Credit Agreement



 Loan No: 1006419 

 
  

 
 Exhibit 10.3 

CREDIT AGREEMENT 
 Dated as of December 20, 2011 
 by and among 

PS BUSINESS PARKS, L.P., 
 a California limited partnership, 
 as Borrower, 

THE FINANCIAL INSTITUTIONS PARTY HERETO 
 AND THEIR ASSIGNEES UNDER SECTION 11.6, 
 as Lenders, 

and 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION, 
 as Administrative Agent 







 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE I
	 	 Definitions
	  	 	1	  
			
	 Section 1.1
	 	 Definitions
	  	 	1	  
			
	 Section 1.2
	 	 General; References to Pacific Time
	  	 	8	  
			
	 ARTICLE II
	 	 Credit Facility
	  	 	9	  
			
	 Section 2.1
	 	 Loan
	  	 	9	  
			
	 Section 2.2
	 	 Rates and Payment of Interest on Loan
	  	 	9	  
			
	 Section 2.3
	 	 Borrower Information Used to Determine Applicable Interest Rates
	  	 	12	  
			
	 Section 2.4
	 	 Automatic Debit
	  	 	12	  
			
	 Section 2.5
	 	 Repayment of Loan
	  	 	13	  
			
	 Section 2.6
	 	 Prepayments
	  	 	13	  
			
	 Section 2.7
	 	 Notes
	  	 	13	  
			
	 Section 2.8
	 	 Funds Transfer Disbursements
	  	 	13	  
			
	 ARTICLE III
	 	 Payments, Fees and Other General Provisions
	  	 	14	  
			
	 Section 3.1
	 	 Payments by Borrower
	  	 	14	  
			
	 Section 3.2
	 	 Presumptions Regarding Payments by Borrower
	  	 	15	  
			
	 Section 3.3
	 	 Pro Rata Treatment
	  	 	15	  
			
	 Section 3.4
	 	 Sharing of Payments, Etc
	  	 	15	  
			
	 Section 3.5
	 	 Several Obligations
	  	 	15	  
			
	 Section 3.6
	 	 Fees
	  	 	15	  
			
	 Section 3.7
	 	 Computations
	  	 	16	  
			
	 Section 3.8
	 	 Usury
	  	 	16	  
			
	 Section 3.9
	 	 Statements of Account
	  	 	16	  
			
	 Section 3.10
	 	 Defaulting Lenders
	  	 	16	  
			
	 Section 3.11
	 	 Taxes; Foreign Lenders
	  	 	17	  
			
	 ARTICLE IV
	 	 INTENTIONALLY OMITTED
	  	 	18	  
			
	 ARTICLE V
	 	 Yield Protection, Etc
	  	 	18	  
			
	 Section 5.1
	 	 Additional Costs; Capital Adequacy
	  	 	18	  
			
	 Section 5.2
	 	 Illegality
	  	 	20	  
			
	 Section 5.3
	 	 Treatment of Affected Loans
	  	 	20	  
			
	 Section 5.4
	 	 Affected Lenders
	  	 	20	  
			
	 Section 5.5
	 	 Change of Lending Office
	  	 	20	  
			
	 ARTICLE VI
	 	 Conditions Precedent
	  	 	21	  
			
	 Section 6.1
	 	 Initial Conditions Precedent
	  	 	21	  
			
	 ARTICLE VII
	 	 Representations and Warranties
	  	 	22	  
			
	 Section 7.1
	 	 Representations and Warranties
	  	 	22	  


  
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 TABLE OF CONTENTS 

(continued) 
  


							
	 	 	 	  	Page	 
			
	 Section 7.2
	 	 OFAC
	  	 	23	  
			
	 ARTICLE VIII
	 	 Covenants
	  	 	23	  
			
	 Section 8.1
	 	 Affirmative and Negative Covenants
	  	 	23	  
			
	 Section 8.2
	 	 USA Patriot Act Notice; Compliance
	  	 	24	  
			
	 ARTICLE IX
	 	 Default
	  	 	24	  
			
	 Section 9.1
	 	 Events of Default
	  	 	24	  
			
	 Section 9.2
	 	 Remedies Upon Event of Default
	  	 	25	  
			
	 Section 9.3
	 	 Marshaling; Payments Set Aside
	  	 	25	  
			
	 Section 9.4
	 	 Allocation of Proceeds
	  	 	26	  
			
	 Section 9.5
	 	 Rescission of Acceleration by Requisite Lenders
	  	 	26	  
			
	 Section 9.6
	 	 Performance by Administrative Agent
	  	 	26	  
			
	 Section 9.7
	 	 Rights Cumulative
	  	 	27	  
			
	 ARTICLE X
	 	 The Administrative Agent
	  	 	27	  
			
	 Section 10.1
	 	 Appointment and Authorization
	  	 	27	  
			
	 Section 10.2
	 	 Wells Fargo as Lender
	  	 	28	  
			
	 Section 10.3
	 	 Approvals of Lenders
	  	 	28	  
			
	 Section 10.4
	 	 Notice of Events of Default
	  	 	28	  
			
	 Section 10.5
	 	 Administrative Agent’s Reliance
	  	 	28	  
			
	 Section 10.6
	 	 Indemnification of Administrative Agent
	  	 	29	  
			
	 Section 10.7
	 	 Lender Credit Decision, Etc
	  	 	30	  
			
	 Section 10.8
	 	 Successor Administrative Agent
	  	 	30	  
			
	 ARTICLE XI
	 	 Miscellaneous
	  	 	31	  
			
	 Section 11.1
	 	 Notices
	  	 	31	  
			
	 Section 11.2
	 	 Expenses
	  	 	32	  
			
	 Section 11.3
	 	 Stamp, Intangible and Recording Taxes
	  	 	32	  
			
	 Section 11.4
	 	 Setoff
	  	 	32	  
			
	 Section 11.5
	 	 Litigation; Jurisdiction; Other Matters; Waivers
	  	 	33	  
			
	 Section 11.6
	 	 Successors and Assigns
	  	 	33	  
			
	 Section 11.7
	 	 Amendments and Waivers
	  	 	36	  
			
	 Section 11.8
	 	 Nonliability of Administrative Agent and Lenders
	  	 	38	  
			
	 Section 11.9
	 	 Confidentiality
	  	 	38	  
			
	 Section 11.10
	 	 Indemnification
	  	 	38	  
			
	 Section 11.11
	 	 Termination; Survival
	  	 	40	  
			
	 Section 11.12
	 	 Electronic Delivery of Certain Information
	  	 	40	  
			
	 Section 11.13
	 	 Severability of Provisions
	  	 	41	  


  
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 TABLE OF CONTENTS 

(continued) 
  


							
	 	 	 	  	Page	 
			
	 Section 11.14
	 	 GOVERNING LAW
	  	 	41	  
			
	 Section 11.15
	 	 Counterparts
	  	 	41	  
			
	 Section 11.16
	 	 Obligations with Respect to Loan Parties
	  	 	41	  
			
	 Section 11.17
	 	 Independence of Covenants
	  	 	41	  
			
	 Section 11.18
	 	 Limitation of Liability
	  	 	41	  
			
	 Section 11.19
	 	 Entire Agreement
	  	 	42	  
			
	 Section 11.20
	 	 Construction
	  	 	42	  
			
	 Section 11.21
	 	 Headings
	  	 	42	  
			
	 Section 11.22
	 	 Revolving Credit Agreement
	  	 	42	  
			
	SCHEDULE I	 	 Commitments
	  			
	SCHEDULE 1.1(C)	 	 Unencumbered Assets
	  			
	SCHEDULE 4.15.1	 	 Environmental Disclosures
	  			
	SCHEDULE 4.15.2	 	 Environmental Disclosures
	  			
			
	EXHIBIT A	 	 Form of Assignment and Assumption Agreement
	  			
	EXHIBIT B	 	 Fixed Rate Notice
	  			
	EXHIBIT C	 	 Form of Transfer Authorizer Designation Form
	  			
	EXHIBIT D	 	 Form of Compliance Certificate
	  			
	EXHIBIT E	 	 Form of Note
	  			
	EXHIBIT F	 	 Form of Guaranty
	  			


  
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 CREDIT AGREEMENT 

THIS CREDIT AGREEMENT (this “Agreement”) is entered into as of December 20, 2011, by and among PS BUSINESS PARKS,
L.P., a California limited partnership (the “Borrower”), each of the financial institutions initially a signatory hereto together with their successors and assignees under Section 11.6. (the “Lenders”),
and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”). 
 WHEREAS,
the Borrower has requested that the Administrative Agent and the Lenders make a loan to the Borrower in the original principal amount of $250,000,000 for the purpose of, among other things, funding a portion of the cost to acquire a portfolio of 26
warehouse, light industrial and flex/office properties located in Northern California. 
 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. 
 (a) Capitalized terms used and not otherwise defined herein shall have the meanings given to them in the Revolving Credit Agreement. 

(b) In addition to terms defined elsewhere herein, the following terms shall have the following meanings for the purposes of this
Agreement: 
 “Additional Costs” has the meaning given that term in Section 5.1(b). 

“Administrative Agent” means Wells Fargo Bank, National Association as contractual representative of the Lenders under
this Agreement, or any successor Administrative Agent appointed pursuant to Section 10.8. 
 “Administrative
Fee” shall be Two Hundred Fifty Dollars ($250) for each Fixed Rate Period and fixed rate option. 

“Administrative Questionnaire” means the Administrative Questionnaire completed by each Lender and delivered to the
Administrative Agent in a form supplied by the Administrative Agent to the Lenders from time to time. 
 “Affected
Lender” has the meaning given that term in Section 5.4. 
 “Affiliate” means, with respect
to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. In no event shall the Administrative Agent or any Lender be
deemed to be an Affiliate of the Borrower. 
 “Agreement Date” means the date as of which this Agreement is
dated. 
 “Applicable Law” means all international, foreign, federal, state and local statutes, treaties,
rules, guidelines, regulations, ordinances, codes, executive orders, and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement,
interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of
law. 







 “Applicable LIBO Rate” is the rate of interest, rounded upward to the
nearest whole multiple of one-hundredth of one percent (.01%), equal to the sum of: (a) Applicable Margin plus (b) LIBOR. 
 “Applicable Margin” means, with respect to the Loan, the respective percentages per annum determined, at any time, based on the range into which Borrower’s Credit Rating then falls,
in accordance with the table set forth below. Any change in Borrower’s Credit Rating causing it to move to a different range on the table shall effect an immediate change in the Applicable Margin. Promptly after learning of a change in the
Borrower’s Credit Rating, Agent shall give notice of such change to the Lenders and include in such notice the new Applicable Margin and the effective date of such change. In the event that more than one (1) different Credit Rating has
been assigned, then (i) for so long as Wells Fargo Bank, National Association, is the sole Lender hereunder (i.e., for so long as the Loan is not syndicated), the higher of the Credit Ratings will prevail, or (ii) otherwise, the lower of
the Credit Ratings will prevail. 
  

							
	Level	  	Borrower’s Credit Rating	  	Applicable
Margin	 
	 I
	  	A-/A3 or better	  	 	1.150	% 
	 II
	  	BBB+/Baa1	  	 	1.200	% 
	 III
	  	BBB/Baa2	  	 	1.450	% 
	 IV
	  	BBB-/Baa3	  	 	1.800	% 
	 V
	  	Lower than BBB-/Baa3	  	 	2.250	% 

 “Approved Fund” means any Fund that is administered or managed by (a) a
then-existing Lender, (b) an Affiliate of a then-existing Lender, or (c) an entity or an Affiliate of any entity that administers or manages a then-existing Lender. 
 “Assignment and Assumption” means an Assignment and Assumption Agreement among a Lender, an Eligible Assignee and the Administrative Agent, substantially in the form of Exhibit A.

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

“Base Rate” means the LIBOR Market Index Rate plus the Applicable Margin; provided, that if for any reason the LIBOR
Market Index Rate is unavailable, Base Rate shall mean the per annum rate of interest equal to the Federal Funds Rate plus the Applicable Margin plus one and one-half of one percent (1.50%). 

“Borrower” has the meaning set forth in the introductory paragraph hereof and shall include the Borrower’s
successors and permitted assigns. 
 “Borrower Account” means the Borrower’s Wells Fargo Bank account
number 4828-665364, or such other account as the Borrower may hereafter designate by notice to the Administrative Agent. 

“Borrower Information” has the meaning given that term in Section 2.3. 

“Business Day” means (a) a day of the week (but not a Saturday, Sunday or holiday) on which the offices of the
Administrative Agent in San Francisco, California are open to the public for carrying on substantially all of the Administrative Agent’s business functions, and (b) if relating to a LIBOR transaction, any such day that is also a day on
which dealings in Dollars are carried on in the London interbank market. Unless specifically referenced in this Agreement as a Business Day, all references to “days” shall be to calendar days. 

“Commitment” means, as to each Lender, such Lender’s obligation to make advances hereunder on the Effective Date
pursuant to Section 2.1, in an amount up to, but not exceeding, the amount set forth for such Lender on Schedule I. 

  
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 “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.

