in the Borrower and (ii) the limited partners’ interest in the Borrower (both controlling and non-controlling interests) as of the Calculation Date appearing on
the consolidated financial statements of CRT as determined in accordance with GAAP, plus (b) depreciation and amortization provided after September 30, 2014 through the Calculation Date on a cumulative basis. 

“Non-Retail Assets” shall mean Individual Properties that generate more than fifteen percent (15%) of base rental
revenues from non-retail tenants. 
 “Note” shall mean, collectively, the various promissory notes payable to each Lender
(if requested by such Lender) in the form of Exhibit B. 
 “Obligations” shall mean without limitation, all and each
of the following, whether now existing or hereafter arising: 
 (a) Any and all direct and indirect liabilities, debts, and obligations of
the Borrower or any Loan Party to the Administrative Agent or any Lender under or arising out of the Loan Documents, each of every kind, nature, and description. 

(b) Each obligation to repay any loan, advance, indebtedness, note, obligation, overdraft, or amount now or hereafter owing by the Borrower or
any Loan Party to the Administrative Agent or any Lender (including all future advances whether or not made pursuant to a commitment by the Administrative Agent or any Lender) under or arising out of the Loan Documents, whether or not any of such
are liquidated, unliquidated, primary, secondary, secured, unsecured, direct, indirect, absolute, contingent, or of any other type, nature, or description, or by reason of any cause of action which the Administrative Agent or any Lender may hold
against the Borrower or any Loan Party including, without limitation, any obligation arising under any Swap Contract with the Administrative Agent or any Lender. 

  
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 (c) All notes and other obligations of the Borrower or any Loan Party now or hereafter assigned
to or held by the Administrative Agent or any Lender under or arising out of the Loan Documents, each of every kind, nature, and description. 

(d) All interest, fees, and charges and other amounts which may be charged by the Administrative Agent or any Lender to the Borrower or any
Loan Party and/or which may be due from the Borrower or any Loan Party to the Administrative Agent or any Lender from time to time under or arising out of the Loan Documents. 

(e) All costs and expenses incurred or paid by the Administrative Agent or any Lender in respect of any agreement between the Borrower or any
Loan Party and the Administrative Agent or any Lender or instrument furnished by the Borrower or any Loan Party to the Administrative Agent or any Lender (including, without limitation, costs of collection, attorneys’ reasonable fees, and all
court and litigation costs and expenses) in connection with the Loan. 
 (f) Any and all covenants of the Borrower or any Loan Party to or
with the Administrative Agent or any Lender and any and all obligations of the Borrower or any Loan Party to act or to refrain from acting in accordance with any agreement between the Borrower or any Loan Party and the Administrative Agent or any
Lender or instrument furnished by the Borrower or any Loan Party to the Administrative Agent, any Lender in connection with the Loan. 

“Occupancy Ratio” shall mean with respect to any Borrowing Base Property, the ratio as determined by the Administrative Agent
of the rentable square footage thereof as to which tenants are paying rent, to the total rentable square footage thereof. Notwithstanding the foregoing, for purposes of determining compliance with Section 7.21.1 of this Agreement, the
Occupancy Ratio for any Borrowing Base Property as to which an Event of Loss has occurred shall be equal to the greater of (i) the actual Occupancy Ratio with respect thereto or (ii) the Occupancy Ratio immediately prior to the said Event
of Loss for a period equal to the lesser of (x) six (6) months from the occurrence of the Event of Loss or (y) the determination that the subject Borrowing Base Property is not, or ceases to be, a Restoration Property. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“Officer’s Certificate” shall mean a certificate delivered to the Administrative Agent by the Borrower, a Borrower
Subsidiary, or a Guarantor, as the case may be respectively, which is signed by an Authorized Officer. 
 “Other Taxes”
shall mean 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. 

  
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 “Outside Funding Date” shall have the meaning set forth in
Section 2.1.1(a). 
 “Payment Period” shall mean each period commencing on the first Business Day of each
calendar month, and ending on and including the calendar day immediately preceding the first Business Day of the next calendar month. 

“Participant” shall have the meaning set forth in Section 13.3.4. 

“Participant Register” shall have the meaning set forth in Section 13.3.4. 

“PBGC” shall mean the Pension Benefit Guaranty Corporation established pursuant to Section 4002 of ERISA, or any
successor thereto. 
 “Permitted Debt” shall have the meaning set forth in Section 8.4. 

“Permitted Distributions” shall mean (a) so long as no Event of Default exists and is continuing, or would be created
thereby, any Distributions (including the repurchase or redemption of stock of CRT or partnership interests in the Borrower) by the Borrower and CRT, (i) in any amount, provided that such Distributions, when added to Distributions for each of
the last three calendar quarters, to the extent not included in the determination of Adjusted FFO, shall not exceed ninety-five (95%) percent of Adjusted FFO for the just completed four calendar quarters (with the initial test to be for the
quarter ending March 31, 2016); provided that any Distributions by the Borrower or CRT shall be permitted as are necessary for CRT to maintain REIT status including any Distributions that are greater than the amounts set forth in this
subclause (a)(i), (ii) concerning the issuance of operating partnership units or stock in return for equity interests in connection with any Permitted Investment, or (iii) in connection with the repurchase or redemption of preferred stock
of CRT utilizing the proceeds of new issued preferred or common equity on equal or more favorable terms, or (b) at any time after and during the continuance of any Event of Default, such Distributions as are necessary for CRT to maintain REIT
status (measured on a quarterly basis), all of the foregoing tested by the Borrower on each Calculation Date, such calculation and results to be as verified by the Administrative Agent. 

“Permitted Liens” shall have the meaning set forth in Section 8.2. 

“Permitted Investments” shall mean the following: 

(a) The Pro Rata Share of Investments in Development Assets (valued at undepreciated Book Value) which, in the aggregate, do not exceed twenty
percent (20%) of Total Asset Value; 
 (b) The Pro Rata Share of Investments in Land Assets which, in the aggregate, valued at
undepreciated Book Value do not exceed seven and one-half percent (7.5%) of Total Asset Value; 
 (c) Investments in Unconsolidated CRT
Entities including, without limitation, the purchase of all or any portion of any interests held by persons that are not Wholly-Owned Subsidiaries of the Borrower; 

  
 22 








 (d) The Pro Rata Share of Investments in Non-Retail Assets which, in the aggregate, do not exceed
five percent (5%) of Total Asset Value; and 
 (e) Investments in Swap Contracts. 

Notwithstanding anything in this Agreement to the contrary, the total Permitted Investments described in Sections (a), (b), and (d) above shall not, in
the aggregate, exceed twenty-five percent (25%) of the Total Asset Value. 
 “Person” shall mean any natural person,
corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Plan” shall mean any multiemployer or single-employer plan as defined in Section 4001 of ERISA, which is maintained or
contributed to by (or to which there is an obligation to contribute of) any Loan Party or any ERISA Affiliate, including each such Plan for the five year period immediately following the latest date on which such Loan Party or an ERISA Affiliate
maintained, contributed to or had an obligation to contribute to such Plan. 
 “Platform” shall have the meaning set forth
in Section 7.2.13. 
 “Preliminary Approval” shall mean the following: 

(a) Delivery by the Borrower to the Administrative Agent and the Lenders of the following with respect to any Individual Property proposed to
be a Borrowing Base Property, each such item to the reasonable satisfaction of the Administrative Agent and the Lenders: 
 (i) A physical
description; 
 (ii) A current rent roll, ARGUS runs and a leasing status report for the Individual Property, along with operating
statements; 
 (iii) To the extent then available in Borrower’s files, the following: a survey, environmental reports, copies of
existing title insurance policies or a title commitment, engineering reports and similar information; and 
 (iv) The Borrower’s
certification that to its knowledge the proposed Borrowing Base Property presently satisfies (or is anticipated to satisfy upon the approval of such Borrowing Base Property) the Eligibility Criteria set forth in subsections (a), (d), (e) and
(f), of the definition of Eligibility Criteria. 
 (b) Administrative Agent shall, within ten (10) Business Days after delivery of all
items described in subsection (a), above, grant or deny the preliminary approval for the proposed Borrowing Base Property. 

  
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 “Prepayment Premium” means a premium payable pro rata to the Lenders with
respect to a prepayment of the Term Facility, equal to the following amount for the following periods: 
  

			
	 If Prepayment of the Term Facility

Loans occurs
	  	Prepayment Fee
		
	 On or before April 26, 2017
	  	 2% of the principal amount

prepaid

		
	 After April 26, 2017 but on or before

April 26, 2018
	  	 1% of the principal amount

prepaid

		
	 After April 26, 2018
	  	0%

 “Pro Rata Share” shall mean a calculation based on the percentage of the Capital Stock of or
other equity interest in any Person owned, directly or indirectly, by the Borrower and/or CRT. 
 “Public Lender” shall
have the meaning set forth in Section 7.2.13. 
 “Regions” shall mean Regions Bank, a national banking
association. 
 “Register” shall have the meaning set forth in Section 13.3.3. 

“REIT” shall mean a “real estate investment trust” as such term is defined in Section 856 of the Code. 

“Related Part(y)ies” shall mean, with respect to any Person, such Person’s Affiliates, and the partners, members,
shareholders, directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 

“Release Conditions” shall have the meaning set forth in Section 3.2. 

“Release Request” shall have the meaning set forth in Section 3.3. 

“Rent Loss Proceeds” shall mean the proceeds received under any rent loss or business interruption insurance policies. 

“Repair Work” shall mean any work necessary to repair, restore, rebuild or replace an affected Borrowing Base Property to its
condition immediately prior to an Event of Loss. 
 “Reportable Event” shall mean an event described in
Section 4043(b) of ERISA with respect to a Plan other than those events as to which the 30-day notice period is waived under subsection .13, .14, .16, .18, .19 or .20 of PBGC Regulation Section 2615, or as otherwise now or hereafter
defined in ERISA. 
 “Required Lenders” shall mean, as of any date of determination, Lenders having greater than 50% of the
Total Commitments or, if the Commitment of each Lender to make Loans has been terminated pursuant to Section 11, Lenders holding in the aggregate greater than 50% of the Total Outstandings; 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. 

  
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 “Restoration Property” shall mean any Borrowing Base Property as to which an
Event of Loss has occurred and as to which the Repair Work can be completed in six (6) months, as determined by the Administrative Agent in its reasonable discretion. 

“Sanctioned Person” means any Person that is (i) listed on OFAC’s List of Specially Designated Nationals and
Blocked Persons, (ii) otherwise the subject or target of Sanctions, to the extent U.S. persons are prohibited from engaging in transactions with such a Person, and (iii) fifty percent (50%) or greater owned or controlled by a Person
described in clause (i) or (ii) above. 
 “Sanction(s)” means any sanction administered or enforced by the United
States Government (including, without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctioning authority, in each case, solely to the extent applicable to CRT or any of its
Subsidiaries 
 “Secured Debt” means, with respect to CRT and its Subsidiaries, (a) all Debt of such Person that is
secured in any manner by any Lien on any property owned by such Person, plus (b) such Person’s pro rata share of the Secured Debt of any such Person’s unconsolidated Affiliates; provided that any loan facilities, if secured only by
pledges of equity interests in any Subsidiaries of CRT, shall not be deemed Secured Debt. 
 “Secured Debt Ratio” shall
mean the quotient (expressed as a percentage) of (a) all Secured Debt divided by (b) Total Asset Value. 

“State” shall mean the State or Commonwealth in which the subject of such reference or any part thereof is located. 

“Statement” shall have the meaning set forth in Section 15.17. 

“Subsidiary” shall mean, as to any Person, a corporation, partnership, limited liability company or other entity of which
shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other
managers of such corporation, limited liability company, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. 

“Swap Contract” shall mean (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), 

  
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whether or not any such transaction is governed by or subject to any master agreement, and (b) any confirmations relating to the foregoing transactions and any Master Agreements related
thereto, including, without limitation, 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”). 
 “Swap Termination Value” shall mean,
with respect to the Borrower or a Borrower Subsidiary, 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, 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) to be payable by the Borrower or such Subsidiary. 

“Tax Expenses” shall mean tax expense (if any) attributable to income and franchise taxes based on or measured by income,
whether paid or accrued. 
 “Taxes” shall mean 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. 

“Term Commitment” shall mean the amount set forth on Schedule 1.1(a) hereto as the amount of such Lender’s
commitment to make Loans under the Term Facility, as may be amended from time to time by the Administrative Agent as provided in Article 13. 

“Term Facility” shall mean that certain senior unsecured term loan facility provided by Lenders to the Borrower in an amount
equal to $100,000,000.00 in accordance with the terms and conditions herein, as such amount may be adjusted pursuant to the terms of this Agreement. 

“Term Facility Loans” shall mean the loans made by the Lenders as evidenced by, among other things, the Register. 

“Total Asset Value” shall mean the aggregate of: 

(a) For all Individual Properties (which are neither Individual Properties acquired within the prior ninety (90) days from the Calculation
Date, Development Assets, nor Land Assets but shall include any Individual Properties currently held for sale), the Pro Rata Share of the Calculation Period’s aggregate Adjusted Net Operating Income for all such Individual Properties,
annualized, capitalized at a rate of 7.00%; plus 
 (b) For Land Assets, and for all Individual Properties which were acquired within
the prior ninety (90) days from the Calculation Date, the Pro Rata Share of the undepreciated Book Value as of the Calculation Date; plus 

(c) For Development Assets, at the Borrower’s option, either the Pro Rata Share of the undepreciated Book Value as of the Calculation Date
or the Pro Rata Share of the Calculations Period’s aggregate Adjusted Net Operating Income for such Development Asset, annualized, capitalized at a rate of 7.00%; plus 

  
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 (d) For all unrestricted cash and cash equivalent investments, restricted cash held by a
qualified intermediary, and escrows owned by the Consolidated CRT Entities and the Unconsolidated CRT Entities, the Pro Rata Share of the Book Value as of the Calculation Date of such assets; plus 

(e) Deposits corresponding to outstanding letters of credit. 

The Pro Rata Share of Development Assets completed within the prior ninety (90) days from a Calculation Date will be valued as set forth
in (c) above for a maximum of one hundred eighty (180) days from completion (and continuing until end of such Calculation Period) and based on Adjusted Net Operating Income under subsection (a) above thereafter. 

“Total Commitment” shall mean the sum of the Commitments of the Lenders, as in effect from time to time. On the Closing Date
the Total Commitment equals $100,000,000.00. 
 “Total Outstandings” shall mean on any date the aggregate outstanding
principal amount of the Loans under the Term Facility after giving effect to any borrowings and prepayments or repayments of said Loans occurring on such date. 

“Treasury Rate” shall mean, as of the date of any calculation or determination, the latest published rate for United States
Treasury Notes or Bills (but the rate on Bills issued on a discounted basis shall be converted to a bond equivalent) as published weekly in the Federal Reserve Statistical Release H.15(519) of Selected Interest Rates in an amount which approximates
(as determined by Administrative Agent) the amount (i) approximately comparable to the portion of the Loan to which the Treasury Rate applies for the Interest Period, or (ii) in the case of a prepayment, the amount prepaid and with a
maturity closest to the original maturity of the installment which is prepaid in whole or in part. 
 “Type” shall mean,
with respect to any Loan, its character as a Base Rate Advance or a LIBO Rate Advance. 
 “UCC” or the “Uniform
Commercial Code” shall mean the Uniform Commercial Code in effect in the State of New York, provided, that as same relates to a Borrowing Base Property, the UCC shall mean the Uniform Commercial Code as adopted in such jurisdiction. 

“Unconsolidated CRT Entity” or “Unconsolidated CRT Entities” shall mean each Person as to which the Borrower
and/or CRT own, directly or indirectly, any Capital Stock, but which is not a Consolidated Subsidiary. 
 “United States”
and “U.S.” shall each mean the United States of America. 
 “Unsecured Debt” means any Debt (including
indebtedness arising under any Swap Contract) of CRT and its Subsidiaries which is not Secured Debt. 
 “Variable Rate
Indebtedness” shall mean any Debt that bears interest at a variable rate without the benefit of an interest rate hedge or other interest rate protection agreement. For the avoidance of doubt, Variable Rate Indebtedness shall not include the
notional amount of caps which protect against an upward movement of the LIBO Rate up to 300 basis points. 

  
 27 








 “Wholly-Owned Subsidiary” shall mean, with respect to any Person, any other
Person as to which one-hundred (100%) percent of the Capital Stock thereof is owned, directly or indirectly, by such Person; provided for purposes of this definition Cedar Riverview, LP, and Hamilton FC Associates, L.P. shall be deemed to be a
Wholly-Owned Subsidiary of the Borrower. 
 “Write-Down and Conversion Powers” shall mean, with respect to any EEA
Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In
Legislation Schedule. 
 1.2 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 Formation 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 subject to restrictions on
assignments as set forth in this Agreement, (iii) the words “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, securities, 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.” 

  
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 (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. 
 1.3 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 financial statements required by Section 7.2.1, except as otherwise specifically prescribed herein. 

(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 the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the 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 the 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) the Borrower shall provide to the 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. 
 1.4 Rounding. 

Any financial ratios required to be maintained by the 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).
For example purposes only, in calculating the Fixed Charge Ratio, the calculation shall initially result in three numbers right of the decimal point. If the last number is four or less, the total number shall be rounded down. If the last number is 5
or more, the total number shall be rounded up. 
 1.5 Times of Day. 

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


  
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 2. LOAN PROVISIONS. 

2.1 General Loan Provisions. 

2.1.1 Loans. 

(a) Subject to all of the terms and conditions hereof, the Lenders hereby agree to make up to an aggregate of three
(3) Loan Advances to the Borrower under the Term Facility between the date hereof and October 26, 2016 (the “Outside Funding Date”); provided, that the (i) Total Outstandings shall at no time exceed the lesser
of (A) the Total Commitment or (B) the Borrowing Base Value; (the lesser of (A) or (B) being the “Maximum Loan Amount”). The Term Facility may not be reborrowed under any circumstances, and, subject to the
provisions of Section 2.1.1(c) below, no Loan Advances shall be made after the Outside Funding Date. 
 (b) The
obligations of the Lenders hereunder are several and independent and not joint. No Lender shall become obligated to advance more than its Commitment Percentage of a respective Loan including, without limitation, as a result of the failure of any
Lender to fulfill its obligations hereunder. 
 (c) Provided no Default or Event of Default shall then be in existence, the
Borrower shall have the right to elect to increase the Term Commitment provided and on condition that no increase in the Term Commitment shall occur after the Maturity Date; and provided further that: (x) the amount of each such
increase shall not be less than Ten Million Dollars ($10,000,000) or in increments of Five Million Dollars ($5,000,000.00) in excess thereof, and (y) the aggregate amount of all such increases shall not cause the Total Commitment to exceed One
Hundred Twenty-Five Million Dollars ($125,000,000). Such right may be exercised by the Borrower by written notice to the Administrative Agent, which election shall designate the requested increase in the Total Commitment. At the time of sending such
notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten (10) Business Days from the date of delivery of such
notice to the Lenders), and each Lender shall endeavor to respond as promptly as possible within such time period. Each Lender shall notify the Administrative Agent within such time period whether or not it agrees to increase its Commitment (which
decision shall be in its sole discretion) and, if so, whether by an amount equal to, greater than, or less than its Commitment Percentage of such requested increase. Any Lender not responding within such time period shall be deemed to have declined
to increase its Commitment. The Administrative Agent shall notify the Borrower and each Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase and subject to the approval of the
Administrative Agent (which approval shall not be unreasonably withheld, conditioned or delayed), the Borrower may also invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement (each a “Joinder
Agreement”) in form and substance reasonably satisfactory to the Administrative Agent and its counsel. If the Total Commitment is increased in accordance with this Section, the Administrative Agent and the Borrower shall determine the
effective date (the “Increase Effective Date”) of each Lender’s increased Commitments and the new or increased Commitments issued in connection with 

  
 30 








 
such increase. The Administrative Agent shall promptly notify the Borrower and the Lenders of the final allocation of such increase among the Lenders (with such increase being pro rata among
existing Lenders choosing to increase their Commitments) and the Increase Effective Date. As a condition precedent to such increase, the Borrower shall deliver to the Administrative Agent a certificate of the Borrower dated as of the Increase
Effective Date signed by an Authorized Officer of the Borrower (i) certifying and attaching the resolutions adopted by the Borrower 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 6 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 2.1.1(c), the representations and warranties
contained in Section 6.8 shall be deemed to refer to the most recent statements furnished to the Administrative Agent pursuant to Section 7.2.1 and Section 7.2.2, and except as to the representations and
warranties in Sections 6.4, 6.7, 6.9, and 6.14 which may be modified only to reflect events occurring after the date hereof as specifically disclosed in writing to Administrative Agent prior to or simultaneously with such written
request and (B) no Default or Event of Default exists. The amount of any applicable increase in the Term Facility shall be funded on such Increase Effective Date. This Section shall supersede any provisions in Sections 12.2 or
13.4.1 to the contrary. 
 2.1.2 Procedures and Limits. Subject to the provisions of
Section 2.1.1(a) and Section 2.1.1(c), the Lenders shall, subject to the compliance with all of the other terms, conditions and provisions of this Agreement and the absence of any Default or Event of Default at the time of
such disbursement, make disbursements to the Borrower of Loan Advances in installments in accordance with the following: 

(a) Written Requests. Loan Advances shall be made, at the Borrower’s written request to Administrative Agent, on
the basis of written requests, made in accordance with the method and procedures described in Section2.1.3 below; and Administrative Agent shall act upon such requests within three (3) Business Days following the receipt of a written
request from Borrower for a LIBOR Rate Advance and within one (1) Business Day following the receipt of a written request from Borrower for a Base Rate Advance, which action may include, without limitation, funding the requested Loan Advance or
specifying the basis for not funding and, when applicable, requesting additional information and supporting documentation. The date on which any Loan Advance is funded is herein called an “Advance Date.” 

(b) Requisitions, Certifications. Each request for a Loan Advance shall be in writing and in the form attached hereto as
Exhibit A (a “Loan Notice”). Each such request shall specify (i) the amount of the Loan Advance requested, (ii) the purpose of the Loan Advance requested, (iii) the Total Outstandings (including the funding of
the Loan Advance being requested), (iv) calculations 

  
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evidencing the Borrower’s continued compliance with the Financial Covenants, as satisfied by the Closing Compliance Certificate, or once delivered, the most recent Compliance Certificate
delivered by the Borrower, (v) the requested interest rate option, and (vi) the Interest Period (if applicable). Each request for a Loan Advance hereunder shall be for (a) a minimum amount as required by Section 2.3.6, and
(b) an amount not to exceed (x) the Maximum Loan Amount less (y) the Total Outstandings (after giving effect to such Loan Advance). 

2.1.3 Funding Procedures. Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each
Lender of the Advance Date and of the amount of its Commitment Percentage of the applicable Loans. In the case of a Loan Advance, each Lender shall make the amount of its Commitment Percentage of such Loan available to the Administrative Agent in
immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified as the Advance Date in the applicable Loan Notice. Upon satisfaction of the applicable conditions set forth in
Section 5.2 (and, if such Loan Advance is the initial credit extension, Section 5.1), the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent
either by (i) crediting the account of the Borrower on the books of KeyBank with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to the Administrative Agent by the
Borrower. 
 2.2 Term of Loan. 

2.2.1 Term Facility. The Term Facility shall be for a term (the “Facility Term”) commencing on the date
hereof and ending on April 26, 2023 or such earlier date as the Term Facility is accelerated pursuant to the terms of Section 11.1.1 of this Agreement (the “Maturity Date”). 

2.2.2 Termination of Commitments. The Borrower shall have the right to terminate this Agreement prior to the originally
scheduled Maturity Date by providing the Administrative Agent with ten (10) days’ written notice of the Borrower’s intention to terminate this Agreement (the date of such termination being the “Borrower Termination Date”).
In the event that the Borrower provides such written notice to the Administrative Agent, (i) as of the date of the notice, the Lenders shall have no further obligation to make or issue, and the Borrower shall have no further right to receive or
request, any Credit Extension hereunder, and (ii) the Borrower shall be obligated on the Borrower Termination Date to pay in full all accrued interest, principal and other charges due with respect to the Loan, including, without limitation, any
Breakage Fees or Prepayment Premiums due on account of such payment. 
 2.3 Interest Rate and Payment Terms. The Loan shall be
payable as to interest and principal in accordance with the provisions of this Agreement. This Agreement also provides for interest at a Default Rate, Late Charges and prepayment rights and fees. All payments for the account of Lenders shall be
applied to the respective accounts of the Lenders in accordance with each Lender’s Commitment Percentage of the Loan. Any and all interest rate selection and conversion provisions in this Agreement are to be administered by the Administrative
Agent and to be allocated on a pro rata basis to the portion of the balance held by each Lender based upon such Lender’s Commitment Percentage. 

  
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 2.3.1 Borrower’s Options. Principal amounts outstanding under the
Loan shall bear interest at the following rates, at Borrower’s selection, subject to the conditions and limitations provided for in this Agreement: (i) the Base Rate Accrual Rate or (ii) LIBO Rate plus the Applicable Margin.
Borrower’s right to select pricing options shall cease upon the occurrence and during the continuation of any Event of Default. 

2.3.2 Selection To Be Made. Borrower shall select, and thereafter may change the selection of, the applicable interest
rate, from the alternatives otherwise provided for in this Agreement, by giving Administrative Agent a Loan Notice (in accordance with the requirements of Section 2.3.3, below): (i) three (3) Business Days prior to each Loan
Advance, (ii) three (3) Business Days prior to the end of each Interest Period applicable to a LIBO Rate Advance which shall be continued as a LIBO Rate Advance, or (iii) three (3) Business Days prior to any Business Day on which
Borrower desires to convert an outstanding Base Rate Advance to a LIBO Rate Advance. 
 2.3.3 Notice. Each Loan
Advance, each conversion of Loans from one Type to the other, and each continuation of a LIBO Rate Advance shall be made upon the Authorized Officer’s irrevocable notice to the Administrative Agent, which may be given by telephone. Each such
notice must be received by the Administrative Agent not later than 11:00 a.m. (i) with respect to a LIBO Rate Advance, three (3) Business Days prior to, or (ii) with respect to a Base Rate Advance, the requested date of any Loan
Advance, conversion or continuation. Each telephonic notice pursuant to this Section 2.3.3 must be confirmed promptly by delivery to the Administrative Agent of a written Loan Notice, appropriately completed and signed by an Authorized
Officer of the Borrower. 
 2.3.4 If No Notice. If (a) the Borrower fails to select an interest rate option in
accordance with the foregoing prior to a Loan Advance, or at least three (3) Business Days prior to the last day of the applicable Interest Period of an outstanding LIBO Rate Advance, or (b) a LIBO Rate Advance is not available, then any
new Loan Advance made shall be deemed to be a Base Rate Advance, and on the last day of the applicable Interest Period all outstanding principal amounts of the applicable LIBO Rate Advance shall be deemed converted to a Base Rate Advance. 

2.3.5 Telephonic Notice. Without any way limiting the Borrower’s obligation to confirm in writing any telephonic
notice, the Administrative Agent may act without liability upon the basis of telephonic notice believed by the Administrative Agent in good faith to be from the Borrower prior to receipt of written confirmation. In each case the Borrower hereby
waives the right to dispute the Administrative Agent’s record of the terms of such telephonic Loan Notice in the absence of manifest error. 

2.3.6 Limits On Options. Each LIBO Rate Advance shall be in a minimum amount of $100,000 or a whole multiple of
$100,000 in excess thereof and each Base Rate Advance shall be in a minimum amount of $100,000 or a whole multiple of 
 $100,000 in excess
thereof. At no time shall there be outstanding a total of more than six (6) LIBO Rate Advances outstanding at any time. 

  
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 2.3.7 Payment and Calculation of Interest. All interest for each Payment
Period shall be payable in arrears commencing May 1, 2016 and on the first Business Day of each month thereafter until the principal together with all interest and other charges payable with respect to the Loan shall be fully paid. All
computations of interest for Base Rate Advances shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other 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 2.3.11, bear interest for one day. 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. 

2.3.8 Mandatory Principal Payments. 

If, on any day, the Total Outstandings exceed the Maximum Loan Amount, then the Borrower shall make a principal payment to
Administrative Agent, or, at the Borrower’s option, a principal payment on other Unsecured Debt, in the amount of such excess, in immediately available funds within ten (10) Business Days of demand from the Administrative Agent (a
“Mandatory Principal Payment”); with such payment (if the Mandatory Principal Payment is made to the Administrative Agent as opposed to being made on other Unsecured Debt) being applied to the principal balances due hereunder in
such fashion as the Borrower may designate; provided, however, that if during such ten (10) Business Day period, the Borrower delivers to the Administrative Agent Funding Evidence, such ten (10) Business Day period shall be extended for
such additional time as the Administrative Agent determines, in its reasonable discretion, to be required by the Borrower to make the Mandatory Principal Payment but in no event shall such period exceed a maximum of sixty (60) days from the
date that the Mandatory Principal Payment would otherwise be due hereunder. 
 2.3.9 Prepayment. Any Loan or any
portion thereof may be prepaid in full or in part at any time upon two (2) Business Days prior written notice to the Administrative Agent subject to the payment of (a) with respect to Base Rate Advances, any applicable Prepayment Premium
and, (b) with respect to LIBO Rate Advances, any applicable Prepayment Premium and any applicable Breakage Fee. Amounts prepaid under the Term Facility may not be reborrowed under any circumstances. 

2.3.10 Maturity. At the Maturity Date, all accrued interest, principal and other charges due with respect to the Term
Facility shall be due and payable in full and the principal balance and such other charges, including unpaid interest, shall, at the option of the Administrative Agent, continue to bear interest thereafter at the Default Rate until so paid. 

  
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 2.3.11 Method of Payment; Date of Credit; Administrative Agent’s
Clawback. 
 (a) General. All payments to be made by the Borrower shall be made without condition or deduction
for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is
owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to each Lender its Commitment 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. All payments received by the Administrative Agent after 2:00 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 the 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. 
 (b)(i) Funding by Lenders; Presumption by
Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any LIBO Rate Advance (or, in the case of any Base Rate Advance, prior to 12:00 noon on the date of such Loan Advance)
that such Lender will not make available to the Administrative Agent such Lender’s share of such Loan Advance, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with
Section 2.1 (or, in the case of a Base Rate Advance, that such Lender has made such share available in accordance with and at the time required by Section 2.1) and may, in reliance upon such assumption, make available to the
Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Loan Advance available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the 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 the Borrower to but excluding the date of payment to the
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 the Administrative Agent in accordance with banking industry rules on interbank compensation,
plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate
Advances. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for
such period. If such Lender pays its share of the applicable Loan Advance to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Loan Advance and the Borrower shall have no further obligation
with respect thereto under this 

  
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Section 2.3.11(b)(i) in respect of such Lender’s share of the Loan Advance; it being understood that such amount advanced by such Lender shall constitute a Loan for all purposes
hereunder. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

(ii) Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received
notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder, stating that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower
has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally
agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, 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 the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this subsection (b) shall be
conclusive, absent manifest error. 
 (c) Failure to Satisfy Conditions Precedent. If any Lender makes available to
the Administrative Agent funds for any Loan Advance to be made by such Lender as provided in the foregoing provisions of this Section 2, and such funds are not made available to the Borrower by the Administrative Agent because the
conditions to the applicable Credit Extension set forth in Section 5 are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such
Lender, without interest. 
 (d) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the
funds for any Loan Advance 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 Advance in any particular place or manner. 

2.3.12 Billings. The Administrative Agent may submit monthly billings reflecting payments due; however, any changes in
the interest rate which occur between the date of billing and the due date may be reflected in the billing for a subsequent month. Neither the failure of the Administrative Agent to submit a billing nor any error in any such billing shall excuse the
Borrower from the obligation to make full payment of all the Borrower’s payment obligations when due. 

  
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 2.3.13 Default Rate. 

(a) If any Event of Default has occurred and is continuing pursuant to Section 10.1.1, the 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. 

(b) In the sole discretion of the Administrative Agent or upon the request of the Required Lenders, while any other Event of
Default exists, the 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. 

(c) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon
demand. 
 2.3.14 Late Charges. The Borrower shall pay a late charge (herein, the “Late Charge”)
equal to five percent (5%) of the amount of any interest which is not paid within ten (10) days of the due date thereof. Late charges are: (a) payable in addition to, and not in limitation of, the Default Rate, (b) intended to
compensate the Administrative Agent and the Lenders for administrative and processing costs incident to late payments, (c) are not interest, and (d) shall not be subject to refund or rebate or credited against any other amount due. 

2.3.15 Breakage Fee. The Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders,
immediately upon request and notwithstanding contrary provisions contained in any of the Loan Documents, such amounts as shall, in the conclusive judgment of the Administrative Agent (in the absence of manifest error), compensate the Administrative
Agent and the Lenders for the loss, cost or expense which it may reasonably incur as a result of (i) any payment or prepayment, under any circumstances whatsoever, whether voluntary or involuntary, of all or any portion of a LIBO Rate Advance
on a date other than the last day of the applicable Interest Period of a LIBO Rate Advance, (ii) the conversion, for any reason whatsoever, whether voluntary or involuntary, of any LIBO Rate Advance to a Base Rate Advance on a date other than
the last day of the applicable Interest Period, (iii) the failure of all or a portion of a Loan Advance which was to have borne interest at the LIBO Rate pursuant to the request of the Borrower to be made under the Loan Agreement (except as a
result of any act or omission of Lender), or (iv) the failure of the Borrower to borrow in accordance with any request submitted by it for a LIBO Rate Advance. Such amounts payable by the Borrower shall be equal to any administrative costs
actually incurred plus any amounts required to compensate for any loss, cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by the Administrative Agent or any Lender to fund or maintain a LIBO
Rate Advance (herein, collectively, the “Breakage Fee”). A certificate from a Lender provided to the Borrower by the Administrative Agent setting forth the calculation and amount of its Breakage Fee shall be conclusive absent
manifest error. 

  
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 2.3.16 Borrower Information. The parties understand that the applicable
interest rate for the Borrower’s Obligations and certain fees set forth herein may be determined and/or adjusted from time to time based upon certain financial ratios and/or other information to be provided or certified to the Lenders by
Borrower (the “Borrower Information”). If it is subsequently determined that any such Borrower Information was incorrect (for whatever reason, including without limitation because of a subsequent restatement of earnings by the
Borrower) at the time it was delivered to the Agent, and if the applicable interest rate or fees calculated for any period were different than they should have been had the correct information been timely provided, then, such interest rate and such
fees for such period shall be automatically recalculated using correct Borrower Information. The Administrative Agent shall promptly notify Borrower in writing of any additional interest and fees due because of such recalculation, and the Borrower
shall pay such additional interest or fees due to the Administrative Agent, for the account of each Lender, within five (5) Business Days of receipt of such written notice. Borrower shall receive a credit or refund of any overpayment promptly
after such determination. Any recalculation of interest or fees required by this provision shall survive the termination of this Agreement, and this provision shall not in any way limit any of the Administrative Agent’s or any Lender’s
other rights under this Agreement 
 2.4 Loan Fees. 

2.4.1 Loan Fees. The Borrower shall pay the Administrative Agent for the account of the parties specified therein the
various fees in accordance with the Fee Letter. 
 2.4.2 Unused Fee. The Borrower agrees to pay an unused line fee
(the “Line Fee”) to the Administrative Agent, for the pro rata benefit of the Lenders, from and after July 26, 2016 through the Outside Funding Date. The amount of the Line Fee on any given day shall equal the applicable Line
Percentage multiplied by the amount on such day by which the Total Commitments exceeds the total Loans previously advanced under the Term Facility. The Line Fee shall be payable to the Administrative Agent quarterly in arrears on the first day of
each calendar quarter for the immediately preceding calendar quarter or portion thereof, with the first and last payments to be prorated based upon the partial calendar quarters to which they apply. 

2.4.3 Payment of Fees Generally. All fees payable hereunder shall be paid on the dates due, in immediately available
funds, to the Administrative Agent for distribution, in the case of facility fees and participation fees, to the Lenders. Except as otherwise provided herein or in the Fee Letter, fees paid under this Agreement shall not be refundable under any
circumstances. 
 2.5 Intentionally Omitted. 

2.6 Additional Provisions Related to Interest Rate Selection. 

2.6.1 Increased Costs. If any Change in Law shall: 

(a) 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 reflected in the LIBO Rate); 

  
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 (b) subject any Lender to any tax of any kind whatsoever with respect to this
Agreement or any LIBO Rate Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof; or 

(c) impose on any Lender or the London interbank market any other condition, cost or expense affecting this Agreement or LIBO
Rate Advances made by such Lender; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any LIBO Rate Advance (or of maintaining its obligation to make any such Loan), or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or any other amount) then, promptly upon
request of such Lender, the Borrower will pay to such Lender, such additional amount or amounts as will compensate such Lender, for such additional costs incurred or reduction suffered. A certificate from a Lender provided to the Borrower by the
Administrative Agent setting forth such amounts together with calculations thereof shall be conclusive absent manifest error. 

2.6.2 Capital Requirements. If any Lender determines that any Change in Law affecting such Lender or any Lending Office
of such Lender or such Lender’s holding company, if any, regarding capital or liquidity ratios or requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s
holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in
Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time (and in any event within twenty (20) days) the Borrower will pay to such
Lender, such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. A certificate from a Lender provided to the Borrower by the Administrative Agent setting forth such
amounts together with calculations thereof shall be conclusive absent manifest error. 
 2.6.3 Illegality.
Notwithstanding any other provision of this Agreement, if any Change in Law shall make it unlawful, or any central bank or Governmental Authority shall assert by directive, guideline or otherwise, that it is unlawful, for any Lender to make or
maintain LIBO Rate Advances or to continue to fund or maintain LIBO Rate Advances, and such Lender, without cost or expense, cannot hold or administer its Commitment from an office where maintaining and funding LIBO Rate Advances can be
accomplished, then, on written notice thereof and demand by the Administrative Agent to the Borrower, (a) the obligation of the Administrative Agent to make LIBO Rate Advances and to convert or continue any Loan as LIBO Rate Advances shall
terminate and (b) at the end of the applicable Interest Period, the Borrower shall convert all principal outstanding under this Agreement into Base Rate Advances. 

  
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 2.6.4 Availability. If, before or after the Borrower has selected to take
or maintain a LIBO Rate Advance, but before the Interest Period with respect thereto commences, the Administrative Agent notifies the Borrower that: 

(a) Dollar deposits in the amount and for the maturity requested are not available to the Lenders in the London interbank
market at the rate specified in the definition of LIBO Rate set forth above, or 
 (b) Reasonable means do not exist for the
Administrative Agent to determine the LIBO Rate for the amounts and maturity requested, 
 then the principal which would have been a LIBO
Rate Advance shall be a Base Rate Advance. 
 2.6.5 Base Rate Advances. Each Base Rate Advance shall continue as a
Base Rate Advance until the Maturity Date, unless sooner converted, in whole or in part, to a LIBO Rate Advance, subject to the limitations and conditions set forth in this Agreement. 

2.6.6 Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing
provisions of this Section shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section for
any increased costs incurred or reductions suffered more than six months prior to the date that such Lender notifies the Borrower of the change in Law giving rise to such increased costs or reductions and of such Lender’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 six-month period referred to above shall be extended to include the period of retroactive effect thereof). 

2.6.7 Mitigation. 

(a) Designation of a Different Lending Office. If any Lender requests compensation under this Section 2.6,
or the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.8, then such Lender 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 judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Sections 2.8, 2.6.1 or 2.6.2, as the case may be, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not
otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) Replacement of Lenders. If any Lender requests compensation under Sections 2.6.1 or 2.6.2, or if the
Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.8, the Borrower may replace such Lender in accordance with Section 13.2.4. 


