Exhibit 10.1


 


DEAL CUSIP: 75610VAK1


TRANCHE 1 (USD) CUSIP: 75610VAN5


TRANCHE 2 (GBP) CUSIP: 75610VAL9


TRANCHE 3 (EUR) CUSIP: 75610VAM7


 





 



 


TERM LOAN AGREEMENT


 


Dated as of January 6, 2023


 


by and among


 


REALTY INCOME CORPORATION,


as Borrower,


 


The financial
institutions party hereto


and their
assignees under Section 13.5.,


as Lenders,


 


and


 


TORONTO
DOMINION (TEXAS) LLC,


as Administrative Agent


 


______________________________________________________


 


TD SECURITIES (USA) LLC, THE BANK OF NOVA SCOTIA,
BOFA SECURITIES, INC., JPMORGAN CHASE BANK, N.A., AND MIZUHO BANK, LTD.,


as Joint Bookrunners


 


TD SECURITIES (USA) LLC, THE BANK OF NOVA SCOTIA,
BOFA SECURITIES, INC., JPMORGAN CHASE BANK, N.A., MIZUHO BANK, LTD., REGIONS
CAPITAL MARKETS, TRUIST SECURITIES, INC., AND BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH,


as Joint Lead Arrangers


 


BANK OF AMERICA, N.A. AND JPMORGAN CHASE BANK,
N.A.,


as Syndication Agents


 


THE BANK OF NOVA SCOTIA, MIZUHO
BANK, LTD., REGIONS BANK, TRUIST BANK, AND BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH,


as Documentation Agents


 





 



 






     


     


    

 


TABLE OF CONTENTS


 





	Article I. Definitions 	1
	Section 1.1.	Definitions	1
	Section 1.2.	General; References to Pacific Time	37
	Section 1.3.	Rates	38
	Section 1.4.	Exchange Rates; Currency Equivalents	38
	Section 1.5.	Change of Currency	39
	Section 1.6.	Divisions	39
	Section 1.7.	Rounding	39
	Article II. Credit Facility 	40
	Section 2.1.	Making of Term Loans	40
	Section 2.2.	[Reserved]	41
	Section 2.3.	[Reserved]	41
	Section 2.4.	[Reserved]	41
	Section 2.5.	[Reserved]	41
	Section 2.6.	Rates and Payment of Interest on Loans	41
	Section 2.7.	Number of Interest Periods	43
	Section 2.8.	Repayment of Loans	43
	Section 2.9.	Prepayments	43
	Section 2.10.	Continuation	44
	Section 2.11.	Conversion	44
	Section 2.12.	Notes	44
	Section 2.13.	[Reserved]	45
	Section 2.14.	Extension of Maturity Date	45
	Section 2.15.	[Reserved]	45
	Section 2.16.	[Reserved]	46
	Section 2.17.	Increase in Commitments	46
	Section 2.18.	Funds Transfer Disbursements	47
	Article III. Payments, Fees and Other General Provisions 	47
	Section 3.1.	Payments	47
	Section 3.2.	Pro Rata Treatment	48
	Section 3.3.	Sharing of Payments, Etc.	48
	Section 3.4.	Several Obligations	49
	Section 3.5.	Fees	49
	Section 3.6.	Computations	49
	Section 3.7.	Usury	49
	Section 3.8.	Statements of Account; Bill Lead Date Request	50
	Section 3.9.	Defaulting Lenders	50
	Section 3.10.	Taxes	51
	Article IV. Eligibility of Properties 	55
	Section 4.1.	Existing Unencumbered Assets	55
	Section 4.2.	Termination of Designation as Unencumbered Asset	55
	Article V. Yield Protection, Etc. 	56
	Section 5.1.	Additional Costs; Capital Adequacy	56
	Section 5.2.	Changed Circumstances	57
	Section 5.3.	Illegality	62
	Section 5.4.	Compensation	62



 






    i 


     


    

 


	Section 5.5.	Treatment of Affected Loans	63
	Section 5.6.	Affected Lenders	64
	Section 5.7.	Change of Lending Office	64
	Section 5.8.	Assumptions Concerning Funding of Eurocurrency Rate Loans and Term RFR Loans	64
	Article VI. Conditions Precedent 	65
	Section 6.1.	Initial Conditions Precedent	65
	Section 6.2.	Conditions Precedent to All Loans	67
	Article VII. Representations and Warranties 	67
	Section 7.1.	Representations and Warranties	67
	Section 7.2.	Survival of Representations and Warranties, Etc.	74
	Article VIII. Affirmative Covenants 	74
	Section 8.1.	Preservation of Existence and Similar Matters	74
	Section 8.2.	Compliance with Applicable Law	74
	Section 8.3.	Maintenance of Property	74
	Section 8.4.	Conduct of Business	74
	Section 8.5.	Insurance	74
	Section 8.6.	Payment of Taxes and Claims	75
	Section 8.7.	Books and Records; Inspections	75
	Section 8.8.	Use of Proceeds	75
	Section 8.9.	Environmental Matters	76
	Section 8.10.	Further Assurances	76
	Section 8.11.	[Reserved]	76
	Section 8.12.	REIT Status	76
	Section 8.13.	Exchange Listing	76
	Section 8.14.	Guarantors	76
	Article IX. Information 	77
	Section 9.1.	Quarterly Financial Statements	77
	Section 9.2.	Year-End Statements	78
	Section 9.3.	Compliance Certificate	78
	Section 9.4.	Other Information	78
	Section 9.5.	Electronic Delivery of Certain Information	80
	Section 9.6.	Public/Private Information	81
	Section 9.7.	USA Patriot Act Notice; Compliance	81
	Section 9.8.	Compliance with Anti-Corruption Laws; Beneficial Ownership Regulation, Anti-Money Laundering Laws and Sanctions	81
	Article X. Negative Covenants 	81
	Section 10.1.	Financial Covenants	81
	Section 10.2.	Negative Pledge	83
	Section 10.3.	Restrictions on Intercompany Transfers	83
	Section 10.4.	Merger, Consolidation, Sales of Assets and Other Arrangements	84
	Section 10.5.	Plans	85
	Section 10.6.	Fiscal Year	85
	Section 10.7.	Modifications of Organizational Documents and Material Contracts	86
	Section 10.8.	Transactions with Affiliates	86
	Section 10.9.	Derivatives Contracts	86



 






    ii 


     


    

 


	Article XI. Default 	86
	Section 11.1.	Events of Default	86
	Section 11.2.	Remedies Upon Event of Default	89
	Section 11.3.	[Reserved]	90
	Section 11.4.	Marshaling; Payments Set Aside	90
	Section 11.5.	Allocation of Proceeds	91
	Section 11.6.	[Reserved]	91
	Section 11.7.	Performance by Administrative Agent	91
	Section 11.8.	Rights Cumulative	92
	Article XII. The Administrative Agent 	92
	Section 12.1.	Appointment and Authorization	92
	Section 12.2.	Administrative Agent’s Reliance	93
	Section 12.3.	Notice of Events of Default	94
	Section 12.4.	Administrative Agent as Lender	94
	Section 12.5.	Approvals of Lenders	94
	Section 12.6.	Indemnification of Administrative Agent	95
	Section 12.7.	Lender Credit Decision, Etc.	95
	Section 12.8.	Successor Administrative Agent	96
	Section 12.9.	Titled Agents	97
	Section 12.10.	Specified Derivatives Contracts	97
	Section 12.11.	Erroneous Payments	97
	Article XIII. Miscellaneous 	99
	Section 13.1.	Notices	99
	Section 13.2.	Expenses	100
	Section 13.3.	Setoff	101
	Section 13.4.	Litigation; Jurisdiction; Other Matters; Waivers	102
	Section 13.5.	Successors and Assigns	103
	Section 13.6.	Amendments and Waivers	107
	Section 13.7.	Nonliability of Administrative Agent and Lenders	110
	Section 13.8.	Confidentiality	111
	Section 13.9.	Indemnification	112
	Section 13.10.	Termination; Survival	112
	Section 13.11.	Severability of Provisions	112
	Section 13.12.	GOVERNING LAW	113
	Section 13.13.	Counterparts	113
	Section 13.14.	Obligations with Respect to Loan Parties and Subsidiaries	113
	Section 13.15.	Independence of Covenants	113
	Section 13.16.	Limitation of Liability	113
	Section 13.17.	Entire Agreement	113
	Section 13.18.	Construction	113
	Section 13.19.	Headings	114
	Section 13.20.	Acknowledgement and Consent to Bail-in of Affected Financial Institutions	114
	Section 13.21.	Acknowledgement Regarding Any Supported QFCs	114



 






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	SCHEDULE I	Commitments and Outstanding Loans	 
	SCHEDULE 1.1.	List of Loan Parties	 
	SCHEDULE 4.1.	Initial Unencumbered Assets	 
	SCHEDULE 7.1.(b)	Ownership Structure	 
	SCHEDULE 7.1.(g)	Indebtedness and Guaranties	 
	SCHEDULE 7.1.(h)	Material Contracts	 
	SCHEDULE 7.1.(i)	Litigation	 
	SCHEDULE 7.1.(r)	Affiliate Transactions	 
	 	 	 
	EXHIBIT A	Form of Assignment and Assumption
    Agreement	 
	EXHIBIT B	[Reserved]	 
	EXHIBIT C	[Reserved]	 
	EXHIBIT D	Form of Disbursement Instruction Agreement	 
	EXHIBIT E	Form of Guaranty	 
	EXHIBIT F	Form of Notice of Continuation	 
	EXHIBIT G	Form of Notice of Conversion	 
	EXHIBIT H	Form of Notice of Borrowing	 
	EXHIBIT I	Form of Note	 
	EXHIBIT J	Forms of U.S. Tax Compliance Certificates	 
	EXHIBIT K	Form of Compliance Certificate	 
	EXHIBIT L	Form of Closing Certificate	 
	EXHIBIT M	Form of Notice of Prepayment	 


 






    iv 


     


    

 


THIS TERM LOAN AGREEMENT
(this “Agreement”) dated as of January 6, 2023 by and among REALTY INCOME CORPORATION, a corporation formed under
the laws of the State of Maryland (the “Borrower”), each of the financial institutions initially a signatory hereto
together with their successors and assignees under Section 13.5. (the “Lenders”), and TORONTO DOMINION (TEXAS)
LLC, a Delaware limited liability company, as Administrative Agent (the “Administrative Agent”), with TD SECURITIES
(USA) LLC, THE BANK OF NOVA SCOTIA, BOFA SECURITIES, INC., JPMORGAN CHASE BANK, N.A., and MIZUHO BANK, LTD., as Joint Bookrunners,
TD SECURITIES (USA) LLC, THE BANK OF NOVA SCOTIA, BOFA SECURITIES, INC., JPMORGAN CHASE BANK, N.A., MIZUHO BANK, LTD., REGIONS
CAPITAL MARKETS, TRUIST SECURITIES, INC., and BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH, as Joint Lead Arrangers (the
 “Joint Lead Arrangers”), BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A., as Syndication Agents, and THE BANK
OF NOVA SCOTIA, MIZUHO BANK, LTD., REGIONS BANK, TRUIST BANK, and BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH, as Documentation
Agents.


 


WHEREAS, the Administrative
Agent and the Lenders desire to enter into this Agreement to, among other things, make available to the Borrower a multicurrency term
loan facility in the initial aggregate amount of approximately $1,044,617,521, on the terms and conditions contained herein.


 


NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto agree
as follows:


 


Article I.
Definitions


 


Section 1.1.            Definitions.


 


In addition to terms defined
elsewhere herein, the following terms shall have the following meanings for the purposes of this Agreement:


 


“Accession Agreement”
means an Accession Agreement substantially in the form of Annex I to the Guaranty.


 


“Additional Costs”
has the meaning given that term in Section 5.1.(b).


 


“Adjusted Daily
Simple RFR” means, for any RFR Rate Day, a rate per annum equal to, for any Obligations, interest, fees, commissions or other
amounts denominated in, or calculated with respect to:


 


(a)            Dollars,
the greater of (i) the sum of (A) SOFR for the day (such day, a “Dollar RFR Determination Day”) that is
five (5) RFR Business Days prior to (I) if such RFR Rate Day is an RFR Business Day, such RFR Rate Day or (II) if such
RFR Rate Day is not an RFR Business Day, the RFR Business Day immediately preceding such RFR Rate Day, in each case, as such SOFR is
published by the SOFR Administrator on the SOFR Administrator’s Website; provided that if by 5:00 p.m. (New York time)
on the second (2nd) RFR Business Day immediately following any Dollar RFR Determination Day, SOFR in respect of such Dollar
RFR Determination Day has not been published on the SOFR Administrator’s Website and a Benchmark Replacement Date with respect
to SOFR has not occurred, then SOFR for such Dollar RFR Determination Day will be SOFR as published in respect of the first preceding
RFR Business Day for which such SOFR was published on the SOFR Administrator’s Website; provided further that
SOFR as determined pursuant to this proviso shall be utilized for purposes of calculation of Adjusted Daily Simple RFR for Dollars for
no more than three (3) consecutive RFR Rate Days and (B) the SOFR Adjustment and (ii) the Floor; and


 






    


     


    

 


(a)           Sterling,
the greater of (i) the sum of (A) SONIA for the day (such day, a “Sterling RFR Determination Day”) that
is five (5) RFR Business Days prior to (I) if such RFR Rate Day is an RFR Business Day, such RFR Rate Day or (II) if
such RFR Rate Day is not an RFR Business Day, the RFR Business Day immediately preceding such RFR Rate Day, in each case, as such SONIA
is published by the SONIA Administrator on the SONIA Administrator’s Website; provided that if by 5:00 p.m. (London
time) on the second (2nd) RFR Business Day immediately following any Sterling RFR Determination Day, SONIA in respect of such Sterling
RFR Determination Day has not been published on the SONIA Administrator’s Website and a Benchmark Replacement Date with respect
to SONIA has not occurred, then SONIA for such Sterling RFR Determination Day will be SONIA as published in respect of the first preceding
RFR Business Day for which such SONIA was published on the SONIA Administrator’s Website; provided further that
SONIA as determined pursuant to this proviso shall be utilized for purposes of calculation of Adjusted Daily Simple RFR for Sterling
for no more than three (3) consecutive RFR Rate Days and (B) the SONIA Adjustment and (ii) the Floor.


 


Any change in Adjusted Daily Simple RFR for any
Currency due to a change in the applicable RFR for such Currency shall be effective from and including the effective date of such change
in the RFR for such Currency without notice to the Borrower.


 


“Adjusted Eurocurrency
Rate” means, as to any Loan denominated in any applicable Currency not bearing interest based on an RFR (which shall mean,
as of the Agreement Date, each Foreign Currency, other than Sterling), for any Interest Period, a rate per annum determined by the Administrative
Agent pursuant to the following formula:


 


 


 


“Adjusted Funds
From Operations” means, with respect to a Person for any period, (a) Funds From Operations of such Person for such period,
plus (b) non-cash deferred note financing costs and stock compensation costs of such Person for such period, plus (c) loss
(or minus gain) on the mark-to-market of derivatives instruments, minus (d) capital expenditures paid in cash by such Person during
such period. Adjusted Funds From Operations shall exclude straight-line rent and market rent leveling adjustments required by GAAP.


 


“Adjusted Term SOFR”
means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation plus (b) the
Term SOFR Adjustment; provided that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term
SOFR shall be deemed to be the Floor.


 


“Administrative
Agent” means Toronto Dominion (Texas) LLC, as contractual representative of the Lenders under this Agreement, or any successor
Administrative Agent appointed pursuant to Section 12.8.


 


“Administrative
Questionnaire” means the Administrative Questionnaire completed by each Lender and delivered to the Administrative Agent in
a form supplied by the Administrative Agent to the Lenders from time to time.


 


“Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.


 






    2


     


    

 


“Affected Lender”
has the meaning given that term in Section 5.6.


 


“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or
is Controlled by or is under common Control with the Person specified. In no event shall the Administrative Agent or any Lender be deemed
to be an Affiliate of the Borrower.


 


“Agreement”
has the meaning set forth in the introductory paragraph hereof.


 


“Agreement Date”
means the date as of which this Agreement is dated.


 


“Announcements”
has the meaning given that term in Section 1.3.


 


“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its Subsidiaries from time to
time concerning or relating to bribery or corruption, including, without limitation, the United States Foreign Corrupt Practices Act
of 1977 and the rules and regulations thereunder and the U.K. Bribery Act 2010 and the rules and regulations thereunder.


 


“Anti-Money Laundering
Laws” means all laws, statutes, regulations or obligatory government orders, decrees, ordinances or rules applicable to
the Borrower, its Subsidiaries or Affiliates related to terrorism financing or money laundering, including any applicable provision of
the Patriot Act and The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C.
 §§ 5311-5330 and 12U.S.C. §§ 1818(s), 1820(b) and 1951-1959).


 


“Applicable Law”
means all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes, executive
orders, and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed
duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority.


 


“Applicable Margin”
means the percentage rates set forth in the tables below corresponding to the level (each a “Level”) into which the
Credit Rating then falls. As of the Agreement Date, the Applicable Margins are determined based on Level 2. Any change in the Borrower’s
Credit Rating which would cause the Applicable Margins to be determined based on a different Level shall be effective as of the first
day of the first calendar month immediately following receipt by the Administrative Agent of written notice delivered by the Borrower
in accordance with Section 9.4.(p) that the Borrower’s Credit Rating has changed; provided, however, that
if the Borrower has not delivered the notice required by such Section but the Administrative Agent becomes aware that the Borrower’s
Credit Rating has changed, then the Administrative Agent shall give the Borrower notice of its awareness of such change (provided
that failure to give such notice shall not limit the effectiveness of any adjustment of the applicable Level by the Administrative
Agent in accordance with this definition) and may, in its sole discretion, adjust the Level effective as of the first day of the first
calendar month following the date the Administrative Agent becomes aware that the Credit Rating has changed. During any period for which
the Borrower has received three Credit Ratings which are not equivalent, the Applicable Margins shall be determined by (a) the highest
Credit Rating if they differ by only one Level and (b) the average of the two highest Credit Ratings if they differ by two or more
Levels (unless the average is not a recognized Level, in which case the Applicable Margins will be based on the Level corresponding to
the second highest Credit Rating). During any period for which the Borrower has received only two Credit Ratings and such Credit Ratings
are not equivalent, the Applicable Margins shall be determined by (i) the highest Credit Rating if they differ by only one Level
and (ii) the average of the two Credit Ratings if they differ by two or more Levels (unless the average is not a recognized Level,
in which case the Applicable Margins shall be based on the Credit Rating one Level below the Level corresponding to the higher Credit
Rating). During any period for which the Borrower has received a Credit Rating from only one Rating Agency, the Applicable Margins shall
be determined based on such Credit Rating so long as such Credit Rating is from either S&P or Moody’s. During any period that
the Borrower has (x) not received a Credit Rating from any Rating Agency or (x) received a Credit Rating from only one Rating
Agency that is neither S&P or Moody’s, the Applicable Margins shall be determined based on Level 6. The provisions of this
definition shall be subject to Section 2.6.(c).


 






    3


     


    

 


	Level	Credit
    Rating	Applicable
    Margin for 

Loans that are 

Eurocurrency Rate Loans	Applicable
    Margin for 

Loans that are Base Rate

 Loans	Applicable
    Margin for 

Loans that are RFR 

Loans
	1	A/A2
    (or higher)	0.750%	0.000%	0.750%
	2	A-/A3	0.800%	0.000%	0.800%
	3	BBB+/Baa1	0.850%	0.000%	0.850%
	4	BBB/Baa2	0.950%	0.000%	0.950%
	5	BBB-/Baa3	1.200%	0.200%	1.200%
	6	BB+/Ba1
    (or lower or unrated)	1.600%	0.600%	1.600%


 


“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 any entity that administers or manages a Lender.


 


“Assignment and
Assumption” means an Assignment and Assumption entered into by a Lender and an Eligible Assignee (with the consent of any party
whose consent is required by Section 13.5.), and accepted by the Administrative Agent, in substantially the form of Exhibit A
or any other form approved by the Administrative Agent.


 


“Available Tenor”
means, as of any date of determination and with respect to any then-current Benchmark for any Currency, as applicable, (a) if such
Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an
Interest Period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark
(or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference
to such Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is
then-removed from the definition of “Interest Period” pursuant to Section 5.2(c)(iv).


 


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


 


“Bail-In Legislation”
means, (a) 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 and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as
amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of
unsound or failing banks, investment firms or other financial institutions or their Affiliates (other than through liquidation, administration
or other insolvency proceedings).


 






    4


     


    

 


“Bankruptcy Code”
means the Bankruptcy Code of 1978, as amended.


 


“Base Rate”
means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) the sum of
(i) Adjusted Daily Simple RFR for Dollars in effect on such day plus (ii) 1.00%; each change in the Base Rate shall
take effect simultaneously with the corresponding change or changes in the Prime Rate, the Federal Funds Rate, or Adjusted Daily Simple
RFR for Dollars, as the case may be (provided that clause (c) shall not be applicable during any period in which Adjusted
Daily Simple RFR for Dollars is unavailable or unascertainable). Notwithstanding the foregoing, in no event shall the Base Rate be less
than 1.00%.


 


“Base Rate Loan”
means a Loan (or any portion thereof) bearing interest at a rate based on the Base Rate.


 


“Benchmark”
means, initially, with respect to any (a) Obligations, interest, fees, commissions or other amounts denominated in, or calculated
with respect to, Dollars, Adjusted Daily Simple RFR for Dollars or Adjusted Term SOFR, as applicable; provided that if a Benchmark Transition
Event has occurred with respect to the then-current Benchmark for Dollars, then “Benchmark” means, with respect to such Obligations,
interest, fees, commissions or other amounts, the applicable Benchmark Replacement to the extent that such Benchmark Replacement has
replaced such prior benchmark rate pursuant to Section 5.2(c), (b) Obligations, interest, fees, commissions or other amounts
denominated in, or calculated with respect to, Sterling, the Adjusted Daily Simple RFR for Sterling; provided that if a Benchmark Transition
Event or a Term RFR Transition Event, as applicable, has occurred with respect to such Adjusted Daily Simple RFR or the then-current
Benchmark for Sterling, then “Benchmark” means, with respect to such Obligations, interest, fees, commissions or other amounts,
the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to
Section 5.2(c) and (c) Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect
to, Euros, EURIBOR; provided that if a Benchmark Transition Event or a Term RFR Transition Event, as applicable, has occurred with respect
to EURIBOR, or the then-current Benchmark for Euros, then “Benchmark” means, with respect to such Obligations, interest,
fees, commissions or other amounts, the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such
prior benchmark rate pursuant to Section 5.2(c).


 


“Benchmark Replacement”
means,


 


(a)            with
respect to any Benchmark Transition Event for any then-current Benchmark for any Currency, the sum of: (i) the alternate benchmark
rate that has been selected by the Administrative Agent and the Borrower as the replacement for such Benchmark for such Currency giving
due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a
rate for such Currency by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining
a benchmark rate as a replacement for such Benchmark for syndicated credit facilities denominated in the applicable Currency at such
time and (ii) the related Benchmark Replacement Adjustment; provided that, if such Benchmark Replacement as so determined
would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other
Loan Documents; or


 






    5


     


    

 


(b)            with
respect to any Term RFR Transition Event for any Currency, the Term RFR for such Currency.


 


“Benchmark Replacement
Adjustment” means, for purposes of clause (a) of the definition of “Benchmark Replacement”, with respect to
any replacement of any then-current Benchmark for any Currency with an Unadjusted Benchmark Replacement for any applicable Available
Tenor, 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 such Benchmark for such
Currency 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 such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated in the applicable
Currency.


 


“Benchmark Replacement
Date” means the earliest to occur of the following events with respect to the then-current Benchmark for any Currency:


 


(a)            in
the case of clause (a) or (b) of the definition of “Benchmark Transition Event”, the later of (i) the date
of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark
(or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such
Benchmark (or such component thereof);


 


(b)            in
the case of clause (c) of the definition of “Benchmark Transition Event”, the first date on which such Benchmark (or
the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator
of such Benchmark (or such component thereof) to be non-representative; provided that such non-representativeness will be determined
by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark
(or such component thereof) continues to be provided on such date; or


 


(c)            in
the case of a Term RFR Transition Event for such Currency, the Term RFR Transition Date applicable thereto.


 


For the avoidance of doubt,
(A) if the Reference Time for the applicable Benchmark refers to a specific time of day and the event giving rise to the Benchmark
Replacement Date for any Benchmark occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the
Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such Benchmark and for such determination
and (B) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b) with
respect to any Benchmark for a Currency upon the occurrence of the applicable event or events set forth therein with respect to all then-current
Available Tenors of such Benchmark for such Currency (or the published component used in the calculation thereof).


 


“Benchmark Transition
Event” means, with respect to the then-current Benchmark for any Currency, the occurrence of one or more of the following events
with respect to such Benchmark:


 


(a)            a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used
in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark
(or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is
no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);


 






    6


     


    

 


(b)            a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the FRB, the Federal Reserve Bank of New York, the central bank for the Currency applicable
to such Benchmark, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution
authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency
or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark
(or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently
or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue
to provide any Available Tenor of such Benchmark (or such component thereof); or


 


(c)            a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not,
or as of a specified future date will not be, representative.


 


For the avoidance of doubt, a “Benchmark
Transition Event” will be deemed to have occurred with respect to any Benchmark for a Currency if a public statement or publication
of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark for such Currency (or
the published component used in the calculation thereof).


 


“Benchmark Transition
Start Date” means, with respect to any Benchmark for any Currency, 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).


 


“Benchmark Unavailability
Period” means, with respect to any then-current Benchmark for any Currency, the period (if any) (i) beginning at the time
that a Benchmark Replacement Date with respect to such Benchmark pursuant to clauses (a) or (b) of that definition has occurred
if, at such time, no Benchmark Replacement has replaced such Benchmark for such Currency for all purposes hereunder and under any Loan
Document in accordance with Section 5.2.(c)(i) and (ii) ending at the time that a Benchmark Replacement has replaced such
Benchmark for such Currency for all purposes hereunder and under any Loan Document in accordance with Section 5.2.(c)(i).


 


“Beneficial Ownership
Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.


 


“Beneficial Ownership
Regulation” means 31 CFR § 1010.230.


 


“Benefit Arrangement”
means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Multiemployer Plan and
which is maintained or otherwise contributed to by the Borrower or any Subsidiary.


 


“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.


 






    7


     


    

 


“Bill Lead Date”
has the meaning given that term in Section 3.8.(b).


 


“Borrower”
has the meaning set forth in the introductory paragraph hereof and shall include the Borrower’s successors and permitted assigns.


 


“Borrower Information”
has the meaning given that term in Section 2.6.(c).


 


“Business Day”
means (a)  any day (other than a Saturday, Sunday or legal holiday) on which banks in San Francisco, California and New York, New
York, are open for the conduct of their commercial banking business; (b)  if such day relates to any interest rate settings as to
any Obligation denominated in Euros, any fundings, disbursements, settlements and payments in Euros in respect of any such Obligation,
or any other dealings in Euros to be carried out pursuant to this Agreement in respect of any such Obligation, a day on which the Trans-European
Automated Real-Time Gross Settlement Express Transfer (TARGET) System is open (or if such payment system ceases to be operative, such
other payment system (if any) reasonably determined by the Administrative Agent to be a suitable replacement); (c) if such day relates
to any interest rate settings as to an Obligation denominated in a Currency other than Dollars or Euros, any such day on which dealings
in deposits in the relevant currency are conducted by and between banks in the principal financial center of the country of such Currency
or other applicable offshore interbank market for such Currency; and (d) if such day relates to any fundings, disbursements,
settlements and payments in a Currency other than Dollars or Euros, or any other dealings in any Currency other than Dollars or Euros
to be carried out pursuant to this Agreement in respect of any such Foreign Currency Rate Loan (other than any interest rate settings),
any such day on which banks are open for foreign exchange business in the principal financial center of the country of such Currency.
Unless specifically referenced in this Agreement as a Business Day, all references to “days” shall be to calendar days.


 


“Capitalization
Rate” means 6.50%.


 


“Capitalized Lease
Obligations” means obligations under a financing lease (or other similar arrangement conveying the right to use property) to
pay rent or other similar amounts that are required to be capitalized for financial reporting purposes in accordance with GAAP. The amount
of a Capitalized Lease Obligation is the capitalized amount of such obligation as would be required to be reflected on a balance sheet
of the applicable Person prepared in accordance with GAAP as of the applicable date.


 


“Cash Equivalents”
means (a) securities issued, guaranteed or insured by the United States of America or any of its agencies with maturities of not
more than one year from the date acquired; (b) time deposits, certificates of deposit or bankers’ acceptances with maturities
of not more than one year from the date acquired issued by any Lender (or any “Lender” under the Revolving Credit Agreement)
(or bank holding company owning any Lender (or owning any “Lender” under the Revolving Credit Agreement)) or any other United
States federal or state chartered commercial bank, or a commercial bank organized under the laws of any other country which is a member
of the Organisation for Economic Cooperation and Development, or a political subdivision of any such country, acting through a branch
or agency, which bank has capital and unimpaired surplus in excess of $500,000,000 and which bank or its holding company has a short-term
commercial paper rating of at least A-2 or the equivalent by S&P or at least P-2 or the equivalent by Moody’s; (c) reverse
repurchase agreements with terms of not more than seven days from the date acquired, for securities of the type described in clause (a) above
and entered into only with commercial banks having the qualifications described in clause (b) above; (d) commercial paper
issued by any Lender (or any “Lender” under the Revolving Credit Agreement) (or bank holding company owning any Lender (or
owning any “Lender” under the Revolving Credit Agreement)) or any other Person incorporated under the laws of the United
States of America or any State thereof and rated at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent
thereof by Moody’s, in each case with maturities of not more than one year from the date acquired; (e) investments in money
market funds which have net assets of at least $500,000,000 and whose assets consist primarily of securities and other obligations of
the type described in clauses (a) through (d) above; and (f) investments of the type and maturity described in clauses
(a) through (e) above of foreign financial institutions and obligors (including foreign governments), which financial institutions,
investments or obligors have the ratings described in such clauses or equivalent ratings from comparable foreign rating agencies.


 






    8


     


    

 


“Class”
(a) when used with respect to a Commitment, refers to whether such Commitment is a Tranche 1 Term Commitment, Tranche 2 Term Commitment,
Tranche 3 Term Commitment, or any tranche of Incremental Term Loan Commitment, (b) when used with respect to a Loan, refers to whether
such Loan is a Tranche 1 Term Loan, a Tranche 2 Term Loan, a Tranche 3 Term Loan, or an Incremental Term Loan of any tranche, and (c) when
used with respect to a Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular Class of Loans
or Commitments.


 


“Commitment”
means a Tranche 1 Term Commitment, Tranche 2 Term Commitment, Tranche 3 Term Commitment, or any Incremental Term Loan Commitment, as
the context may require.


 


“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”
has the meaning given that term in Section 9.3.


 


“Conforming Changes”
means, with respect to the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative
or operational changes (including changes to the definition of “Base Rate”, the definition of “Business Day,”
the definition of “RFR Business Day”, the definition of “Interest Period” or any similar or analogous definition
(or the addition of a concept of “interest period”), timing and frequency of determining rates and making payments of interest,
timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the
applicability of Section 5.4 and other technical, administrative or operational matters) that the Administrative Agent reasonably
determines in consultation with the Borrower may be appropriate to reflect the adoption and implementation of any such rate or to permit
the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the
Administrative Agent reasonably decides that adoption of any portion of such market practice is not administratively feasible or if the
Administrative Agent reasonably determines in consultation with the Borrower that no market practice for the administration of any such
rate exists, in such other manner of administration as the Administrative Agent reasonably determines in consultation with the Borrower
is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).


 


“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 profits Taxes.


 


“Continue”,
 “Continuation” and “Continued” each refers to the continuation of a Loan from one Interest Period
to another Interest Period pursuant to Section 2.10.


 


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


 


“Convert”,
 “Conversion” and “Converted” each refers to the conversion of a Loan of one Type into a Loan of
another Type pursuant to Section 2.11.


 






    9


     


    

 


“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).


 


“Covered Party”
has the meaning given that term in Section 13.21.


 


“Currency”
means, with respect to any Loan, Dollars or a Foreign Currency.


 


“Credit Event”
means any of the following: the making (or deemed making) of any Loan.


 


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


 


“Crest Net Subsidiaries”
means Subsidiaries of Crest Net Lease, Inc. that are Deemed Taxable REIT Subsidiaries.


 


“Daily Simple RFR
Loan” means any Loan that bears interest at a rate based on Adjusted Daily Simple RFR other than pursuant to clause (c) of
the definition of “Base Rate”.


 


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


 


“Deemed Taxable
REIT Subsidiary” has the meaning given that term in the definition of the term “Taxable REIT Subsidiary”.


 


“Default”
means any of the events specified in Section 11.1., whether or not there has been satisfied any requirement for the giving of notice,
the lapse of time, or both.


 


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


 


“Defaulting Lender”
means, subject to Section 3.9.(c), any Lender that (a) has failed to (i) fund all or any portion of its Loans within 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 or any other Lender any other amount required to be paid by it hereunder
within 2 Business Days of the date when due, (b) has notified the Borrower and the Administrative Agent in writing that it does
not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public
statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s
determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically
identified in such writing or public statement) cannot be satisfied), (c) has failed, within 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 of America 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 any one or more of 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 3.9.(c)) upon delivery of written notice of such determination to the Borrower and each Lender.


 






    10


     


    

 


“Derivatives Contract”
means a “swap agreement” as defined in Section 101 of the Bankruptcy Code.


 


“Derivatives Termination
Value” means, in respect of any one or more Derivatives Contracts, after taking into account the effect of any legally enforceable
netting agreement or provision relating thereto, (a) for any date on or after the date such Derivatives Contracts have been terminated
or closed out, the termination amount or value determined in accordance therewith, and (b) for any date prior to the date such Derivatives
Contracts have been terminated or closed out, the then-current mark-to-market value for such Derivatives Contracts, determined based
upon one or more mid-market quotations or estimates provided by any recognized dealer in Derivatives Contracts (which may include the
Administrative Agent, any Lender, any Specified Derivatives Provider or any Affiliate of any of them).


 


“Development Property”
means a Property currently under development (i) upon which a certificate of occupancy has not been obtained in accordance with
Applicable Law and local building and zoning ordinances and (ii) on which the improvements (other than tenant improvements on unoccupied
space) related to the development have not been substantially completed. The term “Development Property” shall include real
property of the type described in the immediately preceding sentence to be (but not yet) acquired by the Borrower, any Subsidiary or
any Unconsolidated Affiliate upon completion of construction pursuant to a contract in which the seller of such real property is required
to develop or renovate prior to, and as a condition precedent to, such acquisition.


 


“Disbursement Instruction
Agreement” means an agreement substantially in the form of Exhibit D to be executed and delivered by the Borrower pursuant
to Section 6.1.(a), as the same may be amended, restated or modified from time to time with the prior written approval of the Administrative
Agent.


 


“Dollar RFR Determination
Day” has the meaning given that term in the definition of “Adjusted Daily Simple RFR”.


 


“Dollar Equivalent”
means, for any amount, at the time of determination thereof, (a) if such amount is expressed in Dollars, such amount, (b) if
such amount is expressed in a currency other than Dollars, the equivalent of such amount in Dollars determined by the Administrative
Agent at such time on the basis of the Spot Rate for such currency determined in respect of the most recent Revaluation Date for the
purchase of Dollars with such currency.


 






    11


     


    

 


“Dollars”
or “$” means the lawful currency of the United States of America.


 


“EBITDA”
means, with respect to a Person for any period and without duplication, the sum of (a) net income (loss) of such Person for such
period determined on a consolidated basis excluding the following (but only to the extent included in determining net income (loss) for
such period): (i) depreciation and amortization; (ii) interest expense; (iii) income tax expense; (iv) extraordinary,
unusual or nonrecurring items, including without limitation, gains and losses from the sale of Properties (but not from the sale of Properties
by any Taxable REIT Subsidiary); (v) gains and losses resulting from currency exchange effects and hedging arrangements; (vi) non-cash
stock compensation costs of such Person for such period, and (vii) equity in net income (loss) of its Unconsolidated Affiliates;
plus (b) such Person’s Ownership Share of EBITDA of its Unconsolidated Affiliates. EBITDA shall be adjusted to remove
any impact from amortization of above and below market rent intangibles pursuant to FASB ASC 805. For purposes of this definition, nonrecurring
items shall be deemed to include, but shall not be limited to, (w) gains and losses on early extinguishment of Indebtedness, (x) 
severance and other restructuring charges, (y) transaction costs of acquisitions, dispositions, capital markets offerings, debt
financings and amendments thereto, and merger and one-time integration related costs, in each case, not permitted to be capitalized pursuant
to GAAP and (z) non-cash impairment charges.


 


“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.


 


“Effective Date”
means the later of (a) the Agreement Date and (b) the date on which all of the conditions precedent set forth in Section 6.1.
shall have been fulfilled or waived by all of the Lenders.


 


“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 13.5.(b)(iii), (v) and (vi) (subject to such
consents, if any, as may be required under Section 13.5.(b)(iii)).


 


“Eligible Ground
Lease” means a ground lease containing terms and conditions customarily required by mortgagees making a loan secured by the
interest of the holder of the leasehold estate demised pursuant to a ground lease, including without limitation, the following: (a) a
remaining term (including any unexercised extension options exercisable at the sole option of the ground lessee) of 30 years or more
from the Revolving Credit Agreement Date; (b) the right of the lessee to mortgage and encumber its interest in the leased property,
and to amend the terms of any such mortgage or encumbrance, in each case, without the consent of the lessor; (c) a customary obligation
of the lessor to give the holder of any mortgage Lien on such leased property written notice of any defaults on the part of the lessee
and agreement of such lessor that such lease will not be terminated until such holder has had a reasonable opportunity to cure or complete
foreclosures, and fails to do so; (d) reasonably acceptable transferability of the lessee’s interest under such lease, including
ability to sublease (provided that a provision that if a consent of such ground lessor is required, such consent is subject to either
an express reasonableness standard or an objective financial standard for the transferee that is reasonably satisfactory to the Administrative
Agent shall be deemed acceptable); and (e) clearly determinable rental payment terms.


 






    12


     


    

 


“EMU Legislation”
means the legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified European
currency.


 


“Environmental Claims”
means any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, accusations, allegations,
notices of noncompliance or violation, investigations (other than internal reports prepared by any Person in the ordinary course of business
and not in response to any third party action or request of any kind) or proceedings relating in any way to any actual or alleged violation
of or liability under any Environmental Law or relating to any permit issued, or any approval given, under any such Environmental Law,
including, without limitation, any and all claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial or
other actions or damages, contribution, indemnification cost recovery, compensation or injunctive relief resulting from Hazardous Materials
or arising from alleged injury or threat of injury to human health or the environment.


 


“Environmental Laws”
means any Applicable Law relating to environmental protection or the manufacture, storage, remediation, disposal or clean-up of Hazardous
Materials including, without limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal Water Pollution Control
Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act, 42 U.S.C. §
6901 et seq.; Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq.; National Environmental
Policy Act, 42 U.S.C. § 4321 et seq.; regulations of the Environmental Protection Agency, any applicable rule of common law
and any judicial interpretation thereof relating primarily to the environment or Hazardous Materials, and any analogous or comparable
state or local laws, regulations or ordinances that concern Hazardous Materials or protection of the environment.


 


“Equity Interest”
means, with respect to any Person, any share of capital stock of (or other ownership or profit interests in) such Person, any warrant,
option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or
profit interests in) such Person, whether or not certificated, any security convertible into or exchangeable for any share of capital
stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from
such Person of such shares (or such other interests), and any other ownership or profit interest in such Person (including, without limitation,
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or
other interest is authorized or otherwise existing on any date of determination.


 


“ERISA”
means the Employee Retirement Income Security Act of 1974, as in effect from time to time.


 


“ERISA Event”
means, with respect to the ERISA Group, (a) any “reportable event” as defined in Section 4043 of ERISA with respect
to a Plan (other than an event for which the 30-day notice period is waived); (b) the withdrawal of a member of the ERISA Group
from a Plan subject to Section 4063 of ERISA during a plan year in which it was a “substantial employer” as defined
in Section 4001(a)(2) of ERISA that results in the imposition of liability under Section 4063 of ERISA or a cessation
of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) the incurrence by a member of the
ERISA Group of any liability with respect to the withdrawal or partial withdrawal from any Multiemployer Plan; (d) the incurrence
by any member of the ERISA Group of any liability under Title IV of ERISA with respect to the termination of any Plan or Multiemployer
Plan; (e) the institution of proceedings by the PBGC to terminate a Plan or Multiemployer Plan; (f) the failure by any member
of the ERISA Group to make when due required contributions to a Multiemployer Plan or Plan unless such failure is cured within 30 days
or the filing pursuant to Section 412(c) of the Internal Revenue Code or Section 302(c) of ERISA of an application
for a waiver of the minimum funding standard; (g) any other event or condition that might reasonably be expected to constitute grounds
under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or Multiemployer Plan
or the imposition of liability on any member of the ERISA Group under Section 4069 or 4212(c) of ERISA; (h) the receipt
by any member of the ERISA Group of any notice or the receipt by any Multiemployer Plan from any member of the ERISA Group of any notice,
concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is reasonably expected to be, insolvent
(within the meaning of Section 4245 of ERISA), in reorganization (within the meaning of Section 4241 of ERISA), or in “critical”
status (within the meaning of Section 432 of the Internal Revenue Code or Section 305 of ERISA); (i)  the imposition of
any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon
any member of the ERISA Group or the imposition of any Lien upon any member of the ERISA Group in favor of the PBGC under Title IV of
ERISA; or (j) a determination that a Plan is, or is reasonably expected to be, in “at risk” status (within the meaning
of Section 430 of the Internal Revenue Code or Section 303 of ERISA).


