Exhibit 10.1


 


Execution
Version


 


	
      
	
    Deal CUSIP Number: 64119EAD5

    Revolving Credit CUSIP Number: 64119EAE3

    Term Loan CUSIP Number: 64119EAF0



 


CREDIT AGREEMENT


 


Dated as of August 11, 2022


 


by and among


 


NETSTREIT, L.P.,

as Borrower,


 


NETSTREIT CORP.,

as Parent


 


THE FINANCIAL INSTITUTIONS PARTY HERETO

AND THEIR ASSIGNEES UNDER SECTION 13.5.,

as Lenders,


 


PNC BANK, NATIONAL ASSOCIATION,

as Administrative Agent,


 


WELLS FARGO BANK, NATIONAL ASSOCIATION and


U.S. BANK NATIONAL ASSOCIATION,

as Co-Syndication Agents


 


and


 


CAPITAL ONE, NATIONAL ASSOCIATION,


THE HUNTINGTON NATIONAL BANK,


REGIONS BANK,


THE BANK OF NOVA SCOTIA,


TD BANK, N.A. and


TRUIST BANK


 


as Co-Documentation Agents


 





 



 


PNC CAPITAL MARKETS LLC,


WELLS FARGO SECURITIES, LLC and

U.S. BANK NATIONAL ASSOCIATION,

as Joint Lead Arrangers and Joint Bookrunners


 


PNC CAPITAL MARKETS LLC,


as Sustainability Structuring Agent


 


 






    1


     


    

 


TABLE OF CONTENTS


 


	ARTICLE I DEFINITIONS	1
	Section 1.1.	Definitions	1
	Section 1.2.	General; References to
Central Time	44
	Section 1.3.	Financial Attributes of
Non-Wholly Owned Subsidiaries and Unconsolidated Affiliates	45
	Section 1.4.	SOFR Notification; Conforming
Changes Relating to Adjusted Term SOFR Rate and Adjusted Daily Simple SOFR Rate	45
	Section 1.5.	Division	46
	ARTICLE II CREDIT FACILITY	46
	Section 2.1.	Revolving Loans	46
	Section 2.2.	Term Loans	47
	Section 2.3.	[Reserved]	49
	Section 2.4.	Letters of Credit	49
	Section 2.5.	Swingline Loans	55
	Section 2.6.	Rates and Payment of Interest on Loans	58
	Section 2.7.	Number of Interest Periods	59
	Section 2.8.	Repayment of Loans	59
	Section 2.9.	Prepayments	59
	Section 2.10.	Continuation	60
	Section 2.11.	Conversion	61
	Section 2.12.	Notes	61
	Section 2.13.	Voluntary Reductions of the Revolving Commitment	62
	Section 2.14.	Extension of Revolving Termination Date	62
	Section 2.15.	Expiration Date of Letters of Credit Past Revolving Commitment Termination	63
	Section 2.16.	Amount Limitations	63
	Section 2.17.	Incremental Facilities	64
	Section 2.18.	Funds Transfer Disbursements	65
	ARTICLE III PAYMENTS, FEES AND OTHER GENERAL PROVISIONS 	65
	Section 3.1.	Payments	65
	Section 3.2.	Pro Rata Treatment	66
	Section 3.3.	Sharing of Payments, Etc.	67



 






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	Section 3.4.	Several Obligations	67
	Section 3.5.	Fees	68
	Section 3.6.	Computations	69
	Section 3.7.	Usury	69
	Section 3.8.	Statements of Account	69
	Section 3.9.	Defaulting Lenders	70
	Section 3.10.	Taxes	74
	Section 3.11.	Sustainability Adjustments	78
	ARTICLE IV Eligibility of Properties 	80
	Section 4.1.	Eligibility of Properties	80
	Section 4.2.	Release of Eligible Properties	80
	ARTICLE V YIELD PROTECTION, ETC. 	81
	Section 5.1.	Additional Costs; Capital Adequacy	81
	Section 5.2.	Suspension of SOFR Loans	83
	Section 5.3.	Illegality	84
	Section 5.4.	Compensation	84
	Section 5.5.	Treatment of Affected Loans	85
	Section 5.6.	Affected Lenders	86
	Section 5.7.	Change of Lending Office	86
	Section 5.8.	Assumptions Concerning Funding of SOFR Loans	87
	Section 5.9.	Benchmark Replacement Setting	87
	ARTICLE
VI CONDITIONS PRECEDENT	88
	Section 6.1.	Initial Conditions Precedent	88
	Section 6.2.	Conditions Precedent to All Loans and Letters of Credit	91
	ARTICLE
VII REPRESENTATIONS AND WARRANTIES	92
	Section 7.1.	Representations and Warranties	92
	Section 7.2.	Survival of Representations and Warranties, Etc.	99
	ARTICLE
VIII AFFIRMATIVE COVENANTS	100
	Section 8.1.	Preservation of Existence and Similar Matters	100
	Section 8.2.	Compliance with Applicable Law	100
	Section 8.3.	Maintenance of Property	100



 






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	Section 8.4.	Conduct of Business	101
	Section 8.5.	Insurance	101
	Section 8.6.	Payment of Taxes and Claims	101
	Section 8.7.	Books and Records; Inspections	101
	Section 8.8.	Use of Proceeds	102
	Section 8.9.	Environmental Matters	102
	Section 8.10.	Further Assurances	103
	Section 8.11.	Compliance with ERISA	103
	Section 8.12.	Guarantors	103
	Section 8.13.	Anti-Corruption Laws; Beneficial Ownership Regulation	104
	Section 8.14.	REIT Status	104
	ARTICLE
IX INFORMATION	104
	Section 9.1.	Quarterly Financial Statements	104
	Section 9.2.	Year-End Statements	105
	Section 9.3.	Compliance Certificate; Statement of Funds from Operations; Unencumbered Asset Value	105
	Section 9.4.	Other Information	105
	Section 9.5.	Electronic Delivery of Certain Information	108
	Section 9.6.	Public/Private Information	108
	Section 9.7.	USA Patriot Act Notice; Compliance	108
	Section 9.8.	Sustainability-Related Information	109
	ARTICLE X NEGATIVE COVENANTS 	109
	Section 10.1.	Financial Covenants	109
	Section 10.2.	Negative Pledge	111
	Section 10.3.	Restrictions on Intercompany Transfers	112
	Section 10.4.	Merger, Consolidation, Sales of Assets and Other Arrangements	112
	Section 10.5.	Plans	113
	Section 10.6.	Fiscal Year	113
	Section 10.7.	Modifications of Organizational Documents	113
	Section 10.8.	Subordinated Debt Prepayments; Amendments	113
	Section 10.9.	Transactions with Affiliates	114
	Section 10.10.	Environmental Matters	115



 






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	Section 10.11.	Derivatives Contracts	115
	ARTICLE
XI DEFAULT	115
	Section 11.1.	Events of Default	115
	Section 11.2.	Remedies Upon Event of
Default	120
	Section 11.3.	Remedies Upon Default	121
	Section 11.4.	Marshaling; Payments Set
Aside	121
	Section 11.5.	Allocation of Proceeds	121
	Section 11.6.	Letter of Credit Collateral
Account	122
	Section 11.7.	Rescission of Acceleration
by Requisite Lenders	124
	Section 11.8.	Performance by Administrative
Agent	124
	Section 11.9.	Rights Cumulative	124
	ARTICLE
XII THE ADMINISTRATIVE AGENT	125
	Section 12.1.	Appointment and Authorization	125
	Section 12.2.	Administrative Agent as
Lender	126
	Section 12.3.	Approvals of Lenders	127
	Section 12.4.	Notice of Events of Default	127
	Section 12.5.	Administrative Agent’s
Reliance	128
	Section 12.6.	Indemnification of Administrative
Agent	129
	Section 12.7.	Lender Credit Decision, Etc.	130
	Section 12.8.	Successor Administrative
Agent	131
	Section 12.9.	Arrangers and Titled Agents	131
	Section 12.10.	Specified Derivatives Contracts
and Specified Cash Management Agreements	132
	Section 12.11.	Certain ERISA Matters	132
	Section 12.12.	Release of Guarantors	133
	Section 12.13.	Erroneous Payments	133
	ARTICLE
XIII MISCELLANEOUS	136
	Section 13.1.	Notices	136
	Section 13.2.	Expenses	137
	Section 13.3.	Setoff	138
	Section 13.4.	Litigation; Jurisdiction;
Other Matters; Waivers	139
	Section 13.5.	Successors and Assigns	140



 






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	Section 13.6.	Amendments and Waivers	145
	Section 13.7.	Nonliability of Administrative
Agent and Lenders	149
	Section 13.8.	Confidentiality	150
	Section 13.9.	Indemnification	151
	Section 13.10.	Termination; Survival	152
	Section 13.11.	Severability of Provisions	153
	Section 13.12.	GOVERNING LAW	153
	Section 13.13.	Counterparts	153
	Section 13.14.	Obligations with Respect
to Loan Parties and Subsidiaries	153
	Section 13.15.	Independence of Covenants	153
	Section 13.16.	Limitation of Liability	153
	Section 13.17.	Entire Agreement	154
	Section 13.18.	Construction	154
	Section 13.19.	Headings	154
	Section 13.20.	Acknowledgment and Consent
to Bail-In of Affected Financial Institutions	154
	Section 13.21.	Acknowledgment Regarding Any Supported QFCs	155


 


	SCHEDULE I	Commitments
	
    SCHEDULE 1.1.

    SCHEDULE 3.11
	
    List of Loan Parties

    Sustainability Table

	SCHEDULE 7.1.(b)	Ownership Structure
	SCHEDULE 7.1.(f)	Properties; Liens
	SCHEDULE 7.1.(g)	Indebtedness and Guaranties 
	SCHEDULE 7.1.(h)	Litigation
	SCHEDULE 7.1.(r)	Affiliate Transactions


 


	EXHIBIT A	Form of Assignment and Assumption Agreement
	EXHIBIT B	Form of Disbursement Instruction Agreement
	EXHIBIT C	Form of Guaranty
	EXHIBIT D	Form of Notice of Borrowing
	EXHIBIT E	Form of Notice of Continuation
	EXHIBIT F	Form of Notice of Conversion
	EXHIBIT G	Form of Notice of Swingline Borrowing
	EXHIBIT H	Form of Revolving Note
	EXHIBIT I	Form of Swingline Note
	EXHIBIT J	Form of Term Note
	EXHIBITS K-1 – K-4	Forms of U.S. Tax Compliance Certificates
	
    EXHIBIT L

    EXHIBIT M
	
    Form of Compliance Certificate

    Form of Sustainability Certificate



 






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THIS CREDIT AGREEMENT (this
 “Agreement”) dated as of August 11, 2022 by and among NETSTREIT, L.P., a limited partnership formed under the
laws of the State of Delaware (the “Borrower”), NETSTREIT CORP., a Maryland real estate investment trust (the “Parent”),
each of the financial institutions initially a signatory hereto together with their successors and assignees under Section 13.5.
(the “Lenders”), and PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”).


 


WHEREAS, the Administrative
Agent, the Issuing Bank, the Swingline Lender and the Lenders desire to make available to the Borrower credit facilities in the initial
amount of $600,000,000, which will include a $200,000,000 delayed draw term loan facility and a $400,000,000 revolving credit facility
with a $40,000,000 swingline subfacility and a $40,000,000 letter of credit subfacility, on the terms and conditions contained herein.


 


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


 


ARTICLE I DEFINITIONS


 


Section 1.1.     Definitions.


 


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


 


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


 


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


 


“Adjusted
Daily Simple SOFR Rate” means, for purposes of any calculation, the rate per annum equal to the greater of (a) the sum
of (i) Daily Simple SOFR for such calculation plus (ii) the SOFR Adjustment and (b) the SOFR Floor.


 


“Adjusted EBITDA”
means, as to any Person for any period and without duplication, the sum of (a) EBITDA of such Person and its Subsidiaries determined
on a consolidated basis plus (b) such Person’s Ownership Share of EBITDA of any Unconsolidated Affiliate of such Person
for such period minus (c) Reserve for Replacements for such period.


 


“Adjusted
Term SOFR Rate” means, for purposes of any calculation, the rate per annum equal to the greater of (a) the sum of (i) Term
SOFR Rate for such calculation plus (ii) the SOFR Adjustment and (b) the SOFR Floor.


 


“Adjusted Total Asset
Value” means Total Asset Value of the Parent and its Subsidiaries determined on a consolidated basis exclusive of assets that
are owned by Excluded Subsidiaries or Unconsolidated Affiliates.


 


“Administrative Agent”
means PNC Bank, National Association, including its branches and affiliates, as contractual representative of the Lenders under this Agreement,
or any successor Administrative Agent appointed pursuant to Section 12.8.


 






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


 


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


 


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


 


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


 


“Anti-Corruption
Laws” means all Applicable Laws of any jurisdiction concerning or relating to bribery or corruption, including, without limitation,
the United States Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder.


 


“Anti-Money Laundering
Laws” means any and all Applicable Laws related to terrorism financing or money laundering, including, without limitation, any
applicable provision of the Patriot Act and The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy
Act,” 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959).


 


“Applicable Facility
Fee” means the percentage set forth in the column titled “Applicable Facility Fee” corresponding to the Level at
which the “Applicable Margin” is determined in accordance with the definition thereof. 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. The
provisions of this definition shall be subject to Section 2.6.(c).


 


“Applicable Law”
means all international, foreign, federal, state and local statutes, treaties, rules, 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, licenses, authorizations
and permits of, and agreements with, any Governmental Authority, in each case having the force of law.


 






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“Applicable Margin”
means:


 


(a)            Prior
to the Investment Grade Rating Date, the percentage rate set forth below corresponding to the Total Leverage Ratio, as determined in accordance
with Section 10.1.(a):


 


	Level	 	 	Total Leverage Ratio	 	Applicable

 Margin for 

SOFR Loans

 that are

 Revolving 

Loans	 	 	Applicable

 Margin for 

Base Rate

 Loans that are

 Revolving

 Loans	 	 	Applicable

 Margin for

 SOFR Loans

 that are 

Term Loans	 	 	Applicable

 Margin for 

Base Rate 

Loans that are

 Term Loans	 	 	Applicable

 Facility Fee	 
	1	 	 	Less than or equal to 0.35 to 1.00	 	 	1.00	%	 	 	0.00	%	 	 	1.15	%	 	 	0.15	%	 	 	0.15	%
	2	 	 	Greater than 0.35 to 1.00 but less than or equal to 0.40 to 1.00	 	 	1.05	%	 	 	0.05	%	 	 	1.20	%	 	 	0.20	%	 	 	0.15	%
	3	 	 	Greater than 0.40 to 1.00 but less than or equal to 0.45 to 1.00	 	 	1.10	%	 	 	0.10	%	 	 	1.25	%	 	 	0.25	%	 	 	0.20	%
	4	 	 	Greater than 0.45 to 1.00 but less than or equal to 0.50 to 1.00	 	 	1.20	%	 	 	0.20	%	 	 	1.35	%	 	 	0.35	%	 	 	0.20	%
	5	 	 	Greater than 0.50 to 1.00 but less than or equal to 0.55 to 1.00	 	 	1.25	%	 	 	0.25	%	 	 	1.45	%	 	 	0.45	%	 	 	0.30	%
	6	 	 	Greater than 0.55 to 1.00	 	 	1.45	%	 	 	0.45	%	 	 	1.60	%	 	 	0.60	%	 	 	0.30	%



 


The Applicable Margin for Loans shall be determined
by the Administrative Agent from time to time, based on the Total Leverage Ratio as set forth in the Compliance Certificate most recently
delivered by the Borrower pursuant to Section 9.3. Any adjustment to the Applicable Margin shall be effective as of the fifth (5th)
Business Day following the Business Day during which the Borrower delivers to the Administrative Agent the applicable Compliance Certificate
pursuant to Section 9.3. If the Borrower fails to deliver a Compliance Certificate pursuant to Section 9.3., the Applicable
Margin shall equal the percentages corresponding to Level 6 under clause (a) until the fifth (5th) Business Day following
the Business Day that the required Compliance Certificate is delivered. Notwithstanding the foregoing, for the period from the Effective
Date through but excluding the date on which the Administrative Agent first determines the Applicable Margin for Loans as set forth above,
the Applicable Margin shall be determined based on Level 1 in clause (a) above. Thereafter, such Applicable Margin shall be adjusted
from time to time as set forth in this definition.


 


(b)            From
and after the Investment Grade Rating Date, the percentage rate set forth below corresponding to the Level in the first column of the
table below in which the Parent’s or Borrower’s Credit Rating falls:


 


	Level	 	 	Credit Rating	 	Applicable

 Margin for SOFR

 Loans that are

 Revolving Loans	 	 	Applicable Margin

 for Base Rate

 Loans that are 

Revolving Loans	 	 	Applicable

 Margin for 

SOFR Loans that

 are Term Loans	 	 	Applicable

 Margin for Base

 Rate Loans that

 are Term Loans	 	 	Applicable

 Facility Fee	 
	1	 	 	>
    A- / A3	 	 	0.725	%	 	 	0.00	%	 	 	0.80	%	 	 	0.00	%	 	 	0.125	%
	2	 	 	BBB+ / Baa1	 	 	0.775	%	 	 	0.00	%	 	 	0.85	%	 	 	0.00	%	 	 	0.15	%
	3	 	 	BBB / Baa2	 	 	0.85	%	 	 	0.00	%	 	 	0.95	%	 	 	0.00	%	 	 	0.20	%
	4	 	 	BBB- / Baa3	 	 	1.05	%	 	 	0.05	%	 	 	1.20	%	 	 	0.20	%	 	 	0.25	%
	5	 	 	< BBB- / Baa3	 	 	1.40	%	 	 	0.40	%	 	 	1.60	%	 	 	0.60	%	 	 	0.30	%



 






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During any period that the Parent or Borrower
has received Credit Ratings from each of S&P, Fitch and Moody’s that are not equivalent and the difference between the highest
and lowest of such Credit Ratings is (i) one Level, then the Applicable Margin shall be determined based on the highest of such Credit
Ratings or (ii) two or more Levels, then the Applicable Margin shall be determined based on the average of the two highest Credit
Ratings (unless the average is not a recognized Level, in which case the Applicable Margin shall be determined based on the second highest
Credit Rating). During any period that the Parent or Borrower has received only two Credit Ratings from any of S&P, Fitch and Moody’s
that are not equivalent and the difference between such Credit Ratings is (x) one Level, then the Applicable Margin shall be determined
based on the higher of such Credit Ratings or (y) two or more Pricing Levels, then the Applicable Margin shall be determined based
on the Pricing Level that would be applicable if the rating was one higher than the lower of the two applicable Credit Ratings received.
During any period that the Parent or Borrower has only received a Credit Rating from Moody’s or S&P, then the Applicable Margin
shall be based upon such Credit Rating. During any period after the Investment Grade Rating Date that the Parent or Borrower has (A) not
received a Credit Rating from any Rating Agency or (B) only received a Credit Rating from a Rating Agency that is neither S&P
nor Moody’s, then the Applicable Margin shall be determined based on Pricing Level 5 in the table above.


 


(c)            It
is hereby understood and agreed that the Applicable Margin shall be adjusted from time to time based upon the Sustainability Rate Adjustment
(to be calculated and applied as set forth in Section 3.11); provided that in no event shall the Applicable Margin be less than 0.00%.
Notwithstanding anything to the contrary herein, until the delivery of the Sustainability Certificate delivered in respect of Reference
Year ending December 31, 2022, pursuant to Section 3.11, the Sustainability Rate Adjustment shall be zero and there shall be
no Sustainability Rate Adjustment to the Applicable Margin.


 


(d)            The
provisions of this definition shall be subject to Section 2.6.(c).


 


“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.


 


“Arrangers”
means, each of PNC Capital Markets LLC, Wells Fargo Securities, LLC and U.S. Bank National Association, each in its capacity as a joint
lead arranger and joint bookrunner.


 


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


 


“Availability Period”
means the period from and including the Effective Date to but excluding the Availability Termination Date.


 






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“Availability Termination
Date” means the first to occur of: (a) August 11, 2023 and (b) the date on which the Term Loan Commitments are
terminated or reduced to zero in accordance herewith.


 


“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark
is a term rate or is based on a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest
Period or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to
this Agreement as of such date.


 


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


 


“Bail-In
Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU
of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such
EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United
Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable
in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their
affiliates (other than through liquidation, administration or other insolvency proceedings).


 


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


 


“Base Rate”
means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) the Adjusted
Daily Simple SOFR Rate plus 1.0% so long as Daily Simple SOFR is offered, ascertainable and not unlawful;
provided, however, if the Base Rate as determined above would be less than one percent (1.00%), then such rate shall be deemed to be one
percent (1.00%). Any change in the Base Rate (or any component thereof) shall take effect at the opening of business on the day such change
occurs.


 


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


 


“Benchmark”
means, initially, the Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR Rate, as applicable; provided that if a Benchmark Transition
Event and its related Benchmark Replacement Date have occurred with respect to the Adjusted Term SOFR Rate or the Adjusted Daily Simple
SOFR Rate, as applicable, or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the
extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to this Section. Any reference to “Benchmark”
shall include, as applicable, the published component used in the calculation thereof.


 


“Benchmark Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to the Adjusted Term SOFR Rate and Adjusted Daily Simple SOFR Rate or,
if no floor is specified, zero.


 






    5


     


    

 


“Benchmark Replacement”
means, for any Available Tenor, the sum of (A) the alternate benchmark rate that has been selected by the Administrative Agent and
the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any
evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body, for U.S.
dollar-denominated syndicated credit facilities at such time and (B) the related Benchmark Replacement Adjustment; provided that
if the Benchmark Replacement as determined above would be less than the Benchmark Floor, the Benchmark Replacement will be deemed to be
the Benchmark Floor for the purposes of this Agreement and the other Loan Documents and provided further, that any such Benchmark Replacement
shall be administratively feasible as determined by the Administrative Agent in its sole discretion.


 


“Benchmark Replacement
Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for
any applicable Available Tenor for any setting of such Unadjusted Benchmark Replacement the spread adjustment, or method for calculating
or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative
Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to any evolving or then-prevailing market convention,
including any applicable recommendations made by the Relevant Governmental Body, for U.S. dollar-denominated syndicated credit facilities
at such time; provided that, if the then-current Benchmark is a term rate, more than one tenor of such Benchmark is available as of the
applicable Benchmark Replacement Date and the applicable Unadjusted Benchmark Replacement will not be a term rate, the Available Tenor
of such Benchmark for purposes of this definition of “Benchmark Replacement Adjustment” shall be deemed to be the Available
Tenor that has approximately the same length (disregarding business day adjustments) as the payment period for interest calculated with
reference to such Unadjusted Benchmark Replacement.


 


“Benchmark Replacement
Date” means a date and time determined by the Administrative Agent, which date shall be at the end of an Interest Period and
no later than the earliest to occur of the following events with respect to the then-current Benchmark:


 


(i)            in
the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (A) the date
of the public statement or publication of information referenced therein and (B) the date on which the administrator of such Benchmark
(or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such
Benchmark (or such component thereof); or


 


(ii)            in
the case of clause (3) of the definition of “Benchmark Transition Event,” the date determined by the Administrative Agent,
which date shall promptly follow the date of the public statement or publication of information referenced therein;


 


For the avoidance of doubt, (i) if the event
giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination,
the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark
Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon
the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark
(or the published component used in the calculation thereof).


 






    6


     


    

 


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


 


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


 


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


 


(iii)            a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) or an Official Body having jurisdiction over the Administrative Agent announcing that all Available
Tenors of such Benchmark (or such component thereof) are no longer representative.


 


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


 


“Benchmark Unavailability
Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or
(2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes
hereunder and under any Loan Document in accordance with this Section titled “Benchmark Replacement Setting” and (y) ending
at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document
in accordance with this Section titled “Benchmark Replacement Setting.”


 






    7


     


    

 


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


 


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


 


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


 


“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in Section 4975 of the Internal Revenue Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42)
or otherwise for purposes of Title I of ERISA or Section 4975 of the Internal Revenue Code) the assets of any such “employee
benefit plan” or “plan”.


 


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


 


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


 


“Business Day”
means any day other than a Saturday or Sunday or a legal holiday on which commercial banks are authorized or required to be closed, or
are in fact closed, for business in Pittsburgh, Pennsylvania (or, if otherwise, the Lending Office of the Administrative Agent); provided
that, when used in connection with an amount that bears interest at a rate based on SOFR or any direct or indirect calculation or determination
of SOFR, the term “Business Day” means any such day that is also a U.S. Government Securities Business Day.


 


“Capitalization Rate”
means 6.50%.


 


“Capitalized Lease
Obligations” means obligations under a lease (or other arrangement conveying the right to use property) to pay rent or other
amounts, in each case that are required to be capitalized for financial reporting purposes 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.


 






    8


     


    

 


“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 Co-operation 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, which have net assets of at least $500,000,000 and at least 85% of whose assets
consist of securities and other obligations of the type described in clauses (a) through (e) above.


 


“Cash Management
Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, credit or debit
card (including non-card electronic payables and purchasing cards), electronic funds transfer and other cash management arrangements.


 


“Certificate Inaccuracy
Payment Date” has the meaning given that term in Section 3.11(d).


 


“Class”
(a) when used with respect to a Commitment, refers to whether such Commitment is a Revolving Commitment or Term Loan Commitment,
(b) when used with respect to a Loan, refers to whether such Loan is a Revolving Loan or a Term Loan and (c) when used with
respect to a Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular Class of Loans or Commitments.


 


“Co-Documentation
Agent” means, Capital One, National Association, The Huntington National Bank, Regions Bank, The Bank of Nova Scotia, TD Bank,
N.A. and Truist Bank, in each case, in such capacity under this Agreement.


 


“Commitment”
means, as to a Lender, such Lender’s Revolving Commitment or such Lender’s Term Loan Commitment, as the context may require.


 


“Commodity Exchange
Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), and any successor statute.


 


“Commitment Reduction
Notice” has the meaning given that term in Section 2.13.


 


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


 


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


 






    9


     


    

 


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


 


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


 


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


 


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


 


“Corresponding Tenor”
with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately
the same length (disregarding business day adjustment) as such Available Tenor.


 


“Credit Event”
means any of the following: (a) the making (or deemed making) of any Loan, and (b) the issuance of a Letter of Credit or the
amendment of a Letter of Credit that extends the maturity, or increases the Stated Amount, of such Letter of Credit.


 


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


 


“Daily
Simple SOFR” means, for any day (a “SOFR Rate Day”), the interest rate per annum determined by the Administrative
Agent by dividing (the resulting quotient rounded upwards, at the Administrative Agent’s discretion, to the nearest 1/100th of 1%)
(A) SOFR for the day (the “SOFR Determination Date”) that is 2 Business Days prior to (i) such SOFR Rate Day if
such SOFR Rate Day is a Business Day or (ii) the Business Day immediately preceding such SOFR Rate Day if such SOFR Rate Day is not
a Business Day, by (B) a number equal to 1.00 minus the SOFR Reserve Percentage. If SOFR for any SOFR Determination Date has not
been published or replaced with a Benchmark Replacement by 5:00 p.m. (Pittsburgh, Pennsylvania time) on the second Business Day immediately
following such SOFR Determination Date, then SOFR for such SOFR Determination Date will be SOFR for the first Business Day preceding such
SOFR Determination Date for which SOFR was published in accordance with the definition of “SOFR”; provided that SOFR determined
pursuant to this sentence shall be used for purposes of calculating Daily Simple SOFR for no more than 3 consecutive SOFR Rate Days. If
and when Daily Simple SOFR as determined above changes, any applicable rate of interest based on Daily Simple SOFR will change automatically
without notice to the Borrower, effective on the date of any such change.


 






    10


     


    

 


“Daily Simple SOFR
Loan” means Revolving Loan or Term Loan or any portion thereof (other than a Base Rate Loan) bearing interest at a rate based
on the Adjusted Daily Simple SOFR Rate.


 


“Dark Property”
has the meaning given that term in the definition of Occupancy Rate.


 


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


 


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


 


“Defaulting Lender”
means, subject to Section 3.9.(f), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two
(2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent
and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent
to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing)
has not been satisfied, or (ii) pay to the Administrative Agent, 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
two (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 determination that a condition precedent to funding (which condition precedent, together
with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has
failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to
the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender
shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative
Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding
under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the
benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit
Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of
a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any
Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership
interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States of America or
from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject,
repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that
a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent
manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 3.9.(f)) upon delivery of written notice
of such determination to the Borrower, the Issuing Bank, the Swingline Lender and each Lender.


 






    11


     


    

 


“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 Parent 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, (b) any combination of these transactions and (c) a “swap agreement” as defined in Section 101
of the Bankruptcy Code of 1978.


 


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


 


“Development Property”
means, with respect to the Parent and its Wholly Owned Subsidiaries (or, in the case of any calculation subject
to the Ownership Share Adjustment, the applicable non-Wholly Owned Subsidiary or Unconsolidated Affiliate), a Property wholly-owned by
the Borrower or such Wholly Owned Subsidiary (or such non-Wholly Owned Subsidiary or Unconsolidated Affiliate) that is currently under
development, that has not achieved an Occupancy Rate of 80% or more, and 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 to be (but
has not yet been) acquired by the Borrower or any of its Wholly Owned Subsidiaries (or, in the case of any calculation subject to the
Ownership Share Adjustment, the applicable non-Wholly Owned Subsidiary or 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 or any of its Wholly Owned Subsidiaries (or, in the case of any calculation subject to the Ownership Share Adjustment,
the applicable non-Wholly Owned Subsidiary or 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, and shall
not otherwise have satisfied the requirements to be an Eligible Property on or before the end of such 12-month period, shall cease to
constitute a Development Property notwithstanding the fact that such Property has not achieved an Occupancy Rate of at least 80%.


 






    12


     


    

 


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


 


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


 


“EBITDA”
means, with respect to a Person for any period and without duplication: net income (loss) of such Person for such period determined on
a consolidated basis plus the following (but only to the extent deducted in determining net income (loss) for such period): (i) depreciation
and amortization; (ii) Interest Expense; (iii) income tax expense; (iv) extraordinary or nonrecurring items, including
without limitation, gains and losses from the sale of operating Properties; and (v) all non-cash items. EBITDA shall be adjusted
to remove any impact from straight line rent leveling adjustments required under GAAP and amortization of intangibles required pursuant
to FASB ASC 805. For purposes of clause (iv) of this definition, nonrecurring items shall be deemed to include (w) gains and
losses on early extinguishment of Indebtedness, (x) severance charges, (y) restructuring charges and (z) costs of financing
activities (such as incurrence or repayment of Indebtedness and issuances of equity) and transaction costs of acquisitions and other Investments
not permitted to be capitalized pursuant to GAAP, in each case, whether or not consummated; provided that the aggregate amount of adjustments
pursuant to clauses (w), (y) and (z) shall not exceed in any period 15.00% of EBITDA for such period (calculated prior to giving
effect to such adjustments).


 


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


 


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


 






    13


     


    

 


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


 


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


 


“Eligible Assignee”
means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other Person (other than a natural
person (or holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person)) approved
by the Administrative Agent (such approval not to be unreasonably withheld or delayed).


 


“Eligible Ground
Lease” means a ground lease containing terms and conditions customarily required by mortgagees
making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease, and shall include the
following: (a) a remaining term (exclusive of any unexercised extension options) of 30 years or more from the date the applicable
Property first becomes an Eligible Property; (b) the right of the lessee to mortgage and encumber its interest in the leased property
without the consent of the lessor; (c) the obligation of the lessor to give the holder of any mortgage 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) clearly determinable
rental payment terms which in no event contain profit participation rights.


 


“Eligible Property”
means the Properties set forth on Schedule 7.1(f), which Properties shall be the only Eligible Properties
as of the Effective Date (each, an “Initial Eligible Property”), and any Properties that shall become an Eligible Property
from time to time pursuant to Section 4.1. Each Initial Eligible Property and each Property which subsequently becomes an Eligible
Property shall satisfy all of the following requirements: (a) such Property is fully developed as a retail or reasonably similar
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) regardless of whether such Property is owned by the Borrower or a Wholly Owned Subsidiary of the Borrower, the Borrower
or such Wholly Owned Subsidiary has the right directly, or indirectly through a Subsidiary, to take the following actions without the
need to obtain the consent of any Person: (i) to create Liens on such Property as security for Indebtedness of the Borrower or such
Wholly Owned Subsidiary, as applicable, and (ii) to sell, transfer or otherwise dispose of such Property (or in the case of a Property
subject to an Eligible Ground Lease, its leasehold interest in such Property); (e) neither such Property, nor if such Property is
owned by a Wholly-Owned Subsidiary, any of the Borrower’s direct or indirect ownership interest in such Wholly-Owned Subsidiary,
is subject to (i) any Lien other than Permitted Liens or (ii) any Negative Pledge; (f) such Property is not a Development
Property; (g) such Property is 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, in each case which individually or collectively
are not material to the operation of such Property in the ordinary course of business and (h) the remaining term (exclusive of any
unexercised extension option) of each lease with respect to such Property is not less than eighteen (18) months. For the avoidance of
doubt, no Property owned or leased by an Excluded Subsidiary shall be an “Eligible Property” hereunder.


 






    14


     


    

 


“Eligible Property
Subsidiary” means (i) each Wholly Owned Subsidiary of the Borrower that directly owns, or
leases pursuant to an Eligible Ground Lease, any Eligible Property and (ii) each Subsidiary of the Borrower that owns, directly or
indirectly, any Equity Interests in any Subsidiary that is described in clause (i).


 


“Environmental Claims”
means any and all administrative, regulatory or judicial actions, suits, written demands, demand letters, claims, liens, notices of noncompliance
or violation, investigations or proceedings relating in any way to any actual or alleged violation of or liability under any Environmental
Law or relating to any permit issued, or any approval given, under any such Environmental Law, including, without limitation, any and
all claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial or other actions or damages, contribution,
indemnification cost recovery, compensation or injunctive relief resulting from Hazardous Materials or arising from alleged injury or
threat of injury to human health (as it relates to Hazardous Materials) or the environment.