 “Credit Rating” means the rating assigned by a Rating Agency to the senior unsecured long term Debt of a
Person. 
 “Default” means any of the events specified in Section 9.1, whether or not there has
been satisfied any requirement for the giving of notice, the lapse of time, or both. 
 “Defaulting Lender”
means any Lender which, at any time, shall: (i) fail or refuse to perform any of its obligations under this Agreement or any other Loan Document to which it is a party within the time period specified for performance of such obligation or, if
no time period is specified, if such failure or refusal continues for a period of five (5) Business Days after notice from Administrative Agent, (ii) notify Borrower, Administrative Agent, or any Lender in writing that it does not intend
to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or under other agreements in which it commits to
extend credit, and/or (iii) (A) become or be insolvent or have a parent company that has become or is insolvent, and/or (B) become the subject of a bankruptcy or insolvency proceeding, or have had a receiver, conservator, trustee, or
custodian appointed for it, or have taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or have a parent company that 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; provided
that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest
does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States of America or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental
Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under clauses (i) through (iii) above shall be
conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender upon delivery of written notice of such determination to the Borrower and any such Defaulting Lender. 

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

  
 - 3 -









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

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

“Effective Rate” has the meaning given to such term in Section 2.2(e). 

“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and
(d) any other Person (other than a natural person) approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include the
Borrower or any of the Borrower’s Affiliates or Subsidiaries. 
 “Event of Default” means any of the
events specified in Section 9.1, provided that any requirement for notice or lapse of time or any other condition has been satisfied. 
 “FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board. 
 “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 arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next 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. 
 “Fee Letter” means that certain fee letter dated as of December 20, 2011, by and between the
Borrower and the Administrative Agent. 
 “Fees” means the fees and commissions provided for or referred to in
Section 3.6 and any other fees payable by the Borrower hereunder, under any other Loan Document or under the Fee Letter. 
 “Fixed Rate” is the Applicable LIBO Rate as accepted by Borrower as an Effective Rate for a particular Fixed Rate Period and Fixed Rate Portion. 

“Fixed Rate Commencement Date” means the date upon which the Fixed Rate Period commences. 

“Fixed Rate Notice” is a written notice in the form shown on Exhibit B hereto which requests a Fixed Rate for a
particular Fixed Rate Period and Fixed Rate Portion and acknowledges the Administrative Fee. 

  
 - 4 -









 “Fixed Rate Period” is the period or periods of (a) one, three or six
months; or (b) any other shorter period which ends at the Maturity Date, which periods are selected by Borrower and confirmed in a Fixed Rate Notice; provided that no Fixed Rate Period shall extend beyond the Maturity Date. 

“Fixed Rate Portion” is the portion or portions of the principal balance of the Loan which Borrower selects to have
subject to a Fixed Rate, each of which is an amount: (a) equal to all or a portion of the unpaid principal balance of the Loan not subject to a Fixed Rate; and (b) is not less than Two Hundred Thousand Dollars ($200,000) and is an even
multiple of One Hundred Thousand Dollars ($100,000). In the event Borrower is subject to a principal amortization schedule under the terms and conditions of the Loan Documents, the Fixed Rate Portion(s) from time to time in effect shall in no event
exceed, in the aggregate, the maximum outstanding principal balance which will be permissible on the last day of the Fixed Rate Period selected. 
 “Fixed Rate Price Adjustment” shall have the meaning given to such term in Section 2.2(h). 
 “Fixed Rate Taxes” are, collectively, all withholdings, interest equalization taxes, stamp taxes or other taxes (except income and franchise taxes) imposed by any domestic or foreign
Governmental Authority and related in any manner to a Fixed Rate. 
 “Foreign Lender” means any Lender that is
organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to
constitute a single jurisdiction. 
 “Fund” means any Person (other than a natural person) that is (or will be)
engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
 “GAAP” means generally accepted accounting principles 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. 

“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, the Securities and Exchange
Commission or any stock exchange on which securities of Borrower are listed) or any arbitrator with authority to bind a party at law. 
 “Guarantor” means PS Business Parks, Inc., a California corporation. 
 “Guaranty” means the Repayment Guaranty (in the form attached hereto as Exhibit F), dated the date hereof, executed by Guarantor in favor of the Administrative Agent, for the
benefit of the Lenders. 
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended.


  
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 “Lender” means each financial institution from time to time party hereto as
a “Lender”, together with its respective successors and permitted assigns; provided, however, that except as otherwise expressly provided herein, such term shall exclude any Lender (or its Affiliates) in its capacity as a Specified
Derivatives Provider. 
 “Lending Office” means, for each Lender, 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. 

“LIBOR” means, for the rate of interest, rounded up to the nearest whole multiple of one-hundredth of one percent
(0.01%), obtained by dividing (i) the rate of interest, rounded upward to the nearest whole multiple of one-hundredth of one percent (0.01%), referred to as the BBA (British Bankers’ Association) LIBOR rate as set forth by any service
selected by the Administrative Agent that has been nominated by the British Bankers’ Association as an authorized information vendor for the purpose of displaying such rate for deposits in Dollars at approximately 9:00 a.m. Pacific time,
two (2) Business Days prior to the date of commencement of such Fixed Rate Period for purposes of calculating effective rates of interest for loans or obligations making reference thereto, for an amount approximately equal to the applicable
Fixed Rate Portion and for a period of time approximately equal to such Fixed Rate Period by (ii) a percentage equal to 1 minus the stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained with
respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”) as specified in Regulation D of the Board of Governors of the Federal Reserve System (or against any other category of liabilities which includes
deposits by reference to which the interest rate on Fixed Rate Portions is determined or any applicable category of extensions of credit or other assets which includes loans by an office of any Lender outside of the United States of America). Any
change in such maximum rate shall result in a change in LIBOR on the date on which such change in such maximum rate becomes effective. 
 “LIBOR Market Index Rate” means, for any day, LIBOR as of that day that would be applicable for a Fixed Rate Portion of the relevant size having a one-month Fixed Rate Period determined
at approximately 9:00 a.m. Pacific time for such day (or if such day is not a Business Day, the immediately preceding Business Day). The LIBOR Market Index Rate shall be determined on a daily basis. 

“Loan” means the aggregate principal amount of $250,000,000, which the Lenders have agreed to lend to the Borrower and
the Borrower has agreed to borrower from the Lenders hereunder. 
 “Loan Documents” means this Agreement, each
Note, the Guaranty, and each other document or instrument now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this Agreement (other than the Fee Letter and any Specified Derivatives Contract).

 “Loan Party” means each of the Borrower, each other Person who guarantees all or a portion of the
Obligations. 
 “Material Adverse Effect” means a materially adverse effect on (a) the business, assets,
liabilities, condition (financial or otherwise), results of operations or business prospects of the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Borrower or any other Loan Party to perform its obligations under any
Loan Document to which it is a party, (c) the validity or enforceability of any of the Loan Documents, (d) the rights and remedies of the Lenders and the Administrative Agent under any of the Loan Documents or (e) the timely payment
of the principal of or interest on the Loan or other amounts payable in connection therewith. 
 “Maturity
Date” means December 31, 2014. 
 “Maximum Outstanding Amount” means, on any date, the lesser of
(i) an amount equal to (a) the Unencumbered Asset Value as of the end of the most recently concluded Fiscal Quarter for which the Borrower is, as of such date of determination, required to have reported to Lenders pursuant to
Section 5.1.5 of the Revolving Credit Agreement (as incorporated by Article VIII hereof), multiplied by (b) .50 minus (c) any amounts outstanding under the Revolving Credit Agreement, and (ii) $250,000,000.


  
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 “Moody’s” means Moody’s Investors Service, Inc. and its
successors. 
 “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such
time. 
 “Note” means the Unsecured Promissory Note (in the form attached hereto as Exhibit E), dated
the date hereof, executed by the Borrower for the benefit of Wells Fargo, in the principal amount of the Loan, as the same may be amended, restated or replaced from time to time. Each Note is referred to herein collectively as the
“Notes”. 
 “Obligations” means, individually and collectively: (a) the aggregate
principal balance of, and all accrued and unpaid interest on, the Loan; and (b) other indebtedness, liabilities, obligations, covenants and duties of the Borrower and the other Loan Parties owing to the Administrative Agent or any Lender of
every kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents, including, without limitation, the Fees and indemnification obligations, whether direct or indirect, absolute or contingent, due or not
due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory note. For the avoidance of doubt, “Obligations” shall not include Specified Derivatives Obligations. 

“OFAC” has the meaning given that term in Section 7.2. 

“Participant” has the meaning given that term in Section 11.6(d). 

“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. 
 “Post-Default Rate” means, with respect to any other Obligation that is not paid
when due (whether at stated maturity, by acceleration, by optional or mandatory prepayment or otherwise), a rate per annum equal to the Base Rate as in effect from time to time plus four percent (4.0%). 

“Principal Office” means the office of the Administrative Agent located at 608 Second Avenue S.,
11th Floor, Minneapolis, Minnesota 55402-1916, 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) the amount of such Lender’s Commitment to (b) the sum of the aggregate amount
of the Commitments of all Lenders.  
 “Rating Agency” means S&P, Moody’s or any other
nationally recognized securities rating agency selected by the Borrower and approved of by the Administrative Agent in writing. 

“Register” has the meaning given that term in Section 11.6(c). 

“Regulatory Costs” are, collectively, future, supplemental, emergency, or similar requirements or costs imposed by any
domestic or foreign Governmental Authority and/or otherwise the result of a Regulatory Change related in any manner to a Fixed Rate. 
 “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 

  
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or request applying to a class of banks, including such Lender, of or under any Applicable Law (whether or not having the force of law and whether or not failure to comply therewith would be
unlawful) by any Governmental Authority or monetary authority charged with the interpretation or administration thereof or compliance by any Lender with any request or directive regarding capital adequacy. Notwithstanding anything herein to the
contrary, (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (b) all requests, rules, guidelines or directives promulgated by
the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be
a “Regulatory Change”, regardless of the date enacted, adopted or issued. 
 “Related Parties” means,
with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 

“Requisite Lenders” means, as of any date, Lenders having at least 51% of the aggregate amount of the Commitments;
provided that (i) in determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded, and (ii) at all times when two or more Lenders (excluding Defaulting Lenders) are party to this
Agreement, the term “Requisite Lenders” shall in no event mean less than two Lenders. 
 “Responsible
Officer” means with respect to the Borrower or any Subsidiary, the chief executive officer, the chief financial officer and the controller of the Borrower or such Subsidiary. 

“Revolving Credit Agreement” means the Amended and Restated Revolving Credit Agreement, dated October 29, 2002,
executed by Borrower and Wells Fargo, as “Agent” and a “Lender”, as heretofore and hereafter amended, modified, restated or replaced from time to time. 
 “Specified Derivatives Contract” means any Derivatives Contract, together with any Derivatives Support Document relating thereto, that is made or entered into at any time, or in effect at
any time now or hereafter, whether as a result of an assignment or transfer or otherwise, between the Borrower or any Subsidiary of the Borrower and any Specified Derivatives Provider. 

“Specified Derivatives Obligations” means all indebtedness, liabilities, obligations, covenants and duties of the
Borrower or its Subsidiaries under or in respect of any Specified Derivatives Contract, whether direct or indirect, absolute or contingent, due or not due, liquidated or unliquidated, and whether or not evidenced by any written confirmation.

 “Specified Derivatives Provider” means any Lender, or any Affiliate of a Lender that is a party to a
Derivatives Contract at the time the Derivatives Contract is entered into. 
 “S&P” means
Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. and its successors. 

“Taxes” has the meaning given that term in Section 3.11. 

“Transfer Authorizer Designation Form” means a form substantially in the form of Exhibit C to be executed by
the Borrower and delivered to the Administrative Agent, as the same may be amended, restated or modified from time to time with the prior written approval of the Administrative Agent. 

“Wells Fargo” means Wells Fargo Bank, National Association, and its successors and assigns. 

Section 1.2 General; References to Pacific Time. Unless otherwise indicated, all accounting terms, ratios and
measurements shall be interpreted or determined in accordance with GAAP from time to time; provided that, if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either
the Borrower or the Requisite Lenders shall so 

  
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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, 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. 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. References in this Agreement to
“Sections”, “Articles”, “Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless otherwise indicated. References in this Agreement to any document, instrument or
agreement (a) shall include all exhibits, schedules and other attachments thereto, (b) 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. Unless explicitly set forth to the contrary, a reference to “Subsidiary” means a Subsidiary of the Borrower or a Subsidiary of such Subsidiary and a reference to an “Affiliate” means a reference to an Affiliate of the
Borrower. Titles and captions of Articles, Sections, subsections and clauses in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. Unless otherwise indicated, all references to time are
references to Pacific time. 
 ARTICLE II CREDIT FACILITY 

Section 2.1 Loan. Subject to the terms and conditions hereof, on the Effective Date, each Lender severally and not
jointly agrees to make the Loan to the Borrower in the aggregate principal amount equal to the amount of such Lender’s Commitment. Each Lender shall deposit an amount equal to such Lender’s Commitment with the Administrative Agent at the
Principal Office, in immediately available funds, not later than 9:00 a.m. on the Effective Date. 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 Transfer Authorizer Designation Form, not later than 12:00 noon on the Effective Date, the proceeds of such amounts received by the Administrative Agent. The Borrower may not reborrow any portion of the Loan once
repaid. No Lender shall be responsible for the failure of any other Lender to advance its Commitment or to perform any other obligation to be made or performed by such other Lender hereunder, and the failure of any Lender advance its Commitment or
to perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender to advance its Commitment or to perform any other obligation to be made or performed by such other Lender. 

Section 2.2 Rates and Payment of Interest on Loan. 

(a) Interest Payments. All accrued and unpaid interest on the outstanding principal amount of each Loan shall be payable
(i) monthly in arrears on the first day of each month, commencing with the first full calendar month occurring after the Effective Date and (ii) on any date on which the principal balance of such Loan is due and payable in full (whether at
maturity, due to acceleration or otherwise). Interest payable at the Post-Default Rate shall be payable from time to time on demand. All determinations by the Administrative Agent of an interest rate hereunder shall be conclusive and binding on the
Lenders and the Borrower for all purposes, absent manifest error. 