  
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 2.6.8 Survival. All of the Borrower’s obligations under this
Section 2.6 shall survive termination of the Total Commitments, repayment of all other Obligations hereunder and resignation of the Administrative Agent. 

2.6.9 Taxes. Notwithstanding anything herein to the contrary, no additional amounts shall be payable by Borrower under
this Section 2.6 with respect to Taxes on any amounts payable under the Loan Documents, which shall be governed by the provisions of Section 2.8 hereof. 

2.7 Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan
Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured,
may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

2.7.1 Application. The application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such
liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

2.7.2 Effect. The effects of any Bail-in Action on any such liability, including, if applicable: 

(a) a reduction in full or in part or cancellation of any such liability; 

(b) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability
under this Agreement or any other Loan Document; or 
 (c) the variation of the terms of such liability in connection with
the exercise of the write-down and conversion powers of any EEA Resolution Authority. 
 2.8 Taxes. 

2.8.1 Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. 

(a) Any and all payments by or on account of any obligation of any Loan Party hereunder or under any other Loan Document
(including, without limitation, each Guaranty) 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 a Loan Party or the Administrative
Agent to 

  
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withhold or deduct any Tax, such Tax shall be withheld or deducted in accordance with such Laws as determined by such Loan Party or the Administrative Agent, as the case may be, upon the basis of
the information and documentation to be delivered pursuant to Section 2.8.5 below. 
 (b) If the Borrower or the
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) the Administrative Agent shall withhold or make such
deductions as are determined by the Administrative Agent to be required based upon the information and documentation it has received pursuant to Section 2.8.5 below (unless the Administrative Agent is not a “United States
person” within the meaning of Section 7701(a)(30) of the Code, in which case Borrower shall withhold or make such deductions as are determined by the Borrower to be required based on the information and documentation it has received
pursuant to Section 2.8.5 below), (B) the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code (unless the Administrative Agent is not a
“United States person” within the meaning of Section 7701(a)(30) of the Code, in which case Borrower shall timely pay the full amount withheld and 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 the 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) the Administrative Agent or Lender, as the case may be, receives an amount equal to the sum it would have received had no such withholding or deduction been
made. 
 2.8.2 Payment of Other Taxes by the Borrower. Without limiting the provisions of Section 2.8.1
above, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Laws. 

2.8.3 Tax Indemnifications. 

(a) Without limiting the provisions of Sections 2.8.1 or 2.8.2 above, the Borrower shall, and does hereby,
indemnify the Administrative Agent and each Lender, and shall make payment in respect thereof within 20 days after written 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 the Borrower or the Administrative Agent or paid by the Administrative Agent or such Lender, 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. The Borrower shall also, and does hereby,
indemnify the Administrative Agent, and shall make payment in respect thereof within twenty (20) days after written demand therefor, for any amount 

  
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which a Lender for any reason fails to pay indefeasibly to the Administrative Agent as required by clause (b) of this subsection. A certificate as to the amount of any such payment or
liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

(b) Without limiting the provisions of Sections 2.8.1 or 2.8.2 above, each Lender shall, and does hereby,
indemnify the Borrower and the Administrative Agent, and shall make payment in respect thereof within twenty (20) days after written 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 the Borrower or the Administrative Agent) incurred by or asserted against the Borrower or the Administrative Agent by any Governmental Authority as a result of
the failure by such Lender to deliver, or as a result of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered by such Lender to the Borrower or the Administrative Agent pursuant to Section 2.8.5. Each
Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (b). The
agreements in this clause (b) shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or
discharge of all other Obligations. 
 2.8.4 Evidence of Payments. Upon request by the Borrower or the Administrative
Agent, as the case may be, after any payment of Taxes by the Borrower or the Administrative Agent to a Governmental Authority as provided in this Section 2.8, the Borrower shall deliver to the Administrative Agent or the Administrative
Agent shall deliver to the 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 Law to report such payment or other evidence of
such payment reasonably satisfactory to the Borrower or the Administrative Agent, as the case may be. 
 2.8.5 Status of
Lenders; Tax Documentation. 
 (a) Each Lender shall deliver to the Borrower and to the Administrative Agent, at the
time or times prescribed by applicable Laws or when reasonably requested by the Borrower or the 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 the Borrower or the 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 the
Borrower pursuant to this Agreement or otherwise to establish such Lender’s status for withholding tax purposes in the applicable jurisdiction. 

  
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 (b) Without limiting the generality of the foregoing, if the Borrower is resident
for tax purposes in the United States, 
 (i) Any Lender that is a “United States person” within the meaning of
Section 7701(a)(30) of the Code shall deliver to the Borrower and the 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 the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting requirements; and 

(ii) 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 the Borrower and the 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 the Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is
applicable: 
 (A) 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, 
 (B) Executed originals of Internal Revenue Service Form W-8ECI,

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

(D) 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 the 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 

(E) 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 the Borrower or the Administrative Agent to determine the withholding or deduction required to be made. 

  
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 (c) If a payment made to a Lender under any Loan Document would be subject to
U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall
deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as
prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their
obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.8.5(c),
“FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 (d) Each Lender shall
promptly (A) notify the Borrower and the 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 the Borrower or the Administrative Agent make any
withholding or deduction for taxes from amounts payable to such Lender. 
 2.8.6 Treatment of Certain Refunds. Unless
required by applicable Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid
for the account of such Lender. If the Administrative Agent or any Lender 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 the Borrower or with respect to which the
Borrower has paid additional amounts pursuant to this Section, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section with
respect to the Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses actually incurred by the Administrative Agent or such Lender, and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund), provided that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender, as the case may be, in the event the Administrative Agent or such Lender is required to repay 

  
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such refund to such Governmental Authority. This Section shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information
relating to its taxes that it deems confidential) to the Borrower or any other Person. 
 2.9 Defaulting Lenders. 

2.9.1 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 Laws: 

(a) 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 the definition of “Required Lenders” and in Section 13.4.1. 

(b) Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the
Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article XI or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 12.2
shall be applied at such time or times as may be reasonably determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, as the
Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative
Agent; third, if so determined by the Administrative Agent and the Borrower, to be held in an interest bearing deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with
respect to Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to such 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 in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made at a time when the
conditions set forth in Section 5.2 were satisfied or waived, such payment shall be applied first to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting
Lender until such time as all Loans are held by the Lenders pro rata in accordance with the Commitments hereunder. 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 pursuant to this Section 2.9.1(b) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

  
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 (c) Certain Fees. 

(i) No Defaulting Lender shall be entitled to receive any Line Fee pursuant to Section 2.4.3 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 2.4.3 for any period during which
that Lender is a Defaulting Lender and the Borrower shall 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. 

2.9.2 Defaulting Lender Cure. If Borrower and Administrative Agent 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, that Lender
will, to the extent applicable, purchase at par 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 to be held on a pro rata basis by the Lenders
in accordance with their Commitment Percentages, 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. 
 3. BORROWING BASE PROPERTIES.

 3.1 Loan Documents. The Loan shall be made, evidenced, administered and governed by all of the terms, conditions and
provisions of the following loan documents (the “Loan Documents”), each as the same may be hereafter modified or amended, consisting of: (i) this Loan Agreement; (ii) the Notes; (iii) the unconditional, continuing
guaranty (individually and collectively the “Guaranty”) from each Guarantor, pursuant to which each Guarantor shall guaranty the prompt, punctual, and faithful payment of the Loan and the performance of all Borrower’s other
Obligations to the Administrative Agent and each of the Lenders under the Loan Documents and Swap Contracts in substantially the form of Exhibit F-1 or F-2, as applicable, which shall include each Borrowing Base Property Owner and each direct owner
of the equity in a Borrowing Base Property Owner (other than the Borrower) that is a Wholly-Owned Subsidiary of the Borrower; and (iv) any other documents, instruments, or agreements heretofore or hereafter executed to further evidence or
secure the Loan and obligations arising under the Swap Contracts. 
 3.2 Removal of Individual Property as a Borrowing Base Property
– Borrower. From time to time during the term of this Agreement following (i) Borrower’s written request (“Release Request”) and (ii) satisfaction of the Release Conditions, the Administrative Agent
shall, in each case to the extent applicable, release the subject Borrowing Base Property Owner (and indirect owners thereof, as applicable) from the Guaranty by executing a Release of 

  
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Guaranty in the form of Exhibit B to the Guaranty, and thereafter, to the extent such Borrowing Base Property Owner does not own any other Borrowing Base Property, such Borrowing Base Property
Owner (and other Guarantors, as applicable) shall no longer be a Loan Party for the purposes of this Agreement; provided, however, any such release by the Administrative Agent shall not be deemed to terminate or release such Borrowing
Base Property Owner from any obligation or liability under any Loan Document which specifically by its terms survives the said release or the payment in full of the Obligations. The “Release Conditions” are the following: 

3.2.1 Borrowing Base Compliance. After giving effect to the release of the Borrowing Base Property, the Total
Outstandings will be less than or equal to the Maximum Loan Amount. 
 3.2.2 Financial Covenant Compliance. Upon
release of the subject Borrowing Base Property, the Financial Covenants shall remain satisfied (or be satisfied if the release cures a Default which resulted from the Financial Covenants not being satisfied). 

3.2.3 No Default Upon Release. No Default shall exist under this Agreement or the other Loan Documents at the time of
any such release, including, without limitation, under Section 7.21 hereof, except for any Default which is cured or remedied by the removal of such Individual Property from being a Borrowing Base Property. 

3.2.4 No Default Prior to Release. No Event of Default shall exist under this Agreement or the other Loan Documents at
the time of the Release Request or at the time of any such release, including, without limitation, under Section 7.21 hereof, except for any Event of Default which is cured or remedied by the removal of such Individual Property from
being a Borrowing Base Property. 
 3.2.5 [Reserved]. 

3.2.6 Payment of Fees. The Borrower shall pay or reimburse the Administrative Agent for all reasonable legal fees and
expenses and other reasonable costs and expenses incurred by Administrative Agent in connection with the release. 
 Any
failure of any removal and release requested by the Borrower to meet all of the Release Conditions shall be deemed a rejection of the proposed Release Request and, subject to the other terms and conditions hereof as to whether any Individual
Property is a Borrowing Base Property, such Borrowing Base Property shall remain a Borrowing Base Property hereunder. 
 3.3 Removal
of Individual Property as a Borrowing Base Property – Administrative Agent. 
 3.3.1 Removal Criteria.
An Individual Property shall no longer be deemed to be a Borrowing Base Property upon the determination by the Administrative Agent of the occurrence of any of the following: 

(a) A Major Event of Loss occurs as to a Borrowing Base Property; 

  
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 (b) A Borrowing Base Property as to which an Event of Loss occurs is not, or
ceases to be, a Restoration Property, or upon completion of the Repair Work, will not meet all of the Borrowing Base Property Requirements; or 

(c) The Required Lenders have instructed the Administrative Agent to remove a Borrowing Base Property if a tenant or tenants
which have Leases in such Borrowing Base Property are subject to bankruptcy or insolvency proceedings and are not paying rent as required under such Leases or have filed a motion to reject such Lease, or have not assumed such Lease within sixty
(60) days (or such longer period granted by the applicable bankruptcy court, not to exceed one hundred eighty (180) days) after such tenant’s bankruptcy filing. 

3.3.2 [Reserved]. 

3.3.3 Release by Administrative Agent. With respect to any Individual Property determined by the Administrative Agent
to no longer be deemed a Borrowing Base Property in accordance with this Section 3.3, if requested by the Borrower and the Release Conditions are satisfied with respect thereto, the Administrative Agent shall, in each case to the extent
applicable, release the subject Borrowing Base Property Owner (and indirect owners thereof, as applicable) from the Guaranty by executing a Release of Guaranty in the form of Exhibit B to the Guaranty, and thereafter, to the extent such Borrowing
Base Property Owner does not own any other Borrowing Base Property, such Borrowing Base Property Owner (and other Guarantors, as applicable) shall no longer be a Loan Party for the purposes of this Agreement; provided, however, any
such release by the Administrative Agent shall not be deemed to terminate or release such Borrowing Base Property Owner from any obligation or liability under any Loan Document which specifically by its terms survives the said release or the payment
in full of the Obligations. 
 3.4 Additional Borrowing Base Property. From time to time during the term of this Agreement
following the Borrower’s written request (“Additional Borrowing Base Request”), the Administrative Agent shall accept one or more Individual Properties as Borrowing Base Properties upon the satisfaction of the following
conditions, in a manner reasonably acceptable to the Administrative Agent: 
 (a) If sought by the Borrower, the Borrower
shall have obtained Preliminary Approval for the addition of such Individual Property. 
 (b) The Borrower (or applicable
Loan Party) shall have satisfied all of the Borrowing Base Property Requirements as to such Individual Property. 
 (c) The
Borrower and the applicable Loan Parties shall have executed and delivered the documents set forth in Section 3.1, including a Counterpart to Guaranty in substantially the form of Exhibit A to the Guaranty. 

(d) The Borrower shall pay or reimburse the Administrative Agent for all reasonable legal fees and expenses and other costs and
expenses incurred by Administrative Agent in connection with the additional Borrowing Base Property. 

  
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 (e) The Borrower, the subject Borrowing Base Property Owner, and the subject
Individual Property shall have satisfied all applicable conditions precedent set forth in Article 5 prior to the inclusion of the Individual Property as a Borrowing Base Property. 

The Administrative Agent shall give the Borrower prompt written notice of its determination with respect to the admission or
rejection of any Individual Property as a Borrowing Base Property. To the extent that an Individual Property does not meet the requirements set forth above, the Borrower may nevertheless request that such Individual Property be included as a
Borrowing Base Property and the Required Lenders may, in their sole and absolute discretion, agree to the acceptance of such Individual Property as an additional Borrowing Base Property. 

4. CONTINUING AUTHORITY OF AUTHORIZED OFFICERS. 

The Administrative Agent and each of the Lenders are authorized to rely upon the continuing authority of the Authorized Officers with respect
to all matters pertaining to the Loan and the Loan Documents including, but not limited to, the selection of interest rates, the submission of requests for Loan Advances and certificates with regard thereto. Such authorization may be changed only
upon written notice to Administrative Agent accompanied by evidence, reasonably satisfactory to Administrative Agent, of the authority of such Authorized Officer giving such notice and such notice shall be effective not sooner than five
(5) Business Days following receipt thereof by Administrative Agent. The Authorized Officers as of the Closing Date are as set forth on Schedule 4. 

5. CONDITIONS PRECEDENT. 
 5.1
Closing Loan and Funding Initial Loan Advance. It shall be a condition precedent of Lenders’ obligation to close the Loan and fund the Term Facility that each of the following conditions precedent be satisfied in full, unless
specifically waived in writing by all of the Lenders at or prior to the date of this Agreement (the “Closing Date”): 

5.1.1 Satisfactory Loan Documents. On the Closing Date, each of the Loan Documents shall be satisfactory in form,
content and manner of execution and delivery to the Administrative Agent and the Administrative Agent’s counsel, and all Loan Documents shall be in full force and effect. 

5.1.2 Financial Information; No Material Change. 

(a) No change shall have occurred in the financial condition, business, affairs, operations or control of Borrower and/or the
Loan Parties, since the date of their respective financial statements most recently delivered to Administrative Agent or any of the Lenders, which change has had or could reasonably be expected to have a Material Adverse Effect; and Borrower and the
other Loan Parties shall have furnished Administrative Agent such other financial information, and certifications as reasonably requested by the Administrative Agent. 

  
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 (b) The Borrower shall have provided to the Administrative Agent such
certificates and other evidence as the Administrative Agent may reasonably require to evidence that the Borrower, CRT and each of the Borrowing Base Property Owners (both before and after giving effect to the Loan) is solvent, has assets having a
fair value in excess of the amount required to pay such Person’s probable liabilities and existing Debts as such become absolute and mature, and has adequate capital for the conduct of such Person’s business and the ability to pay such
Person’s Debts from time to time incurred in connection therewith as such Debts mature, including the Closing Compliance Certificate (the “Closing Compliance Certificate”) set forth as Exhibit E hereto or in such other
form reasonably acceptable to the Administrative Agent. 
 5.1.3 Representations and Warranties Accurate. All
representations and warranties made by or on behalf of the Borrower and the other Loan Parties, or any of them, to the Administrative Agent or any of the Lenders shall be true, accurate and complete in all material respects and shall not omit any
material fact necessary to make the same not materially misleading. 
 5.1.4 Lien Searches. On or prior to the
Closing Date, the Administrative Agent shall have received the results of a UCC, tax lien and judgment search as may be reasonably requested by the Administrative Agent with respect to the Borrower and any other Loan Parties, and the results of such
search shall indicate there are no judgments which the Administrative Agent shall reasonably determine in good faith could reasonably be expected to have a Material Adverse Effect or Liens not permitted under the Loan Documents or to be satisfied
with the proceeds of the initial Loan Advance or otherwise permitted by the Administrative Agent. 
 5.1.5
Litigation. On the Closing Date, there shall not be any actions, suits or proceedings at law or in equity or by or before any governmental instrumentality or other agency or regulatory authority by any entity (private or governmental) pending
or, to the best of the Borrower’s knowledge, threatened with respect to the Loan, the transactions contemplated in the Loan Documents, or the Borrower, any other Loan Party, or any other Borrower Subsidiary, which are not fully covered (subject
to deductibles) by an insurance policy issued by a reputable and financially viable insurance company, or, to the extent not so covered, which the Administrative Agent shall reasonably determine in good faith could reasonably be expected to have a
Material Adverse Effect. 
 5.1.6 Formation Documents and Entity Agreements. On the Closing Date, the Administrative
Agent shall have received a certificate of an Authorized Officer of each Loan Party (or the manager or general partner of such Loan Party, as applicable) certifying (a) as to resolutions of such Loan Party authorizing and approving the
transactions contemplated by the Loan Documents, and the execution and delivery thereof by such Loan Party in respect of the documents to which it is a party on its own behalf, or as a general partner or manager of such Loan Party, in respect of any
of the Loan Documents, (b) as to signatures and incumbency of all Authorized Officers of such Loan Party (or the manager or general partner of such Loan Party, as applicable) executing documentation on behalf of such entity or on behalf of such
Loan Party, in 

  
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connection with the transactions contemplated by the Loan Documents, (c) that the Formation Documents of such Loan Party delivered on the Closing Date (with respect to the Borrowing Base
Properties other than the Existing Borrowing Base Properties) or in connection with the Existing Facility (with respect to the Existing Borrowing Base Properties) have been duly executed, delivered and filed (to the extent required by applicable
Laws) and are or remain, as applicable, in full force and effect and unmodified except as stated therein as of the date of such certificate (and annexing copies thereof with respect to the Formation Documents delivered on the Closing Date) and
(d) the good standing certificates of such Loan Party for (i) its state of formation and (ii) such other good standing certificates where the conduct of such Loan Party’s business and ownership of its assets requires such
qualification unless the failure to be so qualified could not reasonably be expected to have a Material Adverse Effect on such Loan Party. 

5.1.7 Compliance With Laws. The Administrative Agent shall have received and approved evidence that there are no Laws
which prohibit or adversely limit the capacity or authority of the Borrower or any Loan Party to enter into the Loan Documents and perform the obligations of such Person with respect thereto. 

5.1.8 Compliance With Financial Covenants. The Lenders shall have received from the Administrative Agent the Closing
Compliance Certificate or other evidence reflecting the Borrower’s compliance with the Financial Covenants and the terms and conditions hereof after giving effect to this Agreement and the other Loan Documents. 

5.1.9 Borrowing Base Property Due Diligence. The Administrative Agent shall have received and completed a review of
such due diligence as the Administrative Agent may reasonably require with respect to any Borrowing Base Property, consistent with customary commercial lending practices for unsecured lines of credit involving properties of a similar nature
including, without limitation, satisfaction of the Borrowing Base Property Requirements. 
 5.1.10 Condition of
Property. There shall have been no material unrepaired or unrestored damage or destruction by fire or otherwise to any of the real or tangible personal property comprising or intended to comprise the Borrowing Base Properties. 

5.1.11 Third Party Consents and Agreements. The Administrative Agent shall have received such third party consents and
agreements, if any, as the Administrative Agent may reasonably require with respect to the entering into the Loan Documents and the performance of the obligations thereunder. 

5.1.12 Legal and other Opinions. The Administrative Agent shall have received and approved legal opinion letters from
counsel representing the Borrower and the other Loan Parties which meet Administrative Agent’s legal opinion requirements and covering such matters incident to the transactions contemplated herein as the Administrative Agent may request. 

5.1.13 Intentionally Omitted. 

  
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 5.1.14 No Default. There shall not be any Default under any of the Loan
Documents. 
 Notwithstanding anything to the contrary contained in this Agreement, with respect to any Existing Borrowing
Base Property, the Administrative Agent and the Lenders hereby agree that the only closing requirements with respect to such Existing Borrowing Base Properties shall be receipt of (a) satisfactory legal opinion letters from counsel representing
the Borrower and the other Loan Parties with respect to such Existing Borrowing Base Properties, (b) the other documentation set forth on the closing agenda provided by the Administrative Agent, including, without limitation, the Guaranty from
each Guarantor, and (c) such other documentation, to the extent not previously delivered and in the possession of the Administrative Agent, required under the definition of Borrowing Base Property Requirements; it being understood that upon
execution of this Agreement, each Lender agrees that the Borrowing Base Property Requirements for each Existing Borrowing Base Property have been satisfied. 

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

5.2.1 Financial Covenant Compliance. The Borrower shall be in compliance, on a pro forma basis after giving effect to
such Credit Extension, with the Financial Covenants, as satisfied by the Closing Compliance Certificate, or once delivered, the most recent Compliance Certificate delivered by the Borrower. 

5.2.2 No Default. No Default or Event of Default shall exist, or would result from such proposed Credit Extension or
from the application of the proceeds thereof 
 5.2.3 Loan Notice. The Administrative Agent shall have received a
Loan Notice in accordance with the requirements hereof. 
 Each request for a Credit Extension (other than a Loan Notice requesting only a
conversion of Loans to the other Type or a continuation of LIBO Rate Advances) submitted by the Borrower shall be deemed to be a certification that the conditions specified in Sections 5.2.1, 5.2.2 and 5.2.3 have been satisfied
on and as of the date of the applicable Credit Extension. 
 6. REPRESENTATIONS AND WARRANTIES. 

To induce the Lenders to enter into this Agreement and to make each Loan Advance, and to otherwise complete all of the transactions
contemplated hereby, the Borrower represents and warrants to the Administrative Agent and each Lender that: 
 6.1 Formation.
Each Loan Party has been duly formed and is validly existing and in good standing as a corporation, partnership or limited liability company, as the case may be, under the laws of the State of its formation. Each Loan Party has the requisite
corporate, partnership or limited liability company power and authority, as applicable, to own its assets and conduct its businesses as currently conducted and owned, and to enter into and perform its 

  
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obligations under each Loan Document to which it is a party. Each Loan Party is in good standing and authorized to do business in each jurisdiction where the ownership of its assets and/or the
conduct of its business requires such qualification except where the failure to be so qualified could not reasonably be expected to have a Material Adverse Effect. 

6.2 Proceedings; Enforceability. Each Loan Party has taken all requisite corporate, partnership or limited liability company
action, as applicable, to authorize the execution, delivery and performance by such Loan Party of the Loan Documents to which it is a party. Each Loan Document which is required to be executed and delivered on or prior to the date on which this
representation and warranty is being made has been duly authorized, executed and delivered and constitutes the legal, valid and binding obligation of each Loan Party thereto, enforceable against each such Loan Party in accordance with its respective
terms except to the extent that the enforceability thereof may be limited by applicable Debtor Relief Laws and to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

6.3 Conflicts. Neither the execution, delivery and performance of the Loan Documents by the Loan Parties nor compliance by any
Loan Party with the terms and provisions thereof, (a) will contravene any provision of any Law or any order, writ, injunction or decree of any court or Governmental Authority having jurisdiction over the Borrower, the Property or any Loan
Party, (b) will conflict with or result in any breach of any of the terms, covenants, conditions of, or constitute a default under, or result in the creation or imposition (or the obligation to create or impose) of any Lien upon any of the
property or assets of any Loan Party pursuant to the terms of any indenture, mortgage, deed of trust, credit agreement or loan agreement or any other agreement, contract or instrument to which any Loan Party is a party or by which it or any of its
properties or assets is bound or to which it may be subject, or (c) will violate any provision of any Formation Document of any Loan Party. 

6.4 Ownership and Taxpayer Identification Numbers. All of the partners, owners, stockholders, and members, respectively and as
may be applicable, of each Loan Party (other than the Borrower and CRT) are listed in Schedule 6.4 (as such may be updated from time to time). Set forth on Schedule 6.4 (as such may be updated from time to time) is the exact correct
and legal name, tax identification number(s) and state of incorporation or organization of the Borrower, CRT and each other Loan Party and whether such Loan Party owns a Borrowing Base Property. Each Borrowing Base Property Owner is a Wholly-Owned
Subsidiary of the Borrower. 
 6.5 Litigation. There are no actions, suits or proceedings at law or in equity or by or before
any Governmental Authority or other agency or regulatory authority by any entity (private or governmental) pending or, to the best of each Loan Party’s knowledge, threatened with respect to the Loan, the transactions contemplated in the Loan
Documents, any Loan Party, or any Borrower Subsidiary, which are not fully covered (subject to deductibles) by an insurance policy issued by a reputable and financially viable insurance company, or, to the extent not so covered, could
(a) materially adversely affect a Borrowing Base Property or (b) have or reasonably be expected to have a Material Adverse Effect. 

  
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 6.6 Information. All factual information furnished by or on behalf of the Borrower
or any Loan Party to the Administrative Agent and/or any of the Lenders (including, without limitation, all information contained in the Loan Documents) for purposes of or in connection with this Agreement, the other Loan Documents or any
transaction contemplated herein or therein is, and all other such factual information hereafter furnished by or on behalf of the Borrower or any Loan Party to the Administrative Agent and/or any of the Lenders will be, true and accurate in all
material respects on the date as of which such information is dated or certified and not incomplete by omitting to state any fact necessary to make such information not misleading in any material respect at such time in light of the circumstances
under which such information was provided. There is no material fact presently known to the Borrower which has not been disclosed to the Administrative Agent, and thereupon disclosed by the Administrative Agent to the Lenders, which could reasonably
be expected to have a Material Adverse Effect. 
 6.7 Taxes. All Loan Parties have made all required tax filings and are not
delinquent in the payment of any federal, state and local taxes, assessments, impositions or other governmental charges applicable to them and/or their respective assets, except to the extent same are being contested in a manner which complies with
the requirements of Section 8.2.4. 
 6.8 Financial Information. The Consolidated financial statements of CRT and
the consolidating financial statements of the Borrower and each Borrower Subsidiary delivered to the Administrative Agent (and which statements the Administrative Agent has delivered to the Lenders) present fairly the (a) financial condition of
CRT and its Subsidiaries and the Borrower and the Borrower Subsidiaries, as applicable, as of the dates of such statements and (b) results of operations for the periods covered thereby. Since the dates of the relevant financial statements, no
change has occurred which could reasonably be expected to have a Material Adverse Effect. All financial statements of CRT, the Borrower, the Borrower Subsidiaries, or any other Loan Party hereafter furnished to the Administrative Agent or any of the
Lenders shall be true, accurate and complete in all material respects and shall fairly present the financial condition of CRT, the Borrower, the Borrower Subsidiaries and/or respective Loan Party, as applicable, as of the date thereof. 

6.9 Control Provisions. The Borrower controls, directly or indirectly, and without the requirement for consent of any other
Person (other than CRT), the management of each Borrowing Base Property Owner, subject to the rights of those minority or other equity interest holders as the Administrative Agent may approve. 

6.10 Formation Documents. Subject to the last unnumbered paragraph of Section 5.1 hereof, the Borrower has delivered
or caused to be delivered to the Administrative Agent true and complete copies of all Formation Documents of the Loan Parties, and all amendments thereto. 

6.11 Bankruptcy Filings. No Loan Party is contemplating either a filing of a petition under any Debtor Relief Laws or the
liquidation of all or a major portion of its assets or property, and the Borrower has no knowledge of any Person contemplating the filing of any such petition against any Loan Party. 

6.12 Investment Company. No Loan Party is an “investment company” or a company “controlled” by an
“investment company,” within the meaning of the Investment Company Act of 1940, as amended. 

  
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 6.13 [Reserved]. 

6.14 Borrowing Base Properties. 

6.14.1 Licenses and Permits. The Borrowing Base Property Owners possess such Licenses and Permits issued by the
appropriate federal, state, or local regulatory agencies or bodies necessary to own and operate each Borrowing Base Property, except where the failure to possess any such License or Permit could not reasonably be expected to have a Material Adverse
Effect. The Borrowing Base Property Owners are in material compliance with the terms and conditions of all such Licenses and Permits, except where the failure so to comply could not, singly or in the aggregate, reasonably be expected to have a
Material Adverse Effect. All of the Licenses and Permits are valid and in full force and effect, except where the invalidity of such Licenses and Permits or the failure of such Licenses and Permits to be in full force and effect could not reasonably
be expected to have a Material Adverse Effect. Neither the Borrower nor any of the Borrowing Base Property Owners has received any written notice of proceedings relating to the revocation or modification of any such Licenses and Permits which,
singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, could reasonably be expected to result in a Material Adverse Effect. 

6.14.2 Ownership. (a) The Borrowing Base Property Owners have either (i) fee simple title to the Borrowing
Base Properties or (ii) a leasehold estate interest in the Borrowing Base Properties, as set forth in Schedule 6.14.2 (as such may be updated from time to time), which such schedule (as it may be updated from time to time) also sets
forth the current Adjusted Capitalized Value of each such Borrowing Base Property; (b) the interest of the Borrowing Base Property Owners in the Borrowing Base Properties are not subject to any Liens other than Permitted Liens, (c) neither
the Borrower, CRT, nor any of the Borrowing Base Property Owners has received written notice of the assertion of any material valid claim by anyone adverse to any Loan Party’s ownership, or leasehold rights in and to any Borrowing Base Property
(except as may be disclosed in any update from time to time in accordance with Section 6.25) that could reasonably be expected to have a Material Adverse Effect and (d) no Person has an option or right of first refusal to purchase
all or part of any Borrowing Base Property or any interest therein which has not been waived (except as disclosed in Schedule 6.14.2 or in any update from time to time in accordance with Section 6.25). 

6.14.3 Environmental Matters. Except to the extent (i) the failure of the following to be true could not
reasonably be expected to have a Material Adverse Effect or (ii) disclosed in writing to the Lenders prior to the Individual Property becoming a Borrowing Base Property either pursuant to an Environmental Report or in the S-11 registration
statement filed by the Borrower on October 23, 2003 (it being understood that any such disclosure is limited to the facts known at the time such Individual Property became a Borrowing Base Property and does not include any new information or
any change in facts regarding such disclosure that occurs at a later date), (a) each Borrowing Base Property is free of any Hazardous Materials in violation of any Environmental Laws applicable to such property; (b) none of the Borrowing
Base Property Owners nor any Loan Party has received any written notice of a claim under or pursuant to any 

  
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Environmental Legal Requirements applicable to a Borrowing Base Property or under common law pertaining to Hazardous Materials on or originating from any Borrowing Base Property (except as may be
disclosed in any update from time to time in accordance with Section 6.25) and (c) none of the Borrowing Base Property Owners or any Loan Party has received any written notice from any Governmental Authority claiming any material
violation of any Environmental Legal Requirements that is uncured or unremediated (except as may be disclosed in any update from time to time in accordance with Section 6.25) . 

6.14.4 Leases. Except to the extent the failure of the following to be true would not result in a Material Adverse
Effect, (a) with respect to the Borrowing Base Properties, each Major Lease is in full force and effect (except as may be disclosed in any update from time to time in accordance with Section 6.25), (b) to the Borrower’s
knowledge, none of the Borrowing Base Property Owners is in default after notice and the expiration of all applicable cure periods in the performance of any material obligation under any Major Lease and the Borrower has no knowledge of any
circumstances which, with the passage of time or the giving of notice, or both, would constitute an event of default by any party under any of the Major Leases (except as may be disclosed in any update from time to time in accordance with
Section 6.25), (c) to the Borrower’s knowledge, no tenant is in default after notice and the expiration of all applicable cure periods in the performance of any material obligation under any Major Lease (except as may be
disclosed in any update from time to time in accordance with Section 6.25), (d) to the Borrower’s knowledge, there are no actions, voluntary or involuntary, pending against any tenant under a Major Lease under any Debtor Relief
Laws (except as may be disclosed in any update from time to time in accordance with Section 6.25), and (e) none of the Major Leases and none of the rents or other amounts payable thereunder has been assigned, pledged or encumbered
by any of the Borrowing Base Property Owners or any other Person, except with respect to the Lien in favor of the Administrative Agent on behalf of the Lenders securing the repayment of Obligations. 

6.14.5 Ground Lease. Except to the extent the failure of the following to be true would not result in a Material
Adverse Effect, (a) each Ground Lease with respect to a Borrowing Base Property is valid, binding and in full force and effect as against the applicable Borrowing Base Property Owners and, to the Borrower’s knowledge, the other party
thereto, (b) none of Borrowing Base Property Owner’s interest in the Ground Leases is subject to any pledge, lien, assignment, license or other agreement granting to any third party any interest therein, (c) no payments under any
Ground Lease with respect to a Borrowing Base Property are delinquent, and to the knowledge of the Borrower, there does not exist under any of the Ground Leases any default after notice and expiration of all applicable cure periods in the
performance of any material obligation under a Ground Lease, and (d) the identity of each ground lessor under a Ground Lease with respect to a Borrowing Base Property and whether each such ground lessor is an Affiliate of any Loan Party are set
forth in Schedule 6.14.5 (as such may be updated from time to time). 
 6.14.6 Casualty/Condemnation. To each Loan
Party’s Knowledge, as of the Closing Date no Borrowing Base Property is the subject of any pending material condemnation proceeding or has suffered any material loss or casualty which has not been restored. 

  
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 6.14.7 Property Condition. To each Loan Party’s Knowledge, as of the
Closing Date each Borrowing Base Property is in good condition and repair, with no material deferred maintenance currently pending with respect to any Borrowing Base Property. 

6.15 Margin Regulations; Use of Proceeds. The Loan Parties are not engaged and will not engage, principally or as one of its
important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System of the United States), or extending credit for the purpose of purchasing
or carrying margin stock. The proceeds of the Loan shall be used solely and exclusively as provided in Section 8.13. No portion of the proceeds of the Loan shall be used directly or indirectly, and whether immediately, incidentally or
ultimately (a) to purchase or carry any margin stock or to extend credit to others for the purpose thereof or to repay or refund indebtedness previously incurred for such purpose, or (b) for any purpose which would violate or in
inconsistent with the provisions of regulations of the Board of Governors of the Federal Reserve System including, without limitation, Regulations T, U and X thereof. 

6.16 Insurance. The Borrowing Base Properties are insured by insurers of recognized financial responsibility against such losses
and risks in compliance with the requirements of Section 7.5.1 below. 
 6.17 Deferred Compensation and ERISA.
Neither the Borrower nor any other Loan Party or any ERISA Affiliate, has any employee pension benefit plan (as defined in Section 3(2) of ERISA) subject to Title IV of ERISA nor maintains any employee welfare benefit plan (as defined in
Section 3(l) of ERISA) that primarily provide for health and welfare benefits to retired employees or other former employees (other than as required by Section 601 of ERISA). 

6.18 Anti-Corruption; OFAC; Designated Jurisdictions. 

6.18.1 Anti-Corruption. In the last five years, the Loan Parties have conducted their respective businesses in
compliance in all material respects with applicable Anti-Corruption Laws. 
 6.18.2 OFAC; Designated Jurisdictions.
None of the Loan Parties, any of their respective Subsidiaries, or, to the knowledge of CRT, any Related Party thereof, is (i) a Sanctioned Person, (ii) located, organized or resident in a Designated Jurisdiction or (iii) is or has
been (within the previous five (5) years) engaged in any transaction with any Sanctioned Person or any Person who is located, organized or resident in any Designated Jurisdiction to the extent that such transactions would violate Sanctions. No
Credit Extension, nor the proceeds from any Credit Extension, has been used, directly or indirectly, or has otherwise been made available to fund any activity or business in any Designated Jurisdiction or to fund any activity or business with any
Sanctioned Person, or in any other manner that will result in a violation by any Loan Party or Subsidiary thereof, or the imposition on any Lender, the Arrangers, or the Administrative Agent, of 

  
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Sanctions. Neither the making of the Loans hereunder nor the use of proceeds thereof will violate the Act, the Trading with the Enemy Act, as amended, or any of the foreign assets control
regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or successor statute thereto. The Borrower and its Subsidiaries are in compliance in
all material respects with the Act. 
 6.19 No Default. There is no Default on the part of the Borrower or any of the other
Loan Parties under this Agreement or any of the other Loan Documents and no event has occurred and is continuing which could constitute a Default under any Loan Document. 

6.20 Governmental Authorizations; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice
to, or filing with, any Governmental Authority or any other Person that has not been obtained or delivered 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. 
 6.21 Qualification as a REIT. CRT qualified as a REIT under the provisions of the
Code, as applicable, for its fiscal year ended December 31, 2010, and has remained qualified from December 31, 2010 through the date hereof. All appropriate federal income tax returns for the fiscal years through December 31, 2014
have been filed by CRT with the IRS and no previously filed return has been examined and reported on by the IRS. CRT has not incurred any liability for excise taxes pursuant to Section 4981 of the Code. CRT is organized in conformity with the
requirements for qualification as a REIT pursuant to Sections 856 through 860 of the Code, and CRT’s proposed method of operation consistent with CRT’s business and the business activities contemplated by this Agreement will enable it to
meet the requirements for qualification and taxation as a REIT under the Code. 
 6.22 Compliance with Laws. Each Loan Party
is in compliance in all material respects with the requirements of all Laws applicable to it or to its properties, except in such instances in which (a) such requirement of Law is being contested in good faith by appropriate proceedings
diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

6.23 Property Matters. 

6.23.1 Major Leases. Set forth on Schedule 6.23.1 is a list of all Major Lease locations and the tenants party to
Leases at such Major Lease locations (as updated from time to time, provided however, that notwithstanding Section 6.25 hereof Schedule 6.23.1 shall not be required to be updated more frequently than once per quarter). In the event that
Borrower requests a Loan Advance more frequently than once per quarter, the accuracy of the representations made in this Section 6.23.1 shall not be a condition to funding such Loan Advance. 

6.23.2 Borrowing Base Properties. Set forth on Schedule 6.14.2 is a list of each Borrowing Base Property with
detail indicating the owner of each Borrowing Base Property and the location of each Borrowing Base Property. 

  
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 6.24 Solvency. After giving effect to the transactions contemplated hereby,
(a) each of the Loan Parties is solvent and is able to pay its debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, and (b) the fair saleable value of each Loan
Party’s assets, measured on a going concern basis, exceeds all probable liabilities, including those to be incurred pursuant to this Agreement. After giving effect to the transactions contemplated hereby, none of the Loan Parties (i) has
unreasonably small capital in relation to the business in which it is or proposes to be engaged or (ii) has incurred, or believes that it will incur debts beyond its ability to pay such debts as they become due; provided that nothing contained
in subclause (i) shall require any equity holder to make any capital contribution to comply with such subclause (i). In executing the Loan Documents and consummating the transactions contemplated hereby, none of the Loan Parties intends to
hinder, delay or defraud either present or future creditors or other Persons to which one or more of the Loan Parties is or will become indebted. 

