EX-10.1




 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

INVENTRUST PROPERTIES CORP. 

$150,000,000 5.07% Senior Notes, Series A, due August 11, 2029 

$100,000,000 5.20% Senior Notes, Series B, due August 11, 2032 

 
  

NOTE PURCHASE AGREEMENT 

 
  

Dated June 3, 2022 
  

 
  











 TABLE OF CONTENTS 

 

							
	SECTION	 	HEADING	  	PAGE	 
	 SECTION 1.
	 	 AUTHORIZATION OF NOTES
	  	 	1	 
			
	 Section 1.1.
	 	 Authorization of Notes
	  	 	1	 
	 Section 1.2.
	 	 Subsidiary Guaranty
	  	 	1	 
			
	 SECTION 2.
	 	 SALE AND PURCHASE OF
NOTES
	  	 	1	 
			
	 SECTION 3.
	 	 CLOSING
	  	 	2	 
			
	 SECTION 4.
	 	 CONDITIONS TO CLOSING
	  	 	2	 
			
	 Section 4.1.
	 	 Representations and Warranties
	  	 	2	 
	 Section 4.2.
	 	 Performance; No Default
	  	 	2	 
	 Section 4.3.
	 	 Compliance Certificates
	  	 	2	 
	 Section 4.4.
	 	 Opinions of Counsel
	  	 	3	 
	 Section 4.5.
	 	 Purchase Permitted By Applicable Law, Etc.
	  	 	3	 
	 Section 4.6.
	 	 Sale of Other Notes
	  	 	3	 
	 Section 4.7.
	 	 Payment of Special Counsel Fees
	  	 	3	 
	 Section 4.8.
	 	 Private Placement Number
	  	 	3	 
	 Section 4.9.
	 	 Changes in Corporate Structure
	  	 	3	 
	 Section 4.10.
	 	 Funding Instructions
	  	 	4	 
	 Section 4.11.
	 	 Release of Guaranty
	  	 	4	 
	 Section 4.12.
	 	 Debt Rating
	  	 	4	 
	 Section 4.13.
	 	 Most Favored Lender Notice
	  	 	4	 
	 Section 4.14.
	 	 Amendments to Primary Credit Facilities
	  	 	4	 
	 Section 4.15.
	 	 Proceedings and Documents
	  	 	4	 
			
	 SECTION 5.
	 	 REPRESENTATIONS AND WARRANTIES OF
THE COMPANY
	  	 	5	 
			
	 Section 5.1.
	 	 Organization; Power and Authority
	  	 	5	 
	 Section 5.2.
	 	 Authorization, Etc.
	  	 	5	 
	 Section 5.3.
	 	 Disclosure
	  	 	5	 
	 Section 5.4.
	 	 Organization and Ownership of Shares of Subsidiaries; Affiliates
	  	 	5	 
	 Section 5.5.
	 	 Financial Statements; Material Liabilities
	  	 	6	 
	 Section 5.6.
	 	 Compliance with Laws, Other Instruments, Etc.
	  	 	6	 
	 Section 5.7.
	 	 Governmental Authorizations, Etc.
	  	 	7	 
	 Section 5.8.
	 	 Litigation; Observance of Agreements, Statutes and Orders
	  	 	7	 
	 Section 5.9.
	 	 Taxes
	  	 	7	 
	 Section 5.10.
	 	 Title to Property; Leases
	  	 	8	 
	 Section 5.11.
	 	 Licenses, Permits, Etc.
	  	 	8	 
	 Section 5.12.
	 	 Compliance with Employee Benefit Plans
	  	 	8	 
	 Section 5.13.
	 	 Private Offering by the Company
	  	 	9	 


  
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	 Section 5.14.
	 	 Use of Proceeds; Margin Regulations
	  	 	9	 
	 Section 5.15.
	 	 Existing Indebtedness; Future Liens
	  	 	10	 
	 Section 5.16.
	 	 Foreign Assets Control Regulations, Etc.
	  	 	10	 
	 Section 5.17.
	 	 Status under Certain Statutes
	  	 	11	 
	 Section 5.18.
	 	 Environmental Matters
	  	 	11	 
	 Section 5.19.
	 	 REIT Status
	  	 	12	 
			
	 SECTION 6.
	 	 REPRESENTATIONS OF THE
PURCHASERS
	  	 	12	 
			
	 Section 6.1.
	 	 Purchase for Investment
	  	 	12	 
	 Section 6.2.
	 	 Source of Funds
	  	 	12	 
			
	 SECTION 7.
	 	 INFORMATION AS TO
COMPANY
	  	 	14	 
			
	 Section 7.1.
	 	 Financial and Business Information
	  	 	14	 
	 Section 7.2.
	 	 Officer’s Certificate
	  	 	17	 
	 Section 7.3.
	 	 Visitation
	  	 	18	 
	 Section 7.4.
	 	 Electronic Delivery
	  	 	18	 
			
	 SECTION 8.
	 	 PAYMENT AND PREPAYMENT OF
THE NOTES
	  	 	19	 
			
	 Section 8.1.
	 	 Maturity
	  	 	19	 
	 Section 8.2.
	 	 Optional Prepayments with Make-Whole Amount
	  	 	19	 
	 Section 8.3.
	 	 Allocation of Partial Prepayments
	  	 	20	 
	 Section 8.4.
	 	 Maturity; Surrender, Etc.
	  	 	20	 
	 Section 8.5.
	 	 Purchase of Notes
	  	 	20	 
	 Section 8.6.
	 	 Make-Whole Amount
	  	 	20	 
	 Section 8.7.
	 	 Change in Control
	  	 	22	 
	 Section 8.8.
	 	 Payments Due on Non-Business Days
	  	 	24	 
			
	 SECTION 9.
	 	 AFFIRMATIVE COVENANTS
	  	 	24	 
			
	 Section 9.1.
	 	 Compliance with Laws
	  	 	24	 
	 Section 9.2.
	 	 Insurance
	  	 	24	 
	 Section 9.3.
	 	 Maintenance of Properties
	  	 	24	 
	 Section 9.4.
	 	 Payment of Taxes and Claims
	  	 	24	 
	 Section 9.5.
	 	 Corporate Existence, Etc.
	  	 	25	 
	 Section 9.6.
	 	 Books and Records
	  	 	25	 
	 Section 9.7.
	 	 Subsidiary Guarantors
	  	 	25	 
	 Section 9.8.
	 	 Company Status
	  	 	26	 
	 Section 9.9.
	 	 Rating on the Notes
	  	 	26	 
			
	 SECTION 10.
	 	 NEGATIVE COVENANTS
	  	 	27	 
			
	 Section 10.1.
	 	 Transactions with Affiliates
	  	 	27	 
	 Section 10.2.
	 	 Mergers, Consolidations and Sales of Assets
	  	 	27	 
	 Section 10.3.
	 	 Line of Business
	  	 	28	 
	 Section 10.4.
	 	 Economic Sanctions, Etc.
	  	 	29	 
	 Section 10.5.
	 	 Indebtedness and Cash Flow Covenants
	  	 	29	 
	 Section 10.6.
	 	 Most Favored Lender
	  	 	30	 


  
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	 SECTION 11.
	 	 EVENTS OF DEFAULT
	  	 	31	 
			
	 SECTION 12.
	 	 REMEDIES ON DEFAULT, ETC.
	  	 	34	 
			
	 Section 12.1.
	 	 Acceleration
	  	 	34	 
	 Section 12.2.
	 	 Other Remedies
	  	 	34	 
	 Section 12.3.
	 	 Rescission
	  	 	34	 
	 Section 12.4.
	 	 No Waivers or Election of Remedies, Expenses, Etc.
	  	 	35	 
			
	 SECTION 13.
	 	 REGISTRATION; EXCHANGE; SUBSTITUTION
OF NOTES
	  	 	35	 
			
	 Section 13.1.
	 	 Registration of Notes
	  	 	35	 
	 Section 13.2.
	 	 Transfer and Exchange of Notes; Competitors
	  	 	35	 
	 Section 13.3.
	 	 Replacement of Notes
	  	 	36	 
			
	 SECTION 14.
	 	 PAYMENTS ON NOTES
	  	 	36	 
			
	 Section 14.1.
	 	 Place of Payment
	  	 	36	 
	 Section 14.2.
	 	 Payment by Wire Transfer
	  	 	36	 
	 Section 14.3.
	 	 FATCA Information
	  	 	37	 
			
	 SECTION 15.
	 	 EXPENSES, ETC.
	  	 	37	 
			
	 Section 15.1.
	 	 Transaction Expenses
	  	 	37	 
	 Section 15.2.
	 	 Certain Taxes
	  	 	38	 
	 Section 15.3.
	 	 Survival
	  	 	38	 
			
	 SECTION 16.
	 	 SURVIVAL OF REPRESENTATIONS AND
WARRANTIES; ENTIRE AGREEMENT
	  	 	38	 
			
	 SECTION 17.
	 	 AMENDMENT AND WAIVER
	  	 	39	 
			
	 Section 17.1.
	 	 Requirements
	  	 	39	 
	 Section 17.2.
	 	 Solicitation of Holders of Notes
	  	 	39	 
	 Section 17.3.
	 	 Binding Effect, Etc.
	  	 	40	 
	 Section 17.4.
	 	 Notes Held by Company, Etc.
	  	 	40	 
			
	 SECTION 18.
	 	 NOTICES
	  	 	40	 
			
	 SECTION 19.
	 	 REPRODUCTION OF DOCUMENTS
	  	 	41	 
			
	 SECTION 20.
	 	 CONFIDENTIAL INFORMATION
	  	 	41	 
			
	 SECTION 21.
	 	 SUBSTITUTION OF PURCHASER
	  	 	42	 
			
	 SECTION 22.
	 	 MISCELLANEOUS
	  	 	43	 


  
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	 Section 22.1.
	 	 Successors and Assigns
	  	 	43	 
	 Section 22.2.
	 	 Accounting Terms
	  	 	43	 
	 Section 22.3.
	 	 Severability
	  	 	43	 
	 Section 22.4.
	 	 Construction, Etc.
	  	 	43	 
	 Section 22.5.
	 	 Counterparts; Electronic Contracting
	  	 	44	 
	 Section 22.6.
	 	 Governing Law
	  	 	45	 
	 Section 22.7.
	 	 Jurisdiction and Process; Waiver of Jury Trial
	  	 	45	 
			
	 Signature
	 		  	 	46	 


  
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	 SCHEDULE A
	  	—	  	 Defined Terms

			
	 SCHEDULE 1.1A
	  	—	  	 Form of 5.07% Senior Note, Series A, due August 11, 2029

			
	 SCHEDULE 1.1B
	  	—	  	 Form of 5.20% Senior Note, Series B, due August 11, 2032

			
	 SCHEDULE 1.2
	  	—	  	 Form of Subsidiary Guaranty

			
	 SCHEDULE 4.4(a)
	  	—	  	 Matters to Be Covered in Opinions of Special Counsels for the Company

			
	 SCHEDULE 4.4(b)
	  	—	  	 Form of Opinion of Special Counsel for the Purchasers

			
	 SCHEDULE 5.3
	  	—	  	 Disclosure Materials

			
	 SCHEDULE 5.4
	  	—	  	 Subsidiaries of the Company and Ownership of Subsidiary Stock

			
	 SCHEDULE 5.5
	  	—	  	 Financial Statements

			
	 SCHEDULE 5.15
	  	—	  	 Existing Indebtedness

		
	 PURCHASER SCHEDULE —
	  	 Information Relating to Purchasers



  
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 INVENTRUST PROPERTIES CORP.

 3025 Highland Parkway, Suite 350 

Downers Grove, Illinois 60515 

$150,000,000 5.07%Senior Notes, Series A, due August 11, 2029 

$100,000,000 5.20% Senior Notes, Series B, due August 11, 2032 

June 3, 2022 
 TO
EACH OF THE PURCHASERS LISTED IN 

THE PURCHASER SCHEDULE HERETO: 

Ladies and Gentlemen: 

INVENTRUST PROPERTIES CORP., a Maryland corporation (the
“Company”), agrees with each of the Purchasers as follows: 
  

	SECTION 1.	 AUTHORIZATION OF NOTES. 



Section 1.1.    Authorization of Notes. The Company will authorize the issue and sale of
(i) $150,000,000 aggregate principal amount of its 5.07% Senior Notes, Series A, due August 11, 2029 (the “Series A Notes”) and (ii) $100,000,000 aggregate principal amount of its 5.20% Senior Notes,
Series B, due August 11, 2032 (the “Series B Notes” and, together with Series A Notes, the “Notes”). The Notes shall be substantially in the form set out in Schedule 1.1A or
Schedule 1.1B, as applicable. Each Series of Notes issued hereunder are sometimes referred to as Notes of a “Series”. Certain capitalized and other terms used in this Agreement are defined in Schedule A and, for purposes of this
Agreement, the rules of construction set forth in Section 22.4 shall govern. 

Section 1.2.    Subsidiary Guaranty. The payment by the Company of all amounts due with
respect to the Notes and the performance by the Company of its obligations under this Agreement may from time to time be absolutely and unconditionally guaranteed by each Subsidiary who delivers a guaranty pursuant to Section 9.7 (the
“Subsidiary Guarantors”) pursuant to a Subsidiary Guaranty, duly executed by such Subsidiary Guarantors, substantially in the form of Schedule 1.2 attached hereto (as the same may be amended, modified, extended or renewed,
including pursuant to Section 9.7, the “Subsidiary Guaranty”). 
  

	SECTION 2.	 SALE AND PURCHASE OF NOTES.



 Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and each
Purchaser will purchase from the Company, at the Closing provided for in Section 3, Notes in the principal amount and Series specified opposite such Purchaser’s name in the Purchaser Schedule at the purchase price of 100% of the principal
amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or non-performance of any obligation
by any other Purchaser hereunder. 












	SECTION 3.	 CLOSING. 



This Agreement shall be executed and delivered in advance of the Closing at the offices of Chapman and Cutler LLP, 320 South Canal Street,
Chicago, Illinois 60606, on June 3, 2022 (the “Execution Date”). 
 The sale and purchase of the Notes to be purchased
by each Purchaser shall occur at the offices of Chapman and Cutler LLP, 320 South Canal Street, Chicago, Illinois 60606, at 8:00 a.m. Chicago time, at a closing (the “Closing”) on August 11, 2022. At the Closing, the
Company will deliver to each Purchaser the Notes to be purchased by such Purchaser in the form of a single Note (or such greater number of Notes in denominations of at least $100,000 as such Purchaser may request) dated the date of the Closing and
registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately
available funds for the account of the Company to the account specified in the written instructions delivered pursuant to Section 4.10. If at the Closing the Company shall fail to tender such Notes to any Purchaser as provided above in this
Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s reasonable satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement,
without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment. 
  

	SECTION 4.	 CONDITIONS TO CLOSING. 



Each Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to
such Purchaser’s reasonable satisfaction, prior to or at the Closing, of the following conditions: 

SECTION 4.1.    Representations and Warranties. The
representations and warranties of the Company in the Note Documents to which it is a party shall be correct when made on the Execution Date and at the Closing. 

SECTION 4.2.    Performance; No Default. The Company
shall have performed and complied with all agreements and conditions contained in Note Documents to which it is a party required to be performed or complied with by it prior to or at the Closing. Immediately before and immediately after giving
effect to the issue and sale of the Notes at the Closing (and the application of the proceeds thereof as contemplated by Section 5.14), no Change in Control, Default or Event of Default shall have occurred and be continuing. 

Section 4.3.    Compliance Certificates. 

(a)    Officer’s Certificate. The Company shall have delivered to such Purchaser an Officer’s Certificate,
dated the date of the Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled. 

  
 -2- 












 (b)    Secretary’s Certificate. The Company shall have
delivered to such Purchaser a certificate of its Secretary or Assistant Secretary, dated the date of the Closing, certifying as to (i) the resolutions attached thereto and other corporate, limited partnership or limited liability company, as
applicable, proceedings relating to the authorization, execution and delivery of the Note Documents to which it is a party and (ii) the Company’s organizational documents as then in effect. 

Section 4.4.    Opinions of Counsel. Such Purchaser shall have received opinions in form
and substance satisfactory to such Purchaser, dated the date of the Closing (a) from Latham and Watkins LLP, special counsel for the Company and Venable LLP, special Maryland counsel for the Company, covering the matters set forth in
Schedule 4.4(a) and covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers)
and (b) from Chapman and Cutler LLP, the Purchasers’ special counsel in connection with such transactions, substantially in the form set forth in Schedule 4.4(b) and covering such other matters incident to such transactions as such
Purchaser may reasonably request. 
 Section 4.5.    Purchase Permitted By Applicable Law,
Etc. On the date of the Closing such Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as
section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including
Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect
on the date hereof. If requested by such Purchaser at least five (5) Business Days prior to such Closing, such Purchaser shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably
specify to enable such Purchaser to determine whether such purchase is so permitted. 

Section 4.6.    Sale of Other Notes. Contemporaneously with the Closing the Company shall
sell to each other Purchaser and each other Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in the Purchaser Schedule. 

Section 4.7.    Payment of Special Counsel Fees. Without limiting Section 15.1, the
Company shall have paid on or before the Execution Date and the Closing the reasonable and documented fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4 to the extent reflected in a statement of
such counsel rendered to the Company at least two Business Days prior to the Execution Date and the Closing. 

Section 4.8.    Private Placement Number. A Private Placement Number issued by the PPN CUSIP Unit of CUSIP
Global Services (in cooperation with the SVO) shall have been obtained for each Series of the Notes. 

Section 4.9.    Changes in Corporate Structure. The Company shall not have changed its jurisdiction of
incorporation or organization, as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements
referred to in Schedule 5.5. 

  
 -3- 












 Section 4.10.    Funding Instructions.
At least five (5) Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Company confirming the information specified in Section 3
including (a) the name and address of the transferee bank, (b) such transferee bank’s ABA number/Swift Code/IBAN and (c) the account name and number into which the purchase price for the Notes is to be deposited, which account
shall be fully opened and able to receive micro deposits in accordance with this Section at least five (5) Business Days prior to the date of the Closing. Each Purchaser has the right, but not the obligation, upon written notice (which may be
by email) to the Company, to elect to deliver a micro deposit (less than $51.00) to the account identified in the written instructions no later than two (2) Business Days prior to the date of the Closing. If a Purchaser delivers a micro
deposit, a Responsible Officer must verbally verify the receipt and amount of the micro deposit to such Purchaser on a telephone call initiated by such Purchaser prior to the date of the Closing. The Company shall not be obligated to return the
amount of the micro deposit, nor will the amount of the micro deposit be netted against the Purchaser’s purchase price of the Notes. 

Section 4.11.    Release of Guaranty. Each Purchaser shall have received a copy of the termination and release
of the guaranty of each Subsidiary under the Primary Credit Facilities who previously provided a guaranty thereunder. 

Section 4.12.    Debt Rating. The Company shall have delivered, or caused to be
delivered, to such Purchaser: (a) a Private Rating Letter issued by Fitch setting forth the initial Debt Rating for the Notes of BBB- or better and (b) the related Private Rating Rationale Report
with respect to such Debt Rating. 
 Section 4.13.    Most Favored Lender Notice. Each
Purchaser shall have received a Most Favored Lender Notice with respect to any More Favorable Covenants as of the date of the Closing. 

Section 4.14.    Amendments to Primary Credit Facilities. Each Purchaser shall have
received a copy of an amendment to each Primary Credit Facility in form and substance satisfactory to the Purchasers permitting the issuance of the Notes. 

Section 4.15.    Proceedings and Documents. All corporate and other proceedings in
connection with the transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be reasonably satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel
shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. 

  
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	SECTION 5.	 REPRESENTATIONS AND WARRANTIES OF
THE COMPANY. 


 The Company represents and warrants to each Purchaser that as of the date
of this Agreement and the Closing: 
 Section 5.1.    Organization; Power and
Authority. The Company is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite authority to conduct its business in each jurisdiction in which its business
is conducted, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 5.2.    Authorization, Etc. The Company has the corporate power and authority and
legal right to execute and deliver the Note Documents to which it is a party and to perform its obligations thereunder. This Agreement and the Notes have been duly authorized by all necessary corporate action on the part of the Company, and this
Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited
by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law). 
 Section 5.3.    Disclosure. The
Company, through its agent, J.P. Morgan Securities, Inc., has delivered to each Purchaser a copy of a Private Placement Memorandum, dated April 2022 (the “Memorandum”), relating to the transactions contemplated hereby. This
Agreement, the Memorandum, the financial statements listed in Schedule 5.5 and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company prior to May 11, 2022 in connection with the
transactions contemplated hereby and identified in Schedule 5.3 (this Agreement, the Memorandum and such documents, certificates or other writings and such financial statements delivered to each Purchaser being referred to, collectively, as the
“Disclosure Documents”) (other than financial projections and other forward looking statements and general economics and general industry data), taken as a whole, do not contain any untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made. All financial projections and other forward looking statements prepared by or on behalf of the Company that
were included in the Disclosure Documents were prepared in good faith based upon assumptions believed by the Company to be reasonable at the time made (it being understood that projections are subject to significant uncertainties and contingencies,
many of which are beyond the Company’s control, that no assurance can be given that any particular projections will be realized and that actual results during the period or periods covered by any such information may differ significantly from
the forecasted, estimated, pro forma, project or anticipated results and assumptions, and such differences may be material). Except as disclosed in the Disclosure Documents, since December 31, 2021, there has been no change in the financial
condition, operations, business or properties of the Company or any Subsidiary except changes that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 5.4.    Organization and Ownership of Shares of Subsidiaries; Affiliates.
(a) Schedule 5.4 contains (except as noted therein) as of the Execution Date complete and correct lists of (i) the Company’s Subsidiaries, showing, as to each Subsidiary, the name thereof, the jurisdiction of its organization,
the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary and whether such Subsidiary is a Subsidiary Guarantor and (ii) the Company’s directors and
Senior Financial Officers. 

  
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 (b)    As of the Execution Date, all of the outstanding shares of
capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned by the Company and its Subsidiaries have been validly issued, are fully paid and non-assessable (to the
extent applicable) and are owned by the Company or another Subsidiary free and clear of any Lien that is prohibited by this Agreement. 

(c)    Each of the Company’s Subsidiaries are duly incorporated, validly existing and in good standing under the laws
of its jurisdiction of incorporation and have all requisite authority to conduct its business in each jurisdiction in which its business is conducted, except where the failure to be so qualified, licensed and in good standing and to have the
requisite authority would not have a Material Adverse Effect. 
 (d)    As of the Execution Date, no Subsidiary (other
than an Excluded Subsidiary) is subject to any legal, regulatory, contractual or other restriction (other than the agreements listed on Schedule 5.4, the Primary Credit Facilities, restrictions contained in any agreement evidencing Unsecured
Indebtedness so long as such restrictions are substantially similar to, or not more restrictive than, those contained in the Primary Credit Facilities, customary limitations imposed by corporate law or similar statutes, customary restrictions
contained in the organizational documents of any Subsidiary that is not a Wholly Owned Subsidiary and agreements governing Non-Recourse Indebtedness) restricting the ability of such Subsidiary to pay dividends
out of profits or make any other similar distributions of profits to the Company or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary. 

(e)    As of the Closing and after giving effect to the issuance of the Notes, no Subsidiary shall be a guarantor or
borrower or otherwise liable for or in respect of any Indebtedness under any Primary Credit Facility. 

Section 5.5.    Financial Statements; Material Liabilities. The Company has delivered to
each Purchaser copies of the financial statements of the Company and its consolidated Subsidiaries listed on Schedule 5.5. All of such financial statements (including in each case the related schedules and notes) fairly present in all material
respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so
specified and have been prepared in accordance with GAAP in effect on the preparation date of such financial statements (subject, in the case of any interim financial statements, to normal year-end
adjustments). As of the Execution Date, the Company and its Subsidiaries do not have any Material liabilities that are not disclosed in the Disclosure Documents. 

Section 5.6.    Compliance with Laws, Other Instruments, Etc. The execution, delivery and
performance by the Company of the Note Documents to which it is a party will not (i) contravene, result in any breach of, or constitute a default under, any (A) indenture, instrument, agreement, or any other agreement or instrument to
which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any of their respective properties may be bound or 

  
 -6- 












 
affected or (B) corporate charter, regulations or by-laws, shareholders agreement to which the Company or any Subsidiary is bound or by which the
Company or any Subsidiary or any of their respective properties may be bound or affected, except in the case of clause (i)(A) where such violation, conflict, breach or default would not have a Material Adverse Effect, or result in the creation or
imposition of any Lien in, of or on the Property of the Company or a Subsidiary pursuant to the terms of any such indenture, instrument or agreement, (ii) conflict with or result in a breach of any of the terms, conditions or provisions of any
order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to the Company or any Subsidiary, except where such conflict or breach would not have a Material Adverse Effect or (iii) violate any provision of
any statute or other rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary, except where such violation would not have a Material Adverse Effect. 

Section 5.7.    Governmental Authorizations, Etc. No consent, approval or authorization
of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Company of the Note Documents to which it is a party. 