  
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 (b) Post-Default Interest. Notwithstanding the rates of interest specified in
Sections 2.2(e) below and the payment dates specified in Section 2.2(a), at Requisite Lenders’ discretion at any time following the occurrence and during the continuance of any Event of Default, the principal balance of the
Loan then outstanding and, to the extent permitted by applicable law, any interest payments on the Loan not paid when due, shall bear interest payable upon demand at the Post-Default Rate. All other amounts due the Administrative Agent or the
Lenders (whether directly or for reimbursement) under this Agreement or any of the other Loan Documents if not paid when due, or if no time period is expressed, if not paid within ten (10) days after demand, shall likewise, at the option of
Requisite Lenders, bear interest from and after demand at the Post-Default Rate. 
 (c) Late Fee. The Borrower
acknowledges that late payment to Administrative Agent will cause the Administrative Agent and the Lenders to incur costs not contemplated by this Agreement. Such costs include, without limitation, processing and accounting charges. Therefore, if
the Borrower fails timely to pay any sum due and payable hereunder through the Maturity Date (other than payment of the entire outstanding balance of the Loan on the Maturity Date), unless waived by the Administrative Agent, a late charge of four
cents ($.04) for each dollar of any such principal payment, interest or other charge due hereon and which is not paid within fifteen (15) days after such payment is due, shall be charged by the Administrative Agent (for the benefit of the
Lenders) and paid by the Borrower for the purpose of defraying the expense incident to handling such delinquent payment. The Borrower and the Administrative Agent agree that this late charge represents a reasonable sum considering all of the
circumstances existing on the date hereof and represents a fair and reasonable estimate of the costs that the Administrative Agent and the Lenders will incur by reason of late payment. The Borrower and the Administrative Agent further agree that
proof of actual damages would be costly and inconvenient. Acceptance of any late charge shall not constitute a waiver of the default with respect to the overdue installment, and shall not prevent the Administrative Agent from exercising any of the
other rights available hereunder or any other Loan Document. Such late charge shall be paid without prejudice to any other rights of the Administrative Agent. 
 (d) Computation of Interest. Interest shall be computed on the basis of the actual number of days elapsed in the period during which interest or fees accrue and a year of three hundred sixty
(360) days on the principal balance of the Loan outstanding from time to time. In computing interest on the Loan, the date of the making of a disbursement under the Loan shall be included and the date of payment shall be excluded.
Notwithstanding any provision in this Section 2.2, interest in respect of the Loan shall not exceed the maximum rate permitted by applicable law. 
 (e) Effective Rate. The “Effective Rate” upon which interest shall be calculated for the Loan shall, from and after the Effective Date of this Agreement, be one or more of the
following: 
 (i) Provided no Default exists under this Agreement: 

(A) for those portions of the principal balance of the Notes which are not Fixed Rate Portions, the Effective Rate shall
be the Base Rate. 
 (B) for those portions of the principal balance of the Notes which are Fixed Rate Portions,
the Effective Rate for the Fixed Rate Period thereof shall be the Fixed Rate selected by the Borrower and set in accordance with the provisions hereof, provided, however, if any of the transactions necessary for the calculation of
interest at any Fixed Rate requested or selected by the Borrower should be or become prohibited or unavailable to the Administrative Agent, or, if in the Administrative Agent’s good faith judgment, it is not possible or practical for the
Administrative Agent to set a Fixed Rate for a Fixed Rate Portion and Fixed Rate Period as requested or selected by the Borrower, the Effective Rate for such Fixed Rate Portion shall remain at or revert to the Base Rate. 

(ii) During such time as an Event of Default exists under this Agreement; or from and after the date on which all sums
owing under the Notes become due and payable by 

  
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acceleration or otherwise; or from and after the Maturity Date, then at the option of the Requisite Lenders in each case, the interest rate applicable to the then outstanding principal balance of
the Loan shall be the Post-Default Rate. 
 (f) Selection of Fixed Rate. Provided no Default or Event of Default exists
under this Agreement, the Borrower, at its option and upon satisfaction of the conditions set forth herein, may request a Fixed Rate as the Effective Rate for calculating interest on the portion of the unpaid principal balance and for the period
selected in accordance with and subject to the following procedures and conditions, provided, however, that the Borrower may not have in effect at any one time more than five (5) Fixed Rates. 

Borrower shall deliver to the Administrative Agent, Wells Fargo Bank, N.A, Minneapolis Loan Center, 608 2nd Avenue South, 11th Floor, MAC N9303-10, Minneapolis, MN 55402-1916, Attention: Julie
Ness, or such other addresses as the Administrative Agent shall designate, an original or facsimile Fixed Rate Notice no later than 9:00 A.M. (California time), and not less than three (3) nor more than five (5) Business Days prior to the
proposed Fixed Rate Period for each Fixed Rate Portion. Any Fixed Rate Notice delivered pursuant to the foregoing is irrevocable. 
 The Administrative Agent is authorized to rely upon the telephonic request and acceptance of Joseph D. Russell, Jr., Edward A. Stokx, Trenton Groves, Dan Ashworth or Jenny Wong, as the Borrower’s
duly authorized agents, or such additional authorized agents as the Borrower shall designate in writing to the Administrative Agent. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the
Administrative Agent as the Administrative Agent may from time to time designate. 
 (i) The Borrower may elect
(A) to convert Base Rate advances to a Fixed Rate Portion, or (B) to convert a matured Fixed Rate Portion into a new Fixed Rate Portion, provided, however, that the aggregate amount of the advance being converted into or
continued as a Fixed Rate Portion shall comply with the definition thereof as to Dollar amount. The conversion of a matured Fixed Rate Portion back to a Base Rate or to a new Fixed Rate Portion shall occur on the last Business Day of the Fixed Rate
Period relating to such Fixed Rate Portion. Each Fixed Rate Notice shall specify (A) the amount of the Fixed Rate Portion, (B) the Fixed Rate Period, and (C) the Fixed Rate Commencement Date. 

(ii) Upon receipt of a Fixed Rate Notice in the proper form requesting a Fixed Rate Portion advance under subsections
(i) and (ii) above, the Administrative Agent shall determine the Fixed Rate applicable to the Fixed Rate Period for such Fixed Rate Portion two (2) Business Days prior to the beginning of such Fixed Rate Period. Each determination by
the Administrative Agent of the Fixed Rate shall be conclusive and binding upon the parties hereto in the absence of manifest error. The Administrative Agent shall deliver to the Borrower and each Lender (by facsimile) an acknowledgment of receipt
and confirmation of the Fixed Rate Notice; provided, however, that failure to provide such acknowledgment of receipt and confirmation of the Fixed Rate Notice to the Borrower or any Lender shall not affect the validity of such rate.

 (iii) If the Borrower does not make a timely election to convert all or a portion of a matured Fixed Rate
Portion into a new Fixed Rate Portion in accordance with this Section 2.2(f), such Fixed Rate Portion shall be automatically converted back to a Base Rate upon the expiration of the Fixed Rate Period applicable to such Fixed Rate
Portion. 
 (iv) Upon the Borrower’s acceptance of a Fixed Rate, the Borrower shall pay to the
Administrative Agent an Administration Fee for each selected Fixed Rate Portion. 
 (g) Fixed Rate Taxes, Regulatory Costs
and Reserve Percentages. Upon the Administrative Agent’s demand, the Borrower shall pay to the Administrative Agent for the account of each Lender, in addition to all other amounts which may be, or become, due and payable under this
Agreement and the other Loan Documents, any and all Fixed Rate Taxes and Regulatory Costs, to the 

  
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extent they are not internalized by calculation of a Fixed Rate. The Administrative Agent shall give the Borrower notice of any Fixed Rate Taxes and Regulatory Costs as soon as practicable after
their occurrence, but the Borrower shall be liable for any Fixed Rate Taxes and Regulatory Costs regardless of whether or when notice is so given 
 (h) Fixed Rate Price Adjustment. The Borrower acknowledges that prepayment or acceleration of a Fixed Rate Portion during a Fixed Rate Period shall result in the Lenders’ incurring additional
costs, expenses and/or liabilities and that it is extremely difficult and impractical to ascertain the extent of such costs, expenses and/or liabilities. Therefore, on the date a Fixed Rate Portion is prepaid or the date all sums payable hereunder
become due and payable, by acceleration or otherwise (“Price Adjustment Date”), the Borrower will pay the Administrative Agent, for the account of each Lender (in addition to all other sums then owing to the Lenders) an amount
(“Fixed Rate Price Adjustment”) equal to the then present value of (i) the amount of interest that would have accrued on the Fixed Rate Portion for the remainder of the Fixed Rate Period at the Fixed Rate set on the Fixed Rate
Commencement Date, less (ii) the amount of interest that would accrue on the same Fixed Rate Portion for the same period if the Fixed Rate were set on the Price Adjustment Date at the Applicable LIBO Rate in effect on the Price Adjustment Date.
The present value shall be calculated by the Administrative Agent, for the benefit of the Lenders, using as a discount rate the LIBOR Market Index Rate quoted on the Price Adjustment Date. 

By initialing this provision where indicated below, Borrower confirms that Lenders’ agreement to make the Loan at the interest rates
and on the other terms set forth herein and in the other Loan Documents constitutes adequate and valuable consideration, given individual weight by Borrower, for this agreement: 

Borrower Initials: ES  
 (i) Purchase, Sale and Matching of Funds. The Borrower understands, agrees and acknowledges the following: (a) the Lenders have no obligation to purchase, sell and/or match funds in connection
with the use of LIBOR as a basis for calculating a Fixed Rate or Fixed Rate Price Adjustment; (b) LIBOR is used merely as a reference in determining a Fixed Rate and Fixed Rate Price Adjustment; and (c) Borrower has accepted LIBOR as a
reasonable and fair basis for calculating a Fixed Rate and a Fixed Rate Price Adjustment. Borrower further agrees to pay the Fixed Rate Price Adjustment, Fixed Rate Taxes and Regulatory Costs, if any, whether or not any Lender elects to purchase,
sell and/or match funds. 
 Section 2.3 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 or any Lender’s other rights under this Agreement. 

Section 2.4 Automatic Debit. In order to assure timely payment to the Administrative Agent, for the benefit of the
Lenders, of accrued interest, principal, fees and late charges due and owing under the Loan, the Borrower hereby irrevocably authorizes the Administrative Agent to directly debit the Borrower Account for payment when due of all such amounts payable
to the Administrative Agent or any Lender. The Borrower represents and warrants to the Administrative Agent and the Lenders that the 

  
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Borrower is the legal owner of the Borrower Account. Written confirmation of the amount and purpose of any such direct debit shall be given to the Borrower by the Administrative Agent not less
frequently than monthly. In the event any direct debit hereunder is returned for insufficient funds, the Borrower shall pay the Administrative Agent, for the benefit of the Lenders, upon demand, in immediately available funds, all amounts and
expenses due and owing, including without limitation any late fees incurred, to the Administrative Agent or any Lender. 

Section 2.5 Repayment of Loan. The Borrower shall repay the entire outstanding principal amount of, and all accrued
but unpaid interest on, the Loan on the Maturity Date. 
 Section 2.6 Prepayments. 

(a) Optional. Subject to Section 2.2(h), the Borrower may prepay the Loan at any time without premium or penalty. The
Borrower shall give the Administrative Agent at least three (3) Business Days prior written notice of the prepayment of the Loan. Each voluntary prepayment of the Loan shall be in an aggregate minimum amount of $5,000,000 and integral multiples
of $500,000 in excess thereof. 
 (b) Mandatory. 

(i) If at any time during the term of the Loan, the outstanding principal amount of the Loan exceeds the Maximum
Outstanding Amount, then the Borrower shall within five (5) Business Days of the Borrower obtaining knowledge of the occurrence of any such excess, deliver to the Administrative Agent for prompt distribution to each Lender a written plan
acceptable to all of the Lenders to eliminate such excess. If such excess is not eliminated within fifteen (15) days of the Borrower obtaining knowledge of the occurrence thereof, then the entire outstanding principal balance of the Loan,
together with all accrued interest thereon, shall be immediately due and payable in full. 
 (ii) If the Borrower
repays amounts due under the Loan in accordance with the preceding subsection (b)(i), then such amounts shall be applied to pay principal outstanding on the Loan pro rata, in accordance with Section 3.3. Any such repayments may not be
reborrowed and shall be subject to the terms of Section 2.2(h), as applicable. 
 Section 2.7
Notes. 
 (a) Notes. The Loan shall, in addition to this Agreement, also be evidenced by the Notes. 