 






    13


     


    

 


“ERISA Group”
means the Borrower, any Subsidiary and 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 or any Subsidiary, are treated as a single employer under Section 414
of the Internal Revenue Code.


 


“Escrow Agent”
means Riemer & Braunstein LLP, in its capacity as escrow agent.


 


“Escrow Agreement”
means that certain Escrow Agreement, dated as of December 16, 2022, among the Borrower, the Lenders party thereto, the Administrative
Agent and the Escrow Agent.


 


“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.


 


“EURIBOR”
has the meaning assigned thereto in the definition of “Eurocurrency Rate”.


 


“EURIBOR Rate”
has the meaning assigned thereto in the definition of “Eurocurrency Rate”.


 


“EUR”,
 “Euros” or “€” means the lawful currency of Participating Member States introduced in accordance
with the EMU Legislation.


 


“Eurocurrency Rate”
means, for any Eurocurrency Rate Loan for any Interest Period:


 


(a)            denominated
in Euros, the greater of (A) the rate of interest per annum equal to the Euro Interbank Offered Rate (“EURIBOR”)
as administered by the European Money Markets Institute, or a comparable or successor administrator approved by the Administrative Agent,
for a period comparable to the applicable Interest Period (in each case, the “EURIBOR Rate”), at approximately 11:00
a.m. (Brussels time) on the applicable Rate Determination Date and (B) the Floor.


 


“Eurocurrency Rate
Loan” means any Loan bearing interest at a rate based on the Adjusted Eurocurrency Rate.


 


“Eurocurrency Reserve
Percentage” means, for any day, the percentage which is in effect for such day as prescribed by the FRB for determining the
maximum reserve requirement (including any basic, supplemental or emergency reserves) in respect of eurocurrency liabilities or any similar
category of liabilities for a member bank of the Federal Reserve System in New York City. The Adjusted Eurocurrency Rate for each outstanding
Loan shall be adjusted automatically as of the effective date of any change in the Eurocurrency Reserve Percentage.


 






    14


     


    

 


“Event of Default”
means any of the events specified in Section 11.1., provided that any requirement for notice or lapse of time or any other condition
has been satisfied.


 


“Excluded Subsidiary”
means any Subsidiary (a) that either (i) holds title to assets that are or are to become collateral for any Secured Indebtedness
of such Subsidiary or (ii) owns Equity Interests of one or more Excluded Subsidiaries but has no assets other than such Equity Interests
and other assets of nominal value (including cash) incidental thereto, and (b) that is prohibited from Guarantying the Indebtedness
of any other Person pursuant to (i) any document, instrument, or agreement evidencing such Secured Indebtedness or (ii) a provision
of such Subsidiary’s organizational documents which provision was included in such Subsidiary’s organizational documents
as a condition to the extension of (or pursuant to the terms of) such Secured Indebtedness. In no event shall the Borrower be considered
to be an Excluded Subsidiary.


 


“Excluded Swap Obligation”
means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a portion of the liability of such Loan
Party for or the Guarantee of such Loan Party of, or the grant by such Loan Party of a Lien to secure, such Swap Obligation (or any liability
or 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 Loan Party’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 liability for or the Guarantee of such Loan Party or the grant of such Lien becomes effective with respect to such Swap
Obligation (such determination being made after giving effect to any applicable keepwell, support or other agreement for the benefit
of the applicable Loan Party, including under Section 31 of the Guaranty). 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 Lien is or becomes illegal for the reasons identified in the immediately preceding sentence of this definition.


 


“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 Recipient, 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 an Applicable Law in
effect on the date on which (i) such Recipient acquires such interest in the Loan or Commitment (other than pursuant to an assignment
request by the Borrower under Section 5.6.) or (ii) such Recipient (if such Recipient is a Lender) changes its lending office,
except in each case to the extent that, pursuant to Section 3.10., amounts with respect to such Taxes were payable either to such
Recipient’s assignor immediately before such Recipient became a party hereto or to such Recipient immediately before it changed
its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.10.(g) and (d) any
Taxes imposed under FATCA.


 


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


 


“FATCA”
means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations
thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code and any intergovernmental
agreement between a non-U.S. jurisdiction and the United States of America with respect to the foregoing and any law, regulation or practice
adopted pursuant to any such intergovernmental agreement.


 






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“FCA”
has the meaning assigned thereto in Section 1.3.


 


“Federal Funds Rate”
means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates
on overnight Federal funds transactions with members of the Federal Reserve System, as published for such day (or, if such day is not
a Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published
for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent
from three Federal Funds brokers of recognized standing selected by the Administrative Agent. If the Federal Funds Rate determined as
provided above would be less than zero, the Federal Funds Rate shall be deemed to be zero.


 


“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.


 


“Fee Letter”
means that certain fee letter dated November 4, 2022, by and among the Borrower, Toronto Dominion (Texas) LLC, TD Securities (USA)
LLC and TD Bank N.A., and each other fee letter entered into with a Joint Lead Arranger in connection with the credit facilities evidenced
by this Agreement.


 


“Fees”
means the fees and commissions provided for or referred to in Section 3.5. and any other fees payable by the Borrower hereunder,
under the Fee Letter or under any other Loan Document.


 


“Fitch”
means Fitch, Inc., and its successors.


 


“Fixed Charges”
means, with respect to a Person and for a given period, the sum of (a) the Interest Expense of such Person for such period, plus
(b) the aggregate of all scheduled principal payments on Indebtedness made by such Person during such period (excluding balloon,
bullet or similar payments of principal due upon the stated maturity of Indebtedness), plus (c) the aggregate of all dividends
paid or accrued by such Person on any Preferred Stock during such period but excluding redemption payments or repurchases or charges
in connection with the final redemption or repurchase in whole of any Preferred Stock, plus (d) the Reserve for Replacements
for such Person’s Properties. The Borrower’s Ownership Share of the Fixed Charges of its Unconsolidated Affiliates will be
included when determining the Fixed Charges of the Borrower.


 


“Floor”
means a rate of interest equal to 0.00%.


 


“Foreign Currency”
means GBP and EUR.


 


“Foreign Currency
Equivalent” means with respect to an amount denominated in Dollars, the equivalent in the applicable Foreign Currency of such
amount determined at the Spot Rate for the purchase of such Foreign Currency with Dollars, as determined by the Administrative Agent
on the most recent Revaluation Date applicable to such amount.


 


“Foreign Currency
Rate Loan” means a Loan denominated in a Foreign Currency.


 


“Foreign Lender”
means a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax
purposes.


 






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“Foreign Subsidiary”
means a Subsidiary not formed under the laws of the United States of America, any state thereof or the District of Columbia.


 


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


 


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


 


“Funds From Operations”
means net income available to common stockholders (computed in accordance with GAAP), plus depreciation, amortization and impairments,
but excluding gains on the sale of investment properties from “continuing operations” and “discontinued operations”
(as indicated on the consolidated statements of income (and accompanying notes) of the Borrower) (it being agreed that gains or losses
on sales by Crest Net Lease, Inc., the Crest Net Subsidiaries and any Taxable REIT Subsidiary are not extraordinary or non-recurring
and should be included in Funds From Operations) and after adjustments for unconsolidated partnerships and joint ventures. Adjustments
for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis. Funds From
Operations shall be calculated consistent with the National Association of Real Estate Investments Trusts, Inc. (“NAREIT”)
as of the Revolving Credit Agreement Date, but without giving effect to any supplements, amendments or other modifications promulgated
after the Revolving Credit Agreement Date.


 


“GAAP”
means generally accepted accounting principles in the United States of America set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board (including Statement of Financial Accounting Standards No. 168, “The FASB Accounting Standards Codification”)
or in such other statements by such other entity as may be approved by a significant segment of the accounting profession in the United
States of America, which are applicable to the circumstances as of the date of determination.


 


“GBP”
 “Sterling” or “£” means the lawful currency of the United Kingdom.


 


“Governmental Approvals”
means all authorizations, consents, approvals, licenses and exemptions of, registrations and filings with, and reports to, all Governmental
Authorities.


 


“Governmental Authority”
means any national, state or local government (whether domestic or foreign), any political subdivision thereof or any other governmental,
quasi-governmental, judicial, administrative, public or statutory instrumentality, authority, body, agency, bureau, commission, board,
department or other comparable authority (including, without limitation, the Federal Deposit Insurance Corporation, the Comptroller of
the Currency or the Federal Reserve Board, any central bank or any comparable authority) 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), or any arbitrator with authority to bind a party at law.


 






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“Gross Asset Value”
means, at a given time, the sum (without duplication) of (a) (i) the aggregate Net Operating Income for all Properties (other
than (A) Development Properties and land held for development and (B) any Property that has negative Net Operating Income
for such period) owned by the Borrower or any of its Subsidiaries for the entire period of four consecutive fiscal quarters of the Borrower
most recently ended divided by (ii) the Capitalization Rate, plus (b) all cash, Cash Equivalents
(excluding tenant deposits and other cash and Cash Equivalents the disposition of which is restricted but including (x) fully refundable
earnest money deposits associated with potential acquisitions and (y) Unrestricted 1031 Cash) and marketable securities of the
Borrower and its Subsidiaries at such time, plus (c) the current GAAP book value of all Development Properties and all land
held for development, plus (d)  the purchase price paid by the Borrower or any Subsidiary (less any amounts paid to the
Borrower or such Subsidiary as a purchase price adjustment, held in escrow, retained as a contingency reserve, or in connection with
other similar arrangements) for any Property (other than a Development Property) acquired by the Borrower or such Subsidiary during the
immediately preceding period of four consecutive fiscal quarters of the Borrower most recently ended, plus (e) the GAAP
book value of all Mortgage Receivables, plus (f) contractual purchase price of Properties of the Borrower and its Subsidiaries
subject to purchase obligations, repurchase obligations, forward commitments and unfunded obligations to the extent such obligations
and commitments are included in determinations of Total Liabilities, plus (g) the GAAP book value (exclusive of accumulated
depreciation) of the corporate headquarters of the Borrower located at 11975/11995 El Camino Real, San Diego, California 92130 so long
as the Borrower or a Subsidiary thereof owns such Property. The Borrower’s Ownership Share of assets held by Unconsolidated Affiliates
(excluding assets of the type described in the immediately preceding clause (b)) will be included in the calculation of Gross Asset
Value consistent with the above described treatment for wholly owned assets. To the extent that more than (x) 30.0% of the Gross
Asset Value would be attributable to Unimproved Land and Mortgage Receivables, such excess shall be excluded and (y) 15.0% of Gross
Asset Value would be attributable to Development Properties of the Borrower and its Subsidiaries, such excess shall be excluded. For
purposes of this definition, if a Property to be included in the determination of Gross Asset Value under the immediately preceding clause (a) has
not generated Net Operating Income for the entire period of four consecutive fiscal quarters of the Borrower most recently ended because
the Property ceased to be a Development Property during such period, then the Net Operating Income for such Property shall be annualized
for such period in a manner reasonably acceptable to the Administrative Agent.


 


“Guaranteed Obligations”
means, collectively, (a) the Obligations and (b) all existing or future payment and other obligations owing by any Loan Party
under any Specified Derivatives Contract (other than any Excluded Swap Obligation).


 


“Guarantor”
means any Person that is a party to the Guaranty as a “Guarantor”.


 


“Guaranty”,
 “Guaranteed” or to “Guarantee” as applied to any obligation means and includes: (a) a guaranty
(other than by endorsement of negotiable instruments for collection in the ordinary course of business), directly or indirectly, in any
manner, of any part or all of such obligation, or (b) an agreement, direct or indirect, contingent or otherwise, and whether or
not constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in the event
of nonperformance) of any part or all of such obligation whether by: (i) the purchase of securities or obligations, (ii) the
purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the
obligor with respect to such obligation to make any payment or performance (or payment of damages in the event of nonperformance) of
or on account of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the supplying
of funds to or in any other manner investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn down
by beneficiaries of letters of credit, or (v) the supplying of funds to or investing in a Person on account of all or any part of
such Person’s obligation under a Guaranty of any obligation or indemnifying or holding harmless, in any way, such Person against
any part or all of such obligation. As the context requires, “Guaranty” shall also mean the guaranty executed and delivered
pursuant to Section 6.1. or Section 8.14. and substantially in the form of Exhibit E.


 






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“Hazardous Materials”
means all or any of the following: (a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable
Environmental Laws as “hazardous substances”, “hazardous materials”, “hazardous wastes”, “toxic
substances” or any other formulation intended to define, list or classify substances by reason of deleterious properties such as
ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity, or “EP toxicity”;
(b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced
waters and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal resources;
(c) any flammable substances or explosives or any radioactive materials; (d) asbestos in any form; (e) toxic mold; and
(f) electrical equipment which contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of
fifty parts per million.


 


“IBA”
has the meaning assigned thereto in Section 1.3.


 


“Incremental Term
Lender” means, at any time, any Lender that has an Incremental Term Loan Commitment or holds Incremental Term Loans at such
time.


 


“Incremental Term Loan”
has the meaning assigned to such term in Section 2.17.


 


“Incremental Term Loan Amendment”
has the meaning assigned to such term in Section 2.17.


 


“Incremental Term Loan Commitment”
has the meaning assigned to such term in Section 2.17.


 


“Indebtedness”
means, with respect to a Person, at the time of computation thereof, all of the following (without duplication): (a) all obligations
of such Person in respect of money borrowed; (b) all obligations of such Person (other than (A) trade debt incurred in the
ordinary course of business and (B) any earnout obligation until such obligation becomes a liability on the balance sheet of such
Person in accordance with GAAP (excluding disclosure on the notes and footnotes thereto) and if not paid after becoming due and payable),
whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions of
credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness,
conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are customarily
paid or that are issued or assumed as full or partial payment for property or for services rendered; (c) Capitalized Lease Obligations
of such Person; (d) all reimbursement obligations (contingent or otherwise) of such Person under or in respect of any letters of
credit or acceptances (whether or not the same have been presented for payment); (e) all Off-Balance Sheet Obligations of such Person;
(f) net obligations under any Derivative Contract in an amount equal to the Derivatives Termination Value thereof (but, for the
avoidance of doubt, Indebtedness of the Borrower shall not include any agreement, commitment or arrangement for the sale of Equity
Interests issued by the Borrower at a future date that could be discharged solely by (A) delivery of the Borrower’s Equity
Interests (other than Mandatorily Redeemable Stock), or, (B) solely at the Borrower’s option made at any time, payment of
the net cash value of such Equity Interests at the time, irrespective of the form or duration of such agreement, commitment or arrangement;
provided, however, that during the period of time, if any, following an election by the Borrower to pay the net cash value
of such Equity Interest and prior to payment of such net cash value, the obligation to pay such net cash value shall be included as “Indebtedness”
hereunder (it being understood and agreed that the amount of such Indebtedness shall be calculated based on the closing price of the
Borrower’s Equity Interests on the date of such election, irrespective of the market price of the Borrower’s Equity Interests
at any time following such election, including at the time of payment)); (g) all obligations of such Person to purchase, redeem,
retire, defease or otherwise make any payment in respect of any Mandatorily Redeemable Stock issued by such Person or any other Person,
valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and (h) all Indebtedness
of other Persons which (i) such Person has Guaranteed or is otherwise recourse to such Person (except for guaranties of exceptions
to non-recourse liability described in the definition of “Nonrecourse Indebtedness”) or (ii) is secured by a Lien on
any property of such Person (valued in the case of this clause (ii) at the lesser of (A) the aggregate unpaid amount of such
Indebtedness and (B) if such Indebtedness is non-recourse, the fair market value of the property encumbered thereby as determined
by such Person in good faith). All Loans shall constitute Indebtedness of the Borrower.


 






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“Indemnified Taxes”
means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of
the Borrower or any other Loan Party under any Loan Document and (b) to the extent not otherwise described in the immediately preceding
clause (a), Other Taxes.


 


“Intellectual Property”
has the meaning given that term in Section 7.1.(s).


 


“Interest Expense”
means, with respect to a Person and for any period, (a) all paid, accrued or capitalized interest expense (including, without limitation,
capitalized interest expense and interest expense attributable to Capitalized Lease Obligations) of such Person and in any event shall
include all letter of credit fees and all interest expense with respect to any Indebtedness in respect of which such Person is wholly
or partially liable whether pursuant to any repayment, interest carry, performance Guarantee or otherwise, plus (b) to the
extent not already included in the foregoing clause (a) such Person’s Ownership Share of all paid, accrued or capitalized
interest expense for such period of Unconsolidated Affiliates of such Person; provided, that Interest Expense shall not include
(i) capitalized interest funded from a construction loan interest reserve account held by another lender and not included in the
calculation of cash for balance sheet reporting purposes, (ii) commitment or arrangement fees, (iii) premiums or penalties
(including, without limitation, any make-whole payments associated with the early repayment, redemption or defeasance of Indebtedness)
or (iv) upfront and one-time financing fees, including amortization of original issue discount.


 


“Interest Period”
means, with respect to each Eurocurrency Rate Loan and Term RFR Loan, each period commencing on the date such Loan is made, or in the
case of the Continuation of a Loan the last day of the preceding Interest Period for such Loan, and ending on the numerically corresponding
day in the first, third or sixth calendar month thereafter, as the Borrower may select in a Notice of Borrowing, Notice of Continuation
or Notice of Conversion, as the case may be, provided that (i) each Interest Period for such Loan that commences on the last
Business Day of a calendar month (or on any day for which there is no numerically corresponding day in the appropriate subsequent calendar
month) shall end on the last Business Day of the appropriate subsequent calendar month, and (ii) each Interest Period that would
otherwise end on a day which is not a Business Day shall end on the immediately following Business Day (or, if such immediately following
Business Day falls in the next calendar month, on the immediately preceding Business Day).


 


Notwithstanding the foregoing, if any Interest
Period for a Class of Loans would otherwise end after the Maturity Date for such Class, such Interest Period shall end on such Maturity
Date.


 


“Internal Revenue
Code” means the Internal Revenue Code of 1986, as amended.


 


“Investment”
means, with respect to any Person, any acquisition or investment (whether or not of a controlling interest) by such Person, whether by
means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan,
advance or extension of credit to, capital contribution to, Guaranty of Indebtedness of, or purchase or other acquisition of any Indebtedness
of, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition
(in one transaction or a series of transactions) of assets of another Person that constitute the business or a division or operating
unit of another Person. Except as expressly provided otherwise, for purposes of determining compliance with any covenant contained in
a Loan Document, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases
in the value of such Investment but determined net of all payments constituting returns of invested capital received in respect of such
Investment and, in the case of a guaranty or similar obligation, such Investment will be reduced to the extent the exposure under such
guaranty or similar obligation is reduced.


 






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“Investment Grade
Rating” means a Credit Rating of BBB- or higher by S&P or Fitch, or Baa3 or higher by Moody’s.


 


“IRS”
means the Internal Revenue Service.


 


“Lender”
means each financial institution from time to time party hereto as a “Lender”, including, without limitation, each Incremental
Term Lender, in each case, together with its respective successors and permitted assigns; provided, however, that the term
 “Lender” except as otherwise expressly provided herein, shall exclude any Lender (or its Affiliates) in its capacity as a
Specified Derivatives Provider.


 


“Lender Parties”
means, collectively, the Administrative Agent, the Lenders, each co-agent or sub-agent appointed by the Administrative Agent from time
to time pursuant to Section 12.2., any other holder from time to time of any Obligations and, in each case, their respective successors
and permitted assigns.


 


“Lending Office”
means, for each Lender and for each Type of Loan, the office of such Lender specified in such Lender’s Administrative Questionnaire
or in the applicable Assignment and Assumption, or such other office of such Lender as such Lender may notify the Administrative Agent
in writing from time to time.


 


“Level”
has the meaning given that term in the definition of the term “Applicable Margin.”


 


“Lien”
as applied to the property of any Person means: (a) any security interest, encumbrance, mortgage, deed to secure debt, deed of trust,
assignment of leases and rents, pledge, lien, hypothecation, assignment, charge or lease constituting a Capitalized Lease Obligation,
conditional sale or other title retention agreement, or other security title or encumbrance of any kind in respect of any property of
such Person, or upon the income, rents or profits therefrom; and (b) any arrangement, express or implied, under which any property
of such Person is transferred, sequestered or otherwise identified for the purpose of subjecting the same to the payment of Indebtedness
or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person.


 


“Loan”
means a Tranche 1 Term Loan, Tranche 2 Term Loan, Tranche 3 Term Loan, or an Incremental Term Loan, as the context may require.


 


“Loan Document”
means this Agreement, each Note, the Guaranty (if in effect), the Fee Letter, each Incremental Term Loan Amendment, the Escrow Agreement,
and each other document or instrument now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating
to this Agreement (other than any Specified Derivatives Contract).


 


“Loan Party”
means each of the Borrower, each other Person who guarantees all or a portion of the Obligations and/or who pledges any collateral to
secure all or a portion of the Obligations. Schedule 1.1 sets forth the Loan Parties in addition to the Borrower as of the Agreement
Date.


 


“Mandatorily Redeemable
Stock” means, with respect to any Person, any Equity Interest of such Person which by the terms of such Equity Interest (or
by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any
event or otherwise, (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than an
Equity Interest to the extent redeemable in exchange for common stock or other equivalent common Equity Interests at the option of the
issuer of such Equity Interest), (b) is convertible into or exchangeable or exercisable for Indebtedness or Mandatorily Redeemable
Stock, or (c) is redeemable at the option of the holder thereof, in whole or in part (other than an Equity Interest which is redeemable
solely in exchange for common stock or other equivalent common Equity Interests), in the case of each of clauses (a) through
(c), on or prior to the latest Maturity Date for any Class of Loans.


 






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“Material Acquisition”
means any acquisition by the Borrower or any Subsidiary in which the value of the assets acquired exceed $1,500,000,000.


 


“Material Adverse
Effect” means a materially adverse effect on (a) the business, assets, liabilities, financial condition or results of
operations of the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Borrower and the other Loan Parties, taken
as a whole, to perform their obligations under the Loan Documents, (c) the validity or enforceability of any of the Loan Documents,
or (d) the rights and remedies, taken as a whole, of the Lenders, and the Administrative Agent under any of the Loan Documents.


 


“Material Contract”
means any contract or other arrangement (other than Loan Documents and Specified Derivatives Contracts), whether written or oral, to
which the Borrower, any Subsidiary or any other Loan Party is a party as to which the breach, nonperformance, cancellation or failure
to renew by any party thereto could reasonably be expected to have a Material Adverse Effect.


 


“Maturity Date”
means (a) with respect to a Tranche 1 Term Loan, January 5, 2024, or such later date to which the Maturity Date for Tranche
1 Term Loans may be extended pursuant to Section 2.14; (b) with respect to a Tranche 2 Term Loan, January 5, 2024 or such
later date to which the Maturity Date for Tranche 2 Term Loans may be extended pursuant to Section 2.14; (c) with respect to
a Tranche 3 Term Loan, January 5, 2024 or such later date to which the Maturity Date for Tranche 3 Term Loans may be extended pursuant
to Section 2.14; and (d) with respect to any Incremental Term Loan, the maturity date for such Incremental Term Loan as set
forth in the applicable Incremental Term Loan Amendment.


 


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


 


“Mortgage”
means a mortgage, deed of trust, deed to secure debt or similar security instrument 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.


 


“Mortgage Receivable”
means a promissory note secured by a Mortgage of which the Borrower or a Subsidiary is the holder and retains the rights of collection
of all payments thereunder.


 


“Multiemployer Plan”
means at any time a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA Group
is then making or accruing an obligation to make contributions or has within the preceding six plan years made contributions, including
for these purposes any Person which ceased to be a member of the ERISA Group during such six-year period.


 


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


 






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“Net Operating Income”
or “NOI” means, for any Property and for a given period, the sum (without duplication) of (a) rents and other
revenues received in the ordinary course from such Property (excluding pre-paid rents and revenues and security deposits except to the
extent applied in satisfaction of tenants’ obligations for rent) minus (b) all expenses paid or accrued by the Borrower
and its Subsidiaries and related to the ownership, operation or maintenance of such Property (other than those expenses normally covered
by a management fee), including but not limited to, taxes, assessments and the like, insurance, utilities, payroll costs, maintenance,
repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for
legal, accounting, advertising, marketing and other expenses incurred in connection with such Property, but specifically excluding depreciation
and general overhead expenses of the Borrower and its Subsidiaries) minus (c) the Reserve for Replacements for such Property
for such period minus (d) the greater of (i) the actual property management fee paid during such period with respect
to such Property and (ii) an imputed management fee in an amount equal to 1% of the gross revenues for such Property for such period,
all as determined in accordance with GAAP.


 


“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all
or all affected Lenders (or all Lenders of a Class or all affected Lenders of a Class) in accordance with the terms of Section 13.6.
and (b) has been approved by the Requisite Lenders and, in the case of amendments that require the approval of all or all affected
Lenders of a particular Class, Requisite Class Lenders of such Class.


 


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


 


“Nonrecourse Indebtedness”
means, with respect to a Person, (a) Indebtedness for borrowed money in respect of which recourse for payment (except for customary
exceptions for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and
other similar customary exceptions to nonrecourse liability) is contractually limited to specific assets of such Person encumbered by
a Lien securing such Indebtedness and (b) if such Person is a Single Asset Entity, any Indebtedness for borrowed money of such Person.


 


“Note”
means a promissory note of the Borrower substantially in the form of Exhibit I, payable to a Lender in a principal amount equal
to the amount of such Lender’s Commitment of any Class.


 


“Notice of Borrowing”
means a notice substantially in the form of Exhibit H (or such other form reasonably acceptable to the Administrative Agent and
containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.1.(b) evidencing
the Borrower’s request for a borrowing of Loans.


 


“Notice of Continuation”
means a notice substantially in the form of Exhibit F (or such other form reasonably acceptable to the Administrative Agent and
containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.10. evidencing
the Borrower’s request for the Continuation of a Loan.


 


“Notice of Conversion”
means a notice substantially in the form of Exhibit G (or such other form reasonably acceptable to the Administrative Agent and
containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.11. evidencing
the Borrower’s request for the Conversion of a Loan from one Type to another Type.


 






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“Notice of Prepayment”
means a notice substantially in the form of Exhibit M (or such other form reasonably acceptable to the Administrative Agent and
containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.9.(a) evidencing
the Borrower’s request for the prepayment of a Loan.


 


“Obligations”
means, individually and collectively: (a) the aggregate principal balance of, and all accrued and unpaid interest on, all Loans;
and (b) all other indebtedness, liabilities, obligations, covenants and duties of the Borrower and the other Loan Parties owing
to the Administrative Agent, or any Lender of every kind, nature and description, under or in respect of this Agreement or any of the
other Loan Documents, including, without limitation, the Fees and indemnification obligations, whether direct or indirect, absolute or
contingent, due or not due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory note.
For the avoidance of doubt, “Obligations” shall not include any indebtedness, liabilities, obligations, covenants or duties
in respect of Specified Derivatives Contracts.


 


“OFAC”
means the U.S. Department of the Treasury’s Office of Foreign Assets Control.


 


“Off-Balance Sheet
Obligations” means, with respect to a Person: (a) obligations of such Person in respect of any financing transaction or
series of financing transactions (including factoring arrangements) pursuant to which such Person or any Subsidiary of such Person has
sold, conveyed or otherwise transferred, or granted a security interest in, accounts, payments, receivables, rights to future lease payments
or residuals or similar rights to payment to a special purpose Subsidiary or Affiliate of such Person; (b) obligations of such Person
under a sale and leaseback transaction that does not create a liability on the balance sheet of such Person; (c) obligations of
such Person under any so-called “synthetic” lease transaction; (d) obligations of such Person under any other transaction
which is the functional equivalent of, or takes the place of, a borrowing but which does not constitute a liability on the balance sheet
of such Person; and (e) in the case of the Borrower, liabilities and obligations of the Borrower, any Subsidiary or any other Person
in respect of “off-balance sheet arrangements” (as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated under
the Securities Act) which the Borrower would be required to disclose in the “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” section of the Borrower’s report on Form 10-Q or Form 10-K (or their equivalents)
which the Borrower is required to file with the SEC.


 


“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 5.6.).


 


“Ownership Share”
means, with respect to any Subsidiary of a Person (other than a Wholly Owned Subsidiary) or any Unconsolidated Affiliate of a Person,
the greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed as a percentage) in such
Subsidiary or Unconsolidated Affiliate or (b) such Person’s relative direct and indirect economic interest (calculated as
a percentage) in such Subsidiary or Unconsolidated Affiliate determined in accordance with the applicable provisions of the declaration
of trust, articles or certificate of incorporation, articles of organization, partnership agreement, joint venture agreement or other
applicable organizational document of such Subsidiary or Unconsolidated Affiliate.


 






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“Participant”
has the meaning given that term in Section 13.5.(d).


 


“Participant Register”
has the meaning given that term in Section 13.5.(d).


 


“Participating Member
State” means each state so described in any EMU Legislation.


 


“Patriot Act”
means The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title
III of Pub. L. No. 107-56 (signed into law October 26, 2001)), as amended from time to time, and any successor statute.


 


“PBGC”
means the Pension Benefit Guaranty Corporation and any successor agency.


 


“Permitted Liens”
means, with respect to any Unencumbered Asset owned by a Person, (a) Liens securing taxes, assessments and other charges or levies
imposed by any Governmental Authority (excluding any Lien imposed pursuant to any of the provisions of ERISA or pursuant to any Environmental
Laws) or property owner association or similar entity or the claims of materialmen, mechanics, carriers, warehousemen, repairmen or landlords
for labor, materials, supplies or rentals incurred in the ordinary course of business, which are not at the time delinquent or required
to be paid or discharged under Section 8.6.; (b) Liens consisting of deposits or pledges made, in the ordinary course of business,
in connection with, or to secure payment of, obligations under workmen’s compensation, unemployment insurance or other social security
or other similar Applicable Laws; (c) Liens consisting of encumbrances in the nature of covenants, conditions, zoning restrictions,
easements, encroachments, variations, rights of way and rights or restrictions on the use of real property, which do not materially detract
from the value of such property or impair the use thereof in the business of such Person; (d) the rights of tenants under leases
or subleases and the rights of managers or operators with respect to real or personal property made in the ordinary course of business,
in each case, not interfering with the ordinary conduct of business of such Person; (e) Liens in favor of the Administrative Agent
for the benefit of the Lenders; (f) Liens in favor of the Borrower or a Guarantor; (g) any option, contract or other agreement
to sell an asset provided such sale is otherwise permitted by this Agreement; and (h) with respect to any Property, any attachment
or judgment Lien on such Property arising from a judgment or order against such Person by any court or other tribunal so long as (i) such
judgment or order is paid, stayed or dismissed through appropriate appellate proceedings on or before 60 days from the date of entry
and (ii) the amount thereof is equal to or less than $1,000,000.


 


“Person”
means any natural person, corporation, limited partnership, general partnership, joint stock company, limited liability company, limited
liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization,
whether or not a legal entity, or any other nongovernmental entity, or any Governmental Authority.


 


“Plan”
means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject
to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained, or contributed
to, by any member of the ERISA Group for employees of any member of the ERISA Group or (b) has at any time within the preceding
six years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person
which was at such time a member of the ERISA Group.


 






    25


     


    

 


“Post-Default Rate”
means, in respect of any principal of any Class of Loans, the interest rate otherwise applicable to such Class of Loans plus
an additional two percent (2.0%) per annum and with respect to any other Obligation, a rate per annum equal to the Base Rate as in
effect from time to time plus the Applicable Margin for Loans that are Base Rate Loans plus two percent (2.0%).


 


“Preferred Stock”
means, with respect to any Person, Equity Interests in such Person which are entitled to preference or priority over any other Equity
Interest in such Person in respect of the payment of dividends or distribution of assets upon liquidation or both.


 


“Prime Rate”
means, at any time, the rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime rate.
Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs. The
parties hereto acknowledge that the rate announced publicly by the Administrative Agent as its prime rate is an index or base rate and
shall not necessarily be its lowest or best rate charged to its customers or other banks.


 


“Principal Office”
means the office of the Administrative Agent located at One Vanderbilt Avenue, 12th Floor, New York, NY 10017, or any other subsequent
office that the Administrative Agent shall have specified as the Principal Office by written notice to the Borrower and the Lenders.


 


“Property”
means, with respect to any Person, any parcel of real property, together with any building, facility, structure, equipment or other asset
located on such parcel of real property, in each case owned by such Person.


 


“Pro Rata Share”
means, (a) as to each Lender, the ratio, expressed as a percentage of (i) the aggregate amount of such Lender’s
unfunded Commitments (if any) plus (ii) the aggregate amount of such Lender’s outstanding Loans to (b) (i) the
aggregate amount of the unfunded Commitments of all Lenders (if any) plus (ii) the aggregate principal amount of all outstanding
Loans.


 


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


 


“QFC Credit Support”
has the meaning given that term in Section 13.21.


 


“Qualified Plan”
means a Benefit Arrangement that is intended to be tax-qualified under Section 401(a) of the Internal Revenue Code.


 


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


 


“Rate Determination
Date” means, with respect to any Interest Period, two (2) Business Days prior to the commencement of such Interest Period
(or such other day as is generally treated as the rate fixing day by market practice in such interbank market, as determined by the Administrative
Agent; provided that to the extent that such market practice is not administratively feasible for the Administrative Agent, such
other day as otherwise reasonably determined by the Administrative Agent).


 


“Recipient”
means (a) the Administrative Agent, and (b) any Lender, as applicable.


 


“Recurring Capital
Expenditures” means mandatory and recurring landlord capital expenditures made in respect of a Property for maintenance of
such Property and replacement of items that have a useful life of under 5 years. “Recurring Capital Expenditures” for a period
shall also include “Leasing Costs and Commissions” as set forth in the Borrower’s statement of “Adjusted Funds
From Operations” for such period.


 






    26


     


    

 


“Reference Time”
with respect to any setting of the then-current Benchmark for any Currency means (a) if such Benchmark is a Daily Simple RFR, (i) if
the RFR for such Benchmark is SOFR, then four (4) RFR Business Days prior to (A) if the date of such setting is an RFR Business
Day, such date or (B) if the date of such setting is not an RFR Business Day, the RFR Business Day immediately preceding such date,
and (ii) if the RFR for such Benchmark is SONIA, then four (4) RFR Business Days prior to (A) if the date of such setting
is an RFR Business Day, such date or (B) if the date of such setting is not an RFR Business Day, the RFR Business Day immediately
preceding such date, (b) if such Benchmark is an Adjusted Eurocurrency Rate, if the applicable Adjusted Eurocurrency Rate for such
Benchmark is based upon EURIBOR, then 11:00 a.m. (Brussels time) on the day that is two (2) Business Days preceding the date
of such setting, and (c) otherwise, then the time determined by the Administrative Agent, including in accordance with the Benchmark
Replacement Conforming Changes.


 


“Register”
has the meaning given that term in Section 13.5.(c).


 


“Regulatory Change”
means, with respect to any Lender, any change effective after the Agreement Date in Applicable Law (including without limitation, Regulation
D of the Board of Governors of the Federal Reserve System) or the adoption or making after such date of any interpretation, directive
or request applying to a class of banks, including such Lender, of or under any Applicable Law (whether or not having the force of law)
by any Governmental Authority or monetary authority charged with the interpretation or administration thereof or compliance by any Lender
with any request or directive regarding capital adequacy or liquidity. Notwithstanding anything herein to the contrary, (a) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection
therewith and (b) 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 “Regulatory Change”, regardless of the date enacted, adopted
or issued.


 


“REIT”
means a “real estate investment trust” under Sections 856 through 860 of the Internal Revenue Code.


 


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


 


“Relevant Governmental
Body” means (a) with respect to a Benchmark Replacement in respect of Obligations, interest, fees, commissions or other
amounts denominated in, or calculated with respect to, Dollars, the FRB or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the FRB or the Federal Reserve Bank of New York, or any successor thereto and (b) with respect to a Benchmark
Replacement in respect of Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, any
Foreign Currency, (i) the central bank for the Currency in which such Obligations, interest, fees, commissions or other amounts
are denominated, or calculated with respect to, or any central bank or other supervisor which is responsible for supervising either (A) such
Benchmark Replacement or (B) the administrator of such Benchmark Replacement or (ii) any working group or committee officially
endorsed or convened by (A) the central bank for the Currency in which such Obligations, interest, fees, commissions or other amounts
are denominated, or calculated with respect to, (B) any central bank or other supervisor that is responsible for supervising either
(1) such Benchmark Replacement or (2) the administrator of such Benchmark Replacement, (C) a group of those central banks
or other supervisors or (D) the Financial Stability Board or any part thereof.


 






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“Requisite Class Lenders”
means, with respect to a Class of Lenders as of any date of determination, Lenders of such Class holding more than 50.0% of
the aggregate amount of the unfunded Commitments of such Class (if any) and the principal amount of the aggregate outstanding Loans
of such Class; provided that (i) in determining such percentage at any given time, all then existing Defaulting Lenders of
such Class will be disregarded and excluded, and (ii) at all times when two or more unaffiliated Lenders (excluding Defaulting
Lenders) of such Class are party to this Agreement, the term “Requisite Class Lenders” shall in no event mean less
than two unaffiliated Lenders of such Class.


 


“Requisite Lenders”
means, as of any date, Lenders holding more than 50.0% of the aggregate amount of the unfunded Commitments (if any) and the outstanding
Loans of all Lenders; provided that (i) in determining such percentage at any given time, all then existing Defaulting Lenders
will be disregarded and excluded, and (ii) at all times when two or more unaffiliated Lenders (excluding Defaulting Lenders) are
party to this Agreement, the term “Requisite Lenders” shall in no event mean less than two unaffiliated Lenders.


 


“Reserve for Replacements”
means, for any period and with respect to any Property, an amount equal to the greater of (a)(i) the aggregate square footage of
all completed space of such Property times (ii) $0.05 times (iii) the number of days in such period divided by (iv) 365
and (b) the amount of Recurring Capital Expenditures actually made in respect of such Property during such period. If the term
Reserve for Replacements is used without reference to any specific Property, then it shall be determined on an aggregate basis with respect
to all Properties of the Borrower and its Subsidiaries and the applicable Ownership Shares of all real property of all Unconsolidated
Affiliates of the Borrower.


 


“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.


 


“Responsible Officer”
means with respect to the Borrower or any Subsidiary, the chief executive officer, the chief financial officer and chief operating officer
of the Borrower or such Subsidiary.


 


“Restricted JV Subsidiary”
means a Subsidiary that is (a) not a Wholly Owned Subsidiary and (b) prohibited from Guarantying the Indebtedness of any other
Person without the consent of any Person (other than the Borrower or its Wholly Owned Subsidiaries) pursuant to a provision of such Subsidiary’s
organizational documents which provision was required by a third party equity owner of such Subsidiary.


 


“Restricted Payment”
means with respect to a Person, (a) any dividend or other distribution, direct or indirect, on account of any Equity Interest of
such Person now or hereafter outstanding, except a dividend payable solely in shares of that class of Equity Interests (or shares of
common Equity Interests) to the holders of that class; (b) any redemption, conversion, exchange, retirement, sinking fund or similar
payment, purchase or other acquisition for value, direct or indirect, of any Equity Interests of such Person now or hereafter outstanding;
and (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire
any Equity Interests of such Person now or hereafter outstanding.


 


“Revaluation Date”
means, with respect to any Foreign Currency Rate Loan, such dates as the Administrative Agent shall reasonably determine or the Requisite
Class Lenders shall reasonably require.


 


“Revolving Credit
Agent” means Wells Fargo Bank, National Association, in its capacity as administrative agent under the Revolving Credit Agreement,
or any successor appointed pursuant to the Revolving Credit Agreement.


 






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“Revolving Credit
Agreement” means that certain Third Amended and Restated Credit Agreement, dated as of the Revolving Credit Agreement Date,
by and among, the Borrower, the lenders party thereto from time to time, and the Revolving Credit Agent, as the same may be amended,
restated, supplemented, or otherwise modified, refinanced or replaced from time to time.


 


“Revolving Credit
Agreement Date” means April 28, 2022.


 


“RFR”
means, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, (a) Dollars,
SOFR, and (b) Sterling, SONIA


 


“RFR Business Day”
means, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, (a) Dollars,
any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets
Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United
States government securities, and (b) Sterling, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on
which banks are closed for general business in London; provided, that for purposes of notice requirements in Sections 2.1.(b), 2.9.(a),
2.10. and 2.11., in each case, such day is also a Business Day.


 


“RFR Loan”
means a Daily Simple RFR Loan or a Term RFR Loan, as the context may require.


