Exhibit 4.1



 Exhibit 4.1 
 Execution Copy 
 



 
  
  

 
 CREDIT AGREEMENT 

Dated as of July 1, 2011 
 by and among 
 WASHINGTON REAL ESTATE INVESTMENT TRUST, 

as
Borrower                             
 THE FINANCIAL INSTITUTIONS PARTY HERETO 
 AND THEIR ASSIGNEES UNDER
SECTION 12.7., 
             as Lenders,

 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

            as Administrative Agent, 

WELLS FARGO SECURITIES, LLC, 
             as Lead Arranger and Bookrunner, 
 and each of 
 THE BANK OF NEW YORK MELLON, 

CITIBANK, N.A., 

and 
 CREDIT SUISSE
AG, CAYMAN ISLANDS BRANCH 
             as a
Documentation Agent 
  
  

 







 TABLE OF CONTENTS 

 

							
	 Article I. Definitions
	  	 	1	  
			
	 Section 1.1.
	 	Definitions	  	 	1	  
	 Section 1.2.
	 	General; References to Eastern Time	  	 	25	  
		
	 Article II. Credit Facility
	  	 	26	  
			
	 Section 2.1.
	 	Revolving Loans	  	 	26	  
	 Section 2.2.
	 	Bid Rate Loans	  	 	27	  
	 Section 2.3.
	 	Letters of Credit	  	 	30	  
	 Section 2.4.
	 	Swingline Loans	  	 	34	  
	 Section 2.5.
	 	Rates and Payment of Interest on Loans	  	 	36	  
	 Section 2.6.
	 	Number of Interest Periods	  	 	37	  
	 Section 2.7.
	 	Repayment of Loans	  	 	37	  
	 Section 2.8.
	 	Prepayments	  	 	37	  
	 Section 2.9.
	 	Late Charges	  	 	38	  
	 Section 2.10.
	 	Continuation	  	 	38	  
	 Section 2.11.
	 	Conversion	  	 	38	  
	 Section 2.12.
	 	Notes	  	 	39	  
	 Section 2.13.
	 	Voluntary Reductions of the Commitment	  	 	39	  
	 Section 2.14.
	 	Extension of Termination Date	  	 	40	  
	 Section 2.15.
	 	Expiration or Maturity Date of Letters of Credit Past Termination Date	  	 	40	  
	 Section 2.16.
	 	Amount Limitations	  	 	40	  
	 Section 2.17.
	 	Increase in Commitments	  	 	41	  
	 Section 2.18.
	 	Funds Transfer Disbursements	  	 	41	  
	 Section 2.19.
	 	Option to Replace Lenders	  	 	42	  
		
	 Article III. Payments, Fees and Other General Provisions
	  	 	43	  
			
	 Section 3.1.
	 	Payments	  	 	43	  
	 Section 3.2.
	 	Pro Rata Treatment	  	 	44	  
	 Section 3.3.
	 	Sharing of Payments, Etc.	  	 	44	  
	 Section 3.4.
	 	Several Obligations	  	 	45	  
	 Section 3.5.
	 	Minimum Amounts	  	 	45	  
	 Section 3.6.
	 	Fees	  	 	45	  
	 Section 3.7.
	 	Computations	  	 	46	  
	 Section 3.8.
	 	Usury	  	 	46	  
	 Section 3.9.
	 	Statements of Account	  	 	47	  
	 Section 3.10.
	 	Defaulting Lenders	  	 	47	  
	 Section 3.11.
	 	Taxes	  	 	50	  
		
	 Article IV. Yield Protection, Etc.
	  	 	52	  
			
	 Section 4.1.
	 	Additional Costs; Capital Adequacy	  	 	52	  
	 Section 4.2.
	 	Suspension of LIBOR Loans	  	 	53	  
	 Section 4.3.
	 	Illegality	  	 	54	  
	 Section 4.4.
	 	Compensation	  	 	54	  
	 Section 4.5.
	 	Treatment of Affected Loans	  	 	55	  


  
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	 Section 4.6.
	 	Change of Lending Office	  	 	55	  
	 Section 4.7.
	 	Assumptions Concerning Funding of LIBOR Loans	  	 	56	  
		
	 Article V. Conditions Precedent
	  	 	56	  
			
	 Section 5.1.
	 	Initial Conditions Precedent	  	 	56	  
	 Section 5.2.
	 	Conditions Precedent to All Loans and Letters of Credit	  	 	58	  
		
	 Article VI. Representations and Warranties
	  	 	58	  
			
	 Section 6.1.
	 	Representations and Warranties	  	 	58	  
	 Section 6.2.
	 	Survival of Representations and Warranties, Etc.	  	 	64	  
		
	 Article VII. Affirmative Covenants
	  	 	64	  
			
	 Section 7.1.
	 	Preservation of Existence and Similar Matters	  	 	64	  
	 Section 7.2.
	 	Compliance with Applicable Law	  	 	64	  
	 Section 7.3.
	 	Maintenance of Property	  	 	64	  
	 Section 7.4.
	 	Conduct of Business	  	 	64	  
	 Section 7.5.
	 	Insurance	  	 	65	  
	 Section 7.6.
	 	Payment of Taxes and Claims	  	 	65	  
	 Section 7.7.
	 	Books and Records; Inspections	  	 	65	  
	 Section 7.8.
	 	Use of Proceeds	  	 	65	  
	 Section 7.9.
	 	Environmental Matters	  	 	66	  
	 Section 7.10.
	 	Further Assurances	  	 	66	  
	 Section 7.11.
	 	REIT Status	  	 	66	  
	 Section 7.12.
	 	Exchange Listing	  	 	66	  
	 Section 7.13.
	 	Guarantors	  	 	66	  
		
	 Article VIII. Information
	  	 	67	  
			
	 Section 8.1.
	 	Quarterly Financial Statements	  	 	67	  
	 Section 8.2.
	 	Year-End Statements	  	 	68	  
	 Section 8.3.
	 	Compliance Certificate	  	 	68	  
	 Section 8.4.
	 	Other Information	  	 	68	  
	 Section 8.5.
	 	Public/Private Information	  	 	70	  
	 Section 8.6.
	 	USA Patriot Act Notice; Compliance	  	 	70	  
		
	 Article IX. Negative Covenants
	  	 	71	  
			
	 Section 9.1.
	 	Financial Covenants	  	 	71	  
	 Section 9.2.
	 	Reciprocal Lien	  	 	72	  
	 Section 9.3.
	 	Restrictions on Intercompany Transfers	  	 	73	  
	 Section 9.4.
	 	Merger, Consolidation, Sales of Assets and Other Arrangements	  	 	73	  
	 Section 9.5.
	 	Plans	  	 	75	  
	 Section 9.6.
	 	Fiscal Year	  	 	75	  
	 Section 9.7.
	 	Modifications of Organizational Documents	  	 	75	  
	 Section 9.8.
	 	Transactions with Affiliates	  	 	75	  
	 Section 9.9.
	 	Derivatives Contracts	  	 	75	  


  
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	 Article X. Default
	  	 	76	  
			
	 Section 10.1.
	 	Events of Default	  	 	76	  
	 Section 10.2.
	 	Remedies Upon Event of Default	  	 	78	  
	 Section 10.3.
	 	Remedies Upon Default	  	 	80	  
	 Section 10.4.
	 	Marshaling; Payments Set Aside	  	 	80	  
	 Section 10.5.
	 	Allocation of Proceeds	  	 	80	  
	 Section 10.6.
	 	Letter of Credit Collateral Account	  	 	81	  
	 Section 10.7.
	 	Rescission of Acceleration by Requisite Lenders	  	 	82	  
	 Section 10.8.
	 	Performance by Administrative Agent	  	 	82	  
	 Section 10.9.
	 	Rights Cumulative	  	 	82	  
		
	 Article XI. The Administrative Agent
	  	 	82	  
			
	 Section 11.1.
	 	Appointment and Authorization	  	 	82	  
	 Section 11.2.
	 	Wells Fargo as Lender	  	 	83	  
	 Section 11.3.
	 	Approvals of Lenders	  	 	84	  
	 Section 11.4.
	 	Notice of Defaults	  	 	84	  
	 Section 11.5.
	 	Administrative Agent’s Reliance	  	 	84	  
	 Section 11.6.
	 	Indemnification of Administrative Agent	  	 	85	  
	 Section 11.7.
	 	Lender Credit Decision, Etc.	  	 	86	  
	 Section 11.8.
	 	Successor Administrative Agent	  	 	86	  
	 Section 11.9.
	 	Titled Agents	  	 	87	  
		
	 Article XII. Miscellaneous
	  	 	87	  
			
	 Section 12.1.
	 	Notices	  	 	87	  
	 Section 12.2.
	 	Electronic Document Delivery	  	 	89	  
	 Section 12.3.
	 	Expenses	  	 	90	  
	 Section 12.4.
	 	Stamp, Intangible and Recording Taxes	  	 	90	  
	 Section 12.5.
	 	Setoff	  	 	90	  
	 Section 12.6.
	 	Litigation; Jurisdiction; Other Matters; Waivers	  	 	91	  
	 Section 12.7.
	 	Successors and Assigns	  	 	92	  
	 Section 12.8.
	 	Amendments and Waivers	  	 	94	  
	 Section 12.9.
	 	Nonliability of Administrative Agent and Lenders	  	 	96	  
	 Section 12.10.
	 	Confidentiality	  	 	96	  
	 Section 12.11.
	 	Indemnification	  	 	97	  
	 Section 12.12.
	 	Termination; Survival	  	 	99	  
	 Section 12.13.
	 	Severability of Provisions	  	 	99	  
	 Section 12.14.
	 	GOVERNING LAW	  	 	99	  
	 Section 12.15.
	 	Counterparts	  	 	99	  
	 Section 12.16.
	 	Obligations with Respect to Loan Parties	  	 	100	  
	 Section 12.17.
	 	Independence of Covenants	  	 	100	  
	 Section 12.18.
	 	Limitation of Liability	  	 	100	  
	 Section 12.19.
	 	Entire Agreement	  	 	100	  
	 Section 12.20.
	 	Construction	  	 	100	  


					
			
	 SCHEDULE 1.1.(A)
	 	Existing Letters of Credit	  	
	 SCHEDULE 1.1.(B)
	 	List of Loan Parties	  	


  
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	 SCHEDULE 6.1.(b)
	 	Ownership Structure
	 SCHEDULE 6.1.(f)
	 	Properties
	 SCHEDULE 6.1.(g)
	 	Indebtedness and Guaranties; Liens
	 SCHEDULE 6.1.(i)
	 	Litigation
	 SCHEDULE 6.1(o)
	 	Environmental Matters
	 SCHEDULE 6.1.(r)
	 	Affiliate Transactions
		
	 EXHIBIT A
	 	Form of Assignment and Assumption Agreement
	 EXHIBIT B
	 	Form of Bid Rate Note
	 EXHIBIT C
	 	Form of Designation Agreement
	 EXHIBIT D
	 	Form of Guaranty
	 EXHIBIT E
	 	Form of Notice of Borrowing
	 EXHIBIT F
	 	Form of Notice of Continuation
	 EXHIBIT G
	 	Form of Notice of Conversion
	 EXHIBIT H
	 	Form of Notice of Swingline Borrowing
	 EXHIBIT I
	 	Form of Revolving Note
	 EXHIBIT J
	 	Form of Swingline Note
	 EXHIBIT K
	 	Form of Bid Rate Quote Request
	 EXHIBIT L
	 	Form of Bid Rate Quote
	 EXHIBIT M
	 	Form of Bid Rate Quote Acceptance
	 EXHIBIT N
	 	Form of Opinion of Counsel
	 EXHIBIT O
	 	Form of Compliance Certificate
	 EXHIBIT P
	 	Form of Transfer Authorizer Designation Form


  
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 THIS CREDIT AGREEMENT is dated as of July 1, 2011 by and among WASHINGTON REAL ESTATE
INVESTMENT TRUST, a real estate investment trust formed under the laws of the State of Maryland (the “Borrower”), each of the financial institutions initially a signatory hereto together with their assignees under Section 12.7. (the
“Lenders”), each of THE BANK OF NEW YORK MELLON, CITIBANK, N.A. and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Documentation Agent (each a “Documentation Agent”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells
Fargo”) as contractual representative of the Lenders to the extent and in the manner provided in Article XI. (in such capacity, the “Administrative Agent”). 

WHEREAS, the Administrative Agent, the Issuing Bank (as hereinafter defined) and the Lenders desire to make available to the Borrower a
$400,000,000 revolving credit facility, which will include a $75,000,000 swingline subfacility and a letter of credit subfacility in an amount equal to ten percent (10.0%) of the revolving credit facility, 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: 

“Absolute Rate” has the meaning given that term in Section 2.2.(c)(ii)(C). 

“Absolute Rate Auction” means a solicitation of Bid Rate Quotes setting forth Absolute Rates pursuant to
Section 2.2. 
 “Absolute Rate Loan” means a Bid Rate Loan, the interest rate on which is determined on
the basis of an Absolute Rate pursuant to an Absolute Rate Auction. 
 “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 4.1.(b). 
 “Administrative Agent” means Wells Fargo Bank, National Association
as contractual representative of the Lenders under this Agreement, or any successor Administrative Agent appointed pursuant to Section 11.8. 
 “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 Lender” has the meaning given that term in Section 2.19.

 “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, the Issuing Bank or any Lender be deemed to be an Affiliate of the Borrower. 







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

 “Applicable Facility Fee” means the percentage set forth in the table below corresponding to the Level at
which the “Applicable Margin” is determined in accordance with the definition thereof: 
  

					
	 Level
	  	Facility Fee	 
	1	  	 	0.200	% 
	2	  	 	0.225	% 
	3	  	 	0.275	% 
	4	  	 	0.325	% 
	5	  	 	0.425	% 

 Any change in the applicable Level at which the Applicable Margin is determined shall result in a corresponding and
simultaneous change in the Applicable Facility Fee. 
 “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, in each
case whether or not having the force of law. 
 “Applicable Margin” means the percentage rate set forth below
corresponding to the range into which the Borrower’s Credit Rating then falls in accordance with the levels in the table set forth below (each a “Level”). Any change in the Borrower’s Credit Rating which would cause it to move to
a different Level in the table shall effect a change in the Applicable Margin on the first Business Day of the first calendar month following the date on which such change occurs. If the Rating Agencies assign Credit Ratings which correspond to
different Levels in the above table resulting in different Applicable Margin determinations, the Applicable Margin will be determined based on the Level corresponding to the higher of the two Credit Ratings. During any period that the Borrower
receives more than two Credit Ratings and such Credit Ratings are not equivalent, the Applicable Margin shall equal the average of the Applicable Margins as determined in accordance with the two highest of such Credit Ratings. During any period for
which the Borrower has received a Credit Rating from only one Rating Agency, then the Applicable Margin 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 (a) not received a Credit Rating from any Rating Agency or (b) received a Credit Rating from only one Rating Agency that is neither S&P nor Moody’s, the Applicable Margin shall be determined based on Level 5.

  

							
	 Level
	  	 Borrower’s Credit Rating

(S&P/Moody’s or equivalent)
	  	Applicable
Margin	 
	1	  	A-/A3 or equivalent	  	 	1.150	% 
	2	  	BBB+/Baa1 or equivalent	  	 	1.225	% 
	3	  	BBB/Baa2 or equivalent	  	 	1.375	% 
	4	  	BBB-/Baa3 or equivalent	  	 	1.625	% 
	5	  	Lower than BBB-/Baa3 or equivalent	  	 	2.025	% 

 As of the Agreement Date, the Applicable Margin is determined by reference to Level 2. 

  
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 “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. 
 “Assignee” has the meaning given that term in Section 12.7.(c). 
 “Assignment and Assumption” means an Assignment and Assumption Agreement among a Lender, an Assignee and the Administrative Agent, substantially in the form of Exhibit A. 

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

“Base Rate” means the LIBOR Market Index Rate; provided, that if for any reason the LIBOR Market Index Rate is
unavailable, Base Rate shall mean the per annum rate of interest equal to the Federal Funds Rate plus one percent (1.00%). 

“Base Rate Loan” means a Revolving Loan bearing interest at a rate based on the Base Rate. 

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

“Bid Rate Borrowing” has the meaning given that term in Section 2.2.(b). 

“Bid Rate Loan” means a loan made by a Lender under Section 2.2. 

“Bid Rate Note” means a promissory note of the Borrower substantially in the form of Exhibit B, payable to the
order of a Lender and otherwise duly completed and in any event shall include any new Bid Rate Note that may be issued from time to time pursuant to Section 12.7. 
 “Bid Rate Quote” means an offer in accordance with Section 2.2.(c) by a Lender to make a Bid Rate Loan with one single specified interest rate. 

“Bid Rate Quote Request” has the meaning given that term in Section 2.2.(b). 

“Borrower” has the meaning set forth in the introductory paragraph hereof and shall include the Borrower’s
successors and permitted assigns. 
 “Business Day” means (a) any day other than a Saturday, Sunday or
other day on which banks in San Francisco, California or Rockville, Maryland are authorized or required to close and (b) with reference to a LIBOR Loan, any such day that is also a day on which dealings in Dollar deposits are carried out in the
London interbank market. Unless specifically referenced in this Agreement as a Business Day, all references to “days” shall be to calendar days. 
 “Capital Reserves” means, for any period and with respect to any Property, an amount equal to (a)(i) for any commercial Property which is not a hotel (A) the aggregate square
footage of all completed space of such Property times (B) $0.15, (ii) for any apartment Property (A) the number of apartment units located on such Property times (B) $300, or (iii) for any commercial Property
which is a hotel (A) gross revenues times (B) 4%, times (b) the number of days in such period divided by (c) 365. If the term Capital Reserves 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 Properties of all Unconsolidated Affiliates. 

  
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 “Capitalization Rate” means 7.50%. 

“Capitalized Lease Obligation” means obligations under a lease 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 determined in accordance with GAAP. 
 “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Issuing Bank or the Lenders, as collateral for Letter of Credit
Liabilities or obligations of Lenders to fund participations in respect of Letter of Credit Liabilities, cash or deposit account balances or, if the Administrative Agent and the Issuing Bank shall agree in their sole discretion, other credit
support, in each case pursuant to documentation in form and substance satisfactory to the Administrative Agent and the Issuing Bank. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such
cash collateral and other credit support. 
 “Cash Equivalents” means (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) certificates of deposit with maturities of not more than one year from the date acquired issued by a United
States federal or state chartered commercial bank of recognized standing, 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 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; and (e) investments in money market funds registered under the Investment Company Act
of 1940, as amended, which have net assets of at least $500,000,000 and at least eighty-five percent (85%) of whose assets consist of securities and other obligations of the type described in clauses (a) through (d) above. 

“Commitment” means, as to each Lender (other than the Swingline Lender), such Lender’s obligation to make Revolving
Loans pursuant to Section 2.1., to issue (in the case of the Issuing Bank) and to participate (in the case of the other Lenders) in Letters of Credit pursuant to Section 2.3.(i), and to participate in Swingline Loans pursuant to
Section 2.4.(e), in an amount up to, but not exceeding the amount set forth for such Lender on Schedule I as such Lender’s “Commitment Amount” or as set forth in any applicable Assignment and Assumption, or agreement executed by
a Lender becoming a party hereto in accordance with Section 2.17., as the same may be reduced from time to time pursuant to Section 2.13. or increased or reduced as appropriate to reflect any assignments to or by such Lender effected in
accordance with Section 12.7. or increased as appropriate to reflect any increase effected in accordance with Section 2.17. 
 “Compliance Certificate” has the meaning given that term in Section 8.3. 
 “Consolidated Capitalized EBITDA” means, with respect to the Borrower and its Subsidiaries, as of a given date, (a) Consolidated EBITDA for the fiscal quarter most recently ended
multiplied by (b) 4 and divided by (c) the Capitalization Rate. For purposes of determining Consolidated Capitalized EBITDA, (i) Consolidated EBITDA attributable to Properties either acquired or disposed of by the
Borrower, its Subsidiaries or Unconsolidated Affiliates during such fiscal quarter shall be disregarded, (ii) Consolidated EBITDA from Properties constituting Construction in Process shall be excluded, (iii) to


  
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the extent that service fees or property management fees would account for in excess of 20% of Consolidated EBITDA, such excess shall be excluded in determining Consolidated Capitalized EBITDA,
and (iv) distributions of cash received by the Borrower or its Subsidiaries during such period from any of its Unconsolidated Affiliates shall be excluded from Consolidated EBITDA. 

“Consolidated EBITDA” means, with respect to the Borrower and its Subsidiaries, determined on a consolidated basis for
any period and without duplication, net earnings (loss) for such period excluding the following amounts (but only to the extent included in determining net earnings (loss) for such period): (a) depreciation and amortization expense and other
non-cash charges for such period; (b) interest expense for such period; (c) income tax expense in respect of such period; and (d) extraordinary and nonrecurring gains and losses for such period, including without limitation,
non-recurring severance payments and gains and losses from the sale of assets, acquisition costs, write-offs and forgiveness of debt. For purposes of this definition, net earnings (loss) shall (x) be determined before minority interests and
distributions to holders of Preferred Equity Interest and (y) include the Borrower’s Ownership Share of net earnings (loss) of its Unconsolidated Affiliates, determined in a manner consistent with the determination of consolidated net
earnings (loss) pursuant to the first sentence of this definition. 
 “Consolidated Fixed Charges” means, for
any period, the sum of (a) Consolidated Interest Expense for such period, (b) all regularly scheduled principal payments made with respect to Indebtedness of the Borrower and its Subsidiaries, determined on a consolidated basis, during
such period, other than any balloon, bullet or similar principal payment which repays such Indebtedness in full (c) all Preferred Dividends paid during such period, (d) to the extent included in the calculation of Consolidated EBITDA, the
aggregate of all payments made with respect to any ground lease and (e) Capital Reserves for such period. The Borrower’s Ownership Share of the expenses, payments, and dividends described in the foregoing clauses (a) through
(e) of its Unconsolidated Affiliates, to the extent not already covered in such clauses, shall be included in determinations of Consolidated Fixed Charges. 
 “Consolidated Interest Expense” means, with respect to the Borrower and its Subsidiaries, determined on a consolidated basis for any period, (a) all paid or accrued interest expense
(excluding capitalized interest expense) and in any event shall include all letter of credit fees and all interest expense with respect to any Indebtedness in respect of which the Borrower or any of its Subsidiaries 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) the Borrower’s Ownership Share of all paid, accrued or capitalized
interest expense for such period of its Unconsolidated Affiliates. 
 “Consolidated Secured Indebtedness”
means, with respect to the Borrower and its Subsidiaries, determined on a consolidated basis at the time of computation, any Indebtedness that is secured in any manner by any Lien on any property and shall include the Borrower’s Ownership Share
of the Indebtedness of any of its Unconsolidated Affiliates that is secured in any manner by any Lien on any property of its Unconsolidated Affiliates. 
 “Consolidated Tangible Net Worth” means, for the Borrower and its Subsidiaries, determined on a consolidated basis as of a given date, total consolidated stockholders’ equity
plus increases in accumulated depreciation and amortization accrued after the Agreement Date, minus (to the extent included in determining stockholders’ equity): (a) the amount of any write-up in the book value of any assets
reflected in any balance sheet resulting from revaluation thereof or any write-up in excess of the cost of such assets acquired, and (b) the aggregate of all amounts appearing on the assets side of any such balance sheet for franchises,
licenses, permits, patents, patent applications, copyrights, trademarks, service marks, trade names, goodwill, treasury stock, experimental or organizational expenses and other like assets which would be classified as intangible assets under GAAP.


  
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 “Consolidated Total Asset Value” means, at a given time, the sum (without
duplication) of all of the following of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP applied on a consistent basis: (a) cash and Cash Equivalents (other than tenant deposits and other cash and
Cash Equivalents that are subject to a Lien or a Negative Pledge or the disposition of which is restricted, it being understood by the parties that cash and Cash Equivalents representing proceeds from the sale of an asset, which proceeds have been
escrowed in anticipation of a like-kind exchange, will not be considered restricted) plus (b) the quotient of (i) Consolidated EBITDA for the fiscal quarter most recently ended multiplied by 4, divided by (ii) the
Capitalization Rate; plus (c) the GAAP book value of Properties acquired during the fiscal quarter most recently ended; plus (d) the GAAP book value of all Construction in Process (including the book value for the portion of
the land owned by the Borrower or a Subsidiary related to such Construction in Process; plus (e) the GAAP book value of Unimproved Land, plus (f) the contractual purchase price of Properties of the Borrower and its
Subsidiaries subject to purchase obligations, repurchase obligations, forward commitments and unfunded obligations but only to the extent such amounts are included in determinations of Consolidated Total Indebtedness, plus (g) Marketable
Securities (to the extent that the value of such Marketable Securities are reasonably capable of being verified), valued at the lower of cost or Fair Market Value. The Borrower’s Ownership Share of assets held by Unconsolidated Affiliates
(excluding assets of the type described in the immediately preceding clause (a) and (g)) will be included in the calculation of Consolidated Total Asset Value consistent with the above described treatment for wholly owned assets. Consolidated
EBITDA attributable to (x) Properties acquired or disposed of during the fiscal quarter ending immediately prior to any date of determination of Consolidated Total Asset Value or (y) Properties that were Development Properties at the end
of such fiscal quarter, shall not be included in the calculation of Consolidated Total Asset Value. For purposes of determining Consolidated Total Asset Value, for a Property that has an Occupancy Rate of less than 80.0% and that was owned or leased
since the immediately prior quarter, the Borrower may make an election to value such Property at 80.0% of GAAP book value for up to four consecutive quarters, after which such Property may continue to be carried at 50.0% of GAAP book value or in
accordance with any other applicable provision of this definition, as elected by the Borrower; provided, however, to the extent that the amount of Consolidated Total Asset Value attributable to Properties for which the Borrower has elected to have
valued in accordance with this sentence exceeds 10.0% of Consolidated Total Asset Value, such excess shall be excluded. In addition, to the extent (A) Consolidated EBITDA attributable to income from service fees or property management fees
exceeds 20.0% of Consolidated EBITDA, such excess shall be excluded for purposes of determining Consolidated Total Asset Value, (B) the amount of Consolidated Total Asset Value attributable to Marketable Securities would exceed 10.0% of
Consolidated Total Asset Value, such excess shall be excluded from Consolidated Total Asset Value and (C) the amount of Consolidated Total Asset Value attributable to Subsidiaries that are not Wholly Owned Subsidiaries would exceed 25.0% of
Consolidated Total Asset Value, such excess shall be excluded from Consolidated Total Asset Value, provided that Subsidiaries that are not Wholly Owned Subsidiaries of the Borrower in respect of which the Borrower or a Wholly Owned Subsidiary of the
Borrower owns or controls at least 90.0% of all ownership interests and in which the Borrower retains substantially all decision-making authority shall not be counted against this 25.0% limitation. 

“Consolidated Total Indebtedness” means, at any time of determination, the Indebtedness of the Borrower and its
Subsidiaries, determined on a consolidated basis. 
 “Consolidated Unsecured Indebtedness” means, with respect
to the Borrower and its Subsidiaries, determined on a consolidated basis at any time of determination, Indebtedness (other than Indebtedness described in clauses (b) and (h) of the definition of such term) which is not Consolidated Secured
Indebtedness; provided, however, that any Indebtedness that is secured only by a pledge of Equity Interests shall not be deemed to be Consolidated Secured Indebtedness. 

  
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 “Consolidated Unsecured Liabilities” means, with respect to the Borrower
and its Subsidiaries, at any time of determination, the sum of the following (without duplication): (a) all Consolidated Unsecured Indebtedness plus (b) all other unsecured liabilities which would, in conformity with GAAP, be
properly classified as a liability on the balance sheet of the Borrower and its Subsidiaries as at such date. 

“Construction in Process” means construction in process as determined in accordance with GAAP. 

“Continue”, “Continuation” and “Continued” each refers to the continuation of a LIBOR
Loan from one Interest Period to another Interest Period pursuant to Section 2.10. 
 “Continuing
Representations” means those representations and warranties made or deemed made under Sections 6.1.(a), (c), (d), (e), (i), (l), (m), (n), (p), (q), (u), (v), (x), (y) and (z). 

“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 Revolving
Loan of one Type into a Revolving Loan of another Type pursuant to Section 2.11. 
 “Credit Event” means
any of the following: (a) the making (or deemed making) of any Loan, (b) the Conversion of a Revolving Loan, (c) the Continuation of a LIBOR Loan and (d) the issuance of a Letter of Credit. 

“Credit Rating” means the rating assigned by a Rating Agency to the senior unsecured long term Indebtedness of a Person.

 “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. 
 “Default” means any of the events specified in Section 10.1., whether or not there has
been satisfied any requirement for the giving of notice, the lapse of time, or both. 
 “Defaulting Lender”
means, subject to Section 3.10.(f), 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 reasonable 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, the Issuing Bank, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder
(including in respect of its participation in Letters of Credit or Swingline Loans) within 2 Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent, the Issuing Bank or the Swingline Lender 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 reasonable determination that a condition precedent to funding (which condition precedent, together with 

  
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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, or (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; 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 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 3.10.(f)) upon delivery of written notice of such determination to the Borrower, the Issuing Bank, the Swingline Lender and each Lender. 
 “Derivatives Contract” means (a) any transaction (including any master agreement, confirmation or other agreement with respect to any such transaction) now existing or
hereafter entered into by the Borrower or any of its Subsidiaries (i) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index
option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit
swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward
purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in clause
(i) above that is currently, or in the future becomes recurrently, entered into in the financial markets (including terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other
derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or
deliveries are to be made, and (b) any combination of these transactions. 
 “Derivatives Support
Document” means (a) any Credit Support Annex comprising part of (and as defined in) any Specified Derivatives Contract, and (b) any document or agreement pursuant to which cash, deposit accounts, securities accounts or similar
financial asset collateral are pledged to or made available for set-off by, a Specified Derivatives Provider, including any banker’s lien or similar right, securing or supporting any Specified Derivatives Obligation. 

“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 or any Affiliate of any thereof). 

  
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 “Designated Lender” means a special purpose corporation which is an
Affiliate of, or sponsored by, a Lender, that is engaged in making, purchasing or otherwise investing in commercial loans in the ordinary course of its business and that issues (or the parent of which issues) commercial paper rated at least P-1 (or
the then equivalent grade) by Moody’s or A-1 (or the then equivalent grade) by S&P that, in either case, (a) is organized under the laws of the United States of America or any state thereof, (b) shall have become a party to this
Agreement pursuant to Section 12.7.(d) and (c) is not otherwise a Lender. 
 “Designated Lender Note”
means a Bid Rate Note of the Borrower evidencing the obligation of the Borrower to repay Bid Rate Loans made by a Designated Lender. 
 “Designating Lender” has the meaning given that term in Section 12.7.(d). 
 “Designation Agreement” means a Designation Agreement between a Lender and a Designated Lender and accepted by the Administrative Agent, substantially in the form of Exhibit C or
such other form as may be agreed to by such Lender, such Designated Lender and the Administrative Agent. 
 “Development
Property” means a Property currently under development that has not achieved an Occupancy Rate of 80% or more or, subject to the last sentence of this definition, on which the improvements (other than tenant improvements on unoccupied
space) related to the development have not been completed. The term “Development Property” shall include real property of the type described in the immediately preceding sentence that satisfies both of the following conditions: (i) it
is expected to be (but has not yet been) 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 and (ii) a third party is developing such property using the proceeds of a loan that is Guaranteed by, or is otherwise recourse to, the Borrower, any Subsidiary or any Unconsolidated
Affiliate. A Development Property on which all improvements (other than tenant improvements on unoccupied space) related to the development of such Property have been completed for at least 12 months shall cease to constitute a Development Property
notwithstanding the fact that such Property has not achieved an Occupancy Rate of at least 80%. 
 “Dollars” or
“$” means the lawful currency of the United States of America. 
 “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 5.1. shall have been fulfilled or waived in accordance with the provisions of Section 12.8. 

“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund or
(d) any other Person (other than a natural person) approved by the Administrative Agent and, so long as no Default or Event of Default exists, the Borrower (such approvals not to be unreasonably withheld or delayed); provided, that the Borrower
shall be deemed to have approved any Person approved by the Administrative Agent unless it shall object thereto by written notice to the Administrative Agent within 5 Business Days after having received notice thereof from the Administrative Agent.
Notwithstanding the foregoing, “Eligible Assignee” shall not include the Borrower or any of the Borrower’s Affiliates or Subsidiaries. 

  
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 “Eligible Ground Lease” means a ground lease pursuant to which the Borrower
or any of its Subsidiaries is a lessee and that contains the following terms (or such terms are provided for in an effective estoppel letter executed by the lessor in favor of the Administrative Agent or a class of financial institutions that,
fairly interpreted, includes the Administrative Agent): (a) a remaining term (including renewal options exercisable at lessee’s sole option) of 25 years or more from the Agreement Date; (b) the right of the lessee to pledge, mortgage
and encumber its interest in the leased property without the consent of the lessor; (c) the obligation of the lessor to give the holder of any mortgage 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) reasonable transferability of the lessee’s interest under such
lease, including ability to sublease; and (e) such other rights customarily required by mortgagees making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease as determined by the
Administrative Agent in its reasonable discretion. 
 “Eligible Property” means a Property which satisfies all
of the following requirements: (a) such Property is fully developed as a commercial or apartment Property; (b) such Property is owned in fee simple, or leased under an Eligible Ground Lease, by the Borrower or a Wholly Owned Subsidiary of
the Borrower that is a Guarantor; (c) such Property is located in a State of the United States of America or in the District of Columbia; (d) neither such Property, nor any interest of the Borrower or any Subsidiary therein, is subject to
(i) any Lien (other than Permitted Liens (but not Permitted Liens described in clause (f) of the definition of that term)) or (ii) a Negative Pledge; (e) if such Property is owned or leased by a Guarantor (i) none of the
Borrower’s direct or indirect ownership interest in such Guarantor is subject to any Lien (other than Permitted Liens (but not Permitted Liens described in clause (f) of the definition of that term)) or to a Negative Pledge; and
(ii) the Borrower directly, or indirectly through a Subsidiary, has the right to take the following actions without the need to obtain the consent of any Person: (x) to sell, transfer or otherwise dispose of such Property and (y) to
create Liens on such Property as security for Indebtedness of the Borrower or such Guarantor, as applicable; and (f) such Property is either (i) free of all structural defects or major architectural deficiencies, title defects,
environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters individually or collectively which are not material to the profitable operation of such Property or (ii) the Borrower has identified
all structural defects, major architectural deficiencies, title defects, environmental conditions or other adverse matters related to such Property which are material to the profitable operation of such Property and delivered any documents, reports,
appraisals or other information relating to such Property including, without limitation, a copy of a recent ALTA Owner’s Policy of Title Insurance and a “Phase I” environmental assessment in accordance with ASTM E 1527-00 standards
(or ASTM E 1527-05 standards, if applicable) as reasonably requested by the Administrative Agent, and the Administrative Agent has agreed to allow such Property to be Eligible Property subject to any discounts in the amount of the Unencumbered Pool
Value attributable to such Property reasonably deemed necessary by the Administrative Agent as a result of such structural defects, title defects, environmental conditions or other adverse matters. A Property shall be excluded from calculations of
Unencumbered NOI and Unencumbered Pool Value if such Property shall cease to be an Eligible Property; provided, that a Property so excluded may (at the Borrower’s election pursuant to clause (i) of the second sentence of Section 8.3.)
again be included in such calculations upon satisfying the requirements of an Eligible Property. 
 “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 and any applicable rule of common law and any judicial interpretation thereof
relating primarily to the environment or Hazardous Materials. 

  
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 “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. 
 “Equity
Issuance” means any issuance or sale by a Person of any Equity Interest in such Person and shall in any event include the issuance of any Equity Interest upon the conversion or exchange of any security constituting Indebtedness that is
convertible or exchangeable, or is being converted or exchanged, for Equity Interests. 
 “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 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 to terminate a Plan or Multiemployer Plan by the PBGC; (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 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 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 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). 
 “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. 
 “Event of Default” means any of the events specified in Section 10.1., provided that any requirement for notice or lapse of time or any other condition has been satisfied.


  
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 “Excluded Subsidiary” means any (a) Subsidiary that holds title to
assets that are (or become) collateral for any Indebtedness of such Subsidiary that is secured in any manner by any Lien (“Subsidiary Secured Indebtedness”) or that is an owner of a Subsidiary with title to such assets (but has no assets
other than such Equity Interests and other assets of nominal value incidental thereto) and which is, in either case, prohibited from Guaranteeing the Indebtedness of any Person (other than the Subsidiary Secured Indebtedness) pursuant to
(i) any document, instrument or agreement evidencing such Subsidiary Secured Indebtedness or (ii) a provision included in such Subsidiary’s organizational documents as a condition to the extension of such Subsidiary Secured
Indebtedness or (b) Subsidiary that is also (or that becomes) a Non-Wholly Owned Subsidiary of the Borrower that has not Guaranteed or otherwise become obligated in respect of Indebtedness of any other Person; provided, however, that for
purposes of this definition, a limited recourse Guarantee by a Non-Wholly Owned Subsidiary of the Borrower in respect of Indebtedness incurred or assumed by a Wholly Owned Subsidiary of such Non-Wholly Owned Subsidiary, which Indebtedness
(i) is incurred in connection with the acquisition of a Property by such Non-Wholly Owned Subsidiary or, in the case of an assumption, was initially incurred in connection with the acquisition of the Property acquired by such Non-Wholly Owned
Subsidiary, or (ii) is incurred in connection with a refinancing of Indebtedness incurred as described in the preceding clause (i), shall not constitute a Guarantee in respect of Indebtedness of another Person, so long as (x) such Wholly
Owned Subsidiary of such Non-Wholly Owned Subsidiary owns no assets and (y) such Guarantee is secured by an indemnity deed of trust on the Property owned by such Non-Wholly Owned Subsidiary. A Subsidiary shall only remain an Excluded Subsidiary
for so long as the criteria in clauses (a) or (b) above are satisfied. 
 “Existing Credit Agreement”
means that certain Credit Agreement dated as of November 2, 2006 by and among the Borrower, the financial institutions party thereto as “Lenders”, Wells Fargo, as Agent, and the other parties thereto. 

“Existing Letters of Credit” means the letters of credit described on Schedule 1.1.(A). 

“Fair Market Value” means, (a) with respect to a security listed on a national securities exchange or the NASDAQ
National Market, the price of such security as reported on such exchange or market by any widely recognized reporting method customarily relied upon by financial institutions and (b) with respect to any other property, the price which could be
negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing buyer, neither of which is under pressure or compulsion to complete the transaction. Except as otherwise provided herein, Fair Market Value
shall be determined by the Board of Trustees of the Borrower (or an authorized committee thereof) acting in good faith conclusively evidenced by a board resolution thereof delivered to the Administrative Agent or, with respect to any asset valued at
no more than $1,000,000, such determination may be made by the chief financial officer of the Borrower evidenced by an officer’s certificate delivered to the Administrative Agent. 

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

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


  
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 “Fee Letter” means that certain letter agreement dated as of April 29,
2011 by and among Wells Fargo, Wells Fargo Securities, LLC and the Borrower. 
 “Fees” means the fees and
commissions provided for or referred to in Section 3.6. and any other fees payable by the Borrower hereunder, under any other Loan Document or under the Fee Letter. 
 “Fitch” means Fitch, Inc. 
 “Fronting Exposure”
means, at any time there is a Defaulting Lender, (a) with respect to the Issuing Bank, such Defaulting Lender’s Pro Rata Share of the outstanding Letter of Credit Liabilities other than Letter of Credit Liabilities as to which such
Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swingline Lender, such Defaulting Lender’s Pro Rata Share of
outstanding Swingline Loans other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders. 
 “Funds From Operations” means, with respect to a Person and for a given period, Funds from Operations as defined from time to time by the National Association of Real Estate Investment
Trusts. 
 “GAAP” means United States generally accepted accounting principles 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. 
 “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, public or statutory instrumentality, authority, body, agency, bureau, commission, board, department or other entity (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) or any arbitrator with authority to bind a party at law. 

“Guarantor” means any Person that is party to the Guaranty as a “Guarantor”, including any “New
Guarantor” that becomes party to the Guaranty in accordance with Section 7.13. but excluding any Person released from the Guaranty pursuant to Section 7.13.(c). Schedule 1.1(B) sets forth the Guarantors as of the Agreement Date.

 “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 

  
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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, rather than primarily for the
purpose of acquiring property or services, (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
(including 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 5.1. or 7.13. and substantially in the form of Exhibit D. 