(b) 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 2.8 Funds Transfer Disbursements. 
 (a) Generally. The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of the 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 Transfer Authorizer Designation Form. The Borrower agrees to be bound by any transfer request: (i) authorized or transmitted by the Borrower; or
(ii) made in the Borrower’s name and accepted by the Administrative Agent in good faith and in compliance with these transfer instructions, even if not properly authorized by the Borrower. The Borrower further agrees and acknowledges that
the Administrative 

  
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Agent may rely solely on any bank routing number or identifying bank account number or name provided by the Borrower to effect a wire or funds transfer even if the information provided by the
Borrower identifies a different bank or account holder than named by the Borrower. The Administrative Agent is not obligated or required in any way to take any actions to detect errors in information provided by the Borrower. If the Administrative
Agent takes any actions in an attempt to detect errors in the transmission or content of transfer requests or takes any actions in an attempt to detect unauthorized funds transfer requests, the Borrower agrees that no matter how many times the
Administrative Agent takes these actions the Administrative Agent will not in any situation be liable for failing to take or correctly perform these actions in the future and such actions shall not become any part of the transfer disbursement
procedures authorized under this provision, the Loan Documents, or any agreement between the Administrative Agent and the Borrower. The Borrower agrees to notify the Administrative Agent of any errors in the transfer of any funds or of any
unauthorized or improperly authorized transfer requests within fourteen (14) days after the Administrative Agent’s confirmation to the Borrower of such transfer. 
 (b) Funds Transfer. The Administrative Agent will, in its sole discretion, determine the funds transfer system and the means by which each transfer will be made. The Administrative Agent may delay
or refuse to accept a funds transfer request if the transfer would: (i) violate the terms of this authorization, (ii) require use of a bank unacceptable to the Administrative Agent or any Lender or prohibited by any Governmental Authority,
(iii) cause the Administrative Agent or any Lender to violate any Federal Reserve or other regulatory risk control program or guideline or (iv) otherwise cause the Administrative Agent or any Lender to violate any Applicable Law or
regulation. 
 (c) Limitation of Liability. Neither the Administrative Agent nor any Lender shall be liable to the
Borrower or any other parties for (i) errors, acts or failures to act of others, including other entities, banks, communications carriers or clearinghouses, through which the Borrower’s transfers may be made or information received or
transmitted, and no such entity shall be deemed an agent of the Administrative Agent or any Lender, (ii) any loss, liability or delay caused by fires, earthquakes, wars, civil disturbances, power surges or failures, acts of government, labor
disputes, failures in communications networks, legal constraints or other events beyond Administrative Agent’s or any Lender’s control, or (iii) any special, consequential, indirect or punitive damages, whether or not (x) any
claim for these damages is based on tort or contract or (y) the Administrative Agent, any Lender or the Borrower knew or should have known the likelihood of these damages in any situation. Neither the Administrative Agent nor any Lender makes
any representations or warranties other than those expressly made in this Agreement. 
 ARTICLE III PAYMENTS, FEES AND OTHER
GENERAL PROVISIONS 
 Section 3.1 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, to
the Administrative Agent at the Principal Office, not later than 11:00 a.m. Pacific time on the date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next
succeeding Business Day). Subject to Section 9.4, 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. In the event the Administrative Agent fails to pay such amounts to such
Lender, as the case may be, within one Business Day of receipt of such amounts, the Administrative Agent shall pay interest on such amount until paid at a rate per annum equal to the Federal Funds Rate from time to time in effect. If the due date of
any payment under this Agreement or any other Loan Document would otherwise fall on a day which is not a Business Day such date shall be extended to the next succeeding Business Day and interest shall continue to accrue at the rate, if any,
applicable to such payment for the period of such extension. 

  
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 Section 3.2 Presumptions Regarding Payments by Borrower. Unless the
Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative
Agent may assume that the Borrower has made such payment on such date in accordance herewith and may (but shall not be obligated to), in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not
in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent on demand that amount so distributed to such Lender, with interest thereon, for each day from and including the date such amount is distributed
to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

Section 3.3 Pro Rata Treatment. (a) The Loan shall be made by the Lenders, pro rata according to the amounts of
each Lender’s respective Commitment; (b) each payment or prepayment of principal of the Loan shall be made for the account of the Lenders pro rata in accordance with each Lender’s respective unpaid principal amounts of the Loan held
by them; and (c) each payment of interest on the Loan shall be made for the account of the Lenders pro rata in accordance with the amounts of interest on the Loan then due and payable to the respective Lenders. 

Section 3.4 Sharing of Payments, Etc. If a Lender shall obtain payment of any principal of, or interest on, any Loan
made by it to the Borrower under this Agreement or shall obtain payment on any other Obligation owing by the Borrower or any other Loan Party through the exercise of any right of set-off, banker’s lien, counterclaim or similar right or
otherwise or through voluntary prepayments directly to a Lender or other payments made by or on behalf of the Borrower or any other Loan Party to a Lender (other than any payment in respect of Specified Derivatives Obligations) not in accordance
with the terms of this Agreement and such payment should be distributed to the Lenders in accordance with Section 3.3 or Section 9.4, as applicable, such Lender shall promptly purchase from the other Lenders participations in
(or, if and to the extent specified by such Lender, direct interests in) the Loan made by the other Lenders or other Obligations owed to such other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable, to
the end that all the Lenders shall share the benefit of such payment (net of any reasonable expenses which may actually be incurred by such Lender in obtaining or preserving such benefit) in accordance with the requirements of
Section 3.3 or Section 9.4, as applicable. To such end, all the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be
restored. The Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Loan or other Obligations owed to such other Lenders may exercise all rights of set-off, banker’s lien, counterclaim or similar rights with
respect to such participation as fully as if such Lender were a direct holder of the Loan in the amount of such participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to
exercise and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation of the Borrower. 
 Section 3.5 Several Obligations. No Lender shall be responsible for the failure of any other Lender to make a Loan or to perform any other obligation to be made or performed by such
other Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make any Loan or to perform any other obligation
to be made or performed by such other Lender. 
 Section 3.6 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) Administrative and Other Fees. The
Borrower agrees to pay the administrative and other fees of the Administrative Agent as provided in the Fee Letter and as may be otherwise agreed to in writing from time to time by the Borrower and the Administrative Agent. 

  
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 Section 3.7 Computations. Unless otherwise expressly set forth herein,
any accrued interest on the 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 3.8 Usury. In no event shall the amount of interest due or payable on the Loan 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 2.2. 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 3.9 Statements of
Account. The Administrative Agent will account to the Borrower monthly with a statement of the Loan, 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. 
 Section 3.10 Defaulting Lenders. Notwithstanding anything to the contrary contained in this
Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 
 (a) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the
definition of Requisite Lenders. 
 (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 IX or otherwise) or received by the Administrative Agent from a Defaulting Lender
pursuant to Section 3.4 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent
hereunder; second, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement,
as determined by the Administrative Agent; third, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; fourth, 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 fifth, to such Defaulting Lender or as otherwise directed by a court of
competent jurisdiction. 

  
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 (c) Defaulting Lender Cure. If the Borrower and the Administrative Agent agree in
writing that a Lender is no longer a Defaulting Lender, then the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will,
to the extent applicable, purchase at par that portion of outstanding Loan of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loan to be held pro rata by the Lenders in accordance
with their respective Commitments, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to Fees accrued or payments made by or on behalf of the Borrower while that Lender
was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party
hereunder arising from that Lender’s having been a Defaulting Lender. 
 Section 3.11 Taxes; Foreign
Lenders. 
 (a) Taxes Generally. All payments by the Borrower of principal of, and interest on, the Loan and all
other Obligations shall be made free and clear of and without deduction for any present or future excise, stamp or other taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges of any nature whatsoever imposed by any
taxing authority, but excluding (i) franchise taxes, (ii) any taxes (other than withholding taxes) that would not be imposed but for a connection between the Administrative Agent or a Lender and the jurisdiction imposing such taxes (other
than a connection arising solely by virtue of the activities of the Administrative Agent or such Lender pursuant to or in respect of this Agreement or any other Loan Document), (iii) any taxes imposed on or measured by any Lender’s assets,
net income, receipts or branch profits, (iv) any taxes arising after the Agreement Date solely as a result of or attributable to a Lender changing its designated Lending Office after the date such Lender becomes a party hereto, and (v) any
taxes imposed by Sections 1471 through Section 1474 of the Internal Revenue Code (including any official interpretations thereof, collectively “FATCA”) on any “withholdable payment” payable to such recipient as a
result of the failure of such recipient to satisfy the applicable requirements as set forth in FATCA after December 31, 2012 (such non-excluded items being collectively called “Taxes”). If any withholding or deduction from any
payment to be made by the Borrower hereunder is required in respect of any Taxes pursuant to any Applicable Law, then the Borrower will: 
 (i) pay directly to the relevant Governmental Authority the full amount required to be so withheld or deducted; 
 (ii) promptly forward to the Administrative Agent an official receipt or other documentation satisfactory to the Administrative Agent evidencing such payment to such Governmental Authority; and

 (iii) pay to the Administrative Agent for its account or the account of the applicable Lender, as the case may
be, such additional amount or amounts as is necessary to ensure that the net amount actually received by the Administrative Agent or such Lender will equal the full amount that the Administrative Agent or such Lender would have received had no such
withholding or deduction been required. 
 (b) Tax Indemnification. If the Borrower fails to pay any Taxes when due to
the appropriate Governmental Authority or fails to remit to the Administrative Agent, for its account or the account of the respective Lender, as the case may be, the required receipts or other required documentary evidence, the Borrower shall
indemnify the Administrative Agent and the Lenders for any incremental Taxes, interest or penalties that may become payable by the Administrative Agent or any Lender as a result of any such failure. For purposes of this Section, a distribution
hereunder by the Administrative Agent or any Lender to or for the account of any Lender shall be deemed a payment by the Borrower. 

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

 (d) USA Patriot Act Notice; Compliance. In order for the Administrative Agent to comply with the USA Patriot Act of
2001 (Public Law 107-56), prior to any Lender or Participant that is organized under the laws of a jurisdiction outside of the United States of America becoming a party hereto, the Administrative Agent may request, and such Lender or Participant
shall provide to the Administrative Agent, its name, address, tax identification number and/or such other identification information as shall be necessary for the Administrative Agent to comply with federal law. 

ARTICLE IV INTENTIONALLY OMITTED 
 ARTICLE V YIELD PROTECTION, ETC. 
 Section 5.1 Additional
Costs; Capital Adequacy. 
 (a) Capital Adequacy. If any Lender or any Participant in the Loan determines that
compliance with any law or regulation or with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law) affects or would affect the amount of capital required or expected to be maintained
by such Lender or such Participant, or any corporation controlling such Lender or such Participant, as a consequence of, or with reference to, such Lender’s or such Participant’s or such corporation’s Commitment or its making or
maintaining loans below the rate which such Lender or such Participant or such corporation controlling such Lender or such Participant could have achieved but for such compliance (taking into account the policies of such Lender or such Participant
or corporation with regard to capital), then the Borrower shall, from time to time, within thirty (30) calendar days after written demand by such Lender or such Participant, pay to such Lender or such Participant additional amounts sufficient
to compensate such Lender or such Participant or such corporation controlling such Lender or such Participant to the extent that such Lender or such Participant determines such increase in capital is allocable to such Lender’s or such
Participant’s obligations hereunder. 

  
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 (b) Additional Costs. In addition to, and not in limitation of the immediately
preceding clause (a), the Borrower shall promptly pay to the Administrative Agent for the account of a Lender from time to time such amounts as such Lender may determine to be necessary to compensate such Lender for any costs incurred by such Lender
that it determines are attributable to its calculation of Effective Rates hereunder with reference to LIBOR or its obligation to calculate Effective Rates hereunder with reference to LIBOR, any reduction in any amount receivable by such Lender under
this Agreement or any of the other Loan Documents as a result of the Effective Rates under this Agreement being calculated with reference to LIBOR or such obligation or the maintenance by such Lender of capital in respect of its Commitments (such
increases in costs and reductions in amounts receivable being herein called “Additional Costs”), resulting from any Regulatory Change that: (i) changes the basis of taxation of any amounts payable to such Lender under this
Agreement or any of the other Loan Documents in respect of any of amounts outstanding hereunder which are accruing interest at an Effective Rate calculated with reference to LIBOR or its Commitments (other than taxes imposed on or measured by the
overall net income of such Lender or of its Lending Office for any loans made upon which interest is calculated with reference to LIBOR by the jurisdiction in which such Lender has its principal office or such Lending Office), or (ii) imposes
or modifies any reserve, special deposit or similar requirements (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System or other similar reserve requirement applicable to any other category of
liabilities or category of extensions of credit or other assets by reference to which Effective Rates calculated with reference to LIBOR are determined) relating to any extensions of credit or other assets of, or any deposits with or other
liabilities of, or other credit extended by, or any other acquisition of funds by such Lender (or its parent corporation), or any commitment of such Lender (including, without limitation, the Commitments of such Lender hereunder) or (iii) has
or would have the effect of reducing the rate of return on capital of such Lender to a level below that which such Lender could have achieved but for such Regulatory Change (taking into consideration such Lender’s policies with respect to
capital adequacy). 
 (c) Lender’s Suspension of LIBOR-Based Rates. Without limiting the effect of the provisions of
the immediately preceding subsection (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 Effective Rates are calculated with reference to LIBOR as provided in this Agreement or a category of extensions of credit or other assets of such Lender that includes
interest rates calculated with reference to LIBOR 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 advances on which interest is calculated with reference to LIBOR, or to convert an advance on which the interest rate is calculated with reference to the Federal Funds Rate
into an advance on which the Effective Rate is calculated with reference to LIBOR to determine an Effective Rate with reference to LIBOR hereunder shall be suspended until such Regulatory Change ceases to be in effect (in which case the provisions
of Section 5.3 shall apply). 
 (d) Notification and Determination of Additional Costs. Each of
Administrative Agent, each Lender and each Participant, as the case may be, agrees to notify the Borrower of any event occurring after the Effective Date entitling Administrative Agent, such Lender or such Participant to compensation under any of
the preceding subsections of this Section as promptly as practicable; provided, however, that the failure of Administrative Agent, any Lender or any Participant to give such notice shall not release the Borrower from any of its obligations
hereunder. Administrative Agent, each Lender and each Participant, as the case may be, agrees to furnish to the Borrower a certificate setting forth the basis and amount of each request for compensation under this Section. Determinations by
Administrative Agent, such Lender, or such Participant, as the case may be, of the effect of any Regulatory Change shall be conclusive and binding for all purposes, absent manifest error. 

