Execution
Version


 


 


Amended
and Restated Credit Agreement


 


Dated
as of November 15, 2019


 


among


 


Monmouth
Real Estate Investment Corporation,


as
Borrower


 


the
Guarantors from time to time party hereto,


 


the
Lenders from time to time party hereto,


and


Bank
of Montreal,


as
Administrative Agent


 


 


BMO
Capital Markets Corp., JPMorgan Chase Bank, N.A. and Royal Bank of Canada


as
Joint Lead Arrangers and Joint Book Runners


 


JPMorgan
Chase Bank, N.A. and Royal Bank of Canada,


as
Co-Syndication Agents


 




    	 



    	 



    

 


Table
of Contents


 


	Section	 	Heading	 	Page
	Section 1.	 	The
    Credit Facilities	 	1
	 	Section
    1.1.	 	Revolving
    Credit Commitments	 	1
	 	Section
    1.2.	 	Term
    Loan Commitments	 	2
	 	Section
    1.3.	 	Letters
    of Credit	 	2
	 	Section
    1.4.	 	Applicable
    Interest Rates; Investment Grade Credit Rating Interest Rate Election	 	6
	 	Section
    1.5.	 	Minimum
    Borrowing Amounts; Maximum Eurodollar Loans	 	8
	 	Section
    1.6.	 	Manner
    of Borrowing Loans and Designating Applicable Interest Rates	 	8
	 	Section
    1.7.	 	Maturity
    of Loans	 	10
	 	Section
    1.8.	 	Prepayments	 	10
	 	Section
    1.9.	 	Default
    Rate	 	11
	 	Section
    1.10.	 	Evidence
    of Indebtedness	 	12
	 	Section
    1.11.	 	Funding
    Indemnity	 	13
	 	Section
    1.12.	 	Commitment
    Terminations	 	13
	 	Section
    1.13.	 	Substitution
    of Lenders	 	14
	 	Section
    1.14.	 	Defaulting
    Lenders	 	14
	 	Section
    1.15.	 	Increase
    in Commitments	 	17
	 	Section
    1.16.	 	Extension
    of Revolving Credit Termination Date	 	18
	Section
    2.	 	Fees	 	19
	 	Section
    2.1.	 	Fees	 	19
	Section
    3.	 	Place
    and Application of Payments	 	20
	 	Section
    3.1.	 	Place
    and Application of Payments	 	20
	 	Section
    3.2.	 	Account
    Debit	 	21
	Section
    4.	 	Subsidiary
    Guaranties	 	22
	 	Section
    4.1.	 	Subsidiary
    Guaranties	 	22
	 	Section
    4.2.	 	Further
    Assurances	 	22
	Section
    5.	 	Definitions;
    Interpretation	 	22
	 	Section
    5.1.	 	Definitions	 	22
	 	Section
    5.2.	 	Interpretation	 	48
	 	Section
    5.3.	 	Change
    in Accounting Principles	 	49
	 	Section
    5.4.	 	Divisions	 	49



 






    	 



    	 



    

 


	Section
    6.	 	Representations
    and Warranties	 	49
	 	Section
    6.1.	 	Organization
    and Qualification	 	49
	 	Section
    6.2.	 	Subsidiaries	 	50
	 	Section
    6.3.	 	Authority
    and Validity of Obligations	 	50
	 	Section
    6.4.	 	Use
    of Proceeds; Margin Stock	 	51
	 	Section
    6.5.	 	Financial
    Reports	 	51
	 	Section
    6.6.	 	No
    Material Adverse Change	 	51
	 	Section
    6.7.	 	Full
    Disclosure	 	51
	 	Section
    6.8.	 	Trademarks,
    Franchises, and Licenses	 	52
	 	Section
    6.9.	 	Governmental
    Authority and Licensing	 	52
	 	Section
    6.10.	 	Good
    Title	 	52
	 	Section
    6.11.	 	Litigation
    and Other Controversies	 	52
	 	Section
    6.12.	 	Taxes	 	52
	 	Section
    6.13.	 	Approvals	 	52
	 	Section
    6.14.	 	Affiliate
    Transactions	 	52
	 	Section
    6.15.	 	Investment
    Company	 	53
	 	Section
    6.16.	 	ERISA	 	53
	 	Section
    6.17.	 	Compliance
    with Laws	 	53
	 	Section
    6.18.	 	Sanctions;
    Anti-Money Laundering Laws and Anti-Corruption Laws	 	54
	 	Section
    6.19.	 	Other
    Agreements	 	54
	 	Section
    6.20.	 	Solvency	 	54
	 	Section
    6.21.	 	No
    Default	 	54
	 	Section
    6.22.	 	No
    Broker Fees.	 	54
	 	Section
    6.23.	 	Condition
    of Property; Casualties; Condemnation	 	55
	 	Section
    6.24.	 	Legal
    Requirements, and Zoning	 	55
	 	Section
    6.25.	 	REIT
    Status	 	55
	 	Section
    6.26.	 	EEA
    Financial Institution	 	55
	Section
    7.	 	Conditions
    Precedent	 	55
	 	Section
    7.1.	 	All
    Credit Events	 	55
	 	Section
    7.2.	 	Initial
    Credit Event	 	56
	 	Section
    7.3.	 	Eligible
    Property Additions and Deletions of Borrowing Base Properties	 	58
	Section
    8.	 	Covenants	 	60
	 	Section
    8.1.	 	Maintenance
    of Existence	 	60
	 	Section
    8.2.	 	Maintenance
    of Properties	 	60
	 	Section
    8.3.	 	Taxes
    and Assessments	 	61
	 	Section
    8.4.	 	Insurance	 	61
	 	Section
    8.5.	 	Financial
    Reports	 	61
	 	Section
    8.6.	 	Inspection	 	64
	 	Section
    8.7.	 	Liens	 	64
	 	Section
    8.8.	 	Investments,
    Acquisitions, Loans and Advances	 	64
	 	Section
    8.9.	 	Mergers,
    Consolidations and Sales	 	65
	 	Section
    8.10.	 	Maintenance
    of Subsidiaries	 	66



 






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	 	Section
    8.11.	 	ERISA	 	66
	 	Section
    8.12.	 	Compliance
    with Laws	 	66
	 	Section
    8.13.	 	Compliance
    with Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions	 	67
	 	Section
    8.14.	 	Burdensome
    Contracts With Affiliates	 	68
	 	Section
    8.15.	 	No
    Changes in Fiscal Year	 	68
	 	Section
    8.16.	 	Formation
    of Subsidiaries	 	68
	 	Section
    8.17.	 	Change
    in the Nature of Business	 	68
	 	Section
    8.18.	 	Use
    of Proceeds	 	68
	 	Section
    8.19.	 	No
    Restrictions	 	68
	 	Section
    8.20.	 	Financial
    Covenants	 	68
	 	Section
    8.21.	 	Electronic
    Delivery of Certain Information	 	69
	 	Section
    8.22.	 	REIT
    Status	 	69
	 	Section
    8.23.	 	Restricted
    Payments	 	69
	 	Section
    8.24.	 	Depository
    Bank	 	70
	 	Section
    8.25.	 	Borrowing
    Base Requirements	 	70
	 	Section
    8.26.	 	Post-Closing
    Obligation	 	70
	Section
    9.	 	Events
    of Default and Remedies	 	70
	 	Section
    9.1.	 	Events
    of Default	 	70
	 	Section
    9.2.	 	Non-Bankruptcy
    Defaults	 	72
	 	Section
    9.3.	 	Bankruptcy
    Defaults	 	73
	 	Section
    9.4.	 	Collateral
    for Undrawn Letters of Credit	 	73
	Section
    10.	 	Change
    in Circumstances	 	75
	 	Section
    10.1.	 	Change
    of Law	 	75
	 	Section
    10.2.	 	Unavailability
    of Deposits or Inability to Ascertain, or Inadequacy of, LIBOR	 	75
	 	Section
    10.3.	 	Increased
    Cost and Reduced Return	 	75
	 	Section
    10.4.	 	Lending
    Offices	 	77
	 	Section
    10.5.	 	Discretion
    of Lender as to Manner of Funding	 	77
	 	Section
    10.6.	 	Effect
    of Benchmark Transition Event	 	77
	Section
    11.	 	The
    Administrative Agent	 	80
	 	Section
    11.1.	 	Appointment
    and Authorization of Administrative Agent	 	80
	 	Section
    11.2.	 	Administrative
    Agent and its Affiliates	 	81
	 	Section
    11.3.	 	Action
    by Administrative Agent	 	81
	 	Section
    11.4.	 	Consultation
    with Experts	 	81
	 	Section
    11.5.	 	Liability
    of Administrative Agent; Credit Decision	 	82
	 	Section
    11.6.	 	Indemnity	 	82
	 	Section
    11.7.	 	Resignation
    and Removal of Administrative Agent and Successor Administrative Agent	 	83
	 	Section
    11.8.	 	L/C
    Issuer	 	84
	 	Section
    11.9.	 	Hedging
    Liability and Bank Product Obligations	 	84
	 	Section
    11.10.	 	Designation
    of Additional Agents	 	84



 






    	-iii-



    	 



    

 


	Section
    12.	 	Miscellaneous	 	84
	 	Section
    12.1.	 	Taxes	 	84
	 	Section
    12.2.	 	Other
    Taxes	 	88
	 	Section
    12.3.	 	No
    Waiver, Cumulative Remedies	 	88
	 	Section
    12.4.	 	Non-Business
    Days	 	88
	 	Section
    12.5.	 	Survival
    of Representations	 	89
	 	Section
    12.6.	 	Survival
    of Indemnities	 	89
	 	Section
    12.7.	 	Sharing
    of Set-Off	 	89
	 	Section
    12.8.	 	Notices	 	90
	 	Section
    12.9.	 	Counterparts;
    Integration; Effectiveness.	 	90
	 	Section
    12.10.	 	Successors
    and Assigns	 	91
	 	Section
    12.11.	 	Participants	 	91
	 	Section
    12.12.	 	Assignments	 	91
	 	Section
    12.13.	 	Amendments	 	94
	 	Section
    12.14.	 	Headings	 	95
	 	Section
    12.15.	 	Costs
    and Expenses; Indemnification	 	96
	 	Section
    12.16.	 	Set-off	 	97
	 	Section
    12.17.	 	Entire
    Agreement	 	97
	 	Section
    12.18.	 	Waiver
    of Jury Trial	 	97
	 	Section
    12.19.	 	Severability
    of Provisions	 	98
	 	Section
    12.20.	 	Excess
    Interest	 	98
	 	Section
    12.21.	 	Construction	 	98
	 	Section
    12.22.	 	Lender’s
    and L/C Issuer’s Obligations Several	 	99
	 	Section
    12.23.	 	Governing
    Law; Jurisdiction; Consent to Service of Process	 	99
	 	Section
    12.24.	 	USA
    Patriot Act	 	100
	 	Section
    12.25.	 	Confidentiality	 	100
	 	Section
    12.26.	 	Acknowledgement
    and Consent to Bail-In of EEA Financial Institutions	 	100
	 	Section
    12.27.	 	Amendment
    and Restatement; No Novation	 	101
	 	Section
    12.28.	 	Equalization
    of Loans and Commitments	 	101
	 	Section
    12.29.	 	Acknowledgement
    Regarding Any Supported QFCs	 	102
	Section
    13.	 	The
    Guarantees	 	103
	 	Section
    13.1.	 	The
    Guarantees	 	103
	 	Section
    13.2.	 	Guarantee
    Unconditional	 	104
	 	Section
    13.3.	 	Discharge
    Only upon Payment in Full; Reinstatement in Certain Circumstances	 	105
	 	Section
    13.4.	 	Subrogation	 	105
	 	Section
    13.5.	 	Waivers	 	105
	 	Section
    13.6.	 	Limit
    on Recovery	 	105
	 	Section
    13.7.	 	Stay
    of Acceleration	 	105
	 	Section
    13.8.	 	Benefit
    to Guarantors	 	106
	 	Section
    13.9.	 	Guarantor
    Covenants	 	106
	 	Section
    13.10.	 	Subordination	 	106
	 	Section
    13.11.	 	Keepwell	 	106


 






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	Exhibit
    A	—	Notice
    of Payment Request
	Exhibit
    B	—	Notice
    of Borrowing
	Exhibit
    C	—	Notice
    of Continuation/Conversion
	Exhibit
    D-1	—	Term
    Loan Note
	Exhibit
    D-2	—	Revolving
    Note
	Exhibit
    D-3	—	Incremental
    Term Note
	Exhibit
    E	—	Compliance
    Certificate
	Exhibit
    F	—	Assignment
    and Acceptance
	Exhibit
    G	—	Additional
    Guarantor Supplement
	Exhibit
    H	—	Commitment
    Amount Increase Request
	Exhibit
    I	—	Available
    Amount Certificate
	Exhibit
    J-1	—	Form
    of U.S. Tax Compliance Certificate
	Exhibit
    J-2	—	Form
    of U.S. Tax Compliance Certificate
	Exhibit
    J-3	—	Form
    of U.S. Tax Compliance Certificate
	Exhibit
    J-4	—	Form
    of U.S. Tax Compliance Certificate
	 	 	 
	Schedule
    1	—	Commitments
	Schedule
    1.1	—	Initial
    Borrowing Base Pool Properties
	Schedule
    6.2	—	Subsidiaries
	Schedule
    6.11	—	Litigation
	Schedule
    8.7	—	Liens
	Schedule
    8.8	—	Investments


 




    	-v-



    	 



    

 


Amended
and Restated Credit Agreement


 


This
Amended and Restated Credit Agreement (this “Agreement”) is entered into as of November 15, 2019, by and among
Monmouth Real Estate Investment Corporation, a Maryland corporation (the “Borrower”),
the Guarantors from time to time party to this Agreement, the several financial institutions from time to time party to this Agreement,
as Lenders, and Bank of Montreal, as Administrative Agent as provided herein. All
capitalized terms used herein without definition shall have the same meanings herein as such terms are defined in Section 5.1
hereof.


 


Preliminary
Statement


 


WHEREAS,
the Borrower, the Guarantors from time to time party thereto, the financial institutions party thereto as “Lenders,”
JPMorgan Chase Bank, N.A. and Royal Bank of Canada, as Co-Syndication Agents, and the Administrative Agent previously entered
into a Credit Agreement dated as of August 27, 2015 (as heretofore extended, renewed, amended, modified, amended and restated
or supplemented, the “Prior Credit Agreement”).


 


Whereas,
the Borrower has requested that (i) a new $75,000,000 term loan be extended by the Lenders to the Borrower on the date hereof,
and (ii) certain other amendments be made to the Prior Credit Agreement and the Administrative Agent, and the Lenders have agreed
to such requests on the basis of the terms and subject to the conditions set forth in this Agreement, which, for the sake of clarity
and convenience, amends and restates the Prior Credit Agreement in its entirety.


 


Now,
Therefore, in consideration of the mutual agreements
contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby amend and restate the Prior Credit Agreement in its entirety as follows:


 


Section
1. The Credit Facilities.


 


Section
1.1. Revolving Credit Commitments. Subject to the terms and conditions hereof, each Revolving Lender, by its acceptance hereof,
severally agrees to make a loan or loans (individually a “Revolving Loan” and collectively for all the Revolving
Lenders the “Revolving Loans”) in U.S. Dollars to the Borrower from time to time on a revolving basis up to
the amount of such Revolving Lender’s Revolving Credit Commitment, subject to any reductions thereof or increases thereto,
in each case, pursuant to the terms hereof, at any time before the Revolving Credit Termination Date. The sum of the aggregate
principal amount of Revolving Loans and L/C Obligations at any time outstanding shall not exceed the Revolving Credit Commitments
of all Revolving Lenders in effect at such time, and the Credit Availability as determined based on the most recent Available
Amount Certificate after giving effect to any requested Credit Event shall not be less than $0. Each Borrowing of Revolving Loans
shall be made ratably by the Revolving Lenders in proportion to their respective Revolver Percentages. The Loan Parties, Administrative
Agent and Lenders hereby acknowledge and agree that the Lenders with “Commitments” under the Prior Credit Agreement
severally and not jointly advanced loans (the “Prior Revolving Loans”) under the Prior Credit Agreement in
the amount of $85,000,000. As of the Closing Date, the principal amount justly and truly owing with respect to the Prior Revolving
Loans is $85,000,000, without defense, offset or counterclaim. $10,000,000 of the Prior Revolving Loans shall continue as outstanding
Revolving Loans under this Agreement. As provided in Section 1.6(a) hereof, the Borrower may elect that each Borrowing of Revolving
Loans be either Base Rate Loans or Eurodollar Loans. Revolving Loans may be repaid and the principal amount thereof reborrowed
before the Revolving Credit Termination Date, subject to the terms and conditions hereof.


 




    	 



    	 



    

 


Section
1.2. Term Loan Commitments. The Loan Parties, Administrative Agent and Lenders hereby acknowledge and agree that $75,000,000
of the Prior Revolving Loans shall, on the Closing Date and subject to the terms and conditions hereof, be referred to herein
individually as a “Term Loan” and collectively as the “Term Loans,” at which time the Term
Loan Commitments shall expire. As provided in Section 1.6(a) hereof, the Borrower may elect that the Term Loans be outstanding
as Base Rate Loans or Eurodollar Loans. No amount repaid or prepaid on any Term Loan may be borrowed again.


 


Section
1.3. Letters of Credit.


 


(a)
General Terms. Subject to the terms and conditions hereof, as part of the Revolving Credit, the L/C Issuer shall issue
standby and commercial letters of credit (each a “Letter of Credit”) for the account of the Borrower or any
one or more of its Subsidiaries in an aggregate undrawn face amount up to the L/C Sublimit. Each Letter of Credit shall be issued
by the L/C Issuer, but each Revolving Lender shall be obligated to reimburse the L/C Issuer for such Revolving Lender’s
Revolver Percentage of the amount of each drawing thereunder and, accordingly, each Letter of Credit shall constitute usage of
the Revolving Credit Commitment of each Revolving Lender pro rata in an amount equal to its Revolver Percentage of the L/C Obligations
then outstanding. After giving effect to the issuance of any Letter of Credit, Credit Availability shall not be less than $0.


 


(b) Applications.
At any time before the Revolving Credit Termination Date, the L/C Issuer shall, at the request of the Borrower, issue one or
more Letters of Credit in U.S. Dollars, denominated in a form satisfactory to the L/C Issuer, with expiration dates no later
than the earlier of 12 months from the date of issuance (or which are cancelable not later than 12 months from the date of
issuance) or thirty (30) days prior to the Revolving Credit Termination Date, in an aggregate face amount up to the L/C
Sublimit, upon the receipt of an application duly executed by the Borrower for the relevant Letter of Credit in the form then
customarily prescribed by the L/C Issuer for the Letter of Credit requested (each an “Application”). The
Borrower agrees that if on the Revolving Credit Termination Date any Letters of Credit remains outstanding the Borrower shall
then deliver to the Administrative Agent, without notice or demand, Cash Collateral in an amount equal to 105% of the
aggregate amount of each Letter of Credit then outstanding. Notwithstanding anything contained in any Application to the
contrary: (i) the Borrower shall pay fees in connection with each Letter of Credit as set forth in Section 2.1 hereof, (ii)
except as otherwise provided in Section 1.8 or Section 1.14 hereof, unless an Event of Default is then continuing, the L/C
Issuer will not call for the funding by the Borrower of any amount under a Letter of Credit before being presented with a
drawing thereunder, and (iii) if the L/C Issuer is not timely reimbursed for the amount of any drawing under a Letter of
Credit on the date such drawing is paid, except as otherwise provided for in Section 1.6 hereof, the
Borrower’s obligation to reimburse the L/C Issuer for the amount of such drawing shall bear interest (which the
Borrower hereby promises to pay) from and after the date such drawing is paid at a rate per annum equal to the sum of the
Applicable Margin plus the Base Rate from time to time in effect (computed on the basis of a year of 365 or 366 days,
as the case may be, and the actual number of days elapsed). If the L/C Issuer issues any Letter of Credit with an expiration
date that is automatically extended unless the L/C Issuer gives notice that the expiration date will not so extend beyond its
then scheduled expiration date, unless the Administrative Agent or the Required Lenders instruct the L/C Issuer otherwise,
the L/C Issuer will give such notice of non-renewal before the time necessary to prevent such automatic extension if before
such required notice date: (i) the expiration date of such Letter of Credit if so extended would be after the Revolving
Credit Termination Date, (ii) the Revolving Credit Commitments have been terminated, or (iii) a Default or an Event of
Default is then continuing and either the Administrative Agent or the Required Lenders (with notice to the Administrative
Agent) have given the L/C Issuer instructions not to so permit the extension of the expiration date of such Letter of Credit.
The L/C Issuer agrees to issue amendments to the Letter(s) of Credit increasing the amount, or extending the expiration date,
thereof at the request of the Borrower subject to the conditions of Section 7 hereof and the other terms of this Section
1.3.


 




    	-2-



    	 



    

 


(c)
The Reimbursement Obligations. Subject to Section 1.3(b) hereof, the obligation of the Borrower to reimburse the L/C Issuer
for all drawings under a Letter of Credit (a “Reimbursement Obligation”) shall be governed by the Application
related to such Letter of Credit, except that reimbursement shall be made by no later than 12:00 noon (Chicago time) on the date
when each drawing is to be paid if the Borrower has been informed of such drawing by the L/C Issuer on or before 11:00 a.m. (Chicago
time) on the date when such drawing is to be paid or, if notice of such drawing is given to the Borrower after 11:00 a.m. (Chicago
time) on the date when such drawing is to be paid, by no later than 12:00 noon (Chicago time) on the following Business Day, in
immediately available funds at the Administrative Agent’s principal office in Chicago, Illinois or such other office as
the Administrative Agent may designate in writing to the Borrower (who shall thereafter cause to be distributed to the L/C Issuer
such amount(s) in like funds). If the Borrower does not make any such reimbursement payment on the date due and the Participating
Lenders fund their participations therein in the manner set forth in Section 1.3(e) below, then all payments thereafter received
by the Administrative Agent in discharge of any of the relevant Reimbursement Obligations shall be distributed in accordance with
Section 1.3(e) below.


 


(d)
Obligations Absolute. The Borrower’s obligation to reimburse L/C Obligations as provided in subsection (c) of this
Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this
Agreement and the relevant Application under any and all circumstances whatsoever and irrespective of (i) any lack of validity
or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document
presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue
or inaccurate in any respect, (iii) payment by the L/C Issuer under a Letter of Credit against presentation of a draft or other
document that does not strictly comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever,
whether or not similar to any of the foregoing, that might, but for the provisions of this Section 1.3, constitute a legal or
equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder. None of the Administrative
Agent, the Revolving Lenders, or the L/C Issuer shall have any liability or responsibility by reason of or in connection with
the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any
of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission
or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required
to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the
control of the L/C Issuer; provided that the foregoing shall not be construed to excuse the L/C Issuer from liability to
the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived
by the Borrower to the extent permitted by applicable Legal Requirements) suffered by the Borrower that are caused by the L/C
Issuer’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit
comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct
on the part of the L/C Issuer (as determined by a court of competent jurisdiction by final and nonappealable judgment), the L/C
Issuer shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting
the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial
compliance with the terms of a Letter of Credit, the L/C Issuer may, in its sole discretion, either accept and make payment upon
such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse
to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of
Credit.


 




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(e)
The Participating Interests. Each Revolving Lender (other than the Revolving Lender acting as L/C Issuer in issuing the
relevant Letter of Credit), by its acceptance hereof, severally agrees to purchase from the L/C Issuer, and the L/C Issuer hereby
agrees to sell to each such Revolving Lender (a “Participating Lender”), an undivided percentage participating
interest (a “Participating Interest”), to the extent of its Revolver Percentage, in each Letter of Credit issued
by, and each Reimbursement Obligation owed to, the L/C Issuer. Upon any failure by the Borrower to pay any Reimbursement Obligation
at the time required on the date the related drawing is to be paid, as set forth in Section 1.3(c) above, or if the L/C Issuer
is required at any time to return to the Borrower or to a trustee, receiver, liquidator, custodian or other Person any portion
of any payment of any Reimbursement Obligation, each Participating Lender shall, not later than the Business Day it receives a
certificate in the form of Exhibit A hereto from the L/C Issuer (with a copy to the Administrative Agent) to such effect, if such
certificate is received before 1:00 p.m. (Chicago time), or not later than 1:00 p.m. (Chicago time) the following Business Day,
if such certificate is received after such time, pay to the Administrative Agent for the account of the L/C Issuer an amount equal
to such Participating Lender’s Revolver Percentage of such unpaid or recaptured Reimbursement Obligation together with interest
on such amount accrued from the date the related payment was made by the L/C Issuer to the date of such payment by such Participating
Lender at a rate per annum equal to: (i) from the date the related payment was made by the L/C Issuer to the date two (2) Business
Days after payment by such Participating Lender is due hereunder, the Federal Funds Rate for each such day and (ii) from the date
two (2) Business Days after the date such payment is due from such Participating Lender to the date such payment is made by such
Participating Lender, the Base Rate in effect for each such day. Each such Participating Lender shall thereafter be entitled to
receive its Revolver Percentage of each payment received in respect of the relevant Reimbursement Obligation and of interest paid
thereon, with the L/C Issuer retaining its Revolver Percentage thereof as a Revolving Lender hereunder. The several obligations
of the Participating Lenders to the L/C Issuer under this Section 1.3 shall be absolute, irrevocable, and unconditional under
any and all circumstances whatsoever and shall not be subject to any set-off, counterclaim or defense to payment which any Participating
Lender may have or have had against the Borrower, the L/C Issuer, the Administrative Agent, any Revolving Lender or any other
Person whatsoever. Without limiting the generality of the foregoing, such obligations shall not be affected by any Default or
Event of Default or by any reduction or termination of any Revolving Credit Commitment of any Revolving Lender, and each payment
by a Participating Lender under this Section 1.3 shall be made without any offset, abatement, withholding or reduction whatsoever.


 




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(f)
Indemnification. The Participating Lenders shall, to the extent of their respective Revolver Percentages, indemnify the
L/C Issuer (to the extent not reimbursed by the Borrower) against any cost, expense (including reasonable counsel fees and disbursements),
claim, demand, action, loss or liability (except such as result from such L/C Issuer’s gross negligence or willful misconduct
as determined by a court of competent jurisdiction by final and nonappealable judgment) that the L/C Issuer may suffer or incur
in connection with any Letter of Credit issued by it. The obligations of the Participating Lenders under this Section 1.3(f) and
all other parts of this Section 1.3 shall survive termination of this Agreement and of all Applications, Letters of Credit, and
all drafts and other documents presented in connection with drawings thereunder.


 


(g)
Manner of Requesting a Letter of Credit. The Borrower shall provide at least five (5) Business Days’ advance written
notice to the Administrative Agent of each request for the issuance of a Letter of Credit, such notice in each case to be accompanied
by an Application for such Letter of Credit properly completed and executed by the Borrower and, in the case of an extension or
amendment or an increase in the amount of a Letter of Credit, a written request therefor, in a form acceptable to the Administrative
Agent and the L/C Issuer, in each case, together with the fees called for by this Agreement. The Administrative Agent shall promptly
notify the L/C Issuer of the Administrative Agent’s receipt of each such notice (and the L/C Issuer shall be entitled to
assume that the conditions precedent to any such issuance, extension, amendment or increase have been satisfied unless notified
to the contrary by the Administrative Agent or the Required Lenders) and the L/C Issuer shall promptly notify the Administrative
Agent and the Revolving Lenders of the issuance of the Letter of Credit so requested.


 


(h)
Replacement of the L/C Issuer. The L/C Issuer may be replaced at any time by written agreement among the Borrower, the
Administrative Agent, the replaced L/C Issuer and the successor L/C Issuer. The Administrative Agent shall notify the Lenders
of any such replacement of the L/C Issuer. At the time any such replacement shall become effective, the Borrower shall pay all
unpaid fees accrued for the account of the replaced L/C Issuer. From and after the effective date of any such replacement (i)
the successor L/C Issuer shall have all the rights and obligations of the L/C Issuer under this Agreement with respect to Letters
of Credit to be issued thereafter and (ii) references herein to the term “L/C Issuer” shall be deemed to refer to
such successor or to any previous L/C Issuer, or to such successor and all previous L/C Issuers, as the context shall require.
After the replacement of a L/C Issuer hereunder, the replaced L/C Issuer shall remain a party hereto and shall continue to have
all the rights and obligations of a L/C Issuer under this Agreement with respect to Letters of Credit issued by it prior to such
replacement, but shall not be required to issue additional Letters of Credit.


 




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Section
1.4. Applicable Interest Rates; Investment Grade Credit Rating Interest Rate Election


 


(a)
Base Rate Loans. Each Base Rate Loan made or maintained by a Lender shall bear interest (computed on the basis of a year
of 365 or 366 days, as the case may be, and the actual days elapsed) on the unpaid principal amount thereof from the date such
Loan is advanced, or created by conversion from a Eurodollar Loan, until maturity (whether by acceleration or otherwise) at a
rate per annum equal to the sum of the Applicable Margin plus the Base Rate from time to time in effect, payable by the
Borrower on each Interest Payment Date and at maturity (whether by acceleration or otherwise).


 


“Base
Rate” means, for any day, the rate per annum equal to the greatest of: (a) the rate of interest announced or otherwise
established by the Administrative Agent from time to time as its prime commercial rate, or its equivalent, for U.S. Dollar loans
to borrowers located in the United States as in effect on such day, with any change in the Base Rate resulting from a change in
said prime commercial rate to be effective as of the date of the relevant change in said prime commercial rate (it being acknowledged
and agreed that such rate may not be the Administrative Agent’s best or lowest rate), (b) the sum of (i) the rate determined
by the Administrative Agent to be the average (rounded upward, if necessary, to the next higher 1/100 of 1%) of the rates per
annum quoted to the Administrative Agent at approximately 10:00 a.m. (Chicago time) (or as soon thereafter as is practicable)
on such day (or, if such day is not a Business Day, on the immediately preceding Business Day) by two or more Federal funds brokers
selected by the Administrative Agent for sale to the Administrative Agent at face value of Federal funds in the secondary market
in an amount equal or comparable to the principal amount for which such rate is being determined (provided that if any such quoted
rate is less than zero, such quoted rate shall be deemed to be 0.00%), plus (ii) 1/2 of 1%, and (c) the LIBOR Quoted Rate
for such day plus 1.00%. As used herein, the term “LIBOR Quoted Rate” means, for any day, the rate per
annum equal to the quotient of (i) the rate per annum (rounded upwards, if necessary, to the next higher one hundred-thousandth
of a percentage point) for deposits in U.S. Dollars for a one-month interest period which appears on the applicable Bloomberg
screen page (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing
rate quotations comparable to those currently provided on such page of such service, as reasonably determined by the Administrative
Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank
market) as of 11:00 a.m. (London, England time) on such day (or, if such day is not a Business Day, on the immediately preceding
Business Day) divided by (ii) one (1) minus the Eurodollar Reserve Percentage, provided that in no event
shall the “LIBOR Quoted Rate” be less than 0.00%.


 




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(b)
Eurodollar Loans. Each Eurodollar Loan made or maintained by a Lender shall bear interest during each Interest Period it
is outstanding (computed on the basis of a year of 360 days and actual days elapsed) on the unpaid principal amount thereof from
the date such Loan is advanced or continued, or created by conversion from a Base Rate Loan, until maturity (whether by acceleration
or otherwise) at a rate per annum equal to the sum of the Applicable Margin plus the Adjusted LIBOR applicable for such
Interest Period, payable by the Borrower on each Interest Payment Date and at maturity (whether by acceleration or otherwise).


 


“Adjusted
LIBOR” means, for any Borrowing of Eurodollar Loans, a rate per annum determined in accordance with the following formula:


 


	 	Adjusted
    LIBOR	=	LIBOR	 
	 	 	 	1
    - Eurodollar Reserve Percentage	 


 


“Eurodollar
Reserve Percentage” means the maximum reserve percentage, expressed as a decimal, at which reserves (including, without
limitation, any emergency, marginal, special, and supplemental reserves) are imposed by the Board of Governors of the Federal
Reserve System (or any successor) on “eurocurrency liabilities”, as defined in such Board’s Regulation
D (or any successor thereto), subject to any amendments of such reserve requirement by such Board or its successor, taking into
account any transitional adjustments thereto. For purposes of this definition, the relevant Loans shall be deemed to be “eurocurrency
liabilities” as defined in Regulation D without benefit or credit for any prorations, exemptions or offsets under Regulation
D. The Eurodollar Reserve Percentage shall be adjusted automatically on and as of the effective date of any change in any such
reserve percentage.


 


“LIBOR”
means, for an Interest Period for a Borrowing of Eurodollar Loans, (a) the LIBOR Index Rate for such Interest Period, if such
rate is available, and (b) if the LIBOR Index Rate cannot be determined, the arithmetic average of the rates of interest per annum
(rounded upwards, if necessary, to the nearest 1/100 of 1%) at which deposits in U.S. Dollars in immediately available funds are
offered to the Administrative Agent at 11:00 a.m. (London, England time) two (2) Business Days before the beginning of such Interest
Period by three (3) or more major banks in the interbank eurodollar market selected by the Administrative Agent for delivery on
the first day of and for a period equal to such Interest Period and in an amount equal or comparable to the principal amount of
the Eurodollar Loan scheduled to be made as part of such Borrowing, provided that in no event shall “LIBOR”
be less than 0.00%.


 


“LIBOR
Index Rate” means, for any Interest Period, the rate per annum (rounded upwards, if necessary, to the next higher one
hundred-thousandth of a percentage point) for deposits in U.S. Dollars for a period equal to such Interest Period, which appears
on the on the applicable Bloomberg screen page (or on any successor or substitute page of such service, or any successor to or
substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as
reasonably determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable
to dollar deposits in the London interbank market) as of 11:00 a.m. (London, England time) on the day two (2) Business Days before
the commencement of such Interest Period.


 




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(c)
Rate Determinations. The Administrative Agent shall determine each interest rate applicable to the Loans and the Reimbursement
Obligations hereunder following Borrower’s selection (or deemed selection) in accordance with Section 1.6 and/or as otherwise
contemplated pursuant to Section 1.9, and its good faith determination thereof shall be conclusive and binding except in the case
of manifest error.


 


(d)
Investment Grade Credit Rating Interest Rate Election. At any time after the Borrower receives an Investment Grade Credit
Rating from two Rating Agencies, the Borrower may, so long as no Default or Event of Default then exists and is continuing, irrevocably
elect (an “Interest Rate Election”) by written notice to the Administrative Agent, accompanied by reasonable
evidence of the Borrower’s Credit Ratings from two Rating Agencies, that the interest rate and fee margins set forth in
clause (c) of the definition of “Applicable Margin” herein shall at all times thereafter be applicable to all
credit extensions under this Agreement. The Administrative Agent shall provide the Lenders and the L/C Issuer with prompt notice
of its receipt of any Interest Rate Election. On the day after the date of the Administrative Agent’s receipt of any Interest
Rate Election (the date of the Administrative Agent’s receipt of such election is the “Interest Rate Election Date”),
the margins set forth in clauses (a) and (b) of the definition of “Applicable Margin” herein shall no longer
apply and the commitment fee under Section 2.1(a) shall no longer continue to accrue.


 


Section
1.5. Minimum Borrowing Amounts; Maximum Eurodollar Loans. Each Borrowing of Base Rate Loans shall be in an amount not less
than $100,000. Each Borrowing of Eurodollar Loans advanced, continued or converted to a Eurodollar Loan shall be in an amount
equal to $1,000,000 or such greater amount which is an integral multiple of $500,000. Without the Administrative Agent’s
consent, there shall not be more than five (5) Borrowings of Eurodollar Loans outstanding hereunder.


 


Section
1.6. Manner of Borrowing Loans and Designating Applicable Interest Rates.


 


(a)
Notice to the Administrative Agent. The Borrower shall give notice to the Administrative Agent by no later than 2:00 p.m.
(Chicago time): (i) at least three (3) Business Days before the date on which the Borrower requests the Lenders to advance a Borrowing
of Eurodollar Loans and (ii) one Business Day before the date on which the Borrower requests the Lenders to advance a Borrowing
of Base Rate Loans. The Loans included in each Borrowing shall bear interest initially at the type of rate specified in such notice
of a new Borrowing. Thereafter, subject to the terms and conditions hereof, the Borrower may from time to time elect to change
or continue the type of interest rate borne by each Borrowing or, subject to the minimum amount requirement for each outstanding
Borrowing set forth in Section 1.5 hereof, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Loans, on the
last day of the Interest Period applicable thereto, the Borrower may continue part or all of such Borrowing as Eurodollar Loans
or convert part or all of such Borrowing into Base Rate Loans or (ii) if such Borrowing is of Base Rate Loans, on any Business
Day, the Borrower may convert all or part of such Borrowing into Eurodollar Loans for an Interest Period or Interest Periods specified
by the Borrower. The Borrower shall give all such notices requesting the advance, continuation or conversion of a Borrowing to
the Administrative Agent by telephone, telecopy or facsimile, or other telecommunication device acceptable to the Administrative
Agent (including via pdf attachment to an email) which notice shall be irrevocable once given and, if by telephone, shall be promptly
confirmed in writing in a manner acceptable to the Administrative Agent, substantially in the form attached hereto as Exhibit
B (Notice of Borrowing) or Exhibit C (Notice of Continuation/Conversion), as applicable, or in such other form acceptable to the
Administrative Agent. Notice of the continuation of a Borrowing of Eurodollar Loans for an additional Interest Period or of the
conversion of part or all of a Borrowing of Base Rate Loans into Eurodollar Loans must be given by no later than 10:00 a.m. (Chicago
time) at least three (3) Business Days before the date of the requested continuation or conversion. All such notices concerning
the advance, continuation or conversion of a Borrowing shall specify the date of the requested advance, continuation or conversion
of a Borrowing (which shall be a Business Day), the amount of the requested Borrowing to be advanced, continued or converted,
the type of Loans to comprise such new, continued or converted Borrowing and, if such Borrowing is to be comprised of Eurodollar
Loans, the Interest Period applicable thereto. No Borrowing of Eurodollar Loans shall be advanced, continued, or created by conversion
if any Default or Event of Default is then continuing. The Borrower agrees that the Administrative Agent may rely on any such
telephonic, telecopy or other telecommunication notice given by any person the Administrative Agent in good faith believes is
an Authorized Representative without the necessity of independent investigation, and in the event any such notice by telephone
conflicts with any written confirmation such telephonic notice shall govern if the Administrative Agent has acted in reliance
thereon.


 




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(b)
Notice to the Lenders. The Administrative Agent shall give prompt telecopy or other telecommunication notice to each Lender
of any notice from the Borrower received pursuant to Section 1.6(a) above and, if such notice requests the Lenders to make Eurodollar
Loans, the Administrative Agent shall give notice to the Borrower and each Lender by like means of the interest rate applicable
thereto promptly after the Administrative Agent has made such determination.


 


(c)
Borrower’s Failure to Notify. If the Borrower fails to give notice pursuant to Section 1.6(a) above of the continuation
or conversion of any outstanding principal amount of a Borrowing of Eurodollar Loans before the last day of its then current Interest
Period within the period required by Section 1.6(a) and such Borrowing is not prepaid in accordance with Section 1.8(a), such
Borrowing shall automatically be converted into a Borrowing of Base Rate Loans. In the event the Borrower fails to give notice
pursuant to Section 1.6(a) above of a Borrowing equal to the amount of a Reimbursement Obligation and has not notified the Administrative
Agent by 12:00 noon (Chicago time) on the day such Reimbursement Obligation becomes due that it intends to repay such Reimbursement
Obligation through funds not borrowed under this Agreement, the Borrower shall be deemed to have requested a Borrowing of Base
Rate Loans under the Revolving Credit on such day in the amount of the Reimbursement Obligation then due, which Borrowing shall
be applied to pay the Reimbursement Obligation then due.


 


(d) Disbursement
of Loans. Not later than 1:00 p.m. (Chicago time) on the date of any requested advance of a new Borrowing, subject to
Section 7 hereof, each Lender shall make available its Loan comprising part of such Borrowing in funds immediately available
at the principal office of the Administrative Agent in Chicago, Illinois (or at such other location as the
Administrative Agent shall designate). The Administrative Agent shall make the proceeds of each new Borrowing available to
the Borrower at the Administrative Agent’s principal office in Chicago, Illinois (or at such other location as
the Administrative Agent shall designate), by depositing or wire transferring such proceeds to the credit of the
Borrower’s Designated Disbursement Account or as the Borrower and the Administrative Agent may otherwise
agree.