6.25 Regarding Representations and Warranties. Each request by any Borrower for a Loan Advance: (i) shall constitute an
affirmation by Borrower that the foregoing representations and warranties remain true and correct as of the date of such request (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they
shall be true and correct in all material respects as of such earlier date, and to the extent such representation or warranty is subject to a materiality qualifier, it shall be true and correct in all respects, and except that for purposes of this
Section 6.25, the representations and warranties contained in Section 6.8 shall be deemed to refer to the most recent statements furnished pursuant to Section 7.2.1 and Section 7.2.2; and except as to
the representations and warranties in Sections 6.4, 6.7, 6.9, and 6.14 which may be modified only to reflect events occurring after the date hereof as specifically disclosed in writing to Administrative Agent prior to or simultaneously
with such written request) and, unless Administrative Agent is notified to the contrary prior to the disbursement of the requested Loan Advance, will be so on the date of such Loan Advance, and (ii) shall constitute the representation and
warranty of Borrower to Administrative Agent and each of the Lenders that the information set forth in each such request is true and correct in all material respects and omits no material fact necessary to make the same not misleading,
provided that to the extent any representation or warranty made by the Borrower in this Agreement or any other Loan Document shall be incorrect or misleading in any material respect with respect to one or more Borrowing Base Properties such
that the affirmations, representations and warranties required by this Section 6.25 cannot be made, the Borrower may remove a Borrowing Base Property pursuant to the terms of Section 3.2 (with a resulting decrease in the
Borrowing Base Value) so that the affirmations, representations and warranties required by this Section 6.25 may be made. All representations, warranties, covenants and agreements made in this Agreement or in the other Loan Documents by
each Loan Party shall be deemed to have been relied upon by the Administrative Agent and each of the Lenders notwithstanding any investigation heretofore or hereafter made by the Administrative Agent and/or any of the Lenders or on its behalf. 

7. AFFIRMATIVE COVENANTS. 
 So
long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, the Borrower shall, and shall cause, with respect to Sections 7.3 through 7.12, inclusive and
Sections 7.26 and 7.27, each Loan Party to: 

  
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 7.1 Notices. Within five (5) business days after obtaining actual knowledge
thereof, notify the Administrative Agent in writing (and the Administrative Agent shall thereafter promptly notify the Lenders) of the following: (a) occurrence of any act, event or condition which constitutes a Default or Event of Default
under any of the Loan Documents; and (b) any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect. Any notification delivered pursuant to clause (a) of this Section 7.1 shall include a
written statement of any remedial or curative actions, if applicable, which the Borrower proposes to undertake and/or to cause any of other Loan Parties to cure or remedy such Default or Event of Default. 

7.2 Financial Statements; Reports; Officer’s Certificates. Furnish or cause to be furnished to the Administrative Agent
(and the Administrative Agent shall thereafter promptly furnish copies of same to the Lenders) from time to time, the following financial statements, reports, certificates, and other information, all in form and manner of presentation reasonably
acceptable to the Administrative Agent: 
 7.2.1 Annual Statements. As soon as available and in any event no later
than the earlier of (a) to the extent applicable, ten (10) days following the date CRT is required by the SEC to deliver its Form 10-K for each Fiscal Year and (b) ninety (90) days after the close of each Fiscal Year,
(i) the Consolidated statements of financial condition of CRT, as at the end of such Fiscal Year and the related Consolidated statement of income and retained earnings and statement of cash flows for such Fiscal Year, in each case, commencing
with the Fiscal Year ending December 31, 2016, setting forth comparative figures for the preceding fiscal year and certified by the Chief Financial Officer or Chief Accounting Officer of Borrower and by Ernst & Young LLP or other
independent registered public accounting firm of recognized national standing reasonably acceptable to the Administrative Agent, in an unqualified opinion 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, (ii) consolidating income statements for the Borrower and each Borrower
Subsidiary; such financial statements to include and to be supplemented by such detail and supporting data and schedules as the Administrative Agent may from time to time reasonably determine and (iii) upon the request of the Administrative
Agent, a one (1) year Cash Flow Projection. 
 7.2.2 Periodic Statements. As soon as available and in any event
no later than the earlier of (a) to the extent applicable, ten (10) days following the date CRT is required by the SEC to deliver its Form 10-Q for each fiscal quarter, and (b) forty-five (45) days after the close of each fiscal
quarter (except for the quarter ending on December 31), (i) the Consolidated statement of financial condition of CRT, as at the end of such quarterly period, (ii) the related Consolidated statement of income and retained earnings (for
the current quarter and on a year to date basis), and (iii) the Consolidated statement of cash flows (on a year to date basis), in each case commencing with the fiscal quarter ending March 31, 2016, setting forth comparative figures for
the related periods 

  
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in the prior Fiscal Year, internally prepared in accordance with GAAP, consistently applied, subject to normal year-end audit adjustments, all in form and manner of presentation reasonably
acceptable to the Administrative Agent, such financial statements to be certified by the Chief Financial Officer or Chief Accounting Officer of Borrower and to include and to be supplemented by such detail and supporting data and schedules as the
Administrative Agent may from time to time reasonably determine, together with consolidating income statements for the Borrower and each Borrower Subsidiary. 

7.2.3 Borrowing Base Property Reports. Quarterly and annually, upon delivery of each of the financial statements
required pursuant to Sections 7.2.1 and 7.2.2, above, the following financial statements for each of the Borrowing Base Property Owners internally prepared by the Borrower and certified by the Borrower to be true, accurate and complete
in all material respects: (a) to the extent not included in the deliveries under Sections 7.2.1 or 7.2.2, an operating statement showing all calculation necessary to determine Adjusted Net Operating Income on a property by
property basis, including, without limitation, the results of operation for the current quarter and on a year-to-date basis for the period just ended and, annually, an operating statement for the year just ended; and (b) in the form customarily
used by the Borrower, a detailed, current rent roll of the subject Borrowing Base Property, containing such details as the Administrative Agent may reasonably request. 

7.2.4 SEC Reports. Within ten (10) days after being received, copies of all correspondence from the SEC, other
than routine non-substantive general communications from the SEC. 
 7.2.5 Compliance Certificates. Quarterly and
annually, upon delivery of each of the financial statements required pursuant to Sections 7.2.1 and 7.2.2 above, (a) a Compliance Certificate in form of Exhibit C, annexed hereto, together with an Officer’s Certificate
from the Chief Financial Officer or Chief Accounting Officer of Borrower providing and otherwise certifying (i) the compliance or non-compliance by the Borrower with the Financial Covenants, including such supporting detail as is reasonably
deemed necessary by the Administrative Agent to verify the calculations incorporated therein, (ii) a report containing, to the extent not included in the deliveries under Sections 7.2.1, 7.2.2, or 7.2.3 for all Individual
Properties, a summary listing of all Net Operating Income, revenues, rent roll, mortgage Debt, if any, the Borrower’s ownership interest therein, and, in addition, for each Individual Property acquired during the quarter just ended, the cost
basis and the amount and terms of any assumed Debt, (iii) a certification that the financial statements fairly present in all material respects the Consolidated financial condition of CRT and that no Default or Event of Default has occurred and
is continuing, or if it is, a statement as to the nature thereof; (iv) a listing of all filings by the Borrower or CRT with the SEC, including, without limitation, full copies of CRT’s 10-Q and 10-K filings; (v) if requested by the
Administrative Agent and to the extent not previously provided, a list of any Major Leases entered into during the most recent fiscal quarter and any existing Leases that became Major Leases during the most recent fiscal quarter; and (vi) any
material change in accounting policies required by GAAP or financial reporting practices by any Loan Party or their Subsidiaries. 

  
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 7.2.6 Data Requested. Within a reasonable period of time and from time to
time, such other financial data or information as the Administrative Agent may reasonably request with respect to the Borrowing Base Properties, the Borrower, and/or the other Loan Parties including, but not limited to, rent rolls, aged receivables,
aged payables, leases, budgets, forecasts, reserves, cash flow projections, deposit accounts, mortgage information, physical condition of the Borrowing Base Properties and pending lease proposals. 

7.2.7 Tax Returns. Upon the Administrative Agent’s request, copies of all federal and state tax returns of the
Borrower and the other Loan Parties. 
 7.2.8 [Reserved.] 

7.2.9 [Reserved.] 

7.2.10 Entity Notices. Concurrently with the issuance thereof, copies of all material written notices (excluding
routine correspondence) given to the partners, owners, stockholders, and/or members, respectively, of the Borrower. 

7.2.11 Property Acquisition or Sale. Within five (5) Business Days of receipt thereof, copies of all notices in
any way relating to a proposed sale or acquisition of any Individual Property which the Borrower or any Borrower Subsidiary intends to consummate. 

7.2.12 Property Finance. Within five (5) Business Days of receipt thereof, copies of all notices in any way
relating to (a) a proposed finance or refinance of any Individual Property which the Borrower or any Borrower Subsidiary intends to consummate, (b) the occurrence of any monetary or material non-monetary default or monetary or material
non-monetary event of default under any Debt which is recourse to the Borrower, or any other default or event of default under any Debt which is recourse to the Borrower, the occurrence of which could reasonably be expected to have a Material
Adverse Effect, or (c) the occurrence of any monetary or material non-monetary default or monetary or material non-monetary event of default under any Debt in excess of $40,000,000 which is secured by an Individual Property, or any other
default or event of default under any Debt in excess of $40,000,000 which is secured by an Individual Property, the occurrence of which could reasonably be expected to have a Material Adverse Effect. 

7.2.13 Notice of Litigation. Within ten (10) Business Days after an Authorized Officer obtains knowledge thereof,
written notice of any pending or, to the best of such Person’s knowledge, threatened action, suit or proceeding at law or in equity or by or before any governmental instrumentality or other agency or regulatory authority by any entity (private
or governmental) relating in any way to the Loan, the transactions contemplated in the Loan Documents (including, without limitation, with regard to all Distributions), or the transactions contemplated in any documentation executed in connection
therewith, or the Borrower, any other Loan Party, any other Borrower Subsidiary or any Borrowing Base Property, which is not fully covered (subject to 

  
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deductibles) by an insurance policy issued by a reputable and financially viable insurance company, or, to the extent not so covered, which could reasonably be expected to have a Material Adverse
Effect or a material adverse effect on a Borrowing Base Property. 
 The Borrower hereby acknowledges that (a) the
Administrative Agent and/or the Arranger will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on
IntraLinks, Syndtrak 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 the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The Borrower hereby agrees
that so long as the Borrower or CRT is the issuer of any outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities (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,” the Borrower shall be deemed to have authorized the Administrative Agent, the Arranger and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the Borrower
or its securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 15.20); (y) all
Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent and the Arranger shall be entitled to treat and
shall treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform that is not designated “Public Side Information.” Notwithstanding the foregoing, (i) the
Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC” and (ii) no Public Lender shall be permitted to withhold, condition or delay its approval or consent to any matter hereunder based solely on such Public
Lender’s failure or refusal to receive and/or review non-Public Borrower Materials. 
 7.3 Existence. (a) Preserve,
renew and keep in full force and effect (i) the partnership, limited liability company or corporate existence, as applicable, of each Loan Party and (ii) the material rights, licenses, permits and franchises of each Loan Party,
(b) comply with all Laws and other Laws applicable to it and its assets, business and operations, the non-compliance with which could reasonably be expected to have a Material Adverse Effect, (c) to the extent applicable, at all times
maintain, preserve and protect all material franchises and trade names and all the remainder of its property used or useful in the conduct of its business, and (d) keep and cause each Loan Party to keep, its assets in good working order and
repair, ordinary wear and tear and damage by casualty or taking by condemnation excepted, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto. 

  
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 7.4 Payment of Taxes. Duly pay and discharge, before the same shall become overdue,
all taxes, assessments, impositions, and other governmental charges payable by it or with respect to the Borrowing Base Properties, to the extent that same are not paid by the tenants under the respective Leases; provided, however, the
failure of any Loan Party to pay such taxes, assessments, impositions, or other governmental charges shall not constitute a Default or Event of Default as long as same are being contested in a manner which complies with the requirements of
Section 8.2.3. 
 7.5 Insurance. 

7.5.1 Insurance. The Borrower shall, and shall cause each other Loan Party and each other Subsidiary or with respect to
Individual Properties where the tenant is responsible for providing insurance, the Loan Party shall cause such tenant to maintain insurance in accordance with such tenant’s lease with financially sound and reputable insurance companies against
such risks and in such amounts as is customarily maintained by Persons engaged in similar businesses or as may be required by Laws, and from time to time deliver to the Administrative Agent promptly following its request a detailed list, together
with copies of all policies of the insurance then in effect (provided Borrower has received same from the issuer thereof), stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof and
the properties and risks covered thereby. 
 7.5.2 Notice of Damage. In the event of any damage or destruction to any
Borrowing Base Property by reason of fire or other hazard or casualty, the Borrower shall give immediate written notice thereof to the Administrative Agent. If there is any condemnation for public use of any Borrowing Base Property the Borrower
shall give immediate written notice thereof to the Administrative Agent (and the Administrative Agent shall thereafter promptly notify the Lenders). Further, the Borrower shall upon the request of the Administrative Agent provide to the
Administrative Agent a report as to the status of any insurance adjustment, condemnation claim, or restoration resulting from any casualty or taking. 

7.6 Inspection. Permit the Administrative Agent and the Lenders and its/their agents, representatives and employees to inspect
the Borrowing Base Properties, and any and all other assets of the Borrower or any of the Loan Parties, at reasonable hours upon reasonable notice, subject to the rights of tenants therein. The Borrower shall be responsible for the reasonable costs
incurred by the Administrative Agent of such inspections if an Event of Default is in existence but all other costs of such inspections shall be borne by the Lenders. 

7.7 Loan Documents. Observe, perform and satisfy all the terms, provisions, covenants and conditions to be performed by it
under, and to pay when due all costs, fees and expenses, and other Obligations to the extent required under, the Loan Documents. 
 7.8
Further Assurances. Execute and deliver to the Administrative Agent such documents, instruments, certificates, assignments and other writings, and do such other acts, necessary or desirable in the reasonable judgment of the Administrative
Agent, for the better and more effective carrying out of the intents and purposes of this Agreement and the other Loan Documents. 

  
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 7.9 Books and Records. Maintain and keep in accordance with GAAP (or such other
accounting basis reasonably acceptable to the Administrative Agent), proper and accurate books, records and accounts reflecting all of the financial affairs of the Borrower and such other Loan Parties and the Borrower Subsidiaries and all items of
income and expense in connection with their respective business and operations and in connection with any services, equipment or furnishings provided in connection with the operation of the business of the Borrower, the other Loan Parties, and the
Borrower Subsidiaries, whether such income or expense is realized thereby or by any other Person. The Administrative Agent shall have the right, not more than once each quarter (unless an Event of Default shall have occurred and be continuing in
which case as often as the Administrative Agent shall reasonably determine), during normal business hours and upon reasonable notice, to examine such books, records and accounts at the office of the Person maintaining such books, records,
correspondence, and accounts and to make such copies or extracts thereof as the Administrative Agent shall desire at the Administrative Agent’s cost and expense. The Borrower shall give the Administrative Agent fifteen (15) Business
Days’ notice of any change in the location of its financial records from the address specified at the beginning of this Agreement. The Administrative Agent may discuss the financial and other affairs of the Borrower, the other Loan Parties, and
Borrower Subsidiaries with any of its partners, owners, and any accountants hired by the Borrower, it being agreed that the Administrative Agent and each of the Lenders shall use reasonable efforts not to divulge information obtained from such
examination to others except in connection with Laws and in connection with administering the Loan, enforcing its rights and remedies under the Loan Documents and in the conduct, operation and regulation of its banking and lending business (which
may include, without limitation, the transfer of the Loan or of participation interests therein). Any assignee or transferee of the Loan, co-lender, or any holder of a participation interest in the Loan shall deal with such information in the same
manner and in connection with any subsequent transfer of its interest in the Loan or of further participation interests therein. 
 7.10
Business and Operations. (a) Continue to engage in the type of businesses, acquisition, sale, financing, development and operation of retail properties and usual and customary uses incidental to such retail activities presently
conducted by them as of the Closing Date, respectively, and (b) be qualified to do business and in good standing under the Laws of each jurisdiction, and otherwise to comply with all Laws, as and to the extent the same are required for the
ownership, maintenance, management and operation of the assets of such Person except where the failure to be so qualified could not reasonably be expected to have a Material Adverse Effect. 

7.11 Estoppel. Within ten (10) Business Days after a request therefor from the Administrative Agent, which request shall
not be made by the Administrative Agent more than once each Fiscal Year, furnish to the Administrative Agent a statement, duly acknowledged and certified, setting forth (a) the amount then owing by the Borrower in respect of the Obligations,
(b) the date through which interest on the Loan has been paid, (c) any offsets, counterclaims, credits or defenses to the payment by any Loan Party to the Obligations of which the Borrower has knowledge and (d) whether any written
notice of Default from the Administrative Agent to the Borrower or any of the other Loan Parties is then outstanding and acknowledging that this Agreement and the other Loan Documents are in full force and effect and unmodified, or if modified,
giving the particulars of such modification. 

  
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 7.12 ERISA. As soon as possible and, in any event, within ten (10) days after
any Loan Party, Borrower Subsidiary, or any ERISA Affiliate knows of the occurrence of any of the following which could reasonably be expected to have a Material Adverse Effect, deliver to the Administrative Agent a certificate of an executive
officer of the Borrower setting forth details as to such occurrence and the action, if any, that the applicable the Borrower or other Loan Party or Borrower Subsidiary or such ERISA Affiliate is required or proposes to take, together with any
notices required or proposed to be given to or filed with or by such the Borrower, Loan Party, the ERISA Affiliate, the PBGC, a Plan participant or the Plan administrator with respect thereto: (a) that a Reportable Event has occurred;
(b) that any Plan has been deemed to be in “at risk status” (as defined in Section 430(i)(4) of the Code without regard to 430(i)(4)(B) relating to the transition rule); (c) that the minimum required contribution (as defined
in Section 430(a) of the Code) to a Plan has not been timely made; (d) that a Plan has been or may be terminated, reorganized, partitioned or declared insolvent under Title IV of ERISA; (e) that proceedings may be or have been
instituted to terminate or appoint a trustee to administer a Plan; (f) that a proceeding has been instituted pursuant to Section 515 of ERISA to collect a delinquent contribution to a Plan; (g) that such the Borrower, Loan Party,
Borrower Subsidiary, or ERISA Affiliate will or may incur any liability (including any indirect, contingent, or secondary liability) to or on account of the termination of or withdrawal from a Plan under Section 4062, 4063, 4064, 4069, 4201,
4204 or 4212 of ERISA or with respect to a Plan under Section 401(a)(29), 4971, 4975 or 4980 of the Code or Section 409 or 502(i) or 502(l) of ERISA; or (h) or that such the Borrower, the Loan Party or Borrower Subsidiary may incur
any material liability pursuant to any employee welfare benefit plan (as defined in Section 3(l) of ERISA) that provides benefits to retired employees or other former employees (other than as required by Section 601 of ERISA) or any
employee pension benefit plan (as defined in Section 3(2) of ERISA). Upon the request of the Administrative Agent, the Borrower shall (and shall cause the other Loan Parties, ERISA Affiliates and Borrower Subsidiaries to) deliver to the
Administrative Agent a complete copy of the annual report (Form 5500) of each Plan required to be filed with the Department of Labor. In addition to any certificates or notices delivered to the Administrative Agent pursuant to the first sentence
hereof, copies of any material notices received by the Borrower, a Loan Party, a Borrower Subsidiary, or any ERISA Affiliate with respect to any Plan shall be delivered to the Administrative Agent no later than ten (10) days after the date such
report has been filed with the Internal Revenue Service, the Department of Labor, or the PBGC or such notice has been received by the Borrower, Loan Party or Borrower Subsidiary or ERISA Affiliate, as applicable. 

7.13 [Reserved]. 

7.14 Costs and Expenses. Pay all costs and expenses as required by Section 15.9.1. 

7.15 Indemnification. At all times, both before and after repayment of the Loan, at its sole cost and expense defend, indemnify,
exonerate and save harmless the Administrative Agent and each of the Lenders and all those claiming by, through or under the Administrative Agent and each of the Lenders as required by Section 15.9.2. 

  
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 7.16 Intentionally Omitted. 

7.17 Leverage Ratio. Maintain a Leverage Ratio as determined as of each Calculation Date of not more than sixty percent (60%).
The Leverage Ratio covenant shall be tested by the Administrative Agent as of each Calculation Date, such calculation and results to be verified by the Administrative Agent. 

7.18 Fixed Charge Ratio. Maintain a Fixed Charge Ratio as determined as of each Calculation Date of not less than 1.50:1. The
Fixed Charge Ratio covenant shall be tested by the Administrative Agent as of each Calculation Date with results based upon the results for the most recent Calculation Period, such calculation and results to be verified by the Administrative Agent.

 7.19 Net Worth. Maintain a Net Worth as determined as of each Calculation Date equal to or greater than the aggregate of
(a) $489,826,000.00, plus (b) seventy-five percent (75%) of the cumulative net cash proceeds received from and the value of assets acquired (net of (i) underwriters’ discounts, commissions and other reasonable out-of-pocket
expenses of issuance actually paid to any Person (other than a Loan Party or an Affiliate of any Loan Party) and (ii) Debt incurred or assumed in connection therewith) through the issuance of Capital Stock by CRT after September 30, 2014.
The Net Worth covenant shall be tested by the Administrative Agent as of each Calculation Date, such calculation and results to be verified by the Administrative Agent. 

7.20 Secured Debt Ratio. Maintain a Secured Debt Ratio as determined as of each Calculation Date of not more than forty percent
(40%). The Secured Debt Ratio covenant shall be tested by the Administrative Agent as of each Calculation Date, such calculation and results to be verified by the Administrative Agent. 

7.21 Borrowing Base Property Covenants. 

7.21.1 Occupancy Ratio. Not permit the aggregate Occupancy Ratio for the Borrowing Base Properties (determined on an
aggregate rentable square foot basis) to be less than eighty percent (80%). 
 7.21.2 Retail Center. Maintain each
Borrowing Base Property at all times as a retail center located in the United States owned by a Borrowing Base Property Owner. 

7.21.3 Business Strategy. Maintain ownership of each Borrowing Base Property at all times consistent with the
Borrower’s business strategy, and each Borrowing Base Property shall at all times be of an asset quality consistent with the quality of Borrowing Base Properties owned by the Borrowing Base Property Owners as of the date hereof. 

7.21.4 Minimum Borrowing Base Properties. Maintain a minimum of fifteen (15) Borrowing Base Properties at all
times. 
 7.22 Variable Rate Debt. Maintain an aggregate Pro Rata Share of the Debt (including the Loan) of the Consolidated
CRT Entities and the Unconsolidated CRT Entities which is Variable Rate Indebtedness of not more than thirty-five (35%) percent of the Total Asset Value. 

  
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 7.23 Replacement Documentation. Upon receipt of an affidavit of an officer of the
Administrative Agent as to the loss, theft, destruction or mutilation of the Note or any other loan document which is not of public record, and, in the case of any such loss, theft, destruction or mutilation, upon surrender and cancellation of such
Note or other loan document, the Borrower will issue, in lieu thereof, a replacement Note or other loan document in the same principal amount thereof and otherwise of like tenor. 

7.24 Maintenance of REIT Status. CRT shall engage in such business activities, and shall refrain from engaging in such
activities, so as to continue to meet the requirements for qualification and taxation as a REIT under the Code. CRT shall at all times remain listed and traded on the New York Stock Exchange. 

7.25 The Lenders’ Consultants. 

7.25.1 Right to Employ. The Borrower agrees that the Administrative Agent shall have the right to employ on its behalf
and on behalf of the Lenders, its own personnel, or one or more engineers, architects, environmental advisors, scientists, accountants, and attorneys to act as an advisor to the Administrative Agent and the Lenders in connection with the Loan (each
of which shall be a “Lenders’ Consultant”). 
 7.25.2 Functions. The functions of a
Lenders’ Consultant shall include, without limitation: (i) inspection and physical review of any Borrowing Base Property; (ii) review and analysis of environmental matters; (iii) review and analysis of financial and legal
matters; and (iv) providing usual inspection and review services for any Repair Work. 
 7.25.3 Payment. The
reasonable costs and fees of the Lenders’ Consultants shall be paid by the Loan Parties upon billing therefor and, if not so paid within thirty (30) days, may be paid directly by the Lenders through a Loan Advance, provided, however that
the costs and fees of any Lenders’ Consultants that are engineers, architects, environmental consultants or scientists shall be borne by the Lenders unless an Event of Default shall exist. 

7.25.4 Access. The Loan Parties shall provide the Lenders’ Consultants with reasonable access to all Borrowing
Base Properties. 
 7.25.5 No Liability. Neither the Administrative Agent nor any Lender shall have liability to the
Borrower, any Loan Party, or third party on account of: (i) services performed by the Lenders’ Consultant; or (ii) any failure or neglect by the Lenders’ Consultant to properly perform services. The Borrower shall have no rights
under or relating to any agreement, report, or similar document prepared by the Lenders’ Consultant for the Administrative Agent or the Lenders. No Lenders’ Consultant shall have liability to the Borrower, any Loan Party, or third party on
account of: (x) services performed by such Lenders’ Consultant; or (y) any failure or neglect by such Lenders’ Consultant to properly perform services, except for its gross negligence or willful misconduct. 

  
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 7.26 Payment of Obligations. Pay and discharge as the same shall become due and
payable, all lawful claims which, if unpaid, would by Law become a Lien upon its property (other than Permitted Liens). 
 7.27
Compliance with Laws. Conduct its business (a) in compliance in all material respects with applicable Anti-Corruption Laws and applicable anti-money laundering laws; and (b) in compliance in all material respects with the
requirements of all other Laws applicable to it or to its business or property, except in such instances in which (i) such requirement of Law is being contested in good faith by appropriate proceedings diligently conducted or (ii) the
failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 
 8. NEGATIVE COVENANTS. 

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, the
Borrower shall not, nor shall it permit any other Loan Party to directly or indirectly: 
 8.1 No Changes to the Borrower and other
Loan Parties. Without the prior written consent of the Administrative Agent, such consent not be unreasonably withheld, conditioned or delayed after not less than thirty (30) days’ prior written notice (with reasonable
particularity of the facts and circumstances attendant thereto): (a) change its jurisdiction of organization (with any change to a jurisdiction outside the United States requiring approval of all of the Lenders in their sole discretion),
(b) change its organizational structure or type (with any change which would result in a Change of Control requiring approval of the Required Lenders in their sole discretion), (c) change its legal name, or (d) change the
organizational number (if any) assigned by its jurisdiction of formation or its federal employment identification number (if any). 
 8.2
Restrictions on Liens. Create, incur, assume or suffer to exist any Lien upon or with respect to any property or assets (real or personal, tangible or intangible, including, without limitation, the Borrowing Base Properties), whether now
owned or hereafter acquired, or sell any such property or assets subject to an understanding or agreement, contingent or otherwise, to repurchase such property or assets (including sales of accounts receivable with recourse) or assign any right to
receive income or permit the filing of any financing statement under the UCC or any other similar notice of Lien under any similar recording or notice statute, or grant rights with respect to, or otherwise encumber or create a security interest in,
such property or assets or any portion thereof or any other revenues therefrom or the proceeds payable upon the sale, transfer or other disposition of such property or asset or any portion thereof, or permit or suffer any such action to be taken,
except the following (singly and collectively, “Permitted Liens”): 
 8.2.1 Permitted Debt. Liens to
secure Permitted Debt, provided that (x) the Borrower will be in compliance with the Financial Covenants considering the consequences of the granting of any such Lien and (y) no such Lien shall be secured by any Borrowing Base Property,
the ownership interest in any Borrowing Base Property Owner, or any other assets of any Borrowing Base Property Owner; 

  
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 8.2.2 Tax Liens. Liens for taxes, assessments or other governmental
charges not yet delinquent or which are being diligently contested in good faith and by appropriate proceedings, if (a) to the extent such contest concerns a Borrowing Base Property, reasonable reserves in an amount not less than the tax,
assessment or governmental charge being so contested shall have been established in a manner reasonably satisfactory to the Administrative Agent or deposited in cash (or cash equivalents) with the Administrative Agent to be held during the pendency
of such contest, or such contested amount shall have been duly bonded in accordance with applicable Law, (b) no imminent risk of sale, forfeiture or loss of any interest in any Borrowing Base Property or any part thereof arises during the
pendency of such contest and (c) such contest could not reasonably be expected to have a Material Adverse Effect; 

8.2.3 Judgment Liens. Liens in respect of property or assets imposed by Law, which do not secure Debt, such as judgment
Liens (provided such judgment Liens do not cause the occurrence of an Event of Default under Section 10.1), carriers’, warehousemen’s, material men’s and mechanics’ liens and other similar Liens arising in the
ordinary course of business, (a) which, except for such judgment Liens, do not in the aggregate materially detract from the value of any property or assets or have, and could not reasonably be expected to have, a Material Adverse Effect, and
(b) which, except for such judgment Liens, are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing the forfeiture or sale of the property or assets subject to any such Lien; 

8.2.4 Personal Property Liens. Liens relating to personal property financing leases entered into in the ordinary course
of business with respect to equipment, fixtures, furniture, furnishings and similar assets; and 
 8.2.5 Intentionally
Omitted. 
 8.2.6 Easements, etc. Liens in connection with easements, rights-of-way, zoning restrictions and
other similar encumbrances affecting real property which, in the aggregate, do not impose material financial obligations on the Borrower or any Loan Party, and which do not, in the aggregate, materially detract from the value of the property subject
thereto or materially interfere with the ordinary conduct of the business of such property or the Loan Party that owns such property. 

8.2.7 Title Matters. Liens and other matters of record noted on any title insurance policy for a Borrowing Base
Property delivered to the Administrative Agent, with the Administrative Agent having received the title insurance policies delivered for the Borrowing Base Properties as of the Closing Date. 

Notwithstanding the foregoing, to the extent that any provision in this Section 8.2 would otherwise constitute a violation of the restrictions on
negative pledges set forth in Section 8.16 of each of Existing Credit Agreement and the Existing Term Agreement, such provision will be deemed to be inoperative to the extent required to ensure that this Section 8.2 is not a violation of
such restrictions. 

  
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 8.3 Consolidations, Mergers, Sales of Assets, Issuance and Sale of Equity.
(a) Dissolve, terminate or liquidate or, without the prior written consent of the Administrative Agent, such consent not to be unreasonably withheld, conditioned or delayed, consolidate with or merge with or into any other Person,
(b) issue, sell, lease, transfer or assign to any Persons or otherwise dispose of (whether in one transaction or a series of transactions) any portion of its assets (whether now owned or hereafter acquired), including, without limitation, any
securities, membership or partnership interests, or other interests of any kind in any other Loan Party or Borrower Subsidiary, directly or indirectly (whether by the issuance of rights of, options or warrants for, or securities convertible into,
any such security, membership or partnership interests or other interests of any kind), (c) permit another Person to merge with or into it, (d) acquire all or substantially all the capital stock, membership or partnership interests or
assets of any other Person, or (e) take any action which could have the effect, directly or indirectly, of diluting the economic interest of any Loan Party in any other Loan Party or Borrower Subsidiary; except the following: 

8.3.1 Transfers. Transfers pursuant to the Loan Documents and other agreements in favor of the Administrative Agent for
the ratable benefit of the Lenders; 
 8.3.2 Non-Loan Parties. Any such dissolution, liquidation, or termination
which does not involve a Loan Party; 
 8.3.3 Loan Parties. With the prior written consent of the Administrative
Agent and the Required Lenders, such consent not to be unreasonably withheld or delayed, any consolidation, merger, or issuance so long as the Borrower is the surviving entity, provided that (a) the Borrower will be in compliance with the
Financial Covenants considering the consequences of such event, (b) no such event shall cause a Change of Control, and (c) each Borrowing Base Property Owner will continue to be a Wholly-Owned Subsidiary of the Borrower; 

8.3.4 Borrowing Base Properties. Sales of any Borrowing Base Property, provided the Release Conditions are satisfied
with respect thereto; 
 8.3.5 Leases. Leases of all or any portion of any Borrowing Base Property; 

8.3.6 Property Transfers. Sales, transfers, assignments or other dispositions of other assets of the Borrower, any Loan
Party or any Borrower Subsidiary which do constitute Borrowing Base Properties; provided that the Borrower will be in compliance with the Financial Covenants considering the consequences of any such sale; 

8.3.7 Ordinary Course. Sales or dispositions in the ordinary course of business of worn, obsolete or damaged items of
personal property or fixtures which are suitably replaced; 
 8.3.8 With Consent. Transactions, whether outright or
as security, for which the Administrative Agent’s, the Required Lenders’ or the Lenders’, as applicable, prior written consent has been obtained to the extent such approval is required under this Agreement; 

  
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 8.3.9 Permitted Investments. In connection with a Permitted Investment;

 8.3.10 Equity Issuances. The issuance or sale of equity interests in the Borrower or CRT; 

8.3.11 Merger of Loan Parties. Mergers of and between Loan Parties, provided (a) the Borrower and CRT shall at all
times remain surviving entities, and (b) the Administrative Agent receives ten (10) Business Days prior written notice of the proposed merger; 

8.3.12 Cedar-Riverview. The sale, transfer, assignment, redemption or other disposition of all or a portion of any
preferred limited partnership interest in Cedar-Riverview LP; or 
 8.3.13 Cedar-Revere. The creation of further
condominium units in the Individual Property owned by Cedar-Revere, LLC, and the performance of construction in connection therewith, subject to the Administrative Agent’s reasonable approval of the condominium documents creating such
additional units and such normal and customary due diligence as the Administrative Agent may reasonably require. 
 8.4 Restrictions
on Debt. (a) Create, incur or assume any Debt, or make any voluntary prepayments of any Debt in respect of which it is an obligor, (b) enter into, acquiesce, suffer or permit any amendment, restatement or other modification of the
documentation evidencing and/or securing any Debt under which it is an obligor or (c) increase the amount of any Debt existing as of the Closing Date; except with respect to the following (singly and collectively, “Permitted
Debt”): 
 8.4.1 Debt under this Agreement. The Obligations; 

8.4.2 Unsecured Debt. The Existing Facility and any Swap Contracts with any Lender are deemed to be Permitted Debt;

 8.4.3 Individual Property Debt. Individual Property Secured Debt of the Borrower, CRT or any Borrower Subsidiary
(other than any Loan Party) which is recourse to the Borrower or CRT consistent with customary project finance market terms and conditions (excluding the Obligations) in an amount not to exceed fifteen percent (15%) of the Total Asset Value in
the aggregate outstanding at any one time, provided that the Borrower will be in compliance with the Financial Covenants and the Total Outstandings will not exceed the Maximum Loan Amount considering the consequences of the incurrence of such Debt;

 8.4.4 Nonrecourse Debt. Individual Property secured Debt of the Borrower, CRT or any Borrower Subsidiary (other
than any Loan Party) which is nonrecourse to the Borrower (other than recourse in connection with customary nonrecourse or “bad boy” carve out provisions) or CRT, provided that the Borrower will be in compliance with the Financial
Covenants considering the consequences of the incurrence of such Debt; 

  
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 8.4.5 Ordinary Course. Debt incurred in the ordinary course of business
for the purchase of goods or services which are payable, without interest, within ninety (90) days of billing; 
 8.4.6
Capital Leases. Debt under capital leases of the type described in Section 8.2.5; 
 8.4.7
Cross-Collateralized Debt. Individual Property Debt incurred (other than by any Loan Party) under multi-property, cross-collateralized financings having an outstanding aggregate principal balance not to exceed $45,000,000; 

8.4.8 Other Unsecured Debt. Other Unsecured debt so long as (i) Borrower is in compliance with the Financial
Covenants after giving effect to the incurrence of such Unsecured Debt, and (ii) the financial covenants in other Unsecured Debt are not any more restrictive than the Financial Covenants; and 

8.4.9 Other Debt. Debt, whether secured or unsecured, of a type not contemplated by any of the foregoing, for which
Required Lenders’ prior written consent has been obtained. 
 8.5 Other Business. Enter into any line of business or make
any material change in the nature of its business, purposes or operations, or undertake or participate in activities other than the continuance of its present business except as otherwise specifically permitted by this Agreement or the other Loan
Documents. 
 8.6 Change of Control. Permit or otherwise suffer to occur any Change of Control. 

8.7 Forgiveness of Debt. Voluntarily cancel or otherwise forgive or release any Debt owed to it by any Person, except for
adequate consideration and except for settlement of lease obligations of tenants in the Borrower’s reasonable business judgment. 

8.8 Affiliate Transactions. Enter into, or be a party to, any transaction with any Person which is an Affiliate of any Loan
Party, except transactions (a) involving the offering or sale of a Person’s equity interests on an arm’s length basis, or (b) entered into in the ordinary course of business and on terms which are no less favorable to such Loan
Party or Borrower Subsidiary than would be obtained in a comparable arm’s-length transaction with an unrelated third party, provided that this Section 8.8 shall not apply to transactions entirely between and among Loan Parties or entirely
between and among Borrower Subsidiaries that are not Loan Parties. 
 8.9 ERISA. Establish or be obligated to contribute to
any Plan. 
 8.10 Bankruptcy Filings. With respect to any of the Loan Parties, file a petition under any Debtor Relief Laws
for the liquidation of all or a major portion of its assets or property. 
 8.11 Investment Company. Become an
“investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 

  
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 8.12 [Reserved]. 

8.13 Use of Proceeds. Permit the proceeds of the Loan, or any other accommodation at any time made hereunder, to be used for any
purpose which entails a violation of, or is inconsistent with, Regulation T, U or X of the Board, any applicable anti-money laundering law or Anti-Corruption Law, or for any purpose other than to (a) repay certain existing indebtedness of the
Borrower, (b) provide working capital to the Borrower, CRT, and the Borrower Subsidiaries, (c) provide funds for acquisitions, development, capital expenditures, and refinancings of real estate properties by the Borrower, CRT, and the
Borrower Subsidiaries, (d) pay certain closing and transactional costs as approved by the Administrative Agent and (e) for other lawful REIT purposes. 

8.14 Distributions. Authorize, declare, or pay any Distributions on behalf of the Borrower, except for Permitted Distributions.

 8.15 Restrictions on Investments. Make or permit to exist or to remain outstanding any Investment except which are in: 

(a) marketable direct or guaranteed general obligations of the United States of America which mature within one year from the
date of purchase; 
 (b) bank deposits, certificates of deposit and banker’s acceptances, or other obligations in or of
the Lenders or banks located within and chartered by the United States of America or a state and having assets of over $500,000,000; 

(c) the Borrower’s Subsidiaries (both Subsidiaries as of the date hereof and any other Person that becomes a Borrower
Subsidiary), subject in all instances to the terms of this Agreement; and 
 (d) Permitted Investments. 

8.16 Negative Pledges, Etc. Enter into any agreement subsequent to the Closing Date (other than a Loan Document, the Existing
Facility and the loan documents thereunder, and any loan document entered into in connection with other Unsecured Debt permitted hereunder) which (a) prohibits the creation or assumption of any Lien upon any of the Borrowing Base Properties or
the ownership interest therein, including, without limitation, any hereafter acquired property, (b) specifically prohibits the amendment or other modification of this Agreement or any other Loan Document, or (c) could reasonably be
expected to have a Material Adverse Effect. 
 8.17 Swap Contracts. Enter into any Swap Contract, unless (i) such Swap
Contract was entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person, or
changes in the value of securities issued by such Person, and not for purposes of speculation and (ii) such Swap Contract does not contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding
transactions to the defaulting party other than normal setoff or netting rights; 

  
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 9. SPECIAL PROVISIONS. 