 


“Environmental Laws”
means any Applicable Law, including without limitation any applicable rule of common law and any judicial interpretation thereof,
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.; and regulations of the Environmental Protection Agency.


 


“Erroneous Payment”
has the meaning given that term in Section 12.13(a).


 


“Erroneous Payment
Deficiency Assignment” has the meaning given that term in Section 12.13(d).


 


“Erroneous Payment
Impacted Class” has the meaning given that term in Section 12.13(d).


 


“Erroneous Payment
Return Deficiency” has the meaning given that term in Section 12.13(d).


 


“Erroneous Payment
Subrogation Rights” has the meaning given that term in Section 12.13(d).


 


“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. For the avoidance of
doubt, profit sharing plans and other performance bonus compensation arrangements based on the profitability of Borrower or Parent shall
not be deemed to be “Equity Interests” or “economic interests” for purposes of this Agreement so long as no capital
stock (or other ownership or profit interest), or convertible securities, warrants, options or other rights to purchase shares or other
ownership or voting interest in a Person, is issued or transferred to a Person under any such profit sharing plan or other performance
bonus compensation arrangement.


 






    15


     


    

 


“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 thirty
(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) 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).


 






    16


     


    

 


“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 or Section 4001(b) of ERISA.


 


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


 


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


 


“Exchange Act”
has the meaning given to that term in Section 11.1.(l)(i).


 


“Excluded Subsidiary”
means any Subsidiary (a) holding title to assets that are or are to become collateral for any Secured
Indebtedness of such Subsidiary; and (b) that is prohibited from guarantying the Indebtedness of any other Person pursuant to (i) any
document, instrument or agreement evidencing such Secured Indebtedness or (ii) a provision of such Subsidiary’s organizational
documents which provision was included in such Subsidiary’s organizational documents as a condition to the extension of such Secured
Indebtedness.


 


“Excluded Swap Obligation”
means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a portion of
the liability of such Loan Party for or the Guarantee of such Loan Party of, or the grant by such Loan Party of a Lien to secure, such
Swap Obligation (or any liability or guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation
or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such
Loan Party’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange
Act and the regulations thereunder at the time the liability for or the Guarantee of such Loan Party or the grant of such Lien becomes
effective with respect to such Swap Obligation (such determination being made after giving effect to any applicable keepwell, support
or other agreement for the benefit of the applicable Loan Party, including under any applicable provision of the Guaranty). If a Swap
Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation
that is attributable to swaps for which such Guarantee or Lien is or becomes illegal for the reasons identified in the immediately preceding
sentence of this definition.


 


“Excluded Taxes”
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a
Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each
case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case
of any Lender, its applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or
(ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable
to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to an Applicable Law in effect
on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request
by the Borrower under Section 5.6.) or (ii) such Lender changes its Lending Office, except in each case to the extent that,
pursuant to Section 3.10., amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before
such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such
Recipient’s failure to comply with Section 3.10.(g) and (d) any U.S. federal withholding Taxes imposed under FATCA.


 






    17


     


    

 


“Existing Credit
Agreement” means that certain Credit Agreement dated as of December 23, 2019 among the Borrower, each lender party thereto,
Wells Fargo Bank, National Association, as administrative agent, and the other parties thereto, as amended, restated, supplemented or
otherwise modified from time to time.


 


“Existing Credit
Facilities” means the Existing Credit Agreement and any credit facilities of the Parent or its Subsidiaries evidencing Indebtedness
(other than Nonrecourse Indebtedness) of the type described in clauses (a) or (b) of the definition of Indebtedness.


 


“Extended Letter
of Credit” has the meaning given that term in Section 2.4.(b).


 


“Facility Termination
Date” means the Revolving Termination Date or the Term Loan Maturity Date, as applicable.


 


“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.


 


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


 


“FATCA”
means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations
thereof, and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code and any fiscal or regulatory
legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities
and implementing such Sections of the Internal Revenue Code.


 


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


 






    18


     


    

 


“Fee Letters”
means (i) that certain fee letter dated as of July 12, 2022, by and between the Borrower, PNC Capital Markets LLC and the Administrative
Agent, (ii) that certain fee letter dated as of July 12, 2022, by and between the Borrower and Wells Fargo Securities, LLC and
(iii) that certain fee letter dated as of July 12, 2022 by and between U.S. Bank National Association and the Borrower.


 


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


 


“Fitch”
means, Fitch Ratings, Inc.


 


“Fixed Charges”
means, with respect to a Person and for a given period, the sum of, (a) the Interest Expense of such
Person for such period, plus (b) the aggregate of all regularly scheduled principal payments on Indebtedness payable by such Person
during such period (excluding balloon, bullet or similar payments of principal due upon the stated maturity of Indebtedness), plus (c) the
aggregate amount of all Preferred Dividends paid by such Person during such period. Such Person’s Ownership Share of the Fixed Charges
of its non-Wholly Owned Subsidiaries and Unconsolidated Affiliates will be included when determining the Fixed Charges of such Person.


 


“Foreign Lender”
means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person,
a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.


 


“Fronting Exposure”
means, at any time there is a Defaulting Lender, (a) with respect to the Issuing Bank, such Defaulting Lender’s Revolving Commitment
Percentage of the outstanding Letter of Credit Liabilities with respect to Letters of Credit issued by the Issuing Bank other than Letter
of Credit Liabilities as to which such Defaulting Lender’s participation obligation has been reallocated to other Revolving Lenders
or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swingline Lender, such Defaulting Lender’s
Revolving Commitment Percentage of outstanding Swingline Loans other than Swingline Loans as to which such Defaulting Lender’s participation
obligation has been reallocated to other Revolving Lenders.


 


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


 


“Funds From Operations”
means, with respect to a Person and for a given period, (a) net income (loss) of such Person for such
period determined on a consolidated basis in accordance with GAAP minus (or plus) (b) gains (or losses) from sales of property during
such period plus (c) depreciation with respect to such Person’s real estate assets and amortization (other than amortization
of deferred financing costs) of such Person for such period, all after adjustment for non-Wholly Owned Subsidiaries and Unconsolidated
Affiliates; provided that “Funds From Operations” shall exclude (i) impairment write-downs, (ii) gains or losses
on early extinguishment of debt, (iii) items classified by GAAP as extraordinary, and (iv) other non-recurring expenses and
acquisition closing costs that reduce such net income which do not represent a recurring cash item in such period or any future period,
each as evidenced by calculations in detail reasonably satisfactory to the Administrative Agent. Adjustments for non-Wholly Owned Subsidiaries
and Unconsolidated Affiliates will be calculated to reflect funds from operations on the same basis. Funds From Operations shall be calculated
consistent with the White Paper on Funds From Operations dated April 2002 issued by National Association of Real Estate Investment
Trusts, Inc., but without giving effect to any supplements, amendments or other modifications promulgated after the Agreement Date
and except as otherwise provided with respect to the exclusions provided for in clauses (i) through (iv) of the preceding sentence.


 






    19


     


    

 


“GAAP”
means, subject to Section 1.2, generally accepted accounting principles in the United States
of America set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board (including Statement of Financial Accounting
Standards No. 168, “The FASB Accounting Standards Codification”) or in such other statements by such other entity as
may be approved by a significant segment of the accounting profession in the United States of America, which are applicable to the circumstances
as of the date of determination.


 


“General Partner”
means NetSTREIT GP, LLC, a Delaware limited liability company.


 


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


 


“Governmental Authority”
means any national, state or local government (whether domestic or foreign), any political subdivision thereof or any other governmental,
quasi-governmental, judicial, administrative, public or statutory instrumentality, authority, body, agency, bureau, commission, board,
department or other 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) exercising executive, legislative, judicial, taxing, regulatory
or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or
the European Central Bank) over any of the parties to this Agreement, or any arbitrator with authority to bind a party at law.


 


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


 


“Guarantor”
means, individually and collectively, as the context shall require, the Parent, the Subsidiary Guarantors and each other Required Guarantor.


 






    20


     


    

 


“Guaranty”,
 “Guaranteed” or to “Guarantee” as applied to any obligation means and
includes: (a) a guaranty (other than by endorsement of negotiable instruments for collection in the ordinary course of business),
directly or indirectly, in any manner, of any part or all of such obligation, or (b) an agreement, direct or indirect, contingent
or otherwise, and whether or not constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment
of damages in the event of nonperformance) of any part or all of such obligation whether by: (i) the purchase of securities or obligations,
(ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose
of enabling the obligor with respect to such obligation to make any payment or performance (or payment of damages in the event of nonperformance)
of or on account of any part or all of such obligation, or to assure the owner of such obligation against loss,
(iii) the supplying of funds to or in any other manner investing in the obligor with respect to such obligation, (iv) repayment
of amounts drawn down by beneficiaries of letters of credit (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 6.1. or 8.12. and substantially in the form of Exhibit C.


 


“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.


 


“Hostile Acquisition”
means (a) the acquisition of the Equity Interests of a Person through a tender offer or similar solicitation of the owners of such
Equity Interests which has not been approved (prior to such acquisition) by the board of directors (or any other applicable governing
body) of such Person or by similar action if such Person is not a corporation and (b) any such acquisition as to which such approval
has been withdrawn.


 


“Incremental Term
Loan” has the meaning given that term in Section 2.17.


 






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“Indebtedness”
means, with respect to a Person, at the time of computation thereof, all of the following (without duplication),
to the extent reflected as a liability on the balance sheet of such Person: (a) all obligations of such Person in respect of money
borrowed or for the deferred purchase price of property or services (excluding trade debt incurred in the ordinary course of business,
purchase price adjustments, earnouts, indemnity obligations and similar obligations not more than 60 days past due, and deferred compensation
obligations); (b) 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; (c) Capitalized
Lease Obligations of such Person; (d) all reimbursement obligations (contingent or otherwise) of such Person under or in respect
of any letters of credit or acceptances (whether or not the same have been presented for payment); (e) all Off-Balance Sheet Obligations
of such Person; (f) 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; (g) 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)); (h) net
obligations under any Derivatives Contract not entered into as a hedge against interest risk in respect of existing Indebtedness, in an
amount equal to the Derivatives Termination Value thereof at such time (but in no event less than zero) (but, for the avoidance of doubt, Indebtedness
of the Parent shall not include any agreement, commitment or arrangement for the sale of Equity Interests issued by the Parent at a future
date that could be discharged solely by (A) delivery of the Parent’s Equity Interests (other than Mandatorily Redeemable Stock),
or, (B) solely at the Parent’s option made at any time, payment of the net cash value of such Equity Interests at the time,
irrespective of the form or duration of such agreement, commitment or arrangement; provided, however, that during the period of time,
if any, following an election by the Parent to pay the net cash value of such Equity Interest and prior to payment of such net cash value,
the obligation to pay such net cash value shall be included as “Indebtedness” hereunder (it being understood and agreed that
the amount of such Indebtedness shall be calculated based on the closing price of the Parent’s Equity Interests on the date of such
election, irrespective of the market price of the Parent’s Equity Interests at any time following such election, including at the
time of payment); (i) 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, voluntary bankruptcy, collusive involuntary
bankruptcy and other similar customary exceptions to non-recourse liability); (j) 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 obligation
and (k) such Person’s Ownership Share of the Indebtedness of any Unconsolidated Affiliate of such Person. Indebtedness of any
Person shall include Indebtedness (or portion thereof) of any partnership in which such Person is a general partner or any joint-venture
of such Person, in each case, that is recourse to such Person (other than by virtue of a completion guaranty or a “bad boy”
guaranty, as such terms are customarily understood in the market) in the amount equal to the greater of such Person’s Ownership
Share of such partnership or joint venture and the amount of the recourse portion of such Indebtedness.


 


“Indemnifiable Amounts”
has the meaning given that term in Section 12.6.


 


“Indemnified Party”
has the meaning given that term in Section 13.9.(a).


 


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


 


“Indemnity Proceeding”
has the meaning given that term in Section 13.9.(a).


 


“Information Materials”
has the meaning given that term in Section 9.6.


 






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“Initial Eligible
Property” has the meaning given that term in the definition of “Eligible Properties”.


 


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


 


“Interest
Expense” means, with respect to a Person and for any period, without duplication, total interest expense of such Person, including
capitalized interest not funded under a construction loan interest reserve account, and in any event shall include all interest expense
with respect to any Indebtedness of the Parent and its Subsidiaries in respect of which such Person is wholly or partially liable whether
pursuant to any repayment, interest carry, performance guarantee or otherwise, determined on a consolidated
basis in accordance with GAAP for such period. The Parent’s Ownership Share of the Interest Expense of its non-Wholly Owned Subsidiaries
and Unconsolidated Affiliates will be included when determining the Interest Expense of the Parent.


 


“Interest
Period” means the period of time selected by the Borrower in connection with (and to apply to) any election permitted
hereunder by the Borrower to have Revolving Credit Loans or Term Loans bear interest under the Term SOFR Rate option. Subject to the last
sentence of this definition, such period shall be, in each case, subject to the availability thereof, one month, three months, or six
months. Such Interest Period shall commence on the effective date of such Term SOFR Rate option, which shall be (i) the Borrowing
Date if the Borrower is requesting new Loans, or (ii) the date of renewal of or conversion to the Term SOFR Rate option if the Borrower
is renewing or converting to the Term SOFR Rate option applicable to outstanding Loans. Notwithstanding the second sentence hereof: (A) any
Interest Period which would otherwise end on a date which is not a Business Day shall be extended to the next succeeding Business Day
unless such Business Day falls in the next calendar month, in which case such Interest Period shall end on the next preceding Business
Day, (B) the Borrower shall not select, convert to or renew an Interest Period for any portion of the Loans that would end after
the Expiration Date, and (C) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which
there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the
last calendar month of such Interest Period.


 


“Internal Revenue
Code” means the Internal Revenue Code of 1986.


 


“Investment”
means, with respect to any Person, any acquisition or investment (whether or not of a controlling interest) by such Person, 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. 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.


 






    23 


     


    

 


“Investment
Grade Rating Date” means, the date specified by the Borrower in a written notice to the Administrative Agent after the Parent
or the Borrower obtains an Investment Grade Rating from either Moody’s or S&P.


 


“Investment
Grade Rating” means, a Credit Rating of BBB- (or equivalent) or higher from S&P and Baa3 (or equivalent) or higher from
Moody’s.


 


“ISP” means,
with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International
Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance).


 


“Issuing Bank”
means PNC Bank, National Association, in its capacity as an issuer of Letters of Credit pursuant to Section 2.4.


 


“KPI Metric”
means Tenant SBT Percentage.


 


“L/C Commitment Amount”
has the meaning given to that term in Section 2.4.(a).


 


“L/C
Disbursement” has the meaning given to that term in Section 3.9.(b).


 


“Lender”
means each financial institution from time to time party hereto as a “Lender” together with its respective successors and
permitted assigns, and, as the context requires, includes the Swingline Lender; provided, however, that the term “Lender”,
except as otherwise expressly provided herein, shall exclude any Lender (or its Affiliates) in its capacity as a Specified Derivatives
Provider or Specified Cash Management Bank.


 


“Lender Parties”
means, collectively, the Administrative Agent, the Lenders, the Issuing Bank, the Specified Derivatives Providers, the Specified Cash
Management Banks, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 11.5,
any other holder from time to time of any of any Obligations and, in each case, their respective successors and permitted assigns.


 


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


 


“Letter of Credit”
has the meaning given that term in Section 2.4.(a).


 


“Letter of Credit
Collateral Account” means a special deposit account maintained by the Administrative Agent, for the benefit of the Administrative
Agent, the Issuing Bank and the Lenders, and under the sole dominion and control of the Administrative Agent.


 


“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, other than this
Agreement and the other Loan Documents, 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.


 








    24 


     


    

 


“Letter of Credit
Liabilities” means, without duplication, at any time and in respect of any Letter of Credit (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, (i) a Lender (other than
the Lender then acting as the Issuing Bank for the applicable Letter of Credit) shall be deemed to hold a Letter of Credit Liability in
an amount equal to its participation interest under Section 2.4. in the related Letter of Credit, and the Lender then acting as the
Issuing Bank for such Letter of Credit 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 the Issuing
Bank) of their participation interests under such Section and (ii) if on any date of determination a Letter of Credit has expired
by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit
shall be deemed to be “outstanding” in the amount so remaining available to be drawn.


 


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


 


“Lien”
as applied to the property of any Person means: (a) any security interest, encumbrance, mortgage, deed
to secure debt, deed of trust, assignment of leases and rents, pledge, lien, hypothecation, assignment, charge or lease constituting a
Capitalized Lease Obligation, conditional sale or other title retention agreement, or other security title or encumbrance of any kind
in respect of any property of such Person, or upon the income, rents or profits therefrom; (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; and (c) the filing of any financing statement under the UCC or its equivalent in any jurisdiction, other than any precautionary
filing not otherwise constituting or giving rise to a Lien, including a financing statement filed (i) in respect of a lease not constituting
a Capitalized Lease Obligation pursuant to Section 9-505 (or a successor provision) of the UCC or its equivalent as in effect in
an applicable jurisdiction or (ii) in connection with a sale or other disposition of accounts or other assets not prohibited by this
Agreement in a transaction not otherwise constituting or giving rise to a Lien.


 


“Loan”
means a Revolving Loan, a Term Loan or a Swingline Loan.


 


“Loan Document”
means this Agreement, each Note, the Guaranty, each Letter of Credit Document, the Fee Letters and each other
document or instrument now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this Agreement
(other than any Specified Derivatives Contract and any Specified Cash Management Agreement).


 


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


 






    25 


     


    

 


“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 or subject to repurchase 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 or subject to repurchase in exchange for common stock or other equivalent common Equity Interests),
in the case of each of clauses (a) through (c), on or prior to the latest Facility Termination Date then in effect.


 


“Material Acquisition”
means any acquisition (or series of related acquisitions) or investments (or series of related investments)
permitted by this Agreement and consummated in accordance with the terms of this Agreement for which the aggregate consideration paid
in respect of such acquisition or investment (including any Indebtedness assumed in connection therewith) exceeds 10% of Total Asset Value
(calculated prior to giving effect to such transaction).


 


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


 


“Material Subsidiary”
means any Subsidiary of the Parent having assets (including any Equity Interests in any direct or indirect
Subsidiary of the Parent that is a Material Subsidiary) representing more than 5% of the Total Asset Value of the Parent and its Subsidiaries
(calculated as of the most recent fiscal quarter ended for which financial statements have been delivered).


 


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


 


“Mortgage Receivable”
means the principal amount of an obligation owing to the Borrower or any Subsidiary of the Borrower that
is secured by a mortgage, deed of trust, deed to secure debt or other similar security instrument granting a Lien on real property as
security for the payment of such obligation, so long as the mortgagor or grantor with respect to such Mortgage Receivable is not delinquent
sixty (60) days or more in interest or principal payments due thereunder; provided that in no event shall the value of any Mortgage Receivable
exceed the value of such real property securing the payment of such obligation.


 


“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.


 






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“Negative Pledge”
means, with respect to a given asset, any provision of a document, instrument or agreement (other than any
Loan Document) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness
of the Person owning such asset or any other Person; provided, however, that 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.


 


“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 recognized in accordance with
GAAP from such Property (including proceeds of rent loss or business interruption insurance (but not in excess of the actual rent otherwise
payable) 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 recognized in accordance with GAAP (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 general overhead expenses of the Parent and its Subsidiaries
and any property management fees), minus (c) the Reserve for Replacements 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 with respect to such Property and (ii) an imputed
management fee in an amount equal to 1.0% of the gross revenues for such Property for such period.


 


“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.


 


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


 


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


 


“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, voluntary bankruptcy, collusive involuntary bankruptcy and other
similar customary exceptions to nonrecourse liability) is contractually limited to specific assets of such Person (and, if applicable,
in the event such Person owns no assets other than real estate that secures such Indebtedness and assets incidental to ownership of such
real estate (e.g., personal property) and has no other Indebtedness, such Person’s Equity Interests) encumbered by a Lien securing
such Indebtedness.


 








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“Note”
means a Revolving Note, Term Note or a Swingline Note.


 


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


 


“Notice of Continuation”
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 such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.10. evidencing the Borrower’s
request for the Continuation of a Term SOFR Loan.


 


“Notice of Conversion”
means a notice substantially in the form of Exhibit F (or such other form reasonably acceptable to the Administrative Agent and containing
the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.11. 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 G (or such other form reasonably acceptable to the Administrative
Agent and containing the information required in such Exhibit) to be delivered to the Swingline Lender pursuant to Section 2.5.(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, now existing or hereafter arising, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory
note, and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any
proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees
are allowed claims in such proceeding. For the avoidance of doubt, “Obligations” shall not include any indebtedness, liabilities,
obligations, covenants or duties in respect of Specified Derivatives Contracts or Specified Cash Management Agreements.


 


“Occupancy Rate”
means, at any time, (a) with respect to any Property actually occupied by tenants that are not Affiliates
of the Parent and paying rent at rates not materially less than rates generally prevailing at the time the applicable lease was entered
into, pursuant to binding leases as to which no monetary default has occurred and has continued unremedied for 90 or more days, the ratio,
expressed as a percentage, of (i) the net rentable square footage of such Property actually occupied as described in this clause
(a), to (ii) the aggregate net rentable square footage for such Property and (b) with respect to any Property leased but not
actually occupied by tenants that are not Affiliates of the Parent and paying rent at rates not materially less than rates generally prevailing
at the time the applicable lease was entered into, pursuant to binding leases as to which no monetary default has occurred and has continued
unremedied for 30 or more days (such Property under this clause (ii) being a “Dark Property”), the ratio, expressed
as a percentage, of (i) the net rentable square footage of such Dark Property actually leased as described in this clause (b), to
(ii) the aggregate net rentable square footage for such Dark Property.


 








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


 


“Off-Balance Sheet
Obligations” means, with respect to a Person: (a) obligations of such Person in respect of
any financing transaction or series of financing transactions (including factoring arrangements) pursuant to which such Person or any
Subsidiary of such Person has sold, conveyed or otherwise transferred, or granted a security interest in, accounts, payments, receivables,
rights to future lease payments or residuals or similar rights to payment to a special purpose Subsidiary or Affiliate of such Person;
(b) obligations of such Person under a sale and leaseback transaction that does not create a liability
on the balance sheet of such Person; and (c) obligations of such Person under any so-called “synthetic” lease transaction.


 


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


 


“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to
an assignment (other than an assignment made pursuant to Section 5.6.).


 


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


 


“Ownership Share
Adjustment” has the meaning given to that term in Section 1.3.


 


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


 


“Parent Voting Stock”
has the meaning given to that term in Section 11.1.(l)(i).


 


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


 






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


 


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


 


“Payment Recipient”
has the meaning given that term in Section 12.13(a).


 


“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), which, in each case, are not at the time required to be paid or discharged under Section 8.6,
or are being contested by appropriate proceedings and appropriate reserves have been taken in accordance with GAAP; (b) the claims
of materialmen, mechanics, carriers, warehousemen or landlords (including with respect to landlords under Eligible Ground Leases) for
labor, materials, supplies or rentals incurred in the ordinary course of business, which, in each case, are not at the time required to
be paid or discharged under Section 8.6, or are being contested by appropriate proceedings and appropriate reserves have been taken
in accordance with GAAP; (c) Liens consisting of deposits or pledges made, in the ordinary course of business, in connection with,
or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar Applicable Laws; (d) 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 materially impair the intended use thereof in the business of such
Person; (e) the rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such Person;
and (f) Liens in favor of the Administrative Agent for its benefit and the benefit of the Lenders, the Issuing Bank and each Specified
Derivatives Provider.


 


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


 


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


 


“Platform”
means Debt Domain, Intralinks, SyndTrak or a substantially similar electronic transmission system.


 






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“Post-Default Rate”
means, in respect of any principal of any Loan or any Reimbursement Obligation, a rate per annum equal to the Base Rate as in effect from
time to time plus the Applicable Margin for Base Rate Loans plus two percent 2.0%.


 


“Preferred Dividends”
means, for any period and without duplication, all Restricted Payments paid during such period on Preferred
Equity Interests issued by the Parent 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 Parent or a Subsidiary, or (c) constituting or resulting in the redemption of Preferred Equity Interests,
other than scheduled redemptions not constituting balloon, bullet or similar redemptions in full.


 


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


 


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


 


“Principal Office”
means the office of the Administrative Agent located at 300 5th Avenue, Pittsburgh, PA 15222, or any other subsequent office that the
Administrative Agent shall have specified as the Principal Office by written notice to the Borrower and the Lenders.


 


“Pro Rata Share”
means, as to each Lender, the ratio, expressed as a percentage of (a) (i) the amount of such Lender’s
Commitments plus (ii) the principal amount of such Lender’s outstanding Term Loans to (b) (i) the aggregate amount
of the Commitments of all Lenders plus (ii) the aggregate principal amount of all outstanding Term Loans; provided, however,
that if at the time of determination the Revolving Commitments have terminated or been reduced to zero, the “Pro Rata Share”
of each Lender shall be the ratio, expressed as a percentage of (A) the sum of the unpaid principal amount of all outstanding Revolving
Loans, Term Loans, Term Loan Commitments, Swingline Loans and Letter of Credit Liabilities owing to such Lender as of such date to (B) the
sum of the aggregate unpaid principal amount of all outstanding Revolving Loans, Term Loans, Term Loan Commitments, Swingline Loans and
Letter of Credit Liabilities of all Lenders as of such date. If at the time of determination the Commitments have terminated or reduced
to zero and there are no outstanding Loans or Letter of Credit Liabilities, then the Pro Rata Shares of the Lenders shall be determined
as of the most recent date on which Commitments were in effect or Loans or Letters of Credit Liabilities were outstanding. For purposes
of this definition, a Revolving Lender shall be deemed to hold a Swingline Loan or a Letter of Credit Liability to the extent such Revolving
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.


 


“Property”
means, of any Person, a parcel (or group of related parcels) of real property developed (or to be developed)
by such Person.


 






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“PTE” means
a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.


 


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


 


“Rating
Agencies” means, S&P, Moody’s and Fitch.


 


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


 


“Recourse Indebtedness”
means any Indebtedness of a Person that is not Nonrecourse Indebtedness.


 


“Reference Time”
means, with respect to any setting of the then-current Benchmark, the time determined by the Administrative Agent in its reasonable discretion.


 


“Reference
Year” means, with respect to any Sustainability Certificate, the fiscal year ending immediately prior to the date of
such Sustainability Certificate.


 


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


 


“Regulatory Change”
means, with respect to any Lender, any change effective after the Agreement Date in Applicable Law (including without limitation, Regulation
D of the Board of Governors of the Federal Reserve System) or the adoption or making after such date of any interpretation, directive
or request applying to a class of banks, including such Lender, of or under any Applicable Law (whether or not having the force of law
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 or liquidity.
Notwithstanding anything herein to the contrary, (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines or directives thereunder or issued in connection therewith and (b) all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority)
or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Regulatory
Change”, regardless of the date enacted, adopted, implemented or issued.


 


“Reimbursement Obligation”
means the absolute, unconditional and irrevocable obligation of the Borrower to reimburse the Issuing Bank
for any drawing honored by the Issuing Bank under a Letter of Credit issued by the Issuing Bank.


 


“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, shareholders, directors, trustees, officers, employees,
agents, counsel, other advisors and representatives of such Person and of such Person’s Affiliates.


 






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


 


“Required Guarantor”
means each of (i) the Parent and any other Subsidiary of the Parent that from time to time owns, directly
or indirectly, any Equity Interests of the Borrower, (ii) General Partner, (iii) each Eligible Property Subsidiary, (iv) NETSTREIT
Management, LLC, a Delaware limited liability company, and all existing and future Material Subsidiaries (other than Excluded Subsidiaries),
(v) each Subsidiary of the Borrower that owns, directly or indirectly, any Equity Interests in any Subsidiary that is a Required
Guarantor described in clauses (ii), (iii) or (iv), (vi) any Wholly Owned Subsidiary of the Parent that is a borrower or a guarantor,
or otherwise has a payment obligation in respect of, any Unsecured Indebtedness and (vii) any non-Wholly Owned Subsidiary of the
Parent that is a borrower or a guarantor, or otherwise has a payment obligation in respect of, any Unsecured Indebtedness of the Parent
or any Wholly Owned Subsidiary of the Parent (each of the Subsidiaries described in clauses (iii), (iv), (v), (vi) and (vii) being
the “Subsidiary Guarantors”); provided, that (x) from and after the release of the guarantees or payment
obligations under all other Unsecured Indebtedness with respect thereto, the applicable Subsidiary Guarantors in clauses (vi) and
(vii) above and (y) any Subsidiary Guarantor that becomes an Excluded Subsidiary and is not otherwise required to be a Guarantor,
shall, in each case, not be a Required Guarantor.


 


“Requisite
Lenders” means, as of any date, Lenders having more than 50% of (a) the aggregate amount of
the Revolving Commitments or, if the Revolving Commitments have been terminated or reduced to zero, Lenders holding more than 50% of the
principal amount of the aggregate outstanding Revolving Loans and Swingline Loans and Letter of Credit Liabilities and (b) the
aggregate amount of the Term Loan Commitments plus the outstanding principal amount of the Term Loans; provided
that (i) in determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded,
and the pro rata shares of the Lenders shall be redetermined, for voting purposes only, to exclude the pro rata shares of such Defaulting
Lenders 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, a Lender (other than the Swingline Lender) shall be deemed
to hold a Swingline Loan and a Lender (other than the Issuing Bank) shall be deemed to hold a Letter of Credit Liability, in each case,
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.


 


“Requisite Revolving
Lenders” means, as of any date, (a) Revolving Lenders having more than 50% of the aggregate
amount of the Revolving Commitments of all Revolving Lenders, or (b) if the Revolving Commitments have been terminated or reduced
to zero, the Revolving Lenders holding more than 50% of the principal amount of the aggregate outstanding Revolving Loans and Swingline
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 the pro rata shares of the Lenders shall be redetermined, for voting purposes
only, to exclude the pro rata shares of such Defaulting Lenders and (ii) at all times when there are two or more Revolving Lenders
(excluding Defaulting Lenders) party to this Agreement, the term “Requisite Revolving Lenders” shall in no event mean less
than two Revolving Lenders. For purposes of this definition, a Revolving Lender (other than the Swingline Lender) shall be deemed to hold
a Swingline Loan and a Revolving Lender (other than the Issuing Bank) shall be deemed to hold a Letter of Credit Liability, in each case,
to the extent such Revolving 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.


 








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“Requisite
Term Loan Lenders” means, as of any date, (a) Term Loan Lenders having more than 50% of the
aggregate Term Loan Commitments plus the outstanding principal amount of the Term Loans; provided
that (i) in determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded,
and the pro rata shares of the Lenders shall be redetermined, for voting purposes only, to exclude the pro rata shares of such Defaulting
Lenders and (ii) at all times when there are two or more Term Loan Lenders (excluding Defaulting Lenders) party to this Agreement,
the term “Requisite Term Loan Lenders” shall in no event mean less than two Term Loan Lenders.


 


“Reserve for Replacements”
means, for any period and with respect to any Property (other than a Property, to the extent subject to a
triple-net lease (NNN)), an amount equal to (a) the aggregate square footage of all completed space of such Property multiplied
by (b) $0.10 multiplied by (c) the number of days in such period divided by (d) 365. If the term Reserve
for Replacements is used without reference to any specific Property, then it shall be determined on an aggregate basis with respect to
all Properties of the Borrower and its Wholly Owned Subsidiaries and the applicable Ownership Shares of all Properties of all of the Borrower’s
non-Wholly Owned Subsidiaries and Unconsolidated Affiliates.


 


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


 


“Responsible Officer”
means with respect to the Parent, the Borrower or any Subsidiary, the chief executive officer, the chief financial officer, general counsel
or VP-controller of the Parent, the Borrower or such Subsidiary.


 


“Restricted Payment”
means (a) any dividend or other distribution, direct or indirect, on account of any Equity Interest
of the Parent or any of its Subsidiaries now or hereafter outstanding, except a dividend payable solely in shares of that class of Equity
Interests to the holders of that class; (b) any redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase
or other acquisition for value, direct or indirect, of any Equity Interests of the Parent or any of its Subsidiaries now or hereafter
outstanding, except any redemption, repurchase, conversion or exchange of Equity Interests payable solely in common stock of the Parent;
(c) any payment or prepayment of principal of, premium, if any, or interest on, redemption, conversion, exchange, purchase, retirement,
defeasance, sinking fund or similar payment with respect to, any Subordinated Debt and (d) 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 Parent or any of its Subsidiaries
now or hereafter outstanding, in each case, prior to the stated maturity of any of the foregoing; provided that, so long as no Default
or Event of Default has occurred and is continuing, payments with respect to Indebtedness that is convertible or exchangeable for Equity
Interests shall not be deemed to be Restricted Payments hereunder.


 






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“Revolving 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 2.4.(i), and to participate in Swingline Loans pursuant to Section 2.5.(e), in an amount
up to, but not exceeding the amount set forth for such Lender on Schedule I as such Lender’s “Revolving Commitment Amount”
or as set forth in any applicable Assignment and Assumption, or agreement executed by a Person becoming a Revolving Lender 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 13.5. or increased as appropriate to reflect
any increase in Revolving Commitments effected in accordance with Section 2.17.


 


“Revolving Commitment
Percentage” means, as to each Lender with a Revolving Commitment, the ratio, expressed as a percentage,
of (a) the amount of such Lender’s Revolving Commitment to (b) the aggregate amount of the Revolving Commitments of all
Revolving Lenders; provided, however, that if at the time of determination the Revolving Commitments have been terminated
or been reduced to zero, the “Revolving Commitment Percentage” of each Lender with a Revolving Commitment shall be the “Revolving
Commitment Percentage” of such Lender in effect immediately prior to such termination or reduction.


 


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


 


“Revolving Lender”
means a Lender having a Revolving Commitment, or if the Revolving Commitments have terminated, holding any
Revolving Loans.


 


“Revolving Loan”
means a loan made by a Revolving 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 H payable to a Revolving Lender (or its registered assigns)
in a principal amount equal to the amount of such Lender’s Revolving Commitment.