“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. 
 “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 for the deferred purchase price of property or services (including trade debt and other accounts payable) and all accrued
expenses; (c) all obligations of such Person, 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; (d) Capitalized Lease Obligations of such Person; (e) 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); (f) all Off-Balance Sheet Liabilities of such Person; (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; (h) all obligations of such Person in respect of any
purchase obligation, repurchase obligation, takeout commitment or forward equity commitment, in each case evidenced by a binding agreement (excluding any such obligation to the extent the obligation can be satisfied by the issuance of Equity
Interests (other than Mandatorily Redeemable Stock)); (i) net obligations under any Derivatives Contract not entered into as a hedge against existing Indebtedness (which shall be deemed to have an amount equal to the Derivatives Termination
Value thereof at such time but in no event shall be less than zero); (j) all Indebtedness of other Persons which such Person has guaranteed or is otherwise recourse to such Person (except for guaranties of customary exceptions for fraud,
misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar customary exceptions to non-recourse liability); (k) all Indebtedness of another Person secured by (or for which the
holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property or assets owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness or other
payment 

  
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obligation; and (l) such Person’s Ownership Share of the Indebtedness of any Unconsolidated Affiliate of such Person. Indebtedness of any Person shall include Indebtedness of any
partnership or joint venture in which such Person is a general partner or joint venturer to the extent of such Person’s Ownership Share of such partnership or joint venture (except if such Indebtedness, or portion thereof, is recourse to such
Person, in which case the greater of such Person’s Ownership Share of such Indebtedness or the amount of the recourse portion of such Indebtedness, shall be included as Indebtedness of such Person). Notwithstanding the use of GAAP, the
calculation of Indebtedness 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. 
 “Interest Period” means: 
 (a) with respect to any LIBOR Loan,
each period commencing on the date such LIBOR Loan is made, or in the case of the continuation of a LIBOR Loan the last day of the immediately preceding Interest Period for such Loan, and ending on the numerically corresponding day in the first,
second, 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, except that each Interest Period 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 

(b) with respect to any Bid Rate Loan, the period commencing on the date such Bid Rate Loan is made and ending on any Business Day not
less than 7 nor more than 90 days thereafter, as the Borrower may select as provided in Section 2.2.(b). 
 Notwithstanding
the foregoing: (i) if any Interest Period would otherwise end after the Termination Date, such Interest Period shall end on the Termination Date; 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). 

“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. Any commitment to make an Investment in any other Person, as well as any option of another Person to require an Investment in such Person, shall
constitute an Investment. Cash Equivalents shall not constitute Investments. 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. 

“Investment Grade Rating” means a Credit Rating of BBB-/Baa3 (or the equivalent) or higher from a Rating Agency.


  
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 “Issuing Bank” means Wells Fargo Bank, National Association in its capacity
as the issuer of Letters of Credit pursuant to Section 2.3. 
 “L/C Commitment Amount” has the meaning
given to that term in Section 2.3.(a). 
 “Lender” means each financial institution from time to time
party hereto as a “Lender” or a “Designated Lender,” together with its respective successors and permitted assigns, and, as the context requires, includes the Swingline Lender; provided, however, that the term “Lender”
(i) shall exclude each Designated Lender when used in reference to any Loan other than a Bid Rate Loan, the Commitments or terms relating to any Loan other than a Bid Rate Loan and shall further exclude each Designated Lender for all other
purposes under the Loan Documents except that any Designated Lender which funds a Bid Rate Loan shall, subject to Section 12.7.(d), have the rights (including the rights given to a Lender contained in Sections 12.3. and 12.11.) and
obligations of a Lender associated with holding such Bid Rate Loan and (ii) except as otherwise expressly provided herein, shall exclude any Lender (or its Affiliates) in its capacity as a Specified Derivatives Provider. 

“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 Agreement, or such other office of such Lender as such Lender may notify the Administrative Agent in writing from time to time. 

“Letter of Credit” has the meaning given that term in Section 2.3.(a). 

“Letter of Credit Collateral Account” means, if any, a special deposit account maintained by the Administrative Agent
and under its sole dominion and control. 
 “Letter of Credit Documents” means, with respect to any Letter of
Credit, collectively, any application therefor, any certificate or other document presented in connection with a drawing under such Letter of Credit and any other agreement, instrument or other document governing or providing for (a) the rights
and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations. 
 “Letter of Credit Liabilities” means, without duplication, at any time and in respect of any Letter of Credit, the sum of (a) the Stated Amount of such Letter of Credit plus
(b) the aggregate unpaid principal amount of all Reimbursement Obligations of the Borrower at such time due and payable in respect of all drawings made under such Letter of Credit. For purposes of this Agreement, a Lender (other than the Lender
then acting as Administrative Agent) shall be deemed to hold a Letter of Credit Liability in an amount equal to its participation interest under Section 2.3. in the related Letter of Credit, and the Lender then acting as Administrative Agent
shall be deemed to hold a Letter of Credit Liability in an amount equal to its retained interest in the related Letter of Credit after giving effect to the acquisition by the Lenders (other than the Lender then acting as Administrative Agent of
their participation interests under such Section). 
 “Level” has the meaning given that term in the definition
of “Applicable Margin”. 
 “LIBOR” means, for the Interest Period for any LIBOR Loan, the rate of
interest referred to as the BBA (British Bankers’ Association) LIBOR rate as set forth by any service selected by the Administrative Agent that has been nominated by the British Bankers’ Association as an authorized information vendor for
the purpose of displaying such rate for deposits in Dollars at approximately 11:00 a.m. Eastern time, two Business Days prior to the date of commencement of such Interest Period for purposes of calculating effective rates of interest for loans
or obligations making reference thereto, for an amount approximately equal to the applicable LIBOR Loan and for a period of time approximately equal to such Interest Period. 

  
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 “LIBOR Auction” means a solicitation of Bid Rate Quotes setting forth LIBOR
Margin Loans based on LIBOR pursuant to Section 2.2. 
 “LIBOR Loan” means a Revolving Loan bearing
interest at a rate based on LIBOR. 
 “LIBOR Margin” has the meaning given that term in
Section 2.2.(c)(ii)(D). 
 “LIBOR Margin Loan” means a Bid Rate Loan the interest rate on which is
determined on the basis of LIBOR pursuant to a LIBOR Auction. 
 “LIBOR Market Index Rate” means, for any day,
LIBOR as of that day that would be applicable for a LIBOR Loan having a one-month Interest Period determined at approximately 11:00 a.m. Eastern time for such day (or if such day is not a Business Day, the immediately preceding Business Day). The
LIBOR Market Index Rate shall be determined on a daily basis. 
 “Lien” as applied to the property of any
Person means: (a) any security interest, encumbrance to provide security for an obligation, mortgage, deed to secure debt, deed of trust, assignment of leases or rents, pledge, lien, 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; (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; (c) the authorized filing of any financing statement under the UCC or its equivalent in any jurisdiction; and (d) any agreement by such Person to grant, give or otherwise convey any of the foregoing (excluding an
agreement that would require such Person to grant a Lien to one creditor as a consequence of granting the same Lien to another creditor). 
 “Loan” means a Revolving Loan, a Bid Rate Loan or a Swingline Loan. 
 “Loan Document” means this Agreement, each Note, any Guaranty, each Letter of Credit Document 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 the Fee Letter and any Specified Derivatives Contract). 
 “Loan Party” means each of the Borrower and each Guarantor. 

“Major Redevelopment Property” means a Property (a) on which the existing building or other improvements are
undergoing substantial renovation and redevelopment and for which any of the following has occurred: (i) construction has commenced, (ii) the Borrower, any Subsidiary or any Unconsolidated Affiliate, as the case may be, has entered into a
binding construction contract or (iii) the Borrower, any Subsidiary or any Unconsolidated Affiliate, as the case may be, has entered into a binding agreement by an anchor tenant to enter into a lease of any such Property, (b) in respect of
which there has been a material diminution in the rent roll of such Property during construction as a result of such renovation or redevelopment and (c) either (i) that has not achieved an Occupancy Rate of 80% or more or (ii) on
which the improvements (other than tenant improvements) related to the renovation and redevelopment have not been completed. The term “Major Redevelopment Property” shall include real property of the type described in the immediately
preceding sentence that satisfies both of the following 

  
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conditions: (i) it is expected to be (but has not yet been) 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 renovate prior to, and as a condition precedent to, such acquisition, and (ii) a third party is developing such Property using proceeds of a loan that is Guaranteed by, or is otherwise
recourse to, the Borrower, any Subsidiary or any Unconsolidated Affiliate. 
 “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 each case, on or prior to the Termination Date. 

“Marketable Securities” means: (a) common or preferred Equity Interests of Persons located in, and formed under the
laws of, any State of the United States or America or the District of Columbia, which Equity Interests are subject to price quotations (quoted at least daily) on The NASDAQ Stock Market’s National Market System or have trading privileges on the
New York Stock Exchange, the American Stock Exchange or another recognized national United States securities exchange and (b) securities evidencing Indebtedness issued by Persons located in, and formed under the laws of, any State of the United
States or America or the District of Columbia, which Persons have a Credit Rating of BBB- or Baa3 or better. 

“Material Adverse Effect” means a materially adverse effect on (a) the business, assets, liabilities, condition
(financial or otherwise), results of operations or business prospects of the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Borrower and the Loan Parties to perform their obligations under the Loan Document, (c) the
validity or enforceability of any of the Loan Documents, or (d) the rights and remedies of the Lenders and the Administrative Agent under any of the Loan Documents. 
 “Material Subsidiary” means any Person that (a) is a Subsidiary and (b) has assets with a Fair Market Value equal to or greater than $2,500,000. 

“Moody’s” means Moody’s Investors Service, Inc. 

“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 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 an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios 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, 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 of the following (without duplication and determined on a consistent basis with prior periods): (a) rents and other revenues received in the ordinary course from such Property (including proceeds of rent loss or
business interruption insurance but 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 (excluding interest but
including an appropriate accrual for property taxes and insurance) related to the ownership, operation or maintenance of such Property, including but not limited to property 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 acquisition costs, general overhead expenses of the Borrower and its Subsidiaries and any property management fees) minus (c) the Capital Reserves for such Property as of the end of such period
minus (d) the greater of (i) the actual property management fee paid during such period and (ii) an imputed management fee in the amount of 3.0% of the gross revenues for such Property for such period, all as determined in
accordance with GAAP. 
 “Net Proceeds” means, with respect to an Equity Issuance by a Person, the aggregate
amount of all cash and the Fair Market Value of all other property (other than securities of such Person being converted or exchanged in connection with such Equity Issuance) received by such Person in respect of such Equity Issuance net of
investment banking fees, legal fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred by such Person in connection with such Equity Issuance. 

“New Guarantor” has the meaning given that term in Section 7.13.(a). 

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

“Non-Wholly Owned Subsidiary” means any Subsidiary of a Person that is not a Wholly Owned Subsidiary. 

“Nonrecourse Indebtedness” means, with respect to a Person, Indebtedness for borrowed money in respect of which recourse
for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, non-compliance with “separateness covenants,” and other similar customary exceptions to nonrecourse liability (but not exceptions
relating to non-collusive involuntary bankruptcy, insolvency, receivership or other similar events) in a form reasonably acceptable to the Administrative Agent) is contractually limited to specific assets of such Person encumbered by a Lien securing
such Indebtedness. 
 “Note” means a Revolving Note, a Bid Rate Note or a Swingline Note. 

“Notice of Borrowing” means a notice substantially in the form of Exhibit E (or such other form reasonably
acceptable to the Administrative Agent and containing the information required in Exhibit E) to be delivered to the Administrative Agent pursuant to Section 2.1.(b) evidencing the Borrower’s request for a borrowing of Revolving 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 Exhibit F) to be delivered to the Administrative Agent pursuant to Section 2.10. evidencing the Borrower’s request for the Continuation of a LIBOR
Loan. 

  
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 “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 Exhibit G) 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. 
 “Notice of Swingline 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 Exhibit H) to be delivered to the Swingline Lender pursuant to Section 2.4.(b)
evidencing the Borrower’s request for a Swingline Loan. 
 “Obligations” means, individually and
collectively: (a) the aggregate principal balance of, and all accrued and unpaid interest on, all Loans; (b) all Reimbursement Obligations and all other Letter of Credit Liabilities; and (c) all other indebtedness, liabilities,
obligations, covenants and duties of the Borrower or any of the other Loan Parties owing to the Administrative Agent, the Issuing Bank 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. 
 “Occupancy Rate” means, with respect to a Property at any time, the ratio, expressed as a
percentage, of (a) the number of units in the case of an apartment Property or square feet in the case of any other Property leased to tenants that are not affiliated with the Borrower pursuant to binding leases to (b) the aggregate number
of units or square feet, as applicable, of such Property. 
 “Off-Balance Sheet Liabilities”
means 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 Securities and Exchange Commission (or any Governmental Authority substituted therefor). 

“Ownership Share” means, with respect to any Subsidiary (other than a Wholly Owned Subsidiary of the Borrower) or any
Unconsolidated Affiliate of the Borrower, the greater of (a) the Borrower’s relative nominal direct and indirect ownership interest (expressed as a percentage) in such Subsidiary or Unconsolidated Affiliate or (b) subject to
compliance with Section 8.4.(j), the Borrower’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. 

“Participant” has the meaning given that term in Section 12.7.(b). 

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

“Permitted Liens” means, with respect to any asset or property of 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 the claims of materialmen, mechanics, carriers, warehousemen or
landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which are not at the time required to be paid or discharged under Section 7.6.; (b) Liens consisting of deposits or pledges made, in the
ordinary course of 

  
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business, in connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar Applicable Laws; (c) Liens consisting of encumbrances
in the nature of zoning restrictions, easements, and rights or restrictions of record on the use of real property, which do not materially detract from the value of such property or impair the intended use thereof in the business of such Person;
(d) the rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such Person; (e) Liens in favor of the Administrative Agent for its benefit and the benefit of the Lenders and the Issuing Bank;
and (f) Liens in existence on the Agreement Date and disclosed on Schedule 6.1.(g). 
 “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 (i) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group or
(ii) 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. 

“Post-Default Rate” means, in respect of any principal of any Loan or any other Obligation that is not paid when due
(whether at stated maturity, by acceleration, by optional or mandatory prepayment or otherwise), a rate per annum equal to the Base Rate as in effect from time to time, plus the Applicable Margin, plus three percent (3.0%). 

“Preferred Dividends” means, for any period and without duplication, all Restricted Payments paid during such period on
Preferred Equity Interests issued by the Borrower or any Subsidiary. Preferred Dividends shall not include dividends or distributions (a) paid or payable solely in Equity Interests (other than Mandatorily Redeemable Stock) payable to holders of
such class of Equity Interests, (b) paid or payable to the Borrower or a Subsidiary, or (c) constituting unscheduled partial redemptions or balloon, bullet or similar redemptions in full of Preferred Equity Interests. 

“Preferred Equity Interest” 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. 

“Principal Office” means 608 2nd Avenue South, 11th Floor, Minneapolis, Minnesota 55402. 
 “Pro Rata Share” means, as to each Lender, the ratio, expressed as a percentage, of (a) the amount of such Lender’s Commitment to (b) the aggregate amount of the
Commitments of all Lenders hereunder; provided, however, that if at the time of determination the Commitments have terminated or been reduced to zero, the “Pro Rata Share” of each Lender shall be the Pro Rata Share of such Lender in effect
immediately prior to such termination or reduction. 
 “Property” means, with respect to any Person, any parcel
of real property (whether owned in fee or subject to a lease), together with any building, facility, structure, equipment or other asset located on such parcel of real property, in each case owned or leased by such Person. 

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

  
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 “Rating Agency” means S&P, Moody’s, Fitch or any other nationally
recognized securities rating agency selected by the Borrower and approved by the Administrative Agent in writing. 

“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 and whether or not failure to comply therewith would be unlawful) 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. 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 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. 

“Reimbursement Obligation” means the obligation of the Borrower to reimburse the Issuing Bank for any drawing honored by
the Issuing Bank under a Letter of Credit. 
 “REIT” means a Person qualifying for treatment as a “real
estate investment trust” under the Internal Revenue Code. 
 “Related Parties” means, with respect to any
Person, such Person’s Affiliates and the partners, directors, trustees, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 
 “Requisite Lenders” means, as of any date, (a) Lenders having at least 66-2/3% of the aggregate amount of the Commitments, or, if the Commitments have been terminated or reduced to
zero, Lenders holding at least 66-2/3% of the principal amount of the outstanding Loans and Letter of Credit Liabilities; 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 there are two or more Lenders (excluding Defaulting Lenders), the term “Requisite Lenders” shall in no event mean less than two Lenders. For purposes of this definition, if the
Commitments have been terminated or reduced to zero, a Lender shall be deemed to hold a Swingline Loan or a Letter of Credit Liability to the extent such Lender has acquired a participation therein under the terms of this Agreement and has not
failed to perform its obligations in respect of such participation. 
 “Restricted Payment” means: (a) any
dividend or other distribution, direct or indirect, on account of any Equity Interests of the Borrower or any of its Subsidiaries now or hereafter outstanding, except a dividend payable solely in Equity Interests to the holders of such Equity
Interests; (b) any redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Equity Interest of the Borrower or any of its Subsidiaries 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 the Borrower or any of its Subsidiaries now or hereafter outstanding.

 “Revolving Credit Exposure” means, as to any Lender at any time, the aggregate principal amount at such time
of its outstanding Revolving Loans and such Lender’s participation in Letter of Credit Liabilities and Swingline Loans at such time. 

  
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 “Revolving Loan” means a loan made by a Lender to the Borrower pursuant to
Section 2.1.(a). 
 “Revolving Note” means a promissory note of the Borrower substantially in the form of
Exhibit I, payable to the order of a Lender in a principal amount equal to the amount of such Lender’s Commitment as originally in effect and otherwise duly completed and in any event shall include any new Revolving Note that may be issued
from time to time pursuant to Section 12.7. 
 “Securities Act” means the Securities Act of 1933, as
amended from time to time, together with all rules and regulations issued thereunder. 
 “Significant
Subsidiary” means any Subsidiary to which more than 10% of Consolidated Total Asset Value is attributable on an individual basis. 
 “Solvent” means, when used with respect to any Person, that (a) the fair value and the fair salable value of its assets (excluding any Indebtedness due from any Affiliate of such
Person that does not have an Investment Grade Rating and the accounts of which are not consolidated with such Person) are each in excess of the fair valuation of its total liabilities (including all contingent liabilities); (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. 

“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc.

 “Specified Derivatives Contract” means any Derivatives Contract, together with any Derivatives Support
Document relating thereto, 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 the Borrower or any Subsidiary and any Specified Derivatives
Provider. 
 “Specified Derivatives Obligations” means all indebtedness, liabilities, obligations, covenants
and duties of the Borrower or its Subsidiaries under or in respect of any Specified Derivatives Contract, whether direct or indirect, absolute or contingent, due or not due, liquidated or unliquidated, and whether or not evidenced by any written
confirmation. 
 “Specified Derivatives Provider” means any Lender, or any Affiliate of a Lender that is a
party to a Derivatives Contract at the time such Derivatives Contract is entered into. 
 “Stated Amount” means
the amount available to be drawn by a beneficiary under a Letter of Credit from time to time, as such amount may be increased or reduced from time to time in accordance with the terms of such Letter of Credit. 

“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, trustees 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 of determination thereof, directly or indirectly owned or controlled by such Person and shall include all Persons the accounts of which are consolidated
with those of such Person pursuant to GAAP. Unless explicitly set forth to the contrary, a reference to “Subsidiary” means a Subsidiary of the Borrower. 

  
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 “Substantial Amount” means, at the time of determination thereof, an amount
in excess of 30.0% of total consolidated assets (exclusive of depreciation) at such time of the Borrower and its Subsidiaries determined on a consolidated basis. 
 “Swingline Commitment” means the Swingline Lender’s obligation to make Swingline Loans pursuant to Section 2.4. in an amount up to, but not exceeding the amount set forth in
Section 2.4., as such amount may be reduced from time to time in accordance with the terms hereof. 
 “Swingline
Lender” means Wells Fargo Bank, National Association, together with its respective successors and assigns. 

“Swingline Loan” means a loan made by the Swingline Lender to the Borrower pursuant to Section 2.4. 

“Swingline Note” means the promissory note of the Borrower substantially in the form of Exhibit J, payable to the
order of the Swingline Lender in a principal amount equal to the amount of the Swingline Commitment as originally in effect and otherwise duly completed and in any event shall include any new Swingline Note that may be issued from time to time
pursuant to Section 12.7. 
 “Swingline Termination Date” means the date which is 7 Business Days prior to
the Termination Date. 
 “Taxes” has the meaning given that term in Section 3.11. 

“Termination Date” means July 1, 2014, or such later date to which such date may be extended in accordance with
Section 2.14. 
 “Total Budgeted Cost” means, with respect to a Development Property or a Major
Redevelopment Property, and at any time, the aggregate amount of all costs budgeted to be paid, incurred or otherwise expended or accrued by the Borrower, a Subsidiary or an Unconsolidated Affiliate with respect to such Property to achieve an
Occupancy Rate of 100%, including without limitation, all amounts budgeted with respect to all of the following: (a) acquisition of land and any related improvements; (b) a reasonable and appropriate reserve for construction interest;
(c) a reasonable and appropriate operating deficit reserve; (d) tenant improvements, (e) leasing commissions, (f) infrastructure costs and (g) other hard and soft costs associated with the development or redevelopment of
such Property. With respect to any Property to be developed in more than one phase, the Total Budgeted Cost shall exclude budgeted costs (other than costs relating to acquisition of land and related improvements) to the extent relating to any phase
for which (i) construction has not yet commenced and (ii) a binding construction contract has not been entered into by the Borrower, any other Subsidiary or any Unconsolidated Affiliate, as the case may be. 

“Transfer Authorizer Designation Form” means a form substantially in the form of Exhibit P to be delivered to the
Administrative Agent pursuant to Section 5.1., as the same may be amended, restated or modified from time to time with the prior written approval of the Administrative Agent. 

“Type” with respect to any Revolving Loan, refers to whether such Loan is a LIBOR Loan or a Base Rate Loan, or in the
case of a Bid Rate Loan only, an Absolute Rate Loan or a LIBOR Margin Loan. 
 “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. 

  
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 “Unencumbered NOI” means, for any period, the aggregate Net Operating
Income for such period of all Eligible Properties the Net Operating Income of which the Borrower has elected pursuant to clause (i) of the second sentence of Section 8.3. to include for purposes of calculating Unencumbered Pool Value.

 “Unencumbered Pool Value” means, without duplication (a) the Unencumbered NOI for the fiscal quarter
most recently ended multiplied by 4, divided by the Capitalization Rate, plus (b) the GAAP book value of all Eligible Properties acquired during the fiscal quarter most recently ended that the Borrower has elected pursuant to
clause (i) of the second sentence of Section 8.3. to include for purposes of calculating the Unencumbered Pool Value. To the extent that (x) any individual Property would account for more than 20.0% of Unencumbered Pool Value and/or
(y) Properties subject to a ground lease would, in the aggregate, account for more than 20.0% of the Unencumbered Pool Value (excluding leases where the land is owned by a hospital or university upon which a medical office building or student
housing, respectively, is constructed, and excluding ground leases which grant the Borrower the option to purchase the property on terms acceptable to the Administrative Agent), then, in the case of each of clauses (x) and (y), such excess
shall be excluded from the calculation of Unencumbered Pool Value. The Eligible Properties included in the calculation of Unencumbered Pool Value must have an Occupancy Rate determined on an aggregate basis of not less than 80.0%. 

“Unimproved Land” means land on which no development (other than improvements that are not material and are temporary in
nature) has occurred and for which no development is scheduled in the following 12 months. 
 “Wells Fargo”
means Wells Fargo Bank, National Association, and its successors and permitted assigns. 
 “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’ or trustees’ 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. 
 Section 1.2. General; References to Eastern Time. 

Unless otherwise indicated, all accounting terms, ratios and measurements shall be interpreted or determined in accordance with GAAP as in
effect on the Agreement Date; provided that, if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Requisite Lenders shall so request, the
Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Requisite Lenders); provided
further that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial
statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. References
in this Agreement to “Sections”, “Articles”, “Exhibits” and “Schedules” are to sections, articles, exhibits and 

  
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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) 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 prohibited hereby and in effect at any given time. 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 an “Affiliate” means a
reference to 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 Eastern time. 
 ARTICLE II. CREDIT FACILITY

 Section 2.1. Revolving Loans. 
 (a) Making of Revolving Loans. Subject to the terms and conditions set forth in this Agreement, including without limitation, Section 2.16. below, each Lender severally and not jointly agrees
to make Revolving Loans to the Borrower during the period from and including the Effective Date to but excluding the Termination Date, in an aggregate principal amount at any one time outstanding up to, but not exceeding, the amount of such
Lender’s Commitment. Within the foregoing limits and subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow Revolving Loans. 
 (b) Requests for Revolving Loans. Not later than 11:00 a.m. Eastern time at least two (2) Business Days prior to a borrowing of Base Rate Loans and not later than 11:00 a.m. Eastern time at
least three (3) Business Days prior to a borrowing of LIBOR Loans, the Borrower shall deliver to the Administrative Agent a Notice of Borrowing. Each Notice of Borrowing shall specify the aggregate principal amount of the Revolving Loans to be
borrowed, the date such Revolving Loans are to be borrowed (which must be a Business Day), the Type of the requested Revolving Loans, and if such Revolving Loans are to be LIBOR Loans, the initial Interest Period for such Revolving Loans. 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 Revolving Loan will be a Base Rate Loan or a LIBOR Loan) request that the
Administrative Agent provide the Borrower with the most recent LIBOR rate available to the Administrative Agent. The Administrative Agent shall provide such quoted rate to the Borrower and to the Lenders on the date of such request or as soon as
possible thereafter. 
 (c) Funding of Revolving Loans. Promptly after receipt of a Notice of Borrowing under the
immediately preceding subsection (b), the Administrative Agent shall notify each Lender of the proposed borrowing. Each Lender shall deposit an amount equal to the Revolving Loan to be made by such Lender to the Borrower with the Administrative
Agent at the Principal Office, in immediately available funds not later than 11:00 a.m. Eastern time on the date of such proposed Revolving Loans. Subject to fulfillment of all applicable conditions set forth herein, the Administrative Agent shall
make available to the Borrower in an account specified by the Borrower in the Transfer Authorizer Designation Form, not later than 2:00 p.m. Eastern time on the date of the requested borrowing of Revolving Loans, the proceeds of such amounts
received by the Administrative Agent. 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. 

  
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 (d) Assumptions Regarding Funding by Lenders. With respect to Revolving Loans to be
made after the Effective Date, unless the Administrative Agent shall have been notified by any Lender that such Lender will not make available to the Administrative Agent a Revolving Loan 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 Revolving 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 Revolving 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 Revolving Loan, then such
Lender and the Borrower severally agree to pay to the Administrative Agent on demand the amount of such Revolving Loan with interest thereon, for each day from and including the date such Revolving 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 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 Revolving Loan, the
amount so paid shall constitute such Lender’s Revolving Loan included in the borrowing as of the date of 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 Revolving Loan to be made by such Lender. 
 Section 2.2. Bid Rate Loans. 

(a) Bid Rate Loans. In addition to borrowings of Revolving Loans, at any time during the period from the Effective Date to but
excluding the Termination Date, and so long as the Borrower continues to maintain an Investment Grade Rating from any two of S&P, Moody’s and Fitch, the Borrower may, as set forth in this Section, request the Lenders to make offers to make
Bid Rate Loans to the Borrower in Dollars. The Lenders may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section. 

(b) Requests for Bid Rate Loans. When the Borrower wishes to request from the Lenders offers to make Bid Rate Loans, it shall give
the Administrative Agent notice (a “Bid Rate Quote Request”) so as to be received no later than 11:00 a.m. Eastern time on (x) the Business Day immediately preceding the date of borrowing proposed therein, in the case of an Absolute
Rate Auction and (y) the date four Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction. The Administrative Agent shall deliver to each Lender a copy of each Bid Rate Quote Request promptly upon receipt thereof
by the Administrative Agent. The Borrower may request offers to make Bid Rate Loans for up to 3 different Interest Periods in each Bid Rate Quote Request (for which purpose Interest Periods in different lettered clauses of the definition of the term
“Interest Period” shall be deemed to be different Interest Periods even if they are coterminous); provided that the request for each separate Interest Period shall be deemed to be a separate Bid Rate Quote Request for a separate borrowing
(a “Bid Rate Borrowing”). Each Bid Rate Quote Request shall be substantially in the form of Exhibit K and shall specify as to each Bid Rate Borrowing all of the following: 

(i) the proposed date of such Bid Rate Borrowing, which shall be a Business Day; 

  
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 (ii) the aggregate amount of such Bid Rate Borrowing which shall be in a
minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof which shall not cause any of the limits specified in Section 2.16. to be violated; 

(iii) whether the Bid Rate Quote Request is for LIBOR Margin Loans or Absolute Rate Loans; and 

(iv) the duration of the Interest Period applicable thereto, which shall not extend beyond the Termination Date.

 The Borrower shall not deliver any Bid Rate Quote Request within five Business Days of the giving of any other Bid Rate Quote Request and the
Borrower shall not deliver more than 4 Bid Rate Quote Requests in any calendar month. The Borrower shall pay any fees due pursuant to Section 3.6.(d) at the time any Bid Rate Quote Request is delivered to the Administrative Agent. Such fees
shall be due and payable whether or not any Bid Rate Quotes are submitted or any Bid Rate Quotes are accepted. 
 (c) Bid
Rate Quotes. 
 (i) Each Lender may submit one or more Bid Rate Quotes, each containing an offer to make a
Bid Rate Loan in response to any Bid Rate Quote Request; provided that, if the Borrower’s request under Section 2.2.(b) specified more than one Interest Period, such Lender may make a single submission containing only one Bid Rate Quote
for each such Interest Period. Each Bid Rate Quote must be submitted to the Administrative Agent not later than 9:30 a.m. Eastern time (x) on the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date
three Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, and in either case the Administrative Agent shall disregard any Bid Rate Quote received after such time; provided that the Lender then acting as the
Administrative Agent may submit a Bid Rate Quote only if it notifies the Borrower of the terms of the offer contained therein not later than 30 minutes prior to the latest time by which the Lenders must submit applicable Bid Rate Quotes. Subject to
Article V. and Article X., any Bid Rate Quote so made shall be irrevocable. Such Bid Rate Loans may be funded by a Lender’s Designated Lender (if any) as provided in Section 12.7.(d), however such Lender shall not be required to specify in
its Bid Rate Quote whether such Bid Rate Loan will be funded by such Designated Lender. 
 (ii) Each Bid Rate
Quote shall be substantially in the form of Exhibit L and shall specify: 
 (A) the proposed date of
borrowing and the Interest Period therefor; 
 (B) the principal amount of the Bid Rate Loan for which each such
offer is being made; provided that the aggregate principal amount of all Bid Rate Loans for which a Lender submits Bid Rate Quotes (x) may be greater or less than the Commitment of such Lender but (y) shall not exceed the principal amount
of the Bid Rate Borrowing for a particular Interest Period for which offers were requested; and provided further that any Bid Rate Quote shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; 

(C) in the case of an Absolute Rate Auction, the rate of interest per annum (rounded upwards, if necessary, to the nearest
1/1,000th of 1%) offered for each such Absolute Rate Loan (the “Absolute Rate”); 

  
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 (D) in the case of a LIBOR Auction, the margin above or below applicable
LIBOR (the “LIBOR Margin”) offered for each such LIBOR Margin Loan, expressed as a percentage (rounded upwards, if necessary, to the nearest 1/1,000th of 1%) to be added to (or subtracted from) the applicable LIBOR; and 

(E) the identity of the quoting Lender. 
 Unless otherwise agreed by the Administrative Agent and the Borrower, no Bid Rate Quote shall contain qualifying, conditional or similar language or propose terms other than or in addition to those set
forth in the applicable Bid Rate Quote Request and, in particular, no Bid Rate Quote may be conditioned upon acceptance by the Borrower of all (or some specified minimum) of the principal amount of the Bid Rate Loan for which such Bid Rate Quote is
being made. 
 (d) Notification by Administrative Agent. The Administrative Agent shall, as promptly as practicable after
the Bid Rate Quotes are submitted (but in any event not later than 10:30 a.m. Eastern time (x) on the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three Business Days prior to the proposed
date of borrowing, in the case of a LIBOR Auction), notify the Borrower of the terms (i) of any Bid Rate Quote submitted by a Lender that is in accordance with Section 2.2.(c). and (ii) of any Bid Rate Quote that amends, modifies or
is otherwise inconsistent with a previous Bid Rate Quote submitted by such Lender with respect to the same Bid Rate Quote Request. Any such subsequent Bid Rate Quote shall be disregarded by the Administrative Agent unless such subsequent Bid Rate
Quote is submitted solely to correct a manifest error in such former Bid Rate Quote. The Administrative Agent’s notice to the Borrower shall specify (A) the aggregate principal amount of the Bid Rate Borrowing for which offers have been
received and (B) the principal amounts and Absolute Rates or LIBOR Margins, as applicable, so offered by each Lender. 

(e) Acceptance by Borrower. 
 (i) Not later than 11:30 a.m. Eastern time (x) on the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three Business Days prior to the proposed date of
borrowing, in the case of LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.2.(d). which notice shall be in the form of
Exhibit M. In the case of acceptance, such notice shall specify the aggregate principal amount of offers for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance.
The Borrower may accept any Bid Rate Quote in whole or in part; provided that: 
 (A) the aggregate principal
amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request; 
 (B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.2. (b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the
limits specified in Section 2.16. to be violated; 
 (C) acceptance of Bid Rate Quotes may be made only in
ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered; 

  
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 (D) any acceptance in part by the Borrower shall be in a minimum amount of
$5,000,000 and integral multiples of $1,000,000 in excess thereof; and 
 (E) the Borrower may not accept any Bid
Rate Quote that fails to comply with Section 2.2.(c) or otherwise fails to comply with the requirements of this Agreement. 
 (ii) If Bid Rate Quotes are made by two or more Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate
Quotes are accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Lenders in proportion to the aggregate
principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error. 
 (f) Obligation to Make Bid Rate Loans. The Administrative Agent shall promptly (and in any event not later than (x) 12:00 noon Eastern time on the proposed date of borrowing of Absolute
Rate Loans and (y) on the date three Business Days prior to the proposed date of borrowing of LIBOR Margin Loans) notify each Lender that submitted a Bid Rate Quote as to whose Bid Rate Quote has been accepted and the amount and rate thereof. A
Lender who is notified that it has been selected to make a Bid Rate Loan may designate its Designated Lender (if any) to fund such Bid Rate Loan on its behalf, as described in Section 12.7.(d). Any Designated Lender which funds a Bid Rate Loan
shall on and after the time of such funding become the obligee under such Bid Rate Loan and be entitled to receive payment thereof when due. No Lender shall be relieved of its obligation to fund a Bid Rate Loan, and no Designated Lender shall assume
such obligation, prior to the time the applicable Bid Rate Loan is funded. Any Lender whose offer to make any Bid Rate Loan has been accepted shall, not later than 11:00 a.m. Eastern time on the date specified for the making of such Loan, make
the amount of such Loan available to the Administrative Agent at its Principal Office in immediately available funds, for the account of the Borrower. The amount so received by the Administrative Agent shall, subject to the terms and conditions of
this Agreement, be made available to the Borrower not later than 12:00 noon Eastern time on such date by depositing the same, in immediately available funds, in an account of the Borrower designated by the Borrower. 

(g) No Effect on Commitment. Except for the purpose and to the extent expressly stated in Section 2.13., the amount of any
Bid Rate Loan made by any Lender shall not constitute a utilization of such Lender’s Commitment. 
 Section 2.3. Letters of Credit.

 (a) Letters of Credit. Subject to the terms and conditions of this Agreement, including without limitation,
Section 2.16., the Issuing Bank, on behalf of the Lenders, agrees to issue for the account of the Borrower during the period from and including the Effective Date to, but excluding, the date 30 days prior to the Termination Date, one or more
standby letters of credit (each a “Letter of Credit”) up to a maximum aggregate Stated Amount at any one time outstanding not to exceed an amount equal to 10.0% of the aggregate of the Commitments (the “L/C Commitment Amount”).

 (b) Terms of Letters of Credit. At the time of issuance, the amount, form, terms and conditions of each Letter of
Credit, and of any drafts or acceptances thereunder, shall be subject to approval by the Issuing Bank and the Borrower. Notwithstanding the foregoing, in no event may (i) the expiration date of any Letter of Credit extend beyond the Termination
Date, or (ii) any Letter of Credit have an initial duration in excess of one year; provided, however, a Letter of Credit may contain a 

  
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provision providing for automatic extension of the expiration date in the absence of a notice of non-renewal from the Issuing Bank but in no event shall any such provision permit the extension of
the expiration date of such Letter of Credit beyond the Termination Date; provided, further, that a Letter of Credit may, as a result of its express terms or as the result of the effect of an automatic extension provision, have an expiration date of
not more than one year beyond the Termination Date so long as the Borrower delivers to the Administrative Agent for the benefit of the Issuing Bank and the Lenders no later than 30 days prior to the Termination Date Cash Collateral for such Letter
of Credit for deposit into the Letter of Credit Collateral Account in an amount equal to the Stated Amount of such Letter of Credit. 
 (c) Requests for Issuance of Letters of Credit. The Borrower shall give the Issuing Bank and the Administrative Agent written notice at least 5 Business Days prior to the requested date of issuance
of a Letter of Credit, such notice to describe in reasonable detail the proposed terms of such Letter of Credit and the nature of the transactions or obligations proposed to be supported by such Letter of Credit, and in any event shall set forth
with respect to such Letter of Credit the proposed (i) initial Stated Amount, (ii) the beneficiary, and (iii) expiration date. The Borrower shall also execute and deliver such customary applications and agreements for standby letters
of credit, and other forms as requested from time to time by the Issuing Bank. Provided the Borrower has given the notice prescribed by the first sentence of this subsection and delivered such applications and agreements referred to in the preceding
sentence, subject to the other terms and conditions of this Agreement, including the satisfaction of any applicable conditions precedent set forth in Section 5.2., the Issuing Bank shall issue the requested Letter of Credit on the requested
date of issuance for the benefit of the stipulated beneficiary but in no event prior to the date 5 Business Days following the date after which the Issuing Bank has received all of the items required to be delivered to it under this subsection. The
Issuing Bank shall not at any time be obligated to issue any Letter of Credit if such issuance would conflict with, or cause the Issuing Bank or any Lender to exceed any limits imposed by, any Applicable Law. References herein to “issue”
and derivations thereof with respect to Letters of Credit shall also include extensions or modifications of any outstanding Letters of Credit, unless the context otherwise requires and except for reductions of the Stated Amount of any outstanding
Letters of Credit. Upon the written request of the Borrower, the Issuing Bank shall deliver to the Borrower a copy of (i) any Letter of Credit proposed to be issued hereunder prior to the issuance thereof and (ii) each issued Letter of
Credit within a reasonable time after the date of issuance thereof. To the extent any term of a Letter of Credit Document is inconsistent with a term of any Loan Document, the term of such Loan Document shall control. 

(d) Reimbursement Obligations. Upon receipt by the Issuing Bank from the beneficiary of a Letter of Credit of any demand for
payment under such Letter of Credit, the Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by the Issuing Bank as a result of such demand and the date on which payment is to be made by the Issuing
Bank to such beneficiary in respect of such demand; provided, however, that the Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The
Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse the Issuing Bank for the amount of each such demand at or prior to the date on which payment is to be made by the Issuing Bank to the beneficiary thereunder,
without presentment, demand, protest or other formalities of any kind. Upon receipt by the Issuing Bank of any payment in respect of any Reimbursement Obligation, the Issuing Bank shall promptly pay to each Lender that has acquired a participation
therein under the second sentence of subsection (i) of this Section such Lender’s Pro Rata Share of such payment. 

(e) Manner of Reimbursement. Upon its receipt of a notice referred to in the immediately preceding subsection (d), the
Borrower shall advise the Administrative Agent and the Issuing Bank whether or not the Borrower intends to borrow hereunder to finance its obligation to reimburse the Issuing Bank for the amount of the related demand for payment and, if it does, the
Borrower shall submit a timely 

  
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request for such borrowing as provided in the applicable provisions of this Agreement. If the Borrower fails to so advise the Administrative Agent and the Issuing Bank, or if the Borrower fails
to reimburse the Issuing Bank for a demand for payment under a Letter of Credit by the date of such payment, the failure of which the Issuing Bank shall promptly notify the Administrative Agent, then (i) if the applicable conditions contained
in Article V. would permit the making of Revolving Loans, the Borrower shall be deemed to have requested a borrowing of Revolving Loans (which shall be Base Rate Loans) in an amount equal to the unpaid Reimbursement Obligation and the
Administrative Agent shall give each Lender prompt notice of the amount of the Revolving Loan to be made available to the Administrative Agent not later than 9:00 a.m. Eastern time and (ii) if such conditions would not permit the making of
Revolving Loans, the provisions of subsection (j) of this Section shall apply. The limitations set forth in the second sentence of Section 3.5.(a) shall not apply to any borrowing of Base Rate Loans under this subsection. 