Section 5.8.    Litigation; Observance of Agreements, Statutes and Orders. (a) There
are no actions, suits, investigations or proceedings pending or, to the best knowledge of the Company, threatened against or affecting any Note Party or any property of any Note Party in any court or before any arbitrator of any kind or before or by
any Governmental Authority that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b)    Neither the Company nor any Subsidiary is (i) in default under any agreement or instrument to which it is a
party or by which it is bound, (ii) in violation of any order, judgment, decree or ruling of any court, any arbitrator of any kind or any Governmental Authority or (iii) in violation of any applicable law, ordinance, rule or regulation of
any Governmental Authority (including Environmental Laws, the USA PATRIOT Act or any of the other laws and regulations that are referred to in Section 5.16), in each case under this clause (b), which default or violation could, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 5.9.    Taxes. The Company has filed all United States federal tax returns and
all other Material tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties, assets, income or
franchises, to the extent such taxes and assessments have become due and payable, except for any taxes and assessments (i) the failure to make payment of which when due and payable will not have, in the aggregate, a Material Adverse Effect or
(ii) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves in accordance
with GAAP. The charges, accruals and reserves on the books of the Company and its Subsidiaries in respect of U.S. federal, state or other taxes for all fiscal periods are adequate. The U.S. federal income tax liabilities of the Company has been
finally determined (whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2018. 

  
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 Section 5.10.    Title to Property;
Leases. On the Execution Date, the Company and its Subsidiaries have good and marketable (in the case of real property) title to their respective properties that individually or in the aggregate are Material, including all such properties
reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by the Company or any Subsidiary after such date (except as sold or otherwise disposed of in the ordinary course of business), in
each case free and clear of Liens prohibited by this Agreement. On the Execution Date, all leases that individually or in the aggregate are Material are valid and subsisting and are in full force and effect in all material respects. 

Section 5.11.    Licenses, Permits, Etc. (a) The Company and its Subsidiaries own or
possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are Material, without known conflict with the
rights of others, except as, individually or in the aggregate, would not have a Material Adverse Effect. 
 (b)    To
the knowledge of the Company, no product or service of the Company or any of its Subsidiaries infringes in any material respect any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade
name or other right owned by any other Person, except as, individually or in the aggregate, would not have a Material Adverse Effect. 

(c)    To the best knowledge of the Company, there is no Material violation by any Person of any right of the Company or
any of its Subsidiaries with respect to any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by the Company or any of its Subsidiaries, except as,
individually or in the aggregate, would not have a Material Adverse Effect. 

Section 5.12.    Compliance with Employee Benefit Plans. (a) The Company and each
ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and could not, individually or in the aggregate, reasonably be expected to result in a
Material Adverse Effect. Neither the Company nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in
section 3 of ERISA), and no event, transaction or condition has occurred or exists that could, individually or in the aggregate, reasonably be expected to result in the incurrence of any such liability by the Company or any ERISA Affiliate, or
in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to section 430(k) of the Code or to any such penalty or excise tax
provisions under the Code or federal law or section 4068 of ERISA or by the granting of a security interest in connection with the amendment of a Plan, other than such liabilities or Liens as would not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect. 
 (b)    The present value of the aggregate benefit
liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent
actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan 

  
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allocable to such benefit liabilities by more than $40,000,000 in the case of any single Plan. The term “benefit liabilities” has the meaning specified in section 4001 of
ERISA and the terms “current value” and “present value” have the meaning specified in section 3 of ERISA. 

(c)    The Company and its ERISA Affiliates have not incurred withdrawal liabilities (and are not subject to contingent
withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate would reasonably be expected to result in a Material Adverse Effect. 

(d)    The expected postretirement benefit obligation (determined as of the last day of the Company’s most recently
ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation coverage mandated by
section 4980B of the Code) of the Company and its Subsidiaries would not reasonably be expected to result in a Material Adverse Effect. 

(e)    The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not involve any
transaction that is subject to the prohibitions of section 406 of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D) of the Code. The representation by the
Company to each Purchaser in the first sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the sources of the funds to be used to pay the
purchase price of the Notes to be purchased by such Purchaser. 
 (f)    Except as would not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries do not have any obligations with respect to any Non U.S. Plans. 

(g)    The assets of the Company are not “plan assets” within the meaning of Section 3(42) of ERISA. 

Section 5.13.    Private Offering by the Company. Neither the Company nor anyone acting
on its behalf has offered the Notes or any similar Securities for sale to, or solicited any offer to buy the Notes or any similar Securities from, or otherwise approached or negotiated in respect thereof with, any Person other than not more than 70
other Institutional Investors (including the Purchasers), each of which has been offered the Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the
issuance or sale of the Notes to the registration requirements of section 5 of the Securities Act or to the registration requirements of any Securities or blue sky laws of any applicable jurisdiction. 

Section 5.14.    Use of Proceeds; Margin Regulations. The Company will apply the proceeds
of the sale of the Notes hereunder as set forth in the Memorandum. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of
Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under such circumstances as to involve the Company in a violation of Regulation X of said
Board (12 CFR 224) or to involve any broker or dealer in a violation of 

  
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Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 10.0% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have
any present intention that margin stock will constitute more than 10.0% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings
assigned to them in said Regulation U. 
 Section 5.15.    Existing Indebtedness; Future
Liens. (a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness of the Company and its Subsidiaries as of June 3, 2022 (including descriptions of the obligors and
obliges (or the agent, trustee or other entity acting in a similar capacity on behalf of the obligees), principal amounts outstanding, any collateral therefor and any guaranty thereof), since which date there has been no Material change in the
amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the Company or its Subsidiaries, except as otherwise disclosed to Purchasers prior to Closing pursuant to an updated Schedule 5.15 included in the
Officer’s Certificate delivered pursuant to Section 4.3(a). As of the Execution Date, neither the Company nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any
Indebtedness of the Company or such Subsidiary and no event or condition exists with respect to any Indebtedness of the Company or any Subsidiary that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons
to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. 

(b)    As of the Execution Date, neither the Company nor any Subsidiary is a party to, or otherwise subject to any
provision contained in, any instrument evidencing Indebtedness of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including its charter or any other organizational document) which limits the amount of, or
otherwise imposes restrictions on the incurring of, Indebtedness of the Company, except (i) as in effect on June 3, 2022 and disclosed in Schedule 5.15 or (ii) that are entered into after June 3, 2022 and no more restrictive
in any material respect than this Agreement. 
 Section 5.16.    Foreign Assets Control
Regulations, Etc. (a) Neither the Company nor any Controlled Entity (i) is a Blocked Person, (ii) has been notified that its name appears or may in the future appear on a State Sanctions List or (iii) is a target of sanctions
that have been imposed by the United Nations or the European Union. 
 (b)    Neither the Company nor any Controlled
Entity (i) has violated, been found in violation of, or been charged or convicted under, any applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or
Anti-Corruption Laws or (ii) to the Company’s knowledge, is under investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws. 

(c)    No part of the proceeds from the sale of the Notes hereunder: 

(i)    constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be
used by the Company or any Controlled Entity, directly or knowingly indirectly, (A) in connection with any investment in, or any transactions or 

  
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dealings with, any Blocked Person, (B) for any purpose that would cause any Purchaser to be in violation of any U.S. Economic Sanctions Laws or (C) otherwise in violation of any U.S.
Economic Sanctions Laws; 
 (ii)    will be used, directly or knowingly indirectly, in violation of, or
cause any Purchaser to be in violation of, any applicable Anti-Money Laundering Laws; or 

(iii)    will be used, directly or knowingly indirectly, for the purpose of making any improper payments,
including bribes, to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be in violation of, or cause any Purchaser to be in violation of, any
applicable Anti-Corruption Laws. 
 (d)    The Company has established
procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic Sanctions
Laws, Anti-Money Laundering Laws and Anti-Corruption Laws. 

Section 5.17.    Status under Certain Statutes. Neither the Company nor any Subsidiary is
subject to regulation under the Investment Company Act of 1940, the Public Utility Holding Company Act of 2005, the ICC Termination Act of 1995, or the Federal Power Act. 

Section 5.18.    Environmental Matters. (a) Neither the Company nor any Subsidiary
has knowledge of any claim or has received any notice of any claim and no proceeding has been instituted asserting any claim against the Company or any of its Subsidiaries or any of the Projects, alleging any damage to the environment or violation
of any Environmental Laws, except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect. 

(b)    Neither the Company nor any Subsidiary has knowledge of any facts which would give rise to any claim, public or
private, of violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to any of the Projects, except, in each case, such as could not, individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect. 
 (c)    To the best knowledge of the Company, neither the Company nor any
Subsidiary has stored any Hazardous Materials on the Projects in a manner which is contrary to any Environmental Law that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

(d)    To the best knowledge of the Company, neither the Company nor any Subsidiary has disposed of any Hazardous
Materials at the Projects in a manner which is contrary to any Environmental Law that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

  
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 (e)    To the best knowledge of the Company, all of the Projects are in
compliance with applicable Environmental Laws, except where failure to comply could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

Section 5.19.    REIT Status. The Company is qualified, and the Company intends to
continue to qualify, as a REIT. 
  

	SECTION 6.	 REPRESENTATIONS OF THE PURCHASERS.



 Section 6.1.    Purchase for Investment. Each Purchaser
severally represents that (a) it is purchasing the Notes for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution
thereof, provided that the disposition of such Purchaser’s or their property shall at all times be within such Purchaser’s or their control and (b) that it is an institutional accredited investor within the meaning of
Rule 501(a)(1), (2), (3), (7) or (9) under the Securities Act. Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities
Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not required to register the Notes. 

Section 6.2.    Source of Funds. Each Purchaser severally represents that at least one of
the following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder: 

(a)    the Source is an “insurance company general account” (as the term is defined in the United
States Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance
companies approved by the NAIC (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account
contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account
do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or 

(b)    the Source is a separate account that is maintained solely in connection with such Purchaser’s
fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any
annuitant)) are not affected in any manner by the investment performance of the separate account; or 

(c)    the Source is either (i) an insurance company pooled separate account, within the meaning of
PTE 90-1 or (ii) a bank collective investment fund, within the 

  
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meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this clause (c), no employee benefit plan or
group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or 

(d)    the Source constitutes assets of an “investment fund” (within the meaning of Part VI of
PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no employee benefit
plan’s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the
QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied,
neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption and
(i) the identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an
affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this
clause (d); or 
 (e)    the Source constitutes assets of a “plan(s)” (within the meaning
of Part IV(h) of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part
IV(a) of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of “control” in Part IV(d)(3)
of the INHAM Exemption) owns a 10% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing
pursuant to this clause (e); or 
 (f)    the Source is a governmental plan; or 

(g)    the Source is one or more employee benefit plans, or a separate account or trust fund comprised of
one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or 

(h)    the Source does not include assets of any employee benefit plan, other than a plan exempt from the
coverage of ERISA. 
 As used in this Section 6.2, the terms “employee benefit plan,” “governmental plan,” and
“separate account” shall have the respective meanings assigned to such terms in section 3 of ERISA. 

  
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	SECTION 7.	 INFORMATION AS TO COMPANY



 Section 7.1.    Financial and Business
Information. The Company shall deliver to each Purchaser and holder of a Note that is an Institutional Investor: 

(a)    Quarterly Statements — within 60 days (or such shorter period as is the earlier of
(x) 15 days greater than the period applicable to the filing of the Company’s Quarterly Report on Form 10-Q (the
“Form 10-Q”) with the SEC regardless of whether the Company is subject to the filing requirements thereof and (y) the date by which such financial statements are
required to be delivered under any Primary Credit Facility) after the end of each quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, 

(i)    a consolidated balance sheet of the Consolidated Group as at the end of such quarter, and 

(ii)    consolidated statements of income, changes in shareholders’ equity and cash flows of the
Consolidated Group, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, 

setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail,
prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the consolidated financial position of the Consolidated Group as at
the date thereof and their results of operations for such period (subject to normal year-end audit adjustments and the absence of footnotes); provided, that the filing within the time period specified
above of the Company’s Form 10-Q prepared in compliance with the requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of this Section 7.1(a); 

(b)    Annual Statements — within 90 days (or such shorter period as is the earlier of
(x) 15 days greater than the period applicable to the filing of the Company’s Annual Report on Form 10-K (the
“Form 10-K”) with the SEC regardless of whether the Company is subject to the filing requirements thereof and (y) the date by which such financial statements are
required to be delivered under any Primary Credit Facility) after the end of each fiscal year of the Company, duplicate copies of 

(i)    a consolidated balance sheet of the Consolidated Group as at the end of such year, and 

(ii)    consolidated statements of income, changes in shareholders’ equity and cash flows of the
Consolidated Group for such year, 
 setting forth in each case in comparative form the figures for the previous fiscal year, all in
reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion thereon (without a “going concern” or similar qualification or exception and without any 

  
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qualification or exception as to the scope of the audit on which such opinion is based (other than due to the pending maturity of Indebtedness within twelve (12) months)) of independent
public accountants of recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations and
cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides
a reasonable basis for such opinion in the circumstances; provided, that the filing within the time period specified above of the Company’s Form 10-K prepared in compliance with the requirements
therefor and filed with the SEC shall be deemed to satisfy the requirements of this Section 7.1(b); 

(c)    SEC and Other Reports — promptly upon their becoming available, one copy of
(i) each financial statement, report, notice, proxy statement or similar document sent by the Company or any Subsidiary (x) to its creditors under any Primary Credit Facility (excluding information sent to such creditors in the ordinary
course of administration of a credit facility, such as information relating to pricing and borrowing availability or customary or routine periodic financial and servicing statements and compliance certificates and similar matters) or (y) to its
public Securities holders generally, and (ii) each regular or periodic report on Forms 10-K, 10-Q and 8-K (or their
equivalents) and each registration statement (without exhibits except as expressly requested by such Purchaser or holder and excluding any registration statements on Form S-8 or its equivalent) filed by the
Company or any Subsidiary with the SEC; 
 (d)    Notice of Default or Event of Default —
promptly, and in any event within 5 days after a Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that
any Person has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what action the Company is taking or
proposes to take with respect thereto; 
 (e)    Employee Benefits Matters — promptly, and in
any event within 5 days after a Responsible Officer becoming aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate proposes to take with respect thereto: 

(i)    with respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the
regulations thereunder, for which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof, if such reportable event, taken together with any other such reportable events, would reasonably be expected to have a
Material Adverse Effect; 
 (ii)    the taking by the PBGC of steps to institute, or the threatening by
the PBGC of the institution of, proceedings under section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company or any ERISA Affiliate of a notice from a Multiemployer Plan
that such action has been taken by the PBGC with respect to such Multiemployer Plan; 

  
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 (iii)    any event, transaction or condition that could
result in the incurrence of any liability by the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the imposition of any Lien on any
of the rights, properties or assets of the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then
existing, could reasonably be expected to have a Material Adverse Effect; or 
 (iv)    receipt of
notice of the imposition of a financial penalty (which for this purpose shall mean any tax, penalty or other liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans if
such financial penalty, taken together with any other such financial penalties, would reasonably be expected to have a Material Adverse Effect; 

(f)    Notices from Governmental Authority — promptly, and in any event within 30 days of
receipt thereof, copies of any notice to the Company or any Subsidiary from any Governmental Authority relating to any order, ruling, statute or other law or regulation that could reasonably be expected to have a Material Adverse Effect; 

(g)    Resignation or Replacement of Auditors — within 10 days following the date on which the
Company’s auditors resign or the Company elects to change auditors, as the case may be, notification thereof, together with such further information as the Required Holders may request; 

(h)    Debt Rating — promptly following the occurrence thereof, notice of any change in the
Debt Rating for the Notes (to the extent such Debt Rating is not a public rating); and 

(i)    Requested Information — with reasonable promptness, such other data and information
relating to the business, operations, affairs, financial condition, assets or properties of the Company or any of its Subsidiaries (including actual copies of the Company’s Form 10-Q and Form 10-K) or relating to the ability of the Company to perform its obligations hereunder and under the Notes as from time to time may be reasonably requested by any such holder of a Note; provided,
that, except as set forth in Section 7.2(a) or as would otherwise be required to be delivered pursuant to Section 7.1(c), the Company and its Subsidiaries shall not be required to prepare or deliver any financial statements than those
(i) described in Section 7.1(a) and (b) above or (ii) included in the Company’s Form 10-Qs and Form 10-Ks. 

  
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Section 7.2.    Officer’s Certificate. Each set of financial statements
delivered to a Purchaser or a holder of a Note pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer: 

(a)    Covenant Compliance — setting forth the information from such financial statements that
is required in order to establish whether the Company was in compliance with the requirements of Section 10 during the quarterly or annual period covered by the financial statements then being furnished (including with respect to each such
provision that involves mathematical calculations, the information from such financial statements that is reasonably required to perform such calculations) and reasonably detailed calculations of the maximum or minimum amount, ratio or percentage,
as the case may be, permissible under the terms of such Section, and the calculation of the amount, ratio or percentage then in existence. In the event that the Company or any Subsidiary has made an election to measure any financial liability using
fair value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section 22.2) as to the period covered by any such financial statement, such Senior Financial Officer’s certificate as
to such period shall include a reconciliation from GAAP with respect to such election; 
 (b)    Event
of Default — certifying that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and its
Subsidiaries from the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event
that constitutes a Default or an Event of Default or, if any such condition or event existed or exists (including any such event or condition resulting from the failure of the Company or any Subsidiary to comply with any Environmental Law),
specifying the nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto; 

(c)    Subsidiary Guarantors – setting forth a list of all Subsidiaries that are
Subsidiary Guarantors and certifying that each Subsidiary that is required to be a Subsidiary Guarantor pursuant to Section 9.7 is a Subsidiary Guarantor, in each case, as of the date of such certificate of Senior Financial Officer (or the
steps the Company is taking to cause such required Subsidiary to become a Subsidiary Guarantor); 

(d)    Projects – setting forth a schedule listing all Projects of the Company and its
Subsidiaries and summary information for each such Project, including location, square footage, occupancy, Net Operating Income and debt; and 

(e)    Unencumbered NOI – setting forth a statement of the Adjusted Unencumbered NOI and
occupancy percentage of the Unencumbered Pool as of the end of the prior fiscal quarter. 

  
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 Section 7.3.    Visitation. The Company
shall permit the representatives of each Purchaser and each holder of a Note (other than, so long as no Event of Default has occurred and is continuing, a Competitor) that is an Institutional Investor: 

(a)    No Default — if no Default or Event of Default then exists, at the expense of such
holder and upon reasonable prior notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company and its Subsidiaries with the Company’s officers, and (with the consent
of the Company, which consent will not be unreasonably withheld) its independent public accountants, and (with the consent of the Company, which consent will not be unreasonably withheld) to visit the other offices and properties of the Company and
each Subsidiary, all at such reasonable times and as often as may be reasonably requested in writing; provided that only one such visit or one such discussion shall be made per fiscal year by each Purchaser or holder of Notes; and 

(b)    Default — if a Default or Event of Default then exists, at the expense of the Company to
visit and inspect any of the offices or properties of the Company or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their respective affairs,
finances and accounts with their respective officers and independent public accountants (and by this provision the Company authorizes said accountants to discuss the affairs, finances and accounts of the Company and its Subsidiaries (provided that
the Company shall receive written notice of such meeting and representatives of the Company shall be entitled (but not required) to be present at any such meetings))), all at such times and as often as may be requested. 

Section 7.4.    Electronic Delivery. Financial statements, opinions of independent
certified public accountants, other information and Officer’s Certificates that are required to be delivered by the Company pursuant to Sections 7.1(a), (b), (c), (f), (g) or (h) and Section 7.2 shall be deemed to have been delivered
if the Company satisfies any of the following requirements with respect thereto: 
 (a)    such financial
statements satisfying the requirements of Section 7.1(a) or (b) and related Officer’s Certificate satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c), (f), (g) or (h) are
delivered to each holder of a Note by e-mail at the e-mail address set forth in such holder’s Purchaser Schedule or as communicated from time to time in a separate
writing delivered to the Company; 
 (b)    the Company shall have timely filed such Form 10–Q or
Form 10–K, satisfying the requirements of Section 7.1(a) or Section 7.1(b), as the case may be, with the SEC on EDGAR and shall have made such form and the related Officer’s Certificate satisfying the requirements of
Section 7.2 available on its home page on the internet, which is located at http://www.inventrustproperties.com as of the date of this Agreement; 

(c)    such financial statements satisfying the requirements of Section 7.1(a) or Section 7.1(b)
and related Officer’s Certificate(s) satisfying the requirements of 

  
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Section 7.2 and any other information required under Section 7.1(c), (f), (g) or (h) are timely posted by or on behalf of the Company on IntraLinks or on any other similar website
to which each holder of Notes has free access; or 
 (d)    the Company shall have timely filed any of
the items referred to in Section 7.1(c), (f), (g) or (h) with the SEC on EDGAR and shall have made such items available on its home page on the internet or on IntraLinks or on any other similar website to which each holder of Notes has
free access; 
 provided however, that in no case shall access to such financial statements, other information and Officer’s Certificates be
conditioned upon any waiver or other agreement or consent (other than confidentiality provisions consistent with Section 20 of this Agreement); provided further, that in the case of any of clauses (b), (c) or (d), the Company shall
give each holder of a Note written notice, which may be by e-mail or in accordance with Section 18, of such posting or filing in connection with each delivery, provided further, that upon request
of any holder to receive paper copies of such forms, financial statements, other information and Officer’s Certificates or to receive them by e-mail, the Company will promptly e-mail them or deliver such paper copies, as the case may be, to such holder. 
  

	SECTION 8.	 PAYMENT AND PREPAYMENT OF THE
NOTES. 


 Section 8.1.    Maturity. As provided
therein, the entire unpaid principal balance of each Note shall be due and payable on the Maturity Date thereof. 

Section 8.2.    Optional Prepayments with
Make-Whole Amount. (a) The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes of any Series, in an amount not less
than 5% of the aggregate principal amount of the Notes of such Series then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Make-Whole Amount determined for
the prepayment date with respect to such principal amount; provided that at any time on or after the date 90 days prior to the Maturity Date of such Series the Company may, at its option, upon notice as provided below, prepay all or any part
of the Notes or such Series at 100% of the principal amount so prepaid, together with accrued interest to the prepayment date (but for the avoidance of doubt, without any Make-Whole Amount). The Company will give each holder of Notes of such Series
written notice of each optional prepayment under this Section 8.2 not less than 10 days and not more than 90 days prior to the date fixed for such prepayment unless the Company and the Required Holders agree to another time period pursuant to
Section 17. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes of such Series to be prepaid on such date, the principal amount of each Note of such Series held by such holder to
be prepaid (determined in accordance with Section 8.3), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the
estimated Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days
prior to such prepayment, the Company shall deliver to each holder of Notes of such Series a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount as of the specified
prepayment date. 

  
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 (b)    Notwithstanding anything contained in this Section 8.2 to
the contrary, if and so long as any Default or Event of Default shall have occurred and be continuing, any partial prepayment of the Notes pursuant to the provisions of Section 8.2(a) shall be allocated among all of the Notes of all Series and
tranches at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof. 

Section 8.3.    Allocation of Partial Prepayments. In the case of each partial prepayment
of the Notes pursuant to Section 8.2, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes of the applicable Series at the time outstanding in proportion, as nearly as practicable, to the respective unpaid
principal amounts thereof not theretofore called for prepayment. 

Section 8.4.    Maturity; Surrender, Etc. In the case of each prepayment of Notes
pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal amount accrued to such date and the applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and
Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued,
and no Note shall be issued in lieu of any prepaid principal amount of any Note. 

Section 8.5.    Purchase of Notes. The Company will not and will not permit any Affiliate
to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes in accordance with this Agreement and the Notes or (b) pursuant to an offer to
purchase made by the Company or an Affiliate pro rata to the holders of all Notes of a Series at the time outstanding upon the same terms and conditions; provided, that if and so long as any Default or Event of Default exists, such written
offer shall be made pro rata to the holders of all Notes of all Series and tranches outstanding upon the same terms and conditions. Any such offer shall provide each holder with sufficient information to enable it to make an informed decision with
respect to such offer, and shall remain open for at least ten (10) Business Days. If the holders of more than 25% of the principal amount of the Notes of such Series then outstanding accept such offer, the Company shall promptly notify the
remaining holders of such Series of such fact and the expiration date for the acceptance by holders of Notes of such Series of such offer shall be extended by the number of days necessary to give each such remaining holder at least ten
(10) Business Days from its receipt of such notice to accept such offer. The Company will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to this Agreement and no Notes
may be issued in substitution or exchange for any such Notes. 
 Section 8.6.    Make-Whole Amount. 
 The term “Make-Whole
Amount” means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal,
provided that the 

  
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Make-Whole Amount may in no event be less than zero. For the purposes of determining the Make-Whole Amount, the
following terms have the following meanings:  
 “Called Principal” means, with respect to any Note, the principal
of such Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

“Discounted Value” means, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining
Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the
same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. 

“Reinvestment Yield” means, with respect to the Called Principal of any Note, the sum of (a) 0.50% plus (b) the
yield to maturity implied by the “Ask Yield(s)” reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page
PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities
(“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining Average Life,
then such implied yield to maturity will be determined by (i) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (ii) interpolating linearly between the “Ask
Yields” Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and greater
than such Remaining Average Life and (2) closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then
“Reinvestment Yield” means, with respect to the Called Principal of any Note, the sum of (x) 0.50% plus (y) the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which
such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant
maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity
will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the
term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

  
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 “Remaining Average Life” means, with respect to any Called Principal, the
number of years obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by
(b) the number of years, computed on the basis of a 360-day year comprised of twelve 30-day months and calculated to two decimal places, that will elapse between
the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment. 