 


“Revolving Termination
Date” means August 11, 2026, or such later date to which the Revolving Termination Date may be extended pursuant to Section 2.14.


 


“Sanctioned
Country” means at any time, a country, territory or region which is, or whose government is, the subject or target of any Sanctions
(including, as of the Effective Date, Cuba, Iran, North Korea, Syria, the Crimea Region of Ukraine and the so-called Donetsk
People’s Republic or Luhansk People’s Republic regions of Ukraine).


 


“Sanctioned Person”
means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by any Governmental Authority
of the United States of America (including, without limitation, OFAC), the U.S. Department of State, the United Nations Security Council,
the European Union, Her Majesty’s Treasury of the United Kingdom, or other relevant sanctions authority, (b) any Person operating,
organized or resident in a Sanctioned Country, (c) any agency of the government of a Sanctioned Country or (d) any Person located,
owned or controlled by any such Person or Persons described in any of clauses (a) through (c), including a Person that is deemed
by OFAC to be a Sanctions target based on the ownership of such legal entity by Sanctioned Peron(s).


 








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“Sanctions”
means any and all sanctions, trade embargoes and anti-terrorism laws, including but not limited to those imposed, administered or enforced
from time to time by any Governmental Authority of the United States of America (including OFAC or the U.S. Department of State), or by
the United Nations Security Council, the European Union, Her Majesty’s Treasury of the United Kingdom, or other relevant sanctions
authority with jurisdiction over any Lender, the Parent or any of its Subsidiaries.


 


“SASB Standards”
means the Sustainability Accounting Standards Board Sustainability Accounting Standards (2018) (or successor standards) published by the
Sustainability Accounting Standards Board.


 


“SBTi”
means The Science Based Targets initiative.


 


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


 


“Secured Indebtedness”
means, with respect to a Person as of a given date, the aggregate principal amount of all Indebtedness of
such Person outstanding on such date that is secured in any manner by any Lien on any property, and in the case of the Parent, shall include
(without duplication) the Parent’s Ownership Share of the Secured Indebtedness of its Unconsolidated Affiliates.


 


“Securities Act”
means the Securities Act of 1933.


 


“Senior Officer”
means with respect to the Parent, the Borrower or any Subsidiary, the chief executive officer, president, the chief financial officer,
internal counsel (including the general counsel), secretary, treasurer or any vice present or other senior level officer of the Parent,
the Borrower or such Subsidiary.


 


“SOFR”
shall mean, for any day, a rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York
(or a successor administrator of the secured overnight financing rate).


 


“SOFR
Adjustment” shall mean, the following ten basis points (0.10%).


 


“SOFR
Floor” means a rate of interest per annum equal to zero percent (0.00%).


 


“SOFR Loan”
means a Daily Simple SOFR Loan or a Term SOFR Loan.


 


“SOFR
Reserve Percentage” shall mean, for any day, the maximum effective percentage in effect on such day, if any, as prescribed by
the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including, without limitation,
supplemental, marginal and emergency reserve requirements) with respect to SOFR funding.


 






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


 


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


 


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


 


“Specified Derivatives
Contract” means any Derivatives Contract that is made or entered into at any time, or in effect
at any time now or hereafter, whether as a result of an assignment or transfer or otherwise, between or among a Loan Party or any of its
Subsidiaries and any Specified Derivatives Provider.


 


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


 


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


 


“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.


 


“Subordinated Debt”
means any Indebtedness for money borrowed of the Parent or any of its Subsidiaries that is subordinated in
right of payment and otherwise to the Loans and the other Guaranteed Obligations in a manner reasonably satisfactory to the Administrative
Agent.


 


“Subsidiary”
means, for any Person, any corporation, partnership, limited liability company, trust 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, trust
or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such
Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person, and shall include all
Persons the accounts of which are consolidated with those of such Person pursuant to GAAP. Unless explicitly set forth to the contrary,
a reference to a “Subsidiary” means a direct or indirect Subsidiary of the Parent.


 








    37 


     


    

 


“Subsidiary Guarantor”
has the meaning given that term in the definition of “Required Guarantor”.


 


“Substantial Amount”
means, at the time of determination thereof, an amount in excess of 25% of total consolidated assets (exclusive of depreciation) at such
time of the Parent and its Subsidiaries determined on a consolidated basis.


 


“Sustainability Certificate”
means a certificate substantially in the form of Exhibit M executed by a Responsible Officer of the Borrower (a) setting forth
in reasonable detail the calculation of the KPI Metric and the Sustainability Rate Adjustment, in each case, for the Reference Year covered
thereby, (b) attaching a true and complete copy of the Borrower’s Sustainability Report for the applicable Reference Year and
(c) attaching a true and complete review report of the Sustainability Metric Auditor confirming that the Sustainability Metric Auditor
is not aware of any modifications that should be made to such computations in order for them to be presented in all material respects
in conformity with the SASB Standards.


 


“Sustainability Certificate
Inaccuracy” has the meaning specified in Section 3.11(d).


 


“Sustainability
Metric Auditor” means NPV Associates, or any replacement sustainability metric auditor thereof as designated from time
to time by the Borrower; provided that any such replacement Sustainability Metric Auditor (a) shall be (i) a qualified
external reviewer (other than an Affiliate of the Borrower), with relevant expertise, such as an auditor, environmental consultant and/or
independent ratings agency of recognized national standing or (ii) another firm designated by the Borrower and approved by the Administrative
Agent, the Sustainability Structuring Agent and the Requisite Lenders, and (b) shall be (i) consistent with then generally accepted
industry standards or (ii) if not so consistent, are proposed by the Borrower and approved by the Administrative Agent, the Sustainability
Structuring Agent and the Requisite Lenders.


 


“Sustainability
Pricing Adjustment Dates” has the meaning specified in 3.11(a).


 


“Sustainability
Rate Adjustment” with respect to any Sustainability Certificate for any period between Sustainability Pricing Adjustment
Dates, an amount (whether positive or zero), expressed as a percentage, equal to the Tenant SBT Percentage Applicable Margin Adjustment
Amount (whether positive or zero), in each case for such period.


 


“Sustainability-Related
Information” has the meaning specified in Section 7.1(cc).


 


“Sustainability Report”
means the annual non-financial disclosure request publicly reported by the Parent and published on an internet or intranet website to
which each Lender and the Administrative Agent have been granted access free of charge.


 






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“Sustainability Structuring
Agent” means PNC Capital Markets LLC.


 


“Sustainability Table”
means the Sustainability Table set forth on Schedule 3.11.


 


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


 


“Swingline Commitment”
means the Swingline Lender’s obligation to make Swingline Loans pursuant to Section 2.5. in an amount up to, but not exceeding
the amount set forth in the first sentence of Section 2.5.(a), as such amount may be reduced from time to time in accordance with
the terms hereof.


 


“Swingline Lender”
means PNC 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 2.5.


 


“Swingline Maturity
Date” means the date which is seven (7) Business Days prior to the Revolving Termination Date.


 


“Swingline Note”
means the promissory note of the Borrower substantially in the form of Exhibit I, payable to the Swingline Lender (or its registered
assigns) in a principal amount equal to the amount of the Swingline Commitment as originally in effect and otherwise duly completed.


 


“Syndication Agents”
means each of Wells Fargo Bank, National Association and U.S. Bank National Association, each in such capacity under this Agreement.


 


“Tangible Net Worth”
means, with respect to any Person as of a given date, the stockholders’ equity of such Person determined
on a consolidated basis, plus accumulated depreciation and amortization, minus (to the extent included when determining stockholders’
equity of such Person): (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 (excluding lease intangibles), all determined as of such date on a consolidated basis. For the avoidance
of doubt, non-controlling interests, without regard to whether such interest is classified as temporary or permanent in accordance with
GAAP, shall be included in the determination of stockholders’ equity.


 


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


 






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“Tenant”
an unaffiliated lessee of a Property of the Parent, the Borrower or any Subsidiary thereof.


 


“Tenant
SBT Percentage” means, with respect to any calendar year, the percentage of the Tenants by annual base rent for such
calendar year that have committed to and publicly announced the setting of science-based targets for reducing their greenhouse gas (GHG)
emissions. Annual base rent from Tenants committed to setting science-based targets will be weighted at 50%. Annual base rate from Tenants
with publicly announced science-based targets will be weighted at 100%. The Borrower, in consultation with the Sustainability Structuring
Agent, will use data collected by SBTi to determine which Tenants meet the foregoing requirements for science-based targets in calculating
the Tenant SBT Percentage.


 


“Tenant
SBT Applicable Margin Adjustment Amount” means, with respect to any period between Sustainability Pricing Adjustment
Dates,


 


(a)            if
the Tenant SBT Percentage for such calendar year is equal to or greater than the Tenant SBT Target A for such calendar year, then minus
0.025%;


 


(b)            if
the Tenant SBT Percentage for such calendar year is less than Tenant SBT Target A for such calendar year but is equal to or greater than
then Tenant SBT Target B for such calendar year, then minus 0.010%; and


 


(c)            if
the Tenant SBT Percentage for such calendar year is less than Tenant SBT Target B for such calendar year, then no change.


 


“Term Loan”
means a loan made by a Term Loan Lender to the Borrower pursuant to Section 2.2.


 


“Term Loan Commitment”
means, as to each Term Loan Lender, such Lender’s obligation to make Term Loans during the Availability Period pursuant to Section 2.2.,
in an amount up to, but not exceeding, the amount set forth for such Lender on Schedule I as such Lender’s “Term Loan Commitment
Amount”.


 


“Term Loan Lender”
means a Lender having a Term Loan Commitment and/or a Term Loan.


 


“Term Loan Maturity
Date” means February 11, 2028.


 


“Term Note”
means a promissory note of the Borrower substantially in the form of Exhibit J, payable to a Term Loan Lender (or its registered
assigns) in a principal amount equal to the amount of such Term Loan Lender’s Term Loan.


 


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


 


“Term SOFR Loan”
means Revolving Loan or Term Loan or any portion thereof (other than a Base Rate Loan) bearing interest at a rate based on the Adjusted
Term SOFR Rate.


 






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“Term
SOFR Rate” shall mean, with respect to any amount to which the Term SOFR Rate option applies, for any Interest Period, the interest
rate per annum determined by the Administrative Agent by dividing (the resulting quotient rounded upwards, at the Administrative Agent’s
discretion, to the nearest 1/100th of 1%) (A) the Term SOFR Reference Rate for a tenor comparable to such Interest Period,
as such rate is published by the Term SOFR Administrator on the day (the “Term SOFR Determination Date”) that is two (2) Business
Days prior to the first day of such Interest Period, by (B) a number equal to 1.00 minus the SOFR Reserve Percentage. If the Term
SOFR Reference Rate for the applicable tenor has not been published or replaced with a Benchmark Replacement by 5:00 p.m. (Pittsburgh,
Pennsylvania time) on the Term SOFR Determination Date, then the Term SOFR Reference Rate, for purposes of clause (A) in the preceding
sentence, shall be the Term SOFR Reference Rate for such tenor on the first Business Day preceding such Term SOFR Determination Date for
which such Term SOFR Reference Rate for such tenor was published in accordance herewith, so long as such first preceding Business Day
is not more than three (3) Business Days prior to such Term SOFR Determination Date. The Term SOFR Rate shall be adjusted automatically
without notice to the Borrower on and as of (i) the first day of each Interest Period, and (ii) the effective date of any change
in the SOFR Reserve Percentage.


 


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


 


“Total Asset Value”
means, as to any Person as of a given date, the sum (without duplication) of all of the following of such
Person and its Subsidiaries determined on a consolidated basis in accordance with GAAP applied on a consistent basis and subject to the
Ownership Share Adjustment: (a) Unrestricted Cash and Cash Equivalents; plus (b) the quotient of (i) the Net Operating
Income for all Properties of such Person (other than Properties subject to clause (c) below) for the fiscal quarter most recently
ended multiplied by four (4), divided by (ii) the Capitalization Rate; plus (c) the GAAP book value as of the
date of acquisition of Properties acquired during the then current fiscal quarter or the immediately preceding two full fiscal quarters;
plus (d) the GAAP book value of all Mortgage Receivables (at the value reflected in the Parent’s consolidated financial
statements in accordance with GAAP, as of such date, including the effect of impairment charges); plus (e) the current GAAP
book value of all Development Properties; plus (e) the current GAAP book value of Unimproved Land. Such Person’s Ownership
Share of assets held by non-Wholly Owned Subsidiaries and Unconsolidated Affiliates (excluding assets of the type described in the immediately
preceding clause (a)) will be included in the calculation of Total Asset Value consistent with the above described treatment for wholly-owned
assets. Notwithstanding the foregoing, for purposes of determining Total Asset Value, (A) to the extent the amount of Total Asset
Value attributable to Properties owned by non-Wholly Owned Subsidiaries and Unconsolidated Affiliates would exceed 10% of the aggregate
Total Asset Value at any time, such excess shall be excluded; (B) to the extent the amount of Total Asset Value attributable to Unimproved
Land would exceed 5% of the aggregate Total Asset Value at any time, such excess shall be excluded; (C) to the extent the amount
of Total Asset Value attributable to Development Properties would exceed 15% of the aggregate Total Asset Value at any time, such excess
shall be excluded; (D) to the extent the amount of Total Asset Value attributable to Mortgage Receivables would exceed 10% of the
aggregate Total Asset Value at any time, such excess shall be excluded; (E) to the extent the amount of Total Asset Value attributable
to Properties leased under an Eligible Ground Lease would exceed 5% of the aggregate Total Asset Value at any time, such excess shall
be excluded; and (F) to the extent the aggregate value attributable to the immediately preceding clauses (A), (B), (C), (D) and
(E) would exceed 30% of the aggregate Total Asset Value at any time, such excess shall be excluded.


 








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“Total Indebtedness”
means, as to any Person as of a given date and without duplication: (a) all Indebtedness of such Person
and its Subsidiaries determined on a consolidated basis and (b) such Person’s Ownership Share of the Indebtedness of any Unconsolidated
Affiliate of such Person.


 


“Total Leverage Ratio”
has the meaning given that term in Section 10.1.(a).


 


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


 


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


 


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


 


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


 


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


 


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


 


“Unencumbered Adjusted
NOI” means, as to any Person, for any period, Net Operating Income from all Eligible Properties
of such Person and its Wholly Owned Subsidiaries included in Unencumbered Asset Value for such period,
determined on a consolidated basis for such Person and its Wholly Owned Subsidiaries.


 


“Unencumbered Asset
Value” means, as to any Person as of a given date, the sum (without duplication) of all of the
following of such Person and its Subsidiaries determined on a consolidated basis in accordance with GAAP applied on a consistent basis:
(a) Unrestricted Cash and Cash Equivalents; plus (b) the quotient of (i) the
Unencumbered Adjusted NOI (excluding NOI attributable to Development Properties) of such Person (other than Properties
subject to clause (c) below) for the fiscal quarter most recently ended multiplied by four (4), divided by (ii) the Capitalization
Rate; plus (c) the GAAP book value as of the date of acquisition of Eligible Properties acquired during the then current fiscal quarter
or the immediately preceding two full fiscal quarters. Notwithstanding the foregoing, for purposes of determining the Unencumbered Asset
Value, (A) to the extent the aggregate amount of Unencumbered Asset Value attributable to a single tenant would exceed 15% of the
aggregate Unencumbered Asset Value at any time, such excess shall be excluded, (B) to the extent the amount of Unencumbered Asset
Value attributable to Eligible Properties leased under an Eligible Ground Lease would exceed 5% of the aggregate Unencumbered Asset Value
at any time, such excess shall be excluded, (C) to the extent the weighted average lease term (exclusive of any unexercised extension
options) of all Eligible Properties included in the calculation of Unencumbered Asset Value shall be less than 84 months at any time,
Unencumbered Asset Value attributable to such Eligible Properties identified by the Borrower shall be excluded until the weighted average
lease term (exclusive of any unexercised extension options) of all Eligible Properties included in the calculation of Unencumbered Asset
Value shall be not less than 84 months, and (D) to the extent the amount of Unencumbered Asset Value attributable to Dark Properties
would exceed 10% of the aggregate Unencumbered Asset Value at any time, such excess shall be excluded.


 








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“Unimproved Land”
means, with respect to the Parent and its Wholly Owned Subsidiaries (or, in the case of any calculation subject
to the Ownership Share Adjustment, the applicable non-Wholly Owned Subsidiary or Unconsolidated Affiliate), wholly-owned land of such
Person 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.


 


“Unrestricted Cash
and Cash Equivalents” means the aggregate amount of unrestricted cash and Cash Equivalents of the
Borrower and its Wholly-Owned Subsidiaries (other than Excluded Subsidiaries); provided that Unrestricted Cash and Cash Equivalents shall
exclude (i) tenant deposits and (ii) other cash and Cash Equivalents that are subject to a Lien or a Negative Pledge (other
than customary rights of set-off and statutory or common law provisions relating to bankers’ liens) or the disposition of which
is restricted in any way.


 


“Unsecured Indebtedness”
means, with respect to a Person, Indebtedness of such Person that is not Secured Indebtedness; provided,
however, that any Indebtedness that is secured only by a pledge of Equity Interests shall be deemed to be Unsecured Indebtedness.


 


“Unsecured Interest
Expense” means, as to any Person and for any period, all Interest Expense of such Person for such
period attributable to Unsecured Indebtedness of such Person.


 


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


 


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


 


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


 


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


 






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


 


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


 


Section 1.2.     General;
References to Central 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, the Borrower shall give the Administrative Agent written notice thereof promptly after the
Borrower has knowledge thereof, and if 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. Notwithstanding the preceding sentence, (a) the calculation of liabilities shall not include any fair value
adjustments to the carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value option election
under FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB
standards allowing entities to elect fair value option for financial liabilities and accordingly, the amount of liabilities shall be the
historical cost basis, which generally is the contractual amount owed adjusted for amortization or accretion of any premium or discount;
and (b) all accounting terms, ratios and calculations shall be determined without giving effect to Accounting Standards Codification
842 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) (and related interpretations)
to the extent any lease (or similar arrangement conveying the right to use) would be required to be treated as a capital lease thereunder
where such lease (or similar arrangement) would have been treated as an operating lease under GAAP as in effect immediately prior to the
effectiveness of the Accounting Standards Codification 842. “Sections”, “Articles”, “Exhibits” and
 “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless otherwise indicated. References in
this Agreement to any document, instrument or agreement (a) shall include all exhibits, schedules and other attachments thereto,
(b) except as expressly provided otherwise in any Loan Document, shall include all documents, instruments or agreements issued or
executed in replacement thereof, to the extent permitted hereby and (c) shall mean such document, instrument or agreement, or replacement
or predecessor thereto, as amended, supplemented, restated or otherwise modified from time to time to the extent not otherwise stated
herein or prohibited hereby and in effect at any given time. 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. Except as expressly provided otherwise in any Loan Document, (i) any reference to any
law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such law and
any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified, extended,
restated, replaced or supplemented from time to time and (ii) any reference to any Person shall be construed to include such Person’s
permitted successors and permitted assigns. Unless explicitly set forth to the contrary, a reference to “Subsidiary” means
a Subsidiary of the Parent or a Subsidiary of such Subsidiary and a reference to an “Affiliate” means a reference to an Affiliate
of the Parent. 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 Central time
daylight or standard, as applicable.


 








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Section 1.3.     Financial
Attributes of Non-Wholly Owned Subsidiaries and Unconsolidated Affiliates.


 


When determining the Applicable
Margin and compliance by the Parent or the Borrower with any financial covenant contained in any of the Loan Documents (and without duplication
of the application of GAAP to exclude the financial attributes attributable to minority interests in non-Wholly Owned Subsidiaries) (a) only
the Ownership Share of the Parent or the Borrower, as applicable, of the financial attributes of a non-Wholly Owned Subsidiary, or as
otherwise expressly provided, any Unconsolidated Affiliate, shall be considered in such determination (the “Ownership Share Adjustment”)
and (b) the Parent’s Ownership Share of the Borrower shall be deemed to be 100.0%.


 


Section 1.4.     SOFR
Notification; Conforming Changes Relating to Adjusted Term SOFR Rate and Adjusted Daily Simple SOFR Rate.


 


(a)            Section 5.9
provides a mechanism for determining an alternative rate of interest in the event that the Adjusted Term SOFR Rate or the Adjusted Daily
Simple SOFR Rate is no longer available or in certain other circumstances. The Administrative Agent does not warrant or accept any responsibility
for and shall not have any liability with respect to, the administration, submission or any other matter related to the Adjusted Term
SOFR Rate or the Adjusted Daily Simple SOFR Rate, or with respect to any alternative or successor rate thereto, or replacement rate therefor.


 


(b)            With
respect to the Adjusted Term SOFR Rate and the Adjusted Daily Simple SOFR Rate, the Administrative Agent will have the right to make Conforming
Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing
such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other
Loan Document; provided that, with respect to any such amendment effected, the Administrative Agent shall provide notice to the Borrower
and the Lenders each such amendment implementing such Conforming Changes reasonably promptly after such amendment becomes effective.


 








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Section 1.5.     Division.


 


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


 


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.,
each Revolving Lender severally and not jointly agrees to make Revolving Loans denominated in Dollars to the Borrower during the period
from and including the Effective Date to but excluding the Revolving Termination Date, in an aggregate principal amount at any one time
outstanding up to, but not exceeding, such Lender’s Revolving Commitment. Each borrowing of Revolving Loans that are to be (i) Base
Rate Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess thereof and (ii) SOFR
Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess thereof. Notwithstanding the
immediately preceding two sentences but subject to Section 2.16., a borrowing of Revolving Loans may be in the aggregate amount of
the unused Revolving Commitments. 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 1:00 p.m. Central time at least one (1) Business Day prior to a borrowing of Revolving
Loans that are to be Base Rate Loans and not later than 1:00 p.m. Central time at least three (3) Business Days prior to a borrowing
of Revolving Loans that are to be SOFR 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 use of the proceeds of such Revolving Loans, the Type of the requested Revolving Loans,
and if such Revolving Loans are to be Term SOFR 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, a Term SOFR Loan or a Daily Simple SOFR Loan) request that the Administrative Agent
provide the Borrower with the most recent Adjusted Daily Simple SOFR Rate or Adjusted Term SOFR Rate available to the Administrative Agent.
The Administrative Agent shall provide such quoted rate to the Borrower on the date of such request or as soon as possible thereafter.


 






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(c)            Funding
of Revolving Loans. Promptly after receipt of a Notice of Borrowing under the immediately preceding subsection (b), the Administrative
Agent shall notify each Revolving Lender of the proposed borrowing. Each Revolving 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. Central 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 the account specified in the Disbursement Instruction
Agreement, not later than 2:00 p.m. Central time on the date of the requested borrowing of Revolving Loans, the proceeds of such
amounts received by the Administrative Agent. If no Interest Period is specified with respect to any requested Term SOFR Loan, then the
Borrower shall be deemed to have selected an Interest Period of one month’s duration.


 


(d)            Assumptions
Regarding Funding by Revolving Lenders. With respect to Revolving Loans to be made after the Effective Date, unless the Administrative
Agent shall have been notified by any Revolving 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. Any
payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Revolving Lender that shall have failed
to make available the proceeds of a Revolving Loan to be made by such Lender.


 


Section 2.2.     Term
Loans.


 


(a)            Making
of Term Loans. Subject to the terms and conditions hereof, during the Availability Period, each Term Loan Lender severally and not
jointly agrees to make Term Loans denominated in Dollars to the Borrower in the aggregate principal amount up to, but not exceeding, the
amount of such Lender’s Term Loan Commitment. There shall be no more than four (4) separate borrowings of Term Loans and each
borrowing of Term Loans shall be in an aggregate minimum amount of $25,000,000 and integral multiples of $10,000,000 in excess thereof;
provided, that a borrowing of Term Loans may be in the aggregate amount of the remaining Term Loan Commitments. Upon a Lender’s
funding of its Term Loan, the Term Loan Commitment of such Lender shall be permanently reduced by the principal amount of such Term Loan.
The Borrower may not reborrow any portion of the Term Loans once repaid or prepaid. All undrawn Term Loan Commitments shall terminate
at 5:00 p.m. Central time on the Availability Termination Date if not previously terminated pursuant to this Agreement.


 








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(b)            Requests
for Term Loans. Not later than 1:00 p.m. Central time at least one (1) Business Day prior to a borrowing of Term Loans that
are to be Base Rate Loans and not later than 1:00 p.m. Central time at least three (3) Business Days prior to a borrowing of
Term Loans that are to be SOFR Loans, the Borrower shall give the Administrative Agent notice requesting that the Term Loan Lenders make
the Term Loans on the date of the proposed borrowing and specifying the aggregate principal amount of Term Loans to be borrowed, the Type
of the Term Loans, and if such Term Loans are to be Term SOFR Loans, the initial Interest Period for the Term Loans. Such notice shall
be irrevocable once given and binding on the Borrower, and, if such Term Loans are to be Term SOFR Loans, shall include customary funding
indemnification language. Upon receipt of such notice the Administrative Agent shall promptly notify each Term Loan Lender.


 


(c)            Funding
of Term Loans. Each Term Loan Lender shall deposit an amount equal to the Term Loan to be made by such Term Loan Lender to the Borrower
with the Administrative Agent at the Principal Office, in immediately available funds, not later than 11:00 a.m. Central time on
the date of the proposed borrowing. Subject to fulfillment of all applicable conditions set forth herein, the Administrative Agent shall
make available to the Borrower in the account specified by the Borrower in the Disbursement Instruction Agreement, not later than 2:00
p.m. Central time on the date of the proposed borrowing, the proceeds of such amounts received by the Administrative Agent.


 


(d)            Assumptions
Regarding Funding by Term Loan Lenders. With respect to Term Loans to be made after the Effective Date, unless the Administrative
Agent shall have been notified by any Term Loan Lender that such Lender will not make available to the Administrative Agent a Term 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 Term 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 Term 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 Term Loan, then such Lender
and the Borrower severally agree to pay to the Administrative Agent on demand the amount of such Term Loan with interest thereon, for
each day from and including the date such Term 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 Term
Loan, the amount so paid shall constitute such Lender’s Term Loan included in the borrowing. Any payment by the Borrower shall be
without prejudice to any claim the Borrower may have against a Term Loan Lender that shall have failed to make available the proceeds
of a Term Loan to be made by such Lender.


 








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Section 2.3.     [Reserved].


 


Section 2.4.     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 Revolving Lenders, agrees to issue for the account of the Borrower during the period from and including the Effective
Date to, but excluding, the date thirty (30) days prior to the Revolving Termination Date, one or more standby letters of credit (each
a “Letter of Credit”) denominated in Dollars up to a maximum aggregate Stated Amount at any one time outstanding not
to exceed $40,000,000, as such amount may be reduced from time to time in accordance with the terms hereof (the “L/C Commitment
Amount”).


 


(b)            Terms
of Letters of Credit. At the time of issuance or amendment, the amount, form, terms and conditions of each Letter of Credit (or amendment
thereto as applicable), 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 date that is thirty
(30) days prior to the Revolving 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 provision providing for the 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 earlier of (x) the date that is thirty (30) days prior to the Revolving Termination Date and
(y) the date one year after the current expiration date of such Letter of Credit. Notwithstanding the foregoing, 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 Revolving Termination Date (any such Letter of Credit being referred to as an “Extended Letter
of Credit”), so long as the Borrower delivers to the Administrative Agent for its benefit and the benefit of the Issuing Bank
and the Revolving Lenders no later than fifteen (15) days (or such shorter period as agreed to by the Administrative Agent and the Issuing
Bank) prior to the Revolving 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; provided, that the obligations of the Borrower under
this Section in respect of such Extended Letters of Credit shall survive the termination of this Agreement and shall remain in effect
until no such Extended Letters of Credit remain outstanding. If the Borrower fails to provide Cash Collateral with respect to any Extended
Letter of Credit by the date fifteen (15) days prior to the Revolving Termination Date, such failure shall be treated as a drawing under
such Extended Letter of Credit (in an amount equal to the maximum Stated Amount of such Letter of Credit), which shall be reimbursed (or
participations therein funded) by the Revolving Lenders in accordance with the immediately following subsections (i) and (j), with
the proceeds being utilized to provide Cash Collateral for such Letter of Credit. The initial Stated Amount of each Letter of Credit shall
be at least $50,000 (or such lesser amount as may be acceptable to the Issuing Bank, the Administrative Agent and the Borrower).


 






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(c)            Requests
for Issuance of Letters of Credit. The Borrower shall give the Issuing Bank and the Administrative Agent written notice at least five
(5) Business Days prior (or such shorter period as may be mutually agreed by the Borrower and the Issuing Bank) 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) 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 6.2., 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 five (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. No Issuing Bank shall at any time be obligated to issue any Letter of Credit if such issuance would conflict
with, or cause the Issuing Bank or any Revolving 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. Upon the written request of the Borrower, the Issuing Bank shall deliver to the Borrower
a copy of each Letter of Credit issued by the Issuing Bank within a reasonable time after the date of issuance thereof. To the extent
any term of a Letter of Credit Document (excluding any certificate or other document presented by a beneficiary in connection with a drawing
under such Letter of Credit) is inconsistent with a term of any Loan Document, the term of such Loan Document shall control. The Borrower
shall examine the copy of any Letter of Credit or any amendment to a Letter of Credit that is delivered to it by the Issuing Bank and,
in the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will promptly (but
in any event, within five (5) Business Days after the later of (x) receipt by the beneficiary of such Letter of Credit of the
original of, or amendment or other modification to, such Letter of Credit, as applicable and (y) receipt by the Borrower of a copy
of such Letter of Credit or amendment or other modification, as applicable) notify the Issuing Bank. The Borrower shall be conclusively
deemed to have waived any such claim against the Issuing Bank and its correspondents unless such notice is given as aforesaid.


 


(d)            Reimbursement
Obligations. Upon receipt by the Issuing Bank from the beneficiary of a Letter of Credit issued by the Issuing Bank of any demand
for payment under such Letter of Credit and the Issuing Bank’s determination that such demand for payment complies with the requirements
of 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 demand for payment under each Letter of Credit issued
by the Issuing Bank 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 owing with respect to a Letter of Credit issued by the Issuing Bank, the Issuing Bank shall promptly pay to the Administrative
Agent for the account of each Revolving Lender that has acquired a participation therein under the second sentence of the immediately
following subsection (i) such Lender’s Revolving Commitment Percentage of such payment.


 






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(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 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 VI. 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 Revolving Lender prompt notice of the amount of the Revolving Loan to be made available to the Administrative Agent
not later than 12:00 noon Central 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 2.1.(a) shall
not apply to any borrowing of Base Rate Loans under this subsection.


 


(f)            Effect
of Letters of Credit on Revolving Commitments. Upon the issuance by the Issuing Bank of any Letter of Credit and until such Letter
of Credit shall have expired or been cancelled, the Revolving Commitment of each Revolving 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 Revolving Commitment Percentage and (ii) the
sum of (A) the Stated Amount of such Letter of Credit plus (B) any related Reimbursement Obligations then outstanding.


 






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(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 Letters of Credit issued by the Issuing Bank 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 Issuing Bank, the Administrative Agent or
any of the Lenders shall be responsible for, and the Borrower’s obligations in respect of Letters of Credit shall not be affected
in any manner by, (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, 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 the Issuing Bank’s or 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 issued by the Issuing Bank, 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 issued by the Issuing Bank, and
to repay any Revolving Loan made pursuant to the second sentence of the immediately preceding subsection (e), shall be absolute, unconditional
and irrevocable and shall be paid strictly in accordance with the terms of this Agreement and 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 or among 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, or provide a right of setoff against, the Borrower’s Reimbursement Obligations. Notwithstanding anything to the contrary contained
in this Section or Section 13.9., 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 the immediately preceding subsection (e), 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.


 








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(h)            Amendments,
Etc. The issuance by the Issuing Bank of any amendment, supplement or other modification to any Letter of Credit issued by the Issuing
Bank 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 through the Issuing Bank and the Administrative Agent), 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 the Revolving Lenders, if any, required by Section 13.6. 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 3.5.(c).


 


(i)            Revolving
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Bank of any Letter of Credit each
Revolving 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 Revolving Commitment Percentage of
the liability of the Issuing Bank with respect to such Letter of Credit and each Revolving 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 Revolving Commitment Percentage of the Issuing Bank’s liability under such Letter of Credit for which
the Issuing Bank is not reimbursed in full by the Borrower through a Base Rate Loan or otherwise in accordance with the terms of this
Agreement. In addition, upon the making of each payment by a Revolving Lender to the Administrative Agent for the account of the Issuing
Bank in respect of any Letter of Credit issued by it pursuant to the immediately 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 Revolving Commitment Percentage 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 second and the last sentences of Section 3.5.(c)). Upon receipt by the Issuing Bank of any payment in respect of any Reimbursement
Obligation, the Issuing Bank shall promptly pay to each Revolving Lender that has acquired a participation therein under the second sentence
of this subsection (i), such Revolving Lender’s Revolving Commitment Percentage of such payment.


 


(j)            Payment
Obligation of Revolving Lenders. Each Revolving Lender severally agrees to pay to the Administrative Agent, for the account of the
Issuing Bank, on demand or upon notice in accordance with subsection (e) above in immediately available funds in Dollars the amount
of such Lender’s Revolving Commitment Percentage of each drawing paid by the Issuing Bank under each Letter of Credit issued by
it to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided,
however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Revolving Lender shall be required
to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Revolving Commitment Percentage of such
drawing except as otherwise provided in Section 3.9.(d). If the notice referenced in the second sentence of Section 2.4.(e) is
received by a Revolving Lender not later than 11:00 a.m. Central time, then such Lender shall make such payment available to the
Administrative Agent not later than 2:00 p.m. Central time on the date of demand therefor; otherwise, such payment shall be made
available to the Administrative Agent not later than 1:00 p.m. Central time on the next succeeding Business Day. Each Revolving 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 Revolving 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 11.1.(e) or (f), (iv) the termination of the Revolving
Commitments or (v) the delivery of Cash Collateral in respect of any Extended Letter of Credit. 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.