 


“RFR Rate Day”
means any day pursuant to which any calculation of Adjusted Daily Simple RFR is made.


 


“Same Day Funds”
means (a) with respect to disbursements and payments in Dollars, immediately available funds, and (b) with respect to disbursements
and payments in a Foreign Currency, same day or other funds as may be determined by the Administrative Agent to be customary in the place
of disbursement or payment for the settlement of international banking transactions in the relevant Foreign Currency.


 


“Sanctioned Country”
means, at any time, a country, region or territory which is, or whose government is, the subject or target of any Sanctions (including,
without limitation, as of the date of this Agreement, the Crimea Region of Ukraine, the so-called Donetsk People’s Republic or
Luhansk People’s Republic regions of Ukraine, Cuba, Iran, North Korea and Syria).


 


“Sanctioned Person”
means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by any Governmental Authority
of the United States of America, including without limitation, OFAC or the U.S. Department of State, or by the United Nations Security
Council, the European Union, any member state of the European Union or His Majesty’s Treasury, (b) any Person located, operating,
organized or resident in a Sanctioned Country, (c) an agency of the government of a Sanctioned Country or (d) any Person majority-owned
or Controlled by any Person or agency described in any of the preceding clauses (a) through (c).


 


“Sanctions”
means any sanctions or trade embargoes imposed, administered or enforced by any Governmental Authority of the United States of America,
including without limitation, OFAC or the U.S. Department of State, or by the United Nations Security Council, the European Union, any
member state of the European Union or His Majesty’s Treasury.


 


“Screen Rate”
means, for any Eurocurrency Rate Loan denominated in Euros, the EURIBOR Rate.


 


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


 






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“Secured Indebtedness”
means, with respect to a Person as of a given date, the aggregate principal amount of all Indebtedness of such Person outstanding on
such date that is secured in any manner by any Lien on any property of such Person and, in the case of the Borrower, shall include (without
duplication) the Borrower’s Ownership Share of the Secured Indebtedness of its Unconsolidated Affiliates. Indebtedness of the Borrower
or a Subsidiary secured solely by a pledge of Equity Interests in one or more Subsidiaries shall not be treated as Secured Indebtedness
but shall be treated as Unsecured Indebtedness.


 


“Securities Act” means the
Securities Act of 1933, as amended from time to time, together with all rules and regulations issued thereunder.


 


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


 


“SOFR”
means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.


 


“SOFR Adjustment”
means a percentage equal to 0.10% (10 basis points) per annum.


 


“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).


 


“SOFR Administrator’s
Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor
source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.


 


“SONIA”
means a rate equal to the Sterling Overnight Index Average as administered by the SONIA Administrator.


 


“SONIA Adjustment”
means a percentage equal to 0.0326% (3.26 basis points) per annum.


 


“SONIA Administrator”
means the Bank of England (or any successor administrator of the Sterling Overnight Index Average).


 


“SONIA Administrator’s
Website” means the Bank of England’s website, currently at http://www.bankofengland.co.uk, or any successor source for
the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.


 


“Solvent”
means, when used with respect to any Person, that (a) the fair value and the fair salable value of its assets are each in excess
of the fair valuation of its total liabilities (including all contingent liabilities computed at the amount which, in light of all facts
and circumstances existing at such time, represents the amount that could reasonably be expected to become an actual and matured liability);
(b) such Person is able to pay its debts or other obligations in the ordinary course as they mature; and (c) such Person has
capital not unreasonably small to carry on its business and all business in which it proposes to be engaged.


 






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“Special Notice
Currency” means, at any time, a Foreign Currency other than the currency of a country that is a member of the Organization
for Economic Cooperation and Development at such time located in North America.


 


“Specified Derivatives
Contract” means any Derivatives Contract that is made or entered into at any time, or in effect at any time now or hereafter,
whether as a result of an assignment or transfer or otherwise, between or among any Loan Party and any Specified Derivatives Provider,
and which was not prohibited by any of the Loan Documents when made or entered into.


 


“Specified Derivatives
Provider” means any Person that (a) at the time it enters into a Specified Derivatives Contract with a Loan Party, is
a Lender or an Affiliate of a Lender or (b) at the time it (or its Affiliate) becomes a Lender (including on the Effective Date),
is a party to a Specified Derivatives Contract with a Loan Party, in each case in its capacity as a party to such Specified Derivatives
Contract.


 


“Specified Jurisdiction”
means the United States of America (including the District of Columbia), Canada, United Kingdom of Great Britain and Northern Ireland,
Singapore, Australia, Japan, France, the Federal Republic of Germany, Netherlands, Belgium, Switzerland, Ireland, Luxembourg, Hong
Kong, Hungary, the Czech Republic, the Republic of Poland, the Kingdom of Sweden, the Republic of Finland, the Kingdom of Norway, Denmark,
Spain and such other jurisdictions as are agreed to by the Requisite Lenders.


 


“Spot Rate”
means, for a Currency, the rate determined for such Currency by the Administrative Agent to be the rate quoted by the Person acting in
such capacity as the spot rate for the purchase by such Person of such Currency with another currency through its principal foreign exchange
trading office at approximately 11:00 a.m. on the date two (2) Business Days prior to the date as of which the foreign exchange
computation is made; provided that the Administrative Agent may obtain such spot rate from another financial institution designated by
the Administrative Agent if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any
such Currency.


 


“S&P”
means S&P Global Ratings, a division of S&P Global, Inc.


 


“Statutory Reserve
Rate” means, with respect to any Foreign Currency, a fraction (expressed as a decimal), (a) the numerator of which is
the number one, and (b) the denominator of which is the number one minus the aggregate of the maximum reserve, liquid asset, fees
or similar requirements (including any marginal, special, emergency or supplemental reserves or other requirements) established by any
central bank, monetary authority, the Financial Services Authority, the European Central Bank or other Governmental Authority for any
category of deposits or liabilities customarily used to fund loans in such currency, expressed in the case of each such requirement as
a decimal. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve, liquid
asset or similar requirement.


 


“Sterling RFR Determination
Day” has the meaning assigned thereto in the definition of “Adjusted Daily Simple RFR”.


 


“Subsidiary”
means, for any Person, any corporation, partnership, limited liability company or other entity of which at least a majority of the Equity
Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other individuals performing
similar functions of such corporation, partnership, limited liability company or other entity (without regard to the occurrence of any
contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by
such Person and one or more Subsidiaries of such Person, and shall include all Persons the accounts of which are consolidated with those
of such Person pursuant to GAAP.


 






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“Substantial Amount”
means, at the time of determination thereof, an amount equal to 25% of Gross Asset Value at such time.


 


“Supported QFC”
has the meaning given that term in Section 13.21.


 


“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.


 


“Tau”
means Tau Operating Partnership, L.P., a limited partnership formed under the law of the State of Delaware.


 


“Taxable REIT Subsidiary”
means any corporation (other than a REIT) in which the Borrower directly or indirectly owns stock and the Borrower and such corporation
jointly elect on IRS Form 8875 (or with respect to which IRS Form 8875 is otherwise filed with the IRS) to have the corporation
treated as a taxable REIT subsidiary of Borrower under Section 856(l) of the Internal Revenue Code. For purposes of this Agreement,
any Subsidiary of a Taxable REIT Subsidiary that is disregarded as an entity for United States federal income tax purposes (a “Deemed
Taxable REIT Subsidiary”) shall not be treated as an entity separate from such Taxable REIT Subsidiary but shall instead be
deemed to be the same entity as such Taxable REIT Subsidiary.


 


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


 


“Term RFR”
means, with respect to any Currency for any Interest Period, a rate per annum equal to (a) for any Obligations, interest, fees,
commissions or other amounts denominated in, or calculated with respect to, Dollars, Adjusted Term SOFR and (b) for any Obligations,
interest, fees, commissions or other amounts denominated in, or calculated with respect to, Sterling, from and after the Term RFR Transition
Date for Sterling, the greater of (i) the forward-looking term rate for a period comparable to such Interest Period based on the
RFR for Sterling that is published by an authorized benchmark administrator and is displayed on a screen or other information service,
each as identified or selected by the Administrative Agent in its reasonable discretion at approximately a time and as of a date prior
to the commencement of such Interest Period determined by the Administrative Agent in its reasonable discretion in a manner substantially
consistent with market practice and (ii) the Floor.


 


“Term RFR Loan”
means any Loan that bears interest at a rate based on Term RFR.


 


“Term RFR Notice”
means a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term RFR Transition Event.


 


“Term RFR Transition
Date” means, in the case of a Term RFR Transition Event, the date that is thirty (30) calendar days after the Administrative
Agent has provided the related Term RFR Notice to the Lenders and the Borrower pursuant to Section 5.2.(c)(i)(B).


 


“Term RFR Transition
Event” means, with respect to any Currency for any Interest Period, the determination by the Administrative Agent that (a) the
applicable Term RFR for such Currency has been recommended for use by the Relevant Governmental Body for use in loans and (b) the
administration of such Term RFR for loans is administratively feasible for the Administrative Agent.


 






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“Term SOFR”
means, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic
Term SOFR Determination Day”) that is two (2) RFR Business Days prior to the first day of such Interest Period, as such
rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (Eastern time) on any Periodic Term
SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and
a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference
Rate for such tenor as published by the Term SOFR Administrator on the first preceding RFR Business Day for which such Term SOFR Reference
Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding RFR Business Day is not more than three
(3) RFR Business Days prior to such Periodic Term SOFR Determination Day.


 


“Term SOFR Adjustment”
means, for any calculation with respect to a Term RFR Loan, a percentage equal to 0.10% (10 basis points) per annum.


 


“Term SOFR Administrator”
means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the
Administrative Agent in its reasonable discretion).


 


“Term SOFR Reference
Rate” means the forward-looking term rate based on SOFR.


 


“Titled Agent”
has the meaning given that term in Section 12.9.


 


“Total Liabilities”
means, as to any Person as of a given date, all liabilities which would, in conformity with GAAP, be properly classified as a liability
on a consolidated balance sheet of such Person as of such date, and in any event shall include (without duplication): (a) all Indebtedness
of such Person (whether or not Nonrecourse Indebtedness and whether or not secured by a Lien), including without limitation, Capitalized
Lease Obligations and reimbursement obligations with respect to any letter of credit (to the extent drawn and not reimbursed); (b) [reserved];
(c) all purchase and repurchase obligations and forward commitments of such Person to the extent such obligations or commitments
are evidenced by a binding purchase agreement (forward commitments shall (x) include without limitation (i) forward equity
commitments and (ii) commitments to purchase any real property under development, redevelopment or renovation but (y) exclude
any agreement, commitment or arrangement for the sale of Equity Interests issued by the Borrower at a future date that could be discharged
solely by (A) delivery of the Borrower’s Equity Interests (other than Mandatorily Redeemable Stock), or, (B) solely at
the Borrower’s option made at any time, payment of the net cash value of such Equity Interests at the time, irrespective of the
form or duration of such agreement, commitment or arrangement; provided, however, that during the period of time, if any,
following an election by the Borrower to pay the net cash value of such Equity Interest and prior to payment of such net cash value,
the obligation to pay such net cash value shall be included as “Total Liabilities” hereunder (it being understood and agreed
that the amount of such Total Liabilities shall be calculated based on the closing price of the Borrower’s Equity Interests on
the date of such election, irrespective of the market price of the Borrower’s Equity Interests at any time following such election,
including at the time of payment)); (d) [reserved]; (e) [reserved]; (f) all contingent obligations of such Person including,
without limitation, all Guarantees of Indebtedness by such Person; (g) all liabilities of any Unconsolidated Affiliate of such Person,
which liabilities such Person has Guaranteed or is otherwise obligated on a recourse basis; and (h) such Person’s Ownership
Share of the Indebtedness of any Unconsolidated Affiliate of such Person, including Nonrecourse Indebtedness of such Person. Accounts
payable and accrued expenses shall be excluded from Total Liabilities. For purposes of clause (c) of this definition, the amount
of Total Liabilities of a Person at any given time in respect of (x) a contract to purchase or otherwise acquire unimproved or fully
developed real property shall be equal to (i) the total purchase price payable by such Person under such contract if, at such time,
the seller of such real property would be entitled to specifically enforce such contract against such Person, otherwise, (ii) the
aggregate amount of due diligence deposits, earnest money payments and other similar payments made by such Person under such contract
which, at such time, would be subject to forfeiture upon termination of the contract and (y) a contract relating to the acquisition
of real property which the seller is required to develop or renovate prior to, and as a condition precedent to, such acquisition, shall
equal the maximum amount reasonably estimated to be payable by such Person under such contract assuming performance by the seller of
its obligations under such contract, which amount shall include, without limitation, any amounts payable after consummation of such acquisition
which may be based on certain performance levels or other related criteria. For purposes of this definition, if the assets of a Subsidiary
of a Person consist solely of Equity Interests in one Unconsolidated Affiliate of such Person and such Person is not otherwise obligated
in respect of the Indebtedness of such Unconsolidated Affiliate, then only such Person’s Ownership Share of the Indebtedness of
such Unconsolidated Affiliate shall be included as Total Liabilities of such Person. Notwithstanding the use of GAAP, the calculation
of Total Liabilities shall not include any fair value adjustments to the carrying value of liabilities to record such liabilities at
fair value pursuant to electing the fair value option election under FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option
for Financial Assets and Financial Liabilities) or other FASB standards allowing entities to elect fair value option for financial liabilities.


 






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“Tranche 1 Term
Commitment” means, as to each Tranche 1 Term Lender, such Tranche 1 Term Lender’s obligation to make a Tranche 1 Term
Loan on the Effective Date pursuant to Section 2.1.(a)(i)  in an amount up to, but not exceeding the amount set forth for such
Tranche 1 Term Lender on Schedule I as such Tranche 1 Term Lender’s “Tranche 1 Term Commitment Amount” or as set forth
in the applicable Assignment and Assumption, or agreement executed by a Person becoming a Tranche 1 Term Lender pursuant to Section 2.17.,
as the same may be increased or reduced as appropriate to reflect any assignments to or by such Tranche 1 Term Lender effected in accordance
with Section 13.5. or increased as appropriate to reflect any increase effected in accordance with Section 2.17.


 


“Tranche 1 Term
Lender” means a Lender having a Tranche 1 Term Commitment or holding any Tranche 1 Term Loans.


 


“Tranche 1 Term
Loan” means a loan denominated in Dollars made by a Tranche 1 Term Lender to the Borrower pursuant to Section 2.1.(a)(i).


 


“Tranche 2 Term
Commitment” means, as to each Tranche 2 Term Lender, such Tranche 2 Term Lender’s obligation to make a Tranche 2 Term
Loan on the Effective Date pursuant to Section 2.1.(a)(ii) in an amount up to, but not exceeding the amount set forth for such
Tranche 2 Term Lender on Schedule I as such Tranche 2 Term Lender’s “Tranche 2 Term Commitment Amount” or as set forth
in the applicable Assignment and Assumption, or agreement executed by a Person becoming a Tranche 2 Term Lender pursuant to Section 2.17.,
as the same may be increased or reduced as appropriate to reflect any assignments to or by such Tranche 2 Term Lender effected in accordance
with Section 13.5. or increased as appropriate to reflect any increase effected in accordance with Section 2.17


 


“Tranche 2 Term
Lender” means a Lender having a Tranche 2 Term Commitment or holding any Tranche 2 Term Loans.


 


“Tranche 2 Term
Loan” means a loan denominated in Sterling made by a Tranche 2 Term Lender to the Borrower pursuant to Section 2.1.(a)(ii).


 


“Tranche 3 Term
Commitment” means, as to each Tranche 3 Term Lender, such Tranche 3 Term Lender’s obligation to make a Tranche 3 Term
Loan on the Effective Date pursuant to Section 2.1.(a)(iii) in an amount up to, but not exceeding the amount set forth for
such Tranche 3 Term Lender on Schedule I as such Tranche 3 Term Lender’s “Tranche 3 Term Commitment Amount” or as set
forth in the applicable Assignment and Assumption, or agreement executed by a Person becoming a Tranche 3 Term Lender pursuant to Section 2.17.,
as the same may be increased or reduced as appropriate to reflect any assignments to or by such Tranche 3 Term Lender effected in accordance
with Section 13.5. or increased as appropriate to reflect any increase effected in accordance with Section 2.17.


 






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“Tranche 3 Term
Lender” means a Lender having a Tranche 3 Term Commitment or holding any Tranche 3 Term Loans.


 


“Tranche 3 Term
Loan” means a loan denominated in Euros made by a Tranche 3 Term Lender to the Borrower pursuant to Section 2.1.(a)(iii).


 


“Type”
with respect to any Loan, refers to whether such Loan or portion thereof is a Eurocurrency Rate Loan, a Base Rate Loan, a Daily Simple
RFR Loan or a Term RFR Loan.


 


“UCC”
means the Uniform Commercial Code as in effect in any applicable jurisdiction.


 


“UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom
Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated
by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain Affiliates
of such credit institutions or investment firms.


 


“UK Resolution Authority”
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.


 


“Unadjusted Benchmark
Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.


 


“Unconsolidated
Affiliate” means, with respect to any Person, any other Person in whom such Person holds an Investment, which Investment is
accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated
under GAAP with the financial results of such Person on the consolidated financial statements of such Person.


 


“Unencumbered Asset”
means a Property which satisfies all of the following requirements: (a) such Property is owned in fee simple, or leased under an
Eligible Ground Lease, by (i) the Borrower, (ii) a Guarantor which is not an Unconsolidated Affiliate and of which the Borrower
directly or indirectly owns and controls at least 51% of the issued and outstanding Equity Interests of such Guarantor or (iii) a
Subsidiary of which the Borrower directly or indirectly owns and controls at least 85% of the issued and outstanding Equity Interests
of such Subsidiary; (b) such Property is predominately leased to third party tenants on a net lease basis; (c) if such Property
is owned by a Subsidiary that is not a Guarantor, such Subsidiary has not incurred, acquired or suffered to exist any Indebtedness other
than (i) Nonrecourse Indebtedness, (ii) Indebtedness that does not constitute Nonrecourse Indebtedness not to exceed 5% of
the Unencumbered Asset Value of such Subsidiary in the aggregate at any time outstanding, (iii) Indebtedness owed to the Borrower
or a Guarantor and (iv) Indebtedness owed to a Subsidiary (x) which would be permitted under this definition of “Unencumbered
Asset” (including, without limitation, under this clause (c)) to own an Unencumbered Asset and (y) the Properties of which
would qualify as Unencumbered Assets; (d) regardless of whether such Property is owned by the Borrower or a Subsidiary, the Borrower
has the right directly, or indirectly through a Subsidiary, to take the following actions without the need to obtain the consent of any
Person: (i) to create Liens on such Property as security for Indebtedness of the Borrower or such Subsidiary, as applicable, and
(ii) to sell, transfer or otherwise dispose of such Property; (e) neither such Property, nor if such Property is owned by a
Subsidiary, any of the Borrower’s direct or indirect ownership interest in such Subsidiary, is subject to (i) any Lien other
than Permitted Liens or (ii) any Negative Pledge; and (f) such Property is free of all structural defects, title defects and
environmental conditions except for such defects or conditions individually or collectively which do not materially adversely affect
the profitable operation of such Property; provided that no Property owned by (A) Crest Net Lease, Inc., (B) any
Deemed Taxable REIT Subsidiary of Crest Net Lease, Inc., (C) ARCT TRS Corp., (D) any Deemed Taxable REIT Subsidiary of
ARCT TRS Corp., (E) any Taxable REIT Subsidiary (in addition to Crest Net Lease, Inc., and ARCT TRS Corp.) that is designated
by the Borrower pursuant to Section 8.14. hereof to not become a Guarantor hereunder or (F) any Deemed Taxable REIT Subsidiary
of a Taxable REIT Subsidiary identified in the foregoing clause (E) shall be included as an Unencumbered Asset hereunder. Notwithstanding
the foregoing, any Property approved by the Requisite Lenders shall be deemed to be an Unencumbered Asset even if such Property does
not satisfy all of the requirements herein, so long as such Property continues to satisfy all those remaining requirements in this definition
that were satisfied by such Property at the time of such Requisite Lender approval.


 






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“Unencumbered Asset
Value” means, at any time, the sum (without duplication) of (a)(i) the Net Operating Income of all Unencumbered Assets
(excluding (A) Development Properties and (B) any Unencumbered Asset that has a negative Net Operating Income for such period)
for the period of four consecutive fiscal quarters of the Borrower most recently ended divided by (ii) the Capitalization
Rate, plus (b) the current GAAP book value of all Development Properties that are Unencumbered Assets plus (c) the GAAP
book value (exclusive of accumulated depreciation) of the corporate headquarters of the Borrower located at 11975/11995 El Camino Real,
San Diego, California 92130 so long as the Borrower or a Subsidiary owns such Property and such Property would qualify as an Unencumbered
Asset except for clause (b) of the definition thereof. If an Unencumbered Asset (other than a Development Property) was acquired
by the Borrower or a Subsidiary during the period of four consecutive fiscal quarters of the Borrower most recently ended, then the Net
Operating Income from such Unencumbered Asset shall be excluded from determination of Unencumbered Asset Value and Unencumbered Asset
Value shall be increased by an amount equal to the purchase price paid by the Borrower or any Subsidiary for such Unencumbered Asset
(less any amounts paid to the Borrower or such Subsidiary as a purchase price adjustment, held in escrow, retained as a contingency reserve,
or in connection with other similar arrangements). To the extent that Unencumbered Assets leased pursuant to ground leases would, in
the aggregate, account for more than 10.0% of Unencumbered Asset Value, such excess shall be excluded. To the extent that Development
Properties would, in the aggregate, account for more than 10.0% of Unencumbered Asset Value, such excess shall be excluded. To the extent
that Unencumbered Assets that are not located in a Specified Jurisdiction would, in the aggregate, account for more than 20.0% of Unencumbered
Asset Value, such excess shall be excluded. In the event that a Property meets the definition of Unencumbered Asset by way of its owner
becoming a Guarantor as provided for in clause (a)(ii) of the definition of Unencumbered Asset (which Guarantor is not a Subsidiary
for which the Borrower directly or indirectly owns and controls at least 85% of its issued and outstanding Equity Interests), then to
the extent that such Unencumbered Assets (excluding any Unencumbered Assets owned directly or indirectly by Tau or Realty Income, LP)
would account for more than 10.0% of Unencumbered Asset Value, such excess shall be excluded.


 


“Unimproved Land”
means land on which no development (other than improvements that are not material and are temporary in nature) has occurred.


 


“Unrestricted 1031
Cash” means the aggregate amount of cash of the Borrower, each Guarantor and each Subsidiary that is held in escrow in connection
with the completion of “like-kind” exchanges being effected in accordance with Section 1031 of the Internal Revenue
Code.


 






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“Unsecured Indebtedness”
means, with respect to a Person, Indebtedness of such Person that is not Secured Indebtedness.


 


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


 


“U.S. Special Resolution
Regimes” has the meaning given that term in Section 13.21.


 


“U.S. Tax Compliance
Certificate” has the meaning assigned to such term in Section 3.10.(g)(ii)(B)(III).


 


“Wholly Owned Subsidiary”
means any Subsidiary of a Person in respect of which all of the Equity Interests (other than, in the case of a corporation, directors’
qualifying shares) are at the time directly or indirectly owned or controlled by such Person or one or more other Subsidiaries of such
Person or by such Person and one or more other Subsidiaries of such Person.


 


“Withdrawal Liability”
means any liability as a result of a complete or partial withdrawal from a Multiemployer Plan as such terms are defined in Part I
of Subtitle E of Title IV of ERISA.


 


“Withholding Agent”
means (a) the Borrower, (b) any other Loan Party and (c) the Administrative Agent, as applicable.


 


“Write-Down and
Conversion Powers” means (a) 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 and (b) with respect to the United Kingdom, any powers of
the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any
UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into
shares, securities or obligations of such Person or any other Person, to provide that any such contract or instrument is to have effect
as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In
Legislation that are related to or ancillary to any of those powers.


 


Section 1.2.            General;
References to Pacific Time. Unless otherwise indicated, all accounting terms, ratios and measurements
shall be interpreted or determined in accordance with GAAP as in effect as of the Effective Date; provided that all obligations of any
Person that are or would have been treated as operating leases for purposes of GAAP prior to the effectiveness of FASB ASC 842 shall
continue to be accounted for as operating leases for purposes of all financial definitions and calculations for purpose of this Agreement
(whether or not such operating lease obligations were in effect on such date) notwithstanding the fact that such obligations are required
in accordance with FASB ASC 842 (on a prospective or retroactive basis or otherwise) to be treated as Capital Lease Obligations in the
financial statements. References in this Agreement to “Sections”, “Articles”, “Exhibits” and “Schedules”
are to sections, articles, exhibits and schedules herein and hereto unless otherwise indicated. references
in this Agreement to any document, instrument or agreement (a) shall include all exhibits, schedules and other attachments thereto,
(b) except as expressly provided otherwise in any Loan Document, shall include all documents, instruments or agreements issued or
executed in replacement thereof, to the extent permitted hereby and (c) shall mean such document, instrument or agreement, or replacement
or predecessor thereto, as amended, supplemented, restated or otherwise modified from time to time to the extent not otherwise stated
herein or prohibited hereby and in effect at any given time. Except as expressly provided otherwise in any Loan Document, (i) any
reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law
and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified, extended,
restated, replaced or supplemented from time to time and (ii) any reference to any Person shall be construed to include such Person’s
permitted successors and permitted assigns. The words “include”, “includes” and “including” shall
be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same
meaning and effect as the word “shall”. The word “or” has the inclusive meaning represented by the phrase “and/or”.
Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and plural,
and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Unless explicitly
set forth to the contrary, a reference to “Subsidiary” means a Subsidiary of the Borrower or a Subsidiary of such Subsidiary,
a reference to “Unconsolidated Affiliate” means an Unconsolidated Affiliate of the Borrower and a reference to an “Affiliate”
means an Affiliate of the Borrower. Titles and captions of Articles, Sections, subsections and clauses in this Agreement are for convenience
only, and neither limit nor amplify the provisions of this Agreement. Unless otherwise indicated, all references to time are references
to Pacific time daylight or standard, as applicable.


 






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Section 1.3.            Rates.
The interest rate on Loans denominated in Dollars or a Foreign Currency may be determined by reference to a benchmark rate that
is, or may in the future become, the subject of regulatory reform or cessation. Regulators have signaled the need to use alternative
reference rates for some of these benchmark rates and, as a result, such benchmark rates may cease to comply with applicable laws and
regulations, may be permanently discontinued or the basis on which they are calculated may change. The Administrative Agent does not
warrant or accept any responsibility for, and shall not have any liability with respect to, (a) the continuation of, administration
of, submission of, calculation of or any other matter related to Adjusted Term SOFR, Term SOFR, any Term RFR, any Adjusted Daily Simple
RFR, any Eurocurrency Rate, any Adjusted Eurocurrency Rate or any other Benchmark, or any component definition thereof or rates referred
to in the definition thereof, or with respect to any alternative, successor or replacement rate thereto (including any Benchmark Replacement),
including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark
Replacement), as it may or may not be adjusted pursuant to Section 5.2.(c), will be similar to, or produce the same value or economic
equivalence of, or have the same volume or liquidity as, Term SOFR, Adjusted Term SOFR, such Term RFR, such Adjusted Daily Simple RFR,
such Eurocurrency Rate, such Adjusted Eurocurrency Rate, such Benchmark or any other Benchmark prior to its discontinuance or unavailability,
or (b) the effect, implementation or composition of any Conforming Changes. The Administrative Agent and its Affiliates or other
related entities may engage in transactions that affect the calculation of a Benchmark, any alternative, successor or replacement rate
(including any Benchmark Replacement) or any relevant adjustments thereto and such transactions may be adverse to the Borrower. The Administrative
Agent may select information sources or services in its reasonable discretion to ascertain any Benchmark, any component definition thereof
or rates referred to in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to
the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental
or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any
error or calculation of any such rate (or component thereof) provided by any such information source or service.


 


Section 1.4.            Exchange
Rates; Currency Equivalents.


 


(a)            The
Administrative Agent shall determine the Spot Rate for a given Foreign Currency as of each date of borrowing or Revaluation Date for
a given Foreign Currency, as applicable, to be used for calculating the Dollar Equivalent amount of any borrowing and other amounts outstanding
hereunder denominated in such Foreign Currency. Such Spot Rate shall become effective as of such borrowing or Revaluation Date and shall
be the Spot Rate employed in converting any amounts between the applicable currencies until the next Revaluation Date with respect to
the applicable Foreign Currency.


 






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(b)            Wherever
in this Agreement in connection with an Obligation, borrowing, Conversion, Continuation or prepayment of a Foreign Currency Rate Loan,
an amount (such as a required minimum or multiple amount) is expressed in Dollars but such Obligation is denominated in a Foreign Currency,
such amount shall be the relevant Foreign Currency Equivalent of such Dollar Equivalent (rounded to the nearest unit of such Foreign
Currency, with 0.0001 of a unit being rounded upward), as determined by the Administrative Agent on the applicable Revaluation Date under
and in accordance with the provisions of this Agreement.


 


Section 1.5.            Section 1.5.
Change of Currency.


 


(a)            Each
obligation of the Borrower to make a payment denominated in the national currency unit of any member state of the European Union that
adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euros at the time of such adoption (in accordance
with the EMU Legislation). If, in relation to the currency of any such member state, the basis of accrual of interest expressed in this
Agreement in respect of that currency shall be inconsistent with any convention or practice in the relevant interbank market for the
basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect
from the date on which such member state adopts the Euro as its lawful currency; provided that if any Obligation in the currency
of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Obligation,
at the end of the then current Interest Period.


 


(b)            Each
provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent in consultation with
the Borrower may from time to time specify to be appropriate to reflect the adoption of the Euro by any member state of the European
Union and any relevant market conventions or practices relating to the Euro.


 


(c)            Each
provision of this Agreement also shall be subject to such reasonable changes of construction as the Administrative Agent in consultation
with the Borrower may from time to time specify to be appropriate to reflect change in currency of any other country and any relevant
market conventions or practices relating to such change in currency.


 


Section 1.6.            Divisions.
For all purposes under the Loan Documents, in connection with any division or plan of division 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 1.7.            Rounding.
Any financial ratios required to be maintained pursuant to this Agreement shall be calculated by dividing the appropriate component
by the other component, carrying the result to one place more than the number of places by which such ratio or percentage is expressed
herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).


 






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Article II.
Credit Facility


 


Section 2.1.            Making
of Term Loans.


 


(a)            Initial
Funding.


 


(i)            Tranche
1 Term Loans. Subject to the terms and conditions set forth in this Agreement, each Tranche 1 Term Lender severally and not jointly
agrees to make a Tranche 1 Term Loan in Dollars to the Borrower on the Effective Date in an aggregate principal amount equal to, but
not exceeding, such Tranche 1 Term Lender’s Tranche 1 Term Commitment. Once repaid, the principal amount of a Tranche 1 Term Loan
(or portion thereof) may not be reborrowed.


 


(ii)           Tranche
2 Term Loans. Subject to the terms and conditions set forth in this Agreement, each Tranche 2 Term Lender severally and not jointly
agrees to make a Tranche 2 Term Loan in Sterling to the Borrower on the Effective Date in an aggregate principal amount equal to, but
not exceeding, such Tranche 2 Term Lender’s Tranche 2 Term Commitment. Once repaid, the principal amount of a Tranche 2 Term Loan
(or portion thereof) may not be reborrowed.


 


(iii)          Tranche
3 Term Loans. Subject to the terms and conditions set forth in this Agreement, each Tranche 3 Term Lender severally and not jointly
agrees to make a Tranche 3 Term Loan in Euros to the Borrower on the Effective Date in an aggregate principal amount equal to, but not
exceeding, such Tranche 3 Term Lender’s Tranche 3 Term Commitment. Once repaid, the principal amount of a Tranche 3 Term Loan (or
portion thereof) may not be reborrowed.


 


(b)            Requests
for Term Loans.


 


(i)            The
Borrower shall give a Notice of Borrowing not later than 9:00 a.m. Pacific time (A) at least one Business Day prior to the
date of any borrowing of each Base Rate Loan and (B)(I) in the case of a Daily Simple RFR Loan denominated in Dollars, at least
three RFR Business Days before such Daily Simple RFR Loan, (II) in the case of a Term RFR Loan denominated in Dollars, at least
three RFR Business Days before such Term RFR Loan, (III) in the case of an RFR Loan denominated in any Foreign Currency, at least
five RFR Business Days before such RFR Loan, and (IV) in the case of a Eurocurrency Rate Loan denominated in any Foreign Currency,
at least four Business Days before such Eurocurrency Rate Loan (or five Business Days in the case of a Special Notice Currency), of its
intention to borrow, in each case, specifying (1) the date of such borrowing, which shall be a Business Day, (2) the Currency
of such borrowing, (3) the amount of such borrowing, which shall comply with clause (a) above, (4) whether such Loan is
to be a Eurocurrency Rate Loan, a Daily Simple RFR Loan, a Term RFR Loan or a Base Rate Loan, and (5) in the case of a Eurocurrency
Rate Loan or a Term RFR Loan, the duration of the Interest Period applicable thereto. If the Borrower fails to specify a Type of Loan
denominated in Dollars in a Notice of Borrowing, then the applicable Loans shall be made as Base Rate Loans. If the Borrower requests
a borrowing of Eurocurrency Rate Loans or Term RFR Loans in any such Notice of Borrowing, but fails to specify an Interest Period, it
will be deemed to have specified an Interest Period of one month. A Notice of Borrowing received after 9:00 a.m. shall be deemed
received on the next Business Day, RFR Business Day or Eurocurrency Banking Day, as applicable. The Administrative Agent shall promptly
notify the Lenders of each Notice of Borrowing


 


(ii)           Each
Notice of Borrowing shall be irrevocable once given and binding on the Borrower. Prior to delivering a Notice of Borrowing, the Borrower
may (without specifying whether a Loan will be a Base Rate Loan, a Eurocurrency Rate Loan or a RFR Loan) request that the Administrative
Agent provide the Borrower with the most recent Eurocurrency Rate or applicable RFR available to the Administrative Agent. The Administrative
Agent shall provide such quoted rate to the Borrower on the date of such request or as soon as possible thereafter.


 






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(c)            Funding
of Loans. Promptly after receipt of a Notice of Borrowing under the immediately preceding subsection (b), the Administrative Agent
shall notify each Lender of the applicable Class of Loans so requested of the proposed borrowing and the Currency thereof. Each
Lender of the applicable Class shall deposit an amount equal to the Loan of such Class in the applicable Currency to be made
by such Lender to the Borrower with the Administrative Agent at the Principal Office, in Same Day Funds not later than, 9:00 a.m. Pacific
time on the date of such proposed Loans. Subject to fulfillment of all applicable conditions set forth herein, the Administrative Agent
shall make available to the Borrower in the account specified in the Disbursement Instruction Agreement, not later than, 12:00 Noon Pacific
time on the date of the requested borrowing of Loans of such Class, the proceeds of such amounts received by the Administrative Agent.


 


(d)           Assumptions
Regarding Funding by Lenders. With respect to Loans to be made on or after the Effective Date, unless the Administrative Agent shall
have been notified by any Lender of a Class of Loans that such Lender will not make available to the Administrative Agent a Loan
of such Class to be made by such Lender in connection with any borrowing, the Administrative Agent may assume that such Lender will
make the proceeds of such Loan available to the Administrative Agent in accordance with this Section, and the Administrative Agent may
(but shall not be obligated to), in reliance upon such assumption, make available to the Borrower the amount of such Loan to be provided
by such Lender. In such event, if such Lender does not make available to the Administrative Agent the proceeds of such Loan, then such
Lender and the Borrower severally agree to pay to the Administrative Agent on demand the amount of such Loan with interest thereon, for
each day from and including the date such Loan is made available to the Borrower but excluding the date of payment to the Administrative
Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by
the Administrative Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment
to be made by the Borrower, the interest rate applicable to Loans that are Base Rate Loans. If the Borrower and such Lender shall pay
the amount of such interest to the Administrative Agent for the same or overlapping period, the Administrative Agent shall promptly remit
to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays to the Administrative Agent the
amount of such Loan, the amount so paid shall constitute such Lender’s Loan included in the borrowing. Any payment by the Borrower
shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make available the proceeds
of a Loan to be made by such Lender (including, if applicable, treatment of such Lender as a Defaulting Lender in accordance with the
terms of this Agreement).


 


Section 2.2.            [Reserved].


 


Section 2.3.            [Reserved].


 


Section 2.4.            [Reserved].


 


Section 2.5.            [Reserved].


 


Section 2.6.            Rates
and Payment of Interest on Loans.


 






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(a)            Rates.
Loans may be (i) with respect to Loans denominated in Dollars, (A) Base Rate Loans, (B) Daily Simple RFR Loans or (C) Term
RFR Loans, (ii) with respect to Loans denominated in Euros, or other Currencies (other than Dollars or Sterling), Eurocurrency Rate
Loans or (iii) with respect to Loans denominated in Sterling, (A) prior to the Term RFR Transition Date for Sterling, Daily
Simple RFR Loans or (B) on and after the Term RFR Transition Date for Sterling, Term RFR Loans, each as further provided herein.
The Borrower promises to pay to the Administrative Agent for the account of each Lender interest on the unpaid principal amount of each
Loan made by such Lender for the period from and including the date of the making of such Loan to but excluding the date such Loan shall
be paid in full, at the following per annum rates:


 


(i)            during
such periods as such Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time), plus the Applicable Margin for
Base Rate Loans of the applicable Class;


 


(ii)           during
such periods as such Loan is a Daily Simple RFR Loan, at the applicable Adjusted Daily Simple RFR plus the Applicable Margin for RFR
Loans of the applicable Class;


 


(iii)          during
such period as such Loan is a Term RFR Loan, the applicable Term RFR plus the Applicable Margin for RFR Loans of the applicable Class;
and


 


(iv)          during
such period as such Loan is a Eurocurrency Rate Loan, the applicable Adjusted Eurocurrency Rate plus the Applicable Margin for Eurocurrency
Rate Loans of the applicable Class.


 


Notwithstanding the foregoing, while an Event
of Default exists under Section 11.1.(a), 11.1.(e) or 11.1.(f), or in the case of any other Event of Default, at the direction
of the Requisite Lenders, the Borrower shall pay to the Administrative Agent for the account of each Class of Lenders, as the case
may be, interest at the Post-Default Rate on the outstanding principal amount of any Class of Loans made by such Lender and on any
other amount payable by the Borrower hereunder or under the Notes held by such Lender to or for the account of such Lender (including
without limitation, accrued but unpaid interest to the extent permitted under Applicable Law).


 


(b)            Payment
of Interest. All accrued and unpaid interest on the outstanding principal amount of each Loan shall be payable (i) for Loans
that are Base Rate Loans or Daily Simple RFR Loans, monthly in arrears on the last Business Day of each month, commencing with the first
full calendar month occurring after the Effective Date, (ii) for Eurocurrency Rate Loans and Term RFR Loans, on the last day of
each Interest Period and, if such Interest Period is longer than three months, at three month intervals following the first day of such
Interest Period, and (iii) on any date on which the principal balance of such Loan is due and payable in full (whether at maturity,
due to acceleration or otherwise). Interest payable at the Post-Default Rate shall be payable from time to time on demand. All determinations
by the Administrative Agent of an interest rate hereunder shall be conclusive and binding on the Lenders and the Borrower for all purposes,
absent manifest error.


 


(c)            Borrower
Information Used to Determine Applicable Interest Rates. The parties understand that the applicable interest rate for the Obligations
and certain fees set forth herein may be determined and/or adjusted from time to time based upon certain information to be provided or
certified to the Lenders by the Borrower (the “Borrower Information”). If it is subsequently determined that any such
Borrower Information was incorrect (for whatever reason) at the time it was delivered to the Administrative Agent, 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 interest rate and such fees for such period shall be automatically recalculated using 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 such additional interest or fees due to the Administrative Agent, for the account of each Lender, within 5 Business Days of
receipt of such written notice. Any recalculation of interest or fees required by this provision shall survive the termination of this
Agreement, and this provision shall not in any way limit any of the Administrative Agent’s, or any Lender’s other rights
under this Agreement (provided that if such additional interest or fees are paid within such 5 Business Day period, no Default or Event
of Default shall be deemed to have occurred under Section 11.1.(a) as a result of such underpayment).


 






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(d)           Term
SOFR Conforming Changes. In connection with the use or administration of Term SOFR, the Administrative Agent will have the right
to make Conforming Changes from time to time in its reasonable discretion in consultation with the Borrower and, notwithstanding anything
to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without
any further action or consent of any other party to this Agreement or any other Loan Document. The Administrative Agent will promptly
notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of Term
SOFR


 


Section 2.7.            Number
of Interest Periods. There may be no more than (a) 3 different Interest Periods for Loans
that are Term RFR Loans, outstanding at the same time, and (b) 3 different Interest Periods for Loans that are Eurocurrency Rate
Loans, outstanding at the same time.


 


Section 2.8.            Repayment
of Loans. The Borrower shall repay the entire outstanding principal amount of, and all accrued but
unpaid interest on, each Class of Loans on the Maturity Date for such Class.


 


Section 2.9.            Prepayments.