“Remaining Scheduled Payments” means, with respect to the Called Principal of any Note, all payments of such Called Principal
and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on
which interest payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date
pursuant to Section 8.2 or Section 12.1. 
 “Settlement Date” means, with respect to the Called Principal of any
Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

Section 8.7.    Change in Control. 

(a)    Notice of Change in Control. The Company will, no later than five Business Days after any Responsible Officer
of the Company has knowledge of the occurrence of any Change in Control give written notice of such Change in Control to each holder of Notes; provided that such notice of such Change in Control shall contain and constitute an offer by the
Company to prepay Notes in accordance with paragraph (b) of this Section 8.7 and shall be accompanied by the certificate described in paragraph (e) of this Section 8.7. 

(b)    Offer to Prepay Notes. The offer to prepay Notes contemplated by paragraph (a) of this Section 8.7
shall be an offer to prepay, in accordance with and subject to this Section 8.7, all, but not less than all, the Notes held by each holder (in this case only, “holder” in respect of any Note registered in the name of a nominee for a
disclosed beneficial owner shall mean such beneficial owner) on a date (which date shall be a Business Day) specified in such offer (the “Proposed Prepayment Date”). Such date shall be not less than 30 days and not more than
60 days after the date of such offer (if the Proposed Prepayment Date shall not be specified in such offer, the Proposed Prepayment Date shall be the Business Day nearest to the 45th day after the date of such offer). 

(c)    Acceptance; Rejection. A holder of Notes may accept or reject the offer to prepay made pursuant to this
Section 8.7 by causing a notice of such acceptance or rejection to be delivered to the Company not later than 15 days after receipt by such holder of the most recent Change of Control Notice. A failure by a holder of Notes to respond to an
offer to prepay made pursuant to this Section 8.7 on or before the date that is 15 days after receipt by such holder of the most recent Change of Control Notice shall be deemed to constitute a rejection of such offer by such holder. 

  
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 (d)    Prepayment. Prepayment of the Notes to be prepaid pursuant
to this Section 8.7 shall be at 100% of the principal amount of such Notes, together with accrued and unpaid interest thereon, but without the Make-Whole Amount or any other prepayment premium or penalty
of any kind. 
 (e)    Officer’s Certificate. Each offer to prepay the Notes pursuant to this
Section 8.7 shall be accompanied by a certificate, executed by a Senior Financial Officer of the Company and dated the date of such offer, specifying: (i) the Proposed Prepayment Date; (ii) that such offer is made pursuant to this
Section 8.7; (iii) the principal amount of each Note offered to be prepaid; (iv) the interest that would be due on each Note offered to be prepaid, accrued to the Proposed Prepayment Date; and (v) in reasonable detail, the nature
and date or proposed date of the Change in Control. 
 (f)    Definitions. 

“Change in Control” means 

(i)    the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or
group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) of the Company’s Capital Stock representing more than thirty-five percent (35%)
of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of the Company; provided however, that Persons acquiring Capital Stock of the Company from the Company in connection with an acquisition or other
transaction with the Company, without any agreement among such Persons to act together to hold, dispose of, or vote such shares following the acquisition of such shares, shall not be considered a “group” for purposes of this clause (i); or

 (ii)    if such event would result in the occurrence of a “Change in Control” (or similar or
equivalent term) at such time under any Primary Credit Facility, any change in the majority of the Board of Directors or Board of Trustees of the Company during any twelve (12) month period, excluding any new directors or trustees whose
election by such Board or whose nomination for election by the holders of the Company’s Capital Stock was approved by a vote of a majority of the directors or trustees then still in office who were either directors or trustees at the beginning
of such period or whose election or nomination for election was previously so approved and excluding any change in directors or trustees resulting from the retirement/resignation of any director or trustee as a result of age, illness or compliance
with any written policy of the Company requiring retirement/resignation from the Board upon reaching the retirement age specified in such policy or in connection with the Company’s majority voting policy, the death or disability of any director
or trustee, or (y) satisfaction of any requirement for the majority of the members of the board of directors or trustees of the Company to qualify under applicable law as independent directors or trustees or (z) the replacement of any
director or trustee who is an officer or employee of the Company or an affiliate of the Company with any other officer or employee of the Company or an affiliate of the Company. 

  
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 Section 8.8.    Payments Due on Non-Business Days. Anything in this Agreement or the Notes to the contrary notwithstanding, (x) except as set forth in clause (y), any payment of interest on any Note that is due on a date that
is not a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; and (y) any payment of principal of or Make-Whole Amount on any Note (including principal due on the Maturity Date of such Note) that is due on a date that is not a Business Day shall be made on the next succeeding Business Day and shall include the
additional days elapsed in the computation of interest payable on such next succeeding Business Day. 
  

	SECTION 9.	 AFFIRMATIVE COVENANTS. 



From the date of this Agreement until the Closing and thereafter, so long as any of the Notes are outstanding, the Company covenants that: 

Section 9.1.    Compliance with Laws. Without limiting Section 10.2, (a) the Company
will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject (including ERISA, Environmental Laws, the USA PATRIOT Act and the other laws and regulations
that are referred to in Section 5.16), in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect and (b) the Company will, and will cause each Subsidiary Guarantor to, obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental
authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that failures to obtain or maintain in effect such licenses, certificates,
permits, franchises and other governmental authorizations could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 9.2.    Insurance. The Company will, and will cause each of its Subsidiaries to,
maintain, with financially sound and reputable insurers, insurance with respect to their respective Properties against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of entities engaged in similar businesses and owning
similar Projects in localities where the Company and its Subsidiaries operate. 

Section 9.3.    Maintenance of Properties. The Company will, and will cause each of its
Subsidiaries to, maintain and keep, or cause to be maintained and kept, their respective Properties in good repair, working order and condition (other than ordinary wear and tear), in each case where the failure to so maintain, preserve, protect and
keep in good condition and repair will have a Material Adverse Effect. 

Section 9.4.    Payment of Taxes and Claims. The Company will, and will cause each of the
other Note Parties to, file all United States federal income tax returns and other Material tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due 

  
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and payable on such returns and all other taxes, assessments, governmental charges, or levies imposed on them or any of their properties, assets, income or franchises, to the extent the same have
become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might become a Lien on properties or assets of the Company or any Subsidiary, provided that neither the
Company nor any other Note Party need pay any such tax, assessment, charge, levy or claim if (i) the amount, applicability or validity thereof is contested by the Company or such other Note Party on a timely basis in good faith and in
appropriate proceedings, and the Company or another Note Party has established adequate reserves therefor in accordance with GAAP on the books of the Company or such other Note Party or (ii) the nonpayment of all such taxes, assessments,
charges, levies and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 9.5.    Corporate Existence, Etc. Subject to Section 10.2, the Company will
at all times preserve and keep its corporate existence in full force and effect. Subject to Section 10.2, the Company will at all times preserve and keep in full force and effect the corporate existence of each of the Subsidiary Guarantors
(unless merged into the Company or a Wholly-Owned Subsidiary) and all rights and franchises of the Company and the Subsidiary Guarantors unless, in the good faith judgment of the Company, the termination of or
failure to preserve and keep in full force and effect such corporate existence, right or franchise could not, individually or in the aggregate, have a Material Adverse Effect. 

Section 9.6.    Books and Records. The Company will, and will cause each of its
Subsidiaries to, maintain proper books of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Company or such Subsidiary, as the case may be. The
Company will, and will cause each of its Subsidiaries to, keep books, records and accounts which, in reasonable detail, accurately reflect in all material respects all transactions and dispositions of assets. The Company and its Subsidiaries have
devised a system of internal accounting controls sufficient to provide reasonable assurances that their respective books, records, and accounts accurately reflect in all material respects all transactions and dispositions of assets and the Company
will, and will cause each of its Subsidiaries to, continue to maintain such system. 

Section 9.7.    Subsidiary Guarantors. (a) The Company will cause each of its
Subsidiaries that guarantees or otherwise becomes liable at any time, whether as a borrower or an additional or co-borrower or otherwise, for or in respect of any Indebtedness under any Primary Credit Facility
to concurrently therewith: 
 (i)    enter into a joinder to the Subsidiary Guaranty, or other agreement
in form and substance reasonably satisfactory to the Required Holders providing for the guaranty by such Subsidiary, on a joint and several basis with all other such Subsidiaries, of (x) the prompt payment in full when due of all amounts
payable by the Company pursuant to the Notes (whether for principal, interest, Make-Whole Amount or otherwise) and this Agreement, including all indemnities, fees and expenses payable by the Company thereunder
and (y) the prompt, full and faithful performance, observance and discharge by the Company of each and every covenant, agreement, undertaking and provision required pursuant to the Notes or this Agreement to be performed, observed or discharged
by it; and 

  
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 (ii)    deliver the following to each holder of a Note:

 (A)    an executed counterpart of such guaranty or joinder; 

(B)    to the extent required by any Primary Credit Facility, a certificate signed by an authorized
responsible officer of such Subsidiary containing representations and warranties on behalf of such Subsidiary to the same effect, mutatis mutandis, as those contained in Sections 5.1, 5.2, 5.6, and 5.7 of this Agreement (but with respect to
such Subsidiary and such Subsidiary Guaranty rather than the Company); 
 (C)    to the extent required
by any Primary Credit Facility, all documents as may be reasonably requested by the Required Holders to evidence the due organization, continuing existence and, where applicable, good standing of such Subsidiary and the due authorization by all
requisite action on the part of such Subsidiary of the execution and delivery of such Subsidiary Guaranty and the performance by such Subsidiary of its obligations thereunder; and 

(D)    to the extent required by any Primary Credit Facility, an opinion of counsel reasonably
satisfactory to the Required Holders covering such matters relating to such Subsidiary and such Subsidiary Guaranty as the Required Holders may reasonably request. 

(b)    At the election of the Company and by written notice to each holder of Notes, any Subsidiary Guarantor may be
discharged from all of its obligations and liabilities under its Subsidiary Guaranty and shall be automatically released from its obligations thereunder without the need for the execution or delivery of any other document by the holders,
provided that (i) if such Subsidiary Guarantor is a guarantor or is otherwise liable for or in respect of any Primary Credit Facility, then such Subsidiary Guarantor has been released and discharged (or will be released and discharged
concurrently with the release of such Subsidiary Guarantor under its Subsidiary Guaranty) under such Primary Credit Facility, (ii) at the time of, and after giving effect to, such release and discharge, no Default or Event of Default shall be
existing, (iii) no amount is then due and payable under such Subsidiary Guaranty, (iv) if in connection with such Subsidiary Guarantor being released and discharged under any Primary Credit Facility, any fee or other form of consideration
is given to any holder of Indebtedness under such Primary Credit Facility for such release (other than, for the avoidance of doubt, the repayment of the Indebtedness under such Primary Credit Facility), the holders of the Notes shall receive
equivalent consideration substantially concurrently therewith and (v) each holder shall have received a certificate of a Responsible Officer certifying as to the matters set forth in clauses (i) through (iv). 

Section 9.8.    Company Status. The Company shall at all times maintain its status as a
real estate investment trust in compliance with all applicable provisions of the Code relating to such status. 

Section 9.9.    Rating on the Notes. (a) The Company shall at all times
maintain a Debt Rating for the Notes from an Acceptable Rating Agency. 

  
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 (b)    At any time that the Debt Rating maintained pursuant to clause
(a) above is not a public rating, the Company will provide to each holder of a Note (x) at least annually (on or before each anniversary of the date of the Closing) and (y) promptly upon any change in such Debt Rating, an updated
Private Rating Letter evidencing such Debt Rating and an updated Private Rating Rationale Report with respect to such Debt Rating. In addition to the foregoing information and any information specifically required to be included in any Private
Rating Letter or Private Rating Rationale Report (as set forth in the respective definitions thereof), if the SVO or any other Governmental Authority having jurisdiction over any holder of any Notes from time to time requires any additional
information with respect to the Debt Rating of the Notes, the Company shall use commercially reasonable efforts to procure such information from the Acceptable Rating Agency. 
  


	SECTION 10.	 NEGATIVE COVENANTS. 



From the date of this Agreement until the Closing and thereafter, so long as any of the Notes are outstanding, the Company covenants that: 

Section 10.1.    Transactions with Affiliates. The Company will not, and will not permit
any Subsidiary to, enter into directly or indirectly any transaction or group of related transactions (including the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than a member
of the Consolidated Group), except upon fair and reasonable terms no less favorable to the Company or such Subsidiary than would be obtainable in a comparable arm’s-length transaction with a Person not an
Affiliate, but excluding in all events any such transactions, payments or transfers which are disclosed in filings made by the Company with the Securities and Exchange Commission. 

Section 10.2.    Mergers, Consolidations and Sales of Assets. The Company will not, and
will not permit any Subsidiary which is an owner of an Unencumbered Property (unless such Subsidiary is released or being released as a Subsidiary Guarantor at such time) to, merge into, including pursuant to a Delaware LLC Division, or consolidate
with any other Person, or permit any other Person to merge into or consolidate with it. In addition, the Company will not permit the Consolidated Group, in the aggregate, to sell, transfer, lease or otherwise dispose of (in one transaction or in a
series of transactions), including, in each case, pursuant to a Delaware LLC Division, during any period of four (4) consecutive fiscal quarters assets of the Consolidated Group representing an aggregate value of more than twenty-five percent (25%) of the Total Asset Value in effect on the first day of such period, unless, in each case, (1) the Company shall have given the holders of the Notes at least 30 days’
prior written notice of such transaction, (2) immediately prior thereto, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence, including a Default or Event of Default resulting
from a breach of Section 10.5; and (3) at the time the Company gives notice pursuant to clause (1) of this sentence, the Company shall have delivered to the holders of the Notes a compliance certificate calculated on a pro
forma basis, evidencing the continued compliance by the Note Parties with the terms and conditions of this Agreement and the other Note Documents, including the financial covenants contained in Sections 10.5, after giving effect to such
transaction. 

  
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 Notwithstanding the foregoing, if at the time thereof and immediately after giving effect
thereto no Default shall have occurred and be continuing: (i) the Company may enter into any such transaction, if the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or
lease all or substantially all of the assets of the Company as an entirety, as the case may be, shall be a solvent entity organized and existing under the laws of the United States or any state thereof (including the District of Columbia), and, if
the Company is not such entity, (w) such entity shall have executed and delivered to each holder of any Notes its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement and the Notes,
(x) such entity shall have caused to be delivered to each holder of any Notes an opinion of nationally recognized independent counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all
agreements or instruments effecting such assumption are enforceable in accordance with their terms and comply with the terms hereof, (y) each Subsidiary Guarantor under any Subsidiary Guaranty that is outstanding at the time reaffirms its
obligations under such Subsidiary Guaranty in writing at such time pursuant to documentation that is reasonably acceptable to the Required Holders; and (z) immediately before and immediately after giving effect to such transaction or each
transaction in any such series of transactions, no Default or Event of Default shall have occurred and be continuing, (ii) any Subsidiary may merge into the Company in a transaction in which the Company is the surviving corporation,
provided that following such transaction the Company remains an entity organized under the laws of the United State of America, (iii) any Subsidiary may merge into any other member of the Consolidated Group in a transaction in which the
surviving entity is a member of the Consolidated Group and remains an entity organized under the laws of the United State of America (or if such Subsidiary was not organized under the laws of the United States of America prior to such transaction,
then the laws of any other jurisdiction), (iv) any Subsidiary may sell, transfer, lease or otherwise dispose of its assets to the Company or to another member of the Consolidated Group, (v) any Subsidiary may liquidate or dissolve if the
Company determines in good faith that such liquidation or dissolution is in the best interests of the Company and is not materially disadvantageous to the holders of the Notes, (vi) any Subsidiary that is a Delaware LLC may consummate a
Delaware LLC Division if, immediately upon the consummation of the Delaware LLC Division, the assets of the applicable Delaware Divided LLC are held by one or more Subsidiaries at such time or, with respect to assets not so held by one or more
Subsidiaries, such Delaware LLC Division, in the aggregate, would otherwise result in a sale, transfer or other disposition permitted by this Section 10.2, (vii) the Company and the Subsidiaries may lease and sublease their respective assets,
as lessor or sublessor (as the case may be), in the ordinary course of business and may sell their respective assets in the ordinary course of business or because such assets have become damaged, worn, obsolete or unnecessary or are no longer used
or useful in their business. 
 For the avoidance of doubt, this Section 10.2 shall not limit any dividend, distribution or redemption
not prohibited by Section 10.6. 
 Section 10.3.    Line of Business. The Company
will not and will not permit any Subsidiary to engage in any business if, as a result, the general nature of the business in which the Company and its Subsidiaries, taken as a whole, would then be engaged would be substantially changed from the
general nature of the business in which the Company and its Subsidiaries, taken as a whole, are engaged on the date of this Agreement as described in the Memorandum (including the 

  
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acquisition of commercial properties, providing mortgage note receivables, engaging in construction activities and any business activities and investments incidental thereto (including
investments in Marketable Securities)), or any business or activities reasonably related, incidental or ancillary thereto (including assets, activities or businesses complementary thereto) and reasonable extensions, expansions and developments
thereof. 
 Section 10.4.    Economic Sanctions, Etc. The Company will not, and will
not permit any Controlled Entity to (a) become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b) directly or knowingly indirectly have any investment in or engage in any dealing
or transaction (including any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing or transaction (i) would cause any holder or any affiliate of such holder to be in violation of,
or subject to sanctions under, any law or regulation applicable to such holder, or (ii) is prohibited by or subject to sanctions under any U.S. Economic Sanctions Laws. 

Section 10.5.    Indebtedness and Cash Flow Covenants. The Company shall not permit: 

(a)    The Leverage Ratio to be more than sixty percent (60%) as of the last day of any fiscal quarter;
provided that on no more than four (4) occasions prior to the latest Maturity Date, such maximum Leverage Ratio from the date on which a Material Acquisition has occurred through the remainder of the fiscal quarter in which such Material
Acquisition has occurred, together with the Leverage Ratio for the four (4) full consecutive fiscal quarters immediately following the fiscal quarter in which such Material Acquisition has occurred, shall be increased to sixty-five percent (65%); 
 (b)    The Fixed Charge Coverage Ratio, as
of the last day of any fiscal quarter based upon the Company’s compliance certificate required by Section 7.2 hereof to be less than 1.50 to 1.00; 

(c)    The aggregate amount of Secured Indebtedness of the Consolidated Group which is also Recourse
Indebtedness to be greater than ten percent (10%) of Total Asset Value as of the last day of any fiscal quarter; 

(d)    [Intentionally Omitted]; 

(e)    The Unsecured Interest Coverage Ratio, as of the last day of any fiscal quarter based upon the
Company’s compliance certificate required by Section 7.2 hereof to be less than 1.75 to 1.00; provided that no breach of this Section 10.5(e) shall occur unless and until the Company has failed to make the principal payments
required to restore compliance with this covenant as provided in Section 2.3(b) of any Primary Credit Facility (or any corresponding provision of any replacement, refinancing or successor thereto); 

(f)    The Unsecured Leverage Ratio to be more than sixty percent (60%) as of the last day of any fiscal
quarter; provided that (A) on no more than four (4) occasions prior to the latest Maturity Date, such maximum Unsecured Leverage Ratio from the date on which a Material Acquisition has occurred through the remainder of the fiscal
quarter in 

  
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which such Material Acquisition has occurred, together with the Unsecured Leverage Ratio for the four (4) full consecutive fiscal quarters immediately following the fiscal quarter in which
such Material Acquisition has occurred, shall be increased to sixty-five percent (65%) and (B) no breach of this Section 10.5(f) shall occur unless and until the Company has failed to make the
principal payments required to restore compliance with this covenant as provided in Section 2.3(b) of any Primary Credit Facility (or any corresponding provision of any replacement, refinancing or successor thereto); or 

(g)    The Unencumbered Pool Value to be less than $350,000,000, or there to be fewer than fifteen
(15) Unencumbered Properties, at any time. 
 Section 10.6.    Most Favored
Lender. (a) If at any time a Primary Credit Facility contains a Financial Covenant or a negative covenant by the Company that is more favorable to the lenders under such Primary Credit Facility than the Financial Covenants or negative
covenants contained in this Agreement (any such provision (including any necessary definition), a “More Favorable Covenant”), then the Company shall provide a Most Favored Lender notice in respect of such More Favorable Covenant.
Such More Favorable Covenant shall be deemed automatically incorporated by reference into Section 10 of this Agreement, mutatis mutandis, as if set forth in full herein, effective as of the date when such More Favorable Covenant shall
have become effective under such Primary Credit Facility, unless waived in writing by the Required Holders within 15 days after each holder’s receipt of such notice of such More Favorable Covenant. 

(b)    Any More Favorable Covenant incorporated into this Agreement (herein referred to as an “Incorporated
Covenant”) pursuant to this Section 10.6 (i) shall be deemed automatically amended herein to reflect any subsequent amendments made to such More Favorable Covenant under the applicable Primary Credit Facility; provided that, if
an Event of Default then exists and the amendment of such More Favorable Covenant would make such covenant less restrictive on the Company, such Incorporated Covenant shall only be deemed automatically amended at such time, if it should occur, when
such Event of Default no longer exists and (ii) shall be deemed automatically deleted from this Agreement at such time as such More Favorable Covenant is deleted or otherwise removed from the applicable Primary Credit Facility or such
applicable Primary Credit Facility ceases to be a Primary Credit Facility or shall be terminated; provided that, if an Event of Default then exists, such Incorporated Covenant shall only be deemed automatically deleted from this Agreement at
such time, if it should occur, when such Event of Default no longer exists; provided further, however, that if any fee or other consideration shall be given to the lenders under such Primary Credit Facility for such amendment or deletion
(other than, for the avoidance of doubt, the repayment of the Indebtedness under such Primary Credit Facility), the equivalent of such fee or other consideration shall be given, pro rata, to the holders of the Notes. In determining whether a breach
of any Incorporated Covenant shall constitute a Default or an Event of Default, the period of grace, if any, applicable to such Incorporated Covenant in the applicable Primary Credit Facility shall apply. 

(c)    “Most Favored Lender Notice” means, in respect of any More Favorable Covenant, a written notice to
each of the holders of the Notes delivered promptly, and in any event within ten Business Days after the inclusion of such More Favorable Covenant in any Primary Credit Facility (including by way of amendment or other modification of any existing
provision thereof) from a 

  
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Responsible Officer referring to the provisions of this Section 10.6 and setting forth a reasonably detailed description of such More Favorable Covenant (including any defined terms used
therein) and related explanatory calculations, as applicable. 
 (d)    Additionally, notwithstanding the
foregoing, no covenant, definition or default expressly set forth in this Agreement as of the date of this Agreement (or incorporated into this Agreement by an amendment or modification to this Agreement other than pursuant to this
Section 10.6) shall be deemed to be amended or deleted in any respect by virtue of the provisions of this Section 10.6. 
  

	SECTION 11.	 EVENTS OF DEFAULT. 