 








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(k)            Information
to Lenders. Promptly following any change in Letters of Credit outstanding, the Issuing Bank shall provide to the Administrative Agent,
which shall promptly provide the same to each Revolving Lender and the Borrower, a notice describing the aggregate amount of all Letters
of Credit issued by the Issuing Bank outstanding at such time. Upon the request of the Administrative Agent from time to time, the Issuing
Bank shall deliver any other information reasonably requested by the Administrative Agent (or a Revolving Lender through the Administrative
Agent) with respect to such Letters of Credit that are the subject of such request. Other than as set forth in this subsection, the Issuing
Bank and the Administrative Agent 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 or the Administrative Agent to perform its requirements under this subsection
shall not relieve any Revolving Lender from its obligations under the immediately preceding subsection (j).


 


(l)            Extended
Letters of Credit. Each Revolving Lender confirms that its obligations under the immediately preceding subsections (i) and (j) shall
be reinstated in full and apply if the delivery of any Cash Collateral in respect of an Extended Letter of Credit is subsequently invalidated,
declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party, in connection
with any proceeding under any Debtor Relief Law or otherwise.


 


(m)            Reporting
of Letter of Credit Information. At any time that the Issuing Bank is not also the financial institution acting as Administrative
Agent, then (i) on the last Business Day of each calendar month, (ii) on each date that a Letter of Credit is amended, terminated
or otherwise expires, (iii) on each date that a Letter of Credit is issued or the expiry date of a Letter of Credit is extended,
and (iv) upon the request of the Administrative Agent, the Issuing Bank shall deliver to the Administrative Agent a report setting
forth in form and detail reasonably satisfactory to the Administrative Agent information (including, without limitation, any reimbursement,
Cash Collateral, or termination in respect of Letters of Credit issued by the Issuing Bank) with respect to each Letter of Credit issued
by the Issuing Bank that is outstanding hereunder. No failure on the part of the Issuing Bank to provide such information pursuant to
this Section 2.4(m) shall limit the obligations of the Borrower or any Revolving Lender hereunder with respect to its reimbursement
and participation obligations hereunder.


 








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(n)            Replacement
and Resignation of Issuing Bank.


 


(i)            The
Issuing Bank may be replaced (including concurrently with the assignment of all of the Revolving Commitments and Revolving Loans of any
Lender then acting as the Issuing Bank hereunder) at any time by written agreement among the Borrower, the Administrative Agent, the replaced
Issuing Bank and any successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such replacement of the
Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account
of the replaced Issuing Bank pursuant to Section 3.5.(c). From and after the effective date of any such replacement, (i) the
successor Issuing Bank shall have all the rights and obligations of the replaced Issuing Bank under this Agreement with respect to Letters
of Credit to be issued by such successor Issuing Bank thereafter, (ii) references herein to the term “Issuing Bank” shall
be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context
shall require, and (iii) the successor Issuing Bank shall, or any other Issuing Bank may, issue letters of credit in substitution
for all Letters of Credit issued by the replaced Issuing Bank outstanding at the time of such succession (which letters of credit issued
in substitutions shall be deemed to be Letters of Credit issued hereunder) or make other arrangements satisfactory to the replaced Issuing
Bank to effectively assume the obligations of the replaced Issuing Bank with respect to such Letters of Credit. After the replacement
of the Issuing Bank hereunder or the assignment of all of the Revolving Commitments and Revolving Loans of any Lender then acting as the
Issuing Bank hereunder, the replaced or departing Issuing Bank shall remain a party hereto (but only to extent the replaced or departing
Issuing Bank still has Letters of Credit that will be issued and outstanding) and shall continue to have all the rights and obligations
of the Issuing Bank under this Agreement with respect to Letters of Credit then outstanding and issued by it prior to such replacement
for which there is no substituted Letter of Credit, but shall not be required to issue additional Letters of Credit.


 


(ii)            Subject
to the appointment and acceptance of a successor Issuing Bank, the Issuing Bank may resign as Issuing Bank at any time upon thirty days’
prior written notice to the Administrative Agent, the Borrower and the Lenders, in which case, such resigning Issuing Bank shall be replaced
in accordance with Section 2.4.(n)(i) above.


 


Section 2.5.     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 denominated in Dollars to the Borrower, during the period from the Effective Date to but excluding the Swingline
Maturity Date, in an aggregate principal amount at any one time outstanding up to, but not exceeding, $40,000,000 (the “Swingline
Availability”), as such amount may be reduced from time to time in accordance with the terms hereof; provided, that (i) after
giving effect to any amount requested, the Revolving Credit Exposure shall not exceed the aggregate Revolving Commitments, and (ii) the
Swingline Lender shall not be obligated to make Swingline Loans in an aggregate outstanding principal amount in excess of an amount equal
to (x) the Revolving Commitment of the Swingline Lender in its capacity as a Revolving Lender minus (y) the aggregate
outstanding principal amount of Revolving Loans (including Swingline Loans) and Letter of Credit Liabilities made by the Swingline Lender
in its capacity as a Revolving Lender. If at any time the aggregate principal amount of the Swingline Loans outstanding at such time exceeds
the Swingline Availability 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. Outstanding Swingline Loans shall be deemed to utilize the Revolving Commitments on a dollar-for-dollar basis.


 








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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
to the Swingline Lender and the Administrative Agent no later than 1:00 p.m. Central 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,
electronic mail or other similar form of communication on the same day of the giving of such telephonic notice. Not later than 3:00 p.m. Central
time on the date of the requested Swingline Loan and subject to satisfaction of the applicable conditions set forth in Section 6.2.
for such borrowing, the Swingline Lender will make the proceeds of such Swingline Loan available to the Borrower in Dollars, in immediately
available funds, at the account specified by the Borrower in the Disbursement Instruction Agreement.


 


(c)            Interest.
Swingline Loans shall bear interest at a per annum rate equal to the Base Rate as in effect from time to time plus the Applicable Margin
for Base Rate Loans 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 Revolving Lender acquires a participating
interest in a Swingline Loan pursuant to the immediately following subsection (e)). All accrued and unpaid interest on Swingline Loans
shall be payable on the dates and in the manner provided in Section 2.6. 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 $500,000 and integral multiples of $100,000 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 $100,000 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 Central 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.


 






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(e)            Repayment
and Participations of Swingline Loans. The Borrower agrees to repay each Swingline Loan within one (1) Business Day of demand
therefor by the Swingline Lender and, in any event, within five (5) Business Days after the date such Swingline Loan was made; provided,
that (x) upon the making of any Revolving Loan while a Swingline Loan is outstanding, the proceeds of such Revolving Loans shall
be applied to repay any such outstanding Swingline Loan, and (y) 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 Maturity 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 Revolving Loans that are Base Rate
Loans from the Revolving Lenders in an amount equal to the principal balance of such Swingline Loan. The amount limitations contained
in the second sentence of Section 2.1.(a) shall not apply to any borrowing of such Revolving Loans made pursuant to this subsection.
The Swingline Lender shall give notice to the Administrative Agent of any such borrowing of Revolving Loans not later than 1:00 p.m. Central
time at least one (1) Business Day prior to the proposed date of such borrowing. Promptly after receipt of such notice of borrowing
of Revolving Loans from the Swingline Lender under the immediately preceding sentence, the Administrative Agent shall notify each Revolving
Lender of the proposed borrowing. Not later than 11:00 a.m. Central time on the proposed date of such borrowing, each Revolving Lender
will make available to the Administrative Agent at the Principal Office for the account of the Swingline Lender, in immediately available
funds, the proceeds of the Revolving Loan to be made by such Lender. The Administrative Agent shall pay the proceeds of such Revolving
Loans to the Swingline Lender, which shall apply such proceeds to repay such Swingline Loan. If the Revolving Lenders are prohibited from
making Revolving Loans required to be made under this subsection for any reason whatsoever, including without limitation, the existence
of any of the Defaults or Events of Default described in Sections 11.1.(e) or (f), each Revolving Lender shall purchase from the
Swingline Lender, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Revolving
Commitment Percentage 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 Revolving 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 existence of a Default or Event of Default (including without limitation, any of the Defaults
or Events of Default described in Sections 11.1. (e) or (f)), or the termination of any Revolving Lender’s Revolving 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 Revolving 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 Revolving 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 Revolving 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).


 








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Section 2.6.     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 for Base
Rate Loans applicable to such Loan;


 


(ii)            during
such periods as such Loan is a Daily Simple SOFR Loan, at the Adjusted Daily Simple SOFR Rate (as in effect from time to time), plus the
Applicable Margin for SOFR Loans applicable to such Loan; and


 


(iii)            during
such periods as such Loan is a Term SOFR Loan, at the Adjusted Term SOFR Rate for such Loan for the Interest Period therefor, plus the
Applicable Margin for SOFR Loans applicable to such Loan.


 


Notwithstanding the foregoing, while an Event
of Default under Section 11.1(a), 11.1(e) or 11.1(f) exists (and at the direction of the Requisite Lenders while any other
Event of Default exists) or after the Obligations have otherwise been accelerated in accordance with the terms of this Agreement, the
Borrower shall pay to the Administrative Agent for the account of each Lender and the Issuing Bank, as the case may be, 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 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) with respect
to any Base Rate Loan or Daily Simple SOFR Loan, monthly in arrears on the first day of each month, commencing with the first full calendar
month occurring after the Effective Date, (ii) with respect to any Term SOFR Loan, the last date of the Interest Period applicable
thereto and, in the case of any Term SOFR Loan with an Interest Period of more than three months’ duration, each day prior to the
last day of such Interest Period that occurs at three months’ duration after the first day of such Interest Period and (iii) on
any date on which the principal balance of such Loan is due and payable in full (whether at maturity, due to acceleration or otherwise).
Interest payable at the Post-Default Rate shall be payable from time to time on demand. All determinations by the Administrative Agent
of an interest rate hereunder shall be conclusive and binding on the Lenders and the Borrower for all purposes, absent manifest error.


 








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


 


Section 2.7.     Number
of Interest Periods.


 


There may be no more than
eight (8) different Interest Periods outstanding at the same time.


 


Section 2.8.     Repayment
of Loans.


 


(a)            Revolving
Loans. The Borrower promises to repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Revolving
Loans on the Revolving Termination Date.


 


(b)            Term
Loans. The Borrower promises to repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Term
Loans on the Term Loan Maturity Date.


 


Section 2.9.     Prepayments.


 


(a)            Optional.
Subject to Section 5.4., the Borrower may prepay any Loan at any time without premium or penalty. The Borrower shall give the Administrative
Agent at least three (3) Business Days prior notice (which may be by telecopy or electronic mail) of the prepayment of any Revolving
Loan or Term Loan which notice may be conditioned on the occurrence of refinancing thereof. Each voluntary prepayment of Loans shall be
in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess thereof (except for the Swingline Loans, which
can be repaid in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess thereof).


 






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(b)            Mandatory.


 


(i)            Revolving
Commitment Overadvance. If at any time the aggregate principal amount of all outstanding Revolving Loans and Swingline Loans, together
with the aggregate amount of all Letter of Credit Liabilities, exceeds the aggregate amount of the Revolving Commitments, the Borrower
shall immediately upon demand pay to the Administrative Agent for the account of the Lenders then holding Revolving Commitments (or if
the Revolving Commitments have been terminated, then holding outstanding Revolving Loans, Swingline Loans and/or Letter of Credit Liabilities),
the amount of such excess.


 


(ii)            Application
of Mandatory Prepayments. Amounts paid under the preceding subsection (b)(i) shall be applied to pay all amounts of principal
outstanding on the Revolving Loans and Swingline 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. If the Borrower is required to pay any outstanding Term SOFR 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 5.4.


 


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


 


Section 2.10.     Continuation.


 


So long as no Default or Event
of Default exists, the Borrower may on any Business Day, with respect to any Term SOFR Loan, elect to maintain such Term SOFR Loan or
any portion thereof as a Term SOFR Loan by selecting a new Interest Period for such Term SOFR Loan. Each Continuation of a Term SOFR Loan
shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess of that amount, and each new Interest
Period selected under this Section shall commence on the last day of the immediately preceding Interest Period. Each selection of
a new Interest Period shall be made by the Borrower giving to the Administrative Agent a Notice of Continuation not later than 1:00 p.m. Central
time on the third (3rd) 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 similar form of communication in the form of a Notice of Continuation, specifying (a) the
proposed date of such Continuation, (b) the Term SOFR Loans and portions thereof subject to such Continuation and (c) the duration
of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans
outstanding hereunder. Each Notice of Continuation shall be irrevocable by and binding on the Borrower once given. Promptly after receipt
of a Notice of Continuation, the Administrative Agent shall notify each Lender of the proposed Continuation. If the Borrower shall fail
to select in a timely manner a new Interest Period for any Term SOFR Loan in accordance with this Section, such Loan will automatically,
on the last day of the current Interest Period therefor, continue as a Term SOFR Loan with an Interest Period 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.


 








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Section 2.11.     Conversion.


 


The Borrower may on any Business
Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar
form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a
Base Rate Loan may not be Converted into a SOFR Loan and a Daily Simple SOFR Loan may not be converted into a Term SOFR Loan if a Default
or Event of Default exists. Each Conversion of Loans of one Type into Loans of another Type shall be in an aggregate minimum amount of
$1,000,000 and integral multiples of $250,000 in excess of that amount. Each such Notice of Conversion shall be given not later than 1:00
p.m. Central time three (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 of the proposed Conversion. Subject to the restrictions specified above,
each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion
specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type
of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a Term SOFR
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.
In the case of a Revolving Lender that has notified the Administrative Agent in writing that it elects to receive a Revolving Note, the
Revolving Loans made by such Revolving Lender shall, in addition to this Agreement, also be evidenced by a Revolving Note, payable to
such Revolving Lender (or its registered assigns) in a principal amount equal to the amount of its Revolving Commitment as originally
in effect and otherwise duly completed. The Swingline Loans made by the Swingline Lender to the Borrower shall at the election of the
Swingline Lender, in addition to this Agreement, also be evidenced by a Swingline Note payable to the Swingline Lender (or its registered
assigns). In the case of a Term Loan Lender that has notified the Administrative Agent in writing that it elects to receive a Term Note,
the Term Loan made by such Term Loan Lender shall, in addition to this Agreement, also be evidenced by a Term Note, payable to such Term
Loan Lender (or its registered assigns) in a principal amount equal to the amount of its Term Loan and otherwise duly completed.


 


(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 3.8., in the absence
of manifest error, the statements of account maintained by the Administrative Agent pursuant to Section 3.8. shall be controlling.


 






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(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 Revolving Commitment.


 


The Borrower shall have the
right to terminate or reduce the aggregate unused amount of the Revolving Commitments (for which purpose use of the Revolving Commitments
shall be deemed to include the aggregate amount of all Letter of Credit Liabilities and the aggregate principal amount of all outstanding
Swingline Loans) at any time and from time to time without penalty or premium upon not less than five (5) Business Days prior written
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 (which in the case of any partial reduction of the Revolving Commitments shall not be less than $5,000,000
and integral multiples of $1,000,000 in excess of that amount in the aggregate) and shall be irrevocable once given and effective only
upon receipt by the Administrative Agent (“Commitment Reduction Notice”); provided, however, a Commitment
Reduction Notice may state that such notice is conditioned upon the effectiveness of a refinancing of all outstanding Revolving Loans,
in which case such Commitment Reduction Notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the
specified effective date of such Commitment Reduction Notice) if such condition is not satisfied and provided, further the Borrower may
not reduce the aggregate amount of the Revolving Commitments below $75,000,000 unless the Borrower is terminating the Revolving Commitments
in full. Promptly after receipt of a Commitment Reduction Notice the Administrative Agent shall notify each Lender of the proposed termination
or Revolving Commitment reduction. Without limitation of the provisions of Section 2.17., the Revolving Commitments, once reduced
or terminated pursuant to this Section, may not be increased or reinstated. The Borrower shall pay all interest and fees on the Revolving
Loans accrued to the date of such reduction or termination of the Revolving Commitments to the Administrative Agent for the account of
the Revolving Lenders, including but not limited to any applicable compensation due to each Revolving Lender in accordance with Section 5.4.


 


Section 2.14.     Extension
of Revolving Termination Date.


 


So long as no Default or Event
of Default has occurred and is continuing, the Borrower may elect at least thirty (30) days but no more than ninety (90) days prior to
the then applicable Revolving Termination Date, to extend the Revolving Termination Date for one successive one year period as provided
in this Section 2.14. by providing written notice of such election to the Administrative Agent (which shall promptly notify each
of the Lenders). If on the then applicable Revolving Termination Date and on the date of delivery of the notice of such election (i) no
Default or Event of Default exists and is continuing, (ii) the representations and warranties of the Borrower set forth in this Agreement
are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case
such representation or warranty shall be true and correct in all respects) on and as of such date (or, if such representation or warranty
is expressly stated to have been made as of a specific date, as of such specific date), (iii) the Borrower pays the fee due pursuant
to Section 3.5.(d), and (iv) the Borrower has given written notice to the Administrative Agent of such election to extend the
Revolving Termination Date within the time frame set forth in this Section 2.14., the Revolving Termination Date shall be extended
to August 11, 2027.


 








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Section 2.15.     Expiration
Date of Letters of Credit Past Revolving Commitment Termination.


 


If on the date the Revolving
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 and the aggregate Stated Amount of such Letters of Credit exceeds the balance of available
funds on deposit in the Letter of Credit Collateral Account, then the Borrower shall, on such date, pay to the Administrative Agent, for
its benefit and the benefit of the Lenders and the Issuing Bank, for deposit into the Letter of Credit Collateral Account, an amount of
money equal to the amount of such excess.


 


Section 2.16.     Amount
Limitations.


 


Notwithstanding any other
term of this Agreement or any other Loan Document, no Lender shall be required to make a Loan, no Issuing Bank shall be required to issue
a Letter of Credit and no reduction of the Revolving 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 Revolving Commitments the aggregate principal
amount of all outstanding Revolving Loans and Swingline Loans, together with the aggregate amount of all Letter of Credit Liabilities,
would exceed the aggregate amount of the Revolving Commitments at such time.


 






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Section 2.17.     Incremental
Facilities.


 


The Borrower shall have the
right to request increases in the aggregate amount of the Revolving Commitments or the making of incremental term loans hereunder (“Incremental
Term Loans”, and any such increase or Incremental Term Loans, an “Incremental Facility”) by providing written
notice to the Administrative Agent, which notice shall be irrevocable once given; provided, however, that after giving effect
to any such Incremental Facility the aggregate amount of the sum of the Revolving Commitments plus the principal amount of Term
Loans (including any such Incremental Term Loans) shall not exceed $1,000,000,000. The allocation of any increase between the Revolving
Commitments and Incremental Term Loans shall be made at the time Borrower requests such increase. Each such Incremental Facility must
be an aggregate minimum amount of $25,000,000 and integral multiples of $5,000,000 in excess thereof. The Arrangers, in consultation with
the Borrower, shall manage all aspects of the syndication of such Incremental Facilities, including decisions as to the selection of the
existing Lenders and/or other banks, financial institutions and other institutional lenders to be approached with respect to such increase
or Incremental Term Loans and the allocations thereof among such existing Lenders and/or other banks, financial institutions and other
institutional lenders. No Lender shall be obligated in any way whatsoever to increase its Revolving Commitment or provide a new Revolving
Commitment or Incremental Term Loans, and any new Lender becoming a party to this Agreement in connection with any such requested increase
must be an Eligible Assignee and, if such new Lender is assuming Revolving Commitments, must be subject to the consent of the Issuing
Bank and the Swingline Lender. If a new Lender becomes a party to this Agreement, or if any existing Lender is increasing its Revolving
Commitment, such Lender shall on the date it becomes a Lender hereunder (or in the case of an existing Lender, increases its Revolving
Commitment) (and as a condition thereto) purchase from the other Lenders its Revolving Commitment Percentage (determined with respect
to the Lenders’ respective Revolving Commitments and after giving effect to the increase of Revolving Commitments) of any outstanding
Revolving Loans, by making available to the Administrative Agent for the account of such other Lenders, in same day funds, an amount equal
to (A) the portion of the outstanding principal amount of such Revolving Loans to be purchased by such Lender, plus (B) the
aggregate amount of payments previously made by the other Revolving Lenders under Section 2.4.(j) that have not been repaid,
plus (C) interest accrued and unpaid to and as of such date on such portion of the outstanding principal amount of such Revolving
Loans. The Borrower shall pay to the Revolving Lenders amounts payable, if any, to such Revolving Lenders under Section 5.4. as a
result of the prepayment of any such Revolving Loans. Revolving Loans made pursuant to any increased Revolving Commitment and the Incremental
Term Loans (i) shall rank pari passu in right of payment with the Revolving Loans and Term Loans, (ii) shall be equally and
ratably secured with the Revolving Loans and Term Loans, (iii) in the case of Incremental Term Loans, (x) shall not mature earlier
than the Term Loans and (y) shall have no amortization or otherwise be permitted to be prepaid prior to the Term Loan Maturity Date,
and (iv) shall be treated substantially the same (and in any event not more favorably than) the Revolving Loans. Effecting any Incremental
Facility under this Section is subject to the following conditions precedent: (x) no Default or Event of Default shall be in
existence on the effective date of such increase, (y) the representations and warranties made or deemed made by the Borrower and
any other Loan Party in any Loan Document to which such Loan Party is a party shall be true and correct in all material respects (except
in the case of a representation or warranty qualified by materiality or Material Adverse Effect, in which case such representation or
warranty shall be true and correct in all respects) on the effective date of such increase except to the extent that such representations
and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and
correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect,
in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date), and (z) the
Administrative Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent: (i) if
not previously delivered to the Administrative Agent, copies certified by the Secretary or Assistant Secretary of (A) all corporate,
partnership, member or other necessary action taken by the Borrower to authorize such Incremental Facility and (B) all corporate,
partnership, member or other necessary action taken by each Guarantor authorizing the guaranty of such Incremental Facility; (ii) a
supplement to this Agreement executed by the Borrower, the Administrative Agent and any Lender providing such Incremental Facility, which
supplement may include such amendments to this agreement as the Administrative Agent deems reasonably necessary or appropriate to implement
such Incremental Facility contemplated by this Section 2.17., together with the consent of the Guarantors thereto; (iii) an
opinion of counsel to the Borrower and the Guarantors, and addressed to the Administrative Agent and the Lenders covering such matters
as reasonably requested by the Administrative Agent; and (iv) new or replacement Revolving Notes or Term Notes executed by the Borrower,
payable to any Lenders participating in such Incremental Facility, as applicable, in the amount of such Revolving Lender’s Revolving
Commitment or aggregate Term Loans at the time of the effectiveness of the applicable Incremental Facility. In connection with any Incremental
Facility, any Lender becoming a party hereto shall (1) execute such documents and agreements as the Administrative Agent may reasonably
request and (2) in the case of any Lender that is organized under the laws of a jurisdiction outside of the United States of America,
provide to the Administrative Agent, its name, address, tax identification number and/or such other information as shall be necessary
for the Administrative Agent to comply with “know your customer” and Anti-Money Laundering Laws, including without limitation,
the Patriot Act.


 






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Section 2.18.         Funds
Transfer Disbursements.


 


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


 


ARTICLE III PAYMENTS, FEES AND OTHER GENERAL
PROVISIONS


 


Section 3.1.           Payments.


 


(a)            Payments
by Borrower. Except to the extent otherwise provided herein, all payments of principal, interest, Fees and other amounts to be made
by the Borrower under this Agreement, the Notes or any other Loan Document shall be made in Dollars, in immediately available funds, without
setoff, deduction or counterclaim, except to the extent required by Applicable Law including Taxes required to be withheld pursuant to
Section 3.10., to the Administrative Agent at the Principal Office, not later than 1:00 p.m. Central time on the date on which
such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding
Business Day). Subject to Section 11.5., the Borrower shall, at the time of making each payment under this Agreement or any other
Loan Document, specify to the Administrative Agent the amounts payable by the Borrower hereunder to which such payment is to be applied.
Each payment received by the Administrative Agent for the account of a Lender under this Agreement or any Note shall be paid to such Lender
by wire transfer of immediately available funds in accordance with the wiring instructions provided by such Lender to the Administrative
Agent from time to time, for the account of such Lender at the applicable Lending Office of such Lender. 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,
for the account of the Issuing Bank. In the event the Administrative Agent fails to pay such amounts to such Lender or the Issuing Bank,
as the case may be, within one (1) 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 the Revolving Lenders under Sections 2.1.(a), 2.4.(e) and 2.5.(e) shall be made
from the Revolving Lenders, each payment of the fees under Sections 3.5.(b), the first sentence of Section 3.5.(c), and 3.5.(d) shall
be made for the account of the Revolving Lenders, and each termination or reduction of the amount of the Revolving Commitments under Section 2.13.
shall be applied to the respective Revolving Commitments of the Revolving Lenders, pro rata according to the amounts of their respective
Revolving Commitments; (b) each payment or prepayment of principal of Revolving Loans shall be made for the account of the Revolving
Lenders pro rata in accordance with the respective unpaid principal amounts of the Revolving Loans held by them, provided that, subject
to Section 3.9., 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 Revolving Lenders pro rata in accordance with their respective Revolving Commitments
in effect at the time such Revolving 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 Revolving Lenders pro
rata in accordance with such respective Revolving Commitments; (c) the making of Term Loans under Section 2.2.(a) shall
be made from the Term Loan Lenders, and each payment of the fees under Section 3.5.(e) shall be made for the account of the
Term Loan Lenders, pro rata according to the amounts of their respective Term Loan Commitments; (d) each payment or prepayment of
principal of Term Loans shall be made for the account of the Term Loan Lenders pro rata in accordance with the respective unpaid principal
amounts of the Term Loans held by them; (e) each payment of interest on Revolving Loans or Term Loans shall be made for the account
of the Revolving Lenders or Term Loan Lenders, as applicable, pro rata in accordance with the amounts of interest on such Revolving Loans
or Term Loans, as applicable, then due and payable to the respective Lenders; (f) the Conversion and Continuation of Revolving Loans
or Term Loans of a particular Type (other than Conversions provided for by Sections 5.1.(c) and 5.5.) shall be made pro rata among
the Revolving Lenders or Term Loan Lenders, as applicable, according to the amounts of their respective Revolving Loans or Term Loans,
as applicable, and the then current Interest Period for each Lender’s portion of each such Loan of such Type shall be coterminous;
(g) the Revolving Lenders’ participation in, and payment obligations in respect of, Swingline Loans under Section 2.5.,
shall be in accordance with their respective Revolving Commitment Percentages; and (h) the Revolving Lenders’ participation
in, and payment obligations in respect of, Letters of Credit under Section 2.4., shall be in accordance with their respective Revolving
Commitment Percentages. 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 2.5.(e), in which case such payments shall be pro rata in accordance with such participating interests).


 






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Section 3.3.           Sharing
of Payments, Etc.


 


If any Lender shall, by exercising
any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other
Obligations owing to such Lender resulting in such Lender receiving payment of a proportion of the aggregate amount of its Loans and accrued
interest thereon or other such Obligation greater than the share thereof as provided in Section 3.2. or Section 11.5., as applicable,
then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for
cash at face value) participations in the Loans and such other Obligations owing to the other Lenders, or make such other adjustments
as shall be equitable, so that the benefit of all such payments shall be shared by the applicable Lenders ratably in accordance with Section 3.2.
or Section 11.5., as applicable; provided that:


 


(i)            if
any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall
be rescinded and the purchase price restored to the extent of such recovery, without interest; and


 


(ii)            the
provisions of this Section shall not be construed to apply to (x) any payment made by the Borrower pursuant to and in accordance
with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) the
application of Cash Collateral provided for in Section 3.9.(e) or (z) any payment obtained by a Lender as consideration
for the assignment of, or sale of a participation in, any of its Loans or participations in Swingline Loans or Letters of Credit to any
assignee or participant, other than to the Borrower or any of its Subsidiaries or Affiliates (as to which the provisions of this Section shall
apply).


 


The Borrower consents to the foregoing and agrees,
to the extent it may effectively do so under Applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements
may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were
a direct creditor of the Borrower in the amount of such participation.


 


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.


 






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Section 3.5.           Fees.


 


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


 


(b)            Facility
Fees. During the period from the Effective Date to but excluding the Revolving Termination Date, the Borrower agrees to pay to the
Administrative Agent for the account of the Revolving Lenders a facility fee equal to the daily aggregate amount of the Revolving Commitments
(whether or not utilized) multiplied by a per annum rate equal to the Applicable Facility Fee. Such fee shall be computed on a daily basis
and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement
and on the Revolving Termination Date or any earlier date of termination of the Revolving Commitments or reduction of the Revolving Commitments
to zero.


 


(c)            Letter
of Credit Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender a letter of credit
fee at a rate per annum equal to the Applicable Margin for SOFR Loans times the daily average Stated Amount of each Letter of Credit for
the period from and including the date of issuance of such Letter of Credit (x) to and including the date such Letter of Credit expires
or is cancelled or terminated or (y) to but excluding the date such Letter of Credit is drawn in full; provided that, notwithstanding
anything to the contrary contained herein, while an Event of Default under Section 11.1.(a), 11.1.(e) or 11.1.(f) exists
(and at the direction of the Requisite Lenders while any other Event of Default exists), such letter of credit fees shall accrue at the
Post-Default Rate. In addition to such fees, the Borrower shall pay to the Issuing Bank solely for its own account, a fronting fee in
respect of each Letter of Credit issued by the Issuing Bank equal to a per annum rate of 0.125% of the daily average Stated Amount of
such Letter of Credit for the period from and including the date of issuance of such Letter of Credit (x) to and including the date
such Letter of Credit expires or is cancelled or (y) to but excluding the date such Letter of Credit is drawn in full, as mutually
agreed in writing between the Borrower and the Issuing Bank; provided, however, in no event shall the aggregate amount of
such fee in respect of any Letter of Credit be less than $1,000. The fees provided for in this subsection shall be nonrefundable and payable,
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 Revolving Termination Date, (iii) on the date the Revolving Commitments are terminated or reduced to zero
and (iv) thereafter from time to time on demand of the Administrative Agent and 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 Issuing Bank from time to time on demand
all commissions, charges, costs and expenses in the amounts customarily charged or incurred by the Issuing Bank from time to time in like
circumstances with respect to the issuance, amendment, renewal or extension of any Letter of Credit issued by the Issuing Bank or any
other transaction relating thereto.


 


(d)            Revolving
Credit Extension Fee. If the Borrower exercises its right to extend the Revolving Termination Date in accordance with Section 2.14.,
the Borrower shall pay to the Administrative Agent for the account of each Revolving Lender a fee equal to 0.125% of the amount of such
Revolving Lender’s Revolving Commitment (whether or not utilized) in effect on the effective date of each such extension. Such fee
shall be due and payable in full on, and as a condition precedent to, the effective date of each such extension.


 






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(e)            Term
Loan Ticking Fees. During Availability Period, the Borrower agrees to pay to the Administrative Agent for the account of the Lenders
a facility ticking fee equal to the sum of the daily amount of the Term Loan Commitments available multiplied by a per annum rate equal
to 0.20%. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and
October that occurs during the Availability Period and on the Availability Termination Date.


 


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


 


Section 3.6.           Computations.


 


Unless otherwise expressly
set forth herein, any accrued interest on any Loan, any Fees or any other Obligations due hereunder shall be computed on the basis of
a year of 360 days and the actual number of days elapsed.


 


Section 3.7.           Usury.


 


In no event shall the amount
of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest allowed by Applicable Law and, if any
such payment is paid by the Borrower or any other Loan Party or received by any Lender, then such excess sum shall be credited as a payment
of principal, unless the Borrower shall notify the respective Lender in writing that the Borrower elects to have such excess sum returned
to it forthwith. It is the express intent of the parties hereto that the Borrower not pay and the Lenders not receive, directly or indirectly,
in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under Applicable Law. The parties hereto
hereby agree and stipulate that the only charge imposed upon the Borrower for the use of money in connection with this Agreement is and
shall be the interest specifically described in Section 2.6.(a)(i) through (iv) and, with respect to Swingline Loans, in
Section 2.5.(c). Notwithstanding the foregoing, the parties hereto further agree and stipulate that all agency fees, syndication
fees, facility fees, closing fees, letter of credit fees, underwriting fees, default charges, late charges, funding or “breakage”
charges, increased cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Administrative Agent or any
Lender to third parties or for damages incurred by the Administrative Agent or any Lender, in each case, in connection with the transactions
contemplated by this Agreement and the other Loan Documents, are charges made to compensate the Administrative Agent or any such Lender
for underwriting or administrative services and costs or losses performed or incurred, and to be performed or incurred, by the Administrative
Agent and the Lenders in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of money.
All charges other than charges for the use of money shall be fully earned and nonrefundable when due.


 


Section 3.8.           Statements
of Account.


 


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


 






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Section 3.9.            Defaulting
Lenders.


 


Notwithstanding anything to
the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Revolving Lender is
no longer a Defaulting Lender, to the extent permitted by Applicable Law:


 


(a)            Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this
Agreement shall be restricted as set forth in the definition of Requisite Lenders and in Section 13.6.


 


(b)            Defaulting
Lender Waterfall. Any payment of principal, interest, Fees or other amounts received by the Administrative Agent for the account of
such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article XI. or otherwise) or received by the Administrative
Agent from a Defaulting Lender pursuant to Section 13.3. shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second,
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 Bank 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;
and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such
payment is a payment of the principal amount of any Loans or amounts owing by such Defaulting Lender under Section 2.4.(j) in
respect of Letters of Credit (such amounts “L/C Disbursements”), in respect of which such Defaulting Lender has not
fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the
conditions set forth in Article VI. were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Disbursements
owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Disbursements owed
to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in Letter of Credit Liabilities and Swingline
Loans are held by the Revolving Lenders pro rata in accordance with their respective Revolving Commitment Percentages (determined without
giving effect to the immediately following subsection (d)) and all Term Loans are held by the Term Loan Lenders pro rata as if there had
been no Term Loan Lenders that are Defaulting Lenders. 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.