(f) Effect of Letters of Credit on Commitments. Upon the issuance by the Issuing Bank of any Letter of Credit and until such
Letter of Credit shall have expired or been terminated, the Commitment of each Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Lender’s Pro Rata Share and (ii) the
sum of (A) the Stated Amount of such Letter of Credit plus, without duplication, (B) any related Reimbursement Obligations then outstanding. 
 (g) Issuing Bank’s Duties Regarding Letters of Credit; Unconditional Nature of Reimbursement Obligations. In examining documents presented in connection with drawings under Letters of Credit
and making payments under such Letters of Credit against such documents, the Issuing Bank shall only be required to use the same standard of care as it uses in connection with examining documents presented in connection with drawings under letters
of credit in which it has not sold participations and making payments under such letters of credit. The Borrower assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of
Credit. In furtherance and not in limitation of the foregoing, none of the Administrative Agent, the Issuing Bank or any of the Lenders shall be responsible (unless resulting from gross negligence or willful misconduct as determined by a court of
competent jurisdiction in a final, non-appealable judgment) for (i) the form, validity, sufficiency, accuracy, genuineness or legal effects of any document submitted by any party in connection with the application for and issuance of or any
drawing honored under any Letter of Credit even if such document should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or
assigning or purporting to transfer or assign any Letter of Credit, on behalf of the respective beneficiary thereof, or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any
reason; (iii) failure of the beneficiary of any Letter of Credit to comply fully with conditions required in order to draw upon such Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of any
messages, by mail, cable, telex, telecopy, electronic mail or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in
order to make a drawing under any Letter of Credit, or of the proceeds thereof; (vii) the misapplication by the beneficiary of any Letter of Credit, or of the proceeds of any drawing under any Letter of Credit; or (viii) any consequences
arising from causes beyond the control of the Issuing Bank, the Administrative Agent or the Lenders. None of the above shall affect, impair or prevent the vesting of any of the Issuing Bank’s or the Administrative Agent’s rights or powers
hereunder. Any action taken or omitted to be taken by the Issuing Bank under or in connection with any Letter of Credit, if taken or omitted in the absence of gross negligence or willful misconduct (as determined by a court of competent jurisdiction
in a final, non-appealable judgment), shall not create against the Issuing Bank any liability to the Borrower, the Administrative Agent or any Lender. In this connection, the obligation of the Borrower to reimburse the Issuing Bank for any drawing
made under any Letter of Credit, and to repay any Revolving Loan made pursuant to the second sentence of 

  
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subsection (e) of this Section shall be absolute, unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement or any other applicable Letter of
Credit Document under all circumstances whatsoever, including without limitation, the following circumstances: (A) any lack of validity or enforceability of any Letter of Credit Document or any term or provisions therein; (B) any amendment
or waiver of or any consent to departure from all or any of the Letter of Credit Documents; (C) the existence of any claim, setoff, defense or other right which the Borrower may have at any time against the Issuing Bank, the Administrative
Agent, any Lender, any beneficiary of a Letter of Credit or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or in the Letter of Credit Documents or any unrelated transaction; (D) any breach of
contract or dispute between the Borrower, the Issuing Bank, the Administrative Agent, any Lender or any other Person; (E) any demand, statement or any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid
or insufficient in any respect or any statement therein or made in connection therewith being untrue or inaccurate in any respect whatsoever; (F) any non-application or misapplication by the beneficiary of a Letter of Credit or of the proceeds
of any drawing under such Letter of Credit; (G) payment by the Issuing Bank under any Letter of Credit against presentation of a draft or certificate which does not strictly comply with the terms of such Letter of Credit, and (H) any other
act, omission to act, delay or circumstance whatsoever that might, but for the provisions of this Section, constitute a legal or equitable defense to or discharge of the Borrower’s Reimbursement Obligations. Notwithstanding anything to the
contrary contained in this Section or Section 12.11., but not in limitation of the Borrower’s unconditional obligation to reimburse the Issuing Bank for any drawing made under a Letter of Credit as provided in this Section and to repay any
Revolving Loan made pursuant to the second sentence of subsection (e) of this Section, the Borrower shall have no obligation to indemnify the Administrative Agent, the Issuing Bank or any Lender in respect of any liability incurred by the
Administrative Agent, the Issuing Bank or such Lender arising solely out of the gross negligence or willful misconduct of the Administrative Agent, the Issuing Bank or such Lender in respect of a Letter of Credit as determined by a court of
competent jurisdiction in a final, non-appealable judgment. Except as otherwise provided in this Section, nothing in this Section shall affect any rights the Borrower may have with respect to the gross negligence or willful misconduct of the
Administrative Agent, the Issuing Bank or any Lender with respect to any Letter of Credit. 
 (h) Amendments, Etc. The
issuance by the Issuing Bank of any amendment, supplement or other modification to any Letter of Credit shall be subject to the same conditions applicable under this Agreement to the issuance of new Letters of Credit (including, without limitation,
that the request therefor be made by the Borrower pursuant to an application in the form from time to time in use by the Issuing Bank), and no such amendment, supplement or other modification shall be issued unless either (i) the respective
Letter of Credit affected thereby would have complied with such conditions had it originally been issued hereunder in such amended, supplemented or modified form or (ii) the Administrative Agent and Requisite Lenders (or all of the Lenders if
required by Section 12.8.) shall have consented thereto. In connection with any such amendment, supplement or other modification, the Borrower shall pay the fees, if any, payable under the last sentence of Section 3.6.(c). 

(i) Lenders’ Participation in Letters of Credit. Immediately upon (i) the Effective Date with respect to all Existing
Letters of Credit and (ii) the date of issuance by the Issuing Bank of all other Letters of Credit, each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing Bank, without recourse
or warranty, an undivided interest and participation to the extent of such Lender’s Pro Rata Share of the liability of the Issuing Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and
irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Bank to pay and discharge when due, such Lender’s Pro Rata Share of the Issuing Bank’s liability under such Letter of Credit.
In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Bank, in respect of any Letter of Credit pursuant to the immediately 

  
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following subsection (j), such Lender shall, automatically and without any further action on the part of the Issuing Bank, the Administrative Agent or such Lender, acquire (i) a
participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Pro Rata Share
in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Bank pursuant to the last sentence of Section 3.6.(c). 

(j) Payment Obligation of Lenders. Each Lender severally agrees to pay to the Administrative Agent for the account of the Issuing
Bank, on demand in immediately available funds in Dollars, the amount of such Lender’s Pro Rata Share of each drawing paid by the Issuing Bank under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to
subsection (d) of this Section; provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such
Lender’s Pro Rata Share of such drawing. If the notice referenced in the second sentence of Section 2.3.(e) is received by a Lender not later than 9:00 a.m. Eastern time, then such Lender shall make such payment available to the
Administrative Agent not later than 12:00 noon Eastern time on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 11:00 a.m. Eastern time on the next succeeding Business Day. Each
Lender’s obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to receive the same for the account of the Issuing Bank, shall be absolute, irrevocable and unconditional and
shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other
Loan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1.(e) or (f) or (iv) the termination of the Commitments. Each such payment to the Administrative Agent for
the account of the Issuing Bank shall be made without any offset, abatement, withholding or deduction whatsoever. 
 (k)
Information to Lenders. Promptly following any change in Letters of Credit outstanding, the Issuing Bank shall deliver to the Administrative Agent, which shall promptly deliver the same to each Lender, and the Borrower a notice describing the
aggregate amount of all Letters of Credit outstanding at such time. Upon the request of any Lender from time to time, the Issuing Bank shall deliver any other information reasonably requested by such Lender with respect to each Letter of Credit then
outstanding. Other than as set forth in this subsection, the Issuing Bank shall have no duty to notify the Lenders regarding the issuance or other matters regarding Letters of Credit issued hereunder. The failure of the Issuing Bank to perform its
requirements under this subsection shall not relieve any Lender from its obligations under the immediately preceding subsection (j). 
 (l) Existing Letters of Credit. The parties agree that each Existing Letter of Credit shall, from and after the Effective Date, be deemed to be a Letter of Credit issued under this Agreement and
shall be subject to and governed by the terms and conditions of this Agreement and the other Loan Documents. 
 Section 2.4. Swingline
Loans. 
 (a) Swingline Loans. Subject to the terms and conditions hereof, including without limitation
Section 2.16., the Swingline Lender agrees to make Swingline Loans to the Borrower, during the period from the Effective Date to but excluding the Swingline Termination Date, in an aggregate principal amount at any one time outstanding up to,
but not exceeding, $75,000,000, as such amount may be reduced from time to time in accordance with the terms hereof. If at any time the aggregate principal amount of the Swingline Loans outstanding at such time exceeds the Swingline Commitment in
effect at such time, the Borrower shall immediately pay the Administrative Agent for the account of the Swingline Lender the amount of such excess. Subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow
Swingline Loans hereunder. 

  
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 (b) Procedure for Borrowing Swingline Loans. The Borrower shall give the
Administrative Agent and the Swingline Lender notice pursuant to a Notice of Swingline Borrowing or telephonic notice of each borrowing of a Swingline Loan. Each Notice of Swingline Borrowing shall be delivered no later than 11:00 a.m. Eastern time
on the proposed date of such borrowing. Any telephonic notice shall include all information to be specified in a written Notice of Swingline Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Swingline
Borrowing sent to the Swingline Lender and the Administrative Agent by telecopy on the same day of the giving of such telephonic notice. Not later than 1:00 p.m. Eastern time on the date of the requested Swingline Loan and subject to
satisfaction of the applicable conditions set forth in Section 5.2. for such borrowing, the Swingline Lender will make the proceeds of such Swingline Loan available to the Borrower in Dollars, in immediately available funds, in an account
specified by the Borrower in the Transfer Authorizer Designation Form. 
 (c) Interest. Swingline Loans shall bear
interest at a per annum rate equal to the Base Rate plus the Applicable Margin as in effect from time to time or at such other rate or rates as the Borrower and the Swingline Lender may agree from time to time in writing. Interest on Swingline Loans
is solely for the account of the Swingline Lender (except to the extent a Lender acquires a participating interest in a Swingline Loan pursuant to subsection (e) of this Section). All accrued and unpaid interest on Swingline Loans shall be
payable on the dates and in the manner provided in Section 2.5. with respect to interest on Base Rate Loans (except as the Swingline Lender and the Borrower may otherwise agree in writing in connection with any particular Swingline Loan).

 (d) Swingline Loan Amounts, Etc. Each Swingline Loan shall be in the minimum amount of $1,000,000 and integral
multiples of $500,000 in excess thereof, or such other minimum amounts agreed to by the Swingline Lender and the Borrower. Any voluntary prepayment of a Swingline Loan must be in integral multiples of $500,000 or the aggregate principal amount of
all outstanding Swingline Loans (or such other minimum amounts upon which the Swingline Lender and the Borrower may agree) and in connection with any such prepayment, the Borrower must give the Swingline Lender and the Administrative Agent prior
written notice thereof no later than 12:00 noon Eastern time on the day prior to the date of such prepayment. The Swingline Loans shall, in addition to this Agreement, be evidenced by the Swingline Note. 

(e) Repayment and Participations of Swingline Loans. The Borrower agrees to repay each Swingline Loan within one Business Day of
demand therefor by the Swingline Lender and, in any event, within 6 Business Days after the date such Swingline Loan was made; provided, that the proceeds of a Swingline Loan may not be used to pay a Swingline Loan. Notwithstanding the foregoing,
the Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Swingline Loans on the Swingline Termination Date (or such earlier date as the Swingline Lender and the Borrower may agree in writing).
In lieu of demanding repayment of any outstanding Swingline Loan from the Borrower, the Swingline Lender may, on behalf of the Borrower (which hereby irrevocably directs the Swingline Lender to act on its behalf), request a borrowing of Base Rate
Loans from the Lenders in an amount equal to the principal balance of such Swingline Loan. The amount limitations contained in Section 3.5.(a) shall not apply to any borrowing of Base Rate Loans made pursuant to this subsection. The Swingline
Lender shall give notice to the Administrative Agent of any such borrowing of Base Rate Loans not later than 11:00 a.m. Eastern time at least one Business Day prior to the proposed date of such borrowing. Promptly after receipt of such notice of
borrowing of Base Rate Loans from the Swingline Lender under the immediately preceding sentence, the Administrative Agent shall notify each Lender of the proposed borrowing. Not later than 11:00 a.m. Eastern time on the proposed date of such
borrowing, each Lender will make available to the Administrative Agent at the Principal Office for the 

  
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account of the Swingline Lender, in immediately available funds, the proceeds of the Base Rate Loan to be made by such Lender. The Administrative Agent shall pay the proceeds of such Base Rate
Loans to the Swingline Lender, which shall apply such proceeds to repay such Swingline Loan. If the Lenders are prohibited from making Loans required to be made under this subsection for any reason whatsoever, including without limitation, the
occurrence of any of the Defaults or Events of Default described in Sections 10.1.(e) or (f), each Lender shall purchase from the Swingline Lender, without recourse or warranty, an undivided interest and participation to the extent of such
Lender’s Pro Rata Share of such Swingline Loan, by directly purchasing a participation in such Swingline Loan in such amount and paying the proceeds thereof to the Administrative Agent for the account of the Swingline Lender in Dollars and in
immediately available funds. A Lender’s obligation to purchase such a participation in a Swingline Loan shall be absolute and unconditional and shall not be affected by any circumstance whatsoever, including without limitation, (i) any
claim of setoff, counterclaim, recoupment, defense or other right which such Lender or any other Person may have or claim against the Administrative Agent, the Swingline Lender or any other Person whatsoever, (ii) the occurrence or continuation
of a Default or Event of Default (including without limitation, any of the Defaults or Events of Default described in Sections 10.1. (e) or (f), or the termination of any Lender’s Commitment, (iii) the existence (or alleged existence)
of an event or condition which has had or could have a Material Adverse Effect, (iv) any breach of any Loan Document by the Administrative Agent, any Lender, the Borrower or any other Loan Party, or (v) any other circumstance, happening or
event whatsoever, whether or not similar to any of the foregoing. If such amount is not in fact made available to the Swingline Lender by any Lender, the Swingline Lender shall be entitled to recover such amount on demand from such Lender, together
with accrued interest thereon for each day from the date of demand thereof, at the Federal Funds Rate. If such Lender does not pay such amount forthwith upon the Swingline Lender’s demand therefor, and until such time as such Lender makes the
required payment, the Swingline Lender shall be deemed to continue to have outstanding Swingline Loans in the amount of such unpaid participation obligation for all purposes of the Loan Documents (other than those provisions requiring the other
Lenders to purchase a participation therein). Further, such Lender shall be deemed to have assigned any and all payments made of principal and interest on its Loans, and any other amounts due it hereunder, to the Swingline Lender to fund Swingline
Loans in the amount of the participation in Swingline Loans that such Lender failed to purchase pursuant to this Section until such amount has been purchased (as a result of such assignment or otherwise). 

Section 2.5. Rates and Payment of Interest on Loans. 
 (a) Rates. 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; 

(ii) during such periods as such Loan is a LIBOR Loan, at LIBOR for such Loan for the Interest Period therefor, plus the
Applicable Margin; 
 (iii) if such Loan is an Absolute Rate Loan, at the Absolute Rate for such Loan, as
applicable, for the Interest Period therefor quoted by the Lender making such Loan in accordance with Section 2.2.; and 

  
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 (iv) if such Loan is a LIBOR Margin Loan, at LIBOR for such Loan for the
Interest Period therefor, plus (or minus) the LIBOR Margin quoted by the Lender making such Loan in accordance with Section 2.2. 

Notwithstanding the foregoing, during the continuance of an Event of Default, the Borrower shall pay to the Administrative Agent for the account of each
Lender interest at the Post-Default Rate on the outstanding principal amount of any Loan made by such Lender, on all Reimbursement Obligations 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 and due 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) monthly in arrears on the first Business Day of each month,
commencing with the first full calendar month occurring after the Effective Date and (ii) 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. 
 Section 2.6. Number of Interest Periods. 
 There may be no more than 8 different Interest Periods outstanding at the same time. 

Section 2.7. Repayment of Loans. 
 The Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Revolving Loans on the Termination Date. The Borrower shall repay the entire outstanding
principal amount of each Bid Rate Loan on the last day of the Interest Period of such Bid Rate Loan. 
 Section 2.8. Prepayments.

 (a) Optional. Subject to Section 4.4., the Borrower may prepay any Loan (other than a Bid Rate Loan) at any
time without premium or penalty. A Bid Rate Loan may only be prepaid with the prior written consent of the Lender holding such Bid Rate Loan. The Borrower shall give the Administrative Agent at least 3 Business Days prior written notice of the
prepayment of any Revolving Loan or Bid Rate Loan. 
 (b) Mandatory. 

(i) Commitment Overadvance. If at any time the aggregate principal amount of all outstanding Revolving Loans,
together with the aggregate amount of all Letter of Credit Liabilities, exceeds the aggregate amount of the Commitments, the Borrower shall immediately upon demand pay to the Administrative Agent for the account of the Lenders, the amount of such
excess. 
 (ii) Bid Rate Facility Overadvance. If at any time the aggregate principal amount of all
outstanding Bid Rate Loans exceeds one-half of the aggregate amount of all Commitments at such time, then the Borrower shall immediately pay to the Administrative Agent for the accounts of the applicable Lenders the amount of such excess.


  
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 Amounts paid under the preceding subsection (b)(i) shall be applied to pay all amounts of principal
outstanding on the Loans and any Reimbursement Obligations pro rata in accordance with Section 3.2. and if any Letters of Credit are outstanding at such time, the remainder, if any, shall be deposited into the Letter of Credit Collateral
Account for application to any Reimbursement Obligations. Amounts paid under the preceding subsection (b)(ii) shall be applied in accordance with Section 3.2.(e). If the Borrower is required to pay any outstanding LIBOR Loans or LIBOR
Margin Loans by reason of this Section prior to the end of the applicable Interest Period therefor, the Borrower shall pay all amounts due under Section 4.4. 
 Section 2.9. Late Charges. 
 If any payment required under this
Agreement (other than any payment of principal) is not paid within 10 days after it becomes due and payable, the Borrower shall pay a late charge for late payment to compensate the Lenders for the loss of use of funds and for the expenses of
handling the delinquent payment, in an amount equal to four percent (4%) of the non-principal component of such delinquent payment. Such late charge shall be paid in any event not later than the due date of the next subsequent installment of
principal and/or interest. In the event the maturity of the Obligations hereunder occurs or is accelerated pursuant to Section 2.8.(b)(ii) or Section 10.2., this Section shall apply only to the non-principal component of payments overdue
prior to the time of such acceleration. This Section shall not be deemed to be a waiver of the Lenders’ right to accelerate payment of any of the Obligations as permitted under the terms of this Agreement. 

Section 2.10. Continuation. 
 So long as no Event of Default exists and, without the prior written consent of the Administrative Agent, so long as no Default exists, the Borrower may on any Business Day, with respect to any LIBOR
Loan, elect to maintain such LIBOR Loan or any portion thereof as a LIBOR Loan by selecting a new Interest Period for such LIBOR Loan. 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. on the third Business Day prior to the date of any such Continuation.
Such notice by the Borrower of a Continuation shall be by telecopy, electronic mail or other form of communication in the form of a Notice of Continuation, specifying (a) the proposed date of such Continuation, (b) the LIBOR Loan and
portion 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 by facsimile, telecopy, electronic mail or other similar form of
transmission of the proposed Continuation. If the Borrower shall fail to select in a timely manner a new Interest Period for any LIBOR Loan in accordance with this Section, such Loan will automatically, on the last day of the current Interest Period
therefor, be continued as a LIBOR Loan with an Interest Period having a duration of one month; provided, however that if a Default or Event of Default exists, such Loan 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. 
 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, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, that a Base Rate Loan may not be converted into a LIBOR Loan if a
Default or Event 

  
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of Default exists. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall
be given not later than 9:00 a.m. Eastern time 3 Business Days prior to the date of any proposed Conversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, electronic mail or
other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy in the form of a Notice of Conversion specifying (a) the requested date of such
Conversion, (b) the Type 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 LIBOR 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 Revolving Lender that has requested not to receive a Revolving Note, the Revolving Loans made by
each Lender shall, in addition to this Agreement, also be evidenced by a Revolving Note, payable to the order of such Lender in a principal amount equal to the amount of its Commitment as originally in effect and otherwise duly completed. The Bid
Rate Loans made by any Lender to the Borrower shall, in addition to this Agreement, also be evidenced by a Bid Rate Note payable to the order of such Lender. The Swingline Loans made by the Swingline Lender to the Borrower shall, in addition to this
Agreement, also be evidenced by a Swingline Note payable to the order of the Swingline Lender. 
 (b) Records. The date,
amount, interest rate, 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 pursuant to Section 3.9., in the absence of manifest error, the statements of account maintained by the Administrative Agent
pursuant to Section 3.9. 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. Voluntary Reductions of the Commitment. 

The Borrower may terminate or reduce the amount of the Commitments (for which purpose use of the Commitments shall be deemed to include
the aggregate amount of all Letter of Credit Liabilities and the aggregate principal amount of all outstanding Bid Rate Loans and Swingline Loans) at any time and from time to time without penalty or premium upon not less than five (5) Business
Days prior notice to the Administrative Agent of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction and shall be irrevocable once given and effective only upon receipt by
the Administrative Agent (“Reduction Notice”); provided, however, the Borrower may not reduce the aggregate amount of the Commitments below $50,000,000 unless the Borrower is terminating the Commitments in full. Promptly after receipt of a
Reduction Notice the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission of the proposed termination or Commitment reduction. The Commitments, once reduced pursuant to this Section, may


  
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not be increased except under Section 2.17. The Borrower shall pay all interest and fees, on the Loans accrued to the date of such reduction or termination of the Commitments to the
Administrative Agent for the account of the Lenders, including but not limited to any applicable compensation due to each Lender in accordance with Section 4.4. of this Agreement. 
 Section 2.14. Extension of Termination Date. 
 The Borrower shall have
the right, exercisable one time, to extend the Termination Date by one year. To exercise such right the Borrower shall execute and deliver a written request to the Administrative Agent at least 30 days but not more than 90 days prior to the
Termination Date. The Administrative Agent shall forward to each Lender a copy of the extension request delivered to the Administrative Agent promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Termination Date
shall be extended for one year effective upon receipt by the Administrative Agent of the 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 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 on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents and (y) the
Borrower shall have paid the Fees payable under Section 3.6.(c). 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). 
 Section 2.15. Expiration or Maturity Date of Letters of Credit Past Termination Date. 
 If on the date the Commitments are terminated or reduced to zero (whether voluntarily, by reason of the occurrence of an Event of Default or otherwise), there are any Letters of Credit outstanding
hereunder with respect to which the Borrower has not complied with the conditions set forth in the second proviso of the second sentence of Section 2.3.(b), the Borrower shall, on such date, pay to the Administrative Agent, for its benefit and
the benefit of the Issuing Bank and the Lenders, for deposit into the Letter of Credit Collateral Account, an amount of Cash Collateral sufficient to cause the balance of available funds then on deposit in the Letter of Credit Collateral Account to
equal the Stated Amount of such Letter(s) of Credit. 
 Section 2.16. Amount Limitations. 

Notwithstanding any other term of this Agreement or any other Loan Document, no Lender shall be required to make any Loan, no Lender shall
make any Bid Rate Loan, the Issuing Bank shall not be required to issue a Letter of Credit and no reduction of the Commitments pursuant to Section 2.13. shall take effect, if immediately after the making of such Loan, the issuance of such
Letter of Credit or such reduction in the Commitments: 
 (a) the aggregate principal amount of all outstanding Loans, together
with the aggregate amount of all Letter of Credit Liabilities, would exceed the aggregate amount of the Commitments at such time; or 

  
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 (b) the aggregate principal amount of all outstanding Bid Rate Loans would exceed one-half
of the aggregate amount of the Commitments at such time. 
 Section 2.17. Increase in Commitments. 

The Borrower shall have the right exercisable 4 times to request increases in the aggregate amount of the Commitments following the
Agreement Date by providing written notice to the Administrative Agent, which notice shall be irrevocable once given; provided, however, that after giving effect to any such increases the aggregate amount of the Commitments shall not
exceed $600,000,000. Each such increase in the Commitments must be an aggregate minimum amount of $20,000,000 and integral multiples of $500,000 in excess thereof. The Administrative Agent shall promptly notify each Lender of any such request. The
Administrative Agent, in consultation with the Borrower, shall manage all aspects of the syndication of such increase in the Commitments, including selecting from among the existing Lenders and/or other banks, financial institutions and other
institutional lenders those to be approached with respect to such increase and making the allocations of the increase in the Commitments among such existing Lenders and/or other banks, financial institutions and other institutional lenders, in each
case, subject to the Borrower’s approval (not to be unreasonably withheld or delayed). No Lender shall be obligated in any way whatsoever to increase its Commitment. If a new Lender becomes a party to this Agreement, or if any existing Lender
agrees to increase its Commitment, such Lender shall on the date it becomes a Lender hereunder (or in the case of an existing Lender, increases its Commitment) (and as a condition thereto) purchase from the other Lenders its Pro Rata Share
(determined with respect to the Lenders’ relative Commitments and after giving effect to the increase of Commitments) of any outstanding Revolving Loans and the aggregate amount of payments previously made by the Lenders under
Section 2.3.(j) and not reimbursed by the Borrower, by making available to the Administrative Agent for the account of such other Lenders, in same day funds, an amount equal to the sum of (A) the portion of the outstanding principal amount
of Revolving Loans and such payments to be purchased by such Lender, plus (B) interest accrued and unpaid to and as of such date on such portion of the outstanding principal amount of such Loans. The Borrower shall pay to the Lenders amounts
payable, if any, to such Lenders under Section 4.4. as a result of the prepayment of any such Loans. No increase of the Commitments may be effected under this Section if either (x) a Default or Event of Default shall be in existence on the
effective date of such increase or (y) any Continuing Representation is not true or correct on the effective date of such increase (or would not be true after giving effect to such increase). If the Borrower requests an increase in the
Commitments but it is not effected because the conditions to such increase are not satisfied, the request will not count against the Borrower’s four-time limit on such requests. In connection with any increase in the aggregate amount of the
Commitments pursuant to this Section (a) any Lender becoming a party hereto shall execute such documents and agreements as the Administrative Agent may reasonably request and (b) the Borrower shall make appropriate arrangements so that
each new Lender, and any existing Lender increasing its Commitment, receives a new or replacement Note, as appropriate, in the amount of such Lender’s Commitment at the time of the effectiveness of the applicable increase in the aggregate
amount of Commitments. 
 Section 2.18. Funds Transfer Disbursements. 

(a) Generally. The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Loan to any of the accounts
designated in the Transfer Authorizer Designation Form. The Borrower agrees to be bound by any transfer request: (i) authorized or transmitted by the Borrower; or, (ii) made in the Borrower’s name and accepted by the Administrative
Agent in good faith and in compliance with these transfer instructions, even if not properly authorized by the Borrower. The Borrower further agrees and acknowledges that the Administrative Agent may rely solely on any bank routing number or
identifying bank account number or name provided by the Borrower to effect a wire or funds transfer even if the information provided by the Borrower identifies a different bank or account 

  
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holder than named by the Borrower. The Administrative Agent is not obligated or required in any way to take any actions to detect errors in information provided by the Borrower. If the
Administrative Agent takes any actions in an attempt to detect errors in the transmission or content of transfer requests or takes any actions in an attempt to detect unauthorized funds transfer requests, the Borrower agrees that no matter how many
times the Administrative Agent takes these actions the Administrative Agent will not in any situation be liable for failing to take or correctly perform these actions in the future and such actions shall not become any part of the transfer
disbursement procedures authorized under this provision, the Loan Documents, or any agreement between the Administrative Agent and the Borrower. The Borrower agrees to notify the Administrative Agent of any errors in the transfer of any funds or of
any unauthorized or improperly authorized transfer requests within 14 days after the Administrative Agent’s confirmation to the Borrower of such transfer. 
 (b) Funds Transfer. The Administrative Agent will, in its sole discretion, determine the funds transfer system and the means by which each transfer will be made. The Administrative Agent may delay
or refuse to accept a funds transfer request if the transfer would: (i) violate the terms of this authorization (ii) require use of a bank unacceptable to the Administrative Agent or prohibited by Government Authority; (iii) cause the
Administrative Agent to violate any Federal Reserve or other regulatory risk control program or guideline, or (iv) otherwise cause the Administrative Agent to violate any Applicable Law or regulation. 

(c) Limitation of Liability. The Administrative Agent shall not be liable to the Borrower or any other parties for
(i) errors, acts or failures to act of others, including other entities, banks, communications carriers or clearinghouses, through which the Borrower’s transfers may be made or information received or transmitted, and no such entity shall
be deemed an agent of the Administrative Agent, (ii) any loss, liability or delay caused by fires, earthquakes, wars, civil disturbances, power surges or failures, acts of government, labor disputes, failures in communications networks, legal
constraints or other events beyond Administrative Agent’s control, or (iii) any special, consequential, indirect or punitive damages, whether or not (x) any claim for these damages is based on tort or contract or (y) the
Administrative Agent or the Borrower knew or should have known the likelihood of these damages in any situation. None of the Administrative Agent, the Issuing Bank or any Lender makes any representations or warranties other than those expressly made
in this Agreement. 
 Section 2.19. Option to Replace Lenders. 

If any Lender (an “Affected Lender”), other than the Person serving as the Administrative Agent in its capacity as such, shall:

 (a) have notified Administrative Agent of a determination under Section 4.1.(a), Section 4.1.(b) or
Section 4.1.(c) or become subject to the provisions of Section 4.3.; 
 (b) make any demand for payment or
reimbursement pursuant to Section 4.1.(d); or 
 (c) become a Defaulting Lender; 

then, provided that (i) other than in the case of a Defaulting Lender, at the time of an assignment made by an Affected Lender to an Eligible
Assignee in accordance with this Section 2.19. there does not then exist any Default or Event of Default and (ii) with respect to the circumstances resulting in a demand for payment or reimbursement under Section 4.1.(d) or the
applicability of Section 4.1.(a), Section 4.1.(b), Section 4.1.(c) or Section 4.3., such circumstances are not also applicable to the Requisite Lenders, the Borrower may demand that such Affected Lender, and upon such demand such
Affected Lender shall promptly, assign its respective commitment to an Eligible Assignee subject to and in accordance with the 

  
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provisions of Section 12.7.(c) for a purchase price equal to (i) the aggregate principal balance of Loans then outstanding and owing to such Affected Lender, plus (ii) any
accrued but unpaid interest thereon and accrued but unpaid fees owing to such Affected Lender, plus (iii) the aggregate amount of payments previously made by such Affected Lender under Section 2.3.(j) that have not been repaid. None
of the Administrative Agent, such Affected Lender, or any other Lender shall be obligated in any way whatsoever to initiate any such replacement or to assist in finding an Assignee; provided, that the Administrative Agent shall cooperate with all
reasonable requests by the Borrower to help facilitate such replacement process. 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. The terms of this Section shall not in any way limit the Borrower’s obligation to pay to any Lender compensation owing to such Lender pursuant to this Agreement (including, without
limitation, pursuant to Sections 3.11., 4.1. or 4.4. with respect to any period up to the date of replacement. 

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 and other amounts to be made by the Borrower under this Agreement, the Notes or any
other Loan Document shall be made in Dollars, in immediately available funds, without setoff, deduction or counterclaim, to the Administrative Agent at the Principal Office, not later than 1:00 p.m. Eastern 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 10.5., 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. Each payment received by the Administrative Agent for the account of the Issuing Bank under this Agreement shall be paid to the Issuing Bank by wire transfer of immediately available funds in accordance
with the wiring instructions provided by the Issuing Bank to the Administrative Agent from time to time. In the event the Administrative Agent fails to pay such amounts to such Lender or Issuing Bank, as the case may be, within one Business Day of
receipt of such amounts, the Administrative Agent shall pay interest on such amount until paid at a rate per annum equal to the Federal Funds Rate from time to time in effect. 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. 
 (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 or the Issuing Bank 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 or the Issuing Bank, as the case may be, the amount due. In such event, if the
Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent on demand that amount so distributed to such Lender or the Issuing Bank, 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. 

  
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 Section 3.2. Pro Rata Treatment. 

Except to the extent otherwise provided herein: (a) each borrowing from Lenders under Sections 2.1.(a), 2.3.(e) and 2.4.(e)
shall be made from the Lenders, each payment of the fees under Sections 3.6.(a), Section 3.6.(b), the first sentence of Section 3.6.(c), and Section 3.6.(e) shall be made for the account of the Lenders, and each termination or
reduction of the amount of the Commitments under Section 2.13. or otherwise pursuant to this Agreement shall be applied to the respective Commitments of the Lenders, pro rata according to the amounts of their respective Commitments;
(b) each payment or prepayment of principal of Revolving Loans by the Borrower shall be made for the account of the Lenders pro rata in accordance with the respective unpaid principal amounts of the Revolving Loans held by them, provided that
if immediately prior to giving effect to any such payment in respect of any Revolving Loans the outstanding principal amount of the Revolving Loans shall not be held by the Lenders pro rata in accordance with their respective Commitments in effect
at the time such Loans were made, then such payment shall be applied to the Revolving Loans in such manner as shall result, as nearly as is practicable, in the outstanding principal amount of the Revolving Loans being held by the Lenders pro rata in
accordance with their respective Commitments; (c) each payment of interest on Revolving Loans by the Borrower shall be made for the account of the Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable to
the respective Lenders; (d) the Conversion and Continuation of Revolving Loans of a particular Type (other than Conversions provided for by Section 4.5. shall be made pro rata among the Lenders according to the amounts of their respective
Revolving Loans and the then current Interest Period for each Lender’s portion of each Revolving Loan of such Type shall be coterminous; (e) each prepayment of principal of Bid Rate Loans by the Borrower pursuant to
Section 2.8.(b)(ii) shall be made for account of the Lenders then owed Bid Rate Loans pro rata in accordance with the respective unpaid principal amounts of the Bid Rate Loans then owing to each such Lender; (f) the Lenders’
participation in, and payment obligations in respect of, Swingline Loans under Section 2.4., shall be in accordance with their respective Pro Rata Shares; and (g) the Lenders’ participation in, and payment obligations in respect of,
Letters of Credit under Section 2.3., shall be pro rata. All payments of principal, interest, fees and other amounts in respect of the Swingline Loans shall be for the account of the Swingline Lender only (except to the extent any Lender shall
have acquired a participating interest in any such Swingline Loan pursuant to Section 2.4.(e), in which case such payments shall be pro rata in accordance with such participating interest). 

Section 3.3. Sharing of Payments, Etc. 
 If a Lender shall obtain payment of any principal of, or interest on, any Loan 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 or 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
(other than any payment in respect of Specified Derivatives Obligations) not in accordance with the terms of this Agreement and such payment should be distributed to the Lenders in accordance with Section 3.2. or Section 10.5., such Lender
shall promptly purchase from such other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Loans made by the other Lenders 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 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 10.5., as applicable. To such end, all the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such


  
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payment is rescinded or must otherwise be restored. The Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Loans or other Obligations owed to such other
Lenders may exercise all rights of set-off, banker’s lien, counterclaim or similar rights with the respect to such participation as fully as if such Lender were a direct holder of Loans in the amount of such participation so long as such
Participant has agreed to be subject to this Section. 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. 
 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. Minimum Amounts. 

(a) Borrowings. Each borrowing of Base Rate Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of
$500,000 in excess thereof. Each borrowing of and Continuation of, and each Conversion of Base Rate Loans into, LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess of that amount.

 (b) Prepayments. Each voluntary prepayment of Revolving Loans shall be in an aggregate minimum amount of $1,000,000
and integral multiples of $500,000 in excess thereof (or if less, the aggregate principal amount of the Revolving Loans then outstanding). 
 (c) Reductions of Commitments. Each partial reduction of the Commitments under Section 2.13. shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess
thereof. 
 Section 3.6. Fees. 
 (a) Closing Fee. On the Effective Date, the Borrower agrees to pay to the Administrative Agent and each Lender all loan fees then due as have been agreed to herein or in the Fee Letter in writing
by the Borrower and the Administrative Agent or each Lender, as applicable. 
 (b) Facility Fees. During the period from
the Effective Date to but excluding the Termination Date, the Borrower agrees to pay to the Administrative Agent for the account of the Lenders a facility fee equal to the daily aggregate amount of the Commitments (whether or not utilized) times a
rate per annum equal to the Applicable Facility Fee. Such fee shall be payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Termination Date or any earlier date of
termination of the Commitments or reduction of the Commitments to zero. The Borrower acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds
available to the Borrower as described herein and for no other purposes. 
 (c) Letter of Credit Fees. The Borrower
agrees to pay to the Administrative Agent for the account of each Lender a letter of credit fee at a rate per annum equal to the Applicable Margin times the daily average Stated Amount of each Letter of Credit for the period from and including the
date of 

  
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issuance of such Letter of Credit (x) to and including the date such Letter of Credit expires or is terminated or (y) to but excluding the date such Letter of Credit is drawn in full.
In addition to such fees, the Borrower shall pay to the Issuing Bank solely for its own account, a one-time fronting fee in respect of each Letter of Credit equal to one-eighth of one percent (0.125%) of the initial Stated Amount of such Letter of
Credit; provided, however, in no event shall the amount of such fee in respect of any Letter of Credit be less than $500. The fees provided for in the immediately preceding two sentences shall be nonrefundable and payable, (A) in
the case of the fee provided for in the first sentence, in arrears (i) quarterly on the first day of January, April, July and October, (ii) on the Termination Date, (iii) on the date the Commitments are terminated or reduced to zero
and (iv) thereafter from time to time on demand of the Administrative Agent, and (B) in the case of the fee provided for in the second sentence, at the time of issuance of such Letter of Credit. The Borrower shall pay directly to the
Administrative Agent from time to time on demand all commissions, charges, costs and expenses in the amounts customarily charged by the Administrative Agent from time to time in like circumstances with respect to the issuance of each Letter of
Credit, drawings, amendments and other transactions relating thereto. 
 (d) Bid Rate Loan Fees. The Borrower agrees to
pay to the Administrative Agent such fees payable in connection with the Bid Rate Loans as set forth in the Fee Letter. 
 (e)
Extension Fee. If the Borrower exercises its right to extend the Termination Date in accordance with Section 2.14., the Borrower agrees to pay to the Administrative Agent for the account of each Lender a fee equal to 0.25% of the amount
of such Lender’s Commitment (whether or not utilized). Such fee shall be due and payable in full on the date the Administrative Agent receives the Extension Request pursuant to such Section. If, for any reason, the Borrower pays the Extension
Fee and the Termination Date is not extended pursuant to Section 2.14., such fee shall be returned to the Borrower unless a determination not to extend the Termination Date is made on or after the Termination Date, in which case such fee shall
be applied as a payment on account of the Obligations. 
 (f) Administrative and Other Fees. The Borrower agrees to pay
the administrative and other fees of the Administrative Agent as set forth 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 3.7. Computations. 
 Unless otherwise expressly set forth herein, any accrued interest on any Loan, any Fees or other Obligations due hereunder shall be computed on the basis of a year of 360 days and the actual number of
days elapsed. 
 Section 3.8. 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
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 Section 2.5.(a)(i) through (iv) and with respect to
Swingline Loans, in Section 2.4.(c). Notwithstanding the foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, facility fees, letter of credit fees, underwriting fees, default charges, late charges,
funding or “breakage” charges, increased cost charges, attorneys’ fees 

  
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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, 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 when due and nonrefundable when paid. 

Section 3.9. Statements of Account. 
 The Administrative Agent will account to the Borrower monthly with a statement of Loans, Letters of Credit, accrued interest and Fees, charges and payments made pursuant to this Agreement and the other
Loan Documents, and such account rendered by the Administrative Agent shall be deemed conclusive upon the Borrower absent manifest error. The Administrative Agent will account to the Borrower on changes in Letters of Credit in accordance with
Section 2.3.(k). 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 hereunder. 
 Section 3.10. 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 disregarded and excluded as set forth in the definition of Requisite Lenders, and such Defaulting Lender shall not have any right to participate in the administration of the Loans. 

(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 X. or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 3.3. 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, to the payment on a pro rata basis of any
amounts owing by such Defaulting Lender to the Issuing Bank or the Swingline Lender hereunder; third, to Cash Collateralize the Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender in accordance with
subsection (e) below; fourth, 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; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s
potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Bank’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued
under this Agreement, in accordance with subsection (e) below; sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained
by any Lender, the Issuing Bank or the Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default 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; 

  
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and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of
any Loans (other than Bid Rate Loans) or Reimbursement Obligations, in respect of which such Defaulting Lender has not fully funded its appropriate share and/or it participation under Section 2.3.(j) in respect of Letters of Credit, and
(y) such Loans (other than Bid rate Loans) were made or the related Letters of Credit were issued at a time when the conditions set forth in Article V. were satisfied or waived, such payment shall be applied solely to pay the Loans (other
than Bid rate Loans) of, and Letter of Credit Liabilities and funded participations in Swingline Loans owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans (other than Bid rate Loans) of, or
Letter of Credit Liabilities and funded participations in Swingline Loans owed to, such Defaulting Lender until such time as all Loans (other than Bid rate Loans) and funded and unfunded participations in Letter of Credit Liabilities and Swingline
Loans are held by the Lenders pro rata in accordance with their respective Pro Rata Shares (determined without giving effect to subsection (d) of this Section). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender
that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this subsection shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents thereto. 

(c) Certain Fees. 
 (i) No Defaulting Lender shall be entitled to receive any Fee payable under Section 3.6.(b) for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to
pay any such Fee that otherwise would have been required to have been paid to or for the account of that Defaulting Lender). 
 (ii) Each Defaulting Lender shall be entitled to receive Fees payable under Section 3.6.(c) for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Pro Rata
Share of the Stated Amount of Letters of Credit for which it has provided Cash Collateral pursuant to the immediately following subsection (e). 
 (iii) With respect to any Fee not required to be paid to any Defaulting Lender pursuant to the immediately preceding clauses (i) or (ii), the Borrower shall (x) pay to each Non-Defaulting Lender
that portion of any such Fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in Letter of Credit Liabilities that has been reallocated to such Non-Defaulting Lender pursuant to the immediately
following subsection (d), (y) pay to each Issuing Bank and Swingline Lender, as applicable, the amount of any such Fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Bank’s or Swingline
Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such Fee. 
 (d) Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in Letter of Credit Liabilities and Swingline Loans shall be
reallocated among the Non-Defaulting Lenders in accordance with their respective Pro Rata Shares (determined without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the conditions set forth in Article V.
are satisfied at the time of such reallocation as if a Credit Event were occurring at such time (and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to have represented and
warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. No reallocation
hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such
Non-Defaulting Lender’s increased exposure following such reallocation. 