An “Event of Default” shall exist if any of the following conditions or events shall occur and be continuing: 

(a)    the Company defaults in the payment of any principal or
Make-Whole Amount, if any, on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 

(b)    the Company defaults in the payment of any interest on any Note for more than five Business Days
after the same becomes due and payable; or 
 (c)    the Company defaults in the performance of or
compliance with any term contained in Section 7.1(d) or Section 10.5 or any Incorporated Covenant (subject to any grace or cure period therefor contemplated by Section 10.6(b)); or 

(d)    the Company or any Subsidiary Guarantor defaults in the performance of or compliance with any
term contained herein (other than those referred to in Sections 11(a), (b) and (c)) or in any Subsidiary Guaranty and such default is not remedied within 30 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of
such default and (ii) the Company receiving written notice of such default from any holder of a Note (any such written notice to be identified as a “notice of default” and to refer specifically to this Section 11(d)); or 

(e)    (i) any representation or warranty made in writing by or on behalf of the Company or by any
officer of the Company in this Agreement or any writing furnished in connection with the transactions contemplated hereby proves to have been false or incorrect in any material respect on the date as of which made, or (ii) any representation or
warranty made in writing by or on behalf of any Subsidiary Guarantor or by any officer of such Subsidiary Guarantor in any Subsidiary Guaranty or any writing furnished in connection with such Subsidiary Guaranty proves to have been false or
incorrect in any material respect on the date as of which made; or 
 (f)    (i) the Company or any
other member of the Consolidated Group is in default (as principal or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Material Indebtedness
beyond any 

  
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period of grace or cure provided with respect thereto, or (ii) the Company or any other member of the Consolidated Group is in default beyond all applicable grace and cure periods in the
performance of or compliance with any term of any evidence of any Material Indebtedness or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such
Indebtedness has become, or has been declared (or one or more Persons are entitled to declare such Indebtedness to be), due and payable before its stated maturity or before its regularly scheduled dates of payment, or (iii) as a consequence of
the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder of Indebtedness to convert such Indebtedness into equity interests), (x) the Company or any other member of the Consolidated
Group has become obligated to purchase or repay Material Indebtedness before its regular maturity or before its regularly scheduled dates of payment, or (y) one or more Persons have the right to require the Company or any Subsidiary so to
purchase or repay such Indebtedness; or 
 (g)    the Company or any other member of the Consolidated
Group (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement
or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors,
(iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated, or
(vi) takes corporate action for the purpose of any of the foregoing; or 
 (h)    a court or other
Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Company or any other member of the Consolidated Group, a custodian, receiver, trustee or other officer with similar powers with respect to it or with
respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law
of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Company or any other member of the Consolidated Group, or any such petition shall be filed against the Company or any other
member of the Consolidated Group and such petition shall not be dismissed within 90 days; or 

(i)    any event occurs with respect to the Company or any other member of the Consolidated Group which
under the laws of any jurisdiction is analogous to any of the events described in Section 11(g) or Section 11(h), provided that the applicable grace period, if any, which shall apply shall be the one applicable to the relevant
proceeding which most closely corresponds to the proceeding described in Section 11(g) or Section 11(h); or 

(j)    one or more final judgments or orders for the payment of money aggregating in excess of $50,000,000
(or its equivalent in the relevant currency of payment) 

  
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(to the extent not covered by insurance as to which the insurer has been notified of such judgment or order and has not issued a notice denying coverage thereof), including any such final order
enforcing a binding arbitration decision, are rendered against one or more of the Company and other member of the Consolidated Group and which judgments are not, within 90 days after entry thereof, bonded, discharged or stayed pending appeal, or are
not discharged within 90 days after the expiration of such stay; or 
 (k)    if (i) any Plan shall
fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a notice of
intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC
shall have notified the Company or any ERISA Affiliate that a Plan may become a subject of any such proceedings, (iii) there is any “amount of unfunded benefit liabilities” (within the meaning of section 4001(a)(18) of ERISA)
under one or more Plans, determined in accordance with Title IV of ERISA, (iv) the aggregate present value of accrued benefit liabilities under all funded Non-U.S. Plans exceeds the aggregate current
value of the assets of such Non-U.S. Plans allocable to such liabilities, (v) the Company or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to
Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, (vi) the Company or any ERISA Affiliate withdraws from any Multiemployer Plan, (vii) the Company or any Subsidiary
establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that would increase the liability of the Company or any Subsidiary thereunder, (viii) the
Company or any Subsidiary fails to administer or maintain a Non-U.S. Plan in compliance with the requirements of any and all applicable laws, statutes, rules, regulations or court orders or any Non-U.S. Plan is involuntarily terminated or wound up, or (ix) the Company or any Subsidiary becomes subject to the imposition of a financial penalty (which for this purpose shall mean any tax, penalty or other
liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans; and any such event or events described in clauses (i) through (ix) above, either individually or
together with any other such event or events, could reasonably be expected to have a Material Adverse Effect. As used in this Section 11(k), the terms “employee benefit plan” and “employee welfare benefit plan”
shall have the respective meanings assigned to such terms in section 3 of ERISA; or 
 (l)    any
Subsidiary Guaranty shall cease to be in full force and effect, any Subsidiary Guarantor or any Person acting on behalf of any Subsidiary Guarantor shall contest in any manner the validity, binding nature or enforceability of any Subsidiary
Guaranty, or the obligations of any Subsidiary Guarantor under any Subsidiary Guaranty are not or cease to be legal, valid, binding and enforceable in accordance with the terms of such Subsidiary Guaranty, except in each case as permitted hereunder
or thereunder. 

  
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	SECTION 12.	 REMEDIES ON DEFAULT, ETC.



 Section 12.1.    Acceleration. (a) If an Event of Default
with respect to the Company described in Section 11(g), (h) or (i) (other than an Event of Default described in clause (i) of Section 11(g) or described in clause (vi) of Section 11(g) by virtue of the fact that such
clause encompasses clause (i) of Section 11(g)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable. 

(b)    If any other Event of Default has occurred and is continuing, the Required Holders may at any time at its or their
option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. 

(c)    If any Event of Default described in Section 11(a) or (b) has occurred and is continuing, any holder or
holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be immediately due and payable. 

Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith
mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including interest accrued thereon at the Default Rate) and (y) the Make-Whole Amount
determined in respect of such principal amount, shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived. The Company acknowledges, and the parties hereto
agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for) and that the provision for payment of a
Make-Whole Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such
circumstances. 
 Section 12.2.    Other Remedies. If any Default or Event of Default
has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights
of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note or Subsidiary Guaranty, or for an injunction against a violation of any of the
terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. 

Section 12.3.    Rescission. At any time after any Notes have been declared due and
payable pursuant to Section 12.1(b) or (c), the Required Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue interest on the Notes, all
principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company nor any other Person shall have paid any
amounts which have become due solely by reason of such 

  
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declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have
been cured or have been waived pursuant to Section 17, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend
to or affect any subsequent Event of Default or Default or impair any right consequent thereon. 

Section 12.4.    No Waivers or Election of Remedies, Expenses, Etc. No course of dealing
and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right, power or remedy conferred by this
Agreement, any Subsidiary Guaranty or any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting
the obligations of the Company under Section 15, the Company will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under
this Section 12, including reasonable attorneys’ fees, expenses and disbursements. 
  

	SECTION 13.	 REGISTRATION; EXCHANGE; SUBSTITUTION OF
NOTES. 


 Section 13.1.    Registration of Notes.
The Company shall keep at its principal executive office a register for the registration and registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each
transferee of one or more Notes shall be registered in such register. If any holder of one or more Notes is a nominee, then (a) the name and address of the beneficial owner of such Note or Notes shall also be registered in such register as an
owner and holder thereof and (b) at any such beneficial owner’s option, either such beneficial owner or its nominee may execute any amendment, waiver or consent pursuant to this Agreement. Prior to due presentment for registration of
transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary. The Company shall
give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes. 

Section 13.2.    Transfer and Exchange of Notes; Competitors. Upon surrender of any Note
to the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written
instrument of transfer duly executed by the registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or
part thereof), within 10 Business Days thereafter, the Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes of the same Series (as requested by the holder thereof) in exchange therefor,
in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note; provided, however, that notwithstanding anything to the contrary in this Agreement, no Purchaser or holder of a Note may, so long as no Event of
Default has occurred and is continuing, transfer or assign any Note or any interest therein to any Competitor. Each such new Note shall be payable to such Person as such 

  
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holder may request and shall be substantially in the form of Schedule 1.1A or Schedule 1.1B, as applicable. Each such new Note shall be dated and bear interest from the date to which
interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in
respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $100,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes of a Series, one Note of such
Series may be in a denomination of less than $100,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth in Section 6.2. 

Section 13.3.    Replacement of Notes. Upon receipt by the Company at the address and to
the attention of the designated officer (all as specified in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an
Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and 

(a)    in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that
if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall
be deemed to be satisfactory), or 
 (b)    in the case of mutilation, upon surrender and cancellation
thereof, 
 within 10 Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note of the same Series,
dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 

 

	SECTION 14.	 PAYMENTS ON NOTES. 



Section 14.1.    Place of Payment. Subject to Section 14.2, payments of principal, Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of JPMorgan Chase Bank, N.A. in such jurisdiction. The Company may
at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in
such jurisdiction. 
 Section 14.2.    Payment by Wire Transfer. So long as any
Purchaser or its nominee shall be the holder of any Note, and notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, interest and all other amounts becoming due hereunder by the method and at the address specified for such purpose below such Purchaser’s name in the Purchaser Schedule, or by such
other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation 

  
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or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full
of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to
Section 14.1. Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been
paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2. The Company will afford the benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect
transferee of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers have made in this Section 14.2. 

Section 14.3.    FATCA Information. By acceptance of any Note, the holder of such
Note agrees that such holder will with reasonable promptness duly complete and deliver to the Company, or to such other Person as may be reasonably requested by the Company, from time to time (a) in the case of any such holder that is a United
States Person, such holder’s United States tax identification number or other Forms reasonably requested by the Company necessary to establish such holder’s status as a United States Person under FATCA and as may otherwise be necessary for
the Company to comply with its obligations under FATCA and (b) in the case of any such holder that is not a United States Person, such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the
Code) and such additional documentation as may be necessary for the Company to comply with its obligations under FATCA and to determine that such holder has complied with such holder’s obligations under FATCA or to determine the amount (if any)
to deduct and withhold from any such payment made to such holder. Nothing in this Section 14.3 shall require any holder to provide information that is confidential or proprietary to such holder unless the Company is required to obtain such
information under FATCA and, in such event, the Company shall treat any such information it receives as confidential. 
  

	SECTION 15.	 EXPENSES, ETC. 



Section 15.1.    Transaction Expenses. Whether or not the transactions contemplated
hereby are consummated, the Company will pay all reasonable and documented costs and expenses (including reasonable and documented attorneys’ fees of one special counsel for the Purchasers and holders, taken as a whole, and, if reasonably
required by the Required Holders, one local counsel in each applicable jurisdiction and/or one specialty counsel in each applicable specialty, for the Purchasers and holders, taken as a whole) incurred by the Purchasers and each other holder of a
Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, any Subsidiary Guaranty or the Notes (whether or not such amendment, waiver or consent becomes effective),
including: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, any Subsidiary Guaranty or the Notes or in responding to any subpoena or other legal
process or informal investigative demand issued in connection with this Agreement, any Subsidiary Guaranty or the Notes, or by reason of being a holder of any Note, (b) the costs and expenses, including fees of one financial advisor for the
Purchase and the holders, 

  
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taken as a whole, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with any work-out or
restructuring of the transactions contemplated hereby and by the Notes and any Subsidiary Guaranty and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial
information with the SVO provided, that such costs and expenses under this clause (c) shall not exceed $3,500 per series. If required by the NAIC, the Company shall obtain and maintain at its own cost and expense a Legal Entity
Identifier (LEI). 
 The Company will pay, and will save each Purchaser and each other holder of a Note harmless from, (i) all claims
in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Notes), (ii) any and all wire transfer fees that any bank or
other financial institution deducts from any payment under such Note to such holder or otherwise charges to a holder of a Note with respect to a payment under such Note and (iii) any judgment, liability, claim, order, decree, fine, penalty,
cost, fee, expense (including reasonable and documented attorneys’ fees of one special counsel for the Purchasers and holders, taken as a whole, and, if reasonably required by the Required Holders, one local counsel in each applicable
jurisdiction and/or one specialty counsel in each applicable specialty, for the Purchasers and holders, taken as a whole) or obligation resulting from the consummation of the transactions contemplated hereby, including the use of the proceeds of the
Notes by the Company; provided, that the Company shall have no obligation under this clause (iii) to the extent such obligation has resulted from (x) the bad faith, gross negligence or willful misconduct of a Purchaser or holder of
a note, (y) the material breach of such Purchaser’s or holder of a Note’s obligations hereunder or (z) claims between or among the Purchasers and holders and their Affiliates that do not arise out of an act or omission by the
Company or any Subsidiary. 
 Section 15.2.    Certain Taxes. The Company agrees
to pay all stamp, documentary or similar taxes or fees which may be payable in respect of the execution and delivery or the enforcement of this Agreement or any Subsidiary Guaranty or the execution and delivery (but not the transfer) or the
enforcement of any of the Notes in the United States or any other jurisdiction where the Company or any Subsidiary Guarantor has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement or any Subsidiary Guaranty
or of any of the Notes, and to pay any value added tax due and payable in respect of reimbursement of costs and expenses by the Company pursuant to this Section 15, and will save each holder of a Note to the extent permitted by applicable law
harmless against any loss or liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Company hereunder. 

Section 15.3.    Survival. The obligations of the Company under this
Section 15 will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement, any Subsidiary Guaranty or the Notes, and the termination of this Agreement. 

 

	SECTION 16.	 SURVIVAL OF REPRESENTATIONS AND
WARRANTIES; ENTIRE AGREEMENT. 


 All representations and warranties
contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any


  
 -38- 












 
subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. All statements contained in any certificate or other
instrument delivered by or on behalf of the Company pursuant to this Agreement shall be deemed representations and warranties of the Company under this Agreement. Subject to the preceding sentence, this Agreement, the Notes and any Subsidiary
Guaranties embody the entire agreement and understanding between each Purchaser and the Company and supersede all prior agreements and understandings relating to the subject matter hereof. 

 

	SECTION 17.	 AMENDMENT AND WAIVER. 



Section 17.1.    Requirements. This Agreement and the Notes may be amended, and the
observance of any term hereof or of the Notes may be waived (either retroactively or prospectively), only with the written consent of the Company and the Required Holders, except that: 

(a)    no amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it
is used therein), will be effective as to any Purchaser unless consented to by such Purchaser in writing; and 

(b)     no amendment or waiver may, without the written consent of each Purchaser and the holder of each
Note at the time outstanding, (i) subject to Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or change the time of payment or method of
computation of (x) interest on the Notes or (y) the Make-Whole Amount, (ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any
amendment or waiver or the principal amount of the Notes that the Purchasers are to purchase pursuant to Section 2 upon the satisfaction of the conditions to Closing that appear in Section 4, or (iii) amend any of Sections 8 (except
as set forth in the second sentence of Section 8.2) and Section 11(a), 11(b), 12, 17 or 20. 

Section 17.2.    Solicitation of Holders of Notes. 

(a)    Solicitation. The Company will provide each Purchaser and each holder of a Note with sufficient information,
sufficiently far in advance of the date a decision is required, to enable such Purchaser and such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof
or of the Notes or any Subsidiary Guaranty. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this Section 17 or any Subsidiary Guaranty to each Purchaser and each holder of a
Note promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes. 

(b)    Payment. The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by
way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any Purchaser or holder of a Note as consideration for or as an inducement to the entering into by such Purchaser or holder of
any waiver or amendment of any of the terms and provisions hereof or of any Subsidiary Guaranty or any Note 

  
 -39- 












 
unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each Purchaser and holder of a Note
even if such holder did not consent to such waiver or amendment. 
 (c)    Consent in Contemplation of Transfer.
Any consent given pursuant to this Section 17 or any Subsidiary Guaranty by a holder of a Note that has transferred or has agreed to transfer its Note to (i) the Company, (ii) any Subsidiary of the Company or any other Affiliate of
the Company or (iii) any other Person in connection with, or in anticipation of, such other Person acquiring, making a tender offer for or merging with the Company and/or any of the Company’s Affiliates in connection with such consent,
shall be void and of no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the
consents of all other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such holder. 

Section 17.3.    Binding Effect, Etc. Any amendment or waiver consented to as
provided in this Section 17 or any Subsidiary Guaranty applies equally to all Purchasers and holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note has been
marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of
dealing between the Company and any Purchasers and holders of a Note and no delay in exercising any rights hereunder or under any Note or Subsidiary Guaranty shall operate as a waiver of any rights of any Purchaser or holder of such Note. 

Section 17.4.    Notes Held by Company, Etc. Solely for the purpose of determining
whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, any Subsidiary Guaranty or the Notes, or have
directed the taking of any action provided herein or in any Subsidiary Guaranty or the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or
indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding. 
  

	SECTION 18.	 NOTICES. 



Except to the extent otherwise provided in Section 7.4, all notices and communications provided for hereunder shall be in writing and sent
(a) by telecopy or electronic mail if the sender on the same day sends a confirming copy of such notice by an internationally recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return
receipt requested (postage prepaid), or (c) by an internationally recognized overnight delivery service (charges prepaid). Any such notice must be sent: 

(i)    if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such
communications in the Purchaser Schedule, or at such other address as such Purchaser or nominee shall have specified to the Company in writing, 

  
 -40- 












 (ii)    if to any other holder of any Note, to such
holder at such address as such other holder shall have specified to the Company in writing, or 

(iii)    if to the Company, to the Company at its address set forth at the beginning hereof to the
attention of Chief Financial Officer with a copy to the General Counsel, or at such other address as the Company shall have specified to the holder of each Note in writing. 

Notices under this Section 18 will be deemed given only when actually received. 

 

	SECTION 19.	 REPRODUCTION OF DOCUMENTS. 



This Agreement and all documents relating thereto, including (a) consents, waivers and modifications that may hereafter be executed,
(b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser
by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced. The Company agrees and stipulates that, to the extent permitted by applicable law, any such
reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in the regular course of
business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 19 shall not prohibit the Company or any other holder of Notes from contesting any such reproduction to
the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. 
  

	SECTION 20.	 CONFIDENTIAL INFORMATION. 



For the purposes of this Section 20, “Confidential Information” means the Note Documents and all information delivered to
any Purchaser by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement, provided that such term does not include information that (a) was publicly known or
otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise becomes known
to such Purchaser other than through disclosure by the Company or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the
confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or
disclose Confidential Information to (i) its directors, officers, employees, agents, attorneys, trustees and affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes and such
recipient is notified of its obligation to maintain the confidentiality of such information), (ii) its auditors, financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in
accordance with this Section 20, (iii) any other holder 

  
 -41- 












 
of any Note, (iv) any Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its
receipt of such Confidential Information to be bound by this Section 20), (v) any Person from which it offers to purchase any Security of the Company (if such Person has agreed in writing prior to its receipt of such Confidential
Information to be bound by this Section 20), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized
rating agency that requires access to information about such Purchaser’s investment portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law,
rule, regulation or order applicable to such Purchaser (provided that, unless specifically prohibited by applicable law, rule, regulation or order, such Purchaser shall use its best efforts to notify the Company prior to disclosure),
(x) in response to any subpoena or other legal process (provided that, unless specifically prohibited by applicable law, rule, regulation or order, such Purchaser shall use its best efforts to notify the Company prior to disclosure),
(y) in connection with any litigation to which such Purchaser is a party (provided that, unless specifically prohibited by applicable law, rule, regulation or order, such Purchaser shall use its best efforts to notify the Company prior
to disclosure) or (z) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the
rights and remedies under such Purchaser’s Notes, this Agreement or any Subsidiary Guaranty. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this
Section 20 as though it were a party to this Agreement. On reasonable request by the Company in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by
such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying this Section 20. 

In the event that as a condition to receiving access to information relating to the Company or its Subsidiaries in connection with the
transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or
otherwise) which is different from this Section 20, this Section 20 shall not be amended thereby and, as between such Purchaser or such holder and the Company, this Section 20 shall supersede any such other confidentiality
undertaking. 
  

	SECTION 21.	 SUBSTITUTION OF PURCHASER. 



Each Purchaser shall have the right to substitute any one of its Affiliates or another Purchaser or any one of such other Purchaser’s
Affiliates (a “Substitute Purchaser”) as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Substitute Purchaser, shall
contain such Substitute Purchaser’s agreement to be bound by this Agreement and shall contain a confirmation by such Substitute Purchaser of the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of
such notice, any reference to such Purchaser in this Agreement (other than in this Section 21), shall be deemed to refer to such Substitute Purchaser in lieu of such original Purchaser. In the event that such Substitute Purchaser is so
substituted as a 

  
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Purchaser hereunder and such Substitute Purchaser thereafter transfers to such original Purchaser all of the Notes then held by such Substitute Purchaser, upon receipt by the Company of notice of
such transfer, any reference to such Substitute Purchaser as a “Purchaser” in this Agreement (other than in this Section 21), shall no longer be deemed to refer to such Substitute Purchaser, but shall refer to such original Purchaser,
and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement. 
  

	SECTION 22.	 MISCELLANEOUS. 



Section 22.1.    Successors and Assigns. All covenants and other agreements contained in
this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including any subsequent holder of a Note) whether so expressed or not, except that, subject to Section 10.2,
the Company may not assign or otherwise transfer any of its rights or obligations hereunder or under the Notes without the prior written consent of each holder. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any
Person (other than the parties hereto and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

Section 22.2.    Accounting Terms. (a) All accounting terms used herein which are
not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this Agreement shall be made in accordance
with GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP. For purposes of determining compliance with this Agreement (including Section 9, Section 10 and the definition of “Indebtedness”), any
election by the Company to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic
No. 825-10-25 – Fair Value Option, International Accounting Standard 39 – Financial Instruments: Recognition and Measurement or any similar
accounting standard) shall be disregarded and such determination shall be made as if such election had not been made. 

(b)    Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein
shall be construed, and all computations of amounts and ratios referred to herein shall be made in a manner such that any obligations relating to a lease that was accounted for by a Person as an operating lease under GAAP as of December 21,
2018 and any similar lease entered into after December 21, 2018 by such Person shall be accounted for as obligations relating to an operating lease and not as a Capitalized Lease or Capital Lease Obligations. 

Section 22.3.    Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 22.4.    Construction, Etc. Each covenant contained herein shall be construed
(absent express provision to the contrary) as being independent of each other covenant contained 

  
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herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to
action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

Defined 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.” The word “or” shall be construed to have the inclusive meaning of the term “and/or”. Unless the context requires otherwise
(a) any definition of or reference to any agreement, instrument or other document herein 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) and, for purposes of the Notes, shall also include any such notes issued in substitution therefor pursuant to Section 13, (b) subject to
Section 22.1, any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections and Schedules shall be construed to refer to Sections of, and Schedules to, this Agreement, and (e) any
reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time. 

Section 22.5.    Counterparts; Electronic Contracting. This Agreement may be executed
in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the
parties hereto. The parties agree to electronic contracting and signatures with respect to this Agreement and the other Note Documents (other than the Notes). Delivery of an electronic signature to, or a signed copy of, this Agreement and such
other Note Documents (other than the Notes) by facsimile, email or other electronic transmission shall be fully binding on the parties to the same extent as the delivery of the signed originals and shall be admissible into evidence for all purposes.
The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to this Agreement or any document to be signed in connection with this Agreement and the other Note Documents
(other than the Notes) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Company, or the keeping of records in electronic form, each of which
shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Notwithstanding the foregoing, if any
Purchaser shall request manually signed counterpart signatures to any document, the Company hereby agrees to use its reasonable endeavors to provide such manually signed signature pages as soon as reasonably practicable (but in any event within 30
days of such request or such longer period as the requesting Purchaser and the Company may mutually agree). 

  
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 Section 22.6.    Governing Law. This
Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding
choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. 

Section 22.7.    Jurisdiction and Process; Waiver of Jury Trial. (a) The Company
irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out
of or relating to this Agreement or the Notes. To the fullest extent permitted by applicable law, the Company irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the
jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum. 
 (b)    The Company agrees, to the fullest extent permitted by
applicable law, that a final judgment in any suit, action or proceeding of the nature referred to in Section 22.7(a) brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may
be enforced in the courts of the United States of America or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 

(c)    The Company consents to process being served by or on behalf of any holder of Notes in any suit, action or
proceeding of the nature referred to in Section 22.7(a) by mailing a copy thereof by registered, certified, priority or express mail (or any substantially similar form of mail), postage prepaid, return receipt or delivery confirmation
requested, to it at its address specified in Section 18 or at such other address of which such holder shall then have been notified pursuant to said Section. The Company agrees that such service upon receipt (i) shall be deemed in every
respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices
hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

(d)    Nothing in this Section 22.7 shall affect the right of any holder of a Note to serve process in any manner
permitted by law, or limit any right that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in
any other jurisdiction. 
 (e)    THE PARTIES HERETO HEREBY
WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT
TO THIS AGREEMENT, THE NOTES OR ANY OTHER DOCUMENT EXECUTED IN
CONNECTION HEREWITH OR THEREWITH. 

*    *    *    *    * 

  
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	INVENTRUST PROPERTIES CORP.	  	NOTE PURCHASE AGREEMENT

  

 If you are in agreement with the foregoing, please sign the form of agreement on a
counterpart of this Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you and the Company. 
  

					
	Very truly yours,
	
	INVENTRUST PROPERTIES CORP. 
		
	By:	 	 /s/ Christy L. David

	Name:	 	Christy L. David
	Title:	 	Executive Vice President, Chief Operating Officer, General Counsel & Secretary



  
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	INVENTRUST PROPERTIES CORP.	  	NOTE PURCHASE AGREEMENT

  

 This Agreement is hereby accepted and agreed to as of the date hereof. 

 

			
	AMERICAN GENERAL LIFE INSURANCE COMPANY
	THE VARIABLE ANNUITY LIFE INSURANCE COMPANY
	
	By: AIG Asset Management (U.S.), LLC, as Investment Adviser
		
	By:	 	 /s/ Byron S. Douglass

	Name:	 	Byron S. Douglass
	Title:	 	Managing Director



  
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PAGE 














			
	INVENTRUST PROPERTIES CORP.	  	NOTE PURCHASE AGREEMENT

  

 This Agreement is hereby accepted and agreed to as of the date hereof. 

 

			
	MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
	
	By: Barings LLC, as Investment Adviser
		
	By:	 	 /s/ Patrick Manseau

	Name:	 	Patrick Manseau
	Title:	 	Managing Director



  
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PAGE 














			
	INVENTRUST PROPERTIES CORP.	  	NOTE PURCHASE AGREEMENT

  

 This Agreement is hereby accepted and agreed to as of the date hereof. 

 

			
	MASSMUTUAL ASCEND LIFE INSURANCE COMPANY
	
	By: Barings LLC, as Investment Adviser
		
	By:	 	 /s/ Patrick Manseau

	Name:	 	Patrick Manseau
	Title:	 	Managing Director



  
 SIGNATURE
PAGE 














			
	INVENTRUST PROPERTIES CORP.	  	NOTE PURCHASE AGREEMENT

  

 This Agreement is hereby accepted and agreed to as of the date hereof. 