 




    	-9-



    	 



    

 


(e)
Administrative Agent Reliance on Lender Funding. Unless the Administrative Agent shall have been notified by a Lender prior
to (or, in the case of a Borrowing of Base Rate Loans, by 1:00 p.m. (Chicago time) on) the date on which such Lender is scheduled
to make payment to the Administrative Agent of the proceeds of a Loan (which notice shall be effective upon receipt) that such
Lender does not intend to make such payment, the Administrative Agent may assume that such Lender has made such payment when due
and the Administrative Agent may in reliance upon such assumption (but shall not be required to) make available to the Borrower
the proceeds of the Loan to be made by such Lender and, if any Lender has not in fact made such payment to the Administrative
Agent, such Lender shall, on demand, pay to the Administrative Agent the amount made available to the Borrower attributable to
such Lender together with interest thereon in respect of each day during the period commencing on the date such amount was made
available to the Borrower and ending on (but excluding) the date such Lender pays such amount to the Administrative Agent at a
rate per annum equal to: (i) from the date the related advance was made by the Administrative Agent to the date two (2) Business
Days after payment by such Lender is due hereunder, the Federal Funds Rate for each such day and (ii) from the date two (2) Business
Days after the date such payment is due from such Lender to the date such payment is made by such Lender, the Base Rate in effect
for each such day. If such amount is not received from such Lender by the Administrative Agent immediately upon demand, the Borrower
will, promptly on demand, repay to the Administrative Agent the proceeds of the Loan attributable to such Lender with interest
thereon at a rate per annum equal to the interest rate applicable to the relevant Loan, but without such payment being considered
a payment or prepayment of a Loan under Section 1.11 hereof so that the Borrower will have no liability under such Section with
respect to such payment.


 


Section
1.7. Maturity of Loans. (a) Revolving Loans. Each Revolving Loan, including both the outstanding principal balance
thereof and any accrued but unpaid interest thereon, shall mature and be due and payable by the Borrower on the Revolving Credit
Termination Date.


 


(b)
Term Loan. The Term Loan, both for principal and accrued but unpaid interest, shall mature and be due and payable by the
Borrower on the Term Credit Maturity Date.


 


Section
1.8. Prepayments.


 


(a)
Optional. The Borrower may prepay in whole or in part (but, if in part, then: (i) if such Borrowing is of Base Rate Loans, in an amount not less than $100,000, (ii) if such Borrowing
is of Eurodollar Loans, in an amount not less than $500,000, and (iii) in each case, in an amount such that the minimum
amount required for a Borrowing pursuant to Section 1.2 and 1.5 hereof remains outstanding) any Borrowing (i) in the case of a
Borrowing of Eurodollar Loans, at any time upon three (3) Business Days prior written notice by the Borrower to the Administrative
Agent or (ii) in the case of a Borrowing of Base Rate Loans, upon written notice delivered by the Borrower to the Administrative
Agent no later than 12:00 p.m. (Chicago time) on the date of prepayment (or, in any case, such shorter period of time then agreed
to by the Administrative Agent), such prepayment to be made by the payment of the principal amount to be prepaid, without premium
or penalty, and, in the case of any Eurodollar Loans accrued interest thereon to the date fixed for prepayment plus any
amounts due the Lenders under Section 1.11 hereof.


 




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(b)
Mandatory.


 


(i)
If the outstanding Revolving Loans and L/C Obligations at any time exceed the Revolving Credit Commitments then in effect, the
Borrower shall prepay the Revolving Loans, and, if necessary, Cash Collateralize the L/C Obligations by the amount necessary to
reduce the sum of the aggregate principal amount of Revolving Loans and L/C Obligations then outstanding to an amount which does
not exceed the Revolving Credit Commitments then in effect. If at any time the Credit Availability as then determined and computed
(including in the most recent Available Amount Certificate delivered in accordance with Section 8.5(d) or Section 8.5(m) hereof)
shall be less than $0, the Borrower shall within five (5) Business Days, and without notice or demand, pay an amount equal to
the amount necessary to increase the Credit Availability to $0 to the Administrative Agent for the account of the Lenders as a
mandatory prepayment on such Obligations.


 


(ii)
All prepayments under this Section 1.8(b) shall first be applied to the Revolving Loans until paid in full, then to the Term Loans
and the Incremental Term Loans (if any) on a combined ratable basis with respect to all such Loans until such Loans are paid in
full, with any remaining balance to be held by the Administrative Agent in the Collateral Account as security for the Obligations
owing with respect to the Letters of Credit. Unless the Borrower otherwise directs, prepayments of Loans under this Section 1.8(b)
shall be applied first to Borrowings of Base Rate Loans until payment in full thereof with any balance applied to Borrowings of
Eurodollar Loans in the order in which their Interest Periods expire. Each prepayment of Loans under this Section 1.8(b) shall
be made by the payment of the principal amount to be prepaid and, in the case of any Eurodollar Loans accrued interest thereon
to the date of prepayment together with any amounts due the Lenders under Section 1.11 hereof. Each prefunding of L/C Obligations
shall be made in accordance with Section 9.4 hereof.


 


(c)
Borrowings. Any amount of Revolving Loans paid or prepaid before the Revolving Credit Termination Date may, subject to
the terms and conditions of this Agreement, be borrowed, repaid and borrowed again. No amount of Term Loans or Incremental Term
Loans paid or prepaid may be reborrowed.


 


Section
1.9. Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing or
after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted
by law) on the principal amount of all outstanding Loans and Reimbursement Obligations, letter of credit fees and other amounts
due under the Loan Documents at a rate per annum equal to:


 


(a)
for any Base Rate Loan bearing interest based on the Base Rate, the sum of 3.0% plus the Applicable Margin plus
the Base Rate from time to time in effect;


 




    	-11-



    	 



    

 


(b)
for any Eurodollar Loan, the sum of 3.0% plus the rate of interest in effect thereon at the time of such Event of Default
until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.0% plus
the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;


 


(c)
for any Reimbursement Obligation, the sum of 3.0% plus the amounts due under Section 1.3 with respect to interest on such
Reimbursement Obligation;


 


(d)
for any Letter of Credit, the sum of 3.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter
of Credit; and


 


(e)
for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 3.0% plus the Applicable
Margin plus the Base Rate from time to time in effect;


 


provided,
however, that in the absence of acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant
to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required
Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest accruing pursuant
to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.


 


Section
1.10. Evidence of Indebtedness. (a) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including
the amounts of principal and interest payable and paid to such Lender from time to time hereunder.


 


(b)
The Administrative Agent shall also maintain accounts in which it will record (i) the amount of each Loan made hereunder, the
type thereof and the Interest Period with respect thereto, (ii) the amount of any principal or interest due and payable or to
become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative
Agent hereunder from the Borrower and each Lender’s share thereof.


 


(c)
The entries maintained in the accounts maintained pursuant to paragraphs (a) and (b) above shall be prima facie evidence
of the existence and amounts of the Obligations therein recorded, absent manifest error; provided, however, that the failure
of the Administrative Agent or any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation
of the Borrower to repay the Obligations in accordance with their terms.


 


(d)
Any Lender may request that its Loans be evidenced by a promissory note or notes substantially in the forms (which forms may be
altered to include amendment and restatement language to evidence the amendment and restatement of a Note issued to a Lender under
the Prior Credit Agreement, if applicable) of Exhibit D-1 (in the case of its Term Loan and referred herein as a “Term
Note”), Exhibit D-2 (in the case of its Revolving Loans and referred to herein as a “Revolving Note”)
or Exhibit D-3 (in the case of its Incremental Term Loans and referred to herein as the “Incremental Term Note”),
as applicable (the Term Notes, the Revolving Notes and the Incremental Term Notes being referred to collectively as the “Notes”
and individually as a “Note”). In such event, the Borrower shall prepare, execute and deliver to such Lender
a Note payable to such Lender or its registered assigns in the amount of the relevant Revolving Credit Commitment, Incremental
Term Loan, or Term Loan, as applicable. Thereafter, the Loans evidenced by such Note or Notes and interest thereon shall at all
times (including after any assignment pursuant to Section 12.12) be represented by one or more Notes payable to the order of the
payee named therein or any assignee pursuant to Section 12.12, except to the extent that any such Lender or assignee subsequently
returns any such Note for cancellation and requests that such Loans once again be evidenced as described in subsections (a) and
(b) above.


 




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Section
1.11. Funding Indemnity. If any Lender shall incur any loss or out-of-pocket cost or expense (including, without limitation,
any loss or out-of-pocket cost or expense incurred by reason of the liquidation or re-employment of deposits or other funds acquired
by such Lender to fund or maintain any Eurodollar Loan or the relending or reinvesting of such deposits or amounts paid or prepaid
to such Lender) as a result of:


 


(a)
any payment, prepayment or conversion of a Eurodollar Loan on a date other than the last day of its Interest Period,


 


(b)
any failure (because of a failure to meet the conditions of Section 7 or otherwise) by the Borrower to borrow or continue a Eurodollar
Loan, or to convert a Base Rate Loan into a Eurodollar Loan, on the date specified in a notice given pursuant to Section 1.2 or
1.6(a) hereof,


 


(c)
any failure by the Borrower to make any payment of principal on any Eurodollar Loan when due (whether by acceleration or otherwise),
or


 


(d)
any acceleration of the maturity of a Eurodollar Loan as a result of the occurrence of any Event of Default hereunder,


 


then,
upon the demand of such Lender, the Borrower shall pay to such Lender such amount as will reimburse such Lender for such loss
or out-of-pocket cost or expense. If any Lender makes such a claim for compensation, it shall provide to the Borrower, with a
copy to the Administrative Agent, a certificate setting forth the amount of such loss or out-of-pocket cost or expense in reasonable
detail (including an explanation of the basis for and the computation of such loss or out-of-pocket cost or expense) and the amounts
shown on such certificate shall be deemed prima facie correct absent manifest error.


 


Section
1.12. Commitment Terminations.


 


(a)
Optional Terminations. The Borrower shall have the right at any time and from time to time, upon five (5) Business Days
prior written notice to the Administrative Agent (or such shorter period of time agreed to by the Administrative Agent), to terminate
the Revolving Credit Commitments without premium or penalty and in whole or in part, any partial termination to be (i) in an amount
not less than $5,000,000 and (ii) allocated ratably among the Revolving Lenders in proportion to their respective Revolver Percentages;
provided, that the Revolving Credit Commitments may not be reduced to an amount less than the sum of the aggregate principal
amount of Revolving Loans and L/C Obligations then outstanding. Any termination of the Revolving Credit Commitments below the
L/C Sublimit then in effect shall reduce the L/C Sublimit by a like amount. The Administrative Agent shall give prompt notice
to each Revolving Lender of any such termination of the Revolving Credit Commitments.


 




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(b)
Reinstatement. Any termination of the Revolving Credit Commitments pursuant to this Section 1.12 may not be reinstated.


 


Section
1.13. Substitution of Lenders. In the event (a) the Borrower receives a claim from any Lender for compensation under Section
10.3 or 12.1 hereof, (b) the Borrower receives notice from any Lender of any illegality pursuant to Section 10.1 hereof, (c) any
Lender is then a Defaulting Lender, or (d) a Lender fails to consent to an amendment or waiver requested under Section 12.13 hereof
requiring the consent of a Lender at a time when the Required Lenders have approved such amendment or waiver (any such Lender
referred to in clause (a), (b), (c), or (d) above being hereinafter referred to as an “Affected Lender”), the
Borrower may, in addition to any other rights the Borrower may have hereunder or under applicable Legal Requirements, require,
at its expense, any such Affected Lender to assign, at par, without recourse, all of its interest, rights, and obligations hereunder
(including all of its Commitments and the Loans and participation interests in Letters of Credit and other amounts at any time
owing to it hereunder and the other Loan Documents) to an Eligible Assignee specified by the Borrower, provided that (i)
such assignment shall not conflict with or violate any law, rule or regulation or order of any court or other Governmental Authority,
(ii) the Borrower shall have paid to the Affected Lender all monies (together with amounts due such Affected Lender under Section
1.11 hereof as if the Loans owing to it were prepaid rather than assigned) other than such principal owing to it hereunder, and
(iii) the assignment is entered into in accordance with, and subject to the consents required by, Section 12.12 hereof (provided
any assignment fees and reimbursable expenses due thereunder shall be paid by the Borrower).


 


Section
1.14. Defaulting Lenders.


 


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


 


(i)
Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent
with respect to this Agreement shall be restricted as set forth in Section 12.13 hereof.


 




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(ii)
Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent
for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 9 or otherwise) or
received by the Administrative Agent from a Defaulting Lender pursuant to Section 12.7 hereto shall be applied at such time or
times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting
Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting
Lender to any L/C Issuer hereunder; third, to Cash Collateralize the L/C Issuer’s Fronting Exposure with respect
to such Defaulting Lender in accordance with Section 9.4; fourth, as the Borrower may request (so long as no Default or
Event of Default is then continuing), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund
its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by
the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such
Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize
the L/C Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit
issued under this Agreement, in accordance with Section 9.4; sixth, to the payment of any amounts owing to the Lenders,
the L/C Issuer as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the L/C Issuer against
such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh,
so long as no Default or Event of Default is then continuing, to the payment of any amounts owing to the Borrower as a result
of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise
directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of
any Loans or L/C Obligations in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such
Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 7.1 hereof were
satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting
Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting
Lender until such time as all Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata
in accordance with their Percentages of the relevant Commitments without giving effect to Section 1.14(a)(iv) below. Any payments,
prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting
Lender or to post Cash Collateral pursuant to this Section 1.14(a)(ii) shall be deemed paid to and redirected by such Defaulting
Lender, and each Lender irrevocably consents hereto.


 


(iii)
Certain Fees.


 


(A)
No Defaulting Lender shall be entitled to receive any commitment fee or facility fee for any period during which that Lender is
a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have
been paid to that Defaulting Lender).


 


(B)
Each Defaulting Lender shall be entitled to receive L/C Participation Fees for any period during which that Lender is a Defaulting
Lender only to the extent allocable to its Percentage of the stated amount of Letters of Credit for which it has provided Cash
Collateral pursuant to Section 9.4 hereof.


 




    	-15-



    	 



    

 


(C)
With respect to any L/C Participation Fee, commitment fee or facility fee not required to be paid to any Defaulting Lender pursuant
to clauses (A) or (B) above, the Borrower shall pay to each Non-Defaulting Lender that portion of any such fee otherwise payable
to such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations that has been reallocated
to such Non-Defaulting Lender pursuant to clause (iv) below.


 


(iv)
Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation
in L/C Obligations shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Percentages of the
relevant Revolving Credit Commitments (calculated without regard to such Defaulting Lender’s Revolving Credit Commitments)
but only to the extent that (x) the conditions set forth in Section 7.1 hereof are satisfied at the time of such reallocation
(and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to
have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the
aggregate Revolving Loans and interests in L/C Obligations of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s
Revolving Credit Commitment. Subject to Section 12.26 hereof, no reallocation hereunder shall constitute a waiver or release of
any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including
any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.


 


(v)
Cash Collateral. If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrower
shall, without prejudice to any right or remedy available to them hereunder or under law, Cash Collateralize the L/C Issuer’s
Fronting Exposure in accordance with the procedures set forth in Section 9.4 hereof.


 


(b)
Defaulting Lender Cure. If the Borrower, the Administrative Agent and each L/C Issuer agree in writing that a Lender is
no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date
specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash
Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders
or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded
participations in Letters of Credit to be held pro rata by the Lenders in accordance with their respective Percentages of the
relevant Commitments (without giving effect to Section 1.14(a)(iv) hereof), whereupon such Lender will cease to be a Defaulting
Lender; provided, that no adjustments will be made retroactively with respect to fees accrued or payments made by or on
behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent
otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver
or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.


 




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(c)
New Letters of Credit. So long as any Lender is a Defaulting Lender, no L/C Issuer shall be required to issue, extend,
renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.


 


(d)
Any and all Defaulting Lenders shall indemnify and reimburse the Borrower and Guarantors for all actual loss and out-of-pocket
invoiced costs and expenses, including reasonable attorneys’ fees, incurred by the Borrower and Guarantors as a result of
the acts giving rise to such Lender becoming a Defaulting Lender, including, without limitation, such Defaulting Lender’s
failure to fund as contemplated herein.


 


Section
1.15. Increase in Commitments. The Borrower may, from time to time, on any Business Day prior to the Revolving Credit Termination
Date or Term Credit Maturity Date, as applicable, increase the aggregate amount of the Revolving Credit Commitments or establish
one or more new term loan commitments (any such new term loan commitment, an “Incremental Term Loan Commitment”),
respectively, by delivering a commitment amount increase or incremental term loan request, as applicable, substantially in the
form attached hereto as Exhibit H or in such other form acceptable to the Administrative Agent at least five (5) Business Days
prior to the desired effective date of such increase (the “Revolving Credit Commitment Amount Increase”) or
new term loan, as applicable, identifying one or more additional Lenders (or additional Revolving Credit Commitments for existing
Lender(s) or by a combination of existing Lenders and additional Lenders) and the amount of its Revolving Credit Commitment or
Incremental Term Loan Commitment (or additional amount of its Revolving Credit Commitment); provided, however, that (i)
the aggregate amount of increases in the Revolving Credit Commitments and new Incremental Term Loan Commitments shall not be increased
by an amount in excess of $100,000,000, (ii) any Revolving Credit Commitment Amount Increase or new Incremental Term Loan Commitment,
as applicable, shall be in an amount not less than $10,000,000, (iii) no Default or Event of Default shall have occurred and be
continuing at the time of the request or the effective date of the Revolving Credit Commitment Amount Increase or individual Incremental
Term Loan Commitment, as applicable, and (iv) all representations and warranties contained in Section 6 hereof shall be true and
correct in all material respects where not already qualified by materiality or Material Adverse Effect, otherwise in all respects
at the time of such request and on the effective date of such Revolving Credit Commitment Amount Increase or of any new Incremental
Term Loan Commitment (except to the extent such representations and warranties relate to an earlier date, in which case they are
true and correct in all material respects where not already qualified by materiality or Material Adverse Effect, otherwise in
all respects as of such date). The effective date of the Revolving Credit Commitment Amount Increase or new Incremental Term Loan
Commitment, as applicable, shall be as set forth in the related commitment amount increase or new incremental term loan request.
Upon the effectiveness of a Revolving Credit Commitment Amount Increase, the new Revolving Lender(s) (or, if applicable, existing
Revolving Lender(s)) shall advance Revolving Loans in an amount sufficient such that after giving effect to its advance each Revolving
Lender shall have outstanding its Percentage of Revolving Loans. In connection with any Revolving Credit Commitment Amount Increase,
to the extent any Revolving Loans are repaid to an existing Revolving Lender in connection with the rebalancing of the outstanding
Revolving Loans, the Borrower shall pay any amounts owing to such Lenders pursuant to Section 1.11 hereof (unless any Lender owed
any such amount waives such amount due by notice to the Administrative Agent). The Revolving Credit Commitments may not be increased
if the Borrower has previously terminated any portion of the Revolving Credit Commitments pursuant to Section 1.12 hereof. The
Borrower agrees to pay any reasonable and documented, out-of-pocket expenses of the Administrative Agent relating to any Revolving
Credit Commitment Amount Increase or Incremental Term Loan Commitment and arrangement fees related thereto as agreed upon in writing
between Administrative Agent and the Borrower. Notwithstanding anything herein to the contrary, (x) no Lender shall have any obligation
to increase its Revolving Credit Commitment or to provide any Incremental Term Loan Commitment and no Revolving Lender’s
Revolving Credit Commitment shall be increased and no Lender will be required to provide an Incremental Term Loan Commitment without
its consent thereto, and each Lender may at its option, unconditionally and without cause, decline to increase its Revolving Credit
Commitment or to provide an Incremental Term Loan Commitment, (y) such declining Lender shall have no consent right with respect
to such Revolving Credit Commitment Amount Increase or such Incremental Term Loan Commitment, as applicable, and (z) any new Lender
shall be acceptable to the Administrative Agent (to the extent the consent of the Administrative Agent would be required in connection
with an assignment to such new Lender under Section 12.12(a)(iii) hereof) with such consent not to be unreasonably withheld or
delayed. Upon the effectiveness thereof, Schedule 1 shall be deemed amended to reflect
any Revolving Credit Commitment Amount Increase and any Incremental Term Loan Commitment, as applicable. Subject to Section 7.1
hereof, on the effective date of any new Incremental Term Loan Commitments, any new or existing Lender with an Incremental Term
Loan Commitment shall advance in a single Borrowing an Incremental Term Loan in the amount of its new Incremental Term Loan Commitment.
The Borrower shall deliver or cause to be delivered any documents reasonably requested by the Administrative Agent in connection
with any such transaction and consistent with Section 7.2 hereof.


 




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Section
1.16. Extension of Revolving Credit Termination Date. The Borrower shall have the right, exercisable two (2) times, by notice
to the Administrative Agent (which shall promptly deliver a copy to each of the Lenders) given at least thirty (30) days and not
more than ninety (90) days prior to the then-existing Revolving Credit Termination Date (the “Existing Termination Date”),
to request that Lenders extend the Existing Termination Date by six (6) months. Upon the Borrower’s timely delivery of such
notice to the Administrative Agent and payment of the Extension Fee, and provided that both on the notice delivery date
and on the then Existing Termination Date (i) no Default or Event of Default has occurred and is continuing, and (ii) all representations
and warranties contained in Section 6 hereof shall be true and correct in all material respects where not already qualified by
materiality or Material Adverse Effect, otherwise in all respects (except to the extent such representations and warranties relate
to an earlier date, in which case they are true and correct in all material respects where not already qualified by materiality
or Material Adverse Effect, otherwise in all respects as of such date), the Revolving Credit Termination Date shall be extended
to the six month anniversary of the Existing Termination Date. Should the Revolving Credit Termination Date be extended, the terms
and conditions of this Agreement will apply during the extension period, and from and after the date of such extension, the defined
term “Stated Revolving Credit Termination Date” shall mean the last day of the extended term.


 




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Section
2. Fees.


 


Section
2.1. Fees.


 


(a)
Commitment Fee. Prior to the Interest Rate Election Date (if any), the Borrower shall pay to the Administrative Agent for
the ratable account of the Revolving Lenders in accordance with their Revolver Percentages a commitment fee at a rate per annum
equal to (x) 0.20% if the average daily Unused Revolving Credit Commitments are less than 50% of the Revolving Credit Commitments
then in effect and (y) 0.30% if the average daily Unused Revolving Credit Commitments are greater than or equal to 50% of the
Revolving Credit Commitments then in effect (in each case, computed on the basis of a year of 360 days and the actual number of
days elapsed) and determined based on the average daily Unused Revolving Credit Commitments during such previous quarter. Such
commitment fee shall be payable quarterly in arrears on the last day of each March, June, September, and December in each year
(commencing on the first such date occurring after the date hereof) and on the earlier of (i) the Interest Rate Election Date
(if any) or (ii) the Revolving Credit Termination Date, unless the Revolving Credit Commitments are terminated in whole on an
earlier date, in which event the commitment fee for the period to the date of such termination in whole shall be calculated and
paid on the date of such termination. Any such commitment fee for the first quarter following the Closing Date or the quarter
in which Interest Rate Election Date (if any) occurs shall be prorated according to the number of days this Agreement was in effect
during such quarter.


 


(b)
Facility Fee. Commencing on the first day following the Interest Rate Election Date (if any), the Borrower shall pay to
the Administrative Agent for the ratable account of the Lenders in accordance with their Revolver Percentages a facility fee at
the rate per annum equal to the Applicable Margin (computed on the basis of a year of 360 days and the actual number of days elapsed)
on the average daily Revolving Credit Commitments, whether or not in use. Such facility fee shall be payable quarterly in arrears
on the last day of each March, June, September, and December in each year (commencing on the first such date occurring after the
Interest Rate Election Date (if any)) and on the Revolving Credit Termination Date, unless the Revolving Credit Commitments are
terminated in whole on an earlier date, in which event the facility fee for the period to the date of such termination in whole
shall be paid on the date of such termination. Any such facility fee for the quarter in which Interest Rate Election Date (if
any) occurs shall be prorated according to the number of days remaining in such quarter.


 


(c)
Letter of Credit Fees. On the date of issuance or extension, or increase in the amount, of any Letter of Credit pursuant
to Section 1.3 hereof, the Borrower shall pay to the L/C Issuer for its own account a fronting fee equal to 0.125% of the face
amount of (or of the increase in the face amount of) such Letter of Credit. Quarterly in arrears, on the last day of each March,
June, September, and December (commencing on the first such date occurring after the date hereof), the Borrower shall pay to the
Administrative Agent, for the ratable benefit of the Revolving Lenders in accordance with their Revolver Percentages, a letter
of credit fee (the “L/C Participation Fee”) at a rate per annum equal to the Applicable Margin for Eurodollar
Loans (computed on the basis of a year of 360 days and the actual number of days elapsed) in effect during each day of such quarter
applied to the daily average face amount of Letters of Credit outstanding during such quarter. In addition, the Borrower shall
pay to the L/C Issuer for its own account the L/C Issuer’s standard issuance, drawing, negotiation, amendment, assignment,
and other administrative fees for each Letter of Credit as established by the L/C Issuer from time to time.


 




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(d)
Administrative Agent and Other Fees. The Borrower shall pay to the Administrative Agent, for its own use and benefit and
for the benefit of the Lenders, as applicable, the fees agreed to between the Administrative Agent and the Borrower in a Fee Letter
dated as of October 3, 2019 (the “Fee Letter”), or as otherwise agreed to in writing between the Borrower and
the Administrative Agent.


 


Section
3. Place and Application of Payments.


 


Section
3.1. Place and Application of Payments. All payments of principal of and interest on the Loans and the Reimbursement Obligations,
and of all other Obligations payable by the Borrower under this Agreement and the other Loan Documents, shall be made by the Borrower
to the Administrative Agent by no later than 12:00 noon (Chicago time) on the due date thereof at the office of the Administrative
Agent in Chicago, Illinois (or such other location as the Administrative Agent may designate to the Borrower), for the benefit
of the Lender(s) or L/C Issuer entitled thereto. Any payments received after such time shall be deemed to have been received by
the Administrative Agent on the next Business Day. All such payments shall be made in U.S. Dollars, in immediately available funds
at the place of payment, in each case without set-off or counterclaim. The Administrative Agent will promptly thereafter cause
to be distributed like funds relating to the payment of principal or interest on Loans and on Reimbursement Obligations in which
the Revolving Lenders have purchased Participating Interests ratably to the Revolving Lenders and like funds relating to the payment
of any other amount payable to any Lender to such Lender, in each case to be applied in accordance with the terms of this Agreement.
If the Administrative Agent causes amounts to be distributed to the Lenders in reliance upon the assumption that the Borrower
will make a scheduled payment and such scheduled payment is not so made, each Lender shall, on demand, repay to the Administrative
Agent the amount distributed to such Lender together with interest thereon in respect of each day during the period commencing
on the date such amount was distributed to such Lender and ending on (but excluding) the date such Lender repays such amount to
the Administrative Agent, at a rate per annum equal to: (i) from the date the distribution was made to the date two (2) Business
Days after payment by such Lender is due hereunder, the Federal Funds Rate for each such day and (ii) from the date two (2) Business
Days after the date such payment is due from such Lender to the date such payment is made by such Lender, the Base Rate in effect
for each such day.


 




    	-20-



    	 



    

 


Anything
contained herein to the contrary notwithstanding (including, without limitation, Section 1.8(b) hereof), all payments and collections
received in respect of the Obligations and all payments under or in respect of the Subsidiary Guaranties received, in each instance,
by the Administrative Agent or any of the Lenders after acceleration or the final maturity of the Obligations or termination of
the Commitments as a result of an Event of Default shall be remitted to the Administrative Agent and distributed as follows:


 


(a)
first, to the payment of any outstanding costs and expenses incurred by the Administrative Agent in protecting, preserving or
enforcing rights under the Loan Documents, and, in any event, including all costs and expenses of a character which the Borrower
has agreed to pay the Administrative Agent under Section 12.15 hereof (such funds to be retained by the Administrative Agent for
its own account unless it has previously been reimbursed for such costs and expenses by the Lenders, in which event such amounts
shall be remitted to the Lenders to reimburse them for payments theretofore made to the Administrative Agent);


 


(b)
second, to the payment of any outstanding interest and fees due under the Loan Documents to be allocated pro rata in accordance
with the aggregate unpaid amounts owing to each holder thereof;


 


(c)
third, to the payment of principal on the Loans, unpaid Reimbursement Obligations, together with amounts to be held by the Administrative
Agent as collateral security for any outstanding L/C Obligations pursuant to Section 9.4 hereof (until the Administrative Agent
is holding an amount of cash equal to the then outstanding amount of all such L/C Obligations), and Hedging Liability, the aggregate
amount paid to, or held as collateral security for, the Lenders and L/C Issuer and, in the case of Hedging Liability, their Affiliates
to be allocated pro rata in accordance with the aggregate unpaid amounts owing to each holder thereof;


 


(d)
fourth, to the payment of all other unpaid Obligations and all other indebtedness, obligations, and liabilities of the Borrower
and the Guarantors evidenced by the Loan Documents (including, without limitation, Bank Product Obligations) to be allocated pro
rata in accordance with the aggregate unpaid amounts owing to each holder thereof; and


 


(e)
finally, to the Borrower or whoever else may be lawfully entitled thereto.


 


Section
3.2. Account Debit. The Borrower hereby irrevocably authorizes the Administrative Agent to charge any of the Borrower’s
deposit accounts maintained with the Administrative Agent for the amounts from time to time necessary to pay any then due Obligations;
provided, that the Borrower acknowledges and agrees that the Administrative Agent shall not be under an obligation to do
so and the Administrative Agent shall not incur any liability to the Borrower or any other Person for the Administrative Agent’s
failure to do so.


 




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Section
4. Subsidiary Guaranties.


 


Section
4.1. Subsidiary Guaranties. The payment and performance of the Obligations, Hedging Liability, and Bank Product Obligations
shall at all times be guaranteed by each wholly-owned Subsidiary of the Borrower that owns a Borrowing Base Property pursuant
to Section 13 hereof or pursuant to one or more guaranty agreements in form and substance reasonably acceptable to the Administrative
Agent, as the same may be amended, modified or supplemented from time to time (individually a “Subsidiary Guaranty”
and collectively the “Subsidiary Guaranties”; and each such wholly-owned Subsidiary executing and delivering
this Agreement as a Guarantor or any such separate Subsidiary Guaranty being referred to herein as a “Guarantor”
and collectively the “Guarantors”).


 


Section
4.2. Further Assurances. In the event the Borrower desires to include any additional Eligible Property in the Borrowing Base
Value after the Closing Date, to the extent that such Eligible Property is not owned by an existing Guarantor, as a condition
to the inclusion of such Eligible Property in the Borrowing Base Value, the Borrower shall cause the Subsidiary which owns such
Eligible Property to execute a Subsidiary Guaranty or an Additional Guarantor Supplement in the form of Exhibit G attached hereto
(the “Additional Guarantor Supplement”) as the Administrative Agent may then require, and the Borrower shall
also deliver to the Administrative Agent, or cause such Subsidiary to deliver to the Administrative Agent, at the Borrower’s
cost and expense, such other instruments, documents, certificates, and opinions reasonably required by the Administrative Agent
in connection therewith.


 


Section
5. Definitions; Interpretation.


 


Section
5.1. Definitions. The following terms when used herein shall have the following meanings:


 


“Act”
is defined in Section 12.25 hereof.


 


“Additional
Guarantor Supplement” is defined in Section 4.2 hereof.


 


“Adjusted
LIBOR” is defined in Section 1.4(b) hereof.


 


“Administrative
Agent” means Bank of Montreal, in its capacity as Administrative Agent hereunder, and any successor in such capacity
pursuant to Section 11.7 hereof.


 


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


 


“Affected
Lender” is defined in Section 1.13 hereof.


 




    	-22-



    	 



    

 


“Affiliate”
means any Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, another
Person. A Person shall be deemed to control another Person for purposes of this definition if such Person possesses, directly
or indirectly, the power to direct, or cause the direction of, the management and policies of the other Person, whether through
the ownership of voting securities, common directors, trustees or officers, by contract or otherwise; provided that, in
any event for purposes of this definition, any Person that owns, directly or indirectly, 5% or more of the securities having the
ordinary voting power for the election of directors or governing body of a corporation or 5% or more of the partnership or other
ownership interest of any other Person (other than as a limited partner of such other Person) will be deemed to control such corporation
or other Person.


 


“Agreement”
means this Amended and Restated Credit Agreement, as the same may be amended, modified, restated or supplemented from time
to time pursuant to the terms hereof.


 


“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to a Loan Party or any of their Subsidiaries
from time to time concerning or relating to bribery or corruption.


 


“Anti-Money
Laundering Laws” means any and all laws, statutes, regulations or obligatory government orders, decrees, ordinances
or rules applicable to a Loan Party or its Subsidiaries related to terrorism financing or money laundering, including any applicable
provision of the Patriot Act.


 


“Applicable
Margin” means, with respect to Loans, Reimbursement Obligations, the L/C Participation Fee, and other fees payable under
Section 2.1 hereof:


 


(a)
Until the first Pricing Date after the Closing Date, the rates per annum shown opposite Level II in the schedule below.


 


(b)
Thereafter, from one Pricing Date to the next and prior to and on an Interest Election Date (if any), the rates per annum determined
in accordance with the following schedule:


 


	Level	 	Leverage Ratio

 for Such Pricing Date	 	Applicable Margin for Base Rate Loans under Revolving Credit and Reimbursement Obligations shall be:	 	 	Applicable Margin for Eurodollar Loans under Revolving Credit and L/C Participation Fees Shall Be:	 	 	Applicable Margin for Base Rate Loans Under Term Credit shall be:	 	 	Applicable Margin for Eurodollar Loans Under Term Credit Shall be:	 
	I	 	Less than or equal to 0.35 to 1.00	 	 	0.35	%	 	 	1.35	%	 	 	0.30	%	 	 	1.30	%
	II	 	Less than or equal to 0.40 to 1.00, but greater than 0.35 to 1.00	 	 	0.45	%	 	 	1.45	%	 	 	0.40	%	 	 	1.40	%
	III	 	Less than or equal to 0.45 to 1.00, but greater than 0.40 to 1.00	 	 	0.60	%	 	 	1.60	%	 	 	0.55	%	 	 	1.55	%
	IV	 	Less than or equal to 0.50 to 1.00, but greater than 0.45 to 1.00	 	 	0.75	%	 	 	1.75	%	 	 	0.70	%	 	 	1.70	%
	V	 	Less than or equal to 0.55 to 1.00, but greater than 0.50 to 1.00	 	 	0.90	%	 	 	1.90	%	 	 	0.85	%	 	 	1.85	%
	VI	 	Greater than 0.55 to 1.00	 	 	1.05	%	 	 	2.05	%	 	 	1.00	%	 	 	2.00	%



 




    	-23-



    	 



    

 


For
purposes hereof, the term “Pricing Date” means, for any Fiscal Quarter of the Borrower ending on or after December
31, 2019, the date on which the Administrative Agent is in receipt of the Borrower’s most recent Compliance Certificate
and financial statements (and, in the case of the year-end financial statements, audit report) (the “Borrower Information”)
for the Fiscal Quarter then ended, pursuant to Section 8.5 hereof. The Applicable Margin shall be established based on the Leverage
Ratio for the most recently completed Fiscal Quarter and the Applicable Margin established on a Pricing Date shall remain in effect
until the next Pricing Date. If the Borrower has not delivered the Borrower Information by the date the same is required to be
delivered under Section 8.5 hereof, then until such Borrower Information is delivered, the Applicable Margin shall be the highest
Applicable Margin (i.e., Level VI shall apply). If the Borrower subsequently delivers such Borrower Information before
the next Pricing Date, the Applicable Margin established by such late delivered Borrower Information shall take effect from the
date of delivery until the next Pricing Date. In all other circumstances, the Applicable Margin established by such Borrower Information
shall be in effect from the Pricing Date that occurs immediately after the end of the Fiscal Quarter covered by such Borrower
Information until the next Pricing Date. Each determination of the Applicable Margin made by the Administrative Agent in accordance
with the foregoing shall be conclusive and binding on the Borrower and the Lenders if reasonably determined. The parties understand
that the Applicable Margin set forth herein shall be determined and may be adjusted from time to time based upon the Borrower
Information. If it is subsequently determined that any such Borrower Information was incorrect (for whatever reason, including,
without limitation, because of a subsequent restatement of earnings by the Borrower) at the time it was delivered to the Administrative
Agent and the Lenders, and if the applicable interest rate or fees calculated for any period were lower than they should have
been had the correct information been timely provided, then such Applicable Margin for such period shall be automatically recalculated
using the correct Borrower Information. The Administrative Agent shall promptly notify the Borrower in writing of any additional
interest and fees due because of such recalculation, and the Borrower shall pay within ten (10) Business Days of receipt of such
written notice such additional interest or fees due to the Administrative Agent, for the account of each Lender holding Commitments
and Loans at the time the additional interest and fee payment is received. Any recalculation of the Applicable Margin required
by this provision shall survive the termination of this Agreement, and this provision shall not in any way limit any of the Administrative
Agent’s or any Lender’s other rights under this Agreement; and


 




    	-24-



    	 



    

 


(c)
Commencing on the date after an Interest Rate Election Date (if any), with respect to Loans and Reimbursement Obligations, the
L/C Participation Fee and facility fee payable under Section 2.1(b) hereof, means the rates per annum determined in accordance
with the following schedule:


 


	 
 
Level
	 	 
 
Borrower Credit Rating
	 	Applicable Margin for Base Rate Loans under Revolving Credit and Reimbursement Obligations shall be:	 	 	Applicable Margin for Eurodollar Loans under Revolving Credit and L/C Participation Fees shall be:	 	 	 
 
Applicable Margin for facility fee under Section 2.1(b) Shall Be:
	 	 	Applicable Margin for Base Rate Loans Under Term Credit shall be:	 	 	Applicable Margin for Eurodollar Loans Under Term Credit shall be:	 
	I	 	A-/A3 (or higher)	 	 	0.000	%	 	 	0.775	%	 	 	0.125	%	 	 	0.000	%	 	 	0.850	%
	II	 	BBB+/Baa1	 	 	0.000	%	 	 	0.825	%	 	 	0.150	%	 	 	0.000	%	 	 	0.900	%
	III	 	BBB/Baa2	 	 	0.000	%	 	 	0.900	%	 	 	0.200	%	 	 	0.000	%	 	 	1.000	%
	IV	 	BBB-/Baa3	 	 	0.100	%	 	 	1.100	%	 	 	0.250	%	 	 	0.250	%	 	 	1.250	%
	V	 	<BBB-/Baa3	 	 	0.450	%	 	 	1.450	%	 	 	0.300	%	 	 	0.650	%	 	 	1.650	%



 


During
any period that the Borrower has two Credit Ratings that are not equivalent, but are adjacent to each other in the immediately
preceding pricing grid, then the Applicable Margin will be determined based on the lowest rating. During any period that the Borrower
has either (i) two Credit Ratings that are not equivalent and are not adjacent to each other in the immediately preceding pricing
grid or (ii) three Credit Ratings that are each not equivalent to each other, then the Applicable Margin will be determined based
on the level that is one level above the lowest of such Credit Ratings. During any period after the Interest Rate Election that
the Borrower has fewer than two Credit Ratings, the Applicable Margin will be determined based on Level V of the grid immediately
above. Any change in the Borrower’s Credit Rating which would cause it to move to a different Level shall be effective five
(5) Business Days after (i) the Administrative Agent’s receipt of notice of any such change in the Borrower’s Credit
Rating from the Borrower pursuant to Section 8.5 hereof or (ii) notwithstanding Section 8.5 hereof, any date Administrative Agent
otherwise obtains knowledge of any such change (provided that Administrative Agent shall have no duty or obligation to any Person
to ascertain or inquire into the Borrower’s Credit Rating). If it is subsequently determined that any change in the Borrower’s
Credit Rating was not disclosed to the Administrative Agent in accordance with Section 8.5, and if the applicable interest rate
or fees calculated for any period were lower than they should have been had the correct information been timely provided in accordance
with Section 8.5 hereof, then such Applicable Margin for such period shall be automatically recalculated using the Borrower’s
correct Credit Rating. The Administrative Agent shall promptly notify the Borrower in writing of any additional interest and fees
due because of such recalculation, and the Borrower shall pay within ten (10) Business Days of receipt of such written notice
such additional interest or fees due to the Administrative Agent, for the account of each Lender holding Commitments and Loans
at the time the additional interest and fee payment is received. Any recalculation of the Applicable Margin required by this provision
shall survive the termination of this Agreement, and this provision shall not in any way limit any of the Administrative Agent’s,
L/C Issuer’s or any Lender’s other rights under this Agreement.


 




    	-25-



    	 



    

 


“Application”
is defined in Section 1.3(b) hereof.


 


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


 


“Assignment
and Acceptance” means an assignment and acceptance entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 12.12 hereof), and accepted by the Administrative Agent, in substantially the
form of Exhibit F or any other form approved by the Administrative Agent.