 






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(c)            Certain
Fees.


 


(i)            No
Defaulting Lender shall be entitled to receive any Fee payable under Section 3.5.(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 that Defaulting Lender).


 


(ii)            Each
Defaulting Lender shall be entitled to receive the Fee payable under Section 3.5.(c) for any period during which that Lender
is a Defaulting Lender only to the extent allocable to its Revolving Commitment Percentage 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 or Swingline Loans that has been reallocated to
such Non-Defaulting Lender pursuant to the immediately following subsection (d), (y) pay to the Issuing Bank and the Swingline Lender,
as applicable, the amount of any such Fee otherwise payable to such Defaulting Lender to the extent allocable to the 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 Revolving Commitment
Percentages (determined without regard to such Defaulting Lender’s Revolving Commitment) but only to the extent that such reallocation
does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving
Commitment. Subject to Section 13.20., no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder
against a Defaulting Lender arising from that Revolving 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 one (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 not less than the aggregate Fronting Exposure of the Issuing Bank with
respect to Letters of Credit issued by the Issuing Bank 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 Revolving 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 (but shall not be obligated to) 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.


 






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(f)            Defaulting
Lender Cure. If the Borrower, the Administrative Agent, the Swingline Lender and the Issuing Bank agree in writing that a Revolving
Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date
specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral),
that Revolving 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, as applicable (i) the Revolving Loans and funded
and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Revolving Lenders in accordance with their
respective Revolving Commitment Percentages (determined without giving effect to the immediately preceding subsection (d)) and (ii) the
Term Loans to be held by the Term Loan Lenders pro rata as if there had been no Term Loan Lenders that were Defaulting Lenders, whereupon
such Revolving 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 Revolving Lender was a Defaulting Lender; and provided,
further, that, subject to Section 13.20., except to the extent otherwise expressly agreed by the affected parties, no change
hereunder from Defaulting Lender to Revolving Lender will constitute a waiver or release of any claim of any party hereunder arising from
that Revolving Lender’s having been a Defaulting Lender.


 


(g)            New
Swingline Loans/Letters of Credit. So long as any Revolving 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) no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that
it will have no Fronting Exposure after giving effect thereto.


 


(h)            Purchase
of Defaulting Lender’s Commitment. During any period that a Lender is a Defaulting Lender, the Borrower may, by the Borrower
giving written notice thereof to the Administrative Agent, such Defaulting Lender and the other Lenders, demand that such Defaulting Lender
assign its Commitment and Loans to an Eligible Assignee subject to and in accordance with the provisions of Section 13.5.(b). No
party hereto shall have any obligation whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. In addition,
any Lender who is not a Defaulting Lender may, but shall not be obligated, in its sole discretion, to acquire the face amount of all or
a portion of such Defaulting Lender’s Commitment and Loans via an assignment subject to and in accordance with the provisions of
Section 13.5.(b). In connection with any such assignment, such Defaulting Lender shall promptly execute all documents reasonably
requested to effect such assignment, including an appropriate Assignment and Assumption and, notwithstanding Section 13.5.(b), shall
pay to the Administrative Agent an assignment fee in the amount of $7,500; provided that the failure or unwillingness of such Defaulting
Lender to execute the Assignment and Assumption and other necessary documents shall not prevent or delay such assignment and the Assignment
and Assumption and other necessary documents shall be automatically deemed to be fully authorized and executed by the Defaulting Lender
if such Defaulting Lender does not promptly execute all documents reasonably requested to effect such assignment (and, if such Lender
fails to deliver any Notes held by it, such Notes shall automatically be deemed cancelled and such Lender shall be required to indemnify
the Borrowers for any liabilities incurred by the Borrowers by reason of the failure of such Lender to deliver such Notes). The exercise
by the Borrower of its rights under this Section shall be at the Borrower’s sole cost and expense and at no cost or expense
to the Administrative Agent or any of the Lenders.


 






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Section 3.10.         Taxes.


 


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


 


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


 


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


 


(d)            Indemnification
by the Borrower. The Borrower and the other Loan Parties shall jointly and severally indemnify each Recipient, within thirty (30)
days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable
to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such
Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered
to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of
a Lender, shall be conclusive absent manifest error.


 


(e)            Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within thirty (30) days after demand therefor, for
(i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower or another Loan Party has not already
indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower and the other Loan
Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 13.5.
relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that
are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or
with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent
manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such
Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount
due to the Administrative Agent under this subsection. The provisions of this subsection shall continue to inure to the benefit of an
Administrative Agent following its resignation or removal as Administrative Agent.


 






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(f)            Evidence
of Payments. Upon the written request of the Administrative Agent, as soon as practicable after any payment of Taxes (excluding for
purposes of this Section 3.10.(f), taxes, assessments, fees and other charges paid by any Loan Party in the normal course of operating
its development and asset management business such as, for example, real property and personal property ad valorem taxes, business licenses,
sales tax, plat fees, zoning application fees, building permit fees and other municipal fees) by the Borrower or any other Loan Party
to a Governmental Authority pursuant to this Section, the Borrower or such other Loan Party shall deliver to the Administrative Agent
the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting
such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.


 


(g)            Status
of Lenders.


 


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


 


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


 


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


 






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


 


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


 


(II)            an
electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed IRS Form W-8ECI;


 


(III)            in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Internal
Revenue Code, (x) a certificate substantially in the form of Exhibit K-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder” of the Borrower
within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation” described
in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) an
electronic copy (or an original if requested by Borrower or the Administrative Agent) of IRS Form W-8BEN or IRS Form W-8BEN-E,
as applicable; or


 


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


 






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


 


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


 


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


 


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


 






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


 


Section 3.11.         Sustainability
Adjustments.


 


(a)            Following
the date on which the Borrower provides a Sustainability Certificate in respect of the most recently ended Reference Year, the Applicable
Margin shall be decreased (or not decreased), as applicable, pursuant to the Sustainability Rate Adjustment as set forth in such Sustainability
Certificate. For purposes of the foregoing, (A) the Sustainability Rate Adjustment shall be determined as of the fifth Business Day
following receipt by the Administrative Agent of a Sustainability Certificate delivered pursuant Section 3.11(f) based upon
the KPI Metrics set forth in such Sustainability Certificate and the calculations of the Sustainability Rate Adjustment therein (such
day, the “Sustainability Pricing Adjustment Date”) and (B) each change in the Applicable Margin resulting from
a Sustainability Certificate (or the non-delivery or delivery of an incomplete Sustainability Certificate) shall be effective during the
period commencing on and including the applicable Sustainability Pricing Adjustment Date and ending on the date immediately preceding
the next such Sustainability Pricing Adjustment Date (or, in the case of non-delivery of a Sustainability Certificate, the last day such
Sustainability Certificate could have been delivered pursuant to the terms of Section 3.11(f)).


 


(b)            For
the avoidance of doubt, only one Sustainability Certificate may be delivered in respect of any Reference Year. It is further understood
and agreed that the Applicable Margin will never be reduced by more than 0.025%, pursuant to the Sustainability Rate Adjustment during
any Reference Year; provided that, and notwithstanding anything to the contrary in this Agreement, the definitions of Tenant SBT Percentage
and the Sustainability Table may be amended or otherwise modified with the consent of the Borrower, the Sustainability Structuring Agent,
the Administrative Agent and the Requisite Lenders. For the avoidance of doubt, any adjustment to the Applicable Margin by reference to
any of the KPI Metrics in any year shall not be cumulative year-over-year. Each applicable adjustment shall only apply until the date
on which the next adjustment is due to take place.


 


(c)            It
is hereby understood and agreed that if no such Sustainability Certificate is delivered by the Borrower, or any Sustainability Certificate
shall be incomplete and fail to include the KPI Metric for the applicable Reference Year, within the period set forth in Section 3.11(f),
the Sustainability Rate Adjustment will be 0.00% commencing on the last day such Sustainability Certificate could have been delivered
pursuant to the terms of Section 3.11(f) and continuing until the Borrower delivers a Sustainability Certificate to the Administrative
Agent for the applicable Reference Year.


 






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(d)            If
(i)(A) any Lender becomes aware of any material inaccuracy in the Sustainability Rate Adjustment or the KPI Metrics as reported in
any Sustainability Certificate (any such material inaccuracy, a “Sustainability Certificate Inaccuracy”) and such Lender
delivers, not later than ten (10) Business Days after obtaining knowledge thereof, a written notice to the Administrative Agent describing
such Sustainability Certificate Inaccuracy in reasonable detail (which description shall be shared with each Lender and the Borrower),
or (B) the Borrower becomes aware of a Sustainability Certificate Inaccuracy and the Borrower and the Administrative Agent shall
mutually agree that there was a Sustainability Certificate Inaccuracy at the time of delivery of any Sustainability Certificate, and (ii) a
proper calculation of the Sustainability Rate Adjustment or the KPI Metric would have resulted in no adjustment or an increase in the
Applicable Margin for any applicable period, the Borrower shall be obligated to pay to the Administrative Agent for the account of the
applicable Lenders or the applicable Issuing Banks, as the case may be, promptly on demand by the Administrative Agent (or, after the
occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under any Debtor Relief Laws, automatically
and without further action by the Administrative Agent, any Lender or any Issuing Bank), but in any event within ten (10) Business
Days after the Borrower has received written notice of, or has agreed in writing that there was, a Sustainability Certificate Inaccuracy,
an amount equal to the excess of (1) the amount of interest and fees that should have been paid for such period over (2) the
amount of interest and fees actually paid for such period. It is understood and agreed that any Sustainability Certificate Inaccuracy
shall not constitute a Default or Event of Default or otherwise result in the failure of any condition precedent to any advance or the
issuance of any Letter of Credit; provided, that, the Borrower complies with the terms of this Section 3.11(d) with respect
to such Sustainability Certificate Inaccuracy. Notwithstanding anything to the contrary herein, unless such amounts shall be due upon
the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under any Debtor Relief Laws, (x) any
additional amounts required to be paid pursuant to the immediately preceding paragraph shall not be due and payable until the earlier
to occur of (I) a written demand is made for such payment by the Administrative Agent in accordance with such paragraph or (II) 10
Business Days after the Borrower has received written notice of, or has agreed in writing that there was, a Sustainability Certificate
Inaccuracy (such date, the “Certificate Inaccuracy Payment Date”), (y) any nonpayment of such additional amounts
prior to the Certificate Inaccuracy Payment Date shall not constitute a Default (whether retroactively or otherwise) and (z) none
of such additional amounts shall be deemed overdue prior to the Certificate Inaccuracy Payment Date or shall accrue interest at the Post
Default Rate prior to the Certificate Inaccuracy Payment Date.


 


(e)            Each
party hereto hereby agrees that neither the Sustainability Structuring Agent nor the Administrative Agent shall have any responsibility
for (or liability in respect of) reviewing, auditing or otherwise evaluating any calculation by the Borrower of any Sustainability Rate
Adjustment (or any of the data or computations that are part of or related to any such calculation) set forth in any Sustainability Certificate
(and the Administrative Agent may rely conclusively on any such certificate, without further inquiry).


 






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(f)            As
soon as available and in any event within 120 days following the end of each fiscal year of the Borrower (commencing with the fiscal year
ending 2022), the Borrower shall deliver to the Administrative Agent and the Lenders, in form and detail satisfactory to the Administrative
Agent and the Requisite Lenders: a Sustainability Certificate for the most recently-ended Reference Year; provided, that, for any Reference
Year the Borrower may elect not to deliver a Sustainability Certificate, and such election shall not constitute a Default or Event of
Default (but such failure to so deliver a Sustainability Certificate by the end of such 120-day period shall result in the Sustainability
Rate Adjustment being applied as set forth in Section 3.11(c)). In the event the Borrower’s fiscal year is changed to a non-calendar
year fiscal year, the Borrower will be permitted to adjust the timing of delivery of the Sustainability Certificate at its election in
a manner intended to maintain consistency with the foregoing.


 


ARTICLE IV Eligibility of Properties


 


Section 4.1.           Eligibility
of Properties.


 


(a)            Initial
Eligible Properties. The Properties identified on Schedule 7.1.(f) shall, on the Effective Date, be the initial Eligible
Properties.


 


(b)            Additional
Eligible Properties. If after the Effective Date, the Borrower desires that the Lenders include any additional Property as an Eligible
Property, the Borrower shall so notify the Administrative Agent in writing. Each such additional Property must satisfy the criteria set
forth in the definition of “Eligible Property” in order to be included as an Eligible Property (including, for the avoidance
of doubt, that if such Property is owned or leased under an Eligible Ground Lease by a Wholly-Owned
Subsidiary of the Borrower that is not already a Subsidiary Guarantor, all of the items required to be delivered to the Administrative
Agent under Section 8.12.(a) must have been received by the Administrative Agent).


 


Section 4.2.           Release
of Eligible Properties.


 


(a)            Borrower
Requests for Property Removal. From time to time the Borrower may request, subject to the provisions of Section 8.12., upon not
less than fifteen (15) days prior written notice to the Administrative Agent (or such shorter period as may be acceptable to the Administrative
Agent), that any Property (if then an Eligible Property) be removed from inclusion as an Eligible Property for purposes of this Agreement,
which removal (the “Property Removal”) shall be effective upon the satisfaction or waiver of the following conditions:


 


(i)            The
Administrative Agent shall have received a pro forma Compliance Certificate, certifying, among other things, the Borrower is in compliance
with the covenants contained in this Section 4.2.(a) and Section 10.1., in each case on a pro forma basis both immediately
prior to and after giving effect to such Property Removal, dated as of the date of the proposed Property Removal;


 


(ii)            No
Default or Event of Default exists and is continuing or would exist immediately after giving effect to such Property Removal;


 






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(iii)            All
representations and warranties in the Loan Documents are true and accurate in all material respects (except that, to the extent any representation
or warranty is qualified by materiality or Material Adverse Effect or similar language, such representation or warranty shall be true
and correct in all respects) at the time of such Property Removal and immediately after giving effect to such Property Removal, except
to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations
and warranties shall have been true and correct in all material respects (except that, to the extent any such representation or warranty
is qualified by materiality or Material Adverse Effect or similar language, such representation or warranty shall have been true and correct
in all respects) on and as of such earlier date); and


 


(iv)            At
least 100 Properties shall be Eligible Properties at all times prior to the Facility Termination Date.


 


(b)            Ineligibility
of Properties. A Property shall cease to be an Eligible Property if, at any time, such Property shall cease to meet the criteria set
forth in the definition of Eligible Property.


 


ARTICLE V YIELD PROTECTION, ETC.


 


Section 5.1.            Additional
Costs; Capital Adequacy.


 


(a)            Capital
Adequacy. If any Lender determines that any Regulatory Change affecting such Lender or any Lending Office of such Lender or such Lender’s
holding company, if any, regarding capital or liquidity ratios or requirements, has or would have the effect of reducing the rate of return
on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement, the
Commitments of such Lender or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender, to a
level below that which such Lender or such Lender’s holding company could have achieved but for such Regulatory Change (taking into
consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy or
liquidity), then from time to time, within thirty (30) days after written demand by such Lender the Borrower will pay to such Lender such
additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered.


 


(b)            Additional
Costs. In addition to, and not in limitation of the immediately preceding subsection, the Borrower shall promptly, but in any event
within ten (10) days of the written demand therefor, pay to the Administrative Agent for its own account or for the account of a
Lender from time to time such amounts as such Lender or the Administrative Agent may determine to be necessary to compensate the Administrative
Agent or such Lender for any costs incurred by the Administrative Agent or such Lender that it determines are attributable to its making
of, or maintaining, continuing or converting, any Loans or its obligation to make, maintain, continue or convert any Loans hereunder,
any reduction in any amount receivable by such Lender or the Administrative Agent under this Agreement or any of the other Loan Documents
in respect of any of such Loans or such obligation or the maintenance by such Lender or the Administrative Agent of capital or liquidity
in respect of its Loans or its Commitments (such increases in costs and reductions in amounts receivable being herein called “Additional
Costs”), resulting from any Regulatory Change that:


 






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(i)            Subjects
such Lender or the Administrative Agent under this Agreement or any of the other Loan Documents to any Taxes in respect of any of such
Loans or its Commitments (other than Indemnified Taxes, Taxes described in clauses (b) through (d) of the definition of Excluded
Taxes and Connection Income Taxes);


 


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


 


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


 


(c)            Lender’s
Suspension of SOFR 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 SOFR Loans is determined as provided in this Agreement or a category of extensions of credit or other assets of such Lender that
includes SOFR Loans or (ii) becomes subject to restrictions on the amount of such a category of liabilities or assets that it may
hold, then, if such Lender so elects by notice to the Borrower (with a copy to the Administrative Agent), the obligation of such Lender
to make or Continue, or to Convert Base Rate Loans into, SOFR Loans hereunder shall be suspended until such Regulatory Change ceases to
be in effect (in which case the provisions of Section 5.5. shall apply).


 


(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 (other than Indemnified Taxes, Taxes
described in clauses (b) through (d) of the definition of Excluded Taxes and Connection Income Taxes), reserve, special deposit,
capital adequacy, liquidity 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 such Lender, such additional amounts as shall be sufficient to compensate the Issuing Bank or such Lender for such
increased costs or reductions in amount.


 






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


 


Section 5.2.           Suspension
of SOFR Loans.


 


Subject to Section 5.9
hereof and anything herein to the contrary notwithstanding, if, on or prior to the determination of the Adjusted Daily Simple SOFR Rate
or the Adjusted Term SOFR Rate for any Interest Period:


 


(a)            the
Administrative Agent shall determine (which determination shall be conclusive) that reasonable and adequate means do not exist for the
ascertaining the Adjusted Term SOFR Rate for such Interest Period or the Adjusted Daily Simple SOFR Rate;


 


(b)            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 Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR Rate (or related definitions) are
not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest for any SOFR Loans
as provided herein; or


 


(c)            the
Administrative Agent reasonably determines (which determination shall be conclusive) that the relevant rates of interest referred to in
the definition of Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR Rate (or related definitions) upon the basis of which the
rate of interest for any SOFR Loans is to be determined are not likely to adequately cover the cost to any Lender of making or maintaining
such SOFR Loans;


 


then the Administrative Agent shall give the Borrower
and each Lender prompt notice thereof and, so long as such condition remains in effect, the Lenders shall be under no obligation to, and
shall not, make additional Term SOFR Loans and/or Daily Simple SOFR Loans, as applicable, Continue Term SOFR Loans (if applicable) or
Convert Loans into Term SOFR Loans and/or Daily Simple SOFR Loans and the Borrower shall, (1) on the last day of each current Interest
Period for any outstanding Term SOFR Loans or (2) immediately for any Daily Simple SOFR Loans, either prepay such Loan or Convert
such Loan into a Base Rate Loan.


 






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Section 5.3.           Illegality.


 


Notwithstanding any other
provision of this Agreement, 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 SOFR 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, Daily Simple SOFR Loans or Term SOFR Loans shall be suspended until such time as such Lender may again make and maintain
SOFR Loans (in which case the provisions of Section 5.5. shall be applicable).


 


Section 5.4.           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 such Lender for any loss, cost or expense attributable
to:


 


(a)            any
payment or prepayment (whether mandatory or optional) of a Term SOFR Loan, or Conversion of a Term SOFR Loan, made by such Lender for
any reason (including, without limitation, acceleration or the exercise by the Borrower of its rights under Section 5.6.) on a date
other than the last day of the Interest Period for such Loan; or


 


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


 


Not in limitation of the foregoing, such compensation
shall include, without limitation, an amount equal to the then present value of (A) the amount of interest that would have accrued
on such Term SOFR Loan for the remainder of the Interest Period at the rate applicable to such Term SOFR Loan, less (B) the amount
of interest that would accrue on the same Term SOFR Loan for the same period if the Adjusted Term SOFR Rate were set on the date on which
such Term SOFR Loan was repaid, prepaid or Converted or the date on which the Borrower failed to borrow, Convert or Continue such Term
SOFR Loan, as applicable, calculating present value by using as a discount rate the Adjusted Term SOFR Rate quoted on such date. Upon
the Borrower’s request, the Administrative Agent shall provide the Borrower with a statement setting forth the basis for requesting
such compensation and the method for determining the amount thereof. Any such statement shall be conclusive absent manifest error.


 






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Section 5.5.            Treatment
of Affected Loans.


 


(a)            If
the obligation of any Lender to make SOFR Loans of any Type or to Continue Term SOFR Loans, or to Convert Loans of any other Type into,
Daily Simple SOFR Loans or Term SOFR Loans shall be suspended pursuant to Section 5.1.(c), Section 5.2. or Section 5.3.
then such Lender’s affected SOFR Loans shall be automatically Converted into Base Rate Loans (1) in the case of affected Daily
Simple SOFR Loans, immediately or (2) in the case of affected Term SOFR Loans, on the last day(s) of the then current Interest
Period(s) for Term SOFR Loans (or, in the case of a Conversion required by Section 5.1.(c), Section 5.2., or Section 5.3.
on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative
Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that
the circumstances specified in Section 5.1., Section 5.2. or Section 5.3. that gave rise to such Conversion no longer exist:


 


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


 


(ii)            all
affected Loans that would otherwise be made or Continued by such Lender as SOFR 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 affected SOFR Loans shall remain as Base Rate Loans.


 


If such Lender or the Administrative Agent, as
applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in
Section 5.1.(c), 5.2. or 5.3. that gave rise to the Conversion of such Lender’s affected SOFR Loans pursuant to this Section no
longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist)
at a time when affected SOFR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically
Converted, (1) in the case of Daily Simple SOFR Loans, immediately and (2) in the case of Term SOFR Loans, on the first day(s) of
the next succeeding Interest Period(s) for such outstanding Term SOFR Loans, to the extent necessary so that, after giving effect
thereto, all Loans held by the Lenders holding such SOFR Loans and by such Lender are held pro rata (as to principal amounts, Types and
Interest Periods) in accordance with their respective Commitments.


 


The Lenders and Administrative
Agent may elect, if commercially reasonable and if permitted by Applicable Law, to Convert the Loans which are subject to Conversion under
this Article from SOFR Loans of the applicable Type to Base Rate Loans after the expiration of all Derivative Contracts of which
Administrative Agent has received written notice and copies that may affect such Loans subject to Conversion in order to avoid any breakage
fees or other costs or charges associated with a premature termination of such Derivatives Contracts.


 






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Section 5.6.     Affected
Lenders.


 


If (a) a Lender requests
compensation pursuant to Section 3.10. or 5.1., and the Requisite Lenders are not also doing the same or (b) the obligation
of any Lender to make SOFR Loans of any Type or to Continue, or to Convert Base Rate Loans into, SOFR Loans shall be suspended pursuant
to Section 5.1.(c) or 5.3. but the obligation of the Requisite Lenders shall not have been suspended under such Sections, and
in the case of clause (a) or (b) such Lender has declined or is unable to designate a different Lending Office in accordance
with Section 5.7., or (c) a Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense
and effort, so long as there does not then exist any Default or Event of Default, demand that such Lender, and upon such demand such Lender
shall promptly, assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required
by, Section 13.5.(b)), all of its interests, rights (other than its existing rights to payments pursuant to Section 3.10. or
Section 5.1. and rights to indemnification under Section 13.9.) and obligations under this Agreement and the related Loan Documents
to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment);
provided that:


 


(i)            the
Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 13.5.(b)(iv);


 


(ii)            such
Lender shall have received payment of (x) the aggregate principal balance of all Loans then owing to the such Lender, plus (y) the
aggregate amount of payments previously made by the such Lender under Section 2.4.(j) and Section 2.5.(e) that have
not been repaid, plus (z) any accrued but unpaid interest thereon and accrued but unpaid fees owing to such Lender, or any other
amount as may be mutually agreed upon by such Lender and Eligible Assignee;


 


(iii)            in
the case of any such assignment resulting from a claim for compensation under Section 5.1. or payments required to be made pursuant
to Section 3.10., such assignment will result in a reduction in such compensation or payments thereafter;


 


(iv)            such
assignment does not conflict with Applicable Law; and


 


(v)            in
the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the
applicable consent, approval, amendment or waiver.


 


A Lender shall not be required to make any such
assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower
to require such assignment and delegation cease to apply.


 


Section 5.7.     Change
of Lending Office.


 


If any Lender requests compensation
under Section 5.1., or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 3.10., then such Lender shall (at the written request of the Borrower)
use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and
obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(a) would eliminate or reduce amounts payable pursuant to Section 3.10. or Section 5.1., as the case may be, in the future,
and (b) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.
The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or
assignment.


 








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Section 5.8.     Assumptions
Concerning Funding of SOFR Loans.


 


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


 


Section 5.9.     Benchmark
Replacement Setting.


 


(a)            Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event has occurred
the Administrative Agent and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement.
Any such amendment shall become effective at or after 5:00 p.m. on the fifth (5th) Business Day after the date the Administrative
Agent posted such proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent has not received, by
such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Requisite Lenders.


 


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


 


(c)            Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (A) any
occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, (B) the implementation of any Benchmark Replacement,
(C) the effectiveness of any Conforming Changes, (D) the removal or reinstatement of any tenor of a Benchmark pursuant to paragraph
(d) below and (E) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may
be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section, including any determination
with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision
to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its
or their sole discretion and without consent from any other party to this Agreement or any other Loan Document except, in each case, as
expressly required pursuant to this Section.


 






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


 


(e)            Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower
may revoke any request for a Loan under the Term SOFR Rate option or the Daily Simple SOFR Rate option, or conversion to or continuation
of Loans under the Term SOFR Rate option or the Daily Simple SOFR Rate option, as applicable, to be made, converted or continued during
any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for
a Loan of or conversion to Loans bearing interest under the Base Rate option. During any Benchmark Unavailability Period or at any time
that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark
or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate.


 


ARTICLE VI CONDITIONS PRECEDENT


 


Section 6.1.     Initial
Conditions Precedent.


 


The obligation of the Lenders
to effect or permit the occurrence of the first Credit Event hereunder, 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;


 






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(ii)            Revolving
Notes and Term Notes executed by the Borrower, payable to each applicable Lender that has requested that it receive Notes and the Swingline
Note executed by the Borrower payable to the Swingline Lender to the extent that it has requested that it receive Notes, and, in each
case, complying with the terms of Section 2.12.(a);


 


(iii)            the
Guaranty executed by each Subsidiary Guarantor, the Parent and each other Required Guarantor;


 


(iv)            [reserved];


 


(v)            an
opinion letter of Cooley LLP and Venable LLP (with respect to Maryland law matters), counsel to the Borrower and the other Loan Parties
addressed to the Administrative Agent and the Lenders in form and substance acceptable to the Administrative Agent;


 


(vi)            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 Loan Party;


 


(vii)            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 Loan Party 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 Loan Party is required to be so qualified and where failure to be so qualified could reasonably be expected to have a Material
Adverse Effect;


 


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


 


(ix)            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 Loan Party, if a corporation, the operating agreement, if a limited liability company, the partnership agreement, if a
limited or general partnership, or other comparable document in the case of any other form of legal entity and (B) all corporate,
partnership, member or other necessary action taken by such Loan Party to authorize the execution, delivery and performance of the Loan
Documents to which it is a party;


 


(x)            [reserved];


 






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(xi)            evidence
of property, business interruption and liability insurance covering each Eligible Property in form and substance reasonably acceptable
to the Administrative Agent, and if requested by the Administrative Agent, copies of such insurance policies;


 


(xii)            [reserved];


 


(xiii)            a
certificate signed by a Responsible Officer of the Borrower certifying that the conditions specified in Sections 6.1.(b) through
(d) and Section 6.2 have been satisfied;


 


(xiv)            a
Compliance Certificate calculated on a pro forma basis for the Borrower’s fiscal quarter ending June 30, 2022;


 


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


 


(xvi)            evidence
that (i) all “Revolving Loans” under and as defined in the Existing Credit Agreement and other fees, expenses and obligations
relating thereto shall have been paid in full, (ii) the “Revolving Commitments” under and as defined in the Existing
Credit Agreement shall have been terminated, and (iii) all Liens securing the Existing Credit Facilities have been released;


 


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


 


(xviii)            copies
of all Specified Derivatives Contracts in existence on the Agreement Date; and


 


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


 


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


 


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


 


(d)            the
Borrower, the other Loan Parties and the other Subsidiaries 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 (i) any Applicable Law or (ii) 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 could not reasonably be likely to (A) have a Material Adverse
Effect, or (B) restrain or enjoin or impose materially burdensome conditions on, or otherwise materially and adversely affect the
ability of the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party; and


 








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(e)            the
Borrower shall have delivered, on behalf of itself and any Loan Party, to each Lender that so requests a Beneficial Ownership Certification
at least five (5) days prior to the Effective Date, and all information reasonably requested by the Administrative Agent and each
Lender in order to comply with applicable “know your customer” and Anti-Money Laundering Laws, including without limitation,
the Patriot Act.


 


Section 6.2.     Conditions
Precedent to All Loans and Letters of Credit.


 


In addition to satisfaction
or waiver of the conditions precedent contained in Section 6.1., the obligations of (i) the Lenders to make any Loans and (ii) the
Issuing Bank to issue, extend or increase any 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, extension or increase of such Letter
of Credit or would exist immediately after giving effect thereto, and no violation of the limits described in Section 2.16. would
occur after giving effect thereto; (b) the representations and warranties made or deemed made by the Borrower and each other Loan
Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of
a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all
respects) on and as of the date of the making of such Loan or date of issuance, extension or increase of such Letter of Credit with the
same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate
solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects
(except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true
and correct in all respects) on and as of such earlier date) and (c) in the case of the borrowing of Revolving Loans, the Administrative
Agent shall have received a timely Notice of Borrowing, in the case of a Swingline Loan, the Swingline Lender shall have received a timely
Notice of Swingline Borrowing, and in the case of the issuance, extension or increase of a Letter of Credit the Issuing Bank and the Administrative
Agent shall have received a timely request for the issuance, extension or increase of such Letter of Credit. 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). In addition, the Borrower shall be deemed to have represented to the Administrative
Agent and the Lenders at the time any Loan is made or any Letter of Credit is issued, extended or increased that all conditions to the
making of such Loan or issuing, extending or increasing of such Letter of Credit contained in this Article VI. have been satisfied.
Unless set forth in writing to the contrary, the making of its initial Loan by a Lender shall constitute a certification by such Lender
to the Administrative Agent for the benefit of the Administrative Agent and the Lenders that the conditions precedent for initial Loans
set forth in Sections 6.1. and 6.2. that have not previously been waived by the Lenders in accordance with the terms of this Agreement
have been satisfied.


 








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ARTICLE VII REPRESENTATIONS AND WARRANTIES


 


Section 7.1.     Representations
and Warranties.


 


In order to induce the Administrative
Agent and each Lender to enter into this Agreement and to make Loans and, in the case of the Issuing Bank, to issue 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 Borrower, the other Loan Parties and the other Subsidiaries is a corporation, partnership, limited
liability company 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. None of the Parent, the Borrower or any Subsidiary of the Parent is an Affected
Financial Institution.


 


(b)            Ownership
Structure. Part I of Schedule 7.1.(b) is, as of the Agreement Date, a complete and correct list of all Subsidiaries of the
Parent setting forth for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding
any Equity Interest in such Subsidiary, (iii) the nature of the Equity Interests held by each such Person, (iv) the percentage
of ownership of such Subsidiary represented by such Equity Interests and (v) whether such Person is the Parent, the Borrower or a
Subsidiary Guarantor. As of the Agreement Date, except as disclosed in such Schedule, (A) each of the Parent and its Subsidiaries
owns, free and clear of all Liens (other than Permitted Liens of the types described in clauses (a) and (f) of the definition
of “Permitted Liens” or, solely with respect to any Subsidiary that is an obligor in respect of any Nonrecourse Indebtedness,
a Lien in favor of the holder of such Nonrecourse Indebtedness to secure the obligations thereunder), and has the unencumbered right to
vote, all outstanding Equity Interests in each Person shown to be held by it on such Schedule, (B) all of the issued and outstanding
capital stock of each such Person organized as a corporation is validly issued, fully paid and nonassessable and (C) there are no
outstanding subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including, without limitation,
any stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible
into, any additional shares of capital stock of any class, or partnership or other Equity Interests of any type in, any such Person. As
of the Agreement Date, Part II of Schedule 7.1.(b) correctly sets forth all Unconsolidated Affiliates of the Parent, 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 Parent.


 






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


 


(d)            Compliance
of Loan Documents with Laws. The execution, delivery and performance of this Agreement and the other Loan Documents to which any Loan
Party is a party in accordance with their respective terms and the borrowings and other extensions of credit hereunder do not and will
not, by the passage of time, the giving of notice, or both: (i) require any Governmental Approval or violate any Applicable Law (including
all Environmental Laws) relating to the Borrower or any other Loan Party; (ii) conflict with, result in a breach of or constitute
a default under the organizational documents of any 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 other Lender Parties.


 


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


 


(f)            Title
to Properties; Liens. Part I of Schedule 7.1.(f) is, as of the Agreement Date, a complete and correct listing of all real
estate assets of the Borrower and each other Loan Party, setting forth, for each such Property, whether such property is an Eligible Property
or whether such Property is a Development Property. Each of the Borrower and each other Loan Party has good, marketable and legal title
to, or a valid leasehold interest in, each Property and any other asset included in the calculation of Total Asset Value. No Eligible
Property is subject to any Lien other than Permitted Liens and Liens set forth on Part II of Schedule 7.1(f).


 


(g)            Existing
Indebtedness. Schedule 7.1.(g) is, as of the Agreement Date, a complete and correct listing of all Indebtedness of each of the
Borrower, the other Loan Parties and the other Subsidiaries, and if such Indebtedness is secured by any Lien, a description of all of
the property subject to such Lien. As of the Agreement Date, the Parent, Borrower, the other Loan Parties and the other Subsidiaries have
performed and are in compliance with all of the terms of such Indebtedness and all instruments and agreements relating thereto, and no
default or event of default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute a default
or event of default, exists with respect to any such Indebtedness.