 

			
	MUFG FUND SERVICES (CAYMAN) LIMITED, acting solely in its capacity as trustee of Bright – II Fund, a sub-fund of Global Private
Credit Umbrella Unit Trust*
	
	By: Barings LLC, as Investment Adviser
		
	By:	 	 /s/ Patrick Manseau

	Name:	 	Patrick Manseau
	Title:	 	Managing Director


  

	*	 Trustee’s obligations in such capacity will be solely the obligations of the Trustee acting on behalf of
Bright – II Fund, and that no creditor will have any recourse against any of the Trustee,(or any of its directors, officers or employees) for any claims, losses, damages, liabilities, indemnities or other obligations whatsoever in connection
with actions taken by the Trustee, with any recourse to the Trustee limited to the assets of Bright – II Fund 



  
 SIGNATURE
PAGE 














			
	INVENTRUST PROPERTIES CORP.	  	NOTE PURCHASE AGREEMENT

  

 This Agreement is hereby accepted and agreed to as of the date hereof. 

 

			
	MUFG FUND SERVICES (CAYMAN) LIMITED, acting solely in its capacity as trustee of Bright – IV Fund, a sub-fund of Global Private
Credit Umbrella Unit Trust*
	
	By: Barings LLC, as Investment Adviser
		
	By:	 	 /s/ Patrick Manseau

	Name:	 	Patrick Manseau
	Title:	 	Managing Director


  

	*	 Trustee’s obligations in such capacity will be solely the obligations of the Trustee acting on behalf of
Bright – IV Fund, and that no creditor will have any recourse against any of the Trustee, (or any of its directors, officers or employees) for any claims, losses, damages, liabilities, indemnities or other obligations whatsoever in connection
with actions taken by the Trustee, with any recourse to the Trustee limited to the assets of Bright – IV Fund 



  
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PAGE 














			
	INVENTRUST PROPERTIES CORP.	  	NOTE PURCHASE AGREEMENT

  

 This Agreement is hereby accepted and agreed to as of the date hereof. 

 

			
	SECURITY LIFE OF DENVER INSURANCE COMPANY
	
	CORPORATE SOLUTIONS LIFE REINSURANCE COMPANY
	
	AMERICAN SECURITY INSURANCE COMPANY
	
	CONSUMER PROGRAM ADMINISTRATORS, INC.
	
	UNITED SERVICE PROTECTION CORPORATION
	
	VIRGINIA SURETY COMPANY, INC.
	
	AMERICAN BANKERS INSURANCE COMPANY OF FLORIDA
	
	FEDERAL WARRANTY SERVICE CORPORATION
	
	SELECTIVE INSURANCE COMPANY OF THE SOUTHEAST
	
	THE SAVINGS BANK MUTUAL LIFE INSURANCE COMPANY OF MASSACHUSETTS
	
	By: Voya Investment Management Co. LLC, as Agent
		
	By:	 	 /s/ Fitzhugh Wickham

	Name:	 	Fitzhugh Wickham
	Title:	 	Senior Vice President



  
 SIGNATURE
PAGE 














			
	INVENTRUST PROPERTIES CORP.	  	NOTE PURCHASE AGREEMENT

  

 This Agreement is hereby accepted and agreed to as of the date hereof. 

 

			
	UNITED OF OMAHA LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Justin P. Kavan

	Name:	 	Justin P. Kavan
	Title:	 	Head of Private Placements



  
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PAGE 














			
	INVENTRUST PROPERTIES CORP.	  	NOTE PURCHASE AGREEMENT

  

 This Agreement is hereby accepted and agreed to as of the date hereof. 

 

			
	THRIVENT FINANCIAL FOR LUTHERANS
		
	By:	 	 /s/ Christopher Patton

	Name:	 	Christopher Patton
	Title:	 	Managing Director



  
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PAGE 














			
	INVENTRUST PROPERTIES CORP.	  	NOTE PURCHASE AGREEMENT

  

 This Agreement is hereby accepted and agreed to as of the date hereof. 

 

			
	MODERN WOODMEN OF AMERICA
		
	By:	 	 /s/ Aaron R. Birkland

	Name:	 	Aaron R. Birkland
	Title:	 	Portfolio Manager, Private Placements
		
	By:	 	 /s/ Brett M. Van

	Name:	 	Brett M. Van
	Title:	 	Chief Investment Officer & Treasurer



  
 SIGNATURE
PAGE 














			
	INVENTRUST PROPERTIES CORP.	  	NOTE PURCHASE AGREEMENT

  

 This Agreement is hereby accepted and agreed to as of the date hereof. 

 

			
	CMFG LIFE INSURANCE COMPANY
	
	By: MEMBERS Capital Advisors, Inc.
	acting as Investment Advisor
		
	By:	 	 /s/ Stan J. Van Aartsen

	Name:	 	Stan J. Van Aartsen
	Title:	 	Managing Director, Investments



  
 SIGNATURE
PAGE 














			
	INVENTRUST PROPERTIES CORP.	  	NOTE PURCHASE AGREEMENT

  

 This Agreement is hereby accepted and agreed to as of the date hereof. 

 

			
	AMERICAN MEMORIAL LIFE INSURANCE COMPANY
	
	By: MEMBERS Capital Advisors, Inc.
	acting as Investment Advisor
		
	By:	 	 /s/ Stan J. Van Aartsen

	Name:	 	Stan J. Van Aartsen
	Title:	 	Managing Director, Investments



  
 SIGNATURE
PAGE 














			
	INVENTRUST PROPERTIES CORP.	  	NOTE PURCHASE AGREEMENT

  

 This Agreement is hereby accepted and agreed to as of the date hereof. 

 

			
	FARM BUREAU LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Michael Warmuth

	Name:	 	Michael Warmuth
	Title:	 	VP - Investments



  
 SIGNATURE
PAGE 














			
	INVENTRUST PROPERTIES CORP.	  	NOTE PURCHASE AGREEMENT

  

 This Agreement is hereby accepted and agreed to as of the date hereof. 

 

			
	FARM BUREAU PROPERTY & CASUALTY INSURANCE COMPANY
		
	By:	 	 /s/ Michael Warmuth

	Name:	 	Michael Warmuth
	Title:	 	VP – Investments



  
 SIGNATURE
PAGE 














			
	INVENTRUST PROPERTIES CORP.	  	NOTE PURCHASE AGREEMENT

  

 This Agreement is hereby accepted and agreed to as of the date hereof. 

 

			
	SOUTHERN FARM BUREAU LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Zach Farmer

	Name:	 	Zach Farmer
	Title:	 	Vice President, Securities Management



  
 SIGNATURE
PAGE 












 DEFINED TERMS 

As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 

“Acceptable Rating Agency” means (a) Fitch, or (b) any other credit rating agency that is recognized as a
nationally recognized statistical rating organization by the SEC and approved by the Required Holders, so long as, in each case, any such credit rating agency described in clause (a) or (b) above continues to be a nationally recognized
statistical rating organization recognized by the SEC and is approved as a “Credit Rating Provider” (or other similar designation) by the NAIC. 

“Acquisition” means any transaction, or any series of related transactions, consummated on or after the Execution Date, by
which the Company or any of its Subsidiaries (i) acquires any going business or all or substantially all of the assets of any firm, corporation or division thereof, whether through purchase of assets, merger or otherwise or (ii) directly
or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary voting power for the election of directors
(other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding partnership interests of a partnership or of the outstanding membership interests in a
limited liability company. 
 “Adjusted EBITDA” means, as of any date, the Consolidated NOI for the most recent
four (4) fiscal quarters of the Company for which financial results have been reported, as adjusted by (i) adding thereto interest income and dividend income on Marketable Securities (but only to the extent dividend income does not
constitute more than five percent (5%) of total Adjusted EBITDA); (ii) deducting therefrom any income attributable to Excluded Tenants; (iii) adding or deducting for, as appropriate, any adjustment made under GAAP for straight lining of
rents, gains or losses from sales of assets, extraordinary items, impairment and other non-cash charges, depreciation, amortization, interest expenses, taxes; (iv) deducting therefrom the applicable
Capital Reserves for such period; (v) adding thereto, without duplication, the Consolidated Group Pro Rata Share of the aggregate Net Operating Income for such four (4) fiscal quarters from Projects owned by Investment Affiliates at the
end of such period, adjusted in the manner set forth in clauses (i) through (iv) of this sentence; and (vi) deducting therefrom the Company’s actual general and administrative expenses and asset management fees (unless such has
been subordinated to this Agreement). 
 “Adjusted Unencumbered NOI” means Unencumbered Pool NOI less the applicable
Capital Reserves. 
 “Affiliate” means, at any time, and with respect to any Person, any other Person that at such
time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference
to an Affiliate of the Company. 

  
 SCHEDULE A

 (to Note Purchase Agreement) 












 “Agreement” means this Note Purchase Agreement, including all Schedules
attached to this Agreement. 
 “Anti-Corruption Laws” means any law or
regulation in a U.S. or any applicable non-U.S. jurisdiction regarding bribery or any other corrupt activity, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010. 

“Anti-Money Laundering Laws” means any law or regulation in a U.S. or any
applicable non-U.S. jurisdiction regarding money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes, including the
Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act. 

“Blocked Person” means (a) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons
published by OFAC, (b) a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions Laws or (c) a Person that is an agent, department or instrumentality of,
or is otherwise beneficially majority owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause (a) or (b). 

“Business Day” means (a) for the purposes of Section 8.6 only, any day other than a Saturday, a Sunday or a day on
which commercial banks in New York City are required or authorized to be closed, and (b) for the purposes of any other provision of this Agreement, any day other than a Saturday, a Sunday or a day on which commercial banks in
New York, New York or Cleveland, Ohio are required or authorized to be closed. 
 “Capital Reserves” means for
any period of four (4) consecutive fiscal quarters, an amount equal to $0.15 per square foot of leasable space. 
 “Capital
Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person which is not a corporation and any and all
warrants or options to purchase any of the foregoing. 
 “Capitalization Rate” shall have the meaning ascribed to such term
in the Primary Credit Facilities from time to time, and, if for any reason no Primary Credit Facility then exists or such term is no longer used therein, the Capitalization Rate most recently in effect. Notwithstanding the foregoing, in no event
shall the “Capitalization Rate” at any time be less than 6.50%. 
 “Capitalized Lease” of a Person means any
lease of Property imposing obligations on such Person, as lessee thereunder, which are required in accordance with GAAP to be capitalized on a balance sheet of such Person. 

“Capitalized Lease Obligations” of a Person means the amount of the obligations of such Person under Capitalized Leases which
would be shown as a liability on a balance sheet of such Person prepared in accordance with GAAP. 

  
 A-2 












 “Cash Equivalents” means, as of any date: 

(i)    securities issued or directly and fully guaranteed or insured by the United States Government or any
agency or instrumentality thereof having maturities of not more than one year from such date; 

(ii)    mutual funds organized under the United States Investment Company Act rated AAm or AAm-G by S&P and P-1 by Moody’s; 

(iii)    certificates of deposit or other interest-bearing
obligations of a bank or trust company which is a member in good standing of the Federal Reserve System having a short-term unsecured debt rating of not less than A-1 by
S&P and not less than P-1 by Moody’s (or in each case, if no bank or trust company is so rated, the highest comparable rating then given to any bank or trust company, but in such case only for funds
invested overnight or over a weekend) provided that such investments shall mature or be redeemable upon the option of the holders thereof on or prior to a date one month from the date of their purchase; 

(iv)    certificates of deposit or other interest-bearing
obligations of a bank or trust company which is a member in good standing of the Federal Reserve System having a short-term unsecured debt rating of not less than A-1 by
S&P, and not less than P-1 by Moody’s and which has a long-term unsecured debt rating of not less than A1 by Moody’s (or in each case, if no bank or trust
company is so rated, the highest comparable rating then given to any bank or trust company, but in such case only for funds invested overnight or over a weekend) provided that such investments shall mature or be redeemable upon the option of
the holders thereof on or prior to a date three months from the date of their purchase; 
 (v)    bonds
or other obligations having a short-term unsecured debt rating of not less than A-1 by S&P and P-1+ by Moody’s and
having a long-term debt rating of not less than A1 by Moody’s issued by or by authority of any state of the United States, any territory or possession of the United States, including the Commonwealth of
Puerto Rico and agencies thereof, or any political subdivision of any of the foregoing; 

(vi)    repurchase agreements issued by an entity rated not less than
A-1 by S&P, and not less than P-1 by Moody’s which are secured by U.S. Government securities of the type described in clause (i) of this definition
maturing on or prior to a date one month from the date the repurchase agreement is entered into; 
 (vii)    short-term promissory notes rated not less than A-1 by S&P, and not less than P-1 by Moody’s
maturing or to be redeemable upon the option of the holders thereof on or prior to a date one month from the date of their purchase; 

(viii)    commercial paper (having original maturities of not more than 365 days) rated at least A-1 by S&P and P-1 by Moody’s and issued by a foreign or domestic issuer who, at the time of the investment, has outstanding
long-term unsecured debt obligations rated at least A1 by Moody’s; and 

  
 A-3 












 (ix)    investments of the type and maturity described
in clauses (i) through (viii) above of foreign financial institutions and obligors (including foreign governments), which financial institutions, investments or obligors (or the parent companies thereof) have the ratings described in such
clauses or equivalent ratings from comparable foreign rating agencies. 
 “Change in Control” is defined in
Section 8.7. 
 “Closing” is defined in Section 3. 

“Code” means the Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder from time to time.

 “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from
time to time, and any successor statute. 
 “Company” is defined in the first paragraph of this Agreement. 

“Competitor” means (a) any Person that is engaged in the business of purchasing, owning, developing, operating, leasing
and/or managing commercial real estate properties and (b) any Person that is an Affiliate of any Person referred to in clause (a) (other than an Affiliate that (i) does not engage, as its primary business, in the business of purchasing,
owning, developing, operating, leasing and/or managing commercial real estate properties, (ii) has established procedures which will prevent confidential information supplied to such Affiliate from being transmitted or otherwise made available
to such affiliated entities described in clause (a), and (iii) is managed by Persons other than Persons who manage such affiliated entities described in clause (a) and the Persons who manage such affiliated entities described in clause
(a) do not have the power to manage such Person); provided that: 
 (i)    the provision of
investment advisory services by a Person to a Plan which is owned or controlled by a Person which would otherwise be a Competitor shall not in any event cause the Person providing such services to be deemed to be a Competitor, provided that
such Person providing such services has established and maintains procedures which will prevent Confidential Information supplied to such Person from being transmitted or otherwise made available to such Plan; 

(ii)    in no event shall an Institutional Investor be deemed a Competitor if such Institutional Investor
is a pension plan sponsored by a Person which would otherwise be a Competitor but which is a regular investor in privately placed Securities and such pension plan has established and maintains procedures which will prevent Confidential Information
supplied to such pension plan by the Company from being transmitted or otherwise made available to such plan sponsor; and 

  
 A-4 












 (iii)    in no event shall (A) an Institutional
Investor that is an initial Purchaser of the Notes, (B) an investment manager that is an affiliate of an initial Purchaser or (C) an Institutional Investor whose investments are managed by an investment manager that is an affiliate of an
initial Purchaser, be deemed a Competitor. 
 “Confidential Information” is defined in Section 20. 

“Consolidated Debt Service” means, for any period, without duplication, (a) Consolidated Interest Expense for such
period plus (b) the aggregate amount of scheduled principal payments attributable to Consolidated Outstanding Indebtedness taken into account in calculating Consolidated Interest Expense which were required to be made during such period
(excluding optional or balloon payments) plus (c) a percentage of scheduled principal payments by any Investment Affiliate on Indebtedness of such Investment Affiliate taken into account in calculating Consolidated Interest Expense which were
required to be made during such period (excluding optional or balloon payments), equal to the greater of (x) the percentage of the principal amount of such Indebtedness for which any member of the Consolidated Group is liable and (y) the
Consolidated Group Pro Rata Share of such Investment Affiliate. 
 “Consolidated Group” means the Company and all
Subsidiaries which are consolidated with it for financial reporting purposes under GAAP. 
 “Consolidated Group Pro Rata
Share” means, with respect to any Investment Affiliate, the percentage of the total economic ownership interests held by the Consolidated Group in the aggregate, in such Investment Affiliate determined by calculating the percentage of the
total then-current value of such Investment Affiliate that would be received by the Consolidated Group in the aggregate, upon liquidation of such Investment Affiliate, after repayment in full of all
Indebtedness of such Investment Affiliate. 
 “Consolidated Interest Expense” means, for any period without duplication,
the sum of (a) the amount of interest expense, determined in accordance with GAAP, of the Consolidated Group for such period attributable to that portion of Consolidated Outstanding Indebtedness during such period incurred by members of the
Consolidated Group plus (b) the applicable Consolidated Group Pro Rata Share of any interest expense, determined in accordance with GAAP, of each Investment Affiliate, for such period attributable to Indebtedness of such Investment Affiliate,
whether recourse or non-recourse, provided that Consolidated Interest Expense shall exclude (i) interest expense on construction loans during such period to the extent such interest expense was
paid from an interest reserve established under such construction loan, (ii) non-cash components of interest expense (including but not limited to, the amortization of financing costs and debt premiums),
(iii) nonrecurring prepayment premiums or penalties and (iv) the interest component of any Capitalized Lease Obligations. 

“Consolidated NOI” means, as of any date, without duplication, the aggregate Net Operating Income for the most recent four
(4) fiscal quarters for which financial results of the Company has been reported from all Projects owned by the Consolidated Group at the end of such fiscal quarter. 

  
 A-5 












 “Consolidated Outstanding Indebtedness” means, as of any date of
determination, without duplication, the sum of (a) all Indebtedness of the Consolidated Group outstanding at such date, determined on a consolidated basis in accordance with GAAP (whether recourse or
non-recourse), plus, without duplication, (b) the applicable Consolidated Group Pro Rata Share of any Indebtedness of each Investment Affiliate outstanding on such date other than Indebtedness of such
Investment Affiliate to a member of the Consolidated Group. 
 “Control” means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlled” and “Controlling” shall
have meanings correlative to the foregoing. 
 “Controlled Entity” means (a) any of the Subsidiaries of the Company
and any of their or the Company’s respective Controlled Affiliates and (b) if the Company has a parent company, such parent company and its Controlled Affiliates. 

“Controlled Group” means all members of a controlled group of corporations and all trades or businesses (whether or not
incorporated) under common control which, together with the Company or any of its Subsidiaries, are treated as a single employer under Section 414 of the Code. 

“Debt Rating” means the debt rating of the Notes as determined from time to time by any Acceptable Rating Agency. 

“Default” means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of
notice or both, become an Event of Default. 
 “Default Rate” means that rate of interest per annum that is the greater of
(a) 2% above the rate of interest stated in clause (a) of the first paragraph of the Notes or (b) 2% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. in New York, New York as its
“base” or “prime” rate. 
 “Delaware LLC” means any limited liability company organized or formed under
the laws of the State of Delaware. 
 “Delaware Divided LLC” means any Delaware LLC which has been formed upon consummation
of a Delaware LLC Division. 
 “Delaware LLC Division” means the statutory division of any Delaware LLC into two or more
Delaware LLCs pursuant to Section 18-217 of the Delaware Limited Liability Company Act. 

“Development Projects” means, as of any date, all Projects then under development and all land scheduled to commence
development within twelve (12) months, provided that a Project shall no longer be included in Development Projects (and therefore shall be valued based on its Net Operating Income) upon the earlier of (i) the expiration of the third
full fiscal quarter after substantial completion (which shall mean the receipt of a temporary certificate of occupancy or a 

  
 A-6 












 
final certificate of occupancy) of such Project and (ii) the last day of the first full fiscal quarter in which the Consolidated NOI attributable to such Project divided by the applicable
Capitalization Rate exceeds the book value in accordance with GAAP of such Project at the time it was placed into service. 

“Disclosure Documents” is defined in Section 5.3. 

“EDGAR” means the SEC’s Electronic Data Gathering, Analysis and Retrieval System or any successor SEC electronic filing
system for such purposes. 
 “Eligible Ground Lease” means an unsubordinated ground lease as to which no default has
occurred and is continuing beyond the expiration of any applicable grace or cure period containing the following terms and conditions: 

(a)     a remaining term (exclusive of any unexercised extension options) of thirty (30) years or
more from the date the applicable Project was added to the Unencumbered Pool; 
 (b)     the right
of the lessee to mortgage and encumber its interest in the leased property without the consent of the lessor; 

(c)     the obligation of the lessor to give the holder of any mortgage on such leased property
written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated until such holder has had a reasonable opportunity to cure or complete foreclosure, and fails to do so and 

(d)     reasonable transferability of the lessee’s interest under such lease, including ability
to sublease. 
 “Eligible Unencumbered Property” means any stabilized commercial property located in the United States
which, as of any date of determination, 
 (a)    is wholly owned by the Company, a Wholly-Owned Subsidiary, or a Joint Venture, in fee simple or pursuant to an Eligible Ground Lease, 

(b)    is a retail project, 

(c)    is not subject to any Liens securing Indebtedness or any other Liens (other than Permitted Liens) or
claims (including restrictions on transferability or assignability) of any kind (including any such Lien, claim or restriction imposed by the organizational documents of any such Wholly-Owned Subsidiary), 

(d)    is not subject to any Negative Pledge, and 

(e)    is not the subject of any material environmental, title or structural issue, as evidenced by a
certification of the Company. 

  
 A-7 












 No such commercial property owned by a Wholly-Owned
Subsidiary or Joint Venture shall be deemed to be an Eligible Unencumbered Property unless (i) all Capital Stock of each entity in the chain of ownership between such Wholly-Owned Subsidiary or such Joint
Venture (as applicable) and the Company is not subject to any of the matters described in clause (c) or (d) of the preceding sentence, (ii) no bankruptcy or insolvency has occurred and is continuing with respect to such Wholly-Owned Subsidiary, Joint Venture, or any entity in the chain of ownership between such Wholly-Owned Subsidiary or such Joint Venture (as applicable) and the Company,
(iii) unless such Wholly-Owned Subsidiary or such Joint Venture is a Note Party, such Wholly-Owned Subsidiary or such Joint Venture (as applicable) has no Indebtedness (other than in favor of the holders
of the Notes or any other Note Party), and (iv) no such entity in the chain of ownership between such Wholly-Owned Subsidiary or such Joint Venture (as applicable) and the Company has Indebtedness other
than Secured Indebtedness or Guarantee Obligations relating solely to Secured Indebtedness of such entity’s other direct or indirect Subsidiaries, unless such entity is a Note Party. Notwithstanding the foregoing, the Required Holders may, in
their sole discretion, elect to approve the addition of any Project which does not meet all of the criteria set forth in the first sentence of this definition as an Eligible Unencumbered Property despite such failure (it being agreed that any
property so approved by the “Required Lenders” (or equivalent term) under any Primary Credit Facility for inclusion as an “Eligible Unencumbered Asset” (or equivalent term) under such Primary Credit Facility shall be deemed to be
approved by the Required Holders hereunder). 
 “Environmental Laws” means any and all federal, state, local, and foreign
statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any
materials into the environment, including those related to Hazardous Materials. 
 “ERISA” means the Employee Retirement
Income Security Act of 1974 and the rules and regulations promulgated thereunder from time to time in effect. 
 “ERISA
Affiliate” means any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under section 414 of the Code. 

“Event of Default” is defined in Section 11. 

“Excluded Subsidiary” means, a Subsidiary which (A) owns Properties subject to Indebtedness and the terms of the loan
documents for such Indebtedness preclude such Subsidiary from entering into the Subsidiary Guaranty, (B) is a Subsidiary which owns no assets other than Capital Stock in Subsidiaries referred to in clause (A) above and other assets of
nominal value (including cash) incidental thereto or (C) is an entity which (x) owns no Properties or (y) owns only direct or indirect interests in Properties that are not Unencumbered Properties, so long as the assets owned by the
entities subject to this clause (B) in the aggregate, constitute less than 5% of Total Asset Value. For the avoidance of doubt, as of the Execution Date, each of IA Sacramento Development VP, L.L.C., IA Sacramento Rail, L.L.C.,
IA Sacramento Holdings, L.L.C., Mainline Holdings, Inc. and Downtown Railyard Venture, L.L.C. shall be Excluded Subsidiaries. 

  
 A-8 












 “Excluded Tenants” means, as of any date, any tenant leasing more than
25,000 square feet of gross leasable area at one of the Projects that is subject to a voluntary or involuntary petition for relief under any federal or state bankruptcy codes or insolvency law unless such tenant’s lease obligations are
guaranteed by an entity whose then current long-term, unsecured debt obligations are rated BBB- or above by S&P or Baa3 or above by Moody’s. 

“FATCA” means (a) 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), together with any current or future regulations or official interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or
relating to an intergovernmental agreement between the United States of America and any other jurisdiction, which (in either case) facilitates the implementation of the foregoing clause (a), and (c) any agreements entered into pursuant to
section 1471(b)(1) of the Code. 
 “Financial Covenant” means any covenant (whether set forth as a covenant,
undertaking, event of default, restriction, prepayment event or similar provision) that requires the Company to: 
 (a)
maintain a specified level of net worth, shareholders’ equity, total assets, unencumbered assets, cash flow or net income; 

(b) maintain any relationship of any component of its capital structure to any other component thereof (including, without
limitation, the relationship of indebtedness, senior indebtedness, secured indebtedness, unsecured indebtedness, or subordinated indebtedness to total capitalization, total assets, unencumbered assets or to net worth); or 

(c) maintain any measure of its ability to service its indebtedness (including, without limitation, exceeding any specified
ratio of cash flow, operating income or net income to indebtedness, interest expense, and/or scheduled payments of indebtedness); 
 but in
all cases excluding any such covenant that amounts to a negative pledge or a sale of assets limitation. 
 “Fitch” means
Fitch Ratings, Inc. and its successors. 
 “Fixed Charge Coverage Ratio” means, (i) Adjusted EBITDA divided by
(ii) the sum of (A) Consolidated Debt Service for the most recent four (4) fiscal quarters for which financial results have been reported, plus (B) all Preferred Dividends, if any, payable with respect to such
four (4) fiscal quarters. 
 “Form 10-K” is defined in
Section 7.1(b). 
 “Form 10-Q” is defined in Section 7.1(a). 