 


“Authorized
Representative” means those persons shown on the list of officers provided by the Borrower pursuant to Section 7.2 hereof
or on any update of any such list provided by the Borrower to the Administrative Agent, or any further or different officers of
the Borrower so named by any Authorized Representative of the Borrower in a written notice to the Administrative Agent.


 


“Available
Amount” means, as of any date of determination, an amount equal to the product of (i) the Borrowing Base Value for all
Borrowing Base Properties multiplied by (ii) sixty percent (60%).


 


“Available
Amount Certificate” means the certificate in the form of Exhibit I hereto, or in such other form reasonably acceptable
to the Administrative Agent, to be delivered to the Administrative Agent pursuant to Sections 7.2(j), 7.3, 8.5 and 8.25 hereof.


 


“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect
of any liability of an EEA Financial Institution.


 


“Bail-In
Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European
Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which
is described in the EU Bail-In Legislation Schedule.


 


“Bank
Product Obligations” of the Borrower and the Guarantors means any and all of their obligations, whether absolute or
contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications
thereof and substitutions therefor) in connection with Bank Products.


 


“Bank
Products” means treasury management services (including, without limitation, controlled disbursement, automated clearinghouse
transactions, return items, overdrafts and interstate depository network services) provided to the Borrower or any Guarantor by
any Lender or any of its Affiliates.


 




    	-26-



    	 



    

 


“Bankruptcy
Event” means, with respect to any Person, any event of the type described in clause (j) or (k) of Section 9.1 hereof
with respect to such Person.


 


“Base
Rate” is defined in Section 1.4(a) hereof.


 


“Base
Rate Loan” means a Loan bearing interest at a rate specified in Section 1.4(a) hereof.


 


“Beneficial
Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership
Regulation, in form and substance satisfactory to the Administrative Agent.


 


“Beneficial
Ownership Regulation” means 31 C.F.R. § 1010.230.


 


“Borrower”
is defined in the introductory paragraph of this Agreement.


 


“Borrowing”
means the total of Loans of a single type advanced, continued for an additional Interest Period, or converted from a different
type into such type by the Lenders on a single date and, in the case of Eurodollar Loans, for a single Interest Period. Borrowings
of Loans are made and maintained ratably from each of the Lenders under a Credit according to their Percentages of such Credit.
A Borrowing is “advanced” on the day Lenders advance funds comprising such Borrowing to the Borrower, is “continued”
on the date a new Interest Period for the same type of Loans commences for such Borrowing, and is “converted”
when such Borrowing is changed from one type of Loans to the other, all as determined pursuant to Section 1.6 hereof.


 


“Borrowing
Base Determination Date” means each date on which the Available Amount is certified in writing to the Administrative
Agent, which shall occur as follows:


 


(a)
Quarterly. For quarterly certifications, as of the last day of each Fiscal Quarter.


 


(b)
Property Adjustments. Following each addition or deletion of an Eligible Property, promptly following such addition or
deletion.


 


“Borrowing
Base Property” means, as of any date of determination, any Eligible Property which is taken into account in calculating
the Borrowing Base Value.


 


“Borrowing
Base Requirements” means with respect to the calculation of the Borrowing Base Value, collectively, that:


 


(a)
no more than 20% of the Borrowing Base Value may be comprised of any one Borrowing Base Property; and


 




    	-27-



    	 



    

 


(b)
with the exception of the Borrower’s Tenant, FedEx Corporation and/or its subsidiaries, no other single tenant’s NOI
shall exceed more than 20% of the consolidated NOI used to determine the Borrowing Base Value.


 


“Borrowing
Base Value” means, as of any date of determination, an amount equal to (x) (A) the consolidated NOI of all Borrowing
Base Properties multiplied by (B) four (4), divided by (y) the Capitalization Rate.


 


“Business
Day” means any day (other than a Saturday or Sunday) on which banks are not authorized or required to close in Chicago,
Illinois and, if the applicable Business Day relates to the advance or continuation of, or conversion into, or payment of a Eurodollar
Loan, on which banks are dealing in U.S. Dollar deposits in the interbank eurodollar market in London, England.


 


“Capital
Lease” means any lease of Property which in accordance with GAAP is required to be capitalized on the balance sheet
of the lessee.


 


“Capitalization
Rate” means 6.25% for all Real Properties.


 


“Capitalized
Lease Obligation” means, for any Person, the amount of the liability shown on the balance sheet of such Person in respect
of a Capital Lease determined in accordance with GAAP.


 


“Cash
Collateralize” means, to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the L/C
Issuer or Lenders, as collateral for L/C Obligations or obligations of Lenders to fund participations in respect of L/C Obligations,
cash or deposit account balances subject to a first priority perfected security interest in favor of the Administrative Agent
or, if the Administrative Agent and the L/C Issuer shall agree in their sole discretion, other credit support, in each case pursuant
to documentation in form and substance satisfactory to the Administrative Agent and the L/C Issuer. “Cash Collateral”
shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit
support.


 




    	-28-



    	 



    

 


“Cash
Equivalents” means, as to any Person, (a) securities issued, or directly, unconditionally and fully guaranteed or insured,
by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States
is pledged in support thereof) having maturities of not more than one year from the date of acquisition by such Person; (b) time
deposits and certificates of deposit of any Lender or any commercial bank having, or which is the principal banking subsidiary
of a bank holding company organized under the Laws of the United States, any state thereof or the District of Columbia having,
capital and surplus aggregating in excess of $500,000,000 and a rating of “A-2” (or such other similar equivalent
rating) or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the Securities
Act) with maturities of not more than one year from the date of acquisition by such Person; (c) repurchase obligations with a
term of not more than 30 days for underlying securities of the types described in clause (a) above entered into with any bank
meeting the qualifications specified in clause (b) above, which repurchase obligations are secured by a valid perfected security
interest in the underlying securities; (d) commercial paper issued by any Person incorporated in the United States rated at least
“A-2” or the equivalent thereof by S&P or at least “P-2” or the equivalent thereof by Moody’s
and in each case maturing not more than one year after the date of acquisition by such Person; (e) investments in money market
funds substantially all of whose assets are comprised of securities of the types described in clauses (a) through (d) above; and
(f) demand deposit accounts maintained in the ordinary course of business.


 


“CERCLA”
means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended by the Superfund Amendments
and Reauthorization Act of 1986, 42 U.S.C. §§9601 et seq., and any future amendments.


 


“Change
in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking
effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration,
interpretation, implementation or application thereof by any Governmental Authority, or (c) the making or issuance of any request,
rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding
anything herein to the contrary,(x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations,
guidelines or directives thereunder or issued in connection therewith shall be deemed to be a “Change in Law”, regardless
of the date enacted, adopted or issued and (y) all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign
regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”,
regardless of the date enacted, adopted or issued.


 


“Change
of Control” (a) Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d)
of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person
or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall
be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire (such
right, an “option right”), whether such right is exercisable immediately or only after the passage of time),
directly or indirectly, of 25% or more of the voting interests of the Borrower on a fully-diluted basis (and taking into account
all such securities that such person or group has the right to acquire pursuant to any option right); or


 




    	-29-



    	 



    

 


(b)
during any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent governing
body of the Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing body on the
first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals
referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent
governing body, or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals
referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that
board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii), any individual whose initial
nomination for, or assumption of office as, a member of that board or equivalent governing body occurs as a result of solicitation
of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for
the election of one or more directors by or on behalf of the board of directors).


 


“Closing
Date” means the date of this Agreement.


 


“Code”
means the Internal Revenue Code of 1986, as amended, and any successor statute thereto.


 


“Collateral
Account” is defined in Section 9.4 hereof.


 


“Commitment”
means and includes the Revolving Credit Commitments, the Term Loan Commitments and the Incremental Term Loan Commitments.


 


“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.


 


“Compliance
Certificate” is defined in Section 8.5 hereof.


 


“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that
are franchise Taxes or branch profit Taxes.


 


“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 Borrower, are treated as a single employer under Section 414 of the Code.


 


“Credit”
means any of the Revolving Credit and the Term Credit.


 


“Credit
Availability” means, as of any date of determination, the amount (if any) by which (a) the Available Amount as then
determined and computed in accordance with this Agreement, exceeds (b) the aggregate principal amount of Loans and L/C Obligations
then outstanding.


 




    	-30-



    	 



    

 


“Credit
Event” means the advancing of any Loan, or the issuance of, or extension of the expiration date or increase in the amount
of, any Letter of Credit.


 


“Credit
Rating” means the rating assigned by a Rating Agency to the Borrower for the senior unsecured long term indebtedness
of the Borrower.


 


“Customary
Recourse Exceptions” means, with respect to any Indebtedness, personal recourse that is limited to fraud, misrepresentation,
misapplication of cash, waste, Environmental Claims and liabilities, prohibited transfers, violations of single purpose entity
covenants and/or similar non-recourse carveouts.


 


“Debt
Service Coverage Ratio” means, as of any date of determination, (a) the consolidated NOI from all Real Estate Assets
divided by (b) the sum of all principal and/or interest payments due from the Borrower (whether paid or unpaid, but excluding
all balloon principal payments) on all Indebtedness during the most recent Fiscal Quarter, annualized.


 


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


 


“Default”
means any event or condition the occurrence of which would, with the passage of time or the giving of notice, or both, constitute
an Event of Default.


 


“Defaulting
Lender” means, subject to Section 1.14(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans
within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative
Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions
precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified
in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any L/C Issuer or any other Lender any other
amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within two (2) Business
Days of the date when due, (b) has notified the Borrower, the Administrative Agent or any L/C Issuer in writing that it does not
intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or
public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on
such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable
default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three
(3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative
Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender
shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative
Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding
under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for
the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the
Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become
the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership
or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority
so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within
the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental
Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by
the Administrative Agent that a Lender is a Defaulting Lender under clauses (a) through (d) above shall be conclusive and binding
absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 1.14(b)) upon delivery of
written notice of such determination to the Borrower, the L/C Issuer and each Lender.


 




    	-31-



    	 



    

 


“Designated
Disbursement Account” means the account of the Borrower maintained with the Administrative Agent or its Affiliate and
designated in writing to the Administrative Agent as the Borrower’s Designated Disbursement Account (or such other account
as the Borrower and the Administrative Agent may otherwise agree).


 


“Designated
Jurisdiction” means, at any time, any country, region or territory which is itself the subject or target of any Sanctions.


 


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


 


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


 


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


 


“Eligible
Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund, and (d) any other Person (other than
a natural person) approved by (i) the Administrative Agent, (ii) in the case of any assignment of a Revolving Credit Commitment
and the L/C Issuer as provided for in Section 12.12 hereof, and (iii) unless an Event of Default has occurred and is continuing,
the Borrower (each such approval not to be unreasonably withheld, conditioned or delayed); provided, that notwithstanding
the foregoing, “Eligible Assignee” shall not include the Borrower, any Subsidiary or any other Affiliate of the Borrower
or any Subsidiary.


 




    	-32-



    	 



    

 


“Eligible
Property” means, as of any Borrowing Base Determination Date, any Real Property which satisfies the following conditions:


 


(a)
is wholly owned by the Borrower or a Guarantor and is fully developed and operational principally as an industrial, manufacturing,
or distribution building;


 


(b)
is not subject to any lien, encumbrance, or negative pledge, other than a Permitted Lien, nor is any equity interest held by the
Borrower or any Guarantor in the Subsidiary that owns said Real Property subject to any lien, pledge or encumbrance or negative
pledge, other than a Permitted Lien;


 


(c)
is free of major structural defects and architectural deficiencies, title defects, environmental conditions or other adverse matters,
except for defects, deficiencies, conditions or other matters individually or collectively which are not material to the profitable
operation of such property; and


 


(d)
is located in the contiguous United States, including the District of Columbia.


 


“Environmental
Claim” means any investigation, notice, violation, demand, allegation, action, suit, injunction, judgment, order, consent
decree, penalty, fine, lien, proceeding or claim (whether administrative, judicial or private in nature) arising (a) pursuant
to, or in connection with an actual or alleged violation of, any Environmental Law, (b) in connection with any Hazardous Material,
(c) from any abatement, removal, remedial, corrective or response action in connection with a Hazardous Material, Environmental
Law or order of a Governmental Authority or (d) from any actual or alleged damage, injury, threat or harm to health, safety, natural
resources or the environment.


 


“Environmental
Law” means any current or future Legal Requirement pertaining to (a) the protection of health, safety and the indoor
or outdoor environment, (b) the conservation, management or use of natural resources and wildlife, (c) the protection or use of
surface water or groundwater, (d) the management, manufacture, possession, presence, use, generation, transportation, treatment,
storage, disposal, Release, threatened Release, abatement, removal, remediation or handling of, or exposure to, any Hazardous
Material or (e) pollution (including any Release to air, land, surface water or groundwater), and any amendment, rule, regulation,
order or directive issued thereunder.


 


“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute thereto.


 


“EU
Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or
any successor person), as in effect from time to time.


 


“Eurodollar
Loan” means a Loan bearing interest at the rate specified in Section 1.4(b) hereof.


 


“Eurodollar
Reserve Percentage” is defined in Section 1.4(b) hereof.


 


“Event
of Default” means any event or condition identified as such in Section 9.1 hereof.


 




    	-33-



    	 



    

 


“Excluded
Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion
of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or
any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity
Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s
failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and
the regulations thereunder at the time the Guarantee of such Guarantor or the grant of such security interest becomes effective
with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such
exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security
interest is or becomes illegal.


 


“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed
on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant
to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant
to an assignment request by the Borrower under Section 1.13 hereof) or (ii) such Lender changes its lending office, except in
each case to the extent that, pursuant to Section 12.1 amounts with respect to such Taxes were payable either to such Lender’s
assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office,
(c) Taxes attributable to such Recipient’s failure to comply with Section 12.1(b) or Section 12.1(d), and (d) any U.S. federal
withholding Taxes imposed under FATCA.


 


“Extension
Fee” means an extension fee payable by the Borrower to the Administrative Agent for the ratable benefit of the Revolving
Lenders as a condition to the extension of the Revolving Credit Termination Date pursuant to Section 1.16 hereto in an amount
equal to 0.075% of the Revolving Credit Commitments then in effect.


 


“FATCA”
means 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), any current or future regulations or official interpretations
thereof, and any agreements entered into pursuant to Section 1471(b) of the Code.


 


“Federal
Funds Rate” means the fluctuating interest rate per annum described in part (i) of clause (b) of the definition of Base
Rate appearing in Section 1.4(a) hereof.


 




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“Fee
Letter” is defined in Section 2.1(d) hereof.


 


“Fiscal
Quarter” means each of the three-month periods ending on March 31, June 30, September 30 and December 31 of each Fiscal
Year.


 


“Fiscal
Year” means each twelve-month period ending on September 30.


 


“Fitch”
means Fitch Ratings, or any successor thereto.


 


“Foreign
Lender” means a Lender that is not any Person that is a “United States Person” as defined in Section 7701(a)(30)
of the Code.


 


“Fronting
Exposure” means, at any time there is a Defaulting Lender, with respect to any L/C Issuer, such Defaulting Lender’s
Percentage of the outstanding L/C Obligations with respect to Letters of Credit issued by such L/C Issuer other than L/C Obligations
as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized
in accordance with the terms hereof.


 


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


 


“GAAP”
means generally accepted accounting principles set forth from time to time in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the U.S. accounting
profession), which are applicable to the circumstances as of the date of determination.


 


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


 


“Ground
Lease” means a ground lease of Real Property.


 


“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect,
(a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to
purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property,
securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof,
(c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor
so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any
letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee
shall not include endorsements for collection or deposit in the ordinary course of business.


 




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“Guarantor”
and “Guarantors” are defined in Section 4.1 hereof.


 


“Hazardous
Material” means any substance, chemical, compound, product, solid, gas, liquid, waste, byproduct, pollutant, contaminant
or material which is hazardous or toxic, and includes, without limitation, (a) asbestos, polychlorinated biphenyls and petroleum
(including crude oil or any fraction thereof) and (b) any material classified or regulated as “hazardous” or “toxic”
or words of like import pursuant to an Environmental Law.


 


“Hazardous
Material Activity” means any activity, event or occurrence involving a Hazardous Material, including, without limitation,
the manufacture, possession, presence, use, generation, transportation, treatment, storage, disposal, Release, threatened Release,
abatement, removal, remediation, handling of or corrective or response action to any Hazardous Material.


 


“Hedging
Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar
agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities,
or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction
or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on
account of services provided by current or former directors, officers, employees or consultants of the Borrower or its Subsidiaries
shall be a Hedging Agreement.


 


“Hedging
Liability” means the liability of the Borrower or any Guarantor to any of the Lenders, or any Affiliates of such Lenders
in respect of any Hedging Agreement as the Borrower or such Guarantor, as the case may be, may from time to time enter into with
any one or more of the Lenders party to this Agreement or their Affiliates, whether absolute or contingent and howsoever and whensoever
created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor).


 


“Incremental
Term Loan” is a term loan advanced under an Incremental Term Loan Commitment and, as so defined, includes a Base Rate
Loan or an Eurodollar Loan, each of which is a type of Incremental Term Loan hereunder.


 


“Incremental
Term Loan Commitment” is defined in Section 1.15 hereof.


 


“Incremental
Term Loan Percentage” means for each Lender, the percentage of the aggregate Incremental term Loan Commitments represented
by such Lender’s portion thereof or, if such Incremental Term Loan Commitments have been terminated, the percentage held
by such Lender of the aggregate principal amount of all Incremental Term Loans then outstanding.


 


“Incremental
Term Note” is defined in Section 1.10 hereof.


 




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“Indebtedness”
means obligations, contingent and otherwise (without double-counting), of the following types: (a) the Obligations; (b) all
debt and similar monetary obligations for borrowed money, whether direct or indirect; (c) all liabilities secured by any mortgage,
pledge, negative pledge, security interest, lien, negative lien, charge, or other encumbrance existing on property owned or acquired
subject thereto, whether or not the liability secured thereby shall have been assumed; (d) all guarantees, endorsements and other
contingent obligations whether direct or indirect in respect of indebtedness or obligations of others, including any obligation
to supply funds to or in any manner to invest in, directly or indirectly, the debtor, to purchase indebtedness, or to assure the
owner of indebtedness against loss, through an agreement to purchase goods, supplies, or services for the purpose of enabling
the debtor to make payment of the indebtedness held by such owner or otherwise, and the obligations to reimburse the issuer in
respect of any letters of credit and bankers’ acceptances; (e) all obligations under Capitalized Leases; (f) all obligations
under so-called forward equity purchase contracts to the extent such obligations are not payable solely in equity interests; (g)
all uncollateralized obligations in respect of Hedging Agreements, financial derivatives contracts, and foreign exchange contracts;
(h) all obligations in respect of any so-called synthetic leases (i.e., a lease of property which is treated as an operating
lease under GAAP and as a loan for U.S. income tax purposes); and (i) such obligor’s pro-rata share of liabilities, contingent
or otherwise of the type set forth in (a) through (h) above, under any joint venture, limited liability company or partnership
agreement.


 


“Indemnified
Taxes” means (a) all Taxes other than Excluded Taxes and (b) to the extent not otherwise described in (a), Other Taxes.


 


“Initial
Borrowing Base Properties” means, collectively, the Real Property listed on Schedule 1.1 and “Initial Borrowing
Base Property” means any individual Real Property listed on Schedule 1.1.


 


“Interest
Expense” means, with respect to a Person for any period of time, the interest expense whether paid, accrued or capitalized
(without deduction of consolidated interest income) of such Person for such period. Interest Expense shall exclude any amortization
of (i) deferred financing fees, including the write-off of such fees relating to the early retirement of the related Indebtedness,
and (ii) debt premiums and discounts.


 


“Interest
Payment Date” means (a) with respect to any Eurodollar Loan, the last day of each Interest Period with respect to such
Eurodollar Loan and, if the applicable Interest Period is longer than three (3) months, each day occurring every three (3) months
after the commencement of such Interest Period, (b) with respect to any Base Rate Loan, the last day of every calendar quarter,
and (c) with respect to any Eurodollar Loan and/or any Base Rate Loan, the Revolving Credit Termination Date or Term Credit Maturity
Date, as applicable.


 


“Interest
Period” means the period commencing on the date a Borrowing of Eurodollar Loans is advanced, continued, or created by
conversion and ending in the case of Eurodollar Loans, 1, 2, 3, or 6 months thereafter, provided, however, that:


 


(i)
no Interest Period shall extend beyond, as applicable, (i) the Revolving Credit Termination Date or (ii) the Term Credit Maturity
Date;


 




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(ii)
whenever the last day of any Interest Period would otherwise be a day that is not a Business Day, the last day of such Interest
Period shall be extended to the next succeeding Business Day, provided that, if such extension would cause the last day
of an Interest Period for a Borrowing of Eurodollar Loans to occur in the following calendar month, the last day of such Interest
Period shall be the immediately preceding Business Day; and


 


(iii)
for purposes of determining an Interest Period for a Borrowing of Eurodollar Loans, a month means a period starting on one day
in a calendar month and ending on the numerically corresponding day in the next calendar month; provided, however, that
if there is no numerically corresponding day in the month in which such an Interest Period is to end or if such an Interest Period
begins on the last Business Day of a calendar month, then such Interest Period shall end on the last Business Day of the calendar
month in which such Interest Period is to end.


 


“Interest
Rate Election Date” is defined in Section 1.4(d) hereof.


 


“Investment
Grade Credit Rating” means, with respect to the Borrower, a Credit Rating of at least BBB- by S&P, Baa3 by Moody’s
or BBB- by Fitch, and such rating shall not be accompanied by (a) in the case of S&P, a negative outlook, creditwatch negative
or the equivalent thereof, (b) in the case of Moody’s, a negative outlook, a review for possible downgrade or the equivalent
thereof or (c) in the case of Fitch, a negative watch or the equivalent thereof.


 


“L/C
Issuer” means Bank of Montreal, in its capacity as the issuer of Letters of Credit hereunder, and its successors in
such capacity as provided in Section 1.3(h) hereof.


 


“L/C
Obligations” means the aggregate undrawn face amounts of all outstanding Letters of Credit and all unpaid Reimbursement
Obligations.


 


“L/C
Participation Fee” is defined in Section 2.1(c) hereof.


 


“L/C
Sublimit” means $5,000,000, as such amount may be reduced pursuant to the terms hereof.


 


“Lease”
means each existing or future lease, sublease (to the extent of any property owner’s rights thereunder), license, or
other similar agreement under the terms of which any Person has or acquires any right to occupy or use any Real Property or any
part thereof, or interest therein, as the same may be amended, supplemented or modified.


 


“Legal
Requirement” means any treaty, convention, statute, law, regulation, ordinance, license, permit, governmental approval,
injunction, judgment, order, consent decree or other requirement of any Governmental Authority, whether federal, state, or local.


 




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“Lenders”
means and includes Bank of Montreal, Chicago Branch and the other financial institutions from time to time party to this Agreement,
including each assignee Lender pursuant to Section 12.12 hereof.


 


“Lending
Office” is defined in Section 10.4 hereof.


 


“Letter
of Credit” is defined in Section 1.3(a) hereof.


 


“Leverage
Ratio” means, as of any date of determination, the ratio of (i) Total Indebtedness as of such date to (ii) Total Asset
Value as of such date.


 


“LIBOR”
is defined in Section 1.4(b) hereof.


 


“LIBOR
Index Rate” is defined in Section 1.4(b) hereof.


 


“LIBOR
Quoted Rate” is defined in Section 1.4(a) hereof.


 


“Lien”
means any mortgage, lien, security interest, pledge, charge or encumbrance of any kind in respect of any Property, including
the interests of a vendor or lessor under any conditional sale, Capital Lease or other title retention arrangement.


 


“Loan”
means any Revolving Loan, Term Loan or Incremental Term Loan, whether outstanding as a Base Rate Loan or Eurodollar Loan,
each of which is a “type” of Loan hereunder.


 


“Loan
Documents” means this Agreement, the Notes (if any), the Applications, the Subsidiary Guaranties, if any, the Fee Letter
and each other instrument or document to be delivered hereunder or thereunder or otherwise in connection therewith.


 


“Loan
Party” means the Borrower and each of the Guarantors.


 


“Material
Adverse Effect” means (a) a material adverse change in, or material adverse effect upon, the operations, performance,
business, Property or condition (financial or otherwise), results of operations or prospects of the Borrower and its Subsidiaries
taken as a whole, (b) a material impairment of the ability of the Borrower or any Guarantor, taken as a whole, to perform its
obligations under any Loan Document or (c) a material adverse effect upon the legality, validity, binding effect or enforceability
against the Borrower or any Guarantor of any Loan Document or the rights and remedies of the Administrative Agent and the Lenders
thereunder.


 


“Minimum
Collateral Amount” means, at any time, (i) with respect to Cash Collateral consisting of cash or deposit account balances,
an amount equal to 103% of the Fronting Exposure of the L/C Issuers with respect to Letters of Credit issued and outstanding at
such time and (ii) otherwise, an amount determined by the Administrative Agent and the L/C Issuer in their sole discretion except
as otherwise provided for herein.


 




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“Moody’s”
means Moody’s Investors Service, Inc., or any successor thereof.


 


“Mortgage
Receivable” means a promissory note secured by a mortgage, deed of trust, deed to secure debt or similar security interest
made by a Person owning an interest in real estate granting a Lien on such interest in real estate as security for the payment
of Indebtedness of which Borrower, a Guarantor or other Subsidiary is the holder and retains the rights of collection of all payments
thereunder


 


“NOI”
means, as of any date of determination, with respect to any wholly owned property of the Borrower, each Guarantor and the
Subsidiaries, each of the following as of the Fiscal Quarter ending on or immediately preceding such date, annualized: all rental
and other income (as determined by GAAP) attributable to such property accruing for such period (adjusted to eliminate (a) the
straight lining of rents, (b) income from tenants in bankruptcy whose leases have not been affirmed by the bankruptcy court, and
(c) income from tenants operating under default leases after expiration of any applicable notice and cure periods with respect
to the default in question) minus the amount of all expenses (as determined in accordance with GAAP) incurred in connection
with and directly attributable to the ownership and operation of such property for such period, including, without limitation,
actual management fees and amounts accrued for the payment of real estate taxes and insurance premiums, but excluding any general
and administrative expenses related to the operation of the Borrower, any Guarantor or any Subsidiary, any interest expense or
other debt service charges and any non-cash charges such as depreciation or amortization of financing costs.


 


“Non Defaulting
Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.


 


“Note”
and “Notes” are defined in Section 1.10 hereof.


 


“Obligations”
means all obligations of the Borrower to pay principal and interest on the Loans, all Reimbursement Obligations owing under
the Applications, all fees and charges payable hereunder, and all other payment obligations of the Borrower or any Guarantor arising
under or in relation to any Loan Document, in each case whether now existing or hereafter arising, due or to become due, direct
or indirect, absolute or contingent, and howsoever evidenced, held or acquired.


 


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


 


“OFAC
Event” means the event specified in Section 8.13(c) hereof.


 


“OFAC
Sanctions Programs” means all laws, regulations, and Executive Orders administered by OFAC, including without limitation,
the Bank Secrecy Act, anti-money laundering laws (including, without limitation, the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56 (a/k/a the USA Patriot Act)), and all
economic and trade sanction programs administered by OFAC, any and all similar United States federal laws, regulations or Executive
Orders, and any similar laws, regulations or orders adopted by any State within the United States.


 




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“OFAC
SDN List” means the list of the Specially Designated Nationals and Blocked Persons maintained by OFAC.


 


“Other
Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed,
delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest
under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan
or Loan Document).


 


“Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other
Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 1.13 hereof).


 


“Participating
Interest” is defined in Section 1.3(e) hereof.


 


“Participating
Lender” is defined in Section 1.3(e) hereof.


 


“Patriot
Act” is defined in Section 7.2(p) hereof.


 


“PBGC”
means the Pension Benefit Guaranty Corporation or any Person succeeding to any or all of its functions under ERISA.


 


“Percentage”
means, for any Lender, its Revolver Percentage, Term Loan Percentage, or Incremental Term Loan Percentage, as applicable;
and where the term “Percentage” is applied on an aggregate basis, such aggregate percentage shall be calculated
by aggregating the separate components of the Revolver Percentage, Term Loan Percentage, or Incremental Term Loan Percentage and
expressing such components on a single percentage basis.


 


“Permitted
Acquisition” means the acquisition by the Borrower, any Guarantor or any Subsidiary of Real Estate Assets which, in
the aggregate, are primarily leased or intended to be leased primarily for industrial, manufacturing or distribution purposes
(including “flex” and warehouse uses) or other similar commercial purposes of a type consistent with the Borrower’s
business strategy, whether such acquisition is accomplished by a direct purchase of such Real Estate Assets or by a merger or
acquisition of stock or other ownership interests or debt securities such that the owner of such Real Estate Assets becomes a
Subsidiary.


 


“Permitted
Liens” The following Liens, security interests and other encumbrances:


 


(a)
Liens in favor of Administrative Agent;


 




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(b)
Liens to secure taxes, assessments and other governmental charges which are not delinquent or which are being contested in good
faith and for which a reserve shall have been established in accordance with GAAP;


 


(c)
other than with respect to Borrowing Base Properties, Liens that do not create a violation of Section 8.20 hereof;


 


(d)
deposits or pledges made in connection with, or to secure payment of, workmen’s compensation, unemployment insurance, old
age pensions or other social security obligations, and deposits with utility companies and other similar deposits made in the
ordinary course of business;


 


(e)
Liens approved in writing by the Administrative Agent prior to their creation based upon a written request of the Borrower or
any Guarantor;


 


(f)
encumbrances consisting of easements, rights of way, restrictions on the use of real property, minor defects and irregularities
in the title thereto, and similar or minor Liens or encumbrances, none of which in the reasonable opinion of the Administrative
Agent interferes materially and adversely with the ordinary conduct of the business of the Borrower, and which matters neither
(x) individually or in the aggregate could have a Material Adverse Effect nor (xx) individually or in the aggregate could have
a Material Adverse Effect on the value of a Borrowing Base Property;


 


(g)
other than with respect to Borrowing Base Properties, Liens that do not create a violation of any term or provision of this Agreement
or any document, instrument or agreement related to the Indebtedness of any Real Estate Asset; or


 


(h)
Leases entered into in the ordinary course of business.


 


“Person”
means an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization
or any other entity or organization, including a government or agency or political subdivision thereof.


 


“Plan”
means any employee pension benefit plan covered by Title IV of ERISA or subject to the minimum funding standards under Section
412 of the Code that either (a) is maintained by a member of the Controlled Group for employees of a member of the Controlled
Group or (b) is maintained pursuant to a collective bargaining agreement or any other arrangement under which more than one employer
makes contributions and to which a member of the Controlled Group is then making or accruing an obligation to make contributions
or has within the preceding five plan years made contributions.


 


“Prior
Credit Agreement” is defined in the Preliminary Statements to this Agreement.


 


“Prior
Revolving Loans” is defined in Section 1.1 hereof.


 




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“Property”
or “Properties” means, as to any Person, all types of real (including the Real Property), personal, tangible,
intangible or mixed property, including leasehold estates created by Ground Leases, owned by such Person whether or not included
in the most recent balance sheet of such Person and its subsidiaries under GAAP, including, as to any Subsidiary, any Real Property
owned by it.


 


“Qualified
ECP Guarantor” means, in respect of any Swap Obligation, each Guarantor that has total assets exceeding $10,000,000
at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation
or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations
promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time
by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.


 


“Rating
Agency” means S&P, Fitch or Moody’s, as applicable.


 


“RCRA”
means the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act of 1976 and Hazardous and Solid
Waste Amendments of 1984, 42 U.S.C. §§6901 et seq., and any future amendments.


 


“Real
Estate Assets” means those fixed and tangible properties consisting of land, buildings and/or other improvements owned
by the Borrower, any Guarantor or any Subsidiary at the relevant time of reference thereto, but excluding all leasehold interests
other than leaseholds under Ground Leases which either have an unexpired term of at least twenty-five (25) years or contain a
purchase option for nominal consideration.


 


“Real
Property” or “Real Properties” means the real property owned by the Borrower or any of its Subsidiaries.


 


“Recipient”
means (a) the Administrative Agent, (b) any Lender, and (c) any L/C Issuer, as applicable.


 


“Reimbursement
Obligation” is defined in Section 1.3(c) hereof.


 


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


 


“Release”
means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, migration,
dumping, or disposing into the indoor or outdoor environment, including, without limitation, the abandonment or discarding of
barrels, drums, containers, tanks or other receptacles containing or previously containing any Hazardous Material.


 


“Required
Lenders” means, as of the date of determination thereof, Lenders whose outstanding Loans, interests in Letters of Credit
and Unused Revolving Credit Commitments constitute more than 50% of the sum of the total outstanding Loans, interests in Letters
of Credit, and Unused Revolving Credit Commitments of the Lenders; provided, however, that, in no event shall Required
Lenders include fewer than two (2) unaffiliated Lenders at any time when there are two (2) or more unaffiliated Lenders.


 




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“Responsible
Officer” means, with respect to Borrower, the chief executive officer, president, chief financial officer, chief accounting
officer, treasurer, assistant treasurer, controller, general counsel or chief legal officer or the chief operating officer of
such Person.


 


“Restricted
Payments” means dividends on or other distributions in respect of any class or series of Stock, Stock Equivalents or
other equity interests of the Borrower or its Subsidiaries or the direct or indirect purchase, redemption, acquisition, or retirement
of any of the Borrower’s or a Subsidiaries’ Stock, Stock Equivalents or other equity interest.


 


“Revolver
Percentage” means, for each Revolving Lender, the percentage of the Revolving Credit Commitments represented by such
Revolving Lender’s Revolving Credit Commitment or, if the Revolving Credit Commitments have been terminated or have expired,
the percentage held by such Lender of the aggregate principal amount of all Revolving Loans then outstanding.


 


“Revolving
Credit” means the credit facility for making Revolving Loans and issuing Letters of Credit described in Sections 1.1
and 1.3 hereof.


 


“Revolving
Credit Commitment” means, as to any Lender, the obligation of such Lender to make Revolving Loans and to participate
in Letters of Credit issued for the account of the Borrower hereunder in an aggregate principal or face amount at any one time
outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 1 attached hereto and made a part
hereof, as the same may be reduced or modified at any time or from time to time pursuant to the terms hereof. The Borrower, the
Administrative Agent and the Lenders acknowledge and agree that the Revolving Credit Commitments of the Lenders, in the aggregate,
are equal to $225,000,000 on the Closing Date.


 


“Revolving
Credit Commitment Amount Increase” is defined in Section 1.15 hereof.


 


“Revolving
Credit Termination Date” means the earliest of (i) the Stated Revolving Credit Termination Date, as such date may be
extended pursuant to Section 1.16 hereof, and (ii) the date on which the Revolving Credit Commitments are terminated in whole
pursuant to Section 1.12, 9.2 or 9.3 hereof.


 


“Revolving
Lender” means a lender hereunder with a Revolving Credit Commitment including each assignee Lender pursuant to Section
12.12 hereof.


 


“Revolving
Loan” is defined in Section 1.1 hereof and, as so defined, includes a Base Rate Loan or a Eurodollar Loan, each of which
is a “type” of Revolving Loan hereunder.


 


“Revolving
Note” is defined in Section 1.10 hereof.


 




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“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by
OFAC (including the OFAC SDN List), the United States Department of State, the United Nations Security Council, the European Union,
any European Union member state, Her Majesty’s Treasury of the United Kingdom, or any other relevant sanctions authority,
(b) any Person located, organized or resident in a Designated Jurisdiction or (c) any Person owned or controlled by any such Person
or Persons described in clauses (a) or (b) above.


 


“Sanctions”
means all economic or financial sanctions, sectoral sanctions, secondary sanctions or trade embargoes imposed, administered
or enforced from time to time by (a) the United States government (including those administered by OFAC or the United States Department
of State) or (b) the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s
Treasury of the United Kingdom, or any other relevant sanctions authority with jurisdiction over any Loan Party or any of their
respective Subsidiaries or Affiliates.


 


“S&P”
means Standard & Poor’s Ratings Services Group, a Standard & Poor’s Financial Services LLC business and
any successor thereto.


 


“Stated
Revolving Credit Termination Date” means January 31, 2024.


 


“Stock”
means shares of capital stock, beneficial or partnership interests, participations or other equivalents (regardless of how
designated) of or in a corporation or equivalent entity, whether voting or non-voting, and includes, without limitation, common
stock, but excluding any preferred stock or other preferred equity securities.


 


“Stock
Equivalents” means all securities (other than Stock) convertible into or exchangeable for Stock at the option of the
holder, and all warrants, options or other rights to purchase or subscribe for any stock, whether or not presently convertible,
exchangeable or exercisable.


 


“Subsidiary”
means, as to any particular parent corporation or organization, any other corporation or organization more than 50% of the
outstanding Voting Stock of which is at the time directly or indirectly owned by such parent corporation or organization or by
any one or more other entities which are themselves subsidiaries of such parent corporation or organization. Unless otherwise
expressly noted herein, the term “Subsidiary” means a Subsidiary of the Borrower or of any of its direct or
indirect Subsidiaries.


 


“Subsidiary
Guaranty” and “Subsidiary Guaranties” are defined in Section 4.1 hereof.


 


“Swap
Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or
transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.


 




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“Tangible
Net Worth” means, of any date of determination, the consolidated stockholders’ equity of the Borrower, plus
accumulated depreciation and amortization, minus (to the extent included when determining stockholders’ equity):
(a) the amount of any write-up in the book value of any assets (other than marketable securities) reflected in any balance sheet
resulting from revaluation thereof or any write up in excess of the cost of such assets acquired, and (b) the aggregate of all
amounts appearing on the assets side of any such balance sheet for franchises, licenses, permits, patents, patent applications,
copyrights, trademarks, service marks, trade names, goodwill, treasury stock, experimental or organizational expenses and other
like assets which would be classified as intangible assets under GAAP, all determined on a consolidated basis.


 


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


 


“Tenant”
means any Person leasing, subleasing or otherwise occupying any portion of a Real Property under a Lease.


 


“Term
Credit” mean the credit facility for the Term Loans described in Section 1.2 hereof.


 


“Term
Credit Maturity Date” means January 31, 2025.


 


“Term
Loan” is defined in Section 1.2 and, as so defined, includes a Base Rate Loan or a Eurodollar Loan, each of which is
a “type” of Term Loan hereunder.


 


“Term
Loan Commitment” means, as to any Lender, the obligation of such Lender to make its Term Loans on the Closing Date in
the principal amount hereunder not to exceed the amount set forth opposite such Lender’s name on Schedule 1 attached hereto
and made a part hereof. The Borrower and the Lenders acknowledge and agree that the Term Loan Commitments of the Lenders aggregate
to $75,000,000 on the Closing Date.


 


“Term
Loan Note” is defined in Section 1.10 hereof.


 


“Term
Loan Percentage” means, for each Lender, the percentage of the Term Loan Commitments represented by such Lender’s
Term Loan Commitments or, if the Term Loan Commitments have been terminated or have expired, the percentage held by such Lender
of the aggregate principal amount of all Term Loans then outstanding.


 


“Termination
Date” means the earliest of (i) with respect to the Revolving Credit Commitment, the Revolving Credit Termination Date,
(ii) with respect to the Term Loan Commitment, the Term Credit Maturity Date, and (iii) the date on which the Commitments are
terminated in whole pursuant to Section 1.12, 9.2 or 9.3 hereof.


 


“Total
Asset Value” means, as of any date of determination, the sum of (a) Total Real Estate Asset Value, (b) Borrower’s
consolidated cash and Cash Equivalents, and (c) Borrower’s consolidated marketable securities available for sale.


 




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“Total
Indebtedness” means, as of any date of determination , the sum of (a) Borrower’s consolidated Indebtedness including
all recourse and non-recourse mortgage debt, letters of credit, net obligations under uncovered Hedging Agreements, contingent
obligations to the extent the obligations are binding, unsecured debt, Capitalized Lease Obligations (including Ground Leases),
guarantees of Indebtedness (excluding traditional carve-outs relating to non-recourse debt obligations), subordinated debt, all
consolidated secured debt of the Borrower, (b) the aggregate outstanding principal amount of Loans and L/C Obligations, and (c)
amounts outstanding under any margin line facilities of the Borrower.


 


“Total
Real Estate Asset Value” means, as of any date of determination, the value derived by taking the aggregate consolidated
NOI from the Real Estate Assets and capitalizing it by using the Capitalization Rate.


 


“Total
Secured Recourse Indebtedness” means, as of any date of determination, the amount of Total Indebtedness (including the
face amount of all outstanding letters of credit) which is recourse to, or has a deficiency guaranty provided by, the Borrower
(directly or by a guaranty thereof, but without duplication) and is secured by a Lien, but excluding Customary Recourse Exceptions.
For the avoidance of doubt, if any such Indebtedness is partially guaranteed by the Borrower, then solely the portion of such
Indebtedness that is so guaranteed shall constitute Total Secured Recourse Indebtedness for purposes of this definition.