  
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 Section 5.2 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 calculate Effective Rates with reference to LIBOR 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 calculate Effective Rates with reference to LIBOR shall be suspended until such time as such Lender may again
calculate Effective Rates with reference to LIBOR (in which case the provisions of Section 5.4 shall be applicable). 
 Section 5.3 Treatment of Affected Loans. If the obligation of any Lender to calculate Effective Rates with reference to LIBOR shall be suspended pursuant to Section 5.1(c),
or Section 5.2, then all interest due to such Lender shall be calculated with reference to the Base Rate as of the last day(s) of the then current Fixed Rate Period for LIBOR Loans (or on such earlier date as such Lender may specify to
the Borrower with a copy to the Administrative Agent) and, unless and until such Lender gives notice as provided below that the circumstances specified in Section 5.1 or Section 5.2 that gave rise to such conversion no longer exist, all
interest due to such Lender shall be calculated with reference to the Base Rate. 
 If a Lender gives notice to the Borrower
(with a copy to the Administrative Agent) that the circumstances specified in Section 5.1(c) or 5.2 that gave rise to the conversion from calculation of Effective Rates with reference to LIBOR to calculation of Effective Rates
with reference to the Base Rate no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when Effective Rates on amounts outstanding to other Lenders are being calculated with reference to LIBOR,
then any amounts owed to the previously affected Lender on which the Effective Rate is being calculated with reference to the Base Rate shall be automatically converted, on the first day(s) of the next succeeding Fixed Rate Period(s), to the extent
necessary so that, after giving effect thereto, all outstanding amounts on account of which Effective Rates are being calculated with reference to LIBOR are held by the Lenders pro rata (as to principal amounts and Fixed Rate Periods) in accordance
with their respective Commitments. 
 Section 5.4 Affected Lenders. If (a) a Lender requests
compensation pursuant to Section 3.11 or 5.1, and the Requisite Lenders are not also doing the same, or (b) the obligation of any Lender to calculated Effective Rates with reference to LIBOR shall be suspended pursuant to
Section 5.1 or 5.2 but the obligation of the Requisite Lenders shall not have been suspended under such Sections, then, so long as there does not then exist any Default or Event of Default, the Borrower may demand that such Lender
(the “Affected Lender”), and upon such demand the Affected Lender shall promptly, assign its Commitment to an Eligible Assignee subject to and in accordance with the provisions of Section 11.6(b) for a purchase price
equal to (y) the aggregate principal balance of the Loan then owing to the Affected Lender, plus (z) any accrued but unpaid interest thereon and accrued but unpaid fees owing to the Affected Lender, or any other amount as may be mutually
agreed upon by such Affected Lender and Eligible Assignee. Each of the Administrative Agent and the Affected Lender shall reasonably cooperate in effectuating the replacement of such Affected Lender under this Section, but at no time shall the
Administrative Agent, such Affected Lender nor any other Lender be obligated in any way whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. The exercise by the Borrower of its rights under this Section shall be
at the Borrower’s sole cost and expense and at no cost or expense to the Administrative Agent, the Affected Lender or any of the other Lenders. The terms of this Section shall not in any way limit the Borrower’s obligation to pay to any
Affected Lender compensation owing to such Affected Lender pursuant to this Agreement (including, without limitation, pursuant to Sections 3.11, 5.1 or 2.2(h)) with respect to any period up to the date of replacement.

 Section 5.5 Change of Lending Office. Each Lender agrees that it will use reasonable efforts (consistent
with its internal policy and legal and regulatory restrictions) to designate an alternate Lending Office upon the occurrence of any of the matters or circumstances described in Sections 3.11, 5.1 or 5.2 to reduce the
liability of the Borrower or avoid the results provided thereunder, so long as such designation is not disadvantageous to such Lender as determined by such Lender in its sole discretion, except that such Lender shall have no obligation to designate
a Lending Office located in the United States of America. 

  
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 ARTICLE VI CONDITIONS PRECEDENT 

Section 6.1 Initial Conditions Precedent. The obligation of the Lenders to advance proceeds of the Loan to or for the
benefit of the Borrower, is subject to the satisfaction or waiver of the following conditions precedent: 
 (a) The
Administrative Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent: 
 (i) counterparts of this Agreement executed by each of the parties hereto; 
 (ii) The Notes, executed by the Borrower, payable to each applicable Lender; 
 (iii) the Guaranty executed by Guarantor; 
 (iv) an opinion of
Stephanie G. Heim, Vice President & Counsel (counsel to the Borrower and the other Loan Parties), in form and substance acceptable to Administrative Agent; 

(v) the certificate or articles of incorporation or formation, articles of organization, certificate of limited
partnership, declaration of trust or other comparable organizational instrument (if any) of each Loan Party certified as of a recent date by the Secretary of State of the state of formation of such Loan Party; 

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

(vii) a certificate of incumbency signed by the Secretary or Assistant Secretary (or other individual performing similar
functions) of each Loan Party with respect to each of the officers of such Loan Party authorized to execute and deliver the Loan Documents to which such Loan Party is a party; 

(viii) copies certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of each
Loan Party of (A) the by-laws of such 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; 

(ix) a Compliance Certificate calculated on a pro forma basis for the Borrower’s fiscal quarter ending
September 30, 2011; 
 (x) a Transfer Authorizer Designation Form effective as of the Agreement Date;

 (xi) the Fee Letter; 

  
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 (xii) evidence that the Fees, if any, then due and payable under
Section 3.6, together with all other fees, expenses and reimbursement amounts due and payable to the Administrative Agent and any of the Lenders, including without limitation, the fees and expenses of counsel to the Administrative Agent,
have been paid; and 
 (xiii) such other documents, agreements and instruments as the Administrative Agent, or
any Lender through the Administrative Agent, may reasonably request. 
 (b) In the good faith judgment of the Administrative
Agent: 
 (i) there shall not have occurred or become known to the Administrative Agent or any of the Lenders any
event, condition, situation or status since the date of the information contained in the financial and business projections, budgets, pro forma data and forecasts concerning the Borrower and its Subsidiaries delivered to the Administrative Agent and
the Lenders prior to the Agreement Date that has had or could reasonably be expected to result in a Material Adverse Effect; 
 (ii) no litigation, action, suit, investigation or other arbitral, administrative or judicial proceeding shall be pending or threatened which could reasonably be expected to (A) result in a Material
Adverse Effect or (B) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect, the ability of the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which
it is a party; 
 (iii) the Borrower and its 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 (A) any Applicable Law or
(B) any agreement, document or instrument to which any Loan Party is a party or by which any of them or their respective properties is bound; 
 (iv) the Borrower and each other Loan Party shall have provided all information requested by the Administrative Agent and each Lender in order to comply with the USA Patriot Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)); and 
 (v) there shall not have occurred or exist any other
material disruption of financial or capital markets that could reasonably be expected to materially and adversely affect the transactions contemplated by the Loan Documents. 
 (c) Satisfaction of the conditions precedent in the Seventh Modification Agreement, executed, or to be executed, by Borrower and Wells Fargo, as “Agent”, with respect to the Revolving Credit
Agreement. 
 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 the Loan, the Borrower hereby remakes each of the representations and warranties in Article 4 of the Revolving Credit Agreement, each of which is hereby incorporated herein as if set forth in full; provided, however, that
for purposes of this Agreement: 
 (a) All references to the “Loan Documents” in Article 4 of the Revolving
Credit Agreement shall mean the Loan Documents (as defined herein); 
 (b) All references to “Agent” in Article
4 of the Revolving Credit Agreement shall mean the Administrative Agent (as defined herein); 

  
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 (c) All references to the “Amended and Restated Closing Date” in Article 4
of the Revolving Credit Agreement shall mean and refer to the Effective Date (as defined herein); 
 (d) The reference to the
consolidated balance sheets of the Borrower and Guarantor in Section 4.5.1 of the Revolving Credit Agreement shall mean and refer to the consolidated balance sheets of the Borrower and Guarantor dated as of December 31, 2010;

 (e) The reference to the unaudited consolidated balance sheet of Guarantor in Section 4.5.2 of the Revolving
Credit Agreement shall mean and refer to the unaudited consolidated balance sheets of Guarantor dated as of March 31, 2011, June 30, 2011 and September 30, 2011; 

(f) The reference to December 31, 2001 in Section 4.9 of the Revolving Credit Agreement shall mean and refer to
December 31, 2010; 
 (g) The reference to Schedule 1.1C in Section 4.13 of the Revolving Credit
Agreement shall mean and refer to Schedule 1.1(C) attached hereto; 
 (h) The reference to Schedule 4.15.1 in
Section 4.15.1 of the Revolving Credit Agreement shall mean and refer to Schedule 4.15.1 attached hereto; and 
 (i) The reference to Schedule 4.15.2 in Section 4.15.2 of the Revolving Credit Agreement shall mean and refer to Schedule 4.15.2 attached hereto. 

Section 7.2 OFAC. Borrower hereby represents and warrants that none of the Borrower, any of the other Loan Parties,
any of the other Subsidiaries, or any other Affiliate of the Borrower: (i) is a person named on the list of Specially Designated Nationals or Blocked Persons maintained by the U.S. Department of the Treasury’s Office of Foreign Assets
Control (“OFAC”) available at http://www.treas.gov/offices/enforcement/ofac/index.shtml or as otherwise published from time to time; (ii) is (A) an agency of the government of a country, (B) an organization controlled
by a country, or (C) a person resident in a country that is subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treas.gov/offices/enforcement/ofac/index.shtml, or as otherwise published from time
to time, as such program may be applicable to such agency, organization or person; or (iii) derives any of its assets or operating income from investments in or transactions with any such country, agency, organization or person; and none of the
proceeds from the Loan will be used to finance any operations, investments or activities in, or make any payments to, any such country, agency, organization, or person. 
 ARTICLE VIII COVENANTS 
 Section 8.1 Affirmative and
Negative Covenants. In order to induce the Administrative Agent and each Lender to enter into this Agreement and to make the Loan, the Borrower hereby agrees to comply with each of the affirmative and negative covenants in Articles 5 and 6,
respectively, of the Revolving Credit Agreement. Each of such affirmative and negative covenants is hereby incorporated herein as if set forth in full; provided, however, that for purposes of this Agreement: 

(a) All references to the “Loan Documents” in Articles 5 and 6 of the Revolving Credit Agreement shall mean the
Loan Documents (as defined herein); 
 (b) All references to “Agent” in Articles 5 and 6 of the
Revolving Credit Agreement shall mean the Administrative Agent (as defined herein); and 
 (c) All references to “Majority
Lenders” in Articles 5 and 6 of the Revolving Credit Agreement shall mean Requisite Lenders (as defined herein). 

  
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 Section 8.2 USA Patriot Act Notice; Compliance. The USA Patriot Act of
2001 (Public Law 107-56) and federal regulations issued with respect thereto require all financial institutions to obtain, verify and record certain information that identifies individuals or business entities which open an “account” with
such financial institution. Consequently, a Lender (for itself and/or as Administrative Agent for all Lenders hereunder) may from time-to-time request, and the Borrower shall, and shall cause the other Loan Parties to, provide 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. 
 ARTICLE IX DEFAULT 
 Section 9.1 Events of Default. Each
of the following shall constitute an Event of Default, whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental
Authority: 
 (a) Default in Payment. (i) The Borrower shall fail to pay (A) within ten (10) days after
the date due any amounts under this Agreement or any other Loan Document or the Fee Letter (except as provided in clause (B) immediately following) or (B), the principal amount of the Loan at maturity, whether by reason of acceleration or
otherwise, or (ii) any other Loan Party shall fail to within ten (10) days after the date due any payment obligation owing by such Loan Party under any Loan Document to which it is a party. 

(b) Default in Performance. Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement contained
in this Agreement (including, without limitation, those incorporated herein by reference) or any other Loan Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(ii) only, such failure
shall continue for a period of 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. 
 (c) Misrepresentations. Any written statement,
representation or warranty made or deemed made by or on behalf of any Loan Party under this Agreement or under any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement at any time furnished by, or at the
direction of, any Loan Party to the Administrative Agent or any Lender, shall at any time prove to have been incorrect or misleading in any material respect when furnished or made or deemed made. 

(d) Indebtedness Cross-Default. The occurrence of an Event of Default under the Revolving Credit Agreement; provided, however,
that upon the termination of the Revolving Credit Agreement, each of the Events of Default referenced in Section 7.1 of the Revolving Credit Agreement shall be incorporated herein as if set forth in full. 

(e) Revocation of Loan Documents. Any Loan Party shall (or shall attempt to) disavow, revoke or terminate any Loan Document or the
Fee Letter to which it is a party or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of any Loan Document or the Fee Letter or any Loan Document
or the Fee Letter shall cease to be in full force and effect (except as a result of the express terms thereof). 
 (f) Loan
Documents. An Event of Default (as defined therein) shall occur under any of the other Loan Documents. 

  
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 Section 9.2 Remedies Upon Event of Default. Upon the occurrence of an
Event of Default the following provisions shall apply: 
 (a) Acceleration; Termination of Facilities. 