  
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 (e) Cash Collateral, Repayment of Swingline Loans. 

(i) If the reallocation described in the immediately preceding subsection (d) above cannot, or can only partially, be
effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure and (y) second, Cash
Collateralize the Issuing Bank’s Fronting Exposure in accordance with the procedures set forth in this subsection. 
 (ii) At any time that there shall exist a Defaulting Lender, within 1 Business Day following the written request of the Administrative Agent or the Issuing Bank (with a copy to the Administrative Agent),
the Borrower shall Cash Collateralize the Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to the immediately preceding subsection (d) and any Cash Collateral provided by such
Defaulting Lender) in an amount equal to the aggregate Fronting Exposure of the Issuing Bank with respect to Letters of Credit issued and outstanding at such time. 

(iii) The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grant to the
Administrative Agent, for the benefit of the Issuing Bank, and agree to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in respect of Letter of
Credit Liabilities, to be applied pursuant to the immediately following clause (iv). If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and
the Issuing Bank as herein provided, or that the total amount of such Cash Collateral is less than the aggregate Fronting Exposure of the Issuing Bank with respect to Letters of Credit issued and outstanding at such time, the Borrower will, promptly
upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender).

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

(v) Cash Collateral (or the appropriate portion thereof) provided to reduce the Issuing Bank’s Fronting Exposure
shall no longer be required to be held as Cash Collateral pursuant to this subsection following (x) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or
(y) the determination by the Administrative Agent and the Issuing Bank that there exists excess Cash Collateral; provided that, subject to the immediately preceding subsection (b), the Person providing Cash Collateral and the
Issuing Bank may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations and provided further that to the extent that such Cash Collateral was provided by the Borrower, such Cash
Collateral shall remain subject to the security interest granted pursuant to the Loan Documents. 
 (f) Defaulting Lender
Cure. If the Borrower, the Administrative Agent, the Swingline Lender and the Issuing Bank 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 

  
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such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that
portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro
rata by the Lenders in accordance with their respective Pro Rata Shares (determined without giving effect to the immediately preceding subsection (d)), whereupon such Lender will cease to be a Defaulting Lender; provided that no
adjustments will be made retroactively with respect to Fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed
by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

(g) New Swingline Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not
be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) the Issuing Bank shall not be required to issue, extend, renew or increase any Letter of
Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto. 
 Section 3.11. Taxes.

 (a) Taxes Generally. All payments by the Borrower of principal of, and interest on, the Loans and all other
Obligations shall be made free and clear of and without deduction for any present or future excise, stamp or other taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges of any nature whatsoever imposed by any
taxing authority, but excluding (i) franchise taxes, (ii) any taxes (other than withholding taxes) that would not be imposed but for a connection between the Administrative Agent, the Issuing Bank or a Lender and the jurisdiction imposing
such taxes (other than a connection arising solely by virtue of the activities of the Administrative Agent, the Issuing Bank or such Lender pursuant to or in respect of this Agreement or any other Loan Document), (iii) any taxes imposed on or
measured by the Issuing Bank’s or any Lender’s assets, net income, receipts or branch profits, (iv) any taxes arising after the Agreement Date solely as a result of or attributable to a Lender changing its designated Lending Office
after the date such Lender becomes a party hereto and (v) any taxes imposed by Sections 1471 through Section 1474 of the Internal Revenue Code (including any official interpretations thereof, collectively “FATCA”) on any
“withholdable payment” payable to such recipient as a result of the failure of such recipient to satisfy the applicable requirements as set forth in FATCA after December 31, 2012 (such non-excluded items being collectively called
“Taxes”). If any withholding or deduction from any payment to be made by the Borrower hereunder is required in respect of any Taxes pursuant to any Applicable Law, then the Borrower will: 

(i) pay directly to the relevant Governmental Authority the full amount required to be so withheld or deducted;

 (ii) promptly forward to the Administrative Agent an official receipt or other documentation satisfactory to
the Administrative Agent evidencing such payment to such Governmental Authority; and 
 (iii) pay to the
Administrative Agent for its account or the account of the applicable Lender or the Issuing Bank, as the case may be, such additional amount or amounts as is necessary to ensure that the net amount actually received by the Administrative Agent, the
Issuing Bank or such Lender will equal the full amount that the Administrative Agent, the Issuing Bank or such Lender would have received had no such withholding or deduction been required. 

  
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 (b) Tax Indemnification. If the Borrower fails to pay any Taxes when due to the
appropriate Governmental Authority or fails to remit to the Administrative Agent, for its account or the account of the Issuing Bank or respective Lender, as the case may be, the required receipts or other required documentary evidence, the Borrower
shall indemnify the Administrative Agent, the Issuing Bank and the Lenders for any incremental Taxes, interest or penalties that may become payable by the Administrative Agent, the Issuing Bank or any Lender as a result of any such failure. For
purposes of this Section, a distribution hereunder by the Administrative Agent or any Lender to or for the account of any Lender shall be deemed a payment by the Borrower. 
 (c) Tax Forms. Prior to the date that any Lender or Participant organized under the laws of a jurisdiction outside the United States of America becomes a party hereto (or in the case of a
Participant, becomes a Participant in accordance with Section 12.7.(b)), such Person shall deliver to the Borrower and the Administrative Agent such certificates, documents or other evidence, as required by the Internal Revenue Code or Treasury
Regulations issued pursuant thereto (including Internal Revenue Service Forms W-8ECI and W-8BEN, as applicable, or appropriate successor forms), properly completed, currently effective and duly executed by such Lender or Participant
establishing that payments to it hereunder and under the Notes are (i) not subject to United States Federal backup withholding tax and (ii) not subject to United States Federal withholding tax under the Internal Revenue Code. Each such
Lender or Participant shall, to the extent it may lawfully do so, (x) deliver further copies of such forms or other appropriate certifications on or before the date that any such forms expire or become obsolete and after the occurrence of any
event requiring a change in the most recent form delivered to the Borrower or the Administrative Agent and (y) obtain such extensions of the time for filing, and renew such forms and certifications thereof, as may be reasonably requested by the
Borrower or the Administrative Agent. The Borrower shall not be required to pay any amount pursuant to last sentence of subsection (a) above to any Lender or Participant that is organized under the laws of a jurisdiction outside of the United
States of America or the Administrative Agent, if it is organized under the laws of a jurisdiction outside of the United States of America, if such Lender, Participant or the Administrative Agent, as applicable, fails to comply with the requirements
of this subsection. If any such Lender or Participant, to the extent it may lawfully do so, fails to deliver the above forms or other documentation, then the Administrative Agent may withhold from such payment to such Lender such amounts as are
required by the Internal Revenue Code. If any Governmental Authority asserts that the Administrative Agent did not properly withhold or backup withhold, as the case may be, any tax or other amount from payments made to or for the account of any
Lender, such Lender shall indemnify the Administrative Agent therefor, including all penalties and interest, any taxes imposed by any jurisdiction on the amounts payable to the Administrative Agent under this Section, and costs and expenses
(including all fees and disbursements of any law firm or other external counsel and the allocated cost of internal legal services and all disbursements of internal counsel) of the Administrative Agent. The obligation of the Lenders under this
Section shall survive the termination of the Commitments, repayment of all Obligations and the resignation or replacement of the Administrative Agent. 
 (d) USA Patriot Act Notice; Compliance. In order for the Administrative Agent to comply with the USA Patriot Act of 2001 (Public Law 107-56), prior to any Lender or Participant that is organized
under the laws of a jurisdiction outside of the United States of America becoming a party hereto, the Administrative Agent may request, and such Lender or Participant 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. 

  
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 ARTICLE IV. YIELD PROTECTION,
ETC. 
 Section 4.1. Additional Costs; Capital Adequacy. 

(a) Capital Adequacy. If any Lender determines that compliance with any law or regulation or with any guideline or request from any
central bank or other Governmental Authority (whether or not having the force of law and including those made, adopted or requested in connection with any Regulatory Change) affects or would affect the amount of capital required or expected to be
maintained by such Lender, or any corporation controlling such Lender, as a consequence of, or with reference to, such Lender’s Commitment or its making or maintaining Loans or participating in Letters of Credit below the rate which such Lender
or such corporation controlling such Lender could have achieved but for such compliance (taking into account the policies of such Lender or such corporation with regard to capital), then the Borrower shall, from time to time, within thirty
(30) days after written demand by such Lender, pay to such Lender additional amounts sufficient to compensate such Lender or such corporation controlling such Lender to the extent that such Lender determines such increase in capital is
allocable to such Lender’s obligations hereunder. 
 (b) Additional Costs. In addition to, and not in limitation of
the immediately preceding subsection (a), 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 determines are attributable to its making or maintaining of any LIBOR Loans or LIBOR Margin Loans or its obligation to make any LIBOR Loans or LIBOR Margin 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 LIBOR Loans or LIBOR Margin Loans or such obligation or the maintenance by such Lender of capital in respect of its LIBOR Loans or LIBOR Margin Loans or
its Commitment (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 LIBOR Loans or LIBOR Margin Loans or its Commitment (other than taxes imposed on or measured by the overall net income of such Lender or of its Lending Office for any
of such LIBOR Loans or LIBOR Margin Loans by the jurisdiction in which such Lender has its principal office or such Lending Office), or (ii) imposes or modifies any reserve, special deposit or similar requirements (including without limitation,
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 LIBOR Loans or LIBOR Margin Loans is determined) 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 Commitment of such Lender hereunder) or (iii) has or would have the effect of reducing the rate of return on capital of such Lender to a level below that
which such Lender could have achieved but for such Regulatory Change (taking into consideration such Lender’s policies with respect to capital adequacy). 
 (c) Lender’s Suspension of LIBOR Loans and LIBOR Margin 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 LIBOR Loans or LIBOR Margin Loans is determined as provided in this Agreement or a category of extensions of credit or other assets of such Lender that includes LIBOR Loans or LIBOR Margin 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 

  
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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, LIBOR Loans and/or the obligation of a Lender
that has outstanding a Bid Rate Quote to make LIBOR Margin Loans hereunder shall be suspended until such Regulatory Change ceases to be in effect (in which case the provisions of Section 4.5. shall apply). 

(d) Additional Costs in Respect of Letters of Credit. Without limiting the obligations of the Borrower under the preceding
subsections of this Section (but without duplication), if as a result of any Regulatory Change or any risk-based capital guideline or other requirement heretofore or hereafter issued by any Governmental Authority there shall be imposed, modified or
deemed applicable any tax, reserve, special deposit, capital adequacy or similar requirement against or with respect to or measured by reference to Letters of Credit and the result shall be to increase the cost to the Issuing Bank of issuing (or any
Lender of purchasing participations in) or maintaining its obligation hereunder to issue (or purchase participations in) any Letter of Credit or reduce any amount receivable by the Issuing Bank or any Lender hereunder in respect of any Letter of
Credit, then, upon demand by the Issuing Bank or such Lender, the Borrower shall pay immediately to the Issuing Bank or, in the case of such Lender, to the Administrative Agent for the account of such Lender, from time to time as specified by the
Issuing Bank or a Lender, such additional amounts as shall be sufficient to compensate the Issuing Bank or such Lender for such increased costs or reductions in amount. 
 (e) Notification and Determination of Additional Costs. Each of the Administrative Agent, the Issuing Bank, each Lender and each Participant, as the case may be, agrees to notify the Borrower of
any event occurring after the Agreement Date entitling the Administrative Agent, the Issuing Bank, such Lender or such Participant to compensation under any of the preceding subsections of this Section as promptly as practicable; provided, however,
that the failure of the Administrative Agent, the Issuing Bank, any Lender or any Participant to give such notice shall not release the Borrower from any of its obligations hereunder. Each of the Administrative Agent, the Issuing Bank, each Lender
and each Participant, as the case may be, agrees to furnish to the Borrower (and in the case of a Lender, the Issuing Bank or a Participant, to the Administrative Agent as well) a certificate setting forth in reasonable detail the basis and amount
of each request for compensation under this Section. Determinations by the Administrative Agent, the Issuing Bank, a Lender or a Participant, as the case may be, of the effect of any Regulatory Change shall be conclusive, provided that such
determinations are made on a reasonable basis and in good faith. 
 Section 4.2. Suspension of LIBOR Loans. 

Anything herein to the contrary notwithstanding, if, on or prior to the determination of LIBOR for any Interest Period: 

(a) the Administrative Agent reasonably determines (which determination shall be conclusive) that quotations of interest
rates for the relevant deposits referred to in the definition of LIBOR are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest for LIBOR Loans as provided herein or is otherwise
unable to determine LIBOR; 
 (b) the Administrative Agent reasonably determines (which determination shall be
conclusive) that the relevant rates of interest referred to in the definition of LIBOR upon the basis of which the rate of interest for LIBOR Loans for such Interest Period is to be determined are not likely to adequately cover the cost to any
Lender of making or maintaining LIBOR Loans for such Interest Period; or 

  
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 (c) any Lender that has outstanding a Bid Rate Quote with respect to a LIBOR
Margin Loan reasonably determines (which determination shall be conclusive) that LIBOR will not adequately and fairly reflect the cost to such Lender of making or maintaining such LIBOR Margin Loan; 

then the Administrative Agent shall give the Borrower and each Lender prompt notice thereof and, so long as such condition remains in effect,
(i) the Lenders shall be under no obligation to, and shall not, make additional LIBOR Loans, Continue LIBOR Loans or Convert Loans into LIBOR Loans and the Borrower shall, on the last day of each current Interest Period for each outstanding
LIBOR Loan, either prepay such Loan or Convert such Loan into a Base Rate Loan and (ii) in the case of clause (c) above, no Lender that has outstanding a Bid Rate Quote with respect to a LIBOR Margin Loan shall be under any obligation to
make such Loan. 
 Section 4.3. Illegality. 
 Notwithstanding any other provision of this Agreement, (a) if any Lender shall determine (which determination shall be conclusive and binding) that it is unlawful for such Lender to honor its
obligation to make or maintain LIBOR Loans hereunder and/or (b) if any Lender that has an outstanding Bid Rate Quote shall determine (which determination shall be conclusive and binding) that it is unlawful for such Lender to honor its
obligation to make or maintain LIBOR Margin Loans hereunder, then such Lender shall promptly notify the Borrower thereof (with a copy of such notice to the Administrative Agent) and such Lender’s obligation to make or Continue, or to Convert
Loans of any other Type into, LIBOR Loans shall be suspended and/or such Lender’s obligation to make LIBOR Margin Loans shall be suspended, in each case, until such time as such Lender may again make and maintain LIBOR Loans or LIBOR Margin
Loans (in which case the provisions of Section 4.5. shall be applicable). 
 Section 4.4. Compensation. 

The Borrower shall pay to the Administrative Agent for the account of each Lender, upon the request of the Administrative Agent, such
amount or amounts as the Administrative Agent shall determine in its sole discretion shall be sufficient to compensate each Lender for any loss, cost or expense attributable to: 

(a) any payment or prepayment (whether mandatory or optional) of a LIBOR Loan or Bid Rate Loan, or Conversion of a LIBOR
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 Article V. to be satisfied) to borrow a LIBOR Loan or Bid Rate Loan from such Lender on the date for such borrowing, or to Convert a Base Rate Loan into a LIBOR Loan or Continue a LIBOR 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 LIBOR Loan, an amount equal to the then present value of (A) the amount of interest that would have accrued on such LIBOR Loan for the remainder of the Interest Period at the rate applicable to such LIBOR Loan, less (B) the
amount of interest that would accrue on the same LIBOR Loan for the same period if LIBOR were set on the date on which such LIBOR Loan was repaid, prepaid or Converted or the date on which the Borrower failed to borrow, Convert or Continue such
LIBOR Loan, as applicable, calculating present value by using as a discount rate LIBOR quoted on such date and (ii) in the case of a 

  
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Bid Rate Loan, the sum of such losses and expenses as the Lender or Designated Lender who made such Bid Rate Loan may reasonably incur by reason of such prepayment, including without limitation
any losses or expenses incurred in obtaining, liquidating or employing deposits from third parties. Upon the Borrower’s request the Administrative Agent shall provide the Borrower with a statement setting forth the basis for requesting
compensation under this Section and the method for determining the amount thereof. Any such statement shall be conclusive absent manifest error. 
 Section 4.5. Treatment of Affected Loans. 
 (a) If the obligation of
any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1.(c), Section 4.2., or Section 4.3. then such Lender’s LIBOR Loans shall be automatically
Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 4.1.(c), Section 4.2., or Section 4.3. on such earlier date as such Lender
may specify to the Borrower with a copy to the Administrative Agent) and, unless and until such Lender gives notice as provided below that the circumstances specified in Section 4.1., Section 4.2., or Section 4.3. that gave rise to
such Conversion no longer exist: 
 (a) to the extent that such Lender’s LIBOR Loans have been so Converted,
all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and 
 (b) all Revolving Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would
otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. 
 If such Lender gives notice to the Borrower (with a
copy to the Administrative Agent) that the circumstances specified in Section 4.1. or 4.3. that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender agrees to do promptly upon
such circumstances ceasing to exist) at a time when LIBOR Loans 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 LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with
their respective Commitments. 
 (b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to
Section 4.1.(c) or 4.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent; provided that if such
notice is delivered after 10:00 a.m. Eastern time, then such LIBOR Margin Loan shall be due and payable no earlier than the first Business Day following the date such notice is delivered. 
 Section 4.6. 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
Sections 3.11., 4.1. or 4.3. to eliminate or 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. 

  
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 Section 4.7. Assumptions Concerning Funding of LIBOR Loans. 

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

ARTICLE V. CONDITIONS PRECEDENT 

Section 5.1. Initial Conditions Precedent. 
 The obligation of the Lenders to effect or permit the occurrence of the first Credit Event hereunder, whether as the making of a Loan or the issuance of a Letter of Credit, 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 satisfactory to the Administrative Agent: 
 (i) counterparts of this Agreement executed by
each of the parties hereto; 
 (ii) Revolving Notes and Bid Rate Notes executed by the Borrower, payable to all
Lenders (other than any Lender that has requested that it not receive a Note) and any Designated Lender, if applicable, and complying with the terms of Section 2.12.(a); and the Swingline Note executed by the Borrower; 

(iii) the Guaranty executed by each of the Guarantors initially to be a party thereto; 

(iv) an opinion of Venable LLP, counsel to the Borrower and the Guarantors, and addressed to the Administrative Agent, the
Issuing Bank and the Lenders and covering the matters set forth in Exhibit N; 
 (v) 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; 
 (vi) 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 and certificates of qualification to transact business or other comparable certificates issued as of a recent date by
each Secretary of State (and any state department of taxation, as applicable) of each state in which such Person is required to be so qualified; 
 (vii) 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 Person
authorized to execute and deliver the Loan Documents to which such Person 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 Swingline Borrowing, requests for
Letters of Credit, Notices of Conversion, Notices of Continuation and Bid Rate Quote Requests; 

  
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 (viii) copies certified by the Secretary or Assistant Secretary (or other
individual performing similar functions) of each Loan Party of (A) the by-laws of such Person, 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 (B) all corporate, partnership, member or other necessary action taken by such Person to authorize the execution, delivery and performance of the Loan Documents to which it
is a party; 
 (ix) a Transfer Authorizer Designation Form effective as of the Agreement Date; 

(x) a Compliance Certificate calculated on a pro forma basis for the Borrower’s fiscal quarter ending March 31,
2011; 
 (xi) evidence that all indebtedness, liabilities or obligations owing by the Loan Parties under the
Existing Credit Agreement shall have been paid in full and all commitments to make loans and/or provide other financial accommodations thereunder have terminated; 

(xii) evidence that the Fees, if any, then due and payable under Section 3.6., together with all other fees, expenses
and reimbursement amounts due and payable to the Administrative Agent and any of the Lenders, including without limitation, the fees and expenses of counsel to the Administrative Agent, have been paid; and 

(xiii) such other documents and instruments as the Administrative Agent, or any Lender through the Administrative Agent,
may reasonably request; and 
 (b) In the good faith judgment of the Administrative Agent: 

(i) 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 prior
to the Agreement Date that has had or could reasonably be expected to result in a Material Adverse Effect; 

(ii) No litigation, action, suit, investigation or other arbitral, administrative or judicial proceeding shall be pending
or threatened which 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 any Loan Party
to fulfill its obligations under the Loan Documents to which it is a party; 
 (iii) 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 (1) have a Material Adverse Effect, or (2) restrain or enjoin, impose


  
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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; 
 (iv) The Borrower and each other Loan Party shall have provided all information requested by
the Administrative Agent and each Lender in order to comply with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)); and 
 (v) There shall not have occurred or exist any material disruption of financial or capital markets that could reasonably be expected to materially and adversely affect the transactions contemplated by the
Loan Documents. 
 Section 5.2. Conditions Precedent to All Loans and Letters of Credit. 

The obligations of (i) Lenders to make any Loans, and (ii) the Issuing Bank to issue Letters of Credit, 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 date of issuance of such Letter of Credit or would exist immediately after giving effect thereto, and none of the
limits described in Section 2.16. would be violated after giving effect thereto; (b) the Continuing Representations shall be true and correct on and as of the date of the making of such Loan or date of issuance of such Letter of Credit
with the same force and effect as if made on and as of such date and (c) in the case of the borrowing of Revolving Loans, the Administrative Agent shall have received a timely Notice of Borrowing, or in the case of a Swingline Loan, the
Swingline Lender shall have received a timely Notice of Swingline Borrowing. Each Credit Event shall constitute a certification by the Borrower to the effect set forth in the preceding sentence (both as of the date of the giving of notice relating
to such Credit Event and, unless the Borrower otherwise notifies the Administrative Agent prior to the date of such Credit Event, as of the date of the occurrence of such Credit Event); provided, however, that the Borrower shall not be deemed to
have made the representations and warranties set forth in Section 6.1.(i) or Section 6.1.(l) at such time as a Loan is automatically Continued in accordance with the last sentence of Section 2.10. 

ARTICLE VI. REPRESENTATIONS AND WARRANTIES 

Section 6.1. Representations and Warranties. 
 In order to induce the Administrative Agent and each Lender to enter into this Agreement and to make Loans and, in the case of the Issuing Bank, to issue Letters of Credit, and, in the case of the
Lenders, to acquire participations in Letters of Credit, the Borrower represents and warrants to the Administrative Agent, the Issuing Bank and each Lender as follows: 
 (a) Organization; Power; Qualification. Each of the Loan Parties and the other Subsidiaries is a corporation, partnership or other legal entity, duly organized or formed, validly existing and in
good standing under the jurisdiction of its incorporation or formation, 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 is duly
qualified and is in good standing as a foreign corporation, 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 and where the failure to be so qualified or authorized could reasonably be expected to have, in each instance, a Material Adverse Effect. 
 (b) Ownership Structure. Part I of Schedule 6.1.(b) is, as of the Agreement Date, a complete and correct list of all Subsidiaries setting forth for each such Subsidiary, (i) the
jurisdiction of 

  
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organization of such Person, (ii) each Person holding any Equity Interest in such Person, (iii) the nature of the Equity Interests held by each such Person and (iv) the percentage
of ownership of such Person represented by such Equity Interests. Except as disclosed in such Schedule, as of the Agreement Date (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 ownership interests of any type in, any such Person. As of the Agreement Date, Part II of Schedule 6.1.
(b) correctly sets forth 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 Agreement, Notes, 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 have the right and power to obtain other extensions of credit hereunder, and have taken all
necessary action to authorize them, to execute, deliver and perform each of the Loan Documents and the Fee Letter to which it is a party in accordance with their respective terms and to consummate the transactions contemplated hereby and thereby.
The Loan Documents and the Fee Letter 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 may be limited by equitable principles generally. 
 (d)
Compliance of Agreement, Etc. with Laws. The execution, delivery and performance of this Agreement, the other Loan Documents and the Fee Letter by the Loan Parties 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 Loan Party to obtain a Governmental Approval or violate any Applicable Law (including all Environmental Laws) relating to
any Loan Party; (ii) conflict with, result in a breach of or constitute a default under the organizational documents of the Borrower or any other Loan Party, or any 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 Lenders and the Issuing Bank. 
 (e)
Compliance with Law; Governmental Approvals. Each Loan Party and each other Subsidiary 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 cause an Event of Default or have a Material Adverse Effect. 
 (f) Title to Properties; Liens. Schedule 6.1.(f) is, as of the Agreement Date, a complete and correct listing of all real estate assets owned (including via Eligible Ground Leases) or leased by the
Borrower and the Subsidiaries, setting forth, for each such Property, the current occupancy status of such Property and whether such Property is a Development Property or Major Redevelopment Property and, if such Property is an Eligible Property, a
Development Property or Major Redevelopment Property, the 

  
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 status of completion of such Property. Each of the Loan Parties and all other Subsidiaries owns, or has a
valid leasehold interest in, its respective Properties. As of the Agreement Date, there are no Liens against any assets of the Borrower other than Permitted Liens. 
 (g) Existing Indebtedness; Liens. Part I of Schedule 6.1.(g) is, as of the Agreement Date, a complete and correct listing of all Indebtedness (including all Guarantees) of each of the Loan
Parties and the other Subsidiaries. As of the Agreement Date, no event of default (after giving effect to notice, grace and cure periods) exists with respect to any such Indebtedness. Part II of Schedule 6.1.(g) is, as of the Agreement Date, a true
and correct listing of all Liens on any Property owned by the Loan Parties. 
 (h) [Reserved] 

(i) Litigation. Except as set forth on Schedule 6.1.(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, nor is there any basis therefor) against or in any other way relating adversely to or affecting, any 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) the Borrower reasonably expects will have a Material Adverse Effect or (ii) in any manner draws into question the
validity or enforceability of any Loan Document or the Fee Letter. 
 (j) Taxes. All federal, state and other tax returns
of each Loan Party and each other Subsidiary required by Applicable Law to be filed have been duly filed, and all federal, state and other taxes, assessments and other governmental charges or levies upon, each Loan Party and 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 7.6. As of the Agreement Date, none of the United States
income tax returns of any Loan Party or any other Subsidiary is under audit. 
 (k) Financial Statements. The Borrower
has furnished to each Lender copies of (i) the audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries for the fiscal years ended December 31, 2010 and December 31, 2009, and the related consolidated
statements of income, changes in shareholders’ equity and cash flow for the fiscal years ended on such dates, with the opinion thereon of Ernst & Young LLP, and (ii) the unaudited consolidated balance sheet of the Borrower and its
consolidated Subsidiaries for the fiscal quarter ended March 31, 2011, and the related unaudited consolidated statements of income, changes in shareholders’ equity and cash flow of the Borrower and its consolidated Subsidiaries for the
fiscal quarter ended on such date. Such financial statements (including in each case related schedules and notes) 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). During the
period from March 31, 2011 to the Effective Date, neither the Borrower nor any of its Subsidiaries has incurred any material contingent liabilities, material liabilities, material liabilities for taxes, material unusual or long-term commitments
or material unrealized or forward anticipated losses from any unfavorable commitments, in each case that would be required to be disclosed by the Borrower on a Form 8-K to be filed with the Securities and Exchange Commission, except as referred to
or reflected or provided for in said financial statements, as previously disclosed in writing to the Administrative Agent and the Lenders or as reported on such a Form 8-K. 
 (l) No Material Adverse Change. Since December 31, 2010, there have been no changes, events, acts, conditions or occurrences of any nature, singly or in the aggregate that have had or could
reasonably be expected to have a Material Adverse Effect. The Borrower is Solvent and the Borrower, the other Loan Parties and the other Subsidiaries, taken as a whole, are Solvent. 

  
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 (m) ERISA. 

(i) Each Benefit Arrangement is in compliance with the applicable provisions of ERISA, the Internal Revenue Code and other
Applicable Laws in all material respects. Except with respect to Multiemployer Plans, each Qualified Plan (A) has received a favorable determination from the Internal Revenue Service applicable to such Qualified Plan’s current remedial
amendment cycle (as defined in Revenue Procedure 2007-44 or “2007-44” for short), (B) has timely filed for a favorable determination letter from the Internal Revenue Service during its staggered remedial amendment cycle (as defined in
2007-44) and such application is currently being processed by the Internal Revenue Service, (C) had filed for a determination letter prior to its “GUST remedial amendment period” (as defined in 2007-44) and received such determination
letter and the staggered remedial amendment cycle first following the GUST remedial amendment period for such Qualified Plan has not yet expired, or (D) is maintained under a prototype plan and may rely upon a favorable opinion letter issued by
the Internal Revenue Service with respect to such prototype plan. 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 applicable ERISA Group’s financial statements in accordance with FASB ASC 715. The “benefit obligation” of all Plans does not exceed the “fair market value of plan assets” for such Plans by more than
$10,000,000 all as determined by and with such terms defined in accordance with FASB ASC 715. 
 (iii) Except as
could 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 by any Governmental Authority, plan participant or beneficiary with respect to a Benefit Arrangement; (iii) there are no violations of the fiduciary responsibility rules 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 subject any member of the ERISA Group to a tax on prohibited transactions imposed by Section 502(i) of ERISA or Section 4975 of the Internal Revenue Code. 

(n) Absence of Defaults. None of the Loan Parties or the other Subsidiaries is in material default under its certificate or
articles of incorporation or formation, bylaws, partnership agreement or other similar organizational documents. 
 (o)
Environmental Laws. In the ordinary course of business and from time to time each of the Loan Parties and the other Subsidiaries conducts reviews of the effect of Environmental Laws on its respective business, operations and properties,
including without limitation, its respective Properties, in the course of which such Loan Party or such other Subsidiary identifies and evaluates associated liabilities and costs (including, without limitation, determining whether any capital or
operating expenditures are required for clean-up or closure of properties presently or previously owned, determining whether any capital or operating expenditures are required to achieve or maintain compliance in all material respects with
Environmental Laws or required as a condition of any Governmental Approval, any contract, or any related constraints on operating activities, determining whether any costs or liabilities 

  
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exist in connection with off-site disposal of wastes or Hazardous Materials, and determining whether any actual or potential liabilities to third parties, including employees, and any related
costs and expenses exist). Each of the Loan Parties and the other Subsidiaries is in compliance with all applicable Environmental Laws and has obtained all Governmental Approvals which are required under Environmental Laws and is in compliance with
all terms and conditions of such Governmental Approvals, where with respect to each of the foregoing the failure to obtain or to comply with the Borrower reasonably expects will have a Material Adverse Effect. Except for any of the following
matters, including those set forth on Schedule 6.1.(o), that the Borrower does not reasonably expect will have a Material Adverse Effect, no Loan Party is aware of, nor has it received notice of, any past or present events, conditions,
circumstances, activities, practices, incidents, actions, or plans which, with respect to any Loan Party or any other Subsidiary, may unreasonably interfere with or prevent compliance or continued compliance with Environmental Laws, or may give rise
to any common-law or legal liability, based on or related to the manufacture, processing, distribution, use, treatment, storage, disposal, transport, or handling or the emission, discharge, release or threatened release into the environment, of any
Hazardous Material; and there is no civil, criminal, or administrative action, suit, demand, claim, hearing, notice, or demand letter, notice of violation, investigation, or proceeding pending or, to the Borrower’s knowledge after due inquiry,
threatened, against any Loan Party or any other Subsidiary relating in any way to Environmental Laws which, if determined adversely to such Loan Party or such other Subsidiary, could be reasonably 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. 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, Etc.. No Loan Party, nor any other Subsidiary is (i) an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940,
as amended, or (ii) subject to any other Applicable Law which purports to regulate or restrict its ability to borrow money or obtain other extensions of credit or to consummate the transactions contemplated by this Agreement or to perform its
obligations under any Loan Document to which it is a party. 
 (q) Margin Stock. No Loan Party nor 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. 
 (r) Affiliate Transactions. Except as set forth on
Schedule 6.1.(r) and except as permitted by Section 9.8., no Loan Party nor any other Subsidiary is a party to or bound by any agreement or arrangement (whether oral or written) with any Affiliate. 

(s) [Reserved] 
 (t) Business. As of the Agreement Date, the Loan Parties and the other Subsidiaries are engaged in the business of acquiring, developing, owning and operating income-producing properties and such
business activities and investments incidental thereto. 

  
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 (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. No other similar fees or commissions will be payable by any Loan Party for any other services rendered to any Loan Party or any other Subsidiaries 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, including, without limitation, any projections furnished pursuant to Section 8.4.(n) and Section 8.4.(o)) furnished to the Administrative Agent
or any Lender by, on behalf of, or at the direction of, any Loan Party or any other Subsidiary were, at the time the same were so furnished, complete and correct in all material respects, to the extent necessary to give the recipient a true and
accurate knowledge of the subject matter, 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). No document furnished or written statement made to the
Administrative Agent or any Lender by, or at the direction of, any Loan Party in connection with the negotiation, preparation or execution of, or pursuant to, this Agreement or any of the other Loan Documents contains or will contain any untrue
statement of a material fact or omits or will omit to state a material fact necessary in order to make the statements contained therein not misleading. 
 (w) Not Plan Assets; No Prohibited Transactions. None of the assets of any Loan Party or any other Subsidiary constitutes “plan assets” within the meaning of ERISA, the Internal Revenue
Code and the respective regulations promulgated thereunder, of any Plan. 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. 

(x) OFAC. None of the Borrower, any of the other Loan Parties, any of the other Subsidiaries, or any other Affiliate of the
Borrower: (i) is a person named on the list of Specially Designated Nationals or Blocked Persons maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) available at
http://www.treas.gov/offices/enforcement/ofac/index.shtml or as otherwise published from time to time; (ii) is (A) an agency of the government of a country, (B) an organization controlled by a country, or (C) a person resident in
a country that is subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treas.gov/offices/enforcement/ofac/index.shtml, or as otherwise published from time to time, as such program may be applicable to
such agency, organization or person; or (iii) derives any of its assets or operating income from investments in or transactions with any such country, agency, organization or person; and none of the proceeds from any Loan, and no Letter of
Credit, will be used to finance any operations, investments or activities in, or make any payments to, any such country, agency, organization, or person. 
 (y) REIT Status. The Borrower qualifies as, and has elected to be treated as, a REIT and is in compliance with all requirements and conditions imposed under the Internal Revenue Code to allow the
Borrower to maintain its status as a REIT. 
 (z) Unencumbered Properties. Each Property included in any calculation of
Unencumbered NOI satisfied, at the time of such calculation, all of the requirements contained in the definition of “Eligible Property”. Each Property included in any calculation of Unencumbered Pool Value satisfied, at the time of such
calculation, all of the requirements contained in the definition of “Eligible Property”. 

  
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 Section 6.2. Survival of Representations and Warranties, Etc. 

All statements contained in any certificate, financial statement or other instrument delivered by or on behalf of any Loan Party or any
other Subsidiary to the Administrative Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not limited to, any such statement made in or in connection with any amendment thereto or
any statement contained in any certificate, financial statement or other instrument delivered by or on behalf of any Loan Party prior to the Agreement Date and delivered to the Administrative Agent or any Lender in connection with the underwriting
or closing the transactions contemplated hereby) shall constitute representations and warranties made by the Borrower under this Agreement. 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 and the issuance of the Letters of Credit. 

ARTICLE VII. AFFIRMATIVE COVENANTS 

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

Section 7.1. Preservation of Existence and Similar Matters. 
 Except as otherwise permitted under Section 9.4., the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, preserve and maintain its respective existence, rights,
franchises, licenses and privileges in the jurisdiction of its incorporation or formation and 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 to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 Section 7.2. Compliance with Applicable Law. 
 The Borrower shall, and
shall cause each other Loan Party and each other Subsidiary to, comply with all Applicable Law, including the obtaining of all Governmental Approvals, the failure with which to comply could reasonably be expected to have a Material Adverse Effect.

 Section 7.3. Maintenance of Property. 
 In addition to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, do all things necessary to maintain, preserve,
protect and keep its properties (other than Development Properties and Major Redevelopment Properties) in good repair, working order and condition, and make all necessary and proper repairs, renewals and replacements so that their businesses carried
on in connection therewith may be properly conducted at all times. 
 Section 7.4. Conduct of Business. 

The Borrower shall, and shall cause the other Loan Parties and each other Subsidiary to, carry on its respective businesses as described
in Section 6.1.(t) and not enter into any line of business not otherwise engaged in by such Person as of the Agreement Date. 

  
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 Section 7.5. Insurance. 
 The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, maintain insurance with financially sound and reputable insurance companies against such risks and in such amounts
as is customarily maintained by 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. 
 Section 7.6. 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, would without further passage of time become a Lien 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. 
 Section 7.7. Books and Records;
Inspections. 
 The Borrower will, and will cause each other Loan Party and each other Subsidiary to, keep proper books of
record and account in accordance with GAAP. The Borrower will, and will 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
Borrower’s presence if an Event of Default does not then exist), all at such reasonable times during business hours and as often as may reasonably be requested. The Borrower shall be obligated to reimburse the Administrative Agent and the
Lenders for their 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. 
 Section 7.8. Use of Proceeds. 
 The Borrower will use the proceeds of
Loans only (a) for the payment of pre-development and development and redevelopment costs incurred in connection with Properties owned by the Borrower or any Subsidiary; (b) to finance acquisitions permitted under this Agreement;
(c) to finance capital expenditures and the repayment of Indebtedness of the Borrower and its Subsidiaries; (d) to finance Investments in the Indebtedness or Equity Interests of any Person, in each case as permitted under this Agreement,
(e) 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 dividend distributions and stock repurchases otherwise permitted
under this Agreement); and (f) to pay fees and expenses incurred in connection with the closing of this facility. The Borrower shall only use Letters of Credit for the same purposes for which it may use the proceeds of Loans. 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 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. 

  
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 Section 7.9. Environmental Matters. 

The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, 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 the failure with which to comply could reasonably be
expected to have a Material Adverse Effect. If any Loan Party or any other Subsidiary shall (a) receive notice that any violation of any Environmental Law has or may have been committed or is about to be committed by such Person,
(b) receive notice that any administrative or judicial complaint, order or petition has been filed or other proceeding has been initiated or is about to be filed or initiated against any such Person alleging violations of any Environmental Law
or requiring any such Person to take any action in connection with the release or threatened release of Hazardous Materials, or (c) receive any notice from a Governmental Authority or private party alleging that any such Person may be liable or
responsible for costs associated with a response to, or remediation or cleanup of, a release or threatened release of Hazardous Materials or any damages caused thereby, and the matters that are the subject of such notices, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect, the Borrower shall provide the Agent with a copy of such notice within 10 days after the receipt thereof by such Person or any of the Subsidiaries. The Loan Parties and the
other Subsidiaries shall 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. Nothing in this Section shall impose any obligation or
liability whatsoever on the Administrative Agent, the Issuing Bank or any Lender. 
 Section 7.10. 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 7.11. REIT Status. 
 The Borrower shall maintain its status as, and election to be treated as, a REIT. 

Section 7.12. Exchange Listing. 
 The Borrower shall maintain at least one class of common shares of the Borrower having trading privileges on the New York Stock Exchange or the American Stock Exchange or which is subject to price
quotations on The NASDAQ Stock Market’s National Market System. 
 Section 7.13. Guarantors. 

(a) Generally. Within 10 Business Days of any Person becoming a Material Subsidiary (other than a Person who is or will, within 10
Business Days, become an Excluded Subsidiary) after the Effective Date (such Person, “a “New Guarantor”), the Borrower shall deliver to the Administrative Agent (i) an Accession Agreement executed by such New Guarantor and
(ii) the items required under subsection (b) below. In addition, no later than 10 Business Days following the date any Excluded Subsidiary that is also a Material Subsidiary ceases to be subject to the restriction which prevented it from
becoming a Guarantor on the Effective Date or delivering an Accession Agreement pursuant to this Section, as the case may be, such Material Subsidiary, subject to subsection (c) below, shall comply with the provisions of this Section and
thereby become a New Guarantor. 

  
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 (b) Required Deliveries. Each Accession Agreement delivered by a New Guarantor under
the immediately preceding subsection (a) shall be accompanied by the items that would have been delivered under subsections (iv), (v), (vi), (vii) and (viii), of Section 5.1.(a) if such Subsidiary had been a Loan Party on the
Effective Date and such other documents and instruments as the Administrative Agent may reasonably request. 
 (c) Release of
Guarantor. 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) such Guarantor (whether a New
Guarantor or a Guarantor as of the Effective Date) either (A) no longer satisfies (or effective upon its release will no longer satisfy) the requirements of a Material Subsidiary (by virtue of not being a Subsidiary or not having assets with a
Fair Market Value of a least $2,500,000) or (B) is (or will become effective upon its release) an Excluded Subsidiary (it being understood that, subject to the matters set forth in the following clause (ii) being true and correct,
including after giving effect thereto, the Borrower shall be free to take one or more actions (such as causing a Material Subsidiary to incur Indebtedness secured by a Lien for which assets of such Subsidiary provide collateral and/or transferring
Equity Interests in a Wholly Owned Subsidiary of the Borrower) which would cause a Guarantor to cease to be a Material Subsidiary or to become an Excluded Subsidiary); (ii) no Default or Event of Default shall then be in existence or would
occur as a result of such release, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1.; and (iii) 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 clauses (i) and (ii) of 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 VIII. INFORMATION 

For so long as this Agreement is in effect, the Borrower shall furnish (including by electronic means as provided in Section 12.2.)
to each Lender (or to the Administrative Agent if so provided below) at its Lending Office: 
 Section 8.1. Quarterly Financial
Statements. 
 As soon as available and in any event within 10 days after the same is filed with the Securities and Exchange
Commission for the first, second and third fiscal quarters of the Borrower (but in no event later than the date 45 days after the end of any such fiscal quarter), 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 operations, stockholders’ equity 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, 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). 