“Funds From Operations” means, for a given period, an amount equal to the net income (or loss) of the Company for such
period, computed in accordance with GAAP, excluding gains (or losses) from extraordinary items and sales of assets, impairment and other non-cash charges, plus acquisition fees, prepayment or defeasance costs
and real estate depreciation and amortization, and after adjustments for unconsolidated affiliates. 

  
 A-9 












 “GAAP” means (a) generally accepted accounting principles as in effect
from time to time in the United States of America and (b) for purposes of Section 9.6, with respect to any Subsidiary, generally accepted accounting principles (including International Financial Reporting Standards, as applicable) as in
effect from time to time in the jurisdiction of organization of such Subsidiary. 
 “Governmental Authority” means 

(a)    the government of 

(i)    the United States of America or any state or other political subdivision thereof, or 

(ii)    any other jurisdiction in which the Company or any Subsidiary conducts all or any part of its
business, or which asserts jurisdiction over any properties of the Company or any Subsidiary, or 

(b)    any entity exercising executive, legislative, judicial, regulatory or administrative functions of,
or pertaining to, any such government. 
 “Governmental Official” means any governmental official or employee, employee of
any government-owned or government-controlled entity, political party, any official of a political party, candidate for political office, official of any public
international organization or anyone else acting in an official capacity. 
 “Guarantee Obligation” means, any obligation
of (a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any letter of credit) to induce the creation of which the guaranteeing person has issued a reimbursement,
counter-indemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (exclusive of contractual indemnities and guarantees of non-monetary obligations (other than guarantees of completion) which have not yet been called on or quantified) (the “primary obligations”) of any other third Person (the “primary
obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting
direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain
the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such
primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments
for deposit or collection in the ordinary course of business or guarantees by the Company of liabilities under any interest rate lock agreement utilized to facilitate Indebtedness of another member of the Consolidated Group or an Investment
Affiliate. 

  
 A-10 












 
The amount of any Guarantee Obligation shall be an amount equal to the stated or determinable amount of the primary obligation in respect of which such guaranty is made or, if not stated or
determinable, the maximum reasonable anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as recorded on the balance sheet and on the footnotes to the most recent financial statements of the Company.
Notwithstanding anything contained herein to the contrary, guarantees of completion shall not be deemed to be Guarantee Obligations unless and until a claim for payment or performance has been made thereunder, at which time any such guaranty of
completion shall be deemed to be a Guarantee Obligation in an amount equal to any such claim. Subject to the preceding sentence, (i) in the case of a joint and several guaranty given by such Person and another Person, the amount of the guaranty
shall be deemed to be 100% thereof except in circumstances where such other Person has pledged cash or Cash Equivalents to secure all or any part of such other Person’s guaranteed obligations, in which case the amount of such guaranty shall be
reduced by the amount of such cash or Cash Equivalents, and (ii) in the case of a guaranty by a Person (whether or not joint and several) of an obligation which also constitutes Indebtedness of such Person, the amount of such guaranty shall be
deemed to be only the guaranteed amount in excess of such Indebtedness of such Person. Notwithstanding anything contained herein to the contrary, Guarantee Obligations shall be deemed not to include guarantees of unused commitments or of the
repayment of construction loans to the extent that the proceeds thereunder have not yet been drawn. All matters constituting “Guarantee Obligations” shall be calculated without duplication. 

“Hazardous Materials” means any and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard to
health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of
which is or shall be restricted, prohibited or penalized by any applicable law, including asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted,
prohibited or penalized substances. 
 “holder” means, with respect to any Note, the Person in whose name such Note is
registered in the register maintained by the Company pursuant to Section 13.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7, 12, 17.2 and 18 and any related definitions in this Schedule A,
“holder” shall mean the beneficial owner of such Note whose name and address appears in such register. 
 “Incorporated
Covenant” is defined in Section 10.6. 
 “Indebtedness” means, of any Person at any date means without
duplication, 
 (a)    all indebtedness of such Person for borrowed money including without limitation
any repurchase obligation or liability of such Person with respect to securities, accounts or notes receivable sold by such Person (excluding in any calculation of Indebtedness of the Consolidated Group, any Indebtedness of one member of the
Consolidated Group owing to another member of the Consolidated Group), 

  
 A-11 












 (b)    all obligations of such Person for the deferred
purchase price of property or services (other than current trade liabilities and accounts payable incurred in the ordinary course of business and payable in accordance with customary practices), to the extent such obligations constitute indebtedness
for the purposes of GAAP (excluding premiums or discounts on debt), 
 (c)    any other indebtedness of
such Person which is evidenced by a note, bond, debenture or similar instrument, 
 (d)    all
Capitalized Lease Obligations, 
 (e)    all obligations of such Person, contingent or otherwise, in
respect of bankers’ acceptances, 
 (f)    all Guarantee Obligations of such Person (excluding in
any calculation of consolidated Indebtedness of the Consolidated Group, Guarantee Obligations of one member of the Consolidated Group in respect of primary obligations of any other member of the Consolidated Group), 

(g)    all reimbursement obligations of such Person for letters of credit, 

(h)    Swap Termination Value, to the extent the obligations under the associated Swap Contract constitutes
indebtedness for purposes of GAAP, and 
 (i)    all liabilities secured by any lien (other than liens
for taxes not yet due and payable) on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof. 

Notwithstanding the foregoing, Indebtedness shall not include prepaid rents or security deposits, tax liabilities not yet payable, or
dividends or distributions declared but not yet paid. 
 “INHAM Exemption” is defined in Section 6.2(e). 

“Institutional Investor” means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or
more of its affiliates) more than 5% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any
insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note. 

“Investment” of a Person means any loan, advance (other than commission, travel and similar advances to officers and
employees made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business on terms customary in the trade), deposit account or contribution of capital by such Person to any
other Person or any investment in, or purchase or other acquisition of, the stock, partnership interests, notes, debentures or other securities of any other Person made by such Person. 

  
 A-12 












 “Investment Affiliate” means any subsidiary or joint venture of any member
of the Consolidated Group, in which the Consolidated Group, directly or indirectly, has a ten percent (10%) or greater ownership interest and whose financial results are not consolidated under GAAP with the financial results of the Consolidated
Group. 
 “Joint Venture” means, with respect to the Company, any Person in whom the Company or its Subsidiary holds an
investment regardless of the percentage or ownership, which such investment is accounted for in the financial statements of the Company on an equity basis of accounting and whose financial results would not be consolidated under GAAP with the
financial results of the Company on the consolidated financial statements of the Company. 
 “Joint Venture Property” means
an Eligible Unencumbered Property owned by a Joint Venture. 
 “Leverage Ratio” means the percentage obtained by dividing
Consolidated Outstanding Indebtedness by Total Asset Value. 
 “Lien” means any lien (statutory or other), mortgage,
pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor
under any conditional sale, Capitalized Lease or other title retention agreement). 

“Make-Whole Amount” is defined in Section 8.6. 

“Management Fees” means, with respect to each Project for any period, an amount equal to the greater of (a) actual
management fees payable with respect thereto or (b) three percent (3%) (or in the case of triple net leased Projects, two percent (2.0%)) per annum on the aggregate base rent and percentage rent due and payable under leases at such
Project. 
 “Marketable Securities” means investments in Capital Stock or debt securities issued by any Person (other than
an Investment Affiliate) which are publicly traded on a national exchange, excluding Cash Equivalents. The value of any such assets, for purposes hereof and as of any date, shall be the market value of such Marketable Securities. 

“Material” means material in relation to the business, operations, affairs, financial condition, assets or properties of the
Company and its Subsidiaries taken as a whole. 
 “Material Acquisition” means any transaction, or series of related
transactions consummated in the same fiscal quarter, for the purpose of or resulting, directly or indirectly, in the acquisition (including, without limitation, a merger or consolidation or any other combination with another Person) by one or more
of the Company or any Subsidiary in which the gross purchase price of the assets acquired is equal to or in excess of 15% of the Total Asset Value (without giving effect to such acquisition) of the Company as of the last day of the most recently
ended fiscal quarter of the Company for which financial statements are publicly available. 

  
 A-13 












 “Material Adverse Effect” means a material adverse effect on (a) the
business, operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a whole, (b) the ability of the Company and the Subsidiary Guarantors, taken as a whole, to perform their obligations under
the Note Documents, or (c) the validity or enforceability of this Agreement, the Notes or any Subsidiary Guaranty. 
 “Material
Indebtedness” means, Indebtedness causing the applicable threshold in clause (A) or clause (B) to be exceeded: (A) Recourse Indebtedness of the Company or of any other member of the Consolidated Group if the aggregate amount
of Recourse Indebtedness so in default exceeds $50,000,000 (provided that if the total underlying Indebtedness so in default exceeds the portion which constitutes Recourse Indebtedness, only the portion that constitutes Recourse Indebtedness shall
be taken into account in determining such $50,000,000 threshold), or (B) any Non-Recourse Indebtedness of the Company or any other member of the Consolidated Group or any Investment Affiliate in excess of
$150,000,000 in the aggregate. 
 “Maturity Date” is defined in the first paragraph of each Note. 

“Memorandum” is defined in Section 5.3. 

“Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“More Favorable Covenant” is defined in Section 10.6. 

“Mortgage Note Receivable” means any Indebtedness owing to a member of the Consolidated Group which is secured by a first-priority mortgage or deed of trust on commercial real estate having a value in excess of the amount of such Indebtedness and which has been designated by the Company as a “Mortgage Note Receivable”
in its most recent compliance certificate. 
 “Most Favored Lender Notice” is defined in Section 10.6. 

“Multiemployer Plan” means any Plan that is a “multiemployer plan” (as such term is defined in
section 4001(a)(3) of ERISA). 
 “NAIC” means the National Association of Insurance Commissioners. 

“Negative Pledge” means, with respect to a given asset, any provision of a document, instrument or agreement (other than any
Note Document) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; provided, however, that (i) any provision of a
document, instrument or an agreement that either (a) conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios or financial tests (including any financial ratio such as a maximum ratio of
unsecured debt to unencumbered assets) that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets or (b) requires the grant of a Lien to
secure Unsecured Indebtedness if a Lien is granted to secure the Obligations or other Unsecured Indebtedness of such Person, shall 

  
 A-14 












 
not constitute a “Negative Pledge” and (ii) such term shall not include any covenant, condition or restriction contained in any ground lease from a Governmental Authority (provided
that the foregoing limitation shall not in any way waive or modify any of the conditions for qualification of a ground lease as an “Eligible Ground Lease” under the definition of such term) or restrictions on further subordinate Liens on
Projects encumbered by a mortgage, deed to secure debt or deed of trust securing such Indebtedness, or on the direct or indirect ownership interests in the owners of such encumbered Projects. 

“Net Operating Income” means, with respect to any Project for any period, “property rental and other income” (as
determined by GAAP) attributable to such Project accruing for such period; minus the amount of all expenses (as determined in accordance with GAAP) incurred in connection with and directly attributable to the ownership and operation of such Project
for such period, including, without limitation, Management Fees and amounts accrued for the payment of ground rent, real estate taxes and insurance premiums, but excluding any general and administrative expenses related to the operation of the
Project, any interest expense or other debt service charges, any amortization related to above and below market leases, any straight-lining of rents under GAAP, impairment charges and any non-cash charges such as depreciation or amortization of financing costs. 
 “Non-Core Properties” means properties that are not retail. 
 “Non-Recourse Indebtedness” means, with respect to any Person, (a) Indebtedness for which the liability of such Person (except for liability for fraud, misrepresentation, misapplication of cash, waste,
environmental claims and liabilities and other circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in separate indemnification agreements in non-recourse
financing of real estate, including, without limitation, provisions converting such Indebtedness to recourse in connection with certain bankruptcy filings, transfer violations or other defaults (any such liability being referred to as
“Non-Recourse Carveouts”)) either is contractually limited to collateral securing such Indebtedness or is so limited by operation of law and (b) if such Person is a Single Asset
Entity, any Indebtedness for borrowed money of such Person. 
 “Non-U.S.
Plan” means any plan, fund or other similar program that (a) is established or maintained outside the United States of America by the Company or any Subsidiary primarily for the benefit of employees of the Company or one or more
Subsidiaries residing outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of
employment, and (b) is not subject to ERISA or the Code. 
 “Note Documents” means this Agreement, the Notes, the
Subsidiary Guaranty, and all other instruments, agreements and written obligations executed and delivered by any of the Note Parties in connection with the transactions contemplated hereby. 

“Note Party” means each of the Company and each Subsidiary Guarantor. 

“Notes” is defined in Section 1. 

  
 A-15 












 “OFAC” means the Office of Foreign Assets Control of the United States
Department of the Treasury. 
 “OFAC Sanctions Program” means any economic or trade sanction that OFAC is responsible for
administering and enforcing. A list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx. 

“Officer’s Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Company whose
responsibilities extend to the subject matter of such certificate. 
 “PBGC” means the Pension Benefit Guaranty Corporation
referred to and defined in ERISA. 
 “Permitted Liens” means 

(a)    Liens for taxes, assessments or governmental charges or levies on a Project if the same shall not at
the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings and for which adequate reserves shall have been set aside on its books; 

(b)    Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ liens and
other similar liens arising in the ordinary course of business which secure payment of obligations not more than sixty (60) days past due or which are being contested in good faith by appropriate proceedings and for which adequate reserves
shall have been set aside on its books and there is no risk of loss, forfeiture, or sale of any interest in a Project during the pending of such proceeding; 

(c)    Liens arising out of pledges or deposits under workers’ compensation laws, unemployment
insurance, old age pensions, or other social security or retirement benefits, or similar legislation; 

(d)    Easements, restrictions and such other encumbrances or charges against real property as are of a
nature generally existing with respect to properties of a similar character and which do not in any material and adverse way affect the marketability of the same or materially and adversely interfere with the use thereof in the business of the
Company or its Subsidiaries; 
 (e)    the rights of tenants under leases or subleases at a Project not
interfering with the ordinary conduct of business of the owner of such Project; 
 (f)    Liens securing
judgments that do not otherwise give rise to a Default or Event of Default; 
 (g)    utility deposits
and other deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, purchase contracts, construction contracts, governmental contracts, statutory obligations, surety bonds, performance bonds and other
obligations of a like nature incurred in the ordinary course of business; 

  
 A-16 












 (h)    Liens for purchase money obligations for
equipment (or Liens to secure Indebtedness incurred within 90 days after the purchase of any equipment to pay all or a portion of the purchase price thereof or to secure Indebtedness incurred solely for the purpose of financing the acquisition
of any such equipment, or extensions, renewals, or replacements of any of the foregoing for the same or lesser amount), provided that (I) the Indebtedness secured by any such Lien does not exceed the purchase price of such equipment,
(II) any such Lien encumbers only the asset so purchased and the proceeds upon sale, disposition, loss or destruction thereof, and (III) such Lien, after giving effect to the Indebtedness secured thereby, does not give rise to a Default or
Event of Default, and 
 (i)    Liens, if any, securing the Indebtedness and other obligations incurred
by the Company pursuant to this Agreement or pursuant to the Revolving Credit Agreement or Term Loan Credit Agreement; provided, that notwithstanding the foregoing, Liens securing the Indebtedness and other obligations incurred by the Company
pursuant to the Revolving Credit Agreement or Term Loan Credit Agreement shall not constitute a “Permitted Lien” unless and until the Notes (and any guaranty delivered in connection therewith) shall concurrently be secured equally and
ratably with such Indebtedness pursuant to documentation reasonably acceptable to the Required Holders in substance and in form, including an intercreditor agreement and opinions of counsel to the Company and/or any such Subsidiary, as the case may
be, from counsel that is reasonably acceptable to the Required Holders. 
 “Person” means an individual, partnership,
corporation, limited liability company, association, trust, unincorporated organization, business entity or Governmental Authority. 

“Plan” means an “employee benefit plan” (as defined in section 3(3) of ERISA) subject to Title I of ERISA
that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by the Company or any ERISA Affiliate or with respect to which
the Company or any ERISA Affiliate may have any liability. 
 “Preferred Dividends” means, with respect to any entity,
dividends or other distributions which are payable to holders of any ownership interests in such entity which entitle the holders of such ownership interests to be paid on a preferred basis prior to dividends or other distributions to the holders of
other types of ownership interests in such entity. 
 “Primary Credit Facilities” means the Term Loan Credit Agreement and
the Revolving Credit Agreement. 
 “Private Rating Letter” means a letter issued by an Acceptable Rating Agency in
connection with any private debt rating for the Notes, which (a) sets forth the Debt Rating for the Notes, (b) refers to the Private Placement Number issued by PPN CUSIP Unit of CUSIP Global Services (in cooperation with the SVO) in
respect of the Notes, (c) addresses the likelihood of 

  
 A-17 












 
payment of both principal and interest on the Notes (which requirement shall be deemed satisfied if either (x) such letter includes confirmation that the rating reflects the Acceptable
Rating Agency’s assessment of the Company’s ability to make timely payment of principal and interest on the Notes or a similar statement or (y) such letter is silent as to the Acceptable Rating Agency’s assessment of the
likelihood of payment of both principal and interest and does not include any indication to the contrary), (d) includes such other information describing the relevant terms of the Notes as may be required from time to time by the SVO or any other
Governmental Authority having jurisdiction over any holder of any Notes and (e) shall not be subject to confidentiality provisions or other restrictions which would prevent or limit the letter from being shared with the SVO or any other
Governmental Authority having jurisdiction over any holder of any Notes. 
 “Private Rating Rationale Report” means, with
respect to any Private Rating Letter, a report issued by the Acceptable Rating Agency in connection with such Private Rating Letter setting forth an analytical review of the Notes explaining the transaction structure, methodology relied upon, and,
as appropriate, analysis of the credit, legal, and operational risks and mitigants supporting the assigned Private Rating for the Notes, in each case, on the letterhead of the Acceptable Rating Agency or its controlled website and generally
consistent with the work product that an Acceptable Rating Agency would produce for a similar publicly rated security and otherwise in form and substance generally required by the SVO or any other Governmental Authority having jurisdiction over any
holder of any Notes from time to time. Such report shall not be subject to confidentiality provisions or other restrictions which would prevent or limit the report from being shared with the SVO or any other Governmental Authority having
jurisdiction over any holder of any Notes. 
 “Project” means any real estate asset located in the United States owned by
the Company or any of its Subsidiaries or any Investment Affiliate, and operated or intended to be operated as a retail property or another commercial property allowable under the Permitted Investments definition. 

“Property,” “property” or “properties” of a Person means any and all property, whether
real, personal, tangible, intangible, or mixed, of such Person, or other assets owned, leased or operated by such Person. 

“PTE” is defined in Section 6.2(a). 

“Purchaser” or “Purchasers” means each of the purchasers that has executed and delivered this Agreement to
the Company and such Purchaser’s successors and assigns (so long as any such assignment complies with Section 13.2), provided, however, that any Purchaser of a Note that ceases to be the registered holder or a beneficial owner
(through a nominee) of such Note as the result of a transfer thereof pursuant to Section 13.2 shall cease to be included within the meaning of “Purchaser” of such Note for the purposes of this Agreement upon such transfer. 

“Purchaser Schedule” means the Purchaser Schedule to this Agreement listing the Purchasers of the Notes and including their
notice and payment information. 

  
 A-18 












 “Qualified Institutional Buyer” means any Person who is a “qualified
institutional buyer” within the meaning of such term as set forth in Rule 144A(a)(1) under the Securities Act. 
 “QPAM
Exemption” is defined in Section 6.2(d). 
 “Recourse Indebtedness” means any Indebtedness of the Company or
any other member of the Consolidated Group for borrowed money with respect to which the liability of the obligor for payment is not limited to the obligor’s interest in specified assets securing such Indebtedness (either contractually or by
virtue of the fact that such obligor owns no material assets other than those securing such Indebtedness), provided, however, that the existence of personal recourse of such obligor or others for any such Indebtedness on account of Non-Recourse Carveouts shall not, by itself, cause such Indebtedness to be characterized as Recourse Indebtedness. For purposes of the foregoing and for the avoidance of doubt, (a) if the Indebtedness is
partially guaranteed then the portion of such Indebtedness that is not so guaranteed shall still not constitute Recourse Indebtedness if it otherwise satisfies the requirements in this definition, (b) if the liability of a guarantor under any
such guaranty is itself limited solely to specific assets of such guarantor then such Indebtedness shall only constitute Recourse Indebtedness by virtue of such guaranty to the extent of then-current value of
such specified assets of such guarantor and (c) if such obligor is acting as a guarantor of Indebtedness for purposes of minimizing taxes on the creation of the deed of trust or mortgage securing such Indebtedness and such obligor’s
liability does not exceed the value of the assets securing such Indebtedness then such obligor’s guarantee obligations shall not constitute Recourse Indebtedness. 

“Related Fund” means, with respect to any holder of any Note, any fund or entity that (a) invests in Securities or bank
loans, and (b) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor. 

“Required Holders” means at any time (a) prior to the Closing, the Purchasers and (b) on or after the Closing, the
holders of more than 50% in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates). 

“Responsible Officer” means any Senior Financial Officer and any other officer of the Company with responsibility for the
administration of the relevant portion of this Agreement. 
 “Revolving Credit Agreement” means that certain Second Amended
and Restated Credit Agreement, dated as of December 21, 2018, by and among the Company, KeyBank National Association, as administrative agent, and the other financial institutions from time to time party thereto as lenders, as the same may be
amended, restated, supplemented or otherwise modified from time to time, including any renewals, extensions, amendments, supplements, restatements, replacements, increases or refinancing in full (or a majority) thereof (whether entered into
substantially concurrently with the termination of the existing agreement or at any time before or after if no new agreement is then substantially concurrently entered into). 

“Sacramento Project” means the Project known as The Railyards, located in the City of Sacramento, County of Sacramento, State
of California which originally consisted of approximately 205 acres. 

  
 A-19 












 “SEC” means the Securities and Exchange Commission of the United States of
America. 
 “Secured Indebtedness” means any Indebtedness of the Company or any other member of the Consolidated Group
which is secured by a Lien on a Project, any ownership interests in any Person or any other assets which had, in the aggregate, a value in excess of the amount of such Indebtedness at the time such Indebtedness was incurred. 

“S&P” means Standard & Poor’s Ratings Group and its successors. 

“Securities” or “Security” shall have the meaning specified in section 2(1) of the Securities Act. 

“Securities Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder from time to time in
effect. 
 “Senior Financial Officer” means the chief financial officer, principal accounting officer, treasurer or
comptroller of the Company. 
 “Series A Notes” is defined in Section 1. 

“Series B Notes” is defined in Section 1. 

“Single Asset Entity” means a Person (other than an individual) that (a) only owns a single Property; (b) is
engaged only in the business of owning, developing and/or leasing such Property; and (c) receives substantially all of its gross revenues from such Property. In addition, if the assets of a Person consist solely of (i) Capital Stock in one
or more other Single Asset Entities that collectively own a single Property and (ii) cash and other assets of nominal value incidental to such Person’s ownership of the other Single Asset Entities, such Person shall also be deemed to be a
Single Asset Entity for purposes hereof. 
 “Source” is defined in Section 6.2. 

“State Sanctions List” means a list that is adopted by any state Governmental Authority within the United States of America
pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under U.S. Economic Sanctions Laws. 

“Subsidiary” means, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or such
first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions)
of such second Person, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries
(unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless the context otherwise clearly requires, any reference to a
“Subsidiary” is a reference to a Subsidiary of the Company. 

  
 A-20 












 “Subsidiary Guarantor” is defined in Section 1.2. 

“Subsidiary Guaranty” is defined in Section 1.2. 

“Substitute Purchaser” is defined in Section 21. 

“SVO” means the Securities Valuation Office of the NAIC. 

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

“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any
legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and
(b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark to market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other
readily available quotations provided by any recognized dealer in such Swap Contracts. 
 “Taxes” means all present or
future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Loan Credit Agreement” means that certain Amended and Restated Term Loan Credit Agreement dated as of December 21,
2018, is among the Company, Wells Fargo Bank, National Association, a national banking association, Bank of America, N.A., U.S. Bank National Association, Fifth Third Bank, a national banking association, KeyBank National Association, a
national banking association, PNC Bank, National Association, a national banking association, JPMorgan Chase Bank, N.A., and the several other banks, financial institutions and entities from time to time parties thereto, including any renewals,
extensions, amendments, supplements, restatements, replacements, increases or refinancing in full (or a majority) thereof (whether entered into substantially concurrently with the termination of the existing agreement or at any time before or after
if no new agreement is then substantially concurrently entered into). 