 






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(h)            Litigation.
Except as set forth on Schedule 7.1.(h), there are no actions, suits or proceedings pending (or, to the actual 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 the Borrower, any other Loan Party, any other Subsidiary or any of their respective property in any court or before any
arbitrator of any kind or before or by any other Governmental Authority which, (i) could reasonably be expected to have a Material
Adverse Effect or (ii) in any manner draws into question the validity or enforceability of any Loan Document as determined by the
Administrative Agent.


 


(i)            Taxes.
All federal, state and other tax returns of the Borrower, each other Loan Party and each other Subsidiary required by Applicable Law to
be filed have been duly filed, and all federal, state and other taxes, assessments and other governmental charges or levies upon, each
Loan Party, each other Subsidiary and their respective properties, income, profits and assets which are due and payable thereunder have
been paid, except any such nonpayment or non-filing which (a) with respect to Taxes that are being contested by appropriate proceedings
and appropriate reserves have been taken in accordance with GAAP or (b) could not reasonably be expected to have a Material Adverse
Effect. As of the Agreement Date, none of the United States income tax returns of the Borrower, any other Loan Party or any other Subsidiary
is under audit. All charges, accruals and reserves on the books of the Borrower, the Parent, the other Loan Parties and the other Subsidiaries
in respect of any taxes or other governmental charges are in accordance with GAAP.


 


(j)            Financial
Statements. The Borrower has furnished to each Lender copies of (i) the audited consolidated balance sheet of the Parent and
its consolidated Subsidiaries for the fiscal years ended December 31, 2020 and December 31, 2021, and the related audited consolidated
statements of operations, shareholders’ equity and cash flows for the fiscal years ended on such dates, with the opinion thereon
of KPMG LLP, and (ii) the unaudited consolidated balance sheet of the Parent and its consolidated Subsidiaries for the fiscal quarter
ended June 30, 2022 and the related unaudited consolidated statements of operations, shareholders’ equity and cash flows of
the Parent and its consolidated Subsidiaries for the one fiscal quarter period ended on such date. Such financial statements (including
in each case related schedules and notes) are complete and correct in all material respects and present fairly, in accordance with GAAP
consistently applied throughout the periods involved, the consolidated financial position of the Borrower and its consolidated Subsidiaries
as at their respective dates and the results of operations and the cash flows for such periods (subject, as to interim statements, to
changes resulting from normal year-end audit adjustments). Neither the Parent nor any of its Subsidiaries has on the Agreement Date any
material contingent liabilities, liabilities, liabilities for taxes, unusual or long-term commitments or unrealized or forward anticipated
losses from any unfavorable commitments that would be required to be set forth in its financial statements or notes thereto, except as
referred to or reflected or provided for in said financial statements. Each of the operating summaries pertaining to each of the Eligible
Properties delivered by the Borrower to the Administrative Agent fairly presents the Net Operating Income of each such Property for the
period then ended.


 


(k)            No
Material Adverse Change. Since December 31, 2021, there has been no event, change, circumstance or occurrence that could reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect. Each of (i) the Parent and its Subsidiaries, taken
as a whole and (ii) the Loan Parties, taken as a whole, are Solvent.


 






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(l)            [Reserved].


 


(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; (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; and (v) no assessment or tax has
arisen under Section 4980H of the Internal Revenue Code.


 


(iv)            As
of the Effective Date, the Borrower is not and will not be using “plan assets” (within the meaning of 29 CFR § 2510.3-101,
as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans or the Commitments.


 


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


 








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(o)            Environmental
Laws. Except as set forth in Schedule 7.1(o), each of the Borrower, each other Loan Party and the other Subsidiaries: (i) is
in compliance with all Environmental Laws applicable to its business, operations and the Properties, (ii) has obtained all Governmental
Approvals which are required under Environmental Laws for its business and operations, and each such Governmental Approval is in full
force and effect, and (iii) is in compliance with all terms and conditions of such Governmental Approvals, where with respect to
each of the immediately preceding clauses (i) through (iii) the failure to obtain or to comply with could reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect. Except for any of the following matters that could not reasonably
be expected to have, individually or in the aggregate, Material Adverse Effect, no Loan Party has any knowledge of, or has received written
notice of, any past, present, or pending releases, events, conditions, circumstances, activities, practices, incidents, facts, occurrences,
actions, or plans that, with respect to any Loan Party or any other Subsidiary, their respective businesses, operations or with respect
to the Properties, is reasonably likely to: (x) cause or contribute to an actual violation of or noncompliance with Environmental
Laws, (y) cause or contribute to any other common law or legal claim or other liability, or (z) cause any of the Properties
to become subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law or require the filing
or recording of any notice, approval or disclosure document under any Environmental Law and, with respect to the immediately preceding
clauses (x) through (z) is based on or related to the on-site or off-site manufacture, generation, processing, distribution,
use, treatment, storage, disposal, transport, removal clean up or handling, or the emission, discharge, release or threatened release
of any wastes or Hazardous Material, or any other requirement under Environmental Law. There is no Environmental Claim pending or, to
the Borrower’s knowledge, threatened, against the Borrower, any other Loan Party or any other Subsidiary relating in any way to
Environmental Laws which, reasonably could be expected to have, individually or in the aggregate, a Material Adverse Effect. To the Borrower’s
knowledge, none of the Properties is listed on or proposed for listing on the National Priorities List promulgated pursuant to the Comprehensive
Environmental Response, Compensation and Liability Act of 1980 and its implementing regulations, except as could not reasonably be expected
to result, individually or in the aggregate, in a Material Adverse Effect. To the Borrower’s knowledge, no Hazardous Materials generated
at or transported from the Properties by the Borrower, any other Loan Party or any other Subsidiary are or have been transported to, or
disposed of at, any location that is listed or proposed for listing on the National Priority List or any analogous state or local priority
list, or any other location that is or has been the subject of a clean-up, removal or remedial action pursuant to any Environmental Law,
except to the extent that such transportation or disposal could not reasonably be expected to result in a Material Adverse Effect.


 


(p)            Investment
Company. None of the Borrower or any other Loan Party is (i) an “investment company” or a company “controlled”
by an “investment company” within the meaning of the Investment Company Act of 1940, 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.


 








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


 


(r)            Affiliate
Transactions. Except as permitted by Section 10.9. or as otherwise set forth on Schedule 7.1.(r), none of the Borrower, any other
Loan Party or any other Subsidiary is a party to or bound by any agreement or arrangement with any Affiliate.


 


(s)            Intellectual
Property. Each of the Loan Parties and each other Subsidiary owns or has the right to use, under valid license agreements or otherwise,
all patents, licenses, franchises, trademarks, trademark rights, service marks, service mark rights, trade names, trade name rights, trade
secrets and copyrights (collectively, “Intellectual Property”) necessary to the conduct of its businesses, without
known conflict with any patent, license, franchise, trademark, trademark right, service mark, service mark right, trade secret, trade
name, copyright, or other proprietary right of any other Person. All such Intellectual Property is fully protected and/or duly and properly
registered, filed or issued in the appropriate office and jurisdictions for such registrations, filing or issuances. No material claim
has been asserted by any Person with respect to the use of any such Intellectual Property by the Borrower, any other Loan Party or any
other Subsidiary, or challenging or questioning the validity or effectiveness of any such Intellectual Property. The use of such Intellectual
Property by the Borrower, the other Loan Parties and the other Subsidiaries does not infringe on the rights of any Person, subject to
such claims and infringements as do not, in the aggregate, give rise to any liabilities on the part of the Borrower, any other Loan Party
or any other Subsidiary that could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.


 


(t)            Business.
As of the Agreement Date, the Parent, Borrower, the other Loan Parties and the other Subsidiaries are engaged in the business of the ownership,
development and management of retail or reasonably similar Property, together with other business activities incidental thereto.


 


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


 


(v)            Accuracy
and Completeness of Information. All written information, reports and other papers and data (other than financial projections and
other forward looking statements and information of a general economic or industry specific nature) furnished to the Administrative Agent
or any Lender by, on behalf of, or at the direction of, the Borrower, any other Loan Party or any other Subsidiary 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). All financial projections and other forward looking statements prepared by or on behalf of the Borrower, any other Loan Party
or any other Subsidiary that have been or may hereafter be made available to the Administrative Agent or any Lender were or will be prepared
in good faith based on assumptions believed by the Borrower to be reasonable at the time made available. No fact is known to any Loan
Party which has had, or may in the future have (so far as any Loan Party can reasonably foresee), a Material Adverse Effect which has
not been set forth in the financial statements referred to in Section 7.1.(j) or in such information, reports or other papers
or data or otherwise disclosed in writing to the Administrative Agent and the Lenders. No document furnished or written statement made
to the Administrative Agent or any Lender 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. As of the Effective Date, all of the information
included in the Beneficial Ownership Certification is true and correct.


 








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(w)            Not
Plan Assets; No Prohibited Transactions. None of the assets of the Borrower, any other Loan Party or any other Subsidiary constitutes
 “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder.
Assuming that no Lender funds (initially or through participation, assignment, transfer or securitization) any amount payable by it hereunder
with “plan assets,” as that term is defined in 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA,
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)            Anti-Corruption
Laws; Anti-Money Laundering Laws and Sanctions.


 


(i)            None
of (i) the Parent, the Borrower, any Subsidiary, any of their respective directors, officers, or, to the knowledge of the Parent,
the Borrower or such Subsidiary, any of their respective employees or (ii) to the knowledge of the Parent, the Borrower or such Subsidiary,
any agent or representative of the Parent, the Borrower or any Subsidiary that will act in any capacity in connection with or benefit
from the credit facilities evidenced by this Agreement, (A) is a Sanctioned Person or currently the subject or target of any Sanctions,
(B) is controlled by or is acting on behalf of a Sanctioned Person, or (C) has its assets located in a Sanctioned Country.


 


(ii)            Each
of the Parent, the Borrower and its Subsidiaries, and to the knowledge of the Parent or the Borrower and each director, officer, and to
the knowledge of the Parent, the Borrower, employee, agent of Borrower and each such Subsidiary, is in compliance with all Anti-Corruption
Laws, Anti-Money Laundering Laws in all material respects and applicable Sanctions. The Parent has implemented and maintains in effect
policies and procedures designed to ensure compliance in all material respects with the Anti-Corruption Laws and applicable Sanctions.


 






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(iii)            No
proceeds of any Loan or Letter of Credit have been used, directly or indirectly, by the Parent, the Borrower, any of its Subsidiaries
or any of its or their respective directors, officers, employees and agents in violation of Section 8.8.


 


(y)            Unencumbered
Asset Value Properties.


 


(i)            Each
Property included in calculations of the Unencumbered Asset Value satisfies all of the requirements contained in the definition of “Eligible
Property”.


 


(ii)            At
all times at least 100 Eligible Properties are used in the calculation of the Unencumbered Asset Value.


 


(iii)            To
each Loan Party’s knowledge, the Eligible Properties comply in all material respects with the requirements and regulations of the
Americans with Disabilities Act, of July 26, 1990, Pub. L. No. 101-336, 104 Stat. 327, 42 U.S.C. § 12101, et seq.


 


(z)            Insurance.
The Borrower shall maintain, and shall cause each other Loan Party to maintain, insurance as required pursuant to Section 8.5.


 


(aa)     REIT
Status. The Parent (i) at all times operates its business in a manner not to prevent it from qualifying for status as a REIT
under the Internal Revenue Code and (ii) from and after the date that the Parent’s election to qualify as a REIT under the
Internal Revenue Code is effective, the Parent 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 Parent to maintain its status as a REIT.


 


(bb)     Legal
Restrictions on Ability to Borrow. Neither the Parent nor any Loan Party is subject to any 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.


 


(cc)     Sustainability-Related
Information Disclosures. All information about the Parent’s and the Borrower’s sustainability strategy, including, without
limitation, the KPI Metrics, which have been or may be provided to the Administrative Agent, the Sustainability Structuring Agent or any
Lender by or on behalf of it, or which have been or may be approved by it (collectively, the “Sustainability-Related Information”),
is true and accurate in all material respects as of the date it is provided or approved and as of the date (if any) of which it is stated.


 


Section 7.2.     Survival
of Representations and Warranties, Etc.


 


All representations and warranties
made under this Agreement and the other Loan Documents shall be deemed to be made at and as of the Agreement Date, the Effective Date,
the date on which any extension of the Revolving Termination Date or the Term Loan Maturity Date is effectuated pursuant to Section 2.14.,
the date on which any increase of the Revolving Commitments is effectuated pursuant to Section 2.17. and at and as of the date of
the occurrence of each Credit Event, except to the extent that such representations and warranties expressly relate solely to an earlier
date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case
of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all
respects) on and as of such earlier date). 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.


 








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ARTICLE VIII AFFIRMATIVE COVENANTS


 


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


 


Section 8.1.     Preservation
of Existence and Similar Matters.


 


Except as otherwise permitted
under Section 10.4, the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, (a) preserve and
maintain its respective existence in the jurisdiction of its incorporation or formation, (b) preserve and maintain its respective
rights, franchises, licenses and privileges in the jurisdiction of its incorporation or formation and (c) qualify and remain qualified
and authorized to do business in each jurisdiction in which the character of its properties or the nature of its business requires such
qualification and authorization except in the case of clauses (a) (solely with respect to Subsidiaries that are not Loan Parties),
(b) and (c), to the extent that the failure to be so authorized and qualified could not reasonably be expected to have a Material
Adverse Effect.


 


Section 8.2.     Compliance
with Applicable Law.


 


The Parent and the Borrower
shall comply, and shall cause each other Loan Party and each other Subsidiary to comply, and the Parent and the Borrower shall use, and
shall cause each other Loan Party and each other Subsidiary to use, commercially reasonable efforts to cause all other Persons occupying,
using or present on the Properties to comply, with all Applicable Law, including the obtaining of all Governmental Approvals, the failure
with which to comply could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The Parent and
the Borrower shall maintain in effect and enforce policies and procedures designed to ensure compliance with the Anti-Corruption Laws
and applicable Sanctions in all material respects by the Parent, the Borrower, their Subsidiaries, their respective directors, officers,
employees, Affiliates and agents and representatives of the Parent, the Borrower or any Subsidiary that will act in any capacity in connection
with or benefit from this Agreement.


 


Section 8.3.     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, (a) protect
and preserve in all material respects all of its respective material properties, including, but not limited to, all Intellectual Property
necessary to the conduct of its respective business, and in all material respects maintain in good repair, working order and condition
all tangible properties, ordinary wear and tear excepted and (b) from time to time make or cause to be made all necessary repairs
and replacements to such Properties, so that the business carried on in connection therewith may be properly conducted at all times.


 






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Section 8.4.     Conduct
of Business.


 


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


 


Section 8.5.     Insurance.


 


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, maintain insurance
(on a replacement cost basis) with financially sound and reputable insurance companies against such risks and in such amounts as is customarily
maintained by Persons engaged in similar businesses or as may be required by Applicable Law. The Borrower shall from time to time deliver
to the Administrative Agent upon request a detailed list, together with customary certificates of insurance describing the policies then
in effect.


 


Section 8.6.     Payment
of Taxes and Claims.


 


The Borrower shall, and shall
cause each other Loan Party and each other Subsidiary (and/or applicable tenant with respect to an applicable Property) to, pay and discharge
when due and payable (a) all federal, state or other taxes, assessments and governmental charges or levies imposed upon it or upon
its income or profits or upon any properties belonging to it, and (b) all lawful claims of materialmen, mechanics, carriers, warehousemen
and landlords for labor, materials, supplies and rentals which, if unpaid, might become a Lien (except for a Permitted 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 (x) is being contested in good faith by appropriate proceedings for which adequate reserves have been taken in
accordance with GAAP or (y) could not reasonably be expected to have a Material Adverse Effect.


 


Section 8.7.     Books
and Records; Inspections.


 


The Borrower shall, and shall
cause each other Loan Party and each other Subsidiary to, keep proper books of record and account in which full, true and correct entries
shall be made of all dealings and transactions in relation to its business and activities. The Borrower shall, and shall cause each other
Loan Party and each other Subsidiary to, permit representatives of the Administrative Agent or any Lender to visit and inspect any of
their respective properties, to examine and make abstracts from any of their respective books and records and to discuss their respective
affairs, finances and accounts with their respective officers, employees and independent public accountants (in the presence of an officer
of the Borrower if an Event of Default does not then exist), all at such reasonable times during business and, so long as no Default or
Event of Default exists, with reasonable prior notice. 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. The Borrower hereby authorizes and instructs its accountants to discuss the financial affairs
of the Borrower, any other Loan Party or any other Subsidiary with the Administrative Agent, the Issuing Bank or any Lender.


 






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Section 8.8.     Use
of Proceeds.


 


The Borrower will use the
proceeds of Loans only (a) for the payment of pre-development and development costs incurred in connection with Properties owned
by the Borrower or any Subsidiary; (b) to finance acquisitions otherwise permitted under this Agreement (other than Hostile Acquisitions);
(c) to finance capital expenditures and the repayment of Indebtedness of the Borrower and its Subsidiaries; (d) to make Restricted
Payments otherwise permitted under this Agreement; and (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 the making of Investments and asset
purchases and payment of Restricted Payments, in each case to the extent permitted under this Agreement). 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 or Regulation X of the Board of Governors of the Federal
Reserve System) or to extend credit to others for the purpose of purchasing or carrying any such margin stock. The Borrower will not request
any Loan or Letter of Credit, and the Borrower shall not use, and shall procure that the Parent and its Subsidiaries and its or their
respective directors, officers, employees and agents shall not use, the proceeds of any Loan or Letter of Credit (A) in furtherance
of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in
violation of any Anti-Corruption Laws or Anti-Money Laundering Laws, (B) for the purpose of funding, financing or facilitating any
activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner that would
result in the violation of any Sanctions applicable to any party hereto.


 


Section 8.9.     Environmental
Matters.


 


The Borrower shall, and shall
cause each other Loan Party and each other Subsidiary to, comply with all Environmental Laws the failure with which to comply could reasonably
be expected to have a Material Adverse Effect. The Borrower shall comply, and shall cause each other Loan Party and each other Subsidiary
to comply, and the Borrower shall use, and shall cause each other Loan Party and each other Subsidiary to use, commercially reasonable
efforts to cause all other Persons occupying, using or present on the Properties to comply, with all Environmental Laws, except for the
failure to comply that could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. The Borrower
shall, and shall cause each other Loan Party and each other Subsidiary, to promptly take all actions and pay or arrange to pay all costs
necessary for it and for the Properties to comply with all Environmental Laws and all Governmental Approvals, except for the failure to
take all actions and pay or arrange that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, take all actions to remove and dispose
of all Hazardous Materials and to clean up the Properties to the extent required by Borrower, each other Loan Party or each other Subsidiary
under Environmental Laws, except for the failure to take all actions that could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, promptly take
all actions necessary to prevent the imposition of any Liens on any of their respective properties arising out of any Environmental Laws,
except in each case for such Liens that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative Agent or any Lender.


 








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Section 8.10.     Further
Assurances.


 


At the Borrower’s cost
and expense and upon request of the Administrative Agent, the Borrower shall, and shall cause each other Loan Party and each other Subsidiary
to, duly execute and deliver or cause to be duly executed and delivered, to the Administrative Agent such further instruments, documents
and certificates, and do and cause to be done such further acts that may be reasonably necessary or advisable in the reasonable opinion
of the Administrative Agent to carry out more effectively the provisions and purposes of this Agreement and the other Loan Documents;
provided, however, that, except as may be expressly required pursuant to the terms of any Loan Agreement, neither Borrower nor any other
Loan Party shall be obligated to deliver any instrument, document or certificate which expands such Person’s liability or reduces
such Person’s rights hereunder. Without limiting the generality of the foregoing, the Borrower will promptly notify the Administrative
Agent of (i) the creation or acquisition (including by division) of a Person that becomes a Subsidiary (other than an Excluded Subsidiary)
and (ii) any Subsidiary that is an Excluded Subsidiary failing to constitute an Excluded Subsidiary.


 


Section 8.11.     Compliance
with ERISA.


 


In addition to and without
limiting the generality of Section 8.2., (a) except where the failure to so comply could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect, (i) comply with applicable provisions of ERISA, the Internal Revenue Code
and the regulations and published interpretations thereunder with respect to all Benefit Plans, (ii) not take any action or fail
to take action the result of which could reasonably be expected to result in a liability to the PBGC or to a Multiemployer Plan, (iii) not
participate in any prohibited transaction that could result in any civil penalty under ERISA or tax under the Internal Revenue Code and
(iv) operate each Benefit Plan in such a manner that will not incur any tax liability under Section 4980B of the Internal Revenue
Code or any liability to any qualified beneficiary as defined in Section 4980B of the Internal Revenue Code and (b) furnish
to the Administrative Agent upon the Administrative Agent’s request such additional information about any Employee Benefit Plan
as may be reasonably requested by the Administrative Agent.


 


Section 8.12.     Guarantors.


 


(a)            Within
fifteen (15) Business Days after the date of any Person becoming a Required Guarantor, the Borrower shall deliver to the Administrative
Agent each of the following in form and substance reasonably satisfactory to the Administrative Agent: (A)(i) with respect to any
owner of the Equity Interests of the Borrower, a joinder or amendment to the Parent Guaranty to unconditionally guaranty the Guaranteed
Obligations hereunder in their entirety, and (ii) with respect to any such Subsidiary an Accession Agreement executed by such Required
Guarantor and (B) the items that would have been delivered under subsections (vi) through (xiii) of Section 6.1.(a) and
under Section 6.1.(e) if such Person had been a Required Guarantor on the Agreement Date; provided, however, promptly
(and in any event within fifteen (15) Business Days) upon any Excluded Subsidiary ceasing 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 Subsidiary shall comply with the applicable provisions of this Section.


 








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(b)            The
Borrower may request in writing that the Administrative Agent release, and upon receipt of such request the Administrative Agent shall
release any Guarantor that is no longer a Required Guarantor, so long as (i) the Borrower shall certify in writing that 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 10.1. (as evidenced by a Compliance Certificate
showing calculation in reasonable detail of such covenants on a pro forma basis after giving effect to such release); (ii) the Administrative
Agent shall have received such written request at least ten (10) Business Days (or such shorter period as may be reasonably acceptable
to the Administrative Agent) prior to the requested date of release; and (iii) at least 100 Properties shall be Eligible Properties
included in the calculation of Unencumbered Asset Value after giving effect to such release. Delivery by the Borrower to the Administrative
Agent of any such request shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both
as of the date of the giving of such request and as of the date of the effectiveness of such request) are true and correct with respect
to such request.


 


Section 8.13.     Anti-Corruption
Laws; Beneficial Ownership Regulation.


 


The Parent and the Borrower
will promptly upon the reasonable request of the Administrative Agent or any Lender, provide the Administrative Agent or such Lender,
as the case may be, any information or documentation requested by it for purposes of complying with the Beneficial Ownership Regulation.


 


Section 8.14.     REIT
Status.


 


The Parent shall operate its
business in a manner not to prevent it from qualifying for status as a REIT under the Internal Revenue Code and, from and after the date
that the Parent’s election to qualify as a REIT under the Internal Revenue Code is effective, the Parent shall maintain its status
as, and election to be treated as, a REIT under the Internal Revenue Code.


 


ARTICLE IX INFORMATION


 


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


 


Section 9.1.     Quarterly
Financial Statements.


 


No later than 45 days after
the end of each of the first, second and third fiscal quarters of the Parent, commencing with the fiscal quarter ending September 30,
2022, the unaudited consolidated balance sheet of the Parent and its Subsidiaries as at the end of such period and the related unaudited
consolidated income statements and statements of operations, stockholders’ equity and cash flows of the Parent 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 Responsible Officer of the Borrower, in his or her opinion, to present fairly,
in accordance with GAAP and in all material respects, the consolidated financial position of the Parent 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 9.2.     Year-End
Statements.


 


No later than 90 days after
the end of each fiscal year of the Parent, commencing with the fiscal year ending December 31, 2022 the audited consolidated balance
sheet of the Parent and its Subsidiaries as at the end of such fiscal year and the related audited consolidated income statement and statements
of operations, stockholders’ equity and cash flows of the Parent 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
or chief financial officer of the Borrower, in his or her opinion, to present fairly, in accordance with GAAP and in all material respects,
the financial position of the Parent and its Subsidiaries as at the date thereof and the result of operations for such period and (b) accompanied
by the report thereon of KPMG LLP or any other independent certified public accountants of recognized national standing, whose report
shall be prepared in accordance with GAAP and shall not be subject to (i) any “going concern” or like qualification
or exception or (ii) any qualification or exception as to the scope of such audit.


 


Section 9.3.     Compliance
Certificate; Statement of Funds from Operations; Unencumbered Asset Value.


 


At the time the financial
statements are furnished pursuant to Sections 9.1. and 9.2., (a) a certificate substantially in the form of Exhibit L (a “Compliance
Certificate”) executed on behalf of the Borrower by the chief financial officer of the Borrower (i) setting forth in reasonable
detail as of the end of such fiscal quarter or fiscal year, as the case may be, the calculations required to establish whether the Borrower
was in compliance with the covenants contained in Section 10.1; and (ii) stating that no Default or Event of Default exists,
or, if such is not the case, specifying such Default or Event of Default and its nature, when it occurred and the steps being taken by
the Borrower with respect to such event, condition or failure; (b) a statement of Funds From Operations for such fiscal quarter or
fiscal year; and (c) a report of all Eligible Properties included in the calculation of Unencumbered Asset Value and all newly acquired
Properties, including their Net Operating Income, cost and mortgage debt, if any.


 


Section 9.4.     Other
Information.


 


(a)            Promptly
upon receipt thereof, copies of all quarterly board presentations, redacted as appropriate to the extent of the information therein that
is (x) prohibited from disclosure to the Administrative Agent or the Lenders, (y) contains confidential, sensitive or proprietary
information (including information or discussion of financing options, strategy, acquisitions or dispositions) or (z) is subject
to attorney-client privilege (which privilege is not created solely for the purpose of establishing an exception under this clause (z));


 


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


 








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


 


(d)            No
later than 45 days after the end of each fiscal year of the Borrower ending prior to the latest Facility Termination Date, projected balance
sheets, operating statements, profit and loss projections and cash flow budgets of the Parent and its Subsidiaries on a consolidated basis
for each quarter of the then current fiscal year, all itemized in reasonable detail, including in the case of the cash flow budgets, excess
operating cash flow, availability under this Agreement, unused availability under committed development loans, unfunded committed equity
and any other committed sources of funds, as well as, cash obligations for acquisitions, unfunded development costs, capital expenditures,
debt service, overhead, dividends, maturing Property loans, hedge settlements and other anticipated uses of cash. The foregoing shall
be accompanied by pro forma calculations, together with detailed assumptions, required to establish whether or not the Borrower, and when
appropriate its consolidated Subsidiaries, will be in compliance with the covenants contained in Section 10.1. at the end of each
fiscal quarter of such fiscal year;


 


(e)            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;


 


(f)            To
the extent any Senior Officer of 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 to, or affecting, any Loan Party or any other Subsidiary or any of their respective
properties, assets or businesses which could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect;


 


(g)            Prompt
notice of any change in the Chief Executive Officer, Chief Financial Officer, or any other officer acting in an equivalent capacity of
the Parent;


 


(h)            Prompt
notice upon any Senior Officer of the Borrower or any Loan Party obtaining knowledge of the occurrence of any Default or Event of Default;


 


(i)            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;


 


(j)            Prompt
notice of a Material Acquisition or the acquisition, incorporation or other creation of any Material Subsidiary, and whether such Subsidiary
is a Wholly Owned Subsidiary of the Borrower;


 






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(k)           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;


 


(l)            Promptly,
upon each request, such information and documentation as a Lender may request in order to comply with applicable “know your customer”
requirements, Anti-Money Laundering Laws, including without limitation, the Patriot Act, and the Beneficial Ownership Regulation;


 


(m)          Promptly,
and in any event within five (5) Business Days after any Senior Officer of the Borrower, any Loan Party or any Subsidiary obtains
knowledge of, written notice of the occurrence of any of the following: (i) the Borrower, any Loan Party or any other Subsidiary
shall receive written notice of any violation of or noncompliance by Borrower, any Loan Party or any other Subsidiary with any Environmental
Law; (ii) the Borrower, any Loan Party or any other Subsidiary shall receive written 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 any violation of or noncompliance with any Environmental Law or requiring any such Person to take any response action in connection
with the release or threatened release of Hazardous Materials; or (iii) the Borrower, any Loan Party or any other Subsidiary shall
receive any written notice from a Governmental Authority or private party alleging that any such Person may be liable or responsible for
any costs associated with a response to, or remediation or cleanup of, a release or threatened release of Hazardous Materials or any damages
caused thereby; or (iv) the Borrower, any Loan Party or any other Subsidiary shall receive notice of any other fact, circumstance
or condition that could reasonably be expected to form the basis of an Environmental Claim, and the matters covered by notices referred
to in any of the immediately preceding clauses (i) through (iv), whether individually or in the aggregate, could reasonably be expected
to have a Material Adverse Effect;


 


(n)          To
the extent any Senior Officer of the Parent, any Loan Party or any other Subsidiary is aware of the same, prompt notice of any matter
that has had, or which could reasonably be expected to have, a Material Adverse Effect; and


 


(o)          From
time to time and promptly upon each request and to the extent available to the Borrower or otherwise prepared by the Borrower in the ordinary
course of business, 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 Parent, any of
its Subsidiaries, or any other Loan Party as the Administrative Agent may reasonably request.


 






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Section 9.5.     Electronic
Delivery of Certain Information.


 


(a)          Documents
required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the Internet,
e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website
or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the foregoing shall not apply to (i) notices
to any Lender (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
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 11:00 a.m. Central time on the opening of business on the next business day for the
recipient. Notwithstanding anything contained herein, the Borrower 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. 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.


 


Section 9.6.     Public/Private
Information.


 


The Borrower and the Parent
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 or the Parent. Documents required to be delivered pursuant to the Loan Documents shall be delivered by or on
behalf of the Borrower or the Parent to the Administrative Agent and the Lenders (collectively, “Information Materials”)
pursuant to this Article and the Borrower and the Parent 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”. Absent written notice from the Borrower or the Parent to the contrary, the Borrower and the Parent
hereby designate all Information Materials included in the public filings made by the Parent or the Borrower with the Securities and Exchange
Commission as “Public Information” and all other Information Materials as “Private Information.”


 


Section 9.7.     USA
Patriot Act Notice; Compliance.


 


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


 






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Section 9.8.     Sustainability-Related
Information.


 


The Borrower agrees to furnish
the Administrative Agent, the Sustainability Structuring Agent and the Lenders with all Sustainability-Related Information and to provide
such access to the directors, officers, employees and advisers of the Borrower and its Affiliates (together “Representatives”),
in each case as the Administrative Agent, the Sustainability Structuring Agent or any Lender may reasonably request. In addition, the
Borrower shall ensure that the Representatives are available, upon the Administrative Agent’s, the Sustainability Structuring Agent’s
or any Lender’s reasonable request, to discuss the Sustainability-Related Information. The Borrower acknowledges and agrees that
the Administrative Agent, the Sustainability Structuring Agent and the Lenders may rely, without independent verification, upon the accuracy,
adequacy and completeness of the Sustainability-Related Information furnished by the Borrower to the Administrative Agent, the Sustainability
Structuring Agent or any Lender or approved by the Borrower for use in connection with this Agreement and that none of the Administrative
Agent, the Sustainability Structuring Agent nor any Lender assumes any responsibility or has any liability therefor or has an obligation
to conduct any appraisal of any Sustainability-Related Information. The Borrower agrees that it will (a) notify the Administrative
Agent, the Sustainability Structuring Agent and the Lenders promptly (i) of any change in the Borrower’s green or sustainability
framework, the use of proceeds with regards to the Loans or its internal policies related to sustainability, including any relevant comments
or changes from a third party opinion provider or auditor and (ii) if any Sustainability-Related Information furnished by the Borrower
or any of its Affiliates to the Administrative Agent, the Sustainability Structuring Agent or any Lender or approved by the Borrower or
its Affiliates is or becomes inaccurate, untrue, incomplete or misleading and (b) supplement the Sustainability-Related Information
promptly from time to time to ensure that the representations and warranties made under Section 7.1(cc) are correct as of the date
when such Sustainability-Related Information is supplemented; provided that it is understood and agreed that any breach of this
Section 9.8 shall not constitute a Default or Event of Default or otherwise result in the failure of any condition precedent to any
advance or the issuance of any Letter of Credit.


 


ARTICLE X NEGATIVE COVENANTS


 


For so long as this Agreement
is in effect, the Borrower (and, in the case of Section 10.1, the Parent) shall comply with the following covenants.


 


Section 10.1.     Financial
Covenants.


 


All references to the Parent,
for purposes of the financial covenants in this Section 10.1, shall mean the Parent and its Subsidiaries on a consolidated basis.


 






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(a)            Ratio
of Total Indebtedness to Total Asset Value. The Parent shall not permit the ratio of (i) Total Indebtedness of the Parent and
its Subsidiaries to (ii) Total Asset Value of the Parent and its Subsidiaries (the “Total Leverage Ratio”) to
exceed 0.60 to 1.00 at any time; provided, however, that if such ratio is greater than 0.60 to 1.00 but is not greater than
0.65 to 1.00, then the Parent shall be deemed to be in compliance with this Section 10.1(a) so long as (i) the Parent,
the Borrower or any of the Subsidiaries of the Borrower completed a Material Acquisition which resulted in such ratio (after giving effect
to such Material Acquisition) exceeding 0.60 to 1.00 at any time during the fiscal quarter in which such Material Acquisition took place
and during the three subsequent fiscal quarters thereafter, (ii) the Parent has maintained compliance with this Section 10.1(a) in
reliance on this proviso not more than two times (inclusive of the then current reliance on this proviso) during the term of this Agreement,
and (iii) such ratio (after giving effect to such Material Acquisition) is not greater than 0.65 to 1.00 at any time.