 


“Total
Unencumbered Asset Value” means, as of any date of determination, the sum of (a) Total Unencumbered Real Estate Asset
Value, (b) Borrower’s consolidated cash and Cash Equivalents that are not subject to any Lien, and (c) Borrower’s
consolidated marketable securities available for sale that are not subject to any Lien.


 


“Total
Unencumbered Real Estate Asset Value” means, as of any date of determination, the value derived by taking the aggregate
consolidated NOI from the Unencumbered Real Estate Assets and capitalizing it by using the Capitalization Rate.


 


“Total
Unsecured Indebtedness” means, as of any date of determination, the amount of Total Indebtedness (including the face
amount of all outstanding letters of credit) which is not secured by any Lien.


 


“Unencumbered
Real Estate Asset” means, as of any date of determination, any Real Estate Asset that is not subject to a Lien and is
owned by a Borrower or Subsidiary whose equity interest is not subject to any Lien.


 


“Unfunded
Vested Liabilities” means, for any Plan at any time, the amount (if any) by which the present value of all vested nonforfeitable
accrued benefits under such Plan exceeds the fair market value of all Plan assets allocable to such benefits, all determined as
of the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential liability
of a member of the Controlled Group to the PBGC or the Plan under Title IV of ERISA.


 


“Unsecured
Leverage Ratio” means, as at any date of determination, the ratio of (i) Total Unsecured Indebtedness as of such date
to (ii) Total Unencumbered Asset Value as of such date.


 




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“Unused
Revolving Credit Commitments” means, at any time, the difference between the Revolving Credit Commitments then in effect
and the aggregate outstanding principal amount of Revolving Loans and L/C Obligations.


 


“U.S.
Dollars” and “$” each means the lawful currency of the United States of America.


 


“U.S.
Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.


 


“Voting
Stock” of any Person means capital stock or other equity interests of any class or classes (however designated) having
ordinary power for the election of directors or other similar governing body of such Person, other than stock or other equity
interests having such power only by reason of the happening of a contingency.


 


“Welfare
Plan” means a “welfare plan” as defined in Section 3(1) of ERISA that provides post-retirement benefits
other than continuation coverage described in article 6 of Title I of ERISA.


 


“Withholding
Agent” means the Borrower and the Administrative Agent.


 


“Write-Down
and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of
such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.


 


Section
5.2. Interpretation. The foregoing definitions are equally applicable to both the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.”
Unless the context requires otherwise (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), (b) 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 Articles, Sections, Exhibits and Schedules
shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (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, and (f) the words “asset” and “property” shall be construed to have the same meaning
and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights. All references to time of day herein are references to Chicago, Illinois, time unless otherwise specifically
provided. Where the character or amount of any asset or liability or item of income or expense is required to be determined or
any consolidation or other accounting computation is required to be made for the purposes of this Agreement, it shall be done
in accordance with GAAP except where such principles are inconsistent with the specific provisions of this Agreement.


 




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Section
5.3. Change in Accounting Principles. If, after the date of this Agreement, there shall occur any change in GAAP from those
used in the preparation of the financial statements referred to in Section 6.5 hereof and such change shall result in a change
in the method of calculation of any financial covenant, standard or term found in this Agreement, either the Borrower or the Required
Lenders may, by written notice to the Lenders and the Borrower, respectively, require that the Lenders and the Borrower negotiate
in good faith to amend such covenants, standards, and terms so as equitably to reflect such change in accounting principles, with
the desired result being that the criteria for evaluating the financial condition of the Borrower and its Subsidiaries shall be
the same as if such change had not been made. No delay by the Borrower or the Required Lenders in requiring such negotiation shall
limit their right to so require such a negotiation at any time after such a change in accounting principles. Until any such covenant,
standard, or term is amended in accordance with this Section 5.3, financial covenants shall be computed and determined in accordance
with GAAP in effect prior to such change in accounting principles. Without limiting the generality of the foregoing, the Borrower
shall neither be deemed to be in compliance with any financial covenant hereunder nor out of compliance with any financial covenant
hereunder if such state of compliance or noncompliance, as the case may be, would not exist but for the occurrence of a change
in accounting principles after the Closing Date. Notwithstanding anything to the contrary contained herein or in the definition
of “Capital Lease” or “Capitalized Lease Obligation”, in the event of an accounting change requiring all
leases to be capitalized, only those leases (assuming for purposes hereof that such leases were in existence on the date hereof)
that would constitute Capital Leases in conformity with GAAP on the date hereof shall be considered Capital Leases, and all calculations
and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance therewith.


 


Section
5.4. Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division (whether under
Delaware law or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability
of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred
from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed
to have been organized on the first date of its existence by the holders of its equity interests at such time.


 


Section
6. Representations and Warranties.


 


The
Borrower and each Guarantor represents and warrants to the Administrative Agent, the Lenders, and the L/C Issuer as follows:


 


Section
6.1. Organization and Qualification. The Borrower is duly organized, validly existing, and in good standing as a corporation
under the laws of the State of Maryland. The Borrower has full and adequate power to own its Property and conduct its business
as now conducted, and is duly licensed or qualified and in good standing in each jurisdiction in which the nature of the business
conducted by it or the nature of the Property owned or leased by it requires such licensing or qualifying, except to the extent
that the failure to do so would not have a Material Adverse Effect.


 




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Section
6.2. Subsidiaries. Each Subsidiary is (a) duly organized, validly existing, and in good standing under the laws of the jurisdiction
in which it is organized and (b) has full and adequate power to own its Property and conduct its business as now conducted, and
is duly licensed or qualified and in good standing in each jurisdiction in which the nature of the business conducted by it or
the nature of the Property owned or leased by it requires such licensing or qualifying, except in each case referred to in clause
(b) to the extent that the failure to do so would not have a Material Adverse Effect. Schedule 6.2 hereto is a correct and complete
copy of the organizational chart of the Borrower and its Subsidiaries as of the Closing Date (including with respect to future
periods as to which this representation is required to be remade, as updated from time to time as provided in Section 8.5(l))
and identifies the jurisdiction of organization of the Borrower and each Subsidiary. All of the outstanding shares of capital
stock and other equity interests of each Subsidiary are validly issued and outstanding and, with respect to Subsidiaries that
are corporations, fully paid and nonassessable, and all such shares and other equity interests indicated on Schedule 6.2 as owned
by the Borrower or a Subsidiary are owned, beneficially and of record, by the Borrower or such Subsidiary free and clear of all
Liens (other than Permitted Liens). There are no outstanding commitments or other obligations of the Borrower or any Subsidiary
of the Borrower to issue, and no options, warrants or other rights of any Person to acquire, any shares of any class of capital
stock or other equity interests of the Borrower or any Subsidiary of the Borrower.


 


Section
6.3. Authority and Validity of Obligations. The Borrower has full right and authority to enter into this Agreement and the
other Loan Documents executed by it, to make the borrowings herein provided for, and to perform all of its obligations hereunder
and under the other Loan Documents executed by it. Each Guarantor has full right and authority to enter into the Loan Documents
executed by it, to guarantee the Obligations, Hedging Liability, and Bank Product Obligations, and to perform all of its obligations
under the Loan Documents executed by it. The Loan Documents delivered by the Borrower and each Guarantor have been duly authorized,
executed, and delivered by such Persons and constitute valid and binding obligations of the Borrower and each Guarantor enforceable
against them in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance
or similar laws affecting creditors’ rights generally and general principles of equity (regardless of whether the application
of such principles is considered in a proceeding in equity or at law); and this Agreement and the other Loan Documents do not,
nor does the performance or observance by the Borrower or any Guarantor of any of the matters and things herein or therein provided
for, (a) contravene or constitute a default under any provision of law or any judgment, injunction, order or decree binding upon
the Borrower or any Guarantor or any provision of the organizational documents (e.g., charter, certificate or articles
of incorporation and bylaws, certificate or articles of association and operating agreement, partnership agreement, or other similar
organizational documents) of the Borrower or any Guarantor, (b) contravene or constitute a default under any covenant, indenture
or agreement of or affecting the Borrower or any Guarantor or any of their Property, in each case where such contravention or
default, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect, or (c) result in the
creation or imposition of any Lien on any Property of the Borrower or any Guarantor (other than in favor of the Administrative
Agent for its benefit and/or the benefit of the Lenders and the L/C Issuer).


 




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Section
6.4. Use of Proceeds; Margin Stock. The Borrower shall use the proceeds of the Term Loans, the Incremental Term Loans (if
any) and the Revolving Credit to refinance existing indebtedness, to fund acquisitions, to finance capital expenditures and working
capital, for general corporate purposes and to fund certain fees and expenses due to the Administrative Agent and/or Lenders as
contemplated herein. Neither the Borrower nor any Guarantor is engaged in the business of extending credit for the purpose of
purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System),
and no part of the proceeds of any Loan or any other extension of credit made hereunder will be used to purchase or carry any
such margin stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock. Margin stock
(as hereinabove defined) constitutes less than 25% of the assets of the Borrower and the Guarantors.


 


Section
6.5. Financial Reports. The consolidated balance sheet of the Borrower and its Subsidiaries as of September 30, 2018, and
the related consolidated statements of income, retained earnings and cash flows of the Borrower and its Subsidiaries for the Fiscal
Year then ended, and the consolidated balance sheet of the Borrower and its Subsidiaries as of June 30, 2019, and the related
consolidated statements of income, retained earnings and cash flows of the Borrower and its Subsidiaries for the Fiscal Quarter
then ended, and accompanying notes thereto, which financial statements are accompanied by the unqualified audit report of independent
public accountants heretofore furnished to the Administrative Agent and the Lenders, fairly present, in all material respects,
the consolidated financial condition of the Borrower and its Subsidiaries as at said dates and the consolidated results of their
operations and cash flows for the periods then ended in conformity with GAAP applied on a consistent basis. None of the Borrower
or any Subsidiary has contingent liabilities which are material to it other than as indicated on such financial statements (or
with respect to future periods, on the financial statements furnished pursuant to Section 8.5 hereof).


 


Section
6.6. No Material Adverse Change. Since September 30, 2018, there has been no change in the business, financial condition,
operations, performance or properties of the Borrower or any Subsidiary, which would reasonably be expected to have a Material
Adverse Effect.


 


Section
6.7. Full Disclosure. The statements and information furnished to the Administrative Agent and the Lenders in connection with
the negotiation of this Agreement and the other Loan Documents and the commitments by the Lenders to provide all or part of the
financing contemplated hereby do not contain any untrue statements of a material fact or omit a material fact necessary to make
the material statements contained herein or therein, not misleading, the Administrative Agent and the Lenders acknowledging that
as to any projections furnished to the Administrative Agent and the Lenders, the Borrower only represents that the same were prepared
on the basis of information and estimates the Borrower believed to be reasonable. As of the Closing Date, the information included
in the Beneficial Ownership Certification, as updated in accordance with Section 8.5(k), is true and correct in all respects.


 




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Section
6.8. Trademarks, Franchises, and Licenses. The Borrower and its Subsidiaries own, possess, or have the right to use all patents,
licenses, franchises, trademarks, trade names, trade styles, copyrights, trade secrets, know how, and confidential commercial
and proprietary information to conduct their businesses as now conducted, without known conflict with any patent, license, franchise,
trademark, trade name, trade style, copyright or other proprietary right of any other Person except, in each case, where the failure
to do so would not have a Material Adverse Effect.


 


Section
6.9. Governmental Authority and Licensing. The Borrower and its Subsidiaries have received all licenses, permits, and approvals
of all federal, state, and local governmental authorities, if any, necessary to conduct their businesses, in each case where the
failure to obtain or maintain the same would reasonably be expected to have a Material Adverse Effect. No investigation or proceeding,
which, if adversely determined, could reasonably be expected to result in revocation or denial of any material license, permit
or approval, is pending or, to the knowledge of the Borrower, threatened except where such revocation or denial would not reasonably
be expected to have a Material Adverse Effect.


 


Section
6.10. Good Title. The Borrower and its Subsidiaries have good and defensible title (or valid leasehold interests) to their
assets as reflected on the most recent consolidated balance sheet of the Borrower and its Subsidiaries furnished to the Administrative
Agent and the Lenders (except for sales of assets in the ordinary course of business). The assets owned by the Borrower and each
Guarantor are subject to no Liens, other than Permitted Liens.


 


Section
6.11. Litigation and Other Controversies. There is no litigation or governmental or arbitration proceeding or labor controversy
pending, nor to the knowledge of the Borrower threatened, against the Borrower or any Subsidiary or any of their Property which
if adversely determined, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect other
than as set forth on Schedule 6.11.


 


Section
6.12. Taxes. All tax returns required to be filed by the Borrower or any Subsidiary in any jurisdiction have, in fact, been
filed, and all Taxes upon the Borrower or any Subsidiary or upon any of its Property, income or franchises, which are shown to
be due and payable in such returns, have been paid, except such taxes, assessments, fees and governmental charges, if any, as
are being contested in good faith and by appropriate proceedings which prevent enforcement of the matter under contest and as
to which adequate reserves established in accordance with GAAP have been provided. Adequate provisions in accordance with GAAP
for material taxes on the books of the Borrower and each Subsidiary have been made for all open years, and for its current fiscal
period.


 


Section
6.13. Approvals. No authorization, consent, license or exemption from, or filing or registration with, any court or governmental
department, agency or instrumentality, nor any approval or consent of any other Person, is or will be necessary to the valid execution,
delivery or performance by the Borrower or any Guarantor of any Loan Document.


 


Section
6.14. Affiliate Transactions. Except as permitted by Section 8.14 hereof, neither the Borrower nor any Subsidiary is a party
to any contracts or agreements with any of its Affiliates on terms and conditions which are less favorable to the Borrower or
such Subsidiary than would be usual and customary in similar contracts or agreements between Persons not affiliated with each
other.


 






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Section
6.15. Investment Company. Neither the Borrower nor any Subsidiary is an “investment company” or a company “controlled”
by an “investment company” within the meaning of the Investment Company Act of 1940, as amended.


 


Section
6.16. ERISA. The Borrower and each other member of its Controlled Group has fulfilled its obligations under the minimum funding
standards of and is in compliance in all material respects with ERISA and the Code to the extent applicable to it and has not
incurred any liability to the PBGC or a Plan under Title IV of ERISA other than a liability to the PBGC for premiums under Section
4007 of ERISA. Neither the Borrower nor any Subsidiary has any contingent liabilities with respect to any post-retirement benefits
under a Welfare Plan, other than liability for continuation coverage described in article 6 of Title I of ERISA.


 


Section
6.17. Compliance with Laws. (a) The Borrower and its Subsidiaries are in compliance with the requirements of all Legal Requirements
applicable to or pertaining to their Property or business operations (including, without limitation, the Occupational Safety and
Health Act of 1970, the Americans with Disabilities Act of 1990, zoning regulations and laws and regulations establishing quality
criteria and standards for air, water, land and toxic or hazardous wastes and substances), where any such non-compliance, individually
or in the aggregate, would reasonably be expected to have a Material Adverse Effect.


 


(b)
Without limiting the representations and warranties set forth in Section 6.17(a) above, except for such matters, individually
or in the aggregate, which would not reasonably be expected to result in a Material Adverse Effect, the Borrower represents and
warrants that: (i) the Borrower and its Subsidiaries, and each of the Real Properties, comply in all material respects with all
applicable Environmental Laws; (ii) the Borrower and its Subsidiaries have obtained all governmental approvals required for their
operations and each of the Real Properties by any applicable Environmental Law; (iii) the Borrower and its Subsidiaries have not,
and the Borrower has no knowledge of any other Person who has, caused any Release, threatened Release or disposal of any Hazardous
Material at, on, about, or off any of the Real Properties in any material quantity and, to the knowledge of the Borrower, none
of the Real Properties are adversely affected by any Release, threatened Release or disposal of a Hazardous Material originating
or emanating from any other property; (iv) the Borrower and its Subsidiaries have no notice or knowledge that the Real Properties
contain or have contained any: (1) underground storage tank or material amounts of asbestos containing building material, (2)
landfills or dumps, (3) hazardous waste management facility as defined pursuant to RCRA or any comparable state law, or (4) site
on or nominated for the National Priority List promulgated pursuant to CERCLA or any state remedial priority list promulgated
or published pursuant to any comparable state law; (v) the Borrower and its Subsidiaries have not used a material quantity of
any Hazardous Material and have conducted no Hazardous Material Activity at any of the Real Properties; (vi) the Borrower and
its Subsidiaries have no material liability for response or corrective action, natural resource damage or other harm pursuant
to CERCLA, RCRA or any comparable state law; (vii) the Borrower and its Subsidiaries are not subject to, have no notice or knowledge
of and are not required to give any notice of any Environmental Claim involving the Borrower or any Subsidiary or any of the Real
Properties, and there are no conditions or occurrences at any of the Real Properties which could reasonably be anticipated to
form the basis for an Environmental Claim against the Borrower or any Subsidiary or such Real Properties; (viii) none of the Real
Properties are subject to any, and the Borrower has no knowledge of any imminent restriction on the ownership, occupancy, use
or transferability of the Real Properties in connection with any (1) Environmental Law or (2) Release, threatened Release or disposal
of a Hazardous Material; and (ix) there are no conditions or circumstances at any of the Real Properties which pose an unreasonable
risk to the environment or the health or safety of Persons.


 






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Section
6.18. Sanctions; Anti-Money Laundering Laws and Anti-Corruption Laws . (a) None of the Loan Parties, any of their Subsidiaries,
any director, officer or employee of any Loan Party or any of their Subsidiaries, nor, to the knowledge of the Borrower, any agent
or representative of any Loan Party or any of their Subsidiaries, is a Sanctioned Person or currently the subject or target of
any Sanctions.


 


(b)
The Loan Parties, each of their Subsidiaries, each of the Loan Parties’ and their Subsidiaries’ respective directors,
officers and employees, and, to the knowledge of the Borrower, each of the Loan Parties’ and their Subsidiaries’ respective
agents and representatives, is in compliance with all applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.


 


(c)
The Loan Parties and their Subsidiaries have instituted and maintain in effect policies and procedures reasonably designed to
ensure compliance by the Loan Parties, their Subsidiaries, and the Loan Parties’ and their Subsidiaries’ respective
directors, officers, employees and agents with all applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.


 


Section
6.19. Other Agreements. Neither the Borrower nor any Subsidiary is in default under the terms of any covenant, indenture or
agreement of or affecting such Person or any of its Property, which default, if uncured, would reasonably be expected to have
a Material Adverse Effect.


 


Section
6.20. Solvency. The Borrower and its Subsidiaries are solvent, able to pay their debts as they become due, and have sufficient
capital to carry on their business and all businesses which are currently contemplated to be undertaken by them.


 


Section
6.21. No Default. No Default or Event of Default has occurred and is continuing.


 


Section
6.22. No Broker Fees. No broker’s or finder’s fee or commission will be payable with respect hereto or any of
the transactions contemplated thereby; and the Borrower hereby agrees to indemnify the Administrative Agent and the Lenders against,
and agrees that it will hold the Administrative Agent and the Lenders harmless from, any such claim, demand, or liability for
any such broker’s or finder’s fees alleged to have been incurred by the Borrower in connection herewith or therewith
and any out-of-pocket expenses (including reasonable attorneys’ fees) arising in connection with any such claim, demand,
or liability.


 






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Section
6.23. Condition of Property; Casualties; Condemnation. Except to the extent that the same would not reasonably be expected
to result in a Material Adverse Effect, each Real Property, (a) is in good repair, working order and condition, normal wear and
tear excepted, (b) is free of structural defects, (c) is not subject to material deferred maintenance, (d) has and will have all
building systems contained therein in good repair, working order and condition, normal wear and tear excepted and (e) is not located
in a flood plain or flood hazard area, or if located in a flood plain or flood hazard area is covered by full replacement cost
(or otherwise in compliance with the Federal Flood Disaster Protection Act of 1973 or any successor statute thereto) flood insurance.
For the avoidance of doubt, in no event shall the representations contained in the foregoing clause (a) through (d) be deemed
to be applicable to any Property owned by a Tenant. None of the Real Properties is currently materially adversely affected as
a result of any fire, explosion, earthquake, flood, drought, windstorm, accident, strike or other labor disturbance, embargo,
requisition or taking of property or cancellation of contracts, permits or concessions by a Governmental Authority, riot, activities
of armed forces or acts of God or of any public enemy which is not in the process of being repaired. No condemnation or other
like proceedings that has had, or would reasonably be expected to result in, a Material Adverse Effect, is pending, served or,
to the knowledge of the Borrower, threatened against any Real Property. Promptly after the request of the Administrative Agent,
the Borrower shall deliver a current property condition report, in form and substance reasonably acceptable to the Administrative
Agent from an independent engineering or architectural firm reasonably acceptable to the Administrative Agent, with respect to
any Borrowing Base Property specified by Administrative Agent that, in the reasonable determination of the Administrative Agent,
has a maintenance or structural issue that would materially and adversely affect the value or use of such Eligible Property.


 


Section
6.24. Legal Requirements and Zoning. Except where the failure of any of the following to be true and correct would not have
a Material Adverse Effect, the use and operation of each Real Property constitutes a legal use (including legally nonconforming
use) under applicable zoning regulations (as the same may be modified by special use permits or the granting of variances) and
complies in all material respects with all Legal Requirements, and does not violate in any material respect any approvals, restrictions
of record or any material agreement affecting any such Real Property (or any portion thereof).


 


Section
6.25. REIT Status. The Borrower (a) is a REIT, (b) has not revoked its election to be a REIT, and (c) for its current “tax
year” as defined in the Code is and for all prior tax years subsequent to its election to be a REIT has been entitled to
a dividends paid deduction which meets the requirements of Section 857 of the Code.


 


Section
6.26. EEA Financial Institution. No Borrower or Guarantor is an EEA Financial Institution.


 


Section
7. Conditions Precedent.


 


Section
7.1. All Credit Events. At the time of each Credit Event:


 


(a)
each of the representations and warranties set forth herein and in the other Loan Documents shall be and remain true and correct
in all material respects where not already qualified by materiality or Material Adverse Effect, otherwise in all respects as of
said time, except to the extent the same expressly relate to an earlier date, in which case the same shall be true and correct
in all material respects where not already qualified by materiality or Material Adverse Effect, otherwise in all respects as of
such earlier date;


 




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(b)
no Default or Event of Default shall have occurred and be continuing or would occur as a result of such Credit Event and, after
giving effect to such extension of credit, the Credit Availability, as then determined and computed, shall be no less than $0;


 


(c)
in the case of a Borrowing, the Administrative Agent shall have received the notice required by Section 1.6 hereof, and the L/C
Issuer shall have received (i) in the case of the issuance of any Letter of Credit, a duly completed Application for such Letter
of Credit together with any fees called for by Section 2.1 hereof, and (ii) in the case of an extension or increase in the amount
of a Letter of Credit, a written request therefor, in a form acceptable to the L/C Issuer, together with any fees called for by
Section 2.1 hereof; and


 


(d)
such Credit Event shall not violate any order, judgment or decree of any court or other authority or any provision of law or regulation
applicable to the Administrative Agent, the L/C Issuer or any Lender (including, without limitation, Regulation U of the Board
of Governors of the Federal Reserve System) as then in effect.


 


Each
request for a Borrowing hereunder and each request for the issuance of, increase in the amount of, or extension of the expiration
date of, a Letter of Credit shall be deemed to be a representation and warranty by the Borrower on the date on such Credit Event
as to the facts specified in subsections (a) through (c), inclusive, of this Section 7.1; provided, however, that the Lenders
may continue to make advances under the Revolving Credit, in the sole discretion of the Lenders, notwithstanding the failure of
the Borrower to satisfy one or more of the conditions set forth above and any such advances so made shall not be deemed a waiver
of any Default or Event of Default or other condition set forth above that may then exist.


 


Section
7.2. Initial Credit Event. Before or concurrently with the initial Credit Event:


 


(a)
the Administrative Agent shall have received this Agreement duly executed by the Borrower, each Guarantor, and the Lenders;


 


(b)
if requested by any Lender, the Administrative Agent shall have received, a Note (or an amended and restated note, if applicable)
payable to such Lender and duly executed Note of the Borrower dated the Closing Date and otherwise in compliance with the provisions
of Section 1.10 hereof;


 


(c)
the Administrative Agent shall have received evidence of insurance required to be maintained under the Loan Documents;


 




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(d)
the Administrative Agent shall have received certified copies of the Borrower’s and each Guarantor’s articles of incorporation
and bylaws (or comparable organizational documents) and any amendments thereto;


 


(e)
the Administrative Agent shall have received certified copies of resolutions authorizing the execution, delivery and performance
by the Borrower and each Guarantor of this Agreement and the other Loan Documents to which it is a party and the consummation
of the transactions contemplated hereby and thereby, together with specimen signatures of the persons authorized to execute such
documents on the Borrower’s and each Guarantor’s behalf;


 


(f)
the Administrative Agent shall have received copies of the certificates of good standing for the Borrower and each Guarantor (dated
no earlier than thirty (30) days prior to the Closing Date) from the office of the secretary of the state (or similar office)
of its incorporation or organization and of each state in which an Initial Borrowing Base Property is located where its ownership,
lease or operation of properties or the conduct of its business requires such qualification, except to the extent that the failure
to do so would not have a Material Adverse Effect;


 


(g)
the Administrative Agent shall have received a list of the Borrower’s Authorized Representatives;


 


(h)
the Administrative Agent shall have received the initial fees called for by Section 2.1 hereof;


 


(i)
the capital and organizational structure of the Borrower and its Subsidiaries shall be reasonably satisfactory to the Administrative
Agent;


 


(j)
the Administrative Agent shall have received (i) a copy of the audited consolidated balance sheet of the Borrower and its Subsidiaries
for the Fiscal Year ended September 30, 2018, and the consolidated statements of income, retained earnings, and cash flows of
the Borrower and its Subsidiaries for such Fiscal Year, and accompanying notes thereto, each in reasonable detail showing in comparative
form the figures for the previous Fiscal Year, (ii) a copy of the Borrower’s projections for the following two Fiscal Years
including consolidated projections of revenues, expenses and balance sheet on a quarter-by-quarter basis, with such projections
in reasonable detail prepared by the Borrower (which shall include a summary of all significant assumptions made in preparing
such projections), and (iii) an Available Amount Certificate showing the computation of the Available Amount with the inclusion
of the Initial Borrowing Base Properties, each in form and substance reasonably acceptable to the Administrative Agent;


 


(k)
intentionally omitted;


 


(l)
the Administrative Agent shall have received financing statement lien search results against the Borrower and each Guarantor evidencing
the absence of Liens on its Property except for Permitted Liens or as otherwise permitted by Section 8.7 hereof;


 




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(m)
the Administrative Agent shall have received a written opinion of counsel to the Borrower and each Guarantor, in form and substance
reasonably acceptable to the Administrative Agent;


 


(n)
the Administrative Agent shall have received a fully executed Internal Revenue Service Form W-9 for the Borrower and each Guarantor;
and the Administrative Agent and the Borrower shall have received the Internal Revenue Service Forms and any applicable attachments
required by Section 12.1(g)(ii);


 


(o)
the Administrative Agent shall have received such other agreements, instruments, documents, certificates, and opinions as the
Administrative Agent may reasonably request;


 


(p)
the Administrative Agent and any Lender shall have received any information or materials reasonably required by the Administrative
Agent or such Lender in order to assist the Administrative Agent or such Lender in maintaining compliance with (i) the USA Patriot
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) and (ii) any applicable
“know your customer” or similar rules and regulations; and


 


(q)
at least five days prior to the Closing Date, if the Borrower qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation, the Borrower shall deliver a Beneficial Ownership Certification in relation to it.


 


Section
7.3. Eligible Property Additions and Deletions of Borrowing Base Properties.


 


(a)
As of the Closing Date, the Borrower represents and warrants to the Lenders and the Administrative Agent that the Initial Borrowing
Base Properties qualify as Eligible Properties and that the information provided on Schedule 1.1 is true and correct.


 


(b)
Upon not less than ten (10) Business Days prior written notice from the Borrower to the Administrative Agent, the Borrower may,
from time to time, request that a Real Property be added (subject to the other requirements for a Real Property qualifying as
an Eligible Property) as a Borrowing Base Property, and such Real Property shall be added as a Borrowing Base Property upon Administrative
Agent’s satisfaction that the following conditions have been met (collectively, the “Eligibility Conditions”):


 


(1)
the Administrative Agent shall have received an Available Amount Certificate including the addition of such Real Property to the
Borrowing Base Value on a pro forma basis;


 




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(2)
if the Subsidiary owning such Real Property is not a Guarantor (each, a “New Guarantor”) the Administrative
Agent shall have received a duly executed Additional Guarantor Supplement from such New Guarantor, together with the following:


 


(A)
the Administrative Agent shall have received copies of such New Guarantor’s articles of incorporation and bylaws (or comparable
organizational documents) and any amendments thereto, certified in each instance by its Secretary or Assistant Secretary;


 


(B)
the Administrative Agent shall have received copies of resolutions of such New Guarantor’s Board of Directors (or similar
governing body) authorizing the execution, delivery and performance of the Loan Documents to which it is a party and the consummation
of the transactions contemplated thereby, together with specimen signatures of the persons authorized to execute such documents
on such New Guarantor’s behalf, all certified in each instance by its Secretary or Assistant Secretary or other Authorized
Representative;


 


(C)
the Administrative Agent shall have received copies of the certificates of good standing for such New Guarantor from the office
of the secretary of the state (or similar office) of its incorporation or organization and of each state in which a Borrowing
Base Property is located; and


 


(D)
the Administrative Agent shall have received a fully executed Internal Revenue Service Form W-9 for such New Guarantor;


 


(3)
the Administrative Agent shall have received financing statement, tax, and judgment lien search results against any such New Guarantor
and such Real Property evidencing the absence of Liens, except for Permitted Liens or as otherwise permitted by Section 8.7 hereof;
and


 


(4)
the Administrative Agent shall have received a certificate evidencing compliance with the Borrowing Base Requirements on a pro
forma basis.


 


(c)
In the event that any Borrowing Base Property shall at any time cease to constitute an Eligible Property, (i) the Borrower shall,
as soon as reasonably possible after obtaining knowledge thereof, notify the Administrative Agent in writing of the same and (ii)
such Real Property shall automatically cease to constitute a Borrowing Base Property from the date that the same ceased to constitute
an Eligible Property until such time as the same again qualifies as an Eligible Property and is added by the Borrower as a Borrowing
Base Property in accordance with the preceding paragraph. Similarly, in the event that the Borrowing Base Requirements shall at
any time be violated, (A) the Borrower shall, within five (5) Business Days after obtaining knowledge of such failure, notify
the Administrative Agent in writing of the same, which written notice shall include a designation by the Borrower of any Real
Property or Real Properties to be deleted as Borrowing Base Properties in order to restore compliance with the Borrowing Base
Requirements, and (B) each such Real Property shall automatically cease to constitute a Borrowing Base Property from the date
of such written notice until such time as the same is again added by the Borrower as a Borrowing Base Property in accordance with
such preceding paragraph (provided that the addition does not result in a violation of the Borrowing Base Requirements).


 




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(d)
Upon not less than three (3) Business Days prior written notice from the Borrower to the Administrative Agent, the Borrower may,
from time to time, designate that a Real Property be deleted as a Borrowing Base Property. Such notice shall be accompanied by
an Available Amount Certificate setting forth the components of the Available Amount as of the deletion of the designated Real
Property as a Borrowing Base Property, and Borrower’s certification in such detail as reasonably required by the Administrative
Agent that no Default or Event of Default is then continuing (including after taking into account the deletion of such Borrowing
Base Property), and that such deletion shall not result in a violation of the Borrowing Base Requirements. Upon the deletion of
a Real Property as a Borrowing Base Property (whether automatically or as a result of an election by the Borrower, as described
above), the Guarantor which owned such Real Property, but that does not otherwise own any other Borrowing Base Property, shall,
upon the Borrower’s written request, be released from its obligations under this Agreement or, if applicable, its separate
Subsidiary Guaranty and any other Loan Documents pursuant to lien releases and other documentation reasonably acceptable to the
Borrower and the Administrative Agent.


 


Section
8. Covenants.


 


The
Borrower and each Guarantor agrees that, so long as any credit is available to or in use by the Borrower hereunder, except to
the extent compliance in any case or cases is cured or waived in writing pursuant to the terms of Section 12.13 hereof:


 


Section
8.1. Maintenance of Existence. The Borrower shall, and shall cause each Guarantor to, preserve and maintain its existence,
except as otherwise provided in Section 8.10(c) hereof. The Borrower shall, and shall cause each Guarantor to, preserve and keep
in force and effect all licenses, permits, franchises, approvals, patents, trademarks, trade names, trade styles, copyrights,
and other proprietary rights necessary to the proper conduct of its business, except where the failure to do so would not reasonably
be expected to have a Material Adverse Effect.


 


Section
8.2. Maintenance of Properties. The Borrower shall, and shall cause each Guarantor to, maintain, preserve, and keep all of
its Property in working condition and order (ordinary wear and tear and damage by casualty excepted), and the Borrower and each
Guarantor shall, from time to time, make all necessary repairs, renewals, replacements, additions, and betterments to its Property
so that such Property shall at all times be fully preserved and maintained, except (i) to the extent that, in the reasonable business
judgment of such Person, any such Property is no longer necessary for the proper conduct of the business of such Person and (ii)
where the failure to do so would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse
Effect. The Borrower shall not, and shall not permit any Guarantor to, amend, modify or terminate any material contract or agreement
to which it is a party if such amendment, modification or termination or waiver would reasonably be expected to cause a Material
Adverse Effect.


 




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Section
8.3. Taxes and Assessments. The Borrower and each Guarantor shall, or shall cause its Tenants to, duly pay and discharge all
Taxes, rates, assessments, fees, and governmental charges upon or against it or its Property, in each case before the same become
delinquent and before penalties accrue thereon, unless and to the extent that the same are being contested in good faith and by
appropriate proceedings which prevent enforcement of the matter under contest and adequate reserves established in accordance
with GAAP are provided therefor.


 


Section
8.4. Insurance. The Borrower shall insure and keep insured, and shall cause each Subsidiary to insure and keep insured, with
financially sound and reputable insurance companies all insurable Property owned by it which is of a character usually insured
by Persons similarly situated and operating like Properties against loss or damage from such hazards and risks, and in such amounts,
as are insured by Persons similarly situated and operating like Properties; and the Borrower shall insure, and shall cause each
Subsidiary to insure, such other hazards and risks (including, without limitation, business interruption, employers’ and
public liability risks) with financially sound and reputable insurance companies as and to the extent usually insured by Persons
similarly situated and conducting similar businesses. The Borrower shall, upon the request of the Administrative Agent, furnish
to the Administrative Agent and the Lenders a certificate setting forth in summary form the nature and extent of the insurance
maintained pursuant to this Section 8.4.


 


Section
8.5. Financial Reports. The Borrower shall, and shall cause each Subsidiary to, maintain proper books of records and accounts
reasonably necessary to prepare financial statements required to be delivered pursuant to this Section 8.5 in accordance with
GAAP and shall furnish to the Administrative Agent, each Lender, the L/C Issuer and each of their duly authorized representatives
such information respecting the business and financial condition of the Borrower and each Subsidiary as the Administrative Agent
or such Lender may reasonably request; and without any request, shall furnish to the Administrative Agent, the Lenders and L/C
Issuer:


 


(a)
as soon as available, and in any event no later than ninety (90) days after the last day each Fiscal Year of the Borrower (commencing
with the Fiscal Year ended on September 30, 2019), a copy of the audited consolidated balance sheet of the Borrower and its Subsidiaries
as of the last day of the Fiscal Year then ended and the consolidated statements of income, retained earnings, and cash flows
of the Borrower and its Subsidiaries for the Fiscal Year then ended, and accompanying notes thereto, each in reasonable detail
showing in comparative form the figures for the previous Fiscal Year, accompanied by an unqualified opinion of PKF O’Connor
Davies or any other independent public accountants of recognized national standing, selected by the Borrower and the Administrative
Agent reasonably satisfactory to the Administrative Agent, to the effect that the consolidated financial statements have been
prepared in accordance with GAAP and present fairly in all material respects in accordance with GAAP the consolidated financial
condition of the Borrower and its Subsidiaries as of the close of such Fiscal Year and the results of their operations and cash
flows for the Fiscal Year then ended and that an examination of such accounts in connection with such financial statements has
been made in accordance with generally accepted auditing standards;


 




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(b)
within the period provided in subsection (a) above, the written statement of the accountants who certified the audit report thereby
required that in the course of their audit they have obtained no knowledge of any Default or Event of Default, or, if such accountants
have obtained knowledge of any such Default or Event of Default, they shall disclose in such statement the nature and period of
the existence thereof;


 


(c)
as soon as available, and in any event no later than forty-five (45) days after the last day of each of the first three Fiscal
Quarters of each Fiscal Year of the Borrower, a copy of the consolidated balance sheet of the Borrower and its Subsidiaries as
of the last day of such Fiscal Quarter and the consolidated statements of income, retained earnings, and cash flows of the Borrower
and its Subsidiaries for the Fiscal Quarter and for the Fiscal Year-to-date period then ended, each in reasonable detail showing,
in comparative form, the figures for the corresponding date and period in the previous Fiscal Year, prepared by the Borrower in
accordance with GAAP (subject to the absence of footnote disclosures and year-end audit adjustments) and certified to by its chief
financial officer or another officer of the Borrower reasonably acceptable to the Administrative Agent;


 


(d)
together with the financial statements delivered pursuant to clauses (a) and (c) above, an Available Amount Certificate showing
the computation of the Available Amount in reasonable detail as of the close of business on the last day of such Fiscal Quarter,
prepared by the Borrower and certified to by its chief financial officer or another officer of the Borrower reasonably acceptable
to the Administrative Agent;


 


(e)
with each of the financial statements delivered pursuant to subsections (a) and (c) above, a compliance certificate (“Compliance
Certificate”) in the form attached hereto as Exhibit E signed by the chief executive officer, chief financial officer,
treasurer or controller of the Borrower or another officer of the Borrower reasonably acceptable to the Administrative Agent to
the effect that to such officer’s knowledge and belief no Default or Event of Default has occurred during the period covered
by such statements or, if any such Default or Event of Default has occurred during such period, setting forth a description of
such Default or Event of Default and specifying the action, if any, taken or being taken by the Borrower or any Subsidiary to
remedy the same. Such certificate shall also set forth the calculations supporting such statements in respect of Section 8.20
hereof;


 


(f)
promptly after receipt thereof, any additional written reports, management letters or other detailed information contained in
writing concerning significant aspects of the Borrower’s, the Borrower’s or any Subsidiary’s operations and
financial affairs given to it by its independent public accountants and submitted to the board of directors (or similar governing
body) of the Borrower;


 




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(g)
promptly after the sending or filing thereof, copies of each financial statement, report, notice or proxy statement sent by the
Borrower or any Subsidiary to its stockholders or other equity holders, and copies of each regular, periodic or special report,
registration statement or prospectus (including all Form 10-K, Form 10-Q and Form 8-K reports) filed by the Borrower or any Subsidiary
with any securities exchange or the Securities and Exchange Commission or any successor agency;


 


(h)
promptly after receipt thereof, if any, a copy of each audit made by any regulatory agency of the books and records of the Borrower
or any Subsidiary or of notice of any material noncompliance with any applicable Legal Requirements relating to the Borrower or
any Subsidiary, or its business;


 


(i)
as soon as available, and in any event within sixty (60) days after the end of each Fiscal Year of the Borrower, a copy of the
Borrower’s projections for the following year including consolidated projections of revenues, expenses and balance sheet
on a quarter-by-quarter basis, with such projections in reasonable detail prepared by the Borrower and in form satisfactory to
the Administrative Agent (which shall include a summary of all significant assumptions made in preparing such projections);


 


(j)
notice of any Change of Control;


 


(k)
promptly after any knowledge thereof shall have come to the attention of any responsible officer of the Borrower, written notice
of (i) any threatened (in writing) or pending litigation or governmental or arbitration proceeding or labor controversy against
the Borrower or any Subsidiary or any of their Property which, if adversely determined, could reasonably be expected to have a
Material Adverse Effect, (ii) the occurrence of any other matter which would reasonably be expected to have a Material Adverse
Effect, (iii) the occurrence of any Default or Event of Default, or (iv) any change in the information provided in the Beneficial
Ownership Certification that would result in a change to the list of beneficial owners identified in of such certification;


 


(l)
with each of the financial statements delivered pursuant to subsections (a) and (c) above, if there have been any changes to the
organizational list of the Borrower and the Subsidiaries during the most recently ended Fiscal Quarter, a revised organizational
list, together with a summary of the changes;


 


(m)
promptly after the request the Administrative Agent or the Required Lenders, (i) any other information or report reasonably requested
by such Person(s) or (ii) information and documentation reasonably requested by the Administrative Agent or any Lender for purposes
of compliance with applicable “know your customer” requirements under the Patriot Act or other applicable Anti-Corruption
Laws and the Beneficial Ownership Regulation; and


 




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(n)
promptly and in any event within 5 Business Days after knowledge thereof, a written notice to the Administrative Agent of any
change of its Credit Rating from any Rating Agency.