 


(a)            Optional.
Subject to Section 5.4., the Borrower may prepay any Loan at any time without premium or penalty. The Borrower shall give the
Administrative Agent a Notice of Prepayment not later than (A) at least 1 Business Day prior to the requested date of prepayment
of any Loan that is a Base Rate Loan, (B) reserved, (C) at least 1 RFR Business Day prior to the requested date of prepayment
of any Loan denominated in Dollars that is a Daily Simple RFR Loan, (D) at least 3 RFR Business Days prior to the requested date
of prepayment of any Loan denominated in Dollars that is a Term RFR Loan, (E) at least 5 RFR Business Days prior to the requested
date of prepayment of any Loan denominated in a Foreign Currency that is a Term RFR Loan, and (F) at least 4 Business Days prior
to the requested date of prepayment of any Loan denominated in a Foreign Currency that is a Eurocurrency Rate Loan (or 5 Business Days
in the case of a prepayment of Eurocurrency Rate Loans denominated in a Special Notice Currency), or in each case, such shorter period
as may be agreed by the Administrative Agent. Any such Notice of Prepayment may be conditioned upon the receipt of replacement financing
or any other event and may be withdrawn at any time prior to the prepayment if such event does not occur. Each voluntary prepayment of
Loans (other than a prepayment of all outstanding Loans of a Class) shall be in an aggregate minimum amount of $1,000,000 and integral
multiples of $100,000 in excess thereof.


 


(b)            [Reserved]


 


(c)            No
Effect on Derivatives Contracts. No repayment or prepayment of the Loans pursuant to this Section shall affect any of the Borrower’s
obligations under any Derivatives Contracts entered into with respect to the Loans.


 






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Section 2.10.          Continuation.
So long as no Event of Default exists, the Borrower may on any Business Day, with respect to any Eurocurrency Rate Loan or a Term
RFR Loan, elect to maintain such Loan or any portion thereof as a Eurocurrency Rate Loan or Term RFR Loan, as applicable, by selecting
a new Interest Period for such Loan. Each Continuation of Eurocurrency Rate Loans or Term RFR Loans of the same Class shall be in
an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount, and each new Interest Period
selected under this Section shall commence on the last day of the immediately preceding Interest Period. Each selection of a new
Interest Period shall be made by the Borrower giving to the Administrative Agent a Notice of Continuation not later than, 9:00 a.m. Pacific
time (i) in the case of a Loan denominated in Dollars that is to be Continued as a Term RFR Loan, at least three RFR Business Days,
(ii) in the case of a Loan denominated in any Foreign Currency that is to be Continued as a Term RFR Loan, at least five RFR Business
Days, and (iii) in the case of a Loan denominated in any Foreign Currency that is to be Continued as Eurocurrency Rate Loan, at
least four Business Days (or five Business Days in the case of a Special Notice Currency), in each case, prior to the date of any such
Continuation. Such notice by the Borrower of a Continuation shall be by telecopy, electronic mail or other similar form of communication
in the form of a Notice of Continuation, specifying (a) the proposed date of such Continuation, (b) the Eurocurrency Rate Loans
or Term RFR Loans and Currency, as applicable, Class and portions thereof subject to such Continuation and (c) the duration
of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans
outstanding hereunder. Each Notice of Continuation shall be irrevocable by and binding on the Borrower once given. Promptly after receipt
of a Notice of Continuation, the Administrative Agent shall notify each Lender holding Loans being Continued of the proposed Continuation.
If the Borrower shall fail to select in a timely manner a new Interest Period for any Eurocurrency Rate Loan or Term RFR Loan in accordance
with this Section, such Loan will automatically, on the last day of the current Interest Period therefor, Continue as a Eurocurrency
Rate Loan or Term RFR Loan, as applicable, with an Interest Period of one month; provided, however that if an Event of
Default exists, (i) each such Term RFR Loan denominated in Dollars will automatically, on the last day of the current Interest Period
therefor, Convert into a Base Rate Loan notwithstanding the first sentence of Section 2.11. or the Borrower’s failure to comply
with any of the terms of such Section and (ii) each such Eurocurrency Rate Loan and Term RFR Loan denominated in a Foreign
Currency shall automatically, on the last day of the current Interest Period therefor, Continue as a Eurocurrency Rate Loan or Term RFR
Loan, as applicable, with an Interest Period of one month.


 


Section 2.11.          Conversion.
The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by
telecopy, electronic mail or other similar form of communication, Convert (a) any outstanding Base Rate Loans into one or more RFR
Loans, (b) all or any part of any Term RFR Loans denominated in Dollars into Base Rate Loans, and (c) all or any part of any
Daily Simple RFR Loans denominated in Dollars into Base Rate Loans; provided, however, that (i) a Base Rate Loan may
not be Converted into an RFR Loan if an Event of Default exists and (ii) Loans denominated in Dollars shall not be converted into
Loans denominated in a Foreign Currency or vice versa and Loans denominated in any Foreign Currency shall not be converted into Loans
denominated in any other Foreign Currency. Each Conversion of Base Rate Loans of the same Class into RFR Loans of the same Class shall
be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount. Each such Notice of Conversion
shall be given not later than 9:00 a.m. Pacific time (i) in the case of a Loan denominated in Dollars that is to be a
Base Rate Loan, three Business Days, (ii) in the case of a Loan denominated in Dollars that is to be a Daily Simple RFR Loan, at
least five RFR Business Days, and (iii) in the case of a Loan denominated in Dollars that is to be a Term RFR Loan, at least three
RFR Business Days, in each case, before the day on which a proposed Conversion of such Loan is to be effective. Promptly after receipt
of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans being Converted of the proposed Conversion.
Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of
communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type and
Class of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is
to be Converted into and (e) if such Conversion is into a Term RFR Loan, the requested duration of the Interest Period of such Loan.
Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.


 


Section 2.12.          Notes.


 


(a)            Notes.
Except in the case of a Lender that has notified the Administrative Agent in writing that it elects not to receive any Notes, the
Loans made by each Lender shall, in addition to this Agreement, also be evidenced by a Note, or a replacement Note, as applicable, payable
to such Lender in a principal amount equal to the amount of its Commitment of the applicable Class, as applicable, as originally in effect
and otherwise duly completed.


 






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(b)            Records.
The date, amount (including Currency), interest rate, Class, Type and duration of Interest Periods (if applicable) of each Loan made
by each Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by such Lender on its books
and such entries shall be binding on the Borrower absent manifest error; provided, however, that (i) the failure of
a Lender to make any such record shall not affect the obligations of the Borrower under any of the Loan Documents and (ii) if there
is a discrepancy between such records of a Lender and the statements of accounts maintained by the Administrative Agent in the Register,
in the absence of manifest error, the statements of account maintained by the Administrative Agent in the Register shall be controlling.


 


(c)            Lost,
Stolen, Destroyed or Mutilated Notes. Upon receipt by the Borrower of (i) written notice from a Lender that a Note of such Lender
has been lost, stolen, destroyed or mutilated, and (ii)(A) in the case of loss, theft or destruction, an unsecured agreement of
indemnity from such Lender in form reasonably satisfactory to the Borrower, or (B) in the case of mutilation, upon surrender and
cancellation of such Note, the Borrower shall at its own expense execute and deliver to such Lender a new Note dated the date of such
lost, stolen, destroyed or mutilated Note.


 


Section 2.13.          [Reserved].


 


Section 2.14.          Extension
of Maturity Date. The Borrower may, not more than two times for each such Class, request that
the Administrative Agent and the applicable Lenders extend the current Maturity Date of the Tranche 1 Term Loans, Tranche 2 Term Loans,
and/or Tranche 3 Term Loans, as applicable, by 12 months per each request. The Borrower may exercise such right only by executing and
delivering to the Administrative Agent at least 30 days but not more than 120 days prior to the current Maturity Date of such Class,
a written request for such extension (a “Maturity Extension Request”). The Administrative Agent shall notify the Lenders
of the applicable Class if it receives a Maturity Extension Request promptly upon receipt thereof. Subject to satisfaction of the
following conditions, the Maturity Date of such Class shall be extended for 12 months effective upon receipt by the Administrative
Agent of a Maturity Extension Request and payment of the fee referred to in the following clause (y): (x) immediately prior
to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (B) the representations
and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall
be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case
such representation or warranty shall be true and correct in all respects) on and as of the date of such extension with the same force
and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to
an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except
in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true
and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly
permitted under the Loan Documents or waived or consented to by applicable Lenders in accordance with the provisions of Section 13.6.
and (y) the Borrower shall have paid the Fees payable under Section 3.5.(e) with respect to the applicable Class. At any
time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the
Administrative Agent a certificate from the chief executive officer or chief financial officer certifying the matters referred to in
the immediately preceding clauses (x)(A) and (x)(B). The Maturity Date of the Tranche 1 Term Loans, Tranche 2 Term Loans, and/or
Tranche 3 Term Loans, as applicable, may be extended only two times for each Class pursuant to this Section.


 


Section 2.15.          [Reserved].


 






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Section 2.16.          [Reserved].


 


Section 2.17.          Increase
in Commitments.


 


(a)            Borrower
Request. The Borrower shall have the right at any time after the Effective Date and prior to the latest Maturity Date to request
increases in the aggregate amount of the Commitments of any Class (prior to the Maturity Date of such Class) or one or more additional
tranches of commitments (each, an “Incremental Term Loan Commitment”; each such increase in the Commitments of any
Class or additional tranche, a “Commitment Increase”) to make additional loans in such currencies as may be agreed
between the Borrower and the applicable Incremental Term Lenders (each, an “Incremental Term Loan”) by providing written
notice thereof to the Administrative Agent; provided, however, that after giving effect to any such Commitment Increases
the aggregate outstanding principal amount of Loans shall not exceed $1,500,000,000 less the amount of any mandatory and optional prepayments
of the Loans pursuant to Section 2.9. Each such Commitment Increase must be an aggregate minimum amount of $50,000,000 and integral
multiples of $10,000,000 in excess thereof (or, in each case, in such lesser amounts as may be acceptable to the Administrative Agent
and the Borrower). The Administrative Agent, in consultation with the Borrower, shall manage all aspects of the syndication of such Commitment
Increase so as to achieve a syndication of such increase reasonably satisfactory to the Administrative Agent and the Borrower, including
decisions as to the selection of the existing Lenders and/or other banks, financial institutions and other institutional lenders to be
approached with respect to any such increase and the allocations of any Commitment Increase among such existing Lenders and/or other
banks, financial institutions and other institutional lenders, in each case, as reasonably agreed to by the Administrative Agent and
the Borrower. No Lender shall be obligated in any way whatsoever to provide a Commitment Increase, and any new Lender becoming a party
to this Agreement in connection with any such requested increase must be an Eligible Assignee. If a new Lender becomes a party to this
Agreement, or if any existing Lender is providing a Commitment Increase, such Lender shall on the date it becomes a Lender of such Class (or
in the case of an existing Lender, increases its Commitment of the applicable Class) (and as a condition thereto) fund its Loan of the
applicable Class in the full amount of its Commitment of such Class. Effecting any Commitment Increase under this Section is
subject to the following conditions precedent: (x) no Default or Event of Default shall be in existence on the effective date of
such Commitment Increase, (y) the representations and warranties made or deemed made by the Borrower and any other Loan Party in
any Loan Document to which such Loan Party is a party shall be true and correct in all material respects (except in the case of a representation
or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on the
effective date of such increase except to the extent that such representations and warranties expressly relate solely to an earlier date
(in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a
representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in
all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted hereunder
or waived or consented to by the applicable Lenders in accordance with the provisions of Section 13.6., and (z) the Administrative
Agent shall have received each of the following, in form and substance reasonably satisfactory to the Administrative Agent: (i) if
not previously delivered to the Administrative Agent, copies certified by the Secretary or Assistant Secretary of each Loan Party of
(A) in the case of the Borrower, all corporate or other necessary action taken by the Borrower to authorize such increase and (B) in
the case of each Guarantor, all corporate or other necessary action taken by such Guarantor authorizing the guaranty of such Commitment
Increase; (ii) an opinion of counsel to the Borrower and the Guarantors, and addressed to the Administrative Agent and the Lenders
covering such matters with respect to the Commitment Increase as reasonably requested by the Administrative Agent; and (iii) except
in the case of a Lender that has requested not to receive Notes, new Notes executed by the Borrower, payable to any such new Lenders
and replacement Notes, as applicable, executed by the Borrower, payable to any existing Lenders of such Class increasing their respective
Commitments of such Class, in each case, in the amount of such Lender’s Commitment at the time of the effectiveness of the Commitment
Increase in the aggregate amount of the Commitments of such Class. In connection with any increase in the aggregate amount of the Commitments
of any Class pursuant to this Section 2.17. any Lender becoming a party hereto shall (1) execute such documents and agreements
as the Administrative Agent may reasonably request and (2) provide to the Administrative Agent, its name, address, tax identification
number and/or such other information as shall be necessary for the Administrative Agent to comply with “know your customer”
and Anti-Money Laundering Laws, including without limitation, the Patriot Act.


 






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(b)            Incremental
Term Loan Amendment. Each Commitment Increase with respect to an additional tranche of Incremental Term Loan Commitments may
be made hereunder pursuant to an amendment or restatement (each, an “Incremental Term Loan Amendment”) of this Agreement
and, as appropriate, the other Loan Documents, executed by Borrower, each Incremental Term Lender participating in such tranche and the
Administrative Agent. Each Incremental Term Loan Amendment may, without the consent of any other Lenders, effect such amendments to this
Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to
effect the provisions of this Section 2.17 (which may include providing for additional currencies and/or benchmark interest rate
as may be agreed between the Borrower and the applicable Incremental Term Lenders). All Incremental Term Loans (i) shall rank pari
passu in right of payment with the other Loans, (ii) shall not mature earlier than the latest Maturity Date then in effect for any
then-existing Loans (but may have amortization prior to such date), and (iii) shall be treated substantially the same as (and in
any event no more favorably than) the other Loans and each other tranche of Incremental Term Loans; provided that (I) the
terms and conditions applicable to any tranche of Incremental Term Loans maturing after the Maturity Date for any then-existing Loans
may provide for material additional or different financial or other covenants or prepayment requirements applicable only during periods
after the Maturity Date of such Term Loans and (II) each tranche of Incremental Term Loans may be priced differently than the other
then-existing Loans and any other tranche of Incremental Term Loans. Each applicable Incremental Term Lender shall fund the applicable
Incremental Term Loans in accordance with the requirements of the applicable Incremental Term Loan Amendment.


 


Section 2.18.          Funds
Transfer Disbursements. The Borrower hereby authorizes the Administrative Agent to disburse
the proceeds of any Loan made by the Lenders or any of their Affiliates pursuant to the Loan Documents as requested by an authorized
representative of the Borrower to any of the accounts designated in the Disbursement Instruction Agreement.


 


Article III.
Payments, Fees and Other General Provisions


 


Section 3.1.            Payments.


 


(a)            Payments
by Borrower. Except to the extent otherwise provided herein, all payments of principal, interest, Fees and other amounts to be made
by the Borrower under this Agreement, the Notes or any other Loan Document shall be made in the Currency in which the related Loans were
made (or in the case of any other Obligations, in the Currency originally disbursed (or if none of the foregoing is applicable, in Dollars)),
in Same Day Funds, without setoff, deduction or counterclaim (excluding Taxes required to be withheld pursuant to Section 3.10.),
to the Administrative Agent at the Principal Office, not later than 11:00 a.m. Pacific time on the date on which such payment shall
become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day).
Subject to Section 11.5., the Borrower shall, at the time of making each payment under this Agreement or any other Loan Document,
specify to the Administrative Agent the amounts payable by the Borrower hereunder to which such payment is to be applied. Each payment
received by the Administrative Agent for the account of a Lender under this Agreement or any Note shall be paid to such Lender by wire
transfer of immediately available funds in accordance with the wiring instructions provided by such Lender to the Administrative Agent
from time to time, for the account of such Lender at the applicable Lending Office of such Lender. If the due date of any payment under
this Agreement or any other Loan Document would otherwise fall on a day which is not a Business Day such date shall be extended to the
next succeeding Business Day and interest shall continue to accrue at the rate, if any, applicable to such payment for the period of
such extension.


 






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


 


Section 3.2.            Pro
Rata Treatment. Except to the extent otherwise provided herein: (a) each borrowing from
the Lenders under Sections 2.1.(a) or under any Class of Incremental Term Loans shall be made from the applicable Class of
Lenders pro rata according to the amount of their respective Commitments of such Class ; (b) [reserved]; (c) [reserved];
(d) each payment or prepayment of principal of Loans shall be made for the account of the Lenders of the applicable Class pro
rata in accordance with the respective unpaid principal amounts of the Loans of such Class held by them; (e) each payment of
interest on Loans of a Class shall be made for the account of the Lenders of such Class pro rata in accordance with the amounts
of interest on such Loans of such Class then due and payable to the respective Lenders; and (f) the Conversion and Continuation
of Loans of a particular Type and Class (other than Conversions provided for by Sections 5.1.(c) and 5.5.) shall be made
pro rata among the Lenders of such Class according to the amounts of their respective Loans of such Class and the then current
Interest Period for each such Lender’s portion of each such Loan of such Type and Class shall be coterminous.


 


Section 3.3.            Sharing
of Payments, Etc.. If a Lender shall obtain payment of any principal of, or interest on, any
Loan of a Class made by it to the Borrower under this Agreement or shall obtain payment on any other Obligation owing by the Borrower
or any other Loan Party through the exercise of any right of set-off, banker’s lien, counterclaim or similar right or otherwise
or through voluntary prepayments directly to a Lender or other payments made by or on behalf of the Borrower or any other Loan Party
to a Lender not in accordance with the terms of this Agreement and such payment should be distributed to the Lenders of the same Class in
accordance with Section 3.2. or Section 11.5., as applicable, such Lender shall promptly purchase from the other Lenders
of such Class participations in (or, if and to the extent specified by such Lender, direct interests in) the Loans of such Class made
by the other Lenders of such Class or other Obligations owed to such other Lenders in such amounts, and make such other adjustments
from time to time as shall be equitable, to the end that all the Lenders of such Class shall share the benefit of such payment
(net of any reasonable expenses which may actually be incurred by such Lender in obtaining or preserving such benefit) in accordance
with the requirements of Section 3.2. or Section 11.5., as applicable. To such end, all the Lenders of such Class shall
make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must
otherwise be restored. The Borrower agrees that any Lender of such Class so purchasing a participation (or direct interest) in
the Loans or other Obligations owed to such other Lenders of such Class may exercise all rights of set-off, banker’s lien,
counterclaim or similar rights with respect to such participation as fully as if such Lender were a direct holder of Loans of such Class in
the amount of such participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the right
of any Lender to exercise and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation
of the Borrower.


 






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Section 3.4.            Several
Obligations. No Lender shall be responsible for the failure of any other Lender to make a Loan
or to perform any other obligation to be made or performed by such other Lender hereunder, and the failure of any Lender to make a Loan
or to perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make
any Loan or to perform any other obligation to be made or performed by such other Lender.


 


Section 3.5.            Fees.


 


(a)            Closing
Fee. On the Effective Date, the Borrower agrees to pay to the Administrative Agent, the Lead Arrangers and each Lender all fees as
have been agreed to in writing by the Borrower, the Administrative Agent and the Lead Arrangers.


 


(b)            [Intentionally
Omitted]


 


(c)            [Intentionally
Omitted]


 


(d)            [Intentionally
Omitted]


 


(e)            Extension
Fee. Each time the Borrower exercises its right to extend the Maturity Date of any Class in accordance with Section 2.14.,
the Borrower shall pay to the Administrative Agent for the account of each Lender of such Class a fee in Dollars equal to one-eighth
of one percent (0.125%) of the amount of such Lender’s outstanding Loans of such Class. Such fee shall be paid to the Administrative
Agent prior to, and as a condition to, such extension.


 


(f)            Administrative
and Other Fees. The Borrower agrees to pay the administrative and other fees of the Administrative Agent as provided in the Fee Letter
and as may be otherwise agreed to in writing from time to time by the Borrower and the Administrative Agent.


 


Section 3.6.            Computations.
Unless otherwise expressly set forth herein, any accrued interest on any Loan denominated in Dollars, any Fees or any other Obligations
due hereunder shall be computed on the basis of a year of 360 days and the actual number of days elapsed. All computations of interest
for Loans denominated in Sterling and any other Foreign Currency where the practice in the relevant foreign market is to compute interest
on the basis of a year of 365 or 366 days, as the case may be, shall, in each case, be computed on the basis of a year of 365 or 366
days, as the case may be, in each case for the actual number of days elapsed. All computations of interest on Loans denominated in any
Foreign Currency where the practice in the relevant foreign market is to compute interest on the basis of a year of 360 days shall be
computed on the basis of a year of 360 days and the actual number of days elapsed.


 


Section 3.7.            Usury.
In no event shall the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest
allowed by Applicable Law and, if any such payment is paid by the Borrower or any other Loan Party or received by any Lender, then such
excess sum shall be credited as a payment of principal, unless the Borrower shall notify the respective Lender in writing that the Borrower
elects to have such excess sum returned to it forthwith. It is the express intent of the parties hereto that the Borrower not pay and
the Lenders not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the
Borrower under Applicable Law. The parties hereto hereby agree and stipulate that the only charge imposed upon the Borrower for the use
of money in connection with this Agreement is and shall be the interest specifically described in Sections 2.6.(a)(i) through
(iv). Notwithstanding the foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, facility
fees, ticking fees, closing fees, letter of credit fees, underwriting fees, default charges, late charges, funding or “breakage”
charges, increased cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Administrative Agent or any
Lender to third parties or for damages incurred by the Administrative Agent or any Lender, in each case, in connection with the transactions
contemplated by this Agreement and the other Loan Documents, are charges made to compensate the Administrative Agent or any such Lender
for underwriting or administrative services and costs or losses performed or incurred, and to be performed or incurred, by the Administrative
Agent and the Lenders in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of money.
All charges other than charges for the use of money shall be fully earned and nonrefundable when due.


 






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Section 3.8.            Statements
of Account; Bill Lead Date Request.


 


(a)            The
Administrative Agent will account to the Borrower monthly with a statement of Loans, accrued interest and Fees, charges and payments
made pursuant to this Agreement and the other Loan Documents, and, subject to the entries in the Register, which shall be controlling,
such account rendered by the Administrative Agent shall be deemed conclusive upon the Borrower absent manifest error. The failure of
the Administrative Agent to deliver such a statement of accounts shall not relieve or discharge the Borrower from any of its Obligations.


 


(b)            By
written notice to the Administrative Agent, the Borrower may request to receive monthly billings on a date (the “Bill Lead Date”)
that is prior to the first day of a month. The Administrative Agent will submit to the Borrower monthly billings, which will consist
of the actual interest and principal due through the Bill Lead Date plus projected interest and principal due through the balance,
if any, of such month. Any necessary adjustments in the applicable interest rate and/or principal payments due or made between a Bill
Lead Date and the end of a month will be reflected as an additional charge (or credit) in the billing for the next following month. Neither
the failure of the Administrative Agent to submit a Bill Lead Date billing nor any error in any such billing will excuse the Borrower’s
obligation to make full payment of all amounts due under this Agreement. In its sole discretion, the Administrative Agent may cancel
or modify the terms of such request which cancellation or modification will be effective upon written notification to the Borrower. Should
the Borrower request a Bill Lead Date, the Administrative Agent shall not be required to prepare a month end invoice.


 


Section 3.9.            Defaulting
Lenders. 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
Law:


 


(a)            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 the definitions of Requisite Lenders and Requisite Class Lenders and in Section 13.6.


 






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(b)            Defaulting
Lender Waterfall. Any payment of principal, interest, Fees or other amounts received by the Administrative Agent for the account
of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article XI. or otherwise) or received by the
Administrative Agent from a Defaulting Lender pursuant to Section 13.3. 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, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any
Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by
the Administrative Agent; third, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account
and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under
this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent
jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations
under this Agreement; fifth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower
as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result
of such Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to such Defaulting Lender or as otherwise
directed by a court of competent jurisdiction; provided that if such Loans were made at a time when the conditions set forth in
Article VI. were satisfied or waived, such payment shall be applied solely to pay the Loans of such Class of all Non-Defaulting
Lenders of the applicable Class on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender
until such time as all Loans of such Class are held by the Lenders of such Class pro rata as if there had been no Defaulting
Lenders of such Class. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to
pay amounts owed by a Defaulting Lender pursuant to this subsection shall be deemed paid to and redirected by such Defaulting Lender,
and each Lender irrevocably consents hereto.


 


(c)            Defaulting
Lender Cure. If the Borrower and the Administrative Agent, 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, 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 of the applicable Class to
be held pro rata by the Lenders of the applicable Class; 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.


 


(d)            Purchase
of Defaulting Lender’s Loans. During any period that a Lender is a Defaulting Lender, the Borrower may, by the Borrower giving
written notice thereof to the Administrative Agent, such Defaulting Lender and the other Lenders, demand that such Defaulting Lender
assign its Loans to an Eligible Assignee subject to and in accordance with the provisions of Section 13.5.(b). No party hereto shall
have any obligation whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. In addition, any Lender
who is not a Defaulting Lender may, but shall not be obligated, in its sole discretion, to acquire the face amount of all or a portion
of such Defaulting Lender’s Loans via an assignment subject to and in accordance with the provisions of Section 13.5.(b).
In connection with any such assignment, such Defaulting Lender shall promptly execute all documents reasonably requested to effect such
assignment, including an appropriate Assignment and Assumption and, notwithstanding Section 13.5.(b), shall pay to the Administrative
Agent an assignment fee in the amount of $7,500. The exercise by the Borrower of its rights under this Section shall be at the Borrower’s
sole cost and expense and at no cost or expense to the Administrative Agent or any of the Lenders.


 


Section 3.10.          Taxes.


 


(a)            FATCA.
For purposes of this Section, the term “Applicable Law” includes FATCA.


 






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(b)            Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower or any other Loan Party 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 or other applicable Loan Party 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.


 


(c)            Payment
of Other Taxes by the Borrower. The Borrower and the other Loan Parties shall timely pay to the relevant Governmental Authority in
accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it (within 10 days after written demand
therefor) for the payment of, any Other Taxes.


 


(d)            Indemnification
by the Borrower. The Borrower and the other Loan Parties shall jointly and severally indemnify each Recipient, within 10 days after
written 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 10 days after written demand therefor, for
(i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower or another Loan Party has not already
indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower and the other Loan
Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 13.5.
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. The provisions of this subsection shall continue to inure to the benefit
of an Administrative Agent following its resignation or removal as Administrative Agent.


 


(f)            Evidence
of Payments. As soon as practicable after any payment of Taxes by the Borrower or any other Loan Party to a Governmental Authority
pursuant to this Section, the Borrower or such other Loan Party 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.


 


(g)            Status
of Lenders.


 


(i)            Any
Recipient 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 Recipient, 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
Recipient 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 the immediately
following clauses (ii)(A), (ii)(B) and (ii)(D)) shall not be required if in the Recipient’s reasonable judgment such
completion, execution or submission would subject such Recipient to any material unreimbursed cost or expense or would materially prejudice
the legal or commercial position of such Recipient.


 






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(ii)           Without
limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person:


 


(A)            any
Recipient that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Recipient
becomes a party to this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed IRS Form W-9
(or any successor form) certifying that such Recipient 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, an electronic copy (or an original if requested by the Borrower or the Administrative
Agent) of an executed IRS Form W-8BEN or W-8BEN-E, as applicable, 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 or W-8BEN-E, as applicable, 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)             an
electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed 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 Internal
Revenue 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 Internal Revenue Code, a “10 percent shareholder” of the Borrower
within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and
(y) executed originals of IRS Form W-8BEN or W-8BEN-E, as applicable; or


 






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(IV)            to
the extent a Foreign Lender is not the beneficial owner, an electronic copy (or an original if requested by the Borrower or the Administrative
Agent) of an executed IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, as applicable,
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), an electronic copy (or an
original if requested by the Borrower or the Administrative Agent) 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 Recipient under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Recipient
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the Internal Revenue Code, as applicable), such Recipient shall deliver to the Borrower and the Administrative Agent
at the time or times prescribed by Applicable 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 Internal
Revenue 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 Recipient has complied
with such Recipient’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.


 


(E)             If
the Administrative Agent is not a U.S. Person, it shall deliver two duly completed copies of IRS Form W-8ECI (with respect to any
payments to be received on its own behalf) and IRS Form W-8IMY (for all other payments) certifying that it is a “U.S. branch”
and that the payments it receives for the account of others are not effectively connected with the conduct of its trade or business in
the United States and that it is using such form as evidence of its agreement with the Loan Parties to be treated as a U.S. Person with
respect to such payments (and the Loan Parties and Administrative Agent agree to so treat Administrative Agent as a U.S. Person with
respect to such payments), with the effect that the Loan Parties can make payments to Administrative Agent without deduction or withholding
of any Taxes imposed by the United States.


 






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Each Recipient 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.


 


(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 (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,
in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this subsection 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 and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts with respect to such Tax 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.


 


Article IV.
Eligibility of Properties


 


Section 4.1.            Existing
Unencumbered Assets. As of the Effective Date, the parties hereto acknowledge and agree that
the Properties listed on Schedule 4.1. are Unencumbered Assets as of September 30, 2022. On any date of determination, each
Property that satisfies the definition of Unencumbered Asset shall be deemed to be included as an Unencumbered Asset, unless such Property
has been excluded pursuant to the terms of Section 4.2. below.


 


Section 4.2.            Termination
of Designation as Unencumbered Asset. A Property shall cease to be included as an Unencumbered
Asset for purposes of this Agreement if either (i) such Property ceases to satisfy the requirements of the definition of the term
 “Unencumbered Assets” applicable to it (with the termination effective immediately) or (ii) such Property is noted to
have been removed as an Unencumbered Asset in a notice by the Borrower to the Administrative Agent or the Revolving Credit Agent (with
a copy to the Administrative Agent). Notwithstanding the foregoing, no Property will be terminated as an Unencumbered Asset if (i) a
Default or Event of Default exists or (ii) a Default or Event of Default would exist immediately after such Property is terminated
as an Unencumbered Asset.


 






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Article V.
Yield Protection, Etc.


 


Section 5.1.            Additional
Costs; Capital Adequacy.


 


(a)            Capital
Adequacy. If any Lender determines that any Regulatory Change affecting such Lender or any lending office of such Lender or such
Lender’s holding company, if any, regarding capital or liquidity ratios or requirements, has or would have the effect of reducing
the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence
of this Agreement, the Commitments of such Lender, or the Loans made by such Lender, to a level below that which such Lender or such
Lender’s holding company could have achieved but for such Regulatory Change (taking into consideration such Lender’s policies
and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay
to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction
suffered.


 


(b)           Additional
Costs. In addition to, and not in limitation of the immediately preceding subsection, the Borrower shall promptly pay to the Administrative
Agent for the account of a Lender from time to time such amounts as such Lender may determine to be necessary to compensate such Lender
for any costs incurred by such Lender that it reasonably determines are attributable to its making or maintaining of any Eurocurrency
Rate Loans or RFR Loans or its obligation to make any Eurocurrency Rate Loans or RFR Loans hereunder, any reduction in any amount receivable
by such Lender under this Agreement or any of the other Loan Documents in respect of any of such Eurocurrency Rate Loans or RFR Loans
or such obligation or the maintenance by such Lender of capital in respect of its Eurocurrency Rate Loans or RFR Loans or its Commitments
(other than any amounts included in the determination of “Adjusted Eurocurrency Rate” in the definition thereof) (such increases
in costs and reductions in amounts receivable being herein called “Additional Costs”), resulting from any Regulatory
Change that:


 


(i)            changes
the basis of taxation of any amounts payable to such Lender under this Agreement or any of the other Loan Documents in respect of any
of such Eurocurrency Rate Loans or RFR Loans or its Commitments (other than Indemnified Taxes, Taxes described in clauses (b) through
(d) of the definition of Excluded Taxes and Connection Income Taxes);


 


(ii)           imposes
or modifies any reserve, special deposit, compulsory loan, insurance charge or similar requirements (other than Regulation D of
the Board of Governors of the Federal Reserve System or other similar reserve requirement applicable to any other category of liabilities
or category of extensions of credit or other assets by reference to which the interest rate on Eurocurrency Rate Loans is determined
to the extent utilized when determining “Adjusted Eurocurrency Rate” for such Loans) relating to any extensions of credit
or other assets of, or any deposits with or other liabilities of, or other credit extended by, or any other acquisition of funds by such
Lender (or its parent corporation), or any commitment of such Lender (including, without limitation, the Commitments of such Lender hereunder);
or


 


(iii)          imposes
on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or the
Loans made by such Lender.


 


(c)            Lender’s
Suspension of Eurocurrency Rate Loans and RFR Loans. Without limiting the effect of the provisions of the immediately preceding subsections
(a) and (b), if by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by the
excess above a specified level of the amount of a category of deposits or other liabilities of such Lender that includes deposits by
reference to which the interest rate on Eurocurrency Rate Loans or RFR Loans is determined as provided in this Agreement or a category
of extensions of credit or other assets of such Lender that includes Eurocurrency Rate Loans or RFR Loans or (ii) becomes subject
to restrictions on the amount of such a category of liabilities or assets that it may hold, then, if such Lender so elects by notice
to the Borrower (with a copy to the Administrative Agent), the obligation of such Lender to make or Continue, or to Convert Base Rate
Loans into, Eurocurrency Rate Loans or RFR Loans hereunder shall be suspended until such Regulatory Change ceases to be in effect (in
which case the provisions of Section 5.5. shall apply).


 






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(d)            [Reserved]


 


(e)            Notification
and Determination of Additional Costs. Each of the Administrative Agent and each Lender, as the case may be, agrees to notify the
Borrower (and in the case of a Lender, to notify the Administrative Agent) in writing of any event occurring after the Agreement Date
entitling the Administrative Agent or such Lender to compensation under any of the preceding subsections of this Section as promptly
as practicable; provided, however, that the failure of the Administrative Agent or any Lender to give such notice shall
not release the Borrower from any of its obligations hereunder; provided, further, that the Borrower shall not be required
to compensate the Administrative Agent or a Lender pursuant to this Section for any increased costs incurred or reductions suffered
more than six months prior to the date that the Administrative Agent or such Lender, as the case may be, notifies the Borrower of the
Regulatory Change giving rise to such increased costs or reductions, and of the intention of the Administrative Agent or such Lender
to claim compensation therefor (except that, if the Regulatory Change 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). The Administrative
Agent and each Lender, as the case may be, agrees to furnish to the Borrower (and in the case of a Lender to the Administrative Agent
as well) a certificate setting forth the basis and amount of each request for compensation under this Section. Determinations by the
Administrative Agent or such Lender, as the case may be, of the effect of any Regulatory Change shall, provided that such determinations
are made on a reasonable basis and in good faith, be conclusive and binding for all purposes, absent manifest error. The Borrower shall
pay the Administrative Agent and or any such Lender, as the case may be, the amount shown as due on any such certificate within 10 days
after receipt thereof.


 


Section 5.2.            Changed
Circumstances.


 


(a)            Circumstances
Affecting Eurocurrency Rate, Adjusted Daily Simple RFR and Term RFR Availability.


 


(i)            Subject
to clause (c) below, in connection with any RFR Loan, a request therefor, a conversion to or continuation thereof or otherwise,
if for any reason (A) the Administrative Agent shall reasonably determine (which determination shall be conclusive and binding absent
manifest error) that (x) if Adjusted Daily Simple RFR is utilized in any calculations hereunder or under any other Loan Document
with respect to any Obligations, interest, fees, commissions or other amounts, reasonable and adequate means do not exist for ascertaining
Adjusted Daily Simple RFR pursuant to the definition thereof or (y) if Term RFR is utilized in any calculations hereunder or under
any other Loan Document with respect to any Obligations, interest, fees, commissions or other amounts, reasonable and adequate means
do not exist for ascertaining Term RFR for the applicable Interest Period with respect to a proposed Term RFR Loan on or prior to the
first day of such Interest Period, (B) the Administrative Agent shall reasonably determine (which determination shall be conclusive
and binding absent manifest error) that a fundamental change has occurred in the foreign exchange markets with respect to an applicable
Foreign Currency (including changes in national or international financial, political or economic conditions or currency exchange rates
or exchange controls) or (C) the Requisite Lenders shall reasonably determine (which determination shall be conclusive and binding
absent manifest error) that (x) if Adjusted Daily Simple RFR is utilized in any calculations hereunder or under any other Loan Document
with respect to any Obligations, interest, fees, commissions or other amounts, Adjusted Daily Simple RFR does not adequately and fairly
reflect the cost to such Lenders of making or maintaining such Loans or (y) if Term RFR is utilized in any calculations hereunder
or under any other Loan Document with respect to any Obligations, interest, fees, commissions or other amounts, Term RFR does not adequately
and fairly reflect the cost to such Lenders of making or maintaining such Loans during the applicable Interest Period and, in the case
of (x) or (y), the Requisite Lenders have provided notice of such determination to the Administrative Agent, then, in each case,
the Administrative Agent shall promptly give notice thereof to the Borrower. Upon notice thereof by the Administrative Agent to the Borrower,
any obligation of the Lenders to make or maintain RFR Loans in each such Currency, and any right of the Borrower to convert any Loan
in each such Currency (if applicable) or continue any Loan as an RFR Loan in each such Currency, shall be suspended (to the extent of
the affected RFR Loans or, in the case of Term RFR Loans, the affected Interest Periods) until the Administrative Agent (with respect
to clause (C), at the instruction of the Requisite Lenders) revokes such notice. Upon receipt of such notice, (A) the Borrower may
revoke any pending request for a borrowing of, conversion to or continuation of RFR Loans in each such affected Currency (to the extent
of the affected RFR Loans or, in the case of Term RFR Loans, the affected Interest Periods) or, failing that, (I) in the case of
any request for a borrowing of an affected RFR Loan in Dollars, the Borrower will be deemed to have converted any such request into a
request for a borrowing of or conversion to Base Rate Loans in the amount specified therein and (II) in the case of any request
for a borrowing of an affected RFR Loan in a Foreign Currency, then such request shall be ineffective and (B)(I) any outstanding
affected RFR Loans denominated in Dollars will be deemed to have been converted into Base Rate Loans immediately or, in the case of Term
RFR Loans, at the end of the applicable Interest Period and (II) any outstanding affected RFR Loans denominated in a Foreign Currency,
at the Borrower’s election, shall either (1) be converted into Base Rate Loans denominated in Dollars (in an amount equal
to the Dollar Equivalent of such Foreign Currency) immediately or, in the case of Term RFR Loans, at the end of the applicable Interest
Period or (2) be prepaid in full immediately or, in the case of Term RFR Loans, at the end of the applicable Interest Period; provided
that if no election is made by the Borrower by the date that is three Business Days after receipt by the Borrower of such notice
or, in the case of Term RFR Loans, the last day of the current Interest Period for the applicable RFR Loan, if earlier, the Borrower
shall be deemed to have elected clause (1) above. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest
(except with respect to any prepayment or conversion of a Daily Simple RFR Loan) on the amount so prepaid or converted, together with
any additional amounts required pursuant to Section 5.4.


 






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(ii)           Subject
to clause (c) below, in connection with any Eurocurrency Rate Loan, a request therefor, a continuation thereof or otherwise, if
for any reason (A) the Administrative Agent shall reasonably determine (which determination shall be conclusive and binding absent
manifest error) that deposits are not being offered to banks in the London or other applicable offshore interbank market for the applicable
Currency, amount and Interest Period of such Loan, (B) the Administrative Agent shall reasonably determine (which determination
shall be conclusive and binding absent manifest error) that a fundamental change has occurred in the foreign exchange or interbank markets
with respect to the applicable Foreign Currency (including changes in national or international financial, political or economic conditions
or currency exchange rates or exchange controls), (C) the Administrative Agent shall determine (which determination shall be conclusive
and binding absent manifest error) that reasonable and adequate means do not exist for the ascertaining the Adjusted Eurocurrency Rate
for such Currency and Interest Period, including because the Screen Rate for the applicable Currency is not available or published on
a current basis, or (D) the Requisite Lenders shall reasonably determine (which determination shall be conclusive and binding absent
manifest error) that the Adjusted Eurocurrency Rate does not adequately and fairly reflect the cost to such Lenders of making or maintaining
such Loans during such Interest Period and shall have provided notice of such determination to the Administrative Agent, then, in each
case, the Administrative Agent shall promptly give notice thereof to the Borrower. Upon notice thereof by the Administrative Agent to
the Borrower, any obligation of the Lenders to make Eurocurrency Rate Loans in each such Currency, and any right of the Borrower to continue
any Loan as a Eurocurrency Rate Loan in each such Currency, shall be suspended (to the extent of the affected Eurocurrency Rate Loans
or the affected Interest Periods) until the Administrative Agent (with respect to clause (D), at the instruction of the Requisite Lenders)
revokes such notice. Upon receipt of such notice, (A) any pending request for a borrowing of or continuation of Eurocurrency Rate
Loans in each such affected Currency (to the extent of the affected Eurocurrency Rate Loans or the affected Interest Periods) shall be
ineffective and (B) any outstanding affected Eurocurrency Rate Loans denominated in a Foreign Currency, at the Borrower’s
election, shall either (1) be converted into Base Rate Loans denominated in Dollars (in an amount equal to the Dollar Equivalent
of such Foreign Currency) at the end of the applicable Interest Period or (2) be prepaid in full at the end of the applicable Interest
Period; provided that if no election is made by the Borrower by the date that is the earlier of (x) the date that is three Business
Days after receipt by the Borrower of such notice and (y) the last day of the current Interest Period for the applicable Eurocurrency
Rate Loan, the Borrower shall be deemed to have elected clause (1) above. Upon any such prepayment or conversion, the Borrower
shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 5.4.