9.1 Legal Requirements. The Borrower, any Borrower Subsidiary or any Loan Party may contest in good faith any claim, demand,
levy or assessment under any Laws by any Person or entity if: (i) the contest is based upon a material question of Law or fact raised by the Borrower in good faith; (ii) such Person properly commences and thereafter diligently pursues the
contest; (iii) the contest will not materially impair the ability to ultimately comply with the contested Law should the contest not be successful; (iv) if the contest concerns a Borrowing Base Property or a Borrowing Base Property Owner,
reasonable reserves in an amount necessary to undertake and pay for such contest and any corrective or remedial action then or thereafter reasonably likely to be necessary shall have been established in a manner reasonably satisfactory to the
Administrative Agent or deposited in cash (or cash equivalents) with the Administrative Agent to be held during the pendency of such contest, or such contested amount shall have been duly bonded in accordance with applicable Law; (v) no Event
of Default exists; (vi) if the contest relates to an Environmental Legal Requirement, the conditions set forth in the Environmental Indemnity Agreement relating to such contests shall be satisfied; (vii) no imminent risk of sale,
forfeiture or loss of any interest in any Borrowing Base Property or any part thereof arises during the pendency of such contest; and (viii) such contest could not reasonably be expected to have a Material Adverse Effect. 

9.2 Limited Recourse Provisions. 

9.2.1 Borrower Fully Liable. Borrower shall be fully liable for the Loan and the Obligations of the Borrower to the
Administrative Agent and each of the Lenders. 
 9.2.2 Certain Non-Recourse. This Agreement and all Loan Documents
have been executed by the undersigned in its capacity as an officer of CRT, as general partner of the Borrower on behalf of the Borrower or the Loan Parties, or in its capacity as an authorized signatory of the Borrower or the Loan Parties, and not
individually, and none of the trustees, officers, directors, members, limited partners, or shareholders of the Borrower or CRT or any Loan Party shall be bound or have any personal liability hereunder or thereunder except under any Guaranty or other
Loan Document signed by such Person, if any, other than a signature in a representative capacity. Under no circumstances shall any party be entitled to seek recourse or commence any action against any of the trustees, officers, directors, members,
limited partners, or shareholders of the Borrower or CRT or any such Person’s personal assets for the performance or payment of any obligation hereunder. In all other Loan Documents, all parties shall not seek recourse or commence any action
against any of the trustees, officers, directors, members, limited partners, or shareholders of Borrower or CRT or any of such Person’s personal assets for the performance or payment of any obligation hereunder or thereunder, except under any
Guaranty or other Loan Document signed by such Person, other than a signature in a representative capacity. 
 9.2.3
Additional Matters. Nothing contained in the foregoing non-recourse provisions or elsewhere shall: (a) limit the right of the Administrative Agent or any of the Lenders to obtain injunctive relief or to pursue equitable remedies under
any of the Loan Documents, excluding only any injunctive relief ordering payment of obligations by any 

  
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Person or entity for which personal liability does not otherwise exist; or (b) limit the liability of any attorney, law firm, accountant or other professional who or which renders or
provides any written opinion or certificate to the Administrative Agent or any of the Lenders in connection with the Loan even though such Person or entity may be a limited partner of the Borrower. 

9.3 Payment of Obligations. Upon the payment in full of the Obligations, in immediately available funds, including, without
limitation, all unreimbursed costs and expenses of the Administrative Agent and of each Lender for which the Borrower is responsible, and the termination of this Agreement, the Administrative Agent shall execute and deliver such documents and
termination statements as the Borrower or any other Loan Party reasonably requests to evidence such termination. However, such termination by the Administrative Agent shall not be deemed to terminate or release any Person from any obligation or
liability under the Loan Documents which specifically by its terms survives the payment in full of the Obligations. 
 10. EVENTS OF DEFAULT.

 The following provisions deal with Defaults, Events of Default, notice, grace and cure periods, and certain rights of the
Administrative Agent and the Lenders following an Event of Default. 
 10.1 Default and Events of Default. The term
“Default” as used herein or in any of the other Loan Documents shall mean any fact or circumstance which constitutes, or upon the lapse of time, or giving of notice, or both, could constitute, an Event of Default. The occurrence of any of
the following events, continuing uncured beyond any applicable grace, notice or cure period, respectively, shall constitute an event of default (“Event of Default”). Upon the occurrence of any Event of Default described in
Section 10.1.8, any and all Obligations shall become due and payable without any further act on the part of the Administrative Agent. Upon the occurrence of any other Event of Default, the Administrative Agent may, and upon the request
of the Required Lenders shall, declare that any and all Obligations shall become immediately due and payable. 
 10.1.1
Failure to Pay the Loan. The failure by the Borrower to pay when due any principal of, interest on, or fees in respect of, any Loan, and the specific grace period, if any, allowed for the default in question in Section 10.2 or
elsewhere in this Agreement shall have expired without such default having been cured. 
 10.1.2 Failure to Make Other
Payments. The failure by the Borrower to pay when due (or upon demand, if payable on demand) any payment Obligation other than any payment Obligation on account of the principal of, or interest on, or fees in respect of, the Loan, and the
specific grace period, if any, allowed for the default in question in Section 10.2 or elsewhere in this Agreement shall have expired without such default having been cured. 

10.1.3 Loan Documents. Any other default in the performance of any term or provision of the Loan Documents, or a
breach, or other failure to satisfy, any other term, provision, condition or warranty under any Loan Document, and the specific grace period, if any, allowed for the default in question in Section 10.2 or elsewhere in this Agreement
shall have expired without such default having been cured. 

  
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 10.1.4 Default under Other Agreements. (i) The Borrower, CRT or any
other Subsidiary (A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Debt or Guarantee (including amounts owing to all creditors under any combined or
syndicated credit arrangement but excluding the Debt hereunder) such that as a result thereof the aggregate outstanding principal amount of such Debt or Guarantees with respect to which such a failure exists at any time shall exceed $40,000,000, or
(B) fails to observe or perform any other agreement or condition relating to any such Debt 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 (1) to cause, or to permit the holder or holders of such Debt 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 or passage of time, or both, if required, in excess of $40,000,000 in the aggregate of the outstanding principal amount of such Debt to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically
or otherwise) at any time, or (2) an offer to repurchase, prepay, defease or redeem in excess of $40,000,000 of the outstanding principal amount of such Debt to be made at any time, prior to its stated maturity, or (3) Guarantees securing
in excess of $40,000,000 of the outstanding principal amount of such Debt to become payable at any time or (4) cash collateral in excess of $40,000,000 in respect thereof to be demanded at any time; 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 the Borrower, CRT or any Subsidiary 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 the Borrower, CRT or any other Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by the Borrower, CRT or such
Subsidiary as a result thereof is greater than $40,000,000 in the aggregate at any time. 
 10.1.5 Representations and
Warranties. If any representation or warranty made by the Borrower or by any of the other Loan Parties in the Loan Documents was untrue or misleading in any material respect as of the date made or deemed made, including, without limitation, all
representations and warranties made in Article 6 herein. 
 10.1.6 Affirmative Covenants. The breach of any
covenant contained in Article 7 herein, including, without limitation, the Financial Covenants. 
 10.1.7 Negative
Covenants. The breach of any covenant contained in Article 8 herein. 
 10.1.8 Financial Status and
Insolvency. Any Loan Party shall: (i) admit in writing its inability to pay its debts generally as they become due; (ii) file a petition in bankruptcy or a petition to take advantage of any insolvency act; (iii) make an assignment
for the benefit of creditors; (iv) consent to, or acquiesce in, the appointment of a receiver, 

  
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liquidator or trustee of itself or of the whole or any substantial part of its properties or assets; (v) file a petition or answer seeking reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief under the Federal Bankruptcy laws or any other applicable Law; (vi) have a court of competent jurisdiction enter an order, judgment or decree appointing a receiver, liquidator or trustee
of a Loan Party, or of the whole or any substantial part of the property or assets of a Loan Party, and such order, judgment or decree shall remain unvacated or not set aside or unstayed for ninety (90) days; (vii) have a petition filed
against it seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the Federal Bankruptcy laws or any other applicable Law and such petition shall remain undismissed for ninety (90) days;
(viii) have, under the provisions of any other Law for the relief or aid of debtors, any court of competent jurisdiction assume custody or control of a Loan Party or of the whole or any substantial part of its property or assets and such
custody or control shall remain unterminated or unstayed for ninety (90) days; or (ix) have an attachment or execution levied against any substantial portion of the property of a Loan Party or against any portion of a Borrowing Base
Property which is not discharged or dissolved by a bond within sixty (60) days. 
 10.1.9 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; or any Loan Party
contests in any manner the validity or enforceability of any Loan 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. 

10.1.10 Judgments. One or more judgments or decrees shall be entered against Borrower or any Loan Party involving a
liability (not paid or fully covered (subject to deductibles) by a reputable and solvent insurance company) and such judgments and decrees either shall be final and non-appealable or shall not be vacated, discharged or stayed or bonded pending
appeal for any period of sixty (60) consecutive days, and the aggregate amount of all such judgments exceeds (a) $5,000,000 for the Borrower or CRT and (b) $750,000 for any other Loan Party. 

10.1.11 ERISA. (a) If (i) any Plan shall be deemed to be in “at risk status” (as defined in
Section 430(i)(4) of the Code without regard to Section 430(i)(4)(B) relating to the transition rule), (ii) any Plan shall have had or is likely to have a trustee appointed to administer such Plan, (iii) any Plan is, shall have
been or is likely to be terminated or to be the subject of a distress termination proceeding under ERISA, (iv) a minimum required contribution (as defined in Section 430(a) of the Code) for a Plan has not been timely made, (v) a Loan
Party or any ERISA Affiliate has incurred or is likely to incur a liability to or on account of a Plan under Section 409, 502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or Section 401(a)(29), 4971, 4975 or 4980 of
the Code, or (vi) a Loan Party has incurred or is likely to incur liabilities pursuant to one or more employee welfare benefit plans (as defined in Section 3(l) of ERISA) that primarily provide health and welfare benefits to retired
employees or other former employees (other than as required by Section 601 of ERISA) and any of the foregoing could have a Material Adverse Effect; (b) if there shall result from any event or events 

  
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described in clauses (a)(i), (a)(ii), (a)(iii), (a)(iv) or (a)(v) of this Section 10.1.11, the imposition of a lien, the granting of a security interest, or a liability or a material
risk of incurring a liability which could have, or reasonably be expected to have, a Material Adverse Effect; or (c) if any such lien, security interest or liability is imposed or granted and, individually, and/or in the aggregate, in the
reasonable opinion of the Administrative Agent could have, or reasonably be expected to have, a Material Adverse Effect. 

10.1.12 Change of Control. If a Change of Control shall occur. 

10.1.13 Indictment; Forfeiture. The indictment of, or institution of any legal process or proceeding against, the
Borrower or any other Loan Party under any applicable Law where the relief, penalties, or remedies sought or available include the forfeiture of any property of Borrower and/or any other such Loan Party and/or the imposition of any stay or other
order, the effect of which could be to restrain in any material way the conduct by the Borrower and/or any other such Loan Party of its business in the ordinary course. 

10.1.14 Generally. A default by the Borrower in the performance of any term, provision or condition of this Agreement
to be performed by the Borrower, or a breach, or other failure to satisfy, any other term provision, condition, covenant or warranty under this Agreement and such default remains uncured beyond any applicable specific grace period provided for in
this Agreement, including, without limitation, as set forth in Section 10.2 below. 
 10.2 Grace Periods and
Notice. As to each of the foregoing events the following provisions relating to grace periods and notice shall apply: 

10.2.1 No Notice or Grace Period. There shall be no grace period and no notice provision with respect to the payment of
principal at maturity and/or in connection with a Mandatory Principal Prepayment (except as provided in Section 2.3.8) and no grace period and no notice provision with respect to defaults related to the voluntary filing of bankruptcy or
reorganization proceedings or an assignment for the benefit of creditors, or subject to Sections 10.2.4 and 10.2.5, with respect to a breach of warranty or representation under Article 6, or (subject to
Section 10.2.5) with respect to the breach of any of the affirmative covenants set forth in Article 7 (unless a grace or cure period is specifically provided for therein) or (subject to Section 10.2.5) with respect to the
breach of any of the negative covenants set forth in Article 8. 
 10.2.2 Nonpayment of Interest. As to the
nonpayment of interest there shall be a three (3) Business Day grace period without any requirement of notice from the Administrative Agent. 

10.2.3 Other Monetary Defaults. All other monetary defaults shall have a three (3) Business Day grace period
following notice from the Administrative Agent. 

  
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 10.2.4 Nonmonetary Defaults Capable of Cure. As to non-monetary Defaults
which are reasonably capable of being cured or remedied, unless there is a specific shorter or longer grace period provided for in this Loan Agreement or in another Loan 

Document, there shall be a thirty (30) day grace period following such Default; provided that if such Default would reasonably require
more than thirty (30) days to cure or remedy, such longer period as requested by the Borrower but in no event longer than ninety (90) days following such Default and no extension shall be granted if such Default has caused a Material
Adverse Effect. 
 10.2.5 Borrowing Base Property Defaults. As to any non-monetary Defaults which are capable of
being cured or remedied by the removal of any Individual Property or Individual Properties from being Borrowing Base Properties, there shall be a thirty (30) day grace period following such Default for the Borrower to cure or remedy such
Default by removing such Individual Properties from being Borrowing Base Properties, if required, or by removing such Borrowing Base Properties from the Borrowing Base Value. 

11. REMEDIES. 
 11.1
Remedies. Upon the occurrence and during the continuance of an Event of Default, whether or not the Obligations evidenced by this Agreement shall be due and payable or the Administrative Agent shall have instituted any action for the
enforcement of the Loan Documents, the Administrative Agent may in its sole and absolute discretion, and shall upon the direction of the Required Lenders, in addition to any other remedies which the Administrative Agent may have hereunder or under
the other Loan Documents, or otherwise, and not in limitation thereof: 
 11.1.1 Accelerate Debt. Declare the
Obligations immediately due and payable (provided that in the case of a voluntary petition in bankruptcy filed by Borrower or an involuntary petition in bankruptcy filed against Borrower (after expiration of the grace period, if any, set forth in
Section 10.1.8), such acceleration shall be automatic). 
 11.1.2 Pursue Remedies. Pursue any and all
remedies provided for hereunder, under any one or more of the other Loan Documents, and/or otherwise. 
 11.2 Distribution of
Liquidation Proceeds. Subject to the terms and conditions of this Agreement, the Administrative Agent shall distribute all Liquidation Proceeds in the order and manner set forth below: 

First: To the Administrative Agent, towards any fees and any expenses for which the Administrative Agent is entitled to
reimbursement under this Agreement or the other Loan Documents not theretofore paid to the Administrative Agent. 

Second: To all applicable Lenders in accordance with their proportional share based upon their respective Commitment
Percentages until all Lenders have been reimbursed for all fees and expenses which such Lenders have previously paid to the Administrative Agent and not theretofore paid to such Lenders. 

Third: Pari passu, (a) to all applicable Lenders in accordance with their proportional share based upon their
respective Commitment Percentages until all Lenders have been paid in full all principal and interest due to such Lenders under the Loan, with 

  
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each Lender applying such proceeds for purposes of this Agreement first against the outstanding principal balance due to such Lender under the Loan and then to accrued and unpaid interest due
under the Loan, and (b) to payment of breakage, termination or other payments, and any interest accrued thereon, due under any Swap Contract between any Loan Party and Administrative Agent or any Lender, or any Affiliate of a Lender. 

Fourth: To all applicable Lenders in accordance with their proportional share based upon their respective Commitment
Percentages until all Lenders have been paid in full all other amounts due to such Lenders under the Loan including, without limitation, any costs and expenses incurred directly by such Lenders to the extent such costs and expenses are reimbursable
to such Lenders by the Borrower under the Loan Documents. 
 Fifth: To the Borrower or such third parties as may be
entitled to claim Liquidation Proceeds. 
 11.3 Power of Attorney. For the purpose of exercising the rights granted by this
Article 11, as well as any and all other rights and remedies of Administrative Agent under the Loan Documents, the Borrower hereby irrevocably constitutes and appoints the Administrative Agent (or any agent designated by Administrative Agent) its
true and lawful attorney-in-fact, with full power of substitution, upon and following any Event of Default which is continuing, to execute, acknowledge and deliver any instruments and to do and perform any acts in the name and on behalf of the
Borrower. In connection with the foregoing power of attorney, the Borrower hereby grants unto the Administrative Agent (acting through any of its officers) full power to do any and all things necessary or appropriate in connection with the exercise
of such powers as fully and effectually as the Borrower might or could do, hereby ratifying all that said attorney shall do or cause to be done by virtue of this Agreement. The foregoing power of attorney shall not be affected by any disability or
incapacity suffered by the Borrower and shall survive the same. All powers conferred upon the Administrative Agent by this Agreement, being coupled with an interest, shall be irrevocable until this Agreement is terminated by a written instrument
executed by a duly authorized officer of the Administrative Agent. 
 12. SECURITY INTEREST AND SET-OFF. 

12.1 Security Interest. The Borrower hereby grants (and shall cause each other Loan Party to grant) to the Administrative
Agent and each of the Lenders, a continuing lien, security interest and right of setoff (with setoff being subject to Section 12.2) as security for all of the Obligations, upon and against all deposits, credits, collateral and property,
now or hereafter in the possession, custody, safekeeping or control of Administrative Agent or any of the Lenders or any of their respective successors and assigns, or in transit to any of them. 

12.2 Set-Off/Sharing of Payments. If any Event of Default occurs, any such deposits, balances or other sums credited by or due from
Administrative Agent or any of the Lenders, or from any of their respective Affiliates, to the Borrower may to the fullest extent not prohibited by applicable Law at any time or from time to time, without regard to the existence, sufficiency or
adequacy of any other collateral, and without notice or compliance with any other condition precedent now or hereafter imposed by statute, rule of law or otherwise, all of which are hereby waived, be set off, appropriated and applied by the
Administrative Agent against any or all of 

  
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Loan Party’s Obligations irrespective of whether demand shall have been made and although such obligations may be unmatured, in the manner set forth herein. Within five (5) Business
Days of making any such set off, appropriation or application, the Administrative Agent agrees to notify the Borrower thereof, provided the failure to give such notice shall not affect the validity of such set off or appropriation or application.
ANY AND ALL RIGHTS TO REQUIRE THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH
DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER OR ANY GUARANTOR, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. Each of the Lenders agrees with each other Lender that (a) if an amount to be set off is to be applied to
indebtedness of the Borrower to such Lender, other than the Obligations evidenced by this Agreement due to such Lender, such amount shall be applied ratably to such other indebtedness and to the Obligations evidenced by this Agreement due to such
Lender, and (b) if such Lender shall receive from the Borrower, whether by voluntary payment, exercise of the right of setoff, counterclaim, cross action, enforcement of the claim evidenced by this Agreement due to such Lender by proceedings
against the Borrower at law or in equity or by proof thereof in bankruptcy, reorganization, liquidation, receivership or similar proceedings, or otherwise, and shall retain and apply to the payment of the Obligations due to such Lender any amount in
excess of its ratable portion of the payments received by all of the Lenders with respect to Obligations under this Agreement due to all of the Lenders, such Lender will make such disposition and arrangements with the other Lenders with respect to
such excess, either by way of distribution, pro tanto assignment of claims, subrogation or otherwise as shall result in each Lender receiving in respect of the Obligations its proportionate payment as contemplated by this Agreement; provided that if
all or any part of such excess payment is thereafter recovered from such Lender, such disposition and arrangements shall be rescinded and the amount restored to the extent of such recovery, but without interest. 

12.3 Right to Freeze. The Administrative Agent and each of the Lenders shall also have the right, at its option, upon the
occurrence of any event which would entitle the Administrative Agent and each of the Lenders to set off or debit as set forth in Section 12.2, to freeze, block or segregate any such deposits, balances and other sums so that Borrower may
not access, control or draw upon the same. 
 12.4 Additional Rights. The rights of the Administrative Agent, the Lenders and
each of their respective Affiliates under this Article 12 are in addition to, and not in limitation of, other rights and remedies, including other rights of set off, which the Administrative Agent or any of the Lenders may have. 

13. THE ADMINISTRATIVE AGENT AND THE LENDERS. 

13.1 Rights, Duties and Immunities of the Administrative Agent. 

13.1.1 Appointment of Administrative Agent. Each of the Lenders hereby irrevocably appoints KeyBank to act on its
behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the 

  
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Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Section 13.1 (other than
Sections 13.1.10, and as may be limited by Sections 13.2.4 and 13.3.2) are solely for the benefit of the Administrative Agent and the Lenders, and neither the Borrower nor any other Loan Party shall have rights as a third party
beneficiary of any of such provisions. 
 13.1.2 No Other Duties, Etc. Anything herein to the contrary
notwithstanding, neither the Arranger nor any other titled agents shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or a
Lender hereunder. 
 13.1.3 Delegation of Duties. The 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 the Administrative Agent. The 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 the 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.

 13.1.4 Exculpatory Provisions. 

(a) The 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 (but subject to Section 13.1.4(b)), the Administrative Agent: 

(i) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is
continuing; 
 (ii) 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 the Administrative Agent is required to exercise as directed in writing by the 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 the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to
liability or that is contrary to any Loan Document or applicable Law; and 
 (iii) 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 the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as
the Administrative Agent or any of its Affiliates in any capacity. 

  
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 (b) The Administrative Agent shall not be liable for any action taken or not
taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary), or as the Administrative Agent shall believe in good faith shall be necessary, under the
circumstances as provided in Sections 11.2 and 13.4.1 or (ii) in the absence of its own (or its officers’, directors’, employees’, agents’, attorneys in fact or Affiliates’) gross negligence or willful
misconduct. 
 (c) The 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 5 or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent. 
 13.1.5 Reliance by Administrative Agent. The 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. The 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 Advance that by its terms must be fulfilled to the satisfaction of a
Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan Advance. The Administrative
Agent may consult with legal counsel (who may be counsel for the 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. 
 13.1.6 Notice of Default. The Administrative Agent shall be deemed not to have knowledge
of any Default unless and until notice describing such Default is given to the Administrative Agent by the Borrower or a Lender. 

13.1.7 Lenders’ Credit Decisions. Each Lender acknowledges that it has, independently and without reliance upon
the 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 also
acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related 

  
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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. 
 13.1.8
Administrative Agent’s Reimbursement and Indemnification. The Lenders agree to reimburse and indemnify the Administrative Agent, ratably in proportion to their respective Commitments, for (i) any amounts not reimbursed by the
Borrower for which the Administrative Agent is entitled to reimbursement by the Borrower under this Loan Agreement or the other Loan Documents, (ii) any other expenses incurred by the Administrative Agent on behalf of the Lenders in connection
with the preparation, execution, delivery, administration, amendment, waiver and/or enforcement of this Loan Agreement and the other Loan Documents, and (iii) any liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of this Loan Agreement or the other Loan Documents or any
other document delivered in connection therewith or any transaction contemplated thereby, or the enforcement of any of the terms hereof or thereof, provided that no Lender shall be liable for any of the foregoing to the extent that they arise from
the gross negligence or willful misconduct of the Administrative Agent. If any indemnity furnished to the Administrative Agent for any purpose shall, in the opinion of the Administrative Agent, be insufficient or become impaired, the Administrative
Agent may call for additional indemnity and cease, or not commence, to do the action indemnified against until such additional indemnity is furnished. 

13.1.9 Administrative Agent in its Individual Capacity. The Person serving as the 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 the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise
expressly indicated or unless the context otherwise requires, include the Person serving as the 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 the Borrower, CRT or any Borrower Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any
duty to account therefor to the Lenders. 
 13.1.10 Successor Administrative Agent. The Administrative Agent may at
any time give notice of its resignation to the Lenders and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with and, if such appointment is prior to the occurrence and
continuation of an Event of Default, with the prior approval of, the Borrower, such approval not to be unreasonably withheld or delayed, 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 the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent 

  
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gives notice of its resignation, then the retiring Administrative Agent may, at the direction and with the consent of the Borrower, on behalf of the Lenders, appoint a successor Administrative
Agent meeting the qualifications set forth above; provided that if the Administrative Agent shall notify the 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 the
Administrative Agent on behalf of the Lenders 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 the Administrative Agent shall instead be made by or to each Lender directly, until such time as the 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 the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation
hereunder and under the other Loan Documents, the provisions of this Section and Section 15.9 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. 

13.1.11 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, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of
whether the Administrative Agent shall have made any demand on the 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 Loan 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 and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 2.4, and 15.9) 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. 

  
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 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to
pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.4
and 15.9. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or
adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such
proceeding. 
 13.1.12 Guaranty Matters. The Lenders irrevocably authorize the Administrative Agent, at its option
and in its discretion, to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary or an owner of a Borrowing Base Property or an indirect owner of a Borrowing Base Property Owner as a result of a
transaction permitted hereunder. 
 Upon request by the Administrative Agent at any time, the Required Lenders will promptly confirm in
writing the Administrative Agent’s authority to release any Guarantor from its obligations under the Guaranty pursuant to this Section 13.1.12. 

13.2 Respecting Loans and Payments. 

13.2.1 Adjustments. If, after the Administrative Agent has paid each Lender’s proportionate share of any payment
received or applied by the Administrative Agent in respect of the Loan and other Obligations, that payment is rescinded or must otherwise be returned or paid over by the Administrative Agent, whether pursuant to any Debtor Relief Law, sharing of
payments clause of any loan agreement or otherwise, such Lender shall, at the Administrative Agent’s request, promptly return its proportionate share of such payment or application to the Administrative Agent, together with such Lender’s
proportionate share of any interest or other amount required to be paid by the Administrative Agent with respect to such payment or application. 

13.2.2 Setoff. If any Lender (including the Administrative Agent), acting in its individual capacity, shall exercise
any right of setoff against a deposit balance or other account of the Borrower held by such Lender on account of the obligations of the Borrower under this Loan Agreement, such Lender shall remit to the Administrative Agent all such sums received
pursuant to the exercise of such right of setoff, and the Administrative Agent shall apply all such sums for the benefit of all of the Lenders hereunder in accordance with the terms of this Loan Agreement. 

  
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 13.2.3 Distribution by the Administrative Agent. If in the opinion of the
Administrative Agent distribution of any amount received by it in such capacity hereunder or under any of the other Loan Documents might involve any liability, it may 

refrain from making distribution until its right to make distribution shall have been adjudicated by a court of competent jurisdiction or has
been resolved by the mutual consent of all Lenders. In addition, the Administrative Agent may request full and complete indemnity, in form and substance satisfactory to it, prior to making any such distribution. If a court of competent jurisdiction
shall adjudge that any amount received and distributed by the Administrative Agent is to be repaid, each Person to whom any such distribution shall have been made shall either repay to the Administrative Agent its proportionate share of the amount
so adjudged to be repaid or shall pay over to the same in such manner and to such Persons as shall be determined by such court. 

13.2.4 Removal or Replacement of a Lender. If any Lender requests compensation under Sections 2.6.1 or
2.6.2, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.8, or if any Lender is a Defaulting Lender, then in addition to,
and not in limitation of, the rights and remedies that may be available to the Borrower at law or in equity, the Borrower may, at its sole expense and effort, upon notice to such Lender and the 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 13.3), 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) The Administrative Agent shall be paid the assignment fee specified in Section 13.3.2(d); 

(b) Such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 2.3.15) from the assignee (to the extent of such outstanding principal and accrued interest and
fees) or the Borrower (in the case of all other amounts); 
 (c) In the case of any such assignment resulting from a claim
for compensation under Sections 2.6.1 or 2.6.2 or payments required to be made pursuant to Section 2.8, 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 the Borrower to require such assignment and delegation cease to apply. 

  
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 13.2.5 Holders. The Administrative Agent may deem and treat the Lender
designated in the Register as the proportionate owner of such interest in the Obligations for all purposes hereof unless and until a written notice of the assignment, transfer or 

endorsement thereof, as the case may be, shall have been filed with the Administrative Agent. Any request, authority or consent of any Person
or entity who, at the time of making such request or giving such authority or consent, is the holder of any designated interest in the Obligations shall be conclusive and binding on any subsequent holder, transferee or endorsee, as the case may be,
of such interest in the Obligations. 
 13.3 Assignments by Lenders. 

13.3.1 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 the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior
written consent of the 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 Section 13.3.2,
(ii) by way of participation in accordance with the provisions of Section 13.3.4, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 13.3.6 (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 Section 13.3.6 and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under
or by reason of this Agreement. 
 13.3.2 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 at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(a) Minimum Amounts. 

(i) 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 

(ii) in any case not described in Section 13.3.2(a)(i), 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 the 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 unless each of the
Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents 

  
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(each such consent not to be unreasonably withheld or delayed); provided, however, 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. 

(b) 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. 

(c) Required Consents. No consent shall be required for any assignment except to the extent required by
Section 13.3.2(a)(ii) and, in addition: 
 (i) the consent of the Borrower 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 (other than a Defaulting Lender), an Affiliate of a Lender (other than a Defaulting Lender) or an Approved Fund; and 

(ii) the consent of the 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. 

(d) Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the 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 the Administrative Agent an Administrative Questionnaire. 

(e) No Assignment to Borrower. No such assignment shall be made to CRT, the Borrower or any of the Borrower’s
Affiliates or Subsidiaries. 
 (f) No Assignment to Natural Persons. No such assignment shall be made to a natural
Person. 
 (g) No Assignment to Defaulting Lenders. No such assignment shall be made to a Defaulting Lender. 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 13.2.3, 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, 

  
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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 2.8, 2.6.1, 2.6.2, 2.3.15, and
15.9 with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender; provided that such new Note shall be
dated the effective date of such Assignment and Acceptance and shall be otherwise in the form of Exhibit B. To the extent a Lender has assigned all of its Commitment and Loans, it covenants to return any outstanding Note to the Borrower or to
provide a lost note indemnity in lieu thereof. 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. 
 13.3.3
Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the 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 owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be
conclusive, in the absence of manifest error, and the Borrower, the 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. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

13.3.4 Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the
Administrative Agent, sell participations to any Person (other than a natural Person or CRT or the Borrower or any of the Borrower’s or CRT’s 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 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) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such
Lender in connection with such Lender’s rights and obligations under this Agreement. 
 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 13.4.1 that affects such
Participant. Subject to Section 13.3.5, the Borrower agrees that each Participant shall be 

  
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entitled to the benefits of Sections 2.8, 2.6.1, 2.6.2 and 2.3.15 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
Section 13.3.2. To the extent permitted by Law, each Participant also shall be entitled to the benefits of Section 12.2 as though it were a Lender, provided such Participant agrees to be subject to
Section 12.2 as though it were a Lender. 
 Each Lender that sells a participation shall, acting solely for this
purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other
obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any
information relating to a Participant’s interest in any Commitments, Loans, or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other
obligation under any Loan Document is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as
Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 13.3.5 Limitations upon
Participant Rights. A Participant shall not be entitled to receive any greater payment under Sections 2.8, 2.3.15, 2.6.1 or 2.6.2 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 the Borrower’s prior written consent, provided in no instance shall the Borrower’s Obligations be increased as a result thereof.
A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.8 unless the Borrower is notified of the participation sold to such Participant and such Participant complies with
Section 2.8.5 as though it were a Lender. 
 13.3.6 Certain Pledges. Any Lender may at any time pledge
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 to secure obligations to a Federal Reserve Bank; provided that no such pledge or foreclosure
with respect to any such pledge shall release such Lender from any of its obligations hereunder or substitute any such pledgee for such Lender as a party hereto. 

13.4 Administrative Matters. 

13.4.1 Amendment, Waiver, Consent, Etc. Except as otherwise provided herein or as to any term or provision hereof which
specifically provides for the consent or approval of the Administrative Agent, the Required Lenders and/or the Lenders, as applicable, no term or provision of this Loan Agreement or any other Loan Document may be changed, waived, discharged or
terminated, nor may any consent required or 

  
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permitted by this Loan Agreement or any other Loan Document be given, unless such change, waiver, discharge, termination or consent receives the written approval of the Required Lenders;
provided that, no such waiver and no such amendment, waiver, supplement, modification or release shall: 
 (a)
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 the Lenders (or any of them) hereunder or under any other Loan Document without the
written consent of each Lender directly affected thereby, 
 (b) amend, modify or waive any provision of this
Section 13.4 without the written consent of each Lender, 
 (c) reduce the principal of, or the rate of interest
specified herein on, any Loan, or (subject to clause (iv) of the proviso at the end of this Section 13.4.1) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender
directly affected thereby; provided, however, that only the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest at the
Default Rate, 
 (d) change 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, 

(e) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Article 11)
without the written consent of such Lender, 
 (f) release or waive any guaranty of the Obligations or indemnifications
provided in the Loan Documents except to the extent the release of the Guarantor is permitted by this Agreement (in which case such release may be made by the Administrative Agent acting alone) without the written consent of each Lender; 

(g) require or accept any Collateral for the benefit of the Lenders other than on a pro rata basis, without the written consent
of each Lender; 
 (h) require or accept one or more guarantees for the benefit of the Lenders other than on a pro rata
basis, without the written consent of each Lender; or 
 (i) change Section 11.2 or Section 12.2 in a
manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender; 

  
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 and, provided further, that (i) no amendment, waiver or consent shall, unless in
writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (ii) 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. 
 13.4.2 Deemed Consent
or Approval. With respect to any requested amendment, waiver, consent or other action which requires the approval of the Required Lenders or all of the Lenders, as the case may be, in accordance with the terms of this Loan Agreement, or if the
Administrative Agent is required hereunder to seek, or desires to seek, the approval of the Required Lenders or all of the Lenders, as the case may be, prior to undertaking a particular action or course of conduct, the Administrative Agent in each
such case shall provide each Lender with written notice of any such request for amendment, waiver or consent or any other requested or proposed action or course of conduct, accompanied by such detailed background information and explanations as may
be reasonably necessary to determine whether to approve or disapprove such amendment, waiver, consent or other action or course of conduct. The Administrative Agent may (but shall not be required to unless so requested by the Borrower) include in
any such notice, printed in capital letters or boldface type, a legend substantially to the following effect: 
 “THIS
COMMUNICATION REQUIRES IMMEDIATE RESPONSE. FAILURE TO RESPOND WITHIN TEN (10) CALENDAR DAYS FROM THE RECEIPT OF THIS COMMUNICATION SHALL CONSTITUTE A DEEMED APPROVAL BY THE ADDRESSEE OF THE ACTION REQUESTED BY THE BORROWER OR THE COURSE OF
CONDUCT PROPOSED BY THE ADMINISTRATIVE AGENT AND RECITED ABOVE”, 
 and if (and only if) the foregoing legend is included by the
Administrative Agent in its communication, a Lender shall be deemed to have approved or consented to such action or course of conduct for all purposes hereunder if such Lender fails to object to such action or course of conduct by written notice to
the Administrative Agent within ten (10) calendar days of such Lender’s receipt of such notice. 
 14. RESERVED. 

  
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 15. GENERAL PROVISIONS. 

15.1 Notices. 

(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 the Borrower or the Administrative Agent, to the address, telecopier number, electronic mail address or telephone
number specified for such Person on Schedule 15.1; and 
 (ii) if to any other Lender, to the address, telecopier
number, electronic mail address or telephone number specified in its Administrative Questionnaire. 
 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). 
 (b) Electronic
Communications. Notices and other communications to a Lender hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent,
provided that the foregoing shall not apply to notices to any Lender pursuant to Section 2 if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The
Administrative Agent or the 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 the 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. 

  
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 (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 the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender or any other Person
for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the 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, however, that in no event shall any Agent Party have any liability to the Borrower, any Lender or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 

(d) Change of Address, Etc. Each of the Borrower and the Administrative Agent 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 the Borrower
and the Administrative Agent. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the 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 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 the Borrower or its securities for purposes of United States Federal or state securities Laws. 

  
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 (e) Reliance by Administrative Agent and Lenders. The Administrative Agent
and the Lenders shall be entitled to rely and act upon any notices (including telephonic Loan Notices) purportedly given by or on behalf of the 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. The Borrower shall indemnify the Administrative Agent, 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 the Borrower. All telephonic notices to and other telephonic
communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 

15.2 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 the 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 the Borrower. In determining whether the interest contracted for, charged, or received by the 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. 

15.3 [Reserved]. 

15.4 [Reserved]. 

15.5 Parties Bound. The provisions of this Agreement and of each of the other Loan Documents shall be binding upon and inure to
the benefit of the Borrower and the Administrative Agent and each of the Lenders and their respective successors and assigns, except as otherwise prohibited by this Agreement or any of the other Loan Documents. 

This Agreement is a contract by and among the Borrower, the Administrative Agent and each of the Lenders for their mutual benefit, and no
third Person shall have any right, claim or interest against either Administrative Agent, any of the Lenders or the Borrower by virtue of any provision hereof. 

15.6 Governing Law; Consent to Jurisdiction; Mutual Waiver of Jury Trial. 

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

  
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 15.6.2 SUBMISSION TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK LOCATED WITHIN THE FIRST DEPARTMENT OF THE NEW YORK STATE UNIFIED COURT SYSTEM 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 DOCUMENTS, 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 MAY 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 DOCUMENTS SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENTS AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR
ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 15.6.3 WAIVER OF VENUE. EACH PARTY HERETO 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 DOCUMENTS IN
ANY COURT REFERRED TO IN SECTION 15.6.2. 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. 
 15.6.4 SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER
PROVIDED FOR NOTICES IN SECTION 15.1. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

15.6.5 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 DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER 

  
 99 








 
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. 
 15.7 Survival. 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 the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the 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. 

15.8 Cumulative Rights. All of the rights of the Administrative Agent and the Lenders hereunder and under each of the other Loan
Documents and any other agreement now or hereafter executed in connection herewith or therewith, shall be cumulative and may be exercised singly, together, or in such combination as Administrative Agent may determine in its sole good faith judgment.

 15.9 Expenses; Indemnity; Damage Waiver. 

15.9.1 Costs and Expenses. The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the
Administrative Agent and the Co-Syndication Agents and their respective Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent and the Co-Syndication Agents), in connection with the 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), and (ii) all reasonable out-of-pocket expenses incurred by the Administrative Agent or any Lender (including the fees, charges and disbursements of any
counsel for the Administrative Agent or any Lender), 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 hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans. 

  
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 15.9.2 Indemnification by the Borrower. The Borrower shall indemnify the
Administrative Agent (and any sub-agent thereof), each Lender, 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 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 the Borrower or any
other Loan Party arising out of, in connection with, or as a result of (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 the Administrative Agent (and any sub-agent 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 2.8), (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual presence or release of Hazardous
Materials on or from any property owned or operated by the Borrower or any Loan Party in violation of any Environmental Legal Requirements, or any environmental liability of CRT, the Borrower or any Loan Party, 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 the 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 (x) 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 (y) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for breach in
bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the 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. 
 15.9.3 Reimbursement by Lenders. To the extent that the Borrower for any reason fails to
indefeasibly pay any amount required hereunder Sections 15.9.1 or 15.9.2 to be paid by it to the Administrative Agent (or any sub-agent thereof) or any Related Party of any of the foregoing, each Lender severally agrees to
pay to the Administrative Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s Commitment 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 the Administrative Agent (or any such sub-agent) in its capacity as such,
or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) in connection with such capacity. The obligations of the Lenders under this Section 15.9.3 are subject to the provisions of
Section 12.2. 
 15.9.4 Waiver of Consequential Damages, Etc. To the fullest extent permitted by
applicable Law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, and the Administrative Agent and each Lender shall not assert, and hereby waives any claim against a Loan Party, 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 

  
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Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof, with the exception of any such damages
claimed against the Administrative Agent or any Lender by a third party as to which the Administrative Agent and each Lender has a right of indemnification from the Borrower under Section 15.9.2. No Indemnitee referred to in
Section 15.9.2 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 a claim described in clause (x) or
(y) of Section 15.9.2. 
 15.9.5 Payments. All amounts due under this Section shall be payable not
later than ten (10) Business Days after demand therefor. 
 15.9.6 Survival. The agreements in this Section
shall survive the resignation of the Administrative Agent, the replacement of any Lender, the termination of the Total Commitments and the repayment, satisfaction or discharge of all the other Obligations. 