 


Section
8.6. Inspection. The Borrower shall, and shall cause each Subsidiary to, permit the Administrative Agent, each Lender, the
L/C Issuer, and its duly authorized representatives and agents to visit and inspect any of its Property, corporate books, and
financial records, to examine and make copies of its books of accounts and other financial records, and to discuss its affairs,
finances, and accounts with, and to be advised as to the same by, its officers, employees and independent public accountants (and
by this provision the Borrower hereby authorizes such accountants to discuss with the Administrative Agent, such Lenders and L/C
Issuers (or any of their affiliates) the finances and affairs of the Borrower and its Subsidiaries) at such reasonable times as
the Administrative Agent may designate, with reasonable prior notice to the Borrower, provided, that the Borrower shall
not be required to pay the Administrative Agent for such inspections no more often than once in any period of twelve (12) consecutive
months unless an Event of Default has occurred and is continuing. The Administrative Agent shall use reasonable efforts to coordinate
inspections undertaken in accordance with this Section 8.6 to (i) minimize the administrative burden of such inspections on the
Borrower and their Subsidiaries, (ii) minimize the interference with the business of the Borrower and their Subsidiaries and (iii)
not disturb the occupancy of any Real Property by any Tenant.


 


Section
8.7. Liens. The Borrower shall not, nor shall it permit any Guarantor to, create, incur or permit to exist any Lien of any
kind on any Property owned by any such Person, other than (a) Permitted Liens and (b) Liens existing on the Closing Date and listed
in Schedule 8.7 hereto and any modification, replacement, renewal or extensions (but not increases thereof).


 


Section
8.8. Investments, Acquisitions, Loans and Advances. The Borrower shall not, nor shall it permit any Subsidiary to (i) directly
or indirectly, make, retain or have outstanding any investments (whether through the purchase of stock or obligations or otherwise)
in any Person, real property or improvements on real property, or any loans, advances, lines of credit, mortgage loans or other
financings (including pursuant to sale/leaseback transactions) to any other Person, or (ii) acquire any real property, improvements
on real property or all or any substantial part of the assets or business of any other Person or division thereof; provided,
however, that the foregoing shall not apply to nor operate to prevent, with respect to the Borrower or any Subsidiary, any
of the following:


 


(a)
investment in Cash Equivalents;


 


(b)
investments existing or contemplated on the date hereof and listed on Schedule 8.8 hereto;


 


(c)
investments in derivatives and hedges made in the ordinary course of the such Person’s business in connection with managing
risk for which the Borrower, any Guarantor or any Subsidiary has actual exposure (and not for speculative purposes) including,
without limitation, Hedging Agreements;


 




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(d)
investments in Permitted Acquisitions;


 


(e)
investments by the Borrower in one or more Guarantors or by a Guarantor in the Borrower or one or more other Guarantors;


 


(f)
investments in Mortgage Receivables not to exceed $5,000,000 in the aggregate;


 


(g)
investments in marketable securities available for sale; or


 


(h)
any other investments otherwise approved by the Required Lenders.


 


In
determining the amount of investments, acquisitions, loans, and advances permitted under this Section, investments and acquisitions
shall always be taken at the book value (as defined in GAAP) thereof, and loans and advances shall be taken at the principal amount
thereof then remaining unpaid.


 


Section
8.9. Mergers, Consolidations and Sales. Except with respect to an acquisition of an Eligible Property or otherwise with the
prior written consent of the Required Lenders (which shall not be unreasonably withheld, conditioned or delayed), the Borrower
shall not, nor shall it permit any Subsidiary to, be a party to any merger or consolidation, or sell, transfer, lease or otherwise
dispose of all or any part of its Property, including any disposition of Property as part of a sale and leaseback transaction,
or enter into any joint venture; provided, however, so long as no Default or Event of Default is then continuing, this
Section shall not apply to nor operate to prevent:


 


(a)
the sale, transfer, lease or other disposition of Property of the Borrower or any of its Subsidiaries to one another in the ordinary
course of its business;


 


(b)
the merger of any Subsidiary with and into the Borrower or any other Subsidiary, provided that, in the case of any merger
involving the Borrower, the Borrower is the entity surviving the merger;


 


(c)
the sale, transfer or other disposition of any tangible personal property in the ordinary course of business;


 


(d)
Leases of portions of any Real Property to Tenants;


 


(e)
any sale, transfer, lease or other disposition of Property of the Borrower or any Subsidiary (including any disposition of Property
as part of a sale and leaseback transaction) that is not otherwise expressly permitted by the foregoing clauses and for net consideration
that is not more than twenty percent (20%) of the Total Asset Value on the last day of the Fiscal Quarter immediately preceding
such sale, transfer, lease or other disposition;


 




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(f)
the Borrower may issue or sell equity interests; provided, that the Borrower shall remain in compliance with the definition
of Change of Control; and


 


(g)
to the extent constituting an Investment, transactions expressly permitted under Section 8.8, and the sale or disposition thereof,
including, without limitation, Borrower’s portfolio of securities investments.


 


Section
8.10. Maintenance of Subsidiaries. The Borrower shall not assign, sell or transfer, nor shall it permit any of its Subsidiaries
to issue, assign, sell or transfer, any shares of capital stock or other equity interests of any of the Borrower’s Subsidiaries
that are Guarantors to any Person that is not a wholly-owned direct or indirect subsidiary of the Borrower; provided, however,
that the foregoing shall not operate to prevent (a) Liens on the capital stock or other equity interests of Guarantors granted
to the Administrative Agent, (b) the issuance, sale and transfer to any Person of any shares of capital stock of a Guarantor solely
for the purpose of qualifying, and to the extent legally necessary to qualify, such person as a director of such Guarantor, and
(c) any transaction permitted by Section 8.9(b) above.


 


Section
8.11. ERISA. The Borrower shall, and shall cause each Subsidiary to, promptly pay and discharge all obligations and liabilities
arising under ERISA of a character which if unpaid or unperformed could reasonably be expected to result in the imposition of
a Lien against any of its Property. The Borrower shall, and shall cause each Subsidiary to, promptly notify the Administrative
Agent and each Lender of: (a) the occurrence of any reportable event (as defined in Section 4043 of ERISA) with respect to a Plan,
(b) receipt of any notice from the PBGC of its intention to seek termination of any Plan or appointment of a trusteetherefor,
(c) its intention to terminate or withdraw from any Plan, and (d) the occurrence of any event with respect to any Plan which would
result in the incurrence by the Borrower or any Subsidiary of any material liability, fine or penalty, or any material increase
in the contingent liability of the Borrower or any Subsidiary with respect to any post-retirement Welfare Plan benefit. The Borrower
shall not, and shall not permit any Subsidiary to, permit any of its respective assets to become or be deemed to be “plan
assets” within the meaning of ERISA, the Code or any of the respective regulations promulgated thereunder.


 


Section
8.12. Compliance with Laws. (a) The Borrower shall, and shall cause each Subsidiary to, comply in all respects with all Legal
Requirements applicable to or pertaining to its Property or business operations, where any such noncompliance, individually or
in the aggregate, would reasonably be expected to have a Material Adverse Effect or result in a Lien upon any of its Property.


 




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(b)
The Borrower shall, and shall cause each Subsidiary to, at all times, do the following to the extent the failure to do so, individually
or in the aggregate, would reasonably be expected to have a Material Adverse Effect: (i) comply in all material respects with,
and maintain each of the Real Properties in compliance in all material respects with, all applicable Environmental Laws; (ii)
require that each Tenant of any of the Real Properties or any part thereof comply in all material respects with all applicable
Environmental Laws; (iii) obtain and maintain in full force and effect all material governmental approvals required by any applicable
Environmental Law for operations at each of the Real Properties; (iv) cure any material violation of applicable Environmental
Laws by it or at any of the Real Properties; (v) not allow the presence or operation at any of the Real Properties of any (1)
landfill or dump or (2) hazardous waste management facility or solid waste disposal facility as defined pursuant to RCRA or any
comparable state law; (vi) not manufacture, use, generate, transport, treat, store, release, dispose or handle any Hazardous Material
at any of the Properties except in the ordinary course of its business and in de minimis amounts; (vii) within ten (10)
Business Days after receipt of written notice of the same in connection with the Borrower, any Subsidiary or any of the Real Properties,
notify the Administrative Agent in writing of, and provide any reasonably requested documents with respect to, any of the following:
(1) any material liability for response or corrective action, natural resource damage or other harm pursuant to CERCLA, RCRA or
any comparable state law; (2) any material Environmental Claim; (3) any material violation of an Environmental Law or material
Release, threatened Release or disposal of a Hazardous Material; (4) any restriction on the ownership, occupancy, use or transferability
arising pursuant to any (x) Release, threatened Release or disposal of a Hazardous Material or (y) Environmental Law; or (5) any
environmental, natural resource, health or safety condition which would reasonably be expected to have a Material Adverse Effect;
(viii) conduct, at its expense, any investigation, study, sampling, testing, abatement, cleanup, removal, remediation or other
response action necessary to remove, remediate, clean up or abate any material Release, threatened Release or disposal of a Hazardous
Material as required to be performed by any applicable Environmental Law; (ix) abide by and observe any restrictions on the use
of the Real Properties imposed by any Governmental Authority as set forth in a deed or other instrument affecting the Borrower’s
or any Subsidiary’s interest therein; (x) promptly provide or otherwise make available to the Administrative Agent any reasonably
requested environmental record concerning the Real Properties which the Borrower or any Subsidiary possesses or can reasonably
obtain; and (xi) perform, satisfy, and implement any operation or maintenance actions required by any Governmental Authority or
Environmental Law or included in any no further action letter or covenant not to sue issued by any Governmental Authority under
any Environmental Law.


 


Section
8.13. Compliance with Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions . (a) The Borrower shall at all times
comply with the requirements of all Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions applicable to the Borrower
and shall cause each other Loan Party and each of its and their respective Subsidiaries to comply with the requirements of all
Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions applicable to such Persons.


 


(b)
The Borrower shall provide the Administrative Agent and the Lenders any information regarding the Borrower, each other Loan Party,
and each of their respective owners, Affiliates, and Subsidiaries necessary for the Administrative Agent and each Lender to comply
with all applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions, subject however, in the case of Affiliates,
to the Borrower’s ability to provide information applicable to them.


 


(c)
The Loan Parties will maintain in effect and enforce policies and procedures reasonably designed to ensure compliance by the Loan
Parties, their Subsidiaries, and the Loan Parties’ and their Subsidiaries’ respective directors, officers, employees
and agents with applicable Anti-Corruption Laws, Anti Money-Laundering Laws and Sanctions.


 




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Section
8.14. Burdensome Contracts With Affiliates. The Borrower shall not, nor shall it permit any Subsidiary to, enter into any
contract, agreement or business arrangement with any of its Affiliates on terms and conditions which are less favorable to the
Borrower or such Subsidiary than would be usual and customary in similar contracts, agreements or business arrangements between
Persons not affiliated with each other.


 


Section
8.15. No Changes in Fiscal Year. The Fiscal Year of the Borrower and its Subsidiaries ends on September 30 of each year; and
the Borrower shall not, nor shall it permit any Subsidiary to, change its Fiscal Year from its present basis.


 


Section
8.16. Formation of Subsidiaries. Promptly upon the formation or acquisition of any Guarantor, the Borrower shall provide the
Administrative Agent and the Lenders notice thereof and timely comply with the requirements of Section 4.2 hereof.


 


Section
8.17. Change in the Nature of Business. The Borrower shall not, nor shall it permit any Subsidiary to, engage in any business
or activity if, as a result thereof, the general nature of the business of any Subsidiary would be changed in any material respect
from the general nature of the business engaged in by it as of the Closing Date.


 


Section
8.18. Use of Proceeds. The Borrower shall use the credit extended under this Agreement solely for the purposes set forth in,
or otherwise permitted by, Section 6.4 hereof.


 


Section
8.19. No Restrictions. Except as provided herein, the Borrower shall not, nor shall it permit any Guarantor to, directly or
indirectly create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind
on the ability of the Borrower or any Guarantor to: (a) pay dividends or make any other distribution on any capital stock or other
equity interests owned by the Borrower or any other Subsidiary, (b) pay any indebtedness owed to the Borrower or any other Subsidiary,
or (c) guarantee the Obligations, Hedging Liability, and Bank Product Obligations and/or grant Liens on its assets to the Administrative
Agent.


 


Section
8.20. Financial Covenants.


 


(a)
Maximum Leverage Ratio. As of the last day of each Fiscal Quarter of the Borrower commencing with the Fiscal Quarter ending
September 30, 2019, the Borrower shall not permit the Leverage Ratio to be greater than 0.60 to 1.00.


 


(b)
Minimum Debt Service Coverage Ratio. As of the last day of each Fiscal Quarter of the Borrower commencing with the Fiscal
Quarter ending September 30, 2019, the Borrower shall not permit the Debt Service Coverage Ratio to be less than 1.25 to 1.00.


 


(c)
Maximum Total Secured Recourse Indebtedness to Total Asset Value Ratio. The Borrower shall not, as of the last day of each
Fiscal Quarter of the Borrower commencing with the Fiscal Quarter ending September 30, 2019, permit the ratio of (i) Total Secured
Recourse Indebtedness as of the last day of such Fiscal Quarter to (ii) Total Asset Value as of such date to be greater than 0.10
to 1.00.


 




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(d)
Unsecured Leverage Ratio. As of the last day of each Fiscal Quarter of the Borrower commencing with the Fiscal Quarter
ending September 30, 2019, the Borrower shall not permit the Unsecured Leverage Ratio to be greater than 0.60 to 1.00.


 


(e)
Maintenance of Tangible Net Worth. The Borrower shall at all times maintain Tangible Net Worth of not less than the sum
of (a) $945,000,000 plus (b) 75% of the aggregate net proceeds received by the Borrower or any of its Subsidiaries after
the Closing Date in connection with any offering of Stock or Stock Equivalents.


 


Section
8.21. Electronic Delivery of Certain Information. (a) Documents, including financial reports to be delivered pursuant to Section
8.5 hereof, required to be delivered pursuant to this Agreement may be delivered by electronic communication and delivery, including,
the Internet, including the website maintained by the Securities and Exchange Commission, e-mail or intranet websites to which
the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted
by the Administrative Agent) provided that the foregoing shall not apply to (i) notices to any Lender (or the L/C Issuer)
pursuant to Section 1. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications
to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or communications.
Documents or notices delivered electronically shall be deemed to have been delivered on the date and time on which the Administrative
Agent or the Borrower posts such documents or the documents become available on a commercial website and the Borrower notifies
the Administrative Agent of said posting by causing an e-mail notification to be sent to an e-mail address specified from time
to time by the Administrative Agent and provides a link thereto; provided if such notice or other communication is not sent or
posted during the normal business hours of the recipient on a Business Day, said posting date and time shall be deemed to have
commenced as of 9:00 a.m. Chicago time on the opening of business on the next Business Day for the recipient. Notwithstanding
anything contained herein, in every instance the Borrower shall be required to provide paper copies of the certificates required
by Sections 8.5(d) and 8.5(e) to the Administrative Agent. Except for the certificates required by Sections 8.5(d) and 8.5(e),
the Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered
electronically, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for
delivery.


 


(b)
Documents required to be delivered pursuant to Section 1 may be delivered electronically to a website provided for such purpose
by the Administrative Agent pursuant to the procedures provided to the Borrower by the Administrative Agent.


 


Section
8.22. REIT Status. The Borrower shall maintain its status as a REIT and all of the representations and warranties set forth
in Section 6.25 shall remain true and correct at all times.


 


Section
8.23. Restricted Payments. Borrower and its Subsidiaries shall be permitted to declare and pay distributions, dividends or
redemptions from time to time in amounts determined by the Borrower; provided, however if any Default described in Section
9.1(a), (j) or (k) or Event of Default has occurred and is continuing, the Borrower and its Subsidiaries may only pay dividends
as are necessary to maintain the Borrower’s status as a real estate investment trust under applicable Legal Requirements.


 




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Section
8.24. Depository Bank. The Borrower shall maintain its operating and depository accounts with the Administrative Agent (or
such designated Affiliate).


 


Section
8.25. Borrowing Base Requirements. The Borrower shall cause the Borrowing Base to at all times comply with the Borrowing Base
Requirements; provided, that if the requirements of the definition of Borrowing Base Requirements are not met at any time,
then within five (5) Business Days after obtaining knowledge of such failure (i) the Borrower shall have cured such failure in
accordance with Section 7.3(c) hereof and (ii) the Borrower shall have delivered an updated Available Amount Certificate in form
and substance reasonably acceptable to the Administrative Agent evidencing the removal of any applicable Eligible Property’s
Borrowing Base Value from the Borrowing Base to the extent necessary to cause such failure to no longer exist.


 


Section
8.26. Post-Closing Obligation. Within 30 days after the Closing Date (subject to extension or waiver by the Administrative
Agent in its reasonable discretion), the Borrower will deliver a UCC financing statement amendment to that certain UCC filing
#190306-1603000 against the Borrower, as debtor, filed in the Maryland Department of Assessments & Taxation on March 6, 2019
in form and substance reasonably satisfactory to the Administrative Agent and its counsel.


 


Section
9. Events of Default and Remedies.


 


Section
9.1. Events of Default. Any one or more of the following shall constitute an “Event of Default” hereunder:


 


(a)
default in the payment when due of (i) all or any part of the principal of any Loan (whether at the stated maturity thereof or
at any other time provided for in this Agreement, including a mandatory prepayment required by Section 1.8(b)), (ii) any Reimbursement
Obligation (except in any case in which a Loan has been made in the amount of the Reimbursement Obligations then due and the proceeds
thereof applied to pay such Reimbursement Obligations as contemplated by Section 1.3(c)), (iii) any interest for a period of three
(3) days after such payment is due or (iv) any fee or other Obligation payable hereunder or under any other Loan Document for
a period of five (5) Business Days after such payment is due;


 


(b)
default in the observance or performance of any covenant set forth in Sections 8.1, 8.5, 8.7, 8.8, 8.9, 8.10, 8.11, 8.20, 8.21,
8.23, 8.25 or 8.26 hereof;


 


(c)
default in the observance or performance of any other provision hereof or of any other Loan Document which is not remedied within
thirty (30) days after the earlier of (i) the date on which such failure shall first become known to any Responsible Officer of
the Borrower and (ii) written notice thereof is given to the Borrower by the Administrative Agent (or such longer period of time,
not to exceed thirty (30) days, so long as Borrower and/or the applicable Subsidiary(ies) are diligently and expeditiously pursuing
a cure for same);


 




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(d)
any representation or warranty made herein or in any other Loan Document or in any certificate furnished to the Administrative
Agent or the Lenders pursuant hereto or thereto or in connection with any transaction contemplated hereby or thereby proves untrue
in any material respect (where not already qualified by materiality or Material Adverse Effect, otherwise in any respect) as of
the date of the issuance or making or deemed making thereof;


 


(e)
(i) any event occurs or condition exists (other than those described in subsections (a) through (d) above) which is specified
as an event of default under any of the other Loan Documents (and the related grace and/or cure period, if any, shall have expired),
or any of the Loan Documents shall for any reason not be or shall cease to be in full force and effect or is declared to be null
and void and a substitute document is not executed and delivered to the Administrative Agent that is acceptable, in Administrative
Agent’s sole discretion, within three (3) Business Days; or (ii) the Borrower or any Guarantor takes any action for the
purpose of terminating, repudiating or rescinding any Loan Document executed by it or any of its obligations thereunder;


 


(f)
default (with expiration of any grace and/or cure periods related thereto) shall occur under any Indebtedness issued, assumed
or guaranteed by the Borrower or any Guarantor aggregating in excess of $15,000,000 in the aggregate, or a default (with expiration
of any grace and/or cure periods related thereto) shall occur with respect to any Indebtedness issued, assumed or guaranteed by
the Borrower or any Guarantor, and such default shall continue for a period of time sufficient to permit the acceleration of the
maturity of any such Indebtedness (whether or not such maturity is in fact accelerated) or any such Indebtedness shall not be
paid when due (whether by demand, lapse of time, acceleration or otherwise);


 


(g)
any judgment or judgments, writ or writs or warrant or warrants of attachment, or any similar process or processes, shall be entered
or filed against the Borrower or any Guarantor, or against any of its respective Property, in an aggregate amount in excess of
$15,000,000 (except to the extent fully covered by insurance pursuant to which the insurer has accepted liability therefor in
writing), and which remains undischarged, unvacated, unbonded or unstayed for a period of sixty (60) days;


 


(h)
the Borrower or any Guarantor, or any member of its Controlled Group, shall fail to pay when due an amount or amounts aggregating
in excess of $10,000,000 which it shall have become liable to pay to the PBGC or to a Plan under Title IV of ERISA; or notice
of intent to terminate a Plan or Plans having aggregate Unfunded Vested Liabilities in excess of $10,000,000 (collectively, a
“Material Plan”) shall be filed under Title IV of ERISA by the Borrower or any Guarantor, or any other member
of its Controlled Group, any plan administrator or any combination of the foregoing; or the PBGC shall institute proceedings under
Title IV of ERISA to terminate or to cause a trustee to be appointed to administer any Material Plan or a proceeding shall be
instituted by a fiduciary of any Material Plan against the Borrower or any Guarantor, or any member of its Controlled Group, to
enforce Section 515 or 4219(c)(5) of ERISA and such proceeding shall not have been dismissed within thirty (30) days thereafter;
or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan
must be terminated;


 




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(i)
any Change of Control shall occur;


 


(j)
the Borrower or any Guarantor shall (i) have entered involuntarily against it an order for relief under the United States Bankruptcy
Code, as amended, (ii) not pay or admit in writing its inability to pay, its debts generally as they become due, (iii) make an
assignment for the benefit of creditors, (iv) apply for, seek, consent to or acquiesce in, the appointment of a receiver, custodian,
trustee, examiner, liquidator or similar official for it or any substantial part of its Property, (v) institute any proceeding
seeking to have entered against it an order for relief under the United States Bankruptcy Code, as amended, to adjudicate it insolvent,
or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under
any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading
denying the material allegations of any such proceeding filed against it within sixty (60) days, (vi) take any board of director
or shareholder action (including the convening of a meeting) in furtherance of any matter described in parts (i) through (v) above,
or (vii) fail to contest in good faith any appointment or proceeding described in Section 9.1(k) hereof; and


 


(k)
a custodian, receiver, trustee, examiner, liquidator or similar official shall be appointed for the Borrower or any Guarantor,
or any substantial part of its Property, or a proceeding described in Section 9.1(j)(v) shall be instituted against the Borrower
or any Subsidiary, and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period
of sixty (60) days.


 


Section
9.2. Non-Bankruptcy Defaults. When any Event of Default (other than a Bankruptcy Event with respect to the Borrower) has occurred
and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders,
terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which
may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all
outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon,
shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further
demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect
to each Letter of Credit then outstanding, the Borrower immediately either (i) pay to the Administrative Agent the full amount
then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of
the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such Letter of Credit for cancellation, and
the Borrower agrees to immediately take such action and acknowledges and agrees that the Lenders would not have an adequate remedy
at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders,
shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands
for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant
to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to
do so shall not impair or annul the effect of such notice.


 




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Section
9.3. Bankruptcy Defaults. When any Bankruptcy Event with respect to the Borrower has occurred and is continuing, all outstanding
Loans shall immediately become due and payable together with all other amounts payable under the Loan Documents without presentment,
demand, protest or notice of any kind, the obligation of the Lenders to extend further credit pursuant to any of the terms hereof
shall immediately terminate and, with respect to each Letter of Credit then outstanding, the Borrower shall immediately either
(i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative
Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C
Issuer such Letter of Credit for cancellation, the Borrower acknowledging and agreeing that the Lenders would not have an adequate
remedy at law for failure by the Borrower to honor any such demand and that the Lenders, and the Administrative Agent on their
behalf, shall have the right to require the Borrower to specifically perform such undertaking whether or not any draws or other
demands for payment have been made under any of the Letters of Credit.


 


Section
9.4. Collateral for Undrawn Letters of Credit. (a) If the prepayment of the amount available for drawing under any or all
outstanding Letters of Credit is required under Section 1.8(b), Section 1.14, Section 9.2 or Section 9.3 above, the Borrower shall
forthwith pay the amount required to be so prepaid, to be held by the Administrative Agent as provided in subsection (b) below.


 


(b)
All amounts prepaid pursuant to subsection (a) above shall be held by the Administrative Agent in one or more separate collateral
accounts (each such account, and the credit balances, properties, and any investments from time to time held therein, and any
substitutions for such account, any certificate of deposit or other instrument evidencing any of the foregoing and all proceeds
of and earnings on any of the foregoing being collectively called the “Collateral Account”) as security for,
and for application by the Administrative Agent (to the extent available) to, the reimbursement of any payment under any Letter
of Credit then or thereafter made by the L/C Issuer, and to the payment of the unpaid balance of all other Obligations (and to
all Hedging Liability and Bank Product Obligations). The Collateral Account shall be held in the name of and subject to the exclusive
dominion and control of the Administrative Agent for the benefit of the Administrative Agent, the Lenders, and the L/C Issuer.
If and when requested by the Borrower, the Administrative Agent shall invest funds held in the Collateral Account from time to
time in direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United
States of America with a remaining maturity of one year or less, provided that the Administrative Agent is irrevocably
authorized to sell investments held in the Collateral Account when and as required to make payments out of the Collateral Account
for application to amounts then due and owing from the Borrower to the L/C Issuer, the Administrative Agent or the Lenders. If
the Borrower shall have made payment of all obligations referred to in subsection (a) above required under Section 1.8(b) hereof,
if any, at the request of the Borrower the Administrative Agent shall release to the Borrower amounts held in the Collateral Account
so long as at the time of the release and after giving effect thereto no Default or Event of Default is then continuing. If the
Borrower shall have made payment of all obligations referred to in subsection (a) above required under Section 9.2 or 9.3 hereof,
so long as no Letters of Credit, Commitments, Loans or other Obligations, Hedging Liability, or Bank Product Obligations remain
outstanding, at the request of the Borrower the Administrative Agent shall release to the Borrower any remaining amounts held
in the Collateral Account.


 




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(c)
At any time that there shall exist a Defaulting Lender, within five (5) calendar days following the written request of the Administrative
Agent or any L/C Issuer (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the L/C Issuers’
Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 1.14(a)(iv) and any Cash Collateral
provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.


 


(i)
Grant of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender,
hereby grant to the Administrative Agent, for the benefit of the L/C Issuers, and agree to maintain, a first priority security
interest in all such Cash Collateral as security for such Defaulting Lender’s obligation to fund participations in respect
of L/C Obligations, to be applied pursuant to clause (ii) below. If at any time the Administrative Agent determines that Cash
Collateral is subject to any right or claim of any Person other than the Administrative Agent and the L/C Issuer as herein provided,
or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower shall, promptly upon
demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient
to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender).


 


(ii)
Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this
Section 9.4 or Section 1.14 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s
obligation to fund participations in respect of L/C Obligations (including, as to Cash Collateral provided by a Defaulting Lender,
any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such
property as may otherwise be provided for herein.


 


(iii)
Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce any L/C Issuer’s
Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 9.4(c) following (A) the
elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender),
or (B) the determination by the Administrative Agent and the L/C Issuer that there exists excess Cash Collateral; provided
that, subject to Section 1.14 the Person providing Cash Collateral and the L/C Issuer may agree (but shall not be obligated
to) that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations and provided further
that to the extent that such Cash Collateral was provided by the Borrower, such Cash Collateral shall remain subject to the
security interest granted pursuant to the Loan Documents.


 




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Section
10. Change in Circumstances.


 


Section
10.1. Change of Law. Notwithstanding any other provisions of this Agreement or any other Loan Document, if at any time any
Change in Law makes it unlawful for any Lender to make or continue to maintain any Eurodollar Loans or to perform its obligations
as contemplated hereby, such Lender shall promptly give notice thereof to the Borrower and such Lender’s obligations to
make or maintain Eurodollar Loans under this Agreement shall be suspended until it is no longer unlawful for such Lender to make
or maintain Eurodollar Loans. The Borrower shall prepay promptly following demand the outstanding principal amount of any such
affected Eurodollar Loans, together with all interest accrued thereon and all other amounts then due and payable to such Lender
under this Agreement; provided, however, subject to all of the terms and conditions of this Agreement, the Borrower may
then elect to borrow the principal amount of the affected Eurodollar Loans from such Lender by means of Base Rate Loans from such
Lender, which Base Rate Loans shall not be made ratably by the Lenders but only from such affected Lender.


 


Section
10.2. Unavailability of Deposits or Inability to Ascertain, or Inadequacy of, LIBOR. If on or prior to the first day of any
Interest Period for any Borrowing of Eurodollar Loans:


 


(a)
the Administrative Agent determines that deposits in U.S. Dollars (in the applicable amounts) are not being offered to it in the
interbank eurodollar market for such Interest Period, or that by reason of circumstances affecting the interbank eurodollar market
adequate and reasonable means do not exist for ascertaining the applicable LIBOR, or


 


(b)
the Required Lenders advise the Administrative Agent that (i) LIBOR as determined by the Administrative Agent will not adequately
and fairly reflect the cost to such Lenders of funding their Eurodollar Loans for such Interest Period or (ii) that the making
or funding of Eurodollar Loans becomes impracticable,


 


then
the Administrative Agent shall forthwith give notice thereof to the Borrower and the Lenders, whereupon until the Administrative
Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, the obligations of the Lenders
to make Eurodollar Loans shall be suspended.


 


Section
10.3. Increased Cost and Reduced Return. (a) If any Change in Law shall:


 


(i)
subject any Lender (or its Lending Office) or the L/C Issuer to any Tax (other than (A) Indemnified Taxes, (B) Taxes described
in clauses (b) through (d) of the definition of Excluded Taxes, and (C) Connection Income Taxes) with respect to its Eurodollar
Loans, its Notes, its Letter(s) of Credit, or its participation in any thereof, any Reimbursement Obligations owed to it or its
obligation to make Eurodollar Loans, issue a Letter of Credit, or to participate therein; or


 




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(ii)
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement (including,
without limitation, any such requirement imposed by the Board of Governors of the Federal Reserve System, but excluding with respect
to any Eurodollar Loans any such requirement included in an applicable Eurodollar Reserve Percentage) against assets of, deposits
with or for the account of, or credit extended by, any Lender (or its Lending Office) or the L/C Issuer or shall impose on any
Lender (or its Lending Office) or the L/C Issuer or on the interbank market any other condition affecting its Eurodollar Loans,
its Notes, its Letter(s) of Credit, or its participation in any thereof, any Reimbursement Obligation owed to it, or its obligation
to make Eurodollar Loans, or to issue a Letter of Credit, or to participate therein;


 


and
the result of any of the foregoing is to increase the cost to such Lender (or its Lending Office) or the L/C Issuer of making
or maintaining any Eurodollar Loan, issuing or maintaining a Letter of Credit, or participating therein, or to reduce the amount
of any sum received or receivable by such Lender (or its Lending Office) or the L/C Issuer under this Agreement or under any other
Loan Document with respect thereto, by an amount deemed by such Lender or L/C Issuer to be material, then, within 15 days after
demand by such Lender or L/C Issuer (with a copy to the Administrative Agent), the Borrower shall be obligated to pay to such
Lender or L/C Issuer such additional amount or amounts as will compensate such Lender or L/C Issuer for such increased cost or
reduction.


 


(b)
If any Lender or L/C Issuer determines that any Change in Law affecting such Lender or L/C Issuer or any lending office of such
Lender or such Lender’s or L/C Issuer’s holding company, if any, regarding capital or liquidity requirements, has
or would have the effect of reducing the rate of return on such Lender’s or L/C Issuer’s capital or on the capital
of such Lender’s or L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such
Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by any
L/C Issuer, to a level below that which such Lender or L/C Issuer or such Lender’s or L/C Issuer’s holding company
could have achieved but for such Change in Law (taking into consideration such Lender’s or L/C Issuer’s policies and
the policies of such Lender’s or L/C Issuer’s holding company with respect to capital adequacy), then from time to
time, within 15 days after demand by such Lender or L/C Issuer (with a copy to the Administrative Agent), the Borrower shall pay
to such Lender or L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or L/C Issuer
or such Lender’s or L/C Issuer’s holding company for any such reduction suffered.


 


(c)
A certificate of a Lender or L/C Issuer claiming compensation under this Section 10.3 and setting forth the additional amount
or amounts to be paid to it hereunder shall be conclusive if reasonably determined. In determining such amount, such Lender or
L/C Issuer may use any reasonable averaging and attribution methods.


 




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(d)
The Borrower shall not be required to compensate a Lender or L/C Issuer pursuant to this Section for any increased costs incurred
or reductions suffered more than six (6) months prior to the date that such Lender or L/C Issuer, as the case may be, notifies
the Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s or L/C Issuer’s
intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions
is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof).


 


Section
10.4. Lending Offices. Each Lender may, at its option, elect to make its Loans hereunder at the branch, office or affiliate
specified on the appropriate signature page hereof (each a “Lending Office”) for each type of Loan available
hereunder or at such other of its branches, offices or affiliates as it may from time to time elect and designate in a written
notice to the Borrower and the Administrative Agent. To the extent reasonably possible, a Lender shall designate an alternative
branch or funding office with respect to its Eurodollar Loans to reduce any liability of the Borrower to such Lender under Section
10.3 hereof or to avoid the unavailability of Eurodollar Loans under Section 10.2 hereof, so long as such designation is not otherwise
disadvantageous to the Lender.


 


Section
10.5. Discretion of Lender as to Manner of Funding. Notwithstanding any other provision of this Agreement, each Lender shall
be entitled to fund and maintain its funding of all or any part of its Loans in any manner it sees fit, it being understood, however,
that for the purposes of this Agreement all determinations hereunder with respect to Eurodollar Loans shall be made as if each
Lender had actually funded and maintained each Eurodollar Loan through the purchase of deposits in the interbank eurodollar market
having a maturity corresponding to such Loan’s Interest Period, and bearing an interest rate equal to LIBOR for such Interest
Period.


 


Section
10.6. Effect of Benchmark Transition Event. The


 


(a)
Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence
of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend
this Agreement to replace LIBOR with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event
will become effective at 5:00 p.m. (Chicago, Illinois time) on the fifth (5th) Business Day after the Administrative Agent has
posted such proposed amendment to all Lenders and the Borrower so long as the Administrative Agent has not received, by such time,
written notice of objection to such amendment from Lenders comprising the Required Lenders. Any such amendment with respect to
an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders have delivered to the
Administrative Agent written notice that such Required Lenders accept such amendment. No replacement of LIBOR with a Benchmark
Replacement pursuant to this Section will occur prior to the applicable Benchmark Transition Start Date.


 


(b)
Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative
Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to
the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will
become effective without any further action or consent of any other party to this Agreement.


 




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(c)
Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the
Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark
Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness
of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period.
Any determination, decision or election that may be made by the Administrative Agent or Lenders pursuant to this Section, including
any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance
or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may
be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required
pursuant to this Section titled “Effect of Benchmark Transition Event.”


 


(d)
Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability
Period, the Borrower may revoke any request for a Borrowing of, conversion to or continuation of Eurodollar Loans to be made,
converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted
any such request into a request for a Borrowing of or conversion to Base Rate Loans. During any Benchmark Unavailability Period,
the component of Base Rate based upon LIBOR will not be used in any determination of Base Rate.


 


(e)
Certain Defined Terms. As used in this Section titled “Effect of Benchmark Transition Event”:


 


“Benchmark
Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected
by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement
rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market
convention for determining a rate of interest as a replacement to LIBOR for U.S. dollar-denominated syndicated credit facilities
and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less
than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.


 


“Benchmark
Replacement Adjustment” means, with respect to any replacement of LIBOR with an Unadjusted Benchmark Replacement for
each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which
may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration
to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of LIBOR with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any
evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such
spread adjustment, for the replacement of LIBOR with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated
syndicated credit facilities at such time.


 




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“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of “Base Rate,” the definition of “Interest Period,” timing
and frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent
decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration
thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent
decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines
that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as
the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).


 


“Benchmark
Replacement Date” means the earlier to occur of the following events with respect to LIBOR: (1) in the case of clause
(1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or
publication of information referenced therein and (b) the date on which the administrator of LIBOR permanently or indefinitely
ceases to provide LIBOR; or (2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date
of the public statement or publication of information referenced therein.


 


“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to LIBOR: (1) a public statement
or publication of information by or on behalf of the administrator of LIBOR announcing that such administrator has ceased or will
cease to provide LIBOR, permanently or indefinitely, provided that, at the time of such statement or publication, there is no
successor administrator that will continue to provide LIBOR; (2) a public statement or publication of information by the regulatory
supervisor for the administrator of LIBOR, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the
administrator for LIBOR, a resolution authority with jurisdiction over the administrator for LIBOR or a court or an entity with
similar insolvency or resolution authority over the administrator for LIBOR, which states that the administrator of LIBOR has
ceased or will cease to provide LIBOR permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide LIBOR; or (3) a public statement or publication of information
by the regulatory supervisor for the administrator of LIBOR announcing that LIBOR is no longer representative.


 


“Benchmark
Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark
Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective
event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if
the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement
or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required
Lenders, as applicable, by notice to the Borrower, the Administrative Agent (in the case of such notice by the Required Lenders)
and the Lenders.


 




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“Benchmark
Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to LIBOR and solely to the extent that LIBOR has not been replaced with a Benchmark Replacement, the period (x) beginning
at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced LIBOR for
all purposes hereunder in accordance with this Section and (y) ending at the time that a Benchmark Replacement has replaced LIBOR
for all purposes hereunder pursuant to this Section.


 


“Early
Opt-in Election” means the occurrence of: (1) (i) a determination by the Administrative Agent or (ii) a notification
by the Required Lenders to the Administrative Agent (with a copy to the Borrower) that the Required Lenders have determined that
U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained
in this Section, are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace
LIBOR, and (2) (i) the election by the Administrative Agent or (ii) the election by the Required Lenders to declare that an Early
Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election
to the Borrower and the Lenders or by the Required Lenders of written notice of such election to the Administrative Agent.


 


“Federal
Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org,
or any successor source.


 


“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.


 


“SOFR”
with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New
York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.


 


“Term
SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental
Body.


 


“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment; provided
that, if the Unadjusted Benchmark Replacement as so determined would be less than zero, the Unadjusted Benchmark Replacement will
be deemed to be zero for the purposes of this Agreement.


 


Section
11. The Administrative Agent.


 


Section
11.1. Appointment and Authorization of Administrative Agent. Each Lender and the L/C Issuer hereby appoints Bank of Montreal
as the Administrative Agent under the Loan Documents and hereby authorizes the Administrative Agent to take such action as Administrative
Agent on its behalf and to exercise such powers under the Loan Documents as are delegated to the Administrative Agent by the terms
thereof, together with such powers as are reasonably incidental thereto. The Lenders and L/C Issuer expressly agree that the Administrative
Agent is not acting as a fiduciary of the Lenders or the L/C Issuer in respect of the Loan Documents, the Borrower or otherwise,
and nothing herein or in any of the other Loan Documents shall result in any duties or obligations on the Administrative Agent
or any of the Lenders or L/C Issuer except as expressly set forth herein.


 




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Section
11.2. Administrative Agent and its Affiliates. The Administrative Agent shall have the same rights and powers under this Agreement
and the other Loan Documents as any other Lender and may exercise or refrain from exercising such rights and power as though it
were not the Administrative Agent, and the Administrative Agent and its affiliates may accept deposits from, lend money to, and
generally engage in any kind of business with the Borrower or any Affiliate of the Borrower as if it were not the Administrative
Agent under the Loan Documents. The term “Lender” as used herein and in all other Loan Documents, unless the
context otherwise clearly requires, includes the Administrative Agent in its capacity as a Lender (if applicable).