(i) Automatic. Upon the occurrence of an Event of Default specified in Sections 7.1.5 or 7.1.6
of the Revolving Credit Agreement, (A) the principal of, and all accrued interest on, the Loan and the Notes at the time outstanding and (B) 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. 
 (ii) Optional. If any other
Event of Default shall exist, the Administrative Agent may, and at the direction of the Requisite Lenders shall: declare (A) the principal of, and accrued interest on, the Loan and the Notes at the time outstanding, and (B) 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. 

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

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

(e) Specified Derivatives Contract Remedies. Notwithstanding any other provision of this Agreement or other Loan Document, each
Specified Derivatives Provider shall have the right, with prompt notice to the Administrative Agent, but without the approval or consent of or other action by the Administrative Agent or the Lenders, and without limitation of other remedies
available to such Specified Derivatives Provider under contract or Applicable Law, to undertake any of the following: (a) to declare an event of default, termination event or other similar event under any Specified Derivatives Contract and to
create an “Early Termination Date” (as defined therein) in respect thereof, (b) to determine net termination amounts in respect of any and all Specified Derivatives Contracts in accordance with the terms thereof, and to set off
amounts among such contracts, (c) to set off or proceed against deposit account balances, securities account balances and other property and amounts held by such Specified Derivatives Provider pursuant to any Derivatives Support Document,
including any “Posted Collateral” (as defined in any credit support annex included in any such Derivatives Support Document to which such Specified Derivatives Provider may be a party), and (d) to prosecute any legal action against
the Borrower, any Loan Party or other Subsidiary to enforce or collect net amounts owing to such Specified Derivatives Provider pursuant to any Specified Derivatives Contract. 
 Section 9.3 Marshaling; Payments Set Aside. None of the Administrative Agent, any Lender or any Specified Derivatives Provider shall be under any obligation to marshal any assets in
favor of any 

  
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Loan Party or any other party or against or in payment of any or all of the Obligations or the Specified Derivatives Obligations. To the extent that any Loan Party makes a payment or payments to
the Administrative Agent, any Lender or any Specified Derivatives Provider, or the Administrative Agent, any Lender or any Specified Derivatives Provider enforce their security interests or exercise their rights of setoff, and such payment or
payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy
law, state or federal law, common law or equitable cause, then to the extent of such recovery, the Obligations or Specified Derivatives 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 9.4 Allocation of Proceeds. If an Event of Default exists, all payments received by the Administrative Agent under any of the Loan Documents, in respect of any principal of or
interest on the Obligations or any other amounts payable by the Borrower hereunder or thereunder, shall be applied in the following order and priority: 
 (a) amounts due to the Administrative Agent and the Lenders in respect of expenses due under Section 11.2 until paid in full, and then Fees; 

(b) payments of interest on the Loan to be applied for the ratable benefit of the Lenders; 

(c) payments of principal of the Loan and payments of the Derivatives Termination Value in respect of any and all Specified Derivatives
Contracts, to be applied for the ratable benefit of the Lenders or Specified Derivatives Providers, as the case may be, in such order and priority as the Lenders or Specified Derivatives Providers, as the case may be, may determine in their sole
discretion; 
 (d) amounts due to the Administrative Agent and the Lenders pursuant to Sections 10.6 and
11.10; 
 (e) payments of all other Obligations and other amounts due under any of the Loan Documents and Specified
Derivatives Contracts, if any, to be applied for the ratable benefit of the Lenders and the applicable Specified Derivatives Providers; and 
 (f) any amount remaining after application as provided above, shall be paid to the Borrower or whomever else may be legally entitled thereto. 

Section 9.5 Rescission of Acceleration by Requisite Lenders. If at any time after acceleration of the maturity of the
Loan 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 9.6 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 

  
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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 9.7 Rights Cumulative. The rights and remedies of the Administrative Agent,
the Lenders and the Specified Derivatives Providers under this Agreement, each of the other Loan Documents, the Fee Letter and Specified Derivatives Contracts 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 Lenders and the Specified Derivatives Providers may be selective and no failure or delay by the Administrative Agent, any of the
Lenders or any of the Specified Derivatives Providers in exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any power or right preclude its other or further exercise or the exercise of any other power
or right. 
 ARTICLE X THE ADMINISTRATIVE AGENT 
 Section 10.1 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 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 V of the Revolving Credit Agreement 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 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 

  
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directed the Administrative Agent otherwise. Without limiting the foregoing, no Lender shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative
Agent acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of the Requisite Lenders, or where applicable, all the Lenders. 

Section 10.2 Wells Fargo as Lender. Wells Fargo, as a Lender or as a Specified Derivatives Provider, as the case may be,
shall have the same rights and powers under this Agreement and any other Loan Document and under any Specified Derivatives Contract, as the case may be, as any other Lender or Specified Derivatives Provider and may exercise the same as though it
were not the Administrative Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include Wells Fargo in each case in its individual capacity. Wells Fargo and its Affiliates may each accept
deposits from, maintain deposits or credit balances for, invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally engage in any kind of business with the Borrower, any other Loan Party or any other
Affiliate thereof as if it were any other bank and without any duty to account therefor to the other Lenders or any other Specified Derivatives Providers. Further, the Administrative Agent and any Affiliate may accept fees and other consideration
from the Borrower for services in connection with this Agreement or any Specified Derivatives Contract, or otherwise without having to account for the same to the other Lenders or any other Specified Derivatives Providers. The Lenders acknowledge
that, pursuant to such activities, Wells Fargo or its Affiliates may receive information regarding the Borrower, other Loan Parties, other Subsidiaries and other Affiliates (including information that may be subject to confidentiality obligations in
favor of such Person) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them. 
 Section 10.3 Approvals of Lenders. All communications from the Administrative Agent to any Lender requesting such Lender’s determination, consent, approval or disapproval
(a) shall be given in the form of a written notice to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, approval, consent or disapproval is requested, or shall advise such Lender
where information, if any, regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved, (c) shall include, if reasonably requested by such Lender and to the extent not previously provided to
such Lender, written materials and, as appropriate, a brief summary of all oral information provided to the Administrative Agent by the Borrower in respect of the matter or issue to be resolved, and (d) shall include the Administrative
Agent’s recommended course of action or determination in respect thereof. Unless a Lender shall give written notice to the Administrative Agent that it specifically objects to the recommendation or determination of the Administrative Agent
(together with a reasonable written explanation of the reasons behind such objection) within 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 of or consented to such recommendation or determination. 
 Section 10.4 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”. Further, if the Administrative
Agent receives such a “notice of default,” the Administrative Agent shall give prompt notice thereof to the Lenders. 

Section 10.5 Administrative Agent’s Reliance. Notwithstanding any other provisions of this Agreement or any other Loan
Documents, neither the Administrative Agent nor any of its directors, officers, agents, employees or counsel shall be liable for any action taken or not taken by it under or in connection with this Agreement or any other Loan Document, except for
its or their own gross negligence or willful misconduct in connection with its duties expressly set forth herein or therein as determined by a court of competent jurisdiction in a final non-appealable judgment. Without limiting the generality of the
foregoing, the Administrative Agent may consult with legal counsel (including its own counsel or counsel for the Borrower or any other Loan Party), independent public accountants and other experts selected by


  
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it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts. Neither the Administrative Agent
nor any of its directors, officers, agents, employees or counsel: (a) makes any warranty or representation to any Lender, or any other Person, or shall be responsible to any Lender or any other Person for any statement, warranty or
representation made or deemed made by the Borrower, any other Loan Party or any other Person in or in connection with this Agreement or any other Loan Document; (b) shall have any duty to ascertain or to inquire as to the performance or
observance of any of the terms, covenants or conditions of this Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of the Borrower or other Persons, or to
inspect the property, books or records of the Borrower or any other Person; (c) shall be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan
Document, any other instrument or document furnished pursuant thereto; (d) shall have any liability in respect of any recitals, statements, certifications, representations or warranties contained in any of the Loan Documents or any other
document, instrument, agreement, certificate or statement delivered in connection therewith; and (e) shall incur any liability under or in respect of this Agreement or any other Loan Document by acting upon any notice, consent, certificate or
other instrument or writing (which may be by telephone, telecopy or electronic mail) believed by it to be genuine and signed, sent or given by the proper party or parties. The Administrative Agent may execute any of its duties under the Loan
Documents by or through agents, employees or attorneys-in-fact and shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct as determined by a
court of competent jurisdiction in a final non-appealable judgment. 
 Section 10.6 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, 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, however, that no action taken in accordance with the directions of the Requisite
Lenders (or all of the Lenders, if expressly required hereunder) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limiting the generality of the foregoing, each Lender agrees to reimburse the
Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) promptly upon demand for its ratable share of any out-of-pocket expenses (including the reasonable fees and expenses of
the counsel to the Administrative Agent) incurred by the Administrative Agent in connection with the preparation, negotiation, execution, administration, or enforcement (whether through negotiations, legal proceedings, or otherwise) of, or legal
advice with respect to the rights or responsibilities of the parties under, the Loan Documents, any suit or action brought by the Administrative Agent to enforce the terms of the Loan Documents and/or collect any Obligations, any “lender
liability” suit or claim brought against the Administrative Agent and/or the Lenders, and any claim or suit brought against the Administrative Agent and/or the Lenders arising under any Environmental Laws. Such out-of-pocket expenses (including
counsel fees) shall be advanced by the Lenders on the request of the Administrative Agent notwithstanding any claim or assertion that the Administrative Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the
Administrative Agent that the Administrative Agent will reimburse the Lenders if it is actually and finally determined by a court of competent jurisdiction that the Administrative Agent is not so entitled to indemnification. The agreements in this
Section shall survive the payment of the Loans and all other amounts payable hereunder or under the other Loan Documents and the termination of this Agreement. If the Borrower shall reimburse the Administrative Agent for any Indemnifiable Amount
following payment by any Lender to the Administrative Agent in respect of such Indemnifiable Amount pursuant to this Section, the Administrative Agent shall share such reimbursement on a ratable basis with each Lender making any such payment.


  
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 Section 10.7 Lender Credit Decision, Etc. Each of the Lenders expressly
acknowledges and agrees that neither the Administrative Agent nor any of its officers, directors, employees, agents, counsel, attorneys-in-fact or other Affiliates has made any representations or warranties to such Lender and that no act by the
Administrative Agent hereafter taken, including any review of the affairs of the Borrower, any other Loan Party or any other Subsidiary or Affiliate, shall be deemed to constitute any such representation or warranty by the Administrative Agent to
any Lender. Each of the Lenders acknowledges that it has made its own credit and legal analysis and decision to enter into this Agreement and the transactions contemplated hereby, independently and without reliance upon the Administrative Agent, any
other Lender or counsel to the Administrative Agent, or any of their respective officers, directors, employees, agents or counsel, and based on the financial statements of the Borrower, the other Loan Parties, the other Subsidiaries and other
Affiliates, and inquiries of such Persons, its independent due diligence of the business and affairs of the Borrower, the other Loan Parties, the other Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions required to
be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed appropriate. Each of the Lenders also acknowledges that it will, independently and without reliance upon the Administrative Agent,
any other Lender or counsel to the Administrative Agent or any of their respective officers, directors, employees and agents, and based on such review, advice, documents and information as it shall deem appropriate at the time, continue to make its
own decisions in taking or not taking action under the Loan Documents. The Administrative Agent shall not be required to keep itself informed as to the performance or observance by the Borrower or any other Loan Party of the Loan Documents or any
other document referred to or provided for therein or to inspect the properties or books of, or make any other investigation of, the Borrower, any other Loan Party or any other Subsidiary. Except for notices, reports and other documents and
information expressly required to be furnished to the Lenders by the Administrative Agent under this Agreement or any of the other Loan Documents, the Administrative Agent shall have no duty or responsibility to provide any Lender with any credit or
other information concerning the business, operations, property, financial and other condition or creditworthiness of the Borrower, any other Loan Party or any other Affiliate thereof which may come into possession of the Administrative Agent or any
of its officers, directors, employees, agents, attorneys-in-fact or other Affiliates. Each of the Lenders acknowledges that the Administrative Agent’s legal counsel in connection with the transactions contemplated by this Agreement is only
acting as counsel to the Administrative Agent and is not acting as counsel to any Lender. 
 Section 10.8
Successor Administrative Agent. The Administrative Agent may resign at any time as Administrative Agent under the Loan Documents by giving written notice thereof to the Lenders and the Borrower. Upon any such resignation, the Requisite
Lenders shall have the right to appoint a successor Administrative Agent which appointment shall, provided no Default or Event of Default exists, be subject to the Borrower’s approval, which approval shall not be unreasonably withheld or
delayed (except that the Borrower shall, in all events, be deemed to have approved each Lender and any of its Affiliates as a successor Administrative Agent). If no successor Administrative Agent shall have been so appointed in accordance with the
immediately preceding sentence, and shall have accepted such appointment, within 30 days after the current Administrative Agent’s giving of notice of resignation, then the current Administrative Agent may, on behalf of the Lenders, 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. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative
Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the current Administrative Agent, and the current Administrative Agent shall be discharged from its duties
and obligations under the Loan Documents. After any Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Article X. shall continue to inure to its benefit as to any actions taken or omitted to be
taken by it while it was Administrative Agent under the Loan Documents. Notwithstanding anything contained herein to the contrary, the Administrative Agent may assign its rights and duties under the Loan Documents to any of its Affiliates by giving
the Borrower and each Lender prior written notice. 