 






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(iii)          [reserved].


 


(b)            Intentionally
Omitted.


 


(c)            Benchmark
Replacement Setting.


 


(i)            Benchmark
Replacement.


 


(A)            Notwithstanding
anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event, with respect to any
Benchmark, the Administrative Agent and the Borrower may amend this Agreement to replace such Benchmark with a Benchmark Replacement.
Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth Business Day after
the Administrative Agent has posted such proposed amendment to all affected 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 Requisite Class Lenders
of each applicable Class. No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 5.2(c)(i)(A) will
occur prior to the applicable Benchmark Transition Start Date.


 


(B)             Notwithstanding
anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, if a Term RFR Transition
Date has occurred prior to the Reference Time in respect of any setting of the then-current Benchmark consisting of a Daily Simple RFR
(including a Daily Simple RFR implemented as a Benchmark Replacement pursuant to Section 5.2(c)(i)(A)) for the applicable Currency,
then the applicable Benchmark Replacement will replace such Benchmark for all purposes hereunder or under any Loan Document in respect
of such Benchmark for the applicable Currency setting and subsequent Benchmark settings, without any amendment to, or further action
or consent of any other party to, this Agreement or any other Loan Document; provided that this clause 5.2.(c)(i)(B) shall
not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term RFR Notice with respect to the
applicable Term RFR Transition Event. For the avoidance of doubt, the Administrative Agent shall not be required to deliver a Term RFR
Notice after a Term RFR Transition Event and may elect or not elect to do so in its sole discretion.


 






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


 


(iii)          Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (A) the
implementation of any Benchmark Replacement and (B) the effectiveness of any Conforming Changes in connection with the use, administration,
adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Borrower of the removal or reinstatement
of any tenor of a Benchmark pursuant to Section 5.2(c)(iv). Any determination, decision or election that may be made by the Administrative
Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 5.2(c), 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 or any selection, 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 to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant
to this Section 5.2(c).


 


(iv)          Unavailability
of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection
with the implementation of a Benchmark Replacement), (A) if any then-current Benchmark is a term rate (including any Term RFR or
EURIBOR) and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such
rate from time to time as selected by the Administrative Agent in its reasonable discretion or (2) the regulatory supervisor for
the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such
Benchmark is not or will not be representative, then the Administrative Agent may modify the definition of “Interest Period”
(or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative
tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen
or information service for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement
that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify
the definition of “Interest Period” (or any similar or analogous definition) for all Benchmark settings at or after such
time to reinstate such previously removed tenor.


 






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(v)           Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period with
respect to a given Benchmark, (A) the Borrower may revoke any pending request for a borrowing of, conversion to or continuation
of RFR Loans or Eurocurrency Rate Loans, in each case, to be made, converted or continued during any Benchmark Unavailability Period
denominated in the applicable Currency and, failing that, (I) in the case of any request for any affected RFR Loans denominated
in Dollars, if applicable, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion
to Base Rate Loans in the amount specified therein and (II) in the case of any request for any affected RFR Loan or Eurocurrency
Rate Loan, in each case, in a Foreign Currency, if applicable, then such request shall be ineffective and (B)(I) any outstanding
affected RFR Loans denominated in Dollars, if applicable, will be deemed to have been converted into Base Rate Loans immediately or,
in the case of Term RFR Loans, at the end of the applicable Interest Period and (II) any outstanding affected RFR Loans or Eurocurrency
Rate Loans, in each case, denominated in a Foreign Currency, at the Borrower’s election, shall either (1) be converted into
Base Rate Loans denominated in Dollars (in an amount equal to the Dollar Equivalent of such Foreign Currency) immediately or, in the
case of Term RFR Loans or Eurocurrency Rate Loans, at the end of the applicable Interest Period or (2) be prepaid in full immediately
or, in the case of Term RFR Loans or Eurocurrency Rate Loans, at the end of the applicable Interest Period; provided that, with
respect to any Daily Simple RFR Loan, if no election is made by the Borrower by the date that is three Business Days after receipt by
the Borrower of such notice, the Borrower shall be deemed to have elected clause (1) above; provided, further that, with
respect to any Eurocurrency Rate Loan or Term RFR Loan, if no election is made by the Borrower by the earlier of (x) the date that
is three Business Days after receipt by the Borrower of such notice and (y) the last day of the current Interest Period for the
applicable Eurocurrency Rate Loan or Term RFR Loan, the Borrower shall be deemed to have elected clause (1) above. Upon any such
prepayment or conversion, the Borrower shall also pay accrued interest (except with respect to any prepayment or conversion of a Daily
Simple RFR Loan) on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 5.4. During
a Benchmark Unavailability Period with respect to any Benchmark or at any time that a tenor for any then-current Benchmark is not an
Available Tenor, the component of the Base Rate based upon the then-current Benchmark that is the subject of such Benchmark Unavailability
Period or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.


 


(d)            Foreign
Currencies. If any change in currency controls or exchange regulations or any change in national or international financial, political
or economic conditions are imposed in the country in which such currency is issued, and such change results in, in the reasonable opinion
of the Administrative Agent (i) such currency no longer being readily available, freely transferable and convertible into Dollars,
(ii) a Dollar Equivalent no longer being readily calculable with respect to such currency, (iii) such currency being impracticable
for the Lenders to loan or (iv) such currency no longer being a currency in which the Requisite Lenders are willing to make, Continue
or Convert Loans (each of clauses (i), (ii), (iii) and (iv), a “Disqualifying Event”), then the Administrative
Agent shall promptly notify the Lenders and the Borrower, and such currency shall no longer be a Foreign Currency until such time as
the Disqualifying Event(s) no longer exist. Within five (5) Business Days after receipt of such notice from the Administrative
Agent, the Borrower shall repay all Loans denominated in such currency to which the Disqualifying Event(s) apply or convert such
Loans into the Dollar Equivalent in Dollars, bearing interest at the Base Rate, subject to the other terms contained herein.


 






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Section 5.3.            Illegality.
If, after the date hereof, the introduction of, or any change in, any Applicable Law or any change in the interpretation or administration
thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or
compliance by any of the Lenders (or any of their respective Lending Offices) with any request or directive (whether or not having the
force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for any of
the Lenders (or any of their respective Lending Offices) to honor its obligations hereunder to make or maintain any Daily Simple RFR
Loan, Term RFR Loan or Eurocurrency Rate Loan, or to determine or charge interest based upon any applicable RFR, Adjusted Daily Simple
RFR, Term RFR, the Eurocurrency Rate or the Adjusted Eurocurrency Rate, such Lender shall promptly give notice thereof to the Administrative
Agent and the Administrative Agent shall promptly give notice to the Borrower and the other Lenders. Thereafter, until the Administrative
Agent notifies the Borrower that such circumstances no longer exist, (i) any obligation of the Lenders to make RFR Loans or Eurocurrency
Rate Loans, as applicable, in the affected Currency or Currencies, and any right of the Borrower to convert any Loan denominated in Dollars
to an RFR Loan or continue any Loan as an RFR Loan or a Eurocurrency Rate Loan, as applicable, in the affected Currency or Currencies
shall be suspended and (ii) if necessary to avoid such illegality, the Administrative Agent shall compute the Base Rate without
reference to clause (c) of the definition of “Base Rate”, in each case until each such affected Lender notifies the
Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such
notice, the Borrower shall, if necessary to avoid such illegality, upon demand from any Lender (with a copy to the Administrative Agent),
prepay or, if applicable, (A) convert all RFR Loans denominated in Dollars to Base Rate Loans or (B) convert all RFR Loans
or Eurocurrency Rate Loans denominated in an affected Foreign Currency to Base Rate Loans denominated in Dollars (in an amount equal
to the Dollar Equivalent of such Foreign Currency) (in each case, if necessary to avoid such illegality, the Administrative Agent shall
compute the Base Rate without reference to clause (c) of the definition of “Base Rate”), (I) with respect to Daily
Simple RFR Loans, on the next interest payment date therefor, if all affected Lenders may lawfully continue to maintain such Daily Simple
RFR Loans to such day, or immediately, if any Lender may not lawfully continue to maintain such Daily Simple RFR Loans to such day or
(II) with respect to Eurocurrency Rate Loans or Term RFR Loans, on the last day of the Interest Period therefor, if all affected
Lenders may lawfully continue to maintain such Eurocurrency Rate Loans or Term RFR Loans, as applicable, to such day, or immediately,
if any Lender may not lawfully continue to maintain such Eurocurrency Rate Loans or Term RFR Loans, as applicable, to such day. Upon
any such prepayment or conversion, the Borrower shall also pay accrued interest (except with respect to any prepayment or conversion
of a Daily Simple RFR Loan) on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 5.4.


 


Section 5.4.            Compensation.
The Borrower shall pay to the Administrative Agent for the account of each Lender, within 10 days following the written request
of such Lender through the Administrative Agent, such amount or amounts as shall be sufficient to compensate such Lender for any loss,
cost or expense that such Lender reasonably determines is attributable to:


 


(a)            any
payment or prepayment (whether mandatory or optional) of a Eurocurrency Rate Loan or a Term RFR Loan, or Conversion of a Eurocurrency
Rate Loan or Term RFR Loan, made by such Lender for any reason (including, without limitation, acceleration) on a date other than the
last day of the Interest Period for such Loan; or


 


(b)            any
failure by the Borrower for any reason (including, without limitation, the failure of any of the applicable conditions precedent specified
in Section 6.2. to be satisfied) to borrow a Eurocurrency Rate Loan or a Term RFR Loan from such Lender on the date for such borrowing,
or to Convert a Base Rate Loan into a Eurocurrency Rate Loan or Term RFR Loan or Continue a Eurocurrency Rate Loan or Term RFR Loan on
the requested date of such Conversion or Continuation.


 


Not in limitation of the foregoing, such compensation
shall include, without limitation, (i) in the case of a Eurocurrency Rate Loan, an amount equal to the then present value of (A) the
amount of interest that would have accrued on such Eurocurrency Rate Loan for the remainder of the Interest Period at the rate applicable
to such Eurocurrency Rate Loan, less (B) the amount of interest that would accrue on the same Eurocurrency Rate Loan for the same
period if the Adjusted Eurocurrency Rate were set on the date on which such Eurocurrency Rate Loan was repaid, prepaid or Converted or
the date on which the Borrower failed to borrow, Convert or Continue such Eurocurrency Rate Loan, as applicable, calculating present
value by using as a discount rate the applicable Eurocurrency Rate quoted on such date, and (ii) in the case of a Term RFR Loan,
an amount equal to the then present value of (A) the amount of interest that would have accrued on such Term RFR Loan for the remainder
of the Interest Period at the rate applicable to such Loan, less (B) the amount of interest that would accrue on the same Term
RFR Loan for the same period if the applicable Term RFR were set on the date on which such Term RFR Loan was repaid or prepaid or the
date on which the Borrower failed to borrow or Continue such Term RFR Loan, as applicable, calculating present value by using as a discount
rate the applicable Term TFR quoted on such date; provided, that any such compensation shall, for the avoidance of doubt, in no
event include any lost profit. Upon the Borrower’s request, the Administrative Agent will provide to the Borrower, on behalf of
any Lender seeking compensation under this Section, a written statement setting forth in reasonable detail the basis for requesting such
compensation and the method for determining the amount thereof. Any such statement shall be conclusive absent manifest error.


 






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Section 5.5.            Treatment
of Affected Loans.


 


(a)            If
the obligation of any Lender to make or Continue RFR Loans denominated in Dollars or to Convert Base Rate Loans into RFR Loans denominated
in Dollars shall be suspended pursuant to Section 5.1.(c), Section 5.2. or Section 5.3. then such Lender’s RFR Loans
denominated in Dollars shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for
such Term RFR Loans or the next interest payment date in the case of such Daily Simple RFR Loans (or, in each case, in the case of a
Conversion required by Section 5.1.(c), Section 5.2., or Section 5.3. on such earlier date as such Lender or the Administrative
Agent, as applicable, may specify to the Borrower in writing (with a copy to the Administrative Agent, as applicable)) and, unless and
until such Lender or the Administrative Agent, as applicable, gives written notice as provided below that the circumstances specified
in Section 5.1., Section 5.2. or Section 5.3. that gave rise to such Conversion no longer exist:


 


(b)            to
the extent that such Lender’s RFR Loans denominated in Dollars have been so Converted, all payments and prepayments of principal
that would otherwise be applied to such Lender’s RFR Loans shall be applied instead to its Base Rate Loans; and


 


(c)            all
Loans that would otherwise be made or Continued by such Lender as RFR Loans denominated in Dollars shall be made or Continued instead
as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into RFR Loans denominated in Dollars shall
remain as Base Rate Loans.


 


If such Lender or the Administrative Agent, as
applicable, gives written notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified
in Section 5.1.(c), 5.2. or 5.3. that gave rise to the Conversion of such Lender’s RFR Loans pursuant to this Section no
longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to
exist) at a time when RFR Loans denominated in Dollars and made by other Lenders are outstanding, then such Lender’s Base Rate
Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding
RFR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding RFR Loans denominated
in Dollars and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective
Pro Rata Shares of the applicable Class of Loans.


 


(d)            Intentionally
Omitted.


 


(e)            If
the obligation of any Lender to make or Continue Eurocurrency Rate Loans or RFR Loans of a particular Foreign Currency shall be suspended
pursuant to Section 5.1.(c), 5.2. or 5.3. then such Lender’s Eurocurrency Rate Loans or RFR Loans of such Foreign Currency
so affected shall be automatically (unless otherwise determined by the Administrative Agent) exchanged to Dollars at the Spot Rate and
Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for such Loans (or, in the case required
by Section 5.1.(c), 5.2. or 5.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to
the Borrower in writing (with a copy to the Administrative Agent, as applicable)).


 






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Section 5.6.     Affected
Lenders. If (a) a Lender requests compensation pursuant to Section 3.10. or 5.1.,
or is a Lender that sold a participation to a Participant that requests compensation pursuant to Section 3.10. or 5.1., and the
Requisite Lenders are not also doing the same, (b) (i) the obligation of any Lender to make Eurocurrency Rate Loans or RFR
Loans or to Continue, or to Convert Base Rate Loans into, Eurocurrency Rate Loans or RFR Loans shall be suspended pursuant to Section 5.1.(c),
5.2. or 5.3. but the obligation of the Requisite Lenders shall not have been suspended under such Sections or (ii) the obligation
of any Lender to make or to Continue Foreign Currency Rate Loans in a particular Currency shall be suspended pursuant to Section 5.1.(c),
5.2. or 5.3. but the obligation of the Requisite Lenders shall not have been suspended under such Sections or (c) a Lender becomes
a Non-Consenting Lender, then, so long as there does not then exist any Default or Event of Default, the Borrower may either (i) demand
that such Lender (the “Affected Lender”), and upon such demand the Affected Lender shall promptly, assign its Commitments
and Loans to an Eligible Assignee subject to and in accordance with the provisions of Section 13.5.(b) for a purchase price
equal to the aggregate principal balance of all Loans then owing to the Affected Lender, plus any accrued but unpaid
interest thereon and accrued but unpaid fees owing to the Affected Lender, or any other amount as may be mutually agreed upon by such
Affected Lender and Eligible Assignee or (ii) pay to the Affected Lender the aggregate principal balance of the Loans then owing
to the Affected Lender, plus any accrued but unpaid interest and accrued but unpaid fees owing to the Affected Lender (or such other
amount as may be mutually agreed upon by the Borrower and such Affected Lender), and by written notice to such Affected Lender, terminate
such Affected Lender’s Commitments, whereupon the Affected Lender shall no longer be a party hereto or have any rights or obligations
hereunder or under any of the other Loan Documents (but shall continue to be entitled to the benefits of Sections 3.10., 5.1., 5.4.,
13.2. and 13.9. and the other provisions of this Agreement and the other Loan Documents as provided in Section 13.10. with respect
to facts and circumstances occurring prior to the effective date of such payment). Each of the Administrative Agent, the Borrower and
the Affected Lender shall reasonably cooperate in effectuating the replacement of such Affected Lender under this Section, but at no
time shall the Administrative Agent, such Affected Lender, any other Lender or any Titled Agent be obligated in any way whatsoever to
initiate any such replacement or to assist in finding an Eligible Assignee. The exercise by the Borrower of its rights under this Section shall
be at the Borrower’s sole cost and expense and at no cost or expense to the Administrative Agent, the Affected Lender or any of
the other Lenders; provided, however, that notwithstanding anything to the contrary in this Agreement, the Borrower shall
not be obligated to reimburse or otherwise pay an Affected Lender’s administrative or legal costs incurred as a result of the Borrower’s
exercise of its rights under this Section. The terms of this Section shall not in any way limit the Borrower’s obligation
to pay to any Affected Lender compensation owing to such Affected Lender pursuant to this Agreement (including, without limitation, pursuant
to Section 3.10., 5.1. or 5.4.) with respect to any period up to the date of replacement. In connection with any such assignment
under this Section 5.6., such Affected Lender shall promptly execute all documents reasonably requested to effect such assignment,
including an appropriate Assignment and Assumption; provided that such Affected Lenders’ failure to execute an Assignment
and Assumption within five Business Days after written request by the Borrower shall not prevent the effectiveness of such assignment.


 


Section 5.7.     Change
of Lending Office. Each Lender agrees that it will use reasonable efforts (consistent with its
internal policy and legal and regulatory restrictions) to designate an alternate Lending Office with respect to any of its Loans affected
by the matters or circumstances described in Section 3.10., 5.1. or 5.3. to reduce the liability of the Borrower or avoid the results
provided thereunder, so long as such designation is not disadvantageous to such Lender as determined by such Lender in its sole discretion,
except that such Lender shall have no obligation to designate a Lending Office located in the United States of America.


 


Section 5.8.     Assumptions
Concerning Funding of Eurocurrency Rate Loans and Term RFR Loans. Calculation of all amounts
payable to a Lender under this Article shall be made as though such Lender had actually funded Eurocurrency Rate Loans or Term RFR
Loans, as applicable, through the purchase of deposits in the relevant market bearing interest at the rate applicable to such Eurocurrency
Rate Loans or Term RFR Loans, in an amount equal to the amount of the Eurocurrency Rate Loans or Term RFR Loans and having a maturity
comparable to the relevant Interest Period, as applicable; provided, however, that each Lender may fund each of its Eurocurrency
Rate Loans and Term RFR Loans in any manner it sees fit and the foregoing assumption shall be used only for calculation of amounts payable
under this Article.


 






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Article VI.
Conditions Precedent


 


Section 6.1.     Initial
Conditions Precedent. The obligation of the Lenders to effect or permit the occurrence of the
first Credit Event hereunder, is subject to the satisfaction or waiver of the following conditions precedent:


 


(a)            The
Administrative Agent shall have received each of the following, in form and substance reasonably satisfactory to the Administrative Agent:


 


(i)            counterparts
of this Agreement executed by each of the parties hereto;


 


(ii)            Notes
executed by the Borrower, payable to each applicable Lender (but excluding any Lender that has requested that it not receive Notes) and
complying with the terms of Section 2.12.(a);


 


(iii)          an
opinion of outside counsel to the Borrower and the other Loan Parties, addressed to the Administrative Agent and the Lenders and covering
such matters as the Administrative Agent may reasonably request;


 


(iv)          copies
of the certificate or articles of incorporation or formation, articles of organization, certificate of limited partnership, declaration
of trust or other comparable organizational instrument (if any) of each Loan Party certified as of a recent date by the Secretary of
State of the state of formation of such Person (or in the case of any Loan Party other than the Borrower, any other date acceptable to
the Administrative Agent so long as such organizational documents are certified as of the Effective Date by the Secretary or Assistant
Secretary (or other individual performing similar functions) of the applicable Loan Party);


 


(v)            a
certificate of good standing (or certificate of similar meaning) with respect to each Loan Party issued as of a recent date by the Secretary
of State of the state of formation of each such Person;


 


(vi)          a
certificate of incumbency signed by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan
Party with respect to each of the officers of such Loan Party authorized to execute and deliver the Loan Documents to which such Loan
Party is a party, and in the case of the Borrower, authorized to execute and deliver on behalf of the Borrower Notices of Borrowing,
Notices of Conversion and Notices of Continuation;


 


(vii)         copies
certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan Party of (1) the
by-laws of such Loan Party, if a corporation, the operating agreement, if a limited liability company, the partnership agreement, if
a limited or general partnership, or other comparable document in the case of any other form of legal entity and (2) all corporate,
partnership, member or other necessary action taken by such Loan Party to authorize the execution, delivery and performance of the Loan
Documents to which it is a party;


 






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(viii)        a
Closing Certificate substantially in form of Exhibit L, executed on behalf of the Borrower by an authorized officer of the Borrower;


 


(ix)          a
Disbursement Instruction Agreement effective as of the Agreement Date;


 


(x)            a
pro forma Compliance Certificate prepared as of September 30, 2022;


 


(xi)           evidence
that the Fees, if any, then due and payable under Section 3.5., together with all other fees, expenses and reimbursement amounts
due and payable to the Administrative Agent, the Lead Arrangers and any of the Lenders, including without limitation, the reasonable
fees and expenses of counsel to the Administrative Agent, have been paid;


 


(xii)         the
Escrow Agreement, executed by the Escrow Agent, each the Borrower, each of the Lenders, and the Administrative Agent; and


 


(xiii)        such
other documents, agreements and instruments as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably
request;


 


(b)           there
shall not have occurred or become known to the Administrative Agent or any of the Lenders any event, condition, situation or status since
the date of the information contained in the financial and business projections, budgets, pro forma data and forecasts concerning the
Borrower and its Subsidiaries delivered to the Administrative Agent and the Lenders by or on behalf of the Borrower prior to the Agreement
Date in connection with the transactions contemplated by this Agreement that has had or could reasonably be expected to result in a Material
Adverse Effect;


 


(c)            no
litigation, action, suit, investigation or other arbitral, administrative or judicial proceeding shall be pending or threatened which
is reasonably likely to be adversely determined, and, if adversely determined, could reasonably be expected to (A) result in a Material
Adverse Effect or (B) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect,
the ability of the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party;


 


(d)           the
Borrower and the other Loan Parties shall have received all approvals, consents and waivers, and shall have made or given all necessary
filings and notices as shall be required to consummate the transactions contemplated hereby without the occurrence of any default under,
conflict with or violation of (A) any Applicable Law or (B) any agreement, document or instrument to which any Loan Party is
a party or by which any of them or their respective properties is bound, except for such approvals, consents, waivers, filings and notices
the receipt, making or giving of which, or the failure to make, give or receive which, would not reasonably be likely to (A) have
a Material Adverse Effect, or (B) restrain or enjoin or impose materially burdensome conditions on, or otherwise materially and
adversely affect the ability of the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it
is a party;


 


(e)           the
Borrower and each other Loan Party shall have provided all information requested by the Administrative Agent and each Lender at least
2 Business Days prior to the Agreement Date in order to comply with applicable “know your customer” and Anti-Money Laundering
Laws, including without limitation, the Patriot Act; and


 


(f)            the
Borrower and each other Loan Party or Subsidiary thereof that qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification
in relation to such Loan Party or such Subsidiary, in each case, at least five (5) Business Days prior to the Effective Date.


 






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Section 6.2.     Conditions
Precedent to All Loans. The obligations of Lenders to make any Loans are each subject to the
further conditions precedent that: (a) no Default or Event of Default shall exist as of the date of the making of such Loan or would
exist immediately after giving effect thereto; (b) the representations and warranties made or deemed made by the Borrower and each
other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in
the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct
in all respects) on and as of the date of the making of such Loan with the same force and effect as if made on and as of such date except
to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations
and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified
by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier
date) and except for changes in factual circumstances specifically and expressly permitted hereunder or waived or consented to by the
applicable Lenders in accordance with the provisions of Section 13.6.; (c)  the Administrative Agent shall have received a
timely Notice of Borrowing and (d) in the case of a Loan to be denominated in a Foreign Currency, such relevant Foreign Currency
shall be readily available and freely transferable and convertible to Dollars and there shall not have occurred any change in national
or international financial, political, or economic conditions or currency exchange rates or exchange controls which in the reasonable
opinion of the Administrative Agent would make it impracticable for such Foreign Currency Rate Loans to be made. Each Credit Event shall
constitute a certification by the Borrower to the effect set forth in the preceding sentence as of the date of the occurrence of such
Credit Event. In addition, the Borrower shall be deemed to have represented to the Administrative Agent, and the Lenders at the time
any Loan is made that all conditions to the making of such Loan contained in Section 6.1., solely in the case of the initial Loans
made hereunder, and in this Section, in the case of the making of all Loans, have been satisfied. Unless set forth in writing to the
contrary, the making of its initial Loan by a Lender shall constitute a certification by such Lender to the Administrative Agent for
the benefit of the Administrative Agent and the Lenders that the conditions precedent for initial Loans set forth in Section 6.2.
that have not previously been waived by the applicable Lenders in accordance with the terms of this Agreement have been satisfied.


 


Article VII.
Article VII. Representations and Warranties


 


Section 7.1.     Representations
and Warranties. In order to induce the Administrative Agent and each Lender to enter into this
Agreement and to make Loans, the Borrower represents and warrants to the Administrative Agent and each Lender as follows:


 


(a)            Organization;
Power; Qualification. Each of the Loan Parties and the other Subsidiaries (i) is a corporation, limited liability company, partnership
or other legal entity, duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation or
formation, (ii) has the power and authority to own or lease its respective properties and to carry on its respective business as
now being and hereafter proposed to be conducted and (iii) is duly qualified and is in good standing as a foreign corporation, limited
liability company, partnership or other legal entity, and authorized to do business, in each jurisdiction in which the character of its
properties or the nature of its business requires such qualification or authorization, except in the case of clauses (i) (other
than with respect to the Borrower and any other Loan Party), (ii) and (iii) where the failure to be so organized or formed,
to be in good standing, to have such power and authority or to be qualified or authorized could not reasonably be expected to have, in
each instance, a Material Adverse Effect.


 






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(b)            Ownership
Structure. Part I of Schedule 7.1.(b) is, as of the Revolving Credit Agreement Date, a complete and correct list of
all Subsidiaries of the Borrower setting forth for each such Subsidiary as of the Revolving Credit Agreement Date, (i) the jurisdiction
of organization of such Subsidiary, (ii) each Person holding any Equity Interest in such Subsidiary, (iii) the nature of the
Equity Interests held by each such Person and (iv) the percentage of ownership of such Subsidiary represented by such Equity Interests.
As of the Revolving Credit Agreement Date, except as disclosed in such Schedule, (A) each of the Borrower and its Subsidiaries owns,
free and clear of all Liens, and has the unencumbered right to vote, all outstanding Equity Interests in each Person shown to be held
by it on such Schedule, (B) all of the issued and outstanding capital stock of each such Person organized as a corporation is validly
issued, fully paid and nonassessable and (C) there are no outstanding subscriptions, options, warrants, commitments, preemptive
rights or agreements of any kind (including, without limitation, any stockholders’ or voting trust agreements) for the issuance,
sale, registration or voting of, or outstanding securities convertible into, any additional shares of capital stock of any class, or
partnership or other Equity Interests of any type in, any such Person. Part II of Schedule 7.1.(b) correctly sets forth,
as of the Revolving Credit Agreement Date, all Unconsolidated Affiliates of the Borrower, including the correct legal name of such Person,
the type of legal entity which each such Person is, and all Equity Interests in such Person held directly or indirectly by the Borrower.


 


(c)            Authorization
of Loan Documents and Borrowings. The Borrower has the right and power, and has taken all necessary action to authorize it, to borrow
and obtain other extensions of credit hereunder. The Borrower and each other Loan Party has the right and power, and has taken all necessary
action to authorize it, to execute, deliver and perform each of the Loan Documents to which it is a party in accordance with their respective
terms and to consummate the transactions contemplated hereby and thereby. The Loan Documents to which the Borrower or any other Loan
Party is a party have been duly executed and delivered by the duly authorized officers of such Person and each is a legal, valid and
binding obligation of such Person enforceable against such Person in accordance with its respective terms, except as the same may be
limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable
remedies for the enforcement of certain obligations contained herein or therein and as may be limited by equitable principles generally
(whether in a proceeding at law or in equity).


 


(d)            Compliance
of Loan Documents with Laws. The execution, delivery and performance of this Agreement and the other Loan Documents to which any
Loan Party is a party in accordance with their respective terms and the borrowings and other extensions of credit hereunder do not and
will not, by the passage of time, the giving of notice, or both: (i) require any Governmental Approval or violate any Applicable
Law (including all Environmental Laws) in any material respect relating to the Borrower or any other Loan Party; (ii) conflict with,
result in a breach of or constitute a default under the articles of incorporation or the bylaws of the Borrower or the organizational
or governing documents of any Loan Party, or any material indenture, agreement or other instrument to which the Borrower or any other
Loan Party is a party or by which it or any of its respective properties may be bound; or (iii) result in or require the creation
or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by any Loan Party other than in favor
of the Administrative Agent for its benefit and the benefit of the other Lender Parties.


 


(e)            Compliance
with Law; Governmental Approvals. Each of the Borrower, the other Loan Parties and the other Subsidiaries is in compliance with each
Governmental Approval and all other Applicable Laws relating to it except for noncompliances which, and Governmental Approvals the failure
to possess which, could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.


 






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(f)            Title
to Properties; Liens. Schedule 4.1. is, as of September 30, 2022, a complete and correct listing of all Unencumbered Assets.
Each of the Borrower, each other Loan Party and each other Subsidiary has good, marketable (in the case of real property) and legal title
to, or a valid leasehold interest in, its respective material assets. No Unencumbered Asset is subject to any Lien other than Permitted
Liens.


 


(g)            Existing
Indebtedness; Total Liabilities. Part I of Schedule 7.1.(g) is, as of December 31, 2021, a complete and correct
listing of all Indebtedness (including all Guarantees) of each of the Borrower, the other Loan Parties and the other Subsidiaries, and
if such Indebtedness is secured by any Lien, a description of all of the property subject to such Lien. Part II of Schedule 7.1.(g) is,
as of such date, a complete and correct listing of all Total Liabilities of the Borrower, the other Loan Parties and the other Subsidiaries
(excluding any Indebtedness set forth on Part I of such Schedule). The outstanding principal amount of Indebtedness incurred by
the Borrower and its Subsidiaries during the period from December 31, 2021 to and including the Agreement Date would have been permitted
under this Agreement if this Agreement were in effect during such period.


 


(h)            Material
Contracts. Schedule 7.1.(h) is, as of December 31, 2021, a true, correct and complete listing of all Material Contracts.
Copies of any Material Contracts entered into by the Borrower or any Subsidiary during the period from December 31, 2021 to and
including the Agreement Date have been publicly filed by the Borrower with the SEC. As of the Agreement Date, each of the Borrower, the
other Loan Parties and the other Subsidiaries that are parties to any Material Contract has performed and is in compliance with all of
the terms of such Material Contract to the extent that the noncompliance therewith would give any other party thereto the right to terminate
such Material Contract.


 


(i)            Litigation.
Except as set forth on Schedule 7.1.(i), there are no actions, suits or proceedings pending (nor, to the knowledge of any Loan Party,
are there any actions, suits or proceedings threatened) against or in any other way relating adversely to or affecting the Borrower,
any other Loan Party, any other Subsidiary or any of their respective property in any court or before any arbitrator of any kind or before
or by any other Governmental Authority which, (i) is reasonably likely to be adversely determined and, if adversely determined, could
reasonably be expected to have a Material Adverse Effect or (ii) in any manner draws into question the validity or enforceability
of any Loan Document. There are no strikes, slow downs, work stoppages or walkouts or other labor disputes in progress or threatened
relating to, any Loan Party or any other Subsidiary.


 


(j)            Taxes.
All federal, material state and other tax returns of the Borrower, each other Loan Party and each other Subsidiary required by Applicable
Law to be filed have been duly filed, and all material federal, state and other taxes, assessments and other governmental charges or
levies upon, each Loan Party, each other Subsidiary and their respective properties, income, profits and assets which are due and payable
have been paid, except any such nonpayment or non-filing which is at the time permitted under Section 8.6. As of the Agreement Date,
none of the United States federal income tax returns of the Borrower, any other Loan Party or any other Subsidiary is under a material
tax audit. All charges, accruals and reserves on the books of the Borrower, the other Loan Parties and the other Subsidiaries in respect
of any taxes or other governmental charges are in accordance with GAAP to the extent required under GAAP.


 






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(k)            Financial
Statements. The Borrower has furnished to the Administrative Agent for distribution to the Lenders copies of (i) the audited
consolidated balance sheets of the Borrower and its consolidated Subsidiaries for the fiscal years ended December 31, 2020 and December 31,
2021, and the related audited consolidated statements of income, equity and cash flows for the fiscal years ended on such dates, with
the opinion thereon of KPMG LLP and (ii) the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries
for the fiscal quarter ended September 30, 2022, and the related unaudited consolidated statements of income, equity and cash flows
for the fiscal quarter ended on such date (the “Most Recent Financial Statements”). Such financial statements (including
in each case related schedules and notes) are complete and correct in all material respects and present fairly, in accordance with GAAP
consistently applied throughout the periods involved, the consolidated financial position of the Borrower and its consolidated Subsidiaries
as at their respective dates and the results of operations and the cash flow for such periods (subject, as to interim statements, to
changes resulting from normal year-end audit adjustments and the absence of footnotes). Neither the Borrower nor any of its Subsidiaries
has on the Agreement Date any material contingent liabilities, liabilities, liabilities for taxes, unusual or long-term commitments or
unrealized or forward anticipated losses from any unfavorable commitments that would be required to be set forth in its financial statements
or notes thereto, except as referred to or reflected or provided for in the Most Recent Financial Statements.


 


(l)            No
Material Adverse Change. Since December 31, 2021, there have been no events, changes, circumstances or occurrences that, individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect. The Borrower is Solvent and the Borrower and its
Subsidiaries on a consolidated basis are Solvent.


 


(m)            ERISA.


 


(i)            Except
as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, each Benefit Arrangement is
in compliance with the applicable provisions of ERISA, the Internal Revenue Code and other Applicable Laws. Except with respect to Multiemployer
Plans, each Qualified Plan has received a favorable determination letter from the IRS or is maintained under a prototype plan and
may rely upon a favorable opinion letter issued by the IRS with respect to such prototype plan, or an application for such a letter is
currently being processed by the IRS with respect thereto. To the best knowledge of the Borrower, nothing has occurred which would cause
the loss of its reliance on each Qualified Plan’s favorable determination letter or opinion letter.


 


(ii)            With
respect to any Benefit Arrangement that is a retiree welfare benefit arrangement, all amounts have been accrued on the financial statements
of the Borrower or any Subsidiary in accordance with FASB ASC 715.


 


(iii)            Except
as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (i) no ERISA Event has
occurred or is expected to occur; (ii) there are no pending, or to the best knowledge of the Borrower, threatened, claims, actions
or lawsuits or other action against the Borrower by any Governmental Authority, plan participant or beneficiary with respect to a Benefit
Arrangement; (iii) there are no violations of the fiduciary responsibility rules by the Borrower or, to the knowledge of the
Borrower, any other fiduciary with respect to any Benefit Arrangement; and (iv) no member of the ERISA Group has engaged in a non-exempt
 “prohibited transaction,” as defined in Section 406 of ERISA and Section 4975 of the Internal Revenue Code, in
connection with any Plan, that would reasonably be expected to subject any member of the Borrower or such Subsidiary to a tax on prohibited
transactions imposed by Section 502(i) of ERISA or an excise tax imposed by Section 4975 of the Internal Revenue Code.


 


(n)            Absence
of Defaults. None of the Loan Parties is in default under its certificate or articles of incorporation or formation, bylaws, partnership
agreement, limited liability company agreement or other similar organizational documents, and no event has occurred, which has not been
remedied, cured or waived: (i) which constitutes a Default or an Event of Default; or (ii) which constitutes, or which with
the passage of time, the giving of notice, or both, would constitute, a default or event of default by, any Loan Party or any other Subsidiary
under any agreement (other than this Agreement but, with respect to each Subsidiary of the Borrower, including its articles of incorporation
or formation, bylaws, partnership agreement, limited liability company agreement or other similar organizational documents) or judgment,
decree or order to which any such Person is a party or by which any such Person or any of its respective properties may be bound where
such default or event of default could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.


 






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(o)            Environmental
Laws. In the ordinary course of business, and from time to time, each of the Borrower, each other Loan Party and each other Subsidiary
conducts reviews of the effect of Environmental Laws on its respective business, operations and properties. Each of the Borrower, each
other Loan Party and each other Subsidiary: (i) is in compliance with all Environmental Laws applicable to its business, operations
and the Properties, (ii) has obtained all Governmental Approvals which are required under Environmental Laws, and each such Governmental
Approval is in full force and effect, and (iii) is in compliance with all terms and conditions of such Governmental Approvals, where
with respect to each of the immediately preceding clauses (i) through (iii) the failure to obtain or to comply with could reasonably
be expected to have a Material Adverse Effect. Except for any of the following matters that could not reasonably be expected to have
a Material Adverse Effect, no Loan Party has any knowledge of, or has received notice of, any past, present, or pending releases, events,
conditions, circumstances, activities, practices, incidents, facts, occurrences, actions, or plans that, with respect to any Loan Party
or any other Subsidiary, their respective businesses, operations or with respect to the Properties, may: (x) cause or contribute
to an actual or alleged violation of or noncompliance with Environmental Laws, (y) cause or contribute to any other potential common-law
or legal claim or other liability, or (z) cause any of the Properties to become subject to any restrictions on ownership, occupancy,
use or transferability under any Environmental Law or require the filing or recording of any notice, approval or disclosure document
under any Environmental Law and, with respect to the immediately preceding clauses (x) through (z) is based on or related
to the on-site or off-site manufacture, generation, processing, distribution, use, treatment, storage, disposal, transport, removal,
clean up or handling, or the emission, discharge, release or threatened release of any wastes or Hazardous Material, or any other requirement
under Environmental Law. There is no civil, criminal, or administrative action, suit, demand, claim, hearing, notice, or demand letter,
mandate, order, lien, request, investigation, or proceeding pending or, to the Borrower’s knowledge, threatened, against the Borrower,
any other Loan Party or any other Subsidiary relating in any way to Environmental Laws which, reasonably could be expected to have a
Material Adverse Effect. None of the Properties is listed on or proposed for listing on the National Priority List promulgated pursuant
to the Comprehensive Environmental Response, Compensation and Liability Act of 1980 and its implementing regulations, or any state or
local priority list promulgated pursuant to any analogous state or local law, except to the extent all such listings taken together could
not reasonably be expected to result in a Material Adverse Effect. To the Borrower’s knowledge, no Hazardous Materials generated
at or transported from the Properties are or have been transported to, or disposed of at, any location that is listed or proposed for
listing on the National Priority List or any analogous state or local priority list, or any other location that is or has been the subject
of a clean-up, removal or remedial action pursuant to any Environmental Law, except to the extent that such transportation or disposal
could not reasonably be expected to result in a Material Adverse Effect.


 


(p)            Investment
Company. None of the Borrower, any other Loan Party or any other 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.


 


(q)            Margin
Stock. None of the Borrower, any other Loan Party or any other Subsidiary is engaged principally, or as one of its important activities,
in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock”
within the meaning of Regulation U of the Board of Governors of the Federal Reserve System.


 






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(r)            Affiliate
Transactions. As of the Revolving Credit Agreement Date, except as set forth on Schedule 7.1.(r), and as permitted by Section 10.8.,
none of the Borrower, any other Loan Party or any other Subsidiary is a party to or bound by any agreement or arrangement with any Affiliate.


 


(s)            Intellectual
Property. Except for such instances as would not, individually or in the aggregate, have a Material Adverse Effect: (1) each
of the Loan Parties and each other Subsidiary owns or has the right to use, under valid license agreements or otherwise, all patents,
licenses, franchises, trademarks, trademark rights, service marks, service mark rights, trade names, trade name rights, trade secrets
and copyrights (collectively, “Intellectual Property”) necessary to the conduct of its businesses, without known conflict
with any patent, license, franchise, trademark, trademark right, service mark, service mark right, trade secret, trade name, copyright,
or other proprietary right of any other Person; (2) all such Intellectual Property is fully protected and/or duly and properly registered,
filed or issued in the appropriate office and jurisdictions for such registrations, filing or issuances and (3) no claim has been
asserted by any Person with respect to the use of any such Intellectual Property by the Borrower, any other Loan Party or any other Subsidiary,
or challenging or questioning the validity or effectiveness of any such Intellectual Property.


 


(t)            Business.
As of the Agreement Date, the Borrower, the other Loan Parties and the other Subsidiaries are engaged primarily in the business of owning,
funding the development of, operating, buying, selling and managing completed commercial properties leased to third party tenants principally,
but not exclusively, on a net lease basis, together with other business activities incidental thereto.