15.10 Regarding Consents. Except to the extent expressly provided herein, any and all consents to be made hereunder by the
Administrative Agent, Required Lenders, or Lenders shall be in the discretion of the Party to whom consent rights are given hereunder. 

15.11 Obligations Absolute. Except to the extent prohibited by applicable law which cannot be waived, the Obligations of
Borrower and the obligations of the Loan Parties under the Loan Documents and Swap Contracts shall be joint and several, absolute, unconditional and irrevocable and shall be paid strictly in accordance with the terms of the Loan Documents and Swap
Contracts under all circumstances whatsoever, including, without limitation, the existence of any claim, set off, defense or other right which Borrower or any Loan Party may have at any time against the Administrative Agent or any of the Lenders
whether in connection with the Loan, any Swap Contract or any unrelated transaction. 
 15.12 Table of Contents, Title and
Headings. Any Table of Contents, the titles and the headings of sections are not parts of this Loan Agreement or any other Loan Document and shall not be deemed to affect the meaning or construction of any of its or their provisions. 

15.13 Counterparts. 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 5.1, this Agreement shall become effective when the Administrative Agent and the
Borrower shall have received counterparts hereof that, when taken together, bear the signatures of each party 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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 15.14 Satisfaction of Commitment Letter. The Loan being made pursuant to the terms
hereof and of the other Loan Documents is being made in satisfaction of Administrative Agent’s and each of the Lenders’ obligations under the Commitment Letter. The terms, provisions and conditions of this Agreement and the other Loan
Documents supersede the provisions of the Commitment Letter. 
 15.15 Time Of the Essence. Time is of the essence of each
provision of this Agreement and each other Loan Document. 
 15.16 No Oral Change. This Loan Agreement and each of the other
Loan Documents may only be amended, terminated, extended or otherwise modified by a writing signed by the party against which enforcement is sought (except no such writing shall be required for any party which, pursuant to a specific provision of
any Loan Document, is required to be bound by changes without such party’s assent). In no event shall any oral agreements, promises, actions, inactions, knowledge, course of conduct, course of dealings or the like be effective to amend,
terminate, extend or otherwise modify this Loan Agreement or any of the other Loan Documents. 
 15.17 Monthly Statements.
While the Administrative Agent may issue invoices or other statements on a monthly or periodic basis (a “Statement”), it is expressly acknowledged and agreed that: (i) the failure of the Administrative Agent to issue any
Statement on one or more occasions shall not affect the Borrower’s obligations to make payments under the Loan Documents as and when due; (ii) the inaccuracy of any Statement shall not be binding upon Lenders and so the Borrower shall
always remain obligated to pay the full amount(s) required under the Loan Documents as and when due notwithstanding any provision to the contrary contained in any Statement; (iii) all Statements are issued for information purposes only and
shall never constitute any type of offer, acceptance, modification, or waiver of the Loan Documents or any of Lenders’ rights or remedies thereunder; and (iv) in no event shall any Statement serve as the basis for, or a component of, any
course of dealing, course of conduct, or trade practice which would modify, alter, or otherwise affect the express written terms of the Loan Documents. 

15.18 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction completed hereby, the Borrower
and each other Loan Party acknowledges and agrees that: (i) the credit facility provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification
hereof or of any other Loan Document) are arm’s-length commercial transactions between the Borrower, each other Loan Party and their respective Affiliates, on the one hand, and the Administrative Agent and the Arranger, on the other hand, and
the Borrower and each other Loan Party is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or
other modification hereof or thereof); and (ii) the Administrative Agent and the Arranger have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby
(including any amendment, waiver or other modification hereof or of any other Loan Document) and each of the Borrower and the other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed
appropriate. Each of the Borrower and the other Loan Parties hereby waives and releases, to the fullest extent permitted by Law, any 

  
 103 








 
claims that it may have against the Administrative Agent and the Arranger with respect to any breach or alleged breach of agency or fiduciary duty. The Administrative Agent, each Lender and their
respective affiliates may have economic interests that conflict with those of the Loan Parties, their stockholders and/or their affiliates. 

15.19 USA PATRIOT Act. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself
and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain,
verify and record information that identifies the Borrower and each other Loan Party, which information includes the name and address of the Borrower and each other Loan Party and other information that will allow such Lender or the Administrative
Agent, as applicable, to identify the Borrower and each other Loan Party in accordance with the Act. The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the
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. 

15.20 Treatment of Certain Information; Confidentiality. Each of the Administrative Agent and the Lenders 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 to the extent such parties require such information in connection with the transactions contemplated by this Agreement (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, (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 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 2.1.1 or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the 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 the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a
source other than the Borrower. In addition, each of the Administrative Agent and the Lenders may disclose the existence of this Agreement and the information about this Agreement to service providers to the Administrative Agent and the Lenders in
connection with the administration and management of this Agreement and the other Loan Documents. 

  
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 For purposes of this Section, “Information” means all information received from
the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to
disclosure by the Borrower or any Subsidiary. 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 the Administrative Agent and the Lenders acknowledges that (a) the Information may include material non-public information concerning the 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. 

[The balance of this page is intentionally left blank] 

  
 105 








 IN WITNESS WHEREOF this Agreement has been duly executed and delivered as of the date first
written above. 
  

									
	BORROWER:	 		 	 CEDAR REALTY TRUST PARTNERSHIP, L.P., a

Delaware limited partnership

				
		 		 	By:	 	Cedar Realty Trust, Inc., its general partner
					
		 		 		 	By:	 	/s/ ROBIN ZEIGLER
		 		 		 	Name:	 	Robin Zeigler
		 		 		 	Title:	 	Chief Operating Officer


  
 [Signature page to Loan
Agreement] 









							
	 ADMINISTRATIVE
 AGENT:
	 		 	KEYBANK NATIONAL ASSOCIATION
				
		 		 	By:	 	/s/ GREGORY W. LANE
		 		 		 	Gregory W. Lane
		 		 		 	Vice President


  
 [Signature page to Loan
Agreement] 









							
	LENDER:	 		 	REGIONS BANK
				
		 		 	By:	 	/s/ KYLE D. UPTON
		 		 	Name:	 	Kyle D. Upton
		 		 	Title:	 	Vice President


  
 [Signature page to Loan
Agreement] 









							
	LENDER:	 		 	KEYBANK NATIONAL ASSOCIATION
				
		 		 	By:	 	/s/ GREGORY W. LANE
		 		 		 	Gregory W. Lane
		 		 		 	Vice President


  
 [Signature page to Loan
Agreement] 









							
	LENDER:	 		 	BRANCH BANKING AND TRUST COMPANY
				
		 		 	By:	 	/s/ AHAZ ARMSTRONG
		 		 	Name:	 	Ahaz Armstrong
		 		 	Title:	 	Vice President


  
 [Signature page to Loan
Agreement] 









							
	LENDER:	 		 	RAYMOND JAMES BANK, N.A.
				
		 		 	By:	 	/s/ ALEXANDER L. RODY
		 		 	Name:	 	Alexander L. Rody
		 		 	Title:	 	Senior Vice President


  
 [Signature page to Loan
Agreement] 









							
	LENDER:	 		 	MANUFACTURERS AND TRADERS TRUST COMPANY
				
		 		 	By:	 	/s/ PETER J. OSTROWSKI
		 		 	Name:	 	Peter J. Ostrowski
		 		 	Title:	 	Vice President


  
 [Signature page to Loan
Agreement] 









							
	LENDER:	 		 	CAPITAL ONE, NATIONAL ASSOCIATION
				
		 		 	By:	 	/s/ FREDERICK H. DENECKE
		 		 	Name:	 	Frederick H. Denecke
		 		 	Title:	 	Senior Vice President


  
 [Signature page to Loan
Agreement] 








 SCHEDULE 1.1(a) 

COMMITMENTS 
 AND
COMMITMENT PERCENTAGES 
  

									
	 Lender
	  	Total
Commitment	 	  	Percentage of
Facility	 
	 Regions Bank
	  	$	25,000,000.00	  	  	 	25	% 
	 Branch Banking and Trust Company
	  	$	25,000,000.00	  	  	 	25	% 
	 KeyBank National Association
	  	$	15,000,000.00	  	  	 	15	% 
	 Capital One, National Association
	  	$	15,000,000.00	  	  	 	15	% 
	 Raymond James Bank, NA.
	  	$	10,000,000.00	  	  	 	10	% 
	 Manufacturers and Traders Trust Company
	  	$	10,000,000.00	  	  	 	10	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	100,000,000.00	  	  	 	100	% 


  
 SCHEDULE
1.1(a) - 1 








 SCHEDULE 4 

AUTHORIZED OFFICERS 
 1. Bruce J.
Schanzer, President and Chief Executive Officer of Cedar Realty Trust, Inc. and the Borrowing Base Property Owners 
 2. Robin McBride Zeigler, Chief
Operating Officer of Cedar Realty Trust, Inc. and the Borrowing Base Property Owners 
 3. Philip R. Mays, Chief Financial Officer and Treasurer of Cedar
Realty Trust, Inc. and the Borrowing Base Property Owners 

  
 SCHEDULE
4 - 1 








 SCHEDULE 6.4 

OWNERSHIP INTERESTS AND TAXPAYER IDENTIFICATION NUMBERS 

OF LOAN PARTIES 
  

											
	 Legal Name of

Loan Party
	  	 State of

Organization
	  	Partners/Members	  	 Tax

Identification

    Number    
	  	Borrowing
Base
Property
    Owner    	  	Prop
Ref.
    No    
	Cedar Realty Trust Partnership, L.P.	  	Delaware	  	N/A	  	11-3440066	  	No	  	
	Cedar Realty Trust, Inc.	  	Maryland	  	N/A	  	42-1241468	  	No	  	
	Cedar-South Philadelphia I, LLC	  	Delaware	  	Cedar-South Philadelphia II, LLC (100%)	  	90-0082050	  	Yes	  	1
	Cedar-South Philadelphia II, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (99.9%); CIF-Loyal Plaza Associates, Corp. (0.01%)	  	90-0082060	  	No	  	1
	CIF- Loyal Plaza Associates, Corp.	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	42-1597273	  	No	  	1
	Cedar-Riverview LP	  	Pennsylvania	  	Cedar-Riverview LLC (1% of common interests; general partner); CSC-Riverview LLC (99% of common interests; limited partner); Firehouse Realty Corp. (preferred limited partner); Reed Development Associates, Inc. (preferred limited
partner); South River View Plaza, Inc. (preferred limited partner); River View Development Corp. (preferred limited partner); Riverview Commons, Inc. (preferred limited partner)	  	20-0422200	  	Yes	  	2


  
 SCHEDULE 6.4
- 1 









											
	 Legal Name of

Loan Party
	  	 State of

Organization
	  	Partners/Members	  	 Tax

Identification

    Number    
	  	Borrowing
Base
Property
    Owner    	  	Prop
Ref.
    No    
	Cedar-Riverview LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-0151534	  	No	  	2
	CSC-Riverview LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-0151125	  	No	  	2
	Cedar Lender LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-0447171	  	No	  	2
	Cedar Dubois, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-0768567	  	Yes	  	3
	Cedar Brickyard, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-2011661	  	Yes	  	4
	Cedar Brickyard II, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	27-0844498	  	Yes	  	4
	Cedar-Valley Plaza, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	42-1596164	  	Yes	  	5
	Cedar-Glen Allen UK, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-3797757	  	Yes	  	6
	Cedar-Fredericksburg UK, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-3797657	  	Yes	  	7
	Cedar-Revere LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-3528504	  	Yes	  	8
	Cedar-Palmyra, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-3897470	  	Yes	  	9


  
 SCHEDULE 6.4
- 2 









											
	 Legal Name of

Loan Party
	  	 State of

Organization
	  	Partners/Members	  	 Tax

Identification

    Number    
	  	Borrowing
Base
Property
    Owner    	  	Prop
Ref.
    No    
	Cedar-Fairview Commons, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-8241755	  	Yes	  	10
	Cedar-Norwood, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-5610606	  	Yes	  	11
	Cedar-Metro Square II, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	26-3478262	  	Yes	  	12
	Greentree Road L.L.C. 1	  	Delaware	  	Greentree Road L.L.C. 2 (100%)	  	11-3620398	  	Yes	  	13
	Greentree Road L.L.C. 2	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	11-3620395	  	No	  	13
	Cedar-Bristol, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-8328145	  	Yes	  	14
	Hamilton FC Associates, L.P.	  	Pennsylvania	  	Cedar-Hamilton, LLC (60%) and Hamilton FC General, LLC (0.01%) and Various Other Individuals (39.99%)	  	20-8783810	  	Yes	  	15
	Cedar-Hamilton, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	26-2475771	  	No	  	15
	Cedar-PC Plaza, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	26-1293357	  	Yes	  	16
	Cedar-Trexler Plaza 2, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-5065081	  	Yes	  	17
	Cedar-Trexler Plaza 3, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-5220380	  	Yes	  	17
	Cedar-Campbelltown, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	26-1675368	  	Yes	  	18


  
 SCHEDULE 6.4
- 3 









											
	 Legal Name of

Loan Party
	  	 State of

Organization
	  	Partners/Members	  	 Tax

Identification

    Number    
	  	Borrowing
Base
Property
    Owner    	  	Prop
Ref.
    No    
	Cedar-Carll’s Corner, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	26-1286374	  	Yes	  	19
	Washington Center L.L.C. 1	  	Delaware	  	Washington Center L.L.C. 2 (100%)	  	11-3620386	  	Yes	  	20
	Washington Center L.L.C. 2	  	Delaware	  	Cedar Center Holdings L.L.C. 3 (100%)	  	11-3620385	  	No	  	20
	Cedar Center Holdings L.L.C. 3	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	11-3632594	  	No	  	20
	Academy Plaza L.L.C. 1	  	Delaware	  	Academy Plaza L.L.C. 2 (100%)	  	11-3620380	  	Yes	  	21
	Academy Plaza L.L.C. 2	  	Delaware	  	Cedar Center Holdings L.L.C. 3 (100%)	  	11-3620382	  	No	  	21
	Cedar Center Holdings L.L.C. 3	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	11-3632594	  	No	  	21
	Port Richmond L.L.C. 1	  	Delaware	  	Port Richmond L.L.C. 2 (100%)	  	11-3620392	  	Yes	  	22
	Port Richmond L.L.C. 2	  	Delaware	  	Cedar Center Holdings L.L.C. 3 (100%)	  	11-3620390	  	No	  	22
	Cedar Center Holdings L.L.C. 3	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	11-3632594	  	No	  	22
	Virginia Kempsville, LLC	  	Virginia	  	Cedar Realty Trust Partnership, L.P. and Cedar-Second Member LLC	  	25-1823129	  	Yes	  	23
	Cedar-Second Member LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-8845411	  	No	  	23


  
 SCHEDULE 6.4
- 4 









											
	 Legal Name of

Loan Party
	  	 State of

Organization
	  	Partners/Members	  	 Tax

Identification

    Number    
	  	Borrowing
Base
Property
    Owner    	  	Prop
Ref.
    No    
	Virginia General Booth, LLC	  	Virginia	  	Cedar Realty Trust Partnership, L.P. and Cedar-Second Member LLC	  	25-1823132	  	Yes	  	24
	Cedar-Second Member LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-8845411	  	No	  	24
	Fort Washington Fitness, L.P.	  	Delaware	  	Cedar-Fort Washington, LLC (General Partner) and Cedar-Second Member LLC (Limited Partner)	  	13-4227049	  	Yes	  	25
	Cedar-Fort Washington, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	54-2074245	  	No	  	25
	Cedar-Second Member LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-8845411	  	No	  	25
	Newport Plaza Associates, L.P.	  	Delaware	  	CIF-Newport Plaza Associates, LLC (General Partner) (1%) and Fairport Associates, L.P. (Limited Partner) (99%)	  	56-2312995	  	Yes	  	26
	CIF-Newport Plaza Associates, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	59-3770320	  	No	  	26
	Fairport Associates, L.P.	  	Delaware	  	CIF-Fairport Associates, LLC (General Partner) and Cedar-Second Member LLC (Limited Partner)	  	59-3763393	  	No	  	26
	CIF-Fairport Associates, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	59-3763400	  	No	  	26


  
 SCHEDULE 6.4
- 5 









											
	 Legal Name of

Loan Party
	  	 State of

Organization
	  	Partners/Members	  	 Tax

Identification

    Number    
	  	Borrowing
Base
Property
    Owner    	  	Prop
Ref.
    No    
	Cedar-Second Member LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-8845411	  	No	  	26
	Virginia Suffolk, LLC	  	Virginia	  	Cedar Realty Trust Partnership, L.P. and Cedar-Second Member LLC	  	20-1823128	  	Yes	  	27
	Cedar-Second Member LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-8845411	  	No	  	27
	Halifax Plaza Associates, L.P.	  	Delaware	  	CIF-Halifax Plaza Associates, LLC (General Partner) (1%) and Fairport Associates, L.P. (Limited Partner) (99%)	  	56-2312992	  	Yes	  	28
	CIF-Halifax Plaza Associates, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	59-3770319	  	No	  	28
	Fairport Associates, L.P.	  	Delaware	  	CIF-Fairport Associates, LLC (General Partner) and Cedar-Second Member LLC (Limited Partner)	  	59-3763393	  	No	  	28
	CIF Fairport Associates, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	59-3763400	  	No	  	28
	Cedar-Second Member LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-8845411	  	No	  	28
	Coliseum FF, LLC	  	Virginia	  	Cedar Realty Trust Partnership, L.P. and Cedar-Second Member LLC	  	25-1819781	  	Yes	  	29
	Cedar-Second Member LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-8845411	  	No	  	29


  
 SCHEDULE 6.4
- 6 









											
	 Legal Name of

Loan Party
	  	 State of

Organization
	  	Partners/Members	  	 Tax

Identification

    Number    
	  	Borrowing
Base
Property
    Owner    	  	Prop
Ref.
    No    
	Cedar-Kings, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	26-0532800	  	Yes	  	30
	Cedar Quartermaster II, LLC	  	Delaware	  	Cedar Quartermaster Holding, LLC (100%)	  	46-4174145	  	Yes	  	31
	Cedar Quartermaster Holding, LLC	  	Delaware	  	 Cedar Realty Trust Partnership, L.P. (99.9%);

CIF-Loyal Plaza Associates, Corp. (0.1%)
	  	46-4248660	  	No	  	31
	CIF-Loyal Plaza Associates, Corp.	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	42-1597273	  	No	  	31
	Cedar Quartermaster III, LLC	  	Delaware	  	Cedar Quartermaster Holding, LLC (100%)	  	46-4186944	  	Yes	  	32
	Cedar Quartermaster Holding, LLC	  	Delaware	  	 Cedar Realty Trust Partnership, L.P. (99.9%)

CIF-Loyal Plaza Associates, Corp. (0.1%)
	  	46-4248660	  	No	  	32
	CIF-Loyal Plaza Associates, Corp.	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	42-1597273	  	No	  	32
	Cedar-Trexler, LLC	  	Delaware	  	Cedar-Trexler SPE, LLC (100%)	  	20-3916293	  	Yes	  	33
	Cedar-Trexler SPE, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-3916335	  	No	  	33
	Cedar-Yorktowne, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	26-0532880	  	Yes	  	34
	Cedar-Fieldstone Marketplace, LP	  	Delaware	  	Cedar-Fieldstone SPE, LLC (100%)	  	20-3941157	  	Yes	  	35
	Cedar-Fieldstone SPE, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-3941589	  	No	  	35


  
 SCHEDULE 6.4
- 7 









											
	 Legal Name of

Loan Party
	  	 State of

Organization
	  	Partners/Members	  	 Tax

Identification

    Number    
	  	Borrowing
Base
Property
    Owner    	  	Prop
Ref.
    No    
	Cedar-Mechanicsburg LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-2956328	  	Yes	  	36
	Cedar-Elmhurst, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-5957270	  	Yes	  	37
	Cedar-Timpany, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	26-1286225	  	Yes	  	38
	CF Pottsgrove Associates, LP	  	Pennsylvania	  	 Cedar-Pottsgrove
 General LLC

(0.01%) and Cedar
 Pottsgrove LLC

(99.9%)
	  	20-8744143	  	Yes	  	39
	Cedar-Pottsgrove General, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	46-4043688	  	No	  	39
	Cedar-Pottsgrove, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	26-2647585	  	No	  	39
	Cedar-Bethel, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	46-4039486	  	Yes	  	40
	Cedar PCP-New London, LLC	  	Delaware	  	Cedar-New London SPE, LLC (100%)	  	26-3769424	  	Yes	  	41
	Cedar-New London SPE, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	11-3440066	  	No	  	41
	Cedar-Oak Ridge, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-5841437	  	Yes	  	42
	Lawndale I, LP	  	Delaware	  	Lawndale II, LP (11%); Cedar Lawndale, LLC (89%)	  	11-3440066	  	Yes	  	43
	Lawndale II, LP	  	Delaware	  	Lawndale III, LP (11%); Cedar Lawndale, LLC (89%)	  	11-3440066	  	No	  	43


  
 SCHEDULE 6.4
- 8 









											
	 Legal Name of

Loan Party
	  	 State of

Organization
	  	Partners/Members	  	 Tax

Identification

    Number    
	  	Borrowing
Base
Property
    Owner    	  	Prop
Ref.
    No    
	Lawndale III, LLC	  	Delaware	  	Cedar Lawndale, LLC (100%)	  	11-3440066	  	No	  	43
	Cedar Lawndale, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (99.9%); CIF-Loyal Plaza Associates, Corp. (0.1%)	  	47-3105507	  	No	  	43
	CIF-Loyal Plaza Associates, Corp.	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	42-1597273	  	No	  	43
	Pine Grove Plaza Associates, LLC	  	Delaware	  	CIF-Pine Grove Plaza Associates, LLC (100%)	  	11-3440066	  	Yes	  	44
	CIF-Pine Grove Plaza Associates, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	11-3440066	  	No	  	44
	Cedar Quartermaster, LLC	  	Delaware	  	Cedar Quartermaster Holding, LLC (100%)	  	46-4248660	  	Yes	  	45
	Cedar Quartermaster Holding, LLC	  	Delaware	  	CIF-Loyal Plaza Associates, Corp. (0.1%); Cedar Realty Trust Partnership, L.P. (99.9%)	  	46-4248660	  	No	  	45
	CIF-Loyal Plaza Associates, Corp.	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	42-1597273	  	No	  	45
	Cedar-Groton, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	11-3440066	  	Yes	  	46
	Cedar-Jordan Lane, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	11-3440066	  	Yes	  	47
	Cedar Southington Plaza, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	11-3440066	  	Yes	  	48
	Cedar-Kutztown, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	11-3440066	  	Yes	  	49


  
 SCHEDULE 6.4
- 9 









											
	 Legal Name of

Loan Party
	  	 State of

Organization
	  	Partners/Members	  	 Tax

Identification

    Number    
	  	Borrowing
Base
Property
    Owner    	  	Prop
Ref.
    No    
	Oakland Mills Business Trust	  	Maryland	  	Cedar Oakland Mills, LLC (100%)	  	11-3440066	  	Yes	  	50
	Cedar Oakland Mills, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	11-3440066	  	No	  	50
	Gold Star Plaza Associates	  	Pennsylvania	  	Gold Star Realty, Inc. (1% General Partner); Cedar -Second Member, LLC (99% Limited Partner)	  	23-2935086	  	Yes	  	51
	Gold Star Realty, Inc.	  	Pennsylvania	  	Cedar Realty Trust Partnership, L.P. (100%)	  	23-2934424	  	No	  	51
	Cedar Second Member, LLC	  	Delaware	  	Cedar Realty Trust Partnership, L.P. (100%)	  	20-8845411	  	No	  	51


  
 SCHEDULE 6.4
-10 








 SCHEDULE 6.14.2 

BORROWING BASE PROPERTIES 
  

							
	 Legal Name of Loan

Property/Property

Owner
	  	 Borrowing Base

Property/Purchase Options
	    	Fee Simple or
Leasehold Estate	    	Prop. Ref.
No.
	 Cedar-South
 Philadelphia I, LLC
	  	 South Philadelphia Shopping
 Plaza

Philadelphia, Pennsylvania
	    	Fee Simple	    	1
	Cedar-Riverview LP	  	 Riverview Shopping Center
 Philadelphia,
Pennsylvania
	    	Fee Simple (Parking is Leasehold)	    	2
	Cedar Dubois, LLC	  	 Dubois Commons Shopping
 Center

Sandy, Pennsylvania
	    	Fee Simple	    	3
	 Cedar Brickyard, LLC
 Cedar Brickyard II,
LLC
	  	 Brickyard Shopping Center
 Berlin,
Connecticut
	    	Fee Simple	    	4
	Cedar-Valley Plaza, LLC	  	 Valley Plaza Shopping Center,
 Hagerstown,
Maryland
	    	Fee Simple	    	5
	Cedar-Glen Allen UK, LLC	  	 Ukrop’s Shopping Center,
 Glen Allen,
Virginia
  
 Ukrop’s Super Markets, Inc. has a

purchase option.
	    	Fee Simple	    	6
	 Cedar-Fredericksburg

UK, LLC
	  	 Ukrop’s Shopping Center,
 Fredericksburg,
Virginia
  
 Ukrop’s Super Markets, Inc. has a

purchase option.
	    	Fee Simple	    	7
	Cedar-Revere LLC	  	 Unit 2 of The Shops at Suffolk
 Downs
Condominium,
 Revere, Massachusetts
  

The Stop & Shop Supermarket
 Company LLC has a purchase

option.
	    	Fee Simple	    	8
	Cedar-Palmyra, LLC	  	 Palmyra Shopping Center
 Palmyra,
Pennsylvania
	    	Fee Simple	    	9
	 Cedar-Fairview
 Commons, LLC
	  	 Fairview Commons
 Fairview Township,
Pennsylvania
	    	Fee Simple	    	10


  
 SCHEDULE 6.14.2
- 1 









							
	 Legal Name of Loan

Property/Property

Owner
	  	 Borrowing Base

Property/Purchase Options
	    	Fee Simple or
Leasehold Estate	    	Prop. Ref.
No.
	Cedar-Norwood, LLC	  	 Hannaford Plaza
 Norwood, Massachusetts
	    	Fee Simple	    	11
	Cedar-Metro Square II, LLC	  	 Metro Square at Owings Mills,
 Owings Mills,
Maryland
	    	Fee Simple	    	12
	Greentree Road L.L.C. 1	  	 Washington Center Shops,
 Washington, New
Jersey
	    	Fee Simple	    	13
	Cedar-Bristol, LLC	  	 Oakland Commons, Bristol,
 Connecticut
	    	Fee Simple	    	14
	 Hamilton FC
 Associates, L.P.
	  	 Crossroads II Shopping Center,
 Dunmore,
PA
	    	Fee Simple	    	15
	Cedar-PC Plaza, LLC	  	 Price Chopper Plaza, Webster,
 MA
	    	Fee Simple	    	16
	 Cedar-Trexler Plaza 2,
 LLC and
Cedar-Trexler
 Plaza 3, LLC
	  	 Trexler Plaza Shopping Center,
 Lower and Upper
Macungie
 Townships, PA
	    	Fee Simple	    	17
	Cedar-Campbelltown, LLC	  	 Northside Commons Shopping
 Center, South
Londonderry
 Township, PA
	    	Fee Simple	    	18
	Cedar-Carll’s Corner	  	 Carll’s Corner, 15 Cornwell
 Drive,
Bridgeton, NJ
	    	Fee Simple	    	19
	 Washington Center
 L.L.C. 1
	  	 Washington Center, 415 Egg
 Harbor Road, Sewell,
NJ
	    	Fee Simple	    	20
	Academy Plaza L.L.C. 1	  	 Academy Plaza, 3200-3296 Red
 Lion Road,
Philadelphia, PA
	    	Fee Simple	    	21
	Port Richmond L.L.C. 1	  	 Port Richmond, 2401-2499
 Aramingo Ave.,
Philadelphia, PA
	    	Fee Simple	    	22
	 Virginia Kempsville,
 LLC
	  	 Kempsville Crossing, 1830
 Kempsville Rd.,
Virginia Beach,
 VA
	    	Fee Simple	    	23
	 Virginia General Booth,
 LLC
	  	 General Booth Shopping Center,
 1615 General
Booth Blvd.,
 Virginia Beach, VA
	    	Fee Simple	    	24


  
 SCHEDULE 6.14.2
- 2 









							
	 Legal Name of Loan

Property/Property

Owner
	  	 Borrowing Base

Property/Purchase Options
	    	Fee Simple or
Leasehold Estate	    	Prop. Ref.
No.
	 Fort Washington
 Fitness, L.P.
	  	 LA Fitness Facility, 1175 Virginia
 Rd., Fort
Washington, PA
	    	Fee Simple	    	25
	 Newport Plaza
 Associates, L.P.
	  	 Newport Plaza, 2-18 Newport
 Plaza, Newport,
PA
	    	Fee Simple	    	26
	Virginia Suffolk, LLC	  	 Suffolk Plaza, 1401 N. Main St.,
 Suffolk,
VA
	    	Fee Simple	    	27
	Halifax Plaza Associates, L.P.	  	 Halifax Plaza, 3761-3777 Peters
 Mountain Rd.,
Halifax, PA
	    	Fee Simple	    	28
	Cedar-Kings, LLC	  	 Kings Plaza
 1024 Kings Highway

New Bedford, MA 02745
	    	Fee Simple	    	29
	Coliseum FF, LLC	  	 Coliseum Marketplace,
 2170 Coliseum Dr.

Hampton, VA 23466
	    	Fee Simple	    	30
	Cedar Quartermaster II, LLC	  	 Quartermaster Shopping Center
 Oregon Ave. and
23rd St.
 Philadelphia, PA 19145
	    	Fee Simple	    	31
	Cedar Quartermaster III, LLC	  	 Quartermaster Shopping Center
 Oregon Ave. and
23rd St.
 Philadelphia, PA 19145
	    	Fee Simple	    	32
	Cedar-Trexler, LLC	  	 Trexler Mall
 6900 Hamilton Blvd.

Trexlertown, PA 18087
	    	Fee Simple	    	33
	Cedar-Yorktowne, LLC	  	 Yorktowne Plaza
 122 Cranbrook Road

Cockeysville, MD 21030
	    	Fee Simple	    	34
	Cedar-Mechanicsburg LLC	  	 Mechanicsburg Center
 5301 Simpson Ferry
Road
 Mechanicsburg, PA 17055
	    	Fee Simple	    	35
	 Cedar-Fieldstone
 Marketplace, LP
	  	 Fieldstone Marketplace
 500 Kings Highway

New Bedford, MA 02745
	    	Fee Simple	    	36
	Cedar-Elmhurst, LLC	  	 Elmhurst Square
 5600 Portsmouth Blvd.

Portsmouth, VA 23701
	    	Fee Simple	    	37
	Cedar-Timpany, LLC	  	 Timpany Plaza
 360 Timpany Blvd.

Gardner, MA 01440
	    	Fee Simple	    	38


  
 SCHEDULE 6.14.2
- 3 









							
	 Legal Name of Loan

Property/Property

Owner
	  	 Borrowing Base

Property/Purchase Options
	    	Fee Simple or
Leasehold Estate	    	Prop. Ref.
No.
	 CF Pottsgrove
 Associates, LP
	  	 Upland Square
 Route 100 and Upland Square
Dr.
 Pottstown, PA 19464
	    	Fee Simple	    	39
	Cedar-Bethel, LLC	  	 Big Y Shopping Center
 Old Hawleyville Rd. &
Stony Hill
 Rd.
 Bethel, CT 06801
	    	Fee Simple	    	40
	 Cedar PCP-New
 London, LLC
	  	 New London Mall, 317, 351 &
 369 North
Frontage Road, New
 London, Connecticut
	    	Fee Simple	    	41
	Cedar-Oak Ridge, LLC	  	 Oak Ridge Shopping Center, 1524
 Holland Road,
Suffolk, Virginia
	    	Fee Simple	    	42
	Lawndale I, LP	  	 Lawndale Plaza, 6301-6395
 Oxford Avenue,
Philadelphia,
 Pennsylvania
	    	Fee Simple	    	43
	 Pine Grove Plaza
 Associates, LLC
	  	 Pine Grove Plaza, 18 Broadway
 Street, Brown
Mills, New Jersey
	    	Fee Simple	    	44
	Cedar Quartermaster, LLC	  	 Quartermaster Shopping Center,
 Oregon Ave. and
23rd St.
 Philadelphia, PA 19145
	    	Fee Simple	    	45
	Cedar-Groton, LLC	  	 Groton Shopping Center, 646-720
 Long Hill Road,
Groton,
 Connecticut
	    	Fee Simple	    	46
	 Cedar-Jordan Lane,
 LLC
	  	 Jordan Lane Shopping Center,
 1380-1420 Berlin
Turnpike,
 Wethersfield, Connecticut
	    	Fee Simple	    	47
	 Cedar Southington
 Plaza, LLC
	  	 Walmart Shopping Center, 235
 Queen Street,
Southington,
 Connecticut
	    	Fee Simple	    	48
	Cedar-Kutztown, LLC	  	 Kutztown Shopping Center,
 Kutztown Road and
Sheradin
 Road, Maxatawny Township,
 Pennsylvania
	    	Fee Simple	    	49


  
 SCHEDULE 6.14.2
- 4 









							
	 Legal Name of Loan

Property/Property

Owner
	  	 Borrowing Base

Property/Purchase Options
	    	Fee Simple or
Leasehold Estate	    	Prop. Ref.
No.
	 Oakland Mills Business
 Trust
	  	 Oakland Mills Village Center,
 5865 Robert
Oliver Place,
 Columbia, Maryland
	    	Fee Simple	    	50
	 Gold Star Plaza
 Associates
	  	 Gold Star Plaza, 1 Gold Star
 Highway (Route
924),
 Shenandoah, Pennsylvania
	    	Fee Simple	    	51


  
 SCHEDULE 6.14.2
- 5 








 SCHEDULE 6.14.3 

ENVIRONMENTAL REPORTS 
  

					
	 Legal Name of Loan
Party/Property

Owner
	    	 Environmental Report
	    	 Prop. Ref. No.