 


(b)           Ratio
of EBITDA to Fixed Charges. The Parent shall not permit the ratio of (i) Adjusted EBITDA of the Parent and its Subsidiaries
for the period of four consecutive fiscal quarters most recently ending for which financial statements have been delivered to (ii) Fixed
Charges of the Parent and its Subsidiaries for such period to be less than 1.50 to 1.00 as of the last day of such period.


 


(c)           Ratio
of Secured Indebtedness to Total Asset Value. The Parent shall not permit the ratio of (i) Secured Indebtedness of the Parent
and its Subsidiaries to (ii) Total Asset Value of the Parent and its Subsidiaries to exceed 0.40 to 1.00 at any time.


 


(d)           Ratio
of Certain Recourse Indebtedness to Total Asset Value. The Parent shall not permit the ratio of (i) Recourse Indebtedness constituting
Secured Indebtedness (exclusive of the Obligations under the Loan Documents) of the Parent and its Subsidiaries to (ii) Total Asset
Value of the Parent and its Subsidiaries to exceed 0.10 to 1.00 at any time.


 


(e)           Ratio
of Unsecured Indebtedness to Unencumbered Asset Value. The Parent shall not permit the ratio of (i) Unsecured Indebtedness of
the Parent and its Subsidiaries to (ii) Unencumbered Asset Value of the Parent and its Subsidiaries to exceed (1) 0.60 to 1.00
at any time; provided, however, that if such ratio is greater than 0.60 to 1.00 but is not greater than 0.65 to 1.00, then
the Parent shall be deemed to be in compliance with this Section 10.1(e) so long as (i) the Parent, the Borrower
or any of the Subsidiaries of the Borrower completed a Material Acquisition which resulted in such ratio (after giving effect to such
Material Acquisition) exceeding 0.60 to 1.00 at any time during the fiscal quarter in which such Material Acquisition took place and during
the three subsequent fiscal quarters thereafter, (ii) the Parent has maintained compliance with this Section 10.1(e) in
reliance on this proviso not more than two times (inclusive of the then current reliance on this proviso) during the term of this Agreement,
and (iii) such ratio (after giving effect to such Material Acquisition) is not greater than 0.65 to 1.00 at any time.


 


(f)            Ratio
of Unencumbered Adjusted NOI to Unsecured Interest Expense. The Parent shall not permit the ratio of (i) Unencumbered Adjusted
NOI of the Parent and its Subsidiaries for the period of four consecutive fiscal quarters most recently ending for which financial statements
have been delivered to (ii) Unsecured Interest Expense of the Parent and its Subsidiaries for such period to be less than 1.75 to
1.00 at any time.


 


(g)           Minimum
Tangible Net Worth. The Parent and the Borrower shall not permit Tangible Net Worth at any time to be less than (i) $731,508,263
plus (ii) 75% of the Net Proceeds of all Equity Issuances effected at any time after the Agreement by the Parent, the Borrower
or any of the Subsidiaries of the Parent to any Person other than the Parent, the Borrower or any of the Subsidiaries of the Parent.


 






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(h)           Aggregate
Occupancy Rates. The Parent shall not permit the weighted average aggregate Occupancy Rate (weighted on the basis of aggregate square
footage) of all Eligible Properties to be less than or equal to 90% at any time.


 


(i)            Total
Assets of Non-Wholly Owned Subsidiaries. The Parent shall not permit the portion of Adjusted Total Asset Value determined with respect
to the Borrower and the Guarantors to be less than 90% of Adjusted Total Asset Value at any time.


 


(j)            Dividends
and Other Restricted Payments. The Parent shall not, and shall not permit any of its Subsidiaries to, declare or make any Restricted
Payment, except that:


 


(i)            the
Borrower may (A) make payments on account of redemption or repurchase of partnership interests in the Borrower in accordance with
the partnership agreement of the Borrower, or (B) pay cash dividends to the Parent and the other holders of partnership interests
in the Borrower, and the Parent may so distribute such cash dividends to its shareholders, in the case of clause (A) or clause (B),
so long as no Default or Event of Default exists or would result therefrom and so long as the Parent shall be in pro forma compliance
with the other covenants set forth in this Section 10.1 immediately after giving effect thereto;


 


(ii)           both
(A) the Borrower may pay cash dividends to the Parent and other holders of partnership interests in the Borrower with respect to
any fiscal year ending during the term of this Agreement to the extent necessary for the Parent to distribute, and the Parent may so
distribute, cash dividends to its shareholders in an aggregate amount not to exceed the greater of (x) the amount required to be
distributed for the Parent to remain in compliance with Section 8.14 and (y) the amount necessary for the Parent to avoid income
or excise tax under the Internal Revenue Code; and (B) Subsidiaries may pay Restricted Payments to the Borrower or any other Subsidiary
of the Borrower and the Borrower or any other Subsidiary of the Parent may pay Restricted Payments to the Parent.


 


Notwithstanding
the foregoing sentence, in the event that a Default or Event of Default under Sections 11.1(a), (e) or (f) exists or would exist
after giving effect to such Restricted Payment, or the Obligations have been accelerated in accordance with the terms of this Agreement,
then the Parent shall not, nor shall it permit any Subsidiary to make any Restricted Payments to any Person other than to the Borrower
or any Subsidiary that is a Guarantor.


 


Section 10.2.     Negative
Pledge.


 


The Borrower shall not, and
shall not permit any other Loan Party or Subsidiary to, (a) create, assume, incur, permit or suffer to exist any Lien on any Eligible
Property or any direct or indirect Equity Interest of the Borrower in any Person owning any Eligible Property, now owned or hereafter
acquired, except for Permitted Liens or (b) permit any Eligible Property or any direct or indirect ownership interest of the Borrower
or in any Person owning an Eligible Property, to be subject to a Negative Pledge.


 






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Section 10.3.     Restrictions
on Intercompany Transfers.


 


The Borrower shall not, and
shall not permit any other Loan Party 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 Loan Party to: (a) pay dividends or make any other distribution on any of such Loan
Party’s Equity Interests owned by the Borrower or any Loan Party; (b) pay any Indebtedness owed to the Borrower or any Loan
Party; (c) make loans or advances to the Borrower or any Loan Party; or (d) transfer any of its property or assets to the Borrower
or any Loan Party; other than (i) with respect to clauses (a) through (d) those encumbrances or restrictions contained
in any Loan Document and (ii) with respect to clause (d), customary provisions restricting assignment of any agreement entered into
by the Borrower or any other Loan Party in the ordinary course of business.


 


Section 10.4.     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 (which,
in the case of any acquisition as a result of a merger or consolidation, has a value equal to or greater than a Substantial Amount); (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, all or any substantial part of its business or assets, or the capital stock of or other
Equity Interests in any of its Subsidiaries, whether now owned or hereafter acquired; or (d) acquire the assets of, or make an Investment
in, any other Person in an amount in excess of a Substantial Amount; provided, however, that:


 


(i)            any
Subsidiary may merge with a Loan Party so long as such Loan Party is the survivor;


 


(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 Eligible Property Subsidiary) and any Subsidiary that is not (and is not required to be) a
Loan Party may convey, sell, transfer or otherwise dispose of, in one transaction or a series of transactions, all or any substantial
part of its business or assets, or the capital stock of or other Equity Interests in any of its Subsidiaries, and immediately thereafter
liquidate, provided that 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;


 


(iv)          any
Loan Party and any other Subsidiary may, directly or indirectly, (A) acquire (whether by purchase, acquisition of Equity Interests
of a Person, or as a result of a merger or consolidation) a Substantial Amount of the assets of, or make an Investment of a Substantial
Amount in, any other Person and (B) sell, lease or otherwise transfer, whether by one or a series of transactions, a Substantial
Amount of assets (including capital stock or other securities of Subsidiaries) to any other Person, so long as, in each case, (1) the
Borrower shall have given the Administrative Agent and the Lenders at least 30 days’ prior written notice of such consolidation,
merger, acquisition, Investment, 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, including, without limitation, a Default or
Event of Default resulting from a breach of Section 10.1.; (3) in the case of a consolidation or merger involving the Borrower
or an Eligible Property Subsidiary, the Borrower or such Loan Party 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 for distribution
to each of 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 10.1., after giving effect to such consolidation, merger, acquisition, Investment, sale, lease or other transfer;
and


 


(v)            the
Borrower, the other 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 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 10.5.     Plans.


 


The Borrower shall not, and
shall not permit any other Loan Party or any other Subsidiary to, permit any of its respective assets to become or be deemed to be “plan
assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. The Borrower
shall not cause or permit to occur, and shall not permit any other member of the ERISA Group to cause or permit to occur, any ERISA Event
if such ERISA Event could reasonably be expected to have a Material Adverse Effect.


 


Section 10.6.     Fiscal
Year.


 


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


 


Section 10.7.     Modifications
of Organizational Documents.


 


The Borrower shall not, and
shall not permit any other Loan Party or any other Subsidiary to, amend, supplement, restate or otherwise modify or waive the application
of any provision of its certificate or articles of incorporation or formation, by-laws, operating agreement, declaration of trust, partnership
agreement or other applicable organizational document if such amendment, supplement, restatement or other modification (a) is adverse
to the interest of the Administrative Agent, the Issuing Bank or the Lenders or (b) could reasonably be expected to have a Material
Adverse Effect.


 


Section 10.8.     Subordinated
Debt Prepayments; Amendments.


 


The Borrower shall not, and
shall not permit any other Loan Party or other Subsidiary to, prepay any principal of, or accrued interest on, any Subordinated Debt or
otherwise make any voluntary or optional payment with respect to any principal of, or accrued interest on, any Subordinated Debt prior
to the originally scheduled maturity or due date thereof or otherwise redeem or acquire for value any Subordinated Debt prior to its maturity.
Further, the Borrower shall not, and shall not permit any other Loan Party or other Subsidiary to, amend or modify, or permit the amendment
or modification of, any agreement or instrument evidencing any Subordinated Debt where such amendment or modification provides for the
following or which has any of the following effects:


 






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(a)            amends
any financial or other covenant contained in any document or instrument evidencing any Subordinated Debt in a manner which is more onerous
to the Borrower or such Subsidiary or which requires the Borrower or such Subsidiary to improve its financial performance; or


 


(b)            if
immediately prior to or after giving effect thereto a Default or Event of Default is or would be in existence:


 


(i)            increases
the rate of interest accruing on such Subordinated Debt;


 


(ii)            increases
the amount of any scheduled installment of principal or interest, or shortens the date on which any such installment or principal or interest
becomes due;


 


(iii)          shortens
the final maturity date of such Subordinated Debt;


 


(iv)          increases
the principal amount of such Subordinated Debt;


 


(v)           provides
for the payment of additional fees or the increase in existing fees; and/or


 


(vi)          otherwise
could reasonably be expected to be adverse to the interests of the Administrative Agent or the Lenders.


 


Section 10.9.     Transactions
with Affiliates.


 


The Borrower shall not, and
shall not permit any other Loan Party or any other Subsidiary to, permit to exist or enter into any transaction (including the purchase,
sale, lease or exchange of any property or the rendering of any service) with any Affiliate, except (a) as set forth on Schedule
7.1.(r), (b) transactions among the Borrower, other Loan Parties and Wholly Owned Subsidiaries or (c) transactions in the ordinary
course of and pursuant to the reasonable requirements of the business of the Borrower, such other Loan Party or such other Subsidiary
and upon fair and reasonable terms which are no less favorable to the Borrower, such other Loan Party or such other Subsidiary than would
be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate. Notwithstanding the foregoing, no payments
may be made with respect to any items set forth on such Schedule 7.1.(r) if a Default or Event of Default exists or would result
therefrom.


 






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Section 10.10.     Environmental
Matters.


 


The Borrower shall not, and
shall not permit any other Loan Party or any other Subsidiary, and shall use commercially reasonable efforts not to permit any other Person,
to use, generate, discharge, emit, manufacture, handle, process, store, release, transport, remove, dispose of or clean up any Hazardous
Materials on, under or from the Properties in violation of any Environmental Law or in a manner that could reasonably be expected to lead
to any Environmental Claim, except whether individually or in the aggregate, as could not reasonably be expected to have a Material Adverse
Effect. Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative Agent or any Lender.


 


Section 10.11.     Derivatives
Contracts.


 


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


 


ARTICLE XI DEFAULT


 


Section 11.1.        Events
of Default.


 


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


 


(a)            Default
in Payment. (x) The Borrower shall fail to pay when due under this Agreement or any other Loan Document (whether upon demand,
at maturity, by reason of acceleration or otherwise) the principal of any of the Loans or any Reimbursement Obligation, or shall fail
to pay interest or any of the other payment Obligations owing by the Borrower under this Agreement or any other Loan Document due on the
Revolving Termination Date or the Term Loan Maturity Date, or any other Loan Party shall fail to pay when due any payment obligation owing
by such Loan Party under any Loan Document to which it is a party due on the Revolving Termination Date or the Term Loan Maturity Date,
or (y) the Borrower or any other Loan Party shall fail to pay within three (3) Business Days of when due interest or any of
the other payment Obligations owing by the Borrower or any other Loan Party under this Agreement or any other Loan Document and not covered
by the preceding clause (x).


 


(b)            Default
in Performance.


 


(i)            Any
Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained
in Article IV, Section 8.1 (with respect to the existence of any Loan Party), Section 8.8, Section 8.12., Section 8.14.,
Section 9.4(h) or Article X.; or


 






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(ii)           Any
Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained
in Sections 9.1., 9.2. or 9.3. and in the case of this subsection (b)(ii) only, such failure shall continue for a period of five
(5) days after the earlier of (x) the date upon which a Responsible Officer of the Borrower or such other Loan Party obtains
knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative
Agent or the Requisite Lenders; or


 


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


 


(c)            Material
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, the Issuing Bank or any Lender, shall at any time prove
to have been incorrect or misleading in any material respect when furnished or made or deemed made.


 


(d)            Indebtedness
Cross-Default.


 


(i)            The
Borrower, any other Loan Party or any other Subsidiary shall fail to make any payment when due and payable in respect of (x) any
Recourse Indebtedness (other than the Loans and Reimbursement Obligations or Indebtedness of Unconsolidated Affiliates) having an aggregate
outstanding principal amount (or, in the case of any Derivatives Contract, having, without regard to the effect of any close-out netting
provision, a Derivatives Termination Value), in each case individually or in the aggregate with all other such Indebtedness as to which
such a failure exists, of $25,000,000 or more or (y) any Nonrecourse Indebtedness (other than Indebtedness of Unconsolidated Affiliates)
having an aggregate outstanding principal amount (or, in the case of any Derivatives Contract, having, without regard to the effect of
any close-out netting provision, a Derivatives Termination Value), in each case individually or in the aggregate with all other such Indebtedness
as to which such a failure exists, of $25,000,000 or more (clause (x) and clause (y) collectively, “Material Indebtedness”);
or


 


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


 






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(iii)          Any
other event shall have occurred and be continuing which, with or without the passage of time, the giving of notice, or otherwise, would
permit any holder or holders of any Material Indebtedness, any trustee or agent acting on behalf of such holder or holders or any other
Person, to accelerate the maturity of any such Material Indebtedness or require any such Material Indebtedness to be prepaid, repurchased,
redeemed or defeased prior to its stated maturity; or


 


(iv)          There
occurs an “Event of Default” under and as defined in any Derivatives Contract as to which the Borrower, any Loan Party or
any other Subsidiary is a “Defaulting Party” (as defined therein), or there occurs an “Early Termination Date”
(as defined therein) in respect of any Specified Derivatives Contract as a result of a “Termination Event” (as defined therein)
as to which the Parent, the Borrower or any of its Subsidiaries is an “Affected Party” (as defined therein), in each case,
arising from a default in payment of amounts individually or in the aggregate with all other such defaulted payments, of $10,000,000
or more.


 


(e)            Voluntary
Bankruptcy Proceeding. (A) The Borrower, any other Loan Party or any other Eligible Property Subsidiary or other Material 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; or (B) the Borrower
or any other Loan Party shall generally not pay its debts as such debts become due.


 


(f)            Involuntary
Bankruptcy Proceeding. A case or other proceeding shall be commenced against the Borrower, any other Loan Party or any other Eligible
Property Subsidiary or Material 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 30 consecutive
days, or an order granting the remedy or other relief requested in such case or proceeding (including, but not limited to, an order for
relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered.


 






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


 


(h)           Judgment.
A judgment or order for the payment of money or for an injunction or other non-monetary relief shall be entered against the Borrower,
any other Loan Party, or any other Subsidiary by any court or other tribunal and either (i) (x) such judgment or order shall
continue for a period of 60 days without being paid, stayed or dismissed through appropriate appellate proceedings or (y) enforcement
proceedings shall have been commenced by any creditor on any such judgment 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,
any other Loan Party or any other Subsidiary, $25,000,000 or (B) in the case of an injunction or other non-monetary relief, such
injunction or judgment or order could reasonably be expected to have a Material Adverse Effect.


 


(i)            Attachment.
A warrant, writ of attachment, execution or similar process shall be issued against any property of the Borrower, any other Loan Party
or any other Subsidiary, which exceeds, individually or together with all other such warrants, writs, executions and processes, $25,000,000
in amount and such warrant, writ, execution or process shall not be paid, discharged, vacated, stayed or bonded for a period of twenty
(20) days; provided, however, that if a bond has been issued in favor of the claimant or other Person obtaining such warrant,
writ, execution or process, the issuer of such bond shall execute a waiver or subordination agreement in form and substance satisfactory
to the Administrative Agent pursuant to which the issuer of such bond subordinates its right of reimbursement, contribution or subrogation
to the Obligations and waives or subordinates any Lien it may have on the assets of the Borrower, any other Loan Party or any other Subsidiary.


 


(j)            ERISA.


 


(i)            Any
ERISA Event shall have occurred that results or could reasonably be expected to result in liability to any member of the ERISA Group aggregating
in excess of $25,000,000; or


 


(ii)           The
 “benefit obligation” of all Plans exceeds the “fair market value of plan assets” for such Plans by more than
$25,000,000, all as determined, and with such terms defined, in accordance with GAAP.


 


(k)          [Reserved].


 


(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 (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 twenty-five percent (25%) of the total voting power of the then outstanding voting stock of the Parent entitled to vote for
the election of directors;


 






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


 


(iii)          the
Parent shall cease to own and control, directly or indirectly, more than 85% of the outstanding Equity Interests of the Borrower, free
and clear of any Liens (other than in favor of the Administrative Agent); or any Person or group shall own, directly or indirectly, an
equal or greater percentage of the outstanding Equity Interests of the Borrower than the percentage held by the Parent; or the acquisition
of direct or indirect Control of the Borrower by any Person or group other than the Parent; or


 


(iv)          (A) General
Partner shall cease to be a Wholly Owned Subsidiary of the Parent, (B) the Parent, General Partner or a Wholly-Owned Subsidiary of
the Parent cease to have the sole and exclusive power to exercise all management and control over the Borrower or (B) the Parent,
General Partner or a Wholly-Owned Subsidiary of the Parent shall cease to be the sole general partner of the Borrower; or


 


(v)           the
Borrower shall cease to own and control, directly or indirectly, 100% of the outstanding Equity Interests of each Eligible Property Subsidiary
and each other Subsidiary Guarantor (other than Subsidiary Guarantors under clause (vii) of the definition of “Required Guarantor”),
in each case free and clear of any liens (other than in favor of the Administrative Agent).


 


(m)          Subordinated
Debt Documents. The failure of any Loan Party to comply with the terms of any intercreditor agreement or any subordination provisions
of any note or other document in respect of any Subordinated Debt and running to the benefit of the Administrative Agent or Lenders,
or any such document becomes null and void or unenforceable against any holder of such Subordinated Debt or any such holder shall (or
shall attempt to) disavow, revoke or terminate any such document 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 such document.


 






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Section 11.2.     Remedies
Upon Event of Default.


 


Upon the occurrence and until
the waiver thereof in accordance with the terms of this Agreement 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 11.1.(e) or 11.1.(f) with respect to the Borrower or the Parent,
(1)(A) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding, (B) an amount equal to
103% of 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 without presentment, demand, protest, or other notice of any kind, all of which are expressly waived
by the Borrower on behalf of itself and the other Loan Parties, and (2) the Commitments and the Swingline Commitment and the obligation
of the Issuing Bank to issue Letters of Credit hereunder, shall all immediately and automatically terminate.


 


(ii)            Optional.
If any other Event of Default shall exist, the Administrative Agent may, and at the direction of the Requisite Lenders shall: (1) declare
(A) the principal of, and accrued interest on, the Loans and the Notes at the time outstanding, (B) an amount equal to 103%
of 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 on behalf of itself and the other Loan Parties, and (2) terminate the Commitments and the Swingline
Commitment 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 or any other Loan Party, 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 property and/or the business operations of the Borrower or any other Loan Party and to exercise such power
as the court shall confer upon such receiver.


 






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(e)           Remedies
in Respect of Specified Derivatives Contracts and Specified Cash Management Agreements. Notwithstanding any other provision of this
Agreement or other Loan Document, each Specified Derivatives Provider and Specified Cash Management Bank 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, the Issuing Bank
or the Lenders, and without limitation of other remedies available to such Specified Derivatives Provider or Specified Cash Management
Bank, as applicable, under contract or Applicable Law, to undertake any of the following: (a) in the case of a Specified Derivatives
Provider, 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) in the case of a Specified Derivatives Provider,
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, (c) in the case of a Specified Derivatives Provider, to set off or proceed against deposit
account balances, securities account balances and other property and amounts held by such Specified Derivatives Provider 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 or Specified Cash Management Bank, as applicable, pursuant to any Specified Derivatives Contract or Specified Cash
Management Agreement, as applicable.


 


Section 11.3.     Remedies
Upon Default.


 


Upon the occurrence of a Default
specified in either Section 11.1.(e) or Section 11.1.(f), the Commitments, the Swingline Commitment and the obligation
of the Issuing Bank to issue Letters of Credit shall immediately and automatically terminate.


 


Section 11.4.     Marshaling;
Payments Set Aside.


 


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


 


Section 11.5.     Allocation
of Proceeds.


 


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


 


(a)            to
payment of that portion of the Guaranteed Obligations constituting fees, indemnities, expenses and other amounts, including attorney fees,
payable to the Administrative Agent in its capacity as such, the Issuing Bank in its capacity as such and the Swingline Lender in its
capacity as such, ratably among the Administrative Agent, the Issuing Bank and Swingline Lender in proportion to the respective amounts
described in this clause (a) payable to them;


 






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


 


(c)          to
payment of that portion of the Guaranteed Obligations constituting accrued and unpaid interest on the Swingline Loans;


 


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


 


(e)           to
payment of that portion of the Guaranteed Obligations constituting unpaid principal of the Swingline Loans;


 


(f)           to
payment of that portion of the Guaranteed Obligations constituting unpaid principal of the Loans, Reimbursement Obligations, other Letter
of Credit Liabilities and payment obligations then owing under Specified Derivatives Contracts and Specified Cash Management Agreements,
ratably among the Lenders, the Issuing Bank, the Specified Derivatives Providers and the Specified Cash Management Banks in proportion
to the respective amounts described in this clause (f) payable to them; provided, however, to the extent that any amounts
available for distribution pursuant to this clause 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; and


 


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


 


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


 


Section 11.6.     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.


 






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(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 11.5. Notwithstanding the foregoing, the Administrative Agent shall not be required to liquidate and release
any such amounts if such liquidation or release would result in the amount available in the Letter of Credit Collateral Account to be
less than the Stated Amount of all Extended Letters of Credit that remain outstanding.


 


(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 written request of the Borrower, deliver to the Borrower within ten (10) Business Days after the Administrative Agent’s
receipt of such request from the Borrower, against receipt but without any recourse, warranty or representation whatsoever, such amount
of the credit balances in the Letter of Credit Collateral Account as exceeds the aggregate amount of Letter of Credit Liabilities at such
time. Upon the expiration, termination or cancellation of an Extended Letter of Credit for which the Revolving Lenders reimbursed (or
funded participations in) a drawing deemed to have occurred under the fourth sentence of Section 2.4.(b) for deposit into the
Letter of Credit Collateral Account but in respect of which the Revolving Lenders have not otherwise received payment for the amount so
reimbursed or funded, the Administrative Agent shall promptly remit to the Revolving Lenders the amount so reimbursed or funded for such
Extended Letter of Credit that remains in the Letter of Credit Collateral Account, pro rata in accordance with the respective unpaid reimbursements
or funded participations of the Lenders in respect of such Extended Letter of Credit, against receipt but without any recourse, warranty
or representation whatsoever. When all of the Obligations shall have been indefeasibly paid in full and no Letters of Credit remain outstanding,
the Administrative Agent shall 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 11.7.     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 11.8.     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,
after notice to the Borrower, perform or attempt to perform such covenant, duty or agreement on behalf of the Borrower or such other Loan
Party after the expiration of any cure or grace periods set forth herein. In such event, the Borrower shall, at the request of the Administrative
Agent, promptly pay any amount reasonably expended by the Administrative Agent in such performance or attempted performance to the Administrative
Agent, together with interest thereon at the applicable Post-Default Rate from the date of such expenditure until paid. Notwithstanding
the foregoing, neither the Administrative Agent nor any Lender shall have any liability or responsibility whatsoever for the performance
of any obligation of the Borrower under this Agreement or any other Loan Document.


 


Section 11.9.     Rights
Cumulative.


 


(a)            Generally.
The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders under this Agreement and each of the other Loan
Documents, of the Specified Derivatives Providers under the Specified Derivatives Contracts, and of the Specified Cash Management Banks
under the Specified Cash Management Agreements, 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, the
Lenders, the Specified Derivatives Providers and the Specified Cash Management Banks may be selective and no failure or delay by any such
Lender Party in exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any power or right preclude
its other or further exercise or the exercise of any other power or right.


 






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


 


ARTICLE XII THE ADMINISTRATIVE AGENT


 


Section 12.1.     Appointment
and Authorization.


 


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


 






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Section 12.2.     Administrative
Agent as Lender.


 


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


 






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Section 12.3.     Approvals
of Lenders.


 


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


 


Section 12.4.     Notice
of Events of Default.


 


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


 






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Section 12.5.     Administrative
Agent’s Reliance.


 


Notwithstanding any other
provisions of this Agreement or any other Loan Documents, neither the Administrative Agent, the Sustainability Structuring Agent nor any
of their respective Related Parties shall be liable for any action taken or not taken by it under or in connection with this Agreement
or any other Loan Document, except for its or their own gross negligence or willful misconduct in connection with its duties expressly
set forth herein or therein as determined by a court of competent jurisdiction in a final non-appealable judgment. Without limiting the
generality of the foregoing, the Administrative Agent and the Sustainability Structuring 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, the Sustainability Structuring Agent nor any of their respective Related Parties:
(a) makes any warranty or representation to any Lender, the Issuing Bank or any other Person, or shall be responsible to any Lender,
the Issuing Bank or any other Person for any statement, warranty or representation made or deemed made by the Borrower, any other Loan
Party or any other Person in or in connection with this Agreement or any other Loan Document; (b) shall have any duty to ascertain
or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any other Loan Document
or the satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of the Borrower or other Persons,
or to inspect the property, books or records of the Borrower or any other Person; (c) shall be responsible to any Lender or the Issuing
Bank for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan
Document, any other instrument or document furnished pursuant thereto or any collateral covered thereby or the perfection or priority
of any Lien in favor of the Administrative Agent on behalf of the Lender Parties in any such collateral; (d) shall have any liability
in respect of any recitals, statements, certifications, representations or warranties contained in any of the Loan Documents or any other
document, instrument, agreement, certificate or statement delivered in connection therewith; and (e) shall incur any liability under
or in respect of this Agreement or any other Loan Document by acting upon any notice, consent, certificate or other instrument or writing
(which may be by telephone, telecopy or electronic mail) believed by it to be genuine and signed, sent or given by the proper party or
parties. The Administrative Agent and/or the Sustainability Structuring Agent may execute any of its duties under the Loan Documents by
or through agents, employees or attorneys-in-fact and shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact
that it selects in the absence of gross negligence or willful misconduct in the selection of such agent or attorney-in-fact as determined
by a court of competent jurisdiction in a final non-appealable judgment. Each Lender and each Issuing Bank also acknowledges and agrees
that (a) none of the Administrative Agent, the Sustainability Structuring Agent or any Arranger, acting in such capacities have made
any assurances as to (i) whether the terms and conditions of this Agreement and the other Loan Documents meets such Lender’s
or Issuing Bank’s criteria or expectations with regard to environmental impact and sustainability performance, and (ii) whether
any characteristics of this Agreement and the other Loan Documents, including the characteristics of the relevant key performance indicators
to be determined in connection with any increase or decrease in the Applicable Margin, including the Borrower’s environmental and
sustainability criteria, meet any industry standards for sustainability-linked credit facilities and (b) each such Lender and Issuing
Bank has performed its own independent investigation and analysis of this Agreement and the other Loan Documents and whether this Agreement
and the other Loan Documents meet such Lender’s criteria or expectations with regard to environmental impact and/or sustainability
performance.


 






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Section 12.6.     Indemnification
of Administrative Agent.


 


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


 






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Section 12.7.     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 Related Parties 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
Related Parties, and based on the financial statements of the Borrower, the other Loan Parties, the other Subsidiaries and other Affiliates,
and inquiries of such Persons, its independent due diligence of the business and affairs of the Borrower, the other Loan Parties, the
other Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the
advice of its own counsel and such other documents and information as it has deemed appropriate. Each of the Lenders 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 Related Parties, and based on such review, advice, documents and information as it shall deem appropriate
at the time, continue to make its own decisions in taking or not taking action under the Loan Documents. The Administrative Agent shall
not be required to keep itself informed as to the performance or observance by the Borrower or any other Loan Party of the Loan Documents
or any other document referred to or provided for therein or to inspect the properties or books of, or make any other investigation of,
the Borrower, any other Loan Party or any other Subsidiary. Except for notices, reports and other documents and information expressly
required to be furnished to the Lenders 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 Related Parties.
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 the
Issuing Bank.


 






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Section 12.8.     Successor
Administrative Agent.


 


The Administrative Agent may
(a) resign at any time as Administrative Agent under the Loan Documents by giving written notice thereof to the Lenders and the Borrower
or (b) be removed as administrative agent by all of the Lenders (other than the Lenders then acting as Administrative Agent) and,
provided no Default or Event of Default exists, the Borrower upon 30 days’ prior written notice if the Administrative Agent (i) is
found by a court of competent jurisdiction in a final, non-appealable judgment to have committed gross negligence or willful misconduct
in the course of performing its duties hereunder or (ii) has become or is insolvent or has become the subject of a bankruptcy or
insolvency proceeding or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance
of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment. Upon any such resignation or removal,
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 thirty (30) days after (a) the resigning Administrative Agent’s giving of notice of
resignation or (b) the Lenders’ giving of notice of removal, then the resigning or removed Administrative Agent may, on behalf
of the Lenders and the Issuing Bank, appoint a successor Administrative Agent, which shall be a Lender, if any Lender shall be willing
to serve, and otherwise shall be an Eligible Assignee (but in no event shall any such successor Administrative Agent be a Defaulting Lender
or an Affiliate of a Defaulting Lender); provided that if the Administrative Agent shall notify the Borrower and the Lenders that
no Lender has accepted such appointment, then such resignation or removal shall nonetheless become effective in accordance with such applicable
notice and (1) the Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents
and (2) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead
be made to each Lender and the Issuing Bank directly, until such time as a successor Administrative Agent has been appointed as provided
for above in this Section; provided, further that such Lenders and the Issuing Bank so acting directly shall be and be deemed
to be protected by all indemnities and other provisions herein for the benefit and protection of the Administrative Agent as if each such
Lender or Issuing Bank were itself the Administrative Agent. Upon the acceptance of any appointment as Administrative Agent hereunder
by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights,
powers, privileges and duties of the current Administrative Agent, and the resigning or removed Administrative Agent shall be discharged
from its duties and obligations under the Loan Documents. Any resignation by, or removal of, an Administrative Agent shall also constitute
the resignation as the Issuing Bank and as the Swingline Lender by the Lender then acting as Administrative Agent (the “Resigning
Lender”). Upon the acceptance of a successor’s appointment as Administrative Agent hereunder (i) the Resigning Lender
shall be discharged from all duties and obligations of the Issuing Bank and the Swingline Lender hereunder and under the other Loan Documents
and (ii) the successor Issuing Bank shall issue letters of credit in substitution for all Letters of Credit issued by the Resigning
Lender as the Issuing Bank outstanding at the time of such succession (which letters of credit issued in substitutions shall be deemed
to be Letters of Credit issued hereunder) or make other arrangements satisfactory to the Resigning Lender to effectively assume the obligations
of the Resigning Lender with respect to such Letters of Credit. After any Administrative Agent’s resignation or removal hereunder
as Administrative Agent, the provisions of this Article XII. shall continue to inure to its benefit as to any actions taken or omitted
to be taken by it while it was Administrative Agent under the Loan Documents. Notwithstanding anything contained herein to the contrary,
the Administrative Agent may assign its rights and duties under the Loan Documents to any of its Affiliates by giving the Borrower and
each Lender prior written notice.


 


Section 12.9.     Arrangers
and Titled Agents.


 


The
Arrangers, the Syndication Agents, the Sustainability Structuring Agent and the Co-Documentation Agents, in such capacity, assume
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 Arrangers, the Syndication Agents, the Sustainability Structuring
Agent and the Co-Documentation Agents are solely honorific and imply no fiduciary responsibility on the part of any Arranger, any Syndication
Agent, the Sustainability Structuring Agent or any Co-Documentation Agent to the Administrative Agent, any Lender, the Issuing Bank, the
Borrower or any other Loan Party and the use of such titles does not impose on any Arranger, any Syndication Agent, the Sustainability
Structuring Agent or any Co-Documentation Agent any duties or obligations greater than those of any other Lender or entitle any Arranger,
any Syndication Agent, the Sustainability Structuring Agent or any Co-Documentation Agent to any rights other than those to which any
other Lender is entitled.


 






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Section 12.10.     Specified
Derivatives Contracts and Specified Cash Management Agreements.