 


(u)            Broker’s
Fees. No broker’s or finder’s fee, commission or similar compensation will be payable with respect to the transactions
contemplated hereby. Except for Fees payable pursuant to the Fee Letter, no other similar fees or commissions will be payable by any
Loan Party for any other services rendered to the Borrower, any other Loan Party or any other Subsidiary ancillary to the transactions
contemplated hereby.


 


(v)            Accuracy
and Completeness of Information. All written information, reports and other papers and data (other than financial projections and
other forward looking statements and general economic and general industry data) furnished to the Administrative Agent or any Lender
by, on behalf of, or at the direction of, the Borrower, any other Loan Party or any other Subsidiary, in connection with the negotiation,
preparation or execution of this Agreement or delivered hereunder from time to time, when delivered and taken as a whole, together with
the information publicly filed by the Borrower or its Subsidiaries with the SEC does not, taken as a whole, contain any material misstatement
of fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading, or, in the case of financial statements, present fairly, in accordance with GAAP consistently applied throughout
the periods involved, the financial position of the Persons involved as at the date thereof and the results of operations for such periods
(subject, as to interim statements, to changes resulting from normal year end audit adjustments and absence of full footnote disclosure).
All financial projections and other forward looking statements prepared by or on behalf of the Borrower, any other Loan Party or any
other Subsidiary that have been or may hereafter be made available to the Administrative Agent or any Lender by or on behalf of the Borrower,
any other Loan Party or any other Subsidiary in connection with this Agreement (including the syndication, negotiation, preparation and
execution thereof) were or will be prepared in good faith based upon assumptions believed to be reasonable at the time made (it being
understood that projections are subject to significant uncertainties and contingencies, many of which are beyond the Borrower’s
control, that no assurance can be given that any particular projections will be realized and that actual results during the period or
periods covered by any such information may differ significantly from the forecasted, estimated, pro forma, project or anticipated results
and assumptions, and such differences may be material).


 






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(w)            Unencumbered
Assets. Each of the Properties included in calculations of Unencumbered Asset Value qualifies as an Unencumbered Asset and is included
as an “Unencumbered Asset” under the Revolving Credit Agreement.


 


(x)            Not
Plan Assets; No Prohibited Transactions. None of the assets of the Borrower, any other Loan Party or any other Subsidiary constitutes
 “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder.
Assuming that no Lender funds any amount payable by it hereunder with “plan assets,” as that term is defined in 29 C.F.R.
2510.3-101, the execution, delivery and performance of this Agreement and the other Loan Documents, and the extensions of credit and
repayment of amounts hereunder, do not and will not constitute “prohibited transactions” under ERISA or the Internal Revenue
Code.


 


(y)            Anti-Corruption
Laws; Anti-Money Laundering Laws and Sanctions.


 


(i)            None
of (1) the Borrower or any Subsidiary, any of their respective directors, officers, or, to the knowledge of the Borrower, such other
Loan Party or such other Subsidiary, any of their respective employees or Affiliates, or (2) to the knowledge of the Borrower, any
agent or representative of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the Credit
Facility, (A) is a Sanctioned Person or currently the subject or target of any Sanctions, (B) is acting on behalf of a Sanctioned
Person, (C) has its assets located in a Sanctioned Country, (D) is under administrative, civil or criminal investigation for
an alleged violation of, or received notice from any governmental entity regarding a possible violation of, Anti-Corruption Laws, Anti-Money
Laundering Laws or Sanctions by a governmental authority that enforces Sanctions or any Anti-Corruption Laws or Anti-Money Laundering
Laws, or (E) directly or knowingly indirectly derives revenues from investments in, or transactions with, Sanctioned Persons in
violation of applicable Sanctions.


 


(ii)            Each
of the Borrower and its Subsidiaries has implemented and maintains in effect policies and procedures reasonably designed to ensure compliance
by the Borrower and its Subsidiaries and their respective directors, officers, employees, agents and controlled Affiliates with all applicable
Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.


 


(iii)            Each
of the Borrower and its Subsidiaries, each director, officer, and to the knowledge of Borrower, employee, agent and Affiliate of the
Borrower and each such Subsidiary, is in compliance with all Anti-Corruption Laws, Anti-Money Laundering Laws in all material respects
and applicable Sanctions.


 


(iv)            No
proceeds of any Loans or other extensions of credit hereunder have been used, directly or indirectly, by the Borrower, any of its Subsidiaries
or any of its or their respective directors, officers, employees and agents in violation of Section 8.8.


 


(z)            REIT
Status. The Borrower qualifies as, and has elected to be treated as, a REIT.


 


(aa)     Affected
Financial Institution. None of the Borrower, any other Loan Party or any other Subsidiary is an Affected Financial Institution.


 


(bb)     Beneficial
Ownership Certification. As of the Effective Date, the information included in the Beneficial Ownership Certification, if delivered,
is true and correct in all respects.


 






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Section 7.2.     Survival
of Representations and Warranties, Etc.. All representations and warranties made under this
Agreement and the other Loan Documents shall be deemed to be made at and as of the Agreement Date, the Effective Date, the date on which
any extension of the Maturity Date of any Class is effectuated pursuant to Section 2.14., the date on which any Commitment
Increase is effectuated pursuant to Section 2.17., and at and as of the date of the occurrence of each Credit Event, except to the
extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties
shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality,
in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except
for changes in factual circumstances specifically and expressly permitted hereunder or as waived or consented to by the applicable Lenders
in accordance with Section 13.6. All such representations and warranties shall survive the effectiveness of this Agreement, the
execution and delivery of the Loan Documents and the making of the Loans.


 


Article VIII.
Affirmative Covenants


 


For so long as this Agreement
is in effect, the Borrower shall comply with the following covenants:


 


Section 8.1.     Preservation
of Existence and Similar Matters. Except as otherwise permitted under Section 10.4., the
Borrower shall, and shall cause each other Loan Party and each other Subsidiary to (i) preserve and maintain its respective existence,
rights, franchises, licenses and privileges in the jurisdiction of its incorporation or formation and (ii) qualify and remain qualified
and authorized to do business in each jurisdiction in which the character of its properties or the nature of its business requires such
qualification and authorization except in the case of clauses (i) (other than with respect to the Borrower and any other Loan Party)
and (ii) where the failure to preserve and maintain its respective existence, rights, franchises licenses and privileges or to be
so authorized and qualified could not reasonably be expected to have a Material Adverse Effect.


 


Section 8.2.     Compliance
with Applicable Law. The Borrower shall comply, and shall cause each other Loan Party and each
other Subsidiary to comply, and the Borrower shall use, and shall cause each other Loan Party and each other Subsidiary to use, commercially
reasonable efforts to cause all other Persons occupying, using or present on the Properties to comply, with all Applicable Law,
including the obtaining of all Governmental Approvals, the failure with which to comply or obtain could reasonably be expected to have
a Material Adverse Effect.


 


Section 8.3.     Maintenance
of Property. In addition to the requirements of any of the other Loan Documents and except as
may otherwise be expressly permitted herein, the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to,
protect and preserve all of its respective material properties, including, but not limited to, all material Intellectual Property necessary
to the conduct of its respective business, and maintain in good repair, working order and condition all tangible properties, ordinary
wear and tear excepted.


 


Section 8.4.     Conduct
of Business. The Borrower shall, and shall cause each other Loan Party and each other Subsidiary
to, carry on its respective businesses as described in Section 7.1.(t).


 


Section 8.5.     Insurance.
The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, maintain insurance (on a replacement cost
basis) with financially sound and reputable insurance companies against such risks and in such amounts as is customarily maintained by
Persons engaged in similar businesses or as may be required by Applicable Law. The Borrower shall from time to time deliver to the Administrative
Agent upon request a detailed list, together with copies of all policies of the insurance then in effect, stating the names of the insurance
companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby.


 






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Section 8.6.     Payment
of Taxes and Claims. The Borrower shall, and shall cause each other Loan Party and each other
Subsidiary to, pay and discharge when due (a) all taxes, assessments and governmental charges or levies imposed upon it or upon
its income or profits or upon any properties belonging to it, and (b) all lawful claims of materialmen, mechanics, carriers, warehousemen
and landlords for labor, materials, supplies and rentals which, if unpaid, might become a Lien (other than a Lien not resulting in an
Event of Default under Section 11.1.(h)) on any properties of such Person; provided, however, that this Section shall
not require the payment or discharge of any such tax, assessment, charge, levy or claim which is being contested in good faith by appropriate
proceedings which operate to suspend the collection thereof and for which adequate reserves have been established on the books of such
Person in accordance with GAAP to the extent required by GAAP.


 


Section 8.7.     Books
and Records; Inspections. The Borrower shall, and shall cause each other Loan Party and each
other Subsidiary to, keep proper books of record and account in which full, true and correct entries shall be made of all dealings and
transactions in relation to its business and activities. The Borrower shall, and shall cause each other Loan Party and each other Subsidiary
to, permit representatives of the Administrative Agent or any Lender to visit and inspect any of their respective properties, to examine
and make abstracts from any of their respective books and records and to discuss their respective affairs, finances and accounts with
their respective officers, employees and independent public accountants (in the presence of an officer of the Borrower), all at such
reasonable times during business hours and as often as may reasonably be requested and so long as no Event of Default exists, with reasonable
prior notice. The Borrower shall be obligated to reimburse the Administrative Agent and the Lenders for their reasonable costs and expenses
incurred in connection with the exercise of their rights under this Section only if such exercise occurs while a Default or Event
of Default exists. The Borrower hereby authorizes and instructs its accountants to discuss the financial affairs of the Borrower, any
other Loan Party or any other Subsidiary with the Administrative Agent or any Lender in accordance with the terms of this Section.


 


Section 8.8.     Use
of Proceeds. The Borrower will use the proceeds of Loans only (a) for the payment of pre-development
and development costs incurred in connection with Properties owned by the Borrower or any Subsidiary; (b) to finance acquisitions
and equity and debt investments otherwise permitted under this Agreement; (c) to finance capital expenditures and the repayment
of Indebtedness of the Borrower and its Subsidiaries (including scheduled amortization payments on Indebtedness); and (d) to provide
for the general working capital needs of the Borrower and its Subsidiaries and for other general corporate purposes of the Borrower and
its Subsidiaries (including dividends, distributions and stock repurchases otherwise permitted under this Agreement). The Borrower shall
not, and shall not permit any other Loan Party or any other Subsidiary to, use any part of such proceeds, to purchase or carry, or to
reduce or retire or refinance any credit incurred to purchase or carry, any margin stock (within the meaning of Regulation U or
Regulation X of the Board of Governors of the Federal Reserve System) or to extend credit to others for the purpose of purchasing
or carrying any such margin stock; provided, however that, to the extent not otherwise prohibited by this Agreement or
the other Loan Documents, the Borrower may use proceeds of the Loans to purchase outstanding shares of its common stock and Preferred
Stock (to the extent such payments are permitted by Section 10.1.(c)) so long as such use will not result in any of the Loans or
other Obligations being considered to be “purpose credit” directly or indirectly secured by margin stock within the meaning
of Regulation U or Regulation X of the Board of Governors of the Federal Reserve System. The Borrower will not request any Loan, and
the Borrower shall not use, and shall ensure that its Subsidiaries and its or their respective directors, officers, employees and agents
shall not use, the proceeds of any Loan, directly or to the Borrower’s knowledge indirectly, (i) in furtherance of an offer,
payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of
any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of
or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of any Sanctions
applicable to any party hereto.


 






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Section 8.9.     Environmental
Matters. The Borrower shall, and shall cause each other Loan Party and each other Subsidiary
to, comply with, and to include within all leases relating to any Property for which the Borrower, any other Loan Party or other Subsidiary
is the lessor terms requiring their respective tenants to comply with, all Environmental Laws the failure with which to comply could
reasonably be expected to have a Material Adverse Effect. The Borrower shall comply, and shall cause each other Loan Party and each other
Subsidiary to comply, and the Borrower shall use, and shall cause each other Loan Party and each other Subsidiary to use, commercially
reasonable efforts to cause all other Persons occupying, using or present on the Properties to comply, with all Environmental Laws in
all material respects. The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, promptly take all actions
and pay or arrange to pay all costs necessary for it and for the Properties to comply in all material respects with all Environmental
Laws and all Governmental Approvals, including actions to remove and dispose of all Hazardous Materials and to clean up the Properties
as required under Environmental Laws. The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, promptly
take all actions necessary to prevent the imposition of any Liens on any of their respective properties arising out of or related to
any Environmental Laws to the extent such Liens could reasonably be expected to have a Material Adverse Effect. Nothing in this Section shall
impose any obligation or liability whatsoever on the Administrative Agent or any Lender.


 


Section 8.10.     Further
Assurances. At the Borrower’s cost and expense and upon request of the Administrative
Agent, the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, duly execute and deliver or cause to be
duly executed and delivered, to the Administrative Agent such further instruments, documents and certificates, and do and cause to be
done such further acts that may be reasonably necessary or advisable in the reasonable opinion of the Administrative Agent to carry out
more effectively the provisions and purposes of this Agreement and the other Loan Documents.


 


Section 8.11.     [Reserved].


 


Section 8.12.     REIT
Status. The Borrower shall maintain its status as, and election to be treated as, a REIT under
the Internal Revenue Code.


 


Section 8.13.     Exchange
Listing. The Borrower shall maintain at least one class of common shares of the Borrower listed
on the New York Stock Exchange.


 


Section 8.14.     Guarantors.


 


(a)            Requirements
to Become a Guarantor. As soon as available, and in any event within 30 days (or such later date as agreed by the Administrative
Agent) of the date on which a Subsidiary Guarantees, or otherwise becomes obligated in respect of, any Indebtedness of the Borrower or
of any other Subsidiary (other than (x) Indebtedness owed by such Subsidiary to the Borrower or a Guarantor or (y) Indebtedness
(other than Indebtedness described in the immediately preceding clause (x)) in an aggregate amount for any individual Subsidiary not
in excess of $50,000,000 at any time outstanding (such Indebtedness “Designated Non-Guarantor Indebtedness”); provided
such exception shall not apply to the extent that the aggregate amount of Designated Non-Guarantor Indebtedness of all Subsidiaries which
are not Guarantors exceeds $100,000,000 in the aggregate), the Borrower shall deliver to the Administrative Agent each of the following
in form and substance satisfactory to the Administrative Agent: (i) an Accession Agreement executed by such Subsidiary and (ii) the
items that would have been delivered under subsections (iii) through (vii) of Section 6.1.(a) and under Section 6.1.(e) if
such Subsidiary had been required to become a Guarantor on the Agreement Date; provided, that (x) the foregoing requirement
to become a Guarantor shall not apply to Guaranties (A) by Excluded Subsidiaries of Indebtedness of Excluded Subsidiaries or (B) of
exceptions to non-recourse liability described in the definition of “Nonrecourse Indebtedness”, (y) a Foreign Subsidiary
that only Guarantees, or otherwise becomes obligated in respect of, Indebtedness for which it is the direct borrower or issuer or
Indebtedness of another Foreign Subsidiary shall not be required to become a Guarantor under this Section 8.14 and (z) a Restricted
JV Subsidiary that only Guarantees, or otherwise becomes obligated in respect of, Indebtedness for which it is the direct borrower
or issuer or Indebtedness of another Restricted JV Subsidiary shall not be required to become a Guarantor under this Section 8.14.
In addition, the Borrower shall be permitted, in its sole discretion, to cause any Subsidiary to become a Guarantor at any time by delivering
to the Administrative Agent each of the following in form and substance satisfactory to the Administrative Agent: (i) an Accession
Agreement executed by such Subsidiary and (ii) the items that would have been delivered under subsections (iii) through
(vii) of Section 6.1.(a) and under Section 6.1.(e) if such Subsidiary had been required to become a Guarantor
on the Agreement Date. Notwithstanding the foregoing, (A) none of Crest Net Lease, Inc., its Deemed Taxable REIT Subsidiaries,
ARCT TRS Corp. or its Deemed Taxable REIT Subsidiaries shall be required to become Guarantors and (B) upon written notice from the
Borrower to the Administrative Agent and the Lenders, the Borrower may designate up to eight Taxable REIT Subsidiaries (in addition to
Crest Net Lease, Inc. and ARCT TRS Corp.) that shall not, and whose Deemed Taxable REIT Subsidiaries shall not, be required to become
Guarantors.


 






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(b)            Release
of Guarantors. The Borrower may request in writing that the Administrative Agent release, and upon receipt of such request the Administrative
Agent shall release, a Guarantor from the Guaranty so long as: (i)(A) such Guarantor is not, or simultaneously with its release
from the Guaranty will not be, required to be a party to the Guaranty under the immediately preceding subsection (a) or (B) such
Guarantor has ceased to be, or simultaneously with its release from the Guaranty will cease to be, a Subsidiary; (ii) no Default
or Event of Default shall then be in existence or would occur as a result of such release; (iii) the representations and warranties
made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and
correct in all material respects (except to the extent otherwise qualified by materiality, in which case such representation or warranty
shall be true and correct in all respects) on and as of the date of such release with the same force and effect as if made on and as
of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case
such representations and warranties shall have been true and correct in all material respects (except to the extent otherwise qualified
by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier
date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents or waived or consented
to by the applicable Lenders in accordance with the provisions of Section 13.6.; and (iv) the Administrative Agent shall have
received such written request at least 10 Business Days (or such shorter period as may be acceptable to the Administrative Agent)
prior to the requested date of release. Delivery by the Borrower to the Administrative Agent of any such request shall constitute a representation
by the Borrower that the matters set forth in the preceding sentence (both as of the date of the giving of such request and as of the
date of the effectiveness of such request) are true and correct with respect to such request.


 


Article IX.
Information


 


For so long as this Agreement
is in effect, the Borrower shall furnish to the Administrative Agent for distribution to each of the Lenders:


 


Section 9.1.     Quarterly
Financial Statements. As soon as available and in any event within 5 Business Days after the
same is filed with the SEC (but in no event later than 45 days after the end of each of the first, second and third fiscal quarters of
the Borrower commencing with the fiscal quarter ending March 31, 2023), the unaudited consolidated balance sheet of the Borrower
and its Subsidiaries as at the end of such period and the related unaudited consolidated statements of income and cash flows of the Borrower
and its Subsidiaries for such period, setting forth in each case in comparative form the figures as of the end of and for the corresponding
periods of the previous fiscal year, all of which shall be certified by the chief financial officer of the Borrower, in his or her opinion,
to present fairly, in accordance with GAAP and in all material respects, the consolidated financial position of the Borrower and its
Subsidiaries as at the date thereof and the results of operations for such period (subject to normal year-end audit adjustments and the
absence of footnotes).


 






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Section 9.2.     Year-End
Statements. As soon as available and in any event within 5 Business Days after the same is filed
with the SEC (but in no event later than 75 days after the end of each fiscal year of the Borrower), the audited consolidated balance
sheet of the Borrower and its Subsidiaries as at the end of such fiscal year and the related audited consolidated statements of income,
equity and cash flows of the Borrower and its Subsidiaries for such fiscal year, setting forth in comparative form the figures as at
the end of and for the previous fiscal year, all of which shall be (a) certified by the chief financial officer of the Borrower,
in his or her opinion, to present fairly, in accordance with GAAP and in all material respects, the financial position of the Borrower
and its Subsidiaries as at the date thereof and the result of operations for such period and (b) accompanied by the report thereon
of KPMG LLP or any other independent certified public accountants of recognized national standing whose report shall not be subject to
any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit (other
than due to the pending maturity of any Indebtedness within 12 months) and who shall have authorized the Borrower to deliver such financial
statements and report to the Administrative Agent and the Lenders pursuant to this Agreement.


 


Section 9.3.     Compliance
Certificate. At the time the financial statements are furnished pursuant to Sections 9.1.
and 9.2., a certificate substantially in the form of Exhibit K (a “Compliance Certificate”) executed on behalf
of the Borrower by the Chief Financial Officer, Controller or Head of Corporate Finance of the Borrower (a) setting forth in reasonable
detail as of the end of such fiscal quarter or fiscal year, as the case may be, the calculations required to establish whether the Borrower
was in compliance with the covenants contained in Section 10.1.; and (b) stating that no Default or Event of Default exists,
or, if such is not the case, specifying such Default or Event of Default and its nature, when it occurred and the steps being taken by
the Borrower with respect to such event, condition or failure.


 


Section 9.4.     Other
Information.


 


(a)            Promptly
upon receipt thereof, copies of all reports, if any, submitted to the Borrower or its Board of Directors by its independent public accountants
including, without limitation, any management report;


 


(b)            Within
5 Business Days of the filing thereof, copies of all registration statements (excluding the exhibits thereto (unless requested by
the Administrative Agent) and any registration statements on Form S-8 or its equivalent), reports on Forms 10-K, 10-Q and 8-K (or
their equivalents) and all other periodic reports which any Loan Party or any other Subsidiary shall file with the SEC or any national
securities exchange;


 


(c)            Promptly
upon the mailing thereof to the shareholders of the Borrower generally, copies of all financial statements, reports and proxy statements
so mailed and promptly upon the issuance thereof copies of all material press releases issued by the Borrower, any Subsidiary or any
other Loan Party;


 


(d)            [reserved];


 


(e)            No
later than 90 days after the end of each fiscal year of the Borrower ending prior to the Maturity Date, projected balance sheets, operating
statements and cash flow budgets of the Borrower and its Subsidiaries on a consolidated basis for each quarter of the next succeeding
fiscal year, all itemized in reasonable detail. The foregoing shall be accompanied by pro forma calculations, together with detailed
assumptions, required to establish whether or not the Borrower, and when appropriate its consolidated Subsidiaries, will be in compliance
with the covenants contained in Section 10.1. at the end of each fiscal quarter of the next succeeding fiscal year;


 






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(f)            If
any ERISA Event shall occur that individually, or together with any other ERISA Event that has occurred, could reasonably be expected
to have a Material Adverse Effect, a certificate of the Chief Financial Officer, Controller or Head of Corporate Finance of the Borrower
setting forth details as to such occurrence and the action, if any, which the Borrower or applicable member of the ERISA Group is required
or proposes to take;


 


(g)            To
the extent any Loan Party or any other Subsidiary is aware of the same, prompt notice of the commencement of any proceeding or investigation
by or before any Governmental Authority and any action or proceeding in any court or other tribunal or before any arbitrator against
or in any other way relating adversely to, or adversely affecting, any Loan Party or any other Subsidiary or any of their respective
properties, assets or businesses which, if determined or resolved adversely to such Person, could reasonably be expected to have a Material
Adverse Effect;


 


(h)            [Reserved];


 


(i)            Prompt
notice of any change in the business, assets, liabilities, financial condition or results of operations of any Loan Party or any
other Subsidiary which has had, or could reasonably be expected to have, a Material Adverse Effect;


 


(j)            Prompt
notice of the occurrence of any Default or Event of Default;


 


(k)            Promptly
upon entering into any Material Contract after the Agreement Date, a copy of such Material Contract and prompt notice of any event constituting
a breach of a Material Contract by the Borrower, any other Loan Party or any other Subsidiary, which breach (with the passage of time,
the giving of notice, or otherwise), would permit a counterparty to such Material Contract to terminate such Material Contract;


 


(l)            Prompt
notice of any order, judgment or decree having been entered against any Loan Party or any other Subsidiary or any of their respective
properties or assets which has had, or could reasonably be expected to have, a Material Adverse Effect;


 


(m)            Prompt
notice of any written notification of a violation of any Applicable Law or any inquiry shall have been received by any Loan Party or
any other Subsidiary from any Governmental Authority which has had, or could reasonably be expected to have, a Material Adverse Effect;


 


(n)            [Reserved];


 


(o)            [Reserved];


 


(p)            Promptly,
upon the Borrower becoming aware of any change in the Credit Rating, a certificate stating that the Borrower’s Credit Rating has
changed and the new Credit Rating that is in effect;


 


(q)            Promptly,
upon each request, information identifying the Borrower as a Lender may request in order to comply with applicable “know your customer”
and Anti-Money Laundering Laws, including without limitation, the Patriot Act; and


 






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(r)            From
time to time and promptly upon each request, such data, certificates, reports, statements, documents or further information regarding
any Property or the business, assets, liabilities, financial condition, results of operations or business prospects of the Borrower,
any of its Subsidiaries, or any other Loan Party as the Administrative Agent or any Lender through the Administrative Agent may reasonably
request.


 


Section 9.5.     Electronic
Delivery of Certain Information.


 


(a)            Documents
required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the Internet,
e-mail, the SEC’s EDGAR website 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 or the Borrower) provided that the foregoing
shall not apply to (i) notices to any Lender pursuant to Article II. (which delivery is covered by subsection (b) below)
and (ii) any Lender that has notified the Administrative Agent and the Borrower that it cannot or does not want to receive electronic
communications. 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 24 hours after the date and time on which the Administrative
Agent or the Borrower posts such documents or the documents become available on a commercial website or the SEC’s EDGAR website
and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto; provided, (x) no such
notice or link shall be required for any document posted or that becomes publicly available on the SEC’s EDGAR website, (y) if
such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting date and time
shall be deemed to have commenced as of 9:00 a.m. Pacific time on the opening of business on the next business day for the recipient
and (z) if the deemed time of delivery occurs on a day that is not a business day for the recipient, the deemed time of delivery
shall be 9:00 a.m. Pacific time on the next business day of the recipient. Notwithstanding anything contained herein, the Borrower
shall deliver paper copies (which for the avoidance of doubt may be delivered by facsimile) of any documents to the Administrative Agent
or to any Lender that requests in writing such paper copies until a written request to cease delivering paper copies is given by the
Administrative Agent or such Lender. 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. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining
its paper or electronic documents.


 


(b)            Notwithstanding
anything to the contrary in the foregoing subsection (a) and for the avoidance of doubt, (i) any documents required to be delivered
by any Loan Party pursuant to the Loan Documents may be delivered by electronic means described above, and for all purposes hereunder,
including delivery of information required under Article IX., electronic delivery of such documents by any such Loan Party to the
Administrative Agent and the Lenders shall be deemed effective (I) when such documents are delivered to the Administrative Agent
and such Loan Party receives an acknowledgement from the Administrative Agent (such as by the “return receipt requested”
function, as available, return email or other written acknowledgement), (II) if posted on the SEC’s EDGAR website as described
in subsection (a) above, when such documents are posted or become publicly available on the SEC’s EDGAR website, or (III) if
posted to a website (other than the SEC’s EDGAR website) as described in subsection (a) above, when notice of such posting
is given to the Administrative Agent (which notice may be given electronically and deemed effective in accordance with this subsection);
provided, that, in any event, any documents or notices delivered electronically pursuant to this subsection shall be deemed delivered
24 hours after the Borrower (x) delivers such documents to the Administrative Agent, (y) in the case of clause (II) immediately
above, posts such documents on the SEC’s EDGAR website or (z) in the case of clause (III) immediately above, posts such
notice electronically to the Administrative Agent; provided, further, however, that (x)  if such documents
are not delivered, posted or, in the case of clause (III) immediately above, such notice of posting of documents to such a website
is not sent during normal business hours of the Administrative Agent, such documents or notice shall be deemed to have been sent at the
opening of the next Business Day of the Administrative Agent and (y) if the deemed time of delivery occurs on a day that is not
a Business Day, the deemed time of delivery shall be 9:00 a.m. Pacific time on the next Business Day; and (ii) documents required
to be delivered pursuant to Article II. may be delivered electronically to a website provided for such purpose by the Administrative
Agent pursuant to procedures provided to the Borrower by the Administrative Agent.


 






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Section 9.6.     Public/Private
Information. The Borrower shall cooperate with the reasonable requests of the Administrative
Agent in connection with the publication of certain materials and/or information provided by or on behalf of the Borrower. Documents
required to be delivered pursuant to the Loan Documents shall be delivered by or on behalf of the Borrower to the Administrative Agent
and the Lenders (collectively, “Information Materials”) pursuant to this Article and the Borrower shall designate
Information Materials (a) that are either available to the public or not material with respect to the Borrower and its Subsidiaries
or any of their respective securities for purposes of United States federal and state securities laws, as “Public Information”
and (b) that are not Public Information as “Private Information”.


 


Section 9.7.     USA
Patriot Act Notice; Compliance. The Patriot Act and federal regulations issued with respect
thereto require all financial institutions to obtain, verify and record certain information that identifies individuals or business entities
which open an “account” with such financial institution. Consequently, a Lender (for itself and/or as a non-fiduciary agent
for all Lenders hereunder) may from time-to-time request, and the Borrower shall, and shall cause the other Loan Parties to, provide
promptly upon any such reasonable request to such Lender, such Loan Party’s name, address, tax identification number and/or such
other identification information as shall be necessary for such Lender to comply with federal law. An “account” for this
purpose may include, without limitation, a deposit account, cash management service, a transaction or asset account, a credit account,
a loan or other extension of credit, and/or other financial services product.


 


Section 9.8.     Compliance
with Anti-Corruption Laws; Beneficial Ownership Regulation, Anti-Money Laundering Laws and Sanctions.
The Borrower will (a) maintain in effect and enforce policies and procedures reasonably designed to ensure compliance by
the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with all applicable Anti-Corruption Laws,
Anti-Money Laundering Laws and Sanctions, (b) notify the Administrative Agent and each Lender that previously received a Beneficial
Ownership Certification of any change in the information provided in the Beneficial Ownership Certification that would result in a change
to the list of beneficial owners identified therein and (c) promptly upon the reasonable request of the Administrative Agent or
any Lender, provide the Administrative Agent or such Lender, as the case may be, any information or documentation reasonably requested
by it for purposes of complying with the Beneficial Ownership Regulation.


 


Article X.
Negative Covenants


 


For so long as this Agreement
is in effect, the Borrower shall comply with the following covenants:


 


Section 10.1.     Financial
Covenants.


 


(a)            Ratio
of Total Liabilities to Gross Asset Value. Except as provided in this subsection (a) below, the Borrower shall not permit the
ratio of (i) Total Liabilities of the Borrower and its Subsidiaries determined on a consolidated basis to (ii) Gross Asset
Value of the Borrower and its Subsidiaries determined on a consolidated basis to exceed 0.60 to 1.00 at the end of any fiscal quarter
of the Borrower. For purposes of calculating this ratio, (A) Total Liabilities shall be adjusted by deducting therefrom an amount
equal to the lesser of (x) unrestricted cash and Cash Equivalents of the Borrower and its Subsidiaries as of the date of determination
in excess of $30,000,000 and (y) the amount of Total Liabilities that matures on or before the date that is 24 months from the date
of the calculation and (B) Gross Asset Value shall be adjusted by deducting therefrom the amount by which Total Liabilities is adjusted
under the immediately preceding clause (A). Notwithstanding the foregoing, the Borrower shall have the option, exercisable two times
during the term of this Agreement, to elect that the ratio of Total Liabilities to Gross Asset Value may exceed 0.60 to 1.00 for any
fiscal quarter in which the Borrower completes a Material Acquisition and the immediately subsequent three fiscal quarters so long as
(1) the Borrower has delivered a written notice to the Administrative Agent that the Borrower is exercising its option under this
subsection (a) and (2) the ratio of Total Liabilities to Gross Asset Value does not exceed 0.65 to 1.00 at the end of
the fiscal quarter for which such election has been made and the immediately subsequent three fiscal quarters.


 






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(b)            Ratio
of EBITDA to Fixed Charges. The Borrower shall not permit, for any period of four consecutive fiscal quarters, the ratio of (i) EBITDA
of the Borrower and its Subsidiaries determined on a consolidated basis for such period to (ii) Fixed Charges of the Borrower and
its Subsidiaries determined on a consolidated basis for such period, to be less than 1.50 to 1.00 at the end of such fiscal quarter;
provided that such ratio shall be calculated on a pro forma basis on the assumption that (A) any Indebtedness incurred by
the Borrower or any of its Subsidiaries since the first day of such four-quarter period and the application of the proceeds therefrom
(including to refinance other Indebtedness since the first day of such four-quarter period) had occurred on the first day of such period,
(B) the repayment or retirement of any other Indebtedness of the Borrower or any of its Subsidiaries since the first day of such
four-quarter period had occurred on the first day of such period (except that, in making such computation, the amount of Indebtedness
under any revolving credit facility, line of credit or similar facility shall be computed based upon the average daily balance of such
Indebtedness during such period), and (C) in the case of any acquisition or disposition by the Borrower or any Subsidiary of any
asset or group of assets since the first day of such four-quarter period, including, without limitation, by merger, stock purchase or
sale, or asset purchase or sale, such acquisition or disposition had occurred on the first day of such period with the appropriate adjustments
with respect to such acquisition or disposition being included in such pro forma calculation; provided that, notwithstanding the
foregoing, the amount of scheduled principal payments (excluding balloon, bullet or similar payments of principal due upon the stated
maturity of Indebtedness) made that are included in clause (b) of the calculation of Fixed Charges for such period shall be determined
on an actual rather than pro forma basis. If any Indebtedness incurred after the first day of the relevant four-quarter period bears
interest at a floating rate then, for purposes of calculating the Fixed Charges, the interest rate on such Indebtedness shall be computed
on a pro forma basis as if the average interest rate which would have been in effect during the entire such four-quarter period had been
the applicable rate for the entire such period.


 


(c)            Dividends
and Other Restricted Payments. Subject to the following sentence, if an Event of Default exists, the Borrower shall not declare or
make, or incur any liability to make, Restricted Payments during any period of four consecutive fiscal quarters in an aggregate amount
in excess of the greater of (i) the sum of (A) 95% of Adjusted Funds From Operations of the Borrower and its Subsidiaries determined
on a consolidated basis for such period plus (B) the amount of cash distributions made to the holders of the Borrower’s
Preferred Stock for such period and (ii) the minimum amount of cash distributions required to be made by the Borrower to its shareholders
to maintain compliance with Section 8.12. and to avoid the payment of any income or excise taxes imposed under Section 857(b)(1),
857(b)(3) or 4981 of the Internal Revenue Code; provided that the Borrower may repurchase or redeem Preferred Stock with
the net proceeds received by the Borrower from the issuance by the Borrower of Preferred Stock or common stock. If an Event of Default
under Section 11.1.(a), 11.1.(e) or 11.1.(f) shall exist, neither the Borrower nor any Subsidiary (other than Wholly Owned
Subsidiaries) shall directly or indirectly declare or make, or incur any liability to make, any Restricted Payments other than Restricted
Payments described in the immediately preceding clause (ii).


 






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(d)            Ratio
of Secured Indebtedness to Gross Asset Value. The Borrower shall not permit the ratio of (i) the aggregate principal amount
of Secured Indebtedness of the Borrower and its Subsidiaries determined on a consolidated basis to (ii) Gross Asset Value at the
end of any fiscal quarter, to exceed 0.40 to 1.00 as at the end of such fiscal quarter.


 


(e)            Ratio
of Unsecured Indebtedness to Unencumbered Asset Value. Except as provided in this subsection (e) below, the Borrower shall not
permit the ratio of (i) the aggregate principal amount of Unsecured Indebtedness of the Borrower and its Subsidiaries determined
on a consolidated basis to (ii) Unencumbered Asset Value of the Borrower and its Subsidiaries determined on a consolidated basis,
to exceed 0.60 to 1.00 at the end of any fiscal quarter of the Borrower. For purposes of calculating this ratio, (A) Unsecured Indebtedness
shall be adjusted by deducting therefrom an amount equal to the lesser of (x) unrestricted cash and Cash Equivalents of the Borrower
and its Subsidiaries as of the date of determination in excess of $30,000,000 and (y) the amount of Unsecured Indebtedness that
matures on or before the date that is 24 months from the date of the calculation and (B) Unencumbered Asset Value shall be adjusted
by deducting therefrom the amount by which Unsecured Indebtedness is adjusted under the immediately preceding clause (A) (to the
extent such amounts were included in Unencumbered Asset Value). Notwithstanding the foregoing, the Borrower shall have the option, exercisable
two times during the term of this Agreement, to elect that the ratio of Unsecured Indebtedness to Unencumbered Asset Value may exceed
0.60 to 1.00 for any fiscal quarter in which the Borrower completes a Material Acquisition and the immediately subsequent three fiscal
quarters so long as (1) the Borrower has delivered a written notice to the Administrative Agent that the Borrower is exercising
its option under this subsection (b) and (2) the ratio of Unsecured Indebtedness to Unencumbered Asset Value does not
exceed 0.65 to 1.00 at the end of the fiscal quarter for which such election has been made and the immediately subsequent three fiscal
quarters.


 


Section 10.2.     Negative
Pledge. The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary
to, (a) create, assume, incur, or permit or suffer to exist any Lien upon any of the Unencumbered Assets or any direct or indirect
ownership interest of the Borrower in any Subsidiary owning any Unencumbered Asset, other than Permitted Liens or (b) permit any
Unencumbered Asset or any direct or indirect ownership interest of the Borrower in any Subsidiary owning any Unencumbered Asset, to become
subject to a Negative Pledge if immediately prior to the creation, assumption, incurrence or existence of such Lien, or Unencumbered
Asset or ownership interest becoming subject to a Negative Pledge, or immediately thereafter, a Default or Event of Default is or would
be in existence, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained
in Section 10.1.


 


Section 10.3.     Restrictions
on Intercompany Transfers. Other than as expressly set forth in this Agreement, the Borrower
shall not, and shall not permit any other Loan Party or any other Subsidiary (other than an Excluded Subsidiary) to, create or otherwise
cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Subsidiary (other
than an Excluded Subsidiary) to: (a) pay dividends or make any other distribution on any of such Subsidiary’s 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; (c) make loans or advances to the Borrower or any other Subsidiary; or (d) transfer any of its property or assets
to the Borrower or any other Subsidiary; other than (i) with respect to clauses (a) through (d), (1) those encumbrances
or restrictions contained in any Loan Document or existing by reason of Applicable Law, (2) customary restrictions contained in
the organizational documents, or documents governing Unsecured Indebtedness, of any Subsidiary that is not a Wholly Owned Subsidiary
(but only to the extent applicable to the Equity Interest in such Subsidiary or the assets of such Subsidiary) and (3) encumbrances
or restrictions contained in any agreement evidencing Unsecured Indebtedness so long as such encumbrances or restrictions are substantially
similar to, or not more restrictive than, those contained in the Loan Documents or, (ii) with respect to clause (d), (1) customary
provisions restricting assignment of any agreement entered into by the Borrower, any other Loan Party or any other Subsidiary in the
ordinary course of business, (2) restrictions on the ability of any Loan Party or any Subsidiary to transfer, directly or indirectly,
Equity Interests (and beneficial interest therein) in any Excluded Subsidiary pursuant to the terms of any Secured Indebtedness of such
Excluded Subsidiary, (3) customary restrictions on transfer contained in leases applicable only to the property subject to such
lease, (4) restrictions on transfer contained in any agreement relating to the transfer, sale, conveyance or other disposition of
a Subsidiary or the assets of a Subsidiary permitted under this Agreement pending such transfer, sale, conveyance or other disposition;
provided that in any such case, the restrictions apply only to the Subsidiary or the assets that are the subject of such transfer,
sale, conveyance or other disposition, (5) customary non-assignment provisions or other customary restrictions on transfer arising
under licenses and other contracts entered into in the ordinary course of business; provided, that such restrictions are limited
to assets subject to such licenses and contracts and (6) restrictions on transfer contained in any agreement evidencing Secured
Indebtedness secured by a Lien on assets that the Borrower or a Subsidiary may create, incur, assume, or permit or suffer to exist under
this Agreement; provided that in any such case, the restrictions apply only to the assets that are encumbered by such Lien.


 






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Section 10.4.     Merger,
Consolidation, Sales of Assets and Other Arrangements.


 


(a)            The
Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, (i) enter into any transaction of merger
or consolidation or (ii) liquidate, windup or dissolve itself (or suffer any liquidation or dissolution); provided, however,
that, so long as no Default or Event of Default exists, or would result therefrom, (1) the Borrower may merge with any of its Subsidiaries
or any other Person; provided that the Borrower is the continuing or surviving Person, (2) any Subsidiary of the Borrower
may be merged or consolidated with or into any other Subsidiary of the Borrower or another Person; provided that the surviving
or continuing Person is a Subsidiary, and provided further, that (x) if either Subsidiary is a Wholly Owned Subsidiary of the Borrower,
the surviving or continuing Person is a Wholly Owned Subsidiary of the Borrower and (y) if the Borrower is party to any such merger
or consolidation, the Borrower shall be the surviving or continuing Person, (3) a Subsidiary of the Borrower may be merged or consolidated
with or into any other Person in connection with a sale or disposition permitted by Section 10.4.(b) or an Investment permitted
by Section 10.4.(c), and (4) any Subsidiary of the Borrower may dissolve, liquidate or wind up its affairs at any time; provided
that such dissolution, liquidation or winding up under this clause (4), as applicable, would not reasonably be expected to have a
Material Adverse Effect.