	 Cedar-South
 Philadelphia I, LLC
	    	Phase I Environmental Site Assessment, South Philadelphia Shopping Plaza, 24th Street, and Passyunk Avenue, South Philadelphia, Pennsylvania 19145, prepared by EMG, dated
January 11, 2012	    	1
	Cedar-Riverview LP	    	Phase I Environmental Site Assessment, Riverview Plaza, 1100-1400 South Christopher Columbus Boulevard and 1401 South Water Street, Philadelphia, Pennsylvania 19147, prepared by IVI Assessment Services, Inc., dated December 19,
2011	    	2
	Cedar Dubois, LLC	    	Phase I Environmental Site Assessment, Commons at DuBois Site, 118-324 Commons Drive, Sandy Township, Clearfield County, Pennsylvania, prepared by BL Companies Pennsylvania, Inc., dated December 21, 2011	    	3
	 Cedar Brickyard, LLC

Cedar Brickyard II,
 LLC
	    	Phase I Environmental Site Assessment, Brickyard Plaza Shopping Center, 129 & 225-295 Berlin Turnpike, Town of Berlin, Hartford County, Connecticut, prepared by BL Companies Pennsylvania, Inc., dated December 21, 2011	    	4
	 Cedar-Valley Plaza,

LLC
	    	Phase I Environmental Site Assessment, Valley Plaza Shopping Center, 1701 to 1729 Massey Boulevard, Hagerstown, Washington County, Maryland 31525, prepared by Eckland Consultants Inc., dated January 12, 2012	    	5
	 Cedar-Glen Allen

UK, LLC
	    	Phase I Environmental Site Assessment Report, Martin’s Food & Drugstore, 10150 Brook Road, Glen Allen, Virginia, prepared by ECS Mid-Atlantic, LLC, dated December 19, 2011	    	6
	 Cedar-Fredericksburg

UK, LLC
	    	Phase I Environmental Site Assessment Report, Former Ukrop’s Grocery Store, 4503 Plank Road, Fredericksburg, Virginia 22407, prepared by ECS Mid-Atlantic, LLC, dated December 23, 2011	    	7
	Cedar-Revere LLC	    	Draft Phase I Environmental Site Assessment, The Shops and Suffolk Downs, Furlong Drive, Revere, Massachusetts, prepared by Sanborn, Head & Associates, Inc., dated December 16, 2011	    	8


  
 SCHEDULE 6.14.3
- 1 









					
		    	  
 Phase I Environmental Site Assessment, The Shops and Suffolk Downs,
Furlong Drive, Revere, Massachusetts, prepared by Sanborn, Head & Associates, Inc., dated February 2010
	    	
	Cedar-Palmyra, LLC	    	Phase I Environmental Site Assessment, Palmyra Shopping Center Site, 901 East Main Street, Borough of Palmyra, Lebanon County, Pennsylvania, prepared by BL Companies Pennsylvania, Inc., dated December 21, 2011	    	9
	Cedar-Fairview Commons, LLC	    	Phase I Environmental Site Assessment, Fairview Commons Shopping Center, 110 Old York Road, Fairview Township, York County, Pennsylvania, prepared by Mountain Research, LLC, dated December 2011	    	10
	Cedar-Norwood, LLC	    	 Phase I Environmental Site Assessment, Hannaford Plaza Site, 418-444 Walpole Street, Town of Norwood, Norfolk County, Massachusetts, prepared
by BL Companies Pennsylvania, Inc., dated December 21, 2011
  
 Phase II
Environmental Site Assessment, Hannaford Plaza 418-444 Walpole Street, Norwood, Massachusetts, prepared by Professional Service Industries, Inc., dated September 25, 2006
	    	11
	 Cedar-Metro Square

II, LLC
	    	Phase I Environmental Site Assessment Report, Metro Square at Owings Mills, 11130 Reisterstown Road, Owings Mills, Baltimore County, Maryland, prepared by Civil & Environmental Consultants, Inc., dated December 19,
2011	    	12
	Greentree Road L.L.C. 1	    	Phase I Environmental Site Assessment, 304 Greentree Road, Block 193, Lot 5, Washington Township, Gloucester County, New Jersey, prepared by Brinkerhoff Environmental Services, Inc., December 20, 2011	    	13
	Cedar-Bristol, LLC	    	Phase I Environmental Site Assessment, Shaws Supermarket, 325 Oakland Street, Bristol, Connecticut 06010, prepared by EBI Consulting, dated December 20, 2011	    	14
	Hamilton FC Associates, L.P.	    	Phase I Environmental Site Assessment, Shoppes at Crossroads Site, 3560 and 3578 Route 611, Townships of Stroud and Hamilton, Monroe County, Pennsylvania, prepared by BL Companies Pennsylvania, Inc., dated December 22,
2011	    	15
	Cedar-PC Plaza, LLC	    	Phase I Environmental Site Assessment Report, Price Chopper Plaza, 112, 118 & 120 E Main Street, Webster, Worcester County, Massachusetts, prepared by Civil & Environmental Consultants, Inc., dated December 18,
2011	    	16


  
 SCHEDULE 6.14.3
- 2 









					
		    	  
 Phase I Environmental Site Assessment Report, Price Chopper Plaza, East
Main Street, Webster, Worcester County, Massachusetts, prepared by Civil & Environmental Consultants, Inc., dated September 2009
	    	
	 Cedar-Trexler Plaza
 2, LLC and Cedar-

Trexler Plaza 3, LLC
	    	 Phase I Environmental Site Assessment, Trexlertown Plaza Shopping Center, 7150 Hamilton Boulevard, Trexlertown, Pennsylvania, 18087, prepared
by IVI Assessment Services, Inc., dated December 19, 2011
  
 Report of Phase I
Environmental Site Assessment, Proposed Tractor Supply Company, 7450 Hamilton Boulevard, Trexlertown, Pennsylvania 18087, prepared by Professional Service Industries, Inc., dated April 22, 2011

 
 Report of Phase I Environmental Site Assessment, Automobile Dealership, 7450 Hamilton
Boulevard, Trexlertown, Pennsylvania 18087, prepared by Professional Service Industries, Inc., dated December 3, 2010
  

Phase I Environmental Site Assessment Report, Mobile Home Park, 7450 Hamilton Boulevard, Trexlertown, Pennsylvania 18087, prepared by Professional Service
Industries, Inc., dated January 18, 2008
  
 Report of Phase I Environmental Site
Assessment, Automobile Dealership, 7450 Hamilton Boulevard, Trexlertown, Pennsylvania 18087, prepared by Professional Service Industries, Inc., dated February 26, 2007
	    	17
	 Cedar-Campbelltown,

LLC
	    	Phase I Environmental Site Assessment, Northside Commons Shopping Center Site, 103-112 Northside Drive, South Londonberry Township, Lebanon County, Pennsylvania, prepared by BL Companies
Pennsylvania, Inc., dated December 21, 2011	    	18
	Cedar-Carll’s Corner	    	Phase I Environmental Site Assessment, Carll’s Corner Shopping Center Site, 9-47 Cornwell Drive and 1070 North Pearl Street, Upper Deerfield Township, Cumberland County, New Jersey, prepared by BL Companies Pennsylvania, Inc.,
dated May 30, 2012.	    	19


  
 SCHEDULE 6.14.3
- 3 









					
	 Washington Center
 L.L.C. 1
	    	 Phase I Environmental Site Assessment Report, Washington Center, 415 Egg Harbor Road, Sewell, New Jersey 08080, prepared by Professional
Service Industries, Inc., dated September 12, 2012
  
 Phase I Environmental Site
Assessment Report, Washington Center, 415 Egg Harbor Road, Sewell, New Jersey 08080, prepared by LandAmerica Assessment Corporation, dated October 17, 2007
  

Phase I Environmental Site Assessment (Update), Washington Centre Shoppes, 415 Egg Harbor Road, Block 193, Lots 5.01 and 6, Sewell Gloucester County, New
Jersey, prepared by Brinkerhoff Environmental Services, Inc., dated July 11, 2001
	    	20
	Academy Plaza L.L.C. 1	    	Phase I Environmental Site Assessment, Academy Plaza, 3200-3280 Red Lion Road, Philadelphia, Philadelphia County, Pennsylvania, prepared by Brinkerhoff Environmental Services, Inc., dated July 12, 2001	    	21
	 Port Richmond
 L.L.C. 1
	    	 Phase I Environmental Site Assessment Report, 2401-2499 Aramingo Avenue, Philadelphia Pennsylvania 19125, prepared by Professional Service
Industries, Inc., dated February 25, 2013
  
 Report of Phase I Environmental Site
Assessment, Port Richmond Village Shopping Center, 2401 Aramingo Avenue, Philadelphia Pennsylvania 19125, prepared by Professional Service Industries, Inc., dated June 3, 2008

 
 Phase I Environmental Site Assessment (Phase I/II ESA Addendum), Port Richmond Village
Shopping Center, 2403-2499 Aramingo Avenue, Philadelphia, Philadelphia County, Pennsylvania, prepared by Brinkerhoff Environmental Services, Inc., dated July 11, 2001
  

Phase II Environmental Site Assessment, Port Richmond Village Shopping Center, 2403-2499 Aramingo Avenue, Philadelphia, Pennsylvania, prepared by Dames &
Moore, dated January 17, 1996
	    	22


  
 SCHEDULE 6.14.3
- 4 









					
	 Virginia Kempsville,
 LLC
	    	Phase I Environmental Assessment, Kempsville Shopping Center, 1830 & 1832 Kempsville Road, Virginia Beach, Virginia 23464, prepared by Property Solutions Inc., dated December 16, 1998	    	23
	Virginia General Booth, LLC	    	Phase I Environmental Assessment, General Booth Shopping Center, 1615 General Booth Boulevard, Virginia Beach, Virginia 23454, prepared by Property Solutions Inc., dated December 17, 1998	    	24
	Fort Washington Fitness, L.P.	    	Phase I Environmental Site Assessment, LA Fitness, 1175 Virginia Drive, Ft. Washington, Pennsylvania, prepared by EBI Consulting, dated November 11, 2007	    	25
	Newport Plaza Associates, L.P.	    	Phase I Environmental Site Assessment, Newport Plaza, Route 34, 2-18 Newport Plaza, Newport, Perry County, Pennsylvania 10774, prepared by Eckland Consultant, Inc., dated August 22, 2002	    	26
	Virginia Suffolk, LLC	    	Phase I Environmental Assessment, Farm Fresh Store and Pharmacy, Suffolk, Virginia, prepared by Civil & Environmental Consultants, Inc., dated June 8, 2005	    	27
	Halifax Plaza Associates, L.P.	    	Phase I Environmental Site Assessment, 3616 Peters Mountain Road, Halifax, Dauphin County, Pennsylvania, prepared by Civil & Environmental Consultants, Inc., dated December 16, 2005	    	28
	Cedar-Kings, LLC	    	 Kings Plaza-Environmental-2004-05-28-Phase I

Kings Plaza-Environmental-2007-06-05-Phase I
	    	29
	Coliseum FF, LLC	    	[_______________________________]	    	30
	 Cedar Quartermaster
 II, LLC
	    	Quartermaster-Environmental-2002-09-17-EDR Radius Map	    	31
	 Cedar Quartermaster
 III, LLC
	    	Quartermaster-Environmental-2002-10-02-Soil Gas Analysis	    	32
		    	 Quartermaster-Environmental-2003-04-17-Soil Screening and Health Safety Monitoring Protocol

Quartermaster-Environmental-2003-04-24-Conditions Summary

Quartermaster-Environmental-2003-04-24-HASP

Quartermaster-Environmental-2003-04-24-Soil Mgmt Plan

Quartermaster-Environmental-2003-04-24-Summary of Environmental Investigations (1)

Quartermaster-Environmental-2003-04-24-Summary of Environmental Investigations (2)

Quartermaster-Environmental-2003-04-24-Summary of Environmental Investigations (3)
	    	


  
 SCHEDULE 6.14.3
- 5 









					
		    	 Quartermaster-Environmental-2003-04-24-Summary of Environmental Investigations (4)

Quartermaster-Environmental-2003-04-24-Summary of Environmental Investigations (5)

Quartermaster-Environmental-2003-04-24-Summary of Environmental Investigations (6)

Quartermaster-Environmental-2003-04-24-Summary of Environmental Investigations (7)

Quartermaster-Environmental-2003-04-24-Summary of Environmental Investigations (8)

Quartermaster-Environmental-2003-04-24-Summary of Environmental Investigations (9)

Quartermaster-Environmental-2003-04-24-Summary of Environmental Investigations (10)

Quartermaster-Environmental-2003-04-24-Summary of Environmental Investigations (11)

Quartermaster-Environmental-2003-04-24-Summary of Environmental Investigations (12)

Quartermaster-Environmental-2003-04-24-Summary of Environmental Investigations (13)

Quartermaster-Environmental-2003-04-24-Summary of Environmental Investigations (14)

Quartermaster-Environmental-2013-10-31-Phase I

Quartermaster-Environmental-2014-03-14-Phase I
	    	
	Cedar-Trexler, LLC	    	 Trexler Mall Phase I 3.12.00
 Trexler Mall Phase
I 7.26.05
 Trexler Plaza Phase I Keybank.2011
	    	33
	 Cedar-Yorktowne,

LLC
	    	 Yorktowne Plaza Phase I 6.6.07
 Yorktowne Plaza
Phase II 6.13.07
 Yorktowne Plaza Soil Vapor Sampling 6.21.07
	    	34
	 Cedar-Mechanicsburg

LLC
	    	 Mechanicsburg-Environmental-2002-10-29-Phase I

Mechanicsburg-Environmental-2002-12-19-Phase II
	    	35
	Cedar-Fieldstone Marketplace, LP	    	 Fieldstone Marketplace-Environmental-2005-10-18-Phase I

Fieldstone Marketplace-Environmental-2007-05-03-CEC Memo
	    	36
	Cedar-Elmhurst, LLC	    	 Elmhurst Square-Environmental-2004-12-03-Phase I

Elmhurst Square-Environmental-2006-09-01-Phase I
 Elmhurst
Square-Environmental-2006-10-04-Phase I
 Elmhurst Square-Environmental-2006-11-01-Phase II
	    	37
	Cedar-Timpany, LLC	    	 Timpany Plaza Phase I 3.16.07.pdf

Timpany-01-10-07 Phase IV RIP Pgs 401-450.pdf
	    	38


  
 SCHEDULE 6.14.3
- 6 









					
	CF Pottsgrove Associates, LP	    	 Upland Square Environemntal-2008-09-25 Phase I

2007-05-02 Phase I ESA
 2007-05-16 Giant Enviro Reliance
Letter
	    	39
	Cedar-Bethel, LLC	    	 Big Y-Environmental-2001-02-26-Phase I
 Big
Y-Environmental-2002-07-08-Phase I
 Big Y-Environmental-2002-09-27-Phase I

Big Y-Environmental-2002-10-04-Phase II
 Big
Y-Environmental-2007-09-21-Phase I
 Big Y-Environmental-2008-01-31-Phase I

Big Y-Environmental-2013-09-30-Phase I-ESA
	    	40
	 Cedar PCP-New

London, LLC
	    	Phase I Environmental Site Assessment, 317, 351 & 369 North Frontage Road, New London, Connecticut, Project No. 08L1612, September 5, 2008	    	41
	Cedar-Oak Ridge, LLC	    	Phase I Environmental Site Assessment, Oak Ridge Shopping Center, Project No. 412-6F013, September 11, 2006	    	42
	Lawndale I, LP	    	 Phase I Environmental Site Assessment, Lawndale Plaza, BL Project No. 14L4234, September 16, 2014

Phase II Limited Site Investigation, Lawndale Plaza, BL Project No. 14L4234, September 16, 2014
	    	43
	Pine Grove Plaza Associates, LLC	    	 Phase I Environmental Site Assessment, Pine Grove Plaza, Project Number 7434-01-E, March 16, 2000

Updated Phase I Environmental Site Assessment, Pine Grove Plaza, Project Number 2377-01-E, March 12, 2003

Phase I Environmental Site Assessment, Pine Grove Plaza, AEC Project Number 05-130, August 5, 2005
	    	44
	 Cedar Quartermaster,
 LLC
	    	Phase I Environmental Site Assessment, Quartermaster Plaza Shopping Center, Project No. CDRT 1301, March 14, 2014	    	45
	Cedar-Groton, LLC	    	 Phase I Environmental Site Assessment, Groton Shopping Center, LM Project No. 773.006.03, June 6, 2007

Limited Phase II Site Investigation, Groton Shopping Center, BL Companies Project Number 07L1217, June 13, 2007
	    	46
	Cedar-Jordan Lane, LLC	    	 Phase I Environmental Site Assessment Update, 1380-1420 Berlin Turnpike, Wethersfield, Connecticut, May 30, 2001

Phase I Environmental Site Assessment, Jordan Lane Shopping Center, CEC Project 051-591.0004, October 18, 2005
	    	47


  
 SCHEDULE 6.14.3
- 7 









					
	Cedar Southington Plaza, LLC	    	 Phase I Environmental Site Assessment, Wal-Mart Shopping Center, PSI Project No. 800-3E005, May 2, 2003

Phase I Environmental Site Assessment, Southington Plaza, EBI Project #11053616, October 6, 2005
	    	48
	Cedar-Kutztown, LLC	    	Phase I Environmental Site Assessment, Proposed Kutztown Shopping Center Site, BL Project No. 09C3154-B, March 6, 2009	    	49
	Oakland Mills Business Trust	    	 Phase I Environmental Site Assessment, Oakland Mills Village Center, IVI Project No. E1116408, December 18, 2001

Phase II Environmental Site Assessment, Oakland Mills Village Center, IVI Project No. E2012730, January 23, 2002

Phase II Environmental Site Assessment, Oakland Mills Village Center, URS Project No. 15294628, September 19, 2003

Phase I Environmental Site Assessment, Oakland Mills Village, March 1, 2004

Phase II Environmental Site Assessment, Oakland Mills Village Center, URS Project No. 15294628 March 1, 2004

Phase I Environmental Site Assessment, Oakland Mills Village Center, CEC Project 051-271.0001, July 11, 2005

Phase I Environmental Site Assessment, Oakland Mills Shopping Center, AEC Project Number 05-200, November 14,
2005
	    	50
	Gold Star Plaza Associates	    	Phase I Environmental Site Assessment, Gold Star Plaza Shopping Center, Project Number #06.0270, June 2, 2006	    	51


  
 SCHEDULE 6.14.3
- 8 








 SCHEDULE 6.14.5 

GROUND LEASES 
 That certain Lease, dated
as of June 24, 1992, between Interstate Land Management Corporation and Riverview Commons, Inc. 
 That certain First Amendment to Lease, dated as of
February 10, 1993, between Interstate Land Management Corporation and Riverview Commons, Inc. 
 That certain Lease, dated as of October 16, 1991,
between Interstate Land Management Corporation and Riverview Commons, Inc. 
 That certain Assignment and Assumption of Lease Agreement and Estoppel
Certificate, between Interstate Land Management Corporation and Riverview Commons, Inc. (with regard to the Lease dated June 24, 1992). 
 That certain
Assignment and Assumption of Lease Agreement and Estoppel Certificate, between Interstate Land Management Corporation and Riverview Commons, Inc. (with regard to the Lease dated October 16, 1991). 

As of the Closing Date, no ground lessor is an Affiliate of any Loan Party. 

  
 SCHEDULE 6.14.5
- 1 








 SCHEDULE 6.23.1 

MAJOR LEASE LOCATIONS 
  

											
	 Legal Name of Loan Party/Property Owner
	  	 Borrowing Base Property
	  	 Major Leases
	  	Square
Feet	 	  	Prop.
Ref.
No.
	 Cedar-South Philadelphia I, LLC
	  	 South Philadelphia
 Shopping Plaza

Philadelphia,
 Pennsylvania
	  	 LA Fitness
 Ross Dress for Less

Shop Rite
 Dollar Tree
	  	 
  
  

 
	31,000
 31,349

54,388
 6,930
	  
   

  
   
	  	1
	 Cedar-Riverview LP
	  	 Riverview Shopping
 Center

Philadelphia,
 Pennsylvania
	  	 Avalon Carpet, Tile, Etc.
 Pep Boys

United Artist Theatre
 Group

Staples
	  	 
  
  

 
	25,000
 22,000

77,700
 18,000
	  
   

  
   
	  	2
	 Cedar Dubois, LLC
	  	 Dubois Commons
 Shopping Center

Sandy, Pennsylvania
	  	 The Bon-Ton Dept
 Stores

Dollar Tree
 TJ Maxx

Petco
	  	 
  
  

 
	54,500
 6,250

24,404
 11,951
	  
   

  
   
	  	3
	 Cedar Brickyard, LLC

Cedar Brickyard II, LLC
	  	 Brickyard Shopping
 Center

Berlin, Connecticut
	  	 Home Depot
 Kohl’s

Michael’s
	  	 
  
  
	103,003
 58,966

21,429
	  
   

  
	  	4
	 Cedar-Valley Plaza, LLC
	  	 Valley Plaza Shopping
 Center, Hagerstown,

Maryland
	  	 K-Mart
 Ollie’s Bargain Outlet

Tractor Supply Company
	  	 
  
  
	95,810
 41,888

32,095
	  
   

  
	  	5
	 Cedar-Glen Allen UK, LLC
	  	 Ukrop’s Shopping Center,
 Glen Allen,
Virginia
	  	Giant Food Store/Martin’s	  	 	63,328	  	  	6
	 Cedar-Fredericksburg UK, LLC
	  	 Ukrop’s Shopping Center,
 Fredericksburg,
Virginia
	  	Ukrop’s	  	 	63,000	  	  	7
	 Cedar-Revere LLC
	  	 Unit 2 of The Shops at
 Suffolk Downs

Condominium, Revere, Massachusetts
	  	 Stop & Shop
 Dollar Tree

Famous Footwear
	  	 
  
  
	74,977
 9,500

6,494
	  
   

  
	  	8
	 Cedar-Palmyra, LLC
	  	 Palmyra Shopping Center
 Palmyra,
Pennsylvania
	  	 Weis Markets
 Goodwill
	  	 
  
	46,912
 18,104
	  
   
	  	9


  
 SCHEDULE 6.23.1
- 1 









											
	 Legal Name of Loan Party/Property Owner
	  	 Borrowing Base Property
	  	 Major Leases
	  	Square
Feet	 	  	Prop.
Ref.
No.
	 Cedar-Fairview Commons, LLC
	  	 Fairview Commons
 Fairview Township,

Pennsylvania
	  	Family Dollar	  	 	10,789	  	  	10
	 Cedar-Norwood, LLC
	  	 Hannaford Plaza
 Norwood, Massachusetts
	  	 Dollar Tree Stores
 Hannaford Brothers

Planet Fitness
	  	 
  
  
	16,798
 42,598

18,830
	  
   

  
	  	11
	 Cedar-Metro Square II, LLC
	  	 Metro Square at Owings
 Mills, Owings Mills,

Maryland
	  	 Shoppers Food
 Warehouse
	  	 	58,668	  	  	12
	 Greentree Road L.L.C. 1
	  	Washington Center Shops, Washington, New Jersey	  		  				  	13
	 Cedar-Bristol, LLC
	  	 Oakland Commons,
 Bristol, Connecticut
	  	 Bristol Ten Pin
 Wal-Mart
	  	 
  
	35,189
 54,911
	  
   
	  	14
	 Hamilton FC Associates, L.P.
	  	 Crossroads II Shopping
 Center, Dunmore,
PA
	  	 Giant Food Store
 Dollar Tree
	  	 
  
	78,815
 10,029
	  
   
	  	15
	 Cedar PC Plaza, LLC
	  	 Price Chopper Plaza,
 Webster, MA
	  		  				  	16
	 Cedar-Trexler Plaza 2, LLC and Cedar-Trexler Plaza 3, LLC
	  	 Trexler Plaza Shopping
 Center, Lower and
Upper
 Macungie Townships, PA
	  	 Giant Food Stores
 Hobby Lobby

Big Lots
 Tractor Supply
	  	 
  
  

 
	78,335
 57,512

33,824
 19,097
	  
   

  
   
	  	17
	 Cedar-Campbelltown, LLC
	  	 Northside Commons
 Shopping Center, South
Londonderry Township,
 PA
	  	 Redner’s Market
 Dollar Tree
	  	 
  
	53,019
 8,640
	  
   
	  	18
	 Cedar-Carll’s Corner
	  	 Carll’s Corner, 15
 Cornwell Drive,

Bridgeton, NJ
	  	 Acme Markets
 Peebles

Rite Aid
 Family Dollar
	  	 
  
  

 
	55,000
 18,858

13,050
 8,280
	  
   

  
   
	  	19
	 Washington Center L.L.C. 1
	  	 Washington Center, 415
 Egg Harbor Road,
Sewell,
 NJ
	  	 Acme Stores
 Planet Fitness
	  	 
  
	66,046
 20,742
	  
   
	  	20
	 Academy Plaza L.L.C. 1
	  	 Academy Plaza, 3200-
 3296 Red Lion Road,

Philadelphia, PA
	  	 Acme Markets
 Rite Aid
	  	 
  
	50,918
 11,860
	  
   
	  	21


  
 SCHEDULE 6.23.1
- 2 









											
	 Legal Name of Loan Party/Property Owner
	  	 Borrowing Base Property
	  	 Major Leases
	  	Square
Feet	 	  	Prop.
Ref.
No.
	 Port Richmond L.L.C. 1
	  	 Port Richmond, 2401
 -2499 Aramingo Ave.,

Philadelphia, PA
	  	 Thriftway
 Pep Boys

Family Dollar
 Dollar Tree
	  	 
  
  

 
	40,000
 20,615

11,948
 9,630
	  
   

  
   
	  	22
	 Virginia Kempsville, LLC
	  	 Kempsville Crossing,
 1830 Kempsville Rd.,

Virginia Beach, VA
	  	 Farm Fresh
 Walmart

Goodwill
	  	 
  
  
	16,938
 41,975

1,245
	  
   

  
	  	23
	 Virginia General Booth, LLC
	  	 General Booth Shopping
 Center, 1615 General

Booth Blvd., Virginia
 Beach, VA
	  	Farm Fresh	  	 	53,758	  	  	24
	 Fort Washington Fitness, L.P.
	  	 LA Fitness Facility, 1175
 Virginia Rd.,
Fort
 Washington, PA
	  	LA Fitness	  	 	41,000	  	  	25
	 Newport Plaza Associates, L.P.
	  	 Newport Plaza, 2-18
 Newport Plaza, Newport,

PA
	  	 Giant
 Rite Aid
	  	 
  
	43,400
 10,004
	  
   
	  	26
	 Virginia Suffolk, LLC
	  	 Suffolk Plaza, 1401 N.
 Main St., Suffolk,
VA
	  	Farm Fresh	  	 	67,216	  	  	27
	 Halifax Plaza Associates, L.P.
	  	 Halifax Plaza, 3761-3777
 Peters Mountain
Rd.,
 Halifax, PA
	  	 Giant
 Rite Aid
	  	 
  
	32,000
 7,930
	  
   
	  	28
	 Cedar-Kings, LLC
	  	 Kings Plaza
 1024 Kings Highway

New Bedford, MA 02745
	  	 Fallas
 Work Out World

Savers
 Family Dollar
	  	 
  
  

 
	28,504
 42,997

19,339
 8,400
	  
   

  
   
	  	29
	 Coliseum FF, LLC
	  	 Coliseum Marketplace,
 2170 Coliseum Dr.
Hampton, VA 23466
	  	 Farm Fresh
 Michaels
	  	 
  
	57,662
 23,981
	  
   
	  	30
	 Cedar Quartermaster II, LLC
	  	 Quartermaster Shopping
 Center

Oregon Ave. and 23rd St. Philadelphia, PA 19145
	  	Home Depot	  	 	150,000	  	  	31
	 Cedar Quartermaster III, LLC
	  	 Quartermaster Shopping
 Center

Oregon Ave. and 23rd St. Philadelphia, PA 19145
	  	BJs Wholesale Club	  	 	117,718	  	  	32


  
 SCHEDULE 6.23.1
- 3 









											
	 Legal Name of Loan Party/Property Owner
	  	 Borrowing Base Property
	  	 Major Leases
	  	Square
Feet	 	  	Prop.
Ref.
No.
	 Cedar-Trexler, LLC
	  	 Trexler Mall
 6900 Hamilton Blvd.

Trexlertown, PA 18087
	  	 Marshalls
 The Bon Ton

Oxy Fit Gym
 Kohl’s

Lehigh Wellness Partners
 Dollar Tree

Famous Footwear
 Home Goods
	  	 
  
  

 
  

 
  

 
	28,488
 62,000

28,870
 88,248

33,227
 14,765

6,076
 28,181
	  
   

  
   

  
   

  
   
	  	33
	 Cedar-Yorktowne, LLC
	  	 Yorktowne Plaza
 122 Cranbrook Road

Cockeysville, MD 21030
	  	 Food Lion
 Rite Aid

Dollar Tree
	  	 
  
  
	37,692
 10,700

9,153
	  
   

  
	  	34
	 Cedar-Mechanicsburg LLC
	  	 Mechanicsburg Center
 5301 Simpson Ferry
Road
 Mechanicsburg, PA 17055
	  	Giant	  	 	51,500	  	  	35
	 Cedar-Fieldstone Marketplace, LP
	  	 Fieldstone Marketplace
 500 Kings Highway

New Bedford, MA 02745
	  	 Shaws
 Flagship Cinema

Dollar Tree
	  	 
  
  
	68,000
 41,975

8,710
	  
   

  
	  	36
	 Cedar-Elmhurst, LLC
	  	 Elmhurst Square
 5600 Portsmouth Blvd.

Portsmouth, VA 23701
	  	Food Lion	  	 	38,272	  	  	37
	 Cedar-Timpany, LLC
	  	 Timpany Plaza
 360 Timpany Blvd.

Gardner, MA 01440
	  	 Stop & Shop
 Big Lots

Gardner Theater
 Dollar Tree
	  	 
 
  
  
	59,947
28,027
 27,576

12,000
	  
  
   

  
	  	38
	 CF Pottsgrove Associates, LP
	  	 Upland Square
 Route 100 and Upland

Square Dr.
 Pottstown, PA 19464
	  	 Giant
 Carmike Cinema

LA Fitness
 Best Buy

TJ Maxx
 Staples

Petco
 Chili’s

AC Moore
 Famous Footwear
	  	 
  
  

 
  

 
  

 
  

 
	78,900
 45,276

42,000
 30,000

25,000
 18,336

13,500
 5,594

21,600
 7,000
	  
   

  
   

  
   

  
   

  
   
	  	39
	 Cedar-Bethel, LLC
	  	 Big Y Shopping Center
 Old Hawleyville Rd.
&
 Stony Hill Rd.
 Bethel, CT 06801
	  	 Big Y
 Dollar Tree
	  	 
  
	63,817
 8,023
	  
   
	  	40


  
 SCHEDULE 6.23.1
- 4 









											
	 Legal Name of Loan Party/Property Owner
	  	 Borrowing Base Property
	  	 Major Leases
	  	Square
Feet	 	  	Prop.
Ref.
No.
	 Cedar PCP-New London, LLC
	  	 New London Mall, 317,
 351 & 369 North
Frontage
 Road, New London,
 Connecticut
	  	 Shop Rite
 Marshalls

Petsmart
 AC Moore

Chili’s
 Famous Footwear

Home Goods
	  	 
  
  

 
  

 
  
	64,017
 30,627

23,500
 20,932

8,468
 6,700

25,432
	  
   

  
   

  
   

  
	  	41
	 Cedar-Oak Ridge, LLC
	  	 Oak Ridge Shopping
 Center, 1524 Holland

Road, Suffolk, Virginia
	  	Food Lion	  	 	33,000	  	  	42
	 Lawndale I, LP
	  	 Lawndale Plaza, 6395
 Oxford Avenue,

Philadelphia,
 Pennsylvania
	  	Shop Rite	  	 	63,342	  	  	43
	 Pine Grove Plaza Associates, LLC
	  	 Pine Grove Plaza, 18
 Broadway, Brown Mills,

New Jersey
	  	 Peebles
 Dollar Tree
	  	 
  
	24,963
 9,000
	  
   
	  	44
	 Cedar Quartermaster, LLC
	  	 Quartermaster Shopping
 Center, 2300 Oregon

Avenue, Philadelphia,
 Pennsylvania
	  	 Planet Fitness
 Staples

Chili’s
 Pet Smart
	  	 
  
  

 
	23,146
 20,388

10,949
 19,089
	  
   

  
   
	  	45
	 Cedar-Groton, LLC
	  	 Groton Shopping Center,
 646-720 Long Hill
Road,
 Groton, Connecticut
	  	 T.J. Maxx
 Goodwill

Dollar Tree
	  	 
  
  
	30,000
 21,306

9,750
	  
   

  
	  	46
	 Cedar-Jordan Lane, LLC
	  	 Jordan Lane Shopping
 Center, 1380-1420
Berlin
 Turnpike, Wethersfield, Connecticut
	  	 Stop and Shop
 Fallas

Dollar Tree
	  	 
  
  
	60,632
 39,280

12,553
	  
   

  
	  	47
	 Cedar Southington Plaza, LLC
	  	 Walmart Shopping Center,
 235 Queen Street,

Southington, Connecticut
	  	Walmart	  	 	95,482	  	  	48
	 Cedar-Kutztown, LLC
	  	 Kutztown Shopping
 Center, Kutztown Road,
Maxatawny Township, Pennsylvania
	  	Giant	  	 	53,914	  	  	49


  
 SCHEDULE 6.23.1
- 5 









											
	 Legal Name of Loan Party/Property Owner
	  	 Borrowing Base Property
	  	 Major Leases
	  	Square
Feet	 	  	Prop.
Ref.
No.
	 Oakland Mills Business Trust
	  	 Oakland Mills Village
 Center, 5865 Robert

Oliver Place, Columbia,
 Maryland
	  	Food Lion	  	 	43,470	  	  	50
	 Gold Star Plaza Associates
	  	 Gold Star Plaza, Route
 924, Shenandoah,

Pennsylvania
	  	 Redner’s Markets
 Dollar Tree
	  	 
  
	48,920
 8,000
	  
   
	  	51


  
 SCHEDULE 6.23.1
- 6 








 SCHEDULE 15.1 

NOTICES 
 BORROWER: 

Cedar Realty Trust Partnership, L.P. 
 44 South Bayles Avenue 

Port Washington, New York 11050 
 Attention: Philip R. Mays 

Telephone: (516) 944-4572 
 Telecopier: (516) 767-6497

 Electronic Mail: pmays@cdrrt. com 
 Website Address:
www.cedarrealtytrust.com 
 U.S. Taxpayer Identification Number: 11-3440066 

with copies to: 
 Cedar Realty Trust Partnership, L.P. 

44 South Bayles Avenue 
 Port Washington, New York 11050 

Adina G. Storch, Esq. 
 Telephone: (516) 944-4583 

Telecopier: (516) 883-5975 
 Electronic Mail:
astorch@cdrrt.com 
 and 
 Stroock &
Stroock & Lavan LLP 
 180 Maiden Lane 
 New York, NY
10038-4982 
 Attention: Karen Scanna, Esq. 
 Telephone:
(212) 806-5400 
 Telecopier: (212) 806-6006 

Electronic Mail: kscanna@stroock.com 

  
 SCHEDULE 15.1
- 1 








 ADMINISTRATIVE AGENT: 

Administrative Agent’s Office 
 (for
payments and Requests for Credit Extensions): 
 KeyBank National Association 

225 Franklin Street, 18th Floor 
 MA-01-22-0018 

Boston, Massachusetts 02110 
 Attention: Gregory W. Lane 

Telephone: 617-385-6212 
 Telecopier: 617-385-6293 

Electronic Mail: gregory_w_lane@keybank.com 
 Account
No.: 1292000883 
 Ref: Cedar Realty Trust Partnership L.P. 

ABA# 026009593 
 Other Notices as Administrative
Agent: 
 KeyBank National Association 
 225 Franklin
Street, 18th Floor 
 MA-01-22-0018 
 Boston, Massachusetts
02110 
 Attention: Gregory W. Lane 
 Telephone: 617-385-6212

 Telecopier: 617-385-6293 
 Electronic Mail:
gregory_w_lane@keybank.com 

  
 SCHEDULE 15.1
- 2 








 EXHIBIT A 

FORM OF 
 LOAN NOTICE

 Date:
                        ,          

To: KeyBank National Association, as Administrative Agent 

Ladies and Gentlemen: 
 Reference is made to
that certain Loan Agreement, dated as of                     , 2016 (as amended, restated, extended, supplemented or otherwise modified in
writing from time to time, the “Agreement”), the terms defined therein being used herein as therein defined, among Cedar Realty Trust Partnership, L.P. (the “Borrower”), the Lenders from time to time party thereto,
Regions Bank and KeyBank National Association, as Administrative Agent. 
  

	 	The	undersigned hereby requests (select one): 

  

	 	 ̈	A Loan Advance for the Term Facility 

  

	 	 ̈	A conversion or continuation of Loans 

  

	 	1.	On
                                         
                                (a Business Day). 


 

	 	2.	In the amount of $                                


  

	 	3.	Comprised of
                                        



	 	    	[Type of Loan requested] 

  

	 	4.	For a LIBO Rate Advance: an Interest Period of:          months 


The undersigned hereby represents and warrants the following:1 

 

	 	1.	The Loan Advance is for the purpose of:
                                    . 


 

	 	2.	The Total Outstandings reflecting the funding of the Loan Advance being requested hereby are:
                            . 


 

	 	3.	Maximum Loan Amount pursuant to Section 2.1.1(a) of the Agreement (lesser of Total Commitment and the Borrowing Base Value) is:
$                                         
                                         
          . 

  

	1 	Only include for a Loan Advance. 


  
 Exhibit A -
1 









	 	4.	The aggregate remaining amount which may be funded under the Agreement is:
                                         
           . 

  

	 	5.	Attached as Exhibit A hereto are calculations evidencing the Borrower’s continued compliance with the Financial Covenants, as satisfied by the Closing Compliance Certificate, or once delivered, the most
recent Compliance Certificate delivered by the Borrower. 

  

	 	6.	The representations and warranties of the Borrower and each other Loan Party contained in Article 6 of the Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in
connection herewith or therewith, are true and correct in all material respects on and as of the date of the Credit Extension requested hereby, 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 notice, the representations and warranties contained in Section 6.8 of the Agreement shall be deemed to refer to the
most recent statements furnished pursuant to Section 7.2.1 and 7.2.2 of the Agreement and except as to the representations and warranties in Sections 6.4, 6.7, 6.9, and 6.14 of the Agreement which may be modified only to reflect events
occurring after the date hereof as specifically disclosed in writing to Administrative Agent prior to or simultaneously with such written request. 

  

	 	7.	No Default or Event of Default exists, or would result from the Loan Advance requested hereby or from the application of the proceeds thereof. 


Note: Each request for a Loan Advance hereunder shall be for (a) a minimum amount as required by Section 2.3.6 of the Loan Agreement,
and (b) an amount not to exceed (x) the Maximum Loan Amount less (y) the Total Outstandings (after giving effect to such Loan Advance). 

Delivery of executed counterparts of this Loan Notice by telecopy or other electronic means shall be effective as an original. 

  
 Exhibit A -
2 








 
					
	 CEDAR REALTY TRUST
 PARTNERSHIP,
L.P., a Delaware limited partnership

		
	By:	 	Cedar Realty Trust, Inc., a Maryland corporation, its general partner
			
		 	By:	 	 
		 	Name:	 	
		 	Title:	 	



  
 Exhibit A -
3 








 EXHIBIT A 

[to be completed by Borrower] 

  
 Exhibit A -
4 








 EXHIBIT B 

FORM OF 
 NOTE 

                    ,
         
 FOR VALUE RECEIVED, the undersigned (the “Borrower”), hereby
promises to pay to                                      or
registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of the Loan from time to time made by the Lender to the Borrower or so much thereof as shall be
outstanding from time to time under that certain Loan Agreement, dated as of                     , 2016 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among the Borrower, the Lender, the other financial institutions named therein and
from time to time party thereto, and KeyBank National Association, as Administrative Agent (in such capacity, the “Administrative Agent”). 

The Borrower promises to pay interest on the unpaid principal amount of each Loan Advance from the date of such Loan Advance until such
principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in Dollars in immediately
available funds at the Administrative Agent’s Office. If any amount is not paid in full when due under the terms of the Agreement, such unpaid amount shall bear interest, to be paid in accordance with the terms of the Agreement, from the due
date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement. Loan Advances may be repaid and re-borrowed in accordance with the terms and provisions of the Agreement.

 This Note is a Note as referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject
to the terms and conditions provided therein. This Note is also entitled to the benefits of the Guaranty. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on
this Note may be declared to be, immediately due and payable, all as provided in the Agreement. Loan Advances made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business.
The Lender may also attach schedules to this Note and endorse thereon the date and amount of its Loan Advances and payments with respect thereto; provided, however, that if any of said schedules shall be inconsistent with the terms of
the Agreement, the terms of the Agreement shall control. 
 The Borrower, for itself, its successors and assigns, hereby waives diligence,
presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Note, except as otherwise provided in the Agreement. 

The terms of Sections 13.4, 15.2, 15.6 and 15.16 of the Agreement are incorporated herein by reference, mutatis mutandis. 

  
 Exhibit B -
1 








 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK. 
 Delivery of executed counterparts of this Note by telecopy or other electronic means shall be effective as an original. 

Any notices given with respect to this Note shall be given in the manner provided for in the Loan Agreement. 

  
 Exhibit B -
2 








 
					
	 CEDAR REALTY TRUST
 PARTNERSHIP,
L.P., a Delaware limited partnership

		
	By:	 	Cedar Realty Trust, Inc., a Maryland corporation, its general partner
			
		 	By:	 	 
		 	Name:	 	
		 	Title:	 	



  
 Exhibit B -
3 








 EXHIBIT C 

FORM OF 
 COMPLIANCE
CERTIFICATE 
 Financial Statement Date:
                    ,          

To: KeyBank National Association, as Administrative Agent 

Ladies and Gentlemen: 
 Reference is made to
that certain Loan Agreement, dated as of                     , 2016 (as amended, restated, extended, supplemented or otherwise modified in
writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Cedar Realty Trust Partnership, L.P. (the “Borrower”), the Lenders from time to time party thereto,
and KeyBank National Association, as Administrative Agent. 
 THE UNDERSIGNED HEREBY CERTIFIES THAT: 

1. I am the duly elected/authorized
                                         
    of Cedar Realty Trust, Inc., general partner of the Borrower. 
 2. I have reviewed the terms of the Agreement and I
have made, or have caused to be made under my supervision, a review of the transactions and conditions of the Borrower during the accounting period covered by the accompanying financial statements. 

3. The financial statements accompanying this certificate fairly present in all material respects the Consolidated financial condition of CRT.
The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or event which constitutes a Default or an Event of Default during or at the end of the accounting period covered by the
accompanying financial statements or as of the date of this Certificate, except as set forth below. 
 4. The financial covenant analyses
and information accompanying this certificate are true and accurate on and as of the date of this Certificate, except as set forth below. 

Described below are the exceptions, if any, to paragraphs 3 and 4, listing the nature of the condition or event, the period during which it
has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such condition or event: 
  

 
  

 
 5. Accompanying this certificate
are the following: (a) a report containing, to the extent not included in the deliveries under Sections 7.2.1, 7.2.2, or 7.2.3 of the Agreement for all Individual Properties, a summary listing of all Net Operating Income, revenues, rent roll,


  
 Exhibit C -
1 








 
mortgage Debt, if any, and, in addition, for each Individual Property acquired during the quarter just ended, the cost basis and the amount and terms of any assumed Debt, (b) a listing of
all filings by the Borrower or CRT with the SEC, including, without limitation, full copies of CRT’s 10-Q and 10-K filings, (c) if requested by the Administrative Agent and to the extent not previously provided, a list of any Major Leases
entered into during the most recent fiscal quarter and any existing Leases that became Major Leases during the most recent fiscal quarter and (d) any material change in accounting policies required by GAAP or financial reporting practices by
any Loan Party or their Subsidiaries. 
 Delivery of executed counterparts of this Compliance Certificate by telecopy or other electronic
means shall be effective as an original. 

  
 Exhibit C -
2 








 IN WITNESS WHEREOF, the undersigned has executed this Certificate as of
                            ,
                            . 