 


Section
11.3. Action by Administrative Agent. If the Administrative Agent receives from the Borrower a written notice of an Event
of Default pursuant to Section 8.5(k) hereof, the Administrative Agent shall promptly give each of the Lenders and L/C Issuer
written notice thereof. The obligations of the Administrative Agent under the Loan Documents are only those expressly set forth
therein. Without limiting the generality of the foregoing, the Administrative Agent shall not be required to take any action hereunder
with respect to any Default or Event of Default, except as expressly provided in Sections 9.2 and 9.3. Upon the occurrence of
an Event of Default, unless and until the Required Lenders give such direction, the Administrative Agent may (but shall not be
obligated to) take or refrain from taking such actions as it deems appropriate and in the best interest of all the Lenders and
L/C Issuer. In no event, however, shall the Administrative Agent be required to take any action in violation of applicable Legal
Requirements or of any provision of any Loan Document, and the Administrative Agent shall in all cases be fully justified in failing
or refusing to act hereunder or under any other Loan Document unless it first receives any further assurances of its indemnification
from the Lenders that it may require, including prepayment of any related expenses and any other protection it requires against
any and all costs, expenses, and liabilities which may be incurred by it by reason of taking or continuing to take any such action.
The Administrative Agent shall be entitled to assume that no Default or Event of Default exists unless notified in writing to
the contrary by a Lender, the L/C Issuer, or the Borrower. In all cases in which the Loan Documents do not require the Administrative
Agent to take specific action, the Administrative Agent shall be fully justified in using its discretion in failing to take or
in taking any action thereunder. Any instructions of the Required Lenders, or of any other group of Lenders called for under the
specific provisions of the Loan Documents, shall be binding upon all the Lenders and the holders of the Obligations.


 


Section
11.4. Consultation with Experts. The Administrative Agent may consult with legal counsel, independent public accountants,
and other experts selected by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance
with the advice of such counsel, accountants or experts.


 




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Section
11.5. Liability of Administrative Agent; Credit Decision. Neither the Administrative Agent nor any of its directors, officers,
agents or employees shall be liable for any action taken or not taken by it in connection with the Loan Documents: (i) with the
consent or at the request of the Required Lenders (or of any other group of Lenders called for under the specific provisions of
the Loan Documents) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent
jurisdiction by final non-appealable judgment. Neither the Administrative Agent nor any of its directors, officers, agents or
employees shall be responsible for or have any duty to ascertain, inquire into or verify: (i) any statement, warranty or representation
made in connection with this Agreement, any other Loan Document or any Credit Event; (ii) the performance or observance of any
of the covenants or agreements of the Borrower or any Subsidiary contained herein or in any other Loan Document; (iii) the satisfaction
of any condition specified in Section 7 hereof, except receipt of items required to be delivered to the Administrative Agent;
or (iv) the validity, effectiveness, genuineness, enforceability, perfection, value, worth or collectability hereof or of any
other Loan Document or of any other documents or writing furnished in connection with any Loan Document; and the Administrative
Agent makes no representation of any kind or character with respect to any such matter mentioned in this sentence. The Administrative
Agent may execute any of its duties under any of the Loan Documents by or through employees, agents, and attorneys-in-fact and
shall not be answerable to the Lenders, the L/C Issuer, the Borrower, or any other Person for the default or misconduct of any
such agents or attorneys-in-fact selected with reasonable care. The Administrative Agent shall not incur any liability by acting
in reliance upon any notice, consent, certificate, other document or statement (whether written or oral) believed by it to be
genuine or to be sent by the proper party or parties. In particular and without limiting any of the foregoing, the Administrative
Agent shall have no responsibility for confirming the accuracy of any Compliance Certificate or other document or instrument received
by it under the Loan Documents. The Administrative Agent may treat the payee of any Obligation as the holder thereof until written
notice of transfer shall have been filed with the Administrative Agent signed by such payee in form satisfactory to the Administrative
Agent. Each Lender and L/C Issuer acknowledges that it has independently and without reliance on the Administrative Agent or any
other Lender or L/C Issuer, and based upon such information, investigations and inquiries as it deems appropriate, made its own
credit analysis and decision to extend credit to the Borrower in the manner set forth in the Loan Documents. It shall be the responsibility
of each Lender and L/C Issuer to keep itself informed as to the creditworthiness of the Borrower and its Subsidiaries, and the
Administrative Agent shall have no liability to any Lender or L/C Issuer with respect thereto.


 


Section
11.6. Indemnity. The Lenders shall ratably, in accordance with their respective Percentages, indemnify and hold the Administrative
Agent, and its directors, officers, employees, agents, and representatives harmless from and against any liabilities, losses,
costs or expenses suffered or incurred by it under any Loan Document or in connection with the transactions contemplated thereby,
regardless of when asserted or arising, except to the extent they are promptly reimbursed for the same by the Borrower and except
to the extent that any event giving rise to a claim was caused by the gross negligence or willful misconduct of the party seeking
to be indemnified as determined by a court of competent jurisdiction by final non-appealable judgment. The obligations of the
Lenders under this Section 11.6 shall survive termination of this Agreement. The Administrative Agent shall be entitled to offset
amounts received for the account of a Lender under this Agreement against unpaid amounts due from such Lender to the Administrative
Agent or any L/C Issuer (whether as fundings of participations, indemnities or otherwise, and with any amounts offset for the
benefit of the Administrative Agent to be held by it for its own account and with any amounts offset for the benefit of a L/C
Issuer to be remitted by the Administrative Agent to or for the account of such L/C Issuer), but shall not be entitled to offset
against amounts owed to the Administrative Agent or any L/C Issuer by any Lender arising outside of this Agreement and the other
Loan Documents.


 




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Section
11.7. Resignation and Removal of Administrative Agent and Successor Administrative Agent. (a) The Administrative Agent may
resign at any time by giving written notice thereof to the Lenders, the L/C Issuer, and the Borrower. Upon any such resignation
of the Administrative Agent, the Required Lenders shall have the right to appoint a successor Administrative Agent, which shall
so long as no Event of Default has occurred and is continuing, be reasonably acceptable to the Borrower. If no successor Administrative
Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within 30 days after the
retiring Administrative Agent’s giving of notice of resignation then the retiring Administrative Agent may, on behalf of
the Lenders, appoint a successor Administrative Agent, which shall so long as no Event of Default has occurred and is continuing,
be reasonably acceptable to the Borrower, and which may be any Lender hereunder or any commercial bank, or an Affiliate of a commercial
bank, having an office in the United States of America and having a combined capital and surplus of at least $200,000,000.


 


(b)
If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required
Lenders shall have the right to appoint a successor Administrative Agent, which shall so long as no Event of Default has occurred
and is continuing, be reasonably acceptable to the Borrower. If no such successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders)
(the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such
notice on the Removal Effective Date.


 


(c)
Upon the acceptance of its appointment as the Administrative Agent hereunder, such successor Administrative Agent shall thereupon
succeed to and become vested with all the rights and duties of the prior Administrative Agent under the Loan Documents, and the
prior Administrative Agent shall be discharged from its duties and obligations thereunder. After any Administrative Agent’s
resignation or removal hereunder as Administrative Agent, the provisions of this Section 11 and all protective provisions of the
other Loan Documents shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative
Agent, but no successor Administrative Agent shall in any event be liable or responsible for any actions of its predecessor. If
the Administrative Agent resigns or is removed and no successor is appointed, the rights and obligations of such Administrative
Agent shall be automatically assumed by the Required Lenders and the Borrower shall be directed to make all payments due each
Lender and L/C Issuer hereunder directly to such Lender or L/C Issuer.


 




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Section
11.8. L/C Issuer. The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and
the documents associated therewith. The L/C Issuer shall have all of the benefits and immunities (i) provided to the Administrative
Agent in this Section 11 with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of
Credit issued by it or proposed to be issued by it and the Applications pertaining to such Letters of Credit made or to be made
hereunder as fully as if the term “Administrative Agent”, as used in this Section 11, included the L/C Issuer with
respect to such acts or omissions and (ii) as additionally provided in this Agreement with respect to such L/C Issuer, as applicable.


 


Section
11.9. Hedging Liability and Bank Product Obligations. By virtue of a Lender’s execution of this Agreement or an assignment
agreement pursuant to Section 12.12 hereof, as the case may be, any Affiliate of such Lender with whom the Borrower or any Subsidiary
has entered into an agreement creating Hedging Liability or Bank Product Obligations shall be deemed a Lender party hereto for
purposes of any reference in a Loan Document to the parties for whom the Administrative Agent is acting, it being understood and
agreed that the rights and benefits of such Affiliate under the Loan Documents consist exclusively of such Affiliate’s right
to share in payments and collections out of the Subsidiary Guaranties as more fully set forth in Section 3.1 hereof. In connection
with any such distribution of payments and collections, or any request for the release of the Subsidiary Guaranties and the Administrative
Agent’s Liens in connection with the termination of the Commitments and the payment in full of the Obligations, the Administrative
Agent shall be entitled to assume no amounts are due to any Lender or its Affiliate with respect to Hedging Liability or Bank
Product Obligations unless such Lender has notified the Administrative Agent in writing of the amount of any such liability owed
to it or its Affiliate prior to such distribution or payment or release of Subsidiary Guaranties.


 


Section
11.10. Designation of Additional Agents. The Administrative Agent shall have the continuing right, for purposes hereof, at
any time and from time to time to designate one or more of the Lenders (and/or its or their Affiliates) as “syndication
agents,” “documentation agents,” “book runners,” “lead arrangers,” “arrangers”
or other designations for purposes hereto, but such designation shall have no substantive effect, and such Lenders and their Affiliates
shall have no additional powers, duties or responsibilities as a result thereof.


 


Section
12. Miscellaneous.


 


Section
12.1. Taxes.


 


(a)
Certain Defined Terms. For purposes of this Section, the term “Lender” includes the L/C Issuer and the term
“applicable law” includes FATCA.


 


(b)
Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under any Loan Document
shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as
determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from
any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding
and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable
law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after
such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable
under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction
or withholding been made.


 




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(c)
Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance
with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.


 


(d)
Indemnification by the Borrower. The Borrower shall indemnify each Recipient, within ten (10) Business Days after demand
therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to
amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to
such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on
its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.


 


(e)
Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) Business
Days after demand therefor, for (i) any Indemnified Taxes or Other Taxes attributable to such Lender (but only to the extent that
the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes or Other Taxes and without limiting
the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions
of Section 12.11 relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender,
in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses
arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative
Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any
and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the
Lender from any other source against any amount due to the Administrative Agent under this subsection (e).


 


(f)
Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant
to this Section, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by
such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to the Administrative Agent.


 




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(g)
Status of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to
payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably
requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested
by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of
withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such
other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable
the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information
reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and
submission of such documentation (other than such documentation set forth in Section 12.1(g)(ii)(A), (ii)(B) and (ii)(D) below)
shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such
Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.


 


(ii)
Without limiting the generality of the foregoing,


 


(A)
any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or
the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding
tax;


 


(B)
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent
(in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), whichever of the following is applicable:


 


(i)
in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction
of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any
other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal
withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;


 


(ii)
executed originals of IRS Form W-8ECI;


 


(iii)
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate substantially in the form of Exhibit J-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning
of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the
Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN; or


 




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(iv)
to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,
IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit J-2 or Exhibit J-3, IRS Form W-9, and/or
other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership
and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign
Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit J-4 on behalf of each such direct and
indirect partner;


 


(C)
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent
(in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction
in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable
law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and


 


(D)
if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such
Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b)
or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or
times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent
to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.


 


Each
Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect,
it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal
inability to do so.


 




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(h)
Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received
a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts
pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including
Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with
respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified
party the amount paid over pursuant to this subsection (h) (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this subsection (h), in no event will the indemnified party be required
to pay any amount to an indemnifying party pursuant to this subsection (h) the payment of which would place the indemnified party
in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification
had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts giving rise to such
refund had never been paid. This subsection shall not be construed to require any indemnified party to make available its Tax
returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.


 


(i)
Survival. Each party’s obligations under this Section shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.


 


Section
12.2. Other Taxes. The Borrower agrees to pay promptly following demand, and indemnify and hold the Administrative Agent,
the Lenders, and the L/C Issuer harmless from, any Other Taxes payable in respect of this Agreement or any other Loan Document,
including interest and penalties, in the event any such taxes are assessed, irrespective of when such assessment is made and whether
or not any credit is then in use or available hereunder.


 


Section
12.3. No Waiver, Cumulative Remedies. No delay or failure on the part of the Administrative Agent, the L/C Issuer, or any
Lender, or on the part of the holder or holders of any of the Obligations, in the exercise of any power or right under any Loan
Document shall operate as a waiver thereof or as an acquiescence in any default, nor shall any single or partial exercise of any
power or right preclude any other or further exercise thereof or the exercise of any other power or right. The rights and remedies
hereunder of the Administrative Agent, the L/C Issuer, the Lenders, and of the holder or holders of any of the Obligations are
cumulative to, and not exclusive of, any rights or remedies which any of them would otherwise have.


 


Section
12.4. Non-Business Days. If any payment hereunder becomes due and payable on a day which is not a Business Day, the due date
of such payment shall be extended to the next succeeding Business Day on which date such payment shall be due and payable. In
the case of any payment of principal falling due on a day which is not a Business Day, interest on such principal amount shall
continue to accrue during such extension at the rate per annum then in effect, which accrued amount shall be due and payable on
the next scheduled date for the payment of interest.


 




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Section
12.5. Survival of Representations. All representations and warranties made herein or in any other Loan Document or in certificates
given pursuant hereto or thereto shall survive the execution and delivery of this Agreement and the other Loan Documents, and
shall continue in full force and effect with respect to the date as of which they were made as long as any credit is in use or
available hereunder.


 


Section
12.6. Survival of Indemnities. All indemnities and other provisions relative to reimbursement to the Lenders and L/C Issuer
of amounts sufficient to protect the yield of the Lenders and L/C Issuer with respect to the Loans and Letters of Credit, including,
but not limited to, Sections 1.11, 10.3, and 12.15 hereof, shall survive the termination of this Agreement and the other Loan
Documents and the payment of the Obligations.


 


Section
12.7. Sharing of Set-Off. Each Lender agrees with each other Lender a party hereto that if such Lender shall receive and retain
any payment, whether by set-off or application of deposit balances or otherwise, on any of the Loans or Reimbursement Obligations
in excess of its ratable share of payments on all such Obligations then outstanding to the Lenders, then such Lender shall purchase
for cash at face value, but without recourse, ratably from each of the other Lenders such amount of the Loans or Reimbursement
Obligations, or participations therein, held by each such other Lenders (or interest therein) as shall be necessary to cause such
Lender to share such excess payment ratably with all the other Lenders; provided, however, that if any such purchase is
made by any Lender, and if such excess payment or part thereof is thereafter recovered from such purchasing Lender, the related
purchases from the other Lenders shall be rescinded ratably and the purchase price restored as to the portion of such excess payment
so recovered, but without interest. For purposes of this Section 12.7, amounts owed to or recovered by the L/C Issuer in connection
with Reimbursement Obligations in which Lenders have been required to fund their participation shall be treated as amounts owed
to or recovered by the L/C Issuer as a Lender hereunder.


 




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Section
12.8. Notices. Except as otherwise specified herein, all notices, requests, demands and other communications hereunder and
under the other Loan Documents shall be in writing (including, without limitation, notice by telecopy) and shall be given to the
relevant party at its address or facsimile number set forth below, or such other address or facsimile number as such party may
hereafter specify by notice to the Administrative Agent and the Borrower given by courier, by United States certified or registered
mail, by telecopy or by other telecommunication device capable of creating a written record of such notice and its receipt. Notices
under the Loan Documents to any Lender shall be addressed to its address or facsimile number set forth on its Administrative Questionnaire;
and notices under the Loan Documents to the Borrower, any Guarantor, the Administrative Agent, or L/C Issuer shall be addressed
to its respective address or facsimile number set forth below:


 


	to
        the Borrower or any Guarantor:

         

        Monmouth
        Real Estate Investment Corporation

        3499
        Route 9 North

        Suite
        3-C

        Freehold,
        New Jersey 07728

        Attention:
        Chief Financial Officer and

        Legal Counsel

        Fax:
        (732) 577-9981

         

        with
        a copy to:

         

        Baker,
        Donelson, Bearman, Caldwell 

& Berkowitz, PC

        211
        Commerce, Suite 800

        Baker
        Donelson Center

        Nashville,
        Tennessee 37201

        Attention:
        Matthew T. Harris

        Fax:
        (615) 726-5759
	 	to
        the Administrative Agent or L/C Issuer:

         

        Bank
        of Montreal

        100
        High Street, 26th Floor

        Boston,
        MA 02110

        Attention:
        Lloyd Baron

        Telephone:
        (617) 960-2372

        Email:
        lloyd.baron@bmo.com



 


Each
such notice, request or other communication shall be effective (i) if given by facsimile, when such facsimile is delivered to
the facsimile number specified in this Section 12.8 or in the relevant Administrative Questionnaire and a confirmation of such
facsimile has been received by the sender, (ii) if given by mail, upon receipt or first refusal of delivery or (iii) if given
by any other means, when delivered at the addresses specified in this Section 12.8 or in the relevant Administrative Questionnaire;
provided that any notice given pursuant to Section 1 hereof shall be effective only upon receipt.


 


Section
12.9. Counterparts; Integration; Effectiveness.


 


(a)
Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto
in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. This Agreement and the other Loan Documents, and any separate letter agreements with respect to fees payable
to the Administrative Agent, constitute the entire contract among the parties relating to the subject matter hereof and supersede
any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided
in Section 7.2, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the
Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other
parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in electronic (e.g.,
“pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement.
For purposes of determining compliance with the conditions specified in Section 7.2 hereof, each Lender and L/C Issuer that has
signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other
matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender or L/C Issuer unless the
Administrative Agent shall have received notice from such Lender or L/C Issuer prior to the Closing Date specifying its objection
thereto.


 




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(b)
Electronic Execution of Assignments. The words “execution,” “signed,” “signature,”
and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records
in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Legal
Requirements, 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.


 


Section
12.10. Successors and Assigns. This Agreement shall be binding upon the Borrower and the Guarantors and their successors and
assigns, and shall inure to the benefit of the Administrative Agent, the L/C Issuer, and each of the Lenders, and the benefit
of their respective successors and assigns, including any subsequent holder of any of the Obligations. The Borrower and the Guarantors
may not assign any of their rights or obligations under any Loan Document without the written consent of all of the Lenders and,
with respect to any Letter of Credit or the Applicationtherefor, the L/C Issuer.


 


Section
12.11. Participants. Each Lender shall have the right at its own cost to grant participations (to be evidenced by one or more
agreements or certificates of participation) in the Loans made and Reimbursement Obligations and/or Commitments held by such Lender
at any time and from time to time to one or more other Persons; provided that no such participation shall relieve any Lender
of any of its obligations under this Agreement, and, provided, further that no such participant shall have any rights under
this Agreement except as provided in this Section 12.11, and the Administrative Agent shall have no obligation or responsibility
to such participant. Any agreement pursuant to which such participation is granted shall provide that the granting Lender shall
retain the sole right and responsibility to enforce the obligations of the Borrower under this Agreement and the other Loan Documents
including, without limitation, the right to approve any amendment, modification or waiver of any provision of the Loan Documents,
except that such agreement may provide that such Lender will not agree to any modification, amendment or waiver of the Loan Documents
that would reduce the amount of or postpone any fixed date for payment of any Obligation in which such participant has an interest.
Any party to which such a participation has been granted shall have the benefits of Section 1.11 and Section 10.3 hereof. The
Borrower and each Guarantor authorizes each Lender to disclose to any participant or prospective participant under this Section
12.11 any financial or other information pertaining to each Guarantor, the Borrower or any Subsidiary, provided that such
participant or prospective participant shall be subject to the provisions of Section 12.25.


 




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Section
12.12. Assignments. (a) Any Lender may at any time assign to one or more Eligible Assignees all or a portion of such Lender’s
rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it);
provided, that any such assignment shall be subject to the following conditions:


 


(i)
Minimum Amounts. (A) In the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment
and the Loans and participation interest in L/C Obligations at the time owing to it or in the case of an assignment to a Lender,
an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and (B) in any case not described in subsection
(a)(i)(A) of this Section 12.12, the aggregate amount of the Commitment (which for this purpose includes Loans and participation
interest in L/C Obligations outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding
balance of the Loans and participation interest in L/C Obligations of the assigning Lender subject to each such assignment (determined
as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent or, if “Effective
Date” is specified in the Assignment and Acceptance, as of the Effective Date specified in such Assignment and Acceptance)
shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and
is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed);


 


(ii)
Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitments assigned.


 


(iii)
Required Consents. No consent shall be required for any assignment except to the extent required by Section 12.12(a)(i)(B)
and, in addition:


 


(a)
the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of
Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a
Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless
it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice
thereof;


 


(b)
the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment
of (i) a Revolving Credit is to a Person that is not a Lender with a Revolving Credit Commitment, an Affiliate of such Lender
or an Approved Fund with respect to such Lender or (ii) any Term Loans to a Person who is not a Lender, an Affiliate of a Lender
or an Approved Fund; and


 


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


 


(iv)
Assignment and Acceptance. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment
and Acceptance, together with a processing and recordation fee of $3,500 (to be paid as allocated between the assignor and assignee)
and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.


 




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(v)
No Assignment to Borrower, Guarantors, Affiliates or Defaulting Lenders. No such assignment shall be made to (A) the Borrower,
any Subsidiary or any other Affiliate of the Borrower or (B) to a Defaulting Lender or any of its Subsidiaries or any Person,
who, upon becoming a Lender hereunder would constitute any of the foregoing Persons described in this clause (B).


 


(vi)
No Assignment to Natural Persons. No such assignment shall be made to a natural person.


 


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


 


Subject
to acceptance and recording thereof by the Administrative Agent pursuant to Section 12.12(b) hereof, from and after the effective
date specified in each Assignment and Acceptance, the assignee thereunder shall be a party to this Agreement and, to the extent
of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement,
and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released
from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to
the benefits of Sections 12.6 and 12.15 with respect to facts and circumstances occurring prior to the effective date of such
assignment; provided that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting
Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a
Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with
this Section shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations
in accordance with Section 12.11 hereof.


 




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(b)
Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of
its offices in Chicago, Illinois, a copy of each Assignment and Acceptance delivered to it and a register for the recordation
of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing
to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register
shall be conclusive absent manifest error, and the Borrower, the Administrative Agent, and the Lenders may treat each Person whose
name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding
notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time
and from time to time upon reasonable prior notice. Each Lender or L/C Issuer that grants a participation as described in Section
12.11 shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address
of each participant and the principal amounts (and stated interest) of each participant’s interest in the Loans made and
Reimbursement Obligations and/or Commitments or other obligations under this Agreement (the “Participant Register”);
provided that no Lender or L/C Issuer shall have any obligation to disclose all or any portion of the Participant Register
to any Person (including the identity of any participant or any information relating to a participant’s interest in any
Loans made and Reimbursement Obligations and/or Commitments or other obligations under this Agreement) except to the extent that
such disclosure is necessary to establish that such Obligation or Commitment is in registered form under Section 5f.103-1(c) of
the Treasury Regulations or is otherwise required by this Agreement. The entries in the Participant Register shall be conclusive
absent manifest error, and such Lender or L/C Issuer shall treat each person whose name is recorded in the Participant Register
as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.


 


(c)
Any Lender may at any time pledge or grant a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any such pledge or grant to a Federal Reserve Bank, and this Section 12.12 shall not apply
to any such pledge or grant of a security interest; provided that no such pledge or grant of a security interest shall
release a Lender from any of its obligations hereunder or substitute any such pledgee or secured party for such Lender as a party
hereto; provided further, however, the right of any such pledgee or grantee (other than any Federal Reserve Bank) to further
transfer all or any portion of the rights pledged or granted to it, whether by means of foreclosure or otherwise, shall be at
all times subject to the terms of this Agreement.


 


Section
12.13. Amendments. Any provision of this Agreement or the other Loan Documents may be amended or waived if, but only if, such
amendment or waiver is in writing and is signed by (a) the Borrower, (b) the Required Lenders, and (c) if the rights or duties
of the Administrative Agent or the L/C Issuer are affected thereby, the Administrative Agent or the L/C Issuer, as applicable;
provided that:


 


(i)
no amendment or waiver pursuant to this Section 12.13 shall (A) increase any Commitment of any Lender without the consent of such
Lender or (B) reduce the amount of or postpone the date for any scheduled payment of any principal of or interest on any Loan
or of any Reimbursement Obligation or of any fee payable hereunder without the consent of the Lender to which such payment is
owing or which has committed to make such Loan or Letter of Credit (or participate therein) hereunder;


 




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(ii)
no amendment or waiver pursuant to this Section 12.13 shall, unless signed by each Lender, extend the Revolving Credit Termination
Date or the Term Credit Maturity Date, release the Borrower or any Guarantor (expect as provided for in this Agreement), change
the definition of Required Lenders, change the provisions of this Section 12.13, or affect the number of Lenders required to take
any action hereunder or under any other Loan Document; and


 


(iii)
no amendment to Section 13 hereof shall be made without the consent of the Guarantors affected thereby.


 


Notwithstanding
anything to the contrary herein, (1) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver
or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected
Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment
of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or
modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more
adversely than other affected Lenders shall require the consent of such Defaulting Lender, (2) if the Administrative Agent and
the Borrower have jointly identified an obvious error or any error or omission of a technical nature, in each case, in any provision
of the Loan Documents, then the Administrative Agent and the Borrower shall be permitted to amend such provision, (3) guarantees
and related documents executed by the Borrower or any other Loan Party in connection with this Agreement may be in a form reasonably
determined by the Administrative Agent and may be amended, supplemented or waived without the consent of any Lender if such amendment,
supplement or waiver is delivered in order to (x) comply with local law or advice of local counsel, (y) cure ambiguities, omissions,
mistakes or defects or (z) cause such guarantee or other document to be consistent with this Agreement and the other Loan Documents,
and (4) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto.


 


Section
12.14. Headings. Section headings used in this Agreement are for reference only and shall not affect the construction of this
Agreement.


 




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Section
12.15. Costs and Expenses; Indemnification. (a) The Borrower agrees to pay all reasonable out-of-pocket costs and expenses
of the Administrative Agent in connection with the preparation, due diligence, investigation (including third party expenses)
negotiation, syndication, and administration of the Loan Documents, including, without limitation, the reasonable out-of-pocket
fees and disbursements of counsel to the Administrative Agent, in connection with the preparation and execution of the Loan Documents,
and any amendment, waiver or consent related thereto, whether or not the transactions contemplated herein are consummated. The
Borrower agrees to pay to the Administrative Agent, the L/C Issuer, each Lender, and any other holder of any Obligations outstanding
hereunder, all out-of-pocket costs and expenses reasonably incurred or paid by the Administrative Agent, the L/C Issuer, such
Lender, or any such holder, including reasonable and out-of-pocket attorneys’ fees and disbursements and court costs, in
connection with any Default or Event of Default hereunder or in connection with the enforcement of any of the Loan Documents (including
all such costs and expenses incurred in connection with any proceeding under the United States Bankruptcy Code involving the Borrower
or any Guarantor as a debtor thereunder). The Borrower further agrees to indemnify the Administrative Agent, the L/C Issuer, each
Lender, and any security trusteetherefor, and their respective directors, officers, employees, agents, and, if engaged by the
Administrative Agent in connection with the enforcement of rights under the Loan Documents, financial advisors, and consultants
(each such Person being called an “Indemnitee”) against all losses, claims, damages, penalties, judgments,
liabilities and expenses (including, without limitation, all reasonable and out-of-pocket fees and disbursements of counsel for
any such Indemnitee and all reasonable and out-of-pocket expenses of litigation or preparationtherefor, whether or not the Indemnitee
is a party thereto, or any settlement arrangement arising from or relating to any such litigation) which any of them may pay or
incur arising out of or relating to any Loan Document or any of the transactions contemplated thereby or the direct or indirect
application or proposed application of the proceeds of any Loan or Letter of Credit, other than those which arise from the gross
negligence or willful misconduct of the party claiming indemnification as determined by a court of competent jurisdiction by final
and non-appealable judgment. The Borrower, promptly following demand by the Administrative Agent, the L/C Issuer, or a Lender
at any time, shall reimburse the Administrative Agent, the L/C Issuer, or such Lender for any reasonable legal or other out-of-pocket
expenses (including, without limitation, all reasonable fees and disbursements of counsel for any such Indemnitee) incurred in
connection with investigating or defending against any of the foregoing (including any settlement costs relating to the foregoing)
except to the extent the same is due to the gross negligence or willful misconduct of the party to be indemnified as determined
by a court of competent jurisdiction by final and non-appealable judgment. To the extent permitted by applicable Legal Requirements,
the Borrower and the Guarantors shall not assert, and each hereby waives, any claim against any Indemnitee, on any theory of liability,
for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of, this Agreement or the other Loan Documents or any agreement or instrument contemplated hereby or thereby,
the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. The obligations
of the parties under this Section 12.15 shall survive the termination of this Agreement.


 


(b)
The Borrower unconditionally agrees to indemnify, defend and hold harmless, and covenants not to sue for any claim for contribution
against, each Indemnitee for any damages, loss or reasonable and documented out-of-pocket costs and expenses, including without
limitation, response, remedial or removal costs and all reasonable and documented out-of-pocket fees and disbursements of counsel
for any such Indemnitee, arising out of any of the following: (i) any Hazardous Material Activity at any of the Real Properties,
(ii) the violation of any Environmental Law by the Borrower or any Subsidiary or otherwise occurring on or with respect to any
Real Property, (iii) any claim for personal injury or property damage in connection with the Borrower or any Subsidiary or otherwise
occurring on or with respect to any Real Property, and (iv) the inaccuracy or breach of any environmental representation, warranty
or covenant by the Borrower or any Subsidiary made herein or in any other Loan Document evidencing or securing any Obligations
or setting forth terms and conditions applicable thereto or otherwise relating thereto, except for damages arising from the willful
misconduct, bad faith or gross negligence of the relevant Indemnitee. This indemnification shall survive the payment and satisfaction
of all Obligations and the termination of this Agreement, and shall remain in force through and until the expiration of any applicable
statute of limitations and payment or satisfaction in full of any single claim under this indemnification. This indemnification
shall be binding upon the successors and assigns of the Borrower and shall inure to the benefit of each Indemnitee and its successors
and assigns.


 




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Section
12.16. Set-off. In addition to any rights now or hereafter granted under the Loan Documents or applicable Legal Requirements
and not by way of limitation of any such rights, upon the occurrence of any Event of Default, with the prior written consent of
the Administrative Agent, each Lender, the L/C Issuer, each subsequent holder of any Obligation, and each of their respective
affiliates, is hereby authorized by the Borrower and each Guarantor at any time or from time to time, without notice to the Borrower
or such Guarantor or to any other Person, any such notice being hereby expressly waived, to set-off and to appropriate and to
apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit,
whether matured or unmatured, and in whatever currency denominated, but not including trust accounts) and any other indebtedness
at any time held or owing by that Lender, L/C Issuer, subsequent holder, or affiliate, to or for the credit or the account of
the Borrower or such Guarantor, whether or not matured, against and on account of the Obligations then due to that Lender, L/C
Issuer, or subsequent holder under the Loan Documents, including, but not limited to, all claims of any nature or description
arising out of or connected with the Loan Documents, irrespective of whether or not (a) that Lender, L/C Issuer, or subsequent
holder shall have made any demand hereunder or (b) the principal of or the interest on the Loans and other amounts due hereunder
shall have become due and payable pursuant to Section 9 and although said obligations and liabilities, or any of them, may be
contingent or unmatured; provided that in the event that any Defaulting Lender shall exercise any such right of setoff,
(x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with
the provisions of Section 1.14 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and
deemed held in trust for the benefit of the Administrative Agent, the L/C Issuer and the Lenders and (y) the Defaulting Lender
shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting
Lender as to which it exercised such right of setoff.


 


Section
12.17. Entire Agreement. The Loan Documents constitute the entire understanding of the parties thereto with respect to the
subject matter thereof and any prior agreements, whether written or oral, with respect thereto are superseded hereby.


 


Section
12.18. Waiver of Jury Trial. Each party hereto hereby irrevocably waives, to the fullest
extent permitted by applicable Legal Requirements, any right it may have to a trial by jury in any legal proceeding directly or
indirectly arising out of or relating to any Loan Document or the transactions contemplated thereby (whether based on contract,
tort or any other theory). Each party hereto (a) certifies that no representative, agent or attorney of any other party has represented,
expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and
(b) acknowledges that it and the other parties hereto have been induced to enter into this Agreement by, among other things, the
mutual waivers and certifications in this Section.


 




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Section
12.19. Severability of Provisions. Any provision of any Loan Document which is unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such unenforceability without invalidating the remaining provisions hereof
or affecting the validity or enforceability of such provision in any other jurisdiction. All rights, remedies and powers provided
in this Agreement and the other Loan Documents may be exercised only to the extent that the exercise thereof does not violate
any applicable mandatory provisions of law, and all the provisions of this Agreement and other Loan Documents are intended to
be subject to all applicable mandatory provisions of law which may be controlling and to be limited to the extent necessary so
that they will not render this Agreement or any of the other Loan Documents invalid or unenforceable.


 


Section
12.20. Excess Interest. Notwithstanding any provision to the contrary contained herein or in any other Loan Document, no such
provision shall require the payment or permit the collection of any amount of interest in excess of the maximum amount of interest
permitted by applicable Legal Requirements to be charged for the use or detention, or the forbearance in the collection, of all
or any portion of the Loans or other obligations outstanding under this Agreement or any other Loan Document (“Excess
Interest”). If any Excess Interest is provided for, or is adjudicated to be provided for, herein or in any other Loan
Document, then in such event (a) the provisions of this Section 12.20 shall govern and control, (b) neither the Borrower nor any
guarantor or endorser shall be obligated to pay any Excess Interest, (c) any Excess Interest that the Administrative Agent or
any Lender may have received hereunder shall, at the option of the Administrative Agent, be (i) applied as a credit against the
then outstanding principal amount of Obligations hereunder and accrued and unpaid interest thereon (not to exceed the maximum
amount permitted by applicable Legal Requirements), (ii) refunded to the Borrower, or (iii) any combination of the foregoing,
(d) the interest rate payable hereunder or under any other Loan Document shall be automatically subject to reduction to the maximum
lawful contract rate allowed under applicable usury laws (the “Maximum Rate”), and this Agreement and the other
Loan Documents shall be deemed to have been, and shall be, reformed and modified to reflect such reduction in the relevant interest
rate, and (e) neither the Borrower nor any guarantor or endorser shall have any action against the Administrative Agent or any
Lender for any damages whatsoever arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing,
if for any period of time interest on any of the Borrower’s Obligations is calculated at the Maximum Rate rather than the
applicable rate under this Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest
payable on the Borrower’s Obligations shall remain at the Maximum Rate until the Lenders have received the amount of interest
which such Lenders would have received during such period on the Borrower’s Obligations had the rate of interest not been
limited to the Maximum Rate during such period.


 


Section
12.21. Construction. The parties acknowledge and agree that the Loan Documents shall not be construed more favorably in favor
of any party hereto based upon which party drafted the same, it being acknowledged that all parties hereto contributed substantially
to the negotiation of the Loan Documents. The provisions of this Agreement relating to Subsidiaries shall only apply during such
times as the Borrower has one or more Subsidiaries.


 




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Section
12.22. Lender’s and L/C Issuer’s Obligations Several. The obligations of the Lenders and L/C Issuer hereunder
are several and not joint. Nothing contained in this Agreement and no action taken by the Lenders or L/C Issuer pursuant hereto
shall be deemed to constitute the Lenders and L/C Issuer a partnership, association, joint venture or other entity.


 


Section
12.23. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement,
the Notes and the other Loan Documents (except as otherwise specified therein), and the rights and duties of the parties hereto,
shall be construed and determined in accordance with the laws of the State of New York (including Section 5-1401 and Section 5-1402
of the General Obligations law of the State of New York) without regard to conflicts of law principles that would require application
of the laws of another jurisdiction.


 


(b)
Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction
of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern
District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to any
Loan Document, or for recognition or enforcement of any judgment, and each party hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or,
to the extent permitted by applicable Legal Requirements, in such federal court. Each party hereto hereby agrees that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by applicable Legal Requirements. Nothing in this Agreement or any other Loan Document or otherwise
shall affect any right that any party hereto may otherwise have to bring any action or proceeding relating to this Agreement or
any other Loan Document against the Borrower or any Guarantor or its respective properties in the courts of any jurisdiction.


 


(c)
Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent permitted by applicable Legal Requirements,
any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement or any other Loan Document in any court referred to in Section 12.23(b). Each party hereto hereby irrevocably
waives, to the fullest extent permitted by applicable Legal Requirements, the defense of an inconvenient forum to the maintenance
of such action or proceeding in any such court.


 


(d)
Each party to this Agreement irrevocably consents to service of process in any action or proceeding arising out of or relating
to any Loan Document, in the manner provided for notices (other than telecopy or e-mail) in Section 12.8. Nothing in this Agreement
or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted
by applicable Legal Requirements.


 




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Section
12.24. USA Patriot Act. Each Lender and L/C Issuer that is subject to the requirements of the USA Patriot Act (Title III of
Pub. L 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to
the requirements of the Act, it is required to obtain, verify, and record information that identifies the Borrower, which information
includes the name and address of the Borrower and other information that will allow such Lender or L/C Issuer to identify the
Borrower in accordance with the Act.


 


Section
12.25. Confidentiality. Each of the Administrative Agent, the Lenders, and the L/C Issuer severally agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’
directors, officers, employees and agents, including accountants, legal counsel and other advisors to the extent any such Person
has a need to know such Information (it being understood that the Persons to whom such disclosure is made will first be informed
of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested
by any regulatory authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners),
(c) to the extent required by applicable Legal Requirements or by any subpoena or similar legal process, (d) to any other party
hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or
proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject
to an agreement containing provisions substantially the same as those of this Section 12.25, to (A) any assignee of or participant
in, or any prospective assignee of or participant in, any of its rights or obligations under this Agreement or (B) any actual
or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower or any Subsidiary
and its obligations, (g) with the prior written consent of the Borrower, (h) to the extent such Information (A) becomes publicly
available other than as a result of a breach of this Section 12.25 or (B) becomes available to the Administrative Agent, any Lender
or the L/C Issuer on a non-confidential basis from a source other than the Borrower or any Subsidiary or any of their directors,
officers, employees or agents, including accountants, legal counsel and other advisors; (i) on a confidential basis to rating
agencies if requested or required by such agencies in connection with a rating relating to the Loans or the Commitments hereunder,
(j) so long as the Borrower’s report on Form 8-K (or its equivalent) has been filed with the SEC, Gold Sheets and other
similar bank trade publications (such information to consist solely of deal terms and other information regarding the credit facilities
evidenced by this Agreement customarily found in such publications), or (k) so long as the Borrower’s report on Form 8-K
(or its equivalent) has been filed with the SEC, to entities which compile and publish information about the syndicated loan market,
provided that only basic information about the pricing and structure of the transaction evidenced hereby may be disclosed
pursuant to this subsection (k). For purposes of this Section 12.25, “Information” means all information received
from the Borrower or any of the Subsidiaries or from any other Person on behalf of the Borrower or any Subsidiary relating to
the Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to the
Administrative Agent, any Lender or the L/C Issuer on a non-confidential basis prior to disclosure by the Borrower or any of its
Subsidiaries or from any other Person on behalf of the Borrower or any of the Subsidiaries.


 




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


 


(a)
the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an EEA Financial Institution; and


 


(b)
the effects of any Bail-in Action on any such liability, including, if applicable:


 


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


 


(ii)
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or


 


(iii)
the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA
Resolution Authority.


 


Section
12.27. Amendment and Restatement; No Novation. From and after the date of this Agreement, all references to the Prior Credit
Agreement in any Loan Document or in any other instrument or document shall, unless otherwise explicitly stated therein, be deemed
to refer to this Agreement. This Agreement shall become effective as of the date hereof, and supersede all provisions of the Prior
Credit Agreement as of such date, upon the execution of this Agreement by each of the parties hereto and fulfillment or waiver,
as applicable, of the conditions precedent contained in Section 7.2 hereof. This Agreement shall constitute for all purposes an
amendment and restatement of the Prior Credit Agreement and not a new agreement and all obligations outstanding under the Prior
Credit Agreement shall continue to be outstanding hereunder and shall not constitute a novation of the indebtedness or other obligations
outstanding under the Prior Credit Agreement.


 


Section
12.28. Equalization of Loans and Commitments. Upon the satisfaction of the conditions precedent set forth in Section 7.2
hereof, all loans outstanding under the Prior Credit Agreement shall remain outstanding as the initial Borrowing of Revolving
Loans and Term Loans under this Agreement and, in connection therewith, the Borrower shall be deemed to have prepaid all outstanding
Eurodollar Loans on the Closing Date. On the Closing Date, the Lenders each agree to make such purchases and sales of interests
in the outstanding Revolving Loans between themselves so that each Lender is then holding its relevant Revolver Percentage of
outstanding Revolving Loans. Such purchases and sales shall be arranged through the Administrative Agent and each Lender hereby
agrees to execute such further instruments and documents, if any, as the Administrative Agent may reasonably request in connection
therewith. The parties hereto acknowledge and agree that the minimum borrowing, pro rata borrowing, pro rata payment and funding
indemnity requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to this Section
and that any prepayment or breakage fees in connection with such transactions are hereby waived.