  
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 Section 8.2. Year-End Statements. 

As soon as available and in any event within 10 days after the same is filed with the Securities and Exchange Commission for each fiscal
year of the Borrower (but in no event later than the date 90 days after the end of any such fiscal year), 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 operations, stockholders’ 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 executive officer, the chief financial officer, or executive vice president of the Borrower, in his or her opinion, to present fairly, in accordance with GAAP, 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 Ernst & Young LLP or any other independent certified public accountants of recognized national standing
acceptable to the Administrative Agent, whose report shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or
exception as to the scope of such audit. 
 Section 8.3. Compliance Certificate. 

At the time the financial statements are furnished pursuant to the immediately preceding Sections 8.1. and 8.2., a certificate
substantially in the form of Exhibit P (a “Compliance Certificate”) executed on behalf of the Borrower by the chief financial officer of the Borrower (a) setting forth in reasonable detail as of the end of such quarterly
accounting period 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 9.1.; and (b) stating that to his or her knowledge, 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. Each Compliance
Certificate shall include (i) a reasonably detailed list of all Properties which the Borrower has elected to include in calculations of Unencumbered NOI and Unencumbered Pool Value for the fiscal period covered by such Compliance Certificate
(it being understood that so long as no Default or Event of Default exists or would occur as a result of such election, the Borrower shall be free to include or exclude from such calculations any Property that would otherwise be eligible for
inclusion), (ii) a calculation of the Consolidated Unsecured Liabilities at the end of such period, (iii) an summary with respect to each Property then included in calculations of Unencumbered NOI and Unencumbered Pool Value, including
without limitation, a quarterly and year-to-date statement of Net Operating Income and a leasing/occupancy status report, (iv) a statement of Funds From Operations, and (v) a report listing Properties acquired in the most recently ended
fiscal quarter setting forth for each such Property the purchase price and Net Operating Income for such Property and indicating whether such Property is collateral for any Indebtedness of the owner of such Property that is secured in any manner by
any Lien and, if so, a description of such Indebtedness. 
 Section 8.4. Other Information. 

(a) Within 10 days of the filing thereof, copies of all registration statements (excluding the exhibits thereto 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 Securities and Exchange Commission (or any
Governmental Authority substituted therefor) or any national securities exchange (which information may be delivered by electronic means as provided in Section 12.2.); 

  
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 (b) 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 press releases issued by the Borrower, any other Loan Party or any other Subsidiary (which information may be delivered by
electronic means as provided in Section 12.2.); 
 (c) Promptly, upon any change in the Borrower’s Credit Rating, a
certificate stating that the Borrower’s Credit Rating has changed and the new Credit Rating that is in effect; 
 (d) 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 executive officer or chief financial officer 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; 
 (e) 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, the any Loan Party or any other Subsidiary or any of their respective properties, assets or businesses
which the Borrower reasonably expects will have a Material Adverse Effect; 
 (f) Prompt notice of any change in the senior
management of the Borrower, any Subsidiary or any other Loan Party and any change in the business, assets, liabilities, financial condition, results of operations or business prospects of any Loan Party or any other Subsidiary which has had or could
have Material Adverse Effect (which notice may be delivered by electronic means as provided in Section 12.2.); 
 (g)
Prompt notice of the occurrence of any Default or Event of Default; 
 (h) Prompt notice of any order, judgment or decree in
excess of $5,000,000 having been entered against any Loan Party or any other Subsidiary or any of their respective properties or assets; 
 (i) Any 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, the violation of which
Applicable Law, or matters addressed in such inquiry, could reasonably be expected to have a Material Adverse Effect (which notice may be delivered by electronic means as provided in Section 12.2.); 

(j) Promptly upon the request of the Administrative Agent, evidence of the Borrower’s calculation of the Ownership Share with
respect to a Subsidiary or an Unconsolidated Affiliate, such evidence to be in form and detail satisfactory to the Administrative Agent; 
 (k) Promptly, upon each request, information identifying the Borrower as a Lender may request in order to comply with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)); 
 (l) Promptly, upon the request of the Requisite Lenders, historical financial information maintained with
respect to the Borrower and/or any of its Subsidiaries and their respective real estate projects, including, without limitation, property budgets, operating statements, leasing status reports, a summary of contingent liabilities, a summary of notes
receivable and a summary of cash and Cash Equivalents; 

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

(n) Simultaneously with the year-end financial statements furnished pursuant to Section 8.2., profit and loss projections 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 determinations of the ratios or amounts specified in each
of the covenants contained in Section 9.1. at the end of each fiscal quarter of the next succeeding fiscal year, it being understood and agreed that the projections and pro forma determinations provided under this subsection (o) shall be
furnished for informational purposes only and shall not be a basis for determining or declaring the occurrence, existence or continuation of any Default or Event of Default; 
 (o) Simultaneously with the year-end financial statements furnished pursuant to Section 8.2., a report in form and content satisfactory to the Administrative Agent detailing the Borrower’s,
together with its Subsidiaries’, projected sources and uses of cash for each quarter of the next succeeding fiscal year. Such sources and uses shall be furnished for informational purposes only and shall not be a basis for determining or
declaring the occurrence, existence or continuation of any Default or Event of Default and shall include but not be limited to excess operating cash flow, projected borrowings under existing credit facilities or debt issuances, availability under
this Agreement, unused availability under committed development loans, unfunded committed equity and any other committed sources of funds. Such uses shall include but not be limited to cash obligations for binding acquisitions, unfunded development
costs, capital expenditures, debt service, overhead, dividends, maturing Property loans, hedge settlements and other anticipated uses of cash; 
 (p) Within 10 Business Days of the Administrative Agent’s written request, a current rent roll for any one or more Properties then included in the calculations of Unencumbered NOI and Unencumbered
Pool Value; and 
 (q) From time to time and promptly upon each request, such data, certificates, reports, statements, opinions
of counsel, documents or further information regarding any Property or the business, assets, liabilities, financial condition, results of operations or business prospects of the Borrower or any of its Subsidiaries as the Administrative Agent or any
Lender may reasonably request. 
 Section 8.5. Public/Private Information. 

The Borrower shall cooperate with 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 8.6. USA Patriot Act Notice; Compliance. 
 The USA Patriot Act
of 2001 (Public Law 107-56) 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, 

  
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the Administrative Agent or any Lender may from time-to-time request, and the Borrower shall, and shall cause the other Loan Parties, to provide to the Administrative Agent or 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, a cash management service, a transaction or asset account, a credit account, a loan or other extension of credit, and/or other financial services product. 
 ARTICLE IX. NEGATIVE COVENANTS 

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

Section 9.1. Financial Covenants. 
 (a) Minimum Consolidated Tangible Net Worth. The Borrower shall not at any time permit the Consolidated Tangible Net Worth to be less than (i) $671,852,800 plus (ii) 80% of the Net
Proceeds of all Equity Issuances effected at any time after March 31, 2011 by the Borrower or any of its Subsidiaries to any Person other than the Borrower or any of its Subsidiaries. 

(b) Ratio of Consolidated Total Indebtedness to Consolidated Total Asset Value. The Borrower shall not permit the ratio of
(i) Consolidated Total Indebtedness to (ii) Consolidated Total Asset Value to exceed 0.60 to 1.00 at any time. 
 (c)
Ratio of Consolidated Secured Indebtedness to Consolidated Total Asset Value. The Borrower shall not permit the ratio of (i) Consolidated Secured Indebtedness to (ii) Consolidated Total Asset Value to exceed 0.350 to 1.00 at any
time. 
 (d) Ratio of Consolidated EBITDA to Consolidated Fixed Charges. The Borrower shall not permit the ratio of
(i) Consolidated EBITDA for any fiscal quarter to (ii) Consolidated Fixed Charges for such fiscal quarter to be less than 1.50 to 1.00 at the end of such fiscal quarter. 

(e) Ratio of Unencumbered Net Operating Income to Consolidated Interest Expense on Consolidated Unsecured Indebtedness. The
Borrower shall not permit the ratio of (i) Unencumbered NOI for any fiscal quarter to (ii) Consolidated Interest Expense on Consolidated Unsecured Indebtedness for such fiscal quarter to be less than 2.00 to 1.00 at the end of such fiscal
quarter. 
 (f) Ratio of Unencumbered Pool Value to Consolidated Unsecured Indebtedness. The Borrower shall not permit
the ratio of (i) Unencumbered Pool Value for any fiscal quarter to (ii) Consolidated Unsecured Indebtedness for such fiscal quarter to be less than 1.67 to 1.00 at the end of such fiscal quarter 

(g) Permitted Investments. The Borrower shall not, and shall not permit any Loan Party or other Subsidiary to, make an Investment
in or otherwise own the following items which would cause the aggregate value of such holdings of such Persons (excluding the value of any such holdings that are also Marketable Securities) to exceed 15.0% of the Consolidated Total Asset Value:

 (i) the aggregate value calculated on the basis of the lower of cost or market of all Unimproved Land, plus
 

  
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 (ii) the aggregate value calculated on the basis of the lower of cost or
market of common stock, Preferred Equity Interest and other Equity Interests in Persons (other than Subsidiaries and Unconsolidated Affiliates), plus  
 (iii) the aggregate book value of Indebtedness secured by mortgages in favor of the Borrower or any Subsidiary, plus  

(iv) the aggregate value of Investments in Unconsolidated Affiliates; provided, further, that Investments in
Unconsolidated Affiliates shall not exceed 10.0% of Consolidated Total Asset Value (for purposes of this clause (iv), the “value” of any such Investment in an Unconsolidated Affiliate shall equal (1) with respect to any of such
Unconsolidated Affiliate’s Properties under construction, the Borrower’s Ownership Share of the book value of Construction in Process (including the book value for the portion of the land owned by such Unconsolidated Affiliate related to
such Construction in Process) for such Property as of the date of determination and (2) with respect to any of such Unconsolidated Affiliate’s Properties which have been completed, the Borrower’s Ownership Share of Consolidated
Capitalized EBITDA of such Unconsolidated Affiliate attributable to such Properties), plus 
 (v) the
aggregate amount of the Total Budgeted Costs for Development Properties and Major Redevelopment Properties in which the Borrower either has a direct or indirect ownership interest; provided, that if a Development Property or Major Redevelopment
Property is owned by an Unconsolidated Affiliate of the Borrower or any Subsidiary, then the amount of such Investment shall be equal to the greater of (A) the product of (1) the Borrower’s or such Subsidiary’s Ownership Share in
such Unconsolidated Affiliate and (2) the amount of the Total Budgeted Costs for such Development Property or (B) the recourse obligations of the Borrower or such Subsidiary relating to the Indebtedness of such Unconsolidated Affiliate.

 (h) Reserved. 
 (i) Dividends and Other Restricted Payments. If (i) a Default or an Event of Default under Section 10.1.(a) or Section 10.1.(e) shall exist, (ii) an Event of Default under
Section 10.1.(b) (solely as a result of the failure to comply with Section 7.11., Section 9.3., or Section 9.4.) shall exist (iii) an Event of Default under Section 10.1.(f) shall exist, or, (iv) as a result of the
occurrence of any other Event of Default any of the Obligations have been accelerated pursuant to Section 10.2.(a), neither the Borrower nor any Subsidiary shall directly or indirectly declare or make, or incur any liability to make, any
Restricted Payments. If any Event of Default other than those specified in clauses (i), (ii) and (iii) of the immediately preceding sentence exists and the Obligations have not been accelerated pursuant to Section 10.2.(a), neither
the Borrower nor any Subsidiary shall directly or indirectly declare or make, or incur any liability to make, any Restricted Payments except that the Borrower may make cash distributions to its shareholders in the minimum amount necessary to
maintain compliance with Section 7.11. Notwithstanding anything to the contrary in this Section, Subsidiaries may make Restricted Payments to the Borrower and to other Subsidiaries that are Guarantors. 

Section 9.2. Reciprocal Lien. 
 If any Eligible Property becomes subject to a Lien causing such Property to no longer satisfy the definition of Eligible Property, and, as a result, a Default or Event of Default occurs, then the Borrower
or the applicable Subsidiary will make or cause to be made a provision whereby the Obligations will be secured equally and ratably with all other obligations secured by such Lien, and in any case the Lenders


  
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shall have the benefit, to the full extent that and with such priority as, the Lenders may be entitled under Applicable Law, of an equitable Lien on such Property securing the Obligations. The
grant of a Lien pursuant to this Section 9.2. shall not be deemed to cure any Default or Event of Default occurring as a result of such Eligible Property becoming subject to such Lien. 
 Section 9.3. Restrictions on Intercompany Transfers. 
 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 to: (i) 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; (ii) pay any Indebtedness owed to the
Borrower or any other Subsidiary; (iii) make loans or advances to the Borrower or any other Subsidiary; or (iv) transfer any of its property or assets to the Borrower or any other Subsidiary. 

Section 9.4. Merger, Consolidation, Sales of Assets and Other Arrangements. 

The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, (a) enter into any transaction of
merger or consolidation; (b) liquidate, windup or dissolve itself (or suffer any liquidation or dissolution); (c) convey, sell, lease, sublease, transfer or otherwise dispose of, in one transaction or a series of transactions, assets, or
the capital stock of or other Equity Interests in any of its Subsidiaries, whether now owned or hereafter acquired, having a fair market value in excess of the Substantial Amount; or (d) engage in a transaction or a series of related
transactions in which it acquires assets having a fair market value in excess of the Substantial Amount or make an Investment in any other Person in excess of the Substantial Amount; provided, however, that: 

(i) any Subsidiary may merge with a Loan Party so long as such other Loan Party is the survivor or the survivor becomes a
Loan Party upon the occurrence of the merger in accordance with Section 7.13.; 
 (ii) any Subsidiary may
sell, transfer or dispose of its assets to a Loan Party; 
 (iii) a Loan Party (other than the Borrower or any
Loan Party which owns a Property which the Borrower has elected to include in the calculations of Unencumbered NOI and Unencumbered Pool Value) and any Subsidiary that is not (and is not required to be) a Loan Party may convey, sell, transfer or
otherwise dispose of (including disposition as a result of a merger or consolidation), 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 may (but need not) thereafter liquidate, provided that 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; provided, however, that if, prior to the occurrence of a Default (or, during the existence of a Default, if the relevant agreement expressly states that sale of the Property subject to the agreement is
conditioned on the approval of the Lenders), such Loan Party or Subsidiary has entered into an agreement to sell a Property which agreement requires that such Property be sold at a time during which a Default exists, such Loan Party or Subsidiary
shall be permitted to sell such Property to the extent necessary for such Loan Party or Subsidiary to comply with the terms of such agreement; 
 (iv) any Loan Party and any other Subsidiary may, directly or indirectly, sell, lease or otherwise transfer, whether by one or a series of transactions, assets having a fair market value in excess of the
Substantial Amount (including capital stock or other securities of Subsidiaries) to 

  
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any other Person, so long as (1) the Borrower shall have given the Administrative Agent and the Lenders at least 30 days prior written notice of such sale, lease or other transfer;
(2) immediately prior thereto, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence; provided, however, that if, prior to the occurrence of a Default (or, during the existence of
a Default, so long as the relevant agreement expressly states that sale of the Property subject to the agreement is conditioned on the approval of the Lenders), such Loan Party or Subsidiary has entered into an agreement to sell a Property which
agreement requires that such Property be sold at a time during which a Default exists, such Loan Party or Subsidiary shall be permitted to sell such Property if a Default (but not an Event of Default) exists to the extent necessary for such Loan
Party or Subsidiary to comply with the terms of such agreement, subject to such Loan Party’s having received the approval of the Lenders required pursuant to the terms of any agreement entered into during the existence of a Default; (3) in
the case of a consolidation or merger involving the Borrower or a Loan Party which owns a Property which the Borrower has elected to include in calculations of Unencumbered NOI and Unencumbered Pool Value, such Person shall be the survivor thereof
and (4) at the time the Borrower gives notice pursuant to clause (1) of this subsection, the Borrower shall have delivered to the Administrative Agent and the Lenders 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 9.1., after giving effect to such
consolidation, merger, sale, lease or other transfer; 
 (v) any 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, in a single transaction or series of related transactions, having a fair market
value in excess of the Substantial Amount, or make an Investment in any other Person in an amount in excess of the Substantial Amount, so long as (1) the Borrower shall have given the Administrative Agent and the Lenders at least 30 days
prior written notice of such purchase, acquisition, merger, consolidation or Investment (collectively, “acquisition”); (2) immediately prior thereto, and immediately thereafter and after giving effect thereto, no Default or Event of
Default is or would be in existence provided, however, that if, prior to the occurrence of a Default (or, during the existence of a Default, so long as the relevant agreement expressly states that acquisition of the Property subject to the
agreement is conditioned on the approval of the Lenders), such Loan Party or Subsidiary has entered into an agreement to acquire a Property which agreement requires that such Property be acquired at a time during which a Default (but not an Event of
Default) exists, such Loan Party or Subsidiary shall be permitted to acquire such Property to the extent necessary for such Loan Party or Subsidiary to comply with the terms of such agreement, subject to such Loan Party’s having received the
approval of the Lenders required pursuant to the terms of any agreement entered into during the existence of a Default ; (3) in the case of a consolidation or merger involving the Borrower or a Loan Party which owns an Eligible Property, such
Person shall be the survivor thereof; and (4) at the time the Borrower gives notice pursuant to clause (1) of this subsection, the Borrower shall have delivered to the Administrative Agent and the Lenders 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 9.1., after giving effect to such acquisition; and 
 (vi) the Loan Parties and the other
Subsidiaries may lease and sublease their respective assets, as lessor or sublessor (as the case may be), in the ordinary course of their business. 

  
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 Further, no Loan Party or any Subsidiary, shall enter into any sale-leaseback transactions or other
transaction by which such Person shall remain liable as lessee (or the economic equivalent thereof) of any real or personal property that it has sold or leased to another Person. 
 Section 9.5. Plans. 
 The Borrower shall not, and shall not permit any
Subsidiary to, permit any of its respective assets to become or be deemed to be “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. 

Section 9.6. Fiscal Year. 
 The Borrower shall not, and shall not permit any Loan Party or other Subsidiary to, change its fiscal year from that in effect as of the Agreement Date. 

Section 9.7. Modifications of Organizational Documents. 
 The Borrower shall not enter into, and shall not permit any Loan Party or any other Subsidiary to enter into any amendment, supplement, restatement or other modification of its certificate or articles of
incorporation, articles of organization or formation, certificate of limited partnership, declaration of trust or other comparable organizational instrument (if any) that could reasonably be expected to have a Material Adverse Effect or that would
be adverse to the rights and remedies of the Administrative Agent and Lenders. 
 Section 9.8. Transactions with Affiliates.

 The Borrower shall not permit to exist or enter into, and will not permit any other Loan Party or 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 of the Borrower or with any director, officer or employee of any Loan Party, except
(a) as set forth on Schedule 6.1.(r), (b) transactions in the ordinary course of and pursuant to the reasonable requirements of the business of the Borrower or any of its Subsidiaries and upon fair and reasonable terms,
(c) transactions which are no less favorable to the Borrower or such Subsidiary than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate, (d) transactions by and among Loan Parties or
(e) transactions by and among Wholly Owned Subsidiaries. Notwithstanding the forgoing, (i) the Borrower shall not, and shall not permit any Loan party to, make loans or advances to any director, officer or employee of any Loan Party in an
aggregate principal amount at any time outstanding in excess of $1,000,000, and (ii) no payments may be made with respect to any items set forth on Schedule 6.1.(r) upon the occurrence and during the continuation of a Default or Event of
Default. 
 Section 9.9. 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 Derivatives Contracts entered
into by the Borrower, any such other Loan Party or any such other Subsidiary in the ordinary course of business and which, when entered into, were intended to establish an effective hedge either (i) in respect of existing or permitted
Indebtedness or (ii) in respect of liabilities, commitments or assets held or reasonably anticipated to be held by the Borrower, such other Loan Party or such other Subsidiary. 

  
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 ARTICLE X. DEFAULT 

Section 10.1. 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. (i) The Borrower shall fail to pay
when due under this Agreement, any other Loan Document or the Fee Letter (whether upon demand, at maturity, by reason of acceleration or otherwise) (A) the principal of any of the Loans or any Reimbursement Obligation, or (B) interest on
any of the Loans or any of the other payment Obligations owing by the Borrower under this Agreement, any other Loan Document or the Fee Letter, within 10 Business Days after becoming due, or (ii) any other Loan Party shall fail to pay within 10
Business Days after becoming due any payment obligation owing by such Loan Party under any Loan Document to which it is a party. 
 (b) Default in Performance. 
 (i) Any Loan Party shall fail
to perform or observe any term, covenant or agreement on its part to be performed or observed and contained in Article IX. (other than Section 9.7. or Section 9.9.); or 

(ii) Any Loan Party shall fail to perform or observe any term, covenant 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 calendar days after the earlier of (x) the date upon
which any 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 prove to have been incorrect or misleading in any material respect
when furnished or made or deemed made, it being understood that no projections furnished pursuant to Section 8.4.(n) and Section 8.4.(o) or otherwise shall be a basis for determining or declaring the occurrence, existence or continuation
of any Default or Event of Default. 
 (d) Indebtedness Cross-Default. Any payment in respect of Material Indebtedness
shall not be made on the maturity date of such Material Indebtedness, or, prior to the maturity date of such Material Indebtedness, any event shall have occurred and be continuing (after giving effect to notice, grace and cure periods) as a result
of which any holder or holders of any Material Indebtedness, any trustee or agent acting on behalf of such holder or holders or any other Person, is then permitted to accelerate, or has accelerated, the maturity of any Material Indebtedness or is
permitted to require, or has required, any Material Indebtedness to be prepaid or repurchased prior to its stated maturity. For purposes of this Section 10.1.(d), “Material Indebtedness” means (x) any Indebtedness (other than the
Loans or 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) of $10,000,000
or more or (y) any Nonrecourse Indebtedness having an aggregate outstanding principal amount of $75,000,000. 

  
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 (e) Voluntary Bankruptcy Proceeding. The Borrower, any other Loan Party or any
Significant Subsidiary 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,
any other Loan Party or any Significant Subsidiary 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 90 consecutive calendar days, or an order
granting the 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 or the
Fee Letter 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 the Fee Letter or any Loan Document
or the Fee Letter shall cease to be in full force and effect (except as a result of the express terms thereof). 
 (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 or any 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 not been acknowledged in writing by
the applicable insurance carrier (or the amount as to which the insurer has denied liability) exceeds, individually or together with all other such judgments or orders entered against the Borrower and all Subsidiaries, $10,000,000 or (B) such
judgment or order could reasonably be expected to have a Material Adverse Effect. 
 (i) Attachment. A warrant, writ of
attachment, execution or similar process shall be issued against any property of the Borrower or any Subsidiary, which exceeds, individually or together with all other such warrants, writs, executions and processes, $10,000,000 in amount and
such warrant, writ, execution or process shall not be paid, discharged, vacated, stayed or bonded for a period of 30 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 or any Subsidiary. 

  
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 (j) ERISA. 

(i) Any ERISA Event shall have occurred that results or could reasonably be expected to result in liability to any member
of the ERISA Group aggregating in excess of $10,000,000; or 
 (ii) The “benefit obligation” of all
Plans exceeds the “fair market value of plan assets” for such Plans by more than $10,000,000, 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/Change in Management. 

(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 Trustees of the Borrower (together with any new trustees 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 trustees then still in office who were either trustees at the beginning of such period or whose election or nomination for election was previously so approved but excluding any trustee whose
initial nomination for, or assumption of office as, a trustee occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more trustees by any person or group other than a solicitation for
the election of one or more trustees by or on behalf of the Board of Trustees) cease for any reason to constitute a majority of the Board of Trustees of the Borrower then in office. 
 Section 10.2. Remedies Upon Event of Default. 
 Upon the occurrence of
an Event of Default the following provisions shall apply: 
 (a) Acceleration; Termination of Facilities. 

(i) Automatic. Upon the occurrence of an Event of Default specified in Sections 10.1.(e) or 10.1.(f),
(1)(A) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding, (B) an amount equal to the Stated Amount of all Letters of Credit outstanding as of the date of the occurrence of such Event of Default
for deposit into the Letter of Credit Collateral Account 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 by the Borrower without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower, and (2) the Commitments and the
Swingline Commitment, the obligation of the Lenders to make Loans hereunder, and the obligation of the Issuing Bank to issue Letters of Credit hereunder, shall all immediately and automatically terminate. 

  
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 (ii) Optional. If any other Event of Default shall exist, the
Administrative Agent, 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) an amount equal to the Stated Amount of all
Letters of Credit outstanding as of the date of the occurrence of such Event of Default for deposit into the Letter of Credit Collateral Account 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, and (2) terminate the Commitments and the Swingline Commitment and the obligation of the Lenders to make Loans hereunder and the obligation of the Issuing Bank to issue Letters of
Credit hereunder. 
 (b) 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. 

(c) 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. 
 (d) 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 Eligible Properties and/or the business operations of the Borrower and its Subsidiaries
and to exercise such power as the court shall confer upon such receiver. 
 (e) Specified Derivatives Contract Remedies.
Notwithstanding any other provision of this Agreement or any other Loan Document, each Specified Derivatives Provider shall have the right, with prompt notice to the Administrative Agent, but without the approval or consent of or other action by the
Administrative Agent or the Lenders, and without limitation of other remedies available to such Specified Derivatives Provider under contract or Applicable Law, to undertake any of the following: (a) to declare an event of default, termination
event or other similar event under any Specified Derivatives Contract and to create an “Early Termination Date” (as defined therein) in respect thereof, (b) to determine net termination amounts in respect of any and all Specified
Derivatives Contracts in accordance with the terms thereof, and to set off amounts among such contracts pursuant to legally enforceable provisions set forth therein, (c) to set off or proceed against deposit account balances, securities account
balances and other property and amounts held by such Specified Derivatives Provider pursuant to any Derivatives Support Document, including any “Posted Collateral” (as defined in any credit support annex included in any such Derivatives
Support Document to which such Specified Derivatives Provider may be a party), and (d) to prosecute any legal action against the Borrower, any Loan Party or other Subsidiary to enforce or collect net amounts owing to such Specified Derivatives
Provider pursuant to any Specified Derivatives Contract. 

  
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 Section 10.3. Remedies Upon Default. 

Upon the occurrence of a Default specified in Section 10.1.(f), the Commitments shall immediately and automatically terminate.

 Section 10.4. Marshaling; Payments Set Aside. 
 None of the Administrative Agent, the Issuing Bank or any Lender 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 Obligations. To the extent that any Loan Party makes a payment or payments to the Administrative Agent, the Issuing Bank or any Lender, or the Administrative Agent, the Issuing Bank or any Lender enforces its security interests or exercises its
rights 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 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. 

Section 10.5. Allocation of Proceeds. 
 If an Event of Default exists, all payments received by the Administrative Agent under any of the Loan Documents, in respect of any principal of or interest on the Obligations or any other amounts payable
by the Borrower hereunder or thereunder, shall be applied in the following order and priority: 
 (a) amounts due
to the Administrative Agent, the Issuing Bank and the Lenders in respect of Fees and expenses due under Section 12.3.; 
 (b) payments of interest on Swingline Loans; 
 (c) payments of
interest on all other Loans and Reimbursement Obligations, to be applied for the ratable benefit of the Lenders and the Issuing Bank, in such order as the Lenders and the Issuing Bank may determine in their sole discretion; 

(d) payment of principal on Swingline Loans; 

(e) payments of principal of all other Loans, and Reimbursement Obligations and other Letter of Credit Liabilities, to be
applied for the ratable benefit of the Lenders and the Issuing Bank, in such order as the Lenders and the Issuing Bank may determine in their sole discretion; provided, however, to the extent that any amounts available for distribution pursuant to
this subsection are attributable to the issued but undrawn amount of an outstanding Letter of Credit, such amounts shall be paid to the Administrative Agent for deposit into the Letter of Credit Collateral Account; 

(f) amounts due to the Administrative Agent and the Lenders pursuant to Sections 11.6. and 12.11.; 

(g) payments of all other Obligations and other amounts due under any of the Loan Documents, if any, to be applied for the
ratable benefit of the Lenders; and 

  
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 (h) any amount remaining after application as provided above, shall be paid
to the Borrower or whomever else may be legally entitled thereto. 
 Section 10.6. Letter of Credit Collateral Account. 

(a) As collateral security for the prompt payment in full when due of all Letter of Credit Liabilities and the other Obligations, the
Borrower hereby pledges and grants to the Administrative Agent, for the ratable benefit of the Administrative Agent, the Issuing Bank and the Lenders as provided herein, a security interest in all of its right, title and interest in and to the
Letter of Credit Collateral Account and the balances from time to time in the Letter of Credit Collateral Account (including the investments and reinvestments therein provided for below). The balances from time to time in the Letter of Credit
Collateral Account shall not constitute payment of any Letter of Credit Liabilities until applied by the Issuing Bank as provided herein. Anything in this Agreement to the contrary notwithstanding, funds held in the Letter of Credit Collateral
Account shall be subject to withdrawal only as provided in this Section. 
 (b) Amounts on deposit in the Letter of Credit
Collateral Account shall be invested and reinvested by the Administrative Agent in such cash equivalents as the Administrative Agent shall determine in its sole discretion. All such investments and reinvestments shall be held in the name of and be
under the sole dominion and control of the Administrative Agent for the ratable benefit of the Administrative Agent, the Issuing Bank and the Lenders, provided, that all earnings on such investments will be credited to and retained in the
Letter of Credit Collateral Account. The Administrative Agent shall exercise reasonable care in the custody and preservation of any funds held in the Letter of Credit Collateral Account and shall be deemed to have exercised such care if such funds
are accorded treatment substantially equivalent to that which the Administrative Agent accords other funds deposited with the Administrative Agent, it being understood that the Administrative Agent shall not have any responsibility for taking any
necessary steps to preserve rights against any parties with respect to any funds held in the Letter of Credit Collateral Account. 
 (c) If a drawing pursuant to any Letter of Credit occurs on or prior to the expiration date of such Letter of Credit, the Borrower and the Lenders authorize the Administrative Agent to use the monies
deposited in the Letter of Credit Collateral Account to reimburse the Issuing Bank for the payment made by the Issuing Bank to the beneficiary with respect to such drawing. 
 (d) If an Event of Default exists, the Administrative Agent may (and, if instructed by the Requisite Lenders, shall) in its (or their) discretion at any time and from time to time elect to liquidate any
such investments and reinvestments and apply the proceeds thereof to the Obligations in accordance with Section 10.5. 

(e) So long as no Default or Event of Default exists, and to the extent amounts on deposit in or credited to the Letter of Credit
Collateral Account exceed the aggregate amount of the Letter of Credit Liabilities then due and owing, the Administrative Agent shall, from time to time, at the request of the Borrower, deliver to the Borrower not more than 10 Business Days after
the Administrative Agent’s receipt of such request, against receipt but without any recourse, warranty or representation whatsoever, such of the balances in the Letter of Credit Collateral Account as exceed the aggregate amount of Letter of
Credit Liabilities at such time. When all of the Obligations shall have been indefeasibly paid in full and no Letters of Credit remain outstanding, the Administrative Agent shall promptly deliver to the Borrower, against receipt but without any
recourse, warranty or representation whatsoever, the balances remaining in the Letter of Credit Collateral Account. 

  
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 (f) The Borrower shall pay to the Administrative Agent from time to time such fees as the
Administrative Agent normally charges for similar services in connection with the Administrative Agent’s administration of the Letter of Credit Collateral Account and investments and reinvestments of funds therein. 

Section 10.7. 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 10.8. 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 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. 
 Section 10.9. Rights Cumulative. 

The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders under this Agreement, each of the other Loan
Documents and the Fee Letter 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, the Issuing Bank and
the Lenders may be selective and no failure or delay by the Administrative Agent, the Issuing Bank or any of the Lenders 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. 
 ARTICLE XI. THE
ADMINISTRATIVE AGENT 
 Section 11.1. 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 

  
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limitation of the foregoing, each Lender authorizes and directs the Administrative Agent to enter into the Loan Documents 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 “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 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 VIII. that the Borrower is not otherwise required to deliver directly to the Lenders. The Administrative Agent will also
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 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.

 Section 11.2. Wells Fargo as Lender. 
 Wells Fargo, as a Lender, shall have the same rights and powers under this Agreement and any other Loan Document as any other Lender and may exercise the same as though it were not the Administrative
Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include Wells Fargo in each case in its individual capacity. Wells Fargo 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 Issuing Bank or the other Lenders. Further, the Administrative Agent and any Affiliate may accept fees and other consideration from the Borrower for services in connection with this
Agreement or otherwise without having to account for the same to the other Lenders. The Issuing Bank and the Lenders acknowledge that, pursuant to such activities, Wells Fargo or its Affiliates may receive information regarding the Borrower, other
Loan Parties, other Subsidiaries and other Affiliates 

  
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(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 11.3. Approvals of Lenders. 
 All communications from the Administrative Agent to any Lender requesting such Lender’s determination, consent, approval or disapproval (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, approval, consent or disapproval 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, (c) shall include, if reasonably requested by such Lender and to the extent not previously provided to such Lender, written materials and, as appropriate, a brief
summary of all oral information provided to the Administrative Agent by the Borrower in respect of the matter or issue to be resolved, and (d) shall include the Administrative Agent’s recommended course of action or determination in
respect thereof. Unless a Lender shall give written notice to the Administrative Agent that it specifically objects to the recommendation or determination of the Administrative Agent (together with a reasonable written explanation of the reasons
behind such objection) 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 of or consented to such recommendation or determination. 
 Section 11.4. Notice of Defaults. 

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”. Further, if the Administrative
Agent receives such a “notice of default,” the Administrative Agent shall give prompt notice thereof to the Lenders. 

Section 11.5. Administrative Agent’s Reliance. 
 Notwithstanding any other provisions of this Agreement or any other Loan Documents, neither the Administrative Agent nor any of its directors, officers, agents, employees or counsel 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 directors, officers, agents, employees or counsel: (a) makes any warranty or representation to the Issuing Bank, any Lender or any other Person, or shall be responsible to the Issuing Bank, 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


  
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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 the Issuing Bank or 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;
(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 as determined by a court of competent jurisdiction in a final non-appealable judgment.

 Section 11.6. Indemnification of Administrative Agent. 
 Regardless of whether the transactions contemplated by this Agreement and the other Loan Documents are consummated, 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, from and against any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements 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, 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 ratable share 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 amounts payable hereunder or under
the other Loan Documents 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 promptly share such reimbursement on a ratable basis with each Lender making any such payment. 

  
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 Section 11.7. Lender Credit Decision, Etc. 

Each of the Lenders and the Issuing Bank expressly acknowledges and agrees that neither the Administrative Agent nor any of its officers,
directors, employees, agents, counsel, attorneys-in-fact or other Affiliates has made any representations or warranties to the Issuing Bank or 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 the Issuing Bank or any Lender. Each of the Lenders and the Issuing
Bank 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 officers, directors, employees, agents or counsel, 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 and the Issuing Bank 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 officers, directors, employees and agents, 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 and the Issuing Bank 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 or the
Issuing Bank 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 officers, directors, employees, agents, attorneys-in-fact or other Affiliates. Each of the Lenders and the Issuing Bank 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 or Issuing Bank. 
 Section 11.8. 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. Upon any such resignation, the Requisite Lenders shall have the right to appoint a successor
Administrative Agent which appointment shall, provided no Default or Event of Default exists, be subject to the Borrower’s approval, which approval shall not be unreasonably withheld or delayed (except that the Borrower shall, in all events, be
deemed to have approved each Lender and any of its Affiliates as 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, then the current Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent, which
shall be a 

  
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Lender, if any Lender shall be willing to serve, and otherwise shall be an Eligible Assignee. 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 hereunder as Administrative Agent, the provisions of this Article. 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. 
 Section 11.9. Titled Agents. 

Each of the Syndication Agent and the Documentation Agent (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, the Issuing Bank, 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. 
 ARTICLE XII. MISCELLANEOUS 
 Section 12.1. Notices.

 Unless otherwise provided herein, communications provided for hereunder shall be in writing and shall be mailed,
telecopied or delivered as follows: 
 If to the Borrower: 

Washington Real Estate Investment Trust 
 6110 Executive Boulevard, Suite 800 
 Rockville, Maryland 20852-3927 

Attention: Chief Financial Officer 
 Telecopier:    (301) 984-9610 

Telephone:    (301) 984-9400 
 with a copy to: 
 Washington Real Estate Investment Trust 

6110 Executive Boulevard, Suite 800 
 Rockville, Maryland 20852-3927 
 Attention: General Counsel 

Telecopier:    (301) 984-9610 
 Telephone:    (301) 984-9400 
 and with a copy to: 

Venable LLP 

750 East Pratt Street, Suite 900 

  
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 Baltimore, Maryland 21202 

Attention: Mitchell Kolkin 
 Telecopier:  (410) 244-7742 

Telephone:  (410) 244-7656 
 If to the Administrative Agent: 
 Wells Fargo Bank, National Association

 Real Estate Banking Group 
 1753 Pinnacle Drive 
 McLean, Virginia 22102 

Attn: Stephen Gray 
 Telecopier:    (703) 760-5554 

Telephone:    (703) 760-6299 
 If to the Administrative Agent under Article II.: 
 Wells Fargo Bank,
National Association 
 Minneapolis Loan Center 

608 2nd Avenue South, 11th Floor 
 Minneapolis, Minnesota 55402 
 Attn: Jennifer Nooman 

Telecopier:    (866) 972-1050 
 Telephone:    (612) 316-0104 
 If to the Issuing Bank:

 Wells Fargo Bank, National Association 
 Real Estate Banking Group 
 1753 Pinnacle Drive 

McLean, Virginia 22102 
 Attn: Stephen Gray 
 Telecopier:    (703) 760-5554 

Telephone:    (703) 760-6299 
 And 
 Wells Fargo Bank, National Association 

Real Estate Banking Group 
 1750 H Street #400 
 Washington, DC 20006 

Attn: Loan Administration Manager 
 Telecopier:    (202) 429-2984 

Telephone:    (202) 303-3001 
 If to any Lender: 
 To such Lender’s address or telecopy number as set forth
in the applicable Administrative Questionnaire 

  
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 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 or the Issuing Bank 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, when received; (ii) if telecopied, when transmitted; (iii) if hand delivered or sent by overnight courier, when delivered; or (iv) if delivered in accordance with
Section 12.2. 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 of 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, the Issuing Bank or any
Lender under Article II. shall be effective only when actually received. None of the Administrative Agent, the Issuing Bank or any Lender shall incur any liability to any Loan Party (nor shall the Administrative Agent incur any liability to the
Issuing Bank or the Lenders) for acting upon any telephonic notice referred to in this Agreement which the Administrative Agent, the Issuing Bank 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 12.2. Electronic Document Delivery. 
 (a) Documents required to be delivered pursuant to the Loan Documents shall be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the
Administrative Agent and each Lender have access (including a commercial, third-party website such as www.Edgar.com <http://www.Edgar.com> 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 (or the Issuing Bank) pursuant to Article II. 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 twenty-four (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 and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the
recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. Eastern time on the opening of business on the next business day for the recipient. Notwithstanding anything contained herein, in every instance the Borrower
shall be required to provide paper copies of the certificate required by Section 8.3. to the Administrative Agent and shall deliver paper copies of any documents to the Administrative Agent or to any Lender that requests such paper copies until
a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for the certificates required by Section 8.3., 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) 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 the procedures provided to the Borrower by the Administrative Agent. 

  
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 Section 12.3. Expenses. 
 The Borrower agrees (a) to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and reasonable expenses incurred in connection with the preparation, negotiation and
execution of, and any amendment, supplement or modification to, this Agreement or any of the other Loan Documents (including due diligence expense and reasonable travel expenses related to closing), and the consummation of the transactions
contemplated hereby and thereby, including the reasonable fees and disbursements of counsel to the Administrative Agent 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, the Issuing Bank and the Lenders for all their costs and expenses incurred in connection with the enforcement or
preservation of any rights under the Loan Documents and the Fee Letter, including the reasonable fees and disbursements of their respective counsel (including the allocated fees and expenses of in-house counsel) 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, the Issuing Bank 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 fees and disbursements of counsel to the Administrative Agent, the Issuing Bank and any Lender incurred in connection with the representation of the Administrative Agent, the Issuing Bank or such Lender in any
matter relating to or arising out of any bankruptcy or other proceeding of the type described in Sections 10.1.(e) or 10.1.(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. 
 Section 12.4. Stamp, Intangible and Recording Taxes. 