  
 A-21 












 “Total Asset Value” means, as of any date of determination, 

(i)    the Consolidated NOI attributable to Projects then owned by the Company or a member of the
Consolidated Group (excluding 100% of the Consolidated NOI attributable to Projects not so owned for the prior four fiscal quarters for which Consolidated NOI is calculated) divided by the Capitalization Rate for each property type applied to the
portion of such Consolidated NOI attributable to such property type, plus 
 (ii)    100% of the sum of
(x) the price paid for any Projects then owned by the Company or a member of the Consolidated Group and first acquired by the Company or a member of the Consolidated Group on or after the first day of the most recent four prior fiscal quarters
of the Company for which financial results have been reported and (y) the cost of capital expenditures actually incurred in connection with such Projects, plus 

(iii)    cash, Cash Equivalents (including cash or Cash Equivalents held in restricted Section 1031
accounts under the sole control of any member of the Consolidated Group) and Marketable Securities owned by the Consolidated Group as of the end of the most recent fiscal quarter of the Company for which financial results have been reported, plus

 (iv)    Unimproved Land, Development Projects and Mortgage Note Receivables in each case, to the
extent owned by the Consolidated Group as of the end of the most recent fiscal quarter of the Company for which financial results have been reported (with each such asset valued at undepreciated GAAP book value, after taking into account any
impairments), plus 
 (v)    the applicable Consolidated Group Pro Rata Share of (A) Net Operating
Income for the most recent four fiscal quarters of the Company for which financial results have been reported attributable to any Projects then owned by an Investment Affiliate (excluding Net Operating Income attributable to Projects not so owned
for such entire prior four fiscal quarters) divided by (B) the applicable Capitalization Rate, plus 

(vi)    the Consolidated Group Pro Rata Share of the price paid for any Projects then owned by an
Investment Affiliate and first acquired by an Investment Affiliate on or after the first day of such period of four prior fiscal quarters plus 

(vii)    the Consolidated Group Pro Rata Share of cash, Cash Equivalents and Marketable Securities owned by
Investment Affiliates as of the end of such most recent fiscal quarter plus 
 (viii)    the applicable
Consolidated Group Pro Rata Shares of Unimproved Land, Development Projects and Mortgage Note Receivables owned by Investment Affiliates as of the end of such most recent fiscal quarter (with each such asset valued at undepreciated GAAP book value,
after taking into account any impairments). 

  
 A-22 












 “Unencumbered Pool” means the Unencumbered Properties. 

“Unencumbered Pool NOI” means, as of any date of determination, the sum of 

(a)     the aggregate Net Operating Income for the most recent four (4) full fiscal quarters for
which financial results of the Company has been reported attributable to Unencumbered Properties owned by the Company, a Wholly-Owned Subsidiary or a Joint Venture for the entirety of such period, as adjusted by deducting therefrom any income
attributable to Excluded Tenants plus, 
 (b)     in the case of any Unencumbered Property that was
owned by the Company, a Wholly-Owned Subsidiary or a Joint Venture as of the last day of such most recent period of four (4) fiscal quarters, but not so owned for the full period, the amount of Net Operating Income that would have been earned
if such Unencumbered Property had been so owned for such period of four (4) full fiscal quarters, as established by the Company and reasonably approved by the Required Holders on behalf of the holders of the Notes (it being agreed that any
determination so approved by the “Administrative Agent” or by the “Required Lenders” (or equivalent terms) under any Primary Credit Facility shall be deemed to be approved by the Required Holders hereunder), plus 

(c)     in the case of any Unencumbered Property owned by the Company, a Wholly-Owned Subsidiary or a
Joint Venture as of such date of determination, but not so owned as of the last day of such most recent period of four (4) fiscal quarters, the amount of Net Operating Income that would have been earned if such Unencumbered Property had been so
owned for such period of four (4) full fiscal quarters, as established by the Company and reasonably approved by the Required Holders on behalf of the holders of the Notes (it being agreed that any determination so approved by the
“Administrative Agent” or by the “Required Lenders” (or equivalent terms) under any Primary Credit Facility shall be deemed to be approved by the Required Holders hereunder). 

Net Operating Income of a Joint Venture Property shall be limited to the aggregate ownership percentage of the Company and its Subsidiaries in
such Joint Venture. 
 “Unencumbered Pool Value” means, as of any date of determination, 

(a)    the aggregate Adjusted Unencumbered NOI attributable to Unencumbered Properties included in the
Unencumbered Pool as of such determination date and also owned for the entirety of the most recent four (4) consecutive fiscal quarters for which financial results of the Company has been reported (provided that the contribution to
Adjusted Unencumbered Pool NOI on account of any Unencumbered Property shall not in any event be a negative number) divided by the Capitalization Rate, plus 

  
 A-23 












 (b)    the aggregate acquisition cost of all
Unencumbered Properties included in the Unencumbered Pool as of such determination date but not so owned for such period of four (4) consecutive entire fiscal quarters. 

For purposes of this definition, to the extent that the aggregate amount included in Unencumbered Pool Value on account of any of the
following categories: (a) a single Project, (b) Projects leased to any single tenant, (c) Projects leased to a single tenant with a remaining lease term of less than five (5) years, or (d) properties subject to a ground
lease; would exceed twenty percent (20%) of Unencumbered Pool Value, the amount in excess of twenty percent (20%) of Unencumbered Pool Value attributable to such category shall be disregarded in the calculation of Unencumbered Pool Value. In
addition, to the extent that the aggregate amount included in the Unencumbered Pool Value on account of Joint Venture Properties would exceed five percent (5%), the amount in excess of five percent (5%) of Unencumbered Pool Value
attributable to such category shall be disregarded in the calculation of Unencumbered Pool Value. 
 “Unencumbered
Property” or “Unencumbered Properties” means any Eligible Unencumbered Property, as of the Execution Date, or any Eligible Unencumbered Property subsequently added to the Unencumbered Pool. 

“Unimproved Land” means as of any date, land on which no development (other than improvements that are not material and are
temporary in nature) has occurred and for which no development is scheduled in the twelve (12) months after such date. 

“United States Person” has the meaning set forth in Section 7701(a)(30) of the Code. 

“Unsecured Indebtedness” means, with respect to any Person, (a) all Indebtedness of such Person for borrowed money that
does not constitute Secured Indebtedness and (b) all Guarantee Obligations of such Person in respect of Indebtedness of others for borrowed money that does not constitute Secured Indebtedness, and excluding Guarantee Obligations in respect of Non-Recourse Carveouts. Notwithstanding the foregoing, Unsecured Indebtedness shall include Recourse Indebtedness that is secured solely by ownership interests in another Person that owns a Project which is
encumbered by a mortgage securing Indebtedness. 
 “Unsecured Interest Coverage Ratio” means, (i) Adjusted
Unencumbered NOI divided by (ii) Unsecured Interest Expense. 
 “Unsecured Interest Expense” means, as of any date of
determination, that portion of Consolidated Interest Expense attributable to Unsecured Indebtedness for the most recent two (2) fiscal quarters of the Consolidated Group for which financial results have been reported, annualized. 

“Unsecured Leverage Ratio” means, as of any date of determination, the percentage obtained by dividing (i) Unsecured
Indebtedness of the Consolidated Group outstanding as of such date by (ii) Unencumbered Pool Value. 

  
 A-24 












 “USA PATRIOT Act” means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 and the rules and regulations promulgated thereunder from time to
time in effect. 
 “U.S. Economic Sanctions Laws” means those laws, executive orders, enabling legislation or regulations
administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International Emergency Economic Powers Act,
the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program. 
 “Wholly-Owned Subsidiary” of a Person means, as of any date, any Subsidiary of such Person 100% of the equity securities or other equity ownership interests of which (other than in the case of a corporation,
directors’ qualifying shares, or, in the case of any entity qualifying or desiring to qualify as a real estate investment trust, so-called “accommodation” shareholders) are at such time directly
or indirectly owned by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned Subsidiaries of such Person.


  
 A-25 












 [FORM OF SERIES A NOTE]

 INVENTRUST PROPERTIES CORP. 

5.07% SENIOR NOTE, SERIES A, DUE AUGUST 11, 2029

  

			
	No. RA-[            ]	  	[Date]
	$[            ]	  	PPN 46124J A*3

 FOR VALUE RECEIVED, the undersigned,
INVENTRUST PROPERTIES CORP. (herein called the “Company”), a corporation organized and existing under the laws of the State of Maryland, hereby promises to pay to
[        ], or registered assigns, the principal sum of [        ] DOLLARS (or so much thereof as shall not have been prepaid) on August 11, 2029
(the “Maturity Date”), with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate
of 5.07% per annum from the date hereof, payable semiannually, on the 11th day of February and August in each year, commencing with the February or August next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall
have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the Default Rate (as defined in the hereinafter defined Note Purchase Agreement), payable semiannually as aforesaid (or, at the option of the
registered holder hereof, on demand). 
 Payments of principal of, interest on and any Make-Whole
Amount with respect to this Note are to be made in lawful money of the United States of America at the principal office of JPMorgan Chase Bank, N.A. in New York, New York or at such other place as the Company shall have designated by written notice
to the holder of this Note as provided in the Note Purchase Agreement referred to below. 
 This Note is one of a series of Senior Notes
(herein called the “Notes”) issued pursuant to the Note Purchase Agreement, dated June 3, 2022 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the respective Purchasers
named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and
(ii) made the representation set forth in Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer
accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the
transferee. Prior to due presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not
be affected by any notice to the contrary. 

  
 SCHEDULE
1.1A 
 (to Note Purchase Agreement) 












 This Note is subject to optional prepayment, in whole or from time to time in part, at
the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 
 If an Event of Default occurs and is
continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note
Purchase Agreement. 
 This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this
Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the
laws of a jurisdiction other than such State. 
  

			
	INVENTRUST PROPERTIES CORP.
		
	By	 	
                     
                    

		 	[Title]



  
 -2- 












 [FORM OF SERIES B NOTE]

 INVENTRUST PROPERTIES CORP. 

5.20% SENIOR NOTE, SERIES B, DUE AUGUST 11, 2032

  

			
	No. RB-[            ]	  	[Date]
	$[            ]	  	PPN PPN 46124J A@1

 FOR VALUE RECEIVED, the undersigned,
INVENTRUST PROPERTIES CORP. (herein called the “Company”), a corporation organized and existing under the laws of the State of Maryland, hereby promises to pay to
[                    ], or registered assigns, the principal sum of [        ] DOLLARS (or so
much thereof as shall not have been prepaid) on August 11, 2029 (the “Maturity Date”), with interest (computed on the basis of a 360-day year of twelve
30-day months) (a) on the unpaid balance hereof at the rate of 5.20% per annum from the date hereof, payable semiannually, on the 11th day of February and August in each year, commencing with the February
or August next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the
continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the Default Rate (as defined in the hereinafter
defined Note Purchase Agreement), payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). 

Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be
made in lawful money of the United States of America at the principal office of JPMorgan Chase Bank, N.A. in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in
the Note Purchase Agreement referred to below. 
 This Note is one of a series of Senior Notes (herein called the “Notes”)
issued pursuant to the Note Purchase Agreement, dated June 3, 2022 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the respective Purchasers named therein and is entitled to the benefits
thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representation set forth in
Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 

This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer
accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the
transferee. Prior to due presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not
be affected by any notice to the contrary. 

  
 SCHEDULE
1.1B 
 (to Note Purchase Agreement) 












 This Note is subject to optional prepayment, in whole or from time to time in part, at
the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 
 If an Event of Default occurs and is
continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note
Purchase Agreement. 
 This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this
Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the
laws of a jurisdiction other than such State. 
  

			
	INVENTRUST PROPERTIES CORP
		
	By	 	
                     
                    

		 	[Title]



  
 -2- 












 FORM OF SUBSIDIARY GUARANTY

  
  

 
 [FORM
OF] GUARANTY AGREEMENT 
 Dated as of
[            , 20    ] 
 of 

[NAME OF GUARANTORS] 
  

 
  











 TABLE OF CONTENTS 

 

							
	SECTION	 	HEADING                                 
           	  	PAGE	 
	 SECTION 1.
	 	 GUARANTY
	  	 	1	 
			
	 SECTION 2.
	 	 OBLIGATIONS ABSOLUTE
	  	 	2	 
			
	 SECTION 3.
	 	 WAIVER
	  	 	3	 
			
	 SECTION 4.
	 	 OBLIGATIONS UNIMPAIRED
	  	 	3	 
			
	 SECTION 5.
	 	 SUBROGATION AND SUBORDINATION
	  	 	4	 
			
	 SECTION 6.
	 	 REINSTATEMENT OF GUARANTY
	  	 	5	 
			
	 SECTION 7.
	 	 RANK OF GUARANTY
	  	 	5	 
			
	 SECTION 8.
	 	 ADDITIONAL COVENANTS OF EACH
GUARANTOR
	  	 	6	 
			
	 SECTION 9.
	 	 REPRESENTATIONS AND WARRANTIES
OF EACH GUARANTOR
	  	 	6	 
			
	 Section 9.1.
	 	 Organization; Power and Authority
	  	 	6	 
	 Section 9.2.
	 	 Authorization, Etc.
	  	 	6	 
	 Section 9.3.
	 	 Compliance with Laws, Other Instruments, Etc.
	  	 	6	 
	 Section 9.4.
	 	 Governmental Authorizations, Etc.
	  	 	7	 
			
	 SECTION 10.
	 	 TAX INDEMNIFICATION
	  	 	7	 
			
	 SECTION 11.
	 	 TERM OF GUARANTY
AGREEMENT
	  	 	10	 
			
	 SECTION 12.
	 	 SURVIVAL OF REPRESENTATIONS
AND WARRANTIES; ENTIRE AGREEMENT
	  	 	10	 
			
	 SECTION 13.
	 	 AMENDMENT AND WAIVER
	  	 	10	 
			
	 Section 13.1.
	 	 Requirements
	  	 	10	 
	 Section 13.2.
	 	 Solicitation of Holders of Notes
	  	 	10	 
	 Section 13.3.
	 	 Binding Effect
	  	 	11	 
	 Section 13.4.
	 	 Notes Held by Company, Etc.
	  	 	11	 
			
	 SECTION 14.
	 	 NOTICES
	  	 	11	 
			
	 SECTION 15.
	 	 MISCELLANEOUS
	  	 	12	 
			
	 Section 15.1.
	 	 Successors and Assigns; Joinder
	  	 	12	 
	 Section 15.2.
	 	 Severability
	  	 	12	 
	 Section 15.3.
	 	 Construction
	  	 	12	 


  
 -i- 













							
	 Section 15.4.
	 	 Further Assurances
	  	 	12	 
	 Section 15.5.
	 	 Governing Law
	  	 	12	 
	 Section 15.6.
	 	 Jurisdiction and Process; Waiver of Jury Trial
	  	 	12	 
	 Section 15.7.
	 	 Reproduction of Documents; Execution
	  	 	13	 


  
 -ii- 












 GUARANTY AGREEMENT 

THIS GUARANTY AGREEMENT, dated as of
[            , 20    ] (this “Guaranty Agreement”), is made by each of the undersigned (each a “Guarantor” and, together with
each of the other signatories hereto and any other entities from time to time parties hereto pursuant to Section [15.1] hereof, the “Guarantors”) in favor of the Purchasers (as defined below) and the other holders from time to
time of the Notes (as defined below). The Purchasers and such other holders are herein collectively called the “holders” and individually a “holder.” 

PRELIMINARY STATEMENTS: 

I.    INVENTRUST PROPERTIES CORP., a Maryland corporation (the
“Company”), has entered into a Note Purchase Agreement dated as of June 3, 2022 (as amended, modified, supplemented or restated from time to time, the “Note Agreement”) with the Persons listed on the signature
pages thereto (the “Purchasers”). Capitalized terms used herein have the meanings specified in the Note Agreement unless otherwise defined herein. 

II.    The Company has issued, pursuant to the Note Agreement, (i) $150,000,000 aggregate principal amount of its 5.07%
Senior Notes, Series A, due August 11, 2029 (the “Series A Notes”) and (ii) $100,000,000 aggregate principal amount of its 5.20% Senior Notes, Series B, due August 11, 2032 (the
“Series B Notes” and, together with Series A Notes, the “Initial Notes”). The Initial Notes and any other Notes that may from time to time be issued pursuant to the Note Agreement (including
any notes issued in substitution for any of the Notes) are herein collectively called the “Notes” and individually a “Note.” 

III.    It is a requirement in the Agreement that this Guaranty Agreement shall have been executed and delivered by each
Guarantor and shall be in full force and effect. 
 IV.    Each Guarantor will receive direct and indirect benefits from
the financing arrangements contemplated by the Note Agreement. The [Board of Directors] of each Guarantor has determined that the incurrence of such obligations is in the best interests of such Guarantor. 

NOW THEREFORE, in compliance with the Note Agreement, each Guarantor hereby covenants and agrees with, and
represents and warrants to each of the holders as follows: 
  

	SECTION 1.	 GUARANTY. 



Each Guarantor hereby irrevocably, unconditionally and jointly and severally with the other Guarantors guarantees to each holder, the due and
punctual payment in full of (a) the principal of, Make-Whole Amount, if any, and interest on (including, without limitation, interest accruing after the filing of any petition in bankruptcy, or the
commencement of any insolvency, reorganization or like proceeding, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), and
any other amounts due under, the Notes when and as the same shall become due and payable (whether at stated maturity or by required or optional prepayment or by acceleration or otherwise) and (b) any other sums which may become due under the
terms 











 
and provisions of the Notes, the Note Agreement or any Note Document) all such obligations described in clauses (a) and (b) above are herein called the “Guaranteed
Obligations”). The guaranty in the preceding sentence is an absolute, present and continuing guaranty of payment and not of collectibility and is in no way conditional or contingent upon any attempt to collect from the Company or any other
guarantor of the Notes (including, without limitation, any other Guarantor hereunder) or upon any other action, occurrence or circumstance whatsoever. In the event that the Company shall fail so to pay any of such Guaranteed Obligations, each
Guarantor agrees to pay the same when due to the holders entitled thereto, without demand, presentment, protest or notice of any kind, in lawful money of the United States of America, pursuant to the requirements for payment specified in the Notes
and the Note Agreement. Each default in payment of any of the Guaranteed Obligations shall give rise to a separate cause of action hereunder and separate suits may be brought hereunder as each cause of action arises. Each Guarantor agrees that the
Notes issued in connection with the Note Agreement may (but need not) make reference to this Guaranty Agreement. 
 Each Guarantor agrees to
pay and to indemnify and save each holder harmless from and against any damage, loss, cost or expense (including reasonable and documented attorneys’ fees of one special counsel for the holders, taken as a whole, and, if reasonably required by
the Required Holders, one local counsel in each applicable jurisdiction and/or one specialty counsel in each applicable specialty, for the holders, taken as a whole) which such holder may incur or be subject to as a consequence, direct or indirect,
of (x) any breach by such Guarantor, by any other Guarantor or by the Company of any warranty, covenant, term or condition in, or the occurrence of any default under, this Guaranty Agreement, the Notes, the Note Agreement or any other
instrument referred to therein, together with all expenses resulting from the compromise or defense of any claims or liabilities arising as a result of any such breach or default, (y) any legal action commenced to challenge the validity or
enforceability of this Guaranty Agreement, the Notes, the Note Agreement or any other instrument referred to therein and (z) enforcing or defending (or determining whether or how to enforce or defend) the provisions of this Guaranty Agreement.

 Each Guarantor hereby acknowledges and agrees that such Guarantor’s liability hereunder is joint and several with the other
Guarantors and any other Person(s) who may guarantee the obligations and Indebtedness under and in respect of the Notes and the Note Agreement. 
  

	SECTION 2.	 OBLIGATIONS ABSOLUTE. 



The obligations of each Guarantor hereunder shall be primary, absolute, irrevocable and unconditional, irrespective of the validity or
enforceability of the Notes, the Note Agreement or any other instrument referred to therein, shall not be subject to any counterclaim, setoff, deduction or defense (other than a defense of payment or performance) based upon any claim such Guarantor
may have against the Company or any holder or otherwise, and shall remain in full force and effect without regard to, and shall not be released, discharged or in any way affected by, any circumstance or condition whatsoever (whether or not such
Guarantor shall have any knowledge or notice thereof), including, without limitation: (a) any amendment to, modification of, supplement to or restatement of the Notes, the Note Agreement or any other Note Document (it being agreed that the
obligations of each Guarantor hereunder shall apply to the Notes, the Note Agreement or any such other Note Document as so amended, modified, supplemented or restated) or any assignment 

  
 -2- 












 
or transfer of any thereof or of any interest therein, or any furnishing, acceptance or release of any security for the Notes or the addition, substitution or release of any other Guarantor or
any other entity or other Person primarily or secondarily liable in respect of the Guaranteed Obligations; (b) any waiver, consent, extension, indulgence or other action or inaction under or in respect of the Notes, the Note Agreement or any
other Note Document; (c) any bankruptcy, insolvency, arrangement, reorganization, readjustment, composition, liquidation or similar proceeding with respect to the Company or its property; (d) any merger, amalgamation or consolidation of
any Guarantor or of the Company into or with any other Person or any sale, lease or transfer of any or all of the assets of any Guarantor or of the Company to any Person; (e) any failure on the part of the Company for any reason to comply with
or perform any of the terms of any other agreement with any Guarantor; (f) any failure on the part of any holder to obtain, maintain, register or otherwise perfect any security; or (g) any other event or circumstance which might otherwise
constitute a legal or equitable discharge or defense of a guarantor (whether or not similar to the foregoing) (other than a defense of payment or performance), and in any event however material or prejudicial it may be to any Guarantor or to any
subrogation, contribution or reimbursement rights any Guarantor may otherwise have. Each Guarantor covenants that its obligations hereunder will not be discharged except by indefeasible payment in full in cash of all of the Guaranteed Obligations
and all other obligations hereunder. 
  

	SECTION 3.	 WAIVER. 



Each Guarantor unconditionally waives to the fullest extent permitted by law, (a) notice of acceptance hereof, of any action taken or
omitted in reliance hereon and of any default by the Company in the payment of any amounts due under the Notes, the Note Agreement or any other instrument referred to therein, and of any of the matters referred to in Section 2 hereof,
(b) all notices which may be required by statute, rule of law or otherwise to preserve any of the rights of any holder against such Guarantor, including, without limitation, presentment to or demand for payment from the Company or any Guarantor
with respect to any Note, notice to the Company or to any Guarantor of default or protest for nonpayment or dishonor and the filing of claims with a court in the event of the bankruptcy of the Company, (c) any right to require any holder to
enforce, assert or exercise any right, power or remedy including, without limitation, any right, power or remedy conferred in the Note Agreement or the Notes, (d) any requirement for diligence on the part of any holder and (e) any other
act or omission or thing or delay in doing any other act or thing which might in any manner or to any extent vary the risk of such Guarantor or otherwise operate as a discharge of such Guarantor or in any manner lessen the obligations of such
Guarantor hereunder (other than payment or performance). 
  

	SECTION 4.	 OBLIGATIONS UNIMPAIRED. 



Each Guarantor authorizes the holders, without notice or demand to such Guarantor or any other Guarantor and without affecting its obligations
hereunder, from time to time: (a) to renew, compromise, extend, accelerate or otherwise change the time for payment of, all or any part of the Notes, the Note Agreement or any other Note Document; (b) to change any of the representations,
covenants, events of default or any other terms or conditions of or pertaining to the Notes, the Note Agreement or any other Note Document, including, without limitation, decreases or increases in amounts of principal, rates of interest, the Make-Whole Amount, or any other obligation; (c) to 

  
 -3- 












 
take and hold security for the payment of the Notes, the Note Agreement or any other Note Document, for the performance of this Guaranty Agreement or otherwise for the Indebtedness guaranteed
hereby and to exchange, enforce, waive, subordinate and release any such security; (d) to apply any such security and to direct the order or manner of sale thereof as the holders in their sole discretion may determine; (e) to obtain
additional or substitute endorsers or guarantors or release any other Guarantor or any other Person or entity primarily or secondarily liable in respect of the Guaranteed Obligations; (f) to exercise or refrain from exercising any rights
against the Company, any Guarantor or any other Person; and (g) to apply any sums, by whomsoever paid or however realized, to the payment of the Guaranteed Obligations and all other obligations owed hereunder. The holders shall have no
obligation to proceed against any additional or substitute endorsers or guarantors or to pursue or exhaust any security provided by the Company, such Guarantor or any other Guarantor or any other Person or to pursue any other remedy available to the
holders. 
 If an event permitting the acceleration of the maturity of the principal amount of any Notes shall exist and such acceleration
shall at such time be prevented or the right of any holder to receive any payment on account of the Guaranteed Obligations shall at such time be delayed or otherwise affected by reason of the pendency against the Company, any Guarantor or any other
guarantors of a case or proceeding under a bankruptcy or insolvency law, such Guarantor agrees that, for purposes of this Guaranty Agreement and its obligations hereunder, the maturity of such principal amount shall be deemed to have been
accelerated with the same effect as if the holder thereof had accelerated the same in accordance with the terms of the Note Agreement, and such Guarantor shall forthwith pay such accelerated Guaranteed Obligations. 

 

	SECTION 5.	 SUBROGATION AND SUBORDINATION. 



(a)    Each Guarantor will not exercise any rights which it may have acquired by way of subrogation under this Guaranty
Agreement, by any payment made hereunder or otherwise, or accept any payment on account of such subrogation rights, or any rights of reimbursement, contribution or indemnity or any rights or recourse to any security for the Notes or this Guaranty
Agreement unless and until all of the Guaranteed Obligations (other than contingent obligations not then due) shall have been indefeasibly paid in full in cash. 