 




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Section
12.29. Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee
or otherwise, for Hedge Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”
and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the
resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special
Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding
that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or
of the United States or any other state of the United States):


 


(a)
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any
interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported
QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective
under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and
rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party
or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights
under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against
such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.A.
Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States of a state
of the United States. Without limitation of the forgoing, it is understood and agreed that rights and remedies of the parties
with respect to a Defaulting Lender shall in no event affect the rights of any Covered party with respect to a Supported QFC or
any QFC Credit Support.


 


(b)
As used in this Section, the following terms have the following meanings:


 


“BHC
Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party.


 




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“Covered
Entity” means any of the following:


 


(i)
a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §252.82(b);


 


(ii)
a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §47.3(b); or


 


(iii)
a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §382.2(b).


 


“Default
Rights” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§252.81,
47.2 or 382.1, as applicable.


 


“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance
with, 12 U.S.C. 5390(c)(8)(D).


 


Section
13. The Guarantees.


 


Section
13.1. The Guarantees. To induce the Lenders to provide the credits described herein and in consideration of benefits expected
to accrue to the Borrower by reason of the Commitments and for other good and valuable consideration, receipt of which is hereby
acknowledged, each Guarantor party hereto (including any Guarantor formed or acquired after the Closing Date executing an separate
Subsidiary Guaranty or an Additional Guarantor Supplement in the form attached hereto as Exhibit G or such other form acceptable
to the Administrative Agent) hereby unconditionally and irrevocably guarantees, jointly and severally, to the Administrative Agent,
the Lenders, and their Affiliates, the due and punctual payment of all present and future Obligations, Hedging Liability and Bank
Product Obligations, including, but not limited to, the due and punctual payment of principal of and interest on the Loans, the
Reimbursement Obligations, Hedging Liability, and Bank Product Obligations, and the due and punctual payment of all other obligations
now or hereafter owed by the Borrower under the Loan Documents as and when the same shall become due and payable, whether at stated
maturity, by acceleration, or otherwise, according to the terms hereof and thereof (including all interest, costs, fees, and charges
after the entry of an order for relief against the Borrower or such other obligor in a case under the United States Bankruptcy
Code, the Canadian Bankruptcy Legislation or any similar proceeding, whether or not such interest, costs, fees and charges would
be an allowed claim against the Borrower or any such obligor in any such proceeding); provided, however, that with respect
to any Guarantor, its Guarantee of Hedging Liability of the Borrower or any Guarantor shall exclude all Excluded Swap Obligations.
In case of failure by the Borrower or other obligor punctually to pay any obligations guaranteed hereby, each Guarantor hereby
unconditionally agrees to make such payment or to cause such payment to be made punctually as and when the same shall become due
and payable, whether at stated maturity, by acceleration, or otherwise, and as if such payment were made by the Borrower or such
obligor.


 




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Section
13.2. Guarantee Unconditional. The obligations of each Guarantor under this Section 13 shall be unconditional and absolute
and, without limiting the generality of the foregoing, shall not be released, discharged, or otherwise affected by:


 


(a)
any extension, renewal, settlement, compromise, waiver, or release in respect of any obligation of the Borrower or other obligor
or of any other guarantor under this Agreement or any other Loan Document or by operation of law or otherwise;


 


(b)
any modification or amendment of or supplement to this Agreement or any other Loan Document or any agreement relating to Hedging
Liability or Bank Product Obligations;


 


(c)
any change in the corporate existence, structure, or ownership of, or any insolvency, bankruptcy, reorganization, or other similar
proceeding affecting, the Borrower or other obligor, any other guarantor, or any of their respective assets, or any resulting
release or discharge of any obligation of the Borrower or other obligor or of any other guarantor contained in any Loan Document;


 


(d)
the existence of any claim, set-off, or other rights which the Borrower or other obligor or any other guarantor may have at any
time against the Administrative Agent, any Lender, or any other Person, whether or not arising in connection herewith;


 


(e)
any failure to assert, or any assertion of, any claim or demand or any exercise of, or failure to exercise, any rights or remedies
against the Borrower or other obligor, any other guarantor, or any other Person or Property;


 


(f)
any application of any sums by whomsoever paid or howsoever realized to any obligation of the Borrower or other obligor, regardless
of what obligations of the Borrower or other obligor remain unpaid;


 


(g)
any invalidity or unenforceability relating to or against the Borrower or other obligor or any other guarantor for any reason
of this Agreement or of any other Loan Document or any agreement relating to Hedging Liability or Bank Product Obligations, or
any provision of applicable Legal Requirements purporting to prohibit the payment by the Borrower or other obligor or any other
guarantor of the principal of or interest on any Loan or any Reimbursement Obligation or any other amount payable under the Loan
Documents or any agreement relating to Hedging Liability or Bank Product Obligations; or


 


(h)
any other act or omission to act or delay of any kind by the Administrative Agent, any Lender, or any other Person or any other
circumstance whatsoever that might, but for the provisions of this paragraph, constitute a legal or equitable discharge of the
obligations of any Guarantor under this Section 13.


 




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Section
13.3. Discharge Only upon Payment in Full; Reinstatement in Certain Circumstances. Each Guarantor’s obligations under
this Section 13 shall remain in full force and effect until the Commitments are terminated, all Letters of Credit have expired,
and the principal of and interest on the Loans and all other amounts payable by the Borrower and the Guarantors under this Agreement
and all other Loan Documents and, if then outstanding and unpaid, all Hedging Liability and Bank Product Obligations have been
paid in full. If at any time any payment of the principal of or interest on any Loan or any Reimbursement Obligation or any other
amount payable by the Borrower or other obligor or any Guarantor under the Loan Documents or any agreement relating to Hedging
Liability or Bank Product Obligations is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy,
or reorganization of the Borrower or other obligor or of any guarantor, or otherwise, each Guarantor’s obligations under
this Section 13 with respect to such payment shall be reinstated at such time as though such payment had become due but had not
been made at such time.


 


Section
13.4. Subrogation. Each Guarantor agrees it will not exercise any rights which it may acquire by way of subrogation by any
payment made hereunder, or otherwise, until all the obligations guaranteed hereby shall have been paid in full subsequent to the
termination of all the Commitments and expiration of all Letters of Credit. If any amount shall be paid to a Guarantor on account
of such subrogation rights at any time prior to the later of (x) the payment in full of the Obligations, Bank Product Obligations
and Hedging Liability and all other amounts payable by the Borrower hereunder and under the other Loan Documents and (y) the termination
of the Commitments and expiration of all Letters of Credit, such amount shall be held in trust for the benefit of the Administrative
Agent and the Lenders (and their Affiliates) and shall forthwith be paid to the Administrative Agent for the benefit of the Lenders
(and their Affiliates) or be credited and applied upon the Obligations, Bank Product Obligations and Hedging Liability, whether
matured or unmatured, in accordance with the terms of this Agreement.


 


Section
13.5. Waivers. Each Guarantor irrevocably waives acceptance hereof, presentment, demand, protest, and any notice except as
specifically provided for herein, as well as any requirement that at any time any action be taken by the Administrative Agent,
any Lender, or any other Person against the Borrower or other obligor, another guarantor, or any other Person.


 


Section
13.6. Limit on Recovery. Notwithstanding any other provision hereof, the right of recovery against each Guarantor under this
Section 13 shall not exceed $1.00 less than the lowest amount which would render such Guarantor’s obligations under this
Section 13 void or voidable under applicable Legal Requirements, including, without limitation, fraudulent conveyance law.


 


Section
13.7. Stay of Acceleration. If acceleration of the time for payment of any amount payable by the Borrower or other obligor
under this Agreement or any other Loan Document or any agreement relating to Hedging Liability or Bank Product Obligations, is
stayed upon the insolvency, bankruptcy or reorganization of the Borrower or such obligor, all such amounts otherwise subject to
acceleration under the terms of this Agreement or the other Loan Documents or any agreement relating to Hedging Liability or Bank
Product Obligations, shall nonetheless be payable by the Guarantors hereunder forthwith on demand by the Administrative Agent
made at the request of the Required Lenders.


 




    	-105-



    	 



    

 





Section
13.8. Benefit to Guarantors. The Borrower and the Guarantors are engaged in related businesses and integrated to such an extent
that the financial strength and flexibility of the Borrower has a direct impact on the success of each Guarantor. Each Guarantor
will derive substantial direct and indirect benefit from the extensions of credit hereunder.


 


Section
13.9. Guarantor Covenants. Each Guarantor shall take such action as the Borrower is required by this Agreement to cause such
Guarantor to take, and shall refrain from taking such action as the Borrower is required by this Agreement to prohibit such Guarantor
from taking.


 


Section
13.10. Subordination. Each Guarantor (each referred to herein as a “Subordinated Creditor”) hereby subordinates
the payment of all indebtedness, obligations, and liabilities of the Borrower or any other Guarantor owing to such Subordinated
Creditor, whether now existing or hereafter arising, to the indefeasible payment in full in cash of all Obligations, Hedging Liability,
and Bank Product Obligations. During the continuance of any Event of Default or Default under Sections 9.1 (a), (j) or (k), subject
to Section 13.4, any such indebtedness, obligation, or liability of the Borrower or any other Guarantor owing to such Subordinated
Creditor shall be enforced and performance received by such Subordinated Creditor as trustee for the benefit of the holders of
the Obligations, Hedging Liability, and Bank Product Obligations and, upon the acceleration of the Indebtedness under Section
9.2 or 9.3 hereof, the proceeds thereof shall be paid over to the Administrative Agent for application to the Obligations, Hedging
Liability, and Bank Product Obligations (whether or not then due), but without reducing or affecting in any manner the liability
of such Guarantor under this Section 13.


 


Section
13.11. Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes
to provide such funds or other support as may be needed from time to time by the Borrower and each other Guarantor to honor all
of its obligations in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable
under this Section for the maximum amount of such liability that can be hereby incurred without rendering its obligations under
this Section as it relates to such Borrower or other Guarantor, voidable under applicable Legal Requirements relating to fraudulent
conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this
Section shall remain in full force and effect until discharged in accordance with Section 13.3. Each Qualified ECP Guarantor intends
that this Section constitute, and this Section shall be deemed to constitute, a “keepwell, support, or other agreement”
for the benefit of the Borrower and each other Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange
Act.


 


[Signature
Pages to Follow]





 




    	-106-



    	 



    

 


This
Amended and Restated Credit Agreement is entered into between us for the uses and purposes hereinabove set forth as of the date
first above written.





 


	 	“Borrower”
	 	 
	 	Monmouth Real Estate Investment Corporation
	 	 
	 	By	
	 	Name:	Michael
    D. Prashad
	 	Title:	Secretary
	 	 
	 	“Administrative Agent and L/C Issuer”
	 	 
	 	Bank of Montreal, as L/C Issuer and as Administrative Agent
	 	 
	 	By	
	 	Name:	Lloyd
    Baron
	 	Title:	Director


 


[SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT-MONMOUTH REAL ESTATE


INVESTMENT CORPORATION]


 




    	 	 	 



    	 



    

 





	 	“Lenders”
	 	 
	 	Bank of Montreal, Chicago Branch, as a Lender
	 	 
	 	By	 
	 	Name:	Lloyd
    Baron
	 	Title:	Director


 


[SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT-MONMOUTH REAL ESTATE


INVESTMENT CORPORATION


 




    	 	 	 



    	 



    

 


	 	 JPMorgan Chase Bank, N.A., as a Lender
	 	 	 
	 	By	 
	 	Name:	Austin
    Lotito
	 	Title:
    	Vice
    President


 


[SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT-MONMOUTH REAL ESTATE


INVESTMENT CORPORATION]


 




    	 	 	 



    	 



    




 


	 	Royal Bank of Canada, as a Lender
	 	 
	 	By	 
	 	Name:
    	William
    Behuniak
	 	Title:	Authorized
    Signatory



 


[SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT-MONMOUTH REAL ESTATE


INVESTMENT CORPORATION]


 



    	 	 	 



    	 



    




 


	 	“Guarantors”
	 	 
	 	MREIC Illinois, LLC, an Illinois limited liability company
	 	 
	 	By:	Monmouth
    Real Estate Investment Corporation
	 	Its:	Sole
    Member


 


	 	By	 
	 	Name:	Michael
    D. Prashad
	 	Title:	Secretary








 


	 	Monmouth Capital Corporation, a New Jersey corporation
	 	 
	 	By	 
	 	Name:	Michael
    D. Prashad
	 	Title:
    	Secretary


 


 


	 	MREIC PA Monaca, LLC, a Pennsylvania limited liability company
	 	 	 
	 	By:	Monmouth
    Real Estate Investment Corporation
	 	Its:	Sole
    Member


 


	 	By	 
	 	Name:
    	Michael
    D. Prashad
	 	Title:	Secretary


 


[SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT-MONMOUTH REAL ESTATE


INVESTMENT CORPORATION


 




    	 	 	 



    	 



    

 


	 	MREIC O’Fallon MO, LLC, a Missouri limited liability company
	 	 	 
	 	By:	Monmouth
    Real Estate Investment Corporation
	 	Its:	Sole
    Member


 


	 	By	 
	 	Name:	Michael
    D. Prashad
	 	Title:	Secretary


 





	 	MREIC Richland MS, LLC, a Mississippi limited liability company
	 	 	 
	 	By:	Monmouth
    Real Estate Investment Corporation
	 	Its:	Sole
    Member


 


	 	By	 
	 	Name:
    	Michael
    D. Prashad
	 	Title:	 Secretary


 


	 	MREIC Ridgeland MS, LLC, a Mississippi limited liability company
	 	By:
    	Monmouth
    Real Estate Investment Corporation
	 	Its:
    	Sole
    Member


 


	 	By	 
	 	Name:
    	Michael
    D. Prashad
	 	Title:
    	Secretary


 


[SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT-MONMOUTH REAL ESTATE


INVESTMENT CORPORATION


 




    	 	 	 



    	 



    

 


	 	MREIC Rockford IL, LLC, an Illinois limited liability company
	 	 
	 	By:	Monmouth
    Real Estate Investment Corporation
	 	Its:	Sole
    Member


 


	 	By	 
	 	Name:
    	Michael
    D. Prashad
	 	Title:
    	Secretary





 


	 	MREIC Urbandale IA, LLC, an Iowa limited liability company
	 	 
	 	By:
    	Monmouth
    Real Estate Investment Corporation
	 	Its:
    	Sole
    Member


 


	 	By	 
	 	Name:
    	Michael
    D. Prashad
	 	Title:
    	Secretary


 


	 	MRC I, LLC, a Wisconsin limited liability company
	 	 
	 	By:
    	Monmouth
    Real Estate Investment Corporation
	 	Its:
    	Sole
    Member


 


	 	By	 
	 	Name:
    	Michael
    D. Prashad
	 	Title:
    	Secretary


 


[SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT-MONMOUTH REAL ESTATE


INVESTMENT CORPORATION


 




    	 	 	 



    	 



    




 


	 	MREIC Edinburg TX, LLC, a Texas limited liability company
	 	 
	 	By:
    	Monmouth
    Real Estate Investment Corporation
	 	Its:
    	Sole
    Member


 


	 	By	 
	 	Name:
    	Michael
    D. Prashad
	 	Title:
    	Secretary


 


	 	MREIC Cincinnati OH, LLC, an Ohio limited liability company
	 	
	 	By:
    	Monmouth
    Real Estate Investment Corporation
	 	Its:
    	Sole
    Member


 


	 	By	 
	 	Name:
    	Michael
    D. Prashad
	 	Title:
    	Secretary


 


[SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT-MONMOUTH REAL ESTATE


INVESTMENT CORPORATION]


 




    	 	 	 



    	 



    

 





	 	MREIC Corpus Christi TX, LLC, a Texas limited liability company
	 	 	 
	 	By:	Monmouth
    Real Estate Investment Corporation
	 	Its:
    	Sole
    Member


 


	 	By	 
	 	Name:	Michael
    D. Prashad
	 	Title:
    	Secretary





 


	 	MREIC Chattanooga TN, LLC, a Tennessee limited liability company
	 	 	 
	 	By:
    	Monmouth
    Real Estate Investment Corporation
	 	Its:
    	Sole
    Member


 


	 	By	 
	 	Name:
    	Michael
    D. Prashad
	 	Title:
    	Secretary


 





	 	MREIC El Paso, LLC, a Texas limited liability company
	 	 	 
	 	By:
    	Monmouth
    Real Estate Investment Corporation
	 	Its:
    	Sole
    Member


 


	 	By	 
	 	Name:
    	Michael
    D. Prashad
	 	Title:
    	Secretary





 


	 	MREIC South Carolina, LLC, a South Carolina limited liability company
	 	 	 
	 	By:
    	Monmouth
    Real Estate Investment Corporation
	 	Its:
    	Sole
    Member


 


	 	By	 
	 	Name:
    	Michael
    D. Prashad
	 	Title:
    	Secretary


 


[SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT-MONMOUTH REAL ESTATE


INVESTMENT CORPORATION]


 




    	 	 	 



    	 



    

 








	 	Hemingway at Halfmoon, LLC, an Ohio limited liability company
	 	 	 
	 	By:
    	Monmouth
    Real Estate Investment Corporation
	 	Its:
    	Sole
    Member


 


	 	By	 
	 	Name:
    	Michael
    D. Prashad
	 	Title:
    	Secretary


 


 


	 	MREIC Lebanon, Tennessee, LLC, a Tennessee limited liability company
	 	 	 
	 	By:
    	Monmouth
    Real Estate Investment Corporation
	 	Its:
    	Sole
    Member


 


	 	By	 
	 	Name:	Michael
    D. Prashad
	 	Title:	Secretary


 





	 	MREIC Lebanon OH, LLC, an Ohio limited liability company
	 	 	 
	 	By:
    	Monmouth
    Real Estate Investment Corporation
	 	Its:
    	Sole
    Member


 


	 	By	 
	 	Name:
    	Michael
    D. Prashad
	 	Title:
    	Secretary


 


[SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT-MONMOUTH REAL ESTATE


INVESTMENT CORPORATION]


 




    	 	 	 



    	 



    

 





	 	MREIC Richfield OH, LLC, an Ohio limited liability company
	 	 	 
	 	By:
    	Monmouth
    Real Estate Investment Corporation
	 	Its:
    	Sole
    Member


 


	 	By	 
	 	Name:
    	Michael
    D. Prashad
	 	Title:
    	Secretary


 


 


	 	Wheeling Partners LLC, an Illinois limited liability company
	 	 	 
	 	By:	Monmouth
    Real Estate Investment Corporation
	 	Its:
    	Sole
    Member


 


	 	By	 
	 	Name:
    	Michael
    D. Prashad
	 	Title:
    	Secretary


 


	 	MREIC Winston Salem NC, LLC, a North Carolina limited liability company
	 	 
	 	By:
    	Monmouth
    Real Estate Investment Corporation
	 	Its:
    	Sole
    Member


 


	 	By	 
	 	Name:
    	Michael
    D. Prashad
	 	Title:
    	Secretary


 


[SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT-MONMOUTH REAL ESTATE


INVESTMENT CORPORATION]


 




    	 	 	 



    	 



    

 


Exhibit
A


 


Notice
of Payment Request


 


[Date]


 


[Name
of Lender]


[Address]


 


Attention:


 


Reference
is made to the Amended and Restated Credit Agreement, dated as of November 15, 2019, among Monmouth Real Estate Investment Corporation,
the Guarantors from time to time party thereto, the Lenders from time to time party thereto and Bank of Montreal, as Administrative
Agent (as extended, renewed, amended or restated from time to time, the “Credit Agreement”). Capitalized terms
used herein and not defined herein have the meanings assigned to them in the Credit Agreement. [The Borrower has failed to
pay its Reimbursement Obligation in the amount of $____________. Your Percentage of the unpaid Reimbursement Obligation is $_____________]
or [__________________________ has been required to return a payment by the Borrower of a Reimbursement Obligation in the
amount of $_______________. Your Percentage of the returned Reimbursement Obligation is $_______________.]


 


Very
truly yours,


 


Bank
of Montreal, as L/C Issuer


 


	 	By	
	 	Name	 
	 	Title	 


 


 




    	 	 	 



    	 



    

 


Exhibit
B


 


Notice
of Borrowing


 


Date:_____________,
____


 


	To:	Bank
    of Montreal, as Administrative Agent for the Lenders from time to time parties to the Amended and Restated Credit Agreement,
    dated as of November 15, 2019 (as extended, renewed, amended or restated from time to time, the “Credit Agreement”),
    among Monmouth Real Estate Investment Corporation, the Guarantors from time to time party thereto, the Lenders from time to
    time party thereto and Bank of Montreal, as Administrative Agent


 


Ladies
and Gentlemen:


 


The
undersigned, Monmouth Real Estate Investment Corporation (the “Borrower”), refers to the Credit Agreement,
the terms defined therein being used herein as therein defined, and hereby gives you notice irrevocably, pursuant to Section 1.6
of the Credit Agreement, of the Borrowing specified below:


 


1.
The Business Day of the proposed Borrowing is ___________, ____.


 


2.
The aggregate amount of the proposed Borrowing is $______________.


 


3.
The Borrowing is being advanced [under the Revolving Credit pursuant to Section 1.1 of the Credit Agreement] [as Term Loans pursuant
to Section 1.2 of the Credit Agreement] [as Incremental Term Loans pursuant to Section 1.15 of the Credit Agreement].


 


4.
The Borrowing is to be comprised of $___________ of [Base Rate] [Eurodollar] Loans.


 


[5.
The duration of the Interest Period for the Eurodollar Loans included in the Borrowing shall be ____________ months.]


 


The
undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the date of the proposed
Borrowing, before and after giving effect thereto and to the application of the proceeds therefrom:


 


(a)
the representations and warranties of the Borrower contained in Section 6 of the Credit Agreement are true and correct in all
material respects (where not already qualified by materiality or Material Adverse Effect, otherwise in all respects) as though
made on and as of such date (except to the extent the same expressly relate to an earlier date, in which case they shall be true
and correct in all material respects (where not already qualified by materiality or Material Adverse Effect, otherwise in all
respects) as of such earlier date); and


 


(b)
no Default or Event of Default has occurred and is continuing or would result from such proposed Borrowing and after giving effect
to such extension of credit, the Credit Availability, as then determined and computed, is and will be no less than $0.


 


	 	Monmouth Real Estate Investment Corporation
	 	 	 
	 	By:	                
	 	Name:	 
	 	Title:	 


 




    	 	 	 



    	 



    

 


Exhibit
C


 


Notice
of Continuation/Conversion


 


Date:
____________, ____


 


	To:	Bank
    of Montreal, as Administrative Agent for the Lenders from time to time parties to the Amended and Restated Credit Agreement
    dated as of November 15, 2019 (as extended, renewed, amended or restated from time to time, the “Credit Agreement”),
    among Monmouth Real Estate Investment Corporation, the Guarantors from time to time party thereto, the Lenders from time to
    time party thereto and Bank of Montreal, as Administrative Agent


 


Ladies
and Gentlemen:


 


The
undersigned, Monmouth Real Estate Investment Corporation (the “Borrower”), refers to the Credit Agreement,
the terms defined therein being used herein as therein defined, and hereby gives you notice irrevocably, pursuant to Section 1.6
of the Credit Agreement, of the [conversion] [continuation] of the Loans specified herein, that:


 


1.
The conversion/continuation Date is __________, ____.


 


2.
The aggregate amount of the [Revolving Loans] [Term Loans] [Incremental Term Loans] (the “Applicable Loans”)
to be [converted] [continued] is $______________.


 


3.
The Applicable Loans are to be [converted into] [continued as] [Eurodollar] [Base Rate] Loans.


 


4.
[If applicable:] The duration of the Interest Period for the Applicable Loans included in the [conversion] [continuation]
shall be _________ months.


 


The
undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the proposed conversion/continuation
date, before and after giving effect thereto and to the application of the proceeds therefrom:


 


(a)
the representations and warranties of the Borrower contained in Section 6 of the Credit Agreement are true and correct in all
material respects (where not already qualified by materiality or Material Adverse Effect, otherwise in all respects) as though
made on and as of such date (except to the extent the same expressly relate to an earlier date, in which case they shall be true
and correct in all material respects (where not already qualified by materiality or Material Adverse Effect, otherwise in all
respects) as of such earlier date); and


 


(b)
no Default or Event of Default has occurred and is continuing, or would result from such proposed [conversion] [continuation].


 





	 	Monmouth Real Estate Investment Corporation
	 	 	 
	 	By:	                
	 	Name:	 
	 	Title:	 








 







    	 	 	 



    	 



    

 


Exhibit
D-1


 


Term
Loan Note


 


U.S.
$_______________ __________, 20__


 


For
Value Received, the undersigned, Monmouth
Real Estate Investment Corporation, a Maryland corporation (the “Borrower”), hereby promises to pay
to ____________________ (the “Lender”) or its permitted assigns on the Term Credit Maturity Date of the hereinafter
defined Credit Agreement, at the principal office of the Administrative Agent in Chicago, Illinois (or such other location as
the Administrative Agent may designate to the Borrower), in immediately available funds, the principal sum of ___________________
Dollars ($__________) or, if less, the aggregate unpaid principal amount of all Term Loans made by the Lender to the Borrower
pursuant to the Credit Agreement, together with interest on the principal amount of such Term Loan from time to time outstanding
hereunder at the rates, and payable in the manner and on the dates, specified in the Credit Agreement.


 


This
Term Loan Note (this “Term Loan Note”) is one of the Term Loan Notes referred to in the Amended and Restated
Credit Agreement, dated as of November 15, 2019, among the Borrower, the Guarantors party thereto, the Lenders party thereto,
JPMorgan Chase Bank, N.A. and Royal Bank of Canada, as Syndication Agents, the L/C Issuer and Bank of Montreal, as Administrative
Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
and this Term Loan Note and the holder hereof are entitled to all the benefits and security provided for thereby or referred to
therein, to which Credit Agreement reference is hereby made for a statement thereof. All defined terms used in this Term Loan
Note, except terms otherwise defined herein, shall have the same meaning as in the Credit Agreement. This Term Loan Note shall
be construed and determined in accordance with the laws of the State of New York (including Section 5-1401 and Section 5-1402
of the General Obligations law of the State of New York) without regard to conflicts of law principles that would require application
of the laws of another jurisdiction.


 


Voluntary
prepayments may be made hereon, certain prepayments are required to be made hereon, and this Term Loan Note may be declared due
prior to the expressed maturity hereof, all in the events, on the terms and in the manner as provided for in the Credit Agreement.


 


[Signature
Page Follows]








 




    	 	 	 



    	 



    

 


The
Borrower hereby waives demand, presentment, protest or notice of any kind hereunder.


 





	 	Monmouth Real Estate Investment Corporation
	 	 	 
	 	By:	                
	 	Name:	 
	 	Title:	 





 







    	 	 	 



    	 



    

 


Exhibit
D-2


 


[Amended
and Restated] Revolving Note


 


	U.S.
    $_______________	________
    __, 20__


 


For
Value Received, the undersigned, Monmouth Real
Estate Investment Corporation, a Maryland corporation (the “Borrower”), hereby promises to pay to ____________________
(the “Lender”) or its permitted assigns on the Revolving Credit Termination Date of the hereinafter defined
Credit Agreement, at the principal office of the Administrative Agent in Chicago, Illinois (or such other location as the Administrative
Agent may designate to the Borrower), in immediately available funds, the principal sum of ___________________ Dollars ($__________)
or, if less, the aggregate unpaid principal amount of all Revolving Loans made by the Lender to the Borrower pursuant to the Credit
Agreement, together with interest on the principal amount of each Loan from time to time outstanding hereunder at the rates, and
payable in the manner and on the dates, specified in the Credit Agreement.


 


[This
Revolving Note (this “Revolving Note”) is one of the Revolving Notes referred to in the Amended and Restated
Credit Agreement dated as of November 15, 2019, among the Borrower, the Guarantors party thereto, the Lenders party thereto, JPMorgan
Chase Bank, N.A. and Royal Bank of Canada, as Syndication Agents, the L/C Issuer and Bank of Montreal, as Administrative Agent
(as extended, renewed, amended, supplemented or restated from time to time, the “Credit Agreement”), and this
Revolving Note and the holder hereof are entitled to all the benefits and security provided for thereby or referred to therein,
to which Credit Agreement reference is hereby made for a statement thereof. All defined terms used in this Revolving Note, except
terms otherwise defined herein, shall have the same meaning as in the Credit Agreement. This Revolving Note shall be governed
by and construed in accordance with the internal laws of the State of New York (including Section 5-1401 and Section 5-1402 of
the General Obligations law of the State of New York).]


 


[This
Amended and Restated Revolving Note (this “Revolving Note”) amends and restates that certain Revolving
Note dated [_________] made by the Borrower in favor of the Lender (the “Original Revolving Note”) and is one
of the Revolving Notes referred to in the Amended and Restated Credit Agreement dated as of November 15, 2019, among the Borrower,
the Guarantors party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A. and Royal Bank of Canada, as Syndication Agents,
the L/C Issuer and Bank of Montreal, as Administrative Agent (as extended, renewed, amended, supplemented or restated from time
to time, the “Credit Agreement”), and this Revolving Note and the holder hereof are entitled to all the benefits
and security provided for thereby or referred to therein, to which Credit Agreement reference is hereby made for a statement thereof.
This Revolving Note is issued in replacement and substitution for, and supersedes, the Original Revolving Note. All defined terms
used in this Revolving Note, except terms otherwise defined herein, shall have the same meaning as in the Credit Agreement. This
Revolving Note shall be governed by and construed in accordance with the internal laws of the State of New York (including Section
5-1401 and Section 5-1402 of the General Obligations law of the State of New York).]


 


Voluntary
prepayments may be made hereon, certain prepayments are required to be made hereon, and this Revolving Note may be declared due
prior to the expressed maturity hereof, all in the events, on the terms and in the manner as provided for in the Credit Agreement.


 


[Signature
Page Follows]


 




    	 



    	 



    

 


The
Borrower hereby waives demand, presentment, protest or notice of any kind hereunder.


 


	 	Monmouth Real Estate Investment Corporation
	 	 	 
	 	By:	                 
	 	Name:	 
	 	Title:	 


 




    	 



    	 



    

 


Exhibit
D-3


 


Incremental
Term Note


 


	U.S.
    $_______________	__________,
    20__


 


For
Value Received, the undersigned, Monmouth
Real Estate Investment Corporation, a Maryland corporation (the “Borrower”), hereby promises to pay
to ____________________ (the “Lender”) or its permitted assigns on the Term Credit Maturity Date of the hereinafter
defined Credit Agreement, at the principal office of the Administrative Agent in Chicago, Illinois (or such other location as
the Administrative Agent may designate to the Borrower), in immediately available funds, the principal sum of ___________________
Dollars ($__________) or, if less, the aggregate unpaid principal amount of all Incremental Term Loans made by the Lender to the
Borrower pursuant to the Credit Agreement, together with interest on the principal amount of such Incremental Term Loan from time
to time outstanding hereunder at the rates, and payable in the manner and on the dates, specified in the Credit Agreement.


 


This
Incremental Term Note (this “Incremental Term Note”) is one of the Incremental Term Notes referred to in the
Amended and Restated Credit Agreement, dated as of November 15, 2019, among the Borrower, the Guarantors party thereto, the Lenders
party thereto, JPMorgan Chase Bank, N.A. and Royal Bank of Canada, as Syndication Agents, and Bank of Montreal, as Administrative
Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
and this Incremental Term Note and the holder hereof are entitled to all the benefits and security provided for thereby or referred
to therein, to which Credit Agreement reference is hereby made for a statement thereof. All defined terms used in this Incremental
Term Note, except terms otherwise defined herein, shall have the same meaning as in the Credit Agreement. This Incremental Term
Note shall be construed and determined in accordance with the laws of the State of New York (including Section 5-1401 and Section
5-1402 of the General Obligations law of the State of New York) without regard to conflicts of law principles that would require
application of the laws of another jurisdiction.


 


Voluntary
prepayments may be made hereon, certain prepayments are required to be made hereon, and this Incremental Term Note may be declared
due prior to the expressed maturity hereof, all in the events, on the terms and in the manner as provided for in the Credit Agreement.


 


[Signature
Page Follows]


 




    	 



    	 



    

 


The
Borrower hereby waives demand, presentment, protest or notice of any kind hereunder.


 





	 	Monmouth Real Estate Investment Corporation
	 	 	 
	 	By	                
	 	Name	 
	 	Title	 


 




    	 



    	 



    

 


Exhibit
E


 


Compliance
Certificate


 


	To:	Bank
    of Montreal, as Administrative Agent under, and the Lenders party to, the Credit Agreement described below


 


This
Compliance Certificate is furnished to the Administrative Agent and the Lenders pursuant to that certain Amended and Restated
Credit Agreement dated as of November 15, 2019, among Monmouth Real Estate Investment Corporation, as Borrower, the Guarantors
signatory thereto, JPMorgan Chase Bank, N.A. and Royal Bank of Canada, as Syndication Agents, the Administrative Agent and the
Lenders party thereto (the “Credit Agreement”). Unless otherwise defined herein, the terms used in this Compliance
Certificate have the meanings ascribed thereto in the Credit Agreement.


 


The
Undersigned hereby certifies that:


 


1.
I am the duly elected ____________ of Monmouth Real Estate Investment Corporation;


 


2.
I have reviewed the terms of the Credit Agreement and I have made, or have caused to be made under my supervision, a detailed
review of the transactions and conditions of the Borrower and its Subsidiaries during the accounting period covered by the attached
financial statements;


 


3.
Except to the extent previously disclosed pursuant to the requirements of Section 8.5(e) of the Credit Agreement, the examinations
described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or the occurrence of any
event which constitutes a Default or Event of Default during or at the end of the accounting period covered by the attached financial
statements or as of the date of this Compliance Certificate, except as set forth below;


 


4.
The financial statements required by Section 8.5 of the Credit Agreement and being furnished to you concurrently with this Compliance
Certificate are true, correct and complete in all material respects as of the date and for the periods covered thereby; and


 


5.
The Schedule I hereto sets forth financial data and computations evidencing the Borrower’s compliance with certain covenants
of the Credit Agreement, all of which data and computations are, to the best of my knowledge, true, complete and correct and have
been made in accordance with the relevant Sections of the Credit Agreement.


 


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


________________________________________________________________


________________________________________________________________


________________________________________________________________


________________________________________________________________


 


The
foregoing certifications, together with the computations set forth in Schedule I hereto and the financial statements delivered
with this Certificate in support hereof, are made and delivered this ______ day of __________________ 20___.


 


	 	Monmouth
    Real Estate Investment Corporation
	 	 
	 	By:	                
	 	Name:	 
	 	Title:	 


 




    	 



    	 



    

 


Schedule
I


 


to
Compliance Certificate


 





 



 


Compliance
Calculations


for
Amended and Restated Credit Agreement dated as of November 15, 2019


 


Calculations
as of _____________, 20____


 





 



 


	A. Maximum Leverage
    Ratio (Section 8.20(a))	 	 
	1. Total Indebtedness	$	
	2. Total Asset Value as calculated on Exhibit A
    hereto	 	
	3. Ratio of Line A1 to Line A2	 	____:1.0
	4. Line A3 must not exceed	 	0.60:1.0
	5. The Borrower is in compliance (circle yes or no)	 	yes/no
	B. Minimum Debt
    Service Coverage Ratio (Section 8.20(b))	 	 
	1. NOI for all Properties as calculated on Exhibit B
    hereto	$	
	2. All principal and/or interest payments due
    (whether paid or unpaid, but excluding all balloon principal payments)	$	
	3. Ratio of Line B1 to Line B2	 	____:1.0
	4. Line B3 shall not be less than	 	1.25:1.0
	5. The Borrower is in compliance (circle yes or no)	 	yes/no
	C. Maximum Total
    Secured Recourse Indebtedness to Total Asset Value Ratio (Section 8.20(c))	 	 
	1. Total Secured Recourse Indebtedness	$	
	2. Total Asset Value as calculated on Exhibit A
    hereto	 	
	3. Ratio of Line C1 to Line C2	 	____:1.0
	4. Line C3 shall not exceed	 	0.10:1.0
	5. The Borrower is in compliance (circle yes or no)	 	yes/no 

	D. Unsecured
    Leverage Ratio (Section 8.20(d))	 	 
	1. Total Unsecured Indebtedness	$	
	2. Total Unencumbered Asset Value as calculated on
    Exhibit A hereto	 	
	3. Ratio of Line D1 to Line D2	 	____:1.0
	4. Line D3 must not exceed	 	0.60:1.0
	5. The Borrower is in compliance (circle yes or no)	 	yes/no
	E.
    Maintenance of Tangible Net Worth (Section 8.20(e))	 	 
	1. Tangible Net Worth	$	
	2. Aggregate net proceeds received by the Borrower or
    any of its Subsidiaries after June 30, 2019, in connection with any offering of Stock or Stock Equivalents	 	
	3. 75% of Line E2	$	
	4.
    $945,000,000 plus Line E3	$	
	5. Line E1 shall not be less than Line E4	 	 
	6. The Borrower is in compliance (circle yes or no)	 	yes/no



 




    	 	-2-	 



    	 



    

 


Exhibit
A to Schedule I


to
Compliance Certificate


of
Monmouth Real Estate Investment Corporation


 


This
Exhibit A is attached to Schedule I to the Compliance Certificate of Monmouth Real Estate Investment Corporation dated ________,
20___, and delivered to Bank of Montreal, as Administrative Agent, and the Lenders party to the Credit Agreement referred to therein.
The undersigned hereby certifies that the following is a true, correct and complete calculation of Total Asset Value as of the
last day of the Fiscal Quarter most recently ended:


 


	1.	Total
    Real Estate Asset Value


 


	Property	 	A. NOI (as calculated on Exhibit B)	 	 	B. Capitalization Rate	 	 	C. A multiplied by four (4)	 	 	C divided by B	 
	 	 	$	        	 	 	 	6.25	%	 	$		 	 	$	     	 
	 	 	$		 	 	 	6.25	%	 	$		 	 	$		 
	 	 	$		 	 	 	6.25	%	 	$	          	 	 	$		 
	 	 	$		 	 	 	6.25	%	 	$		 	 	$		 
	 	 	 	 	 	 	 	 	 	 	Total:	 	 	$		 



 


	2.	Aggregate
    consolidated cash and Cash Equivalents equals: $______________.


 


	3.	Aggregate
    consolidated marketable securities available for sale equals: $______________.


 


Total
Asset Value (sum of 1, 2, and 3) equals:
$_________________________.


 


 


	 	Monmouth
    Real Estate Investment Corporation
	 	 
	 	By:	                 
	 	Name:	 
	 	Title:	 


 




    	 	-3-	 



    	 



    

 


Exhibit
B to Schedule I


to
Compliance Certificate


of
Monmouth Real Estate Investment Corporation


 


This
Exhibit B is attached to Schedule I to the Compliance Certificate of Monmouth Real Estate Investment Corporation dated ________,
20___, and delivered to Bank of Montreal, as Administrative Agent, and the Lenders party to the Credit Agreement referred to therein.
The undersigned hereby certifies that the following is a true, correct and complete calculation of NOI for all Properties for
the Fiscal Quarter most recently ended:


 


	Property	 	Rental and Other Income	 	 	Minus	 	 	Rental Income arising from (a) Straight Lining of Rents, (b) Bankrupt Tenants and (c) Defaulted Tenants	 	 	Minus	 	 	Expenses incurred in connection with Property (including management fees, real estate taxes and insurance premiums)	 	 	equals	 	 	NOI	 
	 	 	$	    	 	 	 	-	 	 	$	        	 	 	 	-	 	 	$       		 	 	 	=		 	$	   	 
	 	 	$		 	 	 	-	 	 	$		 	 	 	-	 	 	$		 	 	 	=		 	$		 
	 	 	$		 	 	 	-	 	 	$		 	 	 	-	 	 	$		 	 	 	=		 	$		 
	 	 	$		 	 	 	-	 	 	$		 	 	 	-	 	 	$		 	 	 	=		 	$		 



 


	NOI
    for all Properties:	$_____________


 





	 	Monmouth
    Real Estate Investment Corporation
	 	 	 
	 	By:	                 
	 	Name:	 
	 	Title:	 


 




    	 	-4-	 



    	 



    

 


Exhibit
F



Assignment and Acceptance


 


Dated
_____________, _______


 


Reference
is made to the Amended and Restated Credit Agreement dated as of November 15, 2019 (as extended, renewed, amended or restated
from time to time, the “Credit Agreement”), among Monmouth Real Estate Investment Corporation, the Guarantors
from time to time party thereto, the Lenders and L/C Issuer party thereto and Bank of Montreal, as Administrative Agent (the “Administrative
Agent”). Terms defined in the Credit Agreement are used herein with the same meaning.