The Borrower will pay any and all stamp, intangible, registration, recordation and similar taxes, fees or charges and shall indemnify the
Administrative Agent and each Lender against any and all liabilities with respect to or resulting from any delay in the payment or omission to pay any such taxes, fees or charges, which may be payable or determined to be payable in connection with
the execution, delivery, recording, performance or enforcement of this Agreement, the Notes and any of the other Loan Documents or the perfection of any rights or Liens thereunder. 
 Section 12.5. 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 Administrative Agent, the Issuing Bank, each Lender, each Affiliate of the Administrative Agent, the Issuing Bank or any Lender and each
Participant is hereby authorized by the Borrower, at any time or from time to 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 the Issuing
Bank, a Lender, an Affiliate of the Issuing Bank or a Lender, or a Participant, 

  
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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) and any other indebtedness at any time held or owing by the Administrative Agent, the Issuing Bank, such Lender or any Affiliate of the
Administrative Agent, the Issuing Bank 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 10.2., and although such Obligations shall be contingent or unmatured. 
 Section 12.6. Litigation; Jurisdiction; Other Matters; Waivers. 
 (a)
EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT, THE ISSUING BANK, 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 ISSUING BANK, 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, THE NOTES, OR ANY OTHER LOAN DOCUMENT OR THE FEE LETTER OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE
WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE ISSUING BANK, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE. 
 (b) EACH OF THE BORROWER, THE ADMINISTRATIVE AGENT, THE ISSUING BANK AND EACH LENDER HEREBY AGREES THAT ANY FEDERAL DISTRICT COURT LOCATED IN THE STATE OF MARYLAND OR ANY STATE COURT LOCATED IN MONTGOMERY
COUNTY, MARYLAND SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT, THE ISSUING BANK OR ANY OF THE LENDERS, PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, THE LOANS AND
LETTERS OF CREDIT, THE NOTES, ANY OTHER LOAN DOCUMENT OR THE FEE LETTER OR TO ANY MATTER ARISING HEREFROM OR THEREFROM. EACH OF THE BORROWER, THE ADMINISTRATIVE AGENT, THE ISSUING BANK AND EACH OF THE LENDERS EXPRESSLY SUBMITS AND CONSENTS IN
ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. THE BORROWER HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN, AND AGREES THAT SERVICE OF SUCH SUMMONS AND
COMPLAINT, OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO THE BORROWER AT ITS ADDRESS FOR NOTICES PROVIDED FOR HEREIN. SHOULD THE BORROWER FAIL TO APPEAR OR ANSWER ANY SUMMONS, COMPLAINT, PROCESS OR PAPERS SO
SERVED WITHIN THIRTY DAYS AFTER THE MAILING THEREOF, THE BORROWER SHALL BE DEEMED IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED AGAINST IT AS DEMANDED OR PRAYED FOR IN SUCH SUMMONS, COMPLAINT, PROCESS OR PAPERS. 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 

  
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TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT, THE ISSUING BANK OR ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT, THE ISSUING BANK 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, THE TERMINATION OR EXPIRATION OF
ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS AGREEMENT. 
 Section 12.7. Successors and Assigns. 

(a) 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, except that the Borrower may not assign or otherwise transfer any of is rights under this Agreement without the prior written consent of all the Lenders (and any such assignment or transfer to which all of the
Lenders have not consented shall be void). 
 (b) Participations. Any Lender may at any time grant to an
Affiliate of such Lender, or one or more banks or other financial institutions (each a “Participant”) participating interests in its Commitment or the Obligations owing to such Lender; provided, that if such Participant is organized under
the laws of a jurisdiction outside of the United States of America, it shall not be entitled to the benefits of Section 3.11. unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the
benefit of the Borrower and the Administrative Agent, to comply with Section 3.11.(c) as though it were a Lender. In the event of any such grant by a Lender of a participating interest to a Participant, such Lender shall remain responsible for
the performance of its obligations hereunder, and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement
pursuant to which any Lender may grant such a participating interest shall provide that such Lender shall retain the sole right and responsibility to enforce the obligations of the Borrower hereunder including, without limitation, the right to
approve any amendment, modification or waiver of any provision of this Agreement; provided, however, such Lender may agree with the Participant that it will not, without the consent of the Participant, agree to (i) increase such Lender’s
Commitment, (ii) extend the date fixed for the payment of principal on the Loans or portions thereof owing to such Lender, or (iii) reduce the rate at which interest is payable thereon. The Borrower agrees that each Participant shall be
entitled to the benefits of Section 4.1.(a) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (c) of this Section; provided that such Participant agrees to be subject to the
provisions of Section 2.19. as if it were an assignee under subsection (c) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 12.5. as though it were a Lender; provided
that such Participant agrees to be subject to Section 3.3. as though it were a Lender. An assignment or other transfer which is not permitted by subsection (c) or (d) below shall be given effect for purposes of this Agreement only to
the extent of a participating interest granted in accordance with this subsection (b). 
 (c) Assignments. Any Lender may
at any time assign to one or more Eligible Assignees (each an “Assignee”) all or a portion of its rights and obligations under this Agreement and the Notes; provided, however, that (i) any partial assignment shall be in an amount at
least equal to $10,000,000 and after giving effect to such assignment the assigning Lender retains a Commitment, or if the Commitments have been terminated, holds Loans having an aggregate outstanding principal balance, of at least


  
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$10,000,000, and (ii) each such assignment shall be effected by means of an Assignment and Assumption Agreement. The consent of the Swingline Lender and the Issuing Bank (such consent not to
be unreasonably withheld or delayed) shall be required for any assignment in respect of a Commitment. Upon execution and delivery of such instrument and payment by such Assignee to such transferor Lender of an amount equal to the purchase price
agreed between such transferor Lender and such Assignee, such Assignee shall be deemed to be a Lender party to this Agreement and shall have all the rights and obligations of a Lender with a Commitment as set forth in such Assignment and Assumption
Agreement, and the transferor Lender shall be released from its obligations hereunder to a corresponding extent, and no further consent or action by any party shall be required. Upon the consummation of any assignment pursuant to this subsection
(c), the transferor Lender, the Administrative Agent and the Borrower shall make appropriate arrangements so the new Notes are issued to the Assignee and such transferor Lender, as appropriate. In connection with any such assignment, the transferor
Lender that is not a Defaulting Lender, shall pay to the Administrative Agent an administrative fee for processing such assignment in the amount of $4,500, and the transferor Lender that is a Defaulting Lender shall pay to the Administrative Agent
an administrative fee for processing such assignment in the amount of $7,500. The Assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. Anything in this Section to the contrary notwithstanding,
no Lender may assign or participate any interest in any Loan held by it hereunder to (A) the Borrower, or any of its respective Affiliates or Subsidiaries or (B) any Defaulting Lender or any of its Subsidiaries, or any Person, who, upon
becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B). 
 (d) Designated
Lenders. Any Lender (each, a “Designating Lender”) may at any time while the Borrower has been assigned an Investment Grade Rating from either S&P or Moody’s designate one Designated Lender to fund Bid Rate Loans on behalf of
such Designating Lender subject to the terms of this subsection (d) and the provisions in the immediately preceding subsections (b) and (c) shall not apply to such designation. No Lender may designate more than one Designated Lender.
The parties to each such designation shall execute and deliver to the Administrative Agent for its acceptance a Designation Agreement. Upon such receipt of an appropriately completed Designation Agreement executed by a Designating Lender and a
designee representing that it is a Designated Lender, the Administrative Agent will accept such Designation Agreement and give prompt notice thereof to the Borrower, whereupon, (i) the Borrower shall execute and deliver to the Designating
Lender a Designated Lender Note payable to the order of the Designated Lender, (ii) from and after the effective date specified in the Designation Agreement, the Designated Lender shall become a party to this Agreement with a right to make Bid
Rate Loans on behalf of its Designating Lender pursuant to Section 2.2. after the Borrower has accepted a Bid Rate Loan (or portion thereof) of the Designating Lender, and (iii) the Designated Lender shall not be required to make payments
with respect to any obligations in this Agreement except to the extent of excess cash flow of such Designated Lender which is not otherwise required to repay obligations of such Designated Lender which are then due and payable; provided, however,
that regardless of such designation and assumption by the Designated Lender, the Designating Lender shall be and remain obligated to the Borrower, the Administrative Agent and the Lenders for each and every of the obligations of the Designating
Lender and its related Designated Lender with respect to this Agreement, including, without limitation, any indemnification obligations under Section 11.6. and any sums otherwise payable to the Borrower by the Designated Lender. Each
Designating Lender shall serve as the agent of the Designated Lender and shall on behalf of, and to the exclusion of, the Designated Lender: (i) receive any and all payments made for the benefit of the Designated Lender and (ii) give and
receive all communications and notices and take all actions hereunder, including, without limitation, votes, approvals, waivers, consents and amendments under or relating to this Agreement and the other Loan Documents. Any such notice,
communication, vote, approval, waiver, consent or amendment shall be signed by the Designating Lender as agent for the Designated Lender and shall not be signed by the Designated Lender on its own behalf and shall be binding on the Designated Lender
to the same extent as if signed by the Designated Lender on its own behalf. The Borrower, the Administrative Agent and the 

  
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Lenders may rely thereon without any requirement that the Designated Lender sign or acknowledge the same. No Designated Lender may assign or transfer all or any portion of its interest hereunder
or under any other Loan Document, other than assignments to the Designating Lender which originally designated such Designated Lender. The Borrower, the Lenders and the Administrative Agent each hereby agrees that it will not institute against any
Designated Lender or join any other Person in instituting against any Designated Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any federal or state bankruptcy or similar law, until the later to occur
of (x) one year and one day after the payment in full of the latest maturing commercial paper note issued by such Designated Lender and (y) the Termination Date. In connection with any such designation the Designating Lender shall pay to
the Administrative Agent an administrative fee for processing such designation in the amount of $2,000. 
 (e) Federal
Reserve Bank Assignments. In addition to the assignments and participations permitted under the foregoing provisions of this Section, and without the need to comply with any of the formal or procedural requirements of this Section, any Lender
may at any time and from time to time, pledge and assign all or any portion of its rights under all or any of the Loan Documents to a Federal Reserve Bank; provided that no such pledge of assignment shall release such Lender from its obligation
thereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 (f) Information to Assignee,
Etc. A Lender may furnish any information concerning the Borrower, any Subsidiary or any other Loan Party in the possession of such Lender from time to time to Assignees and Participants (including prospective Assignees and Participants).

 (g) Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain a
copy of each Assignment and Assumption Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be conclusive 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. 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.

 Section 12.8. 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 in any 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 or any other Loan Party 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. Notwithstanding the previous sentence, the Administrative
Agent, shall be authorized on behalf of all the Lenders, without the necessity of any notice to, or further consent from, any Lender, to waive the imposition of the late fees provided in Section 2.9., up to a maximum of 3 times per calendar
year. 
 (b) Certain Requisite Lender Consents. Notwithstanding the foregoing, no amendment, waiver or consent shall,
unless in writing, and signed by the Requisite Lenders (which must include the Lender then acting as Administrative Agent), do any of the following: 
 (i) amend Section 9.1. or waive any Default or Event of Default occurring under Section 10.1. resulting from a violation of such Sections; or 

  
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 (ii) modify the definitions of the terms “Consolidated Total
Indebtedness”, “Consolidated Total Asset Value”, or “Indebtedness” (or the definitions used in such definition or the percentages or rates used in the calculation thereof). 

(c) Consent of Lenders Directly Affected. Notwithstanding the foregoing, no amendment, waiver or consent shall, unless in writing,
and signed by each of the Lenders directly and adversely affected thereby (or the Administrative Agent at the written direction of such Lenders), do any of the following: 

(i) increase the Commitments of the Lenders (excluding any increase as a result of an assignment of Commitments permitted
under Section 12.7.) or subject the Lenders to any additional obligations except for any increases contemplated under Section 2.17.; 
 (ii) reduce the principal of, or interest that has accrued or the interest rates that will be charged on the outstanding principal amount of, any Loans or other Obligations; 

(iii) reduce the amount of any Fees payable to the Lenders hereunder; 

(iv) modify the definition of “Termination Date” (except in accordance with Section 2.14.) or otherwise
postpone any date fixed for any payment of principal of, or interest on, any Loans or for the payment of Fees or any other Obligations, or extend the expiration date of any Letter of Credit beyond the Termination Date (except as permitted under
Section 2.3.(b)) or, with respect to any Letter of Credit having an expiration date beyond the Termination Date as permitted by Section 2.3.(b), extend the expiration date of such Letter of Credit; 

(v) change the Pro Rata Shares (excluding any change as a result of an assignment of Commitments permitted under
Section 12.7. or an increase of Commitments effected pursuant to Section 2.17.) or amend or otherwise modify the provisions of Section 3.2.; 
 (vi) 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; 

(vii) modify the definition of the term “Requisite Lenders” or 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; 
 (viii) release any Guarantor from its obligations under the Guaranty except as contemplated under Section 7.13.; 

(ix) waive a Default or Event of Default under Section 10.1.(a), except as permitted in Section 10.7. ; or

 (x) modify the definition of the term “Unencumbered Pool Value” (or the definitions used in such
definition or the percentages or rates used in the calculation thereof). 
 (d) 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 

  
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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 relating to
Section 2.4. or the obligations of the Swingline Lender under this Agreement or any other Loan Document shall, in addition to the Lenders required hereinabove to take such action, require the written consent of the Swingline Lender. Any
amendment, waiver or consent relating to Section 2.3. or the obligations of the Issuing Bank under this Agreement or any other Loan Document shall, in addition to the Lenders required hereinabove to take such action, require the written consent
of the Issuing Bank. 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. 
 Section 12.9. Nonliability of Administrative Agent and Lenders. 

The relationship between the Borrower, on the one hand, and the Lenders, the Issuing Bank and the Administrative Agent, on the other hand,
shall be solely that of borrower and lender. None of the Administrative Agent, the Issuing Bank 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, the Issuing Bank or any Lender to any Lender, the Borrower, any Subsidiary or any other Loan Party. None of
the Administrative Agent, the Issuing Bank 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. 

Section 12.10. Confidentiality. 
 Except as otherwise provided by Applicable Law, the Administrative Agent, the Issuing Bank and each Lender shall maintain the confidentiality of all Information (as defined below) in accordance with its
customary procedure for handling confidential information of this nature and in accordance with safe and sound banking practices but in any event may make disclosure: (a) to its Affiliates and to its and its Affiliates’ respective
partners, directors, officers, employees, agents, advisors and other representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such
Information confidential); (b) 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 participation therein as permitted hereunder, or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations; (c) as required or
requested by any Governmental Authority or representative thereof or pursuant to legal process or in connection with any legal proceedings, or as otherwise required by Applicable Law; (d) to the Administrative Agent’s, Issuing Bank’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
Specified Derivatives Contract) or any action or proceeding relating to any Loan Document (or any such Specified Derivatives Contract) or the enforcement of rights hereunder or 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, 

  
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the Issuing Bank or such Lender to be a breach of this Section or (ii) becomes available to the Administrative Agent, the Issuing Bank, any Lender or any Affiliate of the Administrative
Agent, the Issuing Bank 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 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; (h) to bank trade publications, such information to
consist of deal terms and other information customarily found in such publications; (i) to any other party hereto; and (j) with the consent of the Borrower. Notwithstanding the foregoing, the Administrative Agent, the Issuing Bank 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, the Issuing Bank or such Lender or
in accordance with the regulatory compliance policy of the Administrative Agent, the Issuing Bank 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, any Lender or the Issuing Bank on a nonconfidential basis prior to
disclosure by the Borrower, any other Loan Party, any other Subsidiary or any Affiliate, provided that, in the case of any such information received from the Borrower, any other Loan Party, any other Subsidiary or any Affiliate after the date
hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so
if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
 Section 12.11. Indemnification. 
 (a) The Borrower shall and hereby
agrees to indemnify, defend and hold harmless the Administrative Agent, the Issuing Bank, the Lenders, all of the Affiliates of each of the Administrative Agent, the Issuing Bank or any of the Lenders, and their respective directors, officers,
shareholders, agents, employees and counsel (each referred to herein as an “Indemnified Party”) from and against any and all of the following (collectively, the “Indemnified Costs”): losses, costs, claims, penalties, damages,
liabilities, deficiencies, judgments or expenses of every kind and nature (including, without limitation, amounts paid in settlement, court costs and the fees and disbursements of counsel incurred in connection with any litigation, investigation,
claim or proceeding or any advice rendered in connection therewith, but excluding Indemnified Costs indemnification in respect of which is specifically covered by Section 3.11. or 4.1. or expressly excluded from the coverage of such Sections)
incurred by an Indemnified Party in connection with, arising out of, or by reason of, any suit, cause of action, claim, arbitration, investigation or settlement, consent decree or other proceeding (the foregoing referred to herein as an
“Indemnity Proceeding”) which is in any way related directly or indirectly to: (i) this Agreement or any other Loan Document or the transactions contemplated thereby; (ii) the making of any Loans or issuance of Letters of Credit
hereunder; (iii) any actual or proposed use by the Borrower of the proceeds of the Loans or Letters of Credit; (iv) the Administrative Agent’s, the Issuing Bank’s or any Lender’s entering into this Agreement; (v) the
fact that the Administrative Agent, the Issuing Bank and the Lenders have established the credit facility evidenced hereby in favor of the Borrower; (vi) the fact that the Administrative Agent, the Issuing Bank and the Lenders are creditors of
the Borrower and have or are alleged to have information regarding the financial condition, strategic plans or business operations of the Borrower and the Subsidiaries; (vii) the fact that the Administrative Agent, the Issuing Bank and the
Lenders are material creditors of the Borrower and are alleged to influence directly or indirectly the business decisions or affairs of the Borrower and the Subsidiaries or their financial condition; (viii) the exercise of any right or remedy
the Administrative Agent, the Issuing Bank or the Lenders may have under this Agreement or the other Loan Documents; provided, however, that the Borrower shall not be obligated to indemnify any


  
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Indemnified Party for any acts or omissions of such Indemnified Party in connection with matters described in this clause (viii) to the extent arising from the gross negligence or willful
misconduct of such Indemnified Party, as determined by a court of competent jurisdiction in a final, non-appealable judgment; (ix) any civil penalty or fine assessed by the OFAC against, and all costs and expenses (including counsel fees and
disbursements) incurred in connection with defense thereof by, the Administrative Agent, the Issuing Bank or any Lender as a result of conduct of the Borrower, any other Loan Party or any other Subsidiary that violates a sanction administered or
enforced by the OFAC; or (x) any violation or non-compliance by the Borrower or any Subsidiary of any Applicable Law (including any Environmental Law) including, but not limited to, any Indemnity Proceeding commenced by (A) the Internal
Revenue Service or state taxing authority or (B) any Governmental Authority or other Person under any Environmental Law, including any Indemnity Proceeding commenced by a Governmental Authority or other Person seeking remedial or other action
to cause the Borrower or its Subsidiaries (or its respective properties) (or the Administrative Agent and/or the Lenders and/or the Issuing Bank as successors to the Borrower) to be in compliance with such Environmental Laws. 

(b) The Borrower’s indemnification obligations under this Section shall apply to all Indemnity Proceedings arising out of, or
related to, the foregoing whether or not an Indemnified Party is a named party in such Indemnity Proceeding. In this connection, this indemnification shall cover all Indemnified Costs of any Indemnified Party in connection with any deposition of any
Indemnified Party or compliance with any subpoena (including any subpoena requesting the production of documents). This indemnification shall, among other things, apply to any Indemnity Proceeding commenced by other creditors of the Borrower or any
Subsidiary, any shareholder of the Borrower or any Subsidiary (whether such shareholder(s) are prosecuting such Indemnity Proceeding in their individual capacity or derivatively on behalf of the Borrower), any account debtor of the Borrower or any
Subsidiary or by any Governmental Authority. 
 (c) This indemnification shall apply to any Indemnity Proceeding arising during
the pendency of any bankruptcy proceeding filed by or against the Borrower and/or any Subsidiary. 
 (d) All out-of-pocket fees
and expenses of, and all amounts paid to third-persons by, an Indemnified Party shall be advanced by the Borrower at the request of such Indemnified Party notwithstanding any claim or assertion by the Borrower that such Indemnified Party is not
entitled to indemnification hereunder upon receipt of an undertaking by such Indemnified Party that such Indemnified Party will reimburse the Borrower if it is actually and finally determined by a court of competent jurisdiction that such
Indemnified Party is not so entitled to indemnification hereunder. 
 (e) An Indemnified Party may conduct its own investigation
and defense of, and may formulate its own strategy with respect to, any Indemnity Proceeding covered by this Section and, as provided above, all Indemnified Costs incurred by such Indemnified Party shall be reimbursed by the Borrower. No action
taken by legal counsel chosen by an Indemnified Party in investigating or defending against any such Indemnity Proceeding shall vitiate or in any way impair the obligations and duties of the Borrower hereunder to indemnify and hold harmless each
such Indemnified Party; provided, however, that if (i) the Borrower is required to indemnify an Indemnified Party pursuant hereto and (ii) the Borrower has provided evidence reasonably satisfactory to such Indemnified Party that the
Borrower has the financial wherewithal to reimburse such Indemnified Party for any amount paid by such Indemnified Party with respect to such Indemnity Proceeding, such Indemnified Party shall not settle or compromise any such Indemnity Proceeding
without the prior written consent of the Borrower (which consent shall not be unreasonably withheld or delayed). Notwithstanding the foregoing, an Indemnified Party may settle or compromise any such Indemnity Proceeding without the prior written
consent of the Borrower where (x) no monetary relief is sought against such Indemnified Party in such Indemnity Proceeding or (y) there is an allegation of a violation of law by such Indemnified Party. 

  
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 (f) 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. 

(g) 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. 

Section 12.12. Termination; Survival. 
 This Agreement shall terminate at such time as (a) all of the Commitments have been terminated, (b) all Letters of Credit have terminated or expired or been cancelled (other than Letters of
Credit the expiration dates of which extend beyond the Termination Date as permitted under Section 2.3.(b) and in respect of which the Borrower has satisfied the requirements of such Section), (c) none of the Lenders is obligated any
longer under this Agreement to make any Loans and the Issuing Bank is no longer obligated to issue Letters of Credit and (d) all Obligations (other than obligations which survive as provided in the following sentence) have been paid and
satisfied in full; provided, however, if on the Termination Date or any other date the Commitments are terminated or reduced to zero (whether voluntarily, by reason of the occurrence of an Event of Default or otherwise) any Letters of Credit remain
outstanding, then the provisions of this Agreement applicable to Letters of Credit, including without limitation, the terms of Section 2.13. and the Borrower’s reimbursement obligations under Section 2.3.(d), shall remain in effect
until all such Letters of Credit have expired, have been cancelled or have otherwise terminated. The indemnities to which the Administrative Agent, the Issuing Bank and the Lenders are entitled under the provisions of Sections 2.18.(c), 3.11.,
4.1., 4.4., 11.6., 12.3. and 12.11. and any other provision of this Agreement and the other Loan Documents, and the provisions of Section 12.6., shall continue in full force and effect and shall protect the Administrative Agent, the Issuing
Bank and the Lenders (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 12.13. Severability of Provisions. 
 Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without
invalidating the remainder of such provision or the remaining provisions or affecting the validity or enforceability of such provision in any other jurisdiction. 
 Section 12.14. GOVERNING LAW. 
 THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MARYLAND APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

Section 12.15. 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 

  
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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 12.16. Obligations with Respect to Loan Parties. 

The obligations of the Borrower to direct or prohibit the taking of certain actions by the other Loan Parties 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. 
 Section 12.17.
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 12.18. Limitation of Liability. 

None of the Administrative Agent, the Issuing Bank or any Lender, or any Affiliate, officer, director, employee, attorney, or agent of the
Administrative Agent, the Issuing Bank or any Lender shall have any liability with respect to, and the Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential
damages suffered or incurred by the Borrower in connection with, arising out of, or in any way related to, this Agreement, any of the other Loan Documents or the Fee Letter, or any of the transactions contemplated by this Agreement or any of the
other Loan Documents. Each party hereto hereby waives, releases, and agrees not to sue any other party hereto or any such other party’s Affiliates, officers, directors, trustees, employees, attorneys, or agents for punitive damages in respect
of any claim in connection with, arising out of, or in any way related to, this Agreement, any of the other Loan Documents, the Fee Letter, or any of the transactions contemplated by this Agreement or financed hereby. 

Section 12.19. Entire Agreement. 
 This Agreement, the Notes, the other Loan Documents and the Fee Letter 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. There are
no oral agreements among the parties hereto. 
 Section 12.20. Construction. 

The Administrative Agent, the Issuing Bank, 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. 
 [Signatures on Following Pages] 

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

			
	WASHINGTON REAL ESTATE INVESTMENT TRUST
		
	By:	 	 /s/ William T. Camp

		 	Name: William T. Camp
		 	Title: Executive Vice President and Chief Financial Officer


 [Signatures Continued on Next Page] 







 Signature Page to Credit Agreement 

with Washington Real Estate Investment Trust 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

  as Administrative Agent, Issuing Bank, Swingline
   Lender and as a Lender

		
	By:	 	 /s/ Stephen F. Gray

		 	Name: Stephen F. Gray
		 	Title: Vice President


 [Signatures Continued on Next Page] 







 Signature Page to Credit Agreement 

with Washington Real Estate Investment Trust 

 

			
	THE BANK OF NEW YORK MELLON
		
	By:	 	 /s/ Carol Murray

		 	Name: Carol Murray
		 	Title: Managing Director


 [Signatures Continued on Next Page] 







 Signature Page to Credit Agreement 

with Washington Real Estate Investment Trust 

 

			
	CITIBANK, N.A.
		
	By:	 	 /s/ John Rowland

		 	Name: John Rowland
		 	Title: Vice President


 [Signatures Continued on Next Page] 







 Signature Page to Credit Agreement 

with Washington Real Estate Investment Trust 

 

			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
		
	By:	 	 /s/ Christopher Reo Day

		 	Name: Christopher Reo Day
		 	Title: Vice President
		
	By:	 	 /s/ Sanja Gazahi

		 	Name: Sanja Gazahi
		 	Title: Associate


 [Signatures Continued on Next Page] 







 Signature Page to Credit Agreement 

with Washington Real Estate Investment Trust 

 

			
	ROYAL BANK OF CANADA
		
	By:	 	 /s/ G. David Cole

		 	Name: G. David Cole
		 	Title: Authorized Signatory


 [Signatures Continued on Next Page] 







 Signature Page to Credit Agreement 

with Washington Real Estate Investment Trust 

 

			
	U.S. BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Ashley Reiser

		 	Name: Ashley Reiser
		 	Title: Vice President


 [Signatures Continued on Next Page] 







 Signature Page to Credit Agreement 

with Washington Real Estate Investment Trust 

 

			
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ Brendan Poe

		 	Name: Brendan Poe
		 	Title: Vice President


 [Signatures Continued on Next Page] 







 Signature Page to Credit Agreement 

with Washington Real Estate Investment Trust 

 

			
	BRANCH BANKING AND TRUST COMPANY
		
	By:	 	 /s/ James E. Davis

		 	Name: James E. Davis
		 	Title: Senior Vice President


 [Signatures Continued on Next Page] 







 Signature Page to Credit Agreement 

with Washington Real Estate Investment Trust 

 

			
	RAYMOND JAMES BANK, FSB
		
	By:	 	 /s/ James M. Armstrong

		 	Name: James M. Armstrong
		 	Title: Vice President









 SCHEDULE I 
 Commitments 
  

					
	 Lender
	 	Commitment Amount	 
	 Wells Fargo Bank, National Association
	 	$	100,000,000	  
	 The Bank of New York Mellon
	 	$	50,000,000	  
	 Citibank, N.A.
	 	$	50,000,000	  
	 Credit Suisse AG, Cayman Islands Branch
	 	$	50,000,000	  
	 U.S. Bank, National Association
	 	$	40,000,000	  
	 JPMorgan Chase Bank, N.A.
	 	$	30,000,000	  
	 Branch Banking and Trust Company
	 	$	30,000,000	  
	 Raymond James Bank, FSB
	 	$	10,000,000	  
	 Total:
	 	$	400,000,000	  








 SCHEDULE 1.1.(A) 

Existing Letters of Credit 
  

											
	 Issuing Bank
	 	 L/C

Number
	 	 Issue

Date
	 	 Expiration
	 	 Amount
	 	 Beneficiary

	 Wells Fargo Letter
 of
Credit
	 	NZS598761	 	6/15/2007	 	11/15/2011	 	$885,000	 	 Teacher’s Insurance and
 Annuity









 SCHEDULE 1.1.(B) 

Guarantors 
  

					
	 Name
	  	 Jurisdiction of

Organization
	  	 Type of Entity

	Cascade/Maryland Properties LLC	  	Washington	  	limited liability company
			
	Dalton Ventures LLC	  	Delaware	  	limited liability company
			
	FR/Cal Columbia Park, LLC	  	Delaware	  	limited liability company
			
	M.O.R.F. III Associates Limited Partnership	  	Maryland	  	limited partnership
			
	MORF 6 LLC	  	Maryland	  	limited liability company
			
	Real Estate Management, Inc.	  	Maryland	  	corporation
			
	SAH Ridge, LLC	  	Delaware	  	limited liability company
			
	SGMB Limited Partnership	  	Maryland	  	limited partnership
			
	SGPC, LLC	  	Maryland	  	limited liability company
			
	SYN-Ridge, LLC	  	Maryland	  	limited liability company
			
	Washington Metro, Inc.	  	Maryland	  	corporation
			
	Washington Parking, Inc.	  	Maryland	  	corporation
			
	WRIT 1140 CT LLC	  	Delaware	  	limited liability company
			
	WRIT 1227 25th Street LLC	  	Delaware	  	limited liability company
			
	WRIT 15005 SG, LLC	  	Delaware	  	limited liability company
			
	WRIT 2440 M, LLC	  	Delaware	  	limited liability company
			
	WRIT 8283 Greensboro Drive LLC	  	Delaware	  	limited liability company
			
	WRIT BELTWAY 50 LIMITED PARTNERSHIP, LLLP	  	Maryland	  	limited liability limited partnership
			
	WRIT Beltway 50, LLC	  	Delaware	  	limited liability company
			
	WRIT Crimson on Glebe Member LLC	  	Delaware	  	limited liability company
			
	WRIT Dulles Station, LLC	  	Delaware	  	limited liability company
			
	WRIT Frederick Crossing Land, LLC	  	Delaware	  	limited liability company
			
	WRIT Frederick Crossing Lease, LLC	  	Delaware	  	limited liability company
			
	WRIT GATEWAY OVERLOOK LLC	  	Delaware	  	limited liability company
			
	WRIT Investment Nine, LLC	  	Maryland	  	limited liability company
			
	WRIT Investment Ten, LLC	  	Maryland	  	limited liability company
			
	WRIT Investment Thirteen, LLC	  	Maryland	  	limited liability company









					
	 Name
	  	 Jurisdiction of

Organization
	  	 Type of Entity

	WRIT Limited Partnership	  	Delaware	  	limited partnership
			
	WRIT Prosperity Holdings, LLC	  	Delaware	  	limited liability company
			
	WRIT SGMB II, LLC	  	Delaware	  	limited liability company
			
	WRIT SGMB, LLC	  	Delaware	  	limited liability company
			
	WRIT-NVIP, L.L.C.	  	Virginia	  	limited liability company
			
	Munson Hill Towers, L.L.C.	  	Virginia	  	Limited liability company
			
	WRIT Woodholme, LLC	  	Delaware	  	limited liability company
			
	WH-I Land LLC	  	Maryland	  	limited liability company








 SCHEDULE 6.1.(b) 

Ownership Structure 
 Part I 
  

							
	 Subsidiary
	  	Jurisdiction of
Organization	  	Type
of
Entity	  	 Ownership

	1. Cascade/Maryland Properties LLC	  	Washington	  	LLC	  	100% membership interest owned by Borrower
				
	2. Munson Hill Towers, L.L.C.	  	Virginia	  	LLC	  	100% membership interest owned by Borrower
				
	3. WRIT Prosperity Holdings, LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	4. WRIT 8501-8503, LLC	  	Delaware	  	LLC	  	 99.5% membership interest owned by WRIT Prosperity Holdings, LLC (entity #3);

 
 0.5% membership interest owned by WRIT 8501-8503 Manager, Inc. (entity
#6)

				
	5. WRIT 8505, LLC	  	Delaware	  	LLC	  	 99.5% membership interest owned by WRIT Prosperity Holdings, LLC (entity #3);

 
 0.5% membership interest owned by WRIT 8505 Manager, Inc. (entity
#7)

				
	6. WRIT 8501-8503 Manager, Inc.	  	Delaware	  	Corp	  	100% of the common stock owned by WRIT Prosperity Holdings, LLC (entity #3)
				
	7. WRIT 8505 Manager, Inc.	  	Delaware	  	Corp	  	100% of the common stock owned by WRIT Prosperity Holdings, LLC (entity #3)
				
	8. Shady Grove Medical II, L.L.C.	  	Maryland	  	LLC	  	100% membership interest owned by Borrower
				
	9. Shady Grove Medical III, L.L.C.	  	Maryland	  	LLC	  	100% membership interest owned by Borrower
				
	10. WRIT Dulles I, LLC	  	Delaware	  	LLC	  	 99.5% membership interest owned by Borrower;
  

0.5% membership interest owned by WRIT Dulles Manager, Inc. (entity #11)

				
	11. WRIT Dulles Manager, Inc.	  	Delaware	  	Corp	  	100% membership interest owned by Borrower
				
	12. WRIT Frederick Crossing Land, LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower









							
	 Subsidiary
	  	Jurisdiction of
Organization	  	Type
of
Entity	  	 Ownership

	13. Frederick Crossing Associates L.C.	  	Virginia	  	LLC	  	 99% membership interest owned by WRIT Frederick Crossing Lease, LLC (entity #15);

 
 1% membership interest owned by WRIT Frederick Crossing Associates, Inc. (entity
#16)

				
	14. Frederick Crossing Retail Associates L.C.	  	Virginia	  	LLC	  	100% membership interest owned by Frederick Crossing Associates, L.C. (entity #13)
				
	15. WRIT Frederick Crossing Lease, LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	16. WRIT Frederick Crossing Associates, Inc.	  	Maryland	  	Corp	  	100% of the common stock owned by WRIT Frederick Crossing Lease, LLC (entity #15)
				
	17. Dalton Ventures LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	18. WRIT Investment Nine, LLC	  	Maryland	  	LLC	  	100% membership interest owned by Borrower
				
	19. WRIT Investment Ten, LLC	  	Maryland	  	LLC	  	100% membership interest owned by Borrower
				
	20. WRIT Investment Thirteen, LLC	  	Maryland	  	LLC	  	100% membership interest owned by Borrower
				
	21. SGMB Limited Partnership	  	Maryland	  	LP	  	 1% general partnership interest owned by WRIT SGMB, LLC (entity #22);

 
 99% limited partnership interest owned by WRIT SGMB II, LLC (entity
#23)

				
	22. WRIT SGMB, LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	23. WRIT SGMB II, LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	24. SGPC, LLC	  	Maryland	  	LLC	  	100% membership interest owned by Borrower
				
	 25. WRIT BELTWAY 50 LIMITED

      PARTNERSHIP, LLLP
	  	Maryland	  	LLLP	  	 99% limited partnership interest owned by Borrower;
  

1% general partnership interest owned by WRIT Beltway 50, LLC (entity #26)

				
	26. WRIT Beltway 50, LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	27. Plumtree Partners, LLC	  	Maryland	  	LLC	  	100% membership interest owned by WRIT Plumtree, LLC (entity #28)
				
	28. WRIT Plumtree, LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	29. WRIT Plumtree Funding, LLC	  	Delaware	  	LLC	  	100% membership interest owned by Plumtree Partners, LLC (entity #27)









							
	 Subsidiary
	  	Jurisdiction of
Organization	  	Type
of
Entity	  	 Ownership

	30. WRIT 15005 SG, LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	31. SGPC II, LLC	  	Maryland	  	LLC	  	100% membership interest owned by WRIT 15005 SG, LLC (entity #30)
				
	32. WRIT 15005 SG Funding, LLC	  	Delaware	  	LLC	  	100% membership interest owned by SGPC II, LLC (entity #31)
				
	33. SME Rock, LLC	  	Delaware	  	LLC	  	 99.5% membership interest owned by Borrower;
  

0.5% membership interest owned by SME Rock Manager, Inc. (entity #34)

				
	34. SME Rock Manager, Inc.	  	Delaware	  	Corp	  	100% of the common stock owned by Borrower
				
	35. SYN-Rock, LLC	  	Maryland	  	LLC	  	 99.5% membership interest owned by Borrower;
  

0.5% membership interest owned by SYN-Rock Manager, Inc. (entity #36)

				
	36. SYN-Rock Manager, Inc.	  	Delaware	  	Corp	  	100% of the common stock owned by Borrower
				
	37. Trade Rock, LLC	  	Delaware	  	LLC	  	 99.5% membership interest owned by Borrower;
  

0.5% membership interest owned by Trade Rock Manager, Inc. (entity #38)

				
	38. Trade Rock Manager, Inc.	  	Delaware	  	Corp	  	100% membership interest owned by Borrower
				
	39. SAH Ridge, LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	40. SYN-Ridge, LLC	  	Maryland	  	LLC	  	100% membership interest owned by Borrower
				
	41. M.O.R.F. III Associates Limited Partnership	  	Maryland	  	LP	  	 99% limited partnership interest owned by Borrower;
  

1% general partnership interest owned by WRIT-Spectrum, LLC (entity #42)

				
	42. WRIT-Spectrum, LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	43. MORF 6 LLC	  	Maryland	  	LLC	  	100% membership interest owned by Borrower
				
	44. WRIT 2440 M, LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	45. WRIT Woodholme, LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	46. Woodholme Medical Office Building LLC	  	Delaware	  	LLC	  	100% membership interest owned by WRIT Woodholme, LLC (entity #45)









							
	 Subsidiary
	  	Jurisdiction of
Organization	  	Type
of
Entity	  	 Ownership

	47. Morgstan, LLC	  	Maryland	  	LLC	  	100% membership interest owned by Woodholme Medical Office Building LLC (entity #46)
				
	48. WH-I Land LLC	  	Maryland	  	LLC	  	100% membership interest owned by WRIT Woodholme, LLC (entity #45)
				
	49. FR/Cal Columbia Park, LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	50. WRIT-Kenmore, LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	51. WRIT-2445 M LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	52. WRIT GATEWAY OVERLOOK LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	53. WRIT 1140 CT LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	54. WRIT Limited Partnership	  	Delaware	  	LP	  	 99.9% general partnership interest owned by Borrower;
  

0.1% limited partnership interest owned by Real Estate Management Inc. (entity #55)

				
	55. Real Estate Management, Inc.	  	Maryland	  	Corp	  	100% of the common stock owned by Borrower
				
	56. WRIT-NVIP, L.L.C.	  	Virginia	  	LLC	  	 93.4% membership interest owned by Borrower;
  

6.6% membership interest owned by Azriel Awret (with 3.1% assigned to Irene Awret)

				
	57. Washington Parking, Inc.	  	Maryland	  	Corp	  	100% of the common stock owned by Borrower
				
	58. WRIT Dulles Station, LLC	  	Delaware	  	LLC	  	100% membership interest owned by Washington Parking, Inc. (entity #57)
				
	59. Washington Metro, Inc.	  	Maryland	  	Corp	  	100% of the common stock owned by Washington Parking, Inc. (entity #57)
				
	60. WRIT-MBA, LLC	  	Delaware	  	LLC	  	 0.4% membership interest owned by Borrower, as the sole managing member;

 
 99.6% membership interest owned by Mosbacher-Benenson Associates
LLC

				
	61. WRIT 1227 25th Street LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	62. WRIT 8283 Greensboro Drive LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	63. WRIT Crimson On Glebe Member LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower









							
	 Subsidiary
	  	Jurisdiction of
Organization	  	Type
of
Entity	  	 Ownership

	64. 650 N. Glebe, LLC	  	Delaware	  	LLC	  	 90% membership interest owned by WRIT Crimson On Glebe Member LLC;

 
 10% membership interest owned by Crimson Glebe Holdings Limited
Partnership

				
	65. WRIT Fair Hill Borrower Sub LLC	  	Delaware	  	LLC	  	100% membership interest owned by WRIT Fair Hill LLC
				
	66. WRIT Fair Hill LLC	  	Delaware	  	LLC	  	100% membership interest owned by WRIT Fair Hill Member LLC (Note, once joint venture is entered into, WRIT Fair Hill Member LLC’s membership interest will be reduced to
94%)
				
	67. WRIT Fair Hill Member LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower
				
	68. WRIT Olney Village LLC	  	Delaware	  	LLC	  	100% membership interest owned by Borrower

 Part II 
 None. 