 


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


 


Section 12.11.     Certain
ERISA Matters.


 


(a)            Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent, the Arrangers, and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any
other Loan Party, that at least one of the following is and will be true:


 


(i)            such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters
of Credit or the Commitments;


 


(ii)           the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption
for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined
by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and
performance of the Loans, the Letters of Credit, the Commitments and this Agreement;


 






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(iii)          (A) such
Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement; or


 


(iv)         such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender.


 


(b)            In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or
(2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to,
and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto,
for the benefit of, the Administrative Agent, the Arrangers, and their respective Affiliates, and not, for the avoidance of doubt, to
or for the benefit of the Borrower or any other Loan Party, that none of the Administrative Agent, the Arrangers nor any of their respective
Affiliates is a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation
or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).


 


Section 12.12.     Release
of Guarantors.


 


Each of the Lenders hereby
authorizes the Administrative Agent to, and the Administrative Agent shall, release the Guarantor from its Guaranty as, if and when required
pursuant to the provisions of this Agreement.


 


Section 12.13.     Erroneous
Payments.


 


(a)            If
the Administrative Agent notifies a Lender or Issuing Bank, or any Person who has received funds on behalf of a Lender or Issuing
Bank (any such Lender, Issuing Bank or other recipient, a “Payment Recipient”) that the Administrative Agent has
determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that
any funds received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or
otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Issuing Bank or other
Payment Recipient on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees,
distribution or otherwise, individually and collectively, an “Erroneous Payment”) and demands the return of such Erroneous
Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be
segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and such Lender or Issuing Bank shall
(or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but
in no event later than two Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion
thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect
of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date
such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Effective Rate and a rate determined
by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice
of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.


 






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(b)            Without
limiting immediately preceding clause (a), each Lender or Issuing Bank, or any Person who has received funds on behalf of a Lender
or Issuing Bank, hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment
or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that
is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the
Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded
or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that
such Lender or Issuing Bank, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in
whole or in part) in each case:


 


(i)            (A) in
the case of immediately preceding clauses (x) or (y), an error shall be presumed to have been made (absent written
confirmation from the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately preceding clause
(z)), in each case, with respect to such payment, prepayment or repayment; and


 


(ii)            such
Lender or Issuing Bank shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all
events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment, prepayment
or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Section 12.13(b).


 


(c)            Each
Lender or Issuing Bank hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such
Lender or Issuing Bank under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Lender or Issuing
Bank from any source, against any amount due to the Administrative Agent under immediately preceding clause (a) or under the
indemnification provisions of this Agreement.


 






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(d)            In
the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor
by the Administrative Agent in accordance with immediately preceding clause (a), from any Lender or Issuing Bank that has received
such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof)
on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative
Agent’s notice to such Lender or Issuing Bank at any time, (i) such Lender or Issuing Bank shall be deemed to have assigned
its Loans (but not its Commitments) of the relevant Class with respect to which such Erroneous Payment was made (the “Erroneous
Payment Impacted Class”) in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative
Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the “Erroneous
Payment Deficiency Assignment”) at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative
Agent in such instance), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Assumption with respect
to such Erroneous Payment Deficiency Assignment, and such Lender or Issuing Bank shall deliver any Notes evidencing such Loans to the
Borrower or the Administrative Agent, (ii) the Administrative Agent as the assignee Lender shall be deemed to acquire the Erroneous
Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a
Lender or Issuing Bank, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender
or assigning Issuing Bank shall cease to be a Lender or Issuing Bank, as applicable, hereunder with respect to such Erroneous Payment
Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and
its applicable Commitments which shall survive as to such assigning Lender or assigning Issuing Bank and (iv) the Administrative
Agent may reflect in the Register its ownership interest in the Loans subject to the Erroneous Payment Deficiency Assignment. The Administrative
Agent may, in its discretion, sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds
of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender or Issuing Bank shall be reduced by the net proceeds
of the sale of such Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against
such Lender or Issuing Bank (and/or against any recipient that receives funds on its respective behalf). For the avoidance of doubt, no
Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender or Issuing Bank and such Commitments shall remain available
in accordance with the terms of this Agreement. In addition, each party hereto agrees that, except to the extent that the Administrative
Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether
the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually subrogated to all the rights and
interests of the applicable Lender or Issuing Bank under the Loan Documents with respect to each Erroneous Payment Return Deficiency (the
 “Erroneous Payment Subrogation Rights”).


 


(e)            The
parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the
Borrower or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount
of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan Party for
the purpose of making such Erroneous Payment.


 


(f)            To
the extent permitted by applicable Law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives,
and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim
by the Administrative Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense based
on “discharge for value” or any similar doctrine.


 


(g)            Each
party’s obligations, agreements and waivers under this Section 12.13 shall survive the resignation or replacement of
the Administrative Agent, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any
portion thereof) under any Loan Document.


 






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ARTICLE XIII MISCELLANEOUS


 


Section 13.1.     Notices.


 


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


 


If to the Borrower:


 


NetSTREIT, L.P. 


2021 McKinney Avenue, Suite 1150 


Dallas, Texas 75201


 


and


 


Attention: Kirk Klatt 


Telecopy Number: 972-656-6077 


Telephone Number 972-656-6066 


Email:
kirk.klatt@eba-us.com


 


If to the Administrative Agent:


 


PNC Bank, National Association


PNC Real Estate


4720 Piedmont Row, Suite 200


Charlotte, NC 28210


Attn: Katie Chowdhry, Senior Vice President


Telephone: 202-835-5316


Email:
katie.chowdhry@pnc.com


 


If to the Administrative Agent
under Article II.:


 


PNC Bank, National Association


PNC Firstside Center


500 First Avenue, Fourth Floor


Pittsburgh, PA 15216


Attn: Todd Diederich


Telephone: 412-768-5328


Email: todd.diederich@pnc.com


 






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If to any other Lender or
Issuing Bank:


 


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


 


or, as to each party at such other address as
shall be designated by such party in a written notice to the other parties delivered in compliance with this Section; provided,
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, upon the first to occur of receipt or the expiration
of three (3) days after the deposit in the United States Postal Service mail, postage prepaid and addressed to the address of the
Borrower or the Administrative Agent, the Issuing Bank and Lenders at the addresses specified; (ii) if telecopied, when transmitted;
(iii) if hand delivered or sent by overnight courier, when delivered; or (iv) if delivered in accordance with Section 9.5.
to the extent applicable; provided, however, that, in the case of the immediately preceding clauses (i), (ii) and (iii),
non-receipt of any communication as 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 13.2.     Expenses.


 


The Borrower agrees (a) to
pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with the preparation,
negotiation and execution of, and any amendment, supplement or modification to, any of the Loan Documents (including due diligence expenses
and reasonable travel expenses related to closing), and the consummation of the transactions contemplated hereby and thereby, including
the reasonable fees and disbursements of counsel to the Administrative Agent and, if necessary, of local counsel for the Administrative
Agent in each relevant jurisdiction and all costs and expenses of the Administrative Agent in connection with the use of a Platform in
connection with the Loan Documents and of the Administrative Agent in connection with the review of Properties for inclusion in calculations
of the Unencumbered Asset Value and the Administrative Agent’s other activities under Article IV. and the reasonable fees and
disbursements of counsel to the Administrative Agent relating to all such activities, (b) to pay or reimburse the Administrative
Agent, the Sustainability Structuring Agent, the Issuing Bank and the Lenders for all their reasonable costs and expenses incurred in
connection with the enforcement, attempted enforcement or preservation of any rights or remedies under the Loan Documents (including all
such costs and expenses incurred during any “workout” or restructuring in respect of the Obligations and during any legal
proceeding, including any proceeding under any Debtor Relief Law), including the reasonable fees and disbursements of each of their respective
counsel and any payments in indemnification or otherwise payable by the Lenders to the Administrative Agent or the Sustainability Structuring
Agent pursuant to the Loan Documents, and (c) to the extent not already covered by any of the preceding subsections, to pay or reimburse
the fees and disbursements of counsel (subject to the same limitations set forth in the proviso to clause (b) above) to the Administrative
Agent, Sustainability Structuring Agent, the Issuing Bank and any Lender incurred in connection with the representation of the Administrative
Agent, Sustainability Structuring 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 11.1.(e) or 11.1.(f), including, without limitation (i) any motion for relief
from any stay or similar order, (ii) the negotiation, preparation, execution and delivery of any document relating to the Obligations
and (iii) the negotiation and preparation of any debtor-in-possession financing or any plan of reorganization of the Borrower or
any other Loan Party, whether proposed by the Borrower, such Loan Party, the Lenders or any other Person, and whether such fees and expenses
are incurred prior to, during or after the commencement of such proceeding or the confirmation or conclusion of any such proceeding. If
the Borrower shall fail to pay any amounts required to be paid by it pursuant to this Section, the Administrative Agent and/or the Lenders
may pay such amounts on behalf of the Borrower and such amounts shall be deemed to be Obligations owing hereunder. This Section 13.2
shall not apply to Taxes.


 






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Section 13.3.     Setoff.


 


Subject to Section 3.3.
and in addition to any rights now or hereafter granted under Applicable Law and not by way of limitation of any such rights, the Borrower
hereby authorizes the Administrative Agent, the Issuing Bank, each Lender, each Affiliate of the Administrative Agent, the Issuing Bank
or any Lender, and each Participant, 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, 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, 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 11.2., and although such Obligations shall be contingent or unmatured. Notwithstanding anything to the contrary
in this Section, if any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over
immediately to the Administrative Agent for further application in accordance with the provisions of Section 3.9. and, pending such
payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative
Agent, the Issuing Bank and the Lenders and (y) such Defaulting Lender shall provide promptly to the Administrative Agent a statement
describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.


 






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


 


(a)            EACH
PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT, ANY 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 ADMINISTRATIVE AGENT, THE ISSUING BANKS AND THE BORROWER
HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION
MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER
SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT, ANY ISSUING BANK OR ANY OF THE LENDERS
OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS.


 


(b)            THE
BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING
OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY
LENDER, THE ISSUING BANK, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE
TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY,
AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE
PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY
SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL, NON-APPEALABLE JUDGMENT IN ANY SUCH ACTION,
LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER
OR THE ISSUING BANK MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST
THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. EACH PARTY FURTHER WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, 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.


 






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(c)            EACH
OF THE PARENT AND 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 PARENT OR THE BORROWER AT ITS ADDRESS FOR NOTICES PROVIDED FOR HEREIN. SHOULD THE PARENT OR THE BORROWER FAIL TO APPEAR OR ANSWER
ANY SUMMONS, COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN THIRTY (30) DAYS AFTER THE MAILING THEREOF, THE PARENT OR 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.


 


(d)            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 13.5.     Successors
and Assigns.


 


(a)            Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign or otherwise
transfer any of its rights or obligations hereunder or under any other Loan Document without the prior written consent of the Administrative
Agent and each Lender, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an
Eligible Assignee in accordance with the provisions of the immediately following subsection (b), (ii) by way of participation in
accordance with the provisions of the immediately following subsection (d) or (iii) by way of pledge or assignment of a security
interest subject to the restrictions of the immediately following subsection (e) (and, subject to the last sentence of the immediately
following subsection (b), any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns
permitted hereby, Participants to the extent provided in the immediately following subsection (d) and, to the extent expressly contemplated
hereby, the Related Parties of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason
of this Agreement.


 






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


 


(i)              Minimum
Amounts.


 


(A)            in
the case of an assignment of the entire remaining amount of an assigning Revolving Lender’s Revolving Commitment and/or the Revolving
Loans at the time owing to it, or contemporaneous assignments to related Approved Funds (determined after giving effect to such assignments)
that equal at least the amount specified in the immediately following clause (B) in the aggregate, or in the case of an assignment
of the entire remaining amount of an assigning Term Loan Lender’s Term Loan Commitment and/or Term Loans at the time owing to it,
or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and


 


(B)            in
any case not described in the immediately preceding subsection (A), the aggregate amount of the Commitment (which for this purpose includes
Loans outstanding thereunder) of a Class or, if the applicable Commitments of the same Class as such Commitment are not then
in effect, the principal outstanding balance of the Loans of such Class of the assigning Lender subject to each such assignment (in
each case, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative
Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $5,000,000
in the case of any assignment of a Revolving Commitment and $1,000,000 in the case of any assignment in respect of a Term Loan Commitment,
unless each of the Administrative Agent and, so long as no Default or Event of Default shall exist, the Borrower otherwise consents (each
such consent not to be unreasonably withheld or delayed); provided, however, that if, after giving effect to such assignment,
the amount of the Commitment of the applicable Class held by such assigning Lender or the outstanding principal balance of the Loans
of the applicable Class of such assigning Lender, as applicable, would be less than $5,000,000 in the case of a Revolving Commitment
or Revolving Loans or $1,000,000 in the case of a Term Loan Commitment or Term Loans, then such assigning Lender shall assign the entire
amount of its Commitment of such Class and/or the Loans of such Class at the time owing to it.


 


(ii)             Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights
and obligations under this Agreement with respect to the Loan or the Commitment assigned, except that this clause (ii) shall not
prohibit any Lender from assigning all or a portion of its rights and obligations among separate Classes of Commitments or Loans on a
non-pro rata basis.


 


(iii)            Required
Consents. No consent shall be required for any assignment except to the extent required by clause (i)(B) of this subsection (b) and,
in addition:


 


(A)            the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) a Default or Event
of Default exists at the time of such assignment or (y) such assignment is to a Lender of the same Class of Commitments or Loans,
an Affiliate of such a Lender or an Approved Fund of such a Lender; provided that the Borrower shall be deemed to have consented
to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days
after having received notice thereof; provided, further, that the Borrower’s consent shall not be required during
the primary syndication of the facilities evidenced under this Agreement; and


 






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


 


(C)            the
consent of the Issuing Bank and the Swingline Lender shall be required for any assignment in respect of a Revolving Commitment.


 


(iv)            Assignment
and Acceptance; Notes. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of $4,500 (or $7,500 in the event that such transferor Lender is a Defaulting Lender) for
each assignment (which fee the Administrative Agent may, in its sole discretion, elect to waive), and the assignee, if it is not a Lender,
shall deliver to the Administrative Agent an Administrative Questionnaire. If requested by the transferor Lender or the assignee, upon
the consummation of any assignment, the transferor Lender, the Administrative Agent and the Borrower shall make appropriate arrangements
so that new Notes are issued to the assignee and such transferor Lender, as appropriate.


 


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


 


(vi)            No
Assignment to Natural Persons. No such assignment shall be made to a natural Person (or a holding company, investment vehicle or trust
for, or owned and operated for the primary benefit of, a natural Person).


 


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


 






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Subject to acceptance and recording thereof by
the Administrative Agent pursuant to the immediately following subsection (c), from and after the effective date specified in each Assignment
and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment
and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent
of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of
an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall
cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 5.4., 13.2. and 13.9. and the other provisions
of this Agreement and the other Loan Documents as provided in Section 13.10. with respect to facts and circumstances occurring prior
to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties,
no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender
having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply
with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations
in accordance with the immediately following subsection (d).


 


(c)            Register.
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at the Principal Office
a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from
time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower,
the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as
a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender,
at any reasonable time and from time to time upon reasonable prior notice.


 






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(d)            Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any
Person (other than a natural Person, a holding company, investment vehicle or trust for, or owned and operated for the primary benefit
of, a natural Person, any Person that is a Defaulting Lender, or the Borrower or any of the Borrower’s Affiliates or Subsidiaries)
(each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including
all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under
this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance
of such obligations and (iii) the Borrower, the Administrative Agent, the Issuing Bank and the Lenders shall continue to deal solely
and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument
may provide that such Lender will not, without the consent of the Participant, agree to (w) increase such Lender’s Commitment,
(x) extend the date fixed for the payment of principal on the Loans or portions thereof owing to such Lender, (y) reduce the
rate at which interest is payable thereon (other than a waiver of default interest and changes in the calculation of the Total Leverage
Ratio that may indirectly affect pricing) or (z) release all or substantially all of the Guarantors from their Obligations under
the Guaranty except as contemplated by Section 8.12.(b), in each case, as applicable to that portion of such Lender’s rights
and/or obligations that are subject to the participation. The Borrower agrees that each Participant shall be entitled to the benefits
of Sections 3.10., 5.1., 5.4. (subject to the requirements and limitations therein, including the requirements under Section 3.10.(g) (it
being understood that the documentation required under Section 3.10.(g) shall be delivered to the participating Lender)) to
the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section; provided
that such Participant (A) agrees to be subject to the provisions of Section 5.6. as if it were an assignee under subsection
(b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections 5.1. or 3.10., with respect
to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive
a greater payment results from a Regulatory Change that occurs after the Participant acquired the applicable participation. Each Lender
that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower
to effectuate the provisions of Section 5.6. with respect to any Participant. To the extent permitted by law, each Participant also
shall be entitled to the benefits of Section 13.3. as though it were a Lender; provided that such Participant agrees to be
subject to Section 3.3. as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose
as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal
amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register
(including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters
of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish
that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United
States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall
treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement
notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)
shall have no responsibility for maintaining a Participant Register.


 


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


 






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


 


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


 


Section 13.6.     Amendments
and Waivers.


 


(a)            Generally.
Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted by this Agreement or
any other Loan Document (other than any fee letter solely between the Borrower and the Administrative Agent) to be given by the Lenders
may be given, (ii) any term of this Agreement or of any other Loan Document may be amended, (iii) the performance or observance
by the Borrower, any other Loan Party or any other Subsidiary of any terms of this Agreement or such other Loan Document (other than any
fee letter solely between the Borrower and the Administrative Agent) may be waived, and (iv) the continuance of any Default or Event
of Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with,
the written consent of the Requisite Lenders (or the Administrative Agent at the written direction of the Requisite Lenders), and, in
the case of an amendment to any Loan Document, the written consent of each Loan Party which is party thereto. Subject to the immediately
following subsection (b), any term of this Agreement or of any other Loan Document relating to the rights or obligations of the Revolving
Lenders, and not any other Lenders, may be amended, and the performance or observance by the Borrower or any other Loan Party or any Subsidiary
of any such terms may be waived (either generally or in a particular instance and either retroactively or prospectively) with, and only
with, the written consent of the Requisite Revolving Lenders (and, in the case of an amendment to any Loan Document, the written consent
of each Loan Party a party thereto). Subject to the immediately following subsection (b), any term of this Agreement or of any other Loan
Document relating to the rights or obligations of the Term Loan Lenders, and not any other Lenders, may be amended, and the performance
or observance by the Borrower or any other Loan Party or any Subsidiary of any such terms may be waived (either generally or in a particular
instance and either retroactively or prospectively) with, but only with, the written consent of the Requisite Term Loan Lenders (and,
in the case of an amendment to any Loan Document, the written consent of each Loan Party a party thereto). Notwithstanding anything to
the contrary contained in this Section, the Fee Letters may only be amended, and the performance or observance by any Loan Party thereunder
may only be waived, in a writing executed by the parties thereto, as applicable.


 






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(b)            Affected
Lender Consents. Notwithstanding Section 13.6(a), no amendment, waiver or consent shall:


 


(i)            increase,
extend or reinstate the Commitments of a Lender, modify the definition of “Availability Period” or “Availability Termination
Date” or subject a Lender to any additional obligations, in each case without the written consent of such Lender, or increase the
aggregate Commitments except as contemplated pursuant to Section 2.17.;


 


(ii)           reduce
the principal of, or interest that has accrued or the rates of interest that will be charged on the outstanding principal amount of,
any Loans or other Obligations without the written consent of each Lender directly affected thereby; provided, however,
only the written consent of the Requisite Lenders shall be required for (x) the waiver of interest payable at the Post-Default Rate,
retraction of the imposition of interest at the Post-Default Rate and amendment of the definition of “Post-Default Rate”,
or (y) changes to the calculation of the Total Leverage Ratio that may indirectly affect pricing or reduce any fee payable hereunder;


 


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


 


(iv)         modify
the definitions of “Revolving Termination Date” (except in accordance with Section 2.14.) or “Revolving Commitment
Percentage”, otherwise postpone any date fixed for, or forgive, any payment of principal of, or interest on, any Revolving Loans
or for the payment of Fees or any other Obligations owing to the Revolving Lenders, or extend the expiration date of any Letter of Credit
beyond the Revolving Termination Date, in each case, without the written consent of each Revolving Lender;


 


(v)          modify
the definition of “Term Loan Maturity Date”, or otherwise postpone any date fixed for, or forgive, any payment of principal
of, or interest on, any Term Loans or for the payment of Fees or any other Obligations owing to the Term Loan Lenders, in each case, without
the written consent of each Term Loan Lender;


 


(vi)         while
any Term Loans remain outstanding, (A) amend, modify or waive Section 6.2. or any other provision of this Agreement if the
effect of such amendment, modification or waiver is to require the Revolving Lenders to make Revolving Loans or to require the Term Loan
Lenders to make Term Loans, in each case when such Lenders would not otherwise be required to do so, (B) change the amount of the
Swingline Commitment or (C) change the L/C Commitment Amount, in each case, without the written consent of the Requisite Revolving
Lenders;


 


(vii)         modify
the definition of “Pro Rata Share” or amend or otherwise modify the provisions of Section 3.2., Section 3.3. or
Section 11.5. without the written consent of each Lender;


 


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


 


(ix)          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 without the written consent of each Lender;


 






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(x)            modify
the definition of the term “Requisite Revolving Lenders” or modify in any other manner the number or percentage of the Revolving
Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof without the written consent
of each Revolving Lender;


 


(xi)           modify
the definition of the term “Requisite Term Loan Lenders” or modify in any other manner the number or percentage of the Term
Loan Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof without the written consent
of each Term Loan Lender;


 


(xii)          release
any Guarantor from its obligations under the applicable Guaranty (except as contemplated by Sections 8.12.(b)), without the written consent
of each Lender;


 


(xiii)        [reserved];
or


 


(xiv)        amend,
or waive the Borrower’s compliance with, Section 2.16. without the written consent of each Lender;


 


it being understood and agreed that the consent
of the Requisite Lenders is not also necessary for the amendments approved by all affected Lenders pursuant to this clause (b).


 


(c)            Amendment
of Administrative Agent’s Duties, Etc. No amendment, waiver or consent unless in writing and signed by the Administrative Agent,
in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties of the Administrative Agent under
this Agreement or any of the other Loan Documents. Any amendment, waiver or consent relating to Section 2.5. 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 2.4. 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. Any amendment, waiver or consent with respect to any Loan Document that (i) diminishes
the rights of a Specified Derivatives Provider or a Specified Cash Management Bank in a manner or to an extent dissimilar to that affecting
the Lenders or (ii) increases the liabilities or obligations of a Specified Derivatives Provider or a Specified Cash Management Bank
shall, in addition to the Lenders required hereinabove to take such action, require the consent of the Lender that is (or having an Affiliate
that is) such Specified Derivatives Provider or such Specified Cash Management Bank, as applicable. Notwithstanding anything to the contrary
herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment,
waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the
applicable Lenders other than Defaulting Lenders), except that (x) the Commitments of any Defaulting Lender may not be increased,
reinstated or extended without the written consent of such Defaulting Lender and (y) any waiver, amendment or modification requiring
the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected
Lenders shall require the written consent of such Defaulting Lender. No waiver shall extend to or affect any obligation not expressly
waived or impair any right consequent thereon and any amendment, waiver or consent shall be effective only in the specific instance and
for the specific purpose set forth therein. No course of dealing or delay or omission on the part of the Administrative Agent or any Lender
in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. Any Event of Default occurring hereunder
shall continue to exist until such time as such Event of Default is waived in writing in accordance with the terms of this Section, notwithstanding
any attempted cure or other action by the Borrower, any other Loan Party or any other Person subsequent to the occurrence of such Event
of Default. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon the Borrower
shall entitle the Borrower to other or further notice or demand in similar or other circumstances.


 






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


 


(e)            Replacement
Rate. Notwithstanding anything to the contrary in this Section 13.6., the Administrative Agent and the Borrower may, without
the consent of any Lender (but subject to the absence of objection by Requisite Lenders in accordance with the terms of Section 5.9.),
enter into amendments or modifications to this Agreement or any of the other Loan Documents or to enter into additional Loan Documents
as the Administrative Agent reasonably deems appropriate in order to implement any Benchmark Replacement or otherwise effectuate the terms
of Section 5.9. in accordance with the terms of Section 5.9.


 






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Section 13.7.     Nonliability
of Administrative Agent and Lenders.


 


The relationship between
the Borrower, on the one hand, and the Lenders, the Issuing Bank, the Sustainability Structuring Agent and the Administrative Agent,
on the other hand, shall be solely that of borrower and lender. None of the Administrative Agent, the Sustainability Structuring 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 Sustainability Structuring 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 Sustainability Structuring 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. In connection with all aspects of each transaction contemplated hereby (including in connection
with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, and acknowledges
its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the
Administrative Agent, the Arrangers and the Lenders are arm’s-length commercial transactions between the Borrower, on the one hand,
and the Administrative Agent, the Arrangers and the Lenders, on the other hand, (B) the Borrower has consulted its own legal, accounting,
regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands
and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each
of the Administrative Agent, the Sustainability Structuring Agent, the Arrangers and the Lenders has been acting solely as a principal
and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent
or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) none of the Administrative Agent, the Sustainability
Structuring Agent, the Arrangers or any Lender has any obligation to the Borrower or any of its Affiliates with respect to the transactions
contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative
Agent, the Sustainability Structuring Agent, the Arrangers and the Lenders and their respective Affiliates may be engaged in a broad
range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and none of the Administrative
Agent, the Sustainability Structuring Agent, the Arrangers and the Lenders has any obligation to disclose any of such interests to the
Borrower or any of its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it
may have against the Administrative Agent, the Sustainability Structuring Agent, the Arrangers and the Lenders with respect to any breach
or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.


 






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Section 13.8.     Confidentiality.


 


The Administrative Agent,
the Issuing Bank and each Lender shall maintain the confidentiality of all Information (as defined below) but in any event may make disclosure:
(a) to its Affiliates and to its and its Affiliates’ other respective Related Parties (it being understood that the Persons
to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential); (b) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any
actual or proposed assignee, Participant or other transferee in connection with a potential transfer of any Commitment or Loan or participation
therein as permitted hereunder, or (ii) any actual or prospective counterparty (or its advisors) to any swap 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 (in which case,
the Administrative Agent, the Issuing Bank or such Lender, as applicable, shall, to the extent such disclosure is permitted by Applicable
Law and reasonably practicable, inform the Borrower promptly in advance thereof, to the extent reasonably practicable and, otherwise
promptly thereafter); (d) to the Administrative Agent’s, the 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 Specified Cash Management Agreement)
or any action or proceeding relating to any Loan Document (or any Specified Derivatives Contract or Specified Cash Management Agreement)
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, 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; (j) on a confidential basis to the CUSIP Service Bureau
or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Loan Documents; (k) for
purposes of establishing a “due diligence” defense; and (l) 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.


 






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Section 13.9.     Indemnification.


 


(a)        The
Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), the Sustainability Structuring Agent, the Issuing Bank,
each Lender and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnified Party”)
against, and hold each Indemnified Party harmless from, and shall pay or reimburse any such Indemnified Party for, any and all losses,
claims (including without limitation, Environmental Claims), damages, liabilities and related expenses (including without limitation,
the fees, charges and disbursements of counsel for any Indemnified Party, incurred by any Indemnified Party or asserted against any Indemnified
Party by any Person (including the Borrower, any other Loan Party or any other Subsidiary) other than such Indemnified Party and its
Related Parties, arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other
Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto or thereto of their
respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any
Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand
for payment under a Letter of Credit issued by the Issuing Bank if the documents presented in connection with such demand do not strictly
comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from
any property owned or operated by the Borrower, any other Loan Party or any other Subsidiary, or any Environmental Claim related in any
way to the Borrower, any other Loan Party or any other Subsidiary, (iv) any actual or prospective claim, litigation, investigation
or proceeding (an “Indemnity Proceeding”) relating to any of the foregoing, whether based on contract, tort or any
other theory, whether brought by a third party or by the Borrower, any other Loan Party or any other Subsidiary, and regardless of whether
any Indemnified Party is a party thereto, or (v) any claim (including without limitation, any Environmental Claims), investigation,
litigation or other proceeding (whether or not the Administrative Agent, the Issuing Bank or any Lender is a party thereto) and the prosecution
and defense thereof, arising out of or in any way connected with the Loans, this Agreement, any other Loan Document, or any documents
contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby, including without limitation, reasonable
attorneys and consultant’s fees; provided, however, that such indemnity shall not, as to any Indemnified Party, be
available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction
by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnified Party to its
Affiliates.


 






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


 


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


 


(d)       This
Section 13.9. shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising
from any non-Tax claim.


 


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


 


Section 13.10.  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
canceled (other than Extended Letters of Credit in respect of which the Borrower has satisfied the requirements to provide Cash Collateral
as required in Section 2.4.(b)), (c) none of the Lenders is obligated any longer under this Agreement to make any Loans and
no Issuing Bank is obligated any longer under this Agreement 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. The indemnities to which the Administrative
Agent, the Issuing Bank and the Lenders are entitled under the provisions of Sections 3.10., 5.1., 5.4., 12.6., 13.2. and 13.9. and any
other provision of this Agreement and the other Loan Documents, and the provisions of Section 13.4., shall continue in full force
and effect and shall protect the Administrative Agent, the 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.


 






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Section 13.11.
Severability of Provisions.


 


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


 


Section 13.12.
GOVERNING LAW.


 


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


 


Section 13.13.
Counterparts.


 


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


 


Section 13.14.
Obligations with Respect to Loan Parties and Subsidiaries.


 


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


 


Section 13.15.
Independence of Covenants.


 


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


 


Section 13.16.
Limitation of Liability.


 


None of the Administrative
Agent, the Issuing Bank, any Lender, or any of their respective Related Parties 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, consequential or punitive
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 any of the transactions contemplated by this Agreement or any of the other Loan Documents.


 






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Section 13.17.
Entire Agreement.


 


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


 


Section 13.18.
Construction.


 


The Administrative Agent,
the 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 Issuing Bank, the Borrower and
each Lender.


 


Section 13.19.
Headings.


 


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


 


Section 13.20.
Acknowledgment and Consent to Bail-In of Affected Financial Institutions.


 


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


 


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


 


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


 


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


 


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


 


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


 






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Section 13.21.
Acknowledgment Regarding Any Supported QFCs.


 


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


 


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


 


(b)       As
used in this Section 13.21., the following terms have the following meanings:


 


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


 


(B)            “Covered
Entity” means any of the following:


 


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


 






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


 


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


 


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


 


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


 


[Signatures on Following Pages]


 






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


 


	 	NETSTREIT, L.P.,
    as the Borrower
	 	 
	 	By: 	/s/ Andrew Blocher
	 	 	Name: 	Andrew Blocher
	 	 	Title: 	Secretary and Treasurer
	 	 
	 	 
	 	NETSTREIT CORP., as the Parent
	 	 
	 	By: 	/s/ Andrew Blocher
	 	 	Name: 	Andrew Blocher
	 	 	Title: 	Chief Financial Officer



 


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	 	PNC BANK, NATIONAL
ASSOCIATION, as Administrative Agent, as Swingline Lender, as Issuing Bank and as a Lender
	 	 
	 	By: 	/s/ Katie Chowdhry
	 	 	Name: 	Katie Chowdhry
	 	 	Title: 	Senior Vice President



 


Credit Agreement (PNC/NetSTREIT)


 






     


     


    

 


	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, as a Syndication Agent and as a Lender
	 	 
	 	By: 	/s/ Terrance Alewine
	 	 	Name: 	Terrance Alewine
	 	 	Title: 	Vice President



 


Credit Agreement (PNC/NetSTREIT)


 






     


     


    

 


	 	U.S. BANK NATIONAL
ASSOCIATION, as a Syndication Agent and as a Lender
	 	 
	 	By: 	/s/ Travis Myers
	 	 	Name: 	Travis Myers
	 	 	Title: 	Vice President



 


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	 	CAPITAL
ONE, NATIONAL ASSOCIATION, as a Lender
	 	 
	 	By: 	/s/ Jessica W. Phillips
	 	 	Name: 	Jessica W. Phillips
	 	 	Title: 	/s/ Authorized Signatory



 


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	 	the
Huntington National Bank, as a Lender
	 	 
	 	By: 	/s/ Rebecca Stirnkorb
	 	 	Name: 	Rebecca Stirnkorb
	 	 	Title: 	AVP



 


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	 	REGIONS
BANK, as a Lender
	 	 
	 	By: 	/s/ Walter E. Rivadeneira
	 	 	Name: 	Walter E. Rivadeneira
	 	 	Title: 	Senior Vice President



 


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	 	TD
Bank, N.A., as a Lender
	 	 
	 	By: 	/s/ Brian DelGreco
	 	 	Name: 	Brian DelGreco
	 	 	Title: 	Vice President



 


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	 	THE
BANK OF NOVA SCOTIA, as a Lender
	 	 
	 	By: 	/s/ Chelsea McCune
	 	 	Name: 	Chelsea McCune
	 	 	Title: 	Senior Vice President



 


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	 	TRUIST
BANK, as a Lender
	 	 
	 	By: 	/s/ Ryan Almond
	 	 	Name: 	Ryan Almond
	 	 	Title: 	Director



 


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	 	Citizens
Bank, National Association, as a Lender
	 	 
	 	By: 	/s/ Donald Woods
	 	 	Name: 	Donald Woods
	 	 	Title: 	SVP



 


Credit Agreement (PNC/NetSTREIT)


 






     


     


    

 


	 	Comerica
Bank, as a Lender
	 	 
	 	By: 	/s/ Charles Weddell
	 	 	Name: 	Charles Weddell
	 	 	Title: 	Senior Vice President



 


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	 	ASSOCIATED
BANK, NATIONAL ASSOCIATION, as a Lender
	 	 
	 	By: 	/s/ Mitchell Vega
	 	 	Name: 	Mitchell Vega
	 	 	Title: 	Senior Vice President