  
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 ARTICLE XI MISCELLANEOUS 

Section 11.1 Notices. Unless otherwise provided herein, communications provided for hereunder shall be in writing and
shall be mailed, telecopied, or delivered as follows: 
 If to the Borrower: 

PS Business Parks, L.P. 
 701 Western Avenue 
 Glendale, CA 91201 

Attention: Edward A. Stokx, Executive Vice President & Chief Financial Officer 

Fax Number:        (818) 242-0566 

Telephone Number:        (818) 244-8080, x1649 

If to the Administrative Agent: 
 Wells Fargo Bank, National Association 
 401 B Street 

San Diego, CA92101 
 Attn: Dale Northup 
 Fax
Number:        (619) 699-3105 
 Telephone
Number:        (619) 699-3025 
 If to the Administrative Agent under Article II.:

 Wells Fargo Bank, National Association 
 Minneapolis Loan Center 
 MAC N9303-110 

608 Second Avenue S., 11th Floor 
 Minneapolis, Minnesota 55402-1916 
 Attn: Julie Ness 

Fax Number:        (866) 972-1047 

Telephone Number:        (612) 667-4116 

If to any other Lender: 
 To such Lender’s address or telecopy number as set forth in the applicable 

Administrative Questionnaire 

or, as to each party at such other address as shall be designated by such party in a written notice to the other parties delivered in compliance with
this Section; provided, a Lender shall only be required to give notice of any such other address to the Administrative Agent and the Borrower. All such notices and other communications shall be effective (i) if mailed, upon the first to occur
of receipt or the expiration of five (5) days after the deposit in the United States Postal Service mail, postage prepaid and addressed to the address of the Borrower or the Administrative Agent and Lenders at the addresses specified;
(ii) if telecopied, when transmitted; or (iii) if hand delivered or sent by overnight courier, when delivered; 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 or any Lender under Article II shall be effective only when actually received. None of the Administrative Agent or any Lender shall incur any liability to any Loan Party (nor
shall the Administrative Agent incur any liability to the Lenders) for acting upon any telephonic notice referred to in this Agreement which the Administrative Agent or such Lender, as the case may be, believes in good faith to have been given by a
Person authorized to deliver such notice or for otherwise acting in good faith hereunder. Failure of a Person designated to get a copy of a notice to receive such copy shall not affect the validity of notice properly given to another Person.


  
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 Section 11.2 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 expense and reasonable travel expenses related to closing), and the consummation of the transactions contemplated hereby and thereby, including the reasonable fees and disbursements of outside counsel to the Administrative Agent and all
costs and expenses of the Administrative Agent in connection with the use of IntraLinks, SyndTrak or other similar information transmission systems in connection with the Loan Documents and of the Administrative Agent in connection with the review
of Real Property for inclusion in the Unencumbered Pool, (b) to pay or reimburse the Administrative Agent and the Lenders for all their reasonable costs and expenses incurred in connection with the “workout,” enforcement or
preservation of any rights under the Loan Documents and the Fee Letter, including the reasonable fees and disbursements of their respective counsel (including the allocated fees and expenses of in-house counsel) and any payments in indemnification
or otherwise payable by the Lenders to the Administrative Agent pursuant to the Loan Documents; provided, however, that the Borrower shall not be required to pay the expenses of more than one outside counsel for the Lenders (in addition to expenses
of any appropriate local or other special counsel) in connection with such “workout,” enforcement or preservation of any rights under the Loan Documents if the Lenders reasonably determine that a single outside counsel is able to represent
the interests of all Lenders appropriately and without conflict, (c) to pay, and indemnify and hold harmless the Administrative Agent and the Lenders from, any and all recording and filing fees and any and all liabilities with respect to, or
resulting from any failure to pay or delay in paying, documentary, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of any of the Loan Documents, or
consummation of any amendment, supplement or modification of, or any waiver or consent under or in respect of, any Loan Document and (d) to the extent not already covered by any of the preceding subsections, to pay or reimburse the fees and
disbursements of counsel to the Administrative Agent and any Lender incurred in connection with the representation of the Administrative Agent or such Lender in any matter relating to or arising out of any bankruptcy or other proceeding of the type
described in Sections 7.1.5 or 7.1.6 of the Revolving Credit Agreement, including, without limitation (i) any motion for relief from any stay or similar order, (ii) the negotiation, preparation, execution and delivery of
any document relating to the Obligations and (iii) the negotiation and preparation of any debtor-in-possession financing or any plan of reorganization of the Borrower or any other Loan Party, whether proposed by the Borrower, such Loan Party,
the Lenders or any other Person, and whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding or the confirmation or conclusion of any such proceeding. If the Borrower shall fail to pay any amounts
required to be paid by it pursuant to this Section, the Administrative Agent and/or the Lenders may pay such amounts on behalf of the Borrower and such amounts shall be deemed to be Obligations owing hereunder. 

Section 11.3 Stamp, Intangible and Recording Taxes. The Borrower will pay any and all stamp, excise, intangible,
registration, recordation and similar taxes, fees or charges and shall indemnify the Administrative Agent and each Lender against any and all liabilities with respect to or resulting from any delay in the payment or omission to pay any such taxes,
fees or charges, which may be payable or determined to be payable in connection with the execution, delivery, recording, performance or enforcement of this Agreement, the Notes and any of the other Loan Documents, the amendment, supplement,
modification or waiver of or consent under this Agreement, the Notes or any of the other Loan Documents or the perfection of any rights or Liens under this Agreement, the Notes or any of the other Loan Documents. 

Section 11.4 Setoff. Subject to Section 3.4. and in addition to any rights now or hereafter granted under
Applicable Law and not by way of limitation of any such rights, the Borrower hereby authorizes the Administrative Agent each Lender, each Affiliate of the Administrative Agent or any Lender, and each Participant, at any time 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 

  
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case of a Lender, an Affiliate of 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 such Lender, any Affiliate of the Administrative Agent or such Lender, or such Participant, to or for the credit or the account of the Borrower against and on account of any of the Obligations, irrespective of whether or not any
or all of the Loans and all other Obligations have been declared to be, or have otherwise become, due and payable as permitted by Section 9.2, and although such Obligations shall be contingent or unmatured. 

Section 11.5 Litigation; Jurisdiction; Other Matters; Waivers. 

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

 (b) EACH OF THE BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER 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 BORROWER, ADMINISTRATIVE AGENT, ANY LENDER OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF CALIFORNIA SITTING IN ORANGE COUNTY, AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
DISTRICT OF CALIFORNIA, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH CALIFORNIA STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH
ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. 
 (c) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE REPAYMENT OF THE
LOAN AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS AND THE TERMINATION OF THIS AGREEMENT. 

Section 11.6 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 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 

  
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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 (f) (and, subject to the last sentence of the
immediately following subsection (b), any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties
hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in the immediately following subsection (d) and, to the extent expressly contemplated hereby, the Related Parties of the Administrative Agent
and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Assignments by
Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its 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 a Lender’s Commitment 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, 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 held by such assigning Lender would
be less than $5,000,000, then such assigning Lender shall assign the entire amount of its Commitment. 
 (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 Commitment assigned. 

(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 shall exist at the time of such assignment or (y) such assignment is to a then-existing Lender, an Affiliate of a then-existing
Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within 5 Business Days after having received notice
thereof; and 
 (B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or
delayed) shall be required for assignments of all or a portion of a Lender’s Commitment to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund. 

(iv) Assignment and Acceptance; Notes. The parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Acceptance, together with a processing and recordation fee of $4,500 for each assignment, 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 

  
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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 Borrower. No such assignment shall be made to the Borrower or any of the
Borrower’s Affiliates or Subsidiaries. 
 (vi) No Assignment to Natural Persons. No such assignment
shall be made to a natural person. 
 (vii) Assignments by Specified Derivatives Provider. If the
assigning Lender (or its Affiliate) is a Specified Derivatives Provider and if after giving effect to such assignment such Lender will hold no further Commitment under this Agreement, such Lender shall undertake such assignment only
contemporaneously with an assignment by such Lender (or its Affiliate, as the case may be) of all of its Specified Derivatives Contracts to the Assignee or another Lender (or Affiliate thereof). 

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 Acceptance, 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 2.2(h), 11.2 and 11.10 and
the other provisions of this Agreement and the other Loan Documents as provided in Section 11.11 with respect to facts and circumstances occurring prior to the effective date of such assignment. 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 an 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 of the Loan
owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is
recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable
time and from time to time upon reasonable prior notice. 
 (d) Participations. Any Lender may at any time, without the
consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural person or 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; provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such
Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to (w) increase such
Lender’s Commitment, (x) extend the date fixed for the payment of principal on the Loan or portions thereof owing to such Lender, (y) reduce the rate at which interest is payable thereon or (z) release any Guarantor from


  
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its Obligations under the Guaranty. Subject to the immediately following subsection (e), the Borrower agrees that each Participant shall be entitled to the benefits of
Sections 3.11 and 5.1 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by Applicable Law, each Participant also shall be
entitled to the benefits of Section 11.4. as though it were a Lender, provided such Participant agrees to be subject to Section 3.4. as though it were a Lender. 

(e) Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under
Sections 3.11 and 5.1 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the
Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.11 unless the Borrower is notified of the participation sold to such Participant
and such Participant agrees, for the benefit of the Borrower and the Administrative Agent, to comply with Section 3.11(c) as though it were a Lender. 
 (f) 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. 
 (g) 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. 
 Section 11.7 Amendments and Waivers.

 (a) Generally. Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or
permitted by this Agreement or any other Loan Document to be given by the Lenders may be given, (ii) any term of this Agreement or of any other Loan Document may be amended, (iii) the performance or observance by the Borrower, any other
Loan Party or any other Subsidiary of any terms of this Agreement or such other Loan Document may be waived, and (iv) the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either
retroactively or prospectively) with, but only with, the written consent of the Requisite Lenders (or the Administrative Agent at the written direction of the Requisite Lenders), and, in the case of an amendment to any Loan Document, the written
consent of each Loan Party which is party thereto. Subject to the immediately following subsection (c), any term of this Agreement or of any other Loan Document relating to the rights or obligations of the 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 Lenders (and, in the case of an amendment to any Loan Document, the written consent of each Loan Party a party thereto). 
 (b) Certain Requisite Lender Consents. Notwithstanding the foregoing, no amendment, waiver or consent shall, unless in writing, and signed by the Requisite Lenders (which must include the Lender
then acting as Administrative Agent), do any of the following: 
 (i) amend Article VIII as it relates to
the covenants incorporated from Section 6.4 of the Revolving Credit Agreement, waive the Borrower’s performance or observance of any such covenants, or waive any Default or Event of Default occurring under Section 9.1
resulting from a violation of such covenants; or 
 (ii) modify the definitions of the terms “Debt”,
“EBITDA”, “Fixed Charges”, “Gross Asset Value”, “Interest Expense”, “Maximum Outstanding Amount”, “Tangible Net Worth”, “Total Liabilities”, or “Unencumbered Asset” (or
the definitions used in such definitions or the percentages or rates used in the calculation thereof). 

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

(i) increase the Commitments of the Lenders (excluding any increase as a result of an assignment of Commitments permitted
under Section 11.6) or subject the Lenders to any additional obligations; 
 (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, the Loan or other Obligations; 
 (iii) reduce the amount of any Fees payable to the Lenders hereunder; 
 (iv) modify the definition of “Maturity Date”, or otherwise postpone any date fixed for any payment of principal of, or interest on, the Loan or for the payment of Fees or any other Obligations;

 (v) modify the definition of “Pro Rata Share” or amend or otherwise modify the provisions of
Section 3.3; 
 (vi) amend this Section or amend the definitions or the terms used in this Agreement
or the other Loan Documents insofar as such definitions affect the substance of this Section; 
 (vii) modify the
definition of the term “Requisite Lenders” or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof; 

(viii) release any Guarantor from its obligations under the Guaranty; or 

(ix) waive a Default or Event of Default under Section 9.1(a), except as provided in Section 9.5.