 SCHEDULE 6.1.(f) 

Properties 
  

									
	 	  	Q1 2011	 	 	 	  	 
	Residential	  	Occupancy
%	 	 	Property
Status	  	Completion
Status
	 3801 Connecticut Avenue
	  	 	96.17	% 	 	Eligible	  	Completed
	 Munson Hill Towers
	  	 	93.85	% 	 	Eligible	  	Completed
	 Country Club Towers
	  	 	96.82	% 	 	Eligible	  	Completed
	 Roosevelt Towers
	  	 	98.66	% 	 	Eligible	  	Completed
	 Park Adams Apartments
	  	 	95.74	% 	 	Eligible	  	Completed
	 Walker House Apartments
	  	 	97.72	% 	 	Eligible	  	Completed
	 The Ashby at McLean
	  	 	94.44	% 	 	Eligible	  	Completed
	 Bethesda Hill Apartments
	  	 	95.59	% 	 	Eligible	  	Completed
	 Bennett Park
	  	 	94.45	% 	 	Eligible	  	Completed
	 Clayborne Apartments
	  	 	94.70	% 	 	Eligible	  	Completed
	 The Kenmore
	  	 	92.83	% 	 	Eligible	  	Completed
				
	 	  	Q1 2011	 	 	 	  	 
	Office	  	Occupancy
%	 	 	Property
Status	  	Completion
Status
	 1901 Pennsylvania Avenue
	  	 	80.22	% 	 	Eligible	  	Completed
	 51 Monroe Street
	  	 	85.91	% 	 	Eligible	  	Completed
	 515 King Street
	  	 	100.00	% 	 	Eligible	  	Completed
	 6110 Executive Blvd.
	  	 	95.95	% 	 	Eligible	  	Completed
	 1220 19th Street
	  	 	88.07	% 	 	Eligible	  	Completed
	 1600 Wilson Boulevard
	  	 	92.23	% 	 	Eligible	  	Completed
	 7900 Westpark Drive
	  	 	91.60	% 	 	Eligible	  	Completed
	 600 Jefferson Plaza
	  	 	90.75	% 	 	Eligible	  	Completed
	 1700 Research Boulevard
	  	 	89.54	% 	 	Eligible	  	Completed
	 Wayne Plaza
	  	 	87.18	% 	 	Eligible	  	Completed
	 Courthouse Square
	  	 	85.95	% 	 	Eligible	  	Completed
	 One Central Plaza
	  	 	87.35	% 	 	Eligible	  	Completed
	 Atrium Building
	  	 	91.94	% 	 	Eligible	  	Completed
	 1776 G Street
	  	 	99.76	% 	 	Eligible	  	Completed
	 2000 M Street
	  	 	74.56	% 	 	Eligible	  	Completed
	 2445 M Street
	  	 	100.00	% 	 	Eligible	  	Completed
	 14420 Albemarle
	  	 	79.93	% 	 	Eligible	  	Completed
	 West Gude
	  	 	89.16	% 	 	Eligible	  	Completed
	 Monument II
	  	 	67.03	% 	 	Eligible	  	Completed
	 Woodholme Center
	  	 	82.65	% 	 	Eligible	  	Completed
	 6565 Arlington Boulevard
	  	 	82.93	% 	 	Eligible	  	Completed
	 Crescent
	  	 	89.28	% 	 	Eligible	  	Completed
	 925 Corporate Drive (Bldg E)
	  	 	100.00	% 	 	Eligible	  	Completed
	 1000 Corporate Drive (Bldg G)
	  	 	100.00	% 	 	Eligible	  	Completed
	 1140 Connecticut Avenue, NW
	  	 	98.57	% 	 	Eligible	  	Completed
	 1227 25th Street, NW
	  	 	71.90	% 	 	Eligible	  	Completed









									
	 	  	Q1 2011	 	 	 	  	 
	Retail	  	Occupancy
%	 	 	Property
Status	  	Completion
Status
	 Westminster Shopping Center
	  	 	96.23	% 	 	Eligible	  	Completed
	 Concord Centre
	  	 	90.81	% 	 	Eligible	  	Completed
	 Wheaton Park
	  	 	75.04	% 	 	Eligible	  	Completed
	 Takoma Park
	  	 	100.00	% 	 	Eligible	  	Completed
	 Bradlee Shopping Center
	  	 	98.56	% 	 	Eligible	  	Completed
	 Chevy Chase Metro
	  	 	100.00	% 	 	Eligible	  	Completed
	 Montgomery Village Center
	  	 	81.50	% 	 	Eligible	  	Completed
	 Foxchase Shopping Center
	  	 	93.78	% 	 	Eligible	  	Completed
	 Frederick County Square
	  	 	90.57	% 	 	Eligible	  	Completed
	 South Washington Street
	  	 	96.02	% 	 	Eligible	  	Completed
	 Centre at Hagerstown
	  	 	96.25	% 	 	Eligible	  	Completed
	 Frederick Crossing
	  	 	94.22	% 	 	Eligible	  	Completed
	 Randolph Shopping Center
	  	 	95.12	% 	 	Eligible	  	Completed
	 Montrose Shopping Center
	  	 	82.03	% 	 	Eligible	  	Completed
	 Gateway Overlook
	  	 	90.00	% 	 	Eligible	  	Completed
				
	 	  	Q1 2011	 	 	 	  	 
	Industrial	  	Occupancy
%	 	 	Property
Status	  	Completion
Status
	 Fullerton Business Center
	  	 	36.45	% 	 	Eligible	  	Completed
	 Alban Business Center
	  	 	75.55	% 	 	Eligible	  	Completed
	 Pickett Industrial Park
	  	 	97.14	% 	 	Eligible	  	Completed
	 Northern Virginia Industrial Park
	  	 	72.62	% 	 	Eligible	  	Completed
	 8900 Telegraph Road
	  	 	23.33	% 	 	Eligible	  	Completed
	 Dulles South IV
	  	 	89.72	% 	 	Eligible	  	Completed
	 Sully Square
	  	 	77.53	% 	 	Eligible	  	Completed
	 Fullerton Industrial Center
	  	 	64.35	% 	 	Eligible	  	Completed
	 8880 Gorman Road
	  	 	100.00	% 	 	Eligible	  	Completed
	 6100 Columbia Park Drive
	  	 	100.00	% 	 	Eligible	  	Completed
	 Dulles Business Park
	  	 	83.80	% 	 	Eligible	  	Completed
	 Albemarle Point
	  	 	82.40	% 	 	Eligible	  	Completed
	 Hampton Overlook
	  	 	93.30	% 	 	Eligible	  	Completed
	 Hampton South
	  	 	91.39	% 	 	Eligible	  	Completed
	 9950 Business Parkway
	  	 	100.00	% 	 	Eligible	  	Completed
	 270 Tech Park
	  	 	62.46	% 	 	Eligible	  	Completed
				
	 	  	Q1 2011	 	 	 	  	 
	Medical Office	  	Occupancy
%	 	 	Property
Status	  	Completion
Status
	 Woodburn I
	  	 	95.36	% 	 	Eligible	  	Completed
	 Woodburn II
	  	 	98.63	% 	 	Eligible	  	Completed
	 8501 Arlington Boulevard
	  	 	96.44	% 	 	Eligible	  	Completed
	 8503 Arlington Boulevard
	  	 	100.00	% 	 	Eligible	  	Completed
	 8505 Arlington Boulevard
	  	 	97.50	% 	 	Eligible	  	Completed
	 Shady Grove Medical II
	  	 	92.98	% 	 	Eligible	  	Completed
	 8301 Arlington Boulevard
	  	 	66.81	% 	 	Eligible	  	Completed









									
	 Alexandria Professional Center
	  	 	93.12	% 	 	Eligible	  	Completed
	 9707 Medical Center Drive
	  	 	95.50	% 	 	Eligible	  	Completed
	 15001 Shady Grove Road
	  	 	95.63	% 	 	Eligible	  	Completed
	 15005 Shady Grove Road
	  	 	96.60	% 	 	Eligible	  	Completed
	 104 Plumtree Road
	  	 	94.72	% 	 	Eligible	  	Completed
	 2440 M Street, NW
	  	 	95.50	% 	 	Eligible	  	Completed
	 Woodholme Medical Center
	  	 	97.80	% 	 	Eligible	  	Completed
	 Ashburn Farm
	  	 	78.99	% 	 	Eligible	  	Completed
	 CentreMed I & II
	  	 	94.80	% 	 	Eligible	  	Completed
	 Sterling Medical Office Bldg
	  	 	79.86	% 	 	Eligible	  	Completed
	 Lansdowne Medical Office
	  	 	14.72	% 	 	Eligible	  	Completed

 Note: None of the Properties listed above are Development Properties or Major Redevelopment Properties. 







 SCHEDULE 6.1.(g) 

Indebtedness and Guaranties; Liens; Total Liabilities 
 Part I 
  

									
	 Notes Payable
	  				 	$	753,692	  
	 5.95% notes due 6/15/111
	  	$	93,862	  	 			
	 5.05% notes due 5/01/12
	  	$	50,000	  	 			
	 5.125% notes due 3/15/13
	  	$	60,000	  	 			
	 5.25% notes due 1/15/14
	  	$	100,000	  	 			
	 5.35% notes due 05/01/15
	  	$	150,000	  	 			
	 4.95% notes due 10/1/20
	  	$	250,000	  	 			
	 3.875% notes due 9/15/26
	  	$	2,659	  	 			
	 7.25% notes due 02/25/28
	  	$	50,000	  	 			
	 Net Discount/Premiums on notes issued
	  	($	2,829	) 	 			
	 Mortgage Notes Payable
	  				 	$	379,333	  
	 8501-8503 Arlington Blvd
	  	$	31,760	  	 			
	 8505 Arlington Blvd
	  	$	12,053	  	 			
	 Shady Grove Medical Village II
	  	$	9,293	  	 			
	 Dulles Business Park
	  	$	18,144	  	 			
	 Frederick Crossing
	  	$	22,116	  	 			
	 9707 Medical Center Drive
	  	$	4,912	  	 			
	 Plumtree Medical Center
	  	$	4,488	  	 			
	 15005 Shady Grove Road
	  	$	8,104	  	 			
	 20-50 West Gude Drive
	  	$	31,303	  	 			
	 Woodholme Medical Center
	  	$	20,201	  	 			
	 Ashburn Farm One
	  	$	2,527	  	 			
	 Ashburn Farm Three
	  	$	2,254	  	 			
	 3801 Connecticut Avenue Apartments
	  	$	35,399	  	 			
	 Walker House Apartments
	  	$	16,531	  	 			
	 Bethesda Hill Apartments
	  	$	29,099	  	 			
	 2445 M Street
	  	$	94,653	  	 			
	 Kenmore Apartments
	  	$	36,496	  	 			
	 Lines of credit/short-term note payable
	  				 	$	160,000	2 
	 Accounts payable and other liabilities
	  				 	$	60,129	  
	 Advance rents
	  				 	$	12,722	  
	 Tenant security deposits
	  				 	$	10,040	  
	 Other liabilities related to properties held for sale
	  				 	$	480	  
	 Total Liabilities3
	  				 	$	1,376,396	  

  

	1 	 Paid in full on 6/15/2011. 



	2 	 Current balance of $231 million includes $71 million draw on 6/13/2011. 



	3 	 The Borrower is also party to one outstanding derivatives contract, swapping $100 million in notional amount of a floating unsecured line of credit at
LIBOR for a fixed rate of 2.10%, which contract expires November 1, 2011. 









 Part II 
  

													
	 Property
	  	Owner	 	  	Lender	 	  	Amount of
secured Debt
($000s)	 
	 8501-8503 Arlington Blvd
	  	 
 	WRIT Prosperity
Holdings, LLC	  
  	  	 	Bank of America, N.A.	  	  	$	31,760	  
	 8505 Arlington Blvd
	  	 
 	WRIT Prosperity
Holdings, LLC	  
  	  	 	Bank of America, N.A.	  	  	$	12,053	  
	 Shady Grove Medical Village II
	  	 
 	Shady Grove
Medical II, LLC	  
  	  	 
 	Principal Commercial
Funding, LLC	  
  	  	$	9,293	  
	 Dulles Business Park
	  	 
 	WRIT Dulles I,
LLC	  
  	  	 
 	Teachers Insurance and
Annuity Association	  
  	  	$	18,144	  
	 Frederick Crossing
	  	 
 
 	WRIT Frederick
Crossing Land,
LLC	  
  
  	  	 
 	General Electric
Capital	  
  	  	$	22,116	  
	 9707 Medical Center Drive
	  	 
 	SGMB Limited
Partnership	  
  	  	 
 
 	Genworth Life and
Annuity Insurance
Company	  
  
  	  	$	4,912	  
	 Plumtree Medical Center
	  	 
 	Plumtree
Partners, LLC	  
  	  	 	Column Financial, Inc.	  	  	$	4,488	  
	 15005 Shady Grove Road
	  	 
 	WRIT 15005 SG,
LLC	  
  	  	 
 	Nomura Credit &
Capital, Inc.	  
  	  	$	8,104	  
	 20-50 West Gude Drive
	  	 
  
  
	SME Rock, LLC.

SYN-Rock, LLC,

Trade Rock, LLC
	  
   

  
	  	 
 	UBS Real Estate
Investments, Inc.	  
  	  	$	31,303	  
	 Woodholme Medical Center
	  	 
 
 	Woodholme
Medical Office
Building LLC	  
  
  	  	 
 	Morgan Stanley
Mortgage Capital	  
  	  	$	20,201	  
	 Ashburn Farm One
	  	 	WRIT	  	  	 
 
 	Genworth Life and
Annuity Insurance
Company	  
  
  	  	$	2,527	  
	 Ashburn Farm Three
	  	 	WRIT	  	  	 
 	GE Life and Annuity
Assurance Company	  
  	  	$	2,254	  
	 3801 Connecticut Avenue Apartments
	  	 	WRIT	  	  	 	Wells Fargo	  	  	$	35,399	  
	 Walker House Apartments
	  	 
 	WRIT Limited
Partnership	  
  	  	 	Wells Fargo	  	  	$	16,531	  
	 Bethesda Hill Apartments
	  	 
 	WRIT Limited
Partnership	  
  	  	 	Wells Fargo	  	  	$	29,099	  
	 2445 M Street
	  	 
 	WRIT-2445 M,
LLC	  
  	  	 
 	Greenwich Capital
Financial Products, Inc.	  
  	  	$	94,653	  
	 Kenmore Apartments
	  	 
 	WRIT-Kenmore,
LLC	  
  	  	 	Wells Fargo	  	  	$	36,496	  








 SCHEDULE 6.1.(i) 

Litigation 
 None.








 SCHEDULE 6.1.(o) 

Environmental 
 1.
Westminster Shopping Center, Route 140 and Englar Road, Westminster, Maryland: Matters referred to in the Voluntary Clean-up Program application, filed with the Maryland Department of the Environment, dated August 17, 2007. In 2006, a
tenant, Carroll Independent Fuel Company, which operated a CITGO gas station at the Borrower’s Westminster Shopping Center, upon expiration of its lease, removed its underground fuel tanks from the property. Upon their removal, it was
determined that there was an underground fuel leak. The Borrower contended the lease agreement with Carroll Independent Fuel Company required the tenant to return the sub surface of the property to its original condition. The Borrower has completed
remediation efforts at the property and has received a “No Further Action” letter from the Oil Control Division of the Maryland Department of the Environment and a “Certificate of Completion” from the Voluntary Clean-up
Program of the Maryland Department of the Environment as of February 3, 2011 and reissued on March 10, 2011. The Certificate of Completion (including related land use controls and requirements and the environmental covenant
agreement) were recorded among the Land Records of Carroll County, Maryland in April 2011. The Borrower’s only remaining requirement is to install a below slab vapor barrier when the site is redeveloped. In addition, the Borrower, following a
trial in Carroll County Circuit Court, successfully obtained a judgment against Carroll Independent Fuel Company in an amount of $649,621.09 in connection with this matter, which judgment is currently being appealed by Carroll Independent Fuel
Company. 
 2. Concord Shopping Centre, Backlick Road and Commerce Street, Springfield, Virginia: Matters referred to in the Voluntary
Clean-up Program application, filed with the Virginia Department of Environmental Quality (“VADEQ”), dated August 6, 2009. A former dry cleaning tenant had apparently leaked dry cleaning chemicals, contaminating the sub surface of the
rear of the property at the Borrower’s Concord Shopping Centre. The Borrower has conducted periodic ground water testing. In November 2009, VADEQ confirmed that the property was eligible to participate in a Voluntary Clean-up Plan with VADEQ.
In March 2011, at the request of VADEQ and in connection with the Borrower’s participation in a Voluntary Clean-up Plan, the Borrower installed additional monitoring wells at the property to assist in determining the concentration and location
of the contaminant. The Borrower has received initial results of ground water testing from this recent round of testing, and is working with VADEQ to determine the extent any contamination has migrated off-site. 







 SCHEDULE 6.1.(r) 

Affiliate Transactions 
 None, except for agreements among the Borrower and its Subsidiaries permitted by Section 9.8. of the Credit Agreement. 







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

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



	2 	 Select as appropriate. 



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










							
				
	1.	  	Assignor[s]:	  	  
	  	
				
		  		  	  
	  	
		  	[Assignor [is] [is not] a Defaulting Lender]
				
	2.	  	Assignee[s]:	  	  
	  	
				
		  		  	  
	  	
		  	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]
			
	3.	  	Borrower:	  	Washington Real Estate Investment Trust
			
	4.	  	Administrative Agent:	  	Wells Fargo Bank, National Association, as Administrative Agent under the Credit Agreement
			
	5.	  	Credit Agreement:	  	That certain Credit Agreement dated as of July 1, 2011, by and among Washington Real Estate Investment Trust, the financial institutions party thereto and their
assignees under Section 12.7. thereof, Wells Fargo Bank, National Association, as Administrative Agent, and the other parties thereto
			
	6.	  	Assigned Interest[s]:	  	

  
  

													
	 Assignor[s]
	 	 Assignee[s]
	 	 Facility

Assigned4
	 	 Aggregate Amount

of

Commitment/Loans

for all Lenders
	 	 Amount of

Commitment/
 Loans
Assigned
	 	Percentage
Assigned of Commitment/
Loans	 
						
		 		 		 	$	 	$	 	 	 	% 
						
		 		 		 	$	 	$	 	 	 	% 
						
		 		 		 	$	 	$	 	 	 	% 

  

							
			
	[7.	  	Trade Date:	  	                    ]5

 [Page break] 
  

 

	4	 Fill in the
appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g., “Revolving Loans,” etc.) 



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




  
 A-2









 Effective Date:             
    , 20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 

The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR[S]
	[NAME OF ASSIGNOR]
		
	By:	 	  

	    Title:
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

	    Title:
	
	ASSIGNEE[S]
	[NAME OF ASSIGNEE]
		
	By:	 	  

	    Title:
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

	    Title:



  
 A-3









 [Consented to and]6 Accepted: 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as
	  Administrative Agent
		
	By:	 	  

	    Title:
	
	[Consented to:]7
	
	[WASHINGTON REAL ESTATE INVESTMENT TRUST]
		
	By:	 	  

	    Title:
	
	[Consented to:]8
	
	[NAME OF RELEVANT PARTY]
		
	By:	 	  

	    Title:

  

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



	7 	 To be added only if the consent of the Borrower is required by the terms of the Credit Agreement. 



	8 	 To be added only if the consent of the other parties (e.g. Swingline Lender, Issuing Bank, etc.) is required by the terms of the Credit Agreement.




  
 A-4









 ANNEX 1 
 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 
 1.1 Assignor[s]. [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions
contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan
Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or
any other Person obligated in respect of any Loan Document, or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.

 1.2. Assignee[s]. [The][Each] Assignee (a) represents and warrants that (i) it has full power and authority,
and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an
Eligible Assignee as defined in the Credit Agreement (subject to such consents, if any, as may be required under Section 12.7.(c) of the Credit Agreement), (iii) from and after the Effective Date specified for this Assignment and
Assumption, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect
to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it
has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 8.1. or 8.2. thereof, as applicable, and
such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without
reliance upon the Administrative Agent, the Assignor or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase
[the][such] Assigned Interest; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents
are required to be performed by it as a Lender, and (vii) if such Assignee is organized under the laws of a jurisdiction outside the United States of America, attached to the Assignment and Assumption is any documentation required to be
delivered by it pursuant to the terms of the Credit Agreement (including, without limitation, Section 3.11.(c) of the Credit Agreement), duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will,
independently and without reliance on the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its


  
 A-5









 
own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan
Documents are required to be performed by it as a Lender. 
 2. Payments. From and after the Effective Date, the
Administrative Agent shall make all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignee whether such amounts have accrued prior to, on or after the
Effective Date. The Assignor[s] and the Assignee[s] shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to such Effective Date or with respect to the making of this assignment directly between themselves.

 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties
hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of
Maryland. 

  
 A-6









 EXHIBIT B 
 FORM OF BID RATE NOTE 

            , 20     

FOR VALUE RECEIVED, the undersigned, WASHINGTON REAL ESTATE INVESTMENT TRUST, a real estate investment trust formed
under the laws of the State of Maryland (the “Borrower”), hereby promises to pay to the order of                      (the
“Lender”), in care of Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”) located at 608 2nd Avenue South, 11th Floor, Minneapolis, Minnesota, 55402, or at such other address as may be specified by the Administrative Agent to the
Borrower, the aggregate unpaid principal amount of Bid Rate Loans made by the Lender to the Borrower under the Credit Agreement, on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid principal
amount of each such Bid Rate Loan, at such office at the rates and on the dates provided in the Credit Agreement. 
 The date,
amount, interest rate and maturity date of each Bid Rate Loan made by the Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by the Lender on its books and, prior to any transfer of this Note,
endorsed by the Lender on the schedule attached hereto or any continuation thereof, provided that the failure of the Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower to make a payment when
due of any amount owing under the Credit Agreement or hereunder in respect of the Bid Rate Loans made by the Lender. 
 This
Note is one of the “Bid Rate Notes” referred to in that certain Credit Agreement dated as of July 1, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the
Borrower, the financial institutions party thereto and their assignees under Section 12.7. thereof, the Administrative Agent, and the other parties thereto, and evidences Bid Rate Loans made by the Lender thereunder. Terms used but not
otherwise defined in this Note have the respective meanings assigned to them in the Credit Agreement. 
 The Credit Agreement
provides for the acceleration of the maturity of this Note upon the occurrence of certain events and for prepayments of Bid Rate Loans upon the terms and conditions specified therein. 

Except as permitted by Section 12.7. of the Credit Agreement, this Note may not be assigned by the Lender to any other Person.

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MARYLAND APPLICABLE TO CONTRACTS
EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

  
 B-1









 The Borrower hereby waives presentment for payment, demand, notice of demand, notice of
non-payment, protest, notice of protest and all other similar notices. 
 Time is of the essence for this Note. 

  
 B-2









 IN WITNESS WHEREOF, the undersigned has executed and delivered this Bid Rate Note under seal
as of the date first written above. 
  

					
	WASHINGTON REAL ESTATE INVESTMENT TRUST
		
	By:	 	  

		 	Name:	 	  




					
		 	Title:	 	  




  
 B-3









 SCHEDULE OF BID RATE LOANS 

This Note evidences Bid Rate Loans made under the within-described Credit Agreement to the Borrower, on the dates, in the principal
amounts, bearing interest at the rates and maturing on the dates set forth below, subject to the payments and prepayments of principal set forth below: 
  

													
	 Date of

Loan
	 	 Principal
 Amount of

Loan
	 	 Interest

Rate
	  	 Maturity
 Date of

Loan
	  	 Amount
 Paid or

Prepaid
	  	 Unpaid
Principal
Amount
	  	 Notation

Made By



  
 B-4









 EXHIBIT C 
 FORM OF DESIGNATION AGREEMENT 
 THIS DESIGNATION AGREEMENT dated as of
                    ,              (the “Agreement”) by and among
             (the “Designating Lender”),              (the “Designated Lender”) and Wells Fargo
Bank, National Association, as Administrative Agent (the “Administrative Agent”). 
 WHEREAS, the Designating Lender
is a Lender under that certain Credit Agreement dated as of July 1, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Washington Real Estate Investment Trust, a
real estate investment trust formed under the laws of the State of Maryland (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.7. thereof (the “Lenders”), the Administrative
Agent, and the other parties thereto; 
 WHEREAS, pursuant to Section 12.7.(d), the Designating Lender desires to designate
the Designated Lender as its “Designated Lender” under and as defined in the Credit Agreement; and 
 WHEREAS, the
Administrative Agent consents to such designation on the terms and conditions set forth herein. 
 NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which hereby are acknowledged by the parties hereto, the parties hereto hereby agree as follows: 
 Section 1. Designation. Subject to the terms and conditions of this Agreement, the Designating Lender hereby designates the Designated Lender, and the Designated Lender hereby accepts such
designation, to have a right to make Bid Rate Loans on behalf of the Designating Lender pursuant to Section 2.2. of the Credit Agreement. Any assignment by the Designating Lender to the Designated Lender of rights to make a Bid Rate Loan shall
only be effective at the time such Bid Rate Loan is funded by the Designated Lender. The Designated Lender, subject to the terms and conditions hereof, hereby agrees to make such accepted Bid Rate Loans and to perform such other obligations as may
be required of it as a Designated Lender under the Credit Agreement. 
 Section 2. Designating Lender Not
Discharged. Notwithstanding the designation of the Designated Lender hereunder, the Designating Lender shall be and remain obligated to the Borrower, the Administrative Agent and the Lenders for each and every of the obligations of the
Designating Lender and its related Designated Lender with respect to the Credit Agreement and the other Loan Documents, including, without limitation, any indemnification obligations under Section 11.6. of the Credit Agreement and any sums
otherwise payable to the Borrower by the Designated Lender. 

  
 C-1









 Section 3. No Representations by Designating Lender. The Designating Lender
makes no representation or warranty and, except as set forth in Section 8. below, assumes no responsibility pursuant to this Agreement with respect to (a) any statements, warranties or representations made in or in connection with any Loan
Document or the execution, legality, validity, enforceability, genuineness, sufficiency or value of any Loan Document or any other instrument and document furnished pursuant thereto and (b) the financial condition of the Borrower, any other
Loan Party or any other Subsidiary of the Borrower or the performance or observance by the Borrower or any other Loan Party of any of its obligations under any Loan Document to which it is a party or any other instrument or document furnished
pursuant thereto. 
 Section 4. Representations and Covenants of Designated Lender. The Designated Lender
makes and confirms to the Administrative Agent, the Designating Lender, and the other Lenders all of the representations, warranties and covenants of a Lender under Article XI. of the Credit Agreement. Not in limitation of the foregoing, the
Designated Lender (a) represents and warrants that it (i) is legally authorized to enter into this Agreement; (ii) is an “accredited investor” (as such term is used in Regulation D of the Securities Act) and (iii) meets
the requirements of a “Designated Lender” contained in the definition of such term contained in the Credit Agreement; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial
statements delivered pursuant thereto and such other documents and information (including without limitation the Loan Documents) as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement;
(c) confirms that it has, independently and without reliance upon the Administrative Agent, or on any affiliate thereof, or any other Lender and based on such financial statements and such other documents and information, made its own credit
analysis and decision to become a Designated Lender under the Credit Agreement; (d) appoints and authorizes the Administrative Agent to take such action as contractual representative on its behalf and to exercise such powers under the Loan
Documents as are delegated to the Administrative Agent by the terms thereof together with such powers as are reasonably incidental thereto; and (e) agrees that it will become a party to and shall be bound by the Credit Agreement, the other Loan
Documents to which the other Lenders are a party on the Effective Date (as defined below) and will perform in accordance therewith all of the obligations which are required to be performed by it as a Designated Lender. The Designated Lender also
acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking
or not taking action under the Credit Agreement or any Note or pursuant to any other obligation. The Designated Lender acknowledges and agrees that except as expressly required under the Credit Agreement, the Administrative Agent shall have no duty
or responsibility whatsoever, either initially or on a continuing basis, to provide the Designated Lender with any credit or other information with respect to the Borrower, any other Loan Party or any other Subsidiary or to notify the Designated
Lender of any Default or Event of Default.  
 Section 5. Appointment of Designating Lender as
Attorney-In-Fact. The Designated Lender hereby appoints the Designating Lender as the Designated Lender’s agent and attorney-in-fact, and grants to the Designating Lender an irrevocable power of attorney, to receive any and all payments to
be made for the benefit of the Designated Lender under the 

  
 C-2









 
Credit Agreement, to deliver and receive all notices and other communications under the Credit Agreement and other Loan Documents and to exercise on the Designated Lender’s behalf all rights
to vote and to grant and make approvals, waivers, consents of amendments to or under the Credit Agreement or other Loan Documents. Any document executed by the Designating Lender on the Designated Lender’s behalf in connection with the Credit
Agreement or other Loan Documents shall be binding on the Designated Lender. The Borrower, the Administrative Agent and each of the Lenders may rely on and are beneficiaries of the preceding provisions. 

Section 6. Acceptance by the Administrative Agent. Following the execution of this Agreement by the Designating Lender and
the Designated Lender, the Designating Lender will (i) deliver to the Administrative Agent a duly executed original of this Agreement for acceptance by the Administrative Agent and (ii) pay to the Administrative Agent the fee, if any,
payable under the applicable provisions of the Credit Agreement whereupon this Agreement shall become effective as of the date of such acceptance or such other date as may be specified on the signature page hereof (the “Effective Date”).

 Section 7. Effect of Designation. Upon such acceptance and recording by the Administrative Agent, as of the
Effective Date, the Designated Lender shall be a party to the Credit Agreement with a right to make Bid Rate Loans as a Lender pursuant to Section 2.2. of the Credit Agreement and the rights and obligations of a Lender related thereto;
provided, however, that the Designated Lender shall not be required to make payments with respect to such obligations except to the extent of excess cash flow of the Designated Lender which is not otherwise required to repay
obligations of the Designated Lender which are then due and payable. Notwithstanding the foregoing, the Designating Lender, as agent for the Designated Lender, shall be and remain obligated to the Borrower, the Administrative Agent and the Lenders
for each and every obligation of the Designated Lender and the Designating Lender with respect to the Credit Agreement. 

Section 8. Indemnification of Designated Lender. The Designating Lender unconditionally agrees to pay or reimburse the
Designated Lender and save the Designated Lender harmless against all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed or asserted
by any of the parties to the Loan Documents against the Designated Lender, in its capacity as such, in any way relating to or arising out of this Agreement or any other Loan Documents or any action taken or omitted by the Designated Lender hereunder
or thereunder, provided that the Designating Lender shall not be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements if the same results from the Designated
Lender’s gross negligence or willful misconduct. 
 Section 9. Governing Law. THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MARYLAND APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

  
 C-3









 Section 10. Counterparts. This Agreement may be executed in any number of
counterparts each of which, when taken together, shall constitute one and the same agreement. 
 Section 11.
Headings. Section headings have been inserted herein for convenience only and shall not be construed to be a part hereof. 
 Section 12. Amendments; Waivers. This Agreement may not be amended, changed, waived or modified except by a writing executed by all parties hereto. 

Section 13. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. 
 Section 14. Definitions. Terms not otherwise defined herein are used
herein with the respective meanings given them in the Credit Agreement. 
 [Signatures on Following Page] 

  
 C-4









 IN WITNESS WHEREOF, the parties hereto have duly executed this Designation Agreement as of
the date and year first written above. 
  

			
	EFFECTIVE
DATE:                                        
                      
	
	DESIGNATING LENDER:
	
	[NAME OF DESIGNATING LENDER]
		
	By:	 	                             
                                         
                        
		 	Name:                            
                                         
             
		 	Title:                            
                                         
               
	
	DESIGNATED LENDER:
	
	[NAME OF DESIGNATED LENDER]
		
	By:	 	                             
                                         
                         
		 	Name:                            
                                         
             
		 	Title:                            
                                         
               


 Accepted as of the date first written above. 
 ADMINISTRATIVE AGENT: 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent

  

					
	 By:
	 	  

		 	Name:	 	  

		 	Title:	 	  



  
 C-5









 EXHIBIT D 
 FORM OF GUARANTY 
 THIS GUARANTY dated as of July 1, 2011, executed and
delivered by each of the undersigned and the other Persons from time to time party hereto pursuant to the execution and delivery of an Accession Agreement in the form of Annex I hereto (all of the undersigned, together with such other Persons, each
a “Guarantor” and collectively, the “Guarantors”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Administrative Agent”) for the Lenders (as defined herein) under that
certain Credit Agreement dated as of July 1, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Washington Real Estate Investment Trust, a real estate investment
trust formed under the laws of the State of Maryland (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.7. thereof (the “Lenders”), the Administrative Agent, and the other parties
thereto, for its benefit and the benefit of the Lenders and the Issuing Bank. 
 WHEREAS, pursuant to the Credit Agreement, the
Administrative Agent, the Lenders and the Issuing Bank have agreed to make available to the Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement; 

WHEREAS, each Guarantor is owned or controlled by the Borrower, or is otherwise an Affiliate of the Borrower; 

WHEREAS, the Borrower and each Guarantor, though separate legal entities, are mutually dependent on each other in the conduct of their
respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Administrative Agent, the Lenders and the Issuing Bank through their collective efforts; 

WHEREAS, each Guarantor acknowledges that it will receive direct and indirect benefits from the Administrative Agent, the Lenders and the
Issuing Bank making such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, each Guarantor is willing to guarantee the Borrower’s obligations to the Administrative Agent, the Lenders and the Issuing
Bank on the terms and conditions contained herein; and 
 WHEREAS, each Guarantor’s execution and delivery of this Guaranty
is a condition to the Administrative Agent, the Lenders and the Issuing Bank making, and continuing to make, such financial accommodations to the Borrower. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each Guarantor, each Guarantor agrees as follows: 

Section 1. Guaranty. Each Guarantor hereby absolutely, irrevocably and unconditionally guaranties the due and punctual
payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following (collectively referred to as the “Guarantied Obligations”): (a) all indebtedness, liabilities, covenants, duties, and
obligations owing by the 

  
 D-1









 
Borrower to any Lender, the Issuing Bank or the Administrative Agent under or in connection with the Credit Agreement and any other Loan Document to which the Borrower is a party, including
without limitation, the repayment of all principal of the Revolving Loans, Bid Rate Loans and Swingline Loans, Reimbursement Obligations and all other Letter of Credit Liabilities and the payment of all interest, fees, charges, reasonable
attorneys’ fees and other amounts payable to any Lender, the Issuing Bank or the Administrative Agent thereunder or in connection therewith (including, to the extent permitted by Applicable Law, interest, Fees and other amounts that would
accrue and become due after the filing of a case or other proceeding under the Bankruptcy Code (as defined below) or other similar Applicable Law but for the commencement of such case or proceeding, whether or not such amounts are allowed or
allowable in whole or in part in such case or proceeding); (b) any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; (c) all expenses, including, without limitation, reasonable attorneys’ fees
and disbursements, that are incurred by the Administrative Agent, the Issuing Bank, or any Lender in the enforcement of any of the foregoing or any obligation of such Guarantor hereunder and (d) all other Obligations. 

Section 2. Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and a
debt of each Guarantor for its own account. Accordingly, the Lenders, the Issuing Bank, and the Administrative Agent shall not be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy the
Lenders, the Issuing Bank, or the Administrative Agent may have against the Borrower, any other Loan Party or any other Person or commence any suit or other proceeding against the Borrower, any other Loan Party or any other Person in any court or
other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Loan Party or any other Person; or (c) to make demand of the Borrower, any other Loan Party or any other Person or to enforce or seek to
enforce or realize upon any collateral security, if any, held by the Lenders, the Issuing Bank, or the Administrative Agent which may secure any of the Guarantied Obligations. 
 Section 3. Guaranty Absolute. Each Guarantor guarantees that the Guarantied Obligations will be paid strictly in accordance with the terms of the documents evidencing the same, regardless of
any Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Administrative Agent, the Issuing Bank, or the Lenders with respect thereto. The liability of each Guarantor under this Guaranty shall
be absolute, irrevocable and unconditional in accordance with its terms and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or
occurrence whatsoever, including without limitation, the following (whether or not such Guarantor consents thereto or has notice thereof): 
 (a)(i) any change in the amount, interest rate or due date or other term of any of the Guarantied Obligations, (ii) any change in the time, place or manner of payment of all or any portion of the
Guarantied Obligations, (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Credit Agreement, any other Loan Document, or any other document or instrument evidencing or relating to any
Guarantied Obligations, or (iv) any waiver, renewal, extension, addition, or supplement to, or deletion from, or any other action or inaction under or in respect of, the Credit Agreement, any of the other Loan Documents, or any other documents,
instruments or agreements relating to the Guarantied Obligations or any other instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing; 

  
 D-2









 (b) any lack of validity or enforceability of the Credit Agreement, any of the other Loan
Documents, or any other document, instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing; 
 (c) any furnishing to the Administrative Agent, the Issuing Bank, or the Lenders of any security for the Guarantied Obligations, or any sale, exchange, release or surrender of, or realization on, any
collateral securing any of the Obligations; 
 (d) any settlement or compromise of any of the Guarantied Obligations, any
security therefor, if any, or any liability of any other party with respect to the Guarantied Obligations, or any subordination of the payment of the Guarantied Obligations to the payment of any other liability of the Borrower or any other Loan
Party; 
 (e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like
proceeding relating to such Guarantor, the Borrower, any other Loan Party or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding; 

(f) any act or failure to act by the Borrower, any other Loan Party or any other Person which may adversely affect such Guarantor’s
subrogation rights, if any, against the Borrower to recover payments made under this Guaranty; 
 (g) any nonperfection or
impairment of any security interest or other Lien on any collateral, if any, securing in any way any of the Obligations; 
 (h)
any application of sums paid by the Borrower, any Guarantor or any other Person with respect to the liabilities of the Borrower to the Administrative Agent, the Issuing Bank, or the Lenders, regardless of what liabilities of the Borrower remain
unpaid; 
 (i) any defense, set-off, claim or counterclaim (other than indefeasible payment and performance in full) which may
at any time be available to or be asserted by the Borrower, any other Loan Party or any other Person against the Administrative Agent, the Issuing Bank, or the Lenders; 
 (j) any change in the corporate existence, structure or ownership of the Borrower or any other Loan Party; 
 (k) any statement, representation or warranty made or deemed made by or on behalf of the Borrower, any Guarantor or any other Loan Party under any Loan Document, or any amendment hereto or thereto, proves
to have been incorrect or misleading in any respect; 

  
 D-3









 (l) any defect, limitation or insufficiency in the borrowing powers of the Borrower or in
the exercise thereof; or 
 (m) any other circumstance which might otherwise constitute a defense available to, or a discharge
of, a Guarantor hereunder (other than indefeasible payment and performance in full). 
 Section 4. Action with Respect
to Guarantied Obligations. The Lenders, the Issuing Bank, and the Administrative Agent may, at any time and from time to time, without the consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations
hereunder, take any and all actions described in Section 3. and may otherwise: (a) amend, modify, alter or supplement the terms of any of the Guarantied Obligations, including, but not limited to, extending or shortening the time of
payment of any of the Guarantied Obligations or changing the interest rate that may accrue on any of the Guarantied Obligations; (b) amend, modify, alter or supplement the Credit Agreement or any other Loan Document; (c) sell, exchange,
release or otherwise deal with all, or any part, of any collateral securing any of the Obligations; (d) release any other Loan Party or other Person liable in any manner for the payment or collection of the Guarantied Obligations;
(e) exercise, or refrain from exercising, any rights against the Borrower, any other Loan Party or any other Person; and (f) apply any sum, by whomsoever paid or however realized, to the Guarantied Obligations in such order as the
Administrative Agent, the Issuing Bank, and Lenders shall elect. 
 Section 5. Representations and Warranties. Each
Guarantor hereby makes to the Administrative Agent and the Lenders all of the representations and warranties made by the Borrower with respect to or in any way relating to such Guarantor in the Credit Agreement and the other Loan Documents, as if
the same were set forth herein in full. 
 Section 6. Covenants. Each Guarantor will comply with all covenants which
the Borrower is to cause such Guarantor to comply with under the terms of the Credit Agreement or any of the other Loan Documents. 
 Section 7. Waiver. Each Guarantor, to the fullest extent permitted by Applicable Law, hereby waives notice of acceptance hereof or any presentment, demand, protest or notice of any kind, and
any other act or thing, or omission or delay to do any other act or thing, which in any manner or to any extent might vary the risk of such Guarantor or which otherwise might operate to discharge such Guarantor from its obligations hereunder.

 Section 8. Inability to Accelerate Loan. If the Administrative Agent, the Issuing Bank and/or the Lenders are
prevented under Applicable Law or otherwise from demanding or accelerating payment of any of the Guarantied Obligations by reason of any automatic stay or otherwise, the Administrative Agent, the Issuing Bank, and/or the Lenders shall be entitled to
receive from each Guarantor, upon demand therefor, the sums which otherwise would have been due had such demand or acceleration occurred. 

  
 D-4









 Section 9. Reinstatement of Guarantied Obligations. If claim is ever made on the
Administrative Agent, the Issuing Bank, or any Lender for repayment or recovery of any amount or amounts received in payment or on account of any of the Guarantied Obligations, and the Administrative Agent, the Issuing Bank, or such Lender repays
all or part of said amount by reason of (a) any judgment, decree or order of any court or administrative body of competent jurisdiction, or (b) any settlement or compromise of any such claim effected by the Administrative Agent, the
Issuing Bank, or such Lender with any such claimant (including the Borrower or a trustee in bankruptcy for the Borrower), then and in such event each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding
on it, notwithstanding any revocation hereof or the cancellation of the Credit Agreement, any of the other Loan Documents, or any other instrument evidencing any liability of the Borrower, and such Guarantor shall be and remain liable to the
Administrative Agent, the Issuing Bank, or such Lender for the amounts so repaid or recovered to the same extent as if such amount had never originally been paid to the Administrative Agent, the Issuing Bank or such Lender. 

Section 10. Subrogation. Upon the making by any Guarantor of any payment hereunder for the account of the Borrower, such
Guarantor shall be subrogated to the rights of the payee against the Borrower; provided, however, that such Guarantor shall not enforce any right or receive any payment by way of subrogation or otherwise take any action in respect of
any other claim or cause of action such Guarantor may have against the Borrower arising by reason of any payment or performance by such Guarantor pursuant to this Guaranty, unless and until all of the Guarantied Obligations have been indefeasibly
paid and performed in full. If any amount shall be paid to such Guarantor on account of or in respect of such subrogation rights or other claims or causes of action, such Guarantor shall hold such amount in trust for the benefit of the
Administrative Agent, the Issuing Bank, and the Lenders and shall forthwith pay such amount to the Administrative Agent to be credited and applied against the Guarantied Obligations, whether matured or unmatured, in accordance with the terms of the
Credit Agreement or to be held by the Administrative Agent as collateral security for any Guarantied Obligations existing. 