 

					
	 CEDAR REALTY TRUST
 PARTNERSHIP,
L.P., a Delaware limited partnership

		
	By:	 	Cedar Realty Trust, Inc., a Maryland corporation, its general partner
			
		 	By:	 	 
		 	Name:	 	
		 	Title:	 	



  
 Exhibit C -
3 








 SCHEDULE 1 

to the Compliance Certificate 
 For
the Quarter/Year ended                     ,          

[Quarterly/Annual] Financial Statements 

  
 Exhibit C -
4 








 SCHEDULE 2 

to the Compliance Certificate 
 For
the Quarter/Year ended                     ,          

[FINANCIAL COVENANT CALCULATIONS TO BE ATTACHED BY BORROWER] 

  
 Exhibit C -
5 








 SCHEDULE 3 

to the Compliance Certificate 
 [TO
BE ATTACHED BY BORROWER] 

  
 Exhibit C -
6 








 EXHIBIT D 

FORM OF 
 ASSIGNMENT AND
ASSUMPTION 
 This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set
forth below and is entered into by and between [the][each]2 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]3 Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the Assignees]4 hereunder are several and not joint.]5 Capitalized terms used but not defined herein shall have the meanings given to them in the Loan Agreement
identified below (the “Loan Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by
reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, [the][each]
Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the
Standard Terms and Conditions and the Loan Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity
as a Lender][their respective capacities as Lenders] under the Loan Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding
rights and obligations of [the Assignor][the respective Assignors] under the respective facilities identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of
[the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Loan Agreement, any other documents or
instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all
other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and
(ii) above being referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is without recourse to 

 

	2 	For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose
the second bracketed language. 


	3 	For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the
second bracketed language. 


	4 	Select as appropriate. 


	5 	 Include bracketed language if there are either multiple Assignors or multiple Assignees.




  
 Exhibit D -
1 








 
[the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor. 

 

							
	1.	 	 Assignor[s]:
	  	 	  	
				
		 		  	 	  	
				
	2.	 	 Assignee[s]:
	  	 	  	
				
		 		  	 	  	
	
	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]
		
	3.	 	 Borrower: Cedar Realty Trust Partnership, L.P.

		
	4.	 	 Administrative Agent: KeyBank National Association, as the administrative agent
under the Loan Agreement

		
	5.	 	 Loan Agreement: Loan Agreement, dated as of
                    , 2016, among Cedar Realty Trust, L.P., the Lenders from time to time party thereto, and KeyBank National Association, as
Administrative Agent

		
	6.	 	 Assigned Interest:


  

																	
	 Assignor[s]6
	  	Assignee[s]7	  	Aggregate
Amount of
Commitment/Loans
for all Lenders8	 	  	Amount of
Commitment/Loans
Assigned	 	  	Percentage
Assigned of
Commitment/
Loans9	 	 	CUSIP
Number
		  		  	$	                        	  	  	$	                        	  	  	 	                    	% 	 	
		  		  	$	                        	  	  	$	                        	  	  	 	                    	% 	 	
		  		  	$	                        	  	  	$	                        	  	  	 	                    	% 	 	

 [7. Trade Date:
                    ]10 

 
  

	6 	List each Assignor, as appropriate. 


	7 	List each Assignee, as appropriate. 


	8 	Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.



	9 	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 


	10 	To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date. 


  
 Exhibit D -
2 








 Effective Date:
                    , 20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF
RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	 ASSIGNOR
 [NAME OF
ASSIGNOR]

		
	By:	 	 
		 	    Title:


  

			
	 ASSIGNEE
 [NAME OF
ASSIGNEE]

		
	By:	 	 
		 	    Title:


 [Consented to and]11 Accepted: 

KEYBANK NATIONAL ASSOCIATION, as 
 Administrative Agent 

 

			
		
	By:	 	 
		 	    Title:

 [Consented to:]12 

 

			
		
	By:	 	 
		 	    Title:

  

	11 	To be added only if the consent of the Administrative Agent is required by the terms of the Loan Agreement. 


	12 	To be added only if the consent of the Borrower and/or other parties is required by the terms of the Loan Agreement. 


  
 Exhibit D -
3 








 ANNEX 1 TO ASSIGNMENT AND ASSUMPTION 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 

1.1. Assignor. [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][[the
relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this
Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Loan Agreement or any
other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person
obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 

1.2. Assignee. [The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Loan Agreement, (ii) it meets all the requirements to be an assignee under the Loan
Agreement (subject to such consents, if any, as may be required under the Loan Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Loan Agreement as a Lender thereunder and, to the extent of [the][the
relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person
exercising discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Loan Agreement, and has received or has been accorded the opportunity to
receive copies of the most recent financial statements delivered pursuant to the terms of the Loan Agreement, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into
this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender, attached hereto is any documentation required to be
delivered by it pursuant to the terms of the Loan Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance upon the Administrative Agent, [the][any] Assignor or any
other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and


  
 Exhibit D -
4 








 
(ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned
Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from
and after the Effective Date. 
 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the
benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a
signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with,
the law of the State of New York. 

  
 Exhibit D -
5 








 EXHIBIT E 

FORM OF 
 CLOSING
COMPLIANCE CERTIFICATE 
 Closing Date:
                    , 20     
  

	To:	KeyBank National Association, as Administrative Agent 

 Ladies and Gentlemen: 

Reference is made to that certain Loan Agreement, dated as of
                    , 2016 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among Cedar Realty Trust Partnership, L.P. (the “Borrower”), the Lenders from time to time party thereto, and KeyBank National
Association, as Administrative Agent. All capitalized terms used herein which are not otherwise defined shall have the meaning ascribed to such term under the Agreement. 

The undersigned Authorized Officer hereby certifies as of the date hereof that he/she is the
                             of CRT, the general partner of the Borrower, and that, as such, he/she is
authorized to execute and deliver this Certificate to the Administrative Agent on behalf of the Borrower, and that: 
 1. No Default or
Event of Default has occurred or would occur after giving effect to the Agreement, the Loan Documents and all Credit Extensions occurring on the Closing Date. 

2. The financial covenant analyses and information set forth on Schedule 1 attached hereto are true and accurate on and as of the
date set forth therein. 
 3. The Borrower, CRT and each of the Borrowing Base Property Owners (both before and after giving effect to the
Credit Extensions occurring on the Closing Date) (a) is solvent, (b) has assets having a fair value in excess of the amount required to pay such Person’s probable liabilities and existing Debts as such become absolute and mature, and
(c) has adequate capital for the conduct of such Person’s business and the ability to pay such Person’s Debts from time to time incurred in connection therewith as such Debts mature. 

4. No change has occurred in the financial condition, business, affairs, operations or control of Borrower and/or the Loan Parties, since the
date of their respective financial statements most recently delivered to Administrative Agent or any of the Lenders, which change has had or could reasonably be expected to have a Material Adverse Effect. 

  
 Exhibit E -
1 








 5. All representations and warranties made by or on behalf of any of the Borrower and the other
Loan Parties, or any of them, to the Administrative Agent or any of the Lenders are true, accurate and complete in all material respects and shall do not omit any material fact necessary to make the same not misleading. 

6. There are not any actions, suits or proceedings at law or in equity or by or before any governmental instrumentality or other agency or
regulatory authority by any entity (private or governmental) pending or, to the best of the Borrower’s knowledge, threatened with respect to the Loan, the transactions contemplated in the Loan Documents, or the Borrower, any other Loan Party,
or any other Borrower Subsidiary, which are not fully covered (subject to deductibles) by an insurance policy issued by a reputable and financially viable insurance company or, to the extent not so covered, could (a) materially adversely affect
a Borrowing Base Property or (b) have or reasonably be expected to have a Material Adverse Effect. 
 7. No Laws prohibit or adversely
limit the capacity or authority of the Borrower or any Loan Party to enter into the Loan Documents and perform the obligations of such Person with respect thereto. 

8. There has not been any material unrepaired or unrestored damage or destruction by fire or otherwise to any of the real or tangible personal
property comprising the Borrowing Base Properties. 
 9. No third party consents and/or agreements are required with respect to entering
into the Loan Documents or performing the obligations thereunder. 
 Delivery of executed counterparts of this Compliance Certificate by
telecopy or other electronic means shall be effective as an original. 

  
 Exhibit E -
2 








 IN WITNESS WHEREOF, the undersigned has executed this Certificate as of the date and year
set forth above. 
  

									
		 		 	 CEDAR REALTY TRUST
 PARTNERSHIP,
L.P., a Delaware limited
 partnership

				
		 		 	By:	 	 Cedar Realty Trust, Inc., a Maryland

corporation, its general partner

					
		 		 		 	By:	 	 
		 		 		 	Name:	 	
		 		 		 	Title:	 	


  
 Exhibit E -
3 








 SCHEDULE 1 

to the Closing Certificate 
 [TO BE
COMPLETED BY BORROWER] 

  
 Exhibit E -
4 








 EXHIBIT F-1 

GUARANTY 
 This
Guaranty (hereinafter, the “Guaranty”) is given pursuant to the terms and conditions of that certain Loan Agreement, dated as of
                    , 2016 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Loan
Agreement”), among Cedar Realty Trust Partnership, L.P. (the “Borrower”), the Lenders from time to time party thereto, and KeyBank National Association, as Administrative Agent (in such capacity as Administrative Agent, the
“Agent”). Capitalized terms used herein and not otherwise specifically defined shall have the same meaning herein as in the Loan Agreement. 

FOR VALUE RECEIVED, and to induce Agent and the Lenders to extend credit to the Borrower as provided for in the Loan Agreement and the other
Loan Documents, CEDAR REALTY TRUST, INC., a Maryland corporation (hereinafter, “Guarantor”), hereby unconditionally agrees as follows: 

1. Guaranty. Guarantor, as a primary party and not merely as a surety, unconditionally and irrevocably guarantees the prompt and full
payment (and not merely the collectability), performance, and observance of all of the obligations, terms and conditions to be paid, performed or observed by Borrower under the Note, Loan Agreement and each other Loan Document and any Swap Contract,
to or on behalf of the Agent, the Lenders, or any one of them, each as the same may be hereafter amended, modified, extended, renewed or recast, including, without limitation, all of the Obligations and the payment of all principal, interest, fees,
all obligations and other charges when due under the Note, the Loan Agreement and each other Loan Document and any Swap Contract (hereinafter, the “Guaranteed Obligations”). 

Upon the occurrence of and during the continuance of any Event of Default under the Loan Agreement, or any of the other Loan Documents, or if
Agent has accelerated the Loan pursuant to a right to do so under the Loan Agreement, Agent may at its option proceed directly and at once, without notice (except as otherwise provided under the Loan Agreement), against Guarantor hereunder, without
proceeding against Borrower, any other Guarantor, or any other person for the Obligations or the Guaranteed Obligations. 
 If Borrower, or
Guarantor if so required, shall fail or refuse to perform or continue performance of all of the Obligations on the part of Borrower to be kept and performed, then, if an Event of Default exists on account thereof under the Loan Documents or this
Guaranty, in addition to any other rights and remedies which Agent or any Lender may have hereunder or elsewhere, and not in limitation thereof, Agent or any Lender, at such party’s option, may exercise any or all of its rights and remedies
under the Loan Agreement and each other Loan Document. 
 This Guaranty shall survive and continue in full force and effect beyond and after
the payment and satisfaction of the Guaranteed Obligations and the Obligations in the event Agent or any Lender is required to disgorge or return any payment or property received as a result of any laws pertaining to preferences, fraudulent
transfers or fraudulent conveyances. 

  
 Exhibit F-1 - 1










	 	2.	Waivers. Guarantor hereby waives and relinquishes to the fullest extent now or hereafter not prohibited by applicable law: 

  

	 	2.1	all suretyship defenses and defenses in the nature thereof; 

  

	 	2.2	any right or claim of right to cause a marshaling of the assets of Borrower, or, if there shall be more than one Guarantor, to require Agent to proceed against any other Guarantor or any of the Guarantors in any
particular order; 

  

	 	2.3	until satisfaction in full of the Obligations of the Borrower to the Agent and the Lenders, and the satisfaction in full of the Guaranteed Obligations, all rights and remedies, including, but not limited to, any rights
of subrogation, contribution, reimbursement, exoneration or indemnification pursuant to any agreement, express or implied, or now or hereafter accorded by applicable law to indemnitors, guarantors, sureties or accommodation parties; provided,
however, unless Agent otherwise expressly agrees in writing, such waiver by Guarantor shall not be effective to the extent that by virtue thereof Guarantor’s liability under this Guaranty is rendered invalid, voidable, or unenforceable under
any applicable state or federal law dealing with the recovery or avoidance of so-called preferences or fraudulent transfers or conveyances or otherwise; 

  

	 	2.4	notice of the acceptance hereof, presentment, demand for payment, protest, notice of protest, or any and all notice of nonpayment, nonperformance, nonobservance or default, or other proof or notice of demand whereby to
charge Guarantor therefor; 

  

	 	2.5	the pleading of any statute of limitations as a defense to Guarantor’s obligations hereunder; 

  

	 	2.6	the right to a trial by jury in any matter related to this Guaranty; and 

  

	 	2.7	the benefit of all other provisions of law which may be validly waived. 

 GUARANTOR, AGENT AND
LENDERS MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON THIS GUARANTY, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS GUARANTY OR ANY OF THE OTHER LOAN DOCUMENTS OR
ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS OR ACTIONS OF AGENT OR ANY LENDER RELATING TO THE
ADMINISTRATION OF THE LOAN OR ENFORCEMENT OF THE LOAN DOCUMENTS, AND AGREE THAT NONE OF THE PARTIES WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EXCEPT AS PROHIBITED BY LAW,
GUARANTOR HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL 

  
 Exhibit F-1 - 2









 
DAMAGES. GUARANTOR CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF AGENT OR ANY LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT AGENT OR ANY LENDER WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. THIS WAIVER IS GIVEN AS A MATERIAL INDUCEMENT TO AGENT AND THE LENDERS TO ACCEPT THIS GUARANTY AND TO MAKE THE LOAN. 

3. Cumulative Rights. Agent’s and any Lender’s rights under this Guaranty shall be in addition to and not in limitation of
all of the rights and remedies of Agent and any Lender under the Loan Documents. All rights and remedies of Agent and any Lender shall be cumulative and may be exercised in such manner and combination as Agent or any Lender may determine. 

4. No Impairment. The liability of Guarantor hereunder shall in no way be limited or impaired by, and Guarantor hereby assents to and
agrees to be bound by, any amendment or modification of the provisions of the Loan Documents and any Swap Contract to or with Agent or any Lender by Borrower. In addition, the liability of Guarantor under this Guaranty and the other Loan Documents
and any Swap Contract shall in no way be limited or impaired by: 
  

	 	4.1	any extensions of time for performance required by any of the Loan Documents and any Swap Contract; 

  

	 	4.2	any amendment to or modification of any of the Loan Documents and any Swap Contract; 

  

	 	4.3	any sale or assignment of the Loan, or any sale, transfer or exchange of all or part of any Borrowing Base Property; 

  

	 	4.4	any exculpatory, or nonrecourse, or limited recourse, provision in any of the Loan Documents and any Swap Contract limiting Agent’s or any Lender’s rights to a deficiency judgment against Borrower or any other
person or entity; 

  

	 	4.5	the accuracy or inaccuracy of any of the representations or warranties made by or on behalf of Borrower, any general partner, owner, principal, or agent of Borrower, or Guarantor, under any Loan Document or otherwise;


  

	 	4.6	the release of Borrower, any general partner, owner, principal, or agent of Borrower, or any other person or entity, from performance or observance of any of the agreements, covenants, terms or conditions contained in
any of the Loan Documents and any Swap Contract by operation of law, Agent’s or any Lender’s voluntary act, or otherwise; 

  

	 	4.7	the filing of any bankruptcy or reorganization proceeding by or against Borrower or any general partner, owner, principal, or agent of Borrower or Guarantor; 


 

	 	4.8	the release of any other party now or hereafter liable upon or in respect of this Guaranty or any of the other Loan Documents and any Swap Contract; or 


  
 Exhibit F-1 - 3










	 	4.9	the invalidity or unenforceability of all or any portion of any of the Loan Documents and any Swap Contract as to Borrower, any Guarantor, or any other person or entity. 


Any of the foregoing may be accomplished with or without notice to Borrower, any general partner, owner, principal, or agent of Borrower, or
Guarantor, and with or without consideration. 
 5. Delay Not Waiver. No delay on Agent’s or any Lender’s part in
exercising any right, power or privilege hereunder or under any of the Loan Documents shall operate as a waiver of any such privilege, power or right. No waiver by Agent or any Lender in any instance shall constitute a waiver in any other instance.

 6. Warranties and Representations. Guarantor warrants and represents to Agent and each of the Lenders for the express purpose of
inducing Agent and the Lenders to enter into the Loan Agreement, to make each Loan Advance, to accept this Guaranty, and to otherwise complete the transactions contemplated by the Loan Agreement, that as of the date of this Guaranty, upon the date
of each Loan Advance, and at all times thereafter until the Loan is repaid and all Guaranteed Obligations to Agent and the Lenders have been satisfied in full, as follows: 
  

	 	6.1	Financial Information. Copies of the financial statements of Guarantor have been delivered to Agent and each Lender and each of the same fairly present Guarantor’s financial condition as of the dates thereof
and no material and adverse change has occurred in Guarantor’s financial condition or business since the respective dates thereof; and each financial statement of Guarantor submitted in the future shall fairly present Guarantor’s financial
condition as of the dates thereof. 

  

	 	6.2	No Violation. The payment and performance by Guarantor of the Guaranteed Obligations and Guarantor’s obligations under this Guaranty does not and shall not constitute a violation of any law, order,
regulation, contract or agreement to which Guarantor is a party or by which Guarantor or Guarantor’s property may be bound; 

  

	 	6.3	No Litigation. There is no material litigation now pending or, to the best of Guarantor’s knowledge threatened in writing, against Guarantor which, if adversely decided would materially impair the ability of
Guarantor to pay and perform the Guaranteed Obligations, Guarantor’s obligations under the Loan Agreement, this Guaranty or any other Loan Document. 

  

	 	6.4	Entity Matters. The Guarantor is a duly organized, validly existing entity organized and in good standing under the laws of the State of Maryland, and has all requisite power and authority to conduct its business
and to own its property as now conducted or owned, and is qualified to do business in all jurisdictions where the nature and extent of its business is such that such qualification is required by law. 


  
 Exhibit F-1 - 4










	 	6.5	Valid and Binding. Each of the Loan Documents to which Guarantor is a party constitutes Guarantor’s legal, valid and binding obligation in accordance with the respective terms thereof, subject to bankruptcy,
insolvency and similar laws of general application affecting the rights and remedies of creditors and with respect to the availability of remedies of specific enforcement subject to the discretion of the court before which proceedings therefor may
be brought. 

  

	 	6.6	Solvency. Guarantor is solvent and is not rendered insolvent by the obligations undertaken in this Guaranty. Guarantor is not contemplating either the filing of a petition or proceeding under any state or federal
bankruptcy or insolvency or reorganization laws or the liquidating of all or a major portion of Guarantor’s property. 

  

	 	6.7	Material Economic Benefit. The granting of the Credit Extensions to Borrower will constitute a material economic benefit to Guarantor. 


7. Notices. Any notice or other communication in connection with this Guaranty shall be in writing and (i) deposited in the United
States mail, postage prepaid by registered or certified mail, (ii) hand delivered by any commercially recognized courier service or overnight delivery service such as Federal Express, or (ii) sent by facsimile transmission if a FAX Number
is designated below, addressed as follows: 
 If to Guarantor: 

Cedar Realty Trust, Inc. 

44 South Bayles Avenue 

Port Washington, New York 

Attention: Philip Mays 

FAX Number: (516) 767-6497 

with a copy to: 

Cedar Realty Trust, Inc. 

44 South Bayles Avenue 

Port Washington, New York 

Attention: Adina G. Storch 

FAX Number: (516) 883-5975 

with copies by regular mail or such hand delivery or facsimile transmission to: 

Stroock & Stroock & Lavan LLP 

180 Maiden Lane 

New York, New York 10038-4982 

Attention: Karen Scanna, Esquire 

FAX Number: (212) 806-6006 

  
 Exhibit F-1 - 5









 If to Agent: 

KeyBank National Association 

225 Franklin Street 

Boston, Massachusetts 02110 

Attention: Gregory W. Lane 

FAX No.: (617) 385-6293 

with copies by regular mail or such hand delivery or facsimile transmission to: 

Riemer & Braunstein LLP 

Three Center Plaza, Suite 600 

Boston, Massachusetts 02108 

Attention: Kevin J. Lyons, Esquire 

FAX No.: (617) 880-3456 

Any such addressee may change its address for such notices to any other address in the United States as such addressee shall have specified by written notice
given as set forth above. 
 All periods of notice shall be measured from the deemed date of delivery. A notice shall be deemed to have been
given, delivered and received upon the earliest of: (i) if sent by such certified or registered mail, on the third Business Day following the date of post-mark, or (ii) if hand delivered by such courier or overnight delivery service, when
so delivered or tendered for delivery during customary business hours on a Business Day at the specified address, or (iii) if so mailed, on the date of actual receipt (or tender of delivery) as evidenced by the return receipt, or (iv) if
so delivered, upon actual receipt, or (v) if facsimile transmission is a permitted means of giving notice, upon receipt an evidenced by confirmation. 

8. No Oral Change. No provision of this Guaranty may be changed, waived, discharged, or terminated orally (in person or by telephone)
or by any other means except by an instrument in writing signed by the party against whom enforcement of the change, waiver or discharge or termination is sought. 

9. Parties Bound; Benefit. This Guaranty shall be binding upon Guarantor and Guarantor’s respective successors, assigns, heirs and
personal representatives and shall be for the benefit of Agent and each Lender, and of any subsequent holder of Agent’s or any Lender’s interest in the Loan and of any owner of a participation interest therein. In the event the interest of
Agent or any other Lender under the Loan Documents is sold or transferred, then the liability of Guarantor to Agent or such Lender shall then be in favor of both the Agent or Lender originally named herein and each subsequent holder of Agent’s
or Lender’s interest therein, to the extent of their respective interests. 
 10. Joint and Several. If there is more than one
(1) Guarantor, the obligations of each Guarantor, and such Guarantor’s respective successors, assigns, heirs and personal representatives, shall be and remain joint and several. 

11. Partial Invalidity. Each of the provisions hereof shall be enforceable against Guarantor to the fullest extent now or hereafter not
prohibited by applicable law. The invalidity or unenforceability of any provision hereof shall not limit the validity or enforceability of each other provision hereof. 

  
 Exhibit F-1 - 6









 12. Governing Law. This Guaranty and the rights and obligations of the parties hereunder
shall in all respects be governed by and construed and enforced in accordance with the internal laws of the State of New York. Agent or any Lender may enforce its rights hereunder and under the other Loan Documents, including, but not limited to,
its rights to sue Guarantor or to collect any outstanding indebtedness in accordance with applicable law. 
 13. Consent to
Jurisdiction. Each of Guarantor, Agent and Lenders (by their acceptance of this Guaranty) irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the courts of the State of New York located
within the First Department of the New York State Unified Court System 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 Guaranty or any other Loan Document, or for recognition or enforcement of any judgment, and each of said parties irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may 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 said parties 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 Guaranty or in any other Loan Document shall affect any right that the Agent or any Lender may otherwise have to bring any action or proceeding relating to this Guaranty
or any other Loan Document against Guarantor or any other Loan Party or its properties in the courts of any jurisdiction. Guarantor hereby agrees and consents that in addition to any methods of service of process provided for under applicable law,
all service of process in any such suit, action or proceeding in any New York State or Federal Court located within the Southern District of the State of New York may be made by certified or registered mail, return receipt requested, directed to
Guarantor at the address indicated in Section 7 above and service so made shall be deemed completed five (5) days after the same shall have been so mailed. 

14. Additional Covenant of the Guarantor. Guarantor shall pay, perform, observe and comply with all of the obligations, terms,
covenants and conditions set forth in this Guaranty and by any provisions of the Loan Agreement specifically applicable to Guarantor. 
 15.
Subordination. 
  

	 	15.1	 Except as may be otherwise specifically provided for in the Loan Agreement with respect to Permitted
Distributions, any indebtedness of Borrower to Guarantor, or to any affiliated entity, now or hereafter existing together with any interest thereon shall be, and such indebtedness is, hereby deferred, postponed and subordinated to the prior, full
and Non-Contestable Payment and satisfaction of all Obligations of Borrower to the Agent and the Lenders. Payment and satisfaction of the Obligations shall be deemed “Non-Contestable Payment” only upon such payment and satisfaction and the
expiration of all periods of time within which a claim for the recovery of a preferential payment, or fraudulent conveyance, or fraudulent transfer, in respect of payments received by Agent or




  
 Exhibit F-1 - 7










	 	
any Lender as to the Obligations could be filed or asserted with: (A) no such claim having been filed or asserted, or (B) if so filed or asserted, the final, non-appealable decision of
a court of competent jurisdiction denying the claim or assertion. 

  

	 	15.2	Except as may be otherwise specifically provided for in the Loan Agreement with respect to Permitted Distributions, at all times until the full and Non-Contestable Payment and satisfaction of the Obligations of Borrower
to Agent and the Lenders with respect to the Loan (and including interest accruing on the Loan Advances after the commencement of a case by or against Borrower under any Debtor Relief Laws now or hereafter in effect, which interest the parties agree
shall remain a claim that is prior and superior to any claim of Guarantor or any affiliated entity notwithstanding any contrary practice, custom or ruling in cases under the Debtor Relief Laws, as now or hereafter in effect, generally), Guarantor,
and each affiliated entity, agrees not to accept any payment or satisfaction for any kind of indebtedness of Borrower to Guarantor, or any affiliated entity, and hereby assigns such indebtedness to Agent, on behalf of the Lenders, including, but not
limited to, the right to file proofs of claim and to vote thereon in connection with any such case under any Debtor Relief Laws, as now or hereafter in effect, and the right to vote on any plan of reorganization. 


 

	 	15.3	In addition to the foregoing, and not in limitation thereof, until the full payment and satisfaction of all Obligations of Borrower to Agent and the Lenders, any claims of Guarantor, or any affiliated entity, of
subrogation, contribution, reimbursement, exoneration, indemnification, or reimbursement arising out of any payment made on this Guaranty, whether such claim is based upon an express or implied contract, or operation of law, are hereby waived;
provided, however, unless Agent otherwise expressly agrees in writing, such waiver by Guarantor shall not be effective to the extent that by virtue thereof Guarantor’s liability under this Guaranty or under any other Loan Document
is rendered invalid, voidable, or unenforceable under any applicable state or federal law dealing with the recovery or avoidance of so-called preferences or fraudulent conveyances or otherwise. 


16. Legal Fees, Costs and Expenses. Guarantor further agrees to pay within thirty (30) days after demand all costs and expenses
reasonably incurred by Agent and the Lenders, or their successors or assigns, in connection with enforcing any of the rights or remedies of Agent or any Lender, or such successors or assigns, under or with respect to this Guaranty including, but not
limited to, attorneys’ fees and the out-of-pocket expenses and disbursements of such attorneys. Any such amounts which are not paid within thirty (30) days of demand therefor shall bear interest at the Default Rate from the date of demand
until paid. 
 17. Setoff. Subject to the terms of this Section 17, Guarantor hereby grants to Agent and each of the Lenders, a
lien, security interest and right of setoff as security for all liabilities and obligations to Agent and the Lenders, whether now existing or hereafter arising, upon and against all deposits, credits, collateral and property, now or hereafter in the
possession, custody, safekeeping or control of Agent or any Lender or any entity under the control of Agent or 

  
 Exhibit F-1 - 8









 
Lender, or in transit to any of them. At any time, from and after the occurrence of and during the continuance of an Event of Default, Agent or any Lender may set off the same or any part thereof
and apply the same to any liability or obligation of Guarantor even though unmatured and regardless of the adequacy of any other collateral securing the Loan. Within five (5) Business Days of making any such set-off, Agent agrees to notify
Guarantor thereof, provided that the failure by Agent to give such notice shall not affect the validity of such set-off. 
 18.
Counterparts. Delivery of executed counterparts of this Guaranty by telecopy or other electronic means shall be effective as an original. 

[Signature page to follow] 

  
 Exhibit F-1 - 9









 Witness the execution and delivery hereof as an instrument under seal as of the date first
written above. 
  

			
	 GUARANTOR:
  

CEDAR REALTY TRUST INC., a Maryland corporation

		
	By:	 	 
	Name:	 	 
	Title:	 	 



  
 Exhibit F-1 - 10









 EXHIBIT F-2 

GUARANTY 
 This
Guaranty (hereinafter, the “Guaranty”) is given pursuant to the terms and conditions of that certain Loan Agreement, dated as of
                    , 2016 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Loan
Agreement”), among Cedar Realty Trust Partnership, L.P. (the “Borrower”), the Lenders from time to time party thereto, and KeyBank National Association, as Administrative Agent (in such capacity as Administrative Agent, the
“Agent”). Capitalized terms used herein and not otherwise specifically defined shall have the same meaning herein as in the Loan Agreement. 

FOR VALUE RECEIVED, and to induce Agent and the Lenders to extend credit to the Borrower as provided for in the Loan Agreement and the other
Loan Documents, each of the undersigned guarantors LISTED ON SCHEDULE 1 attached hereto (individually and collectively, jointly and severally, hereinafter, “Guarantor”), hereby unconditionally agrees as follows: 

1. Guaranty. Each Guarantor, as a primary party and not merely as a surety, unconditionally and irrevocably guarantees the prompt and
full payment (and not merely the collectability), performance, and observance of all of the obligations, terms and conditions to be paid, performed or observed by Borrower under the Note, Loan Agreement and each other Loan Document and any Swap
Contract, to or on behalf of the Agent, the Lenders, or any one of them, each as the same may be hereafter amended, modified, extended, renewed or recast, including, without limitation, all of the Obligations and the payment of all principal,
interest, fees, all obligations and other charges when due under the Note, the Loan Agreement and each other Loan Document and any Swap Contract (hereinafter, the “Guaranteed Obligations”). 

Upon the occurrence of and during the continuance of any Event of Default under the Loan Agreement, or any of the other Loan Documents, or if
Agent has accelerated the Loan pursuant to a right to do so under the Loan Agreement, Agent may at its option proceed directly and at once, without notice (except as otherwise provided under the Loan Agreement), against any Guarantor hereunder,
without proceeding against Borrower, any other Guarantor, or any other person for the Obligations or the Guaranteed Obligations. 
 If
Borrower, or any Guarantor if so required, shall fail or refuse to perform or continue performance of all of the Obligations on the part of Borrower to be kept and performed, then, if an Event of Default exists on account thereof under the Loan
Documents or this Guaranty, in addition to any other rights and remedies which Agent or any Lender may have hereunder or elsewhere, and not in limitation thereof, Agent or any Lender, at such party’s option, may exercise any or all of its
rights and remedies under the Loan Agreement and each other Loan Document. 

  
 Exhibit F-2 - 1









 This Guaranty shall survive and continue in full force and effect beyond and after the payment
and satisfaction of the Guaranteed Obligations and the Obligations in the event Agent or any Lender is required to disgorge or return any payment or property received as a result of any laws pertaining to preferences, fraudulent transfers or
fraudulent conveyances. 
 2. Waivers. Each Guarantor hereby waives and relinquishes to the fullest extent now or hereafter not
prohibited by applicable law: 
  

	 	2.1	all suretyship defenses and defenses in the nature thereof; 

  

	 	2.2	any right or claim of right to cause a marshaling of the assets of Borrower, or, if there shall be more than one Guarantor, to require Agent to proceed against any other Guarantor or any of the Guarantors in any
particular order; 

  

	 	2.3	until satisfaction in full of the Obligations of the Borrower to the Agent and the Lenders, and the satisfaction in full of the Guaranteed Obligations, or such Guarantor has been released from its obligations under this
Guaranty pursuant to Section 12 hereof, whichever is earlier, all rights and remedies, including, but not limited to, any rights of subrogation, contribution, reimbursement, exoneration or indemnification pursuant to any agreement, express or
implied, or now or hereafter accorded by applicable law to indemnitors, guarantors, sureties or accommodation parties; provided, however, unless Agent otherwise expressly agrees in writing, such waiver by any particular Guarantor shall not be
effective to the extent that by virtue thereof such Guarantor’s liability under this Guaranty is rendered invalid, voidable, or unenforceable under any applicable state or federal law dealing with the recovery or avoidance of so-called
preferences or fraudulent transfers or conveyances or otherwise; 

  

	 	2.4	notice of the acceptance hereof, presentment, demand for payment, protest, notice of protest, or any and all notice of nonpayment, nonperformance, nonobservance or default, or other proof or notice of demand whereby to
charge any Guarantor therefor; 

  

	 	2.5	the pleading of any statute of limitations as a defense to any Guarantor’s obligations hereunder; 

  

	 	2.6	the right to a trial by jury in any matter related to this Guaranty; and 

  

	 	2.7	the benefit of all other provisions of law which may be validly waived. 

 EACH GUARANTOR, AGENT
AND LENDERS MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON THIS GUARANTY, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS GUARANTY OR ANY OF THE OTHER LOAN DOCUMENTS
OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS OR ACTIONS OF AGENT OR ANY LENDER RELATING


  
 Exhibit F-2 - 2









 
TO THE ADMINISTRATION OF THE LOAN OR ENFORCEMENT OF THE LOAN DOCUMENTS, AND AGREE THAT NONE OF THE PARTIES WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL
CANNOT BE OR HAS NOT BEEN WAIVED. EXCEPT AS PROHIBITED BY LAW, EACH GUARANTOR HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN
ADDITION TO, ACTUAL DAMAGES. EACH GUARANTOR CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF AGENT OR ANY LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT AGENT OR ANY LENDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER. THIS WAIVER IS GIVEN AS A MATERIAL INDUCEMENT TO AGENT AND THE LENDERS TO ACCEPT THIS GUARANTY AND TO MAKE THE LOAN. 
 3.
Cumulative Rights. Agent’s and any Lender’s rights under this Guaranty shall be in addition to and not in limitation of all of the rights and remedies of Agent and any Lender under the Loan Documents. All rights and remedies of
Agent and any Lender shall be cumulative and may be exercised in such manner and combination as Agent or any Lender may determine. 
 4.
No Impairment. The liability of each Guarantor hereunder shall in no way be limited or impaired by, and each Guarantor hereby assents to and agrees to be bound by, any amendment or modification of the provisions of the Loan Documents and any
Swap Contract to or with Agent or any Lender by Borrower or any other Guarantor or any person who succeeds any Guarantor as owner (or indirect owner as the case may be) of a Borrowing Base Property (hereinafter, the “Property”). In
addition, the liability of each Guarantor under this Guaranty and the other Loan Documents and any Swap Contract shall in no way be limited or impaired by: 
  

	 	4.1	any extensions of time for performance required by any of the Loan Documents and any Swap Contract; 

  

	 	4.2	any amendment to or modification of any of the Loan Documents and any Swap Contract; 

  

	 	4.3	any sale or assignment of the Loan, or any sale, transfer or exchange of all or part of the Property; 

  

	 	4.4	any exculpatory, or nonrecourse, or limited recourse, provision in any of the Loan Documents and any Swap Contract limiting Agent’s or any Lender’s rights to a deficiency judgment against Borrower or any other
person or entity; 

  

	 	4.5	the accuracy or inaccuracy of any of the representations or warranties made by or on behalf of Borrower, any general partner, owner, principal, or agent of Borrower, or any Guarantor, under any Loan Document or
otherwise; 

  

	 	4.6	 the release of Borrower, any general partner, owner, principal, or agent of Borrower, or any other person or
entity (other than such Guarantor pursuant to Section 12 hereof), from performance or observance of any of the agreements, 



  
 Exhibit F-2 - 3










	 	
covenants, terms or conditions contained in any of the Loan Documents and any Swap Contract by operation of law, Agent’s or any Lender’s voluntary act, or otherwise; 


 

	 	4.7	the filing of any bankruptcy or reorganization proceeding by or against Borrower, any general partner, owner, principal, or agent of Borrower, any Guarantor, or any subsequent owner of the Property; 


 

	 	4.8	the release of any other party now or hereafter liable upon or in respect of this Guaranty or any of the other Loan Documents and any Swap Contract; or 


 

	 	4.9	the invalidity or unenforceability of all or any portion of any of the Loan Documents and any Swap Contract as to Borrower, any Guarantor, or any other person or entity. 


Any of the foregoing may be accomplished with or without notice to Borrower, any general partner, owner, principal, or agent of Borrower, or
any Guarantor, and with or without consideration. 
 5. Delay Not Waiver. No delay on Agent’s or any Lender’s part in
exercising any right, power or privilege hereunder or under any of the Loan Documents shall operate as a waiver of any such privilege, power or right. No waiver by Agent or any Lender in any instance shall constitute a waiver in any other instance.

 6. Warranties and Representations. Each Guarantor warrants and represents to Agent and each of the Lenders for the express purpose
of inducing Agent and the Lenders to enter into the Loan Agreement, to make each Loan Advance, to accept this Guaranty, and to otherwise complete the transactions contemplated by the Loan Agreement, as to such Guarantor, that as of the date of this
Guaranty, upon the date of each Loan Advance, and at all times thereafter until the Loan is repaid and all Guaranteed Obligations to Agent and the Lenders have been satisfied in full, or such Guarantor has been released from its obligations under
this Guaranty pursuant to Section 12 hereof, whichever is earlier, as follows: 
  

	 	6.1	Financial Information. Copies of the financial statements of such Guarantor have been delivered to Agent and each Lender and each of the same fairly present such Guarantor’s financial condition as of the
dates thereof and no material and adverse change has occurred in such Guarantor’s financial condition or business since the respective dates thereof; and each financial statement of such Guarantor submitted in the future shall fairly present
such Guarantor’s financial condition as of the dates thereof. 

  

	 	6.2	No Violation. The payment and performance by such Guarantor of the Guaranteed Obligations and such Guarantor’s obligations under this Guaranty, does not and shall not constitute a violation of any law,
order, regulation, contract or agreement to which such Guarantor is a party or by which such Guarantor or Guarantor’s property may be bound; 


  
 Exhibit F-2 - 4










	 	6.3	No Litigation. There is no material litigation now pending or, to the best of such Guarantor’s knowledge threatened in writing, against such Guarantor which, if adversely decided would materially impair the
ability of such Guarantor to pay and perform the Guaranteed Obligations, such Guarantor’s obligations under the Loan Agreement, this Guaranty or any other Loan Document. 


 

	 	6.4	Entity Matters. If such Guarantor is a Delaware Guarantor (as defined in Schedule 1), such Guarantor is duly organized, validly existing entity organized and in good standing under the laws of the State of
Delaware, and has all requisite power and authority to conduct its business and to own its property as now conducted or owned, and is qualified to do business in all jurisdictions where the nature and extent of its business is such that such
qualification is required by law. If such Guarantor is a Pennsylvania Guarantor (as defined in Schedule 1), such Guarantor is duly organized, validly existing entity organized and in good standing under the laws of the Commonwealth of Pennsylvania,
and has all requisite power and authority to conduct its business and to own its property as now conducted or owned, and is qualified to do business in all jurisdictions where the nature and extent of its business is such that such qualification is
required by law. If such Guarantor is a Virginia Guarantor (as defined in Schedule 1), such Guarantor is duly organized, validly existing entity organized and in good standing under the laws of the Commonwealth of Virginia, and has all requisite
power and authority to conduct its business and to own its property as now conducted or owned, and is qualified to do business in all jurisdictions where the nature and extent of its business is such that such qualification is required by law.


  

	 	6.5	Valid and Binding. Each of the Loan Documents to which such Guarantor is a party constitutes such Guarantor’s legal, valid and binding obligation in accordance with the respective terms thereof, subject to
bankruptcy, insolvency and similar laws of general application affecting the rights and remedies of creditors and with respect to the availability of remedies of specific enforcement subject to the discretion of the court before which proceedings
therefor may be brought. 

  

	 	6.6	Solvency. Such Guarantor is solvent and is not rendered insolvent by the obligations undertaken in this Guaranty. Such Guarantor is not contemplating either the filing of a petition or proceeding under any state
or federal bankruptcy or insolvency or reorganization laws or the liquidating of all or a major portion of such Guarantor’s property, and such Guarantor has no knowledge of any such petition or proceeding being filed against any other
Guarantor. 

  

	 	6.7	Material Economic Benefit. The granting of the Credit Extensions to Borrower will constitute a material economic benefit to such Guarantor. 