(b)    Each Guarantor hereby subordinates the payment of all Indebtedness and other obligations of the Company or any
other guarantor of the Guaranteed Obligations owing to such Guarantor, whether now existing or hereafter arising, including, without limitation, all rights and claims described in clause (a) of this Section 5, to the indefeasible payment
in full in cash of all of the Guaranteed Obligations. If the Required Holders so request, any such Indebtedness or other obligations shall be enforced and performance received by such Guarantor as trustee for the holders and the proceeds thereof
shall be paid over to the holders promptly, in the form received (together with any necessary endorsements) to be applied to the Guaranteed Obligations, whether matured or unmatured, as may be directed by the Required Holders, but without reducing
or affecting in any manner the liability of any Guarantor under this Guaranty Agreement. 
 (c)    If any amount or
other payment is made to or accepted by any Guarantor in violation of any of the preceding clauses (a) and (b) of this Section 5, such amount shall be deemed to have 

  
 -4- 












 
been paid to such Guarantor for the benefit of, and held in trust for the benefit of, the holders and shall be paid over to the holders promptly, in the form received (together with any necessary
endorsements) to be applied to the Guaranteed Obligations, whether matured or unmatured, as may be directed by the Required Holders, but without reducing or affecting in any manner the liability of such Guarantor under this Guaranty Agreement. 

(d)    Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements
contemplated by the Note Agreement and that its agreements set forth in this Guaranty Agreement (including this Section 5) are knowingly made in contemplation of such benefits. 

(e)    Each Guarantor hereby agrees that, to the extent that a Guarantor shall have paid an amount hereunder to any holder
that is greater than the net value of the benefits received, directly or indirectly, by such paying Guarantor as a result of the issuance and sale of the Notes (such net value, its “Proportionate Share”), such paying Guarantor
shall, subject to Section 5(a) and 5(b), be entitled to contribution from any Guarantor that has not paid its Proportionate Share of the Guaranteed Obligations. Any amount payable as a contribution under this Section 5(e) shall be
determined as of the date on which the related payment is made by such Guarantor seeking contribution and each Guarantor acknowledges that the right to contribution hereunder shall constitute an asset of such Guarantor to which such contribution is
owed. Notwithstanding the foregoing, the provisions of this Section 5(e) shall in no respect limit the obligations and liabilities of any Guarantor to the holders of the Notes hereunder or under the Notes, the Note Agreement or any other Note
Document, and each Guarantor shall remain jointly and severally liable for the full payment and performance of the Guaranteed Obligations. 
  

	SECTION 6.	 REINSTATEMENT OF GUARANTY. 



This Guaranty Agreement shall continue to be effective, or be reinstated, as the case may be, if and to the extent at any time payment, in
whole or in part, of any of the sums due to any holder on account of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by a holder upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the
Company or any other guarantors, or upon or as a result of the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to the Company or any other guarantors or any part of its or their property, or otherwise,
all as though such payments had not been made. 
  

	SECTION 7.	 RANK OF GUARANTY. 



Each Guarantor will ensure that its payment obligations under this Guaranty Agreement will at all times rank at least pari passu,
without preference or priority, with all other unsecured and unsubordinated Indebtedness of such Guarantor now or hereafter existing. 

  
 -5- 













	SECTION 8.	 ADDITIONAL COVENANTS OF EACH
GUARANTOR. 


 So long as any Notes are outstanding or the Note Agreement shall remain in effect, each
Guarantor agrees that it will comply with all covenants applicable to it in the Note Agreement. 
  

	SECTION 9.	 REPRESENTATIONS AND WARRANTIES OF
EACH GUARANTOR. 


 Each Guarantor represents and warrants to each holder as follows: 

Section 9.1.    Organization; Power and Authority. Each Guarantor is a corporation,
limited liability company, limited partnership or other business entity duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or formation, and has all requisite authority to conduct its business
in each jurisdiction in which its business is conducted, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. 
 Section 9.2.    Authorization, Etc. Each Guarantor has the corporate,
limited liability company, limited partnership or other legal power and authority and legal right to execute and deliver this Agreement and to perform its obligations hereunder. This Guaranty Agreement has been duly authorized by all necessary
corporate, limited liability company, limited partnership or other legal action on the part of each Guarantor, and this Guaranty Agreement constitutes a legal, valid and binding obligation of such Guarantor enforceable against such Guarantor in
accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and
(ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

Section 9.3.    Compliance with Laws, Other Instruments, Etc. The execution, delivery and
performance by each Guarantor of this Guaranty Agreement will not (i) contravene, result in any breach of, or constitute a default under, any (A) indenture, instrument, agreement, or any other agreement or instrument to which each
Guarantor or any Subsidiary is bound or by which each Guarantor or any Subsidiary or any of their respective properties may be bound or affected or (B) corporate charter, regulations or by-laws,
shareholders agreement to which each Guarantor or any Subsidiary is bound or by which such Guarantor or any Subsidiary or any of their respective properties may be bound or affected, except in the case of clause (i)(A) where such violation,
conflict, breach or default would not have a Material Adverse Effect, or result in the creation or imposition of any Lien in, of or on the Property of such Guarantor or a Subsidiary pursuant to the terms of any such indenture, instrument or
agreement, (ii) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to such Guarantor or any Subsidiary, except
where such conflict or breach would not have a Material Adverse Effect or (iii) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to such Guarantor or any Subsidiary, except where such
violation would not have a Material Adverse Effect. 

  
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 Section 9.4.    Governmental
Authorizations, Etc. No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by each Guarantor of this Guaranty
Agreement. 
  

	[SECTION 10.	 TAX INDEMNIFICATION. 



[To Be Included if Guarantor from non-US Jurisdiction] All payments whatsoever under this Guaranty
Agreement will be made by each Guarantor free and clear of, and without liability for withholding or deduction for or on account of, any present or future tax (whether income, documentary, sales, stamp, registration, issue, capital, property, excise
or otherwise), duty, assessment, levy, impost, fee, compulsory loan, charge or withholding (a “Tax”) of whatever nature imposed or levied by or on behalf of any jurisdiction other than the United States (or any political subdivision
or taxing authority of or in such jurisdiction) (a “Taxing Jurisdiction”), unless the withholding or deduction of such Tax is compelled by law. 

If any deduction or withholding for any Tax of a Taxing Jurisdiction shall at any time be required in respect of any amounts to be paid by a
Guarantor under this Guaranty Agreement, such Guarantor will pay to the relevant Taxing Jurisdiction the full amount required to be withheld, deducted or otherwise paid before penalties attach thereto or interest accrues thereon and pay to each
holder such additional amounts as may be necessary in order that the net amounts paid to such holder pursuant to the terms of this Guaranty Agreement after such deduction, withholding or payment (including, without limitation, any required deduction
or withholding of Tax on or with respect to such additional amount), shall be not less than the amounts then due and payable to such holder under the terms of this Guaranty Agreement before the assessment of such Tax, provided that no payment
of any additional amounts shall be required to be made for or on account of: 
 (a)    any Tax that would
not have been imposed but for the existence of any present or former connection between such holder (or a fiduciary, settlor, beneficiary, member of, shareholder of, or possessor of a power over, such holder, if such holder is an estate, trust,
partnership or corporation or any Person other than the holder to whom the Notes or any amount payable thereon is attributable for the purposes of such Tax) and the Taxing Jurisdiction, other than the mere holding of the relevant Note or the receipt
of payments thereunder or in respect thereof, including, without limitation, such holder (or such other Person described in the above parenthetical) being or having been a citizen or resident thereof, or being or having been present or engaged in
trade or business therein or having or having had an establishment, office, fixed base or branch therein, provided that this exclusion shall not apply with respect to a Tax that would not have been imposed but for such Guarantor, after the
date hereof, opening an office in, moving an office to, reincorporating in, or changing the Taxing Jurisdiction from or through which payments on account of this Guaranty Agreement are made to, the Taxing Jurisdiction imposing the relevant Tax; 


  
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 (b)     any Tax that would not have been imposed but for
the delay or failure by such holder (following a written request by such Guarantor) in the filing with the relevant Taxing Jurisdiction of Forms (as defined below) that are required to be filed by such holder to avoid or reduce such Taxes (including
for such purpose any refilings or renewals of filings that may from time to time be required by the relevant Taxing Jurisdiction), provided that the filing of such Forms would not (in such holder’s reasonable judgment) impose any
unreasonable burden (in time, resources or otherwise) on such holder or result in any confidential or proprietary income tax return information being revealed, either directly or indirectly, to any Person and such delay or failure could have been
lawfully avoided by such holder, and provided further that such holder shall be deemed to have satisfied the requirements of this clause (b) upon the good faith completion and submission of such Forms (including refilings or renewals of
filings) as may be specified in a written request of such Guarantor no later than 60 days after receipt by such holder of such written request (accompanied by copies of such Forms and related instructions, if any, all in the English language or
with an English translation thereof); or 
 (c)    any combination of clauses (a) and
(b) above; 
 and provided further that in no event shall such Guarantor be obligated to pay such additional amounts [(i) to
any holder not resident in the United States of America or any other jurisdiction in which an original Purchaser is resident for tax purposes on the date hereof in excess of the amounts that such Guarantor would be obligated to pay if such holder
had been a resident of the United States of America or such other jurisdiction, as applicable, for purposes of, and eligible for the benefits of, any double taxation treaty from time to time in effect between the United States of America or such
other jurisdiction and the relevant Taxing Jurisdiction or (ii)] to any holder of a Note registered in the name of a nominee if under the law of the relevant Taxing Jurisdiction (or the current
regulatory interpretation of such law) securities held in the name of a nominee do not qualify for an exemption from the relevant Tax and such Guarantor shall have given timely notice of such law or interpretation to such holder. 

By acceptance of any Note, the holder of such Note agrees, subject to the limitations of clause (b) above, that it will from time to time
with reasonable promptness (x) duly complete and deliver to or as reasonably directed by such Guarantor all such forms, certificates, documents and returns provided to such holder by such Guarantor (collectively, together with instructions for
completing the same, “Forms”) required to be filed by or on behalf of such holder in order to avoid or reduce any such Tax pursuant to the provisions of an applicable statute, regulation or administrative practice of the relevant
Taxing Jurisdiction or of a tax treaty between the United States and such Taxing Jurisdiction and (y) provide such Guarantor with such information with respect to such holder as such Guarantor may reasonably request in order to complete any
such Forms, provided that nothing in this Section 10 shall require any holder to provide information with respect to any such Form or otherwise if in the opinion of such holder such Form or disclosure of information would involve the
disclosure of tax return or other information that is confidential or proprietary to such holder, and provided, further, that each such holder shall be deemed to have complied with its obligation under this paragraph with respect to
any Form if such Form shall have been duly completed and delivered by such holder to such Guarantor or mailed to the appropriate 

  
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taxing authority (which in the case of any Form which requires that it be submitted to the United States Internal Revenue Service as a condition to its effectiveness in the Taxing Jurisdiction
shall be deemed to occur when such Form is submitted to the United States Internal Revenue Service in accordance with instructions contained in such Form), whichever is applicable, within 60 days following a written request of such Guarantor
(which request shall be accompanied by copies of such Form and English translations of any such Form not in the English language) and, in the case of a transfer of any Note, at least 90 days prior to the relevant interest payment date. 

On or before the date hereof such Guarantor will furnish each Purchaser with copies of the appropriate Form (and English translation if
required as aforesaid) currently required to be filed in [                    ] pursuant to clause (b) of the second paragraph of this
Section 10, if any, and in connection with the transfer of any Note such Guarantor will furnish the transferee of such Note with copies of any Form and English translation then required. 

If any payment is made by such Guarantor to or for the account of the holder of any Note after deduction for or on account of any Taxes, and
increased payments are made by such Guarantor pursuant to this Section 10, then, if such holder at its sole discretion determines that it has received or been granted a refund of such Taxes, such holder shall, to the extent that it can do so
without prejudice to the retention of the amount of such refund, reimburse to such Guarantor such amount as such holder shall, in its sole discretion, determine to be attributable to the relevant Taxes or deduction or withholding. Nothing herein
contained shall interfere with the right of the holder of any Note to arrange its tax affairs in whatever manner it thinks fit and, in particular, no holder of any Note shall be under any obligation to claim relief from its corporate profits or
similar tax liability in respect of such Tax in priority to any other claims, reliefs, credits or deductions available to it or (other than as set forth in clause (b) above) oblige any holder of any Note to disclose any information relating to
its tax affairs or any computations in respect thereof. 
 Such Guarantor will furnish the holders of Notes, promptly and in any event
within 60 days after the date of any payment by such Guarantor of any Tax in respect of any amounts paid under this Guaranty Agreement, the original tax receipt issued by the relevant taxation or other authorities involved for all amounts paid
as aforesaid (or if such original tax receipt is not available or must legally be kept in the possession of such Guarantor, a duly certified copy of the original tax receipt or any other reasonably satisfactory evidence of payment), together with
such other documentary evidence with respect to such payments as may be reasonably requested from time to time by any holder of a Note. 

If such Guarantor is required by any applicable law, as modified by the practice of the taxation or other authority of any relevant Taxing
Jurisdiction, to make any deduction or withholding of any Tax in respect of which such Guarantor would be required to pay any additional amount under this Section 10, but for any reason does not make such deduction or withholding with the
result that a liability in respect of such Tax is assessed directly against the holder of any Note, and such holder pays such liability, then such Guarantor will promptly reimburse such holder for such payment (including any related interest or
penalties to the extent such interest or penalties arise by virtue of a default or delay by such Guarantor) upon demand by such holder accompanied by an official receipt (or a duly certified copy thereof) issued by the taxation or other authority of
the relevant Taxing Jurisdiction. 

  
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 If such Guarantor makes payment to or for the account of any holder of a Note and such
holder is entitled to a refund of the Tax to which such payment is attributable upon the making of a filing (other than a Form described above), then such holder shall, as soon as practicable after receiving written request from such Guarantor
(which shall specify in reasonable detail and supply the refund forms to be filed) use reasonable efforts to complete and deliver such refund forms to or as directed by such Guarantor, subject, however, to the same limitations with respect to Forms
as are set forth above. 
 The obligations of such Guarantor under this Section 10 shall survive the payment or transfer of any Note
and the provisions of this Section 10 shall also apply to successive transferees of the Notes.] 
  

	SECTION 11.	 TERM OF GUARANTY AGREEMENT.



 This Guaranty Agreement and all guarantees, covenants and agreements of the Guarantors contained herein shall
continue in full force and effect and shall not be discharged until such time as all of the Guaranteed Obligations and all other obligations hereunder shall be indefeasibly paid in full in cash and shall be subject to reinstatement pursuant to
Section 6. 
  

	SECTION 12.	 SURVIVAL OF REPRESENTATIONS AND
WARRANTIES; ENTIRE AGREEMENT. 


 All representations and warranties
contained herein shall survive the execution and delivery of this Guaranty Agreement and may be relied upon by any subsequent holder, regardless of any investigation made at any time by or on behalf of any Purchaser or any other holder. All
statements contained in any certificate or other instrument delivered by or on behalf of a Guarantor pursuant to this Guaranty Agreement shall be deemed representations and warranties of such Guarantor under this Guaranty Agreement. Subject to the
preceding sentence, this Guaranty Agreement embodies the entire agreement and understanding between each holder and the Guarantors and supersedes all prior agreements and understandings relating to the subject matter hereof. 

 

	SECTION 13.	 AMENDMENT AND WAIVER. 



Section 13.1.    Requirements. This Guaranty Agreement may be amended, and the observance
of any term hereof may be waived (either retroactively or prospectively), with (and only with) the written consent of each Guarantor and the Required Holders, except that no amendment or waiver (a) of any of the provisions of Section 1, 2,
3, 4, 5, 6, 7, 10] 11[        ,] [or] 13 [or 15.7] hereof, or any defined term (as it is used therein), or (b) which results in the limitation of the liability of any Guarantor hereunder will be effective
as to any holder unless consented to by such holder in writing. 

Section 13.2.    Solicitation of Holders of Notes. 

(a)    Solicitation. Each Guarantor will provide each holder of the Notes (irrespective of the amount of Notes then
owned by it) with sufficient information, sufficiently far in advance of 

  
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the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions
hereof. Each Guarantor will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 13.2 to each holder promptly following the date on which it is executed and
delivered by, or receives the consent or approval of, the requisite holders of Notes. 
 (b)    Payment. The
Guarantors will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder as consideration for
or as an inducement to the entering into by any holder of any waiver or amendment of any of the terms and provisions hereof unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently
provided, on the same terms, ratably to each holder even if such holder did not consent to such waiver or amendment. 

Section 13.3.    Binding Effect. Any amendment or waiver consented to as provided in this
Section 13 applies equally to all holders and is binding upon them and upon each future holder and upon each Guarantor without regard to whether any Note has been marked to indicate such amendment or waiver. No such amendment or waiver will
extend to or affect any obligation, covenant or agreement not expressly amended or waived or impair any right consequent thereon. No course of dealing between a Guarantor and the holder nor any delay in exercising any rights hereunder or under any
Note shall operate as a waiver of any rights of any holder. As used herein, the term “this Guaranty Agreement” and references thereto shall mean this Guaranty Agreement as it may be amended, modified, supplemented or restated from time to
time. 
 Section 13.4.    Notes Held by Company, Etc. Solely for the purpose of
determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Guaranty Agreement, or have directed the taking
of any action provided herein to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by any Guarantor, the Company or any of their
respective Affiliates shall be deemed not to be outstanding. 
  

	SECTION 14.	 NOTICES. 



All notices and communications provided for hereunder shall be in writing and sent (a) by telecopy or electronic mail if the sender on the
same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by a recognized overnight delivery
service (with charges prepaid). Any such notice must be sent: 
 (a)    if to any Guarantor, to
[                    ], or such other address as such Guarantor shall have specified to the holders in writing, or 

  
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 (b)    if to any holder, to such holder at the addresses
specified for such communications set forth in Schedule A to the Note Agreement, or such other address as such holder shall have specified to the Guarantors in writing. 
  

	SECTION 15.	 MISCELLANEOUS. 



Section 15.1.    Successors and Assigns; Joinder. All covenants and other agreements
contained in this Guaranty Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns whether so expressed or not. It is agreed and understood that any Person may become a
Guarantor hereunder by executing a Guarantor Supplement substantially in the form of Exhibit A attached hereto and delivering the same to the Holders. Any such Person shall thereafter be a “Guarantor” for all purposes under this
Guaranty Agreement. 
 Section 15.2.    Severability. Any provision of this Guaranty
Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall (to the full extent permitted by law), not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 15.3.    Construction. Each covenant contained herein shall be construed (absent
express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such express contrary provision) be deemed to excuse compliance with any other covenant.
Whether any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

The section and subsection headings in this Guaranty Agreement are for convenience of reference only and shall neither be deemed to be a part
of this Guaranty Agreement nor modify, define, expand or limit any of the terms or provisions hereof. All references herein to numbered sections, unless otherwise indicated, are to sections of this Guaranty Agreement. Words and definitions in the
singular shall be read and construed as though in the plural and vice versa, and words in the masculine, neuter or feminine gender shall be read and construed as though in either of the other genders where the context so requires. 

Section 15.4.    Further Assurances. Each Guarantor agrees to execute and deliver all
such instruments and take all such action as the Required Holders may from time to time reasonably request in order to effectuate fully the purposes of this Guaranty Agreement. 

Section 15.5.    Governing Law. This Guaranty Agreement shall be construed and enforced
in accordance with, and the rights of the parties shall be governed by, the law of the State of New York, excluding choice-of-law principles of the law of such
State that would permit the application of the laws of a jurisdiction other than such State. 

Section 15.6.    Jurisdiction and Process; Waiver of Jury Trial. (a) Each Guarantor
irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting 

  
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in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Guaranty Agreement. To the fullest extent permitted by applicable
law, each Guarantor irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of
the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

(b)    Each Guarantor consents to process being served by or on behalf of any holder in any suit, action or proceeding of
the nature referred to in Section 15.6(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in Section 14 or at
such other address of which such holder shall then have been notified pursuant to Section 14. Each Guarantor agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit,
action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a
delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

(c)    Nothing in this Section 15.6 shall affect the right of any holder to serve process in any manner permitted by
law, or limit any right that the holders may have to bring proceedings against any Guarantor in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction. 

(d)    THE GUARANTORS AND THE HOLDERS
HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH
RESPECT TO THIS GUARANTY AGREEMENT OR OTHER DOCUMENT EXECUTED IN CONNECTION
HEREWITH. 
 Section 15.7.    Reproduction of Documents; Execution. This
Guaranty Agreement may be reproduced by any holder by any photographic, photo static, electronic, digital, or other similar process and such holder may destroy any original document so reproduced. Each Guarantor agrees and stipulates that, to the
extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made
by such holder in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 15.7 shall not prohibit any Guarantor or any other holder of
Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. A facsimile or electronic transmission of the signature page of a
Guarantor shall be as effective as delivery of a manually executed counterpart hereof and shall be admissible into evidence for all purposes. 

  
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 IN WITNESS WHEREOF, each Guarantor has caused
this Guaranty Agreement to be duly executed and delivered as of the date and year first above written. 
  

					
	[NAME OF GUARANTOR]
		
	By:	 	
                     


		 	Name:	 	
		 	Title:	 	
	
	Notice Address for such Guarantor
	
	  

	  

	  

	
	[NAME OF GUARANTOR]
		
	By:	 	
                     


		 	Name:	 	
		 	Title:	 	
	
	Notice Address for such Guarantor
	
	  

	  

	  














 EXHIBIT A 

GUARANTOR SUPPLEMENT 

THIS GUARANTOR SUPPLEMENT (the “Guarantor Supplement”), dated as of
[            , 20    ] is made by [                    ], a
[                    ] (the “Additional Guarantor”), in favor of the holders from time to time of the Notes issued pursuant to the
Note Agreement described below: 
 PRELIMINARY STATEMENTS: 

I.    Pursuant to the Note Purchase Agreement dated as of June 3, 2022 (as amended, modified, supplemented or
restated from time to time, the “Note Agreement”), by and among INVENTRUST PROPERTIES CORP., a Maryland corporation (the “Company”), and the Persons listed
on the signature pages thereto (the “Purchasers”), the Company has issued and sold (i) $150,000,000 aggregate principal amount of its 5.07% Senior Notes, Series A, due August 11, 2029 (the
“Series A Notes”) and (ii) $100,000,000 aggregate principal amount of its 5.20% Senior Notes, Series B, due August 11, 2032 (the “Series B Notes” and, together with
Series A Notes, the “Initial Notes”). The Initial Notes and any other Notes that may from time to time be issued pursuant to the Note Agreement (including any notes issued in substitution for any of the Notes) are herein
collectively called the “Notes” and individually a “Note.” 
 II.    The Company is
required pursuant to the Note Agreement to cause the Additional Guarantor to deliver this Guarantor Supplement in order to cause the Additional Guarantor to become a Guarantor under the Guaranty Agreement dated as of
[            , 20    ] executed by [certain Subsidiaries of the Company] (together with each entity that from time to time becomes a party thereto by executing a
Guarantor Supplement pursuant to Section 15.1 thereof, collectively, the “Guarantors”) in favor of each holder from time to time of any of the Notes (as the same may be amended, restated, supplemented or otherwise modified from
time to time, the “Guaranty Agreement”). 
 III.    The Additional Guarantor has received and will
receive substantial direct and indirect benefits from the Company’s compliance with the terms and conditions of the Note Agreement and the Notes issued thereunder. 

IV.    Capitalized terms used and not otherwise defined herein have the definitions set forth in the Note Agreement. 

Now Therefore, in consideration of the funds advanced to the Company by the Purchasers under the Note Agreement and the Notes and to enable the Company to
comply with the terms of the Note Agreement, the Additional Guarantor hereby covenants, represents and warrants to the holders as follows: 

The Additional Guarantor hereby becomes a Guarantor (as defined in the Guaranty Agreement) for all purposes of the Guaranty
Agreement. Without limiting the foregoing, the Additional Guarantor hereby (a) jointly and severally with the other Guarantors under 

SCHEDULE 1.2 
 (to
Note Purchase Agreement) 











 
the Guaranty Agreement, guarantees to the holders from time to time of the Notes the prompt payment in full when due (whether at sated maturity, by acceleration or otherwise) and the full and
prompt performance and observance of all Guaranteed Obligations (as defined in Section 1 of the Guaranty Agreement) in the same manner and to the same extent as is provided in the Guaranty Agreement, (b) accepts and agrees to perform and
observe all of the covenants set forth therein, (c) waives the rights set forth in Section 3 of the Guaranty Agreement, (d) [agrees to perform and observe the covenants contained in Section 8 of the Guaranty Agreement,
(e) makes the representations and warranties set forth in Section 9 of the Guaranty Agreement] and (f) waives the rights, submits to jurisdiction, and waives service of process as described in Section [15.6] of the Guaranty
Agreement. 
 Notice of acceptance of this Guarantor Supplement and of the Guaranty Agreement, as supplemented hereby, is
hereby waived by the Additional Guarantor. 
 The address for notices and other communications to be delivered to the
Additional Guarantor pursuant to Section [14] of the Guaranty Agreement is set forth below. 
 IN WITNESS
WHEREOF, the Additional Guarantor has caused this Guarantor Supplement to be duly executed and delivered as of the date and year first above written. 

 

			
	[NAME OF GUARANTOR]
		
	By:	 	
                     


		 	Name:
		 	Title:
	
	Notice Address for such Guarantor
	
	  

	  

	  




  
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