Section 11. Payments Free and Clear. All sums payable by each Guarantor hereunder, whether of principal, interest, fees,
expenses, premiums or otherwise, shall be paid in full, without set-off or counterclaim or any deduction or withholding whatsoever (including any Taxes), and if any Guarantor is required by Applicable Law or by a Governmental Authority to make any
such deduction or withholding such Guarantor shall pay to the Administrative Agent, the Issuing Bank, and the Lenders such additional amount as will result in the receipt by the Administrative Agent, the Issuing Bank, and the Lenders of the full
amount payable hereunder had such deduction or withholding not occurred or been required. 
 Section 12. Set-off. In
addition to any rights now or hereafter granted under any of the other Loan Documents or Applicable Law and not by way of limitation of any such rights, each Guarantor hereby authorizes the Administrative Agent, the Issuing Bank, and each Lender,
and any of their respective Affiliates, at any time while an Event of Default exists, without any prior notice to such Guarantor or to any other Person, any such notice being hereby expressly waived, but in the case of a Lender or an Affiliate of a
Lender 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) and any other indebtedness 

  
 D-5









 
at any time held or owing by the Administrative Agent, the Issuing Bank, such Lender or any affiliate of the Administrative Agent, Issuing Bank or such Lender, to or for the credit or the account
of such Guarantor against and on account of any of the Guarantied Obligations, although such obligations shall be contingent or unmatured. Each Guarantor agrees, to the fullest extent permitted by Applicable Law, that any Participant may exercise
rights of setoff or counterclaim and other rights with respect to its participation as fully as if such Participant were a direct creditor of such Guarantor in the amount of such participation provided that such Participant agrees to be subject to
Section 3.3. of the Credit Agreement as though it were a Lender. 
 Section 13. Subordination. Each Guarantor
hereby expressly covenants and agrees for the benefit of the Administrative Agent, the Issuing Bank, and the Lenders that all obligations and liabilities of the Borrower to such Guarantor of whatever description, including without limitation, all
intercompany receivables of such Guarantor from the Borrower (collectively, the “Junior Claims”) shall be subordinate and junior in right of payment to all Guarantied Obligations. If an Event of Default shall exist, then no Guarantor shall
accept any direct or indirect payment (in cash, property or securities, by setoff or otherwise) from the Borrower on account of or in any manner in respect of any Junior Claim until all of the Guarantied Obligations have been indefeasibly paid in
full. 
 Section 14. Avoidance Provisions. It is the intent of each Guarantor, the Administrative Agent, the Lenders
and the Issuing Bank that in any Proceeding, such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Guarantor hereunder (or any other obligations of
such Guarantor to the Administrative Agent, the Issuing Bank and the Lenders) to be avoidable or unenforceable against such Guarantor in such Proceeding as a result of Applicable Law, including without limitation, (a) Section 548 of the
Bankruptcy Code of 1978, as amended (the “Bankruptcy Code”) and (b) any state fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether by virtue of Section 544 of the Bankruptcy Code or
otherwise. The Applicable Laws under which the possible avoidance or unenforceability of the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Administrative Agent, the Issuing Bank, and the Lenders) shall be
determined in any such Proceeding are referred to as the “Avoidance Provisions”. Accordingly, to the extent that the obligations of any Guarantor hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum
Guarantied Obligations for which such Guarantor shall be liable hereunder shall be reduced to that amount which, as of the time any of the Guarantied Obligations are deemed to have been incurred under the Avoidance Provisions, would not cause the
obligations of any Guarantor hereunder (or any other obligations of such Guarantor to the Administrative Agent, the Issuing Bank, and the Lenders), to be subject to avoidance under the Avoidance Provisions. This Section is intended solely to
preserve the rights of the Administrative Agent, the Issuing Bank, and the Lenders hereunder to the maximum extent that would not cause the obligations of any Guarantor hereunder to be subject to avoidance under the Avoidance Provisions, and no
Guarantor or any other Person shall have any right or claim under this Section as against the Administrative Agent, the Issuing Bank and the Lenders that would not otherwise be available to such Person under the Avoidance Provisions. 

  
 D-6









 Section 15. Information. Each Guarantor assumes all responsibility for being and
keeping itself informed of the financial condition of the Borrower and the other Loan Parties, and of all other circumstances bearing upon the risk of nonpayment of any of the Guarantied Obligations and the nature, scope and extent of the risks that
such Guarantor assumes and incurs hereunder, and agrees that none of the Administrative Agent, the Issuing Bank, or any Lender shall have any duty whatsoever to advise any Guarantor of information regarding such circumstances or risks. 

Section 16. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
MARYLAND APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 SECTION 17. WAIVER OF JURY TRIAL.

 (a) EACH GUARANTOR, AND EACH OF THE ADMINISTRATIVE AGENT, THE ISSUING BANK, AND THE LENDERS, BY ACCEPTING THE BENEFITS HEREOF,
ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG ANY GUARANTOR, THE ADMINISTRATIVE AGENT, THE ISSUING BANK, 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 GUARANTORS, THE LENDERS, THE ISSUING BANK, AND THE ADMINISTRATIVE AGENT 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 GUARANTY, ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG ANY GUARANTOR, THE
ADMINISTRATIVE AGENT, THE ISSUING BANK, OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY LOAN DOCUMENTS. 
 (b) EACH
OF THE GUARANTORS, AND EACH OF THE ADMINISTRATIVE AGENT, THE ISSUING BANK, AND THE LENDERS BY ACCEPTING THE BENEFITS HEREOF, HEREBY AGREES THAT ANY FEDERAL DISTRICT COURT LOCATED IN THE STATE OF MARYLAND OR ANY STATE COURT LOCATED IN MONTGOMERY
COUNTY, MARYLAND SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG ANY GUARANTOR, THE ADMINISTRATIVE AGENT, THE ISSUING BANK, OR ANY OF THE LENDERS, PERTAINING DIRECTLY OR INDIRECTLY TO THIS GUARANTY, OR ANY OTHER
LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM. EACH GUARANTOR AND EACH OF THE LENDERS EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. EACH GUARANTOR HEREBY WAIVES
PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN, AND AGREES THAT SERVICE OF SUCH SUMMONS AND 

  
 D-7









 
COMPLAINT, OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH GUARANTOR AT ITS ADDRESS FOR NOTICES PROVIDED FOR HEREIN. SHOULD A GUARANTOR FAIL TO APPEAR OR
ANSWER ANY SUMMONS, COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN THIRTY DAYS AFTER THE MAILING THEREOF, SUCH GUARANTOR SHALL BE DEEMED IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED AGAINST IT AS DEMANDED OR PRAYED FOR IN SUCH SUMMONS,
COMPLAINT, PROCESS OR PAPERS. 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, THE ISSUING BANK, OR ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE
AGENT, THE ISSUING BANK, 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, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS GUARANTY. 

Section 18. Loan Accounts. The Administrative Agent and each Lender may maintain books and accounts setting forth the amounts
of principal, interest and other sums paid and payable with respect to the Guarantied Obligations, and in the case of any dispute relating to any of the outstanding amount, payment or receipt of any of the Guarantied Obligations or otherwise, the
entries in such books and accounts shall be deemed conclusive evidence of the amounts and other matters set forth herein, absent manifest error. The failure of the Administrative Agent or any Lender to maintain such books and accounts shall not in
any way relieve or discharge any Guarantor of any of its obligations hereunder. 
 Section 19. Waiver of Remedies.
No delay or failure on the part of the Administrative Agent, the Issuing Bank, or any Lender in the exercise of any right or remedy it may have against any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial
exercise by the Administrative Agent, the Issuing Bank, or any Lender of any such right or remedy shall preclude any other or further exercise thereof or the exercise of any other such right or remedy. 

Section 20. Termination; Release of Guarantor. This Guaranty shall remain in full force and effect with respect to each
Guarantor until indefeasible payment in full of the Guarantied Obligations and the other Obligations, the termination or expiration of all of the Lenders’, the 

  
 D-8









 
Issuing Bank’s and the Administrative Agent’s obligations to make loans or other financial accommodations or extensions of credit to the Borrower, and the termination or cancellation of
the Credit Agreement in accordance with its terms. Notwithstanding the foregoing, once a Guarantor has been released from the Guaranty in accordance with Section 7.13.(c) of the Credit Agreement, such Guarantor shall have no further liability
for the Guarantied Obligations, whether accrued prior to or after the date of its release as a Guarantor. 
 Section 21.
Successors and Assigns. Each reference herein to the Administrative Agent, the Issuing Bank, or any Lender shall be deemed to include such Person’s respective successors and assigns (including, but not limited to, any holder of the
Guarantied Obligations) in whose favor the provisions of this Guaranty also shall inure, and each reference herein to each Guarantor shall be deemed to include such Guarantor’s successors and assigns, upon whom this Guaranty also shall be
binding. The Lenders may, in accordance with the applicable provisions of the Credit Agreement, assign, transfer or sell any Guarantied Obligation, or grant or sell participations in any Guarantied Obligations, to any Person without the consent of,
or notice to, any Guarantor and without releasing, discharging or modifying any Guarantor’s obligations hereunder. Each Guarantor hereby consents to the delivery by the Administrative Agent and any Lender to any Assignee or Participant (or any
prospective Assignee or Participant) of any financial or other information regarding the Borrower or any Guarantor. No Guarantor may assign or transfer its rights or its obligations hereunder to any Person without the prior written consent of the
Administrative Agent, the Issuing Bank, and all the Lenders and any such assignment or other transfer to which the Administrative Agent, the Issuing Bank, and all the Lenders have not so consented shall be null and void. 

Section 22. JOINT AND SEVERAL OBLIGATIONS. THE OBLIGATIONS OF THE GUARANTORS HEREUNDER SHALL BE JOINT AND SEVERAL, AND
ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS LIABLE FOR THE FULL AMOUNT OF THE “GUARANTIED OBLIGATIONS” AND ALL OF THE OBLIGATIONS AND LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER. 

Section 23. Amendments. This Guaranty may not be amended except in a writing signed by the Administrative Agent and each
Guarantor. 
 Section 24. Payments. All payments to be made by any Guarantor pursuant to this Guaranty shall be made
in Dollars, in immediately available funds to the Administrative Agent at its Principal Office, not later than 1:00 p.m. Eastern time, on the date one Business Day after demand therefor. 

Section 25. Notices. All notices, requests and other communications hereunder shall be in writing (including facsimile
transmission or similar writing) and shall be given (a) to each Guarantor at its address set forth below its signature hereto, (b) to the Administrative Agent or any Lender at its address for notices provided for in the Credit Agreement,
or (c) as to each such party at such other address as such party shall designate in a written notice to the other parties. Each such notice, request or other communication shall be effective (i) if mailed, when received; (ii) if
telecopied, when transmitted; or (iii) if hand delivered, when delivered; provided, however, that any notice of a change of address for notices shall not be effective until received. 

  
 D-9









 Section 26. Severability. In case any provision of this Guaranty shall be
invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 27. Headings. Section headings used in this Guaranty are for convenience only and shall not affect the construction
of this Guaranty. 
 Section 28. Limitation of Liability. None of the Administrative Agent, the Issuing Bank or any
Lender, or any affiliate, officer, director, employee, attorney, or agent of the Administrative Agent, the Issuing Bank or any Lender, shall have any liability with respect to, and each Guarantor hereby waives, releases, and agrees not to sue any of
them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by a Guarantor in connection with, arising out of, or in any way related to, this Guaranty or any of the other Loan Documents, or any of the
transactions contemplated by this Guaranty, the Credit Agreement or any of the other Loan Documents. Each Guarantor hereby waives, releases, and agrees not to sue the Administrative Agent, the Issuing Bnka or any Lender or any of the Administrative
Agent’s, the Issuing Bank’s or any Lender’s affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Guaranty, the
Credit Agreement or any of the other Loan Documents, or any of the transactions contemplated by the Credit Agreement or financed thereby. 
 Section 29. Definitions. (a) For the purposes of this Guaranty: 

“Proceeding” means any of the following: (i) a voluntary or involuntary case concerning any Guarantor shall be
commenced under the Bankruptcy Code of 1978, as amended; (ii) a custodian (as defined in such Bankruptcy Code or any other applicable bankruptcy laws) is appointed for, or takes charge of, all or any substantial part of the property of any
Guarantor; (iii) any other proceeding under any Applicable Law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up or composition for adjustment of debts, whether now or hereafter in effect, is commenced
relating to any Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any order of relief or other order approving any such case or proceeding is entered by a court of competent jurisdiction; (vi) any Guarantor makes
a general assignment for the benefit of creditors; (vii) any Guarantor shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; (viii) any Guarantor shall call a meeting
of its creditors with a view to arranging a composition or adjustment of its debts; (ix) any Guarantor shall by any act or failure to act indicate its consent to, approval of or acquiescence in any of the foregoing; or (x) any corporate
action shall be taken by any Guarantor for the purpose of effecting any of the foregoing. 
 (b) Terms not otherwise defined
herein are used herein with the respective meanings given them in the Credit Agreement. 

  
 D-10









 Section 30. Electronic Delivery of Certain Information. Each Guarantor
acknowledges and agrees that information regarding the Guarantor may be delivered electronically pursuant to Section 12.2. of the Credit Agreement. 

  
 D-11









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

					
	[GUARANTOR]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Address for Notices for all Guarantors:
	
	c/o Washington Real Estate Investment Trust


  

			
	                           
                                         

	                           
                                         

	Attention:	 	                             
   
	Telecopier:	 	()                            

	Telephone:	 	()                            




  
 D-12









 ANNEX I 
 FORM OF ACCESSION AGREEMENT 
 THIS ACCESSION AGREEMENT dated as of
            ,         , executed and delivered by
                    , a
                     (the “New Guarantor”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative
Agent (the “Administrative Agent”) for the Lenders (as defined herein) and the Issuing Bank under that certain Credit Agreement dated as of July 1, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by and among Washington Real Estate Investment Trust, a real estate investment trust formed under the laws of the State of Maryland (the “Borrower”), the financial institutions party thereto and their
assignees under Section 12.7. thereof (the “Lenders”), the Administrative Agent, and the other parties thereto, for its benefit and the benefit of the Issuing Bank and the Lenders. 

WHEREAS, pursuant to the Credit Agreement, the Administrative Agent and the Lenders have agreed to make available to the Borrower certain
financial accommodations on the terms and conditions set forth in the Credit Agreement; 
 WHEREAS, the New Guarantor is owned
or controlled by the Borrower or is otherwise an Affiliate of the Borrower; 
 WHEREAS, the Borrower, the New Guarantor and the
other Subsidiaries of the Borrower, though separate legal entities, are mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain
financing from the Administrative Agent and the Lenders through their collective efforts; 
 WHEREAS, the New Guarantor
acknowledges that it will receive direct and indirect benefits from the Administrative Agent and the Lenders making such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, the New Guarantor is willing to
guarantee the Borrower’s obligations to the Administrative Agent and the Lenders on the terms and conditions contained herein; and 
 WHEREAS, the New Guarantor’s execution and delivery of this Agreement is a condition to the Administrative Agent and the Lenders continuing to make such financial accommodations to the Borrower.

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the New
Guarantor, the New Guarantor agrees as follows: 
 Section 1. Accession to Guaranty. The New Guarantor hereby agrees
that it is a “Guarantor” under that certain Guaranty dated as of July 1, 2011 (as amended, supplemented, restated or otherwise modified from time to time, the “Guaranty”), made by each Material Subsidiary (other than an
Excluded Subsidiary) of the Borrower a party thereto in favor of the 

  
 D-13









 
Administrative Agent and the Guarantied Parties and assumes all obligations of a “Guarantor” thereunder and agrees to be bound thereby, all as if the New Guarantor had been an original
signatory to the Guaranty. Without limiting the generality of the foregoing, the New Guarantor hereby: 
 (a) irrevocably and
unconditionally guarantees the due and punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all Guarantied Obligations (as defined in the Guaranty); 

(b) makes to the Administrative Agent and the Lenders as of the date hereof each of the representations and warranties contained in
Section 5. of the Guaranty and agrees to be bound by each of the covenants contained in Section 6. of the Guaranty; and 
 (c) consents and agrees to each provision set forth in the Guaranty. 

SECTION 2. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
MARYLAND APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 3. Definitions.
Capitalized terms used herein and not otherwise defined herein shall have their respective defined meanings given them in the Credit Agreement. 
 [Signatures on Next Page] 

  
 D-14









 IN WITNESS WHEREOF, the New Guarantor has caused this Accession Agreement to be duly
executed and delivered under seal by its duly authorized officers as of the date first written above. 
  

					
	[NEW GUARANTOR]
		
	By:	 	                           
                                         
                           
		 	Name:	 	  

		 	Title:	 	  

		 		 	
		 	(CORPORATE SEAL)


  

			
	Address for Notices:
	
	c/o Washington Real Estate Investment Trust
	                           
                             
	                           
                             
	Attention:	 	                             
               
	Telecopier:	 	()                             
             
	Telephone:	 	()
                                         
 


 Accepted: 

WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Administrative Agent 
  

			
	By:	 	                             
                                         
                   
		 	Name:                            
                                         
       
		 	Title:                            
                                         
         


  
 D-15









 EXHIBIT E 
 FORM OF NOTICE OF BORROWING 

            , 20     

Wells Fargo Bank, National Association 

Minneapolis Loan Center 
 608
2nd Avenue South, 11th Floor 
 Minneapolis, Minnesota 55402 
 Attn:  Jennifer Noonan 

Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement dated as of July 1, 2011 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), by and among Washington Real Estate Investment Trust, a real estate investment trust formed under the laws of the State of Maryland (the “Borrower”), the financial institutions
party thereto and their assignees under Section 12.7. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms
used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
  

	 	1.	Pursuant to Section 2.1.(b) of the Credit Agreement, the Borrower hereby requests that the Lenders make Revolving Loans to the Borrower in an aggregate principal
amount equal to $        . 

  

	 	2.	The Borrower requests that such Revolving Loans be made available to the Borrower on             ,
20    . 

  

	 	3.	The Borrower hereby requests that such Revolving Loans be of the following Type: 

 [Check one box only] 

 ̈      Base Rate Loan 

 ̈      LIBOR Loan, with an initial Interest Period for a
duration of: 
 [Check one box only] 
  ̈     one month 
  ̈     two months 
  ̈     three months 
  ̈     six months 

  
 E-1









 The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the
date hereof, as of the date of the making of the requested Revolving Loans, and after making such Revolving Loans, (a) no Default or Event of Default exists or would exist, and none of the limits described in Section 2.16. of the Credit
Agreement would be violated after giving effect thereto; and (b) the Continuing Representations are and shall be true and correct with the same force and effect as if made on and as of such date. In addition, the Borrower certifies to the
Administrative Agent and the Lenders that all conditions to the making of the requested Revolving Loans contained in Article V of the Credit Agreement will have been satisfied at the time such Revolving Loans are made. 

 

					
	WASHINGTON REAL ESTATE INVESTMENT TRUST
			
	By:	 	 	 	 
		 	Name:	 	  

		 	Title:	 	  




  
 E-2









 EXHIBIT F 
 FORM OF NOTICE OF CONTINUATION 

            , 20     

Wells Fargo Bank, National Association 

Minneapolis Loan Center 
 608
2nd Avenue South, 11th Floor 
 Minneapolis, Minnesota 55402 
 Attn:  Jennifer Noonan 

Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement dated as of July 1, 2011 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), by and among Washington Real Estate Investment Trust, a real estate investment trust formed under the laws of the State of Maryland (the “Borrower”), the financial institutions
party thereto and their assignees under Section 12.7. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms
used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
 Pursuant to
Section 2.10. of the Credit Agreement, the Borrower hereby requests a Continuation of Revolving Loans under the Credit Agreement, and in that connection sets forth below the information relating to such Continuation as required by such Section
of the Credit Agreement: 
  

	 	1.	The requested date of such Continuation is             , 20    .


  

	 	2.	The aggregate principal amount of the Revolving Loans subject to the requested Continuation is $         and the portion
of such principal amount subject to such Continuation is $        . 

  

	 	3.	The current Interest Period of the Revolving Loans subject to such Continuation ends on             ,
20    . 


  
 F-1










	 	4.	The duration of the Interest Period for the Revolving Loans or portion thereof subject to such Continuation is: 


[Check one box only] 
  ̈     one month 
  ̈     two months 
  ̈     three months 
  ̈     six months 
 The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof, as of the proposed date of the requested Continuation, and after giving effect to such Continuation,
no Default or Event of Default exists or will exist. 
  

					
	WASHINGTON REAL ESTATE INVESTMENT TRUST
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  




  
 F-2









 EXHIBIT G 
 FORM OF NOTICE OF CONVERSION 

            , 20     

Wells Fargo Bank, National Association 

Minneapolis Loan Center 
 608
2nd Avenue South, 11th Floor 
 Minneapolis, Minnesota 55402 
 Attn:  Jennifer Noonan 

Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement dated as of July 1, 2011 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), by and among Washington Real Estate Investment Trust, a real estate investment trust formed under the laws of the State of Maryland (the “Borrower”), the financial institutions
party thereto and their assignees under Section 12.7. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms
used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
 Pursuant to
Section 2.11. of the Credit Agreement, the Borrower hereby requests a Conversion of Revolving Loans of one Type into Revolving Loans of another Type under the Credit Agreement, and in that connection sets forth below the information relating to
such Conversion as required by such Section of the Credit Agreement: 
  

	 	1.	The requested date of such Conversion is             , 20    .


  

	 	2.	The Type of Revolving Loans to be Converted pursuant hereto is currently: 

 [Check one box only] 
  

	 	 ̈	Base Rate Loan 

  

	 	 ̈	LIBOR Loan 

  

	 	3.	The aggregate principal amount of the Revolving Loans subject to the requested Conversion is $         and the portion of
such principal amount subject to such Conversion is $        . 


  
 G-1










	 	4.	The amount of such Revolving Loans to be so Converted is to be converted into Revolving Loans of the following Type: 


[Check one box only] 
  

	 	 ̈	Base Rate Loan 

  

	 	 ̈	LIBOR Loan, with an initial Interest Period for a duration of: 

 [Check one box only] 
  

	 	 ̈	one month 

  

	 	 ̈	two months 

  

	 	 ̈	three months 

  

	 	 ̈	six months 

 The Borrower hereby
certifies to the Administrative Agent and the Lenders that as of the date hereof, as of the proposed date of the requested Conversion, and after giving effect to such Conversion, no Default or Event of Default exists or will exist. 

 

					
	WASHINGTON REAL ESTATE INVESTMENT TRUST
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  




  
 G-2









 EXHIBIT H 
 FORM OF NOTICE OF SWINGLINE BORROWING 

            , 20     

Wells Fargo Bank, National Association 

Minneapolis Loan Center 
 608
2nd Avenue South, 11th Floor 
 Minneapolis, Minnesota 55402 
 Attn:  Jennifer Noonan 

Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement dated as of July 1, 2011 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), by and among Washington Real Estate Investment Trust, a real estate investment trust formed under the laws of the State of Maryland (the “Borrower”), the financial institutions
party thereto and their assignees under Section 12.7. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms
used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
  

	 	1.	Pursuant to Section 2.4.(b) of the Credit Agreement, the Borrower hereby requests that the Swingline Lender make a Swingline Loan to the Borrower in an amount
equal to $        . 

  

	 	2.	The Borrower requests that such Swingline Loan be made available to the Borrower on             ,
20    . 

  

	 	3.	The Borrower requests that the proceeds of such Swingline Loan be made available to the Borrower by
            , 20    . 

 The Borrower hereby certifies to the Administrative Agent, the Swingline Lender and the Lenders that as of the date hereof, as of the date of the making of the requested Swingline Loan, and after making
such Swingline Loan, (a) no Default or Event of Default exists or would exist, and none of the limits described in Section 2.16. of the Credit Agreement would be violated after giving effect thereto; and (b) the Continuing
Representations are and shall be true and correct with the same force and effect as if made on and as of such date. In addition, the Borrower certifies to the Administrative Agent and the Lenders that all conditions to the making of the requested
Swingline Loan contained in Article V of the Credit Agreement will have been satisfied at the time such Swingline Loan is made. 

  
 H-1









 If notice of the requested borrowing of this Swingline Loan was previously given by
telephone, this notice is to be considered the written confirmation of such telephone notice required by Section 2.4.(b) of the Credit Agreement. 

 

					
	WASHINGTON REAL ESTATE INVESTMENT TRUST
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  




  
 H-2









 EXHIBIT I 
 FORM OF REVOLVING NOTE 
  

					
	$        	 		 	            , 20    

 FOR VALUE RECEIVED, the undersigned, WASHINGTON REAL ESTATE INVESTMENT TRUST, a real
estate investment trust formed under the laws of the State of Maryland (the “Borrower”), hereby unconditionally promises to pay to the order of
                     (the “Lender”), in care of Wells Fargo Bank, National Association, as Administrative Agent (the
“Administrative Agent”), located at 608 2nd
Avenue South, 11th Floor, Minneapolis, Minnesota, 55402,
or at such other address as may be specified by the Administrative Agent to the Borrower, the principal sum of                      AND
    /100 DOLLARS ($        ), or such lesser amount as may be the then outstanding and unpaid balance of all Revolving Loans made by the Lender to the Borrower pursuant to,
and in accordance with the terms of, the Credit Agreement. 
 The Borrower further agrees to pay interest at said office, in
like money, on the unpaid principal amount owing hereunder from time to time on the dates and at the rates and at the times specified in the Credit Agreement. 
 This Revolving Note is one of the “Revolving Notes” referred to in that certain Credit Agreement dated as of July 1, 2011 (as amended, restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”), by and among the Borrower, the financial institutions party thereto and their assignees under Section 12.7. thereof, the Administrative Agent, and the other parties thereto, and is subject to, and
entitled to, all provisions and benefits thereof. Capitalized terms used herein and not defined herein shall have the respective meanings given to such terms in the Credit Agreement. The Credit Agreement, among other things, (a) provides for
the making of Revolving Loans by the Lender to the Borrower from time to time in an aggregate amount not to exceed at any time outstanding the Dollar amount first above mentioned, (b) permits the prepayment of the Loans by the Borrower subject
to certain terms and conditions and (c) provides for the acceleration of the Revolving Loans upon the occurrence of certain specified events. 
 The Borrower hereby waives presentment, demand, protest and notice of any kind. No failure to exercise, and no delay in exercising any rights hereunder on the part of the holder hereof shall operate as a
waiver of such rights. 
 Time is of the essence for this Note. 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MARYLAND APPLICABLE TO CONTRACTS EXECUTED, AND
TO BE FULLY PERFORMED, IN SUCH STATE. 

  
 I-1









 IN WITNESS WHEREOF, the undersigned has executed and delivered this Revolving Note under
seal as of the date written above. 
  

					
	WASHINGTON REAL ESTATE INVESTMENT TRUST
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  




  
 I-2









 EXHIBIT J 
 FORM OF SWINGLINE NOTE 
  

			
	$75,000,000	 	                 , 20     

 FOR VALUE RECEIVED, the undersigned, WASHINGTON REAL ESTATE INVESTMENT TRUST, a real
estate investment trust formed under the laws of the State of Maryland (the “Borrower”), hereby promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Swingline Lender”) to its address at 608 2nd Avenue South, 11th Floor, Minneapolis, Minnesota, 55402, or at such other address as
may be specified by the Swingline Lender to the Borrower, the principal sum of SEVENTY FIVE MILLION AND NO/100 DOLLARS ($75,000,000) (or such lesser amount as shall equal the aggregate unpaid principal amount of Swingline Loans made by the Swingline
Lender to the Borrower under the Credit Agreement (as defined herein)), on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid principal amount owing hereunder, at the rates and on the dates
provided in the Credit Agreement. 
 The date, amount of each Swingline Loan, and each payment made on account of the principal
thereof, shall be recorded by the Swingline Lender on its books and, prior to any transfer of this Note, endorsed by the Swingline Lender on the schedule attached hereto or any continuation thereof, provided that the failure of the Swingline
Lender to made any such recordation or endorsement shall not affect the obligations of the Borrower to make a payment when due of any amount owing under the Credit Agreement or hereunder in respect of the Swingline Loans. 

This Note is the “Swingline Note” referred to in that certain Credit Agreement dated as of July 1, 2011 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the financial institutions party thereto and their assignees under Section 12.7. thereof, Wells Fargo Bank, National
Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto, and evidences Swingline Loans made to the Borrower thereunder. Terms used but not otherwise defined in this Note have the respective meanings
assigned to them in the Credit Agreement. 
 The Credit Agreement provides for the acceleration of the maturity of this Note
upon the occurrence of certain events and for prepayments of Swingline Loans upon the terms and conditions specified therein. 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MARYLAND APPLICABLE TO CONTRACTS EXECUTED, AND
TO BE FULLY PERFORMED, IN SUCH STATE. 
 The Borrower hereby waives presentment for payment, demand, notice of demand, notice of
non-payment, protest, notice of protest and all other similar notices. 

  
 J-1









 Time is of the essence for this Note. 

IN WITNESS WHEREOF, the undersigned has executed and delivered this Swingline Note under seal as of the date first written above.

  

					
	WASHINGTON REAL ESTATE INVESTMENT TRUST
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  




  
 J-2









 SCHEDULE OF SWINGLINE LOANS 

This Note evidences Swingline Loans made under the within-described Credit Agreement to the Borrower, on the dates and in the principal
amounts set forth below, subject to the payments and prepayments of principal set forth below: 
  

									
	 Date of Loan
	 	 Principal
 Amount of

Loan
	 	 Amount Paid

or Prepaid
	  	 Unpaid
 Principal

Amount
	  	 Notation

Made By



  
 J-3









 EXHIBIT K 
 FORM OF BID RATE QUOTE REQUEST 

            ,      

Wells Fargo Bank, National Association 

Minneapolis Loan Center 
 608
2nd Avenue South, 11th Floor 
 Minneapolis, Minnesota 55402 
 Attn:  Jennifer Noonan 

Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement dated as of July 1, 2011 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), by and among Washington Real Estate Investment Trust, a real estate investment trust formed under the laws of the State of Maryland (the “Borrower”), the financial institutions
party thereto and their assignees under Section 12.7. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms
used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
  

	 	1.	The Borrower hereby requests Bid Rate Quotes for the following proposed Bid Rate Borrowings: 


 

							
	 Borrowing Date
	 	 Amount1
	 	 Type2
	 	 Interest Period3

	             ,
20    
	 	$             	 	            	 	     days

  

	 	2.	The Borrower’s Credit Rating, as applicable, as of the date hereof is: 


 

							
		 	S&P	    	            	 	
		 	Moody’s	    	            	 	
		 	Fitch	    	            	 	

  

	1 	 Minimum amount of $5,000,000 or larger multiple of $1,000,000. 



	2 	 Insert either Absolute Rate (for Absolute Rate Loan) or LIBOR Margin (for LIBOR Margin Loan). 



	3 	 Must be between 7 and 90 days. 



  
 K-1










	 	3.	The proceeds of this Bid Rate borrowing will be used for the following purpose: 

                                  
                                         
       

                      
                                         
                         . 
  

	 	4.	After giving effect to the Bid Rate Borrowing requested herein, the total amount of Bid Rate Loans outstanding shall be
$        . 

 The Borrower hereby certifies to the
Administrative Agent and the Lenders that as of the date hereof, as of the date of the making of the requested Bid Rate Loans, and after making such Bid Rate Loans, (a) (a) no Default or Event of Default exists or would exist, and none of
the limits described in Section 2.16. of the Credit Agreement would be violated after giving effect thereto; and (b) the Continuing Representations are and shall be true and correct with the same force and effect as if made on and as of
such date. In addition, the Borrower certifies to the Administrative Agent and the Lenders that all conditions to the making of the requested Bid Rate Loans contained in Article V of the Credit Agreement will have been satisfied at the time
such Bid Rate Loans are made. 
  

					
	WASHINGTON REAL ESTATE INVESTMENT TRUST
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  




  
 K-2









 EXHIBIT L 
 FORM OF BID RATE QUOTE 

            ,      

Wells Fargo Bank, National Association 

Minneapolis Loan Center 
 608
2nd Avenue South, 11th Floor 
 Minneapolis, Minnesota 55402 
 Attn:  Jennifer Noonan 

Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement dated as of July 1, 2011 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), by and among Washington Real Estate Investment Trust, a real estate investment trust formed under the laws of the State of Maryland (the “Borrower”), the financial institutions
party thereto and their assignees under Section 12.7. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms
used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
 In response
to the Borrower’s Bid Rate Quote Request dated             , 20    , the undersigned hereby makes the following Bid Rate Quote(s) on the following
terms: 
  

	 	1.	Quoting
Lender:                                        
 

  

	 	2.	Person to contact at quoting
Lender:                                        
 


  
 L-1










	 	3.	The undersigned offers to make Bid Rate Loan(s) in the following principal amount(s), for the following Interest Period(s) and at the following Bid Rate(s):


  

											
	 Borrowing Date
	 	
Amount1
	 	Type2	 	 Interest
Period3
	 	 Bid Rate
	 
	             ,
20    
	 	$            	 	                    	 	    days	 	 	    	% 
					
	             ,
20    
	 	$            	 	                    	 	    days	 	 	    	% 
					
	             ,
20    
	 	$            	 	                    	 	    days	 	 	    	% 

 The undersigned understands and agrees that the offer(s) set forth above, subject to satisfaction of the
applicable conditions set forth in the Credit Agreement, irrevocably obligate[s] the undersigned to make the Bid Rate Loan(s) for which any offer(s) [is/are] accepted, in whole or in part. 

 

					
	  

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  



  

	1 	 Minimum amount of $5,000,000 or larger multiple of $1,000,000. 



	2 	 Insert either Absolute Rate (for Absolute Rate Loan) or LIBOR Margin (for LIBOR Margin Loan). 



	3 	 Must be between 7 and 90 days. 



  
 L-2









 EXHIBIT M 
 FORM OF BID RATE QUOTE ACCEPTANCE 

            , 20     

Wells Fargo Bank, National Association 

Minneapolis Loan Center 
 608
2nd Avenue South, 11th Floor 
 Minneapolis, Minnesota 55402 
 Attn:  Jennifer Noonan 

Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement dated as of July 1, 2011 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), by and among Washington Real Estate Investment Trust, a real estate investment trust formed under the laws of the State of Maryland (the “Borrower”), the financial institutions
party thereto and their assignees under Section 12.7. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms
used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
 The
Borrower hereby accepts the following offer(s) of Bid Rate Quotes to be made available to the Borrower on                     ,
            : 
  

							
	     Quote Date    
	 	 Quoting Lender
	 	Type	 	 Amount Accepted

	             ,
20    
	 	                    	 	                    	 	$                 
				
	             ,
20    
	 	                    	 	                    	 	$                 
				
	             ,
20    
	 	                    	 	                    	 	$                 

 The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof, as
of the date of the making of the requested Bid Rate Loans, and after making such Bid Rate Loans, (a) no Default or Event of Default exists or would exist, and none of the limits described in Section 2.16. of the Credit Agreement would be
violated after giving effect thereto; and (b) the Continuing Representations are and shall be true and correct with the same force and effect as if made on and as of such date. In addition, the Borrower certifies to the Administrative Agent and
the Lenders that all conditions to the making of the requested Bid Rate Loans contained in Article V of the Credit Agreement will have been satisfied at the time such Bid Rate Loans are made. 

  
 M-1









 
					
	 WASHINGTON REAL ESTATE INVESTMENT TRUST

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  




  
 M-2









 EXHIBIT N 
 FORM OF OPINION OF COUNSEL TO THE BORROWER AND GUARANTORS 
 [See Attached]


  
 N-1









 EXHIBIT O 
 FORM OF COMPLIANCE CERTIFICATE 
 Reference is made to that certain Credit
Agreement dated as of July 1, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Washington Real Estate Investment Trust, a real estate investment trust formed under
the laws of the State of Maryland (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.7. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent
(the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given to them in the Credit Agreement. 

Pursuant to Section 8.3. of the Credit Agreement, the undersigned, the chief financial officer of the Borrower, hereby certifies to
the Administrative Agent and the Lenders that: 
 1. (a) The undersigned has reviewed the terms of the Credit Agreement and has
made a review of the transactions, financial condition and other affairs of the Borrower and its Subsidiaries as of, and during the relevant accounting period ending on,
            , 20     and (b) such review has not disclosed the existence during such accounting period, and the undersigned does not have knowledge of
the existence, as of the date hereof, of any condition or event constituting a Default or Event of Default [except as set forth on Attachment A hereto, which accurately describes the nature of the conditions(s) or event(s) that constitute
(a) Default(s) or (an) Event(s) of Default and the actions which the Borrower (is taking)(is planning to take) with respect to such condition(s) or event(s)]. 
 2. (a) No Default or Event of Default exists, and (b) the Continuing Representations are true and correct with the same force and effect as if made on and as of the date hereof. 

3. Schedule 1 attached hereto accurately and completely sets forth the calculations required to establish compliance with
Section 9.1. of the Credit Agreement on the date of the financial statements for the accounting period set forth above. 
 4. Schedule 2(i) attached hereto accurately and completely sets forth a reasonably detailed list of all Properties which the Borrower has elected to include in calculations of Unencumbered NOI and
Unencumbered Pool Value for the fiscal period covered by this Compliance Certificate.1 
  

	1 	 So long as no Default or Event of Default exists or would occur as a result of such election, the Borrower shall be free to include or exclude from
such calculations any Property that would otherwise be eligible for inclusion. 



  
 O-1









 5. Schedule 2(ii) attached hereto accurately and completely sets forth a calculation
of the Consolidated Unsecured Liabilities at the end of the fiscal period covered by this Compliance Certificate. 
 6.
Schedule 2(iii) attached hereto accurately and completely sets forth a summary with respect to each Property the Borrower has elected to include in calculations of Unencumbered NOI and Unencumbered Pool Value, including without limitation, a
quarterly and year-to-date statement of Net Operating Income and a leasing/occupancy status report. 
 7. Schedule 2(iv)
attached hereto accurately and completely sets forth a statement of Funds From Operations [for the most recently ended fiscal quarter] [for the most recently ended fiscal year]. 

8. Schedule 2(v) attached hereto accurately and completely sets forth a report listing Properties acquired in the most recently
ended fiscal quarter, setting forth for each such Property the purchase price and Net Operating Income for such Property and indicating whether such Property is collateral for any Indebtedness of the owner of such Property that is secured in any
manner by any Lien and, if so, a description of such Indebtedness. 
 IN WITNESS WHEREOF, the undersigned has signed this
Compliance Certificate on and as of             , 20    . 

 

					
	  

	Name:	 	  
	 	,
		 	as the Chief Financial Officer of
		 	Washington Real Estate Investment Trust



  
 O-2









 Loan No. [            ]

 EXHIBIT P 
 TRANSFER AUTHORIZER DESIGNATION 
 (For Disbursement of Loan Proceeds by
Funds Transfer) 
  ̈  NEW     ̈  REPLACE PREVIOUS
DESIGNATION     ̈  ADD     ̈  CHANGE     ̈  DELETE LINE NUMBER               
 The following representatives of WASHINGTON REAL ESTATE INVESTMENT TRUST, a real estate investment trust formed under the laws of the State of Maryland (“Borrower”), are authorized to request
the disbursement of proceeds of the Loans and initiate funds transfers for Loan Number [                    ] assigned to the unsecured
revolving credit facility evidenced by that certain Credit Agreement dated as of July 1, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the
financial institutions initially a signatory thereto and with their assignees under Section 12.7. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the
other parties thereto. The Administrative Agent is authorized to rely on this Transfer Authorizer Designation until it has received a new Transfer Authorizer Designation signed by Borrower, even in the event that any or all of the foregoing
information may have changed. 
  

							
	  	  	Name	  	Title	  	 Maximum
Wire
 Amount1

	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  		  	 
	
    
	  	 	  	 	  	 

 [Continued on next page] 

 

  
 P-1









 Loan No. [            ]

  

	
	Beneficiary Bank and Account Holder Information

 1. 

			
	 Transfer Funds to (Receiving Party Account
Name):

	 Receiving Party Account
Number:

	 Receiving Bank Name,
City and State:
	  	 Receiving
 Bank Routing

(ABA) Number

	 Maximum Transfer Amount:
	  	 
	 Further Credit Information/Instructions:


 2. 

			
	 Transfer Funds to (Receiving Party Account
Name):

	
Receiving Party Account Number:

	 Receiving Bank
Name, City and State:
	  	
Receiving
 Bank Routing
 (ABA) Number

	 Maximum Transfer Amount:
	  	 
	
Further Credit Information/Instructions:


 3. 

			
	 Transfer Funds to (Receiving Party Account
Name):

	
Receiving Party Account Number:

	 Receiving Bank Name, City and
State:
	  	
Receiving
 Bank Routing
 (ABA) Number

	 Maximum Transfer Amount:
	  	 
	
Further Credit Information/Instructions:


  

	1	Maximum Wire Amount may not exceed the Loan Amount. 

 [Signature provided on next page] 

  
 P-2









 Loan No. [            ]

 Date:             , 20     

“BORROWER” 
 WASHINGTON REAL ESTATE
INVESTMENT TRUST, 
 a Maryland real estate investment trust 
  

	
	By:
                                         
                                 
	   Name:
                                         
                     

	   Title:
                                         
                       



  
 P-3