 


______________________________________________________
(the “Assignor”) and _________________________ (the “Assignee”) agree as follows:


 


1.
The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor, the amount
and specified percentage interest shown on Annex I hereto of the Assignor’s rights and obligations under the Credit Agreement
as of the Effective Date (as defined below), including, without limitation, the Assignor’s Commitments as in effect on the
Effective Date and the Loans, if any, owing to the Assignor on the Effective Date and the Assignor’s Percentage of any outstanding
L/C Obligations.


 


2.
The Assignor (i) represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder
and that such interest is free and clear of any adverse claim, lien, or encumbrance of any kind; (ii) makes no representation
or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection
with the Credit Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit
Agreement or any other instrument or document furnished pursuant thereto; and (iii) makes no representation or warranty and assumes
no responsibility with respect to the financial condition of the Borrower or any Subsidiary or the performance or observance by
the Borrower or any Subsidiary of any of their respective obligations under the Credit Agreement or any other instrument or document
furnished pursuant thereto.


 


3.
The Assignee (i) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial
statements delivered to the Lenders pursuant to Section 8.5(a) and (c) thereof and such other documents and information as it
has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance; (ii) agrees
that it will, independently and without reliance upon the Administrative Agent, the Assignor or any other Lender and based on
such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or
not taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent to take such action as Administrative
Agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the
Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto; (iv) agrees that it
will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to
be performed by it as a Lender; and (v) specifies as its lending office (and address for notices) the offices set forth on its
Administrative Questionnaire.


 




    	 



    	 



    

 


4.
As consideration for the assignment and sale contemplated in Annex I hereof, the Assignee shall pay to the Assignor on the Effective
Date in Federal funds the amount agreed upon between them. It is understood that commitment and/or letter of credit fees accrued
to the Effective Date with respect to the interest assigned hereby are for the account of the Assignor and such fees accruing
from and including the Effective Date are for the account of the Assignee. Each of the Assignor and the Assignee hereby agrees
that if it receives any amount under the Credit Agreement which is for the account of the other party hereto, it shall receive
the same for the account of such other party to the extent of such other party’s interest therein and shall promptly pay
the same to such other party.


 


5.
The effective date for this Assignment and Acceptance shall be ___________ (the “Effective Date”). Following
the execution of this Assignment and Acceptance, it will be delivered to the Administrative Agent for acceptance and recording
by the Administrative Agent and, if required, the Borrower.


 


6.
Upon such acceptance and recording, as of the Effective Date, (i) the Assignee shall be a party to the Credit Agreement and, to
the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and (ii) the Assignor
shall, to the extent provided in this Assignment and Acceptance, relinquish its rights and be released from its obligations under
the Credit Agreement.


 


7.
Upon such acceptance and recording, from and after the Effective Date, the Administrative Agent shall make all payments under
the Credit Agreement in respect of the interest assigned hereby (including, without limitation, all payments of principal, interest
and commitment fees with respect thereto) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in
payments under the Credit Agreement for periods prior to the Effective Date directly between themselves.


 




    	 	-2-	 



    	 



    

 


8.
This Assignment and Acceptance shall be governed by, and construed in accordance with, the internal laws of the State of New York
(including Section 5-1401 and Section 5-1402 of the General Obligations law of the State of New York).


 


	 	[Assignor Lender]
	 	 	 
	 	By	            
	 	Name	 
	 	Title	 


 


	 	[Assignee Lender]
	 	 	 
	 	By	          
	 	Name	 
	 	Title	 


 


[Accepted
and consented this


____
day of _____________


 





	Monmouth Real Estate Investment Corporation	 
	 	 	 
	By	                   	 
	Name	 	 
	Title	 ]	 


 


Accepted
and consented to by the Administrative


Agent
and L/C Issuer this ___ day of ________, 20__


 


	Bank
    of Montreal, as Administrative Agent
    and L/C Issuer	 
	 	 	 
	By	            	 
	Name	 	 
	Title	 	 


 




    	 	-3-	 



    	 



    

 


Annex
I


to
Assignment and Acceptance


 


The
Assignee hereby purchases and assumes from the Assignor the following interest in and to all of the Assignor’s rights and
obligations under the Credit Agreement as of the effective date.


 


	Facility Assigned	 	Aggregate

Commitment/Loans
 for All Lenders	 	 	Amount of
 Commitment/Loans
 Assigned	 	 	Percentage Assigned
 of Commitment/Loans	 
	Revolving Credit	 	$		 	 	$		 	 	 		%
	Term Loan	 	$		 	 	$		 	 	 		%
	Incremental Term Loan	 	$		 	 	$		 	 	 		%



 




    	 	-4-	 



    	 



    

 


Exhibit
G


Additional
Guarantor Supplement


 


______________,
20___


 


Bank
of Montreal, as Administrative Agent for the Lenders named in the Amended and Restated Credit Agreement dated as of November 15,
2019, among Monmouth Real Estate Investment Corporation, as Borrower, the Guarantors from time to time party thereto, the Lenders
from time to time party thereto, the L/C Issuer, and the Administrative Agent (the “Credit Agreement”)


Ladies
and Gentlemen:


 


Reference
is made to the Credit Agreement described above. Terms not defined herein which are defined in the Credit Agreement shall have
for the purposes hereof the meaning provided therein.


 


The
undersigned, [name of Subsidiary Guarantor], a [jurisdiction of incorporation or organization] hereby elects to
be a “Guarantor” for all purposes of the Credit Agreement, effective from the date hereof. The undersigned
confirms that each of the representations and warranties set forth in Section 6 of the Credit Agreement in respect of a Guarantor
are true and correct in all material respects (where not already qualified by materiality or Material Adverse Effect, otherwise
in all respects) as to the undersigned as of the date hereof and the undersigned shall comply with and perform each of the covenants
and obligations set forth in, and to be bound in all respects by the terms of, the Credit Agreement that are applicable to a Guarantor,
including, without limitation, the provisions of Sections 8 and 13 of the Credit Agreement that are applicable to a Guarantor,
in each case, to the same extent and with the same force and effect as if the undersigned were a signatory party thereto.


 


The
undersigned acknowledges that this Agreement shall be effective upon its execution and delivery by the undersigned to the Administrative
Agent, and it shall not be necessary for the Administrative Agent or any Lender, or any of their Affiliates entitled to the benefits
hereof, to execute this Agreement or any other acceptance hereof. This Agreement shall be construed in accordance with and governed
by the internal laws of the State of New York (including Section 5-1401 and Section 5-1402 of the General Obligations law of the
State of New York).


 


	 	Very
truly yours,
	 	 
	 	[Name of Subsidiary Guarantor]
	 	 
	 	By	 
	 	Name	               
	 	Title	 


 




    	 



    	 



    

 


Exhibit
H


 




Commitment Amount Increase/Incremental Term Loan Request


 


_______________,
20___


 


	To:	Bank
    of Montreal, as Administrative Agent for the Lenders party to the Credit Agreement dated as of November 15, 2019 (as extended,
    renewed, amended or restated from time to time, the “Credit Agreement”), among Monmouth Real Estate Investment
    Corporation, the Guarantors from time to time party thereto, certain Lenders party thereto, the L/C Issuer, and Bank of Montreal,
    as Administrative Agent


 


Ladies
and Gentlemen:


 


The
undersigned, Monmouth Real Estate Investment Corporation (the “Borrower”) hereby refers to the Credit Agreement
and requests that the Administrative Agent consent to [an increase in the aggregate Revolving Credit Commitments (the “Revolving
Credit Commitment Amount Increase”)] [and/or] [establish one or more new term loan commitments (any such new term loan,
and “Incremental Term Loan Commitment”)], in accordance with Section 1.15 of the Credit Agreement, to be effected
by [an increase in the Revolving Credit Commitment] [and/or] [establishment of an Incremental Term Loan Commitment] of [name
of existing Lender] [the addition of [name of new Lender] (the “New Lender”) as a Lender under the terms of
the Credit Agreement]. Capitalized terms used herein without definition shall have the same meanings herein as such terms
have in the Credit Agreement.


 


[After
giving effect to such Revolving Credit Commitment Amount Increase, the Revolving Credit Commitment of the [Lender] [New Lender]
shall be $_____________.] [After giving effect to such Incremental Term Loan Commitment, the Incremental Term Loans of the
[Lender] [New Lender] shall be $_____________.]


 


[Include
paragraphs 1-4 for a New Lender]


 


1.
The New Lender hereby confirms that it has received a copy of the Loan Documents and the exhibits related thereto, together with
copies of the documents which were required to be delivered under the Credit Agreement as a condition to the making of the Loans
and other extensions of credit thereunder. The New Lender acknowledges and agrees that it has made and will continue to make,
independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information
as it has deemed appropriate, its own credit analysis and decisions relating to the Credit Agreement. The New Lender further acknowledges
and agrees that the Administrative Agent has not made any representations or warranties about the credit worthiness of the Borrower
or any other party to the Credit Agreement or any other Loan Document or with respect to the legality, validity, sufficiency or
enforceability of the Credit Agreement or any other Loan Document or the value of any security therefor.


 




    	 



    	 



    

 


2.
Except as otherwise provided in the Credit Agreement, effective as of the date of acceptance hereof by the Administrative Agent,
the New Lender (i) shall be deemed automatically to have become a party to the Credit Agreement and have all the rights and obligations
of a “Lender” under the Credit Agreement as if it were an original signatory thereto and (ii) agrees to be
bound by the terms and conditions set forth in the Credit Agreement as if it were an original signatory thereto.


 


3.
The New Lender shall deliver to the Administrative Agent an Administrative Questionnaire.


 


[4.
The New Lender has delivered, if appropriate, to the Borrower and the Administrative Agent (or is delivering to the Borrower and
the Administrative Agent concurrently herewith) the tax forms referred to in [Section 12.1] of the Credit Agreement.]*


 


This
[Increase Request/Incremental Loan Request] shall be deemed to be a contractual obligation under, and shall be governed by and
construed in accordance with, the internal laws of the state of New York (including Section 5-1401 and Section 5-1402 of the General
Obligations law of the State of New York).


 


The
[Revolving Credit Commitment Amount Increase] [Incremental Term Loan Commitment] shall be effective when the executed consent
of the Administrative Agent is received or otherwise in accordance with Section 1.15 of the Credit Agreement, but not in any case
prior to ___________________, ____. It shall be a condition to the effectiveness of the [Revolving Credit Commitment Amount Increase]
[Incremental Term Loan Commitment] that all expenses referred to in Section 1.15 of the Credit Agreement shall have been paid.


 


The
Borrower hereby certifies that no Default or Event of Default has occurred and is continuing.





 





 






*
Insert bracketed paragraph if New Lender is organized
under the law of a jurisdiction other than the United States of America or a state thereof.




 




    	 	-2-	 



    	 



    

 


Please
indicate the Administrative Agent’s consent to such [Revolving Credit Commitment Amount Increase] [Incremental Term Loan
Commitment] by signing the enclosed copy of this letter in the space provided below.





 


	 	Very
truly yours,
	 	 
	 	Monmouth Real Estate Investment Corporation
	 	 	 
	 	By:	 
	 	Name:	                
	 	Title:	 


 


	 	[New or existing Lender Increasing Revolving Credit Commitment and/or Providing Incremental Term Loan]
	 	 	 
	 	By:	 
	 	Name:	              
	 	Title:	 


 


The
undersigned hereby consents on this __ day of _____________, 20___, to the above-requested [Revolving Credit Commitment Amount
Increase] [and/or] [Incremental Term Loan Commitment].


 


	Bank of Montreal,	 
	as Administrative Agent	 
	 	 	 
	By	                 	 
	Name	 	 
	Title		 


 




    	 	-3-	 



    	 



    

 


Exhibit
I


 


Available
Amount Certificate


 


	To:	Bank
    of Montreal, as Administrative 

Agent under, and the Lenders party to, 

the Credit Agreement described below.


 


Pursuant
to the terms of the Amended and Restated Credit Agreement dated as of November 15, 2019, among us (the “Credit Agreement”),
we submit this Available Amount Certificate to you and certify that the calculation of the Available Amount set forth below and
on any Exhibits or attachments to this Certificate is true, correct and complete as of the Borrowing Base Determination Date.


 


[Signature
Page Follows]


 




    	 



    	 



    

 


The
foregoing certifications, together with the computations set forth in Schedule I hereto are made and delivered this ______ day
of __________________ 20___.


 


	 	Monmouth Real Estate Investment Corporation
	 	 	 
	 	By:	                
	 	Name:	 
	 	Title:	 


 




    	 	-4-	 



    	 



    

 


Schedule
I to Available Amount Certificate


 


_________________________________________________


 


Calculation
of Available Amount and Credit Availability


 


A.
Borrowing Base Determination Date: __________________ ____, 20___.


 


B.
The Available Amount and Credit Availability as of the Borrowing Base Determination Date is calculated as:


 



	1.	Borrowing Base Value as calculated on Exhibit A	$_________________
	2.	60% of Line 1 (the “Available Amount”)	$_________________
	3.	Aggregate principal amount of outstanding Term Loans and Incremental Term Loans	$_________________
	4.	Aggregate principal amount of outstanding Revolving Loans and L/C Obligations	$_________________
	5.	Line 2 minus Line 3 minus Line 4 (the “Credit Availability”)	$_________________








 


Concentration
Limits:


 


	1. The percentage of Borrowing Base Value for each Borrowing Base Property is set forth on the
    attached Schedule	 	 
	2. No Borrowing Base Property comprises more than 20% of Borrowing Base Value	 	 
	3. The Borrower is in compliance (circle yes or no)	 	yes/no
	4. The percentage of consolidated Property NOI used to determine the Borrowing Base Value for
    each Tenant is set forth on the attached Schedule	 	 
	5. Except for FedEx Corporation and/or its subsidiaries, no Tenant comprises more than 20% of
    the consolidated Property NOI used to determine the Borrowing Base Value	 	 
	6. The Borrower is in compliance (circle yes or no)	 	yes/no



 




    	 	-5-	 



    	 



    

 


Exhibit
A to Schedule I to Available Amount Certificate


of
Monmouth Real Estate Investment Corporation


 


This
Exhibit A is attached to the Available Amount Certificate of Monmouth Real Estate Investment Corporation for the Borrowing Base
Determination Date of ________, 20___, and delivered to Bank of Montreal, as Administrative Agent, and the Lenders party to the
Credit Agreement referred to therein. The undersigned hereby certifies that the following is a true, correct and complete calculation
of Borrowing Base Value as of the Borrowing Base Determination Date set forth above:


 


	Borrowing Base Value of
all Eligible Properties:	$__________




 


	Property	 	A. NOI (as calculated on Exhibit B)	 	 	B.
    

Capitalization Rate	 	 	C. 

A multiplied by four (4)	 	 	C divided by B	 
	 	 	$	       	 	 	 	6.25	%	 	$	     	 	 	$	      	 
	 	 	$		 	 	 	6.25	%	 	$		 	 	$		 
	 	 	$		 	 	 	6.25	%	 	$		 	 	$		 
	 	 	$		 	 	 	6.25	%	 	$		 	 	$		 
	 	 	 	 	 	 	 	 	 	 	Total:	 	 	$		 



 




    	 	-6-	 



    	 



    

 


Exhibit
B to Schedule I to Available Amount Certificate


of
Monmouth Real Estate Investment Corporation


 


This
Exhibit B is attached to the Available Amount Certificate of Monmouth Real Estate Investment Corporation for the Borrowing Base
Determination Date of ________, 20___, and delivered to Bank of Montreal, as Administrative Agent, and the Lenders party to the
Credit Agreement referred to therein. The undersigned hereby certifies that the following is a true, correct and complete calculation
of NOI for all Properties for the Fiscal Quarter most recently ended:


 


	Property	 	Rental and Other Income	 	 	Minus	 	 	Rental Income arising from (a) Straight Lining of Rents, (b) Bankrupt Tenants and (c) Defaulted Tenants	 	 	Minus	 	 	Expenses incurred in connection with Property (including management fees, real estate taxes and insurance premiums)	 	 	equals	 	 	NOI	 
	 	 	$		 	 	 	-	 	 	$		 	 	 	-	 	 	$		 	 	 	=		 	$		 
	 	 	$		 	 	 	-	 	 	$		 	 	 	-	 	 	$		 	 	 	=		 	$		 
	 	 	$		 	 	 	-	 	 	$		 	 	 	-	 	 	$		 	 	 	=		 	$		 
	 	 	$		 	 	 	-	 	 	$		 	 	 	-	 	 	$		 	 	 	=		 	$		 



 


	NOI
    for all Properties:	$_____________


 


	 	Monmouth Real Estate Investment Corporation
	 	 	 
	 	By:	                
	 	Name:	 
	 	Title:	 


 




    	 	-7-	 



    	 



    

 


Exhibit
J-1


 


[Form
of]

U.S. Tax Compliance Certificate


(For
Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)


 


Reference
is made to the Amended and Restated Credit Agreement dated as of November 15, 2019 (as extended, renewed, amended or restated
from time to time, the “Credit Agreement”), among Monmouth Real Estate
Investment Corporation, the Guarantors from time to time party thereto, the Lenders from time to time party thereto, the L/C Issuer
and Bank of Montreal, as Administrative Agent (the “Administrative Agent”). Terms defined in the Credit
Agreement are used herein with the same meaning.


 


Pursuant
to the provisions of Section 12.1 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and
beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate,
(ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the
Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to
the Borrower as described in Section 881(c)(3)(C) of the Code.


 


The
undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form
W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes,
the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all
times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either
the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such
payments.


 


	 	[Name of Lender]
	 	 	 
	 	By:	      
	 	Name:	 
	 	Title:	 


 


	 	Date:	______________________________,
    20___


 




    	 	-2-	 



    	 



    

 


Exhibit
J-2


 


[Form
of]

U.S. Tax Compliance Certificate


(For
Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)


 


Reference
is made to the Amended and Restated Credit Agreement dated as of November 15, 2019 (as extended, renewed, amended or restated
from time to time, the “Credit Agreement”), among Monmouth Real Estate
Investment Corporation, the Guarantors from time to time party thereto, the Lenders from time to time party thereto, the L/C Issuer
and Bank of Montreal, as Administrative Agent (the “Administrative Agent”). Terms defined in the Credit
Agreement are used herein with the same meaning.


 


Pursuant
to the provisions of Section 12.1 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and
beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning
of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B)
of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C)
of the Code.


 


The
undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned,
or in either of the two calendar years preceding such payments.


 


	 	[Name of Participant]
	 	 	 
	 	By:	               
	 	Name:	 
	 	Title:	 


 


	 	Date:	______________________________,
    20___


 




    	 



    	 



    

 


Exhibit
J-3


 


[Form
of]

U.S. Tax Compliance Certificate


(For
Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)


 


Reference
is made to the Amended and Restated Credit Agreement dated as of November 15, 2019 (as extended, renewed, amended or restated
from time to time, the “Credit Agreement”), among Monmouth Real Estate
Investment Corporation, the Guarantors from time to time party thereto, the Lenders from time to time party thereto, the L/C Issuer
and Bank of Montreal, as Administrative Agent (the “Administrative Agent”). Terms defined in the Credit
Agreement are used herein with the same meaning.


 


Pursuant
to the provisions of Section 12.1 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner
of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the
sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct
or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its
trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct
or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C)
of the Code.


 


The
undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of
its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied
by an IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest
exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes,
the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with
a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such payments.


 


	 	[Name of Participant]
	 	 	 
	 	By:	              
	 	Name:	 
	 	Title:	 


 


	 	Date:	______________________________
    ,     20___


 




    	 



    	 



    

 


Exhibit
J-4


 


[Form
of]

U.S. Tax Compliance Certificate


(For
Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)


 


Reference
is made to the Amended and Restated Credit Agreement dated as of November 15, 2019 (as extended, renewed, amended or restated
from time to time, the “Credit Agreement”), among Monmouth Real Estate
Investment Corporation, the Guarantors from time to time party thereto, the Lenders from time to time party thereto, the L/C Issuer
and Bank of Montreal, as Administrative Agent (the “Administrative Agent”). Terms defined in the Credit
Agreement are used herein with the same meaning.


 


Pursuant
to the provisions of Section 12.1 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner
of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its
direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)),
(iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned
nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the
ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect
partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none
of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section
881(c)(3)(C) of the Code.


 


The
undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms
from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form
W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the
portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this
certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned
shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective
certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar
years preceding such payments.


 


	 	[Name of Lender]
	 	 	 
	 	By:	          
	 	Name:	 
	 	Title:	 


 


	 	Date:	________________________________
    ,20___


 




    	 



    	 



    

 


Schedule
1



Commitments


 


	Name of Lender	 	Revolving Credit Commitment	 	 	Term Loan Commitment	 
	Bank of Montreal, Chicago Branch	 	$	90,000,000	 	 	$	30,000,000	 
	JPMorgan Chase Bank, N.A.	 	$	67,500,000	 	 	$	22,500,000	 
	Royal Bank of Canada	 	$	67,500,000	 	 	$	22,500,000	 
	Total	 	$	225,000,000.00	 	 	$	75,000,000.00	 



 




    	 



    	 



    

 


Schedule
1.1



Initial Borrowing Base Properties


 


	#	 	Entity	 	State
    of formation	 	Principal
    Place of Business	 	Location
	1.	 	Monmouth
    Capital Corporation	 	NJ	 	Monmouth
    County, NJ	 	1078
        Bertram Road

        Augusta,
        GA

        Richmond
        County

        (FedEx
        Express)

         

	2.	 	Monmouth
    Capital Corporation	 	NJ	 	Monmouth
    County, NJ	 	1900
        Interstate Boulevard

        Lakeland,
        FL

        Polk
        County

        (Fed
        Ex Express)

         

	3.	 	Monmouth
    Capital Corporation	 	NJ	 	Monmouth
    County, NJ	 	1000
        Knell Road

        Montgomery,
        IL

        Kane
        County

        (Home
        Depot)

         

	4.	 	Monmouth
    Capital Corporation	 	NJ	 	Monmouth
    County, NJ	 	2300
        Westmoreland Street

        Richmond,
        VA

        Henrico
        County

        (Locke
        Supply Co.)

         

	5.	 	Monmouth
    Capital Corporation	 	NJ	 	Monmouth
    County, NJ	 	3404
        Cragmont Drive

        Tampa,
        FL

        Hillsborough
        County

        (Tampa
        Bay Grand Prix)

         

	6.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	7019
        High Grove Boulevard

        Burr
        Ridge, IL

        DuPage
        County

        (Sherwin
        Williams)

         

	7.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	1122
        Stony Ridge Road

        Charlottesville,
        VA

        Albemarle
        County

        (FedEx
        Express)

         

	8.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	2901
        Heartland Drive

        Liberty,
        MO

        Clay
        County

        (Dakota
        Bodies, LLC)

         




 






    	 



    	 



    

 


	9.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	50
        Hollow Tree Lane

        Newington,
        CT

        Hartford
        County

        (Kellogg
        Sales Co.)

         

	10.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	7130
        Q Street

        Omaha,
        NE

        Omaha
        County

        (FedEx
        Express)

         

	11.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	8800
        Studley Road

        Mechanicsville
        (Richmond), VA

        Hanover
        County

        (FedEx
        Express)

         

	12.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	1270
        Wilkening Road

        Schaumberg,
        IL

        Cook
        County

        (FedEx
        Express)

         

	13.	 	MRC
    I, LLC	 	WI	 	Monmouth
    County, NJ	 	5300
        International Drive

        Cudahy,
        WI

        Milwaukee
        County

        (FedEx
        Ground)

         

	14.	 	MREIC
    Ridgeland MS, LLC	 	MS	 	Monmouth
    County, NJ	 	105
        Business Park Drive

        Ridgeland,
        MS (Jackson)

        Madison
        County

        (Graybar
        Electric Company)

         

	15.	 	MREIC
    PA Monaca, LLC	 	PA	 	Monmouth
    County, NJ	 	1729
        Pennsylvania Avenue

        Monaca,
        PA

        Beaver
        County

        (NF&M
        International)

         

	16.	 	MREIC
    O’Fallon MO, LLC	 	MO	 	Monmouth
    County, NJ	 	831
        Lone Star Drive

        O’Fallon,
        MO

        St.
        Charles County

        (Pittsburg
        Glass Works)

         




 






    	 



    	 



    

 


	17.	 	MREIC
    Richland MS, LLC	 	MS	 	Monmouth
    County, NJ	 	440
        US Highway 49 S.

        Richland
        (Jackson), MS

        Rankin
        County

        (FedEx
        Express)

         

	18.	 	MREIC
    Rockford IL, LLC	 	IL	 	Monmouth
    County, NJ	 	5795
        Logistics Parkway

        Rockford,
        IL

        Winnebago
        County

        (BE
        Aerospace, Inc.)

         

	19.	 	MREIC
    Illinois, LLC	 	IL	 	Monmouth
    County, NJ	 	4472
        Technology Drive

        Rockford,
        IL

        Winnebago
        County

        (Sherwin
        Williams)

         

	20.	 	MREIC
    Urbandale IA, LLC	 	IA	 	Monmouth
    County, NJ	 	4401
        112th Street

        Urbandale,
        IA

        Polk
        County

        (FBM
        Gypsum Supply)

         

	21.	 	Monmouth
    Capital Corporation	 	NJ	 	Monmouth
    County, NJ	 	5313
        Majestic Parkway Bedford Heights (Cleveland)

        OH

        Cuyahoga
        County

        (FedEx
        Express)

         

	22.	 	Monmouth
    Real Estate Investment Corporation 	 	MD	 	Monmouth
    County, NJ	 	11900
        Trolley Lane

        Beltsville
        (Washington, DC),

        MD

        Prince
        George’s County

        (FedEx
        Ground)

         

	23.	 	MREIC
    Chattanooga TN, LLC 	 	TN	 	Monmouth
    County, NJ	 	6023
        Century Oaks Drive

        Chattanooga,
        TN

        Hamilton
        County

        (FedEx
        Express)

         

	24.	 	Monmouth
    Capital Corporation 	 	NJ	 	Monmouth
    County, NJ	 	1289
        Walden Avenue

        Cheektowaga
        (Buffalo), NY

        Erie
        County

         

	25.	 	MREIC
    Cincinnati OH LLC	 	OH	 	Monmouth
    County, NJ	 	1115
        Regina Graeter Way

        Cincinnati,
        OH

        Hamilton
        County

        (Dr.
        Pepper Snapple Group)

         

	26.	 	Monmouth
    Real Estate Investment Corporation 	 	MD	 	Monmouth
    County, NJ	 	3155
        Grissom Parkway

        Cocoa,
        FL

        Brevard
        County

        (FedEx
        Ground)




 






    	 



    	 



    

 


	27.	 	MREIC
    Corpus Christi TX, LLC	 	TX	 	Monmouth
    County, NJ	 	246
        Glasson Drive

        Corpus
        Christi, TX

        Nueces
        County

        (FedEx
        Ground)

         

	28.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	14257
        East Ester Avenue

        Denver,
        CO

        County
        of Denver

        (FedEx
        Ground)

         

	29.	 	MREIC
        Edinburg TX,

        LLC
	 	TX	 	Monmouth
    County, NJ	 	502
        West Independence Drive, Edinburg, TX

        Hidalgo
        County

        (FedEx
        Ground)

         

	30.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	2701
        South 98th Street

        Edwardsville
        (Kansas City), KS

        Wyandotte
        County

        (Carlisle
        Tire & Wheel Company)

         

	31.	 	MREIC
    El Paso, LLC	 	TX	 	Monmouth
    County, NJ	 	11501
        Wilkinson

        El
        Paso, TX

        El
        Paso County

        (FedEx
        Ground)

         

	32.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	2580
        Technology Drive

        Elgin
        (Chicago), IL

        (Joseph
        T. Ryerson and Son)

         

	33.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	590
        Assembly Court

        Fayetteville,
        NC

        Cumberland
        County

        (Victory
        Packaging)

         

	34.	 	MREIC
    South Carolina, LLC	 	SC	 	Monmouth
    County, NJ	 	3058
        Lakemont Blvd

        Ft.
        Mill, SC

        York
        County

        (FedEx
        Ground)

         

	35.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	6
        Kozen Court

        Granite
        City, IL

        Madison
        County

        (Anheuser-Busch)

         

	36.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	700
        Hudson Road

        Griffin
        (Atlanta), GA

        Spalding
        County

         

        (Rinnai
        American Corporation)




 






    	 



    	 



    

 


	37.	 	Hemingway
    at Halfmoon, LLC	 	OH	 	Monmouth
    County, NJ	 	4
        Liebich Lane

        Halfmoon
        (Albany), NY

        Saratoga
        County

        (RGH
        Enterprises)

         

	38.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	7409
        Magi Drive

        Hanahan
        (Charleston), SC

        Berkeley
        County

        (Amazon)

         

	39.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	7410
        Magi Drive

        Hanahan
        (Charleston), SC

        Berkeley
        County

        (Science
        Applications International)

         

	40.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	3736
        Salisbury Road

        Jacksonville,
        FL

        Duval
        County

        (FedEx
        Express)

         

	41.	 	MREIC
    Lebanon, Tennessee, LLC	 	TN	 	Monmouth
    County, NJ	 	900
        Hutchinson Place

        Lebanon
        (Nashville), TN

        Wilson
        County

        (CBOCS
        Distribution)

         

	42.	 	MREIC
    Lebanon OH, LLC	 	OH	 	Monmouth
    County, NJ	 	4170
        Columbia Road

        Lebanon
        (Cincinnati), OH

        Warren
        County

        (Siemens
        Real Estate)

         

	43.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	1601
        Brown Road

        Orion,
        MI

        Oakland
        County

        (FedEx
        Ground)

         

	44.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	950
        Bennett Road

        Orlando,
        FL

        Orange
        County

        (FedEx
        Express)

         

	45.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	7569
        Golf Course Blvd

        Punta
        Gorda, FL

        Charlotte
        County

        (FedEx
        Express)

         

	46.	 	MREIC
    Richfield OH, LLC	 	OH	 	Monmouth
    County, NJ	 	3245
        Henry Road

        Richfield
        (Cleveland), OH

        Summit
        County

        (FedEx
        Ground)

         




 






    	 



    	 



    

 


	47.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	3736
        Tom Andrews Road

        Roanoke,
        VA

        (CHEP
        USA)

         

	48.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	28000
        Five M Center Drive

        Romulus
        (Detroit), MI

        Wayne
        County

        (FedEx
        Express)

         

	49.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	5703
        Mitchell Avenue

        St.
        Joseph, MO

        Buchanan
        County

        (Altec
        Industries/Woodstream Corp.)

         

	50.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	5101
        West Waters Avenue

        Tampa,
        FL

        Hillsborough
        County

        (FedEx
        Express)

         

	51.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	8411
        Florida Mining Blvd

        Tampa,
        FL

        Hillsborough
        County

        (FedEx
        Ground)

         

	52.	 	Monmouth
    Real Estate Investment Corporation	 	MD	 	Monmouth
    County, NJ	 	9667
        Inter-Ocean Drive

        West
        Chester Twp (Cincinnati), OH

        Butler
        County

        (FedEx
        Ground)

         

	53.	 	Wheeling
    Partners LLC	 	IL	 	Monmouth
    County, NJ	 	1430
        South Wolf Road

        Wheeling
        (Chicago), IL

        (FedEx
        Ground)

         

	54.	 	MREIC
    Winston Salem NC, LLC	 	NC	 	Monmouth
    County, NJ	 	4040
        Business Park Court

        Winston-Salem,
        NC

        Forsyth
        County

        (StyleCrest)



 




    	 



    	 



    

 


Schedule
6.2


 


Subsidiaries


 


	 	 	Entity	 	State
    of Formation
	1.	 	Monmouth
    Capital Corporation	 	New
    Jersey
	2.	 	MRC
    I LLC	 	Wisconsin
	3.	 	MREIC
    Financial, Inc. 	 	Maryland
    
	4.	 	Palmer
    Terrace Realty Associates, LLC	 	New
    Jersey 
	5.	 	Wheeling
    Partners LLC	 	Illinois
	6.	 	MREIC
    South Carolina, LLC	 	South
    Carolina
	7.	 	MREIC
    Illinois, LLC	 	Illinois
	8.	 	MREIC
    Lebanon, Tennessee, LLC	 	Tennessee
	9.	 	MREIC
    Edinburg TX, LLC	 	Texas
	10.	 	MREIC
    El Paso, LLC	 	Texas
	11.	 	MREIC
    Corpus Christi TX, LLC	 	Texas
	12.	 	BB
    Streetsboro, LLC	 	Ohio
	13.	 	MREIC
    Lebanon OH, LLC	 	Ohio
	14.	 	Hemingway
    at Halfmoon, LLC	 	Ohio
	15.	 	MREIC
    Olive Branch MS, LLC	 	Mississippi
	16.	 	MREIC
    Oklahoma City OK, LLC	 	Oklahoma
	17.	 	MREIC
    Waco TX, LLC	 	Texas
	18.	 	MREIC
    Livonia MI, LLC	 	Michigan
	19.	 	MREIC
    Olive Branch MS II, LLC	 	Mississippi
	20.	 	MREIC
    Buckner KY, LLC	 	Kentucky
	21.	 	MREIC
    Rochester MN, LLC	 	Delaware
	22.	 	MREIC
    Green Bay WI, LLC	 	Delaware
	23.	 	MREIC
    Spring TX, LLC	 	Texas
	24.	 	MREIC
    Edwardsville KS, LLC	 	Kansas
	25.	 	MREIC
    O’Fallon MO, LLC	 	Missouri
	26.	 	MREIC
    Richland MS, LLC	 	Mississippi
	27.	 	MREIC
    Ridgeland MS, LLC	 	Mississippi
	28.	 	MREIC
    Urbandale IA, LLC	 	Iowa
	29.	 	MREIC
    Winston-Salem NC, LLC	 	North
    Carolina
	30.	 	MREIC
    PA Altoona, LLC	 	Delaware
    
	31.	 	MREIC
    Richfield OH, LLC	 	Ohio
	32.	 	MREIC
    Tulsa OK, LLC	 	Delaware
	33.	 	MREIC
    Roanoke VA, LLC	 	Virginia
	34.	 	MREIC
    PA Monaca, LLC	 	Pennsylvania
	35.	 	MREIC
    Indianapolis IN, LLC	 	Delaware
	36.	 	MREIC
    Sauget IL, LLC	 	Delaware
	37.	 	MREIC
    Tyler TX, LLC	 	Delaware



 






    	 	-2-	 



    	 



    

 


	38.	 	MREIC
    Jacksonville FLA, LLC	 	Florida
	39.	 	MREIC
    Kansas City MO, LLC	 	Missouri
	40.	 	MREIC
    Frankfort KY, LLC	 	Kentucky
	41.	 	MREIC
    Rockford IL, LLC	 	Illinois
	42.	 	MREIC
    Indianapolis IN II, LLC	 	Indiana
	43.	 	MREIC
    Monroe OH, LLC	 	Ohio
	44.	 	MREIC
    Fort Worth TX, LLC	 	Delaware
	45.	 	MREIC
    Cincinnati OH, LLC	 	Ohio
	46.	 	MREIC
    Concord NC, LLC	 	North
    Carolina
	47.	 	MREIC
    Covington LA, LLC	 	Delaware
	48.	 	MREIC
    PA Pittsburgh, LLC	 	Pennsylvania
    
	49.	 	MREIC
    Everett WA, LLC	 	Delaware
	50.	 	MREIC
    Colorado Springs CO, LLC	 	Colorado
	51.	 	MREIC
    Louisville KY, LLC	 	Kentucky
	52.	 	MREIC
    Orlando FL, LLC	 	Delaware
	53.	 	MREIC
    Olathe KS, LLC	 	Delaware
	54.	 	MREIC
    Buffalo NY, LLC	 	Delaware
	55.	 	MREIC
    Fort Myers FL, LLC	 	Delaware
	56.	 	MREIC
    Grand Rapids MI, LLC	 	Delaware
	57.	 	MREIC
    Concord NC II, LLC	 	North
    Carolina
	58.	 	MREIC
    Miami FL, LLC	 	Florida
	59.	 	MREIC
    Orangeburg NY, LLC	 	New
    York
	60.	 	MREIC
    Aiken SC, LLC	 	Delaware
	61.	 	MREIC
    Kenton OH, LLC	 	Ohio
	62.	 	MREIC
    Oklahoma City OK II, LLC	 	Oklahoma
	63.	 	MREIC
    Mesquite TX, LLC	 	Delaware
	64.	 	MREIC
    Charleston SC, LLC	 	South
    Carolina
	65.	 	MREIC
    Chattanooga TN, LLC	 	Tennessee
	66.	 	MREIC
    OKC 3, LLC	 	Oklahoma
	67.	 	Stow
    Prosper MT, LLC	 	Ohio
	68.	 	MREIC
    Daytona FL, LLC	 	Florida
	69.	 	MREIC
    Savannah GA, LLC	 	Georgia
	70.	 	MREIC
    Charleston SC II, LLC	 	South
    Carolina
	71.	 	MREIC
    Mobile, LLC	 	Alabama
	72.	 	MREIC
    Braselton GA, LLC	 	Georgia
	73.	 	MREIC
    Sav GA 2, LLC	 	Georgia
	74.	 	MREIC
    Trenton NJ, LLC	 	New
    Jersey
	75.	 	MREIC
    Lafayette In, LLC	 	Indiana
	76.	 	MREIC
    Indy In 3, LLC	 	Indiana
	77.	 	MREIC
    Greensboro NC, LLC	 	North
    Carolina
	78.	 	MREIC
    Columbus OH, LLC	 	Ohio
	79.	 	MREIC
    Columbus OH II, LLC	 	Ohio


 




    	 



    	 



    

 


Schedule
6.11


 


Litigation


 


None.


 




    	 



    	 



    

 


Schedule
8.7


Liens


 


The
following constitute Liens existing on the Closing Date on Properties owned by Borrower or a Guarantor, which Properties are not
included in the Borrowing Base Value and which secure the debt described herein:


 


	#	 	Debtor	 	Recourse/non

        or
        no guaranty
	 	Property
    Locations
	1.	 	MREIC	 	Non-Recourse	 	Topeka,
    KS
	2.	 	MREIC	 	Non-Recourse	 	Houston,
    TX
	3.	 	MREIC	 	Non-Recourse	 	Tolleson,
    AZ
	4.	 	MREIC	 	Non-Recourse	 	Memphis,
    TN
	5.	 	MREIC	 	Non-Recourse	 	Carrolton/Dallas,
    TX
	6.	 	MREIC	 	Non-Recourse	 	Augusta,
    GA (FDX Gr)
	7.	 	MREIC	 	Non-Recourse	 	Huntsville,
    AL


 




    	 



    	 



    

 


Schedule
8.8


 


Investments


 


	 	 	Type
    of Investment	 	Name	 	Number
    of Equity 

Securities Purchased
	1	 	Preferred
    Stock	 	CBL
    & Associates Properties, Inc., Series D	 	400,000
	2	 	Preferred
    Stock	 	Cedar
    Realty Trust, Inc., Series B 	 	5,789
	3	 	Preferred
    Stock	 	Dynex
    Captial Inc., Series A 	 	10,000

	4	 	Preferred
    Stock	 	Istar
    Inc., Series D	 	10,000
	5	 	Preferred
    Stock	 	Istar
    Inc., Series I	 	60,000
    
	6	 	Preferred
    Stock	 	Pennsylvania
    Real Estate Investment Trust, Series D	 	120,000
    
	7	 	Preferred
    Stock	 	Pennsylvania
    Real Estate Investment Trust, Series B	 	120,000
    
	8	 	Preferred
    Stock	 	UMH
    Properties, Inc., Series B	 	100,000
	9	 	Common
    Stock	 	CBL
    & Associates Properties, Inc.	 	4,000,000
	10	 	Common
    Stock	 	Franklin
    Street Properties Corp.	 	1,000,000
	11	 	Common
    Stock	 	Industrial
    Logistics Properties	 	700,000
	12	 	Common
    Stock	 	Kimco
    Realty Corp	 	1,700,000
	13	 	Common
    Stock	 	Office
    Properties Income Trust	 	659,000
	14	 	Common
    Stock	 	Pennsylvania
    Real Estate Investment Trust	 	1,800,000
	15	 	Common
    Stock	 	Senior
    Housing Properties Trust	 	1,100,000
	16	 	Common
    Stock	 	Tanger
    Factory Outlet Centers, Inc.	 	600,000
	17	 	Common
    Stock	 	VEREIT,
    Inc.	 	3,500,000
	18	 	Common
    Stock	 	Washington
    Prime Group Inc.	 	1,500,000
	19	 	Common
    Stock	 	UMH
    Properties, Inc.	 	1,256,632