7. Notices. Any notice or other communication in connection with this Guaranty shall be in writing and (i) deposited in the United
States mail, postage prepaid by registered or certified mail, (ii) hand delivered by any commercially recognized courier service or overnight delivery service such as Federal Express, or (ii) sent by facsimile transmission if a FAX Number
is designated below, addressed as follows: 

  
 Exhibit F-2 - 5









 If to any Guarantor: 

c/o Cedar Realty Trust Partnership L.P. 

44 South Bayles Avenue 
 Port
Washington, New York 
 Attention: Philip Mays 

FAX Number: (516) 767-6497 

with a copy to: 
 Cedar Realty
Trust Partnership L.P. 
 44 South Bayles Avenue 

Port Washington, New York 

Attention: Adina G. Storch 
 FAX
Number: (516) 883-5975 
 with copies by regular mail or such hand delivery or facsimile transmission to: 

Stroock & Stroock & Lavan LLP 

180 Maiden Lane 
 New York, New
York 10038-4982 
 Attention: Karen Scanna, Esquire 

FAX Number: (212) 806-6006 

If to Agent: 
 KeyBank National
Association 
 225 Franklin Street 

Boston, Massachusetts 02110 

Attention: Gregory W. Lane 
 FAX
No.: (617) 385-6293 
 with copies by regular mail or such hand delivery or facsimile transmission to: 

Riemer & Braunstein LLP 

Three Center Plaza, Suite 600 

Boston, Massachusetts 02108 

Attention: Kevin J. Lyons, Esquire 

FAX No.: (617) 880-3456 
 Any such
addressee may change its address for such notices to any other address in the United States as such addressee shall have specified by written notice given as set forth above. 

All periods of notice shall be measured from the deemed date of delivery. A notice shall be deemed to have been given, delivered and received
upon the earliest of: (i) if sent by such certified or registered mail, on the third Business Day following the date of post-mark, or (ii) if 

  
 Exhibit F-2 - 6









 
hand delivered by such courier or overnight delivery service, when so delivered or tendered for delivery during customary business hours on a Business Day at the specified address, or
(iii) if so mailed, on the date of actual receipt (or tender of delivery) as evidenced by the return receipt, or (iv) if so delivered, upon actual receipt, or (v) if facsimile transmission is a permitted means of giving notice, upon
receipt an evidenced by confirmation. 
 8. No Oral Change. No provision of this Guaranty may be changed, waived, discharged, or
terminated orally (in person or by telephone) or by any other means except by an instrument in writing signed by the party against whom enforcement of the change, waiver or discharge or termination is sought. 

9. Parties Bound; Benefit. This Guaranty shall be binding upon each Guarantor and such Guarantor’s respective successors, assigns,
heirs and personal representatives and shall be for the benefit of Agent and each Lender, and of any subsequent holder of Agent’s or any Lender’s interest in the Loan and of any owner of a participation interest therein. In the event the
interest of Agent or any other Lender under the Loan Documents is sold or transferred, then the liability of each Guarantor to Agent or such Lender shall then be in favor of both the Agent or Lender originally named herein and each subsequent holder
of Agent’s or Lender’s interest therein, to the extent of their respective interests. 
 10. Joint and Several. If there is
more than one (1) Guarantor, the obligations of each Guarantor, and such Guarantor’s respective successors, assigns, heirs and personal representatives, shall be and remain joint and several. Except as otherwise provided herein, reference
to Guarantor shall include each Guarantor separately as well as all Guarantors collectively. 
 11. Additional Guarantors. The
initial Guarantors hereunder shall be each of the Guarantors that are signatories hereto and that are listed on Schedule 1 attached hereto. From time to time subsequent to the time hereof, additional Guarantors may become parties hereto,
pursuant to the provisions of the Loan Agreement (each an “Additional Guarantor”) by executing a counterpart of this Guaranty in the form of Exhibit A attached hereto. Upon delivery of any such counterpart to Agent, notice of
which is hereby waived by Guarantors, each such Additional Guarantor shall be a Guarantor and shall be a party hereto effective as of the date of execution by such Guarantor. Each Guarantor expressly agrees that its obligations arising hereunder
shall not be affected or diminished by the addition or release of any other Guarantor hereunder, or by any election by Agent not to cause any Guarantor to become an Additional Guarantor hereunder. This Guaranty shall be fully effective as to any
Guarantor that is or becomes a party hereto regardless of whether any such person becomes or fails to become or ceases to be a Guarantor hereunder. 

12. Release of Guarantors. Pursuant to the provisions of the Loan Agreement, a Guarantor may be released from its obligations under
this Guaranty by Agent’s execution of a Release of Guaranty in the form of Exhibit B attached hereto. Each Guarantor expressly agrees that its obligations arising hereunder shall not be affected or diminished by the release of any other
Guarantor hereunder. 

  
 Exhibit F-2 - 7









 13. Partial Invalidity. Each of the provisions hereof shall be enforceable against each
Guarantor to the fullest extent now or hereafter not prohibited by applicable law. The invalidity or unenforceability of any provision hereof shall not limit the validity or enforceability of each other provision hereof. 

14. Governing Law. This Guaranty and the rights and obligations of the parties hereunder shall in all respects be governed by and
construed and enforced in accordance with the internal laws of the State of New York. Agent or any Lender may enforce its rights hereunder and under the other Loan Documents, including, but not limited to, its rights to sue any Guarantor or to
collect any outstanding indebtedness in accordance with applicable law. 
 15. Consent to Jurisdiction. Each of Guarantor, Agent and
the Lenders (by their acceptance of this Guaranty) irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the courts of the State of New York located within the First Department of the New York
State Unified Court System 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 Guaranty or any other Loan Document, or
for recognition or enforcement of any judgment, and each of said parties irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may 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 said parties 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 Guaranty or in any other Loan Document shall affect any right that the Agent or any Lender may otherwise have to bring any action or proceeding relating to this Guaranty or any other Loan Document against any
Guarantor or any other Loan Party or its properties in the courts of any jurisdiction. Each Guarantor hereby agrees and consents that in addition to any methods of service of process provided for under applicable law, all service of process in any
such suit, action or proceeding in any New York State or Federal Court located within the Southern District of the State of New York may be made by certified or registered mail, return receipt requested, directed to such Guarantor at the address
indicated in Section 7 above and service so made shall be deemed completed five (5) days after the same shall have been so mailed. 

16. [Reserved] 
 17.
Additional Covenant of the Guarantor. Each Guarantor shall pay, perform, observe and comply with all of the obligations, terms, covenants and conditions set forth in this Guaranty and by any provisions of the Loan Agreement specifically
applicable to such Guarantor. 
 18. Subordination. 
  

	 	18.1	 Except as may be otherwise specifically provided for in the Loan Agreement with respect to Permitted
Distributions, any indebtedness of Borrower to any Guarantor, or to any affiliated entity, now or hereafter existing together with any interest thereon shall be, and such indebtedness is, hereby deferred, postponed and subordinated to the prior,
full and Non-Contestable Payment and satisfaction of 



  
 Exhibit F-2 - 8










	 	
all Obligations of Borrower to the Agent and the Lenders. Payment and satisfaction of the Obligations shall be deemed “Non-Contestable Payment” only upon such payment and satisfaction
and the expiration of all periods of time within which a claim for the recovery of a preferential payment, or fraudulent conveyance, or fraudulent transfer, in respect of payments received by Agent or any Lender as to the Obligations could be filed
or asserted with: (A) no such claim having been filed or asserted, or (B) if so filed or asserted, the final, non-appealable decision of a court of competent jurisdiction denying the claim or assertion. 


 

	 	18.2	Except as may be otherwise specifically provided for in the Loan Agreement with respect to Permitted Distributions, at all times until the full and Non-Contestable Payment and satisfaction of the Obligations of Borrower
to Agent and the Lenders with respect to the Loan (and including interest accruing on the Loan Advances after the commencement of a case by or against Borrower under any Debtor Relief Laws now or hereafter in effect, which interest the parties agree
shall remain a claim that is prior and superior to any claim of any Guarantor or any affiliated entity notwithstanding any contrary practice, custom or ruling in cases under the Debtor Relief Laws, as now or hereafter in effect, generally), each
Guarantor, and each affiliated entity, agrees not to accept any payment or satisfaction for any kind of indebtedness of Borrower to any Guarantor, or any affiliated entity, and hereby assigns such indebtedness to Agent, on behalf of the Lenders,
including, but not limited to, the right to file proofs of claim and to vote thereon in connection with any such case under any Debtor Relief Laws, as now or hereafter in effect, and the right to vote on any plan of reorganization.


  

	 	18.3	In addition to the foregoing, and not in limitation thereof, until the full payment and satisfaction of all Obligations of Borrower to Agent and the Lenders, any claims of any Guarantor, or any affiliated entity, of
subrogation, contribution, reimbursement, exoneration, indemnification, or reimbursement arising out of any payment made on this Guaranty, whether such claim is based upon an express or implied contract, or operation of law, are hereby waived;
provided, however, unless Agent otherwise expressly agrees in writing, such waiver by any Guarantor shall not be effective to the extent that by virtue thereof such Guarantor’s liability under this Guaranty or under any other Loan
Document is rendered invalid, voidable, or unenforceable under any applicable state or federal law dealing with the recovery or avoidance of so-called preferences or fraudulent conveyances or otherwise. 


19. Legal Fees, Costs and Expenses. Each Guarantor further agrees to pay within thirty (30) days after demand all costs and
expenses reasonably incurred by Agent and the Lenders, or their successors or assigns, in connection with enforcing any of the rights or remedies of Agent or any Lender, or such successors or assigns, under or with respect to this Guaranty
including, but not limited to, attorneys’ fees and the out-of-pocket expenses and disbursements of such attorneys. Any such amounts which are not paid within thirty (30) days of demand therefor shall bear interest at the Default Rate from
the date of demand until paid. 

  
 Exhibit F-2 - 9









 20. Setoff. Subject to the terms of this Section 20, each Guarantor hereby grants to
Agent and each of the Lenders, a lien, security interest and right of setoff as security for all liabilities and obligations to Agent and the Lenders, whether now existing or hereafter arising, upon and against all deposits, credits, collateral and
property, now or hereafter in the possession, custody, safekeeping or control of Agent or any Lender or any entity under the control of Agent or Lender, or in transit to any of them. At any time, from and after the occurrence of and during the
continuance of an Event of Default, Agent or any Lender may set off the same or any part thereof and apply the same to any liability or obligation of each Guarantor even though unmatured and regardless of the adequacy of any other collateral
securing the Loan. Within five (5) Business Days of making any such set-off, Agent agrees to notify each Guarantor thereof, provided that the failure by Agent to give such notice shall not affect the validity of such set-off. 

21. Counterparts. Delivery of executed counterparts of this Guaranty by telecopy or other electronic means shall be effective as an
original. 
 22. ISDA ECP Guarantor Keepwell Terms. The ISDA ECP Guarantor Keepwell Terms published by the International Swaps and
Derivatives Association, Inc., on April 18, 2013, attached hereto as Schedule 2, are incorporated and apply to this Guaranty. For the avoidance of doubt, a “Qualified Keepwell Provider,” as such term is used in the ISDA ECP
Guarantor Keepwell Terms, shall mean Cedar Realty Trust, Inc. 
 [Signature page to follow] 

  
 Exhibit F-2 - 10









 Witness the execution and delivery hereof as an instrument under seal as of the date first
written above. 
 GUARANTOR: 
  

					
		 	 CEDAR-SOUTH PHILADELPHIA I, LLC,

a Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CEDAR-SOUTH PHILADELPHIA II, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR-RIVERVIEW LP,
 a
Pennsylvania limited partnership

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR-RIVERVIEW, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR LENDER, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CSC-RIVERVIEW LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory

 [Signature pages to Subsidiary Guaranty] 

  
 Exhibit F-2-11










					
		 	CEDAR-DUBOIS, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CEDAR BRICKYARD, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CEDAR BRICKYARD II, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CEDAR-VALLEY PLAZA, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CEDAR-GLEN ALLEN UK, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CEDAR-FREDERICKSBURG UK, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory

 [Signature pages to Subsidiary Guaranty] 

  
 Exhibit F-2-12










					
		 	 CEDAR-REVERE LLC,
 a Delaware
limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CEDAR-PALMYRA, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CEDAR-FAIRVIEW COMMONS, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CEDAR-NORWOOD, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CEDAR-METRO SQUARE II, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	GREENTREE ROAD L.L.C 1, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory

 [Signature pages to Subsidiary Guaranty] 

  
 Exhibit F-2-13










					
		 	GREENTREE ROAD L.L.C. 2, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CEDAR-BRISTOL, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	HAMILTON FC ASSOCIATES, L.P., a Pennsylvania limited partnership
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR-HAMILTON, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CEDAR- PC PLAZA, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CEDAR-TREXLER PLAZA 2, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory

 [Signature pages to Subsidiary Guaranty] 

  
 Exhibit F-2-14










					
		 	CEDAR-TREXLER PLAZA 3, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CEDAR-CAMPBELLTOWN, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CEDAR-CARLL’S CORNER, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	WASHINGTON CENTER L.L.C. 1, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	WASHINGTON CENTER L.L.C. 2, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CEDAR CENTER HOLDINGS L.L.C. 3, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory

 [Signature pages to Subsidiary Guaranty] 

  
 Exhibit F-2-15










					
		 	ACADEMY PLAZA L.L.C. 1, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	ACADEMY PLAZA L.L.C. 2, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	PORT RICHMOND L.L.C. 1, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	PORT RICHMOND L.L.C. 2, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR-SECOND MEMBER, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	VIRGINIA KEMPSVILLE, LLC, a Virginia limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory

 [Signature pages to Subsidiary Guaranty] 

  
 Exhibit F-2-16










					
		 	VIRGINIA GENERAL BOOTH, LLC, a Virginia limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	VIRGINIA SUFFOLK, LLC, a Virginia limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	FAIRPORT ASSOCIATES, L.P., a Delaware limited partnership
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	FORT WASHINGTON FITNESS, L.P., a Delaware limited partnership
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CEDAR-FORT WASHINGTON, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	NEWPORT PLAZA ASSOCIATES, L.P., a Delaware limited partnership
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory

 [Signature pages to Subsidiary Guaranty] 

  
 Exhibit F-2-17










					
		 	CIF-NEWPORT PLAZA ASSOCIATES, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	HALIFAX PLAZA ASSOCIATES, L.P., a Delaware limited partnership
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CIF-HALIFAX PLAZA ASSOCIATES, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CIF FAIRPORT ASSOCIATES, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CEDAR-TIMPANY, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CF POTTSGROVE ASSOCIATES, L.P., a Pennsylvania limited partnership
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory

 [Signature pages to Subsidiary Guaranty] 

  
 Exhibit F-2-18










					
		 	CEDAR-POTTSGROVE GENERAL, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR-POTTSGROVE, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	CEDAR-BETHEL, LLC, a Delaware limited liability company
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 COLISEUM FF, LLC,
 a Virginia
limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR-KINGS, LLC,
 a Delaware
limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR QUARTERMASTER II, LLC,

a Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory

 [Signature pages to Subsidiary Guaranty] 

  
 Exhibit F-2-19










					
		 	 CEDAR QUARTERMASTER HOLDING, LLC,

a Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CIF-LOYAL PLAZA ASSOCIATES, CORP.,

a Delaware corporation

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR QUARTERMASTER III, LLC,

a Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR-TREXLER, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR-TREXLER SPE, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR-YORKTOWNE, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory

 [Signature pages to Subsidiary Guaranty] 

  
 Exhibit F-2-20










					
		 	 CEDAR-FIELDSTONE MARKETPLACE, LP,

a Delaware limited partnership

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR-FIELDSTONE SPE, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR-MECHANICSBURG LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR-ELMHURST, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 PINE GROVE PLAZA ASSOCIATES, LLC,

a Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CIF-PINE GROVE PLAZA ASSOCIATES, LLC,

a Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory

 [Signature pages to Subsidiary Guaranty] 

  
 Exhibit F-2-21










					
		 	 CEDAR LAWNDALE, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 LAWNDALE I, LP,
 a Delaware
limited partnership

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 LAWNDALE II, LP,
 a Delaware
limited partnership

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 LAWNDALE III, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR PCP-NEW LONDON, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR-NEW LONDON SPE, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory

 [Signature pages to Subsidiary Guaranty] 

  
 Exhibit F-2-22










					
		 	 CEDAR-OAK RIDGE, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR QUARTERMASTER, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR-GROTON, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR-JORDAN LANE, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR SOUTHINGTON PLAZA, LLC,

a Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 CEDAR-KUTZTOWN, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory

 [Signature pages to Subsidiary Guaranty] 

  
 Exhibit F-2-23










					
		 	 CEDAR OAKLAND MILLS, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	OAKLAND MILLS BUSINESS TRUST, a Maryland business trust
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	 GOLD STAR PLAZA ASSOCIATES,

a Pennsylvania limited partnership

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory
		
		 	GOLD STAR REALTY, INC., a Pennsylvania corporation
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	Authorized Signatory

 [Signature pages to Subsidiary Guaranty] 

  
 Exhibit F-2-24









 SCHEDULE 1 

INITIAL GUARANTORS 
 CEDAR-SOUTH
PHILADELPHIA I, LLC, a Delaware limited liability company 
 CEDAR-SOUTH PHILADELPHIA II, LLC, a Delaware limited liability company 

CEDAR-RIVERVIEW LP, a Pennsylvania limited partnership 

CEDAR-RIVERVIEW, LLC, a Delaware limited liability company 
 CEDAR
LENDER, LLC, a Delaware limited liability company 
 CSC-RIVERVIEW LLC, a Delaware limited liability company 

CEDAR-DUBOIS, LLC, a Delaware limited liability company 
 CEDAR
BRICKYARD, LLC, a Delaware limited liability company 
 CEDAR BRICKYARD II, LLC, a Delaware limited liability company 

CEDAR-VALLEY PLAZA, LLC, a Delaware limited liability company 

CEDAR-GLEN ALLEN UK, LLC, a Delaware limited liability company 

CEDAR-FREDERICKSBURG UK, LLC, a Delaware limited liability company 

CEDAR-REVERE LLC, a Delaware limited liability company 

CEDAR-PALMYRA, LLC, a Delaware limited liability company 

CEDAR-FAIRVIEW COMMONS, LLC, a Delaware limited liability company 

CEDAR-NORWOOD, LLC, a Delaware limited liability company 

CEDAR-METRO SQUARE II, LLC, a Delaware limited liability company 

GREENTREE ROAD L.L.C 1, a Delaware limited liability company 

GREENTREE ROAD L.L.C. 2, a Delaware limited liability company 

CEDAR-BRISTOL, LLC, a Delaware limited liability company 

HAMILTON FC ASSOCIATES, L.P., a Pennsylvania limited partnership 

CEDAR-HAMILTON, LLC, a Delaware limited liability company 
 CEDAR-
PC PLAZA, LLC, a Delaware limited liability company 
 CEDAR-TREXLER PLAZA 2, LLC, a Delaware limited liability company 

CEDAR-TREXLER PLAZA 3, LLC, a Delaware limited liability company 

CEDAR-CAMPBELLTOWN, LLC, a Delaware limited liability company 

CEDAR-CARLL’S CORNER, LLC, a Delaware limited liability company 

WASHINGTON CENTER L.L.C. 1, a Delaware limited liability company 

WASHINGTON CENTER L.L.C. 2, a Delaware limited liability company 

CEDAR CENTER HOLDINGS L.L.C. 3, a Delaware limited liability company 

ACADEMY PLAZA L.L.C. 1, a Delaware limited liability company 

ACADEMY PLAZA L.L.C. 2, a Delaware limited liability company 

PORT RICHMOND L.L.C. 1, a Delaware limited liability company 

PORT RICHMOND L.L.C. 2, a Delaware limited liability company 

CEDAR-SECOND MEMBER, LLC, a Delaware limited liability company 

VIRGINIA KEMPSVILLE, LLC, a Virginia limited liability company 

VIRGINIA GENERAL BOOTH, LLC, a Virginia limited liability company 

VIRGINIA SUFFOLK, LLC, a Virginia limited liability company 

FAIRPORT ASSOCIATES, L.P., a Delaware limited partnership 
 FORT
WASHINGTON FITNESS, L.P., a Delaware limited partnership 
 CEDAR-FORT WASHINGTON, LLC, a Delaware limited liability company 

NEWPORT PLAZA ASSOCIATES, L.P., a Delaware limited partnership 

CIF-NEWPORT PLAZA ASSOCIATES, LLC a Delaware limited liability company 

HALIFAX PLAZA ASSOCIATES, L.P., a Delaware limited partnership 

CIF-HALIFAX PLAZA ASSOCIATES, LLC a Delaware limited liability company 

CIF FAIRPORT ASSOCIATES, LLC a Delaware limited liability company 

CEDAR-TIMPANY, LLC, a Delaware limited liability company 

  
 Exhibit F-2-25









 CF POTTSGROVE ASSOCIATES, L.P., a Pennsylvania limited partnership 

CEDAR-POTTSGROVE GENERAL, LLC, a Delaware limited liability company 

CEDAR-POTTSGROVE, LLC, a Delaware limited liability company 

CEDAR-BETHEL, LLC, a Delaware limited liability company 
 COLISEUM
FF, LLC, a Virginia liability liability company 
 CEDAR-KINGS, LLC, a Delaware limited liability company 

CEDAR QUARTERMASTER II, LLC, a Delaware limited liability company 

CEDAR QUARTERMASTER HOLDING, LLC, a Delaware limited liability company 

CIF-LOYAL PLAZA ASSOCIATES, CORP., a Delaware corporation 
 CEDAR
QUARTERMASTER III, LLC, a Delaware limited liability company 
 CEDAR-TREXLER, LLC, a Delaware limited liability company 

CEDAR-TREXLER SPE, LLC, a Delaware limited liability company 

CEDAR-YORKTOWNE, LLC, a Delaware limited liability company 

CEDAR-FIELDSTONE MARKETPLACE, LP, a Delaware limited partnership 

CEDAR-FIELDSTONE SPE, LLC, a Delaware limited liability company 

CEDAR-MECHANICSBURG LLC, a Delaware limited liability company 

CEDAR-ELMHURST, LLC, a Delaware limited liability company 
 CEDAR
PCP-NEW LONDON, LLC, a Delaware limited liability company 
 CEDAR-NEW LONDON SPE, LLC, a Delaware limited liability company 

CEDAR-OAK RIDGE, LLC, a Delaware limited liability company 
 PINE
GROVE PLAZA ASSOCIATES, LLC, a Delaware limited liability company 
 CIF-PINE GROVE PLAZA ASSOCIATES, LLC, a Delaware limited liability company 

CEDAR LAWNDALE, LLC, a Delaware limited liability company 

LAWNDALE I, LP, a Delaware limited partnership 
 LAWNDALE II, LP,
a Delaware limited partnership 
 LAWNDALE III, LLC, a Delaware limited liability company 

CEDAR QUARTERMASTER, LLC, a Delaware limited liability company 

CEDAR-GROTON, LLC, a Delaware limited liability company 

CEDAR-JORDAN LANE, LLC, a Delaware limited liability company 

CEDAR SOUTHINGTON PLAZA, LLC, a Delaware limited liability company 

CEDAR-KUTZTOWN, LLC, a Delaware limited liability company 
 CEDAR
OAKLAND MILLS, LLC, a Delaware limited liability company 
 OAKLAND MILLS BUSINESS TRUST, a Maryland business trust 

GOLD STAR PLAZA ASSOCIATES, a Pennsylvania limited partnership 

GOLD STAR REALTY, INC., a Pennsylvania corporation 

  
 Exhibit F-2-26









 SCHEDULE 2 
  





 
 International Swaps and Derivatives Association, Inc. 

ISDA ECP GUARANTOR KEEPWELL TERMS 

published on April 18, 2013 

by the International Swaps and Derivatives Association, Inc. 
  

 
  

	(a)	Incorporation 

 These ISDA ECP Guarantor Keepwell Terms (“Keepwell Terms”) may be
incorporated into any agreement, document, instrument, confirmation or other writing, whether in physical or electronic form (“Writing”) by indicating in the Writing that, or the extent to which, these Keepwell Terms are
incorporated into or otherwise applicable to such Writing. These Keepwell Terms will be deemed to be part of or otherwise applicable to such a Writing to the same extent as if set forth therein except as otherwise modified or provided in that
Writing. Terms defined herein shall have their meanings solely for purposes of these Keepwell Terms unless otherwise provided in the relevant Writing. 
  

	(b)	Keepwell 

 Each Qualified Keepwell Provider with respect to a Swap Counterparty hereby absolutely,
unconditionally and irrevocably undertakes to provide such funds or other credit support as may be needed by any Supported Guarantor of such Swap Counterparty from time to time to honor all of such Supported Guarantor’s obligations under any
Guaranty in respect of Swap Obligations of such Swap Counterparty (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such party’s obligations hereunder voidable under applicable law
relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings of a Qualified Keepwell Provider with respect to any Swap Counterparty under this paragraph shall remain in full force and
effect until all Swap Obligations of such Swap Counterparty in respect of which a Supported Guarantor has provided a Guaranty have been indefeasibly paid and performed in full. The parties intend this provision to constitute, and this provision
shall be deemed to constitute, a guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit of each Supported Guarantor for all purposes of the CEA. 

 

	(c)	Definitions 

 As used herein, the following terms shall have the following meanings: 

  
 Exhibit F-2-27









 “CEA” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to
time, and any successor statute. 
 “CFTC” means the Commodity Futures Trading Commission. 

“DCM” means a board of trade designated as a contract market under Section 5 of the CEA. 

“ECP” means an “eligible contract participant” as defined in the CEA and regulations thereunder. 

“Eligibility Date” means, with respect to a Guarantor and a Swap, the date on which a Guaranty becomes effective with respect to such Swap.
For the avoidance of doubt, the Eligibility Date shall be the date of the execution of a Swap if the corresponding Guaranty is then in effect, and otherwise it shall be the date of execution and delivery of such Guaranty unless the Guaranty
specifies a subsequent effective date. 
 “Guarantor” means any person or entity issuing or providing a Guaranty. 

“Guaranty” means a guaranty or assumption of liability as surety with respect to obligations of one or more Swap Counterparties. 

“Qualified Keepwell Provider” means with respect to a Swap Counterparty, each person specified as such in this Writing, and if no such
persons are specified, each Guarantor in respect of Swap Obligations of such Swap Counterparty that is, as of the Eligibility Date, (i) a corporation, partnership, proprietorship, organization, trust, or other entity other than a
“commodity pool” as defined in Section 1a(10) of the CEA and CFTC regulations thereunder that has total assets exceeding $10,000,000 or (ii) an ECP that can cause another person to qualify as an ECP on the Eligibility Date under
Section 1a(18)(A)(v)(II) of the CEA by entering into a keepwell. 
 “Supported Guarantor” means with respect to a Swap Counterparty, each
person specified as such in this Writing, and if no such persons are specified, each Guarantor in respect of Swap Obligations of such Swap Counterparty that is, as of the Eligibility Date, (i) a corporation, partnership, proprietorship,
organization, trust or other entity other than a “commodity pool” as defined in Section 1a(10) of the CEA and CFTC regulations thereunder that would not be an ECP on the Eligibility Date but for the effect of these Keepwell Terms or
(ii) a person that the CFTC has determined is eligible to qualify as an ECP under Section 1a(18) of the CEA by virtue of being a beneficiary of a keepwell and that would not qualify as an ECP but for the effect of these Keepwell Terms. 

“Swap” means any “swap” as defined in Section 1a(47) of the CEA and regulations thereunder other than (i) a swap entered into
on, or subject to the rules of, a DCM, or (ii) a commodity option entered into pursuant to CFTC Regulation 32.3(a). 
 “Swap
Counterparty” means any party hereto who is party to a Swap with one or more Swap Providers, whether at inception, by novation, or otherwise, including any successors to such party. 

“Swap Obligation” means any obligation to pay or perform under any agreement, contract or transaction that constitutes a Swap between a Swap
Counterparty and a Swap Provider of such Swap Counterparty. 

  
 Exhibit F-2-28









 “Swap Provider” with respect to a Swap Counterparty, means the person or persons specified as
such in this Writing, and if no such persons are specified, each person who is the counterparty to a Swap with such Swap Counterparty hereunder, whether at inception, by novation, or otherwise, including any successors to such party. 

  
 Exhibit F-2-29









 EXHIBIT A 

COUNTERPART TO GUARANTY 

Reference is hereby made to that certain Guaranty (as amended, restated, extended, supplemented or otherwise modified in writing from time to
time, the “Guaranty”) dated as of                     , 2016, executed and delivered by the parties listed on Schedule
1 attached thereto pursuant to that certain Loan Agreement, dated as of                     , 2016 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Loan Agreement”), among Cedar Realty Trust Partnership, L.P. (the “Borrower”), the Lenders from time to time party thereto, and KeyBank National
Association, as Administrative Agent (in such capacity as Administrative Agent, the “Agent”). Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Guaranty. 

In witness whereof, the undersigned Additional Guarantor has caused the Guaranty to be executed and delivered by its officer thereunto duly
authorized as of                     , 20    . Schedule 1 of the Guaranty is hereby updated with the
attached Schedule 2. 
  

							
	Dated as of:                     , 20    	 		 	 
		 		 	[NAME OF ADDITIONAL GARANTOR]
				
		 		 	By:	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 


  
 Exhibit F-2-30









 SCHEDULE 1 

EXISTING SUBSIDIARY GUARANTORS 

CEDAR-SOUTH PHILADELPHIA I, LLC, a Delaware limited liability company 

CEDAR-SOUTH PHILADELPHIA II, LLC, a Delaware limited liability company 

CEDAR-RIVERVIEW LP, a Pennsylvania limited partnership 

CEDAR-RIVERVIEW, LLC, a Delaware limited liability company 
 CEDAR
LENDER, LLC, a Delaware limited liability company 
 CSC-RIVERVIEW LLC, a Delaware limited liability company 

CEDAR-DUBOIS, LLC, a Delaware limited liability company 
 CEDAR
BRICKYARD, LLC, a Delaware limited liability company 
 CEDAR BRICKYARD II, LLC, a Delaware limited liability company 

CEDAR-VALLEY PLAZA, LLC, a Delaware limited liability company 

CEDAR-GLEN ALLEN UK, LLC, a Delaware limited liability company 

CEDAR-FREDERICKSBURG UK, LLC, a Delaware limited liability company 

CEDAR-REVERE LLC, a Delaware limited liability company 

CEDAR-PALMYRA, LLC, a Delaware limited liability company 

CEDAR-FAIRVIEW COMMONS, LLC, a Delaware limited liability company 

CEDAR-NORWOOD, LLC, a Delaware limited liability company 

CEDAR-METRO SQUARE II, LLC, a Delaware limited liability company 

GREENTREE ROAD L.L.C 1, a Delaware limited liability company 

GREENTREE ROAD L.L.C. 2, a Delaware limited liability company 

CEDAR-BRISTOL, LLC, a Delaware limited liability company 

HAMILTON FC ASSOCIATES, L.P., a Pennsylvania limited partnership 

CEDAR-HAMILTON, LLC, a Delaware limited liability company 
 CEDAR-
PC PLAZA, LLC, a Delaware limited liability company 
 CEDAR-TREXLER PLAZA 2, LLC, a Delaware limited liability company 

CEDAR-TREXLER PLAZA 3, LLC, a Delaware limited liability company 

CEDAR-CAMPBELLTOWN, LLC, a Delaware limited liability company 

CEDAR-CARLL’S CORNER, LLC, a Delaware limited liability company 

WASHINGTON CENTER L.L.C. 1, a Delaware limited liability company 

WASHINGTON CENTER L.L.C. 2, a Delaware limited liability company 

CEDAR CENTER HOLDINGS L.L.C. 3, a Delaware limited liability company 

ACADEMY PLAZA L.L.C. 1, a Delaware limited liability company 

ACADEMY PLAZA L.L.C. 2, a Delaware limited liability company 

PORT RICHMOND L.L.C. 1, a Delaware limited liability company 

PORT RICHMOND L.L.C. 2, a Delaware limited liability company 

CEDAR-SECOND MEMBER, LLC, a Delaware limited liability company 

VIRGINIA KEMPSVILLE, LLC, a Virginia limited liability company 

VIRGINIA GENERAL BOOTH, LLC, a Virginia limited liability company 

VIRGINIA SUFFOLK, LLC, a Virginia limited liability company 

FAIRPORT ASSOCIATES, L.P., a Delaware limited partnership 
 FORT
WASHINGTON FITNESS, L.P., a Delaware limited partnership 
 CEDAR-FORT WASHINGTON, LLC, a Delaware limited liability company 

NEWPORT PLAZA ASSOCIATES, L.P., a Delaware limited partnership 

CIF-NEWPORT PLAZA ASSOCIATES, LLC a Delaware limited liability company 

HALIFAX PLAZA ASSOCIATES, L.P., a Delaware limited partnership 

CIF-HALIFAX PLAZA ASSOCIATES, LLC a Delaware limited liability company 

CIF FAIRPORT ASSOCIATES, LLC a Delaware limited liability company 

CEDAR-TIMPANY, LLC, a Delaware limited liability company 

  
 Exhibit F-2-31









 CF POTTSGROVE ASSOCIATES, L.P., a Pennsylvania limited partnership 

CEDAR-POTTSGROVE GENERAL, LLC, a Delaware limited liability company 

CEDAR-POTTSGROVE, LLC, a Delaware limited liability company 

CEDAR-BETHEL, LLC, a Delaware limited liability company 
 COLISEUM
FF, LLC, a Virginia liability liability company 
 CEDAR-KINGS, LLC, a Delaware limited liability company 

CEDAR QUARTERMASTER II, LLC, a Delaware limited liability company 

CEDAR QUARTERMASTER HOLDING, LLC, a Delaware limited liability company 

CIF-LOYAL PLAZA ASSOCIATES, CORP., a Delaware corporation 
 CEDAR
QUARTERMASTER III, LLC, a Delaware limited liability company 
 CEDAR-TREXLER, LLC, a Delaware limited liability company 

CEDAR-TREXLER SPE, LLC, a Delaware limited liability company 

CEDAR-YORKTOWNE, LLC, a Delaware limited liability company 

CEDAR-FIELDSTONE MARKETPLACE, LP, a Delaware limited partnership 

CEDAR-FIELDSTONE SPE, LLC, a Delaware limited liability company 

CEDAR-MECHANICSBURG LLC, a Delaware limited liability company 

CEDAR-ELMHURST, LLC, a Delaware limited liability company 
 CEDAR
PCP-NEW LONDON, LLC, a Delaware limited liability company 
 CEDAR-NEW LONDON SPE, LLC, a Delaware limited liability company 

CEDAR-OAK RIDGE, LLC, a Delaware limited liability company 
 PINE
GROVE PLAZA ASSOCIATES, LLC, a Delaware limited liability company 
 CIF-PINE GROVE PLAZA ASSOCIATES, LLC, a Delaware limited liability company 

CEDAR LAWNDALE, LLC, a Delaware limited liability company 

LAWNDALE I, LP, a Delaware limited partnership 
 LAWNDALE II, LP,
a Delaware limited partnership 
 LAWNDALE III, LLC, a Delaware limited liability company 

CEDAR QUARTERMASTER, LLC, a Delaware limited liability company 

CEDAR-GROTON, LLC, a Delaware limited liability company 

CEDAR-JORDAN LANE, LLC, a Delaware limited liability company 

CEDAR SOUTHINGTON PLAZA, LLC, a Delaware limited liability company 

CEDAR-KUTZTOWN, LLC, a Delaware limited liability company 
 CEDAR
OAKLAND MILLS, LLC, a Delaware limited liability company 
 OAKLAND MILLS BUSINESS TRUST, a Maryland business trust 

GOLD STAR PLAZA ASSOCIATES, a Pennsylvania limited partnership 

GOLD STAR REALTY, INC., a Pennsylvania corporation 

  
 Exhibit F-2-32









 SCHEDULE 2 

SUBSIDIARY GUARANTORS 

  
 Exhibit F-2-33









 EXHIBIT B 

FORM OF RELEASE OF GUARANTOR 

Reference is hereby made to that certain Guaranty (as amended, restated, extended, supplemented or otherwise modified in writing from time to
time, the “Guaranty”) dated as of                     , 2016, executed and delivered by the parties listed on
Schedule 1 attached thereto pursuant to that certain Loan Agreement, dated as of                     , 2016 (as amended, restated,
extended, supplemented or otherwise modified in writing from time to time, the “Loan Agreement”), among Cedar Realty Trust Partnership, L.P. (the “Borrower”), the Lenders from time to time party thereto, and KeyBank
National Association, as Administrative Agent (in such capacity as Administrative Agent, the “Agent”). Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Guaranty. 

In witness whereof, the undersigned Agent, on behalf of the Lenders, hereby releases and discharges
                             from any and all obligations and liabilities of
                             to Agent and the Lenders under the Guaranty. 

Dated as of:                     ,
20     
  

					
	KEYBANK NATIONAL ASSOCIATION, as Agent
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 


  
 Exhibit F-2-34









 EXHIBIT G 

INTENTIONALLY OMITTED 

  
 Exhibit G-1 








 EXHIBIT H 

FORM OF 
 CASH FLOW
PROJECTIONS 
  

					
	 CEDAR REALTY TRUST, INC.
	  			
	 Projected Funds From Operations (“FFO”), Operating Funds From Operations
(“Operating FFO”) and Cash Flow Items Year Ending December 31, 20XX
	  			
	 (Unaudited—dollars in thousands)
	  			
	 Revenues
	  			
	 Rents
	  			
	 Expense recoveries
	  			
	 Other
	  			
		  	  
	  
	 
	 Total revenues
	  	 	—  	  
	 Property expenses
	  			
	 Rental expenses
	  			
	 Real estate taxes
	  			
		  	  
	  
	 
	 Total property expenses
	  	 	—  	  
		  	  
	  
	 
	 Property Operating Income
	  	 	—  	  
	 Other expenses and income
	  			
	 General and administrative
	  			
	 Interest expenses, net
	  			
	 Minority interests in consolidated joint ventures
	  			
	 Other noncash and unusual items
	  			
	 Depreciation and amortization
	  			
		  	  
	  
	 
	 Net Income (Loss)
	  	 	—  	  
	 Preferred stock dividends
	  			
	 Limited partners’ interest
	  			
		  	  
	  
	 
	 Income (Loss) Attributable to Common Shareholders
	  	 	—  	  
	 Add/(deduct)
	  			
	 Real estate depreciation
	  			
	 Gains on sales—dispositions
	  			
	 Limited partners’ interest
	  			
	 Minority interest in consolidated joint ventures
	  			
	 Minority interests’ share of FFO applicable to consolidated JVs
	  			
		  	  
	  
	 
	 FFO
	  	 	—  	  


  
 Exhibit H-1 









					
	 Add/(deduct) the pro rata share of
	  			
	 Management transition charges
	  			
	 Preferred stock redemption costs
	  			
	 Costs related to early extinguishment of debt
	  			
		  	  
	  
	 
	 Operating FFO
	  	 	—  	  
	 Add (deduct) pro rata share:
	  			
	 Straight-line rents
	  			
	 Amortization of intangible lease liabilities
	  			
	 Expense accruals related to share-based compensation
	  			
	 Amortization of debt discount/premium
	  			
	 Amortization of deferred financing costs
	  			
	 Capitalized Interest
	  			
	 Capitalized lease origination expenses
	  			
	 Maintenance capital expenditures (excluding redevelopments)
	  			
	 Scheduled debt principal amortization payments
	  			
		  	  
	  
	 
	 AFFO
	  	$	—  	  
		  	  
	  
	 


  
 Exhibit H-2