 


(b)            The
Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, convey, sell, lease, sublease, transfer or
otherwise dispose of, in one transaction or a series of transactions, all or any substantial part of its business or assets, or the capital
stock of or other Equity Interests in any of its Subsidiaries, whether now owned or hereafter acquired; provided, however,
that, (i) the Borrower or any Subsidiary may sell, transfer, contribute or otherwise dispose of any of its assets to the Borrower
or to any other Subsidiary, (ii) any Subsidiary may convey, sell, transfer or otherwise dispose of, in one transaction or a series
of transactions, all or any substantial part of its business or assets, or the capital stock of or other Equity Interests in any of its
Subsidiaries, and immediately thereafter liquidate; provided that (x) immediately prior to any such conveyance, sale, transfer,
disposition or liquidation and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be
in existence and (y) if the value of the assets to be conveyed, sold, transferred or otherwise disposed of to a Person other than
the Borrower or a Subsidiary exceeds the Substantial Amount, the Borrower shall have delivered to the Administrative Agent and the Lenders
(A) at least 10 Business Days’ prior written notice of such conveyance, sale, transfer, disposition and (B) a Compliance
Certificate, calculated on a pro forma basis, evidencing the continued compliance by the Loan Parties with the terms and conditions of
this Agreement and the other Loan Documents, including without limitation, the financial covenants contained in Section 10.1., after
giving effect to such conveyance, sale, transfer, disposition, (iii) the Borrower and the Subsidiaries may lease and sublease their
respective assets, as lessor or sublessor (as the case may be), in the ordinary course of business and may sell their respective assets
in the ordinary course of business or because such assets have become damaged, worn, obsolete or unnecessary or are no longer used or
useful in their business, (iv) the Borrower and the Subsidiaries may convey, sell, transfer or otherwise dispose of cash and Cash
Equivalents and inventory, fixtures, furnishings and equipment in the ordinary course of business and (v) the Borrower and the Subsidiaries
may make other conveyances, sales, transfers and other dispositions so long as immediately prior thereto, and immediately thereafter
and after giving effect thereto, no Default or Event of Default is or would be in existence, including, without limitation, a Default
or Event of Default resulting from a breach of Section 10.1. and if the value of the assets to be conveyed, sold, transferred or
otherwise disposed of to a Person other than the Borrower or a Subsidiary exceeds the Substantial Amount, the Borrower shall have delivered
to the Administrative Agent and the Lenders (A) at least 10 Business Days’ prior written notice of such conveyance, sale,
transfer, disposition and (B) a Compliance Certificate, calculated on a pro forma basis, evidencing the continued compliance by
the Loan Parties with the terms and conditions of this Agreement and the other Loan Documents, including without limitation, the financial
covenants contained in Section 10.1., after giving effect to such conveyance, sale, transfer, disposition. For the avoidance of
doubt, this Section 10.2.(b) shall not limit any dividend or Restricted Payment not prohibited by Section 10.1.(c).


 






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(c)            The
Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, engage in a transaction in which the Borrower,
any other Loan Party or any other Subsidiary acquires assets of any other Person for an amount exceeding the Substantial Amount, or make
an Investment in an amount exceeding the Substantial Amount in any other Person; provided, however, that: (i) the
Borrower, any other Loan Party and any other Subsidiary may, directly or indirectly, acquire (whether by purchase, acquisition of Equity
Interests of a Person, or as a result of a merger or consolidation) assets for an amount exceeding the Substantial Amount, or make an
Investment in an amount exceeding the Substantial Amount in, any other Person, so long as (x) immediately prior thereto, and immediately
thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence, including, without limitation,
a Default or Event of Default resulting from a breach of Section 10.1. and (y) the Borrower shall have delivered to the Administrative
Agent and the Lenders (A) at least 10 Business Days’ prior written notice of such acquisition or Investments and (B) a
Compliance Certificate, calculated on a pro forma basis, evidencing the continued compliance by the Loan Parties with the terms and conditions
of this Agreement and the other Loan Documents, including without limitation, the financial covenants contained in Section 10.1.,
after giving effect to such acquisition or Investment, (ii) the Borrower, any other Loan Party and any other Subsidiary may make
any acquisition or Investment permitted by Section 10.4.(a) above and (iii) the Borrower, any other Loan Party and any
other Subsidiary may make Investments received in respect of transactions permitted by Section 10.4.(b) above.


 


Section 10.5.     Plans.
The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, permit any of its respective assets
to become or be deemed to be “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations
promulgated thereunder.


 


Section 10.6.     Fiscal
Year. The Borrower shall not, and shall not permit any other Loan Party or other Subsidiary
to, change its fiscal year from that in effect as of the Agreement Date; provided that the fiscal year of any Subsidiary may be changed
to match the fiscal year of the Borrower.


 






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Section 10.7.     Modifications
of Organizational Documents and Material Contracts. The Borrower shall not enter into, and shall
not permit any Subsidiary or other Loan Party to enter into any amendment, supplement, restatement or other modification or waiver of
the application of any provision of its certificate or articles of incorporation or formation, by-laws, operating agreement, declaration
of trust, partnership agreement, limited liability company agreement or other applicable organizational document if such amendment, supplement,
restatement or other modification of its certificate or articles of incorporation, articles of organization, certificate of limited partnership,
declaration of trust or other comparable organizational instrument (if any) that (a) is adverse to the interest of the Administrative
Agent or the Lenders in any material respect; provided that this Section 10.7 shall not prohibit any such amendment, supplement,
restatement or other modification or waiver of the organizational documents of a Subsidiary required by the lender of any Secured Indebtedness
to such Subsidiary (or if such Subsidiary owns Equity Interests of one or more Excluded Subsidiaries but has no assets other than such
Equity Interests and other assets of nominal value (including cash) incidental thereto, that is required by the lender of any Secured
Indebtedness to an Excluded Subsidiary the Equity Interests of which are owned by such Subsidiary) or (b) could reasonably be expected
to have a Material Adverse Effect. The Borrower shall not enter into, and shall not permit any Subsidiary or other Loan Party to enter
into, any amendment or modification to any Material Contract which could reasonably be expected to have a Material Adverse Effect.


 


Section 10.8.     Transactions
with Affiliates. The Borrower shall not, and shall not permit any other Loan Party or any other
Subsidiary to, permit to exist or enter into any transaction (including the purchase, sale, lease or exchange of any property or the
rendering of any service) with any Affiliate, except (a) as set forth on Schedule 7.1.(r), (b) transactions upon fair
and reasonable terms which are no less favorable to the Borrower, such other Loan Party or such other Subsidiary than would be obtained
in a comparable arm’s length transaction with a Person that is not an Affiliate, (c) payments of compensation, perquisites
and fringe benefits arising out of any employment or consulting relationship in the ordinary course of business, (d) Restricted
Payments not prohibited by Section 10.1.(c), (e) transactions with Unconsolidated Affiliates relating to the provision of management
services and overhead and similar arrangements in the ordinary course of business, (f) employment and severance arrangements between
the Borrower or any of its Subsidiaries and their respective officers and employees in the ordinary course of business and transactions
pursuant to stock option plans and employee benefit plans and arrangements, (g) the payment of customary fees and reasonable out-of-pocket
costs to, and indemnities provided on behalf of, directors, managers, officers, employees and consultants of the Borrower and its Subsidiaries
in the ordinary course of business to the extent attributable to the ownership, management or operation of the Borrower and its Subsidiaries
and (h) transactions between or among the Borrower and its Subsidiaries.


 


Section 10.9.     Derivatives
Contracts. The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary
to, enter into or become obligated in respect of Derivatives Contracts other than (i) Derivatives Contracts entered into by the
Borrower, any such Loan Party or any such Subsidiary in the ordinary course of business and which establish an effective hedge in respect
of liabilities, commitments, currencies or assets held or reasonably anticipated by the Borrower, such other Loan Party or such other
Subsidiary and (ii) any agreement, commitment or arrangement for the sale of Equity Interests issued by the Borrower at a future
date that could be discharged solely by (x) delivery of the Borrower’s Equity Interests (other than Mandatorily Redeemable
Stock), or, (y) solely at Borrower’s option made at any time, payment of the net cash value of such Equity Interests at the
time, irrespective of the form or duration of such agreement, commitment or arrangement.


 


Article XI.
Default


 


Section 11.1.     Events
of Default. Each of the following shall constitute an Event of Default, whatever the reason
for such event and whether it shall be voluntary or involuntary or be effected by operation of Applicable Law or pursuant to any judgment
or order of any Governmental Authority:


 


(a)            Default
in Payment. The Borrower or any other Loan Party shall, under this Agreement or any other Loan Document, fail to pay (whether upon
demand, at maturity, by reason of acceleration or otherwise), (i) when due, the principal on any of the Loans or (ii) within
5 Business Days of the date the Borrower or any other Loan Party has received written notice of such failure from the Administrative
Agent, any interest or fees on any of the Loans or other payment Obligations owing by the Borrower or any other Loan Party under this
Agreement, any other Loan Document or the Fee Letter.


 






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(b)            Default
in Performance.


 


(i)            Any
Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained
in Section 8.1. (solely with respect to the existence of the Borrower), Section 9.4.(j) or Article X. (excluding
Section 10.8.); or


 


(ii)            Any
Loan Party shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan
Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(ii) only, such
failure shall continue for a period of 30 days after the earlier of (x) the date upon which a Responsible Officer of the Borrower
or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of
such failure from the Administrative Agent.


 


(c)            Misrepresentations.
Any written statement, representation or warranty made or deemed made by or on behalf of any Loan Party under this Agreement or under
any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement at any time furnished by, or at the
direction of, any Loan Party to the Administrative Agent or any Lender, shall at any time prove to have been incorrect or misleading
in any material respect when furnished or made or deemed made.


 


(d)            Indebtedness
Cross-Default.


 


(i)            The
Borrower, any other Loan Party or any other Subsidiary shall fail to pay when due and payable the principal of, or interest on, any Indebtedness
(other than the Loans and any Nonrecourse Indebtedness) having an aggregate outstanding principal amount (or, in the case of any Derivatives
Contract, having, without regard to the effect of any close-out netting provision, a Derivatives Termination Value), in each case individually
or in the aggregate with all other Indebtedness (other than any Nonrecourse Indebtedness) as to which such a failure exists, of $125,000,000
or more (“Material Indebtedness”) and such failure shall continue beyond any applicable cure periods; or


 


(ii)            (x) The
maturity of any Material Indebtedness shall have been accelerated in accordance with the provisions of any indenture, contract or instrument
evidencing, providing for the creation of or otherwise concerning such Material Indebtedness or (y) any Material Indebtedness shall
have been required to be prepaid, repurchased, redeemed or defeased prior to the stated maturity thereof; or


 


(iii)            Any
other event shall have occurred and be continuing which would permit any holder or holders of any Material Indebtedness, any trustee
or agent acting on behalf of such holder or holders or any other Person, to accelerate the maturity of any such Material Indebtedness
or require any such Material Indebtedness to be prepaid, repurchased, redeemed or defeased prior to its stated maturity; or


 






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(iv)            There
occurs an “Event of Default” under and as defined in any Derivatives Contract constituting Material Indebtedness as to which
the Borrower, any Loan Party or any other Subsidiary is a “Defaulting Party” (as defined therein), or there occurs an “Early
Termination Date” (as defined therein) in respect of any Specified Derivatives Contract constituting Material Indebtedness as a
result of a “Termination Event” (as defined therein) as to which the Borrower or any of its Subsidiaries is an “Affected
Party” (as defined therein).


 


(e)            Voluntary
Bankruptcy Proceeding. The Borrower or any one or more Subsidiaries to which more than 5% of Gross Asset Value is attributable in
the aggregate shall: (i) commence a voluntary case under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter
in effect); (ii) file a petition seeking to take advantage of any other Applicable Laws, domestic or foreign, relating to bankruptcy,
insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) consent to, or fail to contest in a timely
and appropriate manner, any petition filed against it in an involuntary case under such bankruptcy laws or other Applicable Laws or consent
to any proceeding or action described in the immediately following subsection (f); (iv) apply for or consent to, or fail to contest
in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator
of itself or of a substantial part of its property, domestic or foreign; (v) admit in writing its inability to pay its debts as
they become due; (vi) make a general assignment for the benefit of creditors; (vii) make a conveyance fraudulent as to creditors
under any Applicable Law; or (viii) take any corporate or partnership action for the purpose of effecting any of the foregoing.


 


(f)            Involuntary
Bankruptcy Proceeding. A case or other proceeding shall be commenced against the Borrower or any one or more Subsidiaries to which
more than 5% of Gross Asset Value is attributable in the aggregate in any court of competent jurisdiction seeking: (i) relief under
the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect) or under any other Applicable Laws, domestic or
foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; or (ii) the appointment
of a trustee, receiver, custodian, liquidator or the like of such Person, or of all or any substantial part of the assets, domestic or
foreign, of such Person, and in the case of either clause (i) or (ii) such case or proceeding shall continue undismissed or
unstayed for a period of 60 consecutive days, or an order granting the remedy or other relief requested in such case or proceeding (including,
but not limited to, an order for relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered.


 


(g)            Revocation
of Loan Documents. Any Loan Party shall (or shall attempt to) disavow, revoke or terminate any Loan Document to which it is a party
or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity
or enforceability of any Loan Document or any Loan Document shall cease to be in full force and effect (except as a result of the express
terms thereof or the express written agreement of the parties thereto).


 


(h)            Judgment.
A judgment or order for the payment of money or for an injunction or other non-monetary relief shall be entered against the Borrower,
any other Loan Party, or any other Subsidiary by any court or other tribunal and (i) such judgment or order shall continue for a
period of 60 days without being paid, stayed or dismissed through appropriate appellate proceedings and (ii) either (A) the
amount of such judgment or order for which insurance has been denied by the applicable insurance carrier exceeds, individually or together
with all other such judgments or orders entered against the Borrower, any other Loan Party or any other Subsidiary, $125,000,000 or (B) in
the case of an injunction or other non-monetary relief, such injunction or judgment or order could reasonably be expected to have a Material
Adverse Effect.


 






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(i)            Attachment.
A warrant, writ of attachment, execution or similar process shall be issued against any property of the Borrower, any other Loan Party
or any other Subsidiary, which exceeds, individually or together with all other such warrants, writs, executions and processes, $125,000,000
in amount and such warrant, writ, execution or process shall not be paid, discharged, vacated, stayed or bonded for a period of 60 days;
provided, however, that if a bond has been issued in favor of the claimant or other Person obtaining such warrant, writ,
execution or process, the issuer of such bond shall execute a waiver or subordination agreement in form and substance satisfactory to
the Administrative Agent pursuant to which the issuer of such bond subordinates its right of reimbursement, contribution or subrogation
to the Obligations and waives or subordinates any Lien it may have on the assets of the Borrower, any other Loan Party or any other Subsidiary.


 


(j)            ERISA.


 


(i)            Any
ERISA Event shall have occurred that results or could reasonably be expected to result in liability to any Loan Party aggregating in
excess of $125,000,000; or


 


(ii)            The
 “benefit obligation” of all Plans exceeds the “fair market value of plan assets” for such Plans by more than
$125,000,000, all as determined, and with such terms defined, in accordance with FASB ASC 715.


 


(k)            Loan
Documents. An Event of Default (as defined therein) shall occur under any of the other Loan Documents.


 


(l)            Change
of Control.


 


(i)            Any
 “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)), is or becomes the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Exchange Act, except that a Person will be deemed to have “beneficial ownership” of all securities that
such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly,
of more than 50.0% of the total voting power of the then outstanding voting stock of the Borrower; or


 


(ii)            During
any period of 12 consecutive months ending after the Agreement Date, individuals who at the beginning of any such 12-month period constituted
the Board of Directors of the Borrower (together with any new directors whose election by such Board or whose nomination for election
by the shareholders of the Borrower was approved by a vote of a majority of the directors then still in office who were either directors
at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute
a majority of the Board of Directors of the Borrower then in office.


 


Section 11.2.     Remedies
Upon Event of Default. During the existence of an Event of Default the following provisions
shall apply:


 


(a)            Acceleration;
Termination of Facilities.


 


(b)            Automatic.
Upon the occurrence of an Event of Default specified in Section 11.1.(e) or 11.1.(f), (1)(A) the principal of, and all
accrued interest on, the Loans and the Notes at the time outstanding, (B) [reserved] and (C) all of the other Obligations,
including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or
any of the other Loan Documents shall become immediately and automatically due and payable without presentment, demand, protest, or other
notice of any kind, all of which are expressly waived by the Borrower on behalf of itself and the other Loan Parties, and (2) any
obligation or Commitment of the Lenders to make Loans hereunder, shall all immediately and automatically terminate.


 






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(c)            Optional.
If any other Event of Default shall exist, the Administrative Agent may, and at the direction of the Requisite Lenders shall: (1) declare
(A) the principal of, and accrued interest on, the Loans and the Notes at the time outstanding, (B) [reserved] and (C) all
of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this
Agreement, the Notes or any of the other Loan Documents to be forthwith due and payable, whereupon the same shall immediately become
due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Borrower on
behalf of itself and the other Loan Parties, and (2) terminate the Commitments and any obligation of the Lenders to make Loans hereunder.


 


(d)            Loan
Documents. The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall, exercise
any and all of its rights under any and all of the other Loan Documents.


 


(e)            Applicable
Law. The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall, exercise all
other rights and remedies it may have under any Applicable Law.


 


(f)            Appointment
of Receiver. To the extent permitted by Applicable Law, the Administrative Agent and the Lenders shall be entitled to the appointment
of a receiver for the assets and properties of the Borrower and its Subsidiaries, without notice of any kind whatsoever and without regard
to the adequacy of any security for the Obligations or the solvency of any party bound for its payment, to take possession of all or
any portion of the Unencumbered Assets and/or the business operations of the Borrower and its Subsidiaries and to exercise such power
as the court shall confer upon such receiver.


 


(g)            Rescission
of Acceleration by Requisite Lenders. If at any time after acceleration of the maturity of the Loans and the other Obligations, the
Borrower shall pay all arrears of interest and all payments on account of principal of the Obligations which shall have become due otherwise
than by acceleration (with interest on principal and, to the extent permitted by Applicable Law, on overdue interest, at the rates specified
in this Agreement) and all Events of Default and Defaults (other than nonpayment of principal of and accrued interest on the Obligations
due and payable solely by virtue of acceleration) shall become remedied or waived to the satisfaction of the Requisite Lenders, then
by written notice to the Borrower, the Requisite Lenders may elect, in the sole discretion of such Requisite Lenders, to rescind and
annul the acceleration and its consequences. The provisions of the preceding sentence are intended merely to bind all of the Lenders
to a decision which may be made at the election of the Requisite Lenders, and are not intended to benefit the Borrower and do not give
the Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein
are satisfied.


 


Section 11.3.     [Reserved].


 


Section 11.4.     Marshaling;
Payments Set Aside. No Lender Party shall be under any obligation to marshal any assets in favor
of any Loan Party or any other party or against or in payment of any or all of the Guaranteed Obligations. To the extent that any Loan
Party makes a payment or payments to a Lender Party, or a Lender Party enforces its security interest or exercises its right of setoff,
and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared
to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy
law, state or federal law, common law or equitable cause, then to the extent of such recovery, the Guaranteed Obligations, or part thereof
originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and effect
as if such payment had not been made or such enforcement or setoff had not occurred.


 






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Section 11.5.     Allocation
of Proceeds. If an Event of Default exists, all payments received by the Administrative Agent
(or any Lender as a result of its exercise of remedies permitted under Section 13.3.) under any of the Loan Documents in respect
of any Guaranteed Obligations shall be applied in the following order and priority:


 


(a)            to
payment of that portion of the Guaranteed Obligations constituting fees, indemnities, expenses and other amounts, including attorney
fees, payable to the Administrative Agent in its capacity as such;


 


(b)            to
payment of that portion of the Guaranteed Obligations constituting fees, indemnities and other amounts (other than principal and interest)
payable to the Lenders under the Loan Documents, including attorney fees, ratably among the Lenders in proportion to the respective amounts
described in this clause (b) payable to them;


 


(c)            [reserved];


 


(d)            to
payment of that portion of the Guaranteed Obligations constituting accrued and unpaid interest on the Loans, ratably among the Lenders
in proportion to the respective amounts described in this clause (d) payable to them;


 


(e)            [reserved];


 


(f)            to
payment of that portion of the Guaranteed Obligations constituting unpaid principal of the Loans, and payment obligations then owing
under Specified Derivatives Contracts, ratably among the Lenders and the Specified Derivatives Providers in proportion to the respective
amounts described in this clause (f) payable to them; and


 


(g)            the
balance, if any, after all of the Guaranteed Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required
by Applicable Law.


 


Notwithstanding the foregoing, Guaranteed Obligations
arising under Specified Derivatives Contracts shall be excluded from the application described above if the Administrative Agent has
not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable
Specified Derivatives Provider, as the case may be. Each Specified Derivatives Provider not a party to this Agreement that has given
the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment
of the Administrative Agent pursuant to the terms of Article XII. for itself and its Affiliates as if a “Lender” party
hereto.


 


Section 11.6.     [Reserved].


 


Section 11.7.     Performance
by Administrative Agent. If the Borrower or any other Loan Party shall fail to perform any covenant,
duty or agreement contained in any of the Loan Documents, the Administrative Agent may, after notice to the Borrower, perform or attempt
to perform such covenant, duty or agreement on behalf of the Borrower or such other Loan Party after the expiration of any cure or grace
periods set forth herein. In such event, the Borrower shall, at the request of the Administrative Agent, promptly pay any amount reasonably
expended by the Administrative Agent in such performance or attempted performance to the Administrative Agent, together with interest
thereon at the applicable Post-Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, neither the
Administrative Agent nor any Lender shall have any liability or responsibility whatsoever for the performance of any obligation of the
Borrower under this Agreement or any other Loan Document.


 






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Section 11.8.     Rights
Cumulative.


 


(a)            Generally.
The rights and remedies of the Administrative Agent and the Lenders under this Agreement and each of the other Loan Documents shall be
cumulative and not exclusive of any rights or remedies which any of them may otherwise have under Applicable Law. In exercising their
respective rights and remedies the Administrative Agent and the Lenders may be selective and no failure or delay by any such Lender Party
in exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any power or right preclude its
other or further exercise or the exercise of any other power or right.


 


(b)            Enforcement
by Administrative Agent. Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to
enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively
in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the
Administrative Agent in accordance with Article XI. for the benefit of all the Lenders; provided that the foregoing shall
not prohibit (i) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely
in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (ii) [reserved], (iii) any Lender from
exercising setoff rights in accordance with Section 13.3. (subject to the terms of Section 3.3.), or (iv) any Lender from
filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party
under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent
hereunder and under the other Loan Documents, then (x) the Requisite Lenders shall have the rights otherwise ascribed to the Administrative
Agent pursuant to Article XI. and (y) in addition to the matters set forth in clauses (ii) and (iv) of the preceding
proviso and subject to Section 3.3., any Lender may, with the consent of the Requisite Lenders, enforce any rights and remedies
available to it and as authorized by the Requisite Lenders.


 


Article XII.
The Administrative Agent


 


Section 12.1.     Appointment
and Authorization. Each Lender hereby irrevocably appoints and authorizes the Administrative
Agent to take such action as contractual representative on such Lender’s behalf and to exercise such powers under this Agreement
and the other Loan Documents as are specifically delegated to the Administrative Agent by the terms hereof and thereof, together with
such powers as are reasonably incidental thereto. Not in limitation of the foregoing, each Lender authorizes and directs the Administrative
Agent to enter into the Loan Documents (other than this Agreement) for the benefit of the Lenders. Each Lender hereby agrees that, except
as otherwise set forth herein, any action taken by the Requisite Lenders in accordance with the provisions of this Agreement or the Loan
Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are
reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. Nothing herein shall be construed to deem the
Administrative Agent a trustee or fiduciary for any Lender or to impose on the Administrative Agent duties or obligations other than
those expressly provided for herein. Without limiting the generality of the foregoing, the use of the terms “Agent”, “Administrative
Agent”, “agent” and similar terms in the Loan Documents with reference to the Administrative Agent is not intended
to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead, use
of such terms is merely a matter of market custom, and is intended to create or reflect only an administrative relationship between independent
contracting parties. The Administrative Agent shall deliver or otherwise make available to each Lender, promptly upon receipt thereof
by the Administrative Agent, copies of each of the financial statements, certificates, notices and other documents delivered to the Administrative
Agent pursuant to Article IX. that the Borrower is not otherwise required to deliver directly to the Lenders. The Administrative
Agent will furnish to any Lender, upon the request of such Lender, a copy (or, where appropriate, an original) of any document, instrument,
agreement, certificate or notice furnished to the Administrative Agent by the Borrower, any other Loan Party or any other Affiliate of
the Borrower, pursuant to this Agreement or any other Loan Document not already delivered or otherwise made available to such Lender
pursuant to the terms of this Agreement or any such other Loan Document. As to any matters not expressly provided for by the Loan Documents
(including, without limitation, enforcement or collection of any of the Obligations), the Administrative Agent shall not be required
to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in
so acting or refraining from acting) upon the instructions of the Requisite Lenders (or all of the Lenders if explicitly required under
any other provision of this Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the Obligations;
provided, however, that, notwithstanding anything in this Agreement to the contrary, the Administrative Agent shall not
be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or
any other Loan Document or Applicable Law. Not in limitation of the foregoing, the Administrative Agent may exercise any right or remedy
it or the Lenders may have under any Loan Document upon the occurrence of a Default or an Event of Default unless the Requisite Lenders
have directed the Administrative Agent otherwise. Without limiting the foregoing, no Lender shall have any right of action whatsoever
against the Administrative Agent as a result of the Administrative Agent acting or refraining from acting under this Agreement or any
of the other Loan Documents in accordance with the instructions of the Requisite Lenders, or where applicable, all the Lenders.


 






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Section 12.2.     Administrative
Agent’s Reliance. Notwithstanding any other provisions of this Agreement or any other
Loan Documents, neither the Administrative Agent nor any of its Related Parties shall be liable for any action taken or not taken by
it under or in connection with this Agreement or any other Loan Document, except for its or their own gross negligence or willful misconduct
in connection with its duties expressly set forth herein or therein as determined by a court of competent jurisdiction in a final non-appealable
judgment. Without limiting the generality of the foregoing, the Administrative Agent may consult with legal counsel (including its own
counsel or counsel for the Borrower or any other Loan Party), independent public accountants and other experts selected by it and shall
not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants
or experts. Neither the Administrative Agent nor any of its Related Parties: (a) makes any warranty or representation to any Lender,
or any other Person, or shall be responsible to any Lender or any other Person for any statement, warranty or representation made or
deemed made by the Borrower, any other Loan Party or any other Person in or in connection with this Agreement or any other Loan Document;
(b) shall have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions
of this Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan Document
on the part of the Borrower or other Persons, or to inspect the property, books or records of the Borrower or any other Person; (c) shall
be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement
or any other Loan Document, any other instrument or document furnished pursuant thereto or any collateral covered thereby or the perfection
or priority of any Lien in favor of the Administrative Agent on behalf of the Lender Parties in any such collateral; (d) shall have
any liability in respect of any recitals, statements, certifications, representations or warranties contained in any of the Loan Documents
or any other document, instrument, agreement, certificate or statement delivered in connection therewith; and (e) shall incur any
liability under or in respect of this Agreement or any other Loan Document by acting upon any notice, consent, certificate or other instrument
or writing (which may be by telephone, telecopy or electronic mail) believed by it to be genuine and signed, sent or given by the proper
party or parties. The Administrative Agent may execute any of its duties under the Loan Documents by or through agents, employees or
attorneys-in-fact and shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the
absence of gross negligence or willful misconduct in the selection of such agent or attorney-in-fact as determined by a court of competent
jurisdiction in a final non-appealable judgment.


 






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Section 12.3.     Notice
of Events of Default. The Administrative Agent shall not be deemed to have knowledge or notice
of the occurrence of a Default or Event of Default unless the Administrative Agent has received notice from a Lender or the Borrower
referring to this Agreement, describing with reasonable specificity such Default or Event of Default and stating that such notice is
a “notice of default.” If any Lender (excluding the Lender which is also serving as the Administrative Agent) becomes aware
of any Default or Event of Default, it shall promptly send to the Administrative Agent such a “notice of default”; provided,
that a Lender’s failure to provide such a “notice of default” to the Administrative Agent shall not result in any liability
of such Lender to any other party to any of the Loan Documents. Further, if the Administrative Agent receives such a “notice of
default,” the Administrative Agent shall give prompt notice thereof to the Lenders.


 


Section 12.4.     Administrative
Agent as Lender. The Lender acting as Administrative Agent shall have the same rights and powers
as a Lender or a Specified Derivatives Provider, as the case may be, under this Agreement, any other Loan Document, or any Specified
Derivatives Contract as the case may be, as any other Lender or Specified Derivatives Provider and may exercise the same as though it
were not the Administrative Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated,
include the Lender acting as Administrative Agent in each case in its individual capacity. Such Lender and its Affiliates may each accept
deposits from, maintain deposits or credit balances for, invest in, lend money to, act as trustee under indentures of, serve as financial
advisor to, and generally engage in any kind of business with the Borrower, any other Loan Party or any other Affiliate thereof as if
it were any other bank and without any duty to account therefor to the other Lenders or any Specified Derivatives Providers. Further,
the Administrative Agent and any Affiliate may accept fees and other consideration from the Borrower, any other Loan Party or any other
Subsidiary for services in connection with this Agreement or any Specified Derivatives Contract, or otherwise without having to account
for the same to the other Lenders or any Specified Derivatives Providers. The Lenders acknowledge that, pursuant to such activities,
the Lender acting as Administrative Agent or its Affiliates may receive information regarding the Borrower, other Loan Parties, other
Subsidiaries and other Affiliates (including information that may be subject to confidentiality obligations in favor of such Person)
and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them.


 


Section 12.5.     Approvals
of Lenders. All communications from the Administrative Agent to any Lender requesting such Lender’s
determination, consent or approval (a) shall be given in the form of a written notice to such Lender, (b) shall be accompanied
by a description of the matter or issue as to which such determination, consent or approval is requested, or shall advise such Lender
where information, if any, regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved
and (c) shall include, if reasonably requested by such Lender and to the extent not previously provided to such Lender, written
materials provided to the Administrative Agent by the Borrower in respect of the matter or issue to be resolved. Unless a Lender shall
give written notice to the Administrative Agent that it specifically objects to the requested determination, consent or approval within
10 Business Days (or such lesser or greater period as may be specifically required under the express terms of the Loan Documents)
of receipt of such communication, such Lender shall be deemed to have conclusively approved such requested determination, consent or
approval. The provisions of this Section shall not apply to any amendment, waiver or consent regarding any of the matters described
in Section 13.6.(b).


 






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Section 12.6.     Indemnification
of Administrative Agent. Each Lender agrees to indemnify the Administrative Agent (to the extent
not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) pro rata in accordance with such Lender’s
respective Pro Rata Share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), from and
against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits and reasonable out-of-pocket costs
and expenses of any kind or nature whatsoever which may at any time be imposed on, incurred by, or asserted against the Administrative
Agent (in its capacity as Administrative Agent but not as a Lender) in any way relating to or arising out of the Loan Documents, any
transaction contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under the Loan Documents (collectively,
 “Indemnifiable Amounts”); provided, however, that no Lender shall be liable for any portion of such
Indemnifiable Amounts to the extent resulting from the Administrative Agent’s gross negligence or willful misconduct as determined
by a court of competent jurisdiction in a final, non-appealable judgment; provided, further, however, that no action
taken in accordance with the directions of the Requisite Lenders (or all of the Lenders, if expressly required hereunder) shall be deemed
to constitute gross negligence or willful misconduct for purposes of this Section. Without limiting the generality of the foregoing,
each Lender agrees to reimburse the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation
of the Borrower to do so) promptly upon demand for its Pro Rata Share (determined as of the time that the applicable reimbursement is
sought) of any out-of-pocket expenses (including the reasonable fees and expenses of the counsel to the Administrative Agent) incurred
by the Administrative Agent in connection with the preparation, negotiation, execution, administration, or enforcement (whether through
negotiations, legal proceedings, or otherwise) of, or legal advice with respect to the rights or responsibilities of the parties under,
the Loan Documents, any suit or action brought by the Administrative Agent to enforce the terms of the Loan Documents and/or collect
any Obligations, any “lender liability” suit or claim brought against the Administrative Agent and/or the Lenders, and any
claim or suit brought against the Administrative Agent and/or the Lenders arising under any Environmental Laws. Such out-of-pocket expenses
(including counsel fees) shall be advanced by the Lenders on the request of the Administrative Agent notwithstanding any claim or assertion
that the Administrative Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the Administrative Agent
that the Administrative Agent will reimburse the Lenders if it is actually and finally determined by a court of competent jurisdiction
that the Administrative Agent is not so entitled to indemnification. The agreements in this Section shall survive the payment of
the Loans and all other Obligations and the termination of this Agreement. If the Borrower shall reimburse the Administrative Agent for
any Indemnifiable Amount following payment by any Lender to the Administrative Agent in respect of such Indemnifiable Amount pursuant
to this Section, the Administrative Agent shall share such reimbursement on a ratable basis with each Lender making any such payment.


 


Section 12.7.     Lender
Credit Decision, Etc.. Each of the Lenders expressly acknowledges and agrees that neither the
Administrative Agent nor any of its Related Parties has made any representations or warranties to such Lender and that no act by the
Administrative Agent hereafter taken, including any review of the affairs of the Borrower, any other Loan Party or any other Subsidiary
or Affiliate, shall be deemed to constitute any such representation or warranty by the Administrative Agent to any Lender. Each of the
Lenders acknowledges that it has made its own credit and legal analysis and decision to enter into this Agreement and the transactions
contemplated hereby, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative
Agent, or any of their respective Related Parties, and based on the financial statements of the Borrower, the other Loan Parties, the
other Subsidiaries and other Affiliates, and inquiries of such Persons, its independent due diligence of the business and affairs of
the Borrower, the other Loan Parties, the other Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions
required to be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed appropriate.
Each of the Lenders also acknowledges that it will, independently and without reliance upon the Administrative Agent, any other Lender
or counsel to the Administrative Agent or any of their respective Related Parties, and based on such review, advice, documents and information
as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents.
The Administrative Agent shall not be required to keep itself informed as to the performance or observance by the Borrower or any other
Loan Party of the Loan Documents or any other document referred to or provided for therein or to inspect the properties or books of,
or make any other investigation of, the Borrower, any other Loan Party or any other Subsidiary. Except for notices, reports and other
documents and information expressly required to be furnished to the Lenders by the Administrative Agent under this Agreement or any of
the other Loan Documents, the Administrative Agent shall have no duty or responsibility to provide any Lender with any credit or other
information concerning the business, operations, property, financial and other condition or creditworthiness of the Borrower, any other
Loan Party or any other Affiliate thereof which may come into possession of the Administrative Agent or any of its Related Parties. Each
of the Lenders acknowledges that the Administrative Agent’s legal counsel in connection with the transactions contemplated by this
Agreement is only acting as counsel to the Administrative Agent and is not acting as counsel to any Lender.


 






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Section 12.8.     Successor
Administrative Agent. The Administrative Agent may resign at any time as Administrative Agent
under the Loan Documents by giving written notice thereof to the Lenders and the Borrower. The Administrative Agent may be removed as
administrative agent by the Requisite Lenders (excluding for such purpose Loans and Commitments held by the Lender then acting as Administrative
Agent) upon 30 days’ prior written notice if the Administrative Agent (i) is found by a court of competent jurisdiction in
a final, non-appealable judgment to have committed gross negligence or willful misconduct in the course of performing its duties hereunder
or (ii) the Lender then acting as Administrative Agent has become a Defaulting Lender under clause (d) of the definition of
that term. Upon any such resignation or removal, the Requisite Lenders shall have the right to appoint a successor Administrative Agent
which appointment shall, provided no Event of Default exists, be subject to the Borrower’s approval, which approval shall not be
unreasonably withheld or delayed, it being understood that the approval of the Borrower will not be required for a Lender (other than
a Defaulting Lender) or Affiliate of a Lender (other than a Defaulting Lender) to become a successor Administrative Agent. If no successor
Administrative Agent shall have been so appointed in accordance with the immediately preceding sentence, and shall have accepted such
appointment, within 30 days after the current Administrative Agent’s giving of notice of resignation or having been removed, then,
in the case of resignation by the Administrative Agent, the current Administrative Agent may, or in the case of removal of the Administrative
Agent, the Requisite Lenders may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be a Lender, if any
Lender shall be willing to serve, and otherwise shall be an Eligible Assignee and in any case shall have an office in the United States;
provided that if no Lender has accepted such appointment, then such resignation or removal shall nonetheless become effective
in accordance with such notice and (1) the Administrative Agent shall be discharged from its duties and obligations hereunder and
under the other Loan Documents and (2) all payments, communications and determinations provided to be made by, to or through the
Administrative Agent shall instead be made to each Lender directly, until such time as a successor Administrative Agent has been appointed
as provided for above in this Section; provided, further that such Lenders so acting directly shall be and be deemed to
be protected when so acting in such capacity by all indemnities and other provisions herein for the benefit and protection of the Administrative
Agent as if each such Lender were itself the Administrative Agent. Upon the acceptance of any appointment as Administrative Agent hereunder
by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights,
powers, privileges and duties of the current Administrative Agent, and the current Administrative Agent shall be discharged from its
duties and obligations under the Loan Documents. After any Administrative Agent’s resignation or removal hereunder as Administrative
Agent, the provisions of this Article XII. shall continue to inure to its benefit as to any actions taken or omitted to be taken
by it while it was Administrative Agent under the Loan Documents. Notwithstanding anything contained herein to the contrary, the Administrative
Agent may assign its rights and duties under the Loan Documents to any of its Affiliates by giving the Borrower and each Lender prior
written notice.


 






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Section 12.9.     Titled
Agents. Each of the Lead Arrangers, the Syndication Agents, and the Documentation Agents (each
a “Titled Agent”) in each such respective capacity, assumes no responsibility or obligation hereunder, including,
without limitation, for servicing, enforcement or collection of any of the Loans, nor any duties as an agent hereunder for the Lenders.
The titles given to the Titled Agents are solely honorific and imply no fiduciary responsibility on the part of the Titled Agents to
the Administrative Agent, any Lender, the Borrower or any other Loan Party and the use of such titles does not impose on the Titled Agents
any duties or obligations greater than those of any other Lender or entitle the Titled Agents to any rights other than those to which
any other Lender is entitled.


 


Section 12.10.     Specified
Derivatives Contracts. No Specified Derivatives Provider that obtains the benefits of Section 11.5.
by virtue of the provisions hereof or of any Loan Document shall have any right to notice of any action or to consent to, direct or object
to any action hereunder or under any other Loan Document or otherwise in respect of any Loan Document other than in its capacity as a
Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article to
the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been
made with respect to, Specified Derivatives Contracts unless the Administrative Agent has received written notice of such Specified Derivatives
Contracts, together with such supporting documentation as the Administrative Agent may request, from the applicable Specified Derivatives
Provider.


 


Section 12.11.     Erroneous
Payments.


 


(a)            Each
Lender, each other Lender Party and any other party hereto hereby severally agrees that if (i) the Administrative Agent notifies (which
such notice shall be conclusive absent manifest error) such Lender or any other Lender Party (or the Lender Affiliate of a Lender Party)
or any other Person that has received funds from the Administrative Agent or any of its Affiliates, either for its own account or on
behalf of a Lender or other Lender Party (each such recipient, a “Payment Recipient”) that the Administrative Agent
has determined in its sole discretion that any funds received by such Payment Recipient were erroneously transmitted to, or otherwise
erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Payment Recipient) or (ii) any Payment
Recipient receives any payment from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than,
or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any
of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, (y) that was not preceded or accompanied
by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment,
prepayment or repayment, as applicable, or (z) that such Payment Recipient otherwise becomes aware was transmitted or received in
error or by mistake (in whole or in part) then, in each case, an error in payment shall be presumed to have been made (any such amounts
specified in clauses (i) or (ii) of this Section 12.11(a), whether received as a payment, prepayment or repayment
of principal, interest, fees, distribution or otherwise; individually and collectively, an “Erroneous Payment”), then,
in each case, such Payment Recipient is deemed to have knowledge of such error at the time of its receipt of such Erroneous Payment;
provided that nothing in this Section shall require the Administrative Agent to provide any of the notices specified in clauses
(i) or (ii) above. Each Payment Recipient agrees that it shall not assert any right or claim to any Erroneous Payment, and
hereby waives any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by
the Administrative Agent for the return of any Erroneous Payments, including without limitation waiver of any defense based on “discharge
for value” or any similar doctrine.


 


(b)            Without
limiting the immediately preceding clause (a), each Payment Recipient agrees that, in the case of clause (a)(ii) above, it shall
promptly notify the Administrative Agent in writing of such occurrence.


 






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(c)            In
the case of either clause (a)(i) or (a)(ii) above, such Erroneous Payment shall at all times remain the property of the Administrative
Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and upon demand
from the Administrative Agent such Payment Recipient shall (or, shall cause any Person who received any portion of an Erroneous Payment
on its behalf to), promptly, but in all events no later than two Business Days thereafter, return to the Administrative Agent the amount
of any such Erroneous Payment (or portion thereof) as to which such a demand was made in Same Day Funds and in the currency so received,
together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received
by such Payment Recipient to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and
a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time
in effect.