 (d) Amendment of Administrative Agent’s Duties, Etc. No amendment, waiver or consent unless in writing and signed
by the Administrative Agent, in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties of the Administrative Agent under this Agreement or any of the other Loan Documents. Any amendment, waiver or consent
with respect to any Loan Document that (i) diminishes the rights of a Specified Derivatives Provider in a manner or to an extent dissimilar to that affecting the Lenders or (ii) increases the liabilities or obligations of a Specified
Derivatives Provider shall, in addition to the Lenders required hereinabove to take such action, require the consent of the Lender that is (or having an Affiliate that is) such Specified Derivatives Provider. 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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 Section 11.8 Nonliability of Administrative Agent and Lenders. The
relationship between the Borrower, on the one hand, and the Lenders and the Administrative Agent, on the other hand, shall be solely that of borrower and lender. None of the Administrative Agent or any Lender shall have any fiduciary
responsibilities to the Borrower and no provision in this Agreement or in any of the other Loan Documents, and no course of dealing between or among any of the parties hereto, shall be deemed to create any fiduciary duty owing by the Administrative
Agent or any Lender to any Lender, the Borrower, any Subsidiary or any other Loan Party. None of the Administrative Agent or any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with
any phase of the Borrower’s business or operations. 
 Section 11.9 Confidentiality. Except as otherwise
provided by Applicable Law, or in response to an inquiry or request from a Governmental Authority, the Administrative Agent and each Lender shall maintain the confidentiality of all Information (as defined below) in accordance with its customary
procedure for handling confidential information of this nature and in accordance with safe and sound banking practices but in any event may make disclosure: (a) to its Affiliates and to its and its Affiliates’ respective partners,
directors, officers, employees, agents, advisors and other representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential); (b) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any actual or proposed Assignee, Participant or other transferee in connection with a potential transfer of any
Commitment or participation therein as permitted hereunder, or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations; (c) as required or requested
by any Governmental Authority or representative thereof or pursuant to legal process or in connection with any legal proceedings, or as otherwise required by Applicable Law; (d) to the Administrative Agent’s or such Lender’s
independent auditors and other professional advisors (provided they shall be notified of the confidential nature of the information); (e) in connection with the exercise of any remedies under any Loan Document (or any Specified Derivatives
Contract) or any action or proceeding relating to any Loan Document (or any such Specified Derivatives Contract) or the enforcement of rights hereunder or thereunder; (f) to the extent such Information (i) becomes publicly available other
than as a result of a breach of this Section actually known by the Administrative Agent or such Lender to be a breach of this Section or (ii) becomes available to the Administrative Agent any Lender or any Affiliate of the Administrative Agent
or any Lender on a nonconfidential basis from a source other than the Borrower or any Affiliate of the Borrower; (g) to the extent requested by, or required to be disclosed to, any nationally recognized rating agency or regulatory or similar
authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners) having or purporting to have jurisdiction over it; (h) to bank trade publications, such information to consist of deal terms and
other information customarily found in such publications; (i) to any other party hereto; and (j) with the consent of the Borrower. Notwithstanding the foregoing, the Administrative Agent and each Lender may disclose any such confidential
information, without notice to the Borrower or any other Loan Party, to Governmental Authorities in connection with any regulatory examination of the Administrative Agent or such Lender or in accordance with the regulatory compliance policy of the
Administrative Agent or such Lender. As used in this Section, the term “Information” means all information received from the Borrower, any other Loan Party, any other Subsidiary or Affiliate relating to any Loan Party or any of their
respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower, any other Loan Party, any other Subsidiary or any Affiliate, provided
that, in the case of any such information received from the Borrower, any other Loan Party, any other Subsidiary or any Affiliate after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person
required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential information. 
 Section 11.10
Indemnification. 
 (a) The Borrower shall and hereby agrees to indemnify, defend and hold harmless the Administrative
Agent, the Lenders, all of the Affiliates of each of the Administrative Agent or any of the 

  
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Lenders, and their respective directors, officers, shareholders, agents, employees and counsel (each referred to herein as an “Indemnified Party”) from and against any and all of
the following (collectively, the “Indemnified Costs”): losses, costs, claims, penalties, damages, liabilities, deficiencies, judgments or expenses of every kind and nature (including, without limitation, amounts paid in settlement,
court costs and the reasonable fees and disbursements of counsel incurred in connection with any litigation, investigation, claim or proceeding or any advice rendered in connection therewith, but excluding Indemnified Costs indemnification in
respect of which is specifically covered by Section 3.11 or 5.1 or expressly excluded from the coverage of such Sections) incurred by an Indemnified Party in connection with, arising out of, or by reason of, any suit, cause of
action, claim, arbitration, investigation or settlement, consent decree or other proceeding (the foregoing referred to herein as an “Indemnity Proceeding”) which is in any way related directly or indirectly to: (i) this Agreement or
any other Loan Document or the transactions contemplated thereby; (ii) the making of the Loan hereunder; (iii) any actual or proposed use by the Borrower of the proceeds of the Loan; (iv) the Administrative Agent’s or any
Lender’s entering into this Agreement; (v) the fact that the Administrative Agent and the Lenders have established the credit facility evidenced hereby in favor of the Borrower; (vi) the fact that the Administrative Agent and the
Lenders are creditors of the Borrower and have or are alleged to have information regarding the financial condition, strategic plans or business operations of the Borrower and the Subsidiaries; (vii) the fact that the Administrative Agent and
the Lenders are material creditors of the Borrower and are alleged to influence directly or indirectly the business decisions or affairs of the Borrower and the Subsidiaries or their financial condition; (viii) the exercise of any right or
remedy the Administrative Agent or the Lenders may have under this Agreement or the other Loan Documents; (ix) any civil penalty or fine assessed by the OFAC against, and all costs and expenses (including counsel fees and disbursements)
incurred in connection with defense thereof by, the Administrative Agent or any Lender as a result of conduct of the Borrower, any other Loan Party or any other Subsidiary that violates a sanction administered or enforced by the OFAC; or
(x) any violation or non-compliance by the Borrower or any Subsidiary of any Applicable Law (including any Environmental Law) including, but not limited to, any Indemnity Proceeding commenced by (A) the Internal Revenue Service or state
taxing authority or (B) any Governmental Authority or other Person under any Environmental Law, including any Indemnity Proceeding commenced by a Governmental Authority or other Person seeking remedial or other action to cause the Borrower or
its Subsidiaries (or its respective properties) (or the Administrative Agent and/or the Lenders as successors to the Borrower) to be in compliance with such Environmental Laws; provided, however, that the Borrower shall not be obligated to indemnify
any Indemnified Party for any acts or omissions of such Indemnified Party in connection with matters described in this subsection to the extent arising from the gross negligence or willful misconduct of such Indemnified Party, as determined by a
court of competent jurisdiction in a final, non-appealable judgment. 
 (b) The Borrower’s indemnification obligations
under this Section shall apply to all Indemnity Proceedings arising out of, or related to, the foregoing whether or not an Indemnified Party is a named party in such Indemnity Proceeding. In this connection, this indemnification shall cover all
Indemnified Costs of any Indemnified Party in connection with any deposition of any Indemnified Party or compliance with any subpoena (including any subpoena requesting the production of documents). This indemnification shall, among other things,
apply to any Indemnity Proceeding commenced by other creditors of the Borrower or any Subsidiary, any shareholder of the Borrower or any Subsidiary (whether such shareholder(s) are prosecuting such Indemnity Proceeding in their individual capacity
or derivatively on behalf of the Borrower), any account debtor of the Borrower or any Subsidiary or by any Governmental Authority. 
 (c) This indemnification shall apply to any Indemnity Proceeding arising during the pendency of any bankruptcy proceeding filed by or against the Borrower and/or any Subsidiary. 

(d) All out-of-pocket fees and expenses of, and all amounts paid to third-persons by, an Indemnified Party shall be advanced by the
Borrower at the request of such Indemnified Party notwithstanding any claim or assertion by the Borrower that such Indemnified Party is not entitled to indemnification hereunder upon receipt of an undertaking by such Indemnified Party that such
Indemnified Party will reimburse the Borrower if it is actually and finally determined by a court of competent jurisdiction that such Indemnified Party is not so entitled to indemnification hereunder. 

  
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 (e) An Indemnified Party may conduct its own investigation and defense of, and may formulate
its own strategy with respect to, any Indemnity Proceeding covered by this Section and, as provided above, all Indemnified Costs incurred by such Indemnified Party shall be reimbursed by the Borrower. No action taken by legal counsel chosen by an
Indemnified Party in investigating or defending against any such Indemnity Proceeding shall vitiate or in any way impair the obligations and duties of the Borrower hereunder to indemnify and hold harmless each such Indemnified Party;
provided, however, that if (i) the Borrower is required to indemnify an Indemnified Party pursuant hereto and (ii) the Borrower has provided evidence reasonably satisfactory to such Indemnified Party that the Borrower has the
financial wherewithal to reimburse such Indemnified Party for any amount paid by such Indemnified Party with respect to such Indemnity Proceeding, such Indemnified Party shall not settle or compromise any such Indemnity Proceeding without the prior
written consent of the Borrower (which consent shall not be unreasonably withheld or delayed). Notwithstanding the foregoing, an Indemnified Party may settle or compromise any such Indemnity Proceeding without the prior written consent of the
Borrower where (x) no monetary relief is sought against such Indemnified Party in such Indemnity Proceeding or (y) there is an allegation of a violation of law by such Indemnified Party. 

(f) If and to the extent that the obligations of the Borrower under this Section are unenforceable for any reason, the Borrower hereby
agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable Law. 
 (g) The Borrower’s obligations under this Section shall survive any termination of this Agreement and the other Loan Documents and the payment in full in cash of the Obligations, and are in addition
to, and not in substitution of, any of the other obligations set forth in this Agreement or any other Loan Document to which it is a party. 
 References in this Section 11.10 to “Lender” or “Lenders” shall be deemed to include such Persons (and their Affiliates) in their capacity as Specified Derivatives
Providers. 
 Section 11.11 Termination; Survival. This Agreement shall terminate at such time as
(a) all of the Commitments have been terminated and 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 3.11, 5.1, 10.6, 11.2 and 11.10 and any other provision of this Agreement and the other Loan Documents, and the provisions of
Section 11.5, shall continue in full force and effect and shall protect the Administrative Agent and the Lenders (i) notwithstanding any termination of this Agreement, or of the other Loan Documents, against events arising after
such termination as well as before and (ii) at all times after any such party ceases to be a party to this Agreement with respect to all matters and events existing on or prior to the date such party ceased to be a party to this Agreement.

 Section 11.12 Electronic Delivery of Certain Information. 

(a) Documents required to be delivered pursuant to the Loan Documents shall be delivered by electronic communication and delivery,
including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website such as www.sec.gov <http://www.sec.gov> or a website sponsored or hosted by the
Administrative Agent or the Borrower) provided that the foregoing shall not apply to (i) notices to any Lender pursuant to Article II and (ii) any Lender that has notified the Administrative Agent and the Borrower that it
cannot or does not want to receive electronic communications. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by
it for all or particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered twenty-four (24) hours after the date and time on which the Administrative Agent or the Borrower posts such
documents or the documents become available on a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during
the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. Pacific time on the opening 

  
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of business on the next business day for the recipient. Notwithstanding anything contained herein, in every instance the Borrower shall be required to provide paper copies of the Compliance
Certificate required by Section 5.1.3 of the Revolving Credit Agreement (as incorporated herein by Section 8.1 hereof) to the Administrative Agent and shall deliver paper copies of any documents to the Administrative Agent or
to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for the Compliance Certificates, 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 11.13 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 11.14
GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

Section 11.15 Counterparts. To facilitate execution, this Agreement and any amendments, waivers, consents or
supplements may be executed in any number of counterparts as may be convenient or required (which may be effectively delivered by facsimile, in portable document format (“PDF”) or other similar electronic 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 11.16 Obligations with Respect to Loan Parties. The obligations of the Borrower to direct or prohibit the taking of certain actions by the other Loan Parties as specified herein
shall be absolute and not subject to any defense the Borrower may have that the Borrower does not control such Loan Parties. 

Section 11.17 Independence of Covenants. All covenants hereunder shall be given in any jurisdiction independent effect
so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or be otherwise within the limitations of, another covenant shall not avoid the occurrence of a Default or
an Event of Default if such action is taken or condition exists. 
 Section 11.18 Limitation of Liability.
None of the Administrative Agent or any Lender, or any Affiliate, officer, director, employee, attorney, or agent of the Administrative Agent or any Lender shall have any liability with respect to, and the Borrower hereby waives, releases, and
agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by the Borrower in connection with, arising out of, or in any way related to, this Agreement, any of the other Loan
Documents or the Fee Letter, or any of the transactions contemplated by this Agreement or any of the other Loan Documents. The Borrower hereby waives, releases, and agrees not to sue the Administrative Agent or any Lender or any of the
Administrative Agent’s or any Lender’s Affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Agreement, any of the
other Loan Documents, the Fee Letter, or any of the transactions contemplated by this Agreement or financed hereby. 

  
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 Section 11.19 Entire Agreement. This Agreement, the Notes, the other Loan
Documents and the Fee Letter embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and
thereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto. There are no oral agreements among the parties hereto. 

Section 11.20 Construction. The Administrative Agent, the Borrower and each Lender acknowledge that each of them has
had the benefit of legal counsel of its own choice and has been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel and that this Agreement and the other Loan Documents shall be construed as if
jointly drafted by the Administrative Agent, the Borrower and each Lender. 
 Section 11.21 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 11.22 Revolving Credit Agreement. 
 (a) Any amendments
or modifications of the Revolving Credit Agreement which affect any defined terms, representations, warranties, covenants, defaults or other provisions of the Revolving Credit Agreement which are incorporated herein by reference shall, at
Lenders’ election (which election shall require Requisite Lender approval unless such amendment or modification would otherwise require unanimous approval under Section 11.7), cause this Agreement to be automatically modified to
incorporate such amended or modified defined term, representation, warranty, covenant, default or other provision. 
 (b) If the
Revolving Credit Agreement is terminated at any time during the term of the Loan, then this Agreement will be deemed automatically amended, without any further act by the Borrower, the Administrative Agent or any Lender, to incorporate the
provisions of, and defined terms, in the Revolving Credit Agreement, as such incorporated provisions and defined terms existed on the date of such termination. Notwithstanding the foregoing, at the Administrative Agent’s request, the Borrower
and each of the Lenders hereby agree to execute any documents reasonably requested by the Administrative Agent to confirm the foregoing, however, failure to execute any such documents shall not affect the incorporation provided in the first sentence
of this Section. 
 [Signatures on Following Pages] 

  
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 EXHIBIT F 
 Loan No. 1006419 
  

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

					
	 PS BUSINESS PARKS, L.P.,
 a California limited partnership

		
	By:	 	 PS Business Parks, Inc.,
 a California corporation,
 its General Partner

			
		 	By:	 	 /s/ Edward A. Stokx

		 	Name:	 	Edward A. Stokx
		 	Title:	 	Executive Vice President and Chief Financial Officer


 [Signatures Continued on Next Page] 

  
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 EXHIBIT F 
 Loan No. 1006419 
  

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and as a Lender
		
	By:	 	 /s/ Dale Northrup

		
	Name:	 	Dale Northrup
		
	Title:	 	Vice President



  
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