 


(d)            In
the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor
by the Administrative Agent in accordance with immediately preceding clause (c), from any Lender that is a Payment Recipient or an Affiliate
of a Payment Recipient (such unrecovered amount as to such Lender, an “Erroneous Payment Return Deficiency”), then
at the sole discretion of the Administrative Agent and upon the Administrative Agent’s written notice to such Lender (i) such
Lender shall be deemed to have made a cashless assignment of the full face amount of the portion of its Loans (but not its Commitments)
of the relevant Class with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Class”)
to the Administrative Agent or, at the option of the Administrative Agent, the Administrative Agent’s applicable lending affiliate,
in an amount that is equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify)
(such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the “Erroneous Payment Deficiency
Assignment”) plus any accrued and unpaid interest on such assigned amount, without further consent or approval of any party
hereto and without any payment by the Administrative Agent or its applicable lending affiliate as the assignee of such Erroneous Payment
Deficiency Assignment. The parties hereto acknowledge and agree that (1) any assignment contemplated in this clause (d) shall
be made without any requirement for any payment or other consideration paid by the applicable assignee or received by the assignor, (2) the
provisions of this clause (d) shall govern in the event of any conflict with the terms and conditions of Section 13.5.
and (3) the Administrative Agent may reflect such assignments in the Register without further consent or action by any other Person.


 


(e)            Each
party hereto hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient
that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent (1) shall be subrogated to
all the rights of such Payment Recipient with respect to such amount and (2) is authorized to set off, net and apply any and all
amounts at any time owing to such Payment Recipient under any Loan Document, or otherwise payable or distributable by the Administrative
Agent to such Payment Recipient from any source, against any amount due to the Administrative Agent under this Section 12.11
or under the indemnification provisions of this Agreement, (y) the receipt of an Erroneous Payment by a Payment Recipient shall
not for the purpose of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations
owed by the Borrower or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect
to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other
Loan Party for the purpose of making a payment on the Obligations and (z) to the extent that an Erroneous Payment was in any way
or at any time credited as payment or satisfaction of any of the Obligations, the Obligations or any part thereof that were so credited,
and all rights of the Payment Recipient, as the case may be, shall be reinstated and continue in full force and effect as if such payment
or satisfaction had never been received.


 






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(f)            Each
party’s obligations under this Section 12.11 shall survive the resignation or replacement of the Administrative Agent
or any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction
or discharge of all Obligations (or any portion thereof) under any Loan Document.


 


(g)            Nothing
in this Section 12.11 will constitute a waiver or release of any claim of the Administrative Agent hereunder arising from
any Payment Recipient’s receipt of an Erroneous Payment.


 


(h)            Nothing
in this Section 12.11 shall be interpreted to increase (or accelerate the due date for), or have the effect of increasing
(or accelerating the due date for), any Obligations of the Borrower relative to the amount (and/or timing for payment) of the Obligations
that would have been payable had an erroneous Payment not been made as described herein.


 


Article XIII.
Miscellaneous


 


Section 13.1.     Notices.
Unless otherwise provided herein (including without limitation as provided in Section 9.5.), communications provided for
hereunder shall be in writing and shall be mailed, telecopied, or delivered as follows:


 


If to the Borrower:


 


Realty Income Corporation


11995 El Camino Real


San Diego, California 92130


Attention: Michelle Bushore, Chief Legal
Officer


Telephone Number:     (858)
284-5252


 


If to the Administrative
Agent:


 


Toronto Dominion (Texas) LLC


TD North Tower, 26th Floor


77 King Street West


Toronto, Ontario, Canada


M5K 1A2


Attn: Agency Administration


Email: TDSAgencyAdmin@tdsecurities.com


Fax: 416-982-5535


 


with a copy to:


 


Toronto Dominion (Texas) LLC


One Vanderbilt Avenue, 12th Floor


New York, NY 10017


Attention: Ronald Davis


Email: ronald.davis@tdsecurities.com


Telephone: 212-827-2752


 






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If to the Administrative
Agent under Article II.:


 


Toronto Dominion (Texas) LLC


TD North Tower, 26th Floor


77 King Street West


Toronto, Ontario, Canada


M5K 1A2


Attn: Agency Administration


Email: TDSAgencyAdmin@tdsecurities.com


Fax: 416-982-5535


 


If to any other Lender:


 


To such Lender’s address or telecopy
number as set forth in the applicable Administrative Questionnaire


 


or, as to each party at such other address as
shall be designated by such party in a written notice to the other parties delivered in compliance with this Section; provided,
that a Lender shall only be required to give notice of any such other address to the Administrative Agent and the Borrower. All such
notices and other communications shall be effective (i) if mailed, upon the first to occur of receipt or the expiration of 3 days
after the deposit in the United States Postal Service mail, postage prepaid and addressed to the address of the Borrower or the Administrative
Agent and Lenders at the addresses specified; (ii) if telecopied, when transmitted; (iii) if hand delivered or sent by overnight
courier, when delivered; or (iv) if delivered in accordance with Section 9.5. to the extent applicable; provided, however,
that, in the case of the immediately preceding clauses (i), (ii) and (iii), non-receipt of any communication as the result of any
change of address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt
of such communication. Notwithstanding the immediately preceding sentence, all notices or communications to the Administrative Agent
or any Lender under Article II. shall be effective only when actually received. None of the Administrative Agent or any Lender shall
incur any liability to any Loan Party (nor shall the Administrative Agent incur any liability to the Lenders) for acting upon any telephonic
notice referred to in this Agreement which the Administrative Agent or such Lender, as the case may be, believes in good faith to have
been given by a Person authorized to deliver such notice or for otherwise acting in good faith hereunder. Failure of a Person designated
to get a copy of a notice to receive such copy shall not affect the validity of notice properly given to another Person.


 


Section 13.2.     Expenses.
The Borrower agrees (a) to pay or reimburse the Administrative Agent and the Lead Arrangers for all of their respective reasonable
and documented out-of-pocket costs and expenses incurred in connection with the preparation, negotiation and execution of, and any amendment,
supplement or modification to, any of the Loan Documents (including due diligence expenses and reasonable travel expenses related to
closing), and the consummation of the transactions contemplated hereby and thereby, including the reasonable fees and disbursements of
one primary counsel to the Administrative Agent and the Lead Arrangers, taken as a whole, and one local counsel for the Administrative
Agent and the Lead Arrangers, taken as a whole, in each relevant jurisdiction and with respect to each relevant specialty, and all costs
and expenses of the Administrative Agent in connection with the use of IntraLinks, SyndTrak or other similar information transmission
systems in connection with the Loan Documents, (b) to pay or reimburse the Administrative Agent and the Lenders for all their reasonable
and documented costs and expenses incurred in connection with the enforcement or preservation of any rights under the Loan Documents,
limited in the case of counsel to the reasonable fees and disbursements of one primary counsel to the Administrative Agent and the Lenders,
taken as a whole, and, if necessary, one local counsel to the Administrative Agent and the Lenders, taken as a whole, in each relevant
jurisdiction and with respect to each relevant specialty (and, in the case of an actual or perceived conflict of interest among the Administrative
Agent the Lenders, one additional primary counsel, and one local counsel in each relevant jurisdiction and with respect to each relevant
specialty, to each group of similarly situated affected parties) and any payments in indemnification or otherwise payable by the Lenders
to the Administrative Agent pursuant to the Loan Documents, (c) to pay, and indemnify and hold harmless the Administrative Agent
and the Lenders from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any failure
to pay or delay in paying, documentary, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable
in connection with the execution and delivery of any of the Loan Documents, or consummation of any amendment, supplement or modification
of, or any waiver or consent under or in respect of, any Loan Document and (d) to the extent not already covered by any of the preceding
subsections, to pay or reimburse the reasonable and documented fees and disbursements of counsel to the Administrative Agent and any
Lender (limited to the reasonable fees and disbursements of one primary counsel to the Administrative Agent and the Lenders, taken as
a whole, and, if necessary, one local counsel to the Administrative Agent and the Lenders, taken as a whole, in each relevant jurisdiction
and with respect to each relevant specialty (and, in the case of an actual or perceived conflict of interest among the Administrative
Agent and the Lenders, one additional primary counsel, and one local counsel in each relevant jurisdiction and with respect to each relevant
specialty, to each group of similarly situated affected parties)) incurred in connection with the representation of the Administrative
Agent or such Lender in any matter relating to or arising out of any bankruptcy or other proceeding of the type described in Section 11.1.(e) or
11.1.(f), including, without limitation (i) any motion for relief from any stay or similar order, (ii) the negotiation, preparation,
execution and delivery of any document relating to the Obligations and (iii) the negotiation and preparation of any debtor-in-possession
financing or any plan of reorganization of the Borrower or any other Loan Party, whether proposed by the Borrower, such Loan Party, the
Lenders or any other Person, and whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding
or the confirmation or conclusion of any such proceeding. If the Borrower shall fail to pay any amounts required to be paid by it pursuant
to this Section, the Administrative Agent and/or the Lenders may pay such amounts on behalf of the Borrower and such amounts shall be
deemed to be Obligations owing hereunder.


 






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Section 13.3.     Setoff.
Subject to Section 3.3. and in addition to any rights now or hereafter granted under Applicable Law and not by way of limitation
of any such rights, the Borrower hereby authorizes the Administrative Agent, each Lender, each Affiliate of the Administrative Agent
or any Lender, and each Participant, at any time while an Event of Default exists, without notice to the Borrower or to any other Person,
any such notice being hereby expressly waived, but in the case of a Lender, an Affiliate a Lender, or a Participant, subject to receipt
of the prior written consent of the Requisite Lenders exercised in their sole discretion, 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)(other than deposits of an unaffiliated third party) and any other indebtedness at any time held or owing by the Administrative
Agent such Lender, any Affiliate of the Administrative Agent or such Lender, or such Participant, to or for the credit or the account
of the Borrower against and on account of any of the Obligations, irrespective of whether or not any or all of the Loans and all other
Obligations have been declared to be, or have otherwise become, due and payable as permitted by Section 11.2., and although such
Obligations shall be contingent or unmatured. Notwithstanding anything to the contrary in this Section, if 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 3.9. 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 and the Lenders and (y) such 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.


 






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Section 13.4.     Litigation;
Jurisdiction; Other Matters; Waivers.


 


(a)            EACH
PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS
WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO
THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT AND THE BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL
BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST
ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE
WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE
LOAN DOCUMENTS.


 


(b)            THE
BORROWER IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION,
WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, OR ANY RELATED PARTY
OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN
ANY FORUM OTHER THAN THE COURTS OF THE STATE OF CALIFORNIA SITTING IN SAN FRANCISCO, AND OF THE UNITED STATES DISTRICT COURT OF THE NORTHERN
DISTRICT OF CALIFORNIA, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS
TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD
AND DETERMINED IN SUCH CALIFORNIA STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH
OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED
IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN
DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF
ANY JURISDICTION. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING
IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME.
THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT
OR ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE
JURISDICTION.


 


(c)            THE
PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL
CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS
AND THE TERMINATION OF THIS AGREEMENT.


 






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(d)            If,
in any action or proceeding filed in a court of the State of California by or against any party hereto in connection with any of the
transactions contemplated by this Agreement or any other Loan Document, the waiver of jury trial set forth in Section 13.4.(a) is
unenforceable, (i) the court must, and is hereby directed to, make a general reference pursuant to California Code of Civil Procedure
Section 638 to a referee (who must be a single active or retired judge) to hear and determine all of the issues in such action or
proceeding (whether of fact or of law) and to report a statement of decision, provided that, at the option of any party to such proceeding,
any such issues pertaining to a “provisional remedy” as defined in California Code of Civil Procedure Section 1281.8
may be heard and determined by the court, and (ii) without limiting the generality of Section 13.2., the Borrower will be solely
responsible to pay all fees and expenses of any referee appointed in such action or proceeding.


 


Section 13.5.     Successors
and Assigns.


 


(a)            Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights
or obligations hereunder or under any other Loan Document without the prior written consent of the Administrative Agent and each Lender,
and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in
accordance with the provisions of the immediately following subsection (b), (ii) by way of participation in accordance with
the provisions of the immediately following subsection (d) or (iii) by way of pledge or assignment of a security interest
subject to the restrictions of the immediately following subsection (e) (and, subject to the last sentence of the immediately
following subsection (b), any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors
and assigns permitted hereby, Participants to the extent provided in the immediately following subsection (d) and, to the extent
expressly contemplated hereby, the Related Parties of the Administrative Agent and the Lenders) any legal or equitable right, remedy
or claim under or by reason of this Agreement.


 


(b)            Assignments
by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitments of any Class and the Loans of such Class 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 an assigning Lender’s Commitment of a Class and/or the Loans of
such Class at the time owing to it, or contemporaneous assignments to related Approved Funds that equal at least the amount specified
in the immediately following clause (B) in the aggregate, or, if applicable, in the case of an assignment of the entire remaining
amount of an assigning Lender’s Loans of any Class 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 the immediately preceding subsection (A), the aggregate amount of the unfunded Commitment (if any) of
a Class and the principal outstanding balance of the Loans of such Class of the assigning Lender subject to each such assignment
(in each case, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative
Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $5,000,000,
unless each of the Administrative Agent and, so long as no Event of Default shall exist, the Borrower otherwise consents (each such consent
not to be unreasonably withheld or delayed); provided, however, that if, after giving effect to such assignment the amount
of the unfunded Commitment of the applicable Class and the outstanding principal balance of the Loans of the applicable Class of
such assigning Lender, as applicable, would be less than $5,000,000, then such assigning Lender shall assign the entire amount of its
Commitment of such Class and the Loans of such Class, as applicable, at the time owing to it.


 






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(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 Loan or the Commitment assigned, except that this clause (ii) shall
not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Classes of Commitments or Loans
on a non-pro rata basis.


 


(iii)            Required
Consents. No consent shall be required for any assignment except to the extent required by clause (i)(B) of this subsection (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
shall exist at the time of such assignment or (y) such assignment is to a Lender of the same Class of Commitments or Loans,
an Affiliate of such a Lender or an Approved Fund of such a Lender; 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 10 Business Days after
having received notice thereof; and


 


(B)            the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required unless such assignment
is to a Lender of the same Class of Commitments or Loans, an Affiliate of such a Lender or an Approved Fund of such a Lender.


 


(iv)            Assignment
and Assumption; Notes. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of $4,500 for each assignment (which fee the Administrative Agent may, in its sole discretion,
elect to waive), and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.
If requested by the transferor Lender or the assignee, upon the consummation of any assignment, the transferor Lender, the Administrative
Agent and the Borrower shall make appropriate arrangements so that new Notes are issued to the assignee and such transferor Lender, as
appropriate.


 


(v)            No
Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or any of the Borrower’s Affiliates
or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or to 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 (or holding company, investment vehicle or trust
for, or owned and operated for the primary benefit of, a natural person).


 






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(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 and each other Lender hereunder
(and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata share of all Loans of the applicable
Class. 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 the immediately following subsection (c), from and after the effective date specified in each
Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by
such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 5.4., 13.2. and 13.9.
and the other provisions of this Agreement and the other Loan Documents as provided in Section 13.10. 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 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 paragraph 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 the immediately following subsection (d).


 


(c)            Register.
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at the Principal Office
a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitments of, and principal amounts (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 shall 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.


 






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(d)            Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any
Person (other than a natural person (or holding company, investment vehicle or trust for, or owned and operated for the primary benefit
of, a natural person), a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitments
of any Class and/or the Loans of any Class owing to it); provided that (i) such Lender’s obligations under
this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance
of such obligations and (iii) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant
to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and
to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument
may provide that such Lender will not, without the consent of the Participant, agree to (w) increase such Lender’s Commitments,
(x) extend the date fixed for the payment of principal on the Loans or portions thereof owing to such Lender, (y) reduce the
rate at which interest is payable thereon (other than with respect to a waiver of implementation of interest at the Post-Default Rate)
or (z) release all or substantially all of the Guarantors from their Obligations under the Guaranty except as contemplated by Section 8.14.(b)(but,
for the avoidance of doubt, not including amendments or waivers of requirements to join additional Guarantors), in each case, as applicable
to that portion of such Lender’s rights and/or obligations that are subject to the participation. The Borrower agrees that each
Participant shall be entitled to the benefits of Sections 3.10., 5.1. and 5.4. (subject to the requirements and limitations therein,
including the requirements under Section 3.10.(g) (it being understood that the documentation required under Section 3.10.(g) shall
be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant
to subsection (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of
Section 5.6. as if it were an assignee under subsection (b) of this Section; and (B) shall not be entitled to receive
any greater payment under Section 5.1. or 3.10., with respect to any participation, than its participating Lender would have been
entitled to receive, except to the extent such entitlement to receive a greater payment results from a Regulatory Change that occurs
after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request
and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 5.6. with respect
to any Participant. To the extent permitted by Applicable Law, each Participant also shall be entitled to the benefits of Section 13.3.
as though it were a Lender; provided that such Participant agrees to be subject to Section 3.3. as though it were a Lender.
Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register
on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant
or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under
any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter
of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The
entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is
recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice
to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility
for maintaining a Participant Register.


 


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


 


(f)            No
Registration. Each Lender agrees that, without the prior written consent of the Borrower and the Administrative Agent, it will not
make any assignment hereunder in any manner or under any circumstances that would require registration or qualification of, or filings
in respect of, any Loan or Note under the Securities Act or any other securities laws of the United States of America or of any other
jurisdiction.


 


(g)            Intentionally
Omitted.


 






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(h)            USA
Patriot Act Notice; Compliance. In order for the Administrative Agent to comply with “know your customer” and Anti-Money
Laundering Laws, including without limitation, the Patriot Act, prior to any Lender becoming a party hereto, the Administrative Agent
may request, and such Lender shall provide to the Administrative Agent, its name, address, tax identification number and/or such other
identification information as shall be necessary for the Administrative Agent to comply with federal law.


 


Section 13.6.     Amendments
and Waivers.


 


(a)            Generally.
Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted by this Agreement or
any other Loan Document to be given by the Lenders may be given, (ii) any term of this Agreement or of any other Loan Document may
be amended, (iii) the performance or observance by the Borrower, any other Loan Party or any other Subsidiary of any terms of this
Agreement or such other Loan Document may be waived, and (iv) the continuance of any Default or Event of Default may be waived (either
generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent of the Requisite
Lenders (or the Administrative Agent at the written direction of the Requisite Lenders), and, in the case of an amendment to any Loan
Document, the written consent of each Loan Party which is party thereto. Subject to the immediately following subsection (b), any term
of this Agreement or of any other Loan Document relating solely to the rights or obligations of the Lenders of a particular Class, and
not Lenders of any other Class, may be amended, and the performance or observance by the Borrower or any other Loan Party or any Subsidiary
of any such terms may be waived (either generally or in a particular instance and either retroactively or prospectively) with, and only
with, the written consent of the Requisite Class Lenders for such Class of Lenders (and, in the case of an amendment to any
Loan Document, the written consent of each Loan Party which is a party thereto). Notwithstanding anything to the contrary contained in
this Section, the Fee Letter may only be amended, and the performance or observance by any Loan Party thereunder may only be waived,
in a writing executed by the parties thereto. Notwithstanding anything to the contrary contained in this Section, the Administrative
Agent may, without the consent of any Lender, enter into amendments or modifications to this Agreement or any of the other Loan Documents
or enter into additional Loan Documents as the Administrative Agent reasonably deems appropriate in order to effectuate the terms of
Section 5.2.(c) in accordance with the terms of Section 5.2.


 


(b)            Additional
Lender Consents. In addition to the foregoing requirements, no amendment, waiver or consent shall:


 


(i)            increase
(or reinstate or, other than in accordance with Section 2.14., extend) any Commitment of a Lender of any Class or subject a
Lender to any additional obligations without the written consent of such Lender;


 


(ii)            reduce
the principal of, or interest that has accrued or the rates of interest that will be charged on the outstanding principal amount of,
any Loans or other Obligations without the written consent of each Lender directly affected thereby; provided, however,
that only the written consent of the Requisite Lenders shall be required for the waiver of interest payable at the Post-Default Rate,
retraction of the imposition of interest at the Post-Default Rate and amendment of the definition of “Post-Default Rate”;


 


(iii)            reduce
the amount of any Fees payable to a Lender without the written consent of such Lender;


 


(iv)            [reserved];


 






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(v)            [reserved]


 


(vi)            modify
the definitions of “ Maturity Date” except in accordance with Section 2.14. or otherwise postpone any date fixed
for, or forgive, any payment of principal of, or interest on, any Loans or for the payment of Fees or any other Obligations owing to
the Lenders, in each case, without the written consent of each Lender directly affected thereby;


 


(vii)            subordinate,
or have the effect of subordinating, the Obligations to any other Indebtedness without the written consent of each Lender;


 


(viii)            modify
the definition of “Pro Rata Share” or amend or otherwise modify the provisions of Section 3.2. or Section 11.5
without the written consent of each Lender directly affected thereby;


 


(ix)            amend
this Section, or amend the definitions of the terms used in this Agreement or the other Loan Documents insofar as such definitions affect
the substance of this Section, without the written consent of each Lender;


 


(x)            modify
the definition of the term “Requisite Lenders” or (except as otherwise provided in the immediately following clause (xi)),
modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder
or to modify any provision hereof without the written consent of each Lender;


 


(xi)            modify
the definition of the term “Requisite Class Lenders” as it relates to a particular Class of Lenders, or modify
in any other manner the number or percentage of a Class of Lenders required to make any determinations or waive any rights hereunder
or to modify any provision hereof, in each case, solely with respect to such Class of Lenders, without the written consent of each
Lender in such Class; or


 


(xii)            release
all or substantially all of the Guarantors from their obligations under the Guaranty (except as contemplated by Section 8.14.(b))(but,
for the avoidance of doubt, not including amendments or waivers of requirements to join additional Guarantors) without the written consent
of each Lender.


 


(c)            Amendment
of Administrative Agent’s Duties, Etc. No amendment, waiver or consent unless in writing and signed by the Administrative Agent,
in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties of the Administrative Agent under
this Agreement or any of the other Loan Documents. Any amendment, waiver or consent with respect to any Loan Document that (i) diminishes
the rights of a Specified Derivatives Provider in a manner or to an extent dissimilar to that affecting the Lenders or (ii) increases
the liabilities or obligations of a Specified Derivatives Provider shall, in addition to the Lenders required hereinabove to take such
action, require the consent of the Person that is (or having an Affiliate that is) such Specified Derivatives Provider. Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be
effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) a Commitment of any Defaulting
Lender may not be increased, reinstated or extended without the written consent of such Defaulting 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 written consent of such Defaulting Lender. No waiver shall extend to or affect any obligation
not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall be effective only in the specific
instance and for the specific purpose set forth therein. No course of dealing or delay or omission on the part of the Administrative
Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. Any Event of Default
occurring hereunder shall continue to exist until such time as such Event of Default is waived in writing in accordance with the terms
of this Section, notwithstanding any attempted cure or other action by the Borrower, any other Loan Party or any other Person subsequent
to the occurrence of such Event of Default. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice
to or demand upon the Borrower shall entitle the Borrower to other or further notice or demand in similar or other circumstances.


 






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(d)            [Reserved].


 


(e)            Technical
Amendments. Notwithstanding anything to the contrary in this Section 13.6., if the Administrative Agent and the Borrower have
jointly identified an ambiguity, omission, mistake or defect in any provision of this Agreement or any other Loan Document or an inconsistency
between provisions of this Agreement or any other Loan Document, the Administrative Agent and the Borrower shall be permitted to amend
such provision or provisions to cure such ambiguity, omission, mistake, defect or inconsistency so long as to do so would not adversely
affect the interests of the Lenders in any material respect. Any such amendment shall become effective without any further action or
consent of any other party to this Agreement.


 


(f)            Other
Consents.


 


(i)            In
the event that there is (x) an approval by the “Requisite Lenders” (as defined in the Revolving Credit Agreement) of
the addition of an “Unencumbered Asset” which does not meet one or more of the criteria for inclusion set forth in the Revolving
Credit Agreement and herein, or (y) a proposal in writing to modify, amend, waive or restate, terminate or request a consent or
approval with respect to, any provisions in the Revolving Credit Agreement in respect of Guarantors, Unencumbered Assets, reporting requirements,
representations and warranties, affirmative covenants, negative covenants, financial covenants, changes in accounting practices, events
of default, or definitions related thereto (which may include a written waiver of an existing actual or potential default or event of
default that is intended to be eliminated by such modification, amendment, consent, approval, restatement or waiver) (each of the foregoing
in clauses (x) and (y), a “Proposed Modification”), then (A) any Lender shall be deemed to have simultaneously
(and without any further action by any Person) approved the Proposed Modification of any corresponding provision hereof for purposes
of determining if the requisite approvals hereunder have been obtained if such Lender or an Affiliate of such Lender approved the Proposed
Modification under the Revolving Credit Agreement in its capacity as a “Lender” under the Revolving Credit Agreement and
(B) in the case that the Lenders described in clause (A) above constitute the Requisite Lenders, then simultaneously (and without
any further action by any Person) with the agreement to or granting of such Proposed Modification under the Revolving Credit Agreement,
this Agreement shall be deemed modified, amended or restated, or such waiver, consent or approval granted, in a manner consistent with
the Proposed Modifications under the Revolving Credit Agreement, unless such modification, restatement, waiver, consent or approval requires
the consent of each Lender or any other Lender (in addition to the Lenders described in clause (A) above) under Section 13.6(b).


 


(ii)            In
the event any financial covenants (including any associated definitions) set forth in the Revolving Credit Agreement or any amendment,
modification, supplement, restatement, refinancing (in full) or replacement (in full) thereof, shall be implemented or amended to be
more restrictive on the Borrower than the financial covenants set forth herein in this Agreement (a “More Favorable Financial
Covenant”), the applicable financial covenant(s) set forth in this Agreement and the other Loan Documents shall automatically
be deemed to be amended to conform to the modified covenant(s) in the Revolving Credit Agreement (together with any grace or cure
periods applicable thereto), unless the Requisite Lenders otherwise agree in their sole discretion.


 






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(iii)            Any
More Favorable Financial Covenant incorporated into this Agreement (herein referred to as an “Incorporated Covenant”)
pursuant to Section 13.6.(f)(ii) shall be deemed automatically amended, supplemented, loosened, excluded, terminated or otherwise
modified herein to reflect any subsequent amendments, supplements, loosenings, terminations, exclusions or any other modifications made
to such More Favorable Financial Covenant under the Revolving Credit Agreement or any amendment, modification, supplement, restatement,
refinancing (in full) or replacement (in full) thereof effected as of the date of such amendments, supplements, loosenings, terminations,
exclusions or any other modifications; provided that no such amendment shall have the effect of making Section 10.1. (and related
definitions as used therein) any less favorable to the Lenders than such Section as set forth in this Agreement as in effect on
the date of this Agreement (or on the date of any later written amendment to, restatement of, or waiver, consent or approval of this
Agreement amending Section 10.1. (and related definitions as used therein) other than any such amendment, restatement, waiver, consent
or approval solely for the purpose of memorializing the incorporation of such Incorporated Covenants to this Agreement).


 


(iv)            If
requested by the Borrower or the Administrative Agent, the Borrower, the Administrative Agent and each approving Lender (including any
Lender deemed to have approved as described above) shall execute and deliver a written amendment to, restatement of, or waiver, consent
or approval of this Agreement memorializing such modification, restatement, waiver, consent, or approval.


 


Section 13.7.     Nonliability
of Administrative Agent and Lenders. The relationship between the Borrower, on the one hand,
and the Lenders and the Administrative Agent, on the other hand, shall be solely that of borrower and lender. None of the Administrative
Agent or any Lender shall have any fiduciary responsibilities to the Borrower and no provision in this Agreement or in any of the other
Loan Documents, and no course of dealing between or among any of the parties hereto, shall be deemed to create any fiduciary duty owing
by the Administrative Agent or any Lender to any Lender, the Borrower, any Subsidiary or any other Loan Party. None of the Administrative
Agent or any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any
phase of the Borrower’s business or operations.


 






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Section 13.8.     Confidentiality.
The Administrative Agent and each Lender shall maintain the confidentiality of all Information (as defined below) but in any event
may make disclosure: (a) to its Affiliates and to its and its Affiliates’ other respective Related Parties (it being understood
that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep
such Information confidential and the disclosing party will be responsible for its Affiliates’ and its and their respective Related
Parties’ compliance with this Section 13.8); (b) subject to an agreement containing provisions substantially the same
as those of this Section, to (i) any actual or proposed assignee, Participant or other transferee in connection with a potential
transfer of any Commitment or Loan or participation therein as permitted hereunder, or (ii) any actual or prospective counterparty
(or its advisors) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its
obligations, this Agreement or payments thereunder; (c) as required or requested by any Governmental Authority or regulatory or
similar authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners) having or purporting
to have jurisdiction over it or representative thereof or pursuant to legal process or in connection with any legal proceedings, or as
otherwise required by Applicable Law, in which case (except with respect to any audit or examination conducted by bank accountants or
any governmental bank regulatory authority exercising examination or regulatory authority) such disclosing Person shall promptly notify
the Borrower thereof to the extent permitted by Applicable Law; (d) to the Administrative Agent’s or such Lender’s independent
auditors and other professional advisors (provided they shall be notified of the confidential nature of the information); (e) in
connection with the exercise of any remedies under any Loan Document or any action or proceeding relating to any Loan Document or the
enforcement of rights thereunder; (f) to the extent such Information (i) becomes publicly available other than as a result
of a breach of this Section actually known by the Administrative Agent or such Lender to be a breach of this Section or (ii) becomes
available to the Administrative Agent, any Lender or any Affiliate of the Administrative Agent or any Lender on a nonconfidential basis
from a source other than the Borrower or any Affiliate of the Borrower; (g) to the extent requested by, or required to be disclosed
to, any nationally recognized rating agency; (h) to bank trade publications, such information to consist of deal terms and other
information customarily found in such publications or to data service providers, including league table providers, that serve the lending
industry; (i) to any other party hereto; and (j) with the prior written consent of the Borrower. Notwithstanding the foregoing,
the Administrative Agent and each Lender may disclose any such confidential information, without notice to the Borrower or any other
Loan Party, to Governmental Authorities in connection with any regulatory examination of the Administrative Agent or such Lender or in
accordance with the regulatory compliance policy of the Administrative Agent or such Lender. As used in this Section, the term “Information”
means all information received from the Borrower, any other Loan Party, any other Subsidiary or Affiliate relating to any Loan Party
or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on
a nonconfidential basis prior to disclosure by the Borrower, any other Loan Party, any other Subsidiary or any Affiliate. Any Person
required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its
obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such
Person would accord to its own confidential information.


 






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Section 13.9.     Indemnification.


 


(a)            The
Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and each Related Party of any of the foregoing
Persons (each such Person being called an “Indemnified Party”) against, and hold each Indemnified Party harmless from,
and shall pay or reimburse any such Indemnified Party for, any and all actual losses, claims (including without limitation, Environmental
Claims), damages, liabilities and related expenses (including without limitation, the fees, charges and disbursements of any counsel
for any Indemnified Party (subject to the limitations below)), incurred by any Indemnified Party or asserted against any Indemnified
Party by any Person (including the Borrower, any other Loan Party or any other Subsidiary) other than such Indemnified Party and its
Related Parties, arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other
Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto or thereto of their
respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any
Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials
on or from any property owned or operated by the Borrower, any other Loan Party or any other Subsidiary, or any Environmental Claim related
in any way to the Borrower, any other Loan Party or any other Subsidiary, (iv) any actual or prospective claim, litigation, investigation
or proceeding (an “Indemnity Proceeding”) relating to any of the foregoing, whether based on contract, tort or any
other theory, whether brought by a third party or by the Borrower, any other Loan Party or any other Subsidiary, and regardless of whether
any Indemnified Party is a party thereto, or (v) any claim (including without limitation, any Environmental Claims), investigation,
litigation or other proceeding (whether or not the Administrative Agent or any Lender is a party thereto) and the prosecution and defense
thereof, arising out of or in any way connected with the Loans, this Agreement, any other Loan Document, or any documents contemplated
by or referred to herein or therein or the transactions contemplated hereby or thereby; provided, however, that such indemnity
shall not, as to any Indemnified Party, be available to the extent that such losses, claims, damages, liabilities or related expenses
(A) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence,
willful misconduct or bad faith breach of direct funding obligations hereunder of such Indemnified Party or (B) result from a dispute
among Indemnified Parties (other than disputes involving the Administrative Agent, a Lead Arranger or other agent in its capacity or
in fulfilling its role as such and any claims arising out of any act or omission on the part of the Borrower or any Subsidiary); provided,
further, however, that legal fees and expenses shall be limited to the reasonable and documented out-of-pocket fees, disbursements
and other charges of one primary counsel to the Indemnified Parties, taken as a whole, and one local counsel for the Indemnified Parties,
taken as a whole, in each relevant jurisdiction and with respect to each relevant specialty, and in the case of an actual or perceived
conflict of interest, one additional primary counsel and one local counsel in each relevant jurisdiction and with respect to each relevant
specialty to the similarly situated affected Indemnified Parties taken as a whole. This section shall not apply with respect to Taxes
other than any Taxes that represent losses, claims or damages arising from any non-Tax claim. Each Indemnified Party shall be obligated
to refund or return any amounts paid by the Borrower under this paragraph to such Indemnified Party to the extent such Indemnified Party
was not actually entitled to payment of such amounts in accordance with the terms hereof as determined by such Indemnified Party in its
sole discretion exercised in good faith.


 


(b)            If
and to the extent that the obligations of the Borrower under this Section are unenforceable for any reason, the Borrower hereby
agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable Law.


 


(c)            The
Borrower’s obligations under this Section shall survive any termination of this Agreement and the other Loan Documents and
the payment in full in cash of the Obligations, and are in addition to, and not in substitution of, any of the other obligations set
forth in this Agreement or any other Loan Document to which it is a party.


 


References in this Section 13.9. to “Lender”
or “Lenders” shall be deemed to include such Persons (and their Affiliates) in their capacity as Specified Derivatives Providers.


 


Section 13.10.     Termination;
Survival. This Agreement shall terminate at such time as (a) all of the Commitments have
been terminated, (b) none of the Lenders is obligated any longer under this Agreement to make any Loans and (c) all Obligations
(other than obligations which survive as provided in the following sentence) have been paid and satisfied in full. The indemnities to
which the Administrative Agent, the Lenders and their respective Related Parties are entitled under the provisions of Sections 3.10.,
5.1., 5.4., 12.6., 13.2. and 13.9. and any other provision of this Agreement and the other Loan Documents, and the provisions of Section 13.4.,
shall continue in full force and effect and shall protect the Administrative Agent, the Lenders and their respective Related Parties
(i) notwithstanding any termination of this Agreement, or of the other Loan Documents, against events arising after such termination
as well as before and (ii) at all times after any such party ceases to be a party to this Agreement with respect to all matters
and events existing on or prior to the date such party ceased to be a party to this Agreement.


 


Section 13.11.     Severability
of Provisions. If any provision of this Agreement or the other Loan Documents shall be determined
by a court of competent jurisdiction to be invalid or unenforceable, that provision shall be deemed severed from the Loan Documents,
and the validity, legality and enforceability of the remaining provisions shall remain in full force as though the invalid, illegal,
or unenforceable provision had never been part of the Loan Documents.


 






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Section 13.12.     GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF CALIFORNIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.


 


Section 13.13.     Counterparts.
To facilitate execution, this Agreement and any amendments, waivers, consents or supplements may be executed in any number of
counterparts as may be convenient or required (which may be effectively delivered by facsimile, in portable document format (“PDF”)
or other similar electronic means). It shall not be necessary that the signature of, or on behalf of, each party, or that the signature
of all persons required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single document.
It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective
signatures of, or on behalf of, each of the parties hereto.


 


Section 13.14.     Obligations
with Respect to Loan Parties and Subsidiaries. The obligations of the Borrower to direct or
prohibit the taking of certain actions by the other Loan Parties and Subsidiaries as specified herein shall be absolute and not subject
to any defense the Borrower may have that the Borrower does not control such Loan Parties or Subsidiaries.


 


Section 13.15.     Independence
of Covenants. All covenants hereunder shall be given in any jurisdiction independent effect
so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception
to, or be otherwise within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if
such action is taken or condition exists.


 


Section 13.16.     Limitation
of Liability. None of the Administrative Agent, any Lender, or any of their respective Related
Parties, the Borrower or any of its Subsidiaries shall have any liability with respect to, and each of the Administrative Agent, the
Lenders and the Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental,
consequential or punitive damages suffered or incurred by any of the foregoing Persons in connection with, arising out of, or in any
way related to, this Agreement, any of the other Loan Documents or any of the transactions contemplated by this Agreement or any of the
other Loan Documents; provided, that the foregoing does not limit or relieve the Borrower of its obligations under Sections 13.2.
and 13.9. hereof with respect to any such damages. None of the Administrative Agent, any Lender or any of their respective Related Parties
shall be liable to the Borrower, its Affiliates or any other Person for any damages arising from the use by others of information or
other materials obtained or transmitted by any electronic means.


 


Section 13.17.     Entire
Agreement. This Agreement and the other Loan Documents embody the final, entire agreement among
the parties hereto and supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral,
relating to the subject matter hereof and thereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent
oral agreements or discussions of the parties hereto. To the extent any term of this Agreement is inconsistent with a term of any other
Loan Document to which the parties of this Agreement are party, the term of this Agreement shall control to the extent of such inconsistency.
There are no oral agreements among the parties hereto.


 


Section 13.18.     Construction.
The Administrative Agent, the Borrower and each Lender acknowledge that each of them has had the benefit of legal counsel of its
own choice and has been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel and that
this Agreement and the other Loan Documents shall be construed as if jointly drafted by the Administrative Agent, the Borrower and each
Lender.


 






    113


     


    

 


Section 13.19.     Headings.
The paragraph and section headings in this Agreement are provided for convenience of reference only and shall not affect its construction
or interpretation.


 


Section 13.20.     Acknowledgement
and Consent to Bail-in of Affected 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 Affected 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 the applicable 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 the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an Affected 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 Affected 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 the applicable Resolution
Authority.


 


Section 13.21.     Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through
a guarantee or otherwise, for a Derivatives Contract 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):


 


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.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed
by the laws of the United States or a state of the United States. Without limitation of the foregoing, 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.


 


[Signatures on Following Pages]


 






    114


     


    

 


IN WITNESS WHEREOF, the parties
hereto have caused this Term Loan Agreement to be executed by their authorized officers all as of the day and year first above written.


 


	 	REALTY INCOME CORPORATION

                           

    

    




 


	 	By:	/s/ Jonathan Pong
	 	Name:	Jonathan Pong
	 	Title:	Senior Vice President, Head of Corporate Finance


 


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[Signature Page to Term Loan Agreement
with Realty Income Corporation]


 


	 	TORONTO DOMINION (TEXAS) LLC, as Administrative
Agent

                           

    

    




 


	 	By:	/s/ Ahmed Dinana
	 	Name:	Ahmed Dinana
	 	Title:	Authorized Signatory


 


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[Signature Page to Term Loan Agreement
with Realty Income Corporation]


 


	 	TD BANK, N.A., as a Lender

                           

    

    




 


	 	By:	/s/ Nathan Bondini
	 	Name:	Nathan Bondini
	 	Title:	Vice President


 


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[Signature Page to Term Loan Agreement
with Realty Income Corporation]


 


	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as a Lender

                           

    

    




 


	 	By:	/s/ Dale A. Northup
	 	Name:	Dale A. Northup
	 	Title:	Managing Director


 


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[Signature Page to Term Loan Agreement
with Realty Income Corporation]


 


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

                           

    

    




 


	 	By:	 /s/ Helen Chan
	 	Name:	Helen Chan
	 	Title:	Vice President


 


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[Signature Page to Term Loan Agreement
with Realty Income Corporation]


 


	 	JP MORGAN CHASE BANK, N.A., as a Lender






 


	 	By:	/s/ Brad Olmsted
	 	Name:	 Brad Olmsted
	 	Title:	Vice President


 


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[Signature Page to Term Loan Agreement
with Realty Income Corporation]


 


	 	MIZUHO BANK, LTD., as a Lender

                           

    

    




 


	 	By:	/s/ Raymond Ventura
	 	Name:	Raymond Ventura
	 	Title:	Managing Director


 


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[Signature Page to Term Loan Agreement
with Realty Income Corporation]


 


	 	THE BANK OF NOVA SCOTIA, as a Lender

                           

    

    




 


	 	By:	/s/ Chelsea McCune
	 	Name:	Chelsea McCune
	 	Title:	Associate Director


 


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[Signature Page to Term Loan Agreement
with Realty Income Corporation]


 


	 	BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW
YORK BRANCH, as a Lender

    

    

    




 


	 	By:	/s/ Cara Younger
	 	Name:	Cara Younger
	 	Title:	Executive Director
	 	 	 
	 	By:	/s/ Miriam Trautmann
	 	Name:	Miriam Trautmann
	 	Title:	Senior Vice President


 


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[Signature Page to Term Loan Agreement
with Realty Income Corporation]


 


	 	REGIONS BANK, as a Lender

                           

    

    




 


	 	By:	 /s/ William Chalmers
	 	Name:	William Chalmers
	 	Title:	Senior Vice President


 


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[Signature Page to Term Loan Agreement
with Realty Income Corporation]


 


	 	TRUIST BANK, as a Lender

                           

    

    




 


	 	By:	/s/ Ryan Almond
	 	Name:	Ryan Almond
	 	